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 Social Media ETF (ticker: SOCL)

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

Global X E-commerce ETF (ticker: EBIZ)

Global X SuperDividend^® ETF (ticker: SDIV)

Global X SuperDividend^® U.S. ETF (ticker: DIV)

Global X MSCI SuperDividend^® EAFE ETF (ticker: EFAS)

Global X MSCI SuperDividend^® Emerging Markets ETF (ticker: SDEM)

Global X SuperDividend^® REIT ETF (ticker: SRET)

Global X NASDAQ 100^® Covered Call ETF (ticker: QYLD)

Global X S&P 500^® Covered Call ETF (ticker: XYLD)

Global X Russell 2000 Covered Call ETF (ticker: RYLD)

Global X Nasdaq 100 Covered Call & Growth ETF (ticker: QYLG)

Global X S&P 500 Covered Call & Growth ETF (ticker: XYLG)

Global X SuperIncome^™ Preferred ETF (ticker: SPFF)

Global X YieldCo & Renewable Energy Income ETF (ticker: YLCO)

Global X S&P 500^® Catholic Values ETF (ticker: CATH)

Global X S&P Catholic Values Developed ex-U.S. ETF (ticker: CEFA)

Global X Guru^® Index ETF (ticker: GURU)

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 Social Media ETF	51
Global X Lithium & Battery Tech ETF	55
Global X E-commerce ETF	60
Global X SuperDividend® ETF	64
Global X SuperDividend® U.S. ETF	73
Global X MSCI SuperDividend® EAFE ETF	77
Global X MSCI SuperDividend® Emerging Markets ETF	82
Global X SuperDividend® REIT ETF	87
Global X NASDAQ 100® Covered Call ETF	90
Global X S&P 500® Covered Call ETF	96
Global X Russell 2000 Covered Call ETF	114
Global X Nasdaq 100® Covered Call & Growth ETF	116
Global X Global X S&P 500® Covered Call & Growth ETF	122
Global X SuperIncome™ Preferred ETF	140
Global X YieldCo & Renewable Energy Income ETF	146
Global X S&P 500® Catholic Values ETF	151
Global X S&P Catholic Values Developed ex-US ETF	167
Global X Guru® Index ETF	190
Statements of Assets and Liabilities	194
Statements of Operations	199
Statements of Changes in Net Assets	204
Financial Highlights	213
Notes to Financial Statements	227
Report of Independent Registered Public Accounting Firm	252
Disclosure of Fund Expenses	255
Liquidity Risk Management Program	258
Approval of Investment Adivisory Aggreement	259
Supplemental Information	264
Trustees and Officers of the Trust	265
Notice to Shareholders	267

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

Management Discussion of Fund Performance (unaudited)

Global X Social Media ETF

The Global X Social Media ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Social Media Total Return 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 largest and most liquid companies involved in the social media industry, including companies that provide social networking, file sharing, and other web-based media applications, as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 62.75%, while the Underlying Index increased 63.76%. The Fund had a net asset value of $31.92 per share on October 31, 2019 and ended the reporting period with a net asset value of $51.95 per share on October 31, 2020.

During the reporting period, the highest returns came from Bilibili, Inc. and Snap, Inc., which returned 182.90% and 161.55%, respectively. The worst performers were Groupon, Inc. and Momo Inc., which returned -65.13% and -53.77%, respectively.

Over 4.5 billion people use the internet with global internet penetration nearing 60% of the world’s population. With the global COVID-19 pandemic limiting physical, in-person interactions, during the reporting period use of internet services like social media spiked across many demographic segments. So even though the broader global economic climate was challenging during the reporting period, social media stocks performed well.

The social media industry is undergoing revolutionary changes with the introduction of new platforms and the consolidation of existing ones. Rather than focusing on user growth, many established social media platforms now focus on maximizing average revenue per user (ARPU). Advertising represents one avenue for doing so. Advertising spending on social media reached $89 billion in 2019 and continues to grow by double-digit percentage points.

Management Discussion of Fund Performance (unaudited)

Global X Social Media ETF

Increasingly, social media platforms are looking beyond advertising to diversifiy their revenue sources and maintain high growth. One emerging revenue channel is rooted in social commerce, which describes the combination of social media and e-commerce. Providing examples, Facebook Shops, Instagram Shops and now Snapchat enable users to browse and purchase products from a variety of businesses within the social media platform’s app. While just a small source of revenue currently, social commerce is growing quickly and could become a major contributor to top-line growth for the industry.

	AVERAGE 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 Social Media ETF	62.75%	64.07%	17.29%	17.35%	22.32%	22.35%	15.26%	15.30%
Solactive Social Media Total Return Index	63.76%	63.76%	18.01%	18.01%	23.06%	23.06%	15.87%	15.87%
MSCI ACWI (Net)	4.89%	4.89%	5.52%	5.52%	8.11%	8.11%	9.01%	9.01%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on November 14, 2011.

Management Discussion of Fund Performance (unaudited)

Global X Social Media ETF

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

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X Lithium & Battery Tech ETF

The Global X Lithium & Battery Tech ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Lithium 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 broad-based equity market performance of global companies involved in the lithium industry, as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 73.82%, while the Underlying Index increased 73.42%. The Fund had a net asset value of $25.04 per share on October 31, 2019 and ended the reporting period with a net asset value of $42.86 per share on October 31, 2020.

During the reporting period, the highest returns came from Tesla Inc. and BYD Company Ltd., which returned 516.09% and 322.54%, respectively. The worst performers were Nemaska Lithium Inc. and Leclanche SA, which returned -100.00% and -56.23%, respectively.

Despite the challenges facing the global economy in wake of the COVID-19 pandemic, certain industries and themes have been accelerated during the crisis. One that benefited was lithium and battery technology, including lithium miners and battery producers. Lithium is a key raw material for state-of-the-art lithium-ion batteries, of which the biggest sources of demand growth are coming from the increased adoption of electric vehicles and renewable energy. Various governments recently indicated new legislation to mitigate the impact of climate change, including supporting electric mobility and battery storage. In April 2020, China, the world’s largest market for electric cars, announced that it would extend subsidies and tax breaks for new-energy vehicles by two years amid broader efforts to achieve carbon neutrality by 2060. In the U.S., the Democratic Party’s economic policies includes plans to revitalize the country’s infrastructure, including greater support for electric vehicles. The policy tailwinds, as well as a broader market environment starved for long term growth, helped propel the Fund to robust returns during the reporting period.

Management Discussion of Fund Performance (unaudited)

Global X Lithium & Battery Tech 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 Lithium & Battery Tech ETF	73.82%	76.04%	5.89%	6.06%	18.20%	18.22%	4.77%	4.84%
Solactive Global Lithium Index	73.42%	73.42%	5.81%	5.81%	18.28%	18.28%	5.24%	5.24%
MSCI ACWI Index	4.89%	4.89%	5.52%	5.52%	8.11%	8.11%	8.78%	8.78%

Growth of a $10,000 Investment

(at Net Asset Value)

*Fund commenced operations on July 22, 2010.

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

Management Discussion of Fund Performance (unaudited)

Global X Lithium & Battery Tech 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 E-commerce ETF

The Global X E-commerce ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive E-commerce 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 provide exposure to exchange-listed companies that are positioned to benefit from the increased adoption of e-commerce as a distribution model, including but not limited to companies whose principal business is in operating e-commerce platforms, providing e-commerce software and services, and/or selling goods and services online (collectively, “E-commerce Companies”), as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 52.67%, while the Underlying Index increased 53.22%. The Fund had a net asset value of $17.58 per share on October 31, 2019 and ended the reporting period with a net asset value of $26.79 per share on October 31, 2020.

During the reporting period, the highest returns came from Overstock.com, Inc. and Wayfair, Inc., which returned 442.97% and 201.63%, respectively. The worst performers were Uxin Ltd and Groupon, Inc., which returned -68.00% and -65.13%, respectively.

E-commerce (electronic commerce) facilitates the buying and selling of products electronically, through online services and platforms. Though e-commerce is not new, total e-commerce sales still pale in comparison to the size of the traditional brick and mortar retail market. But amid the global pandemic, shopping from the comfort and safety of one’s own home surged in popularity. In the U.S., for example, e-commerce penetration reached 14.3% in Q3-2020, up from 11.2% a year earlier. The pandemic even accelerated e-commerce adoption in shopping categories that historically lagged in online sales, with groceries and healthcare sales increasingly moving online. Beyond the pandemic, e-commerce companies are proving to be disruptive with innovations such as social commerce, or the intersection between social media and e-commerce. Through social commerce, companies are leveraging social elements for the greater adoption of e-commerce. During the reporting period, the Fund saw large exposures to Internet & Direct Marketing Retail (67% average exposure) and Internet Services & Infrastructure (10% average exposure). During the reporting period, the Fund geographically maintained an average stock allocation of 50% to stocks in the United States, followed by China at 27%, and United Kingdom at 8%.

Management Discussion of Fund Performance (unaudited)

Global X E-commerce ETF

	AVERAGE 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 E-commerce ETF	52.67%	52.52%	35.29%	35.42%
Solactive E-commerce Index	53.22%	53.22%	35.88%	35.88%
MSCI ACWI (Net)	4.89%	4.89%	9.32%	9.32%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on November 27, 2018.

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® ETF

The Global X SuperDividend^® ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global SuperDividend^® 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 performance of 100 equally-weighted companies that rank among the highest dividend yielding equity securities in the world, including emerging market countries, as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund decreased 32.80%, while the Underlying Index decreased 32.74%. The Fund had a net asset value of $17.25 per share on October 31, 2019 and ended the reporting period with a net asset value of $10.61 per share on October 31, 2020.

During the reporting period, the highest returns came from B&G Foods, Inc. and Kumba Iron Ore Ltd, which returned 91.31% and 82.23%, respectively. The worst performers were GasLog Partners LP and Gannett Co., Inc., which returned -82.56% and -70.37%, respectively.

The Fund seeks to invest in many of the highest dividend/yielding stocks in the world. High-dividend investing is a deep value-oriented strategy that was held back by the performance of deep-value stocks versus the performance of the broader MSCI ACWI. Economic challenges stemming from the COVID-19 pandemic strained the financial resources of many dividend-paying stocks globally as they suffered from lower demand or the inability to produce goods and services amid lockdowns. In addition, some governments sought to regulate dividend payments during the pandemic to help companies preserve cash, putting further pressure on these stocks. During the reporting period, the Fund had approximate average exposure of 29% to U.S. stocks, 10% to Australian stocks, 7% to South African stocks and 7% to Chinese stocks. By sector, the Fund had approximate average exposure of 15% to real estate investment trusts (REITs), 14% to financial services, 14% to materials, and 13% to mortgage REITs.

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® ETF

	AVERAGE 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 SuperDividend^® ETF	-32.80%	-32.65%	-14.08%	-14.07%	-5.36%	-5.29%	-1.58%	-1.57%
Solactive Global SuperDividend^® Index	-32.74%	-32.74%	-14.05%	-14.05%	-5.42%	-5.42%	-1.80%	-1.80%
MSCI ACWI (Net)	4.89%	4.89%	5.52%	5.52%	8.11%	8.11%	7.57%	7.57%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on June 8, 2011.

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® 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 SuperDividend^® U.S. ETF

The Global X SuperDividend^® U.S. ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx SuperDividend^® U.S. Low Volatility 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 performance of 50 equally-weighted common stocks including master limited partnerships (“MLPs”) and real estate investment trusts (“REITs”) that rank among the highest dividend yielding equity securities in the United States, as defined by Indxx, LLC, the provider of the Underlying Index. The Underlying Index is comprised of securities that Indxx LLC determines to have lower relative volatility, as measured by the beta, a measure of a security’s sensitivity to the movements of the broader market, of each security relative to the market benchmark.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund decreased 30.12%, while the Underlying Index decreased 30.23%. The Fund had a net asset value of $23.34 per share on October 31, 2019 and ended the reporting period with a net asset value of $14.99 per share on October 31, 2020.

During the reporting period, the highest returns came from B&G Foods, Inc. and Arbor Realty Trust, Inc., which returned 87.02% and 47.38%, respectively. The worst performers were AG Mortgage Investment Trust, Inc. and MFA Financial, Inc., which returned -84.33% and -74.15%, respectively.

The Fund seeks to invest in many of the highest dividend/yielding stocks in the U.S. High-dividend investing aims to be a value-oriented strategy seeking low-volatility returns. During the reporting period, the COVID-19 pandemic affected many dividend paying stocks in the U.S. more severely than other parts of the market as the U.S. government restricted dividend payments by companies receiving emergency loans. The Fund recovered some of its earlier losses after stimulus measures were put in place by the Federal Reserve to reduce interest rates and improve liquidity. The Fund’s lack of exposure to the Information Technology sector hurt its performance relative to the broad-based benchmark, which was largely led by high tech growth names. During the reporting period, the Fund had average exposure of 21% to Consumer Staples, 17% to MLPs, 13% to Utilities, and 9% to mortgage REITs.

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® U.S. ETF

	AVERAGE 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 SuperDividend^® U.S. ETF	-30.12%	-30.05%	-9.42%	-9.40%	-3.26%	-3.25%	0.04%	0.13%
Indxx SuperDividend^® U.S. Low Volatility Index	-30.23%	-30.23%	-9.15%	-9.15%	-2.57%	-2.57%	0.62%	0.62%
S&P 500^® Index	9.71%	9.71%	10.42%	10.42%	11.71%	11.71%	12.46%	12.46%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on March 11, 2013.

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

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

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

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® U.S. ETF

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

See definition of comparative indices on the previous page.

Management Discussion of Fund Performance (unaudited)

Global X MSCI SuperDividend^® EAFE ETF

The Global X MSCI SuperDividend^® EAFE ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI EAFE Top 50 Dividend 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 performance of 50 equally-weighted companies that rank among the highest dividend yielding equity securities in Europe, Australasia, and the Far East, 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 25.24%, while the Underlying Index decreased 24.78%. The Fund had a net asset value of $16.11 per share on October 31, 2019 and ended the reporting period with a net asset value of $11.44 per share on October 31, 2020.

During the reporting period, the highest returns came from Pandora AS and Fortescue Metals Group Ltd, which returned 59.03% and 39.79%, respectively. The worst performers were Micro Focus International PLC and Unibail-Rodamco-Westfield SE, which returned -65.41% and -62.89%, respectively.

The Fund seeks to invest in many of the highest dividend/yielding stocks in international developed markets, including those in Europe, Australasia, and the Far East. The COVID-19 pandemic negatively impacted economies around the world as stringent lockdowns reduced both the supply of goods and services, as well as demand. As global economies came to a standstill several firms reduced or suspended dividend payments to preserve cash, but this negatively impacted their share prices. During the reporting period, the Fund had an average exposure of 19% to stocks in the U.K., 16% to stocks in Australia, 11% to stocks in France, and 9% to stocks in Spain.

Management Discussion of Fund Performance (unaudited)

Global X MSCI SuperDividend^® EAFE ETF

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020 *
	One Year Return		Three Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI SuperDividend^® EAFE ETF	-25.24%	-25.70%	-8.71%	-9.05%	-1.02%	-1.34%
MSCI EAFE Top 50 Dividend Index	-24.78%	-24.78%	-8.28%	-8.28%	-0.58%	-0.58%
MSCI EAFE Index (Net)	-6.86%	-6.86%	-1.24%	-1.24%	5.05%	5.05%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on November 14, 2016.

The MSCI EAFE Index (Net) (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.

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI SuperDividend^® EAFE 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 SuperDividend^® Emerging Markets ETF

The Global X MSCI SuperDividend^® Emerging Markets ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets Top 50 Dividend 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 performance of 50 equally-weighted companies that rank among the highest dividend yielding equity securities in emerging markets, as defined by MSCI, Inc., the provider of the Underlying Index. The Underlying Index may include components from the following countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund decreased 21.01%, while the Underlying Index decreased 19.92%. The Fund had a net asset value of $12.95 per share on October 31, 2019 and ended the reporting period with a net asset value of $9.53 per share on October 31, 2020.

During the reporting period, the highest returns came from KWG Group Holdings Ltd and Micro-Star International Co., Ltd, which returned 81.88% and 40.03%, respectively. The worst performers were Redefine Properties Ltd and AirAsia Group BHD, which returned -76.95% and -65.28%, respectively.

The Fund seeks to invest in many of the highest dividend/yielding stocks in emerging markets. The COVID-19 pandemic introduced major challenges for economies around the world. The stringent lockdowns in certain emerging economies limited the ability of businesses to produce goods for domestic consumption or export purposes. In addition, the global economic slowdown reduced demand for commodities and goods. In some cases, these challenges caused firms to suspend or reduce their dividends to preserve cash. However, in the second half of 2020, as lockdowns started easing, certain emerging markets led the global economic comeback with support from central banks and containment of the coronavirus. During the reporting period, the Fund had an average approximate stock exposure of 23% in China, 17% in Russia, 12% in Taiwan, and 10% in Brazil. Across the sectors, the Fund had the highest exposure to Real Estate at 22%, Financial Services at 20%, Materials at 17%, and Information Technology at 15%.

Management Discussion of Fund Performance (unaudited)

Global X MSCI SuperDividend^® Emerging Markets ETF

	AVERAGE 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 SuperDividend^® Emerging Markets ETF	-21.01%	-20.18%	-10.09%	-10.07%	-1.22%	-1.11%	-1.96%	-1.89%
Hybrid INDXX SuperDividend^®Emerging Markets Index/MSCI Emerging Markets Top 50 Dividend Index**	-19.92%	-19.92%	-9.19%	-9.19%	0.08%	0.08%	-0.72%	-0.72%
MSCI Emerging Markets Index (Net)	8.25%	8.25%	1.94%	1.94%	7.92%	7.92%	5.39%	5.39%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on March 16, 2015.

** Hybrid Index performance reflects the performance of the INDXX SuperDividend^® Emerging Markets Index through November 15, 2016 and the MSCI Emerging Markets Top 50 Dividend Index thereafter.

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI SuperDividend^® Emerging Markets ETF

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

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

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

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

See definition of comparative indices on the previous page.

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® REIT ETF

The Global X SuperDividend^® REIT ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global SuperDividend^® REIT 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 performance of real estate investment trusts (“REITs”) that rank among the highest-yielding REITs globally, as determined by Solactive AG, the provider of the Underlying Index. Solactive AG screens the highest yielding REITs to exclude REITs that have historically exhibited the highest volatility, as determined by the index provider.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund decreased 45.94%, while the Underlying Index decreased 47.22%. The Fund had a net asset value of $15.33 per share on October 31, 2019 and ended the reporting period with a net asset value of $7.56 per share on October 31, 2020.

During the reporting period, the highest returns came from Arbor Realty Trust, Inc. and SITE Centers Corp, which returned 100.74% and 28.71%, respectively. The worst performers were Invesco Mortgage Capital Inc. and Granite Point Mortgage Trust Inc., which returned -82.01% and -75.25%, respectively.

The Fund seeks to invest in many of the highest dividend/yielding REITs around the world. During the reporting period, REITs suffered as the global economy coped with the COVID-19 crisis. The stringent lockdowns imposed to prevent the spread of the virus affected hotels, malls, office buildings and other commercial properties as many tenants defaulted, declared bankruptcy, or renegotiated rents. This forced some property owners to default on their mortgage payments, impacting the mortgage-backed security market and entities like mortgage REITs that invest in them. The Federal Reserve took the unusual step of buying mortgage-backed securities to stabilize the markets, but these actions may have come too late as some mortgage REITs were forced to sell their assets during the height of the financial challenges associated with the pandemic as they faced margin calls from lenders. During the reporting period, the Fund had an average approximate exposure of 48% to Mortgage REITs and 52% to Equity REITs. Geographically, the Fund had an average approximate exposure of 86% to U.S. REITs, 7% to Singapore REITs, and 2% to Australian REITs. While many REITs suffered in this environment, the high exposure to mortgage REITs in particular contributed to the Fund’s negative performance during the reporting period.

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® REIT 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 SuperDividend^® REIT ETF	-45.94%	-45.88%	-13.78%	-13.77%	-2.60%	-2.63%	-3.92%	-3.89%
Solactive Global SuperDividend^® REIT Index	-47.22%	-47.22%	-15.51%	-15.51%	-4.36%	-4.36%	-5.68%	-5.68%
S&P 500^® Index	9.71%	9.71%	10.42%	10.42%	11.71%	11.71%	10.55%	10.55%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on March 16, 2015.

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

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® REIT 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 NASDAQ 100^® Covered Call ETF

The Global X NASDAQ^® 100 Covered Call ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the CBOE Nasdaq-100^® BuyWrite V2 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 CBOE NASDAQ-100^® BuyWrite Index (“BXN Index”) is a benchmark index that measures the performance of a theoretical portfolio that holds a portfolio of the stocks included in the NASDAQ-100^® Index (“Reference Index”), and “writes” (or sells) a succession of one-month at-the-money Reference Index covered call options. The Underlying Index replicates the methodology used to calculate the BXN Index, with one exception: the written Reference Index covered call options are held until one day prior to the expiration dates (i.e., generally the Thursday preceding the third Friday of the month) and are liquidated at a volume-weighted average price determined at the close.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 0.21%, while the Underlying Index increased 1.55%. The Fund had a net asset value of $23.10 per share on October 31, 2019 and ended the reporting period with a net asset value of $20.65 per share on October 31, 2020.

During the reporting period, the highest returns came from Tesla Inc. and Zoom Video Communications, Inc., which returned 516.09% and 214.66%, respectively. The worst performers were American Airlines Group, Inc. and United Airlines Holdings, Inc., which returned -61.25% and -59.45%, respectively.

The Fund invests in stocks of the Reference Index and “writes” or “sells” corresponding at-the-money call options on the same index. The strategy tends to produce higher yields in volatile and uncertain times, when it can collect higher option premiums. The Fund underperformed the Reference Index during the reporting period, despite volatility spiking to its highest levels since 2008. While the Fund outperformed during the selloff due to receiving some of its highest option premiums ever, the Fund did not participate fully in the ensuing stock rally as it sells at-the-money covered calls, which effectively limit upside participation. Given the Fund’s options-writing strategy, it gives up profit potential if the Reference Index rises above the strike price of the Reference Index call option. While the Fund may not have enjoyed the fruits of the tech-fueled rally largely in the second quarter of 2020, it continued to receive strong options premiums, providing a steady stream of income to the Fund through the volatile period.

Management Discussion of Fund Performance (unaudited)

Global X NASDAQ 100^® Covered Call ETF

	AVERAGE 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 NASDAQ 100^® Covered Call ETF	0.21%	0.30%	5.61%	5.54%	7.63%	7.65%	7.38%	7.39%
Hybrid CBOE NASDAQ-100^® BuyWrite Index/CBOE NASDAQ-100^® BuyWrite V2 Index**	1.55%	1.55%	7.01%	7.01%	8.96%	8.96%	8.41%	8.41%
NASDAQ 100^® Total Return Index	38.02%	38.02%	22.20%	22.20%	20.24%	20.24%	19.65%	19.65%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on December 11, 2013.

** Hybrid Index performance reflects the performance of the CBOE NASDAQ-100^® BuyWrite Index through October 14, 2015 and CBOE NASDAQ-100^® BuyWrite V2 Index thereafter.

The Fund operated as the Horizons NASDAQ 100^® Covered Call ETF (the “Predecessor Fund”), a series of Horizons ETF Trust I, prior to the Fund’s acquisition of the assets and assumption of the liabilities of the Predecessor Fund on December 24, 2018 (See Note 1 in Notes to Financial Statements).

On October 14, 2015, Global X Management Company LLC (The “Advisor”) changed the Fund’s primary benchmark from the BXN Index to BXNT Index in connection with a change in the Fund’s principal strategies. The Advisor believes the BXNT Index is a better measure of the Fund’s performance. Returns reflect a blended benchmark.

Management Discussion of Fund Performance (unaudited)

Global X NASDAQ 100^® Covered Call ETF

The Nasdaq-100^® Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization.

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 S&P 500^® Covered Call ETF

The Global X S&P 500^® Covered Call ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the CBOE S&P 500 BuyWrite 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 measures the total rate of return of a S&P 500^® Index covered call strategy. This strategy (“BXM covered call strategy”) consists of holding a portfolio indexed to the S&P 500^® Index and selling a succession of one-month at-the-money S&P 500^® Index call options. A covered call strategy is generally considered to be an investment strategy in which an investor buys a security, and sells (or “writes”) a call option on that security in an attempt to generate more income. Each time the Fund writes a covered call option, the Fund receives a payment of money from the investor who buys the option from the Fund, which is called the premium. If the value of the Fund’s call option that it has written declines because of a decline in the value of the S&P 500^® Index, the premium that the Fund received for writing the covered call option offsets this loss to some extent.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund decreased 7.42%, while the Underlying Index decreased 6.73%. The Fund had a net asset value of $49.39 per share on October 31, 2019 and ended the reporting period with a net asset value of $42.45 per share on October 31, 2020.

During the reporting period, the highest returns came from Carrier Global Corp and NVIDIA Corporation, which returned 152.96% and 149.94%, respectively. The worst performers were Occidental Petroleum Corporation and Coty Inc., which returned -75.49% and -73.35%, respectively.

The Fund invests in stocks that are part of the S&P 500^® Index and “writes” or “sells” corresponding at-the-money call options on the same index. The S&P 500^® Index registered strong returns in the reporting period despite a rapid selloff in March associated with the COVID-19 pandemic outbreak. U.S. large cap stocks generally rallied as historic fiscal and monetary stimulus helped support the fragile economic recovery. In particular, technology stocks, which make up the largest sector in the S&P 500^® Index benefitted from the work-from-home environment that created a surge in demand for software and connectivity. The Fund’s option-writing strategy benefitted from elevated levels of volatility during the reporting period, delivering higher than usual income from writing options. Though due to the Fund’s at-the-money option writing strategy, it was not able to participate in fully in the stock recovery in the second quarter of 2020, contributing to the Fund’s underperformance versus the benchmark.

Management Discussion of Fund Performance (unaudited)

Global X S&P 500^® Covered Call ETF

	AVERAGE 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 S&P 500^® Covered Call ETF	-7.42%	-6.59%	1.75%	2.07%	4.95%	5.15%	6.26%	6.50%
Hybrid S&P 500^® Stock Covered Call Index/CBOE S&P 500 2% OTM BuyWrite Index/CBOE S&P 500 BuyWrite Index**	-6.73%	-6.73%	2.70%	2.70%	5.29%	5.29%	6.45%	6.45%
S&P 500^® Index	9.71%	9.71%	10.42%	10.42%	11.71%	11.71%	12.53%	12.53%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on June 21, 2013.

** Hybrid Index performance reflects the performance of the S&P 500^® Stock Covered Call Index through September 14, 2017, the CBOE S&P 500 2% OTM BuyWrite Index through August 20, 2020 and the CBOE S&P 500 BuyWrite Index thereafter.

The Fund operated as the Horizons S&P 500^® Covered Call ETF (the “Predecessor Fund”), a series of Horizons ETF Trust I, prior to the Fund’s acquisition of the assets and assumption of the liabilities of the Predecessor Fund on December 24, 2018 (See Note 1 in Notes to Financial Statements).

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

Management Discussion of Fund Performance (unaudited)

Global X S&P 500^® Covered Call 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 Russell 2000 Covered Call ETF

The Global X Russell 2000 Covered Call ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the CBOE Russell 2000 BuyWrite 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 measures the performance of a theoretical portfolio that holds a portfolio of the stocks included in the Russell 2000 Index (the “Reference Index”), and “writes” (or sells) a succession of one-month at-the-money covered call options on the Reference Index. The written covered call options on the Reference Index are held until expiration. The Reference Index is an equity benchmark which measures the performance of the small-capitalization sector of the U.S. equity market, as defined by FTSE Russell (the “Index Provider”). In seeking to track the Underlying Index, the Fund follows a “buy-write” (also called a covered call) investment strategy on the Reference Index in which the Fund purchases the component securities of the Reference Index or purchases other investments (including other underlying ETFs) that have economic characteristics that are substantially identical to the economic characteristics of such component securities, and also writes (or sells) call options that correspond to the Reference Index.

From the inception of the Fund on April 17, 2019 to the period ended October 31, 2020 (the “reporting period”), the Fund decreased 9.18%, while the Underlying Index decreased 8.26%. The Fund had a net asset value of $25.24 per share on October 31, 2019 and ended the reporting period with a net asset value of $20.45 per share on October 31, 2020.

During the reporting period, Vanguard Russell 2000 ETF, the only holding of the fund returned 0.14%.

The Fund invests in stocks that are part of the Reference Index and “writes” or “sells” corresponding at-the-money call options on the same index. During the reporting period, the U.S. markets faced significant volatility due to factors ranging from trade tensions to the COVID-19 pandemic and U.S. elections. There was high volatility in the small-cap space as well as in the broader market, resulting in the Fund collecting higher than usual option premiums. This provided a steady stream of income to the Fund despite the many challenges facing the small cap space, such as rising bankruptcies of small businesses during the pandemic.

Management Discussion of Fund Performance (unaudited)

Global X Russell 2000 Covered Call ETF

	AVERAGE 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 Russell 2000 Covered Call ETF	-9.18%	-9.13%	-2.45%	-2.43%
CBOE Russell 2000 BuyWrite Index	-8.26%	-8.26%	-1.26%	-1.26%
Russell 2000 Index	-0.14%	-0.14%	0.18%	0.18%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on April 17, 2019.

The Russell 2000 Index is an index measuring the performance of approximately 2,000 smallest-cap American companies in the Russell 3000 Index, which is made up of 3,000 of the largest U.S. stocks. It is a market-cap weighted 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 NASDAQ 100^® Covered Call & Growth ETF

The Global X NASDAQ 100^® Covered Call & Growth ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the CBOE NASDAQ-100 Half BuyWrite V2 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 measures the performance of a theoretical portfolio that holds a portfolio of the stocks included in the NASDAQ 100^® Index (the “Reference Index”), and “writes” (or sells) a succession of one-month at-the-money covered call options on the Reference Index. The written covered call options on the Reference Index correspond to approximately 50% of the value of the portfolio of stocks in the Reference Index. The written covered call options on the Reference Index are held until one day prior to expiration. In seeking to track the Underlying Index, the Fund follows a “buy-write” investment strategy on the Reference Index in which the Fund purchases the component securities of the Reference Index and also writes (or sells) call options that correspond to approximately 50% of the value of the portfolio of stocks in the Reference Index. By only writing call options on approximately 50% of the value of the portfolio of stocks in the Reference Index, the strategy can provide income generation from the call options while allowing for some potential upside exposure to the growth of the underlying constituents of the Reference Index, relative to a 100% covered call strategy.

From the inception of the Fund on September 18, 2020 to the period ended October 31, 2020 (the “reporting period”), the Fund increased 0.40%, while the Underlying Index increased 0.36%. The Fund had a net asset value of $26.30 per share on September 18, 2020 and ended the reporting period with a net asset value of $26.27 per share on October 31, 2020.

During the reporting period, the highest returns came from Align Technology, Inc. and MercadoLibre, Inc., which returned 32.75% and 21.64%, respectively. The worst performers were Vertex Pharmaceuticals Incorporated and DexCom, Inc., which returned -21.49% and -17.91%, respectively.

The Fund follows a “covered call” or “buy-write” strategy in which the Fund buys the stocks on the Reference Index and “writes” or “sells” corresponding call options on approximately 50% of the value of the portfolio of stocks in the same index. Since its launch, the Fund has had nearly half of its exposure to the technology sector. In addition, global economic uncertainties have elevated market volatility which have helped the Fund generate higher than usual income from its option writing.

Management Discussion of Fund Performance (unaudited)

Global X NASDAQ 100^® Covered Call & Growth ETF

	AVERAGE TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2020
	Cumulative Inception to Date*
	Net Asset Value	Market Price
Global X NASDAQ 100^®Covered Call & Growth ETF	0.40%	0.05%
CBOE NASDAQ-100 Half BuyWrite V2 Index**	0.36%	0.36%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on September 18, 2020.

** The CBOE NASDAQ-100 Half BuyWrite V2 Index measures the total rate of return of a hypothetical “covered call” strategy applied to the NASDAQ 100^® Index that only writes half a unit of an at-the-money monthly Call option for every notional unit of the long position.

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 S&P 500^® Covered Call & Growth ETF

The Global X S&P 500^® Covered Call & Growth ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the CBOE S&P 500 Half BuyWrite 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 measures the performance of a theoretical portfolio that holds a portfolio of the stocks included in the S&P 500^® Index (the “Reference Index”), and “writes” (or sells) a succession of one-month at-the-money covered call options on the Reference Index. The written covered call options on the Reference Index correspond to approximately 50% of the value of the portfolio of stocks in the Reference Index. The written covered call options on the Reference Index are held until expiration. In seeking to track the Underlying Index, the Fund follows a “buy-write” investment strategy on the Reference Index in which the Fund purchases the component securities of the Reference Index and also writes (or sells) call options that correspond to approximately 50% of the value of the portfolio of stocks in the Reference Index. By only writing call options on approximately 50% of the value of the portfolio of stocks in the Reference Index, the strategy can provide income generation from the call options while allowing for some potential upside exposure to the growth of the underlying constituents of the Reference Index, relative to a 100% covered call strategy.

From the inception of the Fund on September 18, 2020 to the period ended October 31, 2020 (the “reporting period”), the Fund decreased 1.60%, while the Underlying Index decreased 1.95%. The Fund had a net asset value of $25.22 per share on September 18, 2020 and ended the reporting period with a net asset value of $24.69 per share on October 31, 2020.

During the reporting period, the highest returns came from Paycom Software, Inc. and Align Technology, Inc., which returned 33.03% and 32.75%, respectively. The worst performers were Apache Corporation and National Oilwell Varco, Inc., which returned -34.21% and -28.45%, respectively.

The Fund follows a “covered-call” or “buy-write” strategy, where it buys stocks on the Reference Index and “writes” or “sells” corresponding call options on approximately 50% of the value of the portfolio of stocks in the same index. The Reference Index fell modestly during the reporting period, as the leadup to the U.S. presidential election and ongoing COVID-19 pandemic contributed to uncertainty in the marketplace. During this period of rising volatility, the Fund was able to collect higher premiums by writing call options.

Management Discussion of Fund Performance (unaudited)

Global X S&P 500^® Covered Call & Growth ETF

	AVERAGE TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2020
	Cumulative Inception to Date*
	Net Asset Value	Market Price
Global X S&P 500^® Covered Call & Growth ETF	-1.60%	-1.96%
CBOE S&P 500 Half BuyWrite Index**	-1.95%	-1.95%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on September 18, 2020.

** The CBOE S&P 500 Half BuyWrite Index (the “BXMH Index”) measures the total rate of return of a hypothetical “covered call” strategy applied to the S&P 500 Composite Price Index (the “S&P 500^® Index”) that only writes half a unit of an at-the-money monthly Call option for every notional unit of the long position.

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 SuperIncome™ Preferred ETF

Global X SuperIncome^™ Preferred ETF

The Global X SuperIncome^TM Preferred ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Enhanced Yield North American Preferred Stock 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 performance of the highest-yielding preferred securities in the United States and Canada, as determined by Standard & Poor’s Financial Services, LLC, a subsidiary of the McGraw-Hill Companies (“S&P”), the index provider of the Underlying Index. The Underlying Index is comprised of preferred stocks that meet certain criteria relating to size, liquidity, issuer concentration and rating, maturity and other requirements, as determined by S&P. The Underlying Index does not seek to directly reflect the performance of the companies issuing the preferred stock.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 0.81%, while the Underlying Index increased 1.29%. The Fund had a net asset value of $11.73 per share on October 31, 2019 and ended the reporting period with a net asset value of $11.12 per share on October 31, 2020.

During the reporting period, the highest returns came from Avantor, Inc. and Synchrony Financial Depositary which, returned 57.45% and 32.36%, respectively. The worst performers were Invesco Mortgage Capital Inc. and Pitney Bowes Inc., which returned

-52.43% and -41.35%, respectively.

The Fund seeks to invest in many of the highest dividend/yielding preferred shares in the U.S. and Canada. During the reporting period, economic shock from efforts to combat the COVID-19 crisis led to a widening of credit spreads and resulting steep initial losses for preferreds. Later in the period, preferreds and other credit securities rebounded strongly due to highly supportive fiscal and monetary measures introduced by governments and central banks. The Federal Reserve played an important role in providing liquidity to the market and helping to tighten credit spreads, which positively impacted high yield preferreds. During the reporting period, the Fund had an average approximate exposure of 74% to the Financial sector, 6% to Utilities, and 6% to the Energy sector.

Management Discussion of Fund Performance (unaudited)

Global X SuperIncome™ Preferred ETF

	AVERAGE 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 SuperIncome^™ Preferred ETF	0.81%	0.11%	2.85%	2.76%	2.86%	2.73%	3.24%	3.37%
S&P Enhanced Yield North American Preferred Stock Index	1.29%	1.29%	3.30%	3.30%	3.35%	3.35%	3.85%	3.85%
S&P 500^® Index	9.71%	9.71%	10.42%	10.42%	11.71%	11.71%	13.52%	13.52%

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on July 16, 2012.

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

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

Management Discussion of Fund Performance (unaudited)

Global X SuperIncome™ Preferred 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 YieldCo & Renewable Energy Income ETF

The Global X YieldCo & Renewable Energy Income ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx YieldCo & Renewable Energy Income 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 comprises publicly traded companies that are formed to own operating assets that produce defined cash flows (“Yieldcos”), as well as companies that have publicly announced plans to spin-off a YieldCo in an initial public offering, as determined by the Indxx, LLC, the index provider. The components of the Underlying Index are YieldCos selected from the universe of global publicly listed equities, which have a minimum market capitalization of $500 million and an Average Daily Value Traded (“ADVT”) over the last three months greater than $1 million. If less than 20 securities satisfy this criteria, the market capitalization and ADVT requirements are lowered. If there are still fewer than 20 securities, the parent companies of proposed YieldCos with the nearest anticipated listing dates will be included in the Underlying Index until there are 20 Underlying Index constituents. If a parent company is a part of the Underlying Index, and its corresponding YieldCo becomes publicly listed, the listed YieldCo will replace the parent entity in the index during the subsequent index rebalance. Underlying Index constituents are ranked by market capitalization. The remaining securities are weighted based on their market capitalization, with a cap of 4.75% on any of the securities falling outside of the top five by market capitalization. If any parent companies of YieldCos are Underlying Index constituents, they are each capped at a 4.75% weighting. Companies that are structured as partnerships are capped at a 25% weighting in the aggregate.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 11.39%, while the Underlying Index increased 11.67%. The Fund had a net asset value of $13.79 per share on October 31, 2019 and ended the reporting period with a net asset value of $14.87 per share on October 31, 2020.

During the reporting period, the highest returns came from Encavis AG and Boralex Inc., which returned 92.82% and 79.14%, respectively. The worst performers were ENGIE Brasil Energia SA and BCPG Public Company Limited NVDR, which returned -35.44% and -35.15%, respectively.

YieldCos are entities that generally consist of renewable energy assets such as solar and wind farms. These entities tend to enter into long-term contracts with customers to deliver electricity at pre-specified prices. Renewable energy continued to see market share growth relative to fossil fuels as government policies encouraged the use of renewable energy and the shift to clean energy sources created greater adoption of these energy sources. During the reporting period, renewable energy firms generally performed well due to increasing customer demand, cost competitiveness, innovation, and

Management Discussion of Fund Performance (unaudited)

Global X YieldCo & Renewable Energy Income ETF

government supporting for renewables. Renewable energy accounted for 90% of the new electricity generation year to date. As governments globally are entangled with issues led by the current COVID-19 pandemic crisis, they have realized climate risk is the next big issue; hence, the adoption for renewable energy has started to accelerate. Further supporting share prices was the ultra-low interest rate environment, established by the Federal Reserve and central banks around the world to support the faltering economy. The above average dividend yields of Utilities, like renewable energy producers, created more demand for these securities.

	AVERAGE 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 YieldCo & Renewable Energy Income ETF	11.39%	10.89%	10.15%	10.21%	10.95%	10.86%	4.01%	3.99%
Hybrid Indxx Global Yieldco Index/Indxx YieldCo & Renewable Energy Income Index**	11.67%	11.67%	10.54%	10.54%	11.34%	11.34%	4.38%	4.38%
MSCI ACWI (Net)	4.89%	4.89%	5.52%	5.52%	8.11%	8.11%	6.34%	6.34%

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on May 27, 2015.

** Hybrid Index performance reflects the performance of the Indxx Global YieldCo Index through November 18, 2018 and the Indxx YieldCo & Renewable Energy Income Index thereafter.

Management Discussion of Fund Performance (unaudited)

Global X YieldCo & Renewable Energy Income 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.

High short term performance of the fund is unusual and investors should not expect such performance to be repeated.

See definition of comparative indices on the previous page.

Management Discussion of Fund Performance (unaudited)

Global X S&P 500^® Catholic Values ETF

The Global X S&P 500^® Catholic Values ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P 500^®Catholic Values 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 provide exposure to U.S. equity securities included in the S&P 500^® Index while maintaining alignment with the moral and social teachings of the Catholic Church. The Underlying Index is based on the S&P 500^® Index, and generally comprises approximately 500 or less U.S. listed common stocks. All index constituents are members of the S&P 500^® Index and follow the eligibility criteria for that index. From this starting universe, constituents are screened to exclude companies involved in activities which are perceived to be inconsistent with Catholic values as outlined in the Socially Responsible Investment Guidelines of the United States Conference of Catholic Bishops (“USCCB”). The Underlying Index then reweights the remaining constituents so that the Underlying Index’s sector exposures match the sector exposures of the S&P 500^® Index.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 9.89%, while the Underlying Index increased 10.28%. The Fund had a net asset value of $37.23 per share on October 31, 2019 and ended the reporting period with a net asset value of $40.32 per share on October 31, 2020.

During the reporting period, the highest returns came from NVIDIA Corporation and Advanced Micro Devices, Inc., which returned 149.94% and 121.90%, respectively. The worst performers were Occidental Petroleum Corporation and Coty Inc., which returned -75.49% and -73.35%, respectively.

The Fund provides exposure to companies within the S&P 500^® Index whose business practices align with the investment guidelines set by the USCCB and as implemented by the Underlying Index. As of October 31, 2020, the Fund had 455 equity holdings compared with the 505 holdings of the S&P 500^® Index. To mitigate the potential performance differences between the S&P 500^® Index and the Fund, the Fund’s sector exposures are reweighted to align with those of the S&P 500^® Index on a quarterly basis. Over the reporting period, information technology had the highest average weighting of 26% in the Fund, followed by healthcare at 14% and financials at 11%. On a sector return contribution basis, Information Technology, Consumer Discretionary, and Communication Services exposures contributed the most positively to returns. In Information Technology, exposure to cloud computing companies drove performance as the COVID-19 pandemic and work-from-home practices upped demand for such services. On the Consumer side of the equation, exposure to e-commerce companies drove performance as consumers looked to the internet to purchase goods.

Management Discussion of Fund Performance (unaudited)

Global X S&P 500^® Catholic Values ETF

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	One Year Return		Three Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X S&P 500^® Catholic Values ETF	9.89%	9.10%	10.17%	9.91%	12.44%	12.27%
S&P 500^® Catholic Values Index	10.28%	10.28%	10.53%	10.53%	12.77%	12.77%
S&P 500^® Index	9.71%	9.71%	10.42%	10.42%	12.53%	12.53%

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on April 18, 2016.

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

Management Discussion of Fund Performance (unaudited)

Global X S&P 500^® Catholic Values 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 S&P Catholic Values Developed ex-US ETF

The Global X S&P Catholic Values Developed ex-U.S. ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Developed ex-U.S. Catholic Values 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 provide exposure to developed market equity securities outside the U.S. while maintaining alignment with the moral and social teachings of the Catholic Church. The Underlying Index is based on the S&P EPAC ex-Korea Large Cap Index, a benchmark index that provides exposure to the large capitalization segment of developed markets within the Europe and Asia Pacific regions, excluding Korea. The S&P EPAC ex-Korea Large Cap Index does not target any specific sector exposure. All index constituents are members of the S&P EPAC ex-Korea Large Cap Index and follow the eligibility criteria for that index.

From the inception of the Fund on June 22, 2020 to the period ended October 31, 2020 (the “reporting period”), the Fund decreased 0.28%, while the Underlying Index decreased 0.19%. The Fund had a net asset value of $25.00 per share on June 18, 2020 and ended the reporting period with a net asset value of $24.98 per share on October 31, 2020.

During the reporting period, the highest returns came from Vestas Wind Systems AS and Kinnevik AB, which returned 68.05% and 62.55%, respectively. The worst performers were Wirecard AG and BP PLC, which returned -91.17% and -34.39%, respectively.

The Fund provides exposure to companies whose business practices align with the investment guidelines set by the United States Conference of Catholic Bishops in the developed markets ex-U.S. To mitigate the potential performance differences between the international equity benchmarks and the Fund, the selected companies are re-weighted to match the sector weights of the S&P EPAC ex-Korea Large Cap index on a quarterly basis. Since launch until October 31, 2020, Financials had the highest average weighting of 16% in the Fund, followed by Health Care at 15% and Industrials at 14%. Geographically, the Fund had approximate average exposure of 35% to Japanese stocks, 9% to French stocks, and 9% to Australian and German stocks.

Management Discussion of Fund Performance (unaudited)

Global X S&P Catholic Values Developed ex-US ETF

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2020
	Cumulative Inception to Date*
	Net Asset Value	Market Price
Global X S&P Catholic Values Developed ex-US ETF	-0.28%	-20.00%
S&P Developed ex-U.S. Catholic Values Index	-0.19%	-0.19%
MSCI EAFE Index (Net)	-0.49%	-0.49%

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on June 22, 2020.

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

Management Discussion of Fund Performance (unaudited)

Global X S&P Catholic Values Developed ex-US 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.

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 Guru^® Index ETF

The Global X Global X Guru^® Index ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Guru 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 comprised of the top U.S. listed equity positions reported on Form 13F by a select group of entities characterized as hedge funds, as defined by Solactive AG, the provider of the Underlying Index. Hedge funds are selected by Solactive AG, from a pool of thousands of privately offered pooled investment vehicles based on the size of their reported equity holdings and the efficacy of replicating their publicly disclosed positions. Hedge funds must have minimum reported holdings of $500 million in their Form 13F to be considered for the Underlying Index. Additional filters are applied to eliminate hedge funds that have high turnover rates for equity holdings. Only hedge funds with a concentrated top holding are included in the selection process. Once the hedge fund pool has been determined, the index provider utilizes Form 13F filings to compile the top stock holding from each of these hedge funds. The stocks are screened for liquidity, equal weighted, and rebalanced quarterly following the Form 13F filing timeline.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 10.84%, while the Underlying Index increased 10.95%. The Fund had a net asset value of $34.02 per share on October 31, 2019 and ended the reporting period with a net asset value of $37.31 per share on October 31, 2020.

During the reporting period, the highest returns came from Immunomedics, Inc. and JD.com, Inc., which returned 434.43% and 161.70%, respectively. The worst performers were Spirit AeroSystems Holdings, Inc. and United Airlines Holdings, Inc., which returned -73.07% and -62.73%, respectively.

The Fund’s investments are among the highest-conviction U.S.-listed equity positions reported on Form 13F by major hedge funds. Over the reporting period, the Fund delivered positive performance and exceeded the S&P 500^® Index by approximately 1.13%. The Fund rebalances quarterly, resulting in dynamic exposures that can change significantly throughout the year.

Management Discussion of Fund Performance (unaudited)

Global X Guru^® Index ETF

Earlier in the reporting period, the 11-year bull run of the S&P 500^® Index was disrupted by the COVID-19 pandemic as negative investor sentiment prompted a major sell-off in equities that saw the S&P 500^® Index drop 19.60% in the first calendar quarter of 2020. During this time, the Fund underperformed, down 24.72% due to weakness in Financials, Communication Services, and Industrials. However, moderate resilience versus the market in fund exposures to Information Technology, Consumer Discretionary, and Health Care offset some of that weakness.

In the second calendar quarter, the Fund saw strong returns versus the market, benefitting from its selection of companies in the Healthcare sector, which was helped by government and consumer spending on healthcare services amid the pandemic. Additional strength came from Information Technology and Communication Services exposures which benefitted from the use of digital technologies due to social distancing norms and policies, as well as from Consumer Discretionary holdings driven up by large-scale e-commerce adoption and direct payments from the federal government to consumers to support the economy. The story was much of the same on the tail end of the reporting period with exposures to Healthcare, Consumer Discretionary, and Communication Services benefitting from the aforementioned trends. Additionally, Industrials exposure increased by weight as relevant fund holdings mostly outperformed the market. Overall, the Fund fared well against the S&P 500^® Index during the reporting period, due to its Consumer Discretionary, Healthcare, and Communication Services sector exposures.

	AVERAGE 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 Guru^® Index ETF	10.84%	10.51%	9.99%	9.92%	9.92%	9.87%	12.78%	12.74%
Solactive Guru Index	10.95%	10.95%	10.24%	10.24%	10.16%	10.16%	13.17%	13.17%
S&P 500^® Index	9.71%	9.71%	10.42%	10.42%	11.71%	11.71%	14.13%	14.13%

Management Discussion of Fund Performance (unaudited)

Global X Guru^® Index ETF

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on June 4, 2012.

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

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

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

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

See definition of comparative indices on the previous page.

Schedule of Investments	October 31, 2020
Global X Social Media 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 — 100.4%
CHINA— 25.4%
Communication Services — 25.4%
Baidu ADR ^*		79,677	$	10,601,025
Bilibili ADR ^*		108,550		4,848,928
HUYA ADR ^{* (A)}		2,620		58,688
JOYY ADR		20,683		1,890,013
Meitu ^*		1,278,600		224,233
Momo ADR ^*		84,622		1,269,330
NetEase ADR		117,343		10,184,199
SINA ^*		30,261		1,296,684
Tencent Holdings		304,535		23,208,726
Tencent Music Entertainment Group ADR ^*		212,743		3,165,616
Weibo ADR ^*		17,306		719,064
TOTAL CHINA				57,466,506
GERMANY— 1.0%
Communication Services — 1.0%
United Internet		62,591		2,194,564
JAPAN— 5.5%
Communication Services — 5.5%
DeNA ^*		51,671		881,283
Gree ^*		67,535		352,081
Kakaku.com		77,100		2,043,659

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

Schedule of Investments	October 31, 2020
Global X Social Media ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
LINE ^*		16,280	$	836,270
Mixi		25,710		706,078
Nexon		269,384		7,521,828
TOTAL JAPAN				12,341,199
RUSSIA— 5.8%
Communication Services — 5.8%
Mail.Ru Group GDR ^*		109,508		2,874,585
Yandex, Cl A ^{* (A)}		179,126		10,312,284
TOTAL RUSSIA				13,186,869
SOUTH KOREA— 10.6%
Communication Services — 10.6%
AfreecaTV		4,253		224,138
Com2uSCorp		4,824		474,450
Kakao		27,403		7,969,498
NAVER		59,959		15,323,971
TOTAL SOUTH KOREA				23,992,057
TAIWAN— 0.1%
Consumer Discretionary — 0.1%
PChome Online		58,044		194,809
UNITED STATES— 52.0%
Communication Services — 51.8%
Alphabet, Cl A ^*		6,626		10,708,345
ANGI Homeservices, Cl A ^*		37,814		400,828
Facebook, Cl A ^*		82,299		21,653,690
Glu Mobile ^*		86,416		618,738
IAC ^*		46,867		5,657,784
Match Group ^*		121,980		14,244,824
Pinterest, Cl A ^*		194,291		11,453,455
Snap, Cl A ^*		528,700		20,825,493
Spotify Technology ^*		39,564		9,491,008
Twitter ^{* (A)}		382,649		15,826,363

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

Schedule of Investments	October 31, 2020
Global X Social Media ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Communication Services — continued
Yelp, Cl A ^*		40,312	$	792,937
Zynga, Cl A ^*		601,739		5,409,634
				117,083,099
Consumer Discretionary — 0.1%
Groupon, Cl A ^*		14,636		283,792
Information Technology — 0.1%
Life360, Cl CDI ^*		36,038		99,713
TOTAL UNITED STATES				117,466,604
TOTAL COMMON STOCK
(Cost $153,477,831)				226,842,608

SHORT-TERM INVESTMENT^(B)(C) — 0.1%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $195,964)		195,964		195,964

REPURCHASE AGREEMENT^(B) — 0.7%
BNP Paribas
0.060%, dated 10/30/20, to be repurchased on 11/02/20, repurchase price $1,697,897 (collateralized by U.S. Treasury Obligations, ranging in par value $79,840 - $275,231, 1.625%, 11/15/2022, with a total market value of $1,731,226)
(Cost $1,697,614)	$	1,697,614		1,697,614
TOTAL INVESTMENTS — 101.2%
(Cost $155,371,409)			$	228,736,186

Percentages are based on Net Assets of $225,999,357.

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

Schedule of Investments	October 31, 2020
Global X Social Media 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 $1,548,503.

(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2020, was $1,893,578.

(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

GDR — Global 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	$	226,842,608	$	—	$	—	$	226,842,608
Short-Term Investment		195,964		—		—		195,964
Repurchase Agreement		—		1,697,614		—		1,697,614
Total Investments in Securities	$	227,038,572	$	1,697,614	$	—	$	228,736,186

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

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

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

Schedule of Investments	October 31, 2020
Global X Lithium & Battery Tech ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 100.3%
AUSTRALIA— 4.3%
Materials — 4.3%
Galaxy Resources ^{* (A)}		3,413,965	$	3,344,463
ioneer ^{* (A)}		11,142,584		1,369,358
Mineral Resources		1,342,296		23,528,050
Orocobre ^{* (A)}		2,612,821		4,697,239
Pilbara Minerals ^{* (A)}		14,055,285		4,145,549
TOTAL AUSTRALIA				37,084,659
CANADA— 0.4%
Materials — 0.4%
Lithium Americas ^{* (A)}		379,364		3,656,075
Nemaska Lithium ^{* (A)(B)(C)(D)}		12,119,545		91
TOTAL CANADA				3,656,166
CHILE— 4.6%
Materials — 4.6%
Sociedad Quimica y Minera de Chile ADR ^(A)		1,077,289		39,870,466
CHINA— 48.9%
Consumer Discretionary — 6.7%
BYD, Cl H		2,432,338		48,334,047

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

Schedule of Investments	October 31, 2020
Global X Lithium & Battery Tech ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Tianneng Power International ^(A)		5,981,800	$	9,734,594
				58,068,641
Industrials — 15.2%
Contemporary Amperex Technology, Cl A		1,193,475		44,053,196
Eve Energy, Cl A		4,956,772		39,402,498
Shenzhen Yinghe Technology, Cl A		2,922,713		12,509,233
Sunwoda Electronic, Cl A		8,752,876		36,442,812
				132,407,739
Information Technology — 8.8%
NAURA Technology Group, Cl A		1,571,469		40,130,103
Wuxi Lead Intelligent Equipment, Cl A		4,017,381		35,978,695
				76,108,798
Materials — 18.2%
Beijing Easpring Material Technology, Cl A ^*		2,594,862		19,685,494
Ganfeng Lithium, Cl A		4,765,536		43,283,913
Shanghai Putailai New Energy Technology, Cl A		1,011,798		16,840,006
Shenzhen Capchem Technology, Cl A		1,778,243		19,895,608
Tianqi Lithium, Cl A ^*		7,350,291		21,733,920
Yunnan Energy New Material, Cl A		2,456,555		36,612,162
				158,051,103
TOTAL CHINA				424,636,281
GERMANY— 2.3%
Industrials — 2.3%
Akasol ^{* (A)}		22,413		1,215,186
Varta ^{* (A)}		152,493		19,113,138
TOTAL GERMANY				20,328,324
HONG KONG— 0.1%
Industrials — 0.1%
Honbridge Holdings ^{* (A)}		26,764,100		1,087,151
JAPAN— 6.8%
Consumer Discretionary — 5.2%
Panasonic		4,918,520		45,200,135

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

Schedule of Investments	October 31, 2020
Global X Lithium & Battery Tech ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 1.4%
GS Yuasa		673,568	$	11,675,007
Materials — 0.2%
W-Scope ^*		284,800		1,808,946
TOTAL JAPAN				58,684,088
NETHERLANDS— 0.5%
Materials — 0.5%
AMG Advanced Metallurgical Group ^(A)		253,767		4,568,504
SOUTH KOREA— 11.2%
Industrials — 0.2%
Vitzrocell		115,965		1,783,370
Information Technology — 6.5%
Iljin Materials		159,477		6,001,294
L&F ^(A)		153,502		5,296,205
Power Logics ^(A)		214,686		1,485,225
Samsung SDI		111,093		43,274,086
				56,056,810
Materials — 4.5%
LG Chemical		72,904		39,256,494
TOTAL SOUTH KOREA				97,096,674
TAIWAN— 2.1%
Industrials — 0.1%
Advanced Lithium Electrochemistry ^*		1,084,641		538,462
Information Technology — 2.0%
Dynapack International Technology		1,126,500		3,138,848
Simplo Technology		1,295,080		14,420,717
				17,559,565
TOTAL TAIWAN				18,098,027
UNITED STATES— 19.1%
Consumer Discretionary — 4.1%
Tesla ^{* (A)}		92,487		35,888,655
Industrials — 3.1%
EnerSys		375,815		26,908,354

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

Schedule of Investments	October 31, 2020
Global X Lithium & Battery Tech ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Materials — 11.9%
Albemarle		956,198	$	89,127,216
Livent ^*		1,304,802		14,026,621
				103,153,837
TOTAL UNITED STATES				165,950,846
TOTAL COMMON STOCK
(Cost $688,468,265)				871,061,186

SHORT-TERM INVESTMENT^(E)(F) — 0.4%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $3,887,078)		3,887,078		3,887,078

REPURCHASE AGREEMENT^(E) — 3.9%
BNP Paribas
0.060%, dated 10/30/20, to be repurchased on 11/02/20, repurchase price $33,678,961 (collateralized by U.S. Treasury Obligations, ranging in par value $1,583,683 - $5,459,406, 1.625%, 11/15/2022, with a total market value of $34,340,119)
(Cost $33,673,349)	$	33,673,349		33,673,349
TOTAL INVESTMENTS — 104.6%
(Cost $726,028,692)			$	908,621,613

Percentages are based on Net Assets of $868,893,855.

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

Schedule of Investments	October 31, 2020
Global X Lithium & Battery Tech 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 $35,520,721.

(B)	Level 3 security in accordance with fair value hierarchy.

(C)	Security considered illiquid. The total value of such securities as of October 31, 2020 was $91 and represented 0.0% of Net Assets of the Fund.

(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 $91 and represents 0.0% of Net Assets of the Fund.

(E)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2020, was $37,560,427.

(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	$	871,061,095	$	—	$	91	$	871,061,186
Short-Term Investment		3,887,078		—		—		3,887,078
Repurchase Agreement		—		33,673,349		—		33,673,349
Total Investments in Securities	$	874,948,173	$	33,673,349	$	91	$	908,621,613

(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 have been no transfers in or out of Level 3.

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

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

Schedule of Investments	October 31, 2020
Global X E‐commerce ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.9%
ARGENTINA— 5.0%
Consumer Discretionary — 5.0%
MercadoLibre ^*		3,719	$	4,515,052
CANADA— 3.8%
Information Technology — 3.8%
Shopify, Cl A ^*		3,766		3,485,169
CHINA— 27.7%
Communication Services — 3.6%
NetEase ADR		38,262		3,320,759
Consumer Discretionary — 23.5%
Alibaba Group Holding ADR ^*		14,501		4,418,310
Baozun ADR ^*		27,564		1,008,567
JD.com ADR ^*		57,777		4,709,981
Pinduoduo ADR ^*		42,365		3,812,003
Trip.com Group ADR ^*		128,968		3,709,120
Uxin ADR ^*		162,156		155,670
Vipshop Holdings ADR ^*		167,141		3,576,817
				21,390,468
Financials — 0.6%
LexinFintech Holdings ADR ^*		66,726		549,822

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

Schedule of Investments	October 31, 2020
Global X E‐commerce ETF

	Shares		Value
COMMON STOCK — continued
TOTAL CHINA			$	25,261,049
GERMANY— 0.6%
Consumer Discretionary — 0.6%
Jumia Technologies ADR ^{* (A)}		35,231		527,056
JAPAN— 4.2%
Consumer Discretionary — 4.2%
Rakuten		395,580		3,840,766
SOUTH KOREA— 0.3%
Information Technology — 0.3%
Cafe24 ^*		5,640		277,850
UNITED KINGDOM— 6.8%
Consumer Discretionary — 6.8%
ASOS ^*		37,614		2,143,813
Ocado Group ^*		135,051		3,974,348
TOTAL UNITED KINGDOM				6,118,161
UNITED STATES— 51.5%
Communication Services — 2.3%
ANGI Homeservices, Cl A ^*		34,760		368,456
TripAdvisor ^*		54,088		1,033,622
Yelp, Cl A ^*		36,924		726,295
				2,128,373
Consumer Discretionary — 36.1%
Amazon.com ^*		1,201		3,646,416
Booking Holdings ^*		2,008		3,257,980
eBay		61,884		2,947,535
Etsy ^*		35,441		4,309,271
Expedia Group		40,050		3,770,708
Groupon, Cl A ^*		15,093		292,653
Lands’ End ^*		30,863		495,351
Overstock.com ^*		20,673		1,159,755
Overstock.com, Ser A1		366		20,789
PetMed Express		10,427		308,431
Qurate Retail		6,196		606,093

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

Schedule of Investments	October 31, 2020
Global X E‐commerce ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Qurate Retail, Cl A ^*		206,759	$	1,399,758
Shutterstock		10,343		676,949
Stamps.com ^*		8,947		1,997,328
Wayfair, Cl A ^*		16,583		4,113,081
Williams-Sonoma		42,590		3,884,633
				32,886,731
Financials — 2.5%
eHealth ^*		13,096		878,873
LendingTree ^*		4,303		1,392,408
				2,271,281
Industrials — 4.7%
CoStar Group ^*		5,224		4,302,539
Information Technology — 5.9%
GoDaddy, Cl A ^*		50,050		3,540,537
LivePerson ^*		33,180		1,773,803
				5,314,340
TOTAL UNITED STATES				46,903,264
TOTAL COMMON STOCK
(Cost $88,142,257)				90,928,367

SHORT-TERM INVESTMENT^(B)(C) — 0.0%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $44,934)		44,934		44,934

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

Schedule of Investments	October 31, 2020
Global X E‐commerce ETF

	Face Amount		Value
REPURCHASE AGREEMENT^(B) — 0.4%
BNP Paribas
0.060%, dated 10/30/20, to be repurchased on 11/02/20 , repurchase price $389,259 (collateralized by U.S. Treasury Obligations, ranging in par value $18,307 - $63,109, 1.625%, 11/15/2022, with a total market value of $396,961)
(Cost $389,256)	$	389,256		389,256
TOTAL INVESTMENTS — 100.3%
(Cost $88,576,447)			$	91,362,557

Percentages are based on Net Assets of $91,082,868.

*	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 $368,016.

(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2020, was $434,190.

(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

Ser — Series

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	$	90,928,367	$	—	$	—	$	90,928,367
Short-Term Investment		44,934		—		—		44,934
Repurchase Agreement		—		389,256		—		389,256
Total Investments in Securities	$	90,973,301	$	389,256	$	—	$	91,362,557

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

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

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

Schedule of Investments	October 31, 2020
Global X SuperDividend^® ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 98.8%
ARGENTINA— 0.7%
Communication Services — 0.7%
Telecom Argentina ADR		674,261	$	4,322,013
AUSTRALIA— 6.2%
Communication Services — 1.3%
Nine Entertainment Holdings		5,474,746		7,996,876
Consumer Staples — 0.9%
Inghams Group		2,663,863		5,350,212
Financials — 1.7%
Bendigo and Adelaide Bank		1,357,260		6,376,498
Platinum Asset Management		2,161,679		4,630,033
				11,006,531
Industrials — 0.8%
SmartGroup		1,275,544		4,863,942
Materials — 0.8%
Rio Tinto		93,883		5,288,961

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

Schedule of Investments	October 31, 2020
Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
Utilities — 0.7%
AGL Energy		499,847	$	4,380,712
TOTAL AUSTRALIA				38,887,234
BRAZIL— 3.1%
Financials — 2.2%
Banco Santander Brasil		951,100		5,286,638
BB Seguridade Participacoes		1,114,200		4,575,833
Wiz Solucoes e Corretagem de Seguros		2,756,900		4,274,486
				14,136,957
Utilities — 0.9%
Transmissora Alianca de Energia Eletrica		1,132,400		5,528,453
TOTAL BRAZIL				19,665,410
CHINA— 13.3%
Communication Services — 0.9%
CITIC Telecom International Holdings		18,202,700		5,774,276
Consumer Discretionary — 0.7%
Tianneng Power International ^(A)		2,714,900		4,418,143
Energy — 1.0%
Yanzhou Coal Mining, Cl H		8,176,200		5,935,899
Financials — 0.8%
China Minsheng Banking, Cl H		9,560,700		5,227,357
Industrials — 0.9%
Lonking Holdings		20,136,100		5,348,958
Materials — 0.8%
China Oriental Group		21,893,600		4,940,624
Real Estate — 7.3%
Agile Group Holdings		7,091,600		9,693,413
Guangzhou R&F Properties		5,276,200		6,681,275
Powerlong Real Estate Holdings		8,045,900		5,405,538
Shenzhen Investment		17,160,400		5,222,351
Shui On Land ^(A)		35,702,800		4,696,010
Yuexiu Property		30,480,000		5,895,665
Yuzhou Properties		21,087,702		8,130,683
				45,724,935

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

Schedule of Investments	October 31, 2020
Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
Utilities — 0.9%
China Power International Development		30,108,200	$	5,784,924
TOTAL CHINA				83,155,116
COLOMBIA— 0.8%
Energy — 0.8%
Ecopetrol ADR ^(A)		510,669		4,723,688
FRANCE— 1.0%
Real Estate — 1.0%
Cromwell European Real Estate Investment Trust ^‡		12,212,000		6,472,440
HONG KONG— 2.5%
Communication Services — 1.0%
PCCW ^(A)		10,846,100		6,517,576
Consumer Discretionary — 1.5%
Pacific Textiles Holdings		16,328,300		9,264,463
Real Estate — 0.0%
Pacific Century Premium Developments ^*		1,150,616		121,667
TOTAL HONG KONG				15,903,706
INDONESIA— 3.0%
Energy — 3.0%
Adaro Energy		74,082,200		5,698,631
Bukit Asam		50,692,100		6,793,608
Indo Tambangraya Megah		11,784,800		6,547,111
TOTAL INDONESIA				19,039,350
KAZAKHSTAN— 0.8%
Financials — 0.8%
Halyk Savings Bank of Kazakhstan JSC GDR		497,410		4,964,152
MALAYSIA— 0.9%
Financials — 0.9%
Malayan Banking		3,268,800		5,507,004
MEXICO— 1.3%
Real Estate — 1.3%
PLA Administradora Industrial S de RL ^‡		5,888,194		8,058,475

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

Schedule of Investments	October 31, 2020
Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
NETHERLANDS— 2.0%
Financials — 1.3%
Van Lanschot Kempen		427,177	$	8,558,667
Real Estate — 0.7%
Eurocommercial Properties ^{‡ *}		385,067		4,198,382
TOTAL NETHERLANDS				12,757,049
NEW ZEALAND— 0.9%
Consumer Discretionary — 0.9%
SKYCITY Entertainment Group ^*		3,055,301		5,653,889
NIGERIA— 1.6%
Financials — 1.6%
Zenith Bank		176,982,843		10,124,300
RUSSIA— 8.1%
Communication Services — 1.3%
Mobile TeleSystems ADR		1,072,705		8,388,553
Consumer Staples — 1.2%
Magnit PJSC GDR		519,198		7,159,740
Materials — 5.6%
Evraz		2,334,638		10,852,112
MMC Norilsk Nickel PJSC ADR		330,505		7,879,239
Novolipetsk Steel PJSC GDR		488,914		11,362,362
PhosAgro PJSC GDR		457,749		5,273,269
				35,366,982
TOTAL RUSSIA				50,915,275
SINGAPORE— 4.3%
Communication Services — 0.9%
StarHub		6,341,600		5,433,667
Real Estate — 3.4%
Keppel Pacific Oak US REIT ^‡		8,873,926		6,211,748
Mapletree North Asia Commercial Trust ^‡		8,428,000		5,369,725
Sasseur Real Estate Investment Trust ^‡		17,708,900		9,726,602
				21,308,075
TOTAL SINGAPORE				26,741,742

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

Schedule of Investments	October 31, 2020
Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
SOUTH AFRICA— 10.3%
Consumer Discretionary — 0.9%
Truworths International		2,700,463	$	5,196,922
Energy — 1.1%
Exxaro Resources		1,055,818		7,084,596
Financials — 1.8%
Absa Group		1,072,685		5,738,811
Coronation Fund Managers		2,467,017		5,698,109
				11,436,920
Industrials — 0.8%
Reunert		2,483,741		5,120,722
Materials — 3.4%
African Rainbow Minerals		598,673		8,384,277
Kumba Iron Ore		431,842		12,765,168
				21,149,445
Real Estate — 2.3%
Equites Property Fund ^{‡ (A)}		5,736,182		5,496,568
Growthpoint Properties ^‡		6,768,140		4,419,415
Resilient ^‡		2,463,003		4,659,602
				14,575,585
TOTAL SOUTH AFRICA				64,564,190
SPAIN— 1.4%
Energy — 0.8%
Repsol		737,476		4,587,319
Real Estate — 0.6%
Lar Espana Real Estate Socimi ^‡		1,103,284		3,932,589
TOTAL SPAIN				8,519,908
TAIWAN— 2.7%
Consumer Discretionary — 0.9%
Ruentex Industries		2,461,600		5,697,132
Real Estate — 1.8%
Chong Hong Construction		2,044,400		5,689,312
Farglory Land Development		3,570,200		5,491,944
				11,181,256

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

Schedule of Investments	October 31, 2020
Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
TOTAL TAIWAN			$	16,878,388
THAILAND— 5.2%
Communication Services — 2.3%
Jasmine Broadband Internet Infrastructure Fund		20,540,500		6,227,889
Jasmine International NVDR ^(A)		96,408,699		7,980,571
				14,208,460
Energy — 1.0%
Banpu ^(A)		6,348,600		1,334,189
Banpu PCL NVDR ^(A)		25,176,900		5,291,046
				6,625,235
Financials — 1.0%
Tisco Financial Group NVDR		2,644,100		6,002,088
Real Estate — 0.9%
Quality Houses		86,077,500		5,744,484
TOTAL THAILAND				32,580,267
UNITED KINGDOM— 3.4%
Energy — 0.8%
Genel Energy		3,544,198		5,141,699
Financials — 1.8%
IG Group Holdings		551,987		5,431,369
Standard Life Aberdeen		1,858,494		5,394,775
				10,826,144
Real Estate — 0.8%
Regional ^‡		6,305,256		5,087,251
TOTAL UNITED KINGDOM				21,055,094
UNITED STATES— 25.3%
Communication Services — 0.8%
CenturyLink		561,937		4,843,897
Consumer Staples — 3.7%
Altria Group		149,434		5,391,579
B&G Foods ^(A)		662,439		17,594,380
				22,985,959

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

Schedule of Investments	October 31, 2020
Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
Energy — 4.3%
Archrock		879,704	$	5,216,645
Diversified Gas & Oil		11,095,936		16,039,897
Williams		306,701		5,885,592
				27,142,134
Financials — 10.7%
Annaly Capital Management ^‡		1,009,668		7,158,546
Apollo Commercial Real Estate Finance ^‡		442,505		3,849,793
Arbor Realty Trust ^‡		562,861		6,653,017
Ares Commercial Real Estate ^‡		629,081		5,856,744
Artisan Partners Asset Management, Cl A		195,552		7,833,813
Blackstone Mortgage Trust, Cl A ^‡		244,809		5,312,356
Chimera Investment ^‡		360,917		3,013,657
KKR Real Estate Finance Trust ^‡		456,782		7,632,827
Ladder Capital, Cl A ^‡		489,703		3,672,773
Ready Capital ^‡		470,597		5,289,510
Starwood Property Trust ^‡		350,986		4,903,274
Waddell & Reed Financial, Cl A		369,722		5,675,233
				66,851,543
Materials — 1.0%
Kronos Worldwide		465,731		6,203,537
Real Estate — 4.8%
Brookfield Property, Cl A ^{‡ (A)}		450,385		6,643,179
GEO Group ^‡		474,164		4,201,093
Gladstone Commercial ^‡		315,277		5,123,251
Iron Mountain ^‡		208,976		5,445,915
Office Properties Income Trust ^‡		244,317		4,497,876
One Liberty Properties ^‡		305,131		4,708,171
				30,619,485
TOTAL UNITED STATES				158,646,555
TOTAL COMMON STOCK
(Cost $685,973,161)				619,135,245

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

Schedule of Investments	October 31, 2020
Global X SuperDividend^® ETF

	Shares/Face Amount		Value
PREFERRED STOCK — 1.0%
BRAZIL— 1.0%
Utilities — 1.0%
Cia de Transmissao de Energia Eletrica Paulista, 0.000% ^(B)
(Cost $6,065,782)		1,494,500	$	6,093,600
TOTAL BRAZIL				6,093,600

SHORT-TERM INVESTMENT^(C)(D) — 0.6%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $3,784,982)		3,784,982		3,784,982

REPURCHASE AGREEMENT^(C) — 5.2%
BNP Paribas
0.060%, dated 10/30/20, to be repurchased on 11/02/20 , repurchase price $32,789,071 (collateralized by U.S. Treasury Obligations, ranging in par value $1,542,087 - $5,316,013, 1.625%, 11/15/2022, with a total market value of $33,438,165)
(Cost $32,788,906)	$	32,788,906		32,788,906
TOTAL INVESTMENTS — 105.6%
(Cost $728,612,831)			$	661,802,733

Percentages are based on Net Assets of $626,870,894.

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

Schedule of Investments	October 31, 2020
Global X SuperDividend^® ETF

‡	Real Estate Investment Trust

*	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 $34,797,029.

(B)	There is currently no stated 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 $36,573,888.

(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

GDR — Global Depositary Receipt

JSC — Joint Stock Company

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint Stock Company

REIT — Real Estate Investment Trust

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	600,095,895	$	19,039,350	$	—	$	619,135,245
Preferred Stock		6,093,600		—		—		6,093,600
Short-Term Investment		3,784,982		—		—		3,784,982
Repurchase Agreement		—		32,788,906		—		32,788,906
Total Investments in Securities	$	609,974,477	$	51,828,256	$	—	$	661,802,733

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

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

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

Schedule of Investments	October 31, 2020
Global X SuperDividend^® U.S. ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 73.8%
UNITED STATES— 73.8%
Communication Services — 5.4%
AT&T		347,829	$	9,398,340
Verizon Communications		227,661		12,974,400
				22,372,740
Consumer Discretionary — 2.4%
H&R Block		567,313		9,791,822
Consumer Staples — 23.8%
Altria Group		300,660		10,847,813
B&G Foods ^(A)		987,759		26,234,879
Bunge		180,376		10,232,730
General Mills		241,806		14,295,571
Kraft Heinz		485,012		14,836,517
Philip Morris International		153,009		10,866,699
Universal		268,727		10,708,771
				98,022,980

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

Schedule of Investments	October 31, 2020
Global X SuperDividend^® U.S. ETF

	Shares		Value
COMMON STOCK — continued
Energy — 7.1%
Chevron		120,278	$	8,359,321
Exxon Mobil		224,046		7,308,380
Hess Midstream		371,225		6,340,523
Kinder Morgan		597,194		7,106,609
				29,114,833
Financials — 7.5%
Arbor Realty Trust ^{‡ (A)}		885,361		10,464,967
Blackstone Mortgage Trust, Cl A ^‡		310,856		6,745,575
KKR Real Estate Finance Trust ^‡		451,986		7,552,686
Virtu Financial, Cl A		294,278		6,291,664
				31,054,892
Industrials — 2.3%
Ennis		629,666		9,596,110
Real Estate — 12.0%
Alexander’s ^‡		27,468		6,679,943
Brookfield Property, Cl A ^{‡ (A)}		886,381		13,074,120
Gladstone Commercial ^‡		521,245		8,470,231
Industrial Logistics Properties Trust ^‡		379,946		7,287,364
Iron Mountain ^‡		283,466		7,387,124
Omega Healthcare Investors ^‡		229,208		6,603,483
				49,502,265
Utilities — 13.3%
Clearway Energy, Cl C		324,995		9,151,859
Dominion Energy		146,139		11,740,807
Duke Energy		128,625		11,847,649
National Fuel Gas		169,319		6,765,987
PPL		378,663		10,413,232
South Jersey Industries		250,442		4,826,018
				54,745,552
TOTAL UNITED STATES				304,201,194
TOTAL COMMON STOCK
(Cost $323,444,149)				304,201,194

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

Schedule of Investments	October 31, 2020
Global X SuperDividend^® U.S. ETF

	Shares		Value
MASTER LIMITED PARTNERSHIPS — 25.7%
Energy — 16.6%
BP Midstream Partners ^(B)		866,879	$	8,408,726
CrossAmerica Partners ^(B)		718,073		10,440,781
Delek Logistics Partners ^(B)		454,990		12,066,335
KNOT Offshore Partners ^(B)		724,931		9,409,604
MPLX ^(B)		384,790		6,622,236
Phillips 66 Partners ^(B)		216,731		5,086,677
Sunoco ^(B)		281,518		7,085,808
USA Compression Partners ^(B)		937,269		9,382,063
				68,502,230
Financials — 2.5%
Compass Diversified Holdings ^(B)		585,138		10,117,036
Industrials — 4.3%
Fortress Transportation & Infrastructure Investors ^(B)		662,036		10,420,446
Icahn Enterprises ^(B)		145,345		7,185,857
				17,606,303
Real Estate — 2.3%
Brookfield Property Partners ^(B)		698,021		9,695,512
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $104,640,165)				105,921,081

SHORT-TERM INVESTMENT^(C)(D) — 0.8%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $3,151,723)		3,151,723		3,151,723

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

Schedule of Investments	October 31, 2020
Global X SuperDividend^® U.S. ETF

	Face Amount		Value
REPURCHASE AGREEMENT^(C) — 6.6%
BNP Paribas
0.060%, dated 10/30/20, to be repurchased on 11/02/20 , repurchase price $27,303,183 (collateralized by U.S. Treasury Obligations, ranging in par value $1,284,083 - $4,426,599, 1.625%, 11/15/2022, with a total market value of $27,843,677)
(Cost $27,303,045)	$	27,303,045	$	27,303,045
TOTAL INVESTMENTS — 106.9%
(Cost $458,539,082)			$	440,577,043

Percentages are based on Net Assets of $412,109,568.

‡	Real Estate Investment Trust

(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 $29,387,834.

(B)	Security considered Master Limited Partnership. At October 31, 2020, these securities amounted to $105,921,081 or 25.7% of net assets.

(C)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2020, was $30,454,768.

(D)	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	$	304,201,194	$	—	$	—	$	304,201,194
Master Limited Partnerships		105,921,081		—		—		105,921,081
Short-Term Investment		3,151,723		—		—		3,151,723
Repurchase Agreement		—		27,303,045		—		27,303,045
Total Investments in Securities	$	413,273,998	$	27,303,045	$	—	$	440,577,043

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

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

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

Schedule of Investments	October 31, 2020
Global X MSCI SuperDividend^® EAFE ETF

Sector Weightings (Unaudited)†:

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

	Shares		Value
COMMON STOCK — 100.0%
AUSTRALIA— 18.0%
Financials — 4.9%
Australia & New Zealand Banking Group		14,202	$	187,599
Commonwealth Bank of Australia		3,676		178,174
				365,773
Industrials — 2.5%
Qantas Airways ^*		62,652		184,350
Materials — 8.6%
BHP Group		6,232		147,836
BHP Group		7,590		146,246
Fortescue Metals Group		15,810		192,852
Rio Tinto		2,742		154,472
				641,406
Real Estate — 2.0%
Scentre Group ^‡		97,509		143,799
TOTAL AUSTRALIA				1,335,328
BELGIUM— 2.0%
Communication Services — 2.0%
Proximus		7,454		144,959

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

Schedule of Investments

October 31, 2020

Global X MSCI SuperDividend^® EAFE ETF

	Shares		Value
COMMON STOCK — continued
DENMARK— 3.6%
Consumer Discretionary — 3.6%
Pandora ^*		3,350	$	265,319
FINLAND— 2.1%
Utilities — 2.1%
Fortum		8,478		159,491
FRANCE— 5.2%
Energy — 1.6%
Total		3,981		119,734
Real Estate — 3.6%
Covivio ^‡		2,581		153,631
Klepierre ^‡		9,203		116,581
				270,212
TOTAL FRANCE				389,946
GERMANY— 4.0%
Consumer Staples — 2.2%
METRO		16,571		162,529
Industrials — 1.8%
HOCHTIEF		1,827		134,501
TOTAL GERMANY				297,030
HONG KONG— 5.6%
Communication Services — 3.7%
HKT Trust & HKT		94,220		121,741
PCCW		252,765		151,890
				273,631
Real Estate — 1.9%
Swire Pacific, Cl A		31,000		141,112
TOTAL HONG KONG				414,743
ITALY— 11.8%
Communication Services — 1.8%
Telecom Italia		373,576		135,900
Energy — 1.5%
Eni		15,627		109,419

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

Schedule of Investments

October 31, 2020

Global X MSCI SuperDividend^® EAFE ETF

	Shares		Value
COMMON STOCK — continued
Financials — 6.4%
Assicurazioni Generali		10,886	$	145,953
Mediobanca Banca di Credito Finanziario		25,734		182,495
Poste Italiane		17,739		144,643
				473,091
Utilities — 2.1%
Snam		32,734		159,766
TOTAL ITALY				878,176
JAPAN— 9.9%
Consumer Staples — 1.9%
Japan Tobacco		7,690		144,914
Financials — 1.8%
Aozora Bank		8,300		135,607
Industrials — 2.3%
Marubeni		32,500		168,873
Information Technology — 1.7%
Canon		7,140		122,973
Real Estate — 2.2%
Japan Retail Fund Investment ^‡		115		165,339
TOTAL JAPAN				737,706
NETHERLANDS— 1.5%
Energy — 1.5%
Royal Dutch Shell, Cl A		8,956		111,794
NEW ZEALAND— 2.0%
Communication Services — 2.0%
Spark New Zealand		50,854		150,906
PORTUGAL— 3.8%
Energy — 1.7%
Galp Energia		15,214		123,239
Utilities — 2.1%
Energias de Portugal		32,184		158,656
TOTAL PORTUGAL				281,895

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

Schedule of Investments

October 31, 2020

Global X MSCI SuperDividend^® EAFE ETF

	Shares		Value
COMMON STOCK — continued
SPAIN— 15.3%
Communication Services — 1.6%
Telefonica		35,325	$	115,462
Energy — 1.4%
Repsol		16,342		101,652
Financials — 3.8%
Banco Bilbao Vizcaya Argentaria		50,844		145,813
Mapfre		89,892		135,496
				281,309
Industrials — 2.1%
ACS Actividades de Construccion y Servicios		6,730		159,925
Utilities — 6.4%
Enagas		6,440		139,005
Endesa		6,555		175,695
Naturgy Energy Group		8,705		161,733
				476,433
TOTAL SPAIN				1,134,781
SWITZERLAND— 4.3%
Financials — 4.3%
Swiss Re		2,268		162,673
Zurich Insurance Group		483		160,201
TOTAL SWITZERLAND				322,874
UNITED KINGDOM— 10.9%
Consumer Discretionary — 1.9%
Barratt Developments ^*		23,274		145,199
Consumer Staples — 3.7%
British American Tobacco		4,957		156,901
Imperial Brands		7,593		120,168
				277,069
Energy — 1.3%
BP		37,306		94,833
Financials — 4.0%
Legal & General Group		60,919		145,563

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

Schedule of Investments

October 31, 2020

Global X MSCI SuperDividend^® EAFE ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Standard Life Aberdeen		50,384	$	146,253
				291,816
TOTAL UNITED KINGDOM				808,917
TOTAL COMMON STOCK
(Cost $8,323,486)				7,433,865
TOTAL INVESTMENTS — 100.0%
(Cost $8,323,486)			$	7,433,865

Percentages are based on Net Assets of $7,436,116.

*	Non-income producing security.

‡	Real Estate Investment Trust

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 SuperDividend^® Emerging Markets ETF

Sector Weightings (Unaudited)†:

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

	Shares		Value
COMMON STOCK — 100.0%
BRAZIL— 6.9%
Financials — 6.9%
Banco do Brasil		85,132	$	439,982
Banco Santander Brasil		96,500		536,390
BB Seguridade Participacoes		96,600		396,720
Total Financials				1,373,092
TOTAL BRAZIL				1,373,092
CHINA— 32.9%
Energy — 5.6%
China Shenhua Energy, Cl H		256,100		442,528
CNOOC		368,700		334,713
Yanzhou Coal Mining, Cl H		486,600		353,270
Total Energy				1,130,511
Financials — 9.0%
Bank of China, Cl H		1,254,000		396,178
Bank of Communications, Cl H		634,280		311,625
China Everbright Bank, Cl H		1,069,400		369,574

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

Schedule of Investments

October 31, 2020

Global X MSCI SuperDividend^® Emerging Markets ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
China Minsheng Banking, Cl H		669,900	$	366,271
PICC Property & Casualty, Cl H		520,400		351,637
Total Financials				1,795,285
Industrials — 3.8%
Shenzhen International Holdings		252,000		391,249
Sinopec Engineering Group, Cl H		939,300		364,584
Total Industrials				755,833
Information Technology — 2.2%
Lenovo Group		696,700		435,727
Real Estate — 10.3%
Agile Group Holdings		368,400		503,561
Guangzhou R&F Properties		314,600		398,379
KWG Group Holdings		256,000		338,039
KWG Living Group Holdings ^*		128,000		100,355
Shanghai Lujiazui Finance & Trade Zone Development, Cl B		471,800		387,820
Yuzhou Properties		890,200		343,230
Total Real Estate				2,071,384
Utilities — 2.0%
China Power International Development		2,093,100		402,164
TOTAL CHINA				6,590,904
COLOMBIA— 1.8%
Energy — 1.8%
Ecopetrol		758,646		352,492
EGYPT— 2.0%
Industrials — 2.0%
ElSewedy Electric		856,781		404,379
INDIA— 2.4%
Financials — 2.4%
REC		342,103		474,787

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

Schedule of Investments

October 31, 2020

Global X MSCI SuperDividend^® Emerging Markets ETF

	Shares		Value
COMMON STOCK — continued
INDONESIA— 2.2%
Energy — 2.2%
Adaro Energy		5,619,300	$	432,254
MALAYSIA— 3.8%
Consumer Discretionary — 1.9%
Genting Malaysia		772,510		371,846
Financials — 1.9%
Malayan Banking		231,400		389,844
TOTAL MALAYSIA				761,690
MEXICO— 2.0%
Real Estate — 2.0%
Fibra Uno Administracion ^‡		526,300		397,492
PAKISTAN— 2.2%
Financials — 2.2%
MCB Bank		424,042		439,977
ROMANIA— 1.5%
Real Estate — 1.5%
NEPI Rockcastle		87,628		310,470
RUSSIA— 12.1%
Communication Services — 1.7%
Mobile TeleSystems ADR		43,136		337,324
Consumer Staples — 2.5%
Magnit PJSC GDR		35,706		492,386
Energy — 2.8%
Gazprom PJSC		146,220		285,127
LUKOIL PJSC		5,385		274,035
Total Energy				559,162
Materials — 5.1%
Magnitogorsk Iron & Steel Works PJSC		752,800		356,665

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

Schedule of Investments

October 31, 2020

Global X MSCI SuperDividend^® Emerging Markets ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
MMC Norilsk Nickel PJSC		1,308	$	310,382
PhosAgro PJSC GDR		31,337		361,002
Total Materials				1,028,049
TOTAL RUSSIA				2,416,921
SOUTH AFRICA— 10.1%
Energy — 2.2%
Exxaro Resources		64,406		432,168
Financials — 3.7%
Nedbank Group		69,156		408,499
Old Mutual		560,969		323,833
Total Financials				732,332
Materials — 2.4%
Kumba Iron Ore		16,254		480,465
Real Estate — 1.8%
Growthpoint Properties ^‡		548,208		357,965
TOTAL SOUTH AFRICA				2,002,930
SOUTH KOREA— 2.2%
Financials — 2.2%
Woori Financial Group		57,195		448,104
TAIWAN— 8.7%
Consumer Discretionary — 2.2%
Formosa Taffeta		404,600		442,035
Information Technology — 4.3%
Lite-On Technology		253,800		413,040
Micro-Star International		111,300		447,481
Total Information Technology				860,521
Real Estate — 2.2%
Highwealth Construction		310,970		451,177
TOTAL TAIWAN				1,753,733

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

Schedule of Investments

October 31, 2020

Global X MSCI SuperDividend^® Emerging Markets ETF

	Shares		Value
COMMON STOCK — continued
THAILAND— 1.9%
Financials — 1.9%
Siam Commercial Bank NVDR		184,300	$	384,359
TURKEY— 1.8%
Consumer Staples — 1.8%
Anadolu Efes Biracilik Ve Malt Sanayii		156,134		361,885
UNITED ARAB EMIRATES— 5.5%
Financials — 2.4%
Dubai Islamic Bank PJSC		426,328		482,835
Real Estate — 3.1%
Aldar Properties PJSC		825,561		615,830
TOTAL UNITED ARAB EMIRATES				1,098,665
TOTAL INVESTMENTS — 100.0%
(Cost $21,285,632)			$	20,004,134

Percentages are based on Net Assets of $20,007,225

*	Non-income producing security.

‡	Real Estate Investment Trust

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint Stock Company

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	17,628,859	$	2,375,275	$	—	$	20,004,134
Total Investments in Securities	$	17,628,859	$	2,375,275	$	—	$	20,004,134

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 SuperDividend^® REIT ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.3%
AUSTRALIA— 2.6%
Real Estate — 2.6%
Cromwell Property Group ^{‡ (A)}		12,931,541	$	7,946,052
CANADA— 5.6%
Real Estate — 5.6%
NorthWest Healthcare Properties Real Estate Investment Trust ^{‡ (A)}		987,872		8,453,609
SmartCentres Real Estate Investment Trust ^{‡ (A)}		575,197		9,085,123
TOTAL CANADA				17,538,732
SINGAPORE— 8.5%
Real Estate — 8.5%
Frasers Logistics & Commercial Trust ^‡		1,413,270		1,273,030
Manulife US Real Estate Investment Trust ^‡		22,503,722		16,090,161
Mapletree North Asia Commercial Trust ^‡		14,183,638		9,036,811
TOTAL SINGAPORE				26,400,002
UNITED STATES— 82.6%
Financials — 39.0%
Annaly Capital Management ^‡		2,355,569		16,700,985
Apollo Commercial Real Estate Finance ^‡		1,254,953		10,918,091
Arbor Realty Trust ^‡		931,205		11,006,843
ARMOUR Residential ^‡		1,330,382		12,691,844
Blackstone Mortgage Trust, Cl A ^‡		520,900		11,303,530

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

Schedule of Investments

October 31, 2020

Global X SuperDividend^® REIT ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Chimera Investment ^‡		1,129,888	$	9,434,565
KKR Real Estate Finance Trust ^‡		986,078		16,477,363
Ladder Capital, Cl A ^‡		1,088,206		8,161,545
Ready Capital ^‡		1,296,968		14,577,920
Starwood Property Trust ^‡		745,003		10,407,692
				121,680,378
Real Estate — 43.6%
Brandywine Realty Trust ^‡		835,516		7,319,120
Brookfield Property, Cl A ^{‡ (A)}		1,049,689		15,482,912
Gaming and Leisure Properties ^‡		406,748		14,785,289
GEO Group ^‡		808,425		7,162,646
Global Medical ^‡		620,196		7,709,036
Industrial Logistics Properties Trust ^‡		456,699		8,759,487
Iron Mountain ^‡		337,312		8,790,351
LTC Properties ^‡		218,478		7,211,959
MGM Growth Properties, Cl A ^‡		335,684		8,878,842
National Health Investors ^‡		127,631		7,153,718
Office Properties Income Trust ^‡		346,172		6,373,027
Omega Healthcare Investors ^‡		519,253		14,959,678
Spirit Realty Capital ^‡		234,997		7,061,660
Uniti Group ^‡		804,113		7,092,277
WP Carey ^‡		116,233		7,277,348
				136,017,350
TOTAL UNITED STATES				257,697,728
TOTAL COMMON STOCK
(Cost $384,161,030)				309,582,514

SHORT-TERM INVESTMENT^(B)(C) — 0.8%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $2,399,291)		2,399,291		2,399,291

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

Schedule of Investments

October 31, 2020

Global X SuperDividend^® REIT ETF

	Face Amount		Value
REPURCHASE AGREEMENT^(B) — 6.7%
BNP Paribas
0.060%, dated 10/30/20, to be repurchased on 11/02/20, repurchase price $20,788,275 (collateralized by U.S. Treasury Obligations, ranