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, 43^rd Floor

New York, NY 10158

(Address of principal executive offices) (Zip code)

Luis Berruga

Global X Management Company LLC

605 Third Avenue, 43^rd Floor

New York, NY 10158

(Name and address of agent for service)

With a copy to:

Global X Management Company LLC

605 3^rd Avenue, 43^rd Floor

New York, NY 10158

Eric S. Purple, Esq.

Stradley Ronon Stevens & Young, LLP

2000 K Street, N.W., Suite 700

Washington, DC 20006-1871

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

Date of fiscal year end: November 30, 2020

Date of reporting period: May 31, 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 MLP ETF (ticker: MLPA)

Semi-Annual Report

May 31, 2020

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s (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 Fund’s 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 MLP ETF	1
Statement of Assets and Liabilities	2
Statement of Operations	3
Statements of Changes in Net Assets	4
Financial Highlights	5
Notes to Financial Statements	7
Disclosure of Fund Expenses	24
Liquidity Risk Management Program	26
Supplemental Information	27

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

The Fund files its complete schedule 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 Fund’s Form N-PORT is available on the Commission’s website at http://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 Fund 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 http://www.sec.gov.


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X MLP ETF

Sector Weightings †:

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

	Shares		Value
MASTER LIMITED PARTNERSHIPS — 102.4%
Energy — 102.4%
BP Midstream Partners		1,656,845	$	20,727,131
Cheniere Energy Partners		1,220,592		41,182,774
Crestwood Equity Partners		1,764,700		25,076,387
DCP Midstream		3,098,321		34,081,531
Enable Midstream Partners		628,346		2,613,919
Energy Transfer		8,793,010		71,750,962
Enterprise Products Partners		3,908,700		74,656,170
EQM Midstream Partners		1,685,572		33,121,490
Genesis Energy		3,301,657		26,479,289
Holly Energy Partners		1,596,956		25,806,809
Magellan Midstream Partners		1,321,229		59,904,523
MPLX		2,775,355		52,703,991
NGL Energy Partners		4,114,346		20,983,165
Noble Midstream Partners		895,890		8,663,256
NuStar Energy		2,322,158		40,335,885
Phillips 66 Partners		856,414		38,264,578
Plains All American Pipeline		5,173,476		50,182,717
Shell Midstream Partners		2,273,380		30,667,896
TC PipeLines		989,964		34,797,235
Western Midstream Partners		4,029,469		37,635,240
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $902,370,042)				729,634,948
TOTAL INVESTMENTS — 102.4%
(Cost $902,370,042)			$	729,634,948

Percentages are based on Net Assets of $712,595,863.

As of May 31, 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 May 31, 2020, there were no transfers in or out of Level 3.

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


Statement of Assets and Liabilities
	May 31, 2020 (Unaudited)

	Global X MLP ETF
Assets:
Cost of Investments	$	902,370,042
Investments, at Value	$	729,634,948
Cash		1,105,161
Receivable for Investment Securities Sold		40,567,351
Receivable for Capital Shares Sold		5,926,125
Prepaid Income Tax		42,900
Alternative Minimum Tax Credit		41,496
Total Assets		777,317,981
Liabilities:
Payable for Investment Securities Purchased		64,453,816
Payable due to Investment Adviser		251,432
Franchise Tax Payable		8,272
Other Accrued Expenses		8,598
Total Liabilities		64,722,118
Net Assets	$	712,595,863
Net Assets Consist of:
Paid-in Capital	$	1,201,915,567
Total Distributable Loss		(489,319,704	)
Net Assets	$	712,595,863
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		24,068,637
Net Asset Value, Offering and Redemption Price Per Share	$	29.61

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


Statement of Operations
	For the period ended May 31, 2020 (Unaudited)

	Global X MLP ETF
Investment Income:
Distributions from Master Limited Partnerships	$	45,941,318
Less: Return of Capital Distributions		(45,941,318	)
Interest Income		11,022
Total Investment Income		11,022
Supervision and Administration Fees⁽¹⁾		1,873,979
Custodian Fees		4,795
Total Expenses		1,878,774
Net Investment Loss		(1,867,752	)
Net Realized Loss on:
Investments		(173,858,137	)
Net Realized Loss on Investments		(173,858,137	)
Net Change in Unrealized Depreciation on:
Investments		(134,389,981	)
Net Change in Unrealized Depreciation on Investments		(134,389,981	)
Net Realized and Unrealized Loss on Investments		(308,248,118	)
Net Decrease in Net Assets Resulting from Operations	$	(310,115,870	)

(1)	The Supervision and Administration fees include fees paid by the Fund for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

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


Statement of Changes in Net Assets

	Global X MLP ETF
	Period Ended May 31, 2020 (Unaudited)			Year Ended November 30, 2019
Operations:
Net Investment Loss	$	(1,867,752	)	$	(4,078,779	)
Net Realized Loss on Investments		(173,858,137	)		(14,517,319	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(134,389,981	)		(49,933,515	)
Net Decrease in Net Assets Resulting from Operations		(310,115,870	)		(68,529,613	)
Distributions		—			—
Return of Capital		(48,450,898	)		(77,728,975	)
Capital Share Transactions:
Issued		271,376,068			389,112,928
Redeemed		(147,257,971	)		(124,431,906	)
Increase in Net Assets from Capital Share Transactions		124,118,097			264,681,022
Total Increase (Decrease) in Net Assets		(234,448,671	)		118,422,434
Net Assets:
Beginning of Period		947,044,534			828,622,100
End of Period	$	712,595,863		$	947,044,534
Share Transactions:
Issued		33,431,363			47,050,000
Redeemed		(30,912,726	)		(14,800,000	)
Net Increase in Shares Outstanding from Share Transactions		2,518,637			32,250,000

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 ($)		Net Investment Loss ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Return of Capital ($)			Total from Distributions ($)
Global X MLP ETF
2020⁽¹⁾(Unaudited)		43.92		(0.08	)		(7.73	)		(7.81	)		—			(6.50	)		(6.50	)
2019⁽¹⁾		51.24		(0.24	)		(2.76	)		(3.00	)		—			(4.32	)		(4.32	)
2018⁽¹⁾		56.52		(0.24	)		(0.42	)		(0.66	)		(0.12	)		(4.50	)		(4.62	)
2017⁽¹⁾		67.44		(0.30	)		(5.88	)		(6.18	)		—			(4.74	)		(4.74	)
2016⁽¹⁾		63.36		(0.42	)		9.48			9.06			(0.12	)		(4.86	)		(4.98	)
2015⁽¹⁾		98.70		(0.54	)		(28.98	)		(29.52	)		—			(5.82	)		(5.82	)

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)		Before Net Deferred Tax Expense (%)			Net Tax Expense (%)			Total Expenses (%)			Before Net Tax Benefit (%)			Net Tax Benefit (%)			Net Investment Loss (%)			Portfolio Turnover (%)†

	29.61		(28.41	)		712,596	0.45		@		—		0.45		@		(0.45	)		—		(0.45		)@		13.57
	43.92		(6.54	)		947,045		0.46			—			0.46			(0.46	)		—			(0.46	)		55.65
	51.24		(1.72	)		828,622		0.45			(0.00	)		0.45			(0.45	)		—			(0.45	)		30.35
	56.52		(9.85	)		692,954		0.46			(0.11	)		0.35			(0.46	)		—			(0.46	)		35.11
	67.44		15.34			373,566		0.47			0.03			0.50			(0.47	)		(0.23	)		(0.70	)		37.20
	63.36		(31.08	)		182,127		0.45			(4.81	)		(4.36	)		(0.44	)		(0.18	)		(0.62	)		47.44

*	Per share data calculated using average shares method.
**	Total Return is based on the change in net asset value of a share during the year/period and assumes reinvestment of dividends and distributions at net asset value. 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 has not been annualized. Excludes effect of in-kind transfers.
(1)	Per share amounts have been adjusted for a 1 for 6 reverse share split on April 28, 2020 (See Note 8 in the Notes to Financial Statements).

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

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


Notes to Financial Statements
	May 31, 2020 (unaudited)

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies followed by the Fund.

USE OF ESTIMATES – The Fund is an investment company that applies 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 Fund from underlying master limited partnership (“MLP”) investments generally are comprised of income and return of capital. The Fund records 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 and other industry sources. These estimates may subsequently be revised based on information received from the MLPs after their tax reporting periods are concluded.

MLPs – The Fund invests in MLPs in addition to other exchange-traded securities. 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, the interests, or units of MLPs that elect to be taxed as a partnership, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity-level taxation. To refrain from being 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. The Fund may also invest in MLPs that elect to be taxed as corporations. 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


Notes to Financial Statements (continued)
	May 31, 2020 (unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.

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

SECURITY VALUATION – Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (“NASDAQ”), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm 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 (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 will be valued at their market value. Prices for most securities held in the Fund are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Fund seeks to obtain a bid price from at least one independent broker. 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


Notes to Financial Statements (continued)
	May 31, 2020 (unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

New York or London close each day. The Fund does not invest in foreign securities as of May 31, 2020.

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 Fund’s 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 Fund may fair value its securities if an event that may materially affect the value of the Fund’s securities 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 Fund calculates its net asset value. 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 Fund’s 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 Fund calculates its net asset value, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of May 31, 2020, there were no securities priced using the Fair Value Procedures.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Fund discloses the fair value of its 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 Fund has the ability to access at the measurement date;


Notes to Financial Statements (continued)
	May 31, 2020 (unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Fund has 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); and

Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments and fair value of investments for which the Fund does 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 May 31, 2020, there have been no significant changes to the Fund’s fair valuation methodology.

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

In prior years, the Fund was subject to alternative minimum tax (AMT) on its federal AMT income to the extent that AMT exceeded it regular federal income tax. The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated alternative minimum tax for corporations and allowed them to claim a refundable minimum tax credit for previous AMT paid over an extended period of time. Although, on March 27, 2020 the Coronavirus Aid, Relief, and Economic Stability Act (CARES Act) was signed into law. The CARES Act accelerated the taxpayers ability to claim the fully refundable amount of minimum tax


Notes to Financial Statements (continued)
	May 31, 2020 (unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

credits. As a result, the Fund’s AMT credit will be requested to be fully refunded on the November 30, 2019 tax return to be filed later this year.

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

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits within the income tax expense line in the accompanying Statement of Operations. Accrued interest and penalties, if any, are included within the related tax liability line in the Statement of Assets and Liabilities. For the period ended May 31, 2020, the Fund did not incur any interest or penalties.

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

The Fund’s income tax expense/(benefit) consists of the following:

For the period ended May 31, 2020:

	Current MLP		Deferred MLP			Total MLP
Federal	$	−	$	(65,200,353	)	$	(65,200,353	)
State		−		(7,078,895	)		(7,078,895	)
Valuation allowance		−		72,279,248			72,279,248
Total tax expense (benefit)	$	−	$	−		$	−


Notes to Financial Statements (continued)
	May 31, 2020 (unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Components of the Fund’s deferred tax assets and liabilities are as follows:

For the period ended May 31, 2020:

	MLP
Deferred tax assets:
Net operating loss carryforward	$	15,508,948
Capital loss carryforward		23,157,326
Net unrealized loss on investments		71,994,587
Other		1,900,604
Less valuation allowance		(112,561,465	)
Net Deferred Tax Asset	$	–

The Fund reviews the recoverability of its deferred tax assets based upon the weight of available evidence. When assessing the recoverability of its deferred tax assets, significant weight was given to the effects of potential future realized and unrealized gains on investments and the period over which these deferred tax assets can be realized. Currently, any capital losses that may be generated by the Fund are eligible to be carried back up to three years and can be carried forward for five years to offset capital gains recognized by the Fund in those years. Prior to the passing of the CARES Act, Net Operating Losses (“NOLs”) were subject to the TCJA but are now governed under the CARES Act. Under the CARES Act, NOLs arising in tax years beginning after December 31, 2017, and before January 1, 2021 may be carried back five tax years and carried forward twenty years. Since the enactment of the TCJA, NOLs generally could not be carried back but could be carried forward indefinitely. Further, the TCJA limited NOL absorption to 80% of taxable income. The CARES Act temporarily removes the 80% limitation, reinstating it for tax years beginning after December 31, 2020.


Notes to Financial Statements (continued)
	May 31, 2020 (unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The Fund has estimated net operating loss carryforwards for federal income tax purposes as follows:

	Year Ended		Amount	Expiration
Global X MLP ETF	11/30/2016	$	3,371,920	11/30/2036
	11/30/2017	$	7,685,726	11/30/2037
	11/30/2018	$	4,662,626	11/30/2038
	11/30/2019	$	8,197,955	Indefinite
	11/30/2020	$	42,700,964	Indefinite

The Fund has estimated capital loss carryforwards for federal income tax purposes as follows:

	Year Ended		Amount	Expiration
Global X MLP ETF	11/30/2016	$	9,483,687	11/30/2021
	11/30/2019	$	54,795,128	11/30/2024
	11/30/2020	$	35,194,235	11/30/2025

Based upon the Fund’s assessment, it has been determined that it is not more likely than not that the Fund’s deferred tax assets will be realized through future taxable income of the appropriate character. Accordingly, a valuation allowance has been established for the Fund’s deferred tax assets. The Fund will continue to assess the need for a valuation allowance in the future. Significant increases or declines in the fair value of its portfolio of investments may change the Fund’s assessment of the recoverability of these assets and may result in the recording or removal of a valuation allowance against all or a portion of the Fund’s gross deferred tax assets.


Notes to Financial Statements (continued)
	May 31, 2020 (unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Total income tax expense/(benefit) (current and deferred) during the period ended May 31, 2020, differs from the amount computed by applying the federal statutory income tax rate of 21% for the Fund to net investment and realized and unrealized gain/(losses) on investment before taxes as follows:

For the period ended May 31, 2020:

	MLP
Income tax (benefit) at statutory rate	$	(65,124,333	)	21.00	%
State income taxes (net of federal benefit)		(7,070,642	)	2.28	%
Permanent differences, net		(77,762	)	0.03	%
Other adjustments		(6,511	)	0.00	%
Change in valuation allowance		72,279,248		-23.31	%
Net income tax expense/(benefit)	$	–		0.00	%

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state tax returns filed since inception of the Fund. No U.S. federal or state income tax returns are currently under examination. The tax years ended November 30, 2019, 2018, 2017, and 2016 remain subject to examination by tax authorities in the United States. Due to the nature of the Fund’s investments, the Fund may be required to file income tax returns in several states. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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


Notes to Financial Statements (continued)
	May 31, 2020 (unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The adjusted cost basis of investment and gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

Global X Funds		Federal Tax Cost				Aggregated Gross Unrealized Appreciation				Aggregated Gross Unrealized Depreciation				Net Unrealized Depreciation
Global X MLP ETF		$	1,038,890,027			$	5,108,188			$	(314,363,267	)		$	(309,255,079	)

The difference between cost amounts for financial statement purposes and tax purposes is due primarily to the recognition of partnership adjustments, differing cost relief methodologies, and wash sales adjustments from the Fund’s investments in MLPs.

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.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS – The Fund intends to declare and make quarterly distributions; however, the Board may determine to make distributions at its own discretion.

The Fund also expects that a portion of the distributions it receives from MLPs may be treated as a tax deferred return of capital, thus reducing the Fund’s current tax liability.

The Fund’s quarterly distributions are in an amount that is approximately equal to the distributions the Fund receives from its investments, including the MLPs in which it invests, less the actual, estimated or anticipated expenses of the Fund, including taxes imposed on the Fund (if any). Based on its investment objective and strategies, the Fund’s distributions normally will be comprised of ordinary income, tax-deferred returns of capital, and/or capital gains for U.S. federal income tax purposes. If the Fund pays return of capital distributions to shareholders, such distributions are not taxable income to the shareholder, but reduce the shareholder’s tax basis in the shareholder’s Fund shares. Such a reduction in tax basis will result in larger taxable gains and/or lower tax losses on a subsequent sale of Fund shares. Shareholders who periodically receive the payment of dividends or other distributions consisting of a return of capital may be under the impression that they are receiving net profits from the Fund when, in fact, they are not. Shareholders should not assume that the source of the distributions is from the net profits of the Fund.


Notes to Financial Statements (continued)
	May 31, 2020 (unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

For the period ended November 30, 2019, the Fund made the following tax basis distributions from MLP distributions received:

	MLP
Net investment income	$	—
Return of capital		(77,728,975	)
Total	$	(77,728,975	)

CREATION UNITS –The Fund issues and redeems its shares (“Shares”) on a continuous basis at 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 Brown Brothers Harriman & Co. (“BBH”), the Fund’s custodian (“Custodian”), on the date of such redemption, regardless of the number of Creation Units redeemed that day.

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

		Creation Unit Shares				Creation Fee				Value at May 31, 2020				Redemption Fee
Global X MLP ETF			50,000			$	250			$	1,480,000			$	250

CASH OVERDRAFT CHARGES – Per the terms of the agreement with BBH, if the 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.

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS

On July 2, 2018, the Adviser consummated a transaction pursuant to which it became an indirect, wholly-owned subsidiary of Mirae Asset Global Investments Co., Ltd. (“Mirae”). In this manner, the Adviser is ultimately controlled by Mirae, which is a leading financial services company in Korea and is the headquarters for the Mirae Asset Global Investments Group.


Notes to Financial Statements (continued)
	May 31, 2020 (unaudited)

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)

The Adviser serves as the investment adviser and the administrator for the Fund. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Fund and the Fund’s 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 Fund, including certain distribution services (provided pursuant to a separate distribution agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate investment advisory agreement), under what is essentially an “all-in” fee structure. For the Adviser’s services to the Fund, under the supervision and administration agreement, the 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) (“Supervision and Administration Fee”). In addition, the Fund bears other expenses that are not covered by the supervision and administration agreement, which may vary and affect the total expense ratios of the Fund, such as taxes, brokerage fees, commissions, acquired fund fees, other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses).

The following table discloses the rate of supervision and administration fees paid by the Fund pursuant to the supervision and administration agreement:

		Supervision and Administration Fee
Global X MLP ETF		0.45%

SEI Investments Global Funds Services (“SEIGFS”) serves as sub-administrator to the Fund. As sub-administrator, SEIGFS provides the Fund 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 Fund under federal and state securities laws. As compensation for these services, SEIGFS receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser.

Cohen & Company, Ltd. (“Cohen”) prepares Federal Form 1120 and state tax returns for the Fund. In addition, among other things, Cohen has been engaged to assist the Fund in the calculation of the current and deferred tax provisions for financial statement purposes for the Fund’s year ended November 30, 2019.


Notes to Financial Statements (continued)
	May 31, 2020 (unaudited)

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)

SEI Investments Distribution Co. (“SIDCO”) serves as the 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 Fund 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 Fund’s assets. As custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Fund, (2) collect and receive all income and other payments and distributions on account of the Fund’s portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties, and (4) make periodic reports to the Fund concerning the Fund’s 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 the Fund, (2) make dividend and other distributions to shareholders of the Fund, (3) respond to correspondence by shareholders and others relating to its duties, (4) maintain shareholder accounts, and (5) make periodic reports to the Fund. 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 May 31, 2020, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government, and short-term securities, were:

2020		Purchases				Sales and Maturities
Global X MLP ETF		$	113,802,640			$	294,448,697


Notes to Financial Statements (continued)
	May 31, 2020 (unaudited)

4. INVESTMENT TRANSACTIONS (continued)

For the period/year ended May 31, 2020 and November 30, 2019, in-kind transactions associated with creations and redemptions were, respectively:

2020		Purchases				Sales and Maturities				Realized Gain
Global X MLP ETF		$	270,941,787			$	–			$	–

2019		Purchases				Sales and Maturities				Realized Gain
Global X MLP ETF		$	388,407,175			$	–			$	–

For the period ended May 31, 2020, there were no purchases or sales of long-term U.S. Government securities by the Fund.

5. CONCENTRATION OF RISKS

The Fund uses 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. The 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 its underlying index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Fund but not its underlying index).

Under normal circumstances, the Fund invests at least 80% of its total assets in securities of its underlying index, moreover, at least 80% of the Fund’s total assets will be invested in securities that have economic characteristics of the MLP asset class. A substantial portion of the cash flow received by the Fund is derived from investment in equity securities of MLPs. The amount of cash that an MLP has available for distributions and the tax character of such distributions are dependent upon the amount of cash generated by the MLP’s operations.

Investments in securities of an MLP involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, and cash flow risks. MLP common units and other equity securities can be affected by changes in macro-economic and other factors affecting the stock market in general, including changes in growth, unemployment, and inflation rates, as well as expectations of interest rates. MLP common units and other equity securities can also be affected by investor sentiment towards MLPs or the energy sector, changes in a particular issuer’s financial condition, or unfavorable or unanticipated poor


Notes to Financial Statements (continued)
	May 31, 2020 (unaudited)

5. CONCENTRATION OF RISKS (continued)

performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow). Prices of common units of individual MLPs and other equity securities also can be affected by fundamentals unique to the partnership or company, including earnings power and coverage ratios. MLPs operating in energy related sectors are subject to risks that are specific to the industry they serve.

Risks Related to Investing in Energy Infrastructure Companies:

The Fund invests primarily in energy infrastructure companies. Energy infrastructure companies are subject to risks specific to the industry they serve, including, but not limited to, the following:

• reduced volumes of natural gas or other energy commodities available for transporting, processing or storing;

• new construction and acquisition risk, which can limit growth potential;

• a sustained reduced demand for crude oil, natural gas and refined petroleum products resulting from a recession or an increase in market price or higher taxes;

• changes in the regulatory environment; • extreme weather;

• rising interest rates, which could result in a higher cost of capital and drive investors into other investment opportunities; and

• threats of attack by terrorists.

Risks Related to Investing in Midstream MLPs:

MLPs that operate midstream assets are subject to supply and demand fluctuations in the markets they serve, which may be impacted by a wide range of factors, including fluctuating commodity prices, weather, increased conservation or use of alternative fuel sources, increased governmental or environmental regulation, depletion, rising interest rates, declines in domestic or foreign production, accidents or catastrophic events, increasing operating expenses and economic conditions, among others. Further, MLPs that operate gathering and processing assets are subject to natural declines in the production of the oil and gas fields they serve. In addition, some gathering and processing contracts subject the owner of such assets to direct commodity price risk.

Risks Related to Investing in the Energy Sector:

The value of securities issued by companies in the energy sector may decline for many reasons, including, without limitation, changes in energy prices; international politics;


Notes to Financial Statements (continued)
	May 31, 2020 (unaudited)

5. CONCENTRATION OF RISKS (continued)

energy conservation; the success of exploration projects; natural disasters or other catastrophes; changes in exchange rates, interest rates, or economic conditions; changes in demand for energy products and services; and tax and other government regulatory policies.

Risks Related to Investing in the Oil, Gas and Consumable Fuels Industry:

The oil, gas and consumable fuels industry is cyclical and highly dependent on the market price of fuel. The market value of companies in the oil, gas and consumable fuels industry are strongly affected by the levels and volatility of global commodity prices, supply and demand, capital expenditures on exploration and production, energy conservation efforts, the prices of alternative fuels, exchange rates and technological advances. Companies in this sector are subject to substantial government regulation and contractual fixed pricing, which may increase the cost of business and limit these companies’ earnings. A significant portion of their revenues depends on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget restraints may have a material adverse effect on the stock prices of companies in the industry.

A more complete description of risks is included in the Fund’s Prospectus and Statement of Additional Information.

6. LOANS OF PORTFOLIO SECURITIES

The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Security loans made pursuant to a securities lending agreement are required at all times to be secured by collateral equal to at least 102% for U.S.-based securities and 105% for foreign based securities. Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements 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 Fund’s 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 Fund 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. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to


Notes to Financial Statements (continued)
	May 31, 2020 (unaudited)

6. LOANS OF PORTFOLIO SECURITIES (continued)

any loss on the collateral invested. As of May 31, 2020, the Fund had no securities on loan.

7. CONTRACTUAL OBLIGATIONS

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior gains or losses pursuant to these contracts. Management has reviewed the Fund’s 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.

8. REVERSE SHARE SPILT

Effective April 28, 2020, the Fund executed a 1-for-6 reverse share split for shareholders of record after the close of markets on April 27, 2020. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by six, resulting in a corresponding increase in the NAV per Share. The capital share activity presented in the statement of changes in net assets for each of the years in the period then ended, and per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions.

9. REGULATORY MATTERS

On August 17, 2018, the SEC 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 the presentation of distributable earnings, eliminating the need to present the components of distributable earnings on a book basis in the financial statements. The update also impacted the presentation of undistributed net investment income and distribution to shareholders on the Statement of Changes in Net Assets. The amounts presented in the current Statement 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.


Notes to Financial Statements (concluded)
	May 31, 2020 (unaudited)

10. NEW ACCOUNTING PRONOUNCEMENTS

In August 2018, the Financial Accounting Standards Board 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 and modifications of certain disclosures and delay the adoption of additional disclosures until the effective date.

11. SUBSEQUENT EVENTS

The Fund has been evaluated 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)

All exchange traded funds (“ETFs”) 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 any brokerage fees as a result of his or her investment in the Fund, which is not reflected in the table below.

Operating expenses such as these are deducted from an ETF’s gross income and directly reduce its 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 following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your 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 six-month period shown and held for the entire period (December 1, 2019 to May 31, 2020).

The table below 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 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.


Disclosure of Fund Expenses (unaudited)

	Beginning Account Value 12/1/2019		Ending Account Value 5/31/2020		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X MLP ETF
Actual Fund Return	$	1,000.00	$	715.90		0.45	%	$	1.93
Hypothetical 5% Return		1,000.00		1,022.75		0.45			2.28

⁽¹⁾	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period.)


Liquidity Risk Management Program (unaudited)

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

At a meeting of the Board held on May 29, 2020, the Trustees received a report from the Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation for the period from December 1, 2018 through December 31, 2019. The Committee’s report noted that the Committee had determined that the Program is reasonably designed to assess and manage the Fund’s Liquidity Risk and operated adequately and effectively to manage the Fund’s Liquidity Risk for the period covered by the report. The Committee’s report noted that during the period covered by the report, there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee’s report further noted that no material changes have been made to the Program since its implementation.

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


Supplemental Information (unaudited)

Net asset value, or “NAV”, is the price per Share at which the Fund issues and redeems Shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of the Fund generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. The Fund’s Market Price may be at, above or below its NAV. The NAV of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Market Price of the Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of the Fund on a given day, generally at the time NAV is calculated. A premium is the amount that the Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Fund is trading below the reported NAV, expressed as a percentage of the NAV.

Further information regarding premiums and discounts is available on the Fund’s website at www.globalxetfs.com.


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

2001 Market Street

Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus for the Fund described.

GLX-SA-005-0800

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

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

Global X SuperDividend^® Alternatives ETF (ticker: ALTY)

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

Global X TargetIncome^TM 5 ETF (ticker: TFIV)

Global X TargetIncome^TM Plus 2 ETF (ticker: TFLT)

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

Semi-Annual Report

May 31, 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 MLP & Energy Infrastructure ETF	1
Global X U.S. Preferred ETF	4
Global X SuperDividend^® Alternatives ETF	20
Global X S&P 500^® Quality Dividend ETF	25
Global X TargetIncome^TM 5 ETF	29
Global X TargetIncome^TM Plus 2 ETF	31
Global X Adaptive U.S. Factor ETF	33
Statements of Assets and Liabilities	43
Statements of Operations	45
Statements of Changes in Net Assets	47
Financial Highlights	51
Notes to Financial Statements	57
Disclosure of Fund Expenses	72
Liquidity Risk Management Program	74
Supplemental Information	75

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 at https://www.sec.gov.


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X MLP & Energy Infrastructure 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 — 75.3%
CANADA— 23.0%
Energy — 23.0%
Enbridge ^{^}		1,428,662	$	46,360,082
Pembina Pipeline		1,410,458		35,303,764
TC Energy		994,844		44,777,928
TOTAL CANADA				126,441,774
UNITED STATES— 52.3%
Energy — 52.3%
Antero Midstream ^(A)		5,871,757		28,066,999
Archrock		2,643,920		16,788,892
Cheniere Energy ^*		523,523		23,218,245
EnLink Midstream		5,168,842		12,198,467
Equitrans Midstream ^(A)		3,029,671		24,510,038
Kinder Morgan		2,949,754		46,606,113
ONEOK		1,108,564		40,673,213
Plains GP Holdings, Cl A		2,573,638		25,710,644
Targa Resources		1,541,787		27,582,569
Williams		2,104,265		42,990,134
TOTAL UNITED STATES				288,345,314
TOTAL COMMON STOCK
(Cost $584,878,343)				414,787,088

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X MLP & Energy Infrastructure ETF

	Shares/Face Amount		Value
MASTER LIMITED PARTNERSHIPS — 23.8%
Energy — 23.8%
Cheniere Energy Partners		88,674	$	2,991,861
DCP Midstream		203,105		2,234,155
Enable Midstream Partners		188,980		786,157
Energy Transfer		3,156,712		25,758,770
Enterprise Products Partners		1,275,486		24,361,783
EQM Midstream Partners		188,847		3,710,843
Holly Energy Partners		102,741		1,660,294
Magellan Midstream Partners		513,599		23,286,579
MPLX		893,707		16,971,496
Phillips 66 Partners		133,048		5,944,585
Plains All American Pipeline		1,084,460		10,519,262
Shell Midstream Partners		281,480		3,797,165
TC PipeLines		136,742		4,806,481
Western Midstream Partners		457,233		4,270,556
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $155,950,478)				131,099,987

SHORT-TERM INVESTMENT^(B)(C) — 4.4%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.080%
(Cost $24,179,072)		24,179,072		24,179,072

REPURCHASE AGREEMENT^(B) — 0.5%
BNP Paribas
0.050%, dated 05/31/20, to be repurchased on 06/01/20, repurchase price $2,838,322 (collateralized by U.S. Treasury Obligations, ranging in par value $345,339 - $2,546,145, 1.500%, 08/15/2026, with a total market value of $2,891,484)
(Cost $2,838,310)	$	2,838,310		2,838,310
TOTAL INVESTMENTS — 104.0%
(Cost $767,846,203)			$	572,904,457

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X MLP & Energy Infrastructure ETF

Percentages are based on Net Assets of $550,999,052.

*	Non-income producing security.
^	Canadian security listed on New York and Toronto Stock Exchanges.
(A)	This security or a partial position of this security is on loan at May 31, 2020. The total value of securities on loan at May 31, 2020 was $26,737,248.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2020 was $27,017,382.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2020.

Cl — Class

The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	414,787,088	$	—	$	—	$	414,787,088
Master Limited Partnerships		131,099,987		—		—		131,099,987
Short-Term Investment		24,179,072		—		—		24,179,072
Repurchase Agreement		—		2,838,310		—		2,838,310
Total Investments in Securities	$	570,066,147	$	2,838,310	$	—	$	572,904,457

For the period ended May 31, 2020, there have been 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		May 31, 2020 (Unaudited)
	Global X U.S. Preferred ETF

Sector Weightings †:

	Shares		Value
PREFERRED STOCK — 99.5%
BERMUDA— 1.7%
Financials — 1.4%
Aspen Insurance Holdings, 5.950%, VAR ICE LIBOR USD 3 Month+4.060% ^(A)		47,801	$	1,226,096
Aspen Insurance Holdings, 5.625% ^(A)		43,328		1,072,368
Aspen Insurance Holdings, 5.625%		41,561		1,024,479
Enstar Group, 7.000%, VAR ICE LIBOR USD 3 Month+4.015%		66,719		1,700,667
Enstar Group, 7.000% ^(A)		20,301		514,224
PartnerRe, 7.250%		48,774		1,282,756
PartnerRe, 5.875% ^(A)		33,005		833,046
RenaissanceRe Holdings, 5.750%		43,349		1,126,640

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
RenaissanceRe Holdings, 5.375%		48,100	$	1,212,601
				9,992,877
Industrials — 0.3%
Triton International, 8.000%		24,611		595,586
Triton International, 7.375%		28,327		678,149
Triton International, 6.875% ^(A)		24,062		543,801
				1,817,536
TOTAL BERMUDA				11,810,413
CANADA— 0.8%
Energy — 0.4%
Enbridge, 6.375%, VAR ICE LIBOR USD 3 Month+3.593% ^(A)		100,613		2,439,865
Utilities — 0.4%
Algonquin Power & Utilities, 6.875%, VAR ICE LIBOR USD 3 Month+3.677% ^(A)		51,798		1,411,495
Algonquin Power & Utilities, 6.200%, VAR ICE LIBOR USD 3 Month+4.010%		58,307		1,574,289
				2,985,784
TOTAL CANADA				5,425,649
NETHERLANDS— 0.6%
Financials — 0.6%
Aegon, 5.100%		155,771		3,654,388
Aegon, 4.000%, VAR ICE LIBOR USD 3 Month+0.875% ^(A)		45,273		967,031
TOTAL NETHERLANDS				4,621,419
SPAIN— 0.1%
Financials — 0.1%
Banco Santander, 4.000%, VAR ICE LIBOR USD 3 Month+0.520%		39,549		823,015

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
UNITED KINGDOM— 1.3%
Financials — 1.3%
HSBC Holdings, 6.200%		249,408	$	6,452,185
Prudential, 6.750%		43,382		1,132,270
Prudential, 6.500%		49,819		1,331,164
TOTAL UNITED KINGDOM				8,915,619
UNITED STATES— 95.0%
Communication Services — 4.9%
AT&T, 5.625% ^(A)		138,942		3,756,992
AT&T, 5.350%		227,661		5,976,101
AT&T, 5.000% ^(A)		206,852		5,318,165
Qwest, 7.000% ^(A)		40,597		1,039,283
Qwest, 6.875%		84,500		2,044,055
Qwest, 6.750%		110,807		2,719,204
Qwest, 6.625% ^(A)		72,164		1,728,328
Qwest, 6.500%		164,660		3,862,924
Qwest, 6.125% ^(A)		130,260		2,949,086
Telephone & Data Systems, 7.000%		52,174		1,345,046
Telephone & Data Systems, 6.875%		40,789		1,027,067
Telephone & Data Systems, 5.875% ^(A)		36,722		907,768
United States Cellular, 7.250%		49,791		1,302,532
United States Cellular, 6.950%		60,525		1,558,519
				35,535,070
Consumer Discretionary — 1.9%
Brunswick, 6.500%		34,807		929,347
Brunswick, 6.375%		41,716		1,086,702
Dillard’s Capital Trust I, 7.500%		34,894		694,042
eBay, 6.000% ^(A)		126,190		3,288,511
Ford Motor, 6.200% ^(A)		125,708		2,677,580
Ford Motor, 6.000%		134,116		2,648,791
QVC, 6.375%		38,875		866,524

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Consumer Discretionary — continued
QVC, 6.250%		83,490	$	1,749,115
				13,940,612
Consumer Staples — 0.1%
Energizer Holdings, 7.500%		9,749		912,409
Energy — 1.6%
Chesapeake Energy, 4.500% ^(A)		9,802		30,582
DCP Midstream, 7.950%, VAR ICE LIBOR USD 3 Month+4.882%		19,420		378,302
DCP Midstream, 7.875%, VAR ICE LIBOR USD 3 Month+4.919%		30,304		581,534
Energy Transfer Operating, 7.625%, VAR ICE LIBOR USD 3 Month+4.738%		78,806		1,710,090
Energy Transfer Operating, 7.600%, VAR ICE LIBOR USD 3 Month+5.161%		134,362		2,969,400
Energy Transfer Operating, 7.375%, VAR ICE LIBOR USD 3 Month+4.530%		78,726		1,676,864
Nabors Industries, 6.000%		32,499		208,644
NuStar Energy, 9.000%, VAR ICE LIBOR USD 3 Month+6.880%		32,458		693,628
NuStar Energy, 8.500%, VAR ICE LIBOR USD 3 Month+6.766%		42,582		867,821
NuStar Energy, 7.625%, VAR ICE LIBOR USD 3 Month+5.643%		69,765		1,303,210
NuStar Logistics, 7.953%, VAR ICE LIBOR USD 3 Month+6.734%		73,505		1,563,451
				11,983,526
Financials — 57.9%
Affiliated Managers Group, 5.875%		53,141		1,432,150
Allied Capital, 6.875% ^(A)		40,421		1,020,630
Allstate, 5.625% ^(A)		96,519		2,639,795
Allstate, 5.100%		198,284		5,151,418

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Allstate, 5.100%, VAR ICE LIBOR USD 3 Month+3.165% ^(A)		83,756	$	2,187,707
Allstate, 4.750%		49,782		1,273,424
American Equity Investment Life Holding, 5.950%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.322%		66,624		1,499,706
American Financial Group, 6.000% ^(A)		24,347		619,388
American Financial Group, 5.875%		22,269		590,797
American Financial Group, 5.125% ^(A)		32,791		813,873
American International Group, 5.850% ^(A)		83,737		2,208,145
Apollo Global Management, 6.375%		47,747		1,265,296
Apollo Global Management, 6.375%		52,324		1,383,970
Arch Capital Group, 5.450% ^(A)		54,852		1,390,498
Arch Capital Group, 5.250% ^(A)		75,187		1,831,555
Athene Holding, 6.350%, VAR ICE LIBOR USD 3 Month+4.253%		145,196		3,650,227
Athene Holding, 5.625%		59,013		1,449,359
Axis Capital Holdings, 5.500% ^(A)		92,170		2,180,742
BancorpSouth Bank, 5.500% ^(A)		28,109		698,228
Bank of America, 7.250%		13,164		17,962,278
Bank of America, 6.450%, VAR ICE LIBOR USD 3 Month+1.327% ^(A)		181,209		4,774,857
Bank of America, 6.200%		189,791		4,904,199
Bank of America, 6.000%		151,635		3,945,543
Bank of America, 6.000% ^(A)		232,259		6,336,025
Bank of America, 5.875%		143,852		3,859,549
Bank of America, 5.375% ^(A)		240,418		6,298,952
Bank of America, 5.000%		225,618		5,640,450
Bank of America, 4.000%, VAR ICE LIBOR USD 3 Month+0.750%		37,859		870,000
Bank of America, 4.000%, VAR ICE LIBOR USD 3 Month+0.500% ^(A)		70,176		1,527,030

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Bank of America, 4.000%, VAR ICE LIBOR USD 3 Month+0.350% ^(A)		55,427	$	1,285,906
Bank of America, 3.000%, VAR ICE LIBOR USD 3 Month+0.650% ^(A)		51,422		999,644
Bank of New York Mellon, 5.200% ^(A)		97,733		2,491,214
Brighthouse Financial, 6.600%		70,973		1,830,394
Brighthouse Financial, 6.250% ^(A)		66,892		1,739,192
Brightsphere Investment Group, 5.125%		21,185		506,957
Capital One Financial, 6.200%		83,729		2,155,184
Capital One Financial, 6.000%		83,747		2,195,846
Capital One Financial, 5.200% ^(A)		100,666		2,481,417
Capital One Financial, 5.000%		258,210		6,031,786
Capital One Financial, 4.800%		210,803		4,606,046
Charles Schwab, 6.000%		100,714		2,561,157
Charles Schwab, 5.950%		126,193		3,318,876
CIT Group, 5.625% ^(A)		33,890		702,879
Citigroup, Ser J, 7.125%, VAR ICE LIBOR USD 3 Month+4.040%		160,182		4,382,579
Citigroup, 6.875%, VAR ICE LIBOR USD 3 Month+4.130%		256,987		6,956,638
Citigroup, 6.300%		174,538		4,529,261
Citigroup Capital XIII, 7.130%, VAR ICE LIBOR USD 3 Month+6.370%		384,913		10,392,651
Citizens Financial Group, 6.350%, VAR ICE LIBOR USD 3 Month+3.642% ^(A)		54,751		1,383,558
Citizens Financial Group, 5.000%		75,159		1,699,345
Commerce Bancshares, 6.000%		25,762		675,995
Equitable Holdings, 5.250%		134,539		3,214,137
Fifth Third Bancorp, 6.625%, VAR ICE LIBOR USD 3 Month+3.710%		75,303		2,052,007
Fifth Third Bancorp, 4.950% ^(A)		42,640		1,054,061
First Republic Bank, 5.500% ^(A)		50,202		1,337,883

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
First Republic Bank, 5.125% ^(A)		36,092	$	937,670
First Republic Bank, 4.700%		65,833		1,589,209
Globe Life, 6.125%		52,617		1,399,612
GMAC Capital Trust I, Ser 2, 6.177%, VAR ICE LIBOR USD 3 Month+5.785%		457,079		10,325,415
Goldman Sachs Group, 6.375%, VAR ICE LIBOR USD 3 Month+3.550%		117,691		3,170,596
Goldman Sachs Group, 6.300%		113,474		2,967,345
Goldman Sachs Group, 5.500%, VAR ICE LIBOR USD 3 Month+3.640% ^(A)		168,586		4,359,634
Goldman Sachs Group, 4.000%, VAR ICE LIBOR USD 3 Month+0.750% ^(A)		32,534		697,529
Goldman Sachs Group, 4.000%, VAR ICE LIBOR USD 3 Month+0.670% ^(A)		231,875		5,003,863
Goldman Sachs Group, 3.750%, VAR ICE LIBOR USD 3 Month+0.750% ^(A)		125,867		2,585,308
Hanover Insurance Group, 6.350% ^(A)		30,350		792,438
Hartford Financial Services Group, 7.875%, VAR ICE LIBOR USD 3 Month+5.596%		100,758		2,732,557
Hartford Financial Services Group, 6.000%		57,474		1,581,110
Huntington Bancshares, 6.250%		100,705		2,585,097
IBERIABANK, 6.100%, VAR ICE LIBOR USD 3 Month+3.859%		17,616		405,696
JPMorgan Chase, 6.150%		198,344		5,041,904
JPMorgan Chase, 6.100%		245,195		6,218,145
JPMorgan Chase, 6.000% ^(A)		317,416		8,770,204
JPMorgan Chase, 5.750% ^(A)		291,278		7,847,029
JPMorgan Chase, 4.750%		151,605		3,759,804
KeyCorp, 6.125%, VAR ICE LIBOR USD 3 Month+3.892%		83,844		2,354,339
KeyCorp, 5.650%		72,297		1,883,337
KeyCorp, 5.625%		75,251		1,944,486

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
KKR, 6.750%		57,973	$	1,511,936
Legg Mason, 6.375%		43,335		1,152,711
Legg Mason, 5.450%		83,682		2,136,401
MetLife, 5.625% ^(A)		135,504		3,588,146
MetLife, 4.750%		168,533		4,182,989
MetLife, 4.000%, VAR ICE LIBOR USD 3 Month+1.000%		100,568		2,357,314
Morgan Stanley, Ser E, 7.125%, VAR ICE LIBOR USD 3 Month+4.320%		145,318		4,023,855
Morgan Stanley, Ser F, 6.875%, VAR ICE LIBOR USD 3 Month+3.940%		144,093		3,912,125
Morgan Stanley, 6.375%, VAR ICE LIBOR USD 3 Month+3.708%		168,646		4,602,349
Morgan Stanley, 5.850%, VAR ICE LIBOR USD 3 Month+3.491% ^(A)		169,540		4,525,023
Morgan Stanley, 4.875% ^(A)		83,669		2,040,687
Morgan Stanley, 4.000%, VAR ICE LIBOR USD 3 Month+0.700% ^(A)		185,313		4,037,970
Navient, 6.000% ^(A)		54,437		1,246,607
New York Community Bancorp, 6.375%, VAR ICE LIBOR USD 3 Month+3.821%		86,290		2,248,717
Northern Trust, 4.700%		66,734		1,677,025
Oaktree Capital Group, 6.625%		30,884		809,161
Oaktree Capital Group, 6.550%		40,639		1,053,769
People’s United Financial, 5.625%, VAR ICE LIBOR USD 3 Month+4.020% ^(A)		43,385		1,124,539
PNC Financial Services Group, 6.125%, VAR ICE LIBOR USD 3 Month+4.067%		257,889		6,808,270
PNC Financial Services Group, 5.375%		80,336		2,039,731
Prospect Capital, 6.250%		38,569		964,225
Prudential Financial, 5.750% ^(A)		96,456		2,454,805
Prudential Financial, 5.700% ^(A)		119,364		3,043,782

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Prudential Financial, 5.625% ^(A)		94,807	$	2,539,880
Regions Financial, Ser B, 6.375%, VAR ICE LIBOR USD 3 Month+3.536%		83,801		2,225,755
Regions Financial, Ser A, 6.375%		83,723		2,142,472
Regions Financial, 5.700%, VAR ICE LIBOR USD 3 Month+3.148% ^(A)		83,778		2,153,932
Reinsurance Group of America, 6.200%, VAR ICE LIBOR USD 3 Month+4.370%		66,764		1,643,730
Reinsurance Group of America, 5.750%, VAR ICE LIBOR USD 3 Month+4.040%		67,100		1,640,595
SLM, 2.441%, VAR ICE LIBOR USD 3 Month+1.700% ^(A)		18,846		705,594
State Street, 5.900%, VAR ICE LIBOR USD 3 Month+3.108% ^(A)		126,194		3,250,757
State Street, 5.350%, VAR ICE LIBOR USD 3 Month+3.709%		83,794		2,250,707
Stifel Financial, 6.250% ^(A)		28,741		735,770
SVB Financial Group, 5.250%		58,243		1,438,020
Synchrony Financial, 5.625%		125,873		2,574,103
Synovus Financial, 6.300%, VAR ICE LIBOR USD 3 Month+3.352%		32,692		772,839
Synovus Financial, 5.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.127%		62,264		1,360,468
Truist Financial, 5.625% ^(A)		77,801		2,002,598
Truist Financial, 5.200% ^(A)		75,233		1,928,222
Truist Financial, 5.200% ^(A)		83,715		2,126,361
Truist Financial, 4.000%, VAR ICE LIBOR USD 3 Month+0.530% ^(A)		27,993		639,360
Unum Group, 6.250%		52,218		1,262,631
US Bancorp, 6.500%, VAR ICE LIBOR USD 3 Month+4.468%		189,707		5,074,662
US Bancorp, 5.500% ^(A)		96,494		2,637,181

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
US Bancorp, 4.500% ^(A)		83,727	$	2,124,991
US Bancorp, 3.500%, VAR ICE LIBOR USD 3 Month+0.600% ^(A)		168,264		3,385,472
Voya Financial, 5.350%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.210%		53,214		1,369,196
Wells Fargo, 7.500%		16,946		22,877,100
Wells Fargo, 6.625%, VAR ICE LIBOR USD 3 Month+3.690%		141,481		3,769,054
Wells Fargo, 6.000%		21,287		546,011
Wells Fargo, 6.000%		168,601		4,331,360
Wells Fargo, 5.850%, VAR ICE LIBOR USD 3 Month+3.090%		296,340		7,438,134
Wells Fargo, 5.700%		168,586		4,314,116
Wells Fargo, 5.625% ^(A)		115,996		3,001,976
Wells Fargo, 5.500%		198,354		5,010,422
Wells Fargo, 5.250%		104,920		2,631,394
Wells Fargo, 5.200% ^(A)		126,131		3,159,582
Wells Fargo, 5.125% ^(A)		109,146		2,721,010
Wells Fargo, 4.750%		345,458		8,197,718
WR Berkley, 5.900%		18,495		488,453
WR Berkley, 5.750% ^(A)		50,428		1,292,470
WR Berkley, 5.700%		34,801		922,922
WR Berkley, 5.625% ^(A)		58,260		1,520,586
WR Berkley, 5.100%		49,746		1,235,193
				421,927,665
Health Care — 2.4%
Avantor, 6.250%		89,160		5,729,421
Change Healthcare, 6.000% ^(A)		25,313		1,234,009
Danaher, 4.750%		7,046		8,505,790

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Health Care — continued
Elanco Animal Health, 5.000%		46,057	$	1,751,548
				17,220,768
Industrials — 1.6%
Air Lease, 6.150%, VAR ICE LIBOR USD 3 Month+3.650% ^(A)		45,494		1,003,143
Colfax, 5.750%		19,355		2,363,245
Fortive, 5.000%		5,914		4,759,292
Pitney Bowes, 6.700% ^(A)		74,184		1,260,386
Stanley Black & Decker, 5.250%		28,301		2,322,946
				11,709,012
Information Technology — 2.5%
Broadcom, 8.000%		17,095		18,564,315
Materials — 0.5%
International Flavors & Fragrances, 6.000%		69,917		3,358,813
Real Estate — 6.6%
American Homes 4 Rent, 6.350% ^‡		37,889		994,207
Brookfield Property Partners, 6.500%		33,126		668,814
Brookfield Property Partners, 6.375%		41,074		821,480
CBL & Associates Properties, Ser D, 7.375% ^{‡ (A)}		40,192		31,036
CBL & Associates Properties, 6.625% ^‡		4,059		2,853
Digital Realty Trust, 6.350% ^‡		43,858		1,124,080
Digital Realty Trust, 5.875% ^{‡ (A)}		43,284		1,118,026
Digital Realty Trust, 5.850% ^{‡ (A)}		38,002		1,026,054
Digital Realty Trust, 5.200% ^‡		57,408		1,466,200
Diversified Healthcare Trust, 6.250% ^‡		43,305		813,701
Diversified Healthcare Trust, 5.625% ^‡		60,998		1,151,642
EPR Properties, 5.750% ^‡		26,848		466,887
Kimco Realty, 5.250% ^‡		46,338		1,119,526
Kimco Realty, 5.125% ^{‡ (A)}		38,835		947,962

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Real Estate — continued
National Retail Properties, 5.200% ^{‡ (A)}		61,188	$	1,443,425
Office Properties Income Trust, 5.875% ^‡		55,239		1,345,070
PS Business Parks, 5.250% ^‡		39,740		1,018,934
PS Business Parks, 5.200% ^‡		35,708		904,484
PS Business Parks, 5.200% ^‡		37,613		965,526
PS Business Parks, 4.875% ^‡		53,962		1,326,386
Public Storage, 5.600% ^‡		51,928		1,432,174
Public Storage, 5.400% ^‡		52,666		1,356,149
Public Storage, 5.375% ^‡		82,871		2,117,354
Public Storage, 5.200% ^‡		83,716		2,149,827
Public Storage, 5.150% ^‡		48,626		1,274,001
Public Storage, 5.125% ^‡		32,820		846,756
Public Storage, 5.050% ^{‡ (A)}		53,717		1,412,220
Public Storage, 4.950% ^‡		57,724		1,474,271
Public Storage, 4.900% ^‡		58,269		1,479,450
Public Storage, 4.875% ^‡		52,529		1,364,703
Public Storage, 4.750% ^{‡ (A)}		37,889		983,599
Public Storage, 4.700% ^{‡ (A)}		42,762		1,092,142
QTS Realty Trust, 6.500% ^‡		13,219		2,015,633
RLJ Lodging Trust, 1.950% ^‡		57,596		1,290,150
SITE Centers, 6.375% ^‡		28,251		568,410
SITE Centers, 6.250% ^{‡ (A)}		23,936		477,523
Spirit Realty Capital, 6.000% ^‡		32,453		775,627
VEREIT, Ser F, 6.700% ^‡		129,812		3,275,157
Vornado Realty Trust, 5.700% ^‡		52,504		1,288,973
Vornado Realty Trust, 5.400% ^‡		52,307		1,211,430
Vornado Realty Trust, 5.250% ^‡		56,184		1,293,356
Washington Prime Group, 7.500% ^{‡ (A)}		18,704		133,341
				48,068,539

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Utilities — 15.0%
Alabama Power, 5.000% ^(A)		43,342	$	1,197,539
American Electric Power, 6.125% ^(A)		67,738		3,541,343
CenterPoint Energy, 7.000%		82,120		2,826,570
CMS Energy, 5.875% ^(A)		105,892		2,817,786
CMS Energy, 5.875%		49,188		1,329,060
CMS Energy, 5.625%		32,859		867,806
Dominion Energy, 7.250% ^(A)		69,168		7,247,423
Dominion Energy, 5.250% ^(A)		134,660		3,530,785
DTE Energy, 6.250%		96,907		4,117,579
DTE Energy, 6.000%		49,744		1,328,662
DTE Energy, 5.375% ^(A)		49,799		1,289,296
DTE Energy, 5.250% ^(A)		66,759		1,735,734
DTE Energy, 5.250%		36,124		913,576
Duke Energy, 5.750%		168,667		4,670,389
Duke Energy, 5.625% ^(A)		83,798		2,317,015
Duke Energy, 5.125% ^(A)		83,727		2,133,364
Entergy Arkansas, 4.875% ^(A)		69,294		1,782,242
Entergy Louisiana, 4.875% ^(A)		46,836		1,219,141
Entergy Mississippi, 4.900% ^(A)		45,096		1,200,005
Entergy New Orleans, 5.500% ^(A)		18,153		483,051
Essential Utilities, 6.000%		40,634		2,368,556
Georgia Power, 5.000%		46,823		1,218,334
Interstate Power and Light, 5.100% ^(A)		32,821		837,592
National Rural Utilities Cooperative Finance, 5.500%		44,083		1,177,016
NextEra Energy, 4.872% ^(A)		129,001		6,545,511
NextEra Energy Capital Holdings, 5.650% ^(A)		115,613		3,113,458
NextEra Energy Capital Holdings, 5.250% ^(A)		95,623		2,451,774
NextEra Energy Capital Holdings, 5.125%		83,726		2,118,268
NextEra Energy Capital Holdings, 5.000% ^(A)		75,237		1,905,753

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Utilities — continued
NiSource, 6.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.632%		83,799	$	2,208,104
PPL Capital Funding, Ser B, 5.900%		75,241		1,896,073
SCE Trust II, 5.100%		66,677		1,607,582
SCE Trust III, 5.750%, VAR ICE LIBOR USD 3 Month+2.990%		49,652		1,149,444
SCE Trust IV, 5.375%, VAR ICE LIBOR USD 3 Month+3.132% ^(A)		56,543		1,251,862
SCE Trust V, 5.450%, VAR ICE LIBOR USD 3 Month+3.790%		52,120		1,184,166
SCE Trust VI, 5.000%		79,334		1,734,241
Sempra Energy, 6.750%		24,120		2,481,224
Sempra Energy, 5.750% ^(A)		127,447		3,251,173
South Jersey Industries, 5.625%		34,255		858,430
Southern, 6.750%		146,177		7,006,264
Southern, 6.250%		168,602		4,312,839
Southern, 5.250%		75,836		1,986,145
Southern, 5.250%		134,661		3,464,828
Southern, 4.950% ^(A)		168,544		4,205,173
Spire, 5.900%		44,121		1,186,855
Tennessee Valley Authority, 2.350%, VAR US Treas Yield Curve Rate T Note Const Mat 30 Yr+0.940%		45,404		1,154,170
				109,223,201
TOTAL UNITED STATES				692,443,930
TOTAL PREFERRED STOCK
(Cost $739,498,127)				724,040,045

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X U.S. Preferred ETF

	Shares/Face Amount		Value
SHORT-TERM INVESTMENT^(B)(C) — 2.1%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.080%
(Cost $15,315,555)		15,315,555	$	15,315,555

REPURCHASE AGREEMENT^(B) — 0.2%
BNP Paribas
0.050%, dated 05/29/20, to be repurchased on 06/01/20, repurchase price $1,797,855 (collateralized by U.S. Treasury Obligations, ranging in par value $218,746 - $1,612,784, 1.500%, 08/15/2026, with a total market value of $1,831,530)
(Cost $1,797,848)	$	1,797,848		1,797,848

TOTAL INVESTMENTS — 101.8%
(Cost $756,611,530)			$	741,153,448

Percentages are based on Net Assets of $728,244,482.

‡	Real Estate Investment Trust
(A)	This security or a partial position of this security is on loan at May 31, 2020. The total value of securities on loan at May 31, 2020 was $16,763,661.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2020 was $17,113,403.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2020.

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X U.S. Preferred ETF

Cl — Class

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

Ser — Series

USD — U.S. Dollar

VAR – Variable Rate

The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Preferred Stock	$	666,820,735	$	57,219,310	$	—	$	724,040,045
Short-Term Investment		15,315,555		—		—		15,315,555
Repurchase Agreement		—		1,797,848		—		1,797,848
Total Investments in Securities	$	682,136,290	$	59,017,158	$	—	$	741,153,448

For the period ended May 31, 2020, there have been 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		May 31, 2020 (Unaudited)
	Global X SuperDividend^® Alternatives ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 32.4%
Energy — 4.1%
Kinder Morgan		16,842	$	266,104
ONEOK		10,998		403,516
				669,620
Financials — 18.9%
Apollo Investment		26,277		265,398
Ares Capital		16,597		244,806
BlackRock Capital Investment		80,604		218,437
BlackRock TCP Capital		28,381		289,486
Hercules Capital		23,709		264,118
Main Street Capital ^(A)		8,831		275,527
New Mountain Finance		26,067		247,637
PennantPark Floating Rate Capital		37,271		310,094
PennantPark Investment		68,446		224,503
Prospect Capital ^(A)		42,620		216,083
Sixth Street Specialty Lending		13,013		239,439
Solar Capital		15,238		256,303
				3,051,831

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X SuperDividend^® Alternatives ETF

	Shares		Value
COMMON STOCK — continued
Utilities — 9.4%
Avista		5,518	$	216,140
CenterPoint Energy		15,168		269,687
Dominion Energy		3,248		276,112
Duke Energy		2,899		248,241
PPL		9,496		265,319
Southern		4,330		247,113
				1,522,612
TOTAL COMMON STOCK
(Cost $6,554,678)				5,244,063

CLOSED-END FUNDS — 26.7%
AllianzGI NFJ Dividend Interest & Premium Strategy Fund		31,276		346,225
BlackRock Income Trust		52,782		324,609
Brookfield Real Assets Income Fund		20,700		342,378
Eaton Vance Risk-Managed Diversified Equity Income Fund		36,531		339,738
Eaton Vance Tax Managed Global Buy-Write Opportunities Fund ^(A)		40,741		341,002
Eaton Vance Tax-Managed Buy-Write Opportunities Fund		25,199		347,998
Morgan Stanley Emerging Markets Domestic Debt Fund		57,672		327,577
Nuveen Mortgage and Income Fund		18,482		341,917
Stone Harbor Emerging Markets Income Fund ^(A)		41,322		298,345
Templeton Emerging Markets Income Fund ^(A)		40,638		314,132
Voya Global Equity Dividend and Premium Opportunity Fund		67,372		334,839
Western Asset Emerging Markets Debt Fund ^(A)		28,868		349,015
Western Asset Mortgage Opportunity Fund		23,734		311,153
TOTAL CLOSED-END FUNDS
(Cost $5,175,363)				4,318,928

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X SuperDividend^® Alternatives ETF

	Shares		Value
EXCHANGE TRADED FUND — 18.6%
Global X SuperDividend REIT ETF ^(A)(B)		408,694	$	2,995,727
TOTAL EXCHANGE TRADED FUND
(Cost $5,497,074)				2,995,727

MASTER LIMITED PARTNERSHIPS — 17.2%
Energy — 15.7%
Alliance Resource Partners ^*		75,624		239,728
Black Stone Minerals		50,124		317,786
Enable Midstream Partners		90,371		375,943
Holly Energy Partners		16,929		273,573
MPLX		20,820		395,372
Sunoco		15,355		396,160
USA Compression Partners		43,623		525,657
				2,524,219
Utilities — 1.5%
Suburban Propane Partners		17,111		249,649
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $2,618,753)				2,773,868

BUSINESS DEVELOPMENT COMPANIES — 4.5%
Goldman Sachs BDC		14,383		241,634
Golub Capital BDC ^(A)		14,422		175,083
TCG BDC		34,008		303,012
TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $1,036,568)				719,729

SHORT-TERM INVESTMENT^(C)(D) — 9.1%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.080%
(Cost $1,469,392)		1,469,392		1,469,392

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X SuperDividend^® Alternatives ETF

	Face Amount		Value
REPURCHASE AGREEMENT^(C) — 1.1%
BNP Paribas
0.050%, dated 05/29/20, to be repurchased on 06/01/20, repurchase price $172,489 (collateralized by U.S. Treasury Obligations, ranging in par value $20,987 - $154,732, 1.500%, 08/15/2026, with a total market value of $175,719)
(Cost $172,488)	$	172,488	$	172,488

TOTAL INVESTMENTS — 109.6%
(Cost $22,524,316)			$	17,694,195

Percentages are based on Net Assets of $16,138,616.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2020. The total value of securities on loan at May 31, 2020 was $1,564,264.
(B)	Affiliated Investment.
(C)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2020 was $1,641,880.
(D)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2020.

BDC — Business Development Companies

Cl — Class

ETF — Exchange Traded Fund

REIT — Real Estate Investment Trust

The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	5,244,063	$	—	$	—	$	5,244,063
Closed-End Funds		4,318,928		—		—		4,318,928
Exchange Traded Fund		2,995,727		—		—		2,995,727
Master Limited Partnerships		2,773,868		—		—		2,773,868
Business Development Companies		719,729		—		—		719,729
Short-Term Investment		1,469,392		—		—		1,469,392
Repurchase Agreement		—		172,488		—		172,488
Total Investments in Securities	$	17,521,707	$	172,488	$	—	$	17,694,195

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X SuperDividend^® Alternatives ETF

For the period ended May 31, 2020, there have been no transfers in or out of Level 3.

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

The following is a summary of the transactions with affiliates for the period ended May 31, 2020:

		Value at 11/30/2019				Purchases at Cost				Proceeds from Sales				Changes in Unrealized Depreciation				Realized Loss				Value at 5/31/2020				Shares				Dividend Income
Global X SuperDividend^® REIT ETF		$	6,423,112			$	602,930			$	(1,110,015	)		$	(2,683,843	)		$	(236,457	)		$	2,995,727				408,694			$	165,760

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X S&P 500^® Quality Dividend ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.6%
UNITED KINGDOM— 0.7%
Energy — 0.7%
TechnipFMC		4,906	$	36,304
UNITED STATES— 98.9%
Consumer Discretionary — 7.4%
Best Buy		1,139		88,945
Garmin		992		89,448
Genuine Parts		919		76,654
Newell Brands		5,031		66,158
Whirlpool		651		79,304
Total Consumer Discretionary				400,509
Consumer Staples — 13.3%
Archer-Daniels-Midland		2,137		84,005
Clorox		643		132,619
Coca-Cola		1,775		82,857
Kraft Heinz		3,056		93,117
Molson Coors Beverage, Cl B		1,901		72,162
PepsiCo		701		92,216

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X S&P 500^® Quality Dividend ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Procter & Gamble		770	$	89,258
Walgreens Boots Alliance		1,670		71,710
Total Consumer Staples				717,944
Energy — 9.7%
Baker Hughes, Cl A		4,136		68,286
Cabot Oil & Gas		6,060		120,229
Chevron		819		75,102
ConocoPhillips		1,559		65,759
Exxon Mobil		1,412		64,204
HollyFrontier		1,948		61,265
Phillips 66		865		67,695
Total Energy				522,540
Financials — 17.0%
American International Group		1,897		57,024
Ameriprise Financial		583		81,661
Bank of New York Mellon		1,925		71,552
BlackRock, Cl A		196		103,613
Fifth Third Bancorp		3,159		61,253
Huntington Bancshares		6,377		56,692
Lincoln National		1,638		62,129
MetLife		1,919		69,103
Principal Financial Group		1,801		69,555
Prudential Financial		1,039		63,337
T Rowe Price Group		784		94,786
Travelers		712		76,171
Unum Group		3,228		48,904
Total Financials				915,780
Health Care — 10.9%
Amgen		412		94,636
Bristol-Myers Squibb		1,514		90,416
Gilead Sciences		1,484		115,500
Johnson & Johnson		690		102,637

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X S&P 500^® Quality Dividend ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Merck		1,083	$	87,420
Pfizer		2,547		97,270
Total Health Care				587,879
Industrials — 16.7%
3M		572		89,484
CH Robinson Worldwide		1,262		102,386
Cummins		530		89,888
Eaton		1,032		87,617
Emerson Electric		1,286		78,472
Fastenal		2,636		108,761
Illinois Tool Works		551		95,025
Johnson Controls International		2,390		75,070
Lockheed Martin		250		97,110
Snap-On		567		73,534
Total Industrials				897,347
Information Technology — 11.9%
Cisco Systems		2,132		101,952
Hewlett Packard Enterprise		6,100		59,231
Juniper Networks		4,003		97,113
Maxim Integrated Products		1,621		93,499
NetApp		1,545		68,814
Seagate Technology		1,645		87,251
Texas Instruments		763		90,599
Xerox Holdings		2,659		42,225
Total Information Technology				640,684
Materials — 3.0%
Nucor		1,711		72,307
Packaging Corp of America		870		88,227
Total Materials				160,534
Real Estate — 9.0%
AvalonBay Communities ^‡		463		72,233
Healthpeak Properties ^‡		2,995		73,797

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X S&P 500^® Quality Dividend ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Host Hotels & Resorts ^‡		5,447	$	65,037
Kimco Realty ^‡		4,819		53,539
Public Storage ^‡		470		95,287
Regency Centers ^‡		1,605		68,678
Vornado Realty Trust ^‡		1,499		54,279
Total Real Estate				482,850
TOTAL UNITED STATES				5,326,067
TOTAL COMMON STOCK
(Cost $6,231,376)				5,362,371
TOTAL INVESTMENTS — 99.6%
(Cost $6,231,376)			$	5,362,371

Percentages are based on Net Assets of $5,383,315.

‡	Real Estate Investment Trust

Cl — Class

As of May 31, 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 May 31, 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		May 31, 2020 (Unaudited)
	Global X TargetIncome^TM 5 ETF

Sector Weightings †:

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

	Shares		Value
EXCHANGE TRADED FUNDS — 99.9%
Global X SuperDividend^® ETF^(A)		23,399	$	245,689
Global X SuperDividend^® U.S. ETF^(A)		8,683		134,066
Global X U.S. Preferred ETF^(A)		29,487		704,444
iShares 20+ Year Treasury Bond ETF		2,292		374,948
SPDR Blackstone		15,674		675,863
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		16,475		507,924
Xtrackers USD High Yield Corporate Bond ETF		14,494		682,378
TOTAL EXCHANGE TRADED FUNDS
(Cost $3,603,221)				3,325,312

TOTAL INVESTMENTS — 99.9%
(Cost $3,603,221)			$	3,325,312

Percentages are based on Net Assets of $3,328,757.

(A)	Affiliated investment.

ETF — Exchange Traded Fund

EM — Emerging Markets

SPDR — Standard & Poor’s Depository Receipts

USD — U.S. Dollar

As of May 31, 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 May 31, 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		May 31, 2020 (Unaudited)
	Global X TargetIncome^TM 5 ETF

The following is a summary of the transactions with affiliates for the period ended May 31, 2020:

	Value at 11/30/2019		Purchases at Cost		Proceeds from Sales			Changes in Unrealized Appreciation/(Depreciation)			Realized Gain/(Loss)			Value at 5/31/2020		Shares		Dividend Income
Global X SuperDividend^® ETF	$	191,394	$	943,366	$	(595,487	)	$	(157,036	)	$	(136,548	)	$	245,689		23,399	$	18,607
Global X SuperDividend^® U.S. ETF	$	–	$	111,291	$	(1,492	)	$	22,775		$	1,492		$	134,066		8,683	$	444
Global X U.S. Preferred ETF	$	240,642	$	1,230,166	$	(711,913	)	$	(45,096	)	$	(9,355	)	$	704,444		29,487	$	20,988
Totals:	$	432,036	$	2,284,823	$	(1,308,892	)	$	(179,357	)	$	(144,411	)	$	1,084,199		61,569	$	40,038

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		May 31, 2020 (Unaudited)
	Global X TargetIncome^TM Plus 2 ETF

Sector Weightings †:

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

	Shares		Value
EXCHANGE TRADED FUNDS — 100.0%
Global X U.S. Preferred ETF^(A)		29,732	$	710,297
iShares Core U.S. Aggregate Bond ETF		6,179		726,959
Schwab US TIPS ETF ^*		12,302		730,247
SPDR Blackstone		15,805		681,512
Xtrackers USD High Yield Corporate Bond ETF		14,614		688,027
TOTAL EXCHANGE TRADED FUNDS
(Cost $3,655,105)				3,537,042

TOTAL INVESTMENTS — 100.0%
(Cost $3,655,105)			$	3,537,042

Percentages are based on Net Assets of $3,538,420.

*	Non-income producing security.
(A)	Affiliated investment.

ETF — Exchange Traded Fund

SPDR — Standard & Poor’s Depository Receipts

TIPS — Treasury Inflation Protected Security

USD — U.S. Dollar

As of May 31, 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 May 31, 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		May 31, 2020 (Unaudited)
	Global X TargetIncome^TM Plus 2 ETF

The following is a summary of the transactions with affiliates for the period ended May 31, 2020:

		Value at 11/30/2019				Purchases at Cost				Proceeds from Sales				Changes in Unrealized Depreciation				Realized Loss				Value at 5/31/2020				Shares				Dividend Income
Global X U.S. Preferred ETF		$	1,950,330			$	5,936,078			$	(6,130,811	)		$	(46,328	)		$	(998,972	)		$	710,297				29,732			$	92,282

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Adaptive U.S. Factor ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.8%
UNITED STATES— 99.8%
Communication Services — 4.2%
Activision Blizzard		12,739	$	916,953
AT&T		27,550		850,193
Cable One		122		230,200
Charter Communications, Cl A ^*		2,975		1,618,400
Cogent Communications Group		843		64,506
Liberty Broadband, Cl C ^*		414		56,561
Omnicom Group		719		39,394
Roku, Cl A ^*		1,609		176,202
Take-Two Interactive Software ^*		1,633		222,366
T-Mobile US ^*		568		56,823
Verizon Communications		13,147		754,375
ViacomCBS, Cl B		33,820		701,427
Walt Disney		361		42,345
Total Communication Services				5,729,745

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — 99.8%
Consumer Discretionary — 11.8%
AutoZone ^*		44	$	50,506
Bright Horizons Family Solutions ^*		551		61,646
Carnival		43,378		682,770
Dollar General		5,437		1,041,240
Domino’s Pizza		607		234,205
Dunkin’ Brands Group ^*		619		39,535
Foot Locker ^*		23,425		648,872
Ford Motor		106,005		605,288
Gap		71,013		632,016
Garmin		9,649		870,050
General Motors		23,732		614,184
Harley-Davidson		27,642		589,880
Kohl’s ^*		32,814		630,685
McDonald’s		4,087		761,490
MGM Resorts International		38,020		653,184
Norwegian Cruise Line Holdings ^*		46,418		726,906
PVH		12,892		586,199
Royal Caribbean Cruises ^*		14,837		769,595
Starbucks		534		41,647
Tapestry ^*		36,648		498,413
Target		9,646		1,179,995
Tesla ^*		3,418		2,854,030
Tiffany		2,811		360,173
Toll Brothers		24,854		803,033
Yum! Brands		675		60,568
Total Consumer Discretionary				15,996,110
Consumer Staples — 8.4%
Boston Beer, Cl A		138		77,933
Campbell Soup		3,539		180,418
Church & Dwight		648		48,645
Clorox		2,501		515,831
Coca-Cola		14,757		688,857
Costco Wholesale		8,091		2,495,831

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Flowers Foods		27,945	$	659,223
Freshpet ^*		653		50,399
Hershey		2,186		296,596
Hormel Foods		4,542		221,786
Kraft Heinz		17,087		520,641
Kroger		36,878		1,202,960
Mondelez International, Cl A		838		43,677
PepsiCo		4,426		582,240
Procter & Gamble		614		71,175
Sysco		12,505		689,776
Walmart		24,706		3,065,026
Total Consumer Staples				11,411,014
Energy — 3.7%
Chevron		432		39,614
ConocoPhillips		14,454		609,670
Exxon Mobil		13,124		596,748
HollyFrontier		18,284		575,032
Kinder Morgan		2,485		39,263
Marathon Oil		111,546		595,656
Marathon Petroleum		20,450		718,613
Occidental Petroleum		37,748		488,836
Phillips 66		8,642		676,323
Valero Energy		9,990		665,734
Total Energy				5,005,489
Financials — 25.3%
AGNC Investment ^‡		93,647		1,211,792
Ally Financial		36,049		628,695
American Financial Group		7,890		475,294
American International Group		22,692		682,121
Annaly Capital Management ^‡		46,019		283,477
Assured Guaranty		18,854		488,884
Athene Holding, Cl A ^*		22,139		639,596

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Axis Capital Holdings		14,013	$	526,048
Bank of New York Mellon		13,835		514,247
Bank OZK		29,119		654,886
Blackstone Group, Cl A		7,515		426,852
Blackstone Mortgage Trust, Cl A ^‡		27,780		655,330
Brown & Brown		3,337		134,147
Capital One Financial		9,807		667,268
Citigroup		11,634		557,385
Citizens Financial Group		25,816		622,166
Comerica		16,602		603,483
East West Bancorp		18,723		654,369
eHealth ^*		638		83,208
Fifth Third Bancorp		30,015		581,991
First American Financial		12,448		628,499
First Hawaiian		32,234		556,036
First Horizon National		64,230		600,550
FNB		70,226		520,375
Franklin Resources		30,468		574,931
Hartford Financial Services Group		13,772		527,330
Huntington Bancshares		62,017		551,331
Invesco		53,522		426,570
Jefferies Financial Group		41,998		615,271
KeyCorp		48,038		569,250
KKR		22,803		632,783
Legg Mason		18,673		930,476
Lincoln National		17,395		659,792
MarketAxess Holdings		567		288,371
MetLife		15,474		557,219
MGIC Investment		84,960		697,522
Morgan Stanley		12,997		574,467
New Residential Investment ^‡		91,362		655,066
New York Community Bancorp		49,892		501,415
Old Republic International		32,244		502,684

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
People’s United Financial		44,839	$	513,407
Principal Financial Group		17,388		671,525
Prudential Financial		9,168		558,881
Radian Group		40,257		639,281
Regions Financial		54,326		614,427
Reinsurance Group of America, Cl A		4,968		450,846
Starwood Property Trust ^‡		46,558		617,359
State Street		8,551		521,269
Synchrony Financial		31,489		641,431
Synovus Financial		29,571		567,467
TCF Financial		22,661		655,356
Truist Financial		14,454		531,618
Umpqua Holdings		46,560		530,318
United Bankshares		19,921		579,303
Unum Group		33,590		508,888
Valley National Bancorp		72,167		575,893
Webster Financial		21,866		618,808
Wells Fargo		18,336		485,354
White Mountains Insurance Group		44		40,285
Wintrust Financial		14,464		612,695
WR Berkley		711		41,202
Zions Bancorp		17,004		559,517
Total Financials				34,196,307
Health Care — 14.2%
ACADIA Pharmaceuticals ^*		2,338		116,152
Acceleron Pharma ^*		1,490		147,257
Alnylam Pharmaceuticals ^*		2,174		294,077
Amedisys ^*		742		142,501
AmerisourceBergen, Cl A		2,251		214,610
Amgen		8,789		2,018,833
Arrowhead Pharmaceuticals ^*		2,116		68,220
Biogen Idec ^*		3,009		924,034
Bio-Rad Laboratories, Cl A ^*		317		155,749

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Adaptive U.S. Factor ETF

	Shares			Value
COMMON STOCK — continued
Health Care — continued
Bristol-Myers Squibb		37,340		$	2,229,945
Chemed		323			154,559
Danaher		304			50,649
DaVita ^*		1,584			128,241
DENTSPLY SIRONA		14,936			694,823
DexCom ^*		3,159			1,195,081
Eli Lilly		342			52,309
Gilead Sciences		23,304			1,813,750
Insulet ^*		2,227			419,945
Iovance Biotherapeutics ^*		2,950			94,666
Johnson & Johnson		4,983			741,221
LHC Group ^*		484			78,655
Masimo ^*		1,058			254,121
Medtronic		456			44,953
Merck		5,007			404,165
Mirati Therapeutics ^*		560			55,546
Moderna ^*		3,782			232,593
Momenta Pharmaceuticals ^*		2,866			90,222
Natera ^*		1,379			60,469
NeoGenomics ^*		1,744			46,547
Pfizer		21,005			802,181
QIAGEN ^*		868			38,010
Quest Diagnostics		514			60,796
Quidel ^*		799			139,825
Reata Pharmaceuticals, Cl A ^*		572			83,123
Regeneron Pharmaceuticals ^*		1,842			1,128,796
Repligen ^*		1,724			225,792
ResMed		2,104			338,365
Seattle Genetics ^*		3,090			485,779
Teladoc Health ^*		3,062			532,972
Universal Health Services, Cl B ^*		372			39,227
Vertex Pharmaceuticals ^*		4,593	��		1,322,600
West Pharmaceutical Services		1,226			264,865

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Zoetis, Cl A		5,597	$	780,166
Total Health Care				19,166,390
Industrials — 4.8%
Aerojet Rocketdyne Holdings ^*		1,171		51,348
Air Lease, Cl A		25,228		759,615
Alaska Air Group		18,362		627,797
CH Robinson Worldwide		509		41,295
CoStar Group ^*		538		353,358
Delta Air Lines		21,869		551,318
FTI Consulting ^*		1,094		131,783
Generac Holdings ^*		1,453		161,675
JetBlue Airways ^*		64,276		647,259
L3Harris Technologies		228		45,475
Lockheed Martin		2,003		778,045
Northrop Grumman		128		42,906
Republic Services, Cl A		9,774		835,286
Tetra Tech		717		56,571
United Airlines Holdings ^*		18,987		532,396
Waste Management		7,709		822,936
Total Industrials				6,439,063
Information Technology — 13.4%
Acacia Communications ^*		11,742		792,585
Accenture, Cl A		254		51,211
Advanced Micro Devices ^*		25,658		1,380,400
Amdocs		12,172		757,829
Anixter International ^*		590		56,469
ANSYS ^*		1,249		353,467
Apple		9,062		2,881,172
Automatic Data Processing		263		38,527
Black Knight ^*		903		69,513
Booz Allen Hamilton Holding, Cl A		1,625		129,610
Cirrus Logic ^*		922		66,827

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Citrix Systems		7,337	$	1,086,756
Coupa Software ^*		1,514		344,450
DocuSign, Cl A ^*		3,935		549,877
Enphase Energy ^*		4,190		243,816
Everbridge ^*		741		108,379
Fidelity National Information Services		6,209		861,995
Five9 ^*		1,262		131,500
Genpact		1,180		42,421
Hewlett Packard Enterprise		54,422		528,438
Inphi ^*		789		99,154
Jack Henry & Associates		3,950		714,397
Lattice Semiconductor ^*		1,915		47,626
Leidos Holdings		2,050		215,845
LogMeIn		1,652		140,255
Microsoft		14,422		2,642,832
Motorola Solutions		273		36,945
NortonLifeLock		48,653		1,108,315
Okta, Cl A ^*		2,214		433,014
Paychex		545		39,393
Paycom Software ^*		561		166,746
RingCentral, Cl A ^*		1,825		500,506
Tech Data ^*		524		71,390
Teradyne		1,819		121,909
Tyler Technologies ^*		681		255,586
Xerox Holdings		28,754		456,614
Zoom Video Communications, Cl A ^*		3,230		579,720
Total Information Technology				18,105,489
Materials — 2.8%
Air Products & Chemicals		204		49,297
AptarGroup		574		63,938
Ecolab		251		53,358
Huntsman		32,309		586,408
LyondellBasell Industries, Cl A		10,628		677,641

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
NewMarket		92	$	40,124
Newmont		17,753		1,038,018
Royal Gold		5,210		693,972
Silgan Holdings		1,098		36,717
Sonoco Products		827		42,847
Westrock		17,258		484,259
Total Materials				3,766,579
Real Estate — 8.0%
American Tower, Cl A ^‡		5,375		1,387,664
Brixmor Property Group ^‡		56,715		632,939
CubeSmart ^‡		1,466		41,722
Equinix ^‡		1,331		928,546
Equity Commonwealth ^‡		22,323		752,285
Equity LifeStyle Properties ^‡		10,226		637,080
Equity Residential ^‡		554		33,550
Essex Property Trust ^‡		159		38,600
Extra Space Storage ^‡		425		41,119
Host Hotels & Resorts ^‡		46,273		552,500
Kimco Realty ^‡		60,611		673,388
Medical Properties Trust ^‡		31,604		571,400
MGM Growth Properties, Cl A ^‡		20,947		580,860
Omega Healthcare Investors ^‡		17,327		539,563
Public Storage ^‡		214		43,386
Sabra Health Care ^‡		42,865		576,963
SBA Communications, Cl A ^‡		1,651		518,629
SL Green Realty ^‡		10,997		463,194
Spirit Realty Capital ^‡		19,204		545,970
Sun Communities ^‡		623		85,469
Terreno Realty ^‡		829		42,436
VICI Properties ^‡		32,615		639,906
Vornado Realty Trust ^‡		13,614		492,963
WP Carey ^‡		615		36,845
Total Real Estate				10,856,977

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Utilities — 3.2%
Alliant Energy		810	$	39,982
Ameren		570		42,596
American Electric Power		660		56,265
American States Water		759		62,246
CMS Energy		812		47,567
Consolidated Edison		491		36,854
Duke Energy		2,309		197,720
El Paso Electric		1,731		117,656
Evergy		611		37,693
Eversource Energy		4,307		360,496
Hawaiian Electric Industries		19,986		788,647
National Fuel Gas		1,138		47,762
NextEra Energy		6,275		1,603,639
PPL		19,416		542,483
Southern		1,759		100,386
WEC Energy Group		3,492		320,321
Total Utilities				4,402,313
TOTAL COMMON STOCK
(Cost $147,053,632)				135,075,476
TOTAL INVESTMENTS — 99.8%
(Cost $147,053,632)			$	135,075,476

Percentages are based on Net Assets of $135,285,187.

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

Cl — Class

As of May 31, 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 May 31, 2020, there have been no transfers in or out of Level 3.

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


Statements of Assets and Liabilities
	May 31, 2020 (Unaudited)

	Global X MLP & Energy Infrastructure ETF			Global X U.S. Preferred ETF			Global X SuperDividend^® Alternatives ETF			Global X S&P 500^® Quality Dividend ETF
Assets:
Cost of Investments	$	765,007,893		$	754,813,682		$	16,854,754		$	6,231,376
Cost of Repurchase Agreement		2,838,310			1,797,848			172,488			—
Cost of Affiliated Investments		—			—			5,497,074			—
Investments, at Value	$	570,066,147	*	$	739,355,600	*	$	14,525,980	*	$	5,362,371
Repurchase Agreement, at Value		2,838,310			1,797,848			172,488			—
Cash		—			3,835,887			53,093			—
Affiliated Investments, at Value		—			—			2,995,727			—
Receivable for Investment Securities Sold		52,722,675			45,476			—			—
Dividend and Interest Receivable		1,023,176			4,182,426			42,853			23,927
Reclaim Receivable		1,485			402			—			181
Total Assets		626,651,793			749,217,639			17,790,141			5,386,479
Liabilities:
Obligation to Return Securities Lending Collateral		27,017,382			17,113,403			1,641,880			—
Payable for Investment Securities Purchased		48,236,528			3,723,430			—			—
Payable due to Investment Adviser		200,505			136,324			9,645			987
Cash Overdraft		198,326			—			—			2,177
Total Liabilities		75,652,741			20,973,157			1,651,525			3,164
Net Assets	$	550,999,052		$	728,244,482		$	16,138,616		$	5,383,315
Net Assets Consist of:
Paid-in Capital	$	911,723,189		$	751,671,186		$	23,800,427		$	5,582,939
Total Distributable Loss		(360,724,137	)		(23,426,704	)		(7,661,811	)		(199,624	)
Net Assets	$	550,999,052		$	728,244,482		$	16,138,616		$	5,383,315
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		21,447,506			30,500,000			1,500,000			250,002
Net Asset Value, Offering and Redemption Price Per Share	$	25.69		$	23.88		$	10.76		$	21.53
*Includes Market Value of Securities on Loan	$	26,737,248		$	16,763,661		$	1,564,264		$	—

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

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


Statements of Assets and Liabilities
	May 31, 2020 (Unaudited)

	Global X TargetIncome^TM 5 ETF			Global X TargetIncome^TM Plus 2 ETF			Global X Adaptive U.S. Factor ETF
Assets:
Cost of Investments	$	2,318,594		$	2,894,560		$	147,053,632
Cost of Affiliated Investments		1,284,627			760,545			—
Investments, at Value	$	2,241,113		$	2,826,745		$	135,075,476
Cash		4,516			2,528			94,201
Affiliated Investments, at Value		1,084,199			710,297			—
Receivable for Investment Securities Sold		—			—			767,924
Dividend and Interest Receivable		—			—			298,004
Reclaim Receivable		—			—			1,476
Total Assets		3,329,828			3,539,570			136,237,081
Liabilities:
Payable due to Investment Adviser		1,071			1,150			29,673
Payable for Investment Securities Purchased		—			—			922,221
Total Liabilities		1,071			1,150			951,894
Net Assets	$	3,328,757		$	3,538,420		$	135,285,187
Net Assets Consist of:
Paid-in Capital	$	3,839,800		$	7,052,545		$	167,356,495
Total Distributable Loss		(511,043	)		(3,514,125	)		(32,071,308	)
Net Assets	$	3,328,757		$	3,538,420		$	135,285,187
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		150,002			150,002			6,550,002
Net Asset Value, Offering and Redemption Price Per Share	$	22.19		$	23.59		$	20.65

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

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


Statements of Operations
	For the period ended May 31, 2020 (Unaudited)

	Global X MLP & Energy Infrastructure ETF			Global X U.S. Preferred ETF			Global X SuperDividend^® Alternatives ETF			Global X S&P 500^® Quality Dividend ETF
Investment Income:
Dividend Income	$	5,256,907		$	19,243,483		$	224,918		$	102,693
Dividend Income, from Affiliated Investments		—			—			165,760			—
Interest Income		3,289			24,211			149			—
Security Lending Income		221,650			112,048			130,788			—
Less: Foreign Taxes Withheld		(699,140	)		(2,183	)		—			—
Total Investment Income		4,782,706			19,377,559			521,615			102,693
Supervision and Administration Fees⁽¹⁾		1,430,677			768,656			79,042			5,877
Custodian Fees⁽²⁾		2,850			2,223			205			64
Total Expenses		1,433,527			770,879			79,247			5,941
Waiver of Supervision and Administration Fees		–			(116	)		–			–
Net Expenses		1,433,527			770,763			79,247			5,941
Net Investment Income		3,349,179			18,606,796			442,368			96,752
Net Realized Gain (Loss) on:
Investments⁽³⁾		(24,728,908	)		(6,427,672	)		(1,816,409	)		869,485
Affiliated Investments		—			—			(236,457	)		—
Net Realized Gain (Loss) on Investments		(24,728,908	)		(6,427,672	)		(2,052,866	)		869,485
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(133,639,556	)		(22,361,161	)		(1,746,436	)		(1,565,143	)
Affiliated Investments		—			—			(2,683,843	)		—
Net Change in Unrealized Appreciation (Depreciation) on Investments		(133,639,556	)		(22,361,161	)		(4,430,279	)		(1,565,143	)
Net Realized and Unrealized Loss on Investments		(158,368,464	)		(28,788,833	)		(6,483,145	)		(695,658	)
Net Decrease in Net Assets Resulting from Operations	$	(155,019,285	)	$	(10,182,037	)	$	(6,040,777	)	$	(598,906	)

(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.)

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

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


Statements of Operations
	For the period ended May 31, 2020 (Unaudited)

	Global X TargetIncome^TM 5 ETF			Global X TargetIncome^TM Plus 2 ETF			Global X Adaptive U.S. Factor ETF
Investment Income:
Dividend Income	$	52,430		$	255,537		$	1,991,869
Dividend Income, from Affiliated Investments		40,038			92,282			—
Total Investment Income		92,468			347,819			1,991,869
Supervision and Administration Fees⁽¹⁾		8,220			33,556			225,518
Custodian Fees⁽²⁾		—			4			1,767
Total Expenses		8,220			33,560			227,285
Net Expenses		8,220			33,560			227,285
Net Investment Income		84,248			314,259			1,764,584
Net Realized Gain (Loss) on:
Investments⁽³⁾		3,414			(2,322,464	)		(17,831,138	)
Affiliated Investments		(144,411	)		(998,972	)		—
Net Realized Gain (Loss) on Investments		(140,997	)		(3,321,436	)		(17,831,138	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(84,065	)		(77,696	)		(21,488,812	)
Affiliated Investments		(179,357	)		(46,328	)		—
Net Change in Unrealized Appreciation (Depreciation) on Investments		(263,422	)		(124,024	)		(21,488,812	)
Net Realized and Unrealized Loss on Investments		(404,419	)		(3,445,460	)		(39,319,950	)
Net Decrease in Net Assets Resulting from Operations	$	(320,171	)	$	(3,131,201	)	$	(37,555,366	)

(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.)

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

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


Statements of Changes in Net Assets

	Global X MLP & Energy Infrastructure ETF						Global X U.S. Preferred ETF
	Period Ended May 31, 2020 (Unaudited)			Year Ended November 30, 2019			Period Ended May 31, 2020 (Unaudited)			Year Ended November 30, 2019
Operations:
Net Investment Income	$	3,349,179		$	22,064,964		$	18,606,796		$	18,317,470
Net Realized Gain (Loss) on Investments⁽¹⁾		(24,728,908	)		(4,353,061	)		(6,427,672	)		1,226,274
Net Change in Unrealized Appreciation (Depreciation) on Investments		(133,639,556	)		(23,439,187	)		(22,361,161	)		16,220,217
Net Increase (Decrease) in Net Assets Resulting from Operations		(155,019,285	)		(5,727,284	)		(10,182,037	)		35,763,961
Distributions		(24,515,197	)		(40,058,250	)		(18,806,950	)		(17,959,180	)
Return of Capital		—			(3,644,335	)		—			—
Capital Share Transactions:
Issued		237,316,860			494,176,845			245,508,586			435,976,798
Redeemed		(119,083,140	)		(372,827,734	)		(73,425,255	)		(56,945,881	)
Increase in Net Assets from Capital Share Transactions		118,233,720			121,349,111			172,083,331			379,030,917
Total Increase (Decrease) in Net Assets		(61,300,762	)		71,919,242			143,094,344			396,835,698
Net Assets:
Beginning of Period		612,299,814			540,380,572			585,150,138			188,314,440
End of Period	$	550,999,052		$	612,299,814		$	728,244,482		$	585,150,138
Share Transactions:
Issued		7,700,000			40,550,000			10,050,000			17,750,000
Redeemed		(4,535,827	)		(30,200,000	)		(3,150,000	)		(2,350,000	)
Net Increase in Shares Outstanding from Share Transactions		3,164,173			10,350,000			6,900,000			15,400,000

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

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

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


Statements of Changes in Net Assets

	Global X SuperDividend^® Alternatives ETF						Global X S&P 500^® Quality Dividend ETF
	Period Ended May 31, 2020 (Unaudited)			Year Ended November 30, 2019			Period Ended May 31, 2020 (Unaudited)			Year Ended November 30, 2019
Operations:
Net Investment Income	$	442,368		$	1,424,973		$	96,752		$	199,835
Net Realized Gain (Loss) on Investments⁽¹⁾		(2,052,866	)		331,324			869,485			197,625
Net Change in Unrealized Appreciation (Depreciation) on Investments		(4,430,279	)		171,793			(1,565,143	)		740,007
Net Increase (Decrease) in Net Assets Resulting from Operations		(6,040,777	)		1,928,090			(598,906	)		1,137,467
Distributions		(1,238,804	)		(1,722,480	)		(115,507	)		(188,336	)
Capital Share Transactions:
Issued		—			12,578,798			7,293,854			9,451,209
Redeemed		(4,593,895	)		(1,470,485	)		(10,474,332	)		(3,581,825	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(4,593,895	)		11,108,313			(3,180,478	)		5,869,384
Total Increase (Decrease) in Net Assets		(11,873,476	)		11,313,923			(3,894,891	)		6,818,515
Net Assets:
Beginning of Period		28,012,092			16,698,169			9,278,206			2,459,691
End of Period	$	16,138,616		$	28,012,092		$	5,383,315		$	9,278,206
Share Transactions:
Issued		—			850,000			300,000			400,000
Redeemed		(400,000	)		(100,000	)		(400,000	)		(150,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(400,000	)		750,000			(100,000	)		250,000

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

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

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


Statements of Changes in Net Assets

	Global X TargetIncome^TM 5 ETF						Global X TargetIncome^TM Plus 2 ETF
	Period Ended May 31, 2020 (Unaudited)			Year Ended November 30, 2019			Period Ended May 31, 2020 (Unaudited)			Year Ended November 30, 2019
Operations:
Net Investment Income	$	84,248		$	98,277		$	314,259		$	120,186
Net Realized Loss on Investments⁽¹⁾		(140,997	)		(75,388	)		(3,321,436	)		(77,274	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(263,422	)		104,171			(124,024	)		120,084
Net Increase (Decrease) in Net Assets Resulting from Operations		(320,171	)		127,060			(3,131,201	)		162,996
Distributions		(106,007	)		(106,201	)		(336,651	)		(129,966	)
Capital Share Transactions:
Issued		6,103,290			—			29,445,571			8,525,580
Redeemed		(3,560,072	)		(1,204,575	)		(32,186,390	)		(1,210,064	)
Increase (Decrease) in Net Assets from Capital Share Transactions		2,543,218			(1,204,575	)		(2,740,819	)		7,315,516
Total Increase (Decrease) in Net Assets		2,117,040			(1,183,716	)		(6,208,671	)		7,348,546
Net Assets:
Beginning of Period		1,211,717			2,395,433			9,747,091			2,398,545
End of Period	$	3,328,757		$	1,211,717		$	3,538,420		$	9,747,091
Share Transactions:
Issued		250,000			—			1,200,000			350,000
Redeemed		(150,000	)		(50,000	)		(1,450,000	)		(50,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		100,000			(50,000	)		(250,000	)		300,000

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

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

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


Statements of Changes in Net Assets

	Global X Adaptive U.S. Factor ETF
	Period Ended May 31, 2020 (Unaudited)			Year Ended November 30, 2019
Operations:
Net Investment Income	$	1,764,584		$	5,342,279
Net Realized Gain (Loss) on Investments⁽¹⁾		(17,831,138	)		1,114,850
Net Change in Unrealized Appreciation (Depreciation) on Investments		(21,488,812	)		10,482,959
Net Increase (Decrease) in Net Assets Resulting from Operations		(37,555,366	)		16,940,088
Distributions		(3,858,043	)		(6,134,537	)
Capital Share Transactions:
Issued		78,754,307			80,979,739
Redeemed		(91,619,577	)		(4,658,957	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(12,865,270	)		76,320,782
Total Increase (Decrease) in Net Assets		(54,278,679	)		87,126,333
Net Assets:
Beginning of Period		189,563,866			102,437,533
End of Period	$	135,285,187		$	189,563,866
Share Transactions:
Issued		3,050,000			3,350,000
Redeemed		(3,850,000	)		(200,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(800,000	)		3,150,000

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

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

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


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 MLP & Energy Infrastructure ETF
2020⁽³⁾ (Unaudited)		33.45		0.15			(6.80	)		(6.65	)		(1.11	)		—
2019⁽³⁾		36.39		1.14			(1.89	)		(0.75	)		(2.01	)		—
2018⁽³⁾		38.40		1.05			(1.11	)		(0.06	)		(1.56	)		—
2017⁽³⁾		44.46		0.93			(4.62	)		(3.69	)		(2.16	)		—
2016⁽³⁾		40.41		1.08			4.77			5.85			(1.80	)		—
2015⁽³⁾		56.76		0.81			(15.45	)		(14.64	)		(0.99	)		—
Global X U.S. Preferred ETF
2020 (Unaudited)		24.79		0.67			(0.90	)		(0.23	)		(0.68	)		—
2019		22.97		1.36			1.83			3.19			(1.37	)		—
2018		25.03		1.44			(2.08	)		(0.64	)		(1.42	)		—
2017⁽¹⁾		25.08		0.44			(0.25	)		0.19			(0.24	)		—
Global X SuperDividend^® Alternatives ETF
2020 (Unaudited)		14.74		0.26			(3.52	)		(3.26	)		(0.57	)		(0.15	)
2019		14.52		0.94			0.44			1.38			(1.07	)		(0.09	)
2018		15.40		0.92			(0.64	)		0.28			(1.16	)		—
2017		14.65		1.04			0.85			1.89			(1.01	)		—
2016		14.43		0.99	#	0.53		^		1.52			(1.15	)		—
2015⁽²⁾		15.04		0.45			(0.76	)		(0.31	)		(0.30	)		—

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


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 (%)††

	—			(1.11	)		25.69		(20.08	)		550,999		0.45	†		1.05	†		18.70
	(0.18	)		(2.19	)		33.45		(2.34	)		612,300		0.45			3.03			36.57
	(0.39	)		(1.95	)		36.39		(0.43	)		540,381		0.45			2.65			25.68
	(0.21	)		(2.37	)		38.40		(8.71	)		305,980		0.45			2.20			40.42
	—			(1.80	)		44.46		15.45			130,451		0.45			2.79			56.14
	(0.72	)		(1.71	)		40.41		(26.30	)		97,682		0.45			1.56			33.36

	—			(0.68	)		23.88		(0.90	)		728,244		0.23	†		5.57	†		24.58
	—			(1.37	)		24.79		14.25			585,150		0.24			5.57			32.93
	—			(1.42	)		22.97		(2.72	)		188,314		0.23			5.98			42.90
	—			(0.24	)		25.03		0.75			26,276		0.23	†		8.01	†		3.82

	—			(0.72	)		10.76		(22.64	)		16,139		0.75	†		4.20	†		13.09
	—			(1.16	)		14.74		9.89			28,012		0.75			6.39			18.16
	—			(1.16	)		14.52		1.89			16,698		0.75			6.19			18.32
	(0.13	)		(1.14	)		15.40		13.24			11,549		0.75			6.75			34.84
	(0.15	)		(1.30	)		14.65		11.04			5,127		0.75			6.78			30.80
	—			(0.30	)		14.43		(2.02	)		1,443		0.75	†		8.04	†		21.50

*	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.
^	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.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1)	The Fund commenced operations on September 11, 2017.

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


Financial Highlights

(2)	The Fund commenced operations on July 13, 2015.
(3)	Per share amounts have been adjusted for a 1 for 3 reverse share split on April 28, 2020 (See Note 8 in the Notes to Financial Statements).

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

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

Page left intentionally blank.


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 S&P 500^® Quality Dividend ETF
2020 (Unaudited)		26.51		0.39		(4.94	)		(4.55	)		(0.43	)
2019		24.60		0.75		1.89			2.64			(0.73	)
2018⁽¹⁾		25.00		0.26		(0.44	)		(0.18	)		(0.22	)
Global X TargetIncome^TM 5 ETF
2020 (Unaudited)		24.23		0.46		(1.83	)		(1.37	)		(0.67	)
2019		23.95		1.43		0.30			1.73			(1.44	)
2018⁽²⁾		25.00		0.48		(1.19	)		(0.71	)		(0.34	)
Global X TargetIncome^TM Plus 2 ETF
2020 (Unaudited)		24.37		0.44		(0.75	)		(0.31	)		(0.47	)
2019		23.98		1.06		0.67			1.73			(1.33	)
2018⁽²⁾		25.00		0.47		(1.15	)		(0.68	)		(0.34	)
Global X Adaptive U.S. Factor ETF
2020 (Unaudited)		25.79		0.24		(4.86	)		(4.62	)		(0.47	)
2019		24.39		0.89		1.53			2.42			(1.02	)
2018⁽³⁾		25.00		0.22		(0.61	)		(0.39	)		(0.19	)

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


Financial Highlights

Distribution from Capital Gains ($)			Return of Capital ($)			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 (%)††

	—			—			(0.43	)		21.53		(17.26	)		5,383		0.20	†		3.30	†		44.50
	—			—			(0.73	)		26.51		11.01			9,278		0.28	‡		2.99			49.18
	—			—			(0.22	)		24.60		(0.72	)		2,460		0.36	†		2.70	†		1.18

	—			��			(0.67	)		22.19		(5.74	)		3,329		0.39	†		3.97	†		13.14
	(0.01	)		—			(1.45	)		24.23		7.54			1,212		0.40			5.98			63.30
	—			—			(0.34	)		23.95		(2.86	)		2,395		0.39	†		5.65	†		16.00

	—			—			(0.47	)		23.59		(1.30	)		3,538		0.39	†		3.65	†		10.28
	(0.01	)		—			(1.34	)		24.37		7.44			9,747		0.39			4.37			31.54
	—			—			(0.34	)		23.98		(2.74	)		2,399		0.39	†		5.57	†		11.11

	(0.05	)		—			(0.52	)		20.65		(18.14	)		135,285		0.27	†		2.11	†		94.36
—		^		—			(1.02	)		25.79		10.27			189,564		0.27			3.63			112.43
	—			(0.03	)		(0.22	)		24.39		(1.58	)		102,438		0.27	†		3.31	†		28.89

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
‡	Effective April 1, 2019, the Fund’s fees were permanently lowered to 0.20%. Prior to April 1,2019, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.31% and 0.35%, for the years ended November 30, 2019 and 2018, respectively.
(1)	The Fund commenced operations on July 13, 2018.
(2)	The Fund commenced operations on July 27, 2018.
(3)	The Fund commenced operations on August 24, 2018.
^	Amount is less than $0.005.

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


Notes to Financial Statements (unaudited)
	May 31, 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.

MLPs – Certain Funds may invest in MLPs in addition to other exchange-traded securities. 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


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

SECURITY VALUATION – Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (“NASDAQ”)), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm 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 (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 will be valued at their market value. 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


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

price from at least one independent broker. 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.

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 their securities if an event that may materially affect the value of the Funds’ securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the securities’ 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 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 May 31, 2020, there were no 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 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:


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments, and fair value of investments for which the Funds do not have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term).

For the period ended May 31, 2020, there have been no significant changes to the Funds’ fair valuation methodologies.

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.

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.


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

As of May 31, 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 MLP & Energy Infrastructure ETF

BNP Paribas

2,838,310

–

Global X U.S. Preferred ETF

BNP Paribas

1,797,848

–

Global X SuperDividend^® Alternatives ETF

BNP Paribas

172,488

–

⁽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 continue to qualify as a regulated investment company for federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Code. Accordingly, no provisions for federal income taxes have been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax 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. Any foreign tax filings that have not been made will be filed within the prescribed period.

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


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 realized capital gains are distributed 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, the Funds’ custodian, on the date of such redemption, regardless of the number of Creation Units redeemed that day.

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

	Creation Unit Shares		Creation Fee		Value at May 31, 2020		Redemption Fee
Global X MLP & Energy Infrastructure ETF		50,000	$	250	$	1,284,500	$	250
Global X U.S. Preferred ETF		50,000		650		1,194,000		650
Global X SuperDividend^® Alternatives ETF		50,000		300		538,000		300
Global X S&P 500^® Quality Dividend ETF		50,000		500		1,076,500		500
Global X TargetIncome^TM 5 ETF		50,000		250		1,109,500		250
Global X TargetIncome^TM Plus 2 ETF		50,000		250		1,179,500		250
Global X Adaptive U.S. Factor ETF		50,000		700		1,032,500		700


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

3. RELATED PARTY 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 services to the respective Funds, under the supervision and administration agreement, the Funds pay a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the respective Fund) (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, acquired fund fees and expenses, and other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses).

The following table discloses the rates of Supervision and Administration Fees paid by the Funds pursuant to the supervision and administration agreement:

		Supervision and Administration Fee
Global X MLP & Energy Infrastructure ETF		0.45%
Global X U.S. Preferred ETF^*		0.23%
Global X SuperDividend^® Alternatives ETF		0.75%
Global X S&P 500^® Quality Dividend ETF^**		0.20%
Global X TargetIncome^TM 5 ETF		0.39%
Global X TargetIncome^TM Plus 2 ETF		0.39%
Global X Adaptive U.S. Factor ETF		0.27%


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)

* Pursuant to an expense limitation agreement in existence between the Global X U.S. Preferred 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, brokerage fees, commissions, and other transaction expenses and extraordinary expenses (such as litigation and indemnification expenses)) (“Total Annual Fund Operating Expenses”) will not exceed 0.23% of the Fund’s average daily net assets per year, effective April 1, 2020, until at least April 1, 2021.

** Pursuant to an expense limitation agreement in effect between the Global X S&P 500^® Quality Dividend ETF (the “Fund”) and the Adviser from July 26, 2019 until September 13, 2019, the Adviser contractually agreed to waive 0.15% of the management fee it received from the Fund. After giving effect to such waiver, the net management fee received by the Adviser from the Fund was 0.20%. Effective September 13, 2019, the Board of Trustees voted to permanently reduce the Fund’s management fee to 0.20%.

SEI Investments Distribution Co. (“SIDCO”) serves as the Funds’ 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 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


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)

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 May 31, 2020, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government, and short-term securities were:

2020	Purchases		Sales and Maturities
Global X MLP & Energy Infrastructure ETF	$	118,116,606	$	164,945,272
Global X U.S. Preferred ETF		162,080,894		162,344,075
Global X SuperDividend^® Alternatives ETF		2,762,037		3,778,023
Global X S&P 500^® Quality Dividend ETF		2,801,364		2,783,758
Global X TargetIncome^TM 5 ETF		505,109		499,514
Global X TargetIncome^TM Plus 2 ETF		1,529,782		1,541,254
Global X Adaptive U.S. Factor ETF		156,469,663		157,624,813

For the periods ended May 31, 2020 and November 30, 2019, in-kind transactions associated with creations and redemptions were, respectively:

2020	Purchases		Sales		Realized Gain / (Loss)
Global X MLP & Energy Infrastructure ETF	$	236,734,533	$	91,406,008	$	10,109,134
Global X U.S. Preferred ETF		243,589,035		73,200,747		1,414,322
Global X SuperDividend^® Alternatives ETF		–		4,105,421		(523,501	)
Global X S&P 500^® Quality Dividend ETF		7,277,158		10,467,612		1,121,849
Global X TargetIncome^TM 5 ETF		6,099,762		3,579,421		(49,094	)
Global X TargetIncome^TM Plus 2 ETF		29,437,596		32,171,555		(3,229,381	)
Global X Adaptive U.S. Factor ETF		78,546,103		91,619,416		2,529,774

2019	Purchases		Sales		Realized Gain / (Loss)
Global X MLP & Energy Infrastructure ETF	$	493,182,191	$	284,980,056	$	31,252,724
Global X U.S. Preferred ETF		435,632,340		55,599,414		2,931,505
Global X SuperDividend^® Alternatives ETF		12,537,203		1,303,100		94,283
Global X S&P 500^® Quality Dividend ETF		9,443,686		3,574,879		393,983
Global X TargetIncome^TM 5 ETF		–		1,204,732		1,260
Global X TargetIncome^TM Plus 2 ETF		8,518,609		1,210,230		(22,076	)
Global X Adaptive U.S. Factor ETF		80,114,085		4,658,062		329,700

During the period ended May 31, 2020, there were no purchases or sales of long-term U.S. Government securities by the Funds.


Notes to Financial Statements (unaudited) (continued)
	May 31, 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 years or periods ended November 30, 2019 and November 30, 2018 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X MLP & Energy Infrastructure ETF
2019	$	40,058,250	$	–	$	3,644,335	$	43,702,585
2018		19,402,441		–		4,853,774		24,256,215
Global X U.S. Preferred ETF
2019	$	17,959,180	$	–	$	–	$	17,959,180
2018		4,563,490		–		–		4,563,490
Global X SuperDividend^® Alternatives ETF
2019	$	1,697,638	$	24,842	$	–	$	1,722,480
2018		1,065,740		–		–		1,065,740
Global X S&P 500^® Quality Dividend ETF
2019	$	187,572	$	764	$	–	$	188,336
2018		22,480		–		–		22,480
Global X TargetIncome^TM 5 ETF
2019	$	106,201	$	–	$	–	$	106,201
2018		33,991		–		–		33,991
Global X TargetIncome^TM Plus 2 ETF
2019	$	129,966	$	–	$	–	$	129,966
2018		33,891		–		–		33,891
Global X Adaptive U.S. Factor ETF
2019	$	5,613,976	$	520,561	$	–	$	6,134,537
2018		662,778		–		101,182		763,960


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

5. TAX INFORMATION (continued)

As of November 30, 2019, the components of tax basis distributable earnings (accumulated losses) were as follows:

	Global X Funds
	Global X MLP & Energy Infrastructure ETF			Global X U.S. Preferred ETF			Global X SuperDividend^® Alternatives ETF			Global X S&P 500^® Quality Dividend ETF
Undistributed Ordinary Income	$	–		$	1,830,288		$	–		$	17,961
Undistributed Long-Term Capital Gain		–			–			184,432			–
Post October Losses		–			–			(18,772	)		–
Capital Loss Carryforwards		(76,432,065	)		(554,032	)		–			(183,482	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(101,113,250	)		5,844,435			(547,884	)		680,311
Other Temporary Differences		(5	)		(1,558,408	)		(6	)		(1	)
Total Distributable Earnings (Accumulated Losses)	$	(177,545,320	)	$	5,562,283		$	(382,230	)	$	514,789

	Global X Funds
	Global X TargetIncome^TM 5 ETF			Global X TargetIncome^TM Plus 2 ETF			Global X Adaptive U.S. Factor ETF
Undistributed Ordinary Income	$	6,272		$	3,213		$	–
Undistributed Long-Term Capital Gain		–			–			376,896
Capital Loss Carryforwards		(76,603	)		(52,821	)		–
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(14,534	)		3,335			8,965,201
Other Temporary Differences		–			–			4
Total Distributable Earnings (Accumulated Losses)	$	(84,865	)	$	(46,273	)	$	9,342,101


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

5. TAX INFORMATION (continued)

For taxable years beginning after December 22, 2010, a registered investment company is permitted to carry forward net capital losses to offset capital gains realized in later years, and the losses carried forward retain their original character as either long-term or short-term losses. Losses carried forward under these provisions are as follows:

Global X Funds	Short-Term Loss		Long-Term Loss		Total
Global X MLP & Energy Infrastructure ETF	$	26,646,056	$	49,786,009	$	76,432,065
Global X U.S. Preferred ETF	$	554,032	$	–	$	554,032
Global X S&P 500^® Quality Dividend ETF	$	183,482	$	–	$	183,482
Global X TargetIncome^TM 5 ETF	$	72,558	$	4,045	$	76,603
Global X TargetIncome^TM Plus 2 ETF	$	39,129	$	13,692	$	52,821

The federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at May 31, 2020, were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Depreciation
Global X MLP & Energy Infrastructure ETF	$	767,846,203	$	825,500	$	(195,767,246	)	$	(194,941,746	)
Global X U.S. Preferred ETF		756,664,800		5,540,525		(21,051,877	)		(15,511,352	)
Global X SuperDividend^® Alternatives ETF		22,521,309		667,072		(5,494,186	)		(4,827,114	)
Global X S&P 500^® Quality Dividend ETF		6,231,376		65,174		(934,179	)		(869,005	)
Global X TargetIncome^TM 5 ETF		3,603,221		75,480		(353,389	)		(277,909	)
Global X TargetIncome^TM Plus 2 ETF		3,655,105		42,902		(160,965	)		(118,063	)
Global X Adaptive U.S. Factor ETF		147,053,632		6,163,710		(18,141,866	)		(11,978,156	)

6. CONCENTRATION OF RISKS

The Funds may invest in securities in a particular asset class. Securities and other assets held in each Fund’s portfolio may underperform in comparison to the general securities markets, a particular securities market or other asset classes. The Funds, except for Global X U.S. Preferred ETF, Global X TargetIncome^TM 5 ETF and Global X TargetIncome^TM Plus 2 ETF, use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of an underlying index in approximately the same proportions as in the underlying index. These Funds may utilize a representative sampling strategy with respect to their 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


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

6. CONCENTRATION OF RISKS (continued)

restrictions (such as diversification requirements that apply to the Funds but not the underlying index). The Global X U.S. Preferred ETF, Global X TargetIncome^TM 5 ETF and Global X TargetIncome^TM Plus 2 ETF use a representative sampling strategy. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Fund’s underlying index in terms of key risk factors, performance attributes and other characteristics. A more complete description of risks is included in each Funds’ prospectus and statement of additional information.

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 required at all times to be secured by collateral equal to at least 102% for U.S.-based securities and 105% for foreign-based securities. 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 values of the securities loaned were to increase and the borrower did not increase the collateral accordingly and the borrower failed to return the securities. The Funds could also experience delays and costs 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 May 31, 2020, the value of securities on loan was $26,737,248, $16,763,661, and $1,564,264 for the Global X MLP & Energy Infrastructure ETF, Global X U.S. Preferred ETF, and Global X SuperDividend^® Alternatives ETF, respectively, and the cash collateral received from securities on loan was $27,017,382, $17,113,403 and $1,641,880 for Global X MLP & Energy Infrastructure ETF, Global X U.S. Preferred ETF, and Global X SuperDividend^® Alternatives ETF, respectively.


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

7. LOANS OF PORTFOLIO SECURITIES (continued)

As of May 31, 2020, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X MLP & Energy Infrastructure
Barclays Capital, Inc.	$	25,724,226	$	25,984,325	⁽¹⁾
BOFA Securities, Inc.		1,013,022		1,033,057
Global X U.S. Preferred ETF
JPMorgan		6,641,204		6,787,673
National Financial Services		4,049,271		4,128,015
UBS Securities, LLC		2,908,141		2,961,090
Wells Fargo Securities, LLC		3,165,045		3,236,625
Global X SuperDividend^® Alternatives ETF
BOFA Securities, Inc.		506,893		534,075
JPMorgan		873,359		919,625
Scotia Capital		131,112		133,380
UBS Securities, LLC		15,460		15,800
Wells Fargo Securities, LLC		37,440		39,000

(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 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.

9. REVERSE SHARE SPLIT

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


Notes to Financial Statements (unaudited) (concluded)
	May 31, 2020

9. REVERSE SHARE SPLIT (continued)

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.

10. REGULATORY MATTERS

11. NEW ACCOUNTING PRONOUNCEMENTS

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 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)

The table below illustrates your Fund’s costs in two ways:

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) (concluded)

	Beginning Account Value 12/1/2019		Ending Account Value 5/31/2020		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X MLP & Energy Infrastructure ETF
Actual Fund Return	$	1,000.00	$	913.80		0.45	%	$	2.16
Hypothetical 5% Return		1,000.00		1,022.81		0.45			2.28

Global X U.S. Preferred ETF
Actual Fund Return	$	1,000.00	$	991.00		0.23	%	$	1.14
Hypothetical 5% Return		1,000.00		1,023.85		0.23			1.16

Global X SuperDividend^® Alternatives ETF
Actual Fund Return	$	1,000.00	$	773.60		0.75	%	$	3.33
Hypothetical 5% Return		1,000.00		1,021.25		0.75			3.79

Global X S&P 500^® Quality Dividend ETF
Actual Fund Return	$	1,000.00	$	827.40		0.20	%	$	0.91
Hypothetical 5% Return		1,000.00		1,024.00		0.20			1.01

Global X TargetIncome^TM 5 ETF
Actual Fund Return	$	1,000.00	$	942.60		0.39	%	$	1.89
Hypothetical 5% Return		1,000.00		1,023.05		0.39			1.97

Global X TargetIncome^TM Plus 2 ETF
Actual Fund Return	$	1,000.00	$	987.00		0.39	%	$	1.94
Hypothetical 5% Return		1,000.00		1,023.05		0.39			1.97

Global X Adaptive U.S. Factor ETF
Actual Fund Return	$	1,000.00	$	815.60		0.27	%	$	1.23
Hypothetical 5% Return		1,000.00		1,023.65		0.27			1.37

⁽¹⁾	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period.)


Liquidity Risk Management Program (unaudited)

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

At a meeting of the Board held on May 29, 2020, the Trustees received a report from the Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation for the period from December 1, 2018 through December 31, 2019. The Committee’s report noted that the Committee had determined that the Program is reasonably designed to assess and manage each Fund’s Liquidity Risk and operated adequately and effectively to manage each Fund’s Liquidity Risk for the period covered by the report. The Committee’s report noted that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Committee’s report further noted that no material changes have been made to the Program since its implementation.


Supplemental Information (unaudited)

Net asset value, or “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 Fund’s 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 their 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.


Notes

605 Third Avenue, 43rd floor

New York, NY 10158

1-888-493-8631

www.globalxetfs.com

Investment Adviser and Administrator:

Global X Management Company LLC

605 Third Avenue, 43rd floor

New York, NY 10158

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

Stradley Ronon Stevens & Young, LLP

2000 K Street, N.W.

Suite 700

Washington, DC 20006

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-006-0700

Global X Robotics & Artificial Intelligence ETF (ticker: BOTZ)

Global X FinTech ETF (ticker: FINX)

Global X Internet of Things ETF (ticker: SNSR)

Global X Cloud Computing ETF (ticker: CLOU)

Global X Future Analytics Tech ETF (ticker: AIQ)

Global X Autonomous & Electric Vehicles ETF (ticker: DRIV)

Global X Genomics & Biotechnology ETF (ticker: GNOM)

Global X Video Games and Esports ETF (ticker: HERO)

Global X Cybersecurity ETF (ticker: BUG)

Global X Millennials Thematic ETF (ticker: MILN)

Global X Longevity Thematic ETF (ticker: LNGR)

Global X Health & Wellness Thematic ETF (ticker: BFIT)

Global X Cannabis ETF (ticker: POTX)

Global X U.S. Infrastructure Development ETF (ticker: PAVE)

Global X Conscious Companies ETF (ticker: KRMA)

Global X Founder-Run Companies ETF (ticker: BOSS)

Global X Thematic Growth ETF (ticker: GXTG)

Semi-Annual Report

May 31, 2020



	Table of Contents

Schedules of Investments
Global X Robotics & Artificial Intelligence ETF	1
Global X FinTech ETF	6
Global X Internet of Things ETF	10
Global X Cloud Computing ETF	15
Global X Future Analytics Tech ETF	18
Global X Autonomous & Electric Vehicles ETF	25
Global X Genomics & Biotechnology ETF	32
Global X Video Games & Esports ETF	35
Global X Cybersecurity ETF	39
Global X Millennials Thematic ETF	41
Global X Longevity Thematic ETF	47
Global X Health & Wellness Thematic ETF	53
Global X Cannabis ETF	58
Global X U.S. Infrastructure Development ETF	62
Global X Conscious Companies ETF	68
Global X Founder-Run Companies ETF	75
Global X Thematic Growth ETF	80
Statements of Assets and Liabilities	82
Statements of Operations	87
Statements of Changes in Net Assets	92
Financial Highlights	101
Notes to Financial Statements	109
Disclosure of Fund Expenses	130
Liquidity Risk Management Program	133
Supplemental Information	134

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 http://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.


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Robotics & Artificial Intelligence 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 Notes 2 and 7 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 100.2%

CANADA— 1.4%
Industrials — 1.4%
ATS Automation Tooling Systems ^*		1,362,380	$	19,723,067
FINLAND— 1.2%
Industrials — 1.2%
Cargotec, Cl B		815,089		17,861,238
GERMANY— 0.8%
Information Technology — 0.8%
Isra Vision ^(A)		211,473		10,938,259
JAPAN— 43.0%
Communication Services — 0.5%
RPA Holdings ^*(A)		841,890		7,165,853
Health Care — 0.7%
CYBERDYNE ^*(A)		2,014,084		9,534,347
Industrials — 28.3%
Daifuku ^(A)		966,946		75,212,396

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Robotics & Artificial Intelligence ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
FANUC		427,743	$	76,289,801
Hirata^(A)		156,809		9,009,586
Idec		497,660		8,226,969
Mitsubishi Electric		6,121,837		80,603,572
Nachi-Fujikoshi		365,075		11,775,520
Shibaura Machine		437,752		9,642,043
SMC		146,120		73,741,536
Yaskawa Electric ^(A)		1,672,759		60,087,969
				404,589,392
Information Technology — 13.5%
Autonomous Control Systems Laboratory ^{* (A)}		143,430		3,594,570
Keyence		265,424		109,263,975
Omron		1,027,364		68,087,241
PKSHA Technology ^*(A)		392,352		11,508,167
				192,453,953
TOTAL JAPAN				613,743,545
SOUTH KOREA— 0.3%
Information Technology — 0.3%
Robostar ^*		166,375		2,068,856
Robotis ^*		234,428		2,527,041
TOTAL SOUTH KOREA				4,595,897
SWITZERLAND— 9.8%
Health Care — 4.3%
Tecan Group		176,508		61,659,295
Industrials — 5.5%
ABB		3,997,854		78,608,787
TOTAL SWITZERLAND				140,268,082

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Robotics & Artificial Intelligence ETF

	Shares		Value
COMMON STOCK — continued
UNITED KINGDOM— 3.6%
Information Technology — 3.6%
Renishaw		1,068,532	$	50,859,201
UNITED STATES— 40.1%
Consumer Discretionary — 2.1%
iRobot ^{* (A)}		416,039		30,670,395
Energy — 0.5%
Helix Energy Solutions Group ^*		2,180,688		7,327,112
Health Care — 6.2%
Accuray ^*		1,221,986		2,566,171
Intuitive Surgical ^*		148,252		85,990,607
TransEnterix ^*		261,715		110,784
				88,667,562
Industrials — 5.3%
AeroVironment ^*		354,307		25,095,564
John Bean Technologies		455,235		37,397,555
Maxar Technologies ^(A)		871,953		13,064,786
				75,557,905
Information Technology — 26.0%
Brooks Automation		1,073,007		42,888,090
Dynatrace ^*		2,239,641		86,158,990
FARO Technologies ^*		253,532		14,268,781
Medallia ^*		1,490,369		42,147,635
NVIDIA		513,469		182,291,764
Veritone ^{* (A)}		394,503		3,349,330
				371,104,590
TOTAL UNITED STATES				573,327,564
TOTAL COMMON STOCK
(Cost $1,481,487,682)				1,431,316,853

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Robotics & Artificial Intelligence ETF

	Shares/Face Amount		Value
SHORT-TERM INVESTMENT^(B)(C) — 8.2%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.080%
(Cost $117,433,490)		117,433,490	$	117,433,490

REPURCHASE AGREEMENT^(B) — 1.0%
BNP Paribas
0.050%, dated 05/29/20, to be repurchased on 06/01/20, repurchase price $13,785,227 (collateralized by U.S. Treasury Obligations, ranging in par value $1,677,253 - $12,366,175, 1.500%, 08/15/2026, with a total market value of $14,043,428)
(Cost $13,785,170)	$	13,785,170		13,785,170
TOTAL INVESTMENTS — 109.4%
(Cost $1,612,706,342)			$	1,562,535,513

Percentages are based on Net Assets of $1,428,054,272.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2020. The total value of securities on loan at May 31, 2020 was $122,421,080.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2020 was $131,218,660.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2020.

Cl - Class

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Robotics & Artificial Intelligence ETF

The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,426,720,956	$	4,595,897	$	—	$	1,431,316,853
Short-Term Investment		117,433,490		—		—		117,433,490
Repurchase Agreement		—		13,785,170		—		13,785,170
Total Investments in Securities	$	1,544,154,446	$	18,381,067	$	—	$	1,562,535,513

For the period ended May 31, 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		May 31, 2020 (Unaudited)
	Global X FinTech 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 Notes 2 and 7 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 100.0%
AUSTRALIA— 6.3%
Financials — 0.8%
HUB24 ^(A)		200,813	$	1,416,973
Zip ^{* (A)}		1,116,173		2,778,430
				4,195,403
Information Technology — 5.5%
Afterpay ^{* (A)}		784,231		24,680,309
IRESS		539,897		4,017,475
				28,697,784
TOTAL AUSTRALIA				32,893,187
BRAZIL— 5.7%
Information Technology — 5.7%
Pagseguro Digital, Cl A ^*		503,514		15,976,499
StoneCo, Cl A ^*		450,606		14,275,198
TOTAL BRAZIL				30,251,697
CHINA— 0.1%
Financials — 0.1%
Yiren Digital ADR ^{* (A)}		199,594		762,449

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X FinTech ETF

	Shares		Value
COMMON STOCK — continued
DENMARK— 2.6%
Information Technology — 2.6%
SimCorp		126,055	$	13,874,008
GERMANY— 4.7%
Financials — 1.7%
Hypoport ^*		19,701		8,765,739
Information Technology — 3.0%
Wirecard ^(A)		152,369		16,026,710
TOTAL GERMANY				24,792,449
ITALY— 5.1%
Information Technology — 5.1%
Nexi ^*		1,631,745		26,808,536
JAPAN— 0.2%
Information Technology — 0.2%
Metaps ^*(A)		133,830		968,927
NETHERLANDS— 8.4%
Information Technology — 8.4%
Adyen ^*		33,652		44,282,888
NEW ZEALAND— 4.7%
Information Technology — 4.7%
Xero ^*		438,281		24,807,645
SWITZERLAND— 3.9%
Financials — 0.4%
Leonteq		58,378		2,090,354
Information Technology — 3.5%
Temenos ^(A)		120,724		18,434,694
TOTAL SWITZERLAND				20,525,048

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X FinTech ETF

	Shares		Value
COMMON STOCK — continued
UNITED STATES— 58.3%
Financials — 4.2%
Blucora ^*		148,985	$	1,810,168
LendingClub ^*		274,182		1,466,874
LendingTree ^{* (A)}		39,942		10,385,718
On Deck Capital ^*		340,065		254,335
Virtu Financial, Cl A ^(A)		333,864		7,962,657
				21,879,752
Health Care — 2.3%
HealthEquity ^*		194,594		12,058,990
Information Technology — 51.8%
Black Knight ^*		356,509		27,444,063
Bottomline Technologies ^*		134,571		6,809,293
Envestnet ^*		161,029		11,692,316
Fidelity National Information Services		209,340		29,062,672
Fiserv ^*		570,898		60,954,780
GreenSky, Cl A ^{* (A)}		197,885		795,498
Guidewire Software ^*		218,380		22,401,420
Intuit		97,229		28,227,522
Mitek Systems ^*		152,329		1,421,230
PayPal Holdings ^*		218,228		33,827,522
Square, Cl A ^*		348,284		28,238,867
SS&C Technologies Holdings		373,298		21,612,088
				272,487,271
TOTAL UNITED STATES				306,426,013
TOTAL COMMON STOCK
(Cost $457,875,233)				526,392,847

SHORT-TERM INVESTMENT^(B)(C) — 7.2%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.080%
(Cost $37,918,708)		37,918,708		37,918,708

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X FinTech ETF

	Face Amount		Value
REPURCHASE AGREEMENT^(B) — 0.8%
BNP Paribas
0.050%, dated 05/29/20, to be repurchased on 06/01/20, repurchase price $4,451,183 (collateralized by U.S. Treasury Obligations, ranging in par value $541,577 - $3,992,978, 1.500%, 08/15/2026, with a total market value of $4,534,555)
(Cost $4,451,165)	$	4,451,165	$	4,451,165
TOTAL INVESTMENTS — 108.0%
(Cost $500,245,106)			$	568,762,720

Percentages are based on Net Assets of $526,579,348.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2020. The total value of securities on loan at May 31, 2020 was $40,174,322.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2020 was $42,369,873.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2020.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	526,392,847	$	—	$	—	$	526,392,847
Short-Term Investment		37,918,708		—		—		37,918,708
Repurchase Agreement		—		4,451,165		—		4,451,165
Total Investments in Securities	$	564,311,555	$	4,451,165	$	—	$	568,762,720

For the period ended May 31, 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		May 31, 2020 (Unaudited)
	Global X Internet of Things 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 Notes 2 and 7 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.7%
AUSTRIA— 3.0%
Information Technology — 3.0%
AMS*		342,550	$	5,152,334
CANADA— 0.2%
Information Technology — 0.2%
Sierra Wireless ^{* (A)}		43,361		379,842
CHINA— 2.2%
Information Technology — 2.2%
Xiaomi, Cl B ^*		2,459,770		3,814,532
FRANCE— 3.3%
Industrials — 3.3%
Legrand		29,969		2,043,492
Schneider Electric		35,359		3,509,941
TOTAL FRANCE				5,553,433

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Internet of Things ETF

	Shares		Value
COMMON STOCK — continued
ITALY— 0.5%
Information Technology — 0.5%
Datalogic		73,098	$	919,620
JAPAN— 1.2%
Communication Services — 0.2%
And Factory ^{* (A)}		24,760		288,888
Information Technology — 1.0%
Nippon Ceramic		33,810		648,364
Renesas Electronics ^*		190,600		988,958
				1,637,322
TOTAL JAPAN				1,926,210
NETHERLANDS— 1.8%
Information Technology — 1.8%
NXP Semiconductors		31,897		3,065,302
NORWAY— 0.9%
Information Technology — 0.9%
Nordic Semiconductor ^*		224,143		1,468,898
SWEDEN— 0.3%
Information Technology — 0.3%
Fingerprint Cards, Cl B *		236,114		487,729
SWITZERLAND— 11.2%
Consumer Discretionary — 0.1%
Garrett Motion ^*		29,059		150,235
Industrials — 1.8%
ABB		159,051		3,127,379
Information Technology — 9.3%
Landis+Gyr Group *		36,891		2,426,888
STMicroelectronics		547,605		13,455,611
				15,882,499

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Internet of Things ETF

	Shares		Value
COMMON STOCK — continued
TOTAL SWITZERLAND			$	19,160,113
TAIWAN— 7.4%
Information Technology — 7.4%
Advantech		871,743		8,623,070
eMemory Technology		93,762		1,139,821
MediaTek		178,500		2,752,556
TOTAL TAIWAN				12,515,447
UNITED KINGDOM— 0.4%
Information Technology — 0.4%
Spirent Communications		250,690		770,167
UNITED STATES— 67.3%
Communication Services — 0.2%
ORBCOMM ^*		95,142		260,689
Consumer Discretionary — 6.1%
Garmin		114,748		10,346,827
Health Care — 13.5%
DexCom ^*		60,266		22,799,230
Senseonics Holdings ^{* (A)}		217,600		101,554
				22,900,784
Industrials — 14.5%
ADT ^(A)		943,983		6,683,400
Emerson Electric		47,703		2,910,837
Honeywell International		17,723		2,584,900
Johnson Controls International		78,721		2,472,627
Resideo Technologies ^*		20,907		147,603
Rockwell Automation		13,301		2,875,144
Sensata Technologies Holding ^*		193,621		6,902,589
				24,577,100

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Internet of Things ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — 33.0%
Alarm.com Holdings ^*		60,272	$	2,850,263
Ambarella ^*		40,816		2,315,900
Analog Devices		27,764		3,135,944
Arlo Technologies ^*		110,168		243,471
Badger Meter		36,299		2,221,136
Belden		49,185		1,674,257
Cisco Systems		54,435		2,603,082
Fitbit, Cl A ^*		278,975		1,768,702
Impinj ^{* (A)}		26,751		691,513
Intel		66,247		4,168,924
InterDigital		39,556		2,174,393
International Business Machines		22,507		2,811,124
Itron ^*		49,067		3,160,895
NETGEAR ^*		39,239		1,009,619
QUALCOMM		42,980		3,476,222
Rambus ^*		137,172		2,131,653
Silicon Laboratories ^*		54,070		5,064,196
Skyworks Solutions		123,688		14,661,977
				56,163,271
TOTAL UNITED STATES				114,248,671
TOTAL COMMON STOCK
(Cost $154,580,984)				169,462,298

SHORT-TERM INVESTMENT^(B)(C) — 2.3%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.080%
(Cost $3,938,827)		3,938,827		3,938,827

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Internet of Things ETF

	Face Amount		Value
REPURCHASE AGREEMENT^(B) — 0.3%
BNP Paribas
0.050%, dated 05/29/20, to be repurchased on 06/01/20, repurchase price $462,370 (collateralized by U.S. Treasury Obligations, ranging in par value $56,257 - $414,773, 1.500%, 08/15/2026, with a total market value of $471,030)
(Cost $462,367)	$	462,367	$	462,367
TOTAL INVESTMENTS — 102.3%
(Cost $158,982,178)			$	173,863,492

Percentages are based on Net Assets of $170,036,618.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2020. The total value of securities on loan at May 31, 2020 was $4,293,915.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2020 was $4,401,194.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2020.

Cl – Class

The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	164,507,945	$	4,954,353	$	—	$	169,462,298
Short-Term Investment		3,938,827		—		—		3,938,827
Repurchase Agreement		—		462,367		—		462,367
Total Investments in Securities	$	168,446,772	$	5,416,720	$	—	$	173,863,492

For the period ended May 31, 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		May 31, 2020 (Unaudited)
	Global X Cloud Computing ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 100.0%
CANADA— 4.1%
Information Technology — 4.1%
Shopify, Cl A ^*		36,837	$	27,915,079
CHINA— 2.7%
Consumer Discretionary — 1.4%
Alibaba Group Holding ADR ^*		43,980		9,121,012
Information Technology — 1.3%
21Vianet Group ADR ^*		509,954		7,445,328
Kingsoft		492,700		1,592,328
				9,037,656
TOTAL CHINA				18,158,668
NEW ZEALAND— 3.8%
Information Technology — 3.8%
Xero ^*		447,692		25,340,328
UNITED STATES— 89.4%
Communication Services — 4.5%
Alphabet, Cl A ^*		4,890		7,009,913
Netflix ^*		55,536		23,310,125
				30,320,038

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Cloud Computing ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — 1.7%
Amazon.com ^*		4,711	$	11,506,005
Information Technology — 77.6%
2U ^*		385,573		14,061,847
Akamai Technologies ^*		238,598		25,243,668
Anaplan ^*		570,490		26,196,901
Benefitfocus ^*		193,145		2,458,736
Box, Cl A ^*		913,799		18,257,704
Cornerstone OnDemand ^*		386,556		14,940,389
Coupa Software ^*		132,372		30,115,954
Dropbox, Cl A ^*		1,108,215		25,012,413
Everbridge ^*		208,376		30,477,074
International Business Machines		14,358		1,793,314
Microsoft		64,987		11,908,868
Mimecast ^*		379,088		15,838,297
Paycom Software ^*		89,339		26,554,231
Paylocity Holding ^*		203,534		26,460,438
Proofpoint ^*		191,475		22,262,798
Qualys ^*		221,092		25,496,329
RealPage ^*		361,466		24,514,624
salesforce.com ^*		143,921		25,155,952
SPS Commerce ^*		212,249		14,466,892
Twilio, Cl A ^*		207,637		41,029,071
Workday, Cl A ^*		151,440		27,778,639
Workiva, Cl A ^*		232,890		10,372,921
Zoom Video Communications, Cl A ^*		172,451		30,951,505
Zscaler ^*		347,502		34,086,471
				525,435,036
Real Estate — 5.6%
CoreSite Realty ^‡		33,567		4,189,833
CyrusOne ^‡		102,042		7,585,802

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Cloud Computing ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Digital Realty Trust ^‡		155,941	$	22,386,890
QTS Realty Trust, Cl A ^‡		53,368		3,661,045
				37,823,570
TOTAL UNITED STATES				605,084,649
TOTAL COMMON STOCK
(Cost $575,080,705)				676,498,724
TOTAL INVESTMENTS — 100.0%
(Cost $575,080,705)			$	676,498,724

Percentages are based on Net Assets of $676,825,289.

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

ADR – American Depository Receipt

Cl – Class

The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	674,906,396	$	1,592,328	$	—	$	676,498,724
Total Investments in Securities	$	674,906,396	$	1,592,328	$	—	$	676,498,724

For the period ended May 31, 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		May 31, 2020 (Unaudited)
	Global X Future Analytics Tech 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 Notes 2 and 7 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 100.0%
BRAZIL— 0.2%
Information Technology — 0.2%
StoneCo, Cl A ^*		3,111	$	98,556
CANADA— 4.9%
Industrials — 1.3%
Thomson Reuters		8,756		589,804
Information Technology — 3.6%
BlackBerry ^{* (A)}		20,590		95,538
Open Text		4,723		195,453
Shopify, Cl A ^*		1,816		1,376,165
				1,667,156
TOTAL CANADA				2,256,960
CHINA— 11.5%
Communication Services — 4.5%
Baidu ADR ^*		4,805		511,973
Tencent Holdings		27,780		1,470,896
Tencent Music Entertainment Group ADR ^*		10,384		134,161
				2,117,030

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Future Analytics Tech ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — 7.0%
Alibaba Group Holding ADR ^*		6,339	$	1,314,645
Meituan Dianping, Cl B ^*		104,500		1,977,829
				3,292,474
TOTAL CHINA				5,409,504
GERMANY— 3.8%
Industrials — 2.5%
Siemens		10,803		1,184,004
Information Technology — 1.3%
Infineon Technologies		21,889		459,109
Software		3,713		143,646
				602,755
TOTAL GERMANY				1,786,759
ISRAEL— 0.5%
Information Technology — 0.5%
Wix.com ^*		976		216,994
JAPAN— 0.5%
Industrials — 0.5%
Toshiba		7,970		217,791
NEW ZEALAND— 0.3%
Information Technology — 0.3%
Xero ^*		2,472		139,921
SOUTH KOREA— 3.1%
Information Technology — 3.1%
Samsung Electronics		26,532		1,086,174
SK Hynix		5,437		357,798
TOTAL SOUTH KOREA				1,443,972

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Future Analytics Tech ETF

	Shares		Value
COMMON STOCK — continued
SWEDEN— 0.7%
Information Technology — 0.7%
Hexagon, Cl B		6,149	$	337,667
SWITZERLAND— 0.8%
Information Technology — 0.8%
STMicroelectronics		15,947		391,846
TAIWAN— 0.7%
Information Technology — 0.7%
Macronix International		103,400		110,546
Phison Electronics		11,590		106,153
Winbond Electronics		213,600		97,818
TOTAL TAIWAN				314,517
UNITED KINGDOM— 1.4%
Industrials — 1.2%
Experian		15,908		553,231
Information Technology — 0.2%
Computacenter		5,933		117,652
TOTAL UNITED KINGDOM				670,883
UNITED STATES— 71.6%
Communication Services — 11.3%
Alphabet, Cl A ^*		937		1,343,208
Facebook, Cl A ^*		6,323		1,423,244
Netflix ^*		3,971		1,666,748
Snap, Cl A ^*		19,915		377,190
Twitter ^*		13,585		420,728

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Future Analytics Tech ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
Yelp, Cl A ^*		3,818	$	83,003
				5,314,121
Consumer Discretionary — 5.2%
Amazon.com ^*		738		1,802,469
eBay		14,239		648,444
				2,450,913
Industrials — 5.7%
Nielsen Holdings		6,418		89,146
Northrop Grumman		2,976		997,555
Uber Technologies ^*		30,113		1,093,704
Verisk Analytics, Cl A		2,868		495,247
				2,675,652
Information Technology — 49.4%
Adobe ^*		3,949		1,526,683
Advanced Micro Devices ^*		19,671		1,058,300
Ambarella ^*		2,260		128,232
Anaplan ^*		2,411		110,713
Cisco Systems		28,355		1,355,936
Cloudera ^*		11,987		122,867
Cornerstone OnDemand ^*		2,329		90,016
Crowdstrike Holdings, Cl A ^*		2,229		195,729
DXC Technology		4,462		63,405
Envestnet ^*		1,964		142,606
Fair Isaac ^*		505		203,338
FireEye ^*		8,340		104,083
Fortinet ^*		2,991		416,347

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Future Analytics Tech ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Genpact		3,311	$	119,030
Hewlett Packard Enterprise		22,609		219,533
HubSpot ^*		745		148,955
Intel		21,935		1,380,370
International Business Machines		9,721		1,214,153
Juniper Networks		5,830		141,436
Lattice Semiconductor ^*		6,099		151,682
LivePerson ^*		3,201		119,877
LogMeIn		1,591		135,076
Microchip Technology		4,165		399,923
Micron Technology ^*		7,758		371,686
Microsoft		8,330		1,526,473
NetApp		3,985		177,492
NortonLifeLock		10,899		248,279
Nuance Communications ^*		6,926		158,467
NVIDIA		5,493		1,950,125
Oracle		25,267		1,358,607
Pegasystems		1,560		148,387
PROS Holdings ^*		2,127		82,847
PTC ^*		2,016		153,982
Pure Storage, Cl A ^*		7,124		125,454
QUALCOMM		15,100		1,221,288
salesforce.com ^*		7,550		1,319,665
Seagate Technology		4,592		243,560
ServiceNow ^*		3,330		1,291,807
Splunk ^*		2,730		507,343
Synopsys ^*		2,634		476,517

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Future Analytics Tech ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Information Technology — continued
Teradata ^*		5,151	$	110,283
Trade Desk, Cl A ^*		694		216,223
Twilio, Cl A ^*		2,177		430,175
Verint Systems ^*		2,352		109,062
Workday, Cl A ^*		2,924		536,349
Xilinx		4,400		404,580
Zebra Technologies, Cl A ^*		941		245,902
Zendesk ^*		1,957		167,813
				23,130,656
TOTAL UNITED STATES				33,571,342
TOTAL COMMON STOCK
(Cost $40,857,440)				46,856,712

SHORT-TERM INVESTMENT^(B)(C) — 0.1%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.080%
(Cost $64,776)		64,776		64,776

REPURCHASE AGREEMENT^(B) — 0.0%
BNP Paribas
0.050%, dated 05/29/20, to be repurchased on 06/01/20, repurchase price $7,604 (collateralized by U.S. Treasury Obligations, ranging in par value $925 - $6,821, 1.500%, 08/15/2026, with a total market value of $7,746)
(Cost $7,604)	$	7,604		7,604
TOTAL INVESTMENTS — 100.1%
(Cost $40,929,820)			$	46,929,092

Percentages are based on Net Assets of $46,868,278.

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Future Analytics Tech ETF

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2020. The total value of securities on loan at May 31, 2020 was $71,456.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2020 was $72,380.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2020.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	45,204,376	$	1,652,336	$	—	$	46,856,712
Short-Term Investment		64,776		—		—		64,776
Repurchase Agreement		—		7,604		—		7,604
Total Investments in Securities	$	45,269,152	$	1,659,940	$	—	$	46,929,092

For the period ended May 31, 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		May 31, 2020 (Unaudited)
	Global X Autonomous & Electric Vehicles 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 Notes 2 and 7 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 98.6%
AUSTRALIA— 1.2%
Materials — 1.2%
Orocobre ^{* (A)}		68,685	$	107,144
Pilbara Minerals ^*		665,657		114,884
TOTAL AUSTRALIA				222,028
BELGIUM— 1.0%
Materials — 1.0%
Umicore		4,383		194,237
CANADA— 1.0%
Industrials — 1.0%
Ballard Power Systems ^*		17,612		190,034
CHILE— 1.6%
Materials — 1.6%
Lundin Mining		31,892		146,285
Sociedad Quimica y Minera de Chile ADR		6,178		150,558
TOTAL CHILE				296,843

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Autonomous & Electric Vehicles ETF

	Shares		Value
COMMON STOCK — continued
CHINA— 4.9%
Communication Services — 1.3%
Baidu ADR ^*		2,386	$	254,228
Consumer Discretionary — 1.8%
BYD, Cl H ^(A)		33,300		186,886
Geely Automobile Holdings		106,300		145,372
				332,258
Materials — 1.8%
China Molybdenum, Cl H		396,572		121,770
Ganfeng Lithium, Cl H		60,700		217,317
				339,087
TOTAL CHINA				925,573
FRANCE— 0.6%
Consumer Discretionary — 0.6%
Renault		4,714		105,947
GERMANY— 3.4%
Consumer Discretionary — 3.4%
Bayerische Motoren Werke		3,479		203,555
Continental ^*		1,804		177,470
Daimler		6,949		258,017
TOTAL GERMANY				639,042
JAPAN— 7.5%
Consumer Discretionary — 6.7%
Denso		5,602		214,804
Honda Motor		12,256		316,710
Nissan Motor		40,404		150,350
Toyota Motor		9,470		593,770
				1,275,634

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Autonomous & Electric Vehicles ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 0.8%
GS Yuasa		8,350	$	147,724
TOTAL JAPAN				1,423,358
LUXEMBOURG— 0.8%
Materials — 0.8%
APERAM		5,820		160,228
NETHERLANDS— 2.0%
Consumer Discretionary — 0.7%
TomTom ^*		15,882		134,706
Information Technology — 1.3%
NXP Semiconductors		2,473		237,655
TOTAL NETHERLANDS				372,361
RUSSIA— 1.1%
Communication Services — 1.1%
Yandex, Cl A ^*		5,189		208,753
SOUTH KOREA— 3.8%
Consumer Discretionary — 1.0%
Hyundai Motor		2,328		184,217
Information Technology — 2.8%
Samsung Electronics		12,806		524,256
TOTAL SOUTH KOREA				708,473
SWEDEN— 1.6%
Consumer Discretionary — 1.6%
Autoliv		2,593		164,863
Veoneer ^{* (A)}		13,316		143,546
TOTAL SWEDEN				308,409

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Autonomous & Electric Vehicles ETF

	Shares		Value
COMMON STOCK — continued
UNITED KINGDOM— 1.5%
Consumer Discretionary — 0.8%
Fiat Chrysler Automobiles		17,194	$	151,896
Materials — 0.7%
Johnson Matthey		5,437		142,030
TOTAL UNITED KINGDOM				293,926
UNITED STATES— 66.6%
Communication Services — 3.5%
Alphabet, Cl A ^*		464		665,153
Consumer Discretionary — 13.1%
American Axle & Manufacturing Holdings ^*		19,742		140,366
Aptiv		3,022		227,708
BorgWarner		5,100		163,965
Dana		11,450		144,728
Ford Motor		34,992		199,804
General Motors		10,470		270,963
Gentherm ^*		3,921		159,585
Harley-Davidson		5,617		119,867
Lear		1,546		163,953
Tesla ^*		885		738,975
Visteon ^*		2,123		152,856
				2,482,770
Industrials — 9.9%
Bloom Energy, Cl A ^{* (A)}		18,991		152,498
EnerSys		2,499		158,187
General Electric		50,910		334,479
Honeywell International		2,456		358,207
Hyster-Yale Materials Handling		2,870		105,071
ITT		2,809		162,079
Johnson Controls International		7,524		236,329

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Autonomous & Electric Vehicles ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Plug Power ^{* (A)}		44,732	$	188,322
Westinghouse Air Brake Technologies		2,987		182,416
				1,877,588
Information Technology — 36.4%
Advanced Micro Devices ^*		8,047		432,929
Ambarella ^*		2,901		164,603
Apple		2,125		675,623
CEVA ^*		6,177		212,921
Cisco Systems		13,904		664,889
II-VI ^*		5,141		244,352
Intel		11,180		703,557
Maxim Integrated Products		3,933		226,855
Micron Technology ^*		7,689		368,380
Microsoft		4,098		750,959
NVIDIA		2,687		953,939
ON Semiconductor ^*		8,601		141,830
QUALCOMM		6,698		541,734
Rogers ^*		1,373		148,641
Texas Instruments		3,392		402,766
Xilinx		2,798		257,276
				6,891,254
Materials — 3.7%
Albemarle		2,684		205,380
Allegheny Technologies ^*		9,506		82,512
Carpenter Technology		3,886		90,816
Freeport-McMoRan Copper & Gold		19,287		174,933
Livent ^*		21,702		146,271
				699,912

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Autonomous & Electric Vehicles ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
TOTAL UNITED STATES			$	12,616,677
TOTAL COMMON STOCK
(Cost $20,432,827)				18,665,889

PREFERRED STOCK — 1.2%
GERMANY— 1.2%
Consumer Discretionary — 1.2%
Volkswagen ^*(B)
(Cost $326,845)		1,609		237,144

SHORT-TERM INVESTMENT^(C)(D) — 2.2%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.080%
(Cost $416,361)		416,361		416,361

REPURCHASE AGREEMENT^(C) — 0.3%
BNP Paribas
0.050%, dated 05/29/20, to be repurchased on 06/01/20, repurchase price $48,875 (collateralized by U.S. Treasury Obligations, ranging in par value $5,947 - $43,844, 1.500%, 08/15/2026, with a total market value of $49,791)
(Cost $48,875)	$	48,875		48,875
TOTAL INVESTMENTS — 102.3%
(Cost $21,224,908)			$	19,368,269

Percentages are based on Net Assets of $18,924,315.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2020. The total value of securities on loan at May 31, 2020 was $445,891.
(B)	There is currently no stated interest rate.
(C)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2020 was $465,236.

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Autonomous & Electric Vehicles ETF

(D)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2020.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	17,802,546	$	863,343	$	—	$	18,665,889
Preferred Stock		237,144		—		—		237,144
Short-Term Investment		416,361		—		—		416,361
Repurchase Agreement		—		48,875		—		48,875
Total Investments in Securities	$	18,456,051	$	912,218	$	—	$	19,368,269

For the period ended May 31, 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		May 31, 2020 (Unaudited)
	Global X Genomics & Biotechnology ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 3.7%
Health Care — 3.7%
Genscript Biotech ^*		574,718	$	1,260,509
JAPAN— 2.0%
Health Care — 2.0%
Takara Bio		26,360		703,194
NETHERLANDS— 4.1%
Health Care — 4.1%
ProQR Therapeutics ^*		24,225		134,691
uniQure ^*		19,025		1,277,719
TOTAL NETHERLANDS				1,412,410
SWITZERLAND— 4.3%
Health Care — 4.3%
CRISPR Therapeutics ^*		23,239		1,500,775
UNITED STATES— 85.8%
Health Care — 85.8%
Adverum Biotechnologies ^*		40,528		836,093
Agilent Technologies		16,200		1,427,868
Allogene Therapeutics ^*		29,327		1,412,388
Alnylam Pharmaceuticals ^*		8,692		1,175,767
Arrowhead Pharmaceuticals ^*		32,965		1,062,792
BioMarin Pharmaceutical ^*		13,169		1,403,157
Bluebird Bio ^*		21,910		1,394,133
Blueprint Medicines ^*		17,359		1,130,765
CareDx ^*		23,635		759,156
Dicerna Pharmaceuticals ^*		34,878		752,318

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Genomics & Biotechnology ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Editas Medicine ^*		30,625	$	829,019
Gilead Sciences		7,426		577,966
Homology Medicines ^*		23,401		333,230
Illumina ^*		3,909		1,419,162
Intellia Therapeutics ^*		22,163		388,074
Invitae ^*		66,230		1,113,989
Luminex		23,954		746,407
Myriad Genetics ^*		41,368		601,077
NanoString Technologies ^*		20,987		640,733
Natera ^*		33,761		1,480,420
Pacific Biosciences of California ^*		78,839		277,513
Precision BioSciences ^*		19,702		138,111
PTC Therapeutics ^*		24,472		1,240,975
QIAGEN ^*		29,020		1,270,786
REGENXBIO ^*		19,855		747,739
Rocket Pharmaceuticals ^*		29,214		549,515
Sangamo Therapeutics ^*		65,770		735,966
Sarepta Therapeutics ^*		10,651		1,621,828
Sorrento Therapeutics ^*		79,300		400,465
Ultragenyx Pharmaceutical ^*		18,870		1,291,840
Veracyte ^*		27,224		678,967
Vertex Pharmaceuticals ^*		2,242		645,606
Voyager Therapeutics ^*		13,177		159,442
WaVe Life Sciences ^*		15,794		160,783
ZIOPHARM Oncology ^*		112,107		331,837

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Genomics & Biotechnology ETF

	Value
COMMON STOCK — continued
TOTAL UNITED STATES	$	29,735,887
TOTAL COMMON STOCK
(Cost $31,057,668)		34,612,775
TOTAL INVESTMENTS — 99.9%
(Cost $31,057,668)	$	34,612,775

Percentages are based on Net Assets of $34,663,454.

*	Non-income producing security.

The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	33,352,266	$	1,260,509	$	—	$	34,612,775
Total Investments in Securities	$	33,352,266	$	1,260,509	$	—	$	34,612,775

For the period ended May 31, 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		May 31, 2020 (Unaudited)
	Global X Video Games & Esports ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.8%
CHINA— 17.4%
Communication Services — 17.4%
Bilibili ADR ^*		163,749	$	5,310,380
DouYu International Holdings ADR ^*		257,720		2,319,480
HUYA ADR ^*		48,008		745,084
JOYY ADR ^*		51,156		3,123,074
NetEase ADR		14,208		5,440,243
TOTAL CHINA				16,938,261
FRANCE— 4.3%
Communication Services — 4.3%
Ubisoft Entertainment ^*		54,027		4,186,341
IRELAND— 1.0%
Information Technology — 1.0%
Keywords Studios		45,900		1,021,425
JAPAN— 24.4%
Communication Services — 24.4%
Aeria		28,880		136,981
Akatsuki		5,746		217,338
Capcom		104,440		3,688,627
DeNA		96,780		1,329,507
Gumi ^*		34,656		268,923
GungHo Online Entertainment		61,272		996,982
KLab		32,460		234,709

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Video Games & Esports ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
Konami Holdings		81,593	$	2,866,566
Nexon		260,400		5,428,676
Nintendo		12,767		5,159,653
Square Enix Holdings		70,720		3,433,105
TOTAL JAPAN				23,761,067
SINGAPORE— 0.5%
Communication Services — 0.5%
IGG		758,200		458,774
SOUTH KOREA— 9.1%
Communication Services — 9.1%
Com2uSCorp		6,142		525,699
Gravity ADR		6,808		345,166
NCSoft		6,869		4,381,695
Neowiz ^*		16,024		284,653
Netmarble		21,502		1,602,515
Nexon GT ^*		38,451		250,555
Pearl Abyss ^*		6,431		1,061,924
Webzen ^*		17,664		261,726
Wemade		7,691		194,379
TOTAL SOUTH KOREA				8,908,312
SWEDEN— 4.6%
Communication Services — 4.6%
Embracer Group, Cl B		238,149		2,891,413
Stillfront Group ^*		22,080		1,617,608
TOTAL SWEDEN				4,509,021

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Video Games & Esports ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
TAIWAN— 8.1%
Communication Services — 8.1%
Chinese Gamer International ^*		86,400	$	243,445
Gamania Digital Entertainment		124,400		258,122
Sea ADR ^*		90,427		7,216,074
X-Legend Entertainment		86,600		181,132
TOTAL TAIWAN				7,898,773
UNITED STATES— 30.4%
Communication Services — 23.1%
Activision Blizzard		81,306		5,852,405
Electronic Arts ^*		44,078		5,416,305
Glu Mobile ^*		98,727		985,295
Take-Two Interactive Software ^*		38,286		5,213,405
Zynga, Cl A ^*		559,799		5,122,161
				22,589,571
Information Technology — 7.3%
NVIDIA		19,967		7,088,684
TOTAL UNITED STATES				29,678,255
TOTAL COMMON STOCK
(Cost $83,714,697)				97,360,229

U.S. TREASURY OBLIGATION — 10.8%
U.S. Treasury Bill
0.100%, 06/16/20^(A)
(Cost $10,499,562)	$	10,500,000		10,499,464
TOTAL INVESTMENTS — 110.6%
(Cost $94,214,259)			$	107,859,693

Percentages are based on Net Assets of $97,512,244.

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Video Games & Esports ETF

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

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	92,563,004	$	4,797,225	$	—	$	97,360,229
U.S. Treasury Obligation		—		10,499,464		—		10,499,464
Total Investments in Securities	$	92,563,004	$	15,296,689	$	—	$	107,859,693

For the period ended May 31, 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		May 31, 2020 (Unaudited)
	Global X Cybersecurity ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.8%
ISRAEL— 7.6%
Information Technology — 7.6%
Check Point Software Technologies ^*		5,737	$	629,177
RADWARE ^*		8,195		195,205
Tufin Software Technologies ^*		6,235		64,283
TOTAL ISRAEL				888,665
JAPAN— 5.9%
Information Technology — 5.9%
Digital Arts		2,470		196,940
Trend Micro		8,930		490,700
TOTAL JAPAN				687,640
SOUTH KOREA— 0.7%
Information Technology — 0.7%
Ahnlab		1,774		79,214
UNITED KINGDOM— 4.2%
Information Technology — 4.2%
Avast		78,848		490,320
UNITED STATES— 81.4%
Information Technology — 81.4%
A10 Networks ^*		14,004		95,227
Crowdstrike Holdings, Cl A ^*		6,724		590,434
CyberArk Software ^*		4,603		477,699
FireEye ^*		39,532		493,359
Fortinet ^*		5,630		783,697

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Cybersecurity ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Mimecast ^*		11,123	$	464,719
MobileIron ^*		20,318		91,837
NortonLifeLock		28,524		649,777
Okta, Cl A ^*		4,009		784,080
OneSpan ^*		7,120		144,678
Palo Alto Networks ^*		3,087		726,278
Ping Identity Holding ^*		14,187		401,634
Proofpoint ^*		3,736		434,385
Qualys ^*		4,317		497,836
Rapid7 ^*		8,972		438,641
Sailpoint Technologies Holdings ^*		16,020		365,737
Tenable Holdings ^*		17,460		545,974
Varonis Systems ^*		5,600		472,584
VirnetX Holding		12,460		82,859
Zix ^*		10,073		67,691
Zscaler ^*		9,045		887,225
TOTAL UNITED STATES				9,496,351
TOTAL COMMON STOCK
(Cost $10,566,799)				11,642,190
TOTAL INVESTMENTS — 99.8%
(Cost $10,566,799)			$	11,642,190

Percentages are based on Net Assets of $11,667,970.

*	Non-income producing security.

Cl — Class

The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	11,562,976	$	79,214	$	—	$	11,642,190
Total Investments in Securities	$	11,562,976	$	79,214	$	—	$	11,642,190

For the period ended May 31, 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		May 31, 2020 (Unaudited)
	Global X Millennials Thematic 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 Notes 2 and 7 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.9%
UNITED STATES— 99.9%
Communication Services — 27.1%
Activision Blizzard		30,742	$	2,212,809
Alphabet, Cl A ^*		1,556		2,230,557
Cargurus, Cl A ^*		9,762		253,617
Cars.com ^*		41,812		257,980
Facebook, Cl A ^*		10,771		2,424,444
IAC ^*		5,175		1,399,165
iHeartMedia ^{* (A)}		28,596		248,785
Live Nation Entertainment ^*		14,041		690,256
Match Group ^{* (A)}		4,721		420,358
Netflix ^*		5,059		2,123,414
Snap, Cl A ^*		76,318		1,445,463
Spotify Technology ^*		12,178		2,203,366
TripAdvisor		10,718		206,643

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Millennials Thematic ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
Twitter ^*		51,337	$	1,589,907
Walt Disney		18,574		2,178,730
Yelp, Cl A ^*		8,615		187,290
Zillow Group, Cl A ^*		4,824		279,599
Zynga, Cl A ^*		62,547		572,305
				20,924,688
Consumer Discretionary — 41.1%
Amazon.com ^*		919		2,244,538
AutoNation ^*		6,193		244,500
Bed Bath & Beyond^(A)		32,727		237,925
Booking Holdings ^*		1,368		2,242,727
Bright Horizons Family Solutions ^*		3,806		425,815
Capri Holdings ^*		13,524		203,401
CarMax ^*		10,679		940,286
Carter’s		2,845		244,414
Carvana, Cl A ^*		4,178		388,470
Chegg ^*		8,156		498,168
Children’s Place Retail Stores		8,226		342,531
Chipotle Mexican Grill, Cl A ^*		1,820		1,827,116
Columbia Sportswear		4,405		321,829
Designer Brands, Cl A		35,531		217,805
Dick’s Sporting Goods		7,339		264,644
eBay		56,875		2,590,087
Etsy ^*		7,718		625,004
Expedia Group		8,801		699,503
GoPro, Cl A ^{* (A)}		68,344		321,900
Graham Holdings, Cl B		524		187,713
Groupon, Cl A ^*		207,326		264,341
Grubhub ^*		5,995		340,156

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Millennials Thematic ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Home Depot		9,637	$	2,394,602
K12 ^*		8,032		197,748
L Brands		18,044		292,132
Laureate Education, Cl A ^*		18,826		183,177
Lowe’s		19,897		2,593,573
Lululemon Athletica ^*		8,137		2,441,874
NIKE, Cl B		22,009		2,169,647
Peloton Interactive, Cl A ^*		6,798		286,808
Planet Fitness, Cl A ^*		5,217		337,175
Skechers U.S.A., Cl A ^*		8,774		274,802
Starbucks		26,230		2,045,678
Strategic Education		1,448		245,624
Under Armour, Cl A ^*		19,139		167,466
VF		25,873		1,451,475
Wayfair, Cl A ^*		4,400		754,820
WW International ^*		9,884		236,228
				31,745,702
Consumer Staples — 2.8%
Costco Wholesale		6,136		1,892,772
Sprouts Farmers Market ^*		9,940		249,792
				2,142,564
Financials — 1.3%
Blucora ^*		14,523		176,454
LendingClub ^*		23,202		124,131
LendingTree ^*		1,004		261,060
Nelnet, Cl A		4,117		202,927

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Millennials Thematic ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
SLM		27,541	$	208,761
				973,333
Industrials — 4.4%
Avis Budget Group ^*(A)		12,934		278,469
Lyft, Cl A ^*		19,495		609,414
Uber Technologies ^*		69,684		2,530,923
				3,418,806
Information Technology — 15.5%
2U ^*		8,592		313,350
Apple		7,056		2,243,385
Fiserv ^*		19,083		2,037,492
Fitbit, Cl A ^*		28,285		179,327
Intuit		7,634		2,216,303
PayPal Holdings ^*		17,869		2,769,873
Pluralsight, Cl A ^*		16,217		337,800
Square, Cl A ^*		23,257		1,885,678
				11,983,208
Real Estate — 7.7%
American Campus Communities ^‡		8,991		290,409
AvalonBay Communities ^‡		9,226		1,439,348
Camden Property Trust ^‡		6,521		597,128
Equity Residential ^‡		24,384		1,476,696
Independence Realty Trust ^‡		21,961		217,194
Investors Real Estate Trust ^‡		3,529		250,206
Invitation Homes ^‡		35,497		933,571
UDR ^‡		19,540		722,589
				5,927,141

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Millennials Thematic ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
TOTAL UNITED STATES			$	77,115,442
TOTAL COMMON STOCK
(Cost $74,240,618)				77,115,442

SHORT-TERM INVESTMENT^(B)(C) — 1.2%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.080%
(Cost $957,810)		957,810		957,810

REPURCHASE AGREEMENT^(B) — 0.2%
BNP Paribas
0.050%, dated 05/29/20, to be repurchased on 06/01/20, repurchase price $112,435 (collateralized by U.S. Treasury Obligations, ranging in par value $13,680 - $100,861, 1.500%, 08/15/2026, with a total market value of $114,541)
(Cost $112,435)	$	112,435		112,435
TOTAL INVESTMENTS — 101.3%
(Cost $75,310,863)			$	78,185,687

Percentages are based on Net Assets of $77,176,520.

*	Non-income producing security.
‡	Real Estate Investment Trust
(A)	This security or a partial position of this security is on loan at May 31, 2020. The total value of securities on loan at May 31, 2020 was $1,072,329.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2020 was $1,070,245.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2020.

Cl — Class

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Millennials Thematic ETF

The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	77,115,442	$	—	$	—	$	77,115,442
Short-Term Investment		957,810		—		—		957,810
Repurchase Agreement		—		112,435		—		112,435
Total Investments in Securities	$	78,073,252	$	112,435	$	—	$	78,185,687

For the period ended May 31, 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		May 31, 2020 (Unaudited)
	Global X Longevity Thematic ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 100.0%
AUSTRALIA— 0.7%
Health Care — 0.7%
Cochlear		1,395	$	178,727
BELGIUM— 1.6%
Health Care — 1.6%
UCB		4,237		424,171
CANADA— 0.2%
Health Care — 0.2%
Chartwell Retirement Residences		10,346		61,229
CHINA— 3.6%
Health Care — 3.6%
BeiGene ADR ^*		1,683		278,604
Hansoh Pharmaceutical Group ^*		126,000		547,013
Luye Pharma Group		141,147		70,473
Venus MedTech Hangzhou, Cl H ^*		10,500		69,088
TOTAL CHINA				965,178
DENMARK— 6.4%
Health Care — 6.4%
Demant ^*		5,333		150,661
Genmab ^*		1,420		436,551
GN Store Nord		3,094		167,012

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Longevity Thematic ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
H Lundbeck		4,331	$	166,371
Novo Nordisk, Cl B		11,855		771,821
TOTAL DENMARK				1,692,416
FRANCE— 2.3%
Health Care — 2.3%
BioMerieux		2,578		370,211
Korian		2,098		75,519
Orpea		1,405		165,037
TOTAL FRANCE				610,767
GERMANY— 2.1%
Health Care — 2.1%
Fresenius Medical Care & KGaA ^*		6,633		557,791
IRELAND— 0.3%
Health Care — 0.3%
Amarin ADR ^*		12,021		82,464
ITALY— 0.5%
Health Care — 0.5%
Amplifon		4,918		136,490
JAPAN— 6.9%
Health Care — 6.9%
Chugai Pharmaceutical		5,594		825,069
Kissei Pharmaceutical		2,963		75,082
Miraca Holdings		3,352		77,970
Mochida Pharmaceutical		1,810		70,142
Nipro		6,575		76,897
Terumo		16,526		648,860
Toho Holdings		3,263		65,148
TOTAL JAPAN				1,839,168

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Longevity Thematic ETF

	Shares		Value
COMMON STOCK — continued
NEW ZEALAND— 0.3%
Health Care — 0.3%
Ryman Healthcare		10,851	$	81,306
SOUTH KOREA— 2.2%
Health Care — 2.2%
Celltrion ^*		2,936		506,146
Helixmith ^*		1,491		75,366
TOTAL SOUTH KOREA				581,512
SPAIN— 0.4%
Health Care — 0.4%
Pharma Mar ^*		14,687		100,881
SWEDEN— 0.6%
Health Care — 0.6%
Attendo		18,181		78,258
Elekta, Cl B		8,565		90,303
TOTAL SWEDEN				168,561
SWITZERLAND— 5.2%
Health Care — 5.2%
Alcon		10,715		690,168
Medacta Group ^*		1,176		100,010
Sonova Holding		1,402		307,194
Straumann Holding		346		280,200
TOTAL SWITZERLAND				1,377,572
UNITED KINGDOM— 1.6%
Consumer Discretionary — 0.2%
McCarthy & Stone		70,276		62,034

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Longevity Thematic ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 1.4%
Smith & Nephew		19,053	$	386,774
TOTAL UNITED KINGDOM				448,808
UNITED STATES— 65.1%
Health Care — 60.6%
AbbVie		8,930		827,543
ABIOMED ^*		980		219,422
ACADIA Pharmaceuticals ^*		3,366		167,223
Aerie Pharmaceuticals ^*		5,213		73,138
Agios Pharmaceuticals ^*		1,718		88,889
Align Technology ^*		1,715		421,238
Alkermes ^*		4,411		72,164
Amedisys ^*		703		135,011
Amgen		3,200		735,040
Becton Dickinson		2,806		692,886
Biogen Idec ^*		2,213		679,590
Bluebird Bio ^*		1,624		103,335
Blueprint Medicines ^*		1,129		73,543
Boston Scientific ^*		19,969		758,622
Bristol-Myers Squibb		12,043		719,208
Brookdale Senior Living ^*		21,964		80,388
DaVita ^*		2,734		221,344
DENTSPLY SIRONA		4,819		224,180
DexCom ^*		2,002		757,377
Edwards Lifesciences ^*		3,388		761,352
Ensign Group		1,881		82,237
Envista Holdings ^*		4,257		89,993
Epizyme ^*		4,149		72,815
Exact Sciences ^*		3,269		280,742
Exelixis ^*		6,639		164,050
FibroGen ^*		1,919		64,171

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Longevity Thematic ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Glaukos ^*		2,142	$	83,495
Halozyme Therapeutics ^*		3,948		95,818
Incyte ^*		4,723		481,321
Inogen ^*		1,367		51,946
Insulet ^*		1,385		261,169
Integer Holdings ^*		1,095		86,702
Integra LifeSciences Holdings ^*		1,834		95,570
Ionis Pharmaceuticals ^*		3,029		170,260
LHC Group ^*		685		111,319
LivaNova ^*		1,451		77,614
Medtronic		7,066		696,566
Merit Medical Systems ^*		2,089		93,984
Myriad Genetics ^*		4,897		71,153
National HealthCare		895		60,028
Natus Medical ^*		2,851		61,011
Neurocrine Biosciences ^*		2,009		250,643
Novocure ^*		2,221		149,762
NuVasive ^*		1,292		78,295
Pennant Group ^*		4,032		102,776
Quest Diagnostics		2,906		343,721
Radius Health ^*		5,544		70,187
Regeneron Pharmaceuticals ^*		1,371		840,162
Sage Therapeutics ^*		2,326		83,085
Seattle Genetics ^*		3,760		591,110
Silk Road Medical ^*		1,947		74,512
Stryker		3,976		778,223
Tactile Systems Technology ^*		1,532		74,225
Varian Medical Systems ^*		1,974		239,624
Vertex Pharmaceuticals ^*		2,810		809,168
Zimmer Biomet Holdings		4,503		568,909
				16,117,859

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Longevity Thematic ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — 4.5%
Diversified Healthcare Trust ^‡		23,175	$	82,967
LTC Properties ^‡		2,077		76,454
National Health Investors ^‡		1,307		72,525
Omega Healthcare Investors ^‡		4,841		150,748
Sabra Health Care ^‡		5,613		75,551
Ventas ^‡		8,118		283,725
Welltower ^‡		8,944		453,193
				1,195,163
TOTAL UNITED STATES				17,313,022
TOTAL COMMON STOCK
(Cost $22,892,314)				26,620,063
TOTAL INVESTMENTS — 100.0%
(Cost $22,892,314)			$	26,620,063

Percentages are based on Net Assets of $26,615,378.

*	Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	25,351,977	$	1,268,086	$	—	$	26,620,063
Total Investments in Securities	$	25,351,977	$	1,268,086	$	—	$	26,620,063

For the period ended May 31, 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		May 31, 2020 (Unaudited)
	Global X Health & Wellness Thematic ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
AUSTRALIA— 0.6%
Consumer Staples — 0.6%
Blackmores		2,044	$	111,177
CANADA— 1.6%
Consumer Discretionary — 1.6%
Gildan Activewear		23,434		323,824
CHINA— 9.7%
Consumer Discretionary — 9.7%
ANTA Sports Products		69,836		622,586
Li Ning		168,857		566,415
Topsports International Holdings		428,000		607,406
Xtep International Holdings		295,000		95,149
TOTAL CHINA				1,891,556
FRANCE— 2.7%
Consumer Staples — 2.7%
Danone		7,843		537,059
GERMANY— 5.8%
Consumer Discretionary — 5.8%
adidas		2,059		543,265
Puma		8,225		587,186
TOTAL GERMANY				1,130,451

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Health & Wellness Thematic ETF

	Shares		Value
COMMON STOCK — continued
HONG KONG— 1.4%
Consumer Discretionary — 1.4%
Yue Yuen Industrial Holdings		190,179	$	272,350
IRELAND— 1.9%
Consumer Staples — 1.9%
Glanbia		34,897		380,995
ITALY— 1.0%
Consumer Discretionary — 1.0%
Technogym		23,659		195,404
JAPAN— 15.2%
Consumer Discretionary — 10.0%
ABC-Mart		9,807		596,239
Asics		22,357		237,609
Descente		9,030		134,358
Goldwin		5,680		363,254
Shimano		3,415		627,940
				1,959,400
Consumer Staples — 3.9%
Ariake Japan		3,895		270,428
Yakult Honsha		8,066		494,135
				764,563
Health Care — 1.3%
Tsumura		9,073		252,311
TOTAL JAPAN				2,976,274
NETHERLANDS— 0.8%
Consumer Discretionary — 0.8%
Basic-Fit ^*		6,428		163,024

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Health & Wellness Thematic ETF

	Shares		Value
COMMON STOCK — continued
SOUTH KOREA— 1.8%
Consumer Discretionary — 1.8%
Fila Holdings		7,154	$	222,109
Youngone		5,207		128,866
TOTAL SOUTH KOREA				350,975
TAIWAN— 8.1%
Consumer Discretionary — 8.1%
Feng TAY Enterprise		86,719		522,769
Fulgent Sun International Holding		21,000		69,872
Giant Manufacturing		44,326		346,931
Johnson Health Tech		36,000		86,688
Merida Industry		35,388		212,151
Pou Chen		350,086		344,548
TOTAL TAIWAN				1,582,959
UNITED KINGDOM— 4.3%
Consumer Discretionary — 4.3%
Frasers Group ^*		61,141		231,753
JD Sports Fashion		74,343		605,133
TOTAL UNITED KINGDOM				836,886
UNITED STATES— 45.0%
Consumer Discretionary — 23.7%
Columbia Sportswear		6,678		487,895
Dick’s Sporting Goods		7,377		266,015
Foot Locker		12,278		340,101
Lululemon Athletica ^*		2,478		743,635
NIKE, Cl B		5,694		561,315
Peloton Interactive, Cl A ^*		5,163		217,827
Planet Fitness, Cl A ^*		9,329		602,933
Skechers U.S.A., Cl A ^*		15,858		496,673
Under Armour, Cl A ^*		22,191		194,171

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Health & Wellness Thematic ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
VF		8,377	$	469,950
WW International ^*		7,937		189,694
Zumiez ^*		3,025		73,719
				4,643,928
Consumer Staples — 14.4%
BellRing Brands, Cl A ^*		4,627		92,910
Calavo Growers		2,072		121,233
Cal-Maine Foods		5,170		230,375
Hain Celestial Group ^*		12,305		387,361
Herbalife Nutrition ^*		15,898		696,967
Medifast		1,382		141,434
Nu Skin Enterprises, Cl A		6,538		243,083
Sanderson Farms		2,621		346,024
Sprouts Farmers Market ^*		13,853		348,126
USANA Health Sciences ^*		2,537		214,935
				2,822,448
Health Care — 4.9%
DexCom ^*		1,882		711,980
Prestige Consumer Healthcare ^*		5,922		249,908
				961,888
Industrials — 1.1%
Healthcare Services Group		8,761		209,563
Information Technology — 0.9%
Fitbit, Cl A ^*		27,786		176,163
TOTAL UNITED STATES				8,813,990

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Health & Wellness Thematic ETF

	Value
TOTAL COMMON STOCK
(Cost $21,296,811)	$	19,566,924
TOTAL INVESTMENTS — 99.9%
(Cost $21,296,811)	$	19,566,924

Percentages are based on Net Assets of $19,593,397.

*	Non-income producing security.

Cl — Class

The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	16,148,413	$	3,418,511	$	—	$	19,566,924
Total Investments in Securities	$	16,148,413	$	3,418,511	$	—	$	19,566,924

For the period ended May 31, 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		May 31, 2020 (Unaudited)
	Global X Cannabis 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 Notes 2 and 7 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.2%
AUSTRALIA— 1.6%
Consumer Staples — 0.1%
Elixinol Global ^{* (A)}		57,994	$	10,202
Health Care — 1.5%
Cann Group ^*		236,456		183,642
TOTAL AUSTRALIA				193,844
CANADA— 77.3%
Consumer Discretionary — 3.6%
Fire & Flower Holdings ^{* (A)}		350,696		180,143
Namaste Technologies ^*		770,517		239,706
				419,849
Financials — 3.4%
Canopy Rivers ^*		384,758		395,281
Health Care — 70.3%
Aleafia Health ^{* (A)}		746,922		308,020
Aphria ^{* (A)}		212,939		895,077
Aurora Cannabis ^{* (A)}		85,929		1,209,881
Auxly Cannabis Group ^{* (A)}		1,589,393		465,710

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Cannabis ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Canopy Growth ^*		48,465	$	848,891
Cronos Group ^*		121,042		790,775
Green Organic Dutchman Holdings ^{* (A)}		855,646		269,285
HEXO ^{* (A)}		876,740		539,161
MediPharm Labs ^*		308,897		402,268
Organigram Holdings ^{* (A)}		268,508		470,112
PharmaCielo ^*		188,082		121,106
Sundial Growers ^*		188,684		160,570
Supreme Cannabis ^{* (A)}		973,103		246,409
Tetra Bio-Pharma ^*		572,439		89,042
Tilray, Cl 2 ^{* (A)}		93,277		918,779
Valens Groworks ^*		263,782		505,732
				8,240,818
TOTAL CANADA				9,055,948
UNITED KINGDOM— 7.4%
Health Care — 7.4%
GW Pharmaceuticals ADR ^*		7,124		874,471
UNITED STATES— 12.9%
Health Care — 12.9%
cbdMD ^*		90,902		133,626
Charlottes Web Holdings ^{* (A)}		100,872		548,075
Corbus Pharmaceuticals Holdings ^*		70,898		528,899
Zynerba Pharmaceuticals ^*		57,511		302,508
TOTAL UNITED STATES				1,513,108
TOTAL COMMON STOCK
(Cost $13,650,060)				11,637,371

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Cannabis ETF

	Shares/Face Amount		Value
SHORT-TERM INVESTMENT^(B)(C) — 27.8%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.080%
(Cost $3,260,589)		3,260,589	$	3,260,589

REPURCHASE AGREEMENT^(B) — 3.3%
BNP Paribas
0.050%, dated 05/29/20, to be repurchased on 06/01/20, repurchase price $382,754 (collateralized by U.S. Treasury Obligations, ranging in par value $46,570 - $343,352, 1.500%, 08/15/2026, with a total market value of $389,922)
(Cost $382,751)	$	382,751		382,751
TOTAL INVESTMENTS — 130.3%
(Cost $17,293,400)			$	15,280,711

Percentages are based on Net Assets of $11,727,540.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2020. The total value of securities on loan at May 31, 2020 was $3,282,607.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2020 was $3,643,340.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2020.

ADR — American Depositary Receipt

Cl — Class

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Cannabis ETF

The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	11,637,371	$	—	$	—	$	11,637,371
Short-Term Investment		3,260,589		—		—		3,260,589
Repurchase Agreement		—		382,751		—		382,751
Total Investments in Securities	$	14,897,960	$	382,751	$	—	$	15,280,711

For the period ended May 31, 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		May 31, 2020 (Unaudited)
	Global X U.S. Infrastructure Development 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 Notes 2 and 7 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.7%
Energy — 0.2%
Matrix Service ^*		19,400	$	213,788
Industrials — 70.6%
Acuity Brands		13,792		1,188,181
Advanced Drainage Systems		23,712		1,051,390
AECOM ^*		54,640		2,118,393
Aegion, Cl A ^*		19,026		285,580
Altra Industrial Motion		22,392		694,152
Arcosa		16,768		640,035
Argan		9,835		363,797
Astec Industries		9,491		403,178
Atkore International Group ^*		10,153		272,507
Columbus McKinnon		10,872		330,618
Construction Partners, Cl A ^*		24,249		429,207
Crane		20,825		1,160,369
CSW Industrials		5,152		368,677

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X U.S. Infrastructure Development ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
CSX		54,554	$	3,904,975
Dycom Industries ^*		9,190		386,899
Eaton		42,729		3,627,692
EMCOR Group		19,527		1,240,941
Emerson Electric		53,878		3,287,636
Exponent		17,973		1,334,316
Fastenal		115,894		4,781,786
Fluor		48,607		564,327
Fortive		53,868		3,284,871
Gibraltar Industries ^*		7,386		325,058
Gorman-Rupp		10,918		334,746
Granite Construction		15,237		268,171
Greenbrier		15,545		329,865
H&E Equipment Services		14,602		250,278
HD Supply Holdings ^*		56,349		1,786,827
Herc Holdings ^*		9,195		262,057	��
Howmet Aerospace		141,602		1,852,154
Hubbell, Cl B		19,054		2,332,591
Insteel Industries		16,974		299,591
Jacobs Engineering Group		43,496		3,654,534
Kansas City Southern		25,079		3,774,891
Lincoln Electric Holdings		21,277		1,748,331
Manitowoc ^*		26,990		252,356
MasTec ^*		26,534		1,038,806
MRC Global ^*		33,220		196,662
Mueller Industries		14,088		377,277
Mueller Water Products, Cl A		33,829		315,963
MYR Group ^*		12,757		367,529

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X U.S. Infrastructure Development ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Norfolk Southern		20,032	$	3,571,505
Northwest Pipe ^*		11,716		293,954
NOW ^*		39,080		291,146
Pentair		58,429		2,286,911
Powell Industries		9,029		240,171
Primoris Services		18,161		303,107
Quanta Services		49,479		1,827,259
RBC Bearings ^*		8,677		1,220,420
Rexnord		42,350		1,274,735
Rockwell Automation		20,653		4,464,352
SPX ^*		15,338		613,213
Sterling Construction ^*		28,413		257,138
Team ^*		26,862		132,430
Terex		15,381		241,789
Tetra Tech		19,008		1,499,731
Titan Machinery ^*		31,217		326,842
Trinity Industries		42,540		849,524
Tutor Perini ^*		36,895		387,398
Union Pacific		22,369		3,799,598
United Rentals ^*		26,266		3,648,085
Valmont Industries		7,471		851,694
Wabash National		33,070		315,819
WESCO International ^*		14,479		482,151
Willdan Group ^*		12,149		297,043
				80,963,229
Information Technology — 4.9%
Anixter International ^*		11,776		1,127,081

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X U.S. Infrastructure Development ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Badger Meter		6,659	$	407,464
Calix ^*		47,129		664,519
Trimble ^*		87,133		3,408,643
				5,607,707
Materials — 22.7%
Alcoa ^*		64,371		592,857
Allegheny Technologies ^*		43,729		379,568
Arconic ^*		35,856		518,836
Century Aluminum ^*		64,443		384,080
Cleveland-Cliffs ^(A)		111,270		580,829
Commercial Metals		41,138		705,928
Eagle Materials		14,492		967,486
Forterra ^*		28,118		248,001
Haynes International		14,925		340,738
Martin Marietta Materials		15,579		2,992,570
Minerals Technologies		7,178		353,947
Nucor		80,830		3,415,876
Reliance Steel & Aluminum		23,152		2,245,744
RPM International		45,349		3,391,198
Ryerson Holding ^*		37,470		186,975
Steel Dynamics		74,858		1,988,229
Summit Materials, Cl A ^*		38,975		592,030
TimkenSteel ^*		61,440		215,040
United States Steel ^(A)		42,636		342,793
US Concrete ^*		10,631		221,763
Vulcan Materials		29,332		3,177,242

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X U.S. Infrastructure Development ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Materials — continued
Westlake Chemical		44,635	$	2,129,090
				25,970,820
Utilities — 1.3%
MDU Resources Group		69,644		1,515,454
TOTAL COMMON STOCK
(Cost $141,087,032)				114,270,998

CORPORATE OBLIGATION — 0.0%
Mueller Industries
6.000%, 03/01/27(Cost $1,000)	$	1,000		945


SHORT-TERM INVESTMENT^(B)(C) — 0.3%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.080%
(Cost $330,900)		330,900		330,900

REPURCHASE AGREEMENT^(B) — 0.0%
BNP Paribas
0.050%, dated 05/29/20, to be repurchased on 06/01/20, repurchase price $38,843 (collateralized by U.S. Treasury Obligations, ranging in par value $4,726 - $34,845, 1.500%, 08/15/2026, with a total market value of $39,571)
(Cost $38,843)	$	38,843		38,843
TOTAL INVESTMENTS — 100.0%
(Cost $141,457,775)			$	114,641,686

Percentages are based on Net Assets of $114,647,220.

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X U.S. Infrastructure Development ETF

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2020. The total value of securities on loan at May 31, 2020 was $355,028.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2020 was $369,743.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2020.

Cl — Class

The following is a summary of the level of inputs used as of May 31, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	114,270,998	$	—	$	—	$	114,270,998
Corporate Obligation		—		945		—		945
Short-Term Investment		330,900		—		—		330,900
Repurchase Agreement		—		38,843		—		38,843
Total Investments in Securities	$	114,601,898	$	39,788	$	—	$	114,641,686

For the period ended May 31, 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		May 31, 2020 (Unaudited)
	Global X Conscious Companies ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
CANADA— 1.2%
Energy — 0.6%
Enbridge		44,376	$	1,440,001
Financials — 0.6%
Toronto-Dominion Bank		33,139		1,418,349
TOTAL CANADA				2,858,350
UNITED STATES— 98.7%
Communication Services — 6.7%
Alphabet, Cl A ^*		3,944		5,653,803
AT&T		43,199		1,333,121
Comcast, Cl A		35,497		1,405,682
Facebook, Cl A ^*		10,993		2,474,414
Netflix ^*		3,002		1,260,029

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
Omnicom Group		24,884	$	1,363,394
Verizon Communications		22,242		1,276,246
Walt Disney ^*		12,685		1,487,951
				16,254,640
Consumer Discretionary — 10.4%
Amazon.com ^*		3,026		7,390,611
Best Buy		17,975		1,403,668
Booking Holdings ^*		942		1,544,334
BorgWarner		48,073		1,545,547
eBay		33,790		1,538,797
General Motors		59,532		1,540,688
Hasbro		17,605		1,294,144
Home Depot		6,332		1,573,375
Lowe’s		13,202		1,720,881
NIKE, Cl B		14,664		1,445,577
Starbucks		17,045		1,329,340
VF		23,571		1,322,333
Whirlpool		12,531		1,526,526
				25,175,821
Consumer Staples — 8.3%
Brown-Forman, Cl B		21,187		1,396,858
Campbell Soup		25,344		1,292,037
Clorox		6,744		1,390,950
Coca-Cola		28,423		1,326,786
Colgate-Palmolive		17,982		1,300,638
Costco Wholesale		4,194		1,293,723
Estee Lauder, Cl A		7,871		1,554,286
General Mills		21,453		1,352,397
Hershey		9,356		1,269,422
Hormel Foods		27,138		1,325,149

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Kellogg		19,859	$	1,296,991
Kimberly-Clark		9,126		1,290,781
McCormick		8,449		1,479,928
PepsiCo		9,834		1,293,663
Procter & Gamble		10,728		1,243,590
				20,107,199
Energy — 3.1%
Baker Hughes, Cl A		94,406		1,558,643
Chevron		14,402		1,320,663
ConocoPhillips		35,412		1,493,678
Hess		30,748		1,459,608
ONEOK		43,871		1,609,627
				7,442,219
Financials — 12.4%
Aflac		36,562		1,333,416
Allstate		12,882		1,259,988
American Express		15,537		1,477,103
Bank of America		58,581		1,412,974
BlackRock, Cl A		2,719		1,437,372
Capital One Financial		24,358		1,657,318
Citigroup		30,176		1,445,732
Discover Financial Services		36,803		1,748,510
FactSet Research Systems		4,685		1,440,684
JPMorgan Chase		14,332		1,394,647
KeyCorp		120,527		1,428,245
Moody’s		5,338		1,427,435
Morgan Stanley		34,190		1,511,198
Northern Trust		16,893		1,334,716
PNC Financial Services Group		12,885		1,469,405
Progressive		15,694		1,219,110

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Prudential Financial		24,067	$	1,467,125
S&P Global		4,582		1,489,242
T Rowe Price Group		12,729		1,538,936
Travelers		12,712		1,359,930
US Bancorp		38,394		1,365,291
				30,218,377
Health Care — 13.6%
Abbott Laboratories		13,635		1,294,234
AbbVie		15,613		1,446,856
Agilent Technologies		17,059		1,503,581
Amgen		5,510		1,265,647
Baxter International		14,026		1,262,480
Becton Dickinson		4,832		1,193,166
Biogen Idec ^*		4,384		1,346,283
Boston Scientific ^*		35,191		1,336,906
Bristol-Myers Squibb		21,016		1,255,076
Edwards Lifesciences ^*		5,794		1,302,028
Eli Lilly		8,009		1,224,977
Humana		3,499		1,436,864
Illumina ^*		4,096		1,487,053
IQVIA Holdings ^*		10,035		1,500,433
Johnson & Johnson		10,864		1,616,019
Merck		15,837		1,278,363
Mettler-Toledo International ^*		1,822		1,448,490
PerkinElmer		14,690		1,475,904
Pfizer		34,914		1,333,366
Regeneron Pharmaceuticals ^*		2,264		1,387,402
Thermo Fisher Scientific		3,997		1,395,712
Vertex Pharmaceuticals ^*		4,781		1,376,737
Waters ^*		6,714		1,341,793

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Zoetis, Cl A		10,360	$	1,444,080
				32,953,450
Industrials — 9.4%
3M		8,876		1,388,561
Caterpillar		11,345		1,362,875
Cummins		8,810		1,494,177
Deere		9,343		1,421,257
FedEx		10,598		1,383,675
Illinois Tool Works		8,259		1,424,347
Ingersoll Rand ^*		46,825		1,320,465
Owens Corning		34,752		1,824,480
Republic Services, Cl A		16,745		1,431,028
Rockwell Automation		7,566		1,635,467
Southwest Airlines		42,500		1,364,250
Trane Technologies		15,307		1,380,844
Union Pacific		8,412		1,428,862
United Parcel Service, Cl B		12,879		1,284,165
Waste Management		13,099		1,398,318
Xylem		18,839		1,249,779
				22,792,550
Information Technology — 25.3%
Accenture, Cl A		7,410		1,494,004
Adobe ^*		3,820		1,476,812
Akamai Technologies ^*		12,525		1,325,145
Analog Devices		12,583		1,421,250
Apple		31,778		10,103,497
Applied Materials		25,168		1,413,938
Automatic Data Processing		9,394		1,376,127
Cisco Systems		30,778		1,471,804
Cognizant Technology Solutions, Cl A		24,333		1,289,649

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Intel		21,697	$	1,365,392
Intuit		4,964		1,441,148
Juniper Networks		55,378		1,343,470
Keysight Technologies ^*		13,377		1,446,455
KLA		8,035		1,413,839
Lam Research		4,853		1,328,121
Littelfuse		9,701		1,576,316
Mastercard, Cl A		5,007		1,506,556
Microsoft		59,458		10,895,678
NetApp		31,216		1,390,361
NVIDIA		4,510		1,601,139
ON Semiconductor ^*		92,050		1,517,905
Oracle		24,649		1,325,377
QUALCOMM		17,356		1,403,753
salesforce.com ^*		8,444		1,475,927
Square, Cl A ^*		20,722		1,680,140
Texas Instruments		11,598		1,377,147
Visa, Cl A		7,700		1,503,348
VMware, Cl A ^*		10,133		1,583,484
Workday, Cl A ^*		8,947		1,641,148
Xilinx		14,702		1,351,849
				61,540,779
Materials — 3.4%
Air Products & Chemicals		6,064		1,465,366
Avery Dennison		12,003		1,328,372
Ecolab		7,319		1,555,872
International Flavors & Fragrances		10,401		1,385,309
Newmont		20,514		1,199,454
Sonoco Products		27,326		1,415,760
				8,350,133

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — 2.3%
CBRE Group, Cl A ^*		32,037	$	1,408,987
Jones Lang LaSalle		12,615		1,291,776
ProLogis ^‡		14,767		1,351,181
Ventas ^‡		45,563		1,592,427
				5,644,371
Utilities — 3.8%
American Water Works		10,274		1,304,798
Entergy		13,210		1,345,042
Exelon		35,029		1,341,961
NextEra Energy		5,312		1,357,535
Pinnacle West Capital		17,055		1,328,585
Sempra Energy		10,207		1,289,246
WEC Energy Group		13,570		1,244,776
				9,211,943
TOTAL UNITED STATES				239,691,482
TOTAL COMMON STOCK
(Cost $209,101,459)				242,549,832
TOTAL INVESTMENTS — 99.9%
(Cost $209,101,459)			$	242,549,832

Percentages are based on Net Assets of $242,789,162.

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

Cl — Class

As of May 31, 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 May 31, 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		May 31, 2020 (Unaudited)
	Global X Founder-Run Companies ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 100.0%
UNITED STATES— 100.0%
Communication Services — 8.7%
Cargurus, Cl A ^*		1,862	$	48,375
Facebook, Cl A ^*		195		43,892
Netflix ^*		87		36,517
Nexstar Media Group, Cl A		626		52,152
Roku, Cl A ^*		298		32,634
Snap, Cl A ^*		2,322		43,979
TripAdvisor		2,014		38,830
Twitter ^*		1,292		40,013
World Wrestling Entertainment, Cl A		829		38,358
				374,750
Consumer Discretionary — 9.3%
Amazon.com ^*		15		36,636
Carvana, Cl A ^*		396		36,820
Grubhub ^*		853		48,399

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Founder-Run Companies ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
L Brands		3,603	$	58,333
Las Vegas Sands		848		40,653
Skechers U.S.A., Cl A ^*		1,451		45,445
Tesla ^*		51		42,585
Texas Roadhouse, Cl A		810		41,998
Wayfair, Cl A ^*		300		51,465
				402,334
Consumer Staples — 1.9%
J&J Snack Foods		315		40,518
National Beverage ^*		710		40,456
				80,974
Energy — 1.0%
Pioneer Natural Resources		480		43,968
Financials — 15.1%
Apollo Global Management, Cl A		954		45,410
Athene Holding, Cl A ^*		1,571		45,386
BlackRock, Cl A		78		41,234
Blackstone Group, Cl A		767		43,566
Capital One Financial		662		45,043
Essent Group		1,521		50,269
First Republic Bank		371		40,131
Intercontinental Exchange		418		40,650
KKR		1,573		43,651
LendingTree ^*		172		44,723
MarketAxess Holdings		88		44,756
SEI Investments		760		41,207
Signature Bank NY		395		40,650
Starwood Property Trust ^‡		3,305		43,824
Wintrust Financial		1,031		43,673
				654,173

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Founder-Run Companies ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 14.6%
Allogene Therapeutics ^*		1,255	$	60,441
Guardant Health ^*		488		44,111
Ionis Pharmaceuticals ^*		639		35,918
Jazz Pharmaceuticals ^*		347		41,404
LHC Group ^*		302		49,078
Masimo ^*		176		42,273
Merit Medical Systems ^*		924		41,571
Neurocrine Biosciences ^*		378		47,159
Penumbra ^*		195		33,622
Regeneron Pharmaceuticals ^*		64		39,220
Seattle Genetics ^*		254		39,932
Ultragenyx Pharmaceutical ^*		561		38,406
United Therapeutics ^*		334		39,395
Universal Health Services, Cl B		365		38,489
Veeva Systems, Cl A ^*		198		43,336
				634,355
Industrials — 4.6%
Axon Enterprise ^*		517		39,271
Clean Harbors ^*		734		43,592
CoStar Group ^*		62		40,722
FedEx		302		39,429
Lyft, Cl A ^*		1,162		36,324
				199,338
Information Technology — 33.7%
Akamai Technologies ^*		361		38,194
Alteryx, Cl A ^*		330		47,500
Avalara ^*		436		46,678
Dell Technologies, Cl C ^*		936		46,463
Dropbox, Cl A ^*		1,838		41,484
EPAM Systems ^*		183		42,207

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Founder-Run Companies ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Euronet Worldwide ^*		446	$	42,249
Fortinet ^*		355		49,416
HubSpot ^*		252		50,385
IPG Photonics ^*		307		47,708
Microchip Technology		453		43,497
Monolithic Power Systems		196		41,111
New Relic ^*		718		47,496
Nutanix, Cl A ^*		2,088		50,237
NVIDIA		128		45,443
Okta, Cl A ^*		239		46,744
Paycom Software ^*		175		52,015
Pegasystems		484		46,038
RealPage ^*		612		41,506
RingCentral, Cl A ^*		153		41,960
salesforce.com ^*		238		41,600
Square, Cl A ^*		599		48,567
SS&C Technologies Holdings		725		41,974
Synopsys ^*		243		43,961
Trade Desk, Cl A ^*		143		44,553
Twilio, Cl A ^*		334		65,998
Ubiquiti		240		44,258
VeriSign ^*		175		38,327
ViaSat ^*		899		37,758
Workday, Cl A ^*		256		46,958
Zendesk ^*		506		43,390
Zscaler ^*		550		53,950
				1,459,625
Materials — 1.0%
Steel Dynamics		1,578		41,912

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


Schedule of Investments		May 31, 2020 (Unaudited)
	Global X Founder-Run Companies ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — 10.1%
American Campus Communities ^‡		1,243	$	40,149
American Homes 4 Rent, Cl A ^‡		1,614		40,737
Apartment Investment & Management, Cl A ^‡		1,059		39,045
Brandywine Realty Trust ^‡		3,744		36,130
Camden Property Trust ^‡		444		40,657
Healthcare Trust of America, Cl A ^‡		1,574		41,664
Invitation Homes ^‡		1,706		44,868
Medical Properties Trust ^‡		2,341		42,325
ProLogis ^‡		417		38,155
STAG Industrial ^‡		1,447		38,924
Vornado Realty Trust ^‡		983		35,595
				438,249
TOTAL UNITED STATES				4,329,678
TOTAL COMMON STOCK
(Cost $4,604,247)				4,329,678
TOTAL INVESTMENTS — 100.0%
(Cost $4,604,247)			$	4,329,678

Percentages are based on Net Assets of $4,331,430.

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

Cl — Class

As of May 31, 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 May 31, 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		May 31, 2020 (Unaudited)
	Global X Thematic Growth ETF

Sector Weightings †:

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

	Shares		Value
EXCHANGE TRADED FUNDS — 100.0%
Affiliated ETF — 100.0%
Global X E-commerce ETF^(A)		52,426	$	1,131,290
Global X FinTech ETF^*(A)		43,681		1,404,345
Global X Internet of Things ^(A)		23,952		545,521
Global X Lithium & Battery Tech ETF ^(A)		18,168		518,515
Global X Longevity Thematic ETF ^(A)		23,698		574,795
Global X Robotics & Artificial Intelligence ETF ^(A)		25,652		594,613
Global X Social Media ETF^*(A)		27,555		1,048,743

TOTAL EXCHANGE TRADED FUNDS (Cost $5,446,723)				5,817,822
TOTAL INVESTMENTS — 100.0%
(Cost $5,446,723)			$	5,817,822

Percentages are based on Net Assets of $5,819,454.

*	Non-income producing security.
(A)	Affiliated investment.

ETF — Exchange Traded Fund

As of May 31, 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 May 31, 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		May 31, 2020 (Unaudited)
	Global X Thematic Growth ETF

The following is a summary of the transactions with affiliates for the period ended May 31, 2020:

	Value at 11/30/19		Purchases at Cost		Proceeds from Sales			Changes in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value at 5/31/20		Shares		Dividend Income
Global X E-commerce ETF	$	439,566	$	684,807	$	(157,521	)	$	184,759		$	(20,321	)	$	1,131,290		52,426	$	837
Global X Fintech ETF		459,057		913,706		(3,269	)		35,742			(891	)		1,404,345		43,681		−
Global X Internet of Things ETF		296,729		451,026		(181,806	)		(24,367	)		3,939			545,521		23,952		2,379
Global X Lithium & Battery Tech ETF		263,961		486,134		(219,559	)		(37,557	)		25,536			518,515		18,168		2,926
Global X Longevity Thematic ETF		272,658		416,071		(114,256	)		(1,616	)		1,938			574,795		23,698		1,249
Global X Robotics & Artificial Intelligence ETF		285,028		428,737		(153,343	)		51,425			(17,234	)		594,613		25,652		408
Global X Social Media ETF		631,522		1,009,955		(654,959	)		36,248			25,977			1,048,743		27,555		−
Totals:	$	2,648,521	$	4,390,436	$	(1,484,713	)	$	244,634		$	18,944		$	5,817,822		215,132	$	7,799

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


Statements of Assets and Liabilities
	May 31, 2020 (Unaudited)

	Global X Robotics & Artificial Intelligence ETF			Global X FinTech ETF			Global X Internet of Things ETF			Global X Cloud Computing ETF
Assets:
Cost of Investments	$	1,598,921,172		$	495,793,941		$	158,519,811		$	575,080,705
Cost of Repurchase Agreement		13,785,170			4,451,165			462,367			—
Cost of Foreign Currency		1,190			13,022			1			6,151
Investments, at Value	$	1,548,750,343	*	$	564,311,555	*	$	173,401,125	*	$	676,498,724
Repurchase Agreement, at Value		13,785,170			4,451,165			462,367			—
Cash		—			212,510			422,313			603,464
Foreign Currency, at Value		1,197			13,148			1			6,151
Receivable for Capital Shares Sold		8,133,878			—			—			—
Dividend and Interest Receivable		3,669,556			178,112			190,892			55,212
Reclaim Receivable		2,854,952			57,917			52,393			—
Receivable for Investment Securities Sold		2,417,657			—			—			—
Total Assets		1,579,612,753			569,224,407			174,529,091			677,163,551
Liabilities:
Obligation to Return Securities Lending Collateral		131,218,660			42,369,873			4,401,194			—
Payable for Investment Securities Purchased		8,150,610			—			—			—
Payable due to Investment Adviser		757,251			275,186			91,279			338,262
Unrealized Depreciation on Spot Contracts		1,445			—			—			—
Cash Overdraft		11,430,515			—			—			—
Total Liabilities		151,558,481			42,645,059			4,492,473			338,262
Net Assets	$	1,428,054,272		$	526,579,348		$	170,036,618		$	676,825,289
Net Assets Consist of:
Paid-in Capital	$	1,656,701,505		$	470,134,605		$	157,589,903		$	547,693,725
Total Distributable Earnings/(Loss)		(228,647,233	)		56,444,743			12,446,715			129,131,564
Net Assets	$	1,428,054,272		$	526,579,348		$	170,036,618		$	676,825,289
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		61,650,000			16,350,000			7,500,000			33,950,000
Net Asset Value, Offering and Redemption Price Per Share	$	23.16		$	32.21		$	22.67		$	19.94
*Includes Market Value of Securities on Loan	$	122,421,080		$	40,174,322		$	4,293,915		$	—

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


Statements of Assets and Liabilities
	May 31, 2020 (Unaudited)

	Global X Future Analytics Tech ETF			Global X Autonomous & Electric Vehicles ETF			Global X Genomics & Biotechnology ETF		Global X Video Games and Esports ETF
Assets:
Cost of Investments	$	40,922,216		$	21,176,033		$	31,057,668	$	94,214,259
Cost of Repurchase Agreement		7,604			48,875			—		—
Cost of Foreign Currency		3,973			9,204			—		1
Investments, at Value	$	46,921,488	*	$	19,319,394	*	$	34,612,775	$	107,859,693
Repurchase Agreement, at Value		7,604			48,875			—		—
Cash		—			21,191			69,005		—
Foreign Currency, at Value		3,957			9,195			—		1
Dividend and Interest Receivable		42,520			29,606			—		129,787
Reclaim Receivable		6,219			4,363			—		—
Receivable for Investment Securities Sold		—			205,265			—		14,762,208
Total Assets		46,981,788			19,637,889			34,681,780		122,751,689
Liabilities:
Obligation to Return Securities Lending Collateral		72,380			465,236			—		—
Payable due to Investment Adviser		25,609			10,323			18,326		41,535
Unrealized Depreciation on Spot Contracts		2			88			—		2,107
Payable for Investment Securities Purchased		—			237,927			—		—
Payable for Capital Shares Redeemed		—			—			—		14,781,452
Cash Overdraft		15,519			—			—		10,414,351
Total Liabilities		113,510			713,574			18,326		25,239,445
Net Assets	$	46,868,278		$	18,924,315		$	34,663,454	$	97,512,244
Net Assets Consist of:
Paid-in Capital	$	38,744,027		$	21,831,328		$	30,335,147	$	80,895,127
Total Distributable Earnings/(Loss)		8,124,251			(2,907,013	)		4,328,307		16,617,117
Net Assets	$	46,868,278		$	18,924,315		$	34,663,454	$	97,512,244
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		2,400,002			1,400,002			2,100,000		4,800,000
Net Asset Value, Offering and Redemption Price Per Share	$	19.53		$	13.52		$	16.51	$	20.32
*Includes Market Value of Securities on Loan	$	71,456		$	445,891		$	—	$	—

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


Statements of Assets and Liabilities
	May 31, 2020 (Unaudited)

	Global X Cybersecurity ETF		Global X Millennials Thematic ETF			Global X Longevity Thematic ETF		Global X Health & Wellness Thematic ETF
Assets:
Cost of Investments	$	10,566,799	$	75,198,428		$	22,892,314	$	21,296,811
Cost of Repurchase Agreement		—		112,435			—		—
Cost of Foreign Currency		—		—			1		5,788
Investments, at Value	$	11,642,190	$	78,073,252	*	$	26,620,063	$	19,566,924
Repurchase Agreement, at Value		—		112,435			—		—
Cash		21,580		73,364			—		10,218
Foreign Currency, at Value		—		—			1		5,788
Dividend and Interest Receivable		7,769		19,337			10,347		17,217
Unrealized Appreciation on Spot Contracts		—		—			—		28
Receivable for Capital Shares Sold		—		1,308,112			—		—
Reclaim Receivable		—		—			10,125		970
Total Assets		11,671,539		79,586,500			26,640,536		19,601,145
Liabilities:
Obligation to Return Securities Lending Collateral		—		1,070,245			—		—
Payable due to Investment Adviser		3,569		31,198			10,765		7,748
Payable for Investment Securities Purchased		—		1,308,537			—		—
Cash Overdraft		—		—			14,393		—
Total Liabilities		3,569		2,409,980			25,158		7,748
Net Assets	$	11,667,970	$	77,176,520		$	26,615,378	$	19,593,397
Net Assets Consist of:
Paid-in Capital	$	10,442,117	$	75,156,730		$	22,253,528	$	19,901,873
Total Distributable Earnings/(Loss)		1,225,853		2,019,790			4,361,850		(308,476	)
Net Assets	$	11,667,970	$	77,176,520		$	26,615,378	$	19,593,397
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		600,000		2,950,000			1,100,000		1,000,000
Net Asset Value, Offering and Redemption Price Per Share	$	19.45	$	26.16		$	24.20	$	19.59
*Includes Market Value of Securities on Loan	$	—	$	1,072,329		$	—	$	—

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


Statements of Assets and Liabilities
	May 31, 2020 (Unaudited)

	Global X Cannabis ETF			Global X U.S. Infrastructure Development ETF			Global X Conscious Companies ETF		Global X Founder- Run Companies ETF
Assets:
Cost of Investments	$	16,910,649		$	141,418,932		$	209,101,459	$	4,604,247
Cost of Repurchase Agreement		382,751			38,843			—		—
Investments, at Value	$	14,897,960	*	$	114,602,843	*	$	242,549,832	$	4,329,678
Repurchase Agreement, at Value		382,751			38,843			—		—
Cash		—			205,567			—		2,656
Dividend and Interest Receivable		134,819			198,405			438,514		643
Receivable for Capital Shares Sold		—			4,443,345			—		—
Reclaim Receivable		—			6,238			—		—
Total Assets		15,415,530			119,495,241			242,988,346		4,332,977
Liabilities:
Obligation to Return Securities Lending Collateral		3,643,340			369,743			—		—
Payable due to Investment Adviser		4,198			40,736			84,111		1,547
Payable for Investment Securities Purchased		—			4,437,542			—		—
Cash Overdraft		40,452			—			115,073		—
Total Liabilities		3,687,990			4,848,021			199,184		1,547
Net Assets	$	11,727,540		$	114,647,220		$	242,789,162	$	4,331,430
Net Assets Consist of:
Paid-in Capital	$	14,605,709		$	152,378,441		$	209,693,351	$	5,824,715
Total Distributable Earnings/(Loss)		(2,878,169	)		(37,731,221	)		33,095,811		(1,493,285	)
Net Assets	$	11,727,540		$	114,647,220		$	242,789,162	$	4,331,430
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		1,000,000			7,800,000			11,200,000		200,000
Net Asset Value, Offering and Redemption Price Per Share	$	11.73		$	14.70		$	21.68	$	21.66
*Includes Market Value of Securities on Loan	$	3,282,607		$	355,028		$	—	$	—

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


Statements of Assets and Liabilities
	May 31, 2020 (Unaudited)

	Global X Thematic Growth ETF
Assets:
Cost of Affiliated Investments	$	5,446,723
Affiliated Investments, at Value		5,817,822
Cash		1,045
Receivable due from Investment Adviser		587
Total Assets		5,819,454
Net Assets	$	5,819,454
Net Assets Consist of:
Paid-in Capital	$	5,427,153
Total Distributable Earnings		392,301
Net Assets	$	5,819,454
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		200,000
Net Asset Value, Offering and Redemption Price Per Share	$	29.10

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


Statements of Operations
	For the period ended May 31, 2020 (Unaudited)

	Global X Robotics & Artificial Intelligence ETF			Global X FinTech ETF			Global X Internet of Things ETF			Global X Cloud Computing ETF
Investment Income:
Dividend Income	$	8,700,873		$	836,019		$	1,012,764		$	421,181
Interest Income		1,849			827			485			—
Security Lending Income		962,240			209,650			109,432			976
Less: Foreign Taxes Withheld		(982,135	)		(37,440	)		(42,282	)		—
Total Investment Income		8,682,827			1,009,056			1,080,399			422,157
Supervision and Administration Fees⁽¹⁾		4,579,595			1,515,272			477,320			1,585,423
Custodian Fees⁽²⁾		41,973			2,506			177			1,159
Total Expenses		4,621,568			1,517,778			477,497			1,586,582
Net Investment Income (Loss)		4,061,259			(508,722	)		602,902			(1,164,425	)
Net Realized Gain (Loss) on:
Investments⁽³⁾		(57,616,942	)		5,680,309			270,268			31,278,637
Foreign Currency Transactions		79,757			(64,372	)		8,448			(5,864	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(57,537,185	)		5,615,937			278,716			31,272,773
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		136,577,633			23,626,291			(463,214	)		91,801,569
Foreign Currency Translations		139,277			648			1,376			—
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		136,716,910			23,626,939			(461,838	)		91,801,569
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		79,179,725			29,242,876			(183,122	)		123,074,342
Net Increase in Net Assets Resulting from Operations	$	83,240,984		$	28,734,154		$	419,780		$	121,909,917

(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 May 31, 2020 (Unaudited)

	Global X Future Analytics Tech ETF			Global X Autonomous & Electric Vehicles ETF			Global X Genomics & Biotechnology ETF			Global X Video Games and Esports ETF
Investment Income:
Dividend Income	$	383,385		$	134,634		$	11,040		$	214,163
Interest Income		—			—			—			490
Security Lending Income		59			24,335			—			—
Less: Foreign Taxes Withheld		(7,115	)		(8,501	)		—			(23,727	)
Total Investment Income		376,329			150,468			11,040			190,926
Supervision and Administration Fees⁽¹⁾		151,152			57,088			74,342			102,997
Custodian Fees⁽²⁾		153			43			113			1,078
Total Expenses		151,305			57,131			74,455			104,075
Net Investment Income (Loss)		225,024			93,337			(63,415	)		86,851
Net Realized Gain (Loss) on:
Investments⁽³⁾		2,670,198			(21,318	)		951,331			2,906,330
Foreign Currency Transactions		1,591			404			5,322			(17,801	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		2,671,789			(20,914	)		956,653			2,888,529
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		2,348,609			(1,197,778	)		1,619,785			13,571,852
Foreign Currency Translations		88			(145	)		—			(776	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		2,348,697			(1,197,923	)		1,619,785			13,571,076
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		5,020,486			(1,218,837	)		2,576,438			16,459,605
Net Increase (Decrease) in Net Assets Resulting from Operations	$	5,245,510		$	(1,125,500	)	$	2,513,023		$	16,546,456

(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 May 31, 2020 (Unaudited)

	Global X Cybersecurity ETF			Global X Millennials Thematic ETF			Global X Longevity Thematic ETF			Global X Health & Wellness Thematic ETF
Investment Income:
Dividend Income	$	146,190		$	287,277		$	136,344		$	82,736
Interest Income		—			264			148			50
Security Lending Income		—			9,412			—			—
Less: Foreign Taxes Withheld		(507	)		—			(5,490	)		(4,296	)
Total Investment Income		145,683			296,953			131,002			78,490
Supervision and Administration Fees⁽¹⁾		14,612			231,236			77,229			65,147
Custodian Fees⁽²⁾		63			22			173			75
Total Expenses		14,675			231,258			77,402			65,222
Waiver of Supervision and Administration Fees		(2,435	)		(45,898	)		(14,995	)		(13,369	)
Net Expenses		12,240			185,360			62,407			51,853
Net Investment Income		133,443			111,593			68,595			26,637
Net Realized Gain (Loss) on:
Investments⁽³⁾		23,373			(143,856	)		698,914			1,533,837
Foreign Currency Transactions		6,642			—			(621	)		(2,144	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		30,015			(143,856	)		698,293			1,531,693
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		890,558			821,960			213,599			(3,102,479	)
Foreign Currency Translations		(10,857	)		—			254			139
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		879,701			821,960			213,853			(3,102,340	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		909,716			678,104			912,146			(1,570,647	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,043,159		$	789,697		$	980,741		$	(1,544,010	)

(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 May 31, 2020 (Unaudited)

	Global X Cannabis ETF			Global X U.S. Infrastructure Development ETF			Global X Conscious Companies ETF			Global X Founder-Run Companies ETF
Investment Income:
Dividend Income	$	—		$	869,994		$	1,496,222		$	17,204
Interest Income		—			1,059			431			17
Security Lending Income		456,512			4,215			—			—
Less: Foreign Taxes Withheld		—			—			(8,359	)		—
Total Investment Income		456,512			875,268			1,488,294			17,221
Supervision and Administration Fees⁽¹⁾		19,861			346,220			306,852			14,142
Tax Expense		22			—			—			—
Custodian Fees⁽²⁾		226			—			48			—
Total Expenses		20,109			346,220			306,900			14,142
Net Investment Income		436,403			529,048			1,181,394			3,079
Net Realized Gain (Loss) on:
Investments⁽³⁾		(1,162,737	)		(10,480,749	)		(620,175	)		(1,126,644	)
Foreign Currency Transactions		670			—			—			—
Net Realized Loss on Investments and Foreign Currency Transactions		(1,162,067	)		(10,480,749	)		(620,175	)		(1,126,644	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(906,939	)		(31,060,405	)		19,941,678			(433,510	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(906,939	)		(31,060,405	)		19,941,678			(433,510	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		(2,069,006	)		(41,541,154	)		19,321,503			(1,560,154	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,632,603	)	$	(41,012,106	)	$	20,502,897		$	(1,557,075	)

(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 May 31, 2020 (Unaudited)

	Global X Thematic Growth ETF
Investment Income:
Dividend Income from Affiliated Investments	$	7,799
Total Investment Income		7,799
Supervision and Administration Fees⁽¹⁾		9,894
Tax Expense		9
Total Expenses		9,903
Waiver of Supervision and Administration Fees		(9,894	)
Reimbursement from Adviser		(2,570	)
Net Expenses		(2,561	)
Net Investment Income		10,360
Net Realized Gain on:
Affiliated Investments		18,944
Net Realized Gain on Affiliated Investments		18,944
Net Change in Unrealized Appreciation on:
Affiliated Investments		244,634
Net Change in Unrealized Appreciation on Affiliated Investments		244,634
Net Realized and Unrealized Gain on Affiliated Investments		263,578
Net Increase in Net Assets Resulting from Operations	$	273,938

(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.)

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


Statements of Changes in Net Assets

	Global X Robotics & Artificial Intelligence ETF						Global X FinTech ETF
	Period Ended May 31, 2020 (Unaudited)			Year Ended November 30, 2019			Period Ended May 31, 2020 (Unaudited)			Year Ended November 30, 2019
Operations:
Net Investment Income (Loss)	$	4,061,259		$	14,691,492		$	(508,722	)	$	(1,053,315	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(57,537,185	)		(71,791,655	)		5,615,937			(4,418,286	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		136,716,910			174,540,858			23,626,939			72,298,458
Net Increase in Net Assets Resulting from Operations		83,240,984			117,440,695			28,734,154			66,826,857
Distributions		(2,105,582	)		(30,149,775	)		—			(60,368	)
Return of Capital		—			—			—			(437,339	)
Capital Share Transactions:
Issued		55,629,932			198,574,452			125,866,255			112,979,438
Redeemed		(188,694,606	)		(532,155,618	)		(41,173,195	)		(93,890,807	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(133,064,674	)		(333,581,166	)		84,693,060			19,088,631
Total Increase (Decrease) in Net Assets		(51,929,272	)		(246,290,246	)		113,427,214			85,417,781
Net Assets:
Beginning of Period		1,479,983,544			1,726,273,790			413,152,134			327,734,353
End of Period	$	1,428,054,272		$	1,479,983,544		$	526,579,348		$	413,152,134
Share Transactions:
Issued		2,650,000			10,050,000			4,200,000			3,950,000
Redeemed		(10,050,000	)		(28,650,000	)		(1,400,000	)		(3,750,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(7,400,000	)		(18,600,000	)		2,800,000			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.


Statements of Changes in Net Assets

	Global X Internet of Things ETF						Global X Cloud Computing ETF
	Period Ended May 31, 2020 (Unaudited)			Year Ended November 30, 2019			Period Ended May 31, 2020 (Unaudited)			Period Ended November 30, 2019⁽¹⁾
Operations:
Net Investment Income (Loss)	$	602,902		$	907,798		$	(1,164,425	)	$	(1,071,525	)
Net Realized Gain on Investments and Foreign Currency Transactions⁽²⁾		278,716			2,605,613			31,272,773			6,663,002
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(461,838	)		19,706,941			91,801,569			9,616,450
Net Increase in Net Assets Resulting from Operations		419,780			23,220,352			121,909,917			15,207,927
Distributions		(1,123,968	)		(1,268,719	)		(215,999	)		—
Capital Share Transactions:
Issued		43,531,196			46,707,944			195,841,979			530,991,397
Redeemed		(4,417,878	)		(20,015,531	)		(113,096,158	)		(73,813,774	)
Increase in Net Assets from Capital Share Transactions		39,113,318			26,692,413			82,745,821			457,177,623
Total Increase in Net Assets		38,409,130			48,644,046			204,439,739			472,385,550
Net Assets:
Beginning of Period		131,627,488			82,983,442			472,385,550			—
End of Period	$	170,036,618		$	131,627,488		$	676,825,289		$	472,385,550
Share Transactions:
Issued		1,950,000			2,250,000			10,900,000			34,400,000
Redeemed		(200,000	)		(1,100,000	)		(6,500,000	)		(4,850,000	)
Net Increase in Shares Outstanding from Share Transactions		1,750,000			1,150,000			4,400,000			29,550,000

(1)	The Fund commenced operations on April 12, 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.


Statements of Changes in Net Assets

	Global X Future Analytics Tech ETF						Global X Autonomous & Electric Vehicles ETF
	Period Ended May 31, 2020 (Unaudited)			Year Ended November 30, 2019			Period Ended May 31, 2020 (Unaudited)			Year Ended November 30, 2019
Operations:
Net Investment Income	$	225,024		$	238,611		$	93,337		$	218,070
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		2,671,789			491,558			(20,914	)		(481,109	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		2,348,697			7,493,801			(1,197,923	)		1,721,329
Net Increase (Decrease) in Net Assets Resulting from Operations		5,245,510			8,223,970			(1,125,500	)		1,458,290
Distributions		(92,540	)		(298,087	)		(73,720	)		(415,562	)
Capital Share Transactions:
Issued		7,509,044			9,486,924			5,268,608			6,662,488
Redeemed		(10,038,331	)		(15,169,333	)		—			(8,098,341	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(2,529,287	)		(5,682,409	)		5,268,608			(1,435,853	)
Total Increase (Decrease) in Net Assets		2,623,683			2,243,474			4,069,388			(393,125	)
Net Assets:
Beginning of Period		44,244,595			42,001,121			14,854,927			15,248,052
End of Period	$	46,868,278		$	44,244,595		$	18,924,315		$	14,854,927
Share Transactions:
Issued		400,000			600,000			350,000			500,000
Redeemed		(550,000	)		(1,000,000	)		—			(600,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(150,000	)		(400,000	)		350,000			(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.


Statements of Changes in Net Assets

	Global X Genomics & Biotechnology ETF						Global X Video Games & Esports ETF
	Period Ended May 31, 2020 (Unaudited)			Period Ended November 30, 2019⁽¹⁾			Period Ended May 31, 2020 (Unaudited)			Period Ended November 30, 2019⁽²⁾
Operations:
Net Investment Income (Loss)	$	(63,415	)	$	(34,304	)	$	86,851		$	(626	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽³⁾		956,653			(85,734	)		2,888,529			483
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		1,619,785			1,935,322			13,571,076			73,582
Net Increase in Net Assets Resulting from Operations		2,513,023			1,815,284			16,546,456			73,439
Distributions		—			—			(2,778	)		—
Capital Share Transactions:
Issued		17,190,487			16,918,798			95,030,116			1,499,313
Redeemed		(3,774,138	)		—			(15,634,302	)		—
Increase in Net Assets from Capital Share Transactions		13,416,349			16,918,798			79,395,814			1,499,313
Total Increase in Net Assets		15,929,372			18,734,082			95,939,492			1,572,752
Net Assets:
Beginning of Period		18,734,082			—			1,572,752			—
End of Period	$	34,663,454		$	18,734,082		$	97,512,244		$	1,572,752
Share Transactions:
Issued		1,150,000			1,200,000			5,500,000			100,000
Redeemed		(250,000	)		—			(800,000	)		—
Net Increase in Shares Outstanding from Share Transactions		900,000			1,200,000			4,700,000			100,000

(1)	The Fund commenced operations on April 5, 2019.
(2)	The Fund commenced operations on October 25, 2019.
(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 Cybersecurity ETF						Global X Millennials Thematic ETF
	Period Ended May 31, 2020 (Unaudited)			Period Ended November 30, 2019⁽¹⁾			Period Ended May 31, 2020 (Unaudited)			Year Ended November 30, 2019
Operations:
Net Investment Income (Loss)	$	133,443		$	(229	)	$	111,593		$	219,456
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽²⁾		30,015			2,135			(143,856	)		6,663,020
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		879,701			184,833			821,960			(396,943	)
Net Increase in Net Assets Resulting from Operations		1,043,159			186,739			789,697			6,485,533
Distributions		(4,045	)		—			(270,261	)		(174,812	)
Capital Share Transactions:
Issued		8,915,091			1,527,026			9,294,791			64,196,494
Redeemed		—			—			(8,020,623	)		(26,402,805	)
Increase in Net Assets from Capital Share Transactions		8,915,091			1,527,026			1,274,168			37,793,689
Total Increase in Net Assets		9,954,205			1,713,765			1,793,604			44,104,410
Net Assets:
Beginning of Period		1,713,765			—			75,382,916			31,278,506
End of Period	$	11,667,970		$	1,713,765		$	77,176,520		$	75,382,916
Share Transactions:
Issued		500,000			100,000			350,000			2,600,000
Redeemed		—			—			(350,000	)		(1,100,000	)
Net Increase in Shares Outstanding from Share Transactions		500,000			100,000			—			1,500,000

(1)	The Fund commenced operations on October 25, 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.


Statements of Changes in Net Assets

	Global X Longevity Thematic ETF						Global X Health & Wellness Thematic ETF
	Period Ended May 31, 2020 (Unaudited)			Year Ended November 30, 2019			Period Ended May 31, 2020 (Unaudited)			Year Ended November 30, 2019
Operations:
Net Investment Income	$	68,595		$	112,028		$	26,637		$	125,259
Net Realized Gain on Investments and Foreign Currency Transactions⁽¹⁾		698,293			369,749			1,531,693			874,756
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		213,853			2,517,693			(3,102,340	)		1,775,531
Net Increase (Decrease) in Net Assets Resulting from Operations		980,741			2,999,470			(1,544,010	)		2,775,546
Distributions		(157,854	)		(185,161	)		(62,308	)		(120,454	)
Capital Share Transactions:
Issued		4,499,919			6,291,263			12,110,550			13,239,961
Redeemed		(2,254,985	)		(1,061,405	)		(11,025,549	)		(6,002,098	)
Increase in Net Assets from Capital Share Transactions		2,244,934			5,229,858			1,085,001			7,237,863
Total Increase (Decrease) in Net Assets		3,067,821			8,044,167			(521,317	)		9,892,955
Net Assets:
Beginning of Period		23,547,557			15,503,390			20,114,714			10,221,759
End of Period	$	26,615,378		$	23,547,557		$	19,593,397		$	20,114,714
Share Transactions:
Issued		200,000			300,000			600,000			700,000
Redeemed		(100,000	)		(50,000	)		(550,000	)		(300,000	)
Net Increase in Shares Outstanding from Share Transactions		100,000			250,000			50,000			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 Cannabis ETF						Global X U.S. Infrastructure Development ETF
	Period Ended May 31, 2020 (Unaudited)			Period Ended November 30, 2019⁽¹⁾			Period Ended May 31, 2020 (Unaudited)			Year Ended November 30, 2019
Operations:
Net Investment Income	$	436,403		$	37,302		$	529,048		$	1,121,799
Net Realized Loss on Investments and Foreign Currency Transactions⁽²⁾		(1,162,067	)		(91,174	)		(10,480,749	)		(125,130	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(906,939	)		(1,105,750	)		(31,060,405	)		13,930,447
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,632,603	)		(1,159,622	)		(41,012,106	)		14,927,116
Distributions		(85,944	)		—			(563,703	)		(1,424,719	)
Capital Share Transactions:
Issued		8,851,624			5,754,085			30,072,359			54,745,683
Redeemed		—			—			(56,913,887	)		(26,097,564	)
Increase (Decrease) in Net Assets from Capital Share Transactions		8,851,624			5,754,085			(26,841,528	)		28,648,119
Total Increase (Decrease) in Net Assets		7,133,077			4,594,463			(68,417,337	)		42,150,516
Net Assets:
Beginning of Period		4,594,463			—			183,064,557			140,914,041
End of Period	$	11,727,540		$	4,594,463		$	114,647,220		$	183,064,557
Share Transactions:
Issued		700,000			300,000			2,050,000			3,250,000
Redeemed		—			—			(4,750,000	)		(1,800,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		700,000			300,000			(2,700,000	)		1,450,000

(1)	The Fund commenced operations on September 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.


Statements of Changes in Net Assets

	Global X Conscious Companies ETF						Global X Founder-Run Companies ETF
	Period Ended May 31, 2020 (Unaudited)			Year Ended November 30, 2019			Period Ended May 31, 2020 (Unaudited)			Year Ended November 30, 2019
Operations:
Net Investment Income	$	1,181,394		$	1,109,548		$	3,079		$	12,129
Net Realized Gain (Loss) on Investments⁽¹⁾		(620,175	)		1,212,313			(1,126,644	)		117,490
Net Change in Unrealized Appreciation (Depreciation) on Investments		19,941,678			7,322,687			(433,510	)		409,468
Net Increase (Decrease) in Net Assets Resulting from Operations		20,502,897			9,644,548			(1,557,075	)		539,087
Distributions		(730,904	)		(1,418,777	)		(13,936	)		(73,673	)
Capital Share Transactions:
Issued		140,647,241			26,031,211			6,247,607			—
Redeemed		(3,089,508	)		(5,301,803	)		(4,444,963	)		(1,022,118	)
Increase (Decrease) in Net Assets from Capital Share Transactions		137,557,733			20,729,408			1,802,644			(1,022,118	)
Total Increase (Decrease) in Net Assets		157,329,726			28,955,179			231,633			(556,704	)
Net Assets:
Beginning of Period		85,459,436			56,504,257			4,099,797			4,656,501
End of Period	$	242,789,162		$	85,459,436		$	4,331,430		$	4,099,797
Share Transactions:
Issued		7,650,000			1,200,000			300,000			—
Redeemed		(150,000	)		(250,000	)		(300,000	)		(50,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		7,500,000			950,000			—			(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 Thematic Growth ETF
	Period Ended May 31, 2020 (Unaudited)			Period Ended November 30, 2019⁽¹⁾
Operations:
Net Investment Income	$	10,360		$	352
Net Realized Gain on Affiliated Investments⁽²⁾		18,944			—
Net Change in Unrealized Appreciation (Depreciation) on Affiliated Investments		244,634			126,465
Net Increase in Net Assets Resulting from Operations		273,938			126,817
Distributions		(8,454	)		—
Capital Share Transactions:
Issued		4,204,270			2,523,000
Redeemed		(1,300,117	)		—
Increase in Net Assets from Capital Share Transactions		2,904,153			2,523,000
Total Increase in Net Assets		3,169,637			2,649,817
Net Assets:
Beginning of Period		2,649,817			—
End of Period	$	5,819,454		$	2,649,817
Share Transactions:
Issued		150,000			100,000
Redeemed		(50,000	)		—
Net Increase in Shares Outstanding from Share Transactions		100,000			100,000

(1)	The Fund commenced operations on October 25, 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.

100


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 Robotics & Artificial Intelligence ETF
2020 (Unaudited)		21.43		0.06			1.70			1.76			(0.03	)		—
2019		19.70		0.19			1.93			2.12			(0.39	)		—
2018		23.96		0.19			(4.45	)		(4.26	)		—			—
2017		14.87		0.01			9.09			9.10			(0.01	)		—
2016⁽¹⁾		14.84		0.02			0.01			0.03			—			—
Global X FinTech ETF
2020 (Unaudited)		30.49		(0.03	)		1.75			1.72			—			—
2019		24.55		(0.08	)		6.06			5.98			—			—
2018		21.79		(0.08	)		2.86			2.78			—			(0.02	)
2017		14.91		(0.03	)		6.91			6.88			—			—
2016⁽¹⁾		15.08		(0.01	)		(0.16	)		(0.17	)		—			—
Global X Internet of Things ETF
2020 (Unaudited)		22.89		0.09			(0.13	)		(0.04	)		(0.18	)		—
2019		18.04		0.20			4.93			5.13			(0.28	)		—
2018		20.12		0.17			(2.03	)		(1.86	)		(0.11	)		(0.11	)
2017		15.52		0.16			4.49			4.65			(0.05	)		—
2016⁽¹⁾		15.04		0.09			0.39			0.48			—			—
Global X Cloud Computing ETF
2020 (Unaudited)		15.99		(0.04	)		4.00			3.96			—			(0.01	)
2019⁽²⁾		15.06		(0.04	)		0.97			0.93			—			—
Global X Future Analytics Tech ETF
2020 (Unaudited)		17.35		0.09			2.13			2.22			(0.04	)		—
2019		14.24		0.10			3.13			3.23			(0.12	)		—
2018⁽³⁾		15.00		0.05			(0.81	)		(0.76	)		—			—

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

101


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

	—			(0.03	)		23.16		8.22			1,428,054		0.69	†		0.60	†		9.39
	—			(0.39	)		21.43		11.16			1,479,984		0.68			0.98			10.97
	—			***			19.70		(17.77	)		1,726,274		0.70			0.83			28.50
	—			(0.01	)		23.96		61.22			1,412,589		0.69			0.05			15.29
	—			—			14.87		0.20			2,974		0.68	†		0.62	†		—

	—			—			32.21		5.64			526,579		0.68	†		(0.23	)†		4.67
	(0.04	)		(0.04	)		30.49		24.42			413,152		0.68			(0.29	)		16.40
	—			(0.02	)		24.55		12.79			327,734		0.68			(0.29	)		20.58
	—			—			21.79		46.14			50,106		0.68			(0.13	)		11.65
	—			—			14.91		(1.13	)		1,491		0.68	†		(0.20	)†		—

	—			(0.18	)		22.67		(0.19	)		170,037		0.68	†		0.86	†		7.78
	—			(0.28	)		22.89		29.01			131,627		0.68			1.04			11.71
	—			(0.22	)		18.04		(9.33	)		82,983		0.69			0.88			16.69
	—			(0.05	)		20.12		30.04			85,521		0.70			0.85			24.90
	—			—			15.52		3.19			3,881		0.68	†		2.75	†		0.39

	—			(0.01	)		19.94		24.76			676,825		0.68	†		(0.50	)†		7.06
	—			—			15.99		6.18			472,386		0.68	†		(0.44	)†		12.52

	—			(0.04	)		19.53		12.79			46,868		0.68	†		1.01	†		19.17
	—			(0.12	)		17.35		22.87			44,245		0.68			0.61			16.34
	—			—			14.24		(5.07	)		42,001		0.68	†		0.54	†		7.93

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
***	Amount is less than 0.005.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1)	The Fund commenced operations on September 12, 2016.
(2)	The Fund commenced operations on April 12, 2019.
(3)	The Fund commenced operations on May 11, 2018.

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

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

102


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 Autonomous & Electric Vehicles ETF
2020 (Unaudited)		14.15		0.07			(0.63	)		(0.56	)		(0.07	)
2019		13.26		0.22			1.11			1.33			(0.44	)
2018⁽¹⁾		15.00		0.11			(1.85	)		(1.74	)		—
Global X Genomics & Biotechnology ETF
2020 (Unaudited)		15.61		(0.04	)		0.94			0.90			—
2019⁽²⁾		15.28		(0.05	)		0.38			0.33			—
Global X Video Games and Esports ETF
2020 (Unaudited)		15.73		0.05			4.57			4.62			(0.03	)
2019⁽³⁾		14.99		—			0.74			0.74			—
Global X Cybersecurity ETF
2020 (Unaudited)		17.14		0.46			1.89			2.35			(0.02	)
2019⁽³⁾		15.27		—			1.87			1.87			—

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

103


Financial Highlights

Distribution from Capital Gains ($)			Total from Distributions ($)			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 (%)††

	—			(0.07	)		13.52		(4.00	)		18,924		0.68	†		1.11	†		12.62
	—			(0.44	)		14.15		10.61			14,855		0.68			1.67			31.26
	—			—			13.26		(11.60	)		15,248		0.68	†		1.21	†		23.57

	—			—			16.51		5.77			34,663		0.68	†		(0.58	)†		29.33
	—			—			15.61		2.16			18,734		0.68	†		(0.59	)†		23.12

	—			(0.03	)		20.32		29.40			97,512		0.51	†		0.42	†		4.39
	—			—			15.73		4.94			1,573		0.50	†		(0.45	)†		0.27

	(0.02	)		(0.04	)		19.45		13.75			11,668	0.50		†^		5.48	†		23.26
	—			—			17.14		12.25			1,714	0.50		†^		(0.16	)†		3.57

*	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 0.60%.
(1)	The Fund commenced operations on April 13, 2018.
(2)	The Fund commenced operations on April 5, 2019.
(3)	The Fund commenced operations on October 25, 2019.

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

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

104


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 Millennials Thematic ETF
2020 (Unaudited)		25.55		0.04		0.66			0.70			(0.08	)		(0.01	)
2019		21.57		0.10		3.99			4.09			(0.10	)		(0.01	)
2018		19.11		0.09		2.54			2.63			(0.05	)		(0.12	)
2017		15.58		0.07		3.51			3.58			(0.05	)		—
2016⁽¹⁾		14.95		0.05		0.58			0.63			—			—
Global X Longevity Thematic ETF
2020 (Unaudited)		23.55		0.06		0.73			0.79			(0.09	)		(0.05	)
2019		20.67		0.13		2.99			3.12			(0.18	)		(0.06	)
2018		19.60		0.13		1.14			1.27			(0.09	)		(0.11	)
2017		15.17		0.08		4.51			4.59			(0.09	)		(0.07	)
2016⁽²⁾		15.32		0.07		(0.22	)		(0.15	)		—			—
Global X Health & Wellness Thematic ETF
2020 (Unaudited)		21.17		0.02		(1.55	)		(1.53	)		(0.05	)		—
2019		18.59		0.14		2.60			2.74			(0.16	)		—
2018		16.75		0.14		2.18			2.32			(0.15	)		(0.33	)
2017		14.72		0.17		1.94			2.11			(0.08	)		—
2016⁽²⁾		15.13		0.07		(0.48	)		(0.41	)		—			—
Global X Cannabis ETF
2020 (Unaudited)		15.31		0.62		(3.99	)		(3.37	)		(0.21	)		—
2019⁽³⁾		24.41		0.22		(9.32	)		(9.10	)		—			—

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

105


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 (%)††

	(0.09	)		26.16		2.75			77,177		0.50	†‡		0.30	†		7.97
	(0.11	)		25.55		19.07			75,383		0.50	‡		0.42			10.44
	(0.17	)		21.57		13.87			31,279		0.50	‡		0.40			10.94
	(0.05	)		19.11		23.05			11,467		0.54	‡		0.40			20.97
	—			15.58		4.21			3,896		0.68	†		0.59	†		—

	(0.14	)		24.20		3.39			26,615		0.50	†‡		0.55	†		10.72
	(0.24	)		23.55		15.38			23,548		0.50	‡		0.62			14.18
	(0.20	)		20.67		6.55			15,503		0.50	‡		0.63			14.39
	(0.16	)		19.60		30.58			7,841		0.52	‡		0.44			10.20
	—			15.17		(0.98	)		1,517		0.68	†		0.78	†		2.76

	(0.05	)		19.59		(7.26	)		19,593	0.50		†^		0.26	†		17.14
	(0.16	)		21.17		14.89			20,115	0.50		^		0.74			18.05
	(0.48	)		18.59		14.16			10,222	0.50		^		0.77			20.93
	(0.08	)		16.75		14.38			2,512	0.54		^		1.08			16.73
	—			14.72		(2.71	)		1,472		0.68	†		0.82	†		—

	(0.21	)		11.73		(22.19	)		11,728		0.51	†		10.99	†		30.17
	—			15.31		(37.28	)		4,594		0.50	†		6.19	†		11.40

*	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.
†	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 to Expenses to Average Net Assets includes the affect of a waiver. If these affects were excluded, the ratio would hve been 0.62%, 0.68%, 0.68%, and 0.68% for the period ended May 31, 2020 and years ended November 30, 2019, 2018, and 2017, 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 0.63%, 0.68%, 0.68%, and 0.68% for the period ended May 31, 2020 and years ended November 30, 2019, 2018, and 2017, respectively.
(1)	The Fund commenced operations on May 4, 2016.
(2)	The Fund commenced operations on May 9, 2016.
(3)	The Fund commenced operations on September 17, 2019.

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

106


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 U.S. Infrastructure Development ETF
2020 (Unaudited)		17.43		0.06		(2.74	)		(2.68	)		(0.05	)		—
2019		15.57		0.13		1.90			2.03			(0.17	)		—
2018		16.16		0.14		(0.68	)		(0.54	)		(0.05	)		—
2017⁽¹⁾		14.98		0.10		1.08			1.18			—			—
Global X Conscious Companies ETF
2020 (Unaudited)		23.10		0.17		(1.40	)		(1.23	)		(0.17	)		(0.02	)
2019		20.55		0.37		2.68			3.05			(0.50	)		—
2018		19.23		0.33		1.22			1.55			(0.23	)		—
2017		15.79		0.26		3.33			3.59			(0.15	)		—
2016⁽²⁾		15.09		0.15		0.55			0.70			—			—
Global X Founder-Run Companies ETF
2020 (Unaudited)		20.50		0.01		1.22			1.23			(0.07	)		—
2019		18.63		0.05		2.12			2.17			(0.07	)		(0.23	)
2018		17.41		0.04		1.45			1.49			(0.04	)		(0.23	)
2017⁽³⁾		15.02		0.04		2.35			2.39			—			—
Global X Thematic Growth ETF
2020 (Unaudited)		26.50		0.07		2.61			2.68			(0.08	)		—
2019⁽⁴⁾		25.23		—		1.27			1.27			—			—

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

107


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 (%)††

	(0.05	)		14.70		(15.41	)		114,647		0.47	†		0.72	†		12.48
	(0.17	)		17.43		13.28			183,065		0.47	‡		0.81			9.18
	(0.05	)		15.57		(3.36	)		140,914		0.47	‡		0.77			6.76
	—			16.16		7.88			20,203		0.47	†‡		0.91	†		—

	(0.19	)		21.68		(5.39	)		242,789		0.43	†		1.66	†		27.63
	(0.50	)		23.10		15.35			85,459		0.43			1.73			34.97
	(0.23	)		20.55		8.16			56,504		0.43			1.65			36.35
	(0.15	)		19.23		22.95			48,065		0.43			1.50			41.77
	—			15.79		4.64			33,163		0.43	†		2.57	†		37.35

	(0.07	)		21.66		6.02			4,331		0.45	†		0.10	†		26.60
	(0.30	)		20.50		12.05			4,100		0.52			0.29			33.82
	(0.27	)		18.63		8.67			4,657		0.65			0.13			25.22
	—			17.41		15.91			3,483		0.65	†		0.33	†		21.61

	(0.08	)		29.10		10.15			5,820	(0.13)		†^		0.52	†		8.44
	—			26.50		5.03			2,650	(0.15)		†^		0.15	†		—

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
‡	Effective April 1, 2019, the Fund’s fees were permanently lowered to 0.47%. Prior to April 1, 2019, theratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, theratio would have been 0.50%, 0.58% and 0.58%, for the years ended November 30, 2019, 2018 and 2017,respectively.
^	The ratio of Expenses to Average Net Assets includes the effect of a waiver and reimbursement of acquiredfund fees. If these offsets and acquired fund fees were excluded, the ratio would have been 0.50%.
(1)	The Fund commenced operations on March 6, 2017.
(2)	The Fund commenced operations on July 11, 2016.
(3)	The Fund commenced operations on February 13, 2017.
(4)	The Fund commenced operations on October 25, 2019.

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

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

108


Notes to Financial Statements (unaudited)
	May 31, 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 May 31, 2020, the Trust had eighty-nine portfolios, seventy-two of which were operational. The financial statements herein and the related notes pertain to the Global X Robotics & Artificial Intelligence ETF, Global X FinTech ETF, Global X Internet of Things ETF, Global X Cloud Computing ETF, Global X Future Analytics Tech ETF, Global X Autonomous & Electric Vehicles ETF, Global X Genomics & Biotechnology ETF, Global X Video Games & Esports ETF, Global X Cybersecurity ETF, Global X Millennials Thematic ETF, Global X Longevity Thematic ETF, Global X Health & Wellness Thematic ETF, Global X Cannabis ETF, Global X U.S. Infrastructure Development ETF, Global X Conscious Companies ETF, Global X Founder-Run Companies ETF, and Global X Thematic Growth ETF (each a “Fund” and collectively, the “Funds”). Each Fund, other than the Global X Conscious Companies ETF, Global X Millennials Thematic ETF, Global X Longevity Thematic ETF and Global X Health & Wellness Thematic ETF, has elected non-diversified status.

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 the NASDAQ Stock Market (“NASDAQ”), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm if

109


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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 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 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 their securities if an event that may materially affect the value of the Funds’ securities 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 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

110


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

available to the Committee. For the period ended May 31, 2020, there were no 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;

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); and

Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments and fair value of investments for which the Funds do not have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term).

For the period ended May 31, 2020 there have been no significant changes to the Funds’ fair valuation methodologies.

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.

111


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 other party 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.

At May 31, 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 Robotics & Artificial Intelligence ETF
BNP Paribas	$	13,785,170	$	13,785,170	$	−	$	−
Global X FinTech ETF
BNP Paribas	$	4,451,165	$	4,451,165	$	−	$	−
Global X Internet of Things ETF
BNP Paribas	$	462,367	$	462,367	$	−	$	−
Global X Future Analytics Tech ETF
BNP Paribas	$	7,604	$	7,604	$	−	$	−
Global X Autonomous & Electric Vehicles ETF
BNP Paribas	$	48,875	$	48,875	$	−	$	−
Global X Millennials Thematic ETF
BNP Paribas	$	112,435	$	112,435	$	−	$	−
Global X Cannabis ETF
BNP Paribas	$	382,751	$	382,751	$	−	$	−
Global X U.S. Infrastructure Development ETF
BNP Paribas	$	38,843	$	38,843	$	−	$	−

⁽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 on the following page.

112


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Funds distribute their net investment income on a pro rata basis. Any net realized capital gains are distributed annually. All distributions are recorded on ex-dividend 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.

113


Notes to Financial Statements (unaudited) (continued)
	May 31, 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 May 31, 2020		Redemption Fee
Global X Robotics & Artificial Intelligence ETF		50,000	$	600	$	1,158,000	$	600
Global X FinTech ETF		50,000		400		1,610,500		400
Global X Internet of Things ETF		50,000		600		1,133,500		600
Global X Cloud Computing ETF		50,000		250		997,000		250
Global X Future Analytics Tech ETF		50,000		600		976,500		600
Global X Autonomous & Electric Vehicles ETF		50,000		750		676,000		750
Global X Genomics & Biotechnology ETF		50,000		250		825,500		250
Global X Video Games & Esports ETF		50,000		600		1,016,000		600
Global X Cybersecurity ETF		50,000		250		972,500		250
Global X Millennials Thematic ETF		50,000		300		1,308,000		300
Global X Longevity Thematic ETF		50,000		1,000		1,210,000		1,000
Global X Health & Wellness Thematic ETF		50,000		1,000		979,500		1,000
Global X Cannabis ETF		50,000		250		586,500		250
Global X U.S. Infrastructure Development ETF		50,000		400		735,000		400
Global X Conscious Companies ETF		50,000		750		1,084,000		750
Global X Founder-Run Companies ETF		50,000		400		1,083,000		400
Global X Thematic Growth ETF		50,000		250		1,455,000		250

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS

114


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides, or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution services agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate investment advisory agreement), under what is essentially an “all-in” fee structure. For the Advisor’s services 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 respective 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, acquired fund fees and expenses, and other transaction expenses, interest expenses, and extraordinary expenses (such as litigation and indemnification expenses), respectively.

The following table discloses the rates of supervision and administration fees paid by the Funds:

		Supervision and Administration Fee
Global X Robotics & Artificial Intelligence Thematic ETF		0.68%
Global X FinTech Thematic ETF		0.68%
Global X Internet of Things Thematic ETF		0.68%
Global X Cloud Computing ETF		0.68%
Global X Future Analytics Tech ETF		0.68%
Global X Autonomous & Electric Vehicles ETF		0.68%
Global X Genomics & Biotechnology ETF		0.68%
Global X Video Games & Esports ETF		0.50%
Global X Cybersecurity ETF***		0.60%
Global X Millennials Thematic ETF* (1)		0.50%
Global X Longevity Thematic ETF* (1)		0.50%
Global X Health & Wellness Thematic ETF* (1)		0.50%
Global X Cannabis ETF		0.50%
Global X U.S. Infrastructure Development ETF**		0.47%
Global X Conscious Companies ETF		0.43%
Global X Founder-Run Companies ETF		0.45%
Global X Thematic Growth ETF		0.50%

(1) Prior to April 1, 2020 the Fee was 0.68%.

115


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)

* Pursuant to expense limitation agreements between each of the Global X Health & Wellness Thematic ETF, Global X Longevity Thematic ETF and the Global X Millennials Thematic ETF (the “Funds”) and the Adviser prior to April 1, 2020, 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 Funds (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) did not exceed 0.50% of the Funds’ average daily net assets per year until April 1, 2020. Each Fund (at a later date) may reimburse the Adviser for the fees and expenses it waived or reimbursed and/or limited pursuant to the expense limitation agreements during any of the three fiscal years prior to April 1, 2020, provided that, among other things, any reimbursement made to the Adviser does not cause Total Annual Fund Operating Expenses to exceed the maximum permitted rate during the period in which it is paid and the Board has approved such reimbursement to the Adviser. Although the Board voted to permanently reduce the Fund’s management fees to 0.50% and end the expense limitation agreements as of April 1, 2020, waived or reimbursed fees prior to April 1, 2020 are still subject to recoupment. As of May 31, 2020, the amounts of waivers/reimbursements subject to recoupment for the Global X Health & Wellness Thematic ETF, Global X Longevity Thematic ETF and Global X Millennials Thematic ETF, were $2,169 (expiring 2020), $11,634 (expiring 2021), $8,496 (expiring 2022); $5,466 (expiring 2020), $23,346 (expiring 2021), $9,461 (expiring 2022); $7,408 (expiring 2020), $41,063 (expiring 2021) and $18,918 (expiring 2022), respectively.

** Pursuant to an expense limitation agreement between the Global X U.S. Infrastructure Development ETF (the “Fund”) and the Adviser prior to April 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 0.47% of the Fund’s average daily net assets per year until April 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 0.47% during the year in which it is paid and the Board of Trustees has approved such reimbursement to the Adviser. Although the Board voted to permanently reduce the Fund’s fees to 0.47% and end the expense limitation agreement as of April 1, 2019, prior waived or reimbursed fees are still subject to recoupment. As of May 31, 2020, the amounts of waivers/reimbursements subject to recoupment for the Fund were $7,476 (expiring 2020), $102,748 (expiring 2021) and $44,734 (expiring 2022). As of May 31, 2020, there had been no recoupment of previously waived and reimbursed fees.

*** Pursuant to an expense limitation agreement, the Adviser has agreed to waive or reimburse fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Global X Cybersecurity ETF (the “Fund”) (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) will not exceed 0.50% of the Fund’s average daily net assets per year until April 1, 2021.

116


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)

SEI Investments Global Funds Services (“SEIGFS”) serves as sub-administrator to the Funds. As sub-administrator, SEIGFS provides the Funds with required general administrative services, including, without limitation: office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and assistance with the preparation and filing of reports, registration statements, proxy statements and other materials required to be filed or furnished by the Funds under federal and state securities laws. As compensation for these services, SEIGFS receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser. SEI Investments Distribution Co. (“SIDCO”) serves as each Fund’s underwriter and distributor of Creation Units pursuant to a distribution agreement. SIDCO has no obligation to sell any specific quantity of Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (1) the costs of processing and maintaining records of creations of Creation Units; (2) all costs of maintaining the records required of a registered broker/dealer; (3) the expenses of maintaining its registration or qualification as a dealer or broker under federal or state laws; (4) filing fees; and (5) all other expenses incurred in connection with the distribution services as contemplated in the distribution agreement. SIDCO receives no fee from the Funds for its distribution services under the distribution agreement; rather, the Adviser compensates SIDCO for certain expenses, out-of-pocket costs, and transaction fees.

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.

117


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

4. INVESTMENT TRANSACTIONS

For the period ended May 31, 2020, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government, and short-term securities, were:

2020	Purchases		Sales and Maturities
Global X Robotics & Artificial Intelligence ETF	$	137,309,194	$	127,838,763
Global X FinTech ETF		21,289,264		22,428,921
Global X Internet of Things ETF		13,212,774		11,082,917
Global X Cloud Computing ETF		33,967,237		35,416,428
Global X Future Analytics Tech ETF		8,886,349		8,682,482
Global X Autonomous & Electric Vehicles ETF		2,497,278		2,124,778
Global X Genomics & Biotechnology ETF		6,909,711		6,616,026
Global X Video Games & Esports ETF		10,593,189		1,834,477
Global X Cybersecurity ETF		1,417,874		1,197,771
Global X Millennials Thematic ETF		5,910,992		5,946,915
Global X Longevity Thematic ETF		2,680,969		2,654,009
Global X Health & Wellness Thematic ETF		3,705,896		3,487,083
Global X Cannabis ETF		2,696,100		2,383,262
Global X U.S. Infrastructure Development ETF		18,324,549		18,353,741
Global X Conscious Companies ETF		42,281,604		40,497,680
Global X Founder-Run Companies ETF		1,518,533		1,524,091
Global X Thematic Growth ETF		410,884		347,027

For the period ended May 31, 2020, in-kind transactions associated with creations and redemptions were:

2020	Purchases		Sales		Realized Gain/(Loss)
Global X Robotics & Artificial Intelligence ETF	$	55,398,424	$	188,030,710	$	(27,049,848	)
Global X FinTech ETF		126,098,861		41,228,494		8,267,048
Global X Internet of Things ETF		40,167,327		4,116,938		1,287,596
Global X Cloud Computing ETF		195,785,094		112,759,387		31,270,885
Global X Future Analytics Tech ETF		7,372,785		9,895,908		3,258,786
Global X Autonomous & Electric Vehicles ETF		4,931,490		−		−
Global X Genomics & Biotechnology ETF		16,841,744		3,804,869		1,147,792
Global X Video Games & Esports ETF		84,619,572		14,065,768		2,893,173
Global X Cybersecurity ETF		8,794,597		−		−
Global X Millennials Thematic ETF		9,294,038		8,020,751		702,883
Global X Longevity Thematic ETF		4,399,844		2,220,693		1,126,229
Global X Health & Wellness Thematic ETF		10,970,471		10,139,653		1,859,275
Global X Cannabis ETF		8,819,192		−		−
Global X U.S. Infrastructure Development ETF		30,053,291		56,769,924		(10,970,420	)
Global X Conscious Companies ETF		139,230,795		3,084,510		837,189
Global X Founder-Run Companies ETF		6,242,948		4,435,220		(1,104,663	)
Global X Thematic Growth ETF		3,979,552		1,137,285		61,467

118


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

4. INVESTMENT TRANSACTIONS (continued)

For the year ended November 30, 2019, in-kind transactions associated with creations and redemptions were:

2019	Purchases		Sales		Realized Gain/(Loss)
Global X Robotics & Artificial Intelligence ETF	$	196,452,084	$	527,329,566	$	(33,905,075	)
Global X FinTech ETF		112,937,062		93,896,478		8,446,928
Global X Internet of Things ETF		43,369,377		19,178,310		4,282,434
Global X Cloud Computing ETF		524,429,030		73,776,961		7,782,237
Global X Future Analytics Tech ETF		9,253,548		14,737,108		977,438
Global X Autonomous & Electric Vehicles ETF		6,226,367		7,556,398		102,697
Global X Genomics & Biotechnology ETF		16,470,842		−		−
Global X Video Games & Esports ETF		1,343,301		−		−
Global X Cybersecurity ETF		1,513,438		−		−
Global X Millennials Thematic ETF		64,052,088		26,378,103		7,255,226
Global X Longevity Thematic ETF		6,136,552		1,033,564		281,906
Global X Health & Wellness Thematic ETF		12,053,707		5,418,018		922,860
Global X Cannabis ETF		5,754,039		−		−
Global X U.S. Infrastructure Development ETF		54,690,700		26,071,935		538,144
Global X Conscious Companies ETF		25,986,382		5,288,419		1,691,105
Global X Founder-Run Companies ETF		−		1,021,446		192,373
Global X Thematic Growth ETF		2,522,056		−		−

For the period ended May 31, 2020, there were no purchases or sales of long-term U.S. Government securities by the Funds.

5. TAX INFORMATION

119


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

5. TAX INFORMATION (continued)

The tax character of dividends and distributions declared during the years or periods ended November 30, 2019 and Novemeber 30, 2018 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X Robotics & Artificial Intelligence ETF
2019	$	30,149,775	$	–	$	–	$	30,149,775
2018		121,571		–		–		121,571
Global X FinTech ETF
2019	$	–	$	60,368	$	437,339	$	497,707
2018		47,896		15,114		–		63,010
Global X Internet of Things ETF
2019	$	1,268,719	$	–	$	–	$	1,268,719
2018		924,105		79,852		–		1,003,957
Global X Cloud Computing ETF
2019	$	–	$	–	$	–	$	–
Global X Future Analytics Tech ETF
2019	$	298,087	$	–	$	–	$	298,087
2018		–		–		–		–
Global X Autonomous & Electric Vehicles ETF
2019	$	415,562	$	–	$	–	$	415,562
2018		–		–		–		–
Global X Genomics & Biotechnology ETF
2019	$	–	$	–	$	–	$	–
Global X Video Games and Esports ETF
2019	$	–	$	–	$	–	$	–
Global X Cybersecurity ETF
2019	$	–	$	–	$	–	$	–
Global X Millennials Thematic ETF
2019	$	147,679	$	27,133	$	–	$	174,812
2018		99,317		20,903		–		120,220
Global X Longevity Thematic ETF
2019	$	146,505	$	38,656	$	–	$	185,161
2018		74,051		16,585		–		90,636
Global X Health & Wellness Thematic ETF
2019	$	120,454	$	–	$	–	$	120,454
2018		54,477		16,673		–		71,150
Global X Cannabis ETF
2019	$	–	$	–	$	–	$	–
Global X U.S. Infrastructure Development ETF
2019	$	1,424,719	$	–	$	–	$	1,424,719
2018		80,930		–		–		80,930

120


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

5. TAX INFORMATION (continued)

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X Conscious Companies ETF
2019	$	1,418,777	$	–	$	–	$	1,418,777
2018		598,437		–		–		598,437
Global X Founder-Run Companies ETF
2019	$	70,597	$	3,076	$	–	$	73,673
2018		53,242		781		–		54,023
Global X Thematic Growth ETF
2019	$	–	$	–	$	–	$	–

As of November 30, 2019, the components of tax basis distributable earnings (accumulated losses) were as follows:

	Global X Funds
	Global X Robotics & Artificial Intelligence ETF			Global X FinTech ETF			Global X Internet of Things ETF
Undistributed Ordinary Income	$	2,105,553		$	–		$	397,344
Capital Loss Carryforwards		(118,941,610	)		(11,853,484	)		(1,951,432	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(192,946,578	)		40,524,110			14,704,995
Late Year Loss Deferral		–			(960,039	)		–
Other Temporary Differences		–			2			(4	)
Total Distributable Earnings (Accumulated Losses)	$	(309,782,635	)	$	27,710,589		$	13,150,903

	Global X Funds
	Global X Cloud Computing ETF			Global X Future Analytics Tech ETF			Global X Autonomous & Electric Vehicles ETF
Undistributed Ordinary Income	$	210,759		$	84,300		$	56,036
Capital Loss Carryforwards		–			(496,769	)		(991,468	)
Post October Losses		(1,219,812	)		–			–
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		9,483,867			3,383,751			(772,361	)

121


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

	Global X Funds
	Global X Cloud Computing ETF			Global X Future Analytics Tech ETF			Global X Autonomous & Electric Vehicles ETF
Late Year Loss Deferral		(1,037,168	)		–			–
Other Temporary Differences		–			(1	)		–
Total Distributable Earnings (Accumulated Losses)	$	7,437,646		$	2,971,281		$	(1,707,793	)

	Global X Funds
	Global X Genomics & Biotechnology ETF			Global X Video Games and Esports ETF			Global X Cybersecurity ETF
Undistributed Ordinary Income	$	–		$	–		$	2,033
Unrealized Appreciation on Investments and Foreign Currency		1,815,857			73,582			184,833
Late Year Loss Deferral		(574	)		(142	)		(129	)
Other Temporary Differences		1			(1	)		2
Total Distributable Earnings (Accumulated Losses)	$	1,815,284		$	73,439		$	186,739

	Global X Funds
	Global X Millennials Thematic ETF			Global X Longevity Thematic ETF		Global X Health & Wellness Thematic ETF
Undistributed Ordinary Income	$	202,230		$	108,256	$	54,346
Undistributed Long- Term Capital Gain		1,324			38,307		–
Capital Loss Carryforwards		–			–		(86,314	)
Unrealized Appreciation on Investments and Foreign Currency		1,296,801			3,392,400		1,329,809
Other Temporary Differences		(1	)				1
Total Distributable Earnings (Accumulated Losses)	$	1,500,354		$	3,538,963	$	1,297,842

122


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

5. TAX INFORMATION (continued)

	Global X Funds
	Global X Cannabis ETF			Global X U.S. Infrastructure Development ETF			Global X Conscious Companies ETF			Global X Founder-Run Companies ETF			Global X Thematic Growth ETF
Undistributed Ordinary Income	$	44,288		$	506,268		$	535,548		$	8,874		$	352
Capital Loss Carryforwards		(10,884	)		(515,389	)		(367,291	)		(77,595	)		–
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(1,193,026	)		3,853,707			13,155,561			146,448			126,465
Other Temporary Differences		–			2			–			(1	)		–
Total Distributable Earnings (Accumulated Losses)	$	(1,159,622	)	$	3,844,588		$	13,323,818		$	77,726		$	126,817

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 Robotics & Artificial Intelligence Thematic ETF	$	104,042,882	$	14,898,728	$	118,941,610
Global X FinTech ETF		5,673,993		6,179,491		11,853,484
Global X Internet of Things Thematic ETF		1,620,664		330,768		1,951,432
Global X Future Analytics Tech ETF		496,769		−		496,769
Global X Autonomous & Electric Vehicles ETF		724,421		267,047		991,468
Global X Health & Wellness Thematic ETF		21,198		65,116		86,314
Global X Cannabis ETF		10,884		−		10,884
Global X U.S. Infrastructure Development ETF		515,389		−		515,389
Global X Conscious Companies ETF		325,980		41,311		367,291
Global X Founder-Run Companies ETF		26,773		50,822		77,595

123


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

5. TAX INFORMATION (continued)

During the year ended November 30, 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 U.S. Infrastructure Development ETF	$	−	$	1,738	$	1,738
Global X Health & Wellness Thematic ETF		178		−		178

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at May 31, 2020, were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global X Robotics & Artificial Intelligence ETF	$	1,612,706,342	$	231,991,921	$	(282,162,750	)	$	(50,170,829	)
Global X FinTech ETF		500,245,106		97,850,326		(29,332,712	)		68,517,614
Global X Internet of Things ETF		158,982,178		26,036,534		(11,155,220	)		14,881,314
Global X Cloud Computing ETF		575,080,705		112,695,798		(11,277,779	)		101,418,019
Global X Future Analytics Tech ETF		40,929,820		8,395,273		(2,396,001	)		5,999,272
Global X Autonomous & Electric Vehicles ETF		21,224,908		2,068,170		(3,924,809	)		(1,856,639	)
Global X Genomics & Biotechnology ETF		31,057,668		4,572,164		(1,017,057	)		3,555,107
Global X Video Games and Esports ETF		94,214,259		14,144,765		(499,331	)		13,645,434
Global X Cybersecurity ETF		10,566,799		1,281,366		(205,975	)		1,075,391
Global X Millennials Thematic ETF		75,310,863		9,691,469		(6,816,645	)		2,874,824
Global X Longevity Thematic ETF		22,892,314		5,159,822		(1,432,073	)		3,727,749
Global X Health & Wellness Thematic ETF		21,296,811		1,636,865		(3,366,752	)		(1,729,887	)
Global X Cannabis ETF		17,293,400		507,102		(2,519,791	)		(2,012,689	)
Global X U.S. Infrastructure Development ETF		141,457,775		3,455,485		(30,271,574	)		(26,816,089	)
Global X Conscious Companies ETF		209,101,459		35,278,596		(1,830,223	)		33,448,373
Global X Founder-Run Companies ETF		4,604,247		352,894		(627,463	)		(274,569	)
Global X Thematic Growth ETF		5,446,723		403,538		(32,439	)		371,099

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.

6. CONCENTRATION OF RISKS

The Funds may invest in companies focused on business activities in emerging economic themes. Such thematic companies typically face intense competition and potentially rapid product obsolescence. Thematic companies may have limited product lines, markets, financial resources or personnel. These companies typically engage in significant amounts of spending on research and development, capital expenditures and

124


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

6. CONCENTRATION OF RISKS (continued)

mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. These companies are also frequently dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. Such companies may be potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. The emergent nature of many economic themes could result in increasing regulatory scrutiny in the future, which may impede the growth of companies that develop and/or focus on such economic themes. Similarly, the collection of data from consumers and other sources is frequently a critical component in emerging economic themes and could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. Finally, these companies may be involved in young, fast evolving industries with increased exposure to the risks associated with changes in applicable laws (including regulation, other rule changes, and related federal and state enforcement activities), as well as market developments, which may cause businesses to contract or close suddenly and negatively impact the value of these companies.

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.

The Funds may utilize a representative sampling strategy with respect to their underlying indices when a replication strategy might be detrimental to their shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its underlying index, or, in certain instances, when securities in the underlying index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not to the underlying indexes). Commodity related securities are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a substantial impact on these Funds.

A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.

7. LOANS OF PORTFOLIO SECURITIES

125


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

7. LOANS OF PORTFOLIO SECURITIES (continued)

securities issued or guaranteed by the U.S. Government or any agencies. Cash collateral received in connection with these loans can be invested in repurchase agreements, short-term investments, or U.S. Treasury obligations and is accounted for 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.

As of May 31, 2020, the value of securities on loan was $122,421,080, $40,174,322, $4,293,915, $71,456, $445,891, $1,072,329, $3,282,607, and $355,028, for the Global X Robotics and Artificial Intelligence ETF, Global X FinTech ETF, Global X Internet of Things ETF, Global X Future Analytics Tech ETF, Global X Autonomous & Electric Vehicles ETF, Global X Millenials Thematic ETF, Global X Cannabis ETF and Global X U.S. Infrastructure Development ETF, respectively, and the cash collateral recieved from securities on loan was $131,218,660, $42,369,873, $4,401,194, $72,380, $465,236, $1,070,245, $3,643,340, and $369,743, for the the Global X Robotics and Artificial Intelligence ETF, Global X FinTech ETF, Global X Internet of Things ETF, Global X Future Analytics Tech ETF, Global X Autonomous & Electric Vehicles ETF, Global X Millenials Thematic ETF, Global X Cannabis ETF and Global X U.S. Infrastructure Development ETF, respectively.

126


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

7. LOANS OF PORTFOLIO SECURITIES (continued)

	Market Value		Cash Collateral
Global X Robotics & Artificial Intelligence ETF
Barclays Bank	$	12,481,886	$	12,551,215	⁽¹⁾
BofA Securities		62,878,204		65,612,247
Citigroup		2,010,860		2,115,320
Credit Suisse		250,615		263,500
Goldman Sachs & Co.		3,664,487		7,563,704
JPMorgan		1,642,940		1,631,168	⁽¹⁾
Morgan Stanley		38,899,634		40,861,037
UBS AG London Branch		557,646		586,644
UBS Securities LLC		5,943		5,775	⁽¹⁾
Wells Fargo		28,866		28,050	⁽¹⁾
Global X FinTech ETF
Barclays Bank		14,606,839		14,988,283
BofA Securities		72,400		76,100
Citigroup		3,168,444		3,286,118
Credit Suisse		6,410,060		6,739,210
Goldman Sachs & Co.		1,341,684		2,027,142
JPMorgan		5,081		5,368
Morgan Stanley		13,991,419		14,649,295
Natl Financial Services Corp		578,396		598,357
Global X Internet of Things ETF
Barclays Bank		1,109,505		1,136,350
BofA Securities		22,168		23,313
Citigroup		217,912		221,895
Goldman Sachs & Co.		166,846		175,461
JPMorgan		2,777,484		2,844,175
Global X Future Analytics Tech ETF
Natl Financial Services Corp		71,456		72,380	⁽¹⁾
Global X Autonomous & Electric Vehicles ETF
BofA Securities		88		95
Goldman Sachs & Co.		438,528		457,366
JPMorgan		7,275		7,776
Global X Millennials Thematic ETF
BofA Securities		165,213		161,415	⁽¹⁾
Natl Financial Services Corp		367,467		366,385	⁽¹⁾
UBS Securities LLC		539,649		542,445	⁽¹⁾

127


Notes to Financial Statements (unaudited) (continued)
	May 31, 2020

7. LOANS OF PORTFOLIO SECURITIES (continued)

	Market Value		Cash Collateral
Global X Cannabis ETF
Barclays Bank	$	399,375	$	434,605
Citigroup		401,801		443,746
Credit Suisse		207,292		232,848
Goldman Sachs & Co.		482,957		542,427
JPMorgan		517,306		571,407
Morgan Stanley		356,117		393,104
Scotia Capital		660,404		739,864
UBS AG London Branch		22,699		24,516
UBS Securities LLC		234,657		260,823
Global X U.S. Infrastructure Development ETF
Goldman Sachs & Co.		32,160		33,759
UBS Securities LLC		127,890		129,850
Wells Fargo		194,978		206,134

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.

9. 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 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.

128


Notes to Financial Statements (unaudited) (concluded)
	May 31, 2020

10. NEW ACCOUNTING PRONOUNCEMENTS

In August 2018, the Financial Accounting Standards Board 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.

11. SUBSEQUENT EVENTS

The Funds have been evaluated regarding the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, please note the additional disclosure:

Effective June 15, 2020, the Global X Future Analytics Tech ETF was renamed Global X Artificial Intelligence & Technology ETF.

Effective June 15, 2020, the Management Fee of the Global X Genomics & Biotechnology ETF was reduced to 0.50%.

129


Disclosure of Fund Expenses (unaudited)

All exchange traded funds (“ETFs”) 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 their investment in the Fund.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your 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 (December 1, 2019 to May 31, 2020).

The table on the next page illustrates your Fund’s costs in two ways:

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 period, 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.

130


Disclosure of Fund Expenses (unaudited) (continued)

	Beginning Account Value 12/1/2019		Ending Account Value 5/31/2020		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X Robotics & Artificial Intelligence ETF
Actual Fund Return	$	1,000.00	$	1,082.20		0.69	%	$	3.59
Hypothetical 5% Return		1,000.00		1,021.55		0.69			3.49

Global X FinTech ETF
Actual Fund Return	$	1,000.00	$	1,056.40		0.68	%	$	3.50
Hypothetical 5% Return		1,000.00		1,021.60		0.68			3.44

Global X Internet of Things ETF
Actual Fund Return	$	1,000.00	$	998.10		0.68	%	$	3.40
Hypothetical 5% Return		1,000.00		1,021.60		0.68			3.44

Global X Cloud Computing ETF
Actual Fund Return	$	1,000.00	$	1,247.60		0.68	%	$	3.82
Hypothetical 5% Return		1,000.00		1,021.60		0.68			3.44

Global X Future Analytics Tech ETF
Actual Fund Return	$	1,000.00	$	1,127.90		0.68	%	$	3.62
Hypothetical 5% Return		1,000.00		1,021.60		0.68			3.44

Global X Autonomous & Electric Vehicles ETF
Actual Fund Return	$	1,000.00	$	960.00		0.68	%	$	3.33
Hypothetical 5% Return		1,000.00		1,021.60		0.68			3.44

Global X Genomics & Biotechnology ETF
Actual Fund Return	$	1,000.00	$	1,057.70		0.68	%	$	3.50
Hypothetical 5% Return		1,000.00		1,021.60		0.68			3.44

Global X Video Games and Esports ETF
Actual Fund Return	$	1,000.00	$	1,294.00		0.51	%	$	2.92
Hypothetical 5% Return		1,000.00		1,022.45		0.51			2.58

Global X Cybersecurity ETF
Actual Fund Return	$	1,000.00	$	1,137.50		0.50	%	$	2.67
Hypothetical 5% Return		1,000.00		1,022.50		0.50			2.53

Global X Millennials Thematic ETF
Actual Fund Return	$	1,000.00	$	1,027.50		0.50	%	$	2.53
Hypothetical 5% Return		1,000.00		1,022.50		0.50			2.53

Global X Longevity Thematic ETF
Actual Fund Return	$	1,000.00	$	1,033.90		0.50	%	$	2.54
Hypothetical 5% Return		1,000.00		1,022.50		0.50			2.53

Global X Health & Wellness Thematic ETF
Actual Fund Return	$	1,000.00	$	927.40		0.50	%	$	2.41
Hypothetical 5% Return		1,000.00		1,022.50		0.50			2.53

131


Disclosure of Fund Expenses (unaudited) (continued)

	Beginning Account Value 12/1/2019		Ending Account Value 5/31/2020		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X Cannabis ETF
Actual Fund Return	$	1,000.00	$	778.10		0.51	%	$	2.27
Hypothetical 5% Return		1,000.00		1,022.45		0.51			2.58

Global X U.S. Infrastructure Development ETF
Actual Fund Return	$	1,000.00	$	845.90		0.47	%	$	2.17
Hypothetical 5% Return		1,000.00		1,022.65		0.47			2.38

Global X Conscious Companies ETF
Actual Fund Return	$	1,000.00	$	946.10		0.43	%	$	2.09
Hypothetical 5% Return		1,000.00		1,022.85		0.43			2.17

Global X Founder-Run Companies ETF
Actual Fund Return	$	1,000.00	$	1,060.20		0.45	%	$	2.32
Hypothetical 5% Return		1,000.00		1,022.75		0.45			2.28

Global X Thematic Growth ETF
Actual Fund Return	$	1,000.00	$	1,101.50		0.00	%	$	0.00
Hypothetical 5% Return		1,000.00		1,024.35		0.00			0.00

(1)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 183/366 (to reflect the one-half year period.)

132


Liquidity Risk Management Program (unaudited)

At a meeting of the Board held on May 29, 2020, the Trustees received a report from the Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation for the period from December 1, 2018 through December 31, 2019. The Committee’s report noted that the Committee had determined that the Program is reasonably designed to assess and manage each Fund’s Liquidity Risk and operated adequately and effectively to manage each Fund’s Liquidity Risk for the period covered by the report. The Committee’s report noted that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Committee’s report further noted that no material changes have been made to the Program since its implementation.

133


Supplemental Information (unaudited)

Net asset value, or “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.

Further information regarding premiums and discounts is available on the Funds’ website at www.globalxetfs.com.

134


Notes


Notes


Notes


Notes


Notes


Notes

605 3rd 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

2001 Market Street

Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus for the Funds described.

GLX-SA-007-0500

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: August 7, 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: August 7, 2020

	/s/ Chang Kim
By (Signature and Title)*	Chang Kim
	Chief Financial Officer

Date: August 7, 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)