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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________

FORM N-CSR

________

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22209

Global X Funds

(Exact name of registrant as specified in charter)

________

605 Third Avenue, 43rd floor

New York, NY 10158

(Address of principal executive offices) (Zip code)

Luis Berruga

Global X Management Company LLC

605 Lexington Ave, 43rd floor

New York, NY 10158

(Name and address of agent for service)

With a copy to:

Global X Management Company LLC

605 Third Avenue, 43rd floor

New York, NY 10158

Eric S. Purple, Esq.

Stradley Ronon Stevens & Young, LLP

2000 K Street, N.W., Suite 700

Washington, DC 20006-1871

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

Date of fiscal year end: October 31, 2020

Date of reporting period: October 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 MSCI China Energy ETF (ticker: CHIE)

Global X MSCI China Materials ETF (ticker: CHIM)

Global X MSCI China Industrials ETF (ticker: CHII)

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

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

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

Global X MSCI China Financials ETF (ticker: CHIX)

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

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

Global X MSCI China Utilities ETF (ticker: CHIU)

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

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

Global X MSCI Greece ETF (ticker: GREK)

Global X MSCI Norway ETF (ticker: NORW)

Global X DAX Germany ETF (ticker: DAX)

Global X MSCI Portugal ETF (ticker: PGAL)

Global X MSCI Colombia ETF (ticker: GXG)

Global X MSCI Argentina ETF (ticker: ARGT)

Global X MSCI Pakistan ETF (ticker: PAK)

Global X MSCI Nigeria ETF (ticker: NGE)

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

Global X FTSE Nordic Region ETF (ticker: GXF)

Global X FTSE Southeast Asia ETF (ticker: ASEA)

Annual Report

October 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.

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

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

Table of Contents

Management Discussion of Fund Performance	1
Schedules of Investments
Global X MSCI China Energy ETF	70
Global X MSCI China Materials ETF	72
Global X MSCI China Industrials ETF	76
Global X MSCI China Consumer Discretionary ETF	81
Global X MSCI China Consumer Staples ETF	85
Global X MSCI China Health Care ETF	88
Global X MSCI China Financials ETF	92
Global X MSCI China Information Technology ETF	97
Global X MSCI China Communication Services ETF	101
Global X MSCI China Utilities ETF	104
Global X MSCI China Real Estate ETF	106
Global X MSCI China Large-Cap 50 ETF	109
Global X MSCI Greece ETF	112
Global X MSCI Norway ETF	116
Global X DAX Germany ETF	121
Global X MSCI Portugal ETF	124
Global X MSCI Colombia ETF	128
Global X MSCI Argentina ETF	132
Global X MSCI Pakistan ETF	136
Global X MSCI Nigeria ETF	139
Global X MSCI Next Emerging & Frontier ETF	141
Global X FTSE Nordic Region ETF	155
Global X FTSE Southeast Asia ETF	159
Statements of Assets and Liabilities	163
Statements of Operations	169
Statements of Changes in Net Assets	175
Financial Highlights	187
Notes to Financial Statements	201
Report of Independent Registered Public Accounting Firm	228
Disclosure of Fund Expenses	230
Liquidity Risk Management Program	234
Supplemental Information	235
Trustees and Officers of the Trust	236
Notice to Shareholders	238

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

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “SEC” or “Commission”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ 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.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Energy ETF

The Global X MSCI China Energy ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Energy IMI Plus 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure the equity performance of the investable universe of companies in the Energy sector of the Chinese economy, as defined by MSCI, Inc., the provider of the Underlying Index. It is comprised of securities of companies that have their main business operations in the Energy sector and generally includes companies whose businesses involve: oil, gas, consumable fuels, alternative energy and electricity production and distribution, and energy equipment and services.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund decreased 22.05%, while the Underlying Index decreased 21.33%. The Fund had a net asset value of $10.43 per share on October 31, 2019 and ended the reporting period with a net asset value of $7.79 per share on October 31, 2020.

During the reporting period, the highest returns came from COSCO SHIPPING Energy Transportation and Shaanxi Coal Industry, which returned 17.56% and 14.65%, respectively. The worst performers were China LNG Group and Honghua Group, which returned -68.56% and -59.14%, respectively.

During the reporting period, China imposed strict lockdown measures to combat the COVID-19 pandemic, bringing many industries to a standstill. As economic activities experienced a 10% quarter-over-quarter contraction in the first quarter of 2020, demand for energy decreased significantly. Electricity demand dropped quickly in the first quarter of 2020 due to a decline in power demand but recovered completely by June, resulting in a demand recovery for electricity plant fuels. Continued expectations for lower oil prices also hurt certain Energy firms in the oil & gas segment. As a net importer of oil, China’s demand for oil gas has seen a strong recovery in the second half of 2020, with lower oil prices and China’s economic recovery from COVID-19 lockdowns resulting in a pick-up in domestic oil demand. As a result, China imported almost 13% of total global oil supplies from April to September. Although China remains a net importer of gas, the country continues is producing more liquified natural gas, potentially helping to offset some of the longer-term reliance on foreign oil producers.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Energy ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Energy ETF	-22.05%	-20.56%	-8.77%	-8.12%	-4.21%	-3.92%	-3.47%	-3.33%
Hybrid Solactive China Energy Total Return Index/ MSCI China Energy IMI Plus 10/50 Index**	-21.33%	-21.33%	-7.94%	-7.94%	-3.37%	-3.37%	-2.65%	-2.65%
MSCI Emerging Markets Index	8.25%	8.25%	1.94%	1.94%	7.92%	7.92%	3.60%	3.60%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 15, 2009.

** Reflects performance of Solactive China Energy Total Return Index through December 5, 2018 and MSCI China Energy IMI Plus 10/50 Index thereafter.

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

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Energy ETF

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Materials ETF

The Global X MSCI China Materials ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Materials 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure the equity performance of the investable universe of companies in the Materials sector of the Chinese economy, as defined by MSCI, Inc., the provider of the Underlying Index. It is comprised of securities of companies that have their main business operations in the Materials sector and generally includes companies whose businesses involve: chemicals, metals and mining, and forestry and paper products.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 29.88%, while the Underlying Index increased 30.96%. The Fund had a net asset value of $14.50 per share on October 31, 2019 and ended the reporting period with a net asset value of $18.18 per share on October 31, 2020.

During the reporting period, the highest returns came from Ganfeng Lithium and Inner Mongolia Junzheng Energy & Chemical Group, which returned 194.24% and 183.61%, respectively. The worst performers were China Zhongwang Holdings and Beijing SJ Environmental Protection and New Material, which returned -54.71% and -40.27%, respectively.

During the reporting period, COVID-19 pandemic caused unprecedented damage to the global economy, leading to widespread business closures, while disrupting factory production, global supply chains, and consumer demand. Significant disruptions in supply chains and a collapse of international trade had a severe impact on China’s Materials sector in the early months of the pandemic. Although industrial output suffered a severe contraction in the first quarter of 2020, it ultimately managed to rebound. Growth in exports and automobile and retail sales in China during the latter half of the year contributed significantly to the recovery of the Materials sector. China’s building materials segment also contributed, with its value-added output improving during the first three quarters of 2020. Despite the global slowdown, imports of unwrought copper and iron ore were strong as of October 2020.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Materials ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Materials ETF	29.88%	32.10%	-2.00%	-1.84%	10.36%	10.61%	-2.40%	-2.36%
Hybrid Solactive China Materials Total Return Index/ MSCI China Materials 10/50 Index**	30.96%	30.96%	-1.19%	-1.19%	9.30%	9.30%	-2.04%	-2.04%
MSCI Emerging Markets Index	8.25%	8.25%	1.94%	1.94%	7.92%	7.92%	3.18%	3.18%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on January 12, 2010.

** Reflects performance of Solactive China Materials Total Return Index through December 5, 2018 and MSCI China Materials 10/50 Index thereafter.

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Materials ETF

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Industrials ETF

The Global X MSCI China Industrials ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Industrials 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure the equity performance of the investable universe of companies in the Industrials sector of the Chinese economy, as defined by MSCI, Inc., the provider of the Underlying Index. It is comprised of securities of companies that have their main business operations in the Industrials sector and generally includes companies whose businesses involve: construction and materials, electronic and electrical equipment, industrial engineering, industrial transportation, and support services, and trading companies, shipbuilding and aerospace.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 5.57%, while the Underlying Index increased 6.41%. The Fund had a net asset value of $12.92 per share on October 31, 2019 and ended the reporting period with a net asset value of $13.43 per share on October 31, 2020.

During the reporting period, the highest returns came from Contemporary Amperex Technology and Shenzhen Inovance Technology, which returned 278.28% and 171.55%, respectively. The worst performers were BEST, Inc and CITIC, which returned -55.23% and -42.87%, respectively.

During the reporting period, strict lockdowns imposed by China’s government to combat the COVID-19 pandemic temporarily paralyzed major swathes of the economy. As a result, the economy contracted 10% quarter-over-quarter in the first quarter of 2020. Worldwide lockdowns and the plummeting of international trade had a significant negative impact on China’s Industrials sector, resulting in a contraction in the first quarter of 2020. However, it improved gradually in the following months and recorded modest growth as lockdowns eased, workers returned to their jobs, and global trade recovered. Manufacturing output contributed significantly to this recovery. A rise in consumer confidence and a gradual recovery in retail sales, automobile sales, and exports further strengthened the recovery. As the economy recovered, industrial giants saw profit growth for the fourth straight month in August. While the automobiles and electronics industries recorded significant recoveries in profits, profit declines in the mining and raw materials industries continued to persist with weak global demand.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Industrials ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Industrials ETF	5.57%	6.97%	-3.50%	-3.56%	0.85%	0.41%	0.21%	0.11%
Hybrid Solactive China Industrials Total Return Index/ MSCI China Industrials 10/50 Index**	6.41%	6.41%	-4.05%	-4.05%	0.40%	0.40%	0.70%	0.70%
MSCI Emerging Markets Index	8.25%	8.25%	1.94%	1.94%	7.92%	7.92%	3.81%	3.81%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on November 30, 2009.

** Reflects performance of Solactive China Industrials Total Return Index through December 5, 2018 and MSCI China Industrials 10/50 Index thereafter.

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Industrials ETF

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Consumer Discretionary ETF

The Global X MSCI China Consumer Discretionary ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Consumer Discretionary 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure the equity performance of the investable universe of companies in the consumer discretionary sector of the Chinese economy, as defined by MSCI, Inc., the provider of the Underlying Index. It is comprised of securities of companies that have their main business operations in the consumer staples sector and generally includes companies whose businesses involve: general retail, diversified consumer services, food production and retail, beverages, household goods, leisure goods, personal goods, automobiles, auto components and distributors, tobacco, media, and travel and leisure.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 67.98%, while the Underlying Index increased 69.02%. The Fund had a net asset value of $17.68 per share on October 31, 2019 and ended the reporting period with a net asset value of $29.45 per share on October 31, 2020.

During the reporting period, the highest returns came from NIO Inc and BYD Company, which returned 2,008.96% and 322.54%, respectively. The worst performers were Luckin Coffee Inc and China First Capital Group, which returned -94.54% and -90.30%, respectively.

Years of wage growth and urbanization have substantially increased the consumption habits of millions of Chinese citizens. Improving the consumption component is vital, as maintaining higher economic growth primarily on exports and investment has become more difficult for China amid rising trade tensions and reduced labor competitiveness. The government had taken a series of measures to adjust the growth model of the Chinese economy from an export-led economy to a consumption-oriented one. Promoting consumer-focused areas like e-commerce, automobiles, education, and tourism, have helped achieve these goals. However, such efforts suffered a major blow during the reporting period when the economy came to a halt due to strict lockdown measures imposed to contain the COVID-19 pandemic. The economy contracted 10% quarter-over-quarter in the first quarter of 2020, recording the first contraction since 1992. It gained momentum in the second and third quarters and grew 11.7% and 2.7% quarter-over-quarter, respectively, as lockdown measures were effective at containing the virus and allowed workers to return to their jobs. Retail sales, since plummeting early in the year, continued to recover gradually alongside rising consumer confidence.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Consumer Discretionary ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Consumer Discretionary ETF	67.98%	69.29%	20.85%	20.94%	19.01%	19.13%	7.55%	7.57%
Hybrid Solactive China Consumer Total Return Index/MSCI China Consumer Discretionary 10/50 Index**	69.02%	69.02%	21.66%	21.66%	19.82%	19.82%	8.20%	8.20%
MSCI Emerging Markets Index	8.25%	8.25%	1.94%	1.94%	7.92%	7.92%	3.81%	3.81%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on November 30, 2009.

** Reflects performance of Solactive China Total Return Index through December 5, 2018 and MSCI China Consumer Discretionary 10/50 Index thereafter.

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

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Consumer Discretionary ETF

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Consumer Staples ETF

The Global X MSCI China Consumer Staples ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Consumer Staples 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure the equity performance of the investable universe of companies in the consumer staples sector of the Chinese economy, as defined by MSCI, Inc., the provider of the Underlying Index. It is comprised of securities of companies that have their main business operations in the consumer staples sector and generally includes companies whose businesses involve: personal products, packaged foods and meat, brewers, agriculture products, hypermarkets and supermarkets, and, distillers & vintners.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 42.48%, while the Underlying Index increased 42.76%. The Fund had a net asset value of $21.08 per share on October 31, 2019 and ended the reporting period with a net asset value of $29.04 per share on October 31, 2020.

During the reporting period, the highest returns came from Shanxi Xinghuacun Fen Wine Factory and Tongwei, which returned 167.33% and 156.96%, respectively. The worst performers were Wen’s Foodstuff Group and Tech-bank Food, which returned -38.36% and -22.56%, respectively.

China’s economy is in a transition phase as wages continue to rise and the middle class expands. This transformation has led to a substantial increase in domestic demand for basic consumer goods, which in turn has contributed to the expansion of the Consumer Staples sector. The momentum in consumer expenditure has been a key component in supporting economic growth in China. Amid the economic slowdown due to the COVID-19 pandemic and trade conflicts with the U.S., China has depended heavily on domestic consumption to stabilize the economy during a weak environment. Further supporting consumption in China has been the country’s aggressive curbs to the spread of COVID-19. Early and aggressive lockdowns allowed workers to return to their jobs faster, avoiding lost wages and contributing to consumption growth. For example, despite the pandemic, industrial output rose 6.9% in October from a year earlier and consumer confidence increased to 120.50 points in September from 116.40 points in August, showing signs of strengthening consumerism.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Consumer Staples ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Consumer Staples ETF	42.48%	41.96%	44.68%	45.02%
MSCI China Consumer Staples 10/50 Index	42.76%	42.76%	45.37%	45.37%
MSCI Emerging Markets Index	8.25%	8.25%	9.03%	9.03%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 7, 2018.

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

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

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Consumer Staples ETF

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Health Care ETF

The Global X MSCI China Health Care ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Health Care 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure the equity performance of the investable universe of companies in the healthcare sector of the Chinese economy, as defined by MSCI, Inc., the provider of the Underlying Index. It is comprised of securities of companies that have their main business operations in the healthcare sector and generally includes companies whose businesses involve: Biotechnology, Health Care Equipment & Supplies, Health Care Providers & Services, Health Care Technology, Life Sciences Tools & Services, and Pharmaceuticals.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 34.62%, while the Underlying Index increased 35.77%. The Fund had a net asset value of $17.70 per share on October 31, 2019 and ended the reporting period with a net asset value of $23.68 per share on October 31, 2020.

During the reporting period, the highest returns came from Chongqing Zhifei Biological Products and Alibaba Health Information Technology, which returned 247.26% and 158.74%, respectively. The worst performers were 3SBio, Inc and China Resources Pharmaceutical Group, which returned -50.29% and -44.64%, respectively.

An aging population, alongside trends in rising wages and living standards, and broader access to health care have been key to the modernization of China’s Health Care sector. These secular trends combined with the sheer size of China’s population have created substantial growth opportunities for private companies in the Health Care space. Beyond just China’s domestic health care market, China plays an important role in the global healthcare industry. Chinese firms manufacture about 40% of active pharmaceutical ingredients used worldwide and export a significant volume of medical supplies all over the world. The government of China, with a key focus on the healthcare industry, has announced a number of reforms to strengthen the healthcare system in the country. The China Healthcare Report 2020 outlines major investments in research and development (R&D) as well as innovation and rapid growth of the biopharmaceutical industry. These efforts are expected to continue to grow the sector’s strong momentum.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Health Care ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Health Care ETF	34.62%	36.65%	27.74%	28.13%
MSCI China Healh Care 10/50 Index	35.77%	35.77%	28.68%	28.68%
MSCI Emerging Markets Index	8.25%	8.25%	9.03%	9.03%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 7, 2018.

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

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

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Health Care ETF

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Financials ETF

The Global X MSCI China Financials ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Financials 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure the equity performance of the investable universe of companies in the Financials sector of the Chinese economy, as defined by MSCI, Inc., the provider of the Underlying Index. It is comprised of securities of companies that have their main business operations in the Financials sector and generally includes companies whose businesses involve: banking; insurance, real estate, and financial services.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund decreased 7.24%, while the Underlying Index decreased 5.94%. The Fund had a net asset value of $15.83 per share on October 31, 2019 and ended the reporting period with a net asset value of $14.25 per share on October 31, 2020.

During the reporting period, the highest returns came from East Money Information and CSC Financial, which returned 97.79% and 97.40%, respectively. The worst performers were China Ding Yi Feng Holdings and Anxin Trust, which returned -94.32% and -55.25%, respectively.

The COVID-19 pandemic has caused widespread economic issues, which have impacted Financials around the world. China’s Financials sector has not been immune as lockdowns and reduced economic activity locally and around the world, have put pressure on debtors in China. Beijing made decisive and proactive efforts to contain the spread on the virus and stabilize the economy. Yet the pandemic has still negatively impacted banks’ asset quality. Smaller banks are experiencing a deterioration in asset quality and a sharp rise in credit risks, while large state-owned commercial banks are generally in better shape, as they have sufficient capital buffers. Small and medium-sized banks are more vulnerable, as these institutions account for a much larger share of the loans to small and medium enterprises (SMEs). Joint stock banks, urban commercial banks, and rural commercial banks comprise 70% of SME loans, while large commercial banks account for only 30% of SME loans. The pandemic has mostly affected SME borrowers, with a quick deterioration in the quality of their loans. The industry-wide non-performing loan (NPL) ratio for banks accelerated to over 2% in the first quarter of 2020. Despite these recent challenges, China has continued to open its Financials sector to a more global audience and the banking sector has significantly increased its focus on digital transformation to remain competitive and increase profitability.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Financials ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Financials ETF	-7.24%	-5.23%	-3.48%	-3.23%	2.69%	2.94%	1.86%	1.94%
Hybrid Solactive China Financials Total Return Index/MSCI China Financials 10/50 Index**	-5.94%	-5.94%	-2.72%	-2.72%	3.53%	3.53%	2.48%	2.48%
MSCI Emerging Markets Index	8.25%	8.25%	1.94%	1.94%	7.92%	7.92%	3.69%	3.69%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 10, 2009.

** Reflects performance of Solactive China Financials Total Return Index through December 5, 2018 and MSCI China Financials 10/50 Index thereafter.

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Financials ETF

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Information Technology ETF

The Global X MSCI China Information Technology ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Information Technology 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to track the performance of the Information Technology sector in China as defined by MSCI, Inc., the provider of the Underlying Index. It is comprised of securities of companies that have their main business operations in the Information Technology sector and generally includes companies whose businesses involve: communications equipment, electronic equipment, instruments & components, IT Services, semiconductors & semiconductor equipment, software, and, technology hardware, storage & peripherals.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 57.01%, while the Underlying Index increased 58.09%. The Fund had a net asset value of $17.92 per share on October 31, 2019 and ended the reporting period with a net asset value of $27.78 per share on October 31, 2020.

During the reporting period, the highest returns came from LONGi Green Energy Technology and Xinyi Solar Holdings, which returned 252.48% and 228.92%, respectively. The worst performers were GCL System Integration Technology and China Railway Signal & Communication Corp, which returned -42.51% and -41.43%, respectively.

During the reporting period, China’s technology giants saw their businesses thrive despite the COVID-19 pandemic. Strict lockdowns forced people to rely more on digital services rather than physical, in-person experiences. The government encouraged domestic consumption in the low-mobility environment by promoting the use of digital technologies such as e-commerce, cloud computing, 5G, and gaming. Industrial output of information transmission, software and IT service industry grew in the first six months of 2020. Beyond the pandemic, increased support for the domestic technology industry has led to numerous projects to implement digitalization across the economy. New infrastructure developments, such as the construction of 5G towers, is expected to provide further support for the sector’s growth.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Information Technology ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Information Technology ETF	57.01%	59.41%	39.66%	40.08%
MSCI China Information Technology 10/50 Index	58.09%	58.09%	40.42%	40.42%
MSCI Emerging Markets Index	8.25%	8.25%	9.03%	9.03%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 7, 2018.

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

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Information Technology ETF

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Communication Services ETF

The Global X MSCI China Communication Services ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Communication Services 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure the equity performance of the investable universe of companies in the communication services sector of the Chinese economy, as defined by MSCI, Inc., the provider of the Underlying Index. It is comprised of securities of companies that have their main business operations in the communication services sector and generally includes companies whose businesses involve: Diversified Telecommunication Services, Entertainment, Interactive Media & Services, Media, Software, and, Wireless Telecommunication Services.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 18.61%, while the Underlying Index increased 19.49%. The Fund had a net asset value of $22.18 per share on October 31, 2019 and ended the reporting period with a net asset value of $26.13 per share on October 31, 2020.

During the reporting period, the highest returns came from Mango Excellent Media Co. Ltd. Class A and China Literature Ltd, which returned 188.24% and 108.03%, respectively. The worst performers were Momo Inc Sponsored ADR Class A and China Unicom (Hong Kong) Limited, which returned -53.77% and -35.82%, respectively.

Rapid urbanization and the emerging middle class have driven the surge in demand for communications services in China. China’s communications industry saw steady growth in the first half of this year, despite the impact of the COVID-19 pandemic, given that more people become increasingly reliant on digital and virtual platforms to stay connected from home during the COVID-19 pandemic. The combined revenue of the sector rose 3.2% year-over-year, reaching 692.7 billion yuan in the first half of 2020. Revenue from the data and internet business saw stable growth, and the number of fixed broadband internet users increased steadily, signaling prospects of an advancing digital economy. China is home to the world’s largest telecommunications market with about 1.6 billion subscribers. China’s aim to become a pioneer in 5G technology has so far been successful domestically, despite western governments’ reservation towards using Chinese 5G technology.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Communication Services ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Communication Services ETF	18.61%	20.24%	-2.61%	-2.86%	5.24%	5.45%	6.42%	6.43%
Hybrid Solactive China Technology Index/NASDAX OMX China Technology Index/MSCI China Communication Services 10/50 Index **	19.49%	19.49%	-1.97%	-1.97%	6.19%	6.19%	7.26%	7.26%
MSCI Emerging Markets Index	8.25%	8.25%	1.94%	1.94%	7.92%	7.92%	3.65%	3.65%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 8, 2009.

** Reflects performance of Solactive China Technology Index through December 13, 2011, NASDAQ OMX China Technology Index through December 5, 2018 and the MSCI China Communication Services 10/50 Index thereafter.

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

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Communication Services ETF

reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Utilities ETF

The Global X MSCI China Utilities ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Utilities 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure the equity performance of the investable universe of companies in the Utilities sector of the Chinese economy, as defined by MSCI, Inc., the provider of the Underlying Index. It is comprised of securities of companies that have their main business operations in the Utilities sector and generally includes companies whose businesses involve: independent power and renewable electricity producers, gas utilities, and, water utilities.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund decreased 10.92%, while the Underlying Index decreased 10.18%. The Fund had a net asset value of $15.81 per share on October 31, 2019 and ended the reporting period with a net asset value of $13.70 per share on October 31, 2020.

During the reporting period, the highest returns came from China Longyuan Power Group and SDIC Power Holdings, which returned 30.00% and 19.57%, respectively. The worst performers were Towngas China and Beijing Enterprises Holdings, which returned -37.95% and -33.53%, respectively.

During the reporting period, strict lockdowns imposed by China’s government to combat the COVID-19 pandemic hindered economic activities across the country. Worldwide lockdowns also triggered a collapse in international trade, which in turn led to a sharp fall in electricity demand by manufacturers and businesses in China. Industrial activities account for more than 65% of national power demand. However, during China’s lockdown period, residential electricity demand and electricity demand from the telecom and internet sectors recorded a significant increase, mildly offsetting the lost industrial demand. As the economy recovered gradually in the second quarter of 2020, demand for power rose 3.9% quarter-over-quarter. One bright spot in the Energy sector is renewable energy production, which rose to 33% of total electric power in September from 23% in January, while the share of coal power generation fell to 60% in September 2020 from 69% in January.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Utilities ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Utilities ETF	-10.92%	-11.09%	-2.86%	-2.60%
MSCI China Utilities 10/50 Index	-10.18%	-10.18%	-2.08%	-2.08%
MSCI Emerging Markets Index	8.25%	8.25%	9.03%	9.03%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 7, 2018.

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Utilities ETF

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Real Estate ETF

The Global X MSCI China Real Estate ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Real Estate 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure the equity performance of the investable universe of companies in the Real Estate sector of the Chinese economy, as defined by MSCI, Inc., the provider of the Underlying Index. It is comprised of securities of companies that have their main business operations in the Real Estate sector and generally includes companies whose businesses involve: Real Estate Development, Diversified Real Estate Activities, and, Real Estate Management & Development.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund decreased 2.55%, while the Underlying Index decreased 2.08%. The Fund had a net asset value of $17.23 per share on October 31, 2019 and ended the reporting period with a net asset value of $16.18 per share on October 31, 2020.

During the reporting period, the highest returns came from KWG Group Holdings and Longfor Group Holdings, which returned 81.88% and 36.10%, respectively. The worst performers were Sino-Ocean Group Holding and Poly Property Services, which returned -45.68% and -36.05%, respectively.

The COVID-19 pandemic had a significant negative impact on China’s real estate sector in the first quarter of 2020, with every core performance metric plunging into negative territory across both realty and construction. The housing segment suffered in particularly, with a sharp fall in sales volumes; even house and rental prices experienced a decline. Big cities suffered major challenges as well; residential mass market sales by square meterage in Beijing plummeted and transaction volumes also slumped during the first quarter in 2020. However, the sector managed to bounce back, owing to cheaper credit and incremental policy easing. Property sales by floor area grew gradually in August, September and October 2020 as the economy began to find even footing. Property investment also expanded sharply in September and October 2020. The regulators, however, remain concerned about high property prices in China amid cheaper credit to support the coronavirus-stricken economy. Regulators have taken a series of measures to control property prices and cut the availability of mortgage loans to spur household spending instead of repaying debt to stimulate the economy.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Real Estate ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Real Estate ETF	-2.55%	-2.59%	6.94%	6.57%
MSCI China Real Estate 10/50 Index	-2.08%	-2.08%	7.62%	7.62%
MSCI Emerging Markets Index	8.25%	8.25%	9.03%	9.03%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 7, 2018.

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

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Real Estate ETF

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Large-Cap 50 ETF

The Global X MSCI China Large-Cap 50 ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Top 50 Select Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad China equity universe, while including the 50 largest constituents, as defined by MSCI, Inc., the provider of the Underlying Index. The broad China equity universe includes securities that are classified in China according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in China and carry out the majority of their operations in China.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 30.23%, while the Underlying Index increased 30.71%. The Fund had a net asset value of $27.60 per share on October 31, 2019 and ended the reporting period with a net asset value of $35.40 per share on October 31, 2020.

During the reporting period, the highest returns came from Meituan and JD.com ADR, which returned 211.03% and 161.70%, respectively. The worst performers were CNOOC and Geely Automobile Holdings, which returned -35.01% and -31.46%, respectively.

China suffered a major economic downturn in the first quarter of 2020 as strict lockdown measures to control the spread of the COVID-19 pandemic disrupted economic activities, including industrial operations and consumption. The economy recorded its first contraction since 1992, when it suffered a 10% contraction quarter-over-quarter in the first quarter of 2020. The export-led economy suffered further due to global lockdowns and major disruptions to international trade. However, the government initiated a series of measures to get the economy back on track. These included increased policy support, on both fiscal and monetary fronts. While the government took measures to stimulate the economy and spur consumption with increased expenditure, the People’s Bank of China (PBoC) laid out a number of monetary-easing measures, including cuts in lending rates and banks’ reserve requirement ratios (RRR). The economy responded and grew 11.7% and 2.7% quarter-over-quarter in the second and third quarters of 2020, respectively. As consumer confidence improved from 116.40 points in August to 120.50 points in September, retail sales also improved during August and September. In addition, exports saw a gradual growth, while industrial output increased in October 2020. Large firms in China immensely benefitted from the stimulus measures and the quick economic revival, while many other countries lagged behind as they struggled to contain the virus.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Large-Cap 50 ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Large-Cap 50 ETF	30.23%	31.02%	21.59%	21.69%
MSCI China Top 50 Select Index	30.71%	30.71%	22.02%	22.02%
MSCI Emerging Markets Index	8.25%	8.25%	9.03%	9.03%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 7, 2018.

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

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Large-Cap 50 ETF

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Greece ETF

The Global X MSCI Greece ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Greece Select 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Greece equity universe, as defined by MSCI, Inc., the provider of the Underlying Index.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund decreased 39.39%, while the Underlying Index decreased 39.11%. The Fund had a net asset value of $9.97 per share on October 31, 2019 and ended the reporting period with a net asset value of $17.68 per share on October 31, 2020, following a 1:3 reverse share split on April 28, 2020.

During the reporting period, the highest returns came from Terna Energy S.A. and Public Power Corporation S.A., which returned 69.68% and 58.10%, respectively. The worst performers were GasLog Ltd and GasLog Partners LP, which returned -80.65% and -80.20%, respectively.

The Greek government acted swiftly in the early stages of the COVID-19 pandemic and imposed a strict lockdown in March that largely contained the spread of the first wave of the virus in Europe. Economic contraction, however, was inevitable. Growth came to a halt when the economy contracted -0.5% and -15.2% year-over-year in the first and second quarters, respectively. Lockdown measures had a negative impact on business activity, and global travel restrictions adversely affected the tourism-dependent economy. Tourism revenue in the peak months of July and August plummeted over -75% in comparison to 2019’s figures. This year’s services exports, which include receipts from tourism, contracted -48.3% in the second quarter. Industrial production also took a substantial hit in the early stages of the pandemic, but began to show signs of recovery in the third quarter of 2020. The Greek government announced a tax relief package and additional stimulus in September to boost jobs and the economy. The European Economic Recovery Plan, agreed on by European Union leaders, is also likely to bolster economic growth in the future.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Greece ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI Greece ETF	-39.39%	-38.11%	-11.94%	-11.59%	-8.78%	-8.69%	-8.82%	-8.70%
Hybrid MSCI All Greece Select 25/50 Index/ FTSE/ATHEX Custom Capped Index**	-39.11%	-39.11%	-11.51%	-11.51%	-8.05%	-8.05%	-7.99%	-7.99%
MSCI Emerging Markets Index	8.25%	8.25%	1.94%	1.94%	7.92%	7.92%	4.08%	4.08%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 7, 2011.

** Reflects performance of the FTSE/ATHEX Custom Capped Index through February 29, 2016 and MSCI All Greece Select 25/50 Index, thereafter. The inception of the MSCI All Greece Select 25/50 Index (“New Index”) was on December 23, 2015. Effective on or around March 1, 2016, the Fund began to track the New Index. The change was due to the planned migration to the New Index, potentially allowing for broader exposure to the local market.

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI Greece ETF

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Norway ETF

The Global X MSCI Norway ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Norway IMI 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Norway equity universe, as defined by MSCI, Inc., the provider of the Underlying Index. The Underlying Index may include large-, mid- or small-capitalization companies.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund decreased 16.32%, while the Underlying Index decreased 16.13%. The Fund had a net asset value of $11.69 per share on October 31, 2019 and ended the reporting period with a net asset value of $9.59 per share on October 31, 2020.

During the reporting period, the highest returns came from NEL ASA and Europris ASA, which returned 119.02% and 100.50%, respectively. The worst performers were Norwegian Air Shuttle ASA and Borr Drilling Limited, which returned -98.70% and -90.85%, respectively.

Norway’s economy, like many other economies, plunged into recession in the first half of 2020 as a result of the COVID-19 pandemic. The lockdown measures taken to combat the pandemic brought many industries to a standstill. As a result, economic growth plummeted -1.7% and -5.1% quarter over quarter in the first and second quarters of 2020, respectively. Unemployment rose from a pre-pandemic level of 3.7% in February to 6.7% by the end of October. The Norwegian government’s quarterly public spending exceeded its overall income for the first time in 25 years in the second quarter of 2020. This was mainly due to a sharp fall in tax revenue and the low price of crude oil. Private consumption tumbled -4.3% and -10.8% in the first and second quarters, respectively, mainly due to a contraction in household spending on the food, transport and recreation sectors. Despite its severe economic decline, Norway is facing a milder recession than most of Europe, as early and swift government measures helped control the spread of the virus.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Norway ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI Norway ETF	-16.32%	-15.79%	-7.02%	-7.06%	1.52%	1.57%	-0.97%	-0.95%
Hybrid MSCI Norway IMI 25/50 Index/FTSE Norway 30 Index**	-16.13%	-16.13%	-6.75%	-6.75%	1.80%	1.80%	-0.42%	-0.42%
MSCI EAFE Index	-6.86%	-6.86%	-1.24%	-1.24%	2.85%	2.85%	3.48%	3.48%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on November 9, 2010.

**Reflects performance of the FTSE Norway 30 Index through July 14, 2014 and the MSCI Norway IMI 25/50 Index thereafter.

The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Norway ETF

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X DAX Germany ETF

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

The Underlying Index tracks the segment of the largest and most actively traded companies - known as blue chips - on the German equities market. The Underlying Index contains the shares of among the 30 largest German companies in terms of liquidity and free-float market capitalization admitted to the Frankfurt Stock Exchange in the Prime Standard segment. Liquidity is defined as book order volume, which is the sum of the daily turnover over the prior 12-month period. The Prime Standard segment is a market segment of the Frankfurt Stock Exchange which includes companies with higher transparency and reporting standards than those of the General Standard, which is the minimum reporting standard currently required by European Union regulation. The 30 stocks contained in the Index generally represent about 80% of the market capitalization listed in Germany.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund decreased by 6.53%, while the Underlying Index decreased by 6.22%. The Fund had a net asset value of $27.28 per share on October 31, 2019 and ended the reporting period with a net asset value of $25.21 per share on October 31, 2020.

During the reporting period, the highest returns came from Infineon Technologies AG and Deutsche Post AG, which returned 45.43% and 28.86% respectively. The worst performers were Wirecard AG and Bayer AG, which returned -98.83% and -36.67%, respectively.

The COVID-19 pandemic has led Germany into recession, and the economy is expected to experience the largest slump since World War II. The economy contracted -2.2% and -10.1% quarter on quarter in the first quarter and the second quarter of 2020, respectively, recording the largest declines since quarterly gross domestic product calculations for Germany were first recorded in 1970. As a leading exporter of manufactured goods, Germany was affected severely by disruptions to international trade caused by the COVID-19 health crisis. Exports and imports of goods and services as well as household expenditure and capital formation in machinery and equipment recorded large slumps. The government, however, raised its expenditure during the crisis to support the economy. Gross domestic product recoved and grew 8.2% quarter-over-quarter in the third quarter of 2020.

Management Discussion of Fund Performance (unaudited)

Global X DAX Germany ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X DAX Germany ETF*	-6.53%	-5.53%	-4.80%	-4.71%	1.68%	2.02%	2.10%	2.28%
DAX^® Index	-6.22%	-6.22%	-4.35%	-4.35%	2.35%	2.35%	2.91%	2.91%
MSCI EAFE Index	-6.86%	-6.86%	-1.24%	-1.24%	2.85%	2.85%	2.76%	2.76%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on October 22, 2014. The financial statements include the financial information of the Predecessor Funds through December 21, 2018 (See Note 1 in Notes to Financial Statements).

Management Discussion of Fund Performance (unaudited)

Global X DAX Germany ETF

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Portugal ETF

The Global X MSCI Portugal ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Portugal Plus 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Portugal equity universe, while including a minimum number of constituents, as defined by MSCI, Inc., the provider of the Underlying Index.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund decreased 18.37%, while the Underlying Index decreased 18.33%. The Fund had a net asset value of $10.71 per share on October 31, 2019 and ended the reporting period with a net asset value of $8.50 per share on October 31, 2020.

During the reporting period, the highest returns came from Banco Espirito Santo SA and EDP Renovaveis SA, which returned 300.00% and 67.99%, respectively. The worst performers were Banco Comercial Portugues SA and Ramada Investimentos e Industria, SA, which returned -61.22% and -50.15%, respectively.

Portugal was one of the most affected countries on the European continent to be hit by the COVID-19 pandemic because of its heavy reliance on exports and tourism, both of which tumbled during the pandemic. Domestic demand tumbled by -10.60% and exports plunged -36.10%, while imports slumped by -28.10% in the second quarter of 2020. To tackle the crisis, the government announced a €3 billion package to provide loans to companies and other measures, such as easing layoff legislation and suspending mortgage payments, to help firms and families. As a result, domestic demand, exports and imports all showed signs of a recovery in third quarter of 2020, although gross domestic product shrank 5.80% year-on-year extending the recession for the third straight quarter. These broad economic challenges led to the Fund’s negative performance during the reporting period.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Portugal ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI Portugal ETF	-18.37%	-18.61%	-8.04%	-8.22%	-0.49%	-0.44%	-4.63%	-4.69%
Hybrid FTSE Portugal 20 Index/MSCI All Portugal Plus 25/50 Index**	-18.33%	-18.33%	-8.02%	-8.02%	-0.54%	-0.54%	-4.52%	-4.52%
MSCI EAFE Index	-6.86%	-6.86%	-1.24%	-1.24%	2.85%	2.85%	2.10%	2.10%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on November 12, 2013.

** Hybrid index performance reflects the performance of the FTSE Portugal 20 Index through December 5, 2016, and the MSCI All Portugal Plus 25/50 Index thereafter.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not

Management Discussion of Fund Performance (unaudited)

Global X MSCI Portugal ETF

reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Colombia ETF

The Global X MSCI Colombia ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Colombia Select 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Colombia equity universe, as defined by MSCI, Inc., the provider of the Underlying Index.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund decreased 36.91%, while the Underlying Index decreased 37.08%. The Fund had a net asset value of $9.54 per share on October 31, 2019 and ended the reporting period with a net asset value of $23.26 per share on October 31, 2020, following a 1:4 reverse share split on April 28, 2020.

During the reporting period, the highest returns came from GRUPO ENERGIA BOGOTA S.A. E.S.P and Interconexion Electrica SA ESP, which returned 2.65% and -3.22%, respectively. The worst performers were Avianca Holdings SA Pfd and Grupo de Inversiones Suramericana SA Pfd, which returned -96.93% and -51.15%, respectively.

Colombia’s gross domestic product grew 1.1% year-over-year in the first quarter of 2020, but the economy contracted on a quarter-over-quarter basis from the fourth quarter of 2019. The economy showed signs of a slowdown in the first quarter of 2020 when the construction, entertainment and recreation, and mining sectors contracted -9.2%, -3.2% and -3.0% year-over-year, respectively, despite 6.8% and 2.6% year-over-year growth in agricultural and real estate activities, respectively. As the pandemic led to a deterioration in economic activities around the world, Colombia’s second-quarter gross domestic product plummeted -15.7% year-over-year. Government lockdown measures led to the shutdown of businesses and a significant increase in unemployment. While private consumption plummeted -15.9% year-over-year, fixed investment contracted significantly by -32.2% year-over-year. Construction and manufacturing activities further contracted -31.7% and -25.4%, respectively, during the second quarter of 2020. The government responded promptly and announced a fiscal package to stimulate the economy. The government also announced further assistance by providing special lines of credit and loan guarantees for firms severely affected by the pandemic. In addition, the central bank slashed the intervention rate by 2.5% between March and September, its lowest historical level. The central bank also introduced a range of measures to increase liquidity to buffer the economic downturn. Despite these efforts to stimulate economic growth, the challenging backdrop led to negative performance during the reporting period for Colombian equities.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Colombia ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI Colombia ETF	-36.91%	-36.88%	-12.45%	-12.67%	-5.53%	-5.56%	0.21%	0.14%
Hybrid MSCI All Colombia Select 25/50 Index/MSCI All Colombia Capped Index/FTSE Colombia 20 Index**	-37.08%	-37.08%	-12.19%	-12.19%	-5.15%	-5.15%	0.98%	0.98%
MSCI Emerging Markets Index	8.25%	8.25%	1.94%	1.94%	7.92%	7.92%	8.92%	8.92%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on February 5, 2009.

**Reflects performance of the FTSE Colombia 20 Index through July 14, 2014, the MSCI All Colombia Capped Index through August 30, 2016 and the MSCI All Colombia Select 25/50 Index, thereafter. The inception of the MSCI All Colombia Select 25/50 Index (“New Index”) was on July 15, 2016. Effective on or around August 31, 2016, the Fund began to track the New Index. This change was due to the planned migration to the New Index, potentially improving the trading characteristics of the Fund.

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI Colombia ETF

Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Argentina ETF

The Global X MSCI Argentina ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Argentina 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Argentina equity universe, while including a minimum number of constituents, as defined by MSCI, Inc., the provider of the Underlying Index. The broad Argentina equity universe includes securities that are classified in Argentina according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Argentina and carry out the majority of their operations in Argentina.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 8.61%, while the Underlying Index increased 9.03%. The Fund had a net asset value of $21.83 per share on October 31, 2019 and ended the reporting period with a net asset value of $23.64 per share on October 31, 2020.

During the reporting period, the highest returns came from MercadoLibre, Inc. and Globant SA, which returned 132.79% and 93.66%, respectively. The worst performers were Phoenix Global Resources plc and YPF SA Sponsored ADR Class D, which returned -67.55% and -65.60%, respectively.

Argentina experienced its most severe economic contraction in 16 years, and the country entered a third year of recession, with the economy shrinking -4.6% and -19.8% year-over-year in the first and second quarters, respectively. As the country’s longstanding economic crisis deepened, the unemployment rate rose to 13.1% and the poverty rate expanded to 40.9% in the second quarter of 2020, a significant increase from 35.5% in the second half of 2019. Domestic demand plummeted -8.2% and -23.1% year-over-year in the first and second quarters, respectively, driven by lockdown measures as a result of the COVID-19 pandemic and low consumer confidence. Private consumption tumbled -6.3% and -22.3% year-over-year in the first and second quarters, respectively, amid elevated economic uncertainty. Fixed investment also fell a sharp -18.3% and -38.4% year-over-year over the first and second quarters, due to business closures and a contraction in investment in construction and machinery equipment. However, the Argentine government managed to restructure USD $65 billion worth of foreign debt in September. This created crucial fiscal breathing space with foreign creditors, despite the bumpy fiscal road ahead. In addition, the existing negative sentiment heading into 2020 meant that the economic challenges this year were less shocking to the market, already somewhat being priced-in. Therefore despite the aforementioned economic challenges, equity prices still increased over the reporting period.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Argentina ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI Argentina ETF	8.61%	8.05%	-8.77%	-8.87%	4.46%	4.27%	-1.47%	-1.52%
Hybrid FTSE Argentina 20 Index/MSCI All Argentina 25/50 Index**	9.03%	9.03%	-9.10%	-9.10%	4.65%	4.65%	-0.90%	-0.90%
MSCI Emerging Markets Index	8.25%	8.25%	1.94%	1.94%	7.92%	7.92%	2.39%	2.39%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on March 2, 2011.

**Reflects performance of the FTSE Argentina 20 Index through August 14, 2014 and the MSCI All Argentina 25/50 Index (“New Index”) thereafter.

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI Argentina ETF

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Pakistan ETF

The Global X MSCI Pakistan ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Pakistan Select 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Pakistan equity universe, while including a minimum number of constituents, as defined by MSCI, Inc., the provider of the Underlying Index. The broad Pakistan equity universe includes securities that are classified in Pakistan according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Pakistan and carry out the majority of their operations in Pakistan.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 6.99%, while the Underlying Index increased 8.64%. The Fund had a net asset value of $6.58 per share on October 31, 2019 and ended the reporting period with a net asset value of $27.40 per share on October 31, 2020, following a 1:4 reverse share split on April 28, 2020.

During the reporting period, the highest returns came from Maple Leaf Cement Factory Ltd and Honda Atlas Cars (Pakistan) Ltd, which returned 153.04% and 130.10% respectively. The worst performers were Pakistan Petroleum Limited and Oil & Gas Development Co. Ltd, which returned -29.25% and -25.05%, respectively.

Pakistan entered 2020 coming off a relatively slow growth rate of 1.9% in 2019, due to monetary and fiscal tightening implemented to control the country’s high current account and fiscal deficits. In the second quarter of 2020, a series of actions were taken to curtail the spread of the COVID-19 pandemic, including partial lockdowns, restrictions on air travel, and the closure of non-essential businesses. Although these restrictions were gradually removed, disruptions to domestic demand and supply were inevitable, as households reduced consumption and businesses were unable to operate. Surging food inflation, rising energy prices, and a weaker rupee caused consumer price inflation (CPI) to rise from an average of 6.8% in fiscal year 2019 to an average of 10.7% in fiscal year 2020. The central bank’s policy rate was subsequently lowered to 7% in June from 13.25% in March to help stimulate growth. The central bank also implemented multiple measures to provide liquidity support to firms. While total exports contracted -7.5% amid weak global demand, imports were down -19.3%. This helped narrow the current account deficit from 4.8% of gross domestic product in fiscal year 2019 to 1.1% of gross domestic product in fiscal year 2020. Despite the global economic slowdown, remittances continued to increase and recorded over $2 billion for the fourth consecutive month as of September 2020.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Pakistan ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI Pakistan ETF*	6.99%	6.07%	-15.14%	-15.56%	-9.07%	-9.61%	-9.48%	-9.83%
MSCI All Pakistan Select 25/50 Index	8.64%	8.64%	-14.05%	-14.05%	-7.48%	-7.48%	-7.78%	-7.78%
MSCI Emerging Markets Index	8.25%	8.25%	1.94%	1.94%	7.92%	7.92%	3.42%	3.42%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on April 22, 2015.

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI Pakistan ETF

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Nigeria ETF

The Global X MSCI Nigeria ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Nigeria Select 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Nigeria equity universe, while including a minimum number of constituents, as defined by MSCI, Inc., the provider of the Underlying Index.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 17.25%, while the Underlying Index increased 19.96%. The Fund had a net asset value of $12.23 per share on October 31, 2019 and ended the reporting period with a net asset value of $14.25 per share on October 31, 2020.

During the reporting period, the highest returns came from Flour Mills Nigeria Plc and FCMB Group Plc, which returned 100.10% and 98.54%, respectively. The worst performers were Unilever Nigeria PLC and Oando PLC, which returned -51.18% and -32.83%, respectively.

Nigeria managed to largely avoid the global economic slowdown that was felt by many countries around the world in the first quarter of 2020. The economy grew by 1.9% year-over-year in the first quarter of 2020, supported by growth in both oil and non-oil segments. The domestic oil industry recorded a real growth rate of 5.1% year-over-year, while the non-oil portions of the economy reported a real growth rate of 1.6% in the first quarter of 2020. The Information Technology, Financials and agricultural industries were major contributors to growth. Nigeria felt the impact of the pandemic in the second quarter of 2020 when its economy contracted 6.1% year-over-year. In the second quarter, both the oil and non-oil segments experienced sizeable contractions of -6.6% and -6.1% year-over-year, respectively. Extremely low oil prices globally and a fall in average daily oil production - due to low domestic and international demand - were especially challenging, as the country depends mainly on oil sales for government revenue and foreign exchange.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Nigeria ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI Nigeria ETF	17.25%	-9.50%	-8.87%	-15.16%	-11.36%	-15.42%	-14.84%	-17.24%
Hybrid MSCI All Nigeria Select 25/50Index/Solactive Nigeria Index**	19.96%	19.96%	-6.15%	-6.15%	-8.93%	-8.93%	-12.79%	-12.79%
MSCI Emerging Markets Index	8.25%	8.25%	1.94%	1.94%	7.92%	7.92%	3.42%	3.42%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on April 2, 2013.

**Reflects performance of the Solactive Nigeria Index through August 14, 2014 and the MSCI All Nigeria Select 25/50 Index thereafter.

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI Nigeria ETF

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Next Emerging & Frontier ETF

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

The Underlying Index is designed to reflect equity performance of next emerging markets and frontier markets companies, as defined by MSCI, Inc., the provider of the Underlying Index. Next Emerging markets are defined as emerging market countries, excluding the BRICs (Brazil, Russia, India and China) and excluding the most developed tier of emerging markets (South Korea and Taiwan). Frontier markets are those emerging market countries that generally have smaller economies or less developed capital markets.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund decreased 15.85%, while the Underlying Index decreased 15.16%. The Fund had a net asset value of $20.09 per share on October 31, 2019 and ended the reporting period with a net asset value of $16.46 per share on October 31, 2020.

During the reporting period, the highest returns came from Hoa Phat Group JSC and Dino Polska S.A., which returned 71.54% and 52.50%, respectively. The worst performers were Redefine Properties and Alpha Bank AE, which returned -76.95% and -71.04%, respectively.

The COVID-19 pandemic during the reporting period brought the global economy to a standstill, as lockdown measures adopted to slow the spread of the coronavirus brought several businesses to a grinding halt. Like their developed market peers, many emerging and frontier markets suffered. External forces, like disrupted supply chains, collapsing international trade, and weakened global demand, played major roles. But internal challenges impacted developing economies as well, including feeble domestic demand, shuttered industrial output, and overrun public health care systems. As a result, many firms in these markets came under pressure. The volume of merchandise trade shrank 14.3% quarter-over-quarter in the second quarter of 2020. The types of goods exported have been an important determinant of growth during the pandemic. Countries with a large share of technology-related exports have seen a quicker rebound in exports, while those relying heavily on energy or metals exports have endured lower prices and demand. Economic activities in the developed world also significantly influence low- and middle-income countries. Obtaining additional financing can be difficult for these countries, especially if investors are convinced debt levels are no longer sustainable. As a result, fiscal stimulus as a percentage of gross domestic product in these economies has been significantly smaller compared to advanced economies. However, the International

Management Discussion of Fund Performance (unaudited)

Global X MSCI Next Emerging & Frontier ETF

Monetary Fund, the World Bank, and other multilateral institutions have stepped in to provide emergency financing, and has strengthened access to financing for emerging markets.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI Next Emerging & Frontier ETF	-15.85%	-16.02%	-8.13%	-8.07%	-0.27%	0.00%	-3.63%	-3.63%
Hybrid Solactive Next Emerging & Frontier Index/ MSCI Select Emerging and Frontier Markets Access Index**	-15.16%	-15.16%	-7.44%	-7.44%	0.46%	0.46%	-2.94%	-2.94%
MSCI Emerging Markets Index	8.25%	8.25%	1.94%	1.94%	7.92%	7.92%	3.61%	3.61%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on November 6, 2013.

** Reflects performance of the Solactive Next Emerging & Frontier Index through January 15, 2019 and the MSCI Select Emerging and Frontier Markets Access Index thereafter.

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI Next Emerging & Frontier ETF

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Nordic Region ETF

The Global X FTSE Nordic Region ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE Nordic 30 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to reflect the equity market performance of companies in Sweden, Denmark, Norway and Finland, as defined by FTSE International Limited (“FTSE”), the provider of the Underlying Index (“Index Provider”). The starting universe of the Underlying Index is the FTSE All-World Index - Nordic Region. The Underlying Index tracks the equity performance of among the 30 largest and most liquid companies in Sweden, Denmark, Norway and Finland. The Fund’s investment objective and Underlying Index may be changed without shareholder approval.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 13.70%, while the Underlying Index increased 13.74%. The Fund had a net asset value of $20.69 per share on October 31, 2019 and ended the reporting period with a net asset value of $23.37 per share on October 31, 2020.

During the reporting period, the highest returns came from Vestas Wind Systems A/S and Orsted, which returned 111.88% and 83.51%, respectively. The worst performers were Equinor ASA and DNB ASA, which returned -27.77% and -26.02%, respectively.

The outbreak of the COVID-19 pandemic had a negative effect on Nordic countries broadly as their economies contended with continued fallout from the health crisis. Yet at the same time, increases in government spending and their largely services-based economies that could continue remotely during lockdown orders helped protect the economies versus others in Europe. Norway’s economy showed signs of a recovery following a 1.5% cut in interest rates. Denmark suffered a -7.4% decline in gross domestic product during the second quarter compared to the first quarter of 2020. The Finnish economy showed unexpected resilience and recorded only a -4.5% quarter-over- quarter contraction in the second quarter, which was one of the smallest declines in the euro area. Sweden’s gross domestic product contracted by -8.3% quarter-over-quarter in the second quarter, which was the worst contraction in the Nordic region during the reporting period. Sweden had among the laxest policies implemented to contain the virus. Although Swedish domestic economy showed some resilience, Swedish exports were negatively affected. In addition, Swedish households’ real disposable income decreased by 7.7% quarter-over-quarter during the second quarter of 2020. Despite weakness in Sweden, the relative strength of Nordic economies amid the pandemic led to positive equity returns over the reporting period.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Nordic Region ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X FTSE Nordic Region ETF	13.70%	13.76%	2.69%	2.69%	4.39%	4.48%	7.20%	7.21%
FTSE Nordic 30 Index	13.74%	13.74%	3.62%	3.62%	4.88%	4.88%	7.39%	7.39%
MSCI EAFE Index	-6.86%	-6.86%	-1.24%	-1.24%	2.85%	2.85%	4.93%	4.93%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on August 17, 2009.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Nordic Region ETF

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

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

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

See definition of comparative indices on the previous page.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Southeast Asia ETF

The Global X FTSE Southeast Asia ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE ASEAN 40 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the equity performance of the 40 largest and most liquid companies in five of the Association of Southeast Asian Nations (“ASEAN”) nations: Singapore, Malaysia, Indonesia, Thailand and the Philippines, as defined by MSCI, Inc., the provider of the Underlying Index.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund decreased 24.82%, while the Underlying Index decreased 24.37%. The Fund had a net asset value of $15.95 per share on October 31, 2019 and ended the reporting period with a net asset value of $11.66 per share on October 31, 2020.

During the reporting period, the highest returns came from Wilmar International Limited and Sime Darby Plantation Bhd, which returned 11.00% and -0.66%, respectively. The worst performers were PTT Global Chemical Plc NVDR and Kasikornbank Public Co. Ltd. NVDR, which returned -48.28% and -44.40%, respectively.

Southeast Asian economies experienced a steep economic contraction during the reporting period as the COVID-19 pandemic weighed on the region’s services sector and hampered export demand. Indonesia’s economy was hit by external and domestic demand shocks. Thailand’s economy suffered amid a drought in tourism, exports, and domestic activity. Thailand also experienced a contraction in household spending and fixed investment during the first half of 2020. The Philippines also entered into a recession as a result of the pandemic. The Philippine economy contracted in the third quarter as sharp declines in industry, services, household consumption, exports and gross capital formation presented headwinds. Similarly, Singapore’s economy suffered significantly during the first half of 2020 due to a collapse of economic activities. The construction and services sectors suffered the biggest decline in 2020. However, Singapore’s economy expanded 7.9% in the third quarter on a quarter-on-quarter basis, mainly due to a phased re-opening of the economy. The difficult economic situation for a previously fast-growing region hurt equity prices significantly during the reporting period.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Southeast Asia ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X FTSE Southeast Asia ETF	-24.82%	-24.46%	-7.11%	-7.05%	0.76%	0.94%	0.07%	0.08%
FTSE/ASEAN 40 Index	-24.37%	-24.37%	-6.49%	-6.49%	1.47%	1.47%	0.70%	0.70%
MSCI Emerging Markets Index	8.25%	8.25%	1.91%	1.94%	7.92%	7.92%	2.43%	2.43%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on February 16, 2011.

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

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

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

Management Discussion of Fund Performance (unaudited)

Global X FTSE Southeast Asia ETF

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

See definition of comparative indices above.

Schedule of Investments		October 31, 2020
	Global X MSCI China Energy ETF

Sector Weightings (Unaudited)†:

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

	Shares		Value
COMMON STOCK — 100.0%
CHINA— 100.0%
Energy — 100.0%
China Merchants Energy Shipping, Cl A		72,900	$	63,034
China Oilfield Services, Cl H		95,386		57,319
China Petroleum & Chemical, Cl A ^*		5,950		3,465
China Petroleum & Chemical, Cl H		335,897		130,377
China Shenhua Energy, Cl A		1,500		3,730
China Shenhua Energy, Cl H		92,830		160,406
China Suntien Green Energy, Cl H		247,200		57,378
CNOOC		134,785		122,360
COSCO SHIPPING Energy Transportation, Cl A		31,600		31,051
COSCO SHIPPING Energy Transportation, Cl H		90,400		35,555
Guanghui Energy, Cl A ^*		147,250		63,331
Inner Mongolia Yitai Coal, Cl B		108,594		67,980
Offshore Oil Engineering, Cl A		84,975		53,678
PetroChina, Cl A		5,100		3,100
PetroChina, Cl H		435,863		121,965
Shaanxi Coal Industry, Cl A		65,136		85,113
Shanxi Lu’an Environmental Energy Development, Cl A		65,765		57,748
Shanxi Meijin Energy, Cl A ^*		65,100		57,942
Shanxi Xishan Coal & Electricity Power, Cl A		97,753		67,590
Sinopec Kantons Holdings		154,900		55,929
Wison Engineering Services		585,700		58,911
Yantai Jereh Oilfield Services Group, Cl A		14,000		55,885
Yanzhou Coal Mining, Cl A		46,664		62,788
Yanzhou Coal Mining, Cl H		111,025		80,604

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Energy ETF

	Value
COMMON STOCK — continued
TOTAL COMMON STOCK
(Cost $2,099,372)	$	1,557,239
TOTAL INVESTMENTS — 100.0%
(Cost $2,099,372)	$	1,557,239

Percentages are based on Net Assets of $1,557,608.

*	Non-income producing security.

Cl — Class

As of October 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 year ended October 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		October 31, 2020
	Global X MSCI China Materials ETF

Sector Weightings (Unaudited)†:

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

	Shares		Value
COMMON STOCK — 100.0%
CHINA— 95.6%
Materials — 95.6%
Aluminum Corp of China, Cl A ^*		34,100	$	14,615
Aluminum Corp of China, Cl H ^*		159,239		34,703
Angang Steel, Cl A		19,610		7,731
Anhui Conch Cement, Cl A		500		3,796
Anhui Conch Cement, Cl H		22,920		142,902
Baoshan Iron & Steel, Cl A		41,700		33,254
BBMG, Cl A		23,600		10,608
Beijing Oriental Yuhong Waterproof Technology, Cl A		5,550		30,724
China Hongqiao Group		67,300		48,599
China Jushi, Cl A		9,400		19,583
China Lumena New Materials ^*(A)(B)(C)		48		—
China Molybdenum, Cl A		41,600		24,539
China Molybdenum, Cl H		128,754		46,655
China National Building Material, Cl H		125,400		143,756
China Northern Rare Earth Group High-Tech, Cl A		9,600		14,437
China Resources Cement Holdings		87,500		114,187
Ganfeng Lithium, Cl A		2,900		26,340
GEM, Cl A		15,400		11,039
Guangdong HEC Technology Holding, Cl A		9,600		8,158
Guangdong Hongda Blasting, Cl A		2,052		14,605
Guocheng Mining, Cl A ^*		1,300		2,048
Hengli Petrochemical, Cl A		13,320		38,391
Hengyi Petrochemical, Cl A		9,800		16,860
Hesteel, Cl A		32,400		9,967
Huaxin Cement, Cl A		3,500		12,638
Hunan Valin Steel, Cl A		18,100		13,731

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Materials ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Inner Mongolia BaoTou Steel Union, Cl A		111,600	$	18,999
Inner Mongolia Junzheng Energy & Chemical Industry Group, Cl A		21,600		22,677
Jiangsu Shagang, Cl A		6,000		11,604
Jiangsu Yangnong Chemical, Cl A		900		12,513
Jiangxi Copper, Cl A		5,900		13,040
Jiangxi Copper, Cl H		44,991		53,491
Jinduicheng Molybdenum, Cl A		9,200		7,790
Lee & Man Paper Manufacturing		51,900		39,152
Lomon Billions Group, Cl A		4,700		17,365
Maanshan Iron & Steel, Cl A		21,100		8,130
Pangang Group Vanadium Titanium & Resources, Cl A ^*		28,600		8,499
Real Gold Mining ^*(A)(B)(C)		97,864		—
Rongsheng Petro Chemical, Cl A		13,200		37,572
Sansteel Minguang Fujian, Cl A		8,100		7,959
Shandong Gold Mining, Cl A		8,120		28,836
Shandong Hualu Hengsheng Chemical, Cl A		4,500		18,998
Shandong Nanshan Aluminum, Cl A		34,900		12,248
Shandong Sinocera Functional Material, Cl A		2,843		17,407
Shandong Sun Paper Industry JSC, Cl A		7,900		16,410
Shanghai Putailai New Energy Technology, Cl A		1,147		19,090
Shanxi Taigang Stainless Steel, Cl A		18,100		9,461
Sinopec Shanghai Petrochemical, Cl A		18,000		8,897
Sinopec Shanghai Petrochemical, Cl H		141,550		26,102
Tangshan Jidong Cement, Cl A		3,800		8,507
Tianqi Lithium, Cl A		4,250		12,567
Tongkun Group, Cl A		5,700		12,879
Tongling Nonferrous Metals Group, Cl A		32,900		10,662
Transfar Zhilian, Cl A		10,500		8,499
Wanhua Chemical Group, Cl A		6,700		78,534
Weihai Guangwei Composites, Cl A		1,400		13,813
Xiamen Tungsten, Cl A		4,700		9,419

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Materials ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Yintai Gold, Cl A		7,420	$	11,059
Yunnan Energy New Material, Cl A		2,200		32,788
Zhaojin Mining Industry		39,984		51,302
Zhejiang Huayou Cobalt, Cl A ^*		2,830		16,812
Zhejiang Juhua, Cl A		8,700		8,666
Zhejiang Longsheng Group, Cl A		8,400		16,671
Zhongjin Gold, Cl A		13,500		18,749
Zijin Mining Group, Cl A		31,700		33,091
Zijin Mining Group, Cl H		184,459		133,441
TOTAL CHINA				1,737,565
HONG KONG— 4.4%
Materials — 4.4%
Nine Dragons Paper Holdings		60,270		80,051
TOTAL COMMON STOCK
(Cost $1,733,306)				1,817,616
TOTAL INVESTMENTS — 100.0%
(Cost $1,733,306)			$	1,817,616

Percentages are based on Net Assets of $1,817,929.

*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security considered illiquid (Unaudited). The total value of such securities as of October 31, 2020 was $0 and represented 0.0% of Net Assets.
(C)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2020, was $0 and represents 0.0% of net assets.

Cl — Class

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

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	1,817,616	$	—	$	—	$	1,817,616
Total Investments in Securities	$	1,817,616	$	—	$	—	$	1,817,616

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Materials ETF

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

For the year ended October 31, 2020, there were no transfers in or out of Level 3.

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

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Industrials ETF

Sector Weightings (Unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 98.8%
Industrials — 98.8%
51job ADR ^*		448	$	31,405
AECC Aero-Engine Control, Cl A		1,200		3,200
AECC Aviation Power, Cl A		2,300		12,551
Air China, Cl A		6,200		6,287
Air China, Cl H		30,800		19,859
A-Living Services, Cl H		7,150		29,965
AVIC Aircraft, Cl A		2,900		10,485
AVIC Electromechanical Systems, Cl A		3,700		5,840
AVIC Shenyang Aircraft, Cl A		1,100		8,514
AviChina Industry & Technology, Cl H		42,090		21,656
AVICOPTER, Cl A		600		4,486
Beijing Capital International Airport, Cl H		30,431		18,561
Beijing New Building Materials, Cl A		1,700		8,771
Beijing Originwater Technology, Cl A		3,300		3,824
Beijing-Shanghai High Speed Railway, Cl A		2,300		1,917
BEST ADR ^*		3,371		8,663
Bohai Leasing, Cl A ^*		6,100		2,314
Centre Testing International Group, Cl A		800		3,205
China Aerospace Times Electronics, Cl A		2,800		2,764
China Avionics Systems, Cl A		1,400		3,360
China Communications Construction, Cl A		4,300		4,746
China Communications Construction, Cl H		73,543		38,408
China Communications Services, Cl H		39,900		23,153
China Conch Venture Holdings		26,860		119,322
China Eastern Airlines, Cl A		9,600		6,580
China Eastern Airlines, Cl H		31,000		12,312
China Everbright Environment Group		61,250		30,804

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Industrials ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
China Gezhouba Group, Cl A		4,600	$	4,774
China Lesso Group Holdings		18,000		29,061
China Meheco, Cl A		1,100		2,474
China Merchants Holdings International		23,031		24,413
China National Chemical Engineering, Cl A		5,100		4,029
China Railway Construction, Cl A		11,800		14,679
China Railway Construction, Cl H		33,301		22,502
China Railway Group, Cl A		20,600		16,520
China Railway Group, Cl H		62,998		28,920
China Shipbuilding Industry, Cl A ^*		23,000		14,289
China Southern Airlines, Cl A ^*		9,600		7,899
China Southern Airlines, Cl H ^*		28,700		14,989
China Spacesat, Cl A		1,200		5,622
China State Construction Engineering, Cl A		41,900		31,974
China State Construction International Holdings		34,010		23,507
CITIC		96,100		68,529
Contemporary Amperex Technology, Cl A		2,326		85,857
COSCO SHIPPING Development, Cl A		7,200		2,247
COSCO SHIPPING Holdings, Cl A ^*		8,800		8,595
COSCO SHIPPING Holdings, Cl H ^*		43,132		27,532
COSCO SHIPPING Ports		29,530		17,250
Country Garden Services Holdings		22,300		139,899
CRRC, Cl A		24,600		19,801
CRRC, Cl H		72,653		28,106
Daqin Railway, Cl A		15,300		14,646
Dongfang Electric, Cl A		2,700		4,274
Eve Energy, Cl A		1,900		15,103
Fangda Carbon New Material, Cl A ^*		3,763		3,523
Fosun International		42,300		50,946
Gotion High-Tech, Cl A ^*		1,200		4,724
Greentown Service Group		24,400		26,713
Guangzhou Baiyun International Airport, Cl A		2,100		3,936

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Industrials ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Hainan Airlines Holding, Cl A ^*		14,600	$	3,380
Haitian International Holdings		10,726		26,556
Hefei Meiya Optoelectronic Technology, Cl A		700		4,418
Hongfa Technology, Cl A		800		6,141
Inner Mongolia First Machinery Group, Cl A		1,800		2,916
Jiangsu Expressway, Cl H		20,619		20,606
Jiangsu Hengli Hydraulic, Cl A		1,332		15,050
Jiangsu Zhongtian Technology, Cl A		3,200		5,271
Juneyao Airlines, Cl A		1,700		2,716
Metallurgical Corp of China, Cl A		18,400		7,117
Nanyang Topsec Technologies Group, Cl A ^*		1,100		3,458
NARI Technology, Cl A		4,700		14,571
Power Construction Corp of China, Cl A		14,400		8,258
Sany Heavy Industry, Cl A		8,500		32,940
SF Holding, Cl A		2,900		35,859
Shanghai Construction Group, Cl A		9,200		4,177
Shanghai Electric Group, Cl A ^*		8,400		6,197
Shanghai Electric Group, Cl H ^*		44,971		12,758
Shanghai Industrial Holdings		7,239		9,652
Shanghai International Airport, Cl A		1,000		9,871
Shanghai International Port Group, Cl A		8,800		5,493
Shanghai M&G Stationery, Cl A		900		10,806
Shanghai Tunnel Engineering, Cl A		3,100		2,583
Shenzhen Airport, Cl A		2,100		2,503
Shenzhen Expressway, Cl H		12,000		10,677
Shenzhen Inovance Technology, Cl A		1,700		16,309
Shenzhen International Holdings		17,906		27,800
Siasun Robot & Automation, Cl A ^*		1,600		3,195
Sinopec Engineering Group, Cl H		23,800		9,238
Sinotrans, Cl A		4,600		2,803
Sinotruk Hong Kong		11,500		29,303
Spring Airlines, Cl A		900		5,728
STO Express, Cl A		1,400		2,946

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Industrials ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Sunwoda Electronic, Cl A		1,600	$	6,662
Suzhou Gold Mantis Construction Decoration, Cl A		2,600		3,828
TBEA, Cl A		3,700		4,536
Weichai Power, Cl A		6,200		14,009
Weichai Power, Cl H		32,096		60,592
XCMG Construction Machinery, Cl A		8,100		6,484
Xiamen C & D, Cl A		2,800		3,496
Xinjiang Goldwind Science & Technology, Cl A		3,547		6,134
Xinjiang Goldwind Science & Technology, Cl H		12,571		16,535
Yunda Holding, Cl A		2,340		6,748
Zhejiang Chint Electrics, Cl A ^*		2,200		9,633
Zhejiang Dingli Machinery, Cl A		490		6,660
Zhejiang Expressway, Cl H		24,140		16,436
Zhejiang Sanhua Intelligent Controls, Cl A		3,640		13,291
Zhejiang Weixing New Building Materials, Cl A		1,600		4,468
Zhengzhou Yutong Bus, Cl A		2,300		5,496
Zhuzhou CRRC Times Electric, Cl H		9,123		27,999
Zoomlion Heavy Industry Science and Technology		22,200		19,552
Zoomlion Heavy Industry Science and Technology, Cl A		6,600		7,294
ZTO Express Cayman ADR ^*		6,203		179,763
TOTAL CHINA				1,991,197
SINGAPORE— 1.1%
Industrials — 1.1%
BOC Aviation		3,520		21,719
TOTAL COMMON STOCK
(Cost $2,244,139)				2,012,916
TOTAL INVESTMENTS — 99.9%
(Cost $2,244,139)			$	2,012,916

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Industrials ETF

Percentages are based on Net Assets of $2,014,151.

*	Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

As of October 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 year ended October 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		October 31, 2020
	Global X MSCI China Consumer Discretionary ETF

Sector Weightings (Unaudited)†:

† 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 — 100.0%
CHINA— 100.0%
Consumer Discretionary — 100.0%
Alibaba Group Holding ADR ^*		111,216	$	33,886,403
ANTA Sports Products		1,112,696		12,239,175
BAIC BluePark New Energy Technology, Cl A ^*		243,800		241,752
BAIC Motor, Cl H		2,440,900		900,207
Baozun ADR ^{* (A)}		81,845		2,994,709
Bosideng International Holdings		4,525,400		1,978,260
Brilliance China Automotive Holdings		4,393,400		3,790,124
BTG Hotels Group, Cl A		81,000		209,508
BYD, Cl A		158,094		3,773,008
BYD, Cl H		925,300		18,387,039
Changzhou Xingyu Automotive Lighting Systems, Cl A		22,400		543,220
China East Education Holdings		793,900		1,525,382
China Education Group Holdings		1,090,300		1,810,875
China Tourism Group Duty Free, Cl A		168,900		5,029,481
China Yuhua Education		1,652,000		1,305,861
Chongqing Changan Automobile, Cl A		375,083		925,349
Dongfeng Motor Group, Cl H		3,931,946		2,763,317
Fuyao Glass Industry Group, Cl A		169,151		946,766
Fuyao Glass Industry Group, Cl H		730,000		3,092,323
Geely Automobile Holdings		5,492,000		11,274,575
GOME Retail Holdings ^{* (A)}		14,018,200		1,554,595
Great Wall Motor, Cl H		4,504,397		7,283,847

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Consumer Discretionary ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Gree Electric Appliances of Zhuhai, Cl A		262,600	$	2,291,390
GSX Techedu ADR ^{* (A)}		111,221		7,387,299
Guangzhou Automobile Group, Cl H		4,270,823		4,378,298
Haidilao International Holding		1,144,900		7,558,996
Haier Electronics Group		1,820,900		6,903,352
Haier Smart Home, Cl A		534,319		1,983,673
Hangzhou Robam Appliances, Cl A		80,232		437,689
Huayu Automotive Systems, Cl A		281,017		1,305,992
Huazhu Group ADR		228,394		9,051,254
JD.com ADR ^*		406,030		33,099,566
Joyoung, Cl A		62,800		331,620
Koolearn Technology Holding ^*		333,400		1,076,961
Li Ning		2,441,900		12,595,473
Liaoning Cheng Da, Cl A		140,800		474,152
Meituan, Cl B ^*		967,960		35,973,110
NavInfo, Cl A		166,100		352,230
New Oriental Education & Technology Group ADR ^*		99,895		16,021,160
Ningbo Joyson Electronic, Cl A		105,200		376,733
Ningbo Tuopu Group, Cl A		87,735		501,680
NIO ADR ^*		882,750		26,994,495
Offcn Education Technology, Cl A		140,002		826,265
Oppein Home Group, Cl A		33,556		615,822
Pinduoduo ADR ^*		177,753		15,994,215
SAIC Motor, Cl A		674,000		2,330,125
Shandong Linglong Tyre, Cl A		112,532		502,476
Shanghai Jinjiang International Hotels, Cl A		76,627		511,629
Shanghai Yuyuan Tourist Mart Group, Cl A		273,226		354,985
Shenzhen Overseas Chinese Town, Cl A		708,800		694,378
Shenzhou International Group Holdings		745,362		12,869,878
Songcheng Performance Development, Cl A		219,280		543,595
Suning.com, Cl A		829,200		1,199,918
Suofeiya Home Collection, Cl A		37,700		158,766

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Consumer Discretionary ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
TAL Education Group ADR ^*		232,982	$	15,483,984
TCL Technology Group, Cl A		1,209,905		1,089,524
Tongcheng-Elong Holdings ^{* (A)}		1,232,200		2,043,378
Topsports International Holdings		1,794,000		2,452,194
Trip.com Group ADR ^*		406,556		11,692,551
Vipshop Holdings ADR ^*		590,616		12,639,182
Weifu High-Technology Group, Cl A		73,800		283,132
Wuchan Zhongda Group, Cl A		428,300		282,708
Xiamen Intretech, Cl A		36,300		318,589
XPeng ADR ^*		150,530		2,917,271
Yum China Holdings		280,115		14,910,521
Zhejiang Semir Garment, Cl A		194,987		242,851
Zhejiang Supor, Cl A		49,400		521,277
Zhejiang Wanfeng Auto Wheel, Cl A		182,500		196,229
Zhongsheng Group Holdings		826,300		5,871,052
TOTAL CHINA				393,097,394
TOTAL COMMON STOCK
(Cost $296,332,008)				393,097,394

SHORT-TERM INVESTMENT^(B)(C) — 0.2%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $821,529)		821,529		821,529

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Consumer Discretionary ETF

	Face Amount		Value
REPURCHASE AGREEMENT^(B) — 1.8%
BNP Paribas
0.060%, dated 10/30/20, to be repurchased on 11/02/20, repurchase price $7,116,856 (collateralized by U.S. Treasury Obligations, ranging in par value $334,709 - $1,153,839, 1.625%, 11/15/2022, with a total market value of $7,257,743)
(Cost $7,116,820)	$	7,116,820	$	7,116,820
TOTAL INVESTMENTS — 102.0%
(Cost $304,270,357)			$	401,035,743

Percentages are based on Net Assets of $393,117,708.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 was $7,359,469.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2020, was $7,938,349.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2020.

ADR — American Depositary Receipt

Cl — Class

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	393,097,394	$	—	$	—	$	393,097,394
Short-Term Investment		821,529		—		—		821,529
Repurchase Agreement		—		7,116,820		—		7,116,820
Total Investments in Securities	$	393,918,923	$	7,116,820	$	—	$	401,035,743

For the year ended October 31, 2020, there were no transfers in or out of Level 3.

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

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Consumer Staples ETF

Sector Weightings (Unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.7%
CHINA— 98.9%
Consumer Staples — 98.9%
Angel Yeast, Cl A		9,354	$	73,784
Anhui Gujing Distillery, Cl A		3,976		124,809
Anhui Gujing Distillery, Cl B		17,200		195,181
Anhui Kouzi Distillery, Cl A		6,300		51,538
Beijing Dabeinong Technology Group, Cl A		93,400		115,630
Beijing Shunxin Agriculture, Cl A		7,930		65,062
Beijing Yanjing Brewery, Cl A		31,500		40,926
By-health, Cl A		16,800		64,904
C&S Paper, Cl A		12,900		38,991
Chacha Food, Cl A		4,900		43,569
China Feihe		183,600		416,215
China Mengniu Dairy		345,800		1,625,359
China Resources Beer Holdings		228,700		1,417,053
Chongqing Brewery, Cl A		5,372		85,776
Chongqing Fuling Zhacai Group, Cl A		8,600		53,658
Dali Foods Group		443,000		274,203
Foshan Haitian Flavouring & Food, Cl A		30,193		722,332
Fujian Sunner Development, Cl A ^*		11,600		38,163
Guangdong Haid Group, Cl A		16,691		153,519
Heilongjiang Agriculture, Cl A		19,700		51,190
Henan Shuanghui Investment & Development, Cl A		38,640		288,520
Hengan International Group		107,800		747,178
Inner Mongolia Yili Industrial Group, Cl A		75,529		448,127
Jiangsu King’s Luck Brewery JSC, Cl A		13,200		102,209
Jiangsu Yanghe Brewery Joint-Stock, Cl A		19,244		482,979
Jiangxi Zhengbang Technology, Cl A		26,500		67,672

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Consumer Staples ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Jonjee Hi-Tech Industrial And Commercial Holding, Cl A		8,500	$	79,780
Juewei Food, Cl A		6,900		83,568
Kweichow Moutai, Cl A		6,416		1,600,127
Laobaixing Pharmacy Chain JSC, Cl A		4,560		48,710
Luzhou Laojiao, Cl A		19,647		506,120
Muyuan Foods, Cl A		40,060		424,036
New Hope Liuhe, Cl A		57,400		230,414
Proya Cosmetics, Cl A		1,800		46,533
Shanghai Jahwa United, Cl A		7,400		45,552
Shanxi Xinghuacun Fen Wine Factory, Cl A		12,449		418,521
Sichuan Swellfun, Cl A		5,568		55,071
Sun Art Retail Group		411,300		444,456
Tingyi Cayman Islands Holding		313,500		572,437
Toly Bread, Cl A		6,000		56,969
Tongwei, Cl A		71,300		326,886
Tsingtao Brewery, Cl A		7,400		87,546
Tsingtao Brewery, Cl H		83,600		690,481
Uni-President China Holdings		272,400		235,347
Want Want China Holdings		885,800		584,833
Wens Foodstuffs Group		75,144		212,653
Wuliangye Yibin, Cl A		37,698		1,375,622
Yifeng Pharmacy Chain, Cl A		5,862		89,214
Yihai International Holding		77,240		1,021,918
Yonghui Superstores, Cl A		142,700		166,435
Yuan Longping High-tech Agriculture, Cl A ^*		14,400		36,020
TOTAL CHINA				17,227,796

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Consumer Staples ETF

	Shares		Value
HONG KONG— 0.8%
Consumer Staples — 0.8%
Vinda International Holdings		57,200	$	151,209
TOTAL COMMON STOCK
(Cost $14,760,845)				17,379,005
TOTAL INVESTMENTS — 99.7%
(Cost $14,760,845)			$	17,379,005

Percentages are based on Net Assets of $17,423,630.

*	Non-income producing security.

Cl — Class

As of October 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 year ended October 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		October 31, 2020
	Global X MSCI China Health Care ETF

Sector Weightings (Unaudited)†:

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

	Shares		Value
COMMON STOCK — 100.0%
CHINA— 90.0%
Health Care — 90.0%
3SBio ^*		121,200	$	112,685
Aier Eye Hospital Group, Cl A		20,999		195,243
AK Medical Holdings		22,700		50,582
Alibaba Health Information Technology ^*		261,900		683,891
Apeloa Pharmaceutical, Cl A		3,600		10,967
Asymchem Laboratories Tianjin, Cl A		980		40,119
Autobio Diagnostics, Cl A		1,200		31,200
Beijing Tiantan Biological Products, Cl A		5,400		27,789
Beijing Tongrentang, Cl A		11,104		44,607
Betta Pharmaceuticals, Cl A		1,600		25,583
BGI Genomics, Cl A ^*		1,593		35,446
CanSino Biologics, Cl H ^*		3,840		74,722
Changchun High & New Technology Industry Group, Cl A		1,708		95,528
Chengdu Kanghong Pharmaceutical Group, Cl A		2,800		17,771
China Medical System Holdings		130,300		136,435
China National Accord Medicines, Cl A		1,700		12,600
China National Medicines, Cl A		2,800		17,892
China Resources Pharmaceutical Group		166,600		83,140
China Resources Sanjiu Medical & Pharmaceutical, Cl A		4,400		17,794
China Traditional Chinese Medicine Holdings		247,300		98,539
Chongqing Zhifei Biological Products, Cl A		6,493		155,318
CSPC Pharmaceutical Group		663,008		698,503
Da An Gene of Sun Yat-Sen University, Cl A		2,960		16,709
Dong-E-E-Jiao, Cl E		5,500		31,417
Genscript Biotech ^*		94,000		130,184

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Health Care ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		11,059	$	50,404
Guangzhou Kingmed Diagnostics Group, Cl A		1,900		29,889
Guangzhou Wondfo Biotech, Cl A		800		9,104
Hangzhou Tigermed Consulting, Cl A		3,616		66,960
Hansoh Pharmaceutical Group ^*		83,900		373,799
Huadong Medicine, Cl A		14,211		59,189
Hualan Biological Engineering, Cl A		8,670		66,291
Hubei Jumpcan Pharmaceutical, Cl A		2,800		9,241
Innovent Biologics ^*		77,500		571,643
Jafron Biomedical, Cl A		3,600		42,633
Jiangsu Hengrui Medicine, Cl A		27,127		359,898
Jiangsu Yuyue Medical Equipment & Supply, Cl A		3,700		17,068
Jilin Aodong Pharmaceutical Group, Cl A		4,500		11,297
Jinyu Bio-Technology, Cl A		4,600		16,253
Joincare Pharmaceutical Group Industry, Cl A		7,300		16,418
Jointown Pharmaceutical Group, Cl A ^*		15,170		41,141
Lepu Medical Technology Beijing, Cl A		8,501		39,063
Livzon Pharmaceutical Group, Cl A		2,200		15,888
Luye Pharma Group		148,200		85,616
Meinian Onehealth Healthcare Holdings, Cl A ^*		31,320		79,700
Nanjing King-Friend Biochemical Pharmaceutical, Cl A		3,200		18,723
Ovctek China, Cl A		2,332		23,737
Ping An Healthcare and Technology ^*		39,000		502,911
Shandong Buchang Pharmaceuticals, Cl A		9,287		33,577
Shandong Weigao Group Medical Polymer, Cl H		198,100		382,668
Shanghai Fosun Pharmaceutical Group, Cl A		9,574		77,750
Shanghai Fosun Pharmaceutical Group, Cl H		48,900		200,838
Shanghai Pharmaceuticals Holding, Cl A		8,900		26,476
Shanghai Pharmaceuticals Holding, Cl H		77,300		119,615

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Health Care ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Shanghai RAAS Blood Products, Cl A		12,700	$	16,159
Shenzhen Hepalink Pharmaceutical Group, Cl A		4,500		13,373
Shenzhen Kangtai Biological Products, Cl A		3,143		85,106
Shenzhen Mindray Bio-Medical Electronics, Cl A		4,461		257,684
Shenzhen Salubris Pharmaceuticals, Cl A		7,300		33,599
Shijiazhuang Yiling Pharmaceutical, Cl A		5,691		22,649
Sichuan Kelun Pharmaceutical, Cl A		12,000		41,934
Sinopharm Group, Cl H		114,700		262,092
Tianjin Chase Sun Pharmaceutical, Cl A		12,300		10,139
Tonghua Dongbao Pharmaceutical, Cl A		17,400		37,210
Topchoice Medical, Cl A ^*		1,500		50,460
Walvax Biotechnology, Cl A		7,300		54,268
Winning Health Technology Group, Cl A		9,070		24,096
WuXi AppTec, Cl A		10,720		180,453
WuXi AppTec, Cl H		24,240		386,035
Wuxi Biologics Cayman ^*		41,260		1,152,430
Yifan Pharmaceutical, Cl A		5,400		18,314
Yunnan Baiyao Group, Cl A		8,410		129,310
Zai Lab ADR ^*		4,781		392,281
Zhangzhou Pientzehuang Pharmaceutical, Cl A		3,766		128,959
Zhejiang Conba Pharmaceutical, Cl A ^*		12,400		9,277
Zhejiang Huahai Pharmaceutical, Cl A		6,210		31,244
Zhejiang NHU, Cl A		10,000		43,382
Zhejiang Wolwo Bio-Pharmaceutical, Cl A		2,123		19,168
TOTAL CHINA				9,592,076
HONG KONG— 10.0%
Health Care — 10.0%
Hutchison China MediTech ADR ^*		6,368		187,474
Sino Biopharmaceutical		778,400		784,940
SSY Group		161,100		87,874

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Health Care ETF

	Value
COMMON STOCK — continued
TOTAL HONG KONG	$	1,060,288
TOTAL COMMON STOCK
(Cost $9,222,161)		10,652,364
TOTAL INVESTMENTS — 100.0%
(Cost $9,222,161)	$	10,652,364

Percentages are based on Net Assets of $10,656,457.

*	Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

As of October 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 year ended October 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		October 31, 2020
	Global X MSCI China Financials ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 99.9%
Financials — 99.9%
Agricultural Bank of China, Cl A		638,200	$	300,217
Agricultural Bank of China, Cl H		4,394,088		1,484,556
Avic Capital, Cl A		139,600		91,104
Bank of Beijing, Cl A		214,200		149,384
Bank of Chengdu, Cl A		64,500		99,694
Bank of China Ltd., Cl A		343,300		163,031
Bank of China Ltd., Cl H		11,007,334		3,477,562
Bank of Communications, Cl A		344,500		233,054
Bank of Communications, Cl H		1,687,271		828,965
Bank of Hangzhou, Cl A		84,045		162,787
Bank of Jiangsu, Cl A		133,100		119,459
Bank of Nanjing, Cl A		109,384		124,964
Bank of Ningbo, Cl A		56,100		284,678
Bank of Shanghai, Cl A		140,298		164,471
Caitong Securities, Cl A		59,700		114,474
Changjiang Securities, Cl A		86,100		96,820
China Cinda Asset Management, Cl H		2,609,500		487,924
China CITIC Bank Corp Ltd., Cl A		93,700		70,664
China CITIC Bank Corp Ltd., Cl H		1,779,222		722,715
China Construction Bank, Cl A		25,400		23,859
China Construction Bank, Cl H		6,350,826		4,381,377
China Everbright		313,200		412,762
China Everbright Bank, Cl A		371,600		217,535

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Financials ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
China Everbright Bank, Cl H		1,133,200	$	391,623
China Galaxy Securities, Cl A		60,100		105,458
China Galaxy Securities, Cl H		954,000		521,604
China Great Wall Securities, Cl A		39,000		72,103
China Huarong Asset Management, Cl H		3,180,200		332,174
China International Capital, Cl H ^*		293,000		681,602
China Life Insurance, Cl A		2,102		14,465
China Life Insurance, Cl H		904,340		1,963,814
China Merchants Bank, Cl A		166,229		988,251
China Merchants Bank, Cl H		562,134		2,921,269
China Merchants Securities, Cl A		75,830		234,299
China Minsheng Banking, Cl A		311,000		245,224
China Minsheng Banking, Cl H		1,226,526		670,609
China Pacific Insurance Group, Cl A		57,900		275,914
China Pacific Insurance Group, Cl H		441,112		1,373,702
China Reinsurance Group, Cl H		2,543,500		242,711
China Taiping Insurance Holdings		365,330		549,301
Chongqing Rural Commercial Bank, Cl H		992,300		395,392
CITIC Securities, Cl A		87,400		373,681
CITIC Securities, Cl H		406,696		876,865
CSC Financial, Cl A		27,900		178,285
Dongxing Securities, Cl A		46,300		84,355
East Money Information, Cl A		80,440		280,857
Everbright Securities, Cl A		56,557		151,945
Far East Horizon		582,900		572,012
First Capital Securities, Cl A		97,800		145,030
Founder Securities, Cl A ^*		99,700		138,318
GF Securities Ltd., Cl A		65,600		150,867
GF Securities Ltd., Cl H		387,300		498,930
Guosen Securities, Cl A		57,745		115,123
Guotai Junan Securities, Cl A		73,244		201,260
Guotai Junan Securities, Cl H ^(A)		254,900		331,327
Guoyuan Securities, Cl A		71,820		89,772

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Financials ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Haitong Securities Ltd., Cl A		99,400	$	208,412
Haitong Securities Ltd., Cl H		668,100		563,438
Hithink RoyalFlush Information Network, Cl A		7,460		150,531
Huaan Securities Ltd., Cl A		81,500		96,881
Huatai Securities Ltd., Cl A		71,300		216,788
Huatai Securities Ltd., Cl H		359,100		579,757
Huaxi Securities, Cl A		53,400		92,505
Huaxia Bank, Cl A		139,300		126,064
Hubei Biocause Pharmaceutical, Cl A		119,900		89,170
Industrial & Commercial Bank of China, Cl A		245,200		180,158
Industrial & Commercial Bank of China, Cl H		7,661,137		4,307,312
Industrial Bank, Cl A		185,400		492,831
Industrial Securities, Cl A		99,600		115,273
Jiangsu Changshu Rural Commercial Bank, Cl A		61,000		61,672
Nanjing Securities, Cl A		45,800		85,359
New China Life Insurance C, Cl A		21,317		204,376
New China Life Insurance C, Cl H		174,611		694,630
Noah Holdings ADR ^*		11,703		308,140
Northeast Securities, Cl A		52,400		72,932
Oceanwide Holdings, Cl A		31,100		19,088
Orient Securities, Cl A		74,100		118,848
Pacific Securities, Cl A ^*		137,300		77,095
People’s Insurance Group of China, Cl A		88,100		87,228
People’s Insurance Group of China, Cl H		1,961,000		581,610
PICC Property & Casualty, Cl H		1,195,463		807,782
Ping An Bank, Cl A		10,300		27,303
Ping An Insurance Group of China, Cl A		1,600		18,597
Ping An Insurance Group of China, Cl H		401,414		4,117,744
Postal Savings Bank of China, Cl A		41,400		28,440
Postal Savings Bank of China, Cl H		1,594,100		781,134
Qingdao Rural Commercial Bank, Cl A		106,800		75,121

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Financials ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Financials — continued
SDIC Capital, Cl A		46,400	$	96,802
Sealand Securities, Cl A		106,310		82,555
Shanghai Pudong Development Bank, Cl A		261,014		360,947
Shanxi Securities, Cl A		83,940		94,141
Shenwan Hongyuan Group, Cl A		231,000		173,864
Sinolink Securities, Cl A		60,600		135,205
SooChow Securities, Cl A		70,980		103,562
Southwest Securities, Cl A		129,800		97,695
Tianfeng Securities, Cl A		98,700		86,374
Western Securities, Cl A		58,800		79,907
Zheshang Securities, Cl A		48,300		107,185
ZhongAn Online P&C Insurance, Cl H ^*		98,000		509,281
TOTAL COMMON STOCK
(Cost $55,982,938)				47,693,935

SHORT-TERM INVESTMENT^(B)(C) — 0.1%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $18,215)		18,215		18,215

REPURCHASE AGREEMENT^(B) — 0.3%
BNP Paribas
0.060%, dated 10/30/20, to be repurchased on 11/02/20, repurchase price $157,796 (collateralized by U.S. Treasury Obligations, ranging in par value $7,421 - $25,583, 1.625%, 11/15/2022, with a total market value of $160,919)
(Cost $157,796)	$	157,796		157,796
TOTAL INVESTMENTS — 100.3%
(Cost $56,158,949)			$	47,869,946

Percentages are based on Net Assets of $47,726,532.

*	Non-income producing security.

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Financials ETF

(A)	This security or a partial position of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 was $166,956.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2020, was $176,011.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2020.

ADR — American Depositary Receipt

Cl — Class

Ltd. — Limited

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	47,693,935	$	—	$	—	$	47,693,935
Short-Term Investment		18,215		—		—		18,215
Repurchase Agreement		—		157,796		—		157,796
Total Investments in Securities	$	47,712,150	$	157,796	$	—	$	47,869,946

For the year ended October 31, 2020, there were no transfers in or out of Level 3.

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

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Information Technology ETF

Sector Weightings (Unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.8%
CHINA— 98.0%
Information Technology — 98.0%
360 Security Technology, Cl A		34,059	$	80,414
AAC Technologies Holdings		123,000		647,923
Accelink Technologies, Cl A		4,500		21,101
Addsino, Cl A		7,300		21,934
Aisino, Cl A		28,500		66,055
AVIC Jonhon Optronic Technology, Cl A		7,100		58,740
Beijing E-Hualu Information Technology, Cl A		3,040		14,423
Beijing Shiji Information Technology, Cl A		13,500		74,271
Beijing Sinnet Technology, Cl A		10,100		28,824
Beijing Thunisoft, Cl A		4,500		15,651
BOE Technology Group, Cl A		349,000		246,522
BYD Electronic International		130,600		560,807
Chaozhou Three-Circle Group, Cl A		22,600		104,727
China Greatwall Technology Group, Cl A		20,300		45,928
China National Software & Service, Cl A		3,000		31,410
China Railway Signal & Communication, Cl H		374,700		123,211
China TransInfo Technology, Cl A		9,000		29,824
Dawning Information Industry, Cl A		8,200		43,815
DHC Software, Cl A		49,600		67,627
Fiberhome Telecommunication Technologies, Cl A		6,100		21,508
Foxconn Industrial Internet, Cl A		46,500		94,788
Fujian Star-net Communication, Cl A		3,400		12,176
GCL System Integration Technology, Cl A ^*		44,700		23,097
GDS Holdings ADR ^*		11,390		957,215
Gigadevice Semiconductor Beijing, Cl A		3,624		105,371

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Information Technology ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Glodon, Cl A		7,500	$	79,489
GoerTek, Cl A		50,200		340,052
GRG Banking Equipment, Cl A		15,100		26,045
Guangzhou Haige Communications Group, Cl A		35,900		59,992
Guangzhou Shiyuan Electronic Technology, Cl A		4,700		72,119
Hangzhou Hikvision Digital Technology, Cl A		90,800		608,835
Hangzhou Silan Microelectronics, Cl A		8,200		18,491
Hengtong Optic-electric, Cl A		29,900		65,460
Holitech Technology, Cl A ^*		25,600		16,936
Hua Hong Semiconductor ^*		96,400		353,660
Huagong Tech, Cl A		5,600		19,469
Hubei Kaile Science & Technology, Cl A ^*		10,500		19,397
Hundsun Technologies, Cl A		16,381		227,359
Iflytek		28,100		159,630
Inspur Electronic Information Industry, Cl A		10,652		48,518
Kingboard Holdings		131,200		443,263
Kingdee International Software Group		390,700		1,025,261
Kingsoft		142,500		760,750
Legend Holdings, Cl H		72,450		97,536
Lenovo Group		1,212,500		758,316
Lens Technology, Cl A		46,600		231,252
Leyard Optoelectronic, Cl A		18,700		19,911
Lingyi iTech Guangdong, Cl A		45,100		87,759
LONGi Green Energy Technology, Cl A		44,650		506,695
Luxshare Precision Industry, Cl A		71,643		586,945
Maxscend Microelectronics, Cl A		900		58,298
NAURA Technology Group, Cl A		3,680		93,975
Newland Digital Technology, Cl A		7,900		18,617
Ninestar, Cl A		16,100		70,086
OFILM Group, Cl A		42,000		96,905
Sanan Optoelectronics, Cl A		62,100		206,158

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Information Technology ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Sangfor Technologies, Cl A		2,510	$	71,309
Semiconductor Manufacturing International ^*		525,300		1,541,044
SG Micro, Cl A		900		36,638
Shanghai 2345 Network Holding Group, Cl A		93,460		37,684
Shanghai Baosight Software, Cl A		5,600		53,129
Shengyi Technology, Cl A		16,600		59,273
Shennan Circuits, Cl A		3,582		57,665
Shenzhen Goodix Technology, Cl A		3,450		88,514
Shenzhen Kaifa Technology, Cl A		8,700		27,531
Shenzhen Kingdom Sci-Tech, Cl A		6,600		17,475
Shenzhen Sunway Communication, Cl A		6,100		43,270
Sunny Optical Technology Group		103,860		1,716,971
Suzhou Dongshan Precision Manufacturing, Cl A		22,800		86,144
Thunder Software Technology, Cl A		2,600		33,252
Tianjin 712 Communication & Broadcasting, Cl A		4,100		26,347
Tianjin Zhonghuan Semiconductor, Cl A		20,900		72,848
Tianma Microelectronics, Cl A		38,500		81,988
Tianshui Huatian Technology, Cl A		17,300		37,151
TongFu Microelectronics, Cl A		4,800		17,856
Travelsky Technology, Cl H		186,000		390,476
Tunghsu Optoelectronic Technology, Cl A ^*		92,400		37,671
Unigroup Guoxin Microelectronics, Cl A		4,500		72,121
Unisplendour, Cl A		20,813		68,379
Universal Scientific Industrial Shanghai, Cl A		7,700		25,125
Venustech Group, Cl A		5,700		26,252
Visionox Technology, Cl A ^*		9,100		17,707
Wangsu Science & Technology, Cl A		36,300		42,121
Westone Information Industry, Cl A		5,100		14,060
Will Semiconductor, Cl A		4,730		139,875
Wingtech Technology, Cl A		7,940		119,285
Wonders Information, Cl A ^*		5,600		18,248

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

Schedule of Investments		October 31, 2020
	Global X MSCI China Information Technology ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Wuhan Guide Infrared, Cl A		10,470	$	52,942
Wuhu Token Science, Cl A		12,100		17,998
WUS Printed Circuit Kunshan, Cl A		10,900		29,984
Wuxi Lead Intelligent Equipment, Cl A		12,000		107,469
Wuxi Taiji Industry, Cl A		10,000		15,203
Xiaomi, Cl B ^*		787,700		2,234,653
Xinyi Solar Holdings		664,000		1,207,296
Yealink Network Technology, Cl A		4,800		43,339
Yonyou Network Technology, Cl A		35,956		231,697
Zhejiang Dahua Technology, Cl A		46,600		157,346
Zhejiang Jingsheng Mechanical & Electrical, Cl A		6,800		29,449
Zhongji Innolight, Cl A		4,000		28,255
ZTE, Cl A		40,600		195,656
ZTE, Cl H		139,100		306,366
TOTAL CHINA				20,409,603
HONG KONG— 1.8%
Information Technology — 1.8%
Kingboard Laminates Holdings		241,300		383,972
TOTAL COMMON STOCK
(Cost $17,681,427)				20,793,575
TOTAL INVESTMENTS — 99.8%
(Cost $17,681,427)			$	20,793,575

Percentages are based on Net Assets of $20,831,889.

*	Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

As of October 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 year ended October 31, 2020, there were no transfers in or out of Level 3.

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

100

Schedule of Investments		October 31, 2020
	Global X MSCI China Communication Services ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 98.0%
Communication Services — 98.0%
Autohome ADR		6,052	$	578,268
Baidu ADR ^*		11,492		1,529,011
Beijing Enlight Media, Cl A		179,300		325,598
Beijing Kunlun Tech, Cl A		72,100		263,797
Bilibili ADR ^*		9,250		413,198
China Film, Cl A		155,381		293,765
China Literature ^*		600		4,913
China Mobile		213,200		1,296,270
China South Publishing & Media Group, Cl A		174,172		272,849
China Telecom, Cl H		1,295,800		407,713
China Tower, Cl H		2,764,800		431,396
China Unicom Hong Kong		566,000		347,416
China United Network Communications, Cl A		442,000		314,854
Chinese Universe Publishing and Media Group, Cl A		140,250		242,329
Focus Media Information Technology, Cl A		403,900		563,364
G-bits Network Technology Xiamen, Cl A		4,774		335,258
Giant Network Group, Cl A		119,600		338,997
HUYA ADR ^{* (A)}		16,610		372,064
iQIYI ADR ^*		20,781		513,291
JOYY ADR		6,047		552,575
Leo Group, Cl A		553,400		261,979

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

101

Schedule of Investments		October 31, 2020
	Global X MSCI China Communication Services ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
Mango Excellent Media, Cl A		45,120	$	498,619
Momo ADR ^*		16,862		252,930
NanJi E-Commerce, Cl A		130,500		359,368
NetEase ADR		17,015		1,476,732
Oriental Pearl Group, Cl A		238,000		326,278
Perfect World, Cl A		75,810		317,788
SINA ^*		11,073		474,478
Tencent Holdings		24,695		1,882,015
Tencent Music Entertainment Group ADR ^*		241		3,586
Wanda Film Holding, Cl A ^*		124,300		285,493
Weibo ADR ^*		9,249		384,296
Wuhu Sanqi Interactive Entertainment Network Technology Group, Cl A		65,051		287,550
Youzu Interactive, Cl A		93,600		218,895
Zhejiang Century Huatong Group, Cl A ^*		169,620		216,070
				16,643,003
Information Technology — 0.0%
National Agricultural Holdings ^*(B)(C)(D)		204,200		3
TOTAL CHINA				16,643,006
HONG KONG— 1.9%
Communication Services — 1.9%
Alibaba Pictures Group ^*		2,533,000		329,900
TOTAL COMMON STOCK
(Cost $16,891,396)				16,972,906

SHORT-TERM INVESTMENT^(E)(F) — 0.2%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $28,809)		28,809		28,809

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

102

Schedule of Investments		October 31, 2020
	Global X MSCI China Communication Services ETF

	Face Amount		Value
REPURCHASE AGREEMENT^(E) — 1.5%
BNP Paribas
0.060%, dated 10/30/20, to be repurchased on 11/02/20, repurchase price $249,571 (collateralized by U.S. Treasury Obligations, ranging in par value $11,738 - $40,463, 1.625%, 11/15/2022, with a total market value of $254,516)
(Cost $249,571)	$	249,571	$	249,571
TOTAL INVESTMENTS — 101.6%
(Cost $17,169,776)			$	17,251,286

Percentages are based on Net Assets of $16,984,281.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 was $277,760.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	Security considered illiquid (Unaudited). The total value of such securities as of October 31, 2020 was $3 and represented 0.0% of Net Assets.
(D)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2020, was $3 and represents 0.0% of net assets.
(E)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2020, was $278,380.
(F)	The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2020.

ADR — American Depositary Receipt

Cl — Class

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

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	16,972,903	$	—	$	3	$	16,972,906
Short-Term Investment		28,809		—		—		28,809
Repurchase Agreement		—		249,571		—		249,571
Total Investments in Securities	$	17,001,712	$	249,571	$	3	$	17,251,286

For the year ended October 31, 2020, there were no transfers in or out of Level 3.

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

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

103

Schedule of Investments		October 31, 2020
	Global X MSCI China Utilities ETF

Sector Weightings (Unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.7%
CHINA— 99.7%
Utilities — 99.7%
Beijing Enterprises Holdings		18,000	$	54,082
Beijing Enterprises Water Group		155,600		58,991
CGN Power, Cl H		297,400		63,661
Chengdu Xingrong Environment, Cl A		20,500		15,215
China Gas Holdings		43,390		132,886
China Longyuan Power Group, Cl H		94,500		64,585
China National Nuclear Power, Cl A		53,800		35,592
China Power International Development		232,900		44,749
China Resources Gas Group		26,920		116,638
China Resources Power Holdings		52,050		54,098
China Yangtze Power, Cl A		46,000		130,247
ENN Energy Holdings		10,890		137,550
GD Power Development, Cl A		100,800		29,504
Guangdong Investment		77,060		114,077
Huadian Power International, Cl A		45,300		22,730
Huaneng Power International, Cl A		15,600		11,369
Huaneng Power International, Cl H		106,900		39,838
Hubei Energy Group, Cl A		29,100		17,209
Inner Mongolia MengDian HuaNeng Thermal Power, Cl A		39,300		15,083
Kunlun Energy		79,260		51,104
Luenmei Quantum, Cl A		10,200		20,107
SDIC Power Holdings, Cl A		27,200		37,533
Shanghai Electric Power, Cl A		17,500		18,686
Shenergy, Cl A		32,800		25,569
Shenzhen Energy Group, Cl A		26,480		21,433
Sichuan Chuantou Energy, Cl A		22,200		33,385

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

104

Schedule of Investments		October 31, 2020
	Global X MSCI China Utilities ETF

	Value
COMMON STOCK — continued
TOTAL COMMON STOCK
(Cost $1,467,433)	$	1,365,921
TOTAL INVESTMENTS — 99.7%
(Cost $1,467,433)	$	1,365,921

Percentages are based on Net Assets of $1,369,802.

Cl — Class

As of October 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.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Investments in
	Common Stock
Beginning Balance as of October 31, 2019	$	68,089
Transfers out of Level 3		(63,661	)
Transfers into Level 3		-
Net purchases		16,219
Net sales		(8,729	)
Realized gain/(loss)		(365	)
Change in unrealized appreciation/(depreciation)		(11,553	)
Ending Balance as of October 31, 2020	$	-

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

105

Schedule of Investments		October 31, 2020
	Global X MSCI China Real Estate ETF

Sector Weightings (Unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.8%
CHINA— 96.5%
Real Estate — 96.5%
Agile Group Holdings		101,700	$	139,012
Beijing Capital Development, Cl A		9,400		8,661
China Aoyuan Group		103,800		97,176
China Enterprise		15,600		9,132
China Evergrande Group		134,300		266,700
China Fortune Land Development, Cl A		18,720		39,334
China Jinmao Holdings Group		417,600		210,554
China Merchants Property Operation & Service, Cl A		2,200		8,361
China Merchants Shekou Industrial Zone Holdings, Cl A		32,900		69,080
China Overseas Land & Investment		231,900		580,135
China Overseas Property Holdings		17,100		12,370
China Resources Land		159,700		649,728
China Vanke, Cl A		13,900		57,188
China Vanke, Cl H		90,600		280,392
CIFI Holdings Group		242,400		167,230
Country Garden Holdings		515,100		633,676
Financial Street Holdings, Cl A		28,700		28,587
Gemdale, Cl A		29,600		59,012
Grandjoy Holdings Group, Cl A		11,400		7,763
Greenland Holdings Group, Cl A		51,200		47,329
Guangzhou R&F Properties		143,500		181,715
Jiangsu Zhongnan Construction Group, Cl A		13,700		18,454
Jinke Properties Group, Cl A		40,300		46,642
Kaisa Group Holdings		219,000		101,665
KE Holdings ADR ^*		5,588		389,763

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

106

Schedule of Investments		October 31, 2020
	Global X MSCI China Real Estate ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
KWG Group Holdings		100,100	$	132,178
KWG Living Group Holdings ^*		50,050		39,240
Logan Property Holdings		108,100		168,948
Longfor Group Holdings		125,800		687,007
Poly Developments and Holdings Group, Cl A		49,753		114,124
Poly Property Services		7,000		50,323
RiseSun Real Estate Development, Cl A		33,200		34,855
Seazen Group		176,200		131,783
Seazen Holdings, Cl A		11,200		54,376
Shanghai Lujiazui Finance & Trade Zone Development, Cl B		107,469		88,340
Shanghai Zhangjiang High-Tech Park Development, Cl A		9,000		25,416
Shenzhen Investment		292,900		89,137
Shimao Property Holdings		77,600		273,682
Sichuan Languang Development, Cl A		11,100		8,172
Sino-Ocean Group Holding		316,200		60,346
SOHO China ^*		225,500		60,193
Sunac China Holdings		155,600		573,855
Xinhu Zhongbao, Cl A		81,800		39,091
Yango Group, Cl A		14,700		15,059
Youngor Group, Cl A		10,300		10,967
Yuexiu Property		623,100		120,525
Yuzhou Properties		180,900		69,749
Zhenro Properties Group		104,400		60,178
Zhongtian Financial Group, Cl A ^*		19,300		8,762
TOTAL CHINA				7,025,965

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

107

Schedule of Investments		October 31, 2020
	Global X MSCI China Real Estate ETF

	Shares		Value
COMMON STOCK — continued
HONG KONG— 3.3%
Real Estate — 3.3%
Wharf Holdings		117,600	$	242,635
TOTAL COMMON STOCK
(Cost $8,060,464)				7,268,600
TOTAL INVESTMENTS — 99.8%
(Cost $8,060,464)			$	7,268,600

Percentages are based on Net Assets of $7,280,617.

*	Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

As of October 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 year ended October 31, 2020, there were no transfers in or out of Level 3.

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

108

Schedule of Investments		October 31, 2020
	Global X MSCI China Large-Cap 50 ETF

Sector Weightings (Unaudited)†:

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

	Shares		Value
COMMON STOCK — 100.1%
CHINA— 99.4%
Communication Services — 17.0%
Baidu ADR ^*		956	$	127,196
China Mobile		19,860		120,750
NetEase ADR		1,460		126,713
Tencent Holdings		6,900		525,852
				900,511
Consumer Discretionary — 34.3%
Alibaba Group Holding ADR ^*		1,734		528,331
ANTA Sports Products		4,200		46,198
China International Travel Service, Cl A		1,800		53,600
Geely Automobile Holdings		19,500		40,032
JD.com ADR ^*		2,669		217,577
Meituan Dianping, Cl B ^*		9,149		340,012
New Oriental Education & Technology Group ADR ^*		626		100,398
NIO ADR ^*		3,492		106,785
Pinduoduo ADR ^*		771		69,375

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

109

Schedule of Investments		October 31, 2020
	Global X MSCI China Large-Cap 50 ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Shenzhou International Group Holdings		4,000	$	69,067
TAL Education Group ADR ^*		1,513		100,554
Trip.com Group ADR ^*		1,873		53,867
Yum China Holdings		1,779		94,696
				1,820,492
Consumer Staples — 11.3%
China Mengniu Dairy		15,100		70,974
Foshan Haitian Flavouring & Food, Cl A		3,040		72,729
Kweichow Moutai, Cl A		1,131		282,067
Muyuan Foodstuff, Cl A		3,480		36,836
Wuliangye Yibin, Cl A		3,738		136,402
				599,008
Energy — 1.1%
CNOOC		66,900		60,733
Financials — 17.7%
Bank of China, Cl H		289,200		91,367
China Construction Bank, Cl H		279,900		193,101
China Life Insurance, Cl H		31,350		68,078
China Merchants Bank, Cl H		16,650		86,526
CITIC Securities, Cl A		11,200		47,886
Industrial & Commercial Bank of China, Cl H		203,000		114,133
Industrial Bank, Cl A		21,100		56,088
Ping An Bank, Cl A		20,800		55,135
Ping An Insurance Group of China, Cl H		17,940		184,030
Shanghai Pudong Development Bank, Cl A		30,800		42,592
				938,936
Health Care — 4.8%
CSPC Pharmaceutical Group		33,120		34,893
Jiangsu Hengrui Medicine, Cl A		5,396		71,590
Shenzhen Mindray Bio-Medical Electronics, Cl A		1,160		67,006
Wuxi Biologics Cayman ^*		2,880		80,441
				253,930

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

110

Schedule of Investments		October 31, 2020
	Global X MSCI China Large-Cap 50 ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 2.4%
Contemporary Amperex Technology, Cl A		2,400	$	88,588
ZTO Express Cayman ADR ^*		1,338		38,775
				127,363
Information Technology — 6.0%
Hangzhou Hikvision Digital Technology, Cl A		9,700		65,041
Luxshare Precision Industry, Cl A		7,799		63,894
Semiconductor Manufacturing International ^*		11,800		34,617
Sunny Optical Technology Group		3,340		55,216
Xiaomi, Cl B ^*		34,600		98,158
				316,926
Real Estate — 3.6%
China Overseas Land & Investment		17,900		44,780
China Resources Land		14,100		57,364
China Vanke, Cl A		10,500		43,200
Sunac China Holdings		12,950		47,760
				193,104
Utilities — 1.2%
China Yangtze Power, Cl A		22,200		62,858
TOTAL CHINA				5,273,861
HONG KONG— 0.7%
Health Care — 0.7%
Sino Biopharmaceutical		39,200		39,529
TOTAL COMMON STOCK
(Cost $4,362,476)				5,313,390
TOTAL INVESTMENTS — 100.1%
(Cost $4,362,476)			$	5,313,390

Percentages are based on Net Assets of $5,309,667.

*	Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

As of October 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 year ended October 31, 2020, there were no transfers in or out of Level 3.

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

111

Schedule of Investments		October 31, 2020
	Global X MSCI Greece ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.7%
GREECE— 93.8%
Communication Services — 20.6%
Hellenic Telecommunications Organization		1,691,053	$	22,495,370
Consumer Discretionary — 20.7%
FF Group ^*(A)(B)(C)		452,712		5,273
FF Group ADR ^*(A)(B)(C)		200,300		2,333
JUMBO		445,179		6,222,799
JUMBO ADR^(D)		340,000		4,752,588
OPAP		747,128		6,026,770
OPAP ADR		1,404,900		5,521,257
				22,531,020
Consumer Staples — 2.3%
Sarantis		258,433		2,543,750
Energy — 8.2%
GasLog ^(D)		372,448		886,426
GasLog Partners		287,418		922,612

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

112

Schedule of Investments		October 31, 2020
	Global X MSCI Greece ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
Hellenic Petroleum		482,373	$	2,359,946
Motor Oil Hellas Corinth Refineries		228,088		2,125,506
Motor Oil Hellas Corinth Refineries ADR ^(D)		368,300		1,716,057
Tsakos Energy Navigation ^(D)		114,203		887,357
				8,897,904
Financials — 14.2%
Alpha Bank AE ^*		8,702,007		4,389,117
Eurobank Ergasias ^*		11,311,769		3,751,352
Hellenic Exchanges - Athens Stock Exchange		492,244		1,462,145
National Bank of Greece ^*		4,004,627		4,182,449
Piraeus Bank ^*		2,275,706		1,736,310
				15,521,373
Industrials — 11.6%
Aegean Airlines ^*		262,045		805,842
Ellaktor ^{* (D)}		1,180,912		1,843,283
GEK Terna Holding Real Estate Construction ^*		453,298		3,057,259
Mytilineos Holdings		207,821		2,270,712
Mytilineos Holdings ADR		426,200		4,656,789
				12,633,885
Real Estate — 2.9%
LAMDA Development ^*		541,788		3,187,063
Utilities — 13.3%
Athens Water Supply & Sewage		343,155		2,658,164
Holding ADMIE IPTO		953,111		2,353,689
Public Power ^{* (D)}		853,661		4,773,056
Terna Energy		357,582		4,765,094
				14,550,003
TOTAL GREECE				102,360,368
UNITED STATES— 5.9%
Energy — 2.3%
Dorian LPG ^*		301,147		2,469,405
Materials — 3.6%
Titan Cement International ^*		315,277		3,914,888

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

113

Schedule of Investments		October 31, 2020
	Global X MSCI Greece ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
TOTAL UNITED STATES			$	6,384,293
TOTAL COMMON STOCK
(Cost $194,244,240)				108,744,661

SHORT-TERM INVESTMENT^(E)(F) — 0.4%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $385,653)		385,653		385,653

REPURCHASE AGREEMENT^(E) — 3.1%
BNP Paribas
0.060%, dated 10/30/20, to be repurchased on 11/02/20, repurchase price $3,340,892 (collateralized by U.S. Treasury Obligations, ranging in par value $157,124 - $541,651, 1.625%, 11/15/2022, with a total market value of $3,407,030)
(Cost $3,340,874)	$	3,340,874		3,340,874
TOTAL INVESTMENTS — 103.2%
(Cost $197,970,767)			$	112,471,188

Percentages are based on Net Assets of $109,015,603.

*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security considered illiquid (Unaudited). The total value of such securities as of October 31, 2020 was $7,606 and represented 0.0% of Net Assets.
(C)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2020, was $7,606 and represents 0.0% of net assets.
(D)	This security or a partial position of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 was $3,532,659.
(E)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2020, was $3,726,527.
(F)	The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2020.

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

114

Schedule of Investments		October 31, 2020
	Global X MSCI Greece ETF

ADR — American Depositary Receipt

Cl — Class

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

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	108,737,055	$	—	$	7,606	$	108,744,661
Short-Term Investment		385,653		—		—		385,653
Repurchase Agreement		—		3,340,874		—		3,340,874
Total Investments in Securities	$	109,122,708	$	3,340,874	$	7,606	$	112,471,188

⁽¹⁾

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

For the year ended October 31, 2020, there were no transfers in or out of Level 3.

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

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

115

Schedule of Investments		October 31, 2020
	Global X MSCI Norway ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.9%
BRAZIL— 4.9%
Materials — 4.9%
Yara International		46,881	$	1,630,733
FAROE ISLANDS— 2.6%
Consumer Staples — 2.6%
Bakkafrost P/F		15,578		886,553
FRANCE— 3.2%
Communication Services — 3.2%
Adevinta, Cl B ^*		68,572		1,058,116
NORWAY— 87.1%
Communication Services — 12.9%
Schibsted, Cl B		30,149		1,080,574
Telenor		212,005		3,264,738
				4,345,312

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

116

Schedule of Investments		October 31, 2020
	Global X MSCI Norway ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — 0.8%
Europris		49,099	$	254,257
Consumer Staples — 15.8%
Austevoll Seafood		31,075		211,147
Grieg Seafood ^(A)		15,207		107,305
Leroy Seafood Group		93,468		438,453
Mowi		127,336		2,006,849
Norway Royal Salmon		3,955		84,737
Orkla		172,838		1,628,778
Salmar		16,207		818,077
				5,295,346
Energy — 13.3%
BW Offshore		27,630		65,904
DNO International ^(A)		221,655		91,525
Equinor		294,810		3,739,541
Frontline		32,217		176,777
Ocean Yield		23,926		52,814
TGS Nopec Geophysical		34,899		321,284
				4,447,845
Financials — 22.5%
Aker, Cl A		7,589		302,167
DnB ^*		278,209		3,745,796
Gjensidige Forsikring		61,084		1,158,563
Norwegian Finance Holding		36,049		257,955
Protector Forsikring		24,895		117,849
Sbanken		22,664		143,445
Sparebank 1 Nord Norge		34,709		231,663
Sparebank 1 Oestlandet		10,049		89,464
SpareBank 1 SMN		42,301		362,434
SpareBank 1 SR-Bank ^*		50,182		397,934
Storebrand		143,879		754,101
				7,561,371

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

117

Schedule of Investments		October 31, 2020
	Global X MSCI Norway ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 9.7%
Bonheur		5,542	$	117,115
Golden Ocean Group		33,173		107,305
Hexagon Composites		23,973		109,246
Kongsberg Gruppen		25,624		414,430
NEL, Cl A ^*		374,492		708,329
Norwegian Air Shuttle ^{* (A)}		144,180		9,128
Stolt-Nielsen		10,460		96,296
TOMRA Systems		32,165		1,294,494
Veidekke		29,703		340,569
Wallenius Wilhelmsen, Cl B		30,527		58,123
				3,255,035
Information Technology — 2.7%
Atea		27,878		321,977
Crayon Group Holding ^*		8,156		90,273
Nordic Semiconductor ^*		47,491		498,815
				911,065
Materials — 4.9%
Borregaard		31,852		425,855
Elkem		68,491		144,737
Norsk Hydro		387,043		1,082,312
				1,652,904
Real Estate — 2.2%
Entra		49,357		643,370
Selvaag Bolig		21,096		104,941
				748,311
Utilities — 2.3%
Fjordkraft Holding		23,841		195,290
Scatec Solar ^*		26,770		588,115
				783,405
TOTAL NORWAY				29,254,851

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

118

Schedule of Investments		October 31, 2020
	Global X MSCI Norway ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
SINGAPORE— 0.5%
Energy — 0.5%
BW LPG		32,984	$	143,201
Hafnia		23,784		35,133
TOTAL SINGAPORE				178,334
UNITED KINGDOM— 1.6%
Energy — 1.6%
FLEX LNG		9,120		58,247
Subsea 7		72,008		473,683
TOTAL UNITED KINGDOM				531,930
TOTAL COMMON STOCK
(Cost $47,063,424)				33,540,517

SHORT-TERM INVESTMENT^(B)(C) — 0.1%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $15,770)		15,770		15,770

REPURCHASE AGREEMENT^(B) — 0.4%
BNP Paribas
0.060%, dated 10/30/20, to be repurchased on 11/02/20, repurchase price $136,611 (collateralized by U.S. Treasury Obligations, ranging in par value $6,425 - $22,149, 1.625%, 11/15/2022, with a total market value of $139,319)
(Cost $136,611)	$	136,611		136,611
TOTAL INVESTMENTS — 100.4%
(Cost $47,215,805)			$	33,692,898

Percentages are based on Net Assets of $33,569,933.

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

119

Schedule of Investments		October 31, 2020
	Global X MSCI Norway ETF

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 was $144,944.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2020, was $152,381.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2020.

Cl — Class

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	33,540,517	$	—	$	—	$	33,540,517
Short-Term Investment		15,770		—		—		15,770
Repurchase Agreement		—		136,611		—		136,611
Total Investments in Securities	$	33,556,287	$	136,611	$	—	$	33,692,898

For the year ended October 31, 2020, there were no transfers in or out of Level 3.

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

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

120

Schedule of Investments		October 31, 2020
	Global X DAX Germany ETF

Sector Weightings (Unaudited)†:

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

	Shares		Value
COMMON STOCK — 95.6%
GERMANY— 85.4%
Communication Services — 4.8%
Deutsche Telekom		75,007	$	1,141,950
Consumer Discretionary — 14.1%
adidas		4,218		1,252,900
Bayerische Motoren Werke		7,407		506,293
Continental		2,485		264,224
Daimler		19,454		1,006,148
Delivery Hero ^*		3,066		352,786
				3,382,351
Consumer Staples — 1.0%
Beiersdorf		2,282		238,971
Financials — 14.6%
Allianz		9,577		1,685,189
Deutsche Bank		47,645		438,500
Deutsche Boerse		4,242		624,332

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

121

Schedule of Investments		October 31, 2020
	Global X DAX Germany ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		3,243	$	758,543
				3,506,564
Health Care — 9.3%
Bayer		22,862		1,074,819
Fresenius & KGaA		9,489		351,936
Fresenius Medical Care & KGaA		4,577		349,641
Merck KGaA		2,984		441,962
				2,218,358
Industrials — 14.4%
Deutsche Post		22,882		1,013,921
MTU Aero Engines		1,236		210,996
Siemens		19,077		2,237,739
				3,462,656
Information Technology — 11.2%
Infineon Technologies		30,110		838,259
SAP		17,245		1,837,836
				2,676,095
Materials — 6.5%
BASF		21,377		1,172,090
Covestro		3,885		185,407
HeidelbergCement		3,449		197,343
				1,554,840
Real Estate — 4.8%
Deutsche Wohnen		7,371		372,036
Vonovia		12,280		784,165
				1,156,201
Utilities — 4.7%
E.ON		51,593		537,998
RWE		15,638		579,084
				1,117,082
TOTAL GERMANY				20,455,068

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

122

Schedule of Investments		October 31, 2020
	Global X DAX Germany ETF

	Shares		Value
COMMON STOCK — continued
UNITED KINGDOM— 10.2%
Materials — 10.2%
Linde		11,181	$	2,451,151
TOTAL COMMON STOCK
(Cost $26,322,350)				22,906,219
PREFERRED STOCK — 4.3%
GERMANY— 4.3%
Consumer Discretionary — 2.7%
Volkswagen ^(A)		4,354		634,476
Consumer Staples — 1.6%
Henkel & KGaA ^(A)		4,027		391,780
TOTAL PREFERRED STOCK
(Cost $1,334,387)				1,026,256
TOTAL INVESTMENTS — 99.9%
(Cost $27,656,737)			$	23,932,475

Percentages are based on Net Assets of $23,947,960.

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

As of October 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 year ended October 31, 2020, there were no transfers in or out of Level 3.

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

123

Schedule of Investments		October 31, 2020
	Global X MSCI Portugal ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 100.0%
NETHERLANDS— 4.7%
Communication Services — 4.7%
Altice Europe ^*		126,937	$	625,310
PORTUGAL— 89.3%
Communication Services — 6.0%
NOS SGPS		161,542		554,731
Pharol SGPS ^{* (A)}		1,226,779		128,611
Sonaecom		58,653		102,483
				785,825
Consumer Discretionary — 0.9%
Ibersol SGPS ^*		26,138		111,740
Consumer Staples — 9.3%
Jeronimo Martins		41,608		661,090
Sonae		959,991		564,714
				1,225,804
Energy — 16.9%
Galp Energia		275,456		2,231,294

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

124

Schedule of Investments		October 31, 2020
	Global X MSCI Portugal ETF

	Shares		Value
COMMON STOCK — continued
Financials — 3.7%
Banco Comercial Portugues, Cl R ^{* (A)}		5,528,780	$	485,591
Banco Espirito Santo ^*(B)(C)(D)		2,085,614		—
BANIF - Banco Internacional do Funchal ^*(B)(C)(D)		55,479,410		13
				485,604
Industrials — 6.6%
CTT-Correios de Portugal ^*		205,656		503,072
Mota-Engil ^{* (A)}		151,992		194,399
Sonae Capital ^*		160,570		144,021
Teixeira Duarte ^{* (A)}		310,651		31,482
				872,974
Materials — 15.8%
Altri		129,515		499,968
Corticeira Amorim SGPS		55,952		642,632
Navigator ^*		251,440		553,855
Ramada Investimentos E Industria ^*		12,072		41,624
Semapa-Sociedade de Investimento e Gestao		44,812		336,685
				2,074,764
Utilities — 30.1%
Energias de Portugal ^(A)		677,526		3,339,961
REN - Redes Energeticas Nacionais		235,533		618,683
				3,958,644
TOTAL PORTUGAL				11,746,649
SPAIN— 6.0%
Utilities — 6.0%
EDP Renovaveis		41,843		795,450
TOTAL COMMON STOCK
(Cost $21,845,346)				13,167,409

SHORT-TERM INVESTMENT^(E)(F) — 2.4%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $319,224)		319,224		319,224

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

125

Schedule of Investments		October 31, 2020
	Global X MSCI Portugal ETF

	Face Amount		Value
REPURCHASE AGREEMENT^(E) — 21.0%
BNP Paribas
0.060%, dated 10/30/20, to be repurchased on 11/02/20, repurchase price $2,765,417 (collateralized by U.S. Treasury Obligations, ranging in par value $130,059 - $448,350, 1.625%, 11/15/2022, with a total market value of $2,820,159)
(Cost $2,765,402)	$	2,765,402	$	2,765,402
TOTAL INVESTMENTS — 123.4%
(Cost $24,929,972)			$	16,252,035

Percentages are based on Net Assets of $13,169,088.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 was $530,714.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	Security considered illiquid (Unaudited). The total value of such securities as of October 31, 2020 was $13 and represented 0.0% of Net Assets.
(D)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2020, was $13 and represents 0.0% of net assets.
(E)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2020, was $3,084,626.
(F)	The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2020.

Cl — Class

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

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	13,167,396	$	—	$	13	$	13,167,409
Short-Term Investment		319,224		—		—		319,224
Repurchase Agreement		—		2,765,402		—		2,765,402
Total Investments in Securities	$	13,486,620	$	2,765,402	$	13	$	16,252,035

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

126

Schedule of Investments		October 31, 2020
	Global X MSCI Portugal ETF

For the year ended October 31, 2020, there were no transfers in or out of Level 3.

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

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

127

Schedule of Investments		October 31, 2020
	Global X MSCI Colombia ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 92.6%
CHILE— 5.3%
Energy — 3.0%
Empresas COPEC		132,245	$	1,008,030
Utilities — 2.3%
Enel Americas		6,006,467		796,175
TOTAL CHILE				1,804,205
COLOMBIA— 85.6%
Consumer Staples — 4.7%
Grupo Nutresa		293,142		1,622,884
Energy — 14.3%
Canacol Energy		438,190		1,186,385
Ecopetrol ADR ^(A)		400,196		3,701,813
				4,888,198
Financials — 36.8%
Banco de Bogota		70,791		1,249,561
BanColombia		395,870		2,516,134
BanColombia ADR		183,945		4,688,758
Financiera Colombiana ^*		221,159		1,491,740
Grupo Aval Acciones y Valores ADR		271,584		1,232,991

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

128

Schedule of Investments		October 31, 2020
	Global X MSCI Colombia ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Grupo de Inversiones Suramericana		266,012	$	1,387,114
				12,566,298
Materials — 9.8%
Cementos Argos		1,249,616		1,476,659
Cemex Latam Holdings ^*		953,187		792,540
Grupo Argos		396,854		1,093,378
				3,362,577
Utilities — 20.0%
Celsia ESP		1,284,416		1,401,490
Grupo Energia Bogota ESP		2,534,908		1,578,296
Interconexion Electrica		710,060		3,842,593
				6,822,379
TOTAL COLOMBIA				29,262,336
UNITED STATES— 1.7%
Materials — 1.7%
Tecnoglass		130,779		589,813
TOTAL COMMON STOCK
(Cost $47,663,452)				31,656,354

PREFERRED STOCK — 7.0%
COLOMBIA— 7.0%
Financials — 5.5%
Banco Davivienda ^(B)		222,631		1,451,420
Grupo Aval Acciones y Valores ^(B)		1,431,941		330,621
Grupo de Inversiones Suramericana ^(B)		25,964		112,554
				1,894,595
Materials — 1.5%
Grupo Argos ^(B)		224,076		499,930
TOTAL PREFERRED STOCK
(Cost $4,041,044)				2,394,525

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

129

Schedule of Investments		October 31, 2020
	Global X MSCI Colombia ETF

	Shares/Face Amount		Value
SHORT-TERM INVESTMENT^(C)(D) — 0.8%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $286,983)		286,983	$	286,983

REPURCHASE AGREEMENT^(C) — 7.3%
BNP Paribas
0.060%, dated 10/30/20, to be repurchased on 11/02/20, repurchase price $2,486,111 (collateralized by U.S. Treasury Obligations, ranging in par value $116,923 - $403,067, 1.625%, 11/15/2022, with a total market value of $2,535,325)
(Cost $2,486,099)	$	2,486,099		2,486,099
TOTAL INVESTMENTS — 107.7%
(Cost $54,477,578)			$	36,823,961

Percentages are based on Net Assets of $34,180,506.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 was $2,775,925.
(B)	There’s 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 October 31, 2020, was $2,773,082.
(D)	The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2020.

ADR — American Depositary Receipt

Cl — Class

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

130

Schedule of Investments		October 31, 2020
	Global X MSCI Colombia ETF

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	31,656,354	$	—	$	—	$	31,656,354
Preferred Stock		2,394,525		—		—		2,394,525
Short-Term Investment		286,983		—		—		286,983
Repurchase Agreement		—		2,486,099		—		2,486,099
Total Investments in Securities	$	34,337,862	$	2,486,099	$	—	$	36,823,961

For the year ended October 31, 2020, there were no transfers in or out of Level 3.

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

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

131

Schedule of Investments		October 31, 2020
	Global X MSCI Argentina ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 95.9%
ARGENTINA— 78.1%
Communication Services — 3.5%
Telecom Argentina ADR		209,040	$	1,339,946
Consumer Discretionary — 26.9%
Despegar.com ^*		124,104		843,907
MercadoLibre ^{* (A)}		7,816		9,489,015
				10,332,922
Energy — 5.2%
Transportadora de Gas del Sur ADR ^{* (A)}		184,872		891,083
YPF ADR		346,976		1,117,263
				2,008,346
Financials — 7.8%
Banco BBVA Argentina ADR ^{* (A)}		169,471		411,814
Banco Macro ADR ^*		101,875		1,215,369
Grupo Financiero Galicia ADR		183,019		1,145,699

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

132

Schedule of Investments		October 31, 2020
	Global X MSCI Argentina ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Grupo Supervielle ADR ^(A)		140,107	$	239,583
				3,012,465
Industrials — 0.3%
America Airports ^{* (A)}		75,163		129,280
Information Technology — 25.8%
Globant ^*		54,819		9,900,860
Materials — 1.6%
Loma Negra Cia Industrial Argentina ADR		141,432		605,329
Real Estate — 1.5%
Cresud SACIF y A ADR ^*		76,914		242,279
IRSA Inversiones y Representaciones ADR ^*		54,385		199,593
IRSA Propiedades Comerciales ADR		14,662		118,762
				560,634
Utilities — 5.5%
Central Puerto ADR ^(A)		233,388		506,452
Empresa Distribuidora Y Comercializadora Norte ADR ^*		51,920		172,375
Pampa Energia ADR ^{* (A)}		121,440		1,432,992
				2,111,819
TOTAL ARGENTINA				30,001,601
BRAZIL— 6.3%
Consumer Discretionary — 3.1%
Arcos Dorados Holdings, Cl A		298,860		1,201,417
Consumer Staples — 3.2%
Adecoagro ^*		252,850		1,223,794
TOTAL BRAZIL				2,425,211
CANADA— 4.2%
Materials — 4.2%
SSR Mining ^{* (A)}		86,286		1,595,840
CHILE— 7.2%
Consumer Staples — 7.2%
Cencosud		1,023,036		1,420,828
Cia Cervecerias Unidas		243,678		1,353,714

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

133

Schedule of Investments		October 31, 2020
	Global X MSCI Argentina ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
TOTAL CHILE			$	2,774,542
UNITED KINGDOM— 0.1%
Energy — 0.1%
Phoenix Global Resources PLC ^*		771,291		53,603
TOTAL COMMON STOCK
(Cost $61,894,763)				36,850,797

PREFERRED STOCK — 4.0%
CHILE— 4.0%
Consumer Staples — 4.0%
Embotelladora Andina ^(B)
(Cost $1,843,004)		741,791		1,542,942

SHORT-TERM INVESTMENT^(C)(D) — 1.7%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $645,205)		645,205		645,205

REPURCHASE AGREEMENT^(C) — 14.6%
BNP Paribas
0.060%, dated 10/30/20, to be repurchased on 11/02/20, repurchase price $5,589,368 (collateralized by U.S. Treasury Obligations, ranging in par value $262,871 - $906,191, 1.625%, 11/15/2022, with a total market value of $5,700,017)
(Cost $5,589,341)	$	5,589,341		5,589,341
TOTAL INVESTMENTS — 116.2%
(Cost $69,972,313)			$	44,628,285

Percentages are based on Net Assets of $38,420,755.

*	Non-income producing security.

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

134

Schedule of Investments		October 31, 2020
	Global X MSCI Argentina ETF

(A)	This security or a partial position of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 was $5,901,951.
(B)	There’s 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 October 31, 2020, was $6,234,546.
(D)	The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2020.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	36,850,797	$	—	$	—	$	36,850,797
Preferred Stock		1,542,942		—		—		1,542,942
Short-Term Investment		645,205		—		—		645,205
Repurchase Agreement		—		5,589,341		—		5,589,341
Total Investments in Securities	$	39,038,944	$	5,589,341	$	—	$	44,628,285

For the year ended October 31, 2020, there were no transfers in or out of Level 3.

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

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

135

Schedule of Investments		October 31, 2020
	Global X MSCI Pakistan ETF

Sector Weightings (Unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.8%
PAKISTAN— 99.8%
Consumer Discretionary — 3.5%
Honda Atlas Cars Pakistan		209,650	$	413,450
Nishat Mills		1,048,636		554,363
PAK Suzuki Motor ^*		188,600		239,188
				1,207,001
Energy — 20.4%
Mari Petroleum		135,283		1,050,124
Oil & Gas Development		3,467,500		2,022,275
Pakistan Oilfields		587,057		1,167,408
Pakistan Petroleum		2,445,339		1,264,646
Pakistan State Oil ^*		1,257,462		1,541,686
				7,046,139
Financials — 27.3%
Bank Al Habib		3,945,971		1,652,037
Bank Alfalah		3,826,322		789,866
Habib Bank		3,060,129		2,485,351
MCB Bank		2,230,833		2,314,663
National Bank of Pakistan ^*		2,881,195		700,695
United Bank		2,180,283		1,492,038
				9,434,650

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

136

Schedule of Investments		October 31, 2020
	Global X MSCI Pakistan ETF

	Shares		Value
COMMON STOCK — continued

Health Care — 2.1%
Searle		481,310	$	727,463
Industrials — 4.6%
Millat Tractors		152,202		870,440
Pak Elektron ^*		1,747,752		349,987
Pakistan International Bulk Terminal ^*		4,877,187		379,946
				1,600,373
Materials — 33.3%
DG Khan Cement ^*		1,253,429		844,539
Engro		1,403,305		2,664,002
Engro Fertilizers		2,814,153		1,130,931
Fauji Cement ^*		4,315,168		569,969
Fauji Fertilizer		2,372,825		1,564,702
Fauji Fertilizer Bin Qasim ^*		2,314,028		336,126
International Steels ^*		720,330		315,515
Lucky Cement ^*		677,887		2,847,717
Maple Leaf Cement Factory ^*		3,244,082		855,976
Packages		130,528		388,390
				11,517,867
Utilities — 8.7%
Hub Power		3,683,334		1,879,834
K-Electric ^*		15,232,900		354,674
Kot Addu Power		2,051,048		360,278
SUI Northern Gas Pipeline		1,146,985		395,717
				2,990,503
TOTAL PAKISTAN				34,523,996
TOTAL COMMON STOCK
(Cost $35,956,086)				34,523,996

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

137

Schedule of Investments		October 31, 2020
	Global X MSCI Pakistan ETF

	Face Amount		Value
U.S TREASURY OBLIGATION — 5.8%
United States Treasury Bill
0.070%, 11/17/20^(A)
(Cost $1,999,938)	$	2,000,000	$	1,999,940
TOTAL INVESTMENTS — 105.7%
(Cost $37,956,024)			$	36,523,936

Percentages are based on Net Assets of $34,555,398.

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

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	—	$	34,523,996	$	—	$	34,523,996
U.S Treasury Obligation		—		1,999,940		—		1,999,940
Total Investments in Securities	$	—	$	36,523,936	$	—	$	36,523,936

For the year ended October 31, 2020, there were no transfers in or out of Level 3.

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

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

138

Schedule of Investments		October 31, 2020
	Global X MSCI Nigeria ETF

Sector Weightings (Unaudited)†:

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

	Shares		Value
COMMON STOCK — 96.4%
NIGERIA— 94.0%
Communication Services — 4.7%
Nigeria Communications		5,306,143	$	1,977,803
Consumer Staples — 25.9%
Dangote Sugar Refinery		37,739,109		1,348,070
Flour Mills of Nigeria		24,022,814		1,750,426
Nestle Nigeria		1,211,123		4,456,950
Nigerian Breweries		12,750,569		1,716,226
UAC of Nigeria		38,739,565		782,152
Unilever Nigeria		24,647,104		886,793
				10,940,617
Financials — 46.7%
Access Bank		67,702,942		1,384,447
FBN Holdings		113,264,967		1,905,682
FCMB Group		171,109,376		1,386,308
Fidelity Bank		176,888,874		1,149,254
Guaranty Trust Bank		66,031,216		5,554,874
Stanbic IBTC Holdings		17,063,251		2,053,791
Sterling Bank		212,093,700		971,723
United Bank for Africa		87,003,212		1,734,074
Zenith Bank		62,245,336		3,560,743
				19,700,896

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

139

Schedule of Investments		October 31, 2020
	Global X MSCI Nigeria ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Materials — 14.8%
Dangote Cement		11,501,848	$	4,763,533
Lafarge Africa		30,621,105		1,482,190
				6,245,723
Utilities — 1.9%
Transnational Corp of Nigeria		432,691,712		795,204
TOTAL NIGERIA				39,660,243
TOGO— 2.4%
Financials — 2.4%
Ecobank Transnational ^*		71,328,071		1,043,159
TOTAL COMMON STOCK
(Cost $42,968,788)				40,703,402

U.S TREASURY OBLIGATION — 2.4%
United States Treasury Bill
0.070%, 11/17/20^(A)
(Cost $999,969)	$	1,000,000		999,970
TOTAL INVESTMENTS — 98.8%
(Cost $43,968,757)			$	41,703,372

Percentages are based on Net Assets of $42,199,143.

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

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	40,703,402	$	—	$	—	$	40,703,402
U.S Treasury Obligation		—		999,970		—		999,970
Total Investments in Securities	$	40,703,402	$	999,970	$	—	$	41,703,372

For the year ended October 31, 2020, there were no transfers in or out of Level 3.

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

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

140

Schedule of Investments		October 31, 2020
	Global X MSCI Next Emerging & Frontier ETF

Sector Weightings (Unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.8%
BAHRAIN— 0.7%
Financials — 0.7%
Ahli United Bank BSC		136,316	$	105,201
BANGLADESH— 1.2%
Communication Services — 0.3%
GrameenPhone		9,276		36,086
Financials — 0.1%
BRAC Bank		22,136		10,840
Health Care — 0.8%
Square Pharmaceuticals		46,469		108,784
TOTAL BANGLADESH				155,710
CHILE— 2.0%
Consumer Discretionary — 0.4%
Falabella		20,528		56,225
Consumer Staples — 0.4%
Cencosud		38,880		53,998
Financials — 0.8%
Banco de Chile		652,031		50,290
Banco de Credito e Inversiones		841		26,295

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

141

Schedule of Investments		October 31, 2020
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Banco Santander Chile		939,586	$	32,860
				109,445
Utilities — 0.4%
Enel Chile		752,913		50,474
TOTAL CHILE				270,142
CZECH REPUBLIC— 0.8%
Financials — 0.2%
Komercni Banka		1,228		24,852
Utilities — 0.6%
CEZ		4,413		83,282
TOTAL CZECH REPUBLIC				108,134
EGYPT— 0.6%
Financials — 0.6%
Commercial International Bank Egypt S.A.E.		20,108		78,191
ESTONIA— 0.1%
Industrials — 0.1%
Tallink Grupp		17,834		12,838
GREECE— 0.9%
Communication Services — 0.6%
Hellenic Telecommunications Organization		6,434		85,589
Consumer Discretionary — 0.3%
OPAP		5,772		46,560
TOTAL GREECE				132,149
INDONESIA— 9.5%
Communication Services — 1.5%
Telekomunikasi Indonesia Persero		1,188,935		212,992
Consumer Discretionary — 1.3%
Astra International		485,367		180,042
Consumer Staples — 2.0%
Charoen Pokphand Indonesia		175,900		70,360
Gudang Garam ^*		11,354		31,811
Indofood CBP Sukses Makmur TBK		55,100		36,357
Indofood Sukses Makmur		104,300		49,921

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

142

Schedule of Investments		October 31, 2020
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Unilever Indonesia		182,395	$	97,589
				286,038
Energy — 0.4%
United Tractors		39,950		57,705
Financials — 3.6%
Bank Central Asia		113,858		225,381
Bank Mandiri		235,236		92,888
Bank Negara Indonesia Persero		92,600		30,012
Bank Rakyat Indonesia Persero		701,570		161,181
				509,462
Health Care — 0.4%
Kalbe Farma		501,200		52,262
Materials — 0.3%
Semen Indonesia Persero		70,400		46,091
TOTAL INDONESIA				1,344,592
JORDAN— 0.1%
Financials — 0.1%
Arab Bank ^*		1,962		11,180
KAZAKHSTAN— 0.7%
Energy — 0.5%
NAC Kazatomprom JSC GDR		4,636		65,831
Financials — 0.2%
Halyk Savings Bank of Kazakhstan JSC GDR		2,507		25,020
TOTAL KAZAKHSTAN				90,851
KENYA— 1.9%
Communication Services — 1.7%
Safaricom		857,600		243,171
Financials — 0.2%
Equity Group Holdings		70,300		21,904
TOTAL KENYA				265,075
KUWAIT— 8.1%
Communication Services — 2.0%
Mobile Telecommunications KSC		148,340		284,262

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

143

Schedule of Investments		October 31, 2020
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Financials — 4.3%
Boubyan Bank KSCP		26,528	$	51,876
Burgan Bank SAK		17,789		12,041
Gulf Bank KSCP		38,057		27,504
Kuwait Finance House		99,716		215,866
National Bank of Kuwait SAK		105,202		290,699
				597,986
Industrials — 1.2%
Agility Public Warehousing KSC		79,442		173,016
Real Estate — 0.6%
Mabanee SAK		39,198		83,062
TOTAL KUWAIT				1,138,326
LUXEMBOURG— 0.1%
Financials — 0.1%
Reinet Investments SCA		992		15,741
MALAYSIA— 7.7%
Communication Services — 1.5%
Axiata Group		79,867		56,320
DiGi.com		85,702		77,761
Maxis		64,576		74,600
				208,681
Consumer Staples — 1.0%
Nestle Malaysia		1,970		66,094
PPB Group		17,600		79,634
				145,728
Financials — 2.7%
CIMB Group Holdings		93,590		66,448
Hong Leong Bank		9,400		33,483
Malayan Banking		57,100		96,197
Public Bank		42,310		153,558
RHB Bank		25,900		26,367
				376,053

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

144

Schedule of Investments		October 31, 2020
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 0.4%
Kossan Rubber Industries		35,200	$	63,538
Industrials — 0.5%
Gamuda		51,700		41,435
Malaysia Airports Holdings		31,700		31,891
				73,326
Utilities — 1.6%
Petronas Gas		21,789		82,541
Tenaga Nasional		62,683		143,922
				226,463
TOTAL MALAYSIA				1,093,789
MEXICO— 6.6%
Communication Services — 0.6%
Grupo Televisa		65,711		82,859
Consumer Staples — 2.3%
Kimberly-Clark de Mexico, Cl A		41,600		61,645
Wal-Mart de Mexico		110,011		264,978
				326,623
Financials — 1.4%
Grupo Financiero Banorte, Cl O ^*		37,544		166,744
Grupo Financiero Inbursa, Cl O ^*		37,300		27,540
				194,284
Industrials — 1.4%
Grupo Aeroportuario del Pacifico, Cl B		10,400		86,284
Grupo Aeroportuario del Sureste, Cl B		5,665		65,235
Promotora y Operadora de Infraestructura		6,617		43,215
				194,734
Real Estate — 0.5%
Fibra Uno Administracion ^‡		85,700		64,725
Utilities — 0.4%
Infraestructura Energetica Nova		15,640		52,174
TOTAL MEXICO				915,399

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

145

Schedule of Investments		October 31, 2020
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
MOROCCO— 2.4%
Communication Services — 1.4%
Maroc Telecom		12,534	$	192,076
Consumer Staples — 0.3%
Cosumar		1,901		41,752
Financials — 0.4%
Attijariwafa Bank		1,045		42,780
Banque Centrale Populaire		700		18,194
				60,974
Materials — 0.3%
Ciments du Maroc		242		38,264
TOTAL MOROCCO				333,066
NIGERIA— 0.9%
Financials — 0.3%
Guaranty Trust Bank		334,550		28,144
Zenith Bank		355,651		20,345
				48,489
Materials — 0.6%
Dangote Cement		204,272		84,600
TOTAL NIGERIA				133,089
OMAN— 0.5%
Communication Services — 0.3%
Oman Telecommunications SAOG		22,731		36,134
Financials — 0.2%
BankMuscat SAOG		32,459		30,351
TOTAL OMAN				66,485
PERU— 0.8%
Financials — 0.8%
Credicorp		979		112,272
PHILIPPINES— 4.7%
Communication Services — 0.5%
PLDT		2,381		65,330
Financials — 0.4%
BDO Unibank		28,610		52,550

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

146

Schedule of Investments		October 31, 2020
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 1.3%
Aboitiz Equity Ventures		54,273	$	49,956
SM Investments		6,638		130,291
				180,247
Real Estate — 2.5%
Ayala Land		222,970		152,025
SM Prime Holdings		278,527		193,933
				345,958
TOTAL PHILIPPINES				644,085
POLAND— 2.2%
Communication Services — 0.3%
Cyfrowy Polsat		7,836		48,791
Consumer Staples — 0.5%
Dino Polska ^*		1,339		73,441
Energy — 0.3%
Polskie Gornictwo Naftowe i Gazownictwo		47,267		49,727
Financials — 1.1%
Bank Polska Kasa Opieki		2,619		27,930
Powszechna Kasa Oszczednosci Bank Polski		12,590		60,207
Powszechny Zaklad Ubezpieczen		8,685		47,329
Santander Bank Polska		577		17,905
				153,371
TOTAL POLAND				325,330
QATAR— 4.0%
Energy — 0.4%
Qatar Fuel QSC		13,282		62,744
Financials — 1.4%
Commercial Bank PSQC		28,162		32,872
Masraf Al Rayan QSC		52,757		62,233
Qatar International Islamic Bank QSC		12,136		27,669
Qatar Islamic Bank SAQ		16,658		74,117
				196,891
Industrials — 0.9%
Industries Qatar QSC		49,752		123,184

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

147

Schedule of Investments		October 31, 2020
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Materials — 0.4%
Mesaieed Petrochemical Holding		119,938	$	61,105
Real Estate — 0.4%
Barwa Real Estate		55,363		50,680
Utilities — 0.5%
Qatar Electricity & Water QSC		14,703		67,438
TOTAL QATAR				562,042
ROMANIA— 1.4%
Energy — 0.8%
OMV Petrom		802,135		60,129
Societatea Nationala de Gaze Naturale ROMGAZ		7,771		47,923
				108,052
Financials — 0.5%
Banca Transilvania		114,492		51,824
BRD-Groupe Societe Generale		5,507		15,009
				66,833
Real Estate — 0.1%
NEPI Rockcastle		5,677		20,114
TOTAL ROMANIA				194,999
SAUDI ARABIA— 10.2%
Communication Services — 2.2%
Etihad Etisalat ^*		6,515		48,642
Saudi Telecom		9,603		255,291
				303,933
Consumer Discretionary — 0.3%
Jarir Marketing		1,015		46,876
Consumer Staples — 0.7%
Almarai JSC		3,963		54,526
Savola Group		4,143		50,596
				105,122
Energy — 2.0%
Saudi Arabian Oil		31,475		282,833

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

148

Schedule of Investments		October 31, 2020
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Financials — 3.4%
Al Rajhi Bank		10,325	$	181,155
Alinma Bank ^*		8,116		33,068
Arab National Bank		5,710		28,898
Bank AlBilad		3,497		21,689
Banque Saudi Fransi		5,056		40,040
Bupa Arabia for Cooperative Insurance ^*		571		17,448
Riyad Bank		11,278		54,130
Samba Financial Group		8,194		60,303
Saudi British Bank		5,986		38,020
				474,751
Materials — 1.1%
Saudi Arabian Fertilizer		3,245		65,241
Saudi Kayan Petrochemical ^*		12,692		32,083
Yanbu National Petrochemical		4,012		61,512
				158,836
Utilities — 0.5%
Saudi Electricity		13,202		66,603
TOTAL SAUDI ARABIA				1,438,954
SOUTH AFRICA— 6.6%
Communication Services — 0.4%
MultiChoice Group		6,114		50,410
Consumer Discretionary — 2.5%
Mr Price Group		3,585		27,109
Naspers, Cl N		1,666		324,133
				351,242
Consumer Staples — 0.9%
Clicks Group		3,412		49,546
Shoprite Holdings		6,577		52,179
Tiger Brands		2,175		26,971
				128,696
Financials — 2.3%
Absa Group		5,368		28,719
Capitec Bank Holdings		490		34,378

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

149

Schedule of Investments		October 31, 2020
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Discovery		2,698	$	17,767
FirstRand		34,961		80,901
Nedbank Group		2,537		14,986
Old Mutual		35,067		20,243
Remgro		3,948		20,985
Sanlam		12,619		36,710
Standard Bank Group		9,696		63,294
				317,983
Industrials — 0.2%
Bidvest Group		4,065		33,338
Materials — 0.3%
Harmony Gold Mining ^*		7,302		35,839
TOTAL SOUTH AFRICA				917,508
SRI LANKA— 0.3%
Industrials — 0.3%
John Keells Holdings		55,599		39,489
THAILAND— 8.9%
Communication Services — 1.2%
Advanced Info Service NVDR		19,334		107,006
Intouch Holdings PCL NVDR		36,200		62,139
				169,145
Consumer Discretionary — 0.5%
Central Retail NVDR		27,000		23,173
Home Product Center NVDR		95,160		42,744
				65,917
Consumer Staples — 1.3%
Berli Jucker NVDR		17,890		16,502
CP ALL NVDR		94,972		163,784
				180,286
Energy — 1.9%
PTT NVDR		185,950		184,951
PTT Exploration & Production NVDR		22,450		56,724

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

150

Schedule of Investments		October 31, 2020
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
Thai Oil NVDR		16,730	$	18,384
				260,059
Financials — 0.5%
Bangkok Bank NVDR		4,700		14,589
Kasikornbank NVDR		14,570		35,645
Siam Commercial Bank NVDR		6,970		14,536
				64,770
Health Care — 0.8%
Bangkok Dusit Medical Services NVDR		154,610		86,811
Bumrungrad Hospital NVDR		6,900		20,146
				106,957
Industrials — 1.3%
Airports of Thailand NVDR		69,620		115,596
Bangkok Expressway & Metro NVDR		114,100		30,019
BTS Group Holdings PCL NVDR		126,700		36,180
				181,795
Real Estate — 0.5%
Central Pattana NVDR		36,200		44,717
Land & Houses NVDR		124,700		25,606
				70,323
Utilities — 0.9%
Electricity Generating		4,800		25,565
Energy Absolute NVDR		22,200		27,067
Global Power Synergy NVDR		10,500		17,434
Gulf Energy Development NVDR		37,600		34,382
Ratch Group NVDR		11,900		17,754
				122,202
TOTAL THAILAND				1,221,454
TURKEY— 2.0%
Communication Services — 0.4%
Turkcell Iletisim Hizmetleri		31,943		55,632
Consumer Staples — 0.7%
BIM Birlesik Magazalar		12,474		99,399

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

151

Schedule of Investments		October 31, 2020
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Energy — 0.2%
Tupras Turkiye Petrol Rafinerileri ^*		3,750	$	33,438
Financials — 0.4%
Akbank Turk ^*		50,526		28,750
Turkiye Garanti Bankasi		32,785		25,812
				54,562
Materials — 0.3%
Eregli Demir ve Celik Fabrikalari		40,305		45,820
TOTAL TURKEY				288,851
UNITED ARAB EMIRATES— 4.9%
Communication Services — 1.6%
Emirates Telecommunications Group PJSC		47,779		219,569
Financials — 2.2%
Abu Dhabi Commercial Bank PJSC ^(A)(B)(C)		39,957		63,854
Dubai Islamic Bank PJSC		29,371		33,264
Emirates NBD Bank PJSC		36,467		94,316
First Abu Dhabi Bank PJSC		39,429		123,016
				314,450
Real Estate — 1.1%
Aldar Properties PJSC		104,864		78,224
Emaar Properties PJSC		95,773		69,617
				147,841
TOTAL UNITED ARAB EMIRATES				681,860
VIETNAM— 9.0%
Consumer Staples — 2.8%
Masan Group		33,150		120,116
Saigon Beer Alcohol Beverage		4,300		34,185
Vietnam Dairy Products JSC		52,176		243,072
				397,373
Energy — 0.1%
Vietnam National Petroleum Group		6,700		14,161
Financials — 0.4%
Bank for Foreign Trade of Vietnam JSC		9,230		33,046

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

152

Schedule of Investments		October 31, 2020
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Bank for Investment and Development of Vietnam JSC		3,580	$	5,945
Ho Chi Minh City Development Joint Stock Commercial Bank ^*		8,294		8,658
Saigon Thuong Tin Commercial JSB ^*		11,470		6,581
				54,230
Industrials — 0.3%
Vietjet Aviation JSC ^*		10,920		47,670
Materials — 1.1%
Hoa Phat Group JSC		115,486		152,188
Real Estate — 4.2%
No Va Land Investment Group ^*		17,080		45,679
Vincom Retail JSC ^*		66,040		72,072
Vingroup JSC ^*		60,330		277,155
Vinhomes JSC ^*		59,710		195,750
				590,656
Utilities — 0.1%
PetroVietnam Gas JSC		4,160		12,633
TOTAL VIETNAM				1,268,911
TOTAL COMMON STOCK
(Cost $15,790,381)				13,965,713
TOTAL INVESTMENTS — 99.8%
(Cost $15,790,381)			$	13,965,713

Percentages are based on Net Assets of $13,991,067.

*	Non-income producing security.
‡	Real Estate Investment Trust
(A)	Security considered illiquid (Unaudited). The total value of such securities as of October 31, 2020 was $63,854 and represented 0.5% of Net Assets.
(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2020, was $63,854 and represents 0.5% of Net assets.
(C)	Level 3 security in accordance with fair value hierarchy.

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

153

Schedule of Investments		October 31, 2020
	Global X MSCI Next Emerging & Frontier ETF

Cl — Class

GDR — Global Depositary Receipt

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint Stock Company

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

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	8,010,618	$	5,891,241	$	63,854	$	13,965,713
Total Investments in Securities	$	8,010,618	$	5,891,241	$	63,854	$	13,965,713

⁽¹⁾

For the year ended October 31, 2020, there were no transfers in or out of Level 3.

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

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

154

Schedule of Investments		October 31, 2020
	Global X FTSE Nordic Region ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.9%
DENMARK— 38.5%
Consumer Staples — 1.9%
Carlsberg, Cl B		3,459	$	437,824
Health Care — 21.1%
Coloplast, Cl B		4,635		676,455
Genmab ^*		2,055		684,523
Novo Nordisk, Cl B		56,338		3,618,829
				4,979,807
Industrials — 11.1%
A P Moller - Maersk, Cl B		202		322,684
DSV PANALPINA		7,023		1,137,270
Vestas Wind Systems		6,824		1,164,835
				2,624,789
Utilities — 4.4%
Orsted		6,572		1,043,159
TOTAL DENMARK				9,085,579

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

155

Schedule of Investments		October 31, 2020
	Global X FTSE Nordic Region ETF

	Shares		Value
COMMON STOCK — continued
FINLAND— 18.2%
Energy — 3.2%
Neste		14,505	$	754,920
Financials — 6.4%
Nordea Bank Abp		112,588		847,216
Sampo, Cl A		17,603		664,357
				1,511,573
Industrials — 4.6%
Kone, Cl B		13,680		1,089,007
Information Technology — 2.8%
Nokia		195,699		661,084
Utilities — 1.2%
Fortum		15,025		282,655
TOTAL FINLAND				4,299,239
NORWAY— 5.3%
Communication Services — 1.4%
Telenor		21,825		336,091
Energy — 1.8%
Equinor		33,631		426,595
Financials — 2.1%
DnB		36,352		489,442
TOTAL NORWAY				1,252,128
SWEDEN— 37.9%
Communication Services — 1.4%
Telia ^(A)		89,197		341,911
Consumer Discretionary — 2.1%
Hennes & Mauritz, Cl B		30,471		495,004
Consumer Staples — 2.6%
Essity, Cl B		21,167		613,288
Financials — 9.9%
Investor, Cl B		15,814		949,428
Skandinaviska Enskilda Banken, Cl A		50,091		429,376
Svenska Handelsbanken, Cl A ^*		51,845		420,065

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

156

Schedule of Investments		October 31, 2020
	Global X FTSE Nordic Region ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Financials — continued
Swedbank, Cl A		34,804	$	545,453
				2,344,322
Industrials — 14.2%
Assa Abloy, Cl B		31,944		685,451
Atlas Copco, Cl A		21,959		969,278
Sandvik		37,527		668,232
Volvo, Cl B		52,316		1,017,679
				3,340,640
Information Technology — 7.7%
Hexagon, Cl B		8,882		649,001
Telefonaktiebolaget LM Ericsson, Cl B		104,643		1,167,148
				1,816,149
TOTAL SWEDEN				8,951,314
TOTAL COMMON STOCK
(Cost $22,876,975)				23,588,260

SHORT-TERM INVESTMENT^(B)(C) — 0.1%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $27,762)		27,762		27,762

REPURCHASE AGREEMENT^(B) — 1.0%
BNP Paribas
0.060%, dated 10/30/20, to be repurchased on 11/02/20, repurchase price $240,495 (collateralized by U.S. Treasury Obligations, ranging in par value $11,311 - $38,991, 1.625%, 11/15/2022, with a total market value of $245,257)
(Cost $240,495)	$	240,495		240,495
TOTAL INVESTMENTS — 101.0%
(Cost $23,145,232)			$	23,856,517

Percentages are based on Net Assets of $23,608,638.

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

157

Schedule of Investments		October 31, 2020
	Global X FTSE Nordic Region ETF

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 was $256,430.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2020, was $268,257.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2020.

Cl — Class

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	23,588,260	$	—	$	—	$	23,588,260
Short-Term Investment		27,762		—		—		27,762
Repurchase Agreement		—		240,495		—		240,495
Total Investments in Securities	$	23,616,022	$	240,495	$	—	$	23,856,517

For the year ended October 31, 2020, there were no transfers in or out of Level 3.

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

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

158

Schedule of Investments		October 31, 2020
	Global X FTSE Southeast Asia ETF

Sector Weightings (Unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 2.1%
Consumer Staples — 2.1%
Wilmar International		150,751	$	446,015
INDONESIA— 21.0%
Communication Services — 2.8%
Telekomunikasi Indonesia Persero		3,294,400		590,176
Consumer Discretionary — 2.5%
Astra International		1,434,781		532,218
Consumer Staples — 1.8%
Gudang Garam ^*		33,100		92,737
Hanjaya Mandala Sampoerna		635,400		61,476
Unilever Indonesia		412,380		220,641
				374,854
Financials — 13.9%
Bank Central Asia		687,496		1,360,890
Bank Mandiri		1,315,580		519,486
Bank Negara Indonesia Persero		531,900		172,390

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

159

Schedule of Investments		October 31, 2020
	Global X FTSE Southeast Asia ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Bank Rakyat Indonesia Persero		3,762,000	$	864,295
				2,917,061
TOTAL INDONESIA				4,414,309
MALAYSIA— 18.1%
Communication Services — 2.2%
Axiata Group		323,788		228,327
DiGi.com		263,400		238,994
				467,321
Consumer Staples — 1.4%
Sime Darby Plantation		252,696		294,356
Financials — 8.9%
CIMB Group Holdings		500,775		355,544
Malayan Banking		426,731		718,921
Public Bank		220,199		799,182
				1,873,647
Health Care — 1.2%
IHH Healthcare		214,080		256,072
Materials — 1.4%
Petronas Chemicals Group		200,024		281,622
Utilities — 3.0%
Tenaga Nasional		277,245		636,562
TOTAL MALAYSIA				3,809,580
PHILIPPINES— 6.9%
Financials — 1.2%
BDO Unibank		141,340		259,610
Industrials — 1.7%
Ayala		23,020		362,898
Real Estate — 4.0%
Ayala Land		558,600		380,864
SM Prime Holdings		647,400		450,772
				831,636
TOTAL PHILIPPINES				1,454,144

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

160

Schedule of Investments		October 31, 2020
	Global X FTSE Southeast Asia ETF

	Shares		Value
COMMON STOCK — continued
SINGAPORE— 28.2%
Communication Services — 3.8%
Singapore Telecommunications		528,904	$	786,287
Consumer Discretionary — 0.5%
Jardine Cycle & Carriage		7,218		93,879
Financials — 22.3%
DBS Group Holdings		127,183		1,895,404
Oversea-Chinese Banking		244,966		1,510,519
United Overseas Bank		91,497		1,272,448
				4,678,371
Real Estate — 1.6%
CapitaLand		177,518		334,106
TOTAL SINGAPORE				5,892,643
THAILAND— 23.6%
Communication Services — 2.1%
Advanced Info Service NVDR		79,261		438,679
Consumer Staples — 3.1%
CP ALL NVDR		370,673		639,245
Energy — 6.0%
PTT NVDR		1,017,440		1,011,972
PTT Exploration & Production NVDR		97,510		246,376
				1,258,348
Financials — 3.9%
Bangkok Bank		17,000		52,771
Bangkok Bank NVDR		17,611		54,668
Kasikornbank NVDR		142,708		349,129
Siam Commercial Bank NVDR		170,731		356,061
				812,629
Health Care — 1.7%
Bangkok Dusit Medical Services NVDR		631,800		354,744
Industrials — 2.4%
Airports of Thailand NVDR		304,700		505,919
Materials — 3.1%
Siam Cement NVDR		59,926		649,875

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

161

Schedule of Investments		October 31, 2020
	Global X FTSE Southeast Asia ETF

	Shares		Value
Utilities — 1.3%
Gulf Energy Development NVDR		302,210	$	276,345
TOTAL THAILAND				4,935,784
TOTAL COMMON STOCK
(Cost $27,364,286)				20,952,475
TOTAL INVESTMENTS — 99.9%
(Cost $27,364,286)			$	20,952,475

Percentages are based on Net Assets of $20,981,156.

*	Non-income producing security.

NVDR — Non-Voting Depositary Receipt

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	16,538,166	$	4,414,309	$	—	$	20,952,475
Total Investments in Securities	$	16,538,166	$	4,414,309	$	—	$	20,952,475

For the year ended October 31, 2020, there were no transfers in or out of Level 3.

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

162

	Statements of Assets and Liabilities
	October 31, 2020

	Global X MSCI China Energy ETF			Global X MSCI China Materials ETF			Global X MSCI China Industrials ETF			Global X MSCI China Consumer Discretionary ETF
Assets:
Cost of Investments	$	2,099,372		$	1,733,306		$	2,244,139		$	297,153,537
Cost of Repurchase Agreement		—			—			—			7,116,820
Cost of Foreign Currency		23			22			381			29
Investments, at Value	$	1,557,239		$	1,817,616		$	2,012,916		$	393,918,923	*
Repurchase Agreement, at Value		—			—			—			7,116,820
Cash		—			1,291			189			199,228
Foreign Currency, at Value		23			22			381			29
Dividend and Interest Receivable		12,104			13			1,801			11,209
Total Assets		1,569,366			1,818,942			2,015,287			401,246,209
Liabilities:
Obligation to Return Securities Lending Collateral		—			—			—			7,938,349
Cash Overdraft		10,861			—			—			—
Payable due to Investment Adviser		897			1,013			1,136			190,152
Total Liabilities		11,758			1,013			1,136			8,128,501
Net Assets	$	1,557,608		$	1,817,929		$	2,014,151		$	393,117,708
Net Assets Consist of:
Paid-in Capital	$	3,789,904		$	3,817,388		$	5,042,038		$	374,417,885
Total Distributable Earnings/(Loss)		(2,232,296	)		(1,999,459	)		(3,027,887	)		18,699,823
Net Assets	$	1,557,608		$	1,817,929		$	2,014,151		$	393,117,708
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		200,000			99,971			150,000			13,350,000
Net Asset Value, Offering and Redemption Price Per Share	$	7.79		$	18.18		$	13.43		$	29.45
*Includes Market Value of Securities on Loan	$	—		$	—		$	—		$	7,359,469

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

163

	Statements of Assets and Liabilities
	October 31, 2020

	Global X MSCI China Consumer Staples ETF		Global X MSCI China Health Care ETF		Global X MSCI China Financials ETF			Global X MSCI China Information Technology ETF
Assets:
Cost of Investments	$	14,760,845	$	9,222,161	$	56,001,153		$	17,681,427
Cost of Repurchase Agreement		—		—		157,796			—
Cost of Foreign Currency		5		—		25			10
Investments, at Value	$	17,379,005	$	10,652,364	$	47,712,150	*	$	20,793,575
Repurchase Agreement, at Value		—		—		157,796			—
Cash		52,962		8,108		52,335			49,027
Foreign Currency, at Value		6		8		25			10
Dividend and Interest Receivable		598		1,978		124			8
Total Assets		17,432,571		10,662,458		47,922,430			20,842,620
Liabilities:
Obligation to Return Securities Lending Collateral		—		—		176,011			—
Payable due to Investment Adviser		8,941		6,001		19,887			10,731
Total Liabilities		8,941		6,001		195,898			10,731
Net Assets	$	17,423,630	$	10,656,457	$	47,726,532		$	20,831,889
Net Assets Consist of:
Paid-in Capital	$	14,781,266	$	9,323,187	$	60,947,649		$	17,609,202
Total Distributable Earnings/(Loss)		2,642,364		1,333,270		(13,221,117	)		3,222,687
Net Assets	$	17,423,630	$	10,656,457	$	47,726,532		$	20,831,889
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		600,002		450,002		3,350,000			750,002
Net Asset Value, Offering and Redemption Price Per Share	$	29.04	$	23.68	$	14.25		$	27.78
*Includes Market Value of Securities on Loan	$	—	$	—	$	166,956		$	—

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

164

	Statements of Assets and Liabilities
	October 31, 2020

	Global X MSCI China Communication Services ETF			Global X MSCI China Utilities ETF			Global X MSCI China Real Estate ETF			Global X MSCI China Large-Cap 50 ETF
Assets:
Cost of Investments	$	16,920,205		$	1,467,433		$	8,060,464		$	4,362,476
Cost of Repurchase Agreement		249,571			—			—			—
Cost of Foreign Currency		13			9			15,347			5
Investments, at Value	$	17,001,715	*	$	1,365,921		$	7,268,600		$	5,313,390
Repurchase Agreement, at Value		249,571			—			—			—
Cash		20,824			1,910			—			—
Foreign Currency, at Value		13			9			15,346			5
Dividend and Interest Receivable		61			64			28,654			—
Unrealized Appreciation on Spot Contracts		—			—			2			—
Receivable for Investment Securities Sold		—			2,654			—			—
Total Assets		17,272,184			1,370,558			7,312,602			5,313,395
Liabilities:
Obligation to Return Securities Lending Collateral		278,380			—			—			—
Payable due to Investment Adviser		9,523			756			4,156			1,016
Payable for Investment Securities Purchased		—			—			3,629			—
Cash Overdraft		—			—			24,200			2,712
Total Liabilities		287,903			756			31,985			3,728
Net Assets	$	16,984,281		$	1,369,802		$	7,280,617		$	5,309,667
Net Assets Consist of:
Paid-in Capital	$	22,599,286		$	1,502,076		$	7,991,281		$	4,401,938
Total Distributable Earnings/(Loss)		(5,615,005	)		(132,274	)		(710,664	)		907,729
Net Assets	$	16,984,281		$	1,369,802		$	7,280,617		$	5,309,667
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		650,000			100,002			450,002			150,002
Net Asset Value, Offering and Redemption Price Per Share	$	26.13		$	13.70		$	16.18		$	35.40
*Includes Market Value of Securities on Loan	$	277,760		$	—		$	—		$	—

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

165

	Statements of Assets and Liabilities
	October 31, 2020

	Global X MSCI Greece ETF			Global X MSCI Norway ETF			Global X DAX Germany ETF			Global X MSCI Portugal ETF
Assets:
Cost of Investments	$	194,629,893		$	47,079,194		$	27,656,737		$	22,164,570
Cost of Repurchase Agreement		3,340,874			136,611			—			2,765,402
Investments, at Value	$	109,130,314	*	$	33,556,287	*	$	23,932,475		$	13,486,633	*
Repurchase Agreement, at Value		3,340,874			136,611			—			2,765,402
Cash		362,501			42,161			—			—
Dividend and Interest Receivable		40,817			7,425			—			1,012
Reclaim Receivable		—			—			101,497			143,358
Due from Broker		5,822			—			1,265,752			—
Total Assets		112,880,328			33,742,484			25,299,724			16,396,405
Liabilities:
Obligation to Return Securities Lending Collateral		3,726,527			152,381			—			3,084,626
Payable due to Investment Adviser		56,951			14,201			4,263			6,696
Payable for Capital Shares Redeemed		—			—			1,265,752			—
Cash Overdraft		—			—			81,749			133,709
Due to Custodian		75,121			—			—			1,935
Due to Broker		6,126			5,969			—			351
Total Liabilities		3,864,725			172,551			1,351,764			3,227,317
Net Assets	$	109,015,603		$	33,569,933		$	23,947,960		$	13,169,088
Net Assets Consist of:
Paid-in Capital	$	400,692,620		$	82,401,892		$	29,416,918		$	35,350,774
Total Distributable Loss		(291,677,017	)		(48,831,959	)		(5,468,958	)		(22,181,686	)
Net Assets	$	109,015,603		$	33,569,933		$	23,947,960		$	13,169,088
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		6,165,644			3,500,000			950,000			1,550,000
Net Asset Value, Offering and Redemption Price Per Share	$	17.68		$	9.59		$	25.21		$	8.50
*Includes Market Value of Securities on Loan	$	3,532,659		$	144,944		$	—		$	530,714

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

166

	Statements of Assets and Liabilities
	October 31, 2020

	Global X MSCI Colombia ETF			Global X MSCI Argentina ETF			Global X MSCI Pakistan ETF			Global X MSCI Nigeria ETF
Assets:
Cost of Investments	$	51,991,479		$	64,382,972		$	37,956,024		$	43,968,757
Cost of Repurchase Agreement		2,486,099			5,589,341			—			—
Cost of Foreign Currency		59,262			—			—			2,359,054
Investments, at Value	$	34,337,862	*	$	39,038,944	*	$	36,523,936		$	41,703,372
Repurchase Agreement, at Value		2,486,099			5,589,341			—			—
Cash		71,725			—			—			—
Foreign Currency, at Value		59,175			—			—			2,356,415
Dividend and Interest Receivable		17,027			7,391			209,674			3,578
Receivable for Investment Securities Sold		—			136,941			—			—
Total Assets		36,971,888			44,772,617			36,733,610			44,063,365
Liabilities:
Obligation to Return Securities Lending Collateral		2,773,082			6,234,546			—			—
Payable due to Investment Adviser		18,173			20,468			20,234			130,650
Unrealized Depreciation on Spot Contracts		127			—			—			—
Cash Overdraft		—			96,848			2,082,485			1,694,635
Due to Authorized Participants		—			—			25,885			—
Due to Custodian		—			—			49,608			38,937
Total Liabilities		2,791,382			6,351,862			2,178,212			1,864,222
Net Assets	$	34,180,506		$	38,420,755		$	34,555,398		$	42,199,143
Net Assets Consist of:
Paid-in Capital	$	140,677,408		$	88,061,833		$	75,054,444		$	71,665,504
Total Distributable Loss		(106,496,902	)		(49,641,078	)		(40,499,046	)		(29,466,361	)
Net Assets	$	34,180,506		$	38,420,755		$	34,555,398		$	42,199,143
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		1,469,699			1,624,975			1,262,293			2,962,135
Net Asset Value, Offering and Redemption Price Per Share	$	23.26		$	23.64		$	27.38		$	14.25
*Includes Market Value of Securities on Loan	$	2,775,925		$	5,901,951		$	—		$	—

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

167

	Statements of Assets and Liabilities
	October 31, 2020

	Global X MSCI Next Emerging & Frontier ETF			Global X FTSE Nordic Region ETF			Global X FTSE Southeast Asia ETF
Assets:
Cost of Investments	$	15,790,381		$	22,904,737		$	27,364,286
Cost of Repurchase Agreement		—			240,495			—
Cost of Foreign Currency		60,876			—			2,253
Investments, at Value	$	13,965,713		$	23,616,022	*	$	20,952,475
Repurchase Agreement, at Value		—			240,495			—
Cash		—			—			38,124
Foreign Currency, at Value		60,788			—			2,253
Reclaim Receivable		5,761			136,769			—
Dividend and Interest Receivable		4,233			18,751			73
Total Assets		14,036,495			24,012,037			20,992,925
Liabilities:
Obligation to Return Securities Lending Collateral		—			268,257			—
Cash Overdraft		22,391			124,732			—
Payable due to Investment Adviser		5,920			10,410			11,769
Payable due to Custodian		17,117			—			—
Total Liabilities		45,428			403,399			11,769
Net Assets	$	13,991,067		$	23,608,638		$	20,981,156
Net Assets Consist of:
Paid-in Capital	$	40,816,258		$	27,949,308		$	33,983,852
Total Distributable Loss		(26,825,191	)		(4,340,670	)		(13,002,696	)
Net Assets	$	13,991,067		$	23,608,638		$	20,981,156
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		850,000			1,010,000			1,800,000
Net Asset Value, Offering and Redemption Price Per Share	$	16.46		$	23.37		$	11.66
*Includes Market Value of Securities on Loan	$	—		$	256,430		$	—

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

168

	Statements of Operations
	For the year ended October 31, 2020

	Global X MSCI China Energy ETF			Global X MSCI China Materials ETF			Global X MSCI China Industrials ETF			Global X MSCI China Consumer Discretionary ETF
Investment Income:
Dividend Income	$	101,182		$	48,480		$	49,649		$	1,249,052
Interest Income		16			39			7			945
Security Lending Income		—			—			—			411,383
Less: Foreign Taxes Withheld		(10,030	)		(3,396	)		(2,581	)		(59,155	)
Total Investment Income		91,168			45,123			47,075			1,602,225
Supervision and Administration Fees⁽¹⁾		10,437			11,256			12,924			1,206,428
Custodian Fees⁽²⁾		157			105			106			3,673
Total Expenses		10,594			11,361			13,030			1,210,101
Net Investment Income		80,574			33,762			34,045			392,124
Net Realized Gain (Loss) on:
Investments⁽³⁾		(234,940	)		(179,282	)		(114,065	)		5,490,596
Foreign Currency Transactions		(195	)		(634	)		(294	)		(23,909	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(235,135	)		(179,916	)		(114,359	)		5,466,687
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(246,011	)		652,840			187,483			93,331,250
Foreign Currency Translations		—			(2	)		(1	)		—
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(246,011	)		652,838			187,482			93,331,250
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(481,146	)		472,922			73,123			98,797,937
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(400,572	)	$	506,684		$	107,168		$	99,190,061

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)
(2)	See Note 2 in the Notes to Financial Statements.
(3)	Includes realized gains/(losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements).

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

169

	Statements of Operations
	For the year ended October 31, 2020

	Global X MSCI China Consumer Staples ETF			Global X MSCI China Health Care ETF			Global X MSCI China Financials ETF			Global X MSCI China Information Technology ETF
Investment Income:
Dividend Income	$	156,123		$	51,344		$	1,623,598		$	116,364
Interest Income		—			—			638			—
Security Lending Income		—			—			26,195			—
Less: Foreign Taxes Withheld		(5,447	)		(2,927	)		(158,210	)		(4,214	)
Total Investment Income		150,676			48,417			1,492,221			112,150
Supervision and Administration Fees⁽¹⁾		52,651			38,896			287,558			71,068
Custodian Fees⁽²⁾		57			90			1,984			214
Total Expenses		52,708			38,986			289,542			71,282
Net Investment Income		97,968			9,431			1,202,679			40,868
Net Realized Gain (Loss) on:											��
Investments⁽³⁾		196,065			377,235			(5,170,471	)		538,035
Foreign Currency Transactions		(6,409	)		(2,786	)		(8,858	)		(4,975	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		189,656			374,449			(5,179,329	)		533,060
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		2,217,392			1,195,910			(437,572	)		3,058,492
Foreign Currency Translations		—			10			—			(1	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		2,217,392			1,195,920			(437,572	)		3,058,491
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		2,407,048			1,570,369			(5,616,901	)		3,591,551
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,505,016		$	1,579,800		$	(4,414,222	)	$	3,632,419

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)
(2)	See Note 2 in the Notes to Financial Statements.
(3)	Includes realized gains/(losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements).

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

170

	Statements of Operations
	For the year ended October 31, 2020

	Global X MSCI China Communication Services ETF			Global X MSCI China Utilities ETF			Global X MSCI China Real Estate ETF			Global X MSCI China Large-Cap 50 ETF
Investment Income:
Dividend Income	$	272,014		$	51,047		$	399,631		$	63,999
Interest Income		201			1			—			—
Security Lending Income		507			—			—			—
Less: Foreign Taxes Withheld		(19,513	)		(2,448	)		(8,279	)		(5,297	)
Total Investment Income		253,209			48,600			391,352			58,702
Supervision and Administration Fees⁽¹⁾		124,732			9,201			47,197			8,901
Custodian Fees⁽²⁾		386			74			589			66
Total Expenses		125,118			9,275			47,786			8,967
Net Investment Income		128,091			39,325			343,566			49,735
Net Realized Gain (Loss) on:
Investments⁽³⁾		277,888			(54,122	)		196,849			(61,796	)
Foreign Currency Transactions		(3,027	)		(140	)		(3,383	)		(169	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		274,861			(54,262	)		193,466			(61,965	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		2,567,580			(155,763	)		(1,001,996	)		833,560
Foreign Currency Translations		(8	)		1			(9	)		3
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		2,567,572			(155,762	)		(1,002,005	)		833,563
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		2,842,433			(210,024	)		(808,539	)		771,598
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,970,524		$	(170,699	)	$	(464,973	)	$	821,333

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)
(2)	See Note 2 in the Notes to Financial Statements.
(3)	Includes realized gains/(losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements).

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

171

	Statements of Operations
	For the year ended October 31, 2020

	Global X MSCI Greece ETF			Global X MSCI Norway ETF			Global X DAX Germany ETF			Global X MSCI Portugal ETF
Investment Income:
Dividend Income	$	5,874,856		$	1,389,076		$	744,006		$	572,608
Interest Income		4,369			508			—			363
Security Lending Income		1,160,939			69,983			—			20,613
Less: Foreign Taxes Withheld		(279,354	)		(306,364	)		(66,111	)		(85,843	)
Total Investment Income		6,760,810			1,153,203			677,895			507,741
Supervision and Administration Fees⁽¹⁾		1,094,783			238,657			87,042			95,615
Custodian Fees⁽²⁾		68,965			112			827			5,886
Total Expenses		1,163,748			238,769			87,869			101,501
Waiver of Supervision and Administration Fees		–			–			(48,356	)		–
Net Expenses		1,163,748			238,769			39,513			101,501
Net Investment Income		5,597,062			914,434			638,382			406,240
Net Realized Gain (Loss) on:
Investments⁽³⁾		(38,676,269	)		(12,016,178	)		355,271			(774,341	)
Foreign Currency Transactions		2,932			(8,633	)		1,526			(2,585	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(38,673,337	)		(12,024,811	)		356,797			(776,926	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(79,130,003	)		3,873,510			(2,857,269	)		(2,711,349	)
Foreign Currency Translations		(172	)		28			4,291			7,083
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(79,130,175	)		3,873,538			(2,852,978	)		(2,704,266	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations		(117,803,512	)		(8,151,273	)		(2,496,181	)		(3,481,192	)
Net Decrease in Net Assets Resulting from Operations	$	(112,206,450	)	$	(7,236,839	)	$	(1,857,799	)	$	(3,074,952	)

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)
(2)	See Note 2 in the Notes to Financial Statements.
(3)	Includes realized gains/(losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements).

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

172

	Statements of Operations
	For the year ended October 31, 2020

	Global X MSCI Colombia ETF			Global X MSCI Argentina ETF			Global X MSCI Pakistan ETF			Global X MSCI Nigeria ETF
Investment Income:
Dividend Income	$	2,449,261		$	470,605		$	1,734,677		$	2,886,483
Interest Income		753			838			595			445
Security Lending Income		4,244			20,698			—			—
Less: Foreign Taxes Withheld		(198,781	)		(47,856	)		(286,642	)		(224,363	)
Total Investment Income		2,255,477			444,285			1,448,630			2,662,565
Supervision and Administration Fees⁽¹⁾		304,028			309,772			290,077			235,205
Custodian Fees⁽²⁾		3,123			2,177			94,034			73,587
Total Expenses		307,151			311,949			384,111			308,792
Net Investment Income		1,948,326			132,336			1,064,519			2,353,773
Net Realized Gain (Loss) on:
Investments⁽³⁾		(8,753,560	)		(14,052,989	)		(21,393,274	)		(3,177,955	)
Foreign Currency Transactions		(63,973	)		4,860			(284,349	)		(72,242	)
Net Realized Loss on Investments and Foreign Currency Transactions		(8,817,533	)		(14,048,129	)		(21,677,623	)		(3,250,197	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(17,912,028	)		16,510,147			20,503,686			6,207,903
Foreign Currency Translations		(399	)		(68	)		7,116			(2,538	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(17,912,427	)		16,510,079			20,510,802			6,205,365
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(26,729,960	)		2,461,950			(1,166,821	)		2,955,168
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(24,781,634	)	$	2,594,286		$	(102,302	)	$	5,308,941

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)
(2)	See Note 2 in the Notes to Financial Statements.
(3)	Includes realized gains/(losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements).

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

173

	Statements of Operations
	For the year ended October 31, 2020

	Global X MSCI Next Emerging & Frontier ETF			Global X FTSE Nordic Region ETF			Global X FTSE Southeast Asia ETF
Investment Income:
Dividend Income	$	498,172		$	313,992		$	815,526
Interest Income		160			423			239
Security Lending Income		—			3,876			1,438
Less: Foreign Taxes Withheld		(33,123	)		(51,488	)		(46,542	)
Total Investment Income		465,209			266,803			770,661
Supervision and Administration Fees⁽¹⁾		74,579			93,757			146,393
Custodian Fees⁽²⁾		31,830			1,538			425
Total Expenses		106,409			95,295			146,818
Net Investment Income		358,800			171,508			623,843
Net Realized Gain (Loss) on:
Investments⁽³⁾		(1,438,322	)		30,195			(856,788	)
Foreign Currency Transactions		(9,095	)		(2,718	)		(12,748	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(1,447,417	)		27,477			(869,536	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(1,911,910	)		1,975,809			(6,450,229	)
Foreign Currency Translations		(273	)		4,024			(35	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(1,912,183	)		1,979,833			(6,450,264	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(3,359,600	)		2,007,310			(7,319,800	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(3,000,800	)	$	2,178,818		$	(6,695,957	)

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)
(2)	See Note 2 in the Notes to Financial Statements.
(3)	Includes realized gains/(losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements)

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

174

	Statements of Changes in Net Assets

	Global X MSCI China Energy ETF						Global X MSCI China Materials ETF
	Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Year Ended October 31, 2019
Operations:
Net Investment Income	$	80,574		$	56,817		$	33,762		$	78,356
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(235,135	)		(263,806	)		(179,916	)		(431,845	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(246,011	)		14,295			652,838			283,201
Net Increase (Decrease) in Net Assets Resulting from Operations		(400,572	)		(192,694	)		506,684			(70,288	)
Distributions		(68,891	)		(123,563	)		(57,446	)		(149,448	)
Capital Share Transactions:
Issued		463,155			—			—			—
Redeemed		—			(1,074,531	)		(806,413	)		—
Increase (Decrease) in Net Assets from Capital Share Transactions		463,155			(1,074,531	)		(806,413	)		—
Total Decrease in Net Assets		(6,308	)		(1,390,788	)		(357,175	)		(219,736	)
Net Assets:
Beginning of Year		1,563,916			2,954,704			2,175,104			2,394,840
End of Year	$	1,557,608		$	1,563,916		$	1,817,929		$	2,175,104
Share Transactions:
Issued		50,000			—			—			—
Redeemed		—			(100,000	)		(50,000	)		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		50,000			(100,000	)		(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.

175

	Statements of Changes in Net Assets

	Global X MSCI China Industrials ETF						Global X MSCI China Consumer Discretionary ETF
	Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Year Ended October 31, 2019
Operations:
Net Investment Income	$	34,045		$	40,829		$	392,124		$	1,457,518
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(114,359	)		(373,576	)		5,466,687			(20,246,748	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		187,482			300,844			93,331,250			56,137,252
Net Increase (Decrease) in Net Assets Resulting from Operations		107,168			(31,903	)		99,190,061			37,348,022
Distributions		(31,434	)		(67,864	)		(1,388,311	)		(3,541,990	)
Capital Share Transactions:
Issued		—			—			183,805,858			26,355,509
Redeemed		—			—			(44,975,491	)		(23,778,436	)
Increase in Net Assets from Capital Share Transactions		—			—			138,830,367			2,577,073
Total Increase (Decrease) in Net Assets		75,734			(99,767	)		236,632,117			36,383,105
Net Assets:
Beginning of Year		1,938,417			2,038,184			156,485,591			120,102,486
End of Year	$	2,014,151		$	1,938,417		$	393,117,708		$	156,485,591
Share Transactions:
Issued		—			—			6,750,000			1,600,000
Redeemed		—			—			(2,250,000	)		(1,600,000	)
Net Increase in Shares Outstanding from Share Transactions		—			—			4,500,000			—

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

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

176

	Statements of Changes in Net Assets

	Global X MSCI China Consumer Staples ETF						Global X MSCI China Health Care ETF
	Year Ended October 31, 2020			Period Ended October 31, 2019⁽¹⁾			Year Ended October 31, 2020			Period Ended October 31, 2019⁽¹⁾
Operations:
Net Investment Income	$	97,968		$	27,628		$	9,431		$	9,374
Net Realized Gain on Investments and Foreign Currency Transactions⁽²⁾		189,656			203,706			374,449			100,560
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		2,217,392			400,768			1,195,920			234,293
Net Increase in Net Assets Resulting from Operations		2,505,016			632,102			1,579,800			344,227
Distributions		(136,449	)		(13,493	)		(16,313	)		(2,880	)
Capital Share Transactions:
Issued		17,224,623			2,441,052			8,387,711			3,099,609
Redeemed		(4,278,090	)		(951,131	)		(1,950,081	)		(785,616	)
Increase in Net Assets from Capital Share Transactions		12,946,533			1,489,921			6,437,630			2,313,993
Total Increase in Net Assets		15,315,100			2,108,530			8,001,117			2,655,340
Net Assets:
Beginning of Year/Period		2,108,530			—			2,655,340			—
End of Year/Period	$	17,423,630		$	2,108,530		$	10,656,457		$	2,655,340
Share Transactions:
Issued		700,000			150,002			400,000			200,002
Redeemed		(200,000	)		(50,000	)		(100,000	)		(50,000	)
Net Increase in Shares Outstanding from Share Transactions		500,000			100,002			300,000			150,002

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

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

177

	Statements of Changes in Net Assets

	Global X MSCI China Financials ETF						Global X MSCI China Information Technology ETF
	Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Period Ended October 31, 2019⁽¹⁾
Operations:
Net Investment Income	$	1,202,679		$	2,815,432		$	40,868		$	22,228
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽²⁾		(5,179,329	)		(2,761,859	)		533,060			125,893
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(437,572	)		(5,721,964	)		3,058,491			53,657
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,414,222	)		(5,668,391	)		3,632,419			201,778
Distributions		(1,795,211	)		(2,438,433	)		(53,606	)		(12,360	)
Capital Share Transactions:
Issued		19,693,103			78,511,082			21,163,623			3,298,330
Redeemed		(25,917,000	)		(41,027,907	)		(5,702,612	)		(1,695,683	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(6,223,897	)		37,483,175			15,461,011			1,602,647
Total Increase (Decrease) in Net Assets		(12,433,330	)		29,376,351			19,039,824			1,792,065
Net Assets:
Beginning of Year/Period		60,159,862			30,783,511			1,792,065			—
End of Year/Period	$	47,726,532		$	60,159,862		$	20,831,889		$	1,792,065
Share Transactions:
Issued		1,300,000			4,500,000			900,000			200,002
Redeemed		(1,750,000	)		(2,700,000	)		(250,000	)		(100,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(450,000	)		1,800,000			650,000			100,002

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

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

178

	Statements of Changes in Net Assets

	Global X MSCI China Communication Services ETF						Global X MSCI China Utilities ETF
	Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Period Ended October 31, 2019⁽¹⁾
Operations:
Net Investment Income	$	128,091		$	98,084		$	39,325		$	32,847
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽²⁾		274,861			(323,084	)		(54,262	)		3,972
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		2,567,572			609,088			(155,762	)		54,251
Net Increase (Decrease) in Net Assets Resulting from Operations		2,970,524			384,088			(170,699	)		91,070
Distributions		(133,251	)		(115,344	)		(40,333	)		(12,312	)
Capital Share Transactions:
Issued		32,668			3,542,417			—			1,502,076
Redeemed		(6,956,872	)		(7,384,857	)		—			—
Increase (Decrease) in Net Assets from Capital Share Transactions		(6,924,204	)		(3,842,440	)		—			1,502,076
Total Increase (Decrease) in Net Assets		(4,086,931	)		(3,573,696	)		(211,032	)		1,580,834
Net Assets:
Beginning of Year/Period		21,071,212			24,644,908			1,580,834			—
End of Year/Period	$	16,984,281		$	21,071,212		$	1,369,802		$	1,580,834
Share Transactions:
Issued		—			150,000			—			100,002
Redeemed		(300,000	)		(300,000	)		—			—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(300,000	)		(150,000	)		—			100,002

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

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

179

	Statements of Changes in Net Assets

	Global X MSCI China Real Estate ETF						Global X MSCI China Large-Cap 50 ETF
	Year Ended October 31, 2020			Period Ended October 31, 2019⁽¹⁾			Year Ended October 31, 2020			Period Ended October 31, 2019⁽¹⁾
Operations:
Net Investment Income	$	343,566		$	65,807		$	49,735		$	54,725
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽²⁾		193,466			(28,873	)		(61,965	)		96,014
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(1,002,005	)		210,125			833,563			117,351
Net Increase (Decrease) in Net Assets Resulting from Operations		(464,973	)		247,059			821,333			268,090
Distributions		(171,559	)		(26,242	)		(45,697	)		(21,830	)
Capital Share Transactions:
Issued		12,160,366			1,502,246			1,774,049			3,902,789
Redeemed		(5,966,280	)		—			—			(1,389,067	)
Increase in Net Assets from Capital Share Transactions		6,194,086			1,502,246			1,774,049			2,513,722
Total Increase in Net Assets		5,557,554			1,723,063			2,549,685			2,759,982
Net Assets:
Beginning of Year/Period		1,723,063			—			2,759,982			—
End of Year/Period	$	7,280,617		$	1,723,063		$	5,309,667		$	2,759,982
Share Transactions:
Issued		700,000			100,002			50,000			150,002
Redeemed		(350,000	)		—			—			(50,000	)
Net Increase in Shares Outstanding from Share Transactions		350,000			100,002			50,000			100,002

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

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

180

	Statements of Changes in Net Assets

	Global X MSCI Greece ETF						Global X MSCI Norway ETF
	Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Year Ended October 31, 2019
Operations:
Net Investment Income	$	5,597,062		$	7,261,688		$	914,434		$	3,192,473
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(38,673,337	)		7,147,977			(12,024,811	)		(609,830	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(79,130,175	)		66,702,125			3,873,538			(16,892,602	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(112,206,450	)		81,111,790			(7,236,839	)		(14,309,959	)
Distributions		(6,932,583	)		(7,386,717	)		(1,003,442	)		(6,822,589	)
Capital Share Transactions:
Issued		6,798,787			122,188,425			12,924,167			28,417,866
Redeemed		(117,484,191	)		(114,974,004	)		(49,437,188	)		(92,433,481	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(110,685,404	)		7,214,421			(36,513,021	)		(64,015,615	)
Total Increase (Decrease) in Net Assets		(229,824,437	)		80,939,494			(44,753,302	)		(85,148,163	)
Net Assets:
Beginning of Year		338,840,040			257,900,546			78,323,235			163,471,398
End of Year	$	109,015,603		$	338,840,040		$	33,569,933		$	78,323,235
Share Transactions:
Issued		300,000			14,000,000			1,300,000			2,150,000
Redeemed		(5,467,689	)		(13,600,000	)		(4,500,000	)		(7,150,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(5,167,689	)		400,000			(3,200,000	)		(5,000,000	)

(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.

181

	Statements of Changes in Net Assets

	Global X DAX Germany ETF						Global X MSCI Portugal ETF
	Year Ended October 31, 2020			Year Ended October 31, 2019*			Year Ended October 31, 2020			Year Ended October 31, 2019
Operations:
Net Investment Income	$	638,382		$	404,378		$	406,240		$	806,252
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		356,797			(573,031	)		(776,926	)		(1,490,574	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(2,852,978	)		1,686,382			(2,704,266	)		1,251,984
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,857,799	)		1,517,729			(3,074,952	)		567,662
Distributions		(221,929	)		(666,693	)		(491,011	)		(1,885,103	)
Return of Capital		—			(10,877	)		—			—
Capital Share Transactions:
Issued		16,211,600			—			—			5,527,566
Redeemed		(6,554,406	)		(1,320,546	)		(5,751,454	)		(7,018,798	)
Increase (Decrease) in Net Assets from Capital Share Transactions		9,657,194			(1,320,546	)		(5,751,454	)		(1,491,232	)
Total Increase (Decrease) in Net Assets		7,577,466			(480,387	)		(9,317,417	)		(2,808,673	)
Net Assets:
Beginning of Year		16,370,494			16,850,881			22,486,505			25,295,178
End of Year	$	23,947,960		$	16,370,494		$	13,169,088		$	22,486,505
Share Transactions:
Issued		600,000			—			—			500,000
Redeemed		(250,000	)		(50,000	)		(550,000	)		(650,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		350,000			(50,000	)		(550,000	)		(150,000	)

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

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

182

	Statements of Changes in Net Assets

	Global X MSCI Colombia ETF						Global X MSCI Argentina ETF
	Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Year Ended October 31, 2019
Operations:
Net Investment Income	$	1,948,326		$	2,194,900		$	132,336		$	947,404
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(8,817,533	)		(1,132,564	)		(14,048,129	)		4,097,803
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(17,912,427	)		9,637,684			16,510,079			(13,779,241	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(24,781,634	)		10,700,020			2,594,286			(8,734,034	)
Distributions		(1,868,308	)		(3,425,053	)		(231,396	)		(1,862,692	)
Capital Share Transactions:
Issued		—			7,168,432			12,850,316			23,447,588
Redeemed		(11,451,496	)		(24,443,712	)		(36,273,962	)		(42,760,305	)
Decrease in Net Assets from Capital Share Transactions		(11,451,496	)		(17,275,280	)		(23,423,646	)		(19,312,717	)
Total Decrease in Net Assets		(38,101,438	)		(10,000,313	)		(21,060,756	)		(29,909,443	)
Net Assets:
Beginning of Year		72,281,944			82,282,257			59,481,511			89,390,954
End of Year	$	34,180,506		$	72,281,944		$	38,420,755		$	59,481,511
Share Transactions:
Issued		—			750,000			550,000			850,000
Redeemed		(425,301	)		(2,650,000	)		(1,650,000	)		(1,650,000	)
Net Decrease in Shares Outstanding from Share Transactions		(425,301	)		(1,900,000	)		(1,100,000	)		(800,000	)

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

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

183

	Statements of Changes in Net Assets

	Global X MSCI Pakistan ETF						Global X MSCI Nigeria ETF
	Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Year Ended October 31, 2019
Operations:
Net Investment Income	$	1,064,519		$	1,786,076		$	2,353,773		$	2,080,153
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(21,677,623	)		(5,515,582	)		(3,250,197	)		(4,923,709	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		20,510,802			(8,397,889	)		6,205,365			(7,368,323	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(102,302	)		(12,127,395	)		5,308,941			(10,211,879	)
Distributions		(1,334,151	)		(2,425,569	)		(235,024	)		(3,827,441	)
Capital Share Transactions:
Issued		13,669,139			16,333,858			5,534,985			6,742,660
Redeemed		(19,481,752	)		—			(970,502	)		(817,591	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(5,812,613	)		16,333,858			4,564,483			5,925,069
Total Increase (Decrease) in Net Assets		(7,249,066	)		1,780,894			9,638,400			(8,114,251	)
Net Assets:
Beginning of Year		41,804,464			40,023,570			32,560,743			40,674,994
End of Year	$	34,555,398		$	41,804,464		$	42,199,143		$	32,560,743
Share Transactions:
Issued		425,000			2,450,000			400,000			450,000
Redeemed		(750,207	)		—			(100,000	)		(50,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(325,207	)		2,450,000			300,000			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.

184

	Statements of Changes in Net Assets

	Global X MSCI Next Emerging & Frontier ETF						Global X FTSE Nordic Region ETF
	Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Year Ended October 31, 2019
Operations:
Net Investment Income	$	358,800		$	429,655		$	171,508		$	66,437
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(1,447,417	)		(1,596,752	)		27,477			(577,358	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(1,912,183	)		1,576,445			1,979,833			1,690,864
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,000,800	)		409,348			2,178,818			1,179,943
Distributions		(425,178	)		(725,137	)		(123,078	)		(946,666	)
Return of Capital		—			—			—			(410,291	)
Capital Share Transactions:
Issued		760,268			5,248,374			5,909,404			—
Redeemed		(1,420,679	)		—			(1,112,245	)		(7,216,000	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(660,411	)		5,248,374			4,797,159			(7,216,000	)
Total Increase (Decrease) in Net Assets		(4,086,389	)		4,932,585			6,852,899			(7,393,014	)
Net Assets:
Beginning of Year		18,077,456			13,144,871			16,755,739			24,148,753
End of Year	$	13,991,067		$	18,077,456		$	23,608,638		$	16,755,739
Share Transactions:
Issued		50,000			250,000			250,000			—
Redeemed		(100,000	)		—			(50,000	)		(350,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(50,000	)		250,000			200,000			(350,000	)

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

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

185

	Statements of Changes in Net Assets

	Global X FTSE Southeast Asia ETF
	Year Ended October 31, 2020			Year Ended October 31, 2019
Operations:
Net Investment Income	$	623,843		$	587,288
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(869,536	)		(208,036	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(6,450,264	)		1,253,888
Net Increase (Decrease) in Net Assets Resulting from Operations		(6,695,957	)		1,633,140
Distributions		(646,024	)		(911,494	)
Capital Share Transactions:
Issued		2,574,247			7,987,304
Redeemed		(574,260	)		—
Increase in Net Assets from Capital Share Transactions		1,999,987			7,987,304
Total Increase (Decrease) in Net Assets		(5,341,994	)		8,708,950
Net Assets:
Beginning of Year		26,323,150			17,614,200
End of Year	$	20,981,156		$	26,323,150
Share Transactions:
Issued		200,000			500,000
Redeemed		(50,000	)		—
Net Increase in Shares Outstanding from Share Transactions		150,000			500,000

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

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

186

	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 MSCI China Energy ETF
2020		10.43		0.44		(2.66	)		(2.22	)		(0.42	)
2019		11.82		0.30		(1.12	)		(0.82	)		(0.57	)
2018		11.69		0.49		0.05			0.54			(0.41	)
2017		10.56		0.41		0.93			1.34			(0.21	)
2016		11.61		0.22		(0.94	)		(0.72	)		(0.33	)
Global X MSCI China Materials ETF
2020		14.50		0.32		3.93			4.25			(0.57	)
2019		15.97		0.52		(0.99	)		(0.47	)		(1.00	)
2018		21.59		0.46		(5.84	)		(5.38	)		(0.24	)
2017		13.42		0.38		7.95			8.33			(0.16	)
2016		13.29		0.16		0.68			0.84			(0.71	)
Global X MSCI China Industrials ETF
2020		12.92		0.23		0.49			0.72			(0.21	)
2019		13.59		0.27		(0.49	)		(0.22	)		(0.45	)
2018		16.06		0.29		(2.41	)		(2.12	)		(0.35	)
2017		12.57		0.24		3.45			3.69			(0.20	)
2016		14.44		0.18		(1.71	)		(1.53	)		(0.34	)

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

187

	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 (%)††

	(0.42	)		7.79		(22.05	)		1,558		0.66		5.02		34.18
	(0.57	)		10.43		(7.04	)		1,564		0.66		2.67		109.41
	(0.41	)		11.82		4.77			2,955		0.65		4.00		14.60
	(0.21	)		11.69		13.13			1,754		0.65		3.82		11.85
	(0.33	)		10.56		(6.11	)		1,583		0.65		2.19		22.19

	(0.57	)		18.18		29.88			1,818		0.66		1.95		36.02
	(1.00	)		14.50		(3.13	)		2,175		0.66		3.30		65.67
	(0.24	)		15.97		(25.20	)		2,395		0.66		2.27		26.95
	(0.16	)		21.59		62.79			5,397		0.65		2.19		49.80
	(0.71	)		13.42		6.84			1,342		0.65		1.31		26.33

	(0.21	)		13.43		5.57			2,014		0.66		1.71		19.54
	(0.45	)		12.92		(1.66	)		1,938		0.66		1.99		80.17
	(0.35	)		13.59		(13.44	)		2,038		0.66		1.92		18.28
	(0.20	)		16.06		29.88			4,015		0.65		1.68		21.53
	(0.34	)		12.57		(10.60	)		3,770		0.65		1.47		14.08

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

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

188

	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 MSCI China Consumer Discretionary ETF
2020		17.68		0.04		11.89			11.93			(0.16	)
2019		13.57		0.16		4.35			4.51			(0.40	)
2018		17.44		0.20		(3.95	)		(3.75	)		(0.12	)
2017		11.97		0.24		5.40			5.64			(0.17	)
2016		13.72		0.20		(1.36	)		(1.16	)		(0.59	)
Global X MSCI China Consumer Staples ETF
2020		21.08		0.31		8.41			8.72			(0.25	)
2019⁽¹⁾		15.00		0.28		5.93			6.21			(0.13	)
Global X MSCI China Health Care ETF
2020		17.70		0.03		6.06			6.09			(0.04	)
2019⁽¹⁾		15.00		0.09		2.64			2.73			(0.03	)
Global X MSCI China Financials ETF
2020		15.83		0.41		(1.50	)		(1.09	)		(0.49	)
2019		15.39		0.67		0.65			1.32			(0.88	)
2018		17.63		0.48		(2.38	)		(1.90	)		(0.34	)
2017		13.80		0.39		3.70			4.09			(0.26	)
2016		14.90		0.25		(0.62	)		(0.37	)		(0.73	)

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

189

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

	—			(0.16	)		29.45		67.98			393,118		0.65			0.21			32.56
	—			(0.40	)		17.68		34.20			156,486		0.65			1.03			83.41
	—			(0.12	)		13.57		(21.70	)		120,102		0.65			1.11			17.92
	—			(0.17	)		17.44		47.90			156,050		0.65			1.67			34.72
	—			(0.59	)		11.97		(8.57	)		73,023		0.65			1.71			38.13

	(0.51	)		(0.76	)		29.04		42.48			17,424		0.65			1.21			44.54
	—			(0.13	)		21.08		41.48			2,109		0.67	†		1.66	†		29.25

	(0.07	)		(0.11	)		23.68		34.62			10,656		0.65			0.16			31.60
	—			(0.03	)		17.70		18.22			2,655		0.66	†		0.60	†		12.20

	—			(0.49	)		14.25		(7.24	)		47,727		0.65			2.72			21.72
	—			(0.88	)		15.83		8.95			60,160		0.66			4.11			54.17
	—			(0.34	)		15.39		(11.04	)		30,784		0.66			2.67			15.09
	—			(0.26	)		17.63		30.32			50,251		0.65			2.58			19.12
	—			(0.73	)		13.80		(2.56	)		28,289		0.65			1.92			18.43

(1)	The Fund commenced operations on December 7, 2018.
*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.

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

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

190

	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 MSCI China Information Technology ETF
2020		17.92		0.09		10.03			10.12			(0.10	)
2019⁽¹⁾		15.00		0.19		2.81			3.00			(0.08	)
Global X MSCI China Communication Services ETF
2020		22.18		0.16		3.96			4.12			(0.17	)
2019		22.40		0.09		(0.21	)		(0.12	)		(0.10	)
2018		29.24		0.07		(6.23	)		(6.16	)		(0.68	)
2017		23.23		0.28		6.69			6.97			(0.96	)
2016		22.01		0.45		0.91			1.36			(0.14	)
Global X MSCI China Utilities ETF
2020		15.81		0.39		(2.09	)		(1.70	)		(0.35	)
2019⁽¹⁾		15.00		0.33		0.60			0.93			(0.12	)
Global X MSCI China Real Estate ETF
2020		17.23		0.81		(1.17	)		(0.36	)		(0.69	)
2019⁽¹⁾		15.00		0.67		1.82			2.49			(0.26	)
Global X MSCI China Large-Cap 50 ETF
2020		27.60		0.49		7.77			8.26			(0.46	)
2019⁽¹⁾		25.00		0.55		2.27			2.82			(0.22	)

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

191

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

	(0.16	)		(0.26	)		27.78		57.01			20,832		0.65			0.37			29.01
	—			(0.08	)		17.92		20.06			1,792		0.66	†		1.29	†		36.75

	—			(0.17	)		26.13		18.61			16,984		0.65			0.67			27.78
	—			(0.10	)		22.18		(0.54	)		21,071		0.66			0.39			114.67
	—			(0.68	)		22.40		(21.70	)		24,645		0.65			0.24			33.79
	—			(0.96	)		29.24		31.56			19,007		0.65			1.14			42.59
	—			(0.14	)		23.23		6.20			13,940		0.65			2.09			42.02

	(0.06	)		(0.41	)		13.70		(10.92	)		1,370		0.66			2.78			37.12
	—			(0.12	)		15.81		6.24			1,581		0.66	†		2.42	†		28.26

	—			(0.69	)		16.18		(2.55	)		7,281		0.66			4.73			25.75
	—			(0.26	)		17.23		16.56			1,723		0.65	†		4.44	†		14.00

	—			(0.46	)		35.40		30.23			5,310		0.29			1.62			20.32
	—			(0.22	)		27.60		11.27			2,760		0.29	†		2.26	†		12.46

(1)	The Fund commenced operations on December 7, 2018.
*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.

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

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

192

	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 MSCI Greece ETF
2020⁽¹⁾		29.91		0.66		(12.20	)		(11.54	)		(0.69	)
2019⁽¹⁾		23.04		0.63		6.87			7.50			(0.63	)
2018⁽¹⁾		27.90		0.57		(4.77	)		(4.20	)		(0.66	)
2017⁽¹⁾		22.05		0.45		5.85			6.30			(0.45	)
2016⁽¹⁾		31.23		0.39		(9.21	)		(8.82	)		(0.36	)
Global X MSCI Norway ETF
2020		11.69		0.20		(2.09	)		(1.89	)		(0.21	)
2019		13.97		0.42		(1.80	)		(1.38	)		(0.90	)
2018		13.50		0.37		0.48			0.85			(0.38	)
2017		11.07		0.41		2.34			2.75			(0.32	)
2016		10.75		0.35		0.34			0.69			(0.37	)
Global X DAX Germany ETF⁽²⁾
2020		27.28		0.87		(2.64	)		(1.77	)		(0.30	)
2019⁽³⁾		25.92		0.67		1.82			2.49			(1.11	)
2018⁽³⁾		31.25		0.77		(5.75	)^‡		(4.98	)		(0.35	)
2017⁽³⁾		24.73		0.48		6.91			7.39			(0.83	)
2016⁽³⁾		25.82		0.45		(1.33	)		(0.88	)		(0.21	)

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

193

	Financial Highlights

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

	—			(0.69	)		17.68		(39.39	)		109,016		0.58			2.81		28.48
	—			(0.63	)		29.91		33.57			338,840		0.57			2.43		12.67
	—			(0.66	)		23.04		(15.63	)		257,901		0.59			1.98		16.38
	—			(0.45	)		27.90		29.04			349,788		0.61			1.69		21.59
	—			(0.36	)		22.05		(28.33	)		245,561		0.62			1.71		76.19

	—			(0.21	)		9.59		(16.32	)		33,570		0.50			1.92		8.38
	—			(0.90	)		11.69		(9.77	)		78,323		0.50			3.36		9.63
	—			(0.38	)		13.97		6.47			163,471		0.50			2.64		9.55
	—			(0.32	)		13.50		25.53			164,736		0.50			3.41		9.53
	—			(0.37	)		11.07		6.86			113,997		0.50			3.39		16.62

	—			(0.30	)		25.21		(6.53	)		23,948		0.20	⁺		3.30		10.93
	(0.02	)		(1.13	)		27.28		9.98			16,370		0.21	⁺		2.65		15.36
	—			(0.35	)		25.92	(16.05)		^@		16,851		0.20			2.57		7.00
	(0.04	)		(0.87	)		31.25		30.40			17,186		0.38			1.74		9.00
	—			(0.21	)		24.73		(3.41	)		13,601		0.45			1.86		14.00

(1)	Per share amounts have been adjusted for a 1 for 3 reverse share split on April 28, 2020 (See Note 9 in the Notes to Financial Statements).
(2)	The financial statements include the financial information of the Predecessor Fund through December 21, 2018 (See Note 1 in Notes to Financial Statements).
(3)	As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund. Accordingly, performance figures for the Fund for periods prior to the date of the Reorganization represent the performance of the Predecessor Fund (See Note 1 in Notes to Financial Statements).
*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
+	The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.45% and 0.46% for the years ended October 31, 2020 and October 31, 2019, respectively.
‡	Includes a $0.10 gain per share derived from a payment from the prior administrator of the Predecessor Fund.
@	Before payment from the prior administrator of the Predecessor Fund for the loss resulting from an error, the total return for the period would have been (16.37%).

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

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

194

	Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Total from Distributions ($)
Global X MSCI Portugal ETF
2020		10.71		0.23		(2.16	)		(1.93	)		(0.28	)		(0.28	)
2019		11.24		0.36		(0.11	)		0.25			(0.78	)		(0.78	)
2018		12.49		0.36		(1.25	)		(0.89	)		(0.36	)		(0.36	)
2017		9.88		0.36		2.65			3.01			(0.40	)		(0.40	)
2016		10.85		0.42		(0.93	)		(0.51	)		(0.46	)		(0.46	)
Global X MSCI Colombia ETF
2020⁽¹⁾		38.16		1.14		(15.00	)		(13.86	)		(1.04	)		(1.04	)
2019⁽¹⁾		34.72		1.04		3.96			5.00			(1.56	)		(1.56	)
2018⁽¹⁾		38.24		0.84		(3.64	)		(2.80	)		(0.72	)		(0.72	)
2017⁽¹⁾		36.88		0.72		1.16			1.88			(0.52	)		(0.52	)
2016⁽¹⁾		35.16		0.64		1.56			2.20			(0.48	)		(0.48	)
Global X MSCI Argentina ETF
2020		21.83		0.06		1.83			1.89			(0.08	)		(0.08	)
2019		25.36		0.29		(3.26	)		(2.97	)		(0.56	)		(0.56	)
2018		32.05		0.35		(6.87	)		(6.52	)		(0.17	)		(0.17	)
2017		23.69		0.07		8.37			8.44			(0.08	)		(0.08	)
2016		19.81		0.15		3.89			4.04			(0.16	)		(0.16	)

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

195

	Financial Highlights

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

	8.50		(18.37	)		13,169		0.58			2.34		25.19
	10.71		2.72			22,487		0.58			3.41		20.74
	11.24		(7.26	)		25,295		0.57			2.91		21.05
	12.49		31.88			63,705		0.60			3.31		25.31
	9.88		(4.86	)		25,694		0.61			4.26		27.20

	23.26		(36.91	)		34,181		0.62			3.91		20.85
	38.16		15.05			72,282		0.62			2.81		18.05
	34.72		(7.55	)		82,282	0.62		^@		2.01		39.15
	38.24		5.24			92,984	0.62		^@		1.83		40.93
	36.88		6.55			88,760	0.65		^@		1.82		37.60

	23.64		8.61			38,421		0.60			0.25		49.17
	21.83		(12.08	)		59,482		0.60			1.08		28.88
	25.36		(20.48	)		89,391		0.60	^‡		1.07		34.46
	32.05		35.79			183,468		0.65	^‡		0.24		24.45
	23.69		20.65			90,602		0.74			0.69		20.88

(1)	Per share amounts have been adjusted for a 1 for 4 reverse share split on April 28, 2020 (See Note 9 in the Notes to Financial Statements).
*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
‡	The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratios would have been 0.66% and 0.74% for the years ended October 31, 2018 and 2017.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
@	The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.68%, 0.81% and 0.84% for the years ended October 31, 2018, 2017 and 2016, respectively.

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

196

	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 MSCI Pakistan ETF
2020⁽¹⁾		26.32		0.68		1.17			1.85			(0.79	)		—
2019⁽¹⁾		41.04		1.52		(13.88	)		(12.36	)		(2.36	)		—
2018⁽¹⁾		54.24		1.88		(10.72	)		(8.84	)		(1.76	)		(2.60	)
2017⁽¹⁾		60.92		3.00		(7.60	)		(4.60	)		(2.08	)		—
2016⁽¹⁾		56.68		2.32		3.60			5.92			(1.48	)		(0.20	)
Global X MSCI Nigeria ETF
2020		12.23		0.80		1.30			2.10			(0.08	)		—
2019		17.98		0.87		(4.96	)		(4.09	)		(1.66	)		—
2018		21.43		0.73		(3.76	)		(3.03	)		(0.42	)		—
2017⁽²⁾		17.24		0.54		4.07			4.61			(0.42	)		—
2016⁽²⁾		31.76		0.86		(14.16	)		(13.30	)		(1.22	)		—
Global X MSCI Next Emerging & Frontier ETF
2020		20.09		0.41		(3.55	)		(3.14	)		(0.49	)		—
2019		20.22		0.55		0.31			0.86			(0.99	)		—
2018		23.28		0.59		(3.24	)		(2.65	)		(0.41	)		—
2017		20.15		0.40		3.21			3.61			(0.48	)		—
2016		19.27		0.20		1.14			1.34			(0.46	)		—

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

197

	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 (%)††

	(0.79	)		27.38		6.99			34,555		0.96			2.44		52.38
	(2.36	)		26.32		(30.73	)		41,804		0.88			5.14		19.09
	(4.36	)		41.04		(17.53	)		40,024		0.87			3.84		44.05
	(2.08	)		54.24		(8.25	)		53,576		0.89			4.64		65.51
	(1.68	)		60.92		10.87			10,664		0.91			4.01		21.22

	(0.08	)		14.25		17.25			42,199		0.89			6.81		18.79
	(1.66	)		12.23		(24.55	)		32,561		0.89			5.70		45.62
	(0.42	)		17.98		(14.46	)		40,675		0.88			3.29		62.52
	(0.42	)		21.43		27.52			64,559		1.07			2.99		21.07
	(1.22	)		17.24		(43.30	)		28,009	1.02		^@		3.80		29.61

	(0.49	)		16.46		(15.85	)		13,991		0.70			2.36		31.66
	(0.99	)		20.09		4.29			18,077		0.66			2.66		78.67
	(0.41	)		20.22		(11.66	)		13,145		0.55			2.54		14.62
	(0.48	)		23.28		18.53			16,294		0.56			1.89		7.93
	(0.46	)		20.15		7.33			15,112		0.56			1.13		9.35

(1)	Per share amounts have been adjusted for a 1 for 4 reverse share split on April 28, 2020 (See Note 9 in the Notes to Financial Statements).
(2)	Per share amounts have been adjusted for a 1 for 4 reverse share split on March 16, 2017 (See Note 9 in the Notes to Financial Statements).
*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
@	The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 1.10% for the year ended October 31, 2016.

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

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

198

	Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Return of Capital ($)
Global X FTSE Nordic Region ETF
2020		20.69		0.20		2.62			2.82			(0.14	)		—
2019		20.82		0.06		1.02			1.08			(0.84	)		(0.37	)
2018		23.89		0.63		(2.87	)		(2.24	)		(0.83	)		—
2017		19.38		0.51		4.72			5.23			(0.72	)		—
2016		22.29		0.63		(2.91	)		(2.28	)		(0.63	)		—
Global X FTSE Southeast Asia ETF
2020		15.95		0.37		(4.27	)		(3.90	)		(0.39	)		—
2019		15.32		0.44		0.91			1.35			(0.72	)		—
2018		15.91		0.49		(0.81	)		(0.32	)		(0.27	)		—
2017		13.72		0.32		2.23			2.55			(0.36	)		—
2016		13.07		0.31		0.78			1.09			(0.44	)		—

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

199

	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 (%)††

	(0.14	)		23.37		13.70			23,609		0.51		0.92		4.90
	(1.21	)		20.69		5.44			16,756		0.56		0.30		4.27
	(0.83	)		20.82		(9.67	)		24,149		0.58		2.80		7.37
	(0.72	)		23.89		27.97			38,464		0.55		2.37		6.79
	(0.63	)		19.38		(10.54	)		40,899		0.51		3.01		10.90

	(0.39	)		11.66		(24.82	)		20,981		0.65		2.77		5.98
	(0.72	)		15.95		8.94			26,323		0.65		2.76		7.01
	(0.27	)		15.32		(2.15	)		17,614		0.65		2.94		11.98
	(0.36	)		15.91		19.19			14,320		0.65		2.23		7.78
	(0.44	)		13.72		8.75			12,349		0.65		2.40		12.94

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

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

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

200

	Notes to Financial Statements
	October 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 October 31, 2020, the Trust had eighty-seven portfolios, seventy-seven of which were operational. The financial statements herein and the related notes pertain to the Global X MSCI China Energy ETF, Global X MSCI China Materials ETF, Global X MSCI China Industrials ETF, Global X MSCI China Consumer Discretionary ETF, Global X MSCI China Consumer Staples ETF, Global X MSCI China Health Care ETF, Global X MSCI China Financials ETF, Global X MSCI China Information Technology ETF, Global X MSCI China Communication Services ETF, Global X MSCI China Utilities ETF, Global X MSCI China Real Estate ETF, Global X MSCI China Large-Cap 50 ETF, Global X MSCI Greece ETF, Global X MSCI Norway ETF, Global X DAX Germany ETF, Global X MSCI Portugal ETF, Global X MSCI Colombia ETF, Global X MSCI Argentina ETF, Global X MSCI Pakistan ETF, Global X MSCI Nigeria ETF, Global X MSCI Next Emerging & Frontier ETF, Global X FTSE Nordic Region ETF and Global X FTSE Southeast Asia ETF (each a “Fund”, and collectively, the “Funds”). Each Fund (except for the Global X MSCI Next Emerging & Frontier ETF) has elected non-diversified status.

On December 24, 2018, the shareholders of the Horizons DAX Germany ETF (the “Predecessor Fund”) approved a proposed agreement and plan of reorganization (the “Reorganization”) that provided for (a) the transfer of all the assets to the Global X DAX Germany ETF (the “Germany Fund”) and the assumption of certain of the liabilities of the Predecessor Fund; (b) the issuance of shares of the Germany Fund to the shareholders of the Predecessor Fund; and (c) the liquidation and termination of the Predecessor Fund. The effective date of the Reorganization was December 24, 2018. The Germany Fund had no operations prior to the Reorganization. The Predecessor Fund had substantially similar investment objectives, investment strategies, policies and restrictions as those of the Germany Fund. The financial statements and financial highlights include the financial information of the Predecessor Fund through December 21, 2018.

Effective December 6, 2018, the Global X China Consumer ETF changed its name to Global X MSCI China Consumer Discretionary ETF, and its underlying index was changed to MSCI China Consumer Discretionary 10/50 Index.

Effective December 6, 2018, the Global X China Energy ETF changed its name to Global X MSCI China Energy ETF, and its underlying index was changed to MSCI China Energy IMI Plus 10/50 Index.

Effective December 6, 2018, the Global X China Financials ETF changed its name to Global X MSCI China Financials ETF, and its underlying index was changed to MSCI China Financials 10/50 Index.

201

	Notes to Financial Statements (continued)
	October 31, 2020

1. ORGANIZATION (continued)

Effective December 6, 2018, the Global X China Industrials ETF changed its name to Global X MSCI China Industrials ETF, and its underlying index was changed to MSCI China Industrials 10/50 Index.

Effective December 6, 2018, the Global X China Materials ETF changed its name to Global X MSCI China Materials ETF, and its underlying index was changed to MSCI China Materials 10/50 Index.

Effective December 6, 2018, the Global X NASDAQ China Technology ETF changed its name to Global X MSCI China Communication Services ETF, and its underlying index was changed to MSCI China Communication Services 10/50 Index.

Effective January 16, 2019, the Global X Next Emerging & Frontier ETF changed its name to Global X MSCI Next Emerging & Frontier ETF, and its underlying index was changed to the MSCI Select Emerging and Frontier Markets Access Index.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the Significant Accounting Policies followed by the Funds.

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 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

202

	Notes to Financial Statements (continued)
	October 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices, which approximate 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 amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held by the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value a security if an event that may materially affect the value of the Funds’ security that traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Funds calculate their net asset values. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC, the Funds’ investment adviser (the “Adviser”), becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate their net asset values, it may request that a Committee meeting be called.

203

	Notes to Financial Statements (continued)
	October 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of October 31, 2020, there were securities valued using the Fair Value Procedures of $3, $7,606, $13 and $63,854 in Global X MSCI China Communication Services ETF, Global X MSCI Greece ETF, Global X MSCI Portugal ETF and Global X MSCI Next Emerging & Frontier ETF, respectively. There were no other securities priced using the Fair Value Procedures.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

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

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

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

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For the year ended October 31, 2020, there have been no significant changes to the Funds’ fair valuation methodologies.

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

204

	Notes to Financial Statements (continued)
	October 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties at October 31, 2020. The Funds continuously monitor the credit standing of each broker or counterparty with whom they conduct business. In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.

REPURCHASE AGREEMENTS — Securities pledged as collateral for repurchase agreements by BNP Paribas are held by Brown Brothers Harriman & Co. (“BBH”), the Funds’ custodian (“custodian”), and are designated as being held on each Fund’s behalf by the custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. It is the Funds’ policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Fund bears the risk of loss in the event that the counterparty to a repurchase agreement defaults on its obligations and the Fund is prevented from exercising its rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period. For financial statement purposes, the Funds record the securities lending collateral (included in repurchase agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities.

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Funds.

205

	Notes to Financial Statements (continued)
	October 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

As of October 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 MSCI China Consumer Discretionary ETF

BNP Paribas

7,116,820

–

Global X China Financials ETF

BNP Paribas

157,796

–

Global X MSCI China Communication Services ETF

BNP Paribas

249,571

–

Global X MSCI Greece ETF

BNP Paribas

3,340,874

–

Global X Norway ETF

BNP Paribas

136,311

–

Global X MSCI Portugal ETF

BNP Paribas

2,765,402

–

Global X MSCI Colombia ETF

BNP Paribas

2,486,099

–

Global X MSCI Argentina ETF

BNP Paribas

5,589,341

–

Global X FTSE Nordic Region ETF

BNP Paribas

240,495

–

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

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

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

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax positions in the current period; however, management’s conclusion regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), and on-going analysis of and changes to tax laws and regulations, and interpretations therof.

206

	Notes to Financial Statements (continued)
	October 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

As of and during the year ended October 31, 2020, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as in income tax expense on the Statement of Operations. During the reporting period, the Funds did not incur any interest or penalties.

SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from the settlement date.

FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions and translations represent net foreign exchange gains or losses from foreign currency spot contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Funds distribute their net investment income on a pro rata basis. Any net investment income and net realized capital gains are distributed at least annually. All distributions are recorded on the ex-dividend date.

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

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”)

207

	Notes to Financial Statements (continued)
	October 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to BBH on the date of such redemption, regardless of the number of Creation Units redeemed that day. If a Creation Unit is purchased or redeemed for cash, an additional variable fee may be charged. The following table discloses Creation Unit breakdown:

	Creation Unit Shares		Creation Fee		Value at October 31, 2020		Redemption Fee

Global X MSCI China Energy ETF		50,000	$	800	$	389,500	$	800
Global X MSCI China Materials ETF		50,000		1,200		909,000		1,200
Global X MSCI China Industrials ETF		50,000		1,500		671,500		1,500
Global X MSCI China Consumer Discretionary ETF		50,000		1,600		1,472,500		1,600
Global X MSCI China Consumer Staples ETF		50,000		1,000		1,452,000		1,000
Global X MSCI China Health Care ETF		50,000		1,000		1,184,000		1,000
Global X MSCI China Financials ETF		50,000		1,800		712,500		1,800
Global X MSCI China Information Technology ETF		50,000		1,200		1,389,000		1,200
Global X MSCI China Communication Services ETF		50,000		800		1,306,500		800
Global X MSCI China Utilities ETF		50,000		1,000		685,000		1,000
Global X MSCI China Real Estate ETF		50,000		1,200		809,000		1,200
Global X MSCI China Large-Cap 50 ETF		50,000		1,300		1,770,000		1,300
Global X MSCI Greece ETF		50,000		500		884,000		500
Global X MSCI Norway ETF		50,000		1,200		479,500		1,200
Global X DAX Germany ETF		50,000		500		1,260,500		500
Global X MSCI Portugal ETF		50,000		1,000		425,000		1,000
Global X MSCI Colombia ETF		50,000		2,000		1,163,000		2,000
Global X MSCI Argentina ETF		50,000		500		1,182,000		500
Global X MSCI Pakistan ETF		50,000		2,800		1,370,000		2,800
Global X MSCI Nigeria ETF		50,000		2,000		712,500		2,000
Global X MSCI Next Emerging & Frontier ETF		50,000		9,500		823,000		9,500
Global X FTSE Nordic Region ETF		50,000		1,000		1,168,500		1,000
Global X FTSE Southeast Asia ETF		50,000		2,100		583,000		2,100

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS

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

208

	Notes to Financial Statements (continued)
	October 31, 2020

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution services agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an “all-in” fee structure.

For the Adviser’s service to the Funds, under the Supervision and Administration Agreement, each Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the Fund). In addition, the Funds bear other expenses, directly and indirectly that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, custodian fees and other transaction expenses, interest expenses, acquired fund fees and extraordinary expenses (such as litigation and indemnification expenses).

209

	Notes to Financial Statements (continued)
	October 31, 2020

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

	Supervision and Administration Fee
Global X MSCI China Energy ETF	0.65%
Global X MSCI China Materials ETF	0.65%
Global X MSCI China Industrials ETF	0.65%
Global X MSCI China Consumer Discretionary ETF	0.65%
Global X MSCI China Consumer Staples ETF	0.65%
Global X MSCI China Health Care ETF	0.65%
Global X MSCI China Financials ETF	0.65%
Global X MSCI China Information Technology ETF	0.65%
Global X MSCI China Communication Services ETF	0.65%
Global X MSCI China Utilities ETF	0.65%
Global X MSCI China Real Estate ETF	0.65%
Global X MSCI China Large-Cap 50 ETF	0.29%
Global X MSCI Greece ETF	0.55%
Global X MSCI Norway ETF	0.50%
Global X DAX Germany ETF***	0.45%
Global X MSCI Portugal ETF	0.55%
Global X MSCI Colombia ETF*	0.61%
Global X MSCI Argentina ETF**	0.59%
Global X MSCI Pakistan ETF	0.68%
Global X MSCI Nigeria ETF	0.68%
Global X MSCI Next Emerging & Frontier ETF	0.49%
Global X FTSE Nordic Region ETF	0.50%
Global X FTSE Southeast Asia ETF	0.65%

*Pursuant to an expense limitation agreement in existence between the Global X MSCI Colombia ETF (the “ Colombia Fund”) and the Adviser prior to March 1, 2018, the Adviser agreed to waive or reimburse fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Colombia Fund (exclusive of taxes, brokerage fees, commissions, custodian fees, and other transaction expenses, interest and extraordinary expenses (such as litigation and indemnification expenses)) (“Total Annual Fund Operating Expenses”) would not exceed 0.61% of the Colombia Fund’s average daily net assets per year until at least March 1, 2018. Pursuant to the expense limitation agreement, the Colombia Fund (at a later date) could reimburse the Adviser for the fees and expenses it waived or reimbursed and/or limited during any of the prior three fiscal years, provided that, among other things, any reimbursement made to the Adviser would not cause Total Annual Fund Operating Expenses to exceed the maximum permitted rate during the period in

210

	Notes to Financial Statements (continued)
	October 31, 2020

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

which it is paid and the Board had approved such reimbursement to the Adviser. Although the Board voted on December 19, 2017 to permanently reduce the Colombia Fund’s fees to 0.61% and end the expense limitation agreement as of March 1, 2018, prior waived or reimbursed fees are still subject to recoupment. As of October 31, 2020, the amounts of waivers/reimbursements subject to recoupment for the Colombia Fund were $61,948 (expiring 2021). As of October 31, 2020, there had been no recoupment of previously waived and reimbursed fees.

**Pursuant to an expense limitation agreement in existence between the Global X MSCI Argentina ETF (the “Argentina Fund”) and the Adviser prior to May 1, 2018, the Adviser agreed to waive or reimburse fees and/or limit Fund expenses to the extent necessary to assure that the operating expenses of the Argentina Fund (exclusive of taxes, brokerage fees, commissions, custodian fees, and other transaction expenses, interest and extraordinary expenses (such as litigation and indemnification expenses)) (“Total Annual Fund Operating Expenses”) would not exceed 0.59% of the Argentina Fund’s average daily net assets per year until at least May 1, 2018. Pursuant to the expense limitation agreement, the Argentina Fund (at a later date) could reimburse the Adviser for the fees and expenses it waived or reimbursed and/or limited during any of the prior three fiscal years, provided that, among other things, any reimbursement made to the Adviser would not cause Total Annual Fund Operating Expenses of the Argentina Fund to exceed 0.59% during the period in which it is paid and the Board had approved such reimbursement to the Adviser. Although the Board voted on December 19, 2017 to permanently reduce the Argentina Fund’s fees to 0.59% and end the expense limitation agreement as of March 1, 2018, prior waived or reimbursed fees are still subject to recoupment. As of October 31, 2020, the amounts of waivers/reimbursements subject to recoupment for the Argentina Fund were $105,611 (expiring 2021). As of October 31, 2020, there had been no recoupment of previously waived and reimbursed fees.

***Effective August 1, 2017, Horizons ETFs Management (US) LLC (the “Predecessor Adviser”), contractually agreed to waive a portion of its management fee, which was 0.45% of the average daily net assets of the Predecessor Fund, and/or reimburse fees or expenses to 0.20% of the average daily net assets until July 31, 2019. The Board approved an Expense Limitation Agreement whereby the Adviser, effective as of the Reorganization, contractually agreed to reimburse or waive fees and/or limit the Germany Fund’s expenses to the extent necessary to assure that operating expenses (exclusive of taxes, brokerage fees, commissions and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) will not exceed 0.20% of the Germany Fund’s average daily net assets per year until at least March 1, 2021.

SEI Investments Global Funds Services (“SEIGFS”) serves as sub-administrator to the Funds. As sub-administrator, SEIGFS provides the Funds with the required general administrative services, including, without limitation: office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and assistance with the preparation and filing of reports, registration statements, proxy statements and other materials required to be filed or furnished by the Funds under federal and state securities laws. As

211

	Notes to Financial Statements (continued)
	October 31, 2020

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

compensation for these services, SEIGFS receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser.

SEI Investments Distribution Co. (“SIDCO”) serves as each Fund’s underwriter and distributor of Creation Units pursuant to a Distribution Agreement. SIDCO has no obligation to sell any specific quantity of Fund Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (i) the costs of processing and maintaining records of creations of Creation Units; (ii) all costs of maintaining the records required of a registered broker/dealer; (iii) the expenses of maintaining its registration or qualification as a dealer or broker under Federal or state laws; (iv) filing fees; and (v) all other expenses incurred in connection with the distribution services as contemplated in the Distribution Agreement. SIDCO receives no fee for its distribution services under the Distribution Agreement, rather the Adviser compensates SIDCO for certain expenses, out-of-pocket costs, and transaction fees.

BBH serves as transfer agent and Custodian of the Funds’ assets. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Fund, (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees. As transfer agent, BBH has agreed to (1) issue and redeem shares of each Fund, (2) make dividend and other distributions to shareholders of each Fund, (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts, and (5) make periodic reports to the Funds. As compensation for these services, BBH receives certain out of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

212

	Notes to Financial Statements (continued)
	October 31, 2020

4. INVESTMENT TRANSACTIONS

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

	Purchases		Sales and Maturities
Global X MSCI China Energy ETF	$	1,011,100	$	533,991
Global X MSCI China Materials ETF		619,590		942,337
Global X MSCI China Industrials ETF		381,766		381,825
Global X MSCI China Consumer Discretionary ETF		144,383,255		61,725,461
Global X MSCI China Consumer Staples ETF		18,791,600		3,569,279
Global X MSCI China Health Care ETF		9,454,956		1,920,561
Global X MSCI China Financials ETF		24,268,531		9,653,822
Global X MSCI China Information Technology ETF		21,333,297		3,166,950
Global X MSCI China Communication Services ETF		5,237,959		7,400,400
Global X MSCI China Utilities ETF		522,828		521,517
Global X MSCI China Real Estate ETF		13,510,049		1,804,904
Global X MSCI China Large-Cap 50 ETF		1,897,495		634,492
Global X MSCI Greece ETF		57,011,372		57,422,240
Global X MSCI Norway ETF		4,787,306		4,054,533
Global X DAX Germany ETF		2,601,240		2,068,699
Global X MSCI Portugal ETF		4,342,700		4,350,406
Global X MSCI Colombia ETF		10,317,502		17,463,170
Global X MSCI Argentina ETF		25,199,180		27,425,539
Global X MSCI Pakistan ETF		21,871,586		27,838,422
Global X MSCI Nigeria ETF		11,151,055		6,404,111
Global X MSCI Next Emerging & Frontier ETF		4,808,983		5,221,103
Global X FTSE Nordic Region ETF		1,272,125		910,566
Global X FTSE Southeast Asia ETF		1,721,566		1,342,756

During the year ended October 31, 2020, there were no purchases or sales of long-term U.S. Government securities for the Funds.

213

	Notes to Financial Statements (continued)
	October 31, 2020

4. INVESTMENT TRANSACTIONS (continued)

For the year ended October 31, 2020, in-kind transactions associated with creations and redemptions were:

	Purchases		Sales and Maturities		Realized Gain/(Loss)
Global X MSCI China Materials ETF	$	–	$	503,499	$	9,330
Global X MSCI China Consumer Discretionary ETF		95,439,580		40,246,660		11,569,839
Global X MSCI China Consumer Staples ETF		–		2,359,647		217,114
Global X MSCI China Health Care ETF		325,187		1,431,871		477,251
Global X MSCI China Financials ETF		125,640		21,519,835		(3,087,371	)
Global X MSCI China Information Technology ETF		861,404		3,622,313		435,527
Global X MSCI China Communication Services ETF		–		4,752,664		269,368
Global X MSCI China Real Estate ETF		–		5,348,336		295,031
Global X MSCI China Large-Cap 50 ETF		522,801		–		–
Global X MSCI Greece ETF		6,806,665		117,213,745		(23,705,917	)
Global X MSCI Norway ETF		12,518,174		49,771,316		(7,419,655	)
Global X DAX Germany ETF		16,196,555		6,537,418		1,372,275
Global X MSCI Portugal ETF		–		5,751,994		404,886
Global X MSCI Colombia ETF		–		4,250,418		(373,292	)
Global X MSCI Argentina ETF		11,622,517		32,767,167		4,759,481
Global X MSCI Next Emerging & Frontier ETF		333,226		625,784		(171,539	)
Global X FTSE Nordic Region ETF		5,918,400		1,111,825		289,941
Global X FTSE Southeast Asia ETF		2,093,095		460,399		(11,727	)

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

	Purchases		Sales and Maturities		Realized Gain/(Loss)
Global X MSCI China Energy ETF	$	–	$	849,880	$	(49,384	)
Global X MSCI China Consumer Discretionary ETF		14,227,232		21,430,344		1,136,331
Global X MSCI China Consumer Staples ETF		644,217		733,187		127,698
Global X MSCI China Health Care ETF		688,666		767,285		94,400
Global X MSCI China Financials ETF		4,496,360		35,637,848		(2,187,542	)
Global X MSCI China Information Technology ETF		1,912,081		1,351,005		127,520
Global X MSCI China Communication Services ETF		2,928,502		6,119,465		1,537,083
Global X MSCI China Large-Cap 50 ETF		1,184,305		1,230,981		114,167
Global X MSCI Greece ETF		121,989,870		114,890,905		18,314,024
Global X MSCI Norway ETF		28,402,701		92,279,600		3,925,448
Global X DAX Germany ETF		–		1,308,110		57,684
Global X MSCI Portugal ETF		5,525,084		7,024,100		448,381
Global X MSCI Colombia ETF		2,630,689		9,119,282		2,450,328
Global X MSCI Argentina ETF		22,008,833		40,005,941		4,436,996
Global X MSCI Next Emerging & Frontier ETF		2,917,400		–		–
Global X FTSE Nordic Region ETF		–		7,264,558		(17,968	)
Global X FTSE Southeast Asia ETF		6,485,264		–		–

214

	Notes to Financial Statements (continued)
	October 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 following differences, primarily attributable to redemptions in-kind, sales of passive foreign investment companies, and foreign currency, have been reclassified to/from the following accounts during the fiscal period ended October 31, 2020:

Global X Funds	Paid-in Capital			Distributable Earnings (Loss)
Global X MSCI China Materials ETF	$	(1,285	)	$	1,285
Global X MSCI China Consumer Discretionary ETF		10,240,098			(10,240,098	)
Global X MSCI China Consumer Staples ETF		217,114			(217,114	)
Global X MSCI China Health Care ETF		477,164			(477,164	)
Global X MSCI China Financials ETF		(3,200,235	)		3,200,235
Global X MSCI China Information Technology ETF		418,024			(418,024	)
Global X MSCI China Communication Services ETF		(101,874	)		101,874
Global X MSCI China Real Estate ETF		294,949			(294,949	)
Global X MSCI Greece ETF		(37,648,089	)		37,648,089
Global X MSCI Norway ETF		(7,997,310	)		7,997,310
Global X DAX Germany ETF		1,312,322			(1,312,322	)
Global X MSCI Portugal ETF		216,501			(216,501	)
Global X MSCI Colombia ETF		(940,451	)		940,451
Global X MSCI Argentina ETF		4,461,901			(4,461,901	)
Global X MSCI Next Emerging & Frontier ETF		(190,909	)		190,909
Global X FTSE Nordic Region ETF		273,092			(273,092	)
Global X FTSE Southeast Asia ETF		(22,174	)		22,174

The tax character of dividends and distributions declared during the periods ended October 31, 2020 and 2019 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X MSCI China Energy ETF
2020	$	68,891	$	–	$	–	$	68,891
2019		123,563		–		–		123,563
Global X MSCI China Materials ETF
2020	$	57,446	$	–	$	–	$	57,446
2019		149,448		–		–		149,448

215

	Notes to Financial Statements (continued)
	October 31, 2020

5. TAX INFORMATION (continued)

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X MSCI China Industrials ETF
2020	$	31,434	$	–	$	–	$	31,434
2019		67,864		–		–		67,864
Global X MSCI China Consumer Discretionary ETF
2020	$	1,388,311	$	–	$	–	$	1,388,311
2019		3,541,990		–		–		3,541,990
Global X MSCI China Consumer Staples ETF
2020	$	136,194	$	255	$	–	$	136,449
2019		13,493		–		–		13,493
Global X MSCI China Health Care ETF
2020	$	16,313	$	–	$	–	$	16,313
2019		2,880		–		–		2,880
Global X MSCI China Financials ETF
2020	$	1,795,211	$	–	$	–	$	1,795,211
2019		2,438,433		–		–		2,438,433
Global X MSCI China Information Technology ETF
2020	$	53,606	$	–	$	–	$	53,606
2019		12,360		–		–		12,360
Global X MSCI China Communication Services ETF
2020	$	133,251	$	–	$	–	$	133,251
2019		115,344		–		–		115,344
Global X MSCI China Utilities ETF
2020	$	40,333	$	–	$	–	$	40,333
2019		12,312		–		–		12,312
Global X MSCI China Real Estate ETF
2020	$	171,559	$	–	$	–	$	171,559
2019		26,242		–		–		26,242
Global X MSCI China Large-Cap 50 ETF
2020	$	45,697	$	–	$	–	$	45,697
2019		21,830		–		–		21,830
Global X MSCI Greece ETF
2020	$	6,932,583	$	–	$	–	$	6,932,583
2019		7,386,717		–		–		7,386,717
Global X MSCI Norway ETF
2020	$	1,003,442	$	–	$	–	$	1,003,442
2019		6,822,589		–		–		6,822,589
Global X DAX Germany ETF
2020	$	221,929	$	–	$	–	$	221,929
2019		666,693		10,877		–		677,570
Global X MSCI Portugal ETF
2020	$	491,011	$	–	$	–	$	491,011
2019		1,885,103		–		–		1,885,103
Global X MSCI Colombia ETF
2020	$	1,868,308	$	–	$	–	$	1,868,308
2019		3,425,053		–		–		3,425,053

216

	Notes to Financial Statements (continued)
	October 31, 2020

5. TAX INFORMATION (continued)

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X MSCI Argentina ETF
2020	$	231,396	$	–	$	–	$	231,396
2019		1,862,692		–		–		1,862,692
Global X MSCI Pakistan ETF
2020	$	1,334,151	$	–	$	–	$	1,334,151
2019		2,425,569		–		–		2,425,569
Global X MSCI Nigeria ETF
2020	$	235,024	$	–	$	–	$	235,024
2019		3,827,441		–		–		3,827,441
Global X MSCI Next Emerging & Frontier ETF
2020	$	425,178	$	–	$	–	$	425,178
2019		725,137		–		–		725,137
Global X FTSE Nordic Region ETF
2020	$	123,078	$	–	$	–	$	123,078
2019		946,666		–		410,291		1,356,957
Global X FTSE Southeast Asia ETF
2020	$	646,024	$	–	$	–	$	646,024
2019		911,494		–		–		911,494

As of October 31, 2020, the components of tax basis distributable earnings (accumulated losses) were as follows:

	Global X Funds
	Global X MSCI China Energy ETF			Global X MSCI China Materials ETF			Global X MSCI China Industrials ETF
Undistributed Ordinary Income	$	40,350		$	19,980		$	19,074
Capital Loss Carryforwards		(1,668,732	)		(2,067,049	)		(2,797,414	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(603,911	)		47,609			(249,541	)
Other Temporary Differences		(3	)		1			(6	)
Total Accumulated Losses	$	(2,232,296	)	$	(1,999,459	)	$	(3,027,887	)

	Global X Funds
	Global X MSCI China Consumer Discretionary ETF			Global X MSCI China Consumer Staples ETF		Global X MSCI China Health Care ETF
Undistributed Ordinary Income	$	380,746		$	78,878	$	7,700
Capital Loss Carryforwards		(74,894,661	)		–		(2,145	)
Unrealized Appreciation on Investments and Foreign Currency		93,213,747			2,563,484		1,327,713
Other Temporary Differences		(9	)		2		2
Total Distributable Earnings	$	18,699,823		$	2,642,364	$	1,333,270

217

	Notes to Financial Statements (continued)
	October 31, 2020

5. TAX INFORMATION (continued)

	Global X Funds
	Global X MSCI China Financials ETF			Global X MSCI China Information Technology ETF		Global X MSCI China Communication Services ETF
Undistributed Ordinary Income	$	1,091,406		$	151,593	$	201,302
Undistributed Long-Term Capital Gain		–			11,323		–
Capital Loss Carryforwards		(5,743,192	)		–		(5,437,252	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(8,569,328	)		3,059,771		(379,057	)
Other Temporary Differences		(3	)		–		2
Total Distributable Earnings (Accumulated Losses)	$	(13,221,117	)	$	3,222,687	$	(5,615,005	)

	Global X Funds
	Global X MSCI China Utilities ETF			Global X MSCI China Real Estate ETF			Global X MSCI China Large-Cap 50 ETF
Undistributed Ordinary Income	$	24,987		$	210,764		$	36,387
Capital Loss Carryforwards		(47,164	)		(99,233	)		(79,514	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(110,099	)		(822,196	)		950,856
Other Temporary Differences		2			1			–
Total Distributable Earnings (Accumulated Losses)	$	(132,274	)	$	(710,664	)	$	907,729

	Global X Funds
	Global X MSCI Greece ETF			Global X MSCI Norway ETF			Global X DAX Germany ETF
Undistributed Ordinary Income	$	2,897,219		$	194,675		$	417,979
Capital Loss Carryforwards		(161,240,577	)		(35,010,331	)		(1,754,293	)
Unrealized Depreciation on Investments and Foreign Currency		(133,333,642	)		(14,016,289	)		(4,132,644	)
Other Temporary Differences		(17	)		(14	)		–
Total Accumulated Losses	$	(291,677,017	)	$	(48,831,959	)	$	(5,468,958	)

	Global X Funds
	Global X MSCI Portugal ETF			Global X MSCI Colombia ETF			Global X MSCI Argentina ETF
Undistributed Ordinary Income	$	64,939		$	674,782		$	–
Capital Loss Carryforwards		(13,171,877	)		(84,678,101	)		(20,640,114	)
Unrealized Depreciation on Investments and Foreign Currency		(9,074,748	)		(22,493,582	)		(28,996,246	)
Late Year Loss Deferral		–			–			(4,715	)
Other Temporary Differences		–			(1	)		(3	)
Total Accumulated Losses	$	(22,181,686	)	$	(106,496,902	)	$	(49,641,078	)

218

	Notes to Financial Statements (continued)
	October 31, 2020

5. TAX INFORMATION (continued)

	Global X Funds
	Global X MSCI Pakistan ETF			Global X MSCI Nigeria ETF			Global X MSCI Next Emerging & Frontier ETF
Undistributed Ordinary Income	$	287,332		$	2,258,506		$	207,771
Capital Loss Carryforwards		(33,733,889	)		(23,600,101	)		(24,845,859	)
Unrealized Depreciation on Investments and Foreign Currency		(7,052,485	)		(8,124,761	)		(2,187,103	)
Other Temporary Differences		(4	)		(5	)		–
Total Accumulated Losses	$	(40,499,046	)	$	(29,466,361	)	$	(26,825,191	)

	Global X Funds
	Global X FTSE Nordic Region ETF			Global X FTSE Southeast Asia ETF
Undistributed Ordinary Income	$	160,794		$	185,783
Capital Loss Carryforwards		(4,780,636	)		(6,356,641	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		279,173			(6,831,837	)
Other Temporary Differences		(1	)		(1	)
Total Accumulated Losses	$	(4,340,670	)	$	(13,002,696	)

219

	Notes to Financial Statements (continued)
	October 31, 2020

5. TAX INFORMATION (continued)

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

	Short-Term Loss		Long-Term Loss		Total
Global X MSCI China Energy ETF	$	306,632	$	1,362,100	$	1,668,732
Global X MSCI China Materials ETF		154,741		1,912,308		2,067,049
Global X MSCI China Industrials ETF		406,049		2,391,365		2,797,414
Global X MSCI China Consumer Discretionary ETF		23,289,728		51,604,933		74,894,661
Global X MSCI China Health Care ETF		–		2,145		2,145
Global X MSCI China Financials ETF		4,791,338		951,854		5,743,192
Global X MSCI China Communication Services ETF		3,702,393		1,734,859		5,437,252
Global X MSCI China Utilities ETF		5,007		42,157		47,164
Global X MSCI China Real Estate ETF		89,342		9,891		99,233
Global X MSCI China Large-Cap 50 ETF		25,430		54,084		79,514
Global X MSCI Greece ETF		73,787,487		87,453,090		161,240,577
Global X MSCI Norway ETF		9,144,185		25,866,146		35,010,331
Global X DAX Germany ETF		694,159		1,060,134		1,754,293
Global X MSCI Portugal ETF		3,551,982		9,619,895		13,171,877
Global X MSCI Colombia ETF		24,852,439		59,825,662		84,678,101
Global X MSCI Argentina ETF		3,431,689		17,208,425		20,640,114
Global X MSCI Pakistan ETF		1,263,376		32,470,513		33,733,889
Global X MSCI Nigeria ETF		6,714,611		16,885,490		23,600,101
Global X MSCI Next Emerging & Frontier ETF		6,113,114		18,732,745		24,845,859
Global X FTSE Nordic Region ETF		1,410,682		3,369,954		4,780,636
Global X FTSE Southeast Asia ETF		2,176,933		4,179,708		6,356,641

During the year ended October 31, 2020 the following funds utilized capital loss carryforwards to offset capital gains amounting to:

	Short-Term Loss		Long-Term Loss		Total
Global X MSCI China Industrials ETF	$	657	$	–	$	657
Global X MSCI Portugal ETF		19,310		–		19,310
Global X MSCI Pakistan ETF		22,513		–		22,513
Global X FTSE Nordic Region ETF		36,039		–		36,039

220

	Notes to Financial Statements (continued)
	October 31, 2020

5. TAX INFORMATION (continued)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 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 MSCI China Energy ETF	$	2,161,143	$	22,419	$	(626,330	)	$	(603,911	)
Global X MSCI China Materials ETF		1,770,007		424,390		(376,781	)		47,609
Global X MSCI China Industrials ETF		2,262,458		436,245		(685,786	)		(249,541	)
Global X MSCI China Consumer Discretionary ETF		307,821,996		106,456,656		(13,242,909	)		93,213,747
Global X MSCI China Consumer Staples ETF		14,815,521		3,106,246		(542,762	)		2,563,484
Global X MSCI China Health Care ETF		9,324,660		1,988,773		(661,060	)		1,327,713
Global X MSCI China Financials ETF		56,439,274		1,413,984		(9,983,312	)		(8,569,328	)
Global X MSCI China Information Technology ETF		17,733,804		4,068,332		(1,008,561	)		3,059,771
Global X MSCI China Communication Services ETF		17,630,343		3,246,447		(3,625,504	)		(379,057	)
Global X MSCI China Utilities ETF		1,476,020		89,144		(199,243	)		(110,099	)
Global X MSCI China Real Estate ETF		8,090,780		341,466		(1,163,662	)		(822,196	)
Global X MSCI China Large-Cap 50 ETF		4,362,534		1,205,826		(254,970	)		950,856
Global X MSCI Greece ETF		245,804,744		7,276,522		(140,610,164	)		(133,333,642	)
Global X MSCI Norway ETF		47,709,145		1,250,957		(15,267,246	)		(14,016,289	)
Global X DAX Germany ETF		28,065,860		1,008,218		(5,140,862	)		(4,132,644	)
Global X MSCI Portugal ETF		25,332,659		1,070,326		(10,145,074	)		(9,074,748	)
Global X MSCI Colombia ETF		59,317,225		1,637,087		(24,130,669	)		(22,493,582	)
Global X MSCI Argentina ETF		73,624,528		10,096,834		(39,093,080	)		(28,996,246	)
Global X MSCI Pakistan ETF		43,580,129		3,065,034		(10,117,519	)		(7,052,485	)
Global X MSCI Nigeria ETF		49,825,496		4,939,929		(13,064,692	)		(8,124,763	)
Global X MSCI Next Emerging & Frontier ETF		16,153,708		832,617		(3,019,720	)		(2,187,103	)
Global X FTSE Nordic Region ETF		23,579,258		4,295,305		(4,016,132	)		279,173
Global X FTSE Southeast Asia ETF		27,784,312		269,933		(7,101,770	)		(6,831,837	)

The preceding differences between book and tax cost are primarily due to mark to market treatment of passive foreign investment companies and wash sales.

6. CONCENTRATION OF RISKS

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

The securities markets of emerging market countries are less liquid and subject to greater price volatility, and have a smaller market capitalization than the U.S. securities markets.

221

	Notes to Financial Statements (continued)
	October 31, 2020

6. CONCENTRATION OF RISKS (continued)

In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issuers or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations or issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging market country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers.

Substantially less information may be publicly available about emerging market country issuers than is available about issuers in the United States.

The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income, gains earned or gains repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.

The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the underlying index in approximately the same proportions as the underlying index. Each Fund may utilize a representative sampling strategy with respect to its underlying index when a replication strategy might be detrimental to its shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its underlying index, or, in certain instances, when securities in the underlying index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to a Fund but not the underlying indexes).

Certain Funds may invest in commodity related securities, which are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a great impact on those securities.

The London Interbank Offered Rate, or “LIBOR,” the offered rate for short-term Eurodollar deposits between major international banks, is used extensively in the United States and globally as a reference rate in various financing and commercial transactions. Plans are underway to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the financial markets generally, transactions that use LIBOR as a reference rate and financial institutions that engage in such transactions, including issuers of securities in which a Fund may invest. As such, the potential effect of a transition away from LIBOR on a Fund investments cannot yet be determined.

Economic conditions, such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior warning, lead to foreign government intervention (including intervention by the U.S. government with respect to

222

	Notes to Financial Statements (continued)
	October 31, 2020

6. CONCENTRATION OF RISKS (continued)

foreign governments, economic sectors, foreign companies and related securities and interests) and the imposition of capital controls (i.e., government measures designed to limit the flow of foreign capital in and out of the domestic economy) and/or sanctions, which may also include retaliatory actions of one government against another government, such as seizure of assets. Capital controls and/or sanctions include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. Capital controls and/or sanctions may also impact the ability of a Fund to buy, sell or otherwise transfer securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for shares of a Fund, and cause a Fund to decline in value.

Recently the U.S. imposed economic sanctions, which take effect on January 11, 2021, on certain Chinese companies with ties to the Chinese military. These sanctions may result in the decline of the value and liquidity of these securities and may impair the ability of a Fund to buy, sell, receive or deliver those impacted securities, which may have a negative impact on the Fund’s investments. In addition, the Fund’s index providers may reconstitute the Fund’s underlying index to exclude the sanctioned securities, which could result in increased portfolio turnover and higher transactions costs.

Please refer to each Fund’s prospectus and statement of additional information (“SAI”) for a more complete description of risks.

7. LOANS OF PORTFOLIO SECURITIES

The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Security loans made pursuant to a securities lending agreement with BBH are initially required to be secured by collateral equal to at least 102% of the value of domestic equity securities and ADRs and 105% of the value of foreign equity securities (other than ADRs). Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements, short-term investments or U.S. Treasury obligations and is recognized in the Schedules of Investments and Statements of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statements of Assets and Liabilities. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.

Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. In the event the borrower may not provide additional collateral when required or may not return the

223

	Notes to Financial Statements (continued)
	October 31, 2020

7. LOANS OF PORTFOLIO SECURITIES (continued)

securities when due, the security lending agency agreement requires the lending agent to indemnify the Funds by replacing either the security or the security’s current market value to the Funds. The Funds could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested.

As of October 31, 2020, the value of the securities on loan was $7,359,469, $166,956, $277,760, $3,532,659, $144,944, $530,714, $2,775,925, $5,901,951 and $256,430 for the Global X China Consumer Discretionary ETF, Global X China Financials ETF, Global X China Communication Services ETF, Global X MSCI Greece ETF, Global X MSCI Norway ETF, Global X MSCI Portugal ETF, Global X MSCI Colombia ETF, Global X MSCI Argentina ETF, and Global X FTSE Nordic Region ETF, respectively. The cash collateral received from securities on loan was $7,938,349, $176,011, $278,380, $3,726,527, $152,381, $3,084,626, $2,773,082, $6,234,546 and $268,257 for the Global X China Consumer Discretionary ETF, Global X China Financials ETF, Global X China Communication Services ETF, Global X MSCI Greece ETF, Global X MSCI Norway ETF, Global X MSCI Portugal ETF, Global X MSCI Colombia ETF, Global X MSCI Argentina ETF, and Global X FTSE Nordic Region ETF, respectively.

At October 31, 2020, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X MSCI China Consumer Discretionary ETF
Barclays Capital	$	69,521	$	73,150
BofA Securities, Inc.		267,736		289,710
Goldman Sachs		3,482,467		3,684,850
JPMorgan		1,117,100		1,185,147
Morgan Stanley and Co.		2,257,990		2,531,218
Natl Financial Services Group		164,655		174,274
Global X China Financials ETF
JPMorgan		166,956		176,011
Global X MSCI China Communication Services ETF
UBS Securities LLC		277,760		278,380	⁽¹⁾

224

	Notes to Financial Statements (continued)
	October 31, 2020

7. LOANS OF PORTFOLIO SECURITIES (continued)

	Market Value		Cash Collateral
Global X MSCI Greece ETF
Barclays Capital		910,378		987,950
BofA Securities, Inc.		6,057		6,475
Citigroup		31,080		32,000
JPMorgan		209,195		240,250
Morgan Stanley and Co.		114,219		117,600
UBS AG London Branch		2,261,730		2,342,252
Global X MSCI Norway ETF
BofA Securities, Inc.		5,021		5,551
Credit Suisse		59,446		63,345
Morgan Stanley and Co.		80,477		83,485
Global X MSCI Portugal ETF
BofA Securities, Inc.		434,133		2,983,914
JPMorgan		96,581		100,712
Global X MSCI Colombia ETF
Barclays Capital		103,600		103,600	⁽¹⁾
Goldman Sachs		2,629,775		2,626,932	⁽¹⁾
JPMorgan		42,550		42,550	⁽¹⁾
Global X MSCI Argentina ETF
BofA Securities, Inc.		1,548,035		1,612,470
Goldman Sachs		2,687,898		2,914,876
JPMorgan		1,666,018		1,707,200
Global X FTSE Nordic Region ETF
BofA Securities, Inc.		256,430		268,257

⁽¹⁾

It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.

8. CONTRACTUAL OBLIGATIONS

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these contracts is unknown. However, the Funds have not had prior gains or losses pursuant to these contracts.

Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.

225

	Notes to Financial Statements (continued)
	October 31, 2020

8. CONTRACTUAL OBLIGATIONS (continued)

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

9. REVERSE SHARE SPLIT

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

Fund Name		Ratio
Global X MSCI Colombia ETF		1:4
Global X MSCI Greece ETF		1:3
Global X MSCI Pakistan ETF		1:4

Effective March 16, 2017, the Global X MSCI Nigeria ETF executed a 1-for-4 reverse share split for shareholders of record after the close of markets on March 15, 2017. The effect of this transaction was to divide the number of outstanding shares of the Fund by four, resulting in a corresponding increase in the NAV per share. The per share data in the financial highlights for each of the years in the period then ended have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of this transaction.

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820). The new guidance includes additions and modifications to disclosures requirements for fair value measurements. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The adoption of this guidance did not have a material impact on the financial statements.

226

	Notes to Financial Statements (concluded)
	October 31, 2020

11. SUBSEQUENT EVENTS

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

12. OTHER MATTER

The rapid and global spread of a highly contagious novel coronavirus respiratory disease, designated COVID-19, has resulted in extreme volatility in the financial markets and severe losses; reduced liquidity of many instruments; restrictions on international and, in some cases, local travel; significant disruptions to business operations (including business closures); strained healthcare systems; disruptions to supply chains, consumer demand and employee availability; and widespread uncertainty regarding the duration and long-term effects of this pandemic. Some sectors of the economy and individual issuers have experienced particularly large losses. In addition, the COVID-19 pandemic may result in a sustained economic downturn or a global recession, domestic and foreign political and social instability, damage to diplomatic and international trade relations and increased volatility and/or decreased liquidity in the securities markets. The COVID-19 pandemic could adversely affect the value and liquidity of the Funds’ investments and negatively impact Fund performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to the Funds by their service providers.

227

	Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of each of the twenty-three funds listed in the table below.

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (twenty-three of the funds constituting the Global X Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Global X MSCI Colombia ETF (1)	Global X MSCI Portugal ETF (1)
Global X MSCI Norway ETF (1)	Global X MSCI Pakistan ETF (1)
Global X MSCI China Industrials ETF (1)	Global X FTSE Southeast Asia ETF (1)
Global X FTSE Nordic Region ETF (1)	Global X MSCI Nigeria ETF (1)
Global X MSCI China Consumer Discretionary ETF (1)	Global X DAX Germany ETF (1)
Global X MSCI China Energy ETF (1)	Global X MSCI China Consumer Staples ETF (2)
Global X MSCI China Financials ETF (1)	Global X MSCI China Health Care ETF (2)
Global X MSCI China Communication Services ETF (1)	Global X MSCI China Information Technology ETF (2)
Global X MSCI China Materials ETF (1)	Global X MSCI China Real Estate ETF (2)
Global X MSCI Argentina ETF (1)	Global X MSCI China Utilities ETF (2)
Global X MSCI Greece ETF (1)	Global X MSCI China Large-Cap 50 ETF (2)
Global X MSCI Next Emerging & Frontier ETF (1)
(1) The statements of changes in net assets for each of the two years in the period ended October 31, 2020. (2) The statements of changes in net assets for the year ended October 31, 2020 and the period December 7, 2018 (date of commencement) through October 31, 2019.

The financial statements of the Global X DAX Germany ETF as of and for the year ended October 31, 2018 and the financial highlights for each of the periods ended on or prior to October 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 28, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

228

	Report of Independent Registered Public Accounting Firm
	(concluded)

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and brokers: when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 24, 2020

We have served as the auditor of one or more investment companies in the Global X Funds since 2016.

229

	Disclosure of Fund Expenses (unaudited)

ETFs such as the Funds have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, brokerage fees, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for brokerage fees incurred in the purchase or sale of share of the Fund on the secondary market.

Operating expenses such as these are deducted from an ETF’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from May 1, 2020 through October 31, 2020.

The table on the next page illustrates the Funds’ costs in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses that a Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

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 a Fund’s costs with those of other funds. It assumes that the Funds had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

230

	Disclosure of Fund Expenses (unaudited) (continued)

	Beginning Account Value 5/1/2020		Ending Account Value 10/31/2020		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X MSCI China Energy ETF
Actual Fund Return	$	1,000.00	$	1,135.80		0.65	%	$	3.49
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.30

Global X MSCI China Materials ETF
Actual Fund Return	$	1,000.00	$	1,209.10		0.65	%	$	3.61
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.30

Global X MSCI China Industrials ETF
Actual Fund Return	$	1,000.00	$	1,051.50		0.65	%	$	3.35
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.30

Global X MSCI China Consumer Discretionary ETF
Actual Fund Return	$	1,000.00	$	1,676.60		0.65	%	$	4.37
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.30

Global X MSCI China Consumer Staples ETF
Actual Fund Return	$	1,000.00	$	1,286.10		0.65	%	$	3.74
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.30

Global X MSCI China Health Care ETF
Actual Fund Return	$	1,000.00	$	1,213.10		0.65	%	$	3.62
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.30

Global X MSCI China Financials ETF
Actual Fund Return	$	1,000.00	$	1,005.10		0.66	%	$	3.33
Hypothetical 5% Return		1,000.00		1,021.82		0.66			3.35

Global X MSCI China Information Technology ETF
Actual Fund Return	$	1,000.00	$	1,430.00		0.65	%	$	3.97
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.30

Global X MSCI China Communication Services ETF
Actual Fund Return	$	1,000.00	$	1,135.80		0.65	%	$	3.49
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.30

Global X MSCI China Utilities ETF
Actual Fund Return	$	1,000.00	$	1,002.60		0.66	%	$	3.32
Hypothetical 5% Return		1,000.00		1,021.82		0.66			3.35

Global X MSCI China Real Estate ETF
Actual Fund Return	$	1,000.00	$	979.20		0.66	%	$	3.28
Hypothetical 5% Return		1,000.00		1,021.82		0.66			3.35

231

	Disclosure of Fund Expenses (unaudited) (continued)

	Beginning Account Value 5/1/2020		Ending Account Value 10/31/2020		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X MSCI China Large-Cap 50 ETF
Actual Fund Return	$	1,000.00	$	1,277.30		0.29	%	$	1.66
Hypothetical 5% Return		1,000.00		1,023.68		0.29			1.48

Global X MSCI Greece ETF
Actual Fund Return	$	1,000.00	$	941.30		0.58	%	$	2.83
Hypothetical 5% Return		1,000.00		1,022.22		0.58			2.95

Global X MSCI Norway ETF
Actual Fund Return	$	1,000.00	$	1,099.80		0.50	%	$	2.64
Hypothetical 5% Return		1,000.00		1,022.62		0.50			2.54

Global X DAX Germany ETF
Actual Fund Return	$	1,000.00	$	1,127.20		0.21	%	$	1.12
Hypothetical 5% Return		1,000.00		1,024.08		0.21			1.07

Global X MSCI Portugal ETF
Actual Fund Return	$	1,000.00	$	989.00		0.58	%	$	2.90
Hypothetical 5% Return		1,000.00		1,022.22		0.58			2.95

Global X MSCI Colombia ETF
Actual Fund Return	$	1,000.00	$	1,037.90		0.62	%	$	3.18
Hypothetical 5% Return		1,000.00		1,022.02		0.62			3.15

Global X MSCI Argentina ETF
Actual Fund Return	$	1,000.00	$	1,298.90		0.60	%	$	3.47
Hypothetical 5% Return		1,000.00		1,022.12		0.60			3.05

Global X MSCI Pakistan ETF
Actual Fund Return	$	1,000.00	$	1,134.10		1.00	%	$	5.36
Hypothetical 5% Return		1,000.00		1,020.11		1.00			5.08

Global X MSCI Nigeria ETF
Actual Fund Return	$	1,000.00	$	1,420.70		0.90	%	$	5.48
Hypothetical 5% Return		1,000.00		1,020.61		0.90			4.57

Global X MSCI Next Emerging & Frontier ETF
Actual Fund Return	$	1,000.00	$	1,067.60		0.72	%	$	3.74
Hypothetical 5% Return		1,000.00		1,021.52		0.72			3.66

Global X FTSE Nordic Region ETF
Actual Fund Return	$	1,000.00	$	1,188.20		0.51	%	$	2.81
Hypothetical 5% Return		1,000.00		1,022.57		0.51			2.59

232

	Disclosure of Fund Expenses (unaudited) (concluded)

	Beginning Account Value 5/1/2020		Ending Account Value 10/31/2020		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X FTSE Southeast Asia ETF
Actual Fund Return	$	1,000.00	$	984.80		0.65	%	$	3.24
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.30

⁽¹⁾	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

233

	Liquidity Risk Management Program (unaudited)

Pursuant to Rule 22e-4 under the 1940 Act, the 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.

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.

234

	Supplemental Information (unaudited)

NAV is the price per Share at which a Fund issues and redeems Shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a Fund generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of the 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 a Fund will fluctuate with changes in the market value of the Fund’s holdings. The Market Price of a Fund will fluctuate in accordance with changes in 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 a Fund on a given day, generally at the time NAV is calculated. A premium is the amount that a Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a Fund is trading below the reported NAV, expressed as a percentage of the NAV.

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

235

	Trustees and Officers of the Trust (unaudited)

Set forth below are the names, addresses, years of birth, positions with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of Funds in fund complex overseen by the Trustees, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust.

Name, Address (Year of Birth)	Position(s) Held with Trust	Principal Occupation(s) During the Past 5 Years	Number of Funds in Trust Overseen by Trustee	Other Directorships Held by Trustees
Independent Trustees¹
Charles A. Baker 605 Third Avenue, 43rd Floor New York, NY 10158 (1953)	Trustee (since 07/2018)	Chief Executive Officer of Investment Innovations LLC (investment consulting) (since 2013); Managing Director of NYSE Euronext (2003 to 2012).	77²	Trustee of OSI ETF Trust (since 2016).
Susan M. Ciccarone 605 Third Avenue, 43rd Floor New York, NY 10158 (1973)	Trustee (since 9/30/2019)	Partner, Further Global Capital Management (private equity) (since 2017); formerly Chief Operating Officer (2014-2016) and Chief Financial Officer (2012-2016), Emerging Global Advisors, LLC (ETF issuer).	77²	Chairman, Payment Alliance International, Inc. (since 2019); Director, Casa Holdco LP, parent of Celink (since 2018).
Clifford J. Weber 605 Third Avenue, 43rd Floor New York, NY 10158 (1963)	Trustee (since 07/2018)	Owner, Financial Products Consulting Group LLC (consulting services to financial institutions) (since 2015); Formerly, Executive Vice President of Global Index and Exchange-Traded Products, NYSE Market, Inc., a subsidiary of Intercontinental Exchange (ETF/ETP listing exchange) (2013-2015).	77²	Chairman (since 2017) and Trustee (since 2015) of Clough Funds Trust; Chairman and Trustee of Clayton Street Trust (since 2016); Chairman and Trustee of Janus Detroit Street Trust (since 2016); Chairman and Trustee of Elevation ETF Trust (2016-2018); Trustee of Clough Global Equity Fund (since 2017); Trustee of Clough Global Dividend and Income Fund (since 2017); and Trustee of Clough Global Opportunities Fund (since 2017).

236

	Trustees and Officers of the Trust (unaudited) (continued)

The Trust’s SAI includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-493-8631. The following chart lists Trustees and Officers as of October 31, 2020.

Name, Address (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Number of Funds in Trust Overseen by Trustee	Other Directorships Held by Trustees
Interested Trustee / Officers¹
Luis Berruga 605 Third Avenue, 43rd Floor New York, NY 10158 (1977)	Trustee (since 07/2018); President (since 2018)	Chief Executive Officer, GXMC (since 07/2018), Chief Financial Officer (since 2/2014) and Chief Operating Officer (9/2015 - 7/2018); Investment Banker, Jefferies (2012-2014).	77²	None.
Chang Kim 605 Third Avenue, 43rd Floor New York, NY 10158 (1984)	Chief Operating Officer; Treasurer, Principal Accounting Officer; and Chief Financial Officer (since 7/2018)	Chief Operating Officer, GXMC (since 7/2018), Head of Portfolio Management & Portfolio Administration (1/2017-7/2018); and Portfolio Manager (since 9/2009).	N/A	None.
Susan Lively 605 Third Avenue, 43rd Floor New York, NY 10158 (1981)	Secretary (since 9/2020)	General Counsel, GXMC (since 9/2020); Senior Corporate Counsel at Franklin Templeton (previously, Managing Director and Associate General Counsel at Legg Mason & Co., LLC) (2014-2020).	N/A	None.
Eric Griffith³ One Freedom Valley Drive Oaks, PA 19456 (1969)	Assistant Secretary (since 2/2020)	Counsel, SEI Investments (since 10/2019); Vice President and Assistant General Counsel, JPMorgan Chase & Co. (2012-2018).	N/A	None.
Joe Costello 605 Third Avenue, 43rd Floor New York, NY 10158 (1974)	Chief Compliance Officer (since 9/2016)	Chief Compliance Officer, FlexShares Funds (2011-2015); Vice President, Northern Trust Investments (2003 - 2015).	N/A	None.

¹	Each Trustee serves until his or her successor is duly elected or appointed and qualified.
²	As of October 31, 2020, the Trust had eighty-seven investment portfolios, seventy-seven of which were operational.
³	This officer of the Trust also serves as an officer of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor.

237

	Notice to Shareholders (unaudited)

For shareholders that do not have an October 31, 2020 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2020 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2020, the Funds have designated the following items with regard to distributions paid during the year.

	Long- Term Capital Gain Distributions			Return of Capital			Ordinary Income Distributions			Total Distributions			Qualifying for Corporate Dividends Received Deduction⁽¹⁾			Qualifying Dividend Income⁽²⁾
Global X MSCI China Energy ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		94.61	%
Global X MSCI China Materials ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		77.79	%
Global X MSCI China Industrials ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		68.03	%
Global X MSCI China Consumer Discretionary ETF		0.00	%		0.00	%		100.00	%		100.00	%		4.41	%		68.81	%
Global X MSCI China Consumer Staples ETF		0.19	%		99.81	%		100.00	%		100.00	%		0.00	%		22.72	%
Global X MSCI China Health Care ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		50.62	%
Global X MSCI China Financials ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%
Global X MSCI China Information Technology ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		20.05	%
Global X MSCI China Communication Services ETF		0.00	%		0.00	%		100.00	%		100.00	%		39.87	%		66.16	%
Global X MSCI China Utilities ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		46.27	%
Global X MSCI China Real Estate ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		23.15	%
Global X MSCI China Large-Cap 50 ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.78	%		91.08	%
Global X MSCI Greece ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		82.96	%
Global X MSCI Norway ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		53.33	%
Global X DAX Germany ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		74.78	%
Global X MSCI Portugal ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%
Global X MSCI Colombia ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		44.57	%
Global X MSCI Argentina ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		69.97	%
Global X MSCI Pakistan ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%
Global X MSCI Nigeria ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%
Global X Next Emerging & Frontier ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.08	%		51.41	%
Global X FTSE Nordic Region ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		95.56	%
Global X FTSE Southeast Asia ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		51.62	%

238

	Notice to Shareholders (unaudited)

	U.S. Government Interest⁽³⁾			Interest Related Dividends⁽⁴⁾			Short Term Capital Gain Dividends⁽⁵⁾			Foreign Tax Credit
Global X MSCI China Energy ETF		0.00	%		0.05	%		0.00	%		12.71	%
Global X MSCI China Materials ETF		0.00	%		0.07	%		0.00	%		0.00	%
Global X MSCI China Industrials ETF		0.00	%		0.04	%		0.00	%		0.00	%
Global X MSCI China Consumer Discretionary ETF		0.00	%		0.30	%		0.00	%		0.00	%
Global X MSCI China Consumer Staples ETF		0.00	%		0.00	%		100.00	%		0.00	%
Global X MSCI China Health Care ETF		0.00	%		0.00	%		100.00	%		0.00	%
Global X MSCI China Financials ETF		0.00	%		0.17	%		0.00	%		8.10	%
Global X MSCI China Information Technology ETF		0.00	%		0.00	%		100.00	%		0.00	%
Global X MSCI China Communication Services ETF		0.00	%		0.22	%		0.00	%		12.77	%
Global X MSCI China Utilities ETF		0.00	%		0.00	%		100.00	%		0.00	%
Global X MSCI China Real Estate ETF		0.00	%		0.00	%		0.00	%		0.00	%
Global X MSCI China Large-Cap 50 ETF		0.00	%		0.00	%		0.00	%		0.00	%
Global X MSCI China Large-Cap 50 ETF		0.00	%		0.07	%		0.00	%		3.87	%
Global X MSCI Norway ETF		0.00	%		0.05	%		0.00	%		12.49	%
Global X DAX Germany ETF		0.00	%		0.00	%		0.00	%		22.95	%
Global X MSCI Portugal ETF		0.06	%		0.06	%		0.00	%		14.32	%
Global X MSCI Colombia ETF		0.00	%		0.05	%		0.00	%		8.15	%
Global X MSCI Argentina ETF		0.01	%		0.18	%		0.00	%		0.00	%
Global X MSCI Pakistan ETF		0.00	%		0.05	%		0.00	%		17.69	%
Global X MSCI Nigeria ETF		0.01	%		0.04	%		0.00	%		48.84	%
Global X Next Emerging & Frontier ETF		0.00	%		0.07	%		0.00	%		7.23	%
Global X FTSE Nordic Region ETF		0.00	%		0.10	%		0.00	%		0.00	%
Global X FTSE Southeast Asia ETF		0.00	%		0.05	%		0.00	%		6.72	%

239

	Notice to Shareholders (unaudited)

⁽¹⁾	Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary Income distributions (the total of short term capital gain and net investment income distributions).
⁽²⁾	The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Relief Reconciliation Act of 2003 and its reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.
⁽³⁾	‘‘U.S. Government Interest’’ represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.
⁽⁴⁾	The percentage in this column represents the amount of “Interest Related Dividends” is reflected as a percentage of ordinary income distribution. Interest related dividends is exempt from U.S. withholding tax when paid to foreign investors.
⁽⁵⁾	The percentage of this column represents the amount of “Short Term Capital Gain Dividend” is reflected as a percentage of short term capital gain distribution that is exempted from U.S. withholding tax when paid to foreign investors.

240

	Notice to Shareholders (unaudited)

Certain Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended October 31, 2020, the total amount of foreign source income and foreign tax credit are as follows:

Fund Name	Foreign Source Income		Foreign Tax Credit Pass Through
Global X MSCI China Energy ETF	$	90,571	$	10,030
Global X MSCI China Financials ETF		1,337,228		158,210
Global X MSCI China Communication Services ETF		192,047		19,513
Global X MSCI Greece ETF		5,033,798		279,354
Global X MSCI Norway ETF		1,004,359		143,283
Global X Dax Germany ETF		704,574		66,111
Global X MSCI Portugal ETF		470,782		82,063
Global X MSCI Colombia ETF		2,100,792		165,838
Global X MSCI Pakistan ETF		1,315,236		286,642
Global X MSCI Nigeria ETF		2,569,815		224,363
Global X MSCI Next Emerging & Frontier ETF		406,200		33,122
Global X FTSE Southeast Asia ETF		666,686		46,542

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2020. Complete information will be computed and reported in conjunction with your 2020 Form 1099-DIV.

241

	Notes

242

	Notes

243

	Notes

244

605 Third Avenue, 43^rd floor

New York, NY 10158

1-888-493-8631

www.globalxetfs.com

Investment Adviser and Administrator:

Global X Management Company LLC

605 Third Avenue, 43^rd floor

New York, NY 10158

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

Stradley Ronon Stevens & Young, LLP

2000 K Street, N.W.

Suite 700

Washington, DC 20006

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

GLX-AR-002-1000

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

Item 3 Audit Committee Financial Expert.

(a)(1) The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The audit committee financial experts are Charles A. Baker and Susan M. Ciccarone and each is independent as defined in Form N-CSR Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

Fees billed by Pricewaterhouse Coopers LLP (“PwC”) relate to the registrant.

PWC billed the registrant aggregate fees for services rendered to the registrant for the last two fiscal years as follows:

		2020			2019
		All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees	$1,056,304	$0	$0	$915,763	$0	$0
(b)	Audit-Related Fees	$0	$0	$0	$0	$0	$0
(c)	Tax Fees	$330,942	$0	$0	$285,396	$0	$0
(d)	All Other Fees	$0	$0	$0	$0	$0	$0

(e)(1) Not applicable.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (PwC):

	2020	2019
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by PwC for the last two fiscal years were $330,942 and $285,396, respectively.

(h) During the past fiscal year, all non-audit services provided by registrant’s principal accountant to either registrant’s investment adviser or to any entity controlling, controlled by, or under common control with registrant’s investment adviser that provides ongoing services to registrant were pre-approved by the audit committee of registrant’s Board of Trustees. Included in the audit committee’s pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

The Registrant has a separately-designated standing Audit Committee, which is composed of the Registrant's Independent Trustees, Charles A. Baker, Susan M. Ciccarone and Clifford J. Weber.

Item 6. Investments.

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 Investment Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes.

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) Code of Ethics attached hereto.

(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

By (Signature and Title)

/s/ Luis Berruga

Luis Berruga

President

Date: January 8, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

/s/ Luis Berruga

Luis Berruga

President

Date: January 8, 2021

By (Signature and Title)

/s/ John Belanger

John Belanger

Chief Financial Officer

Date: January 8, 2021

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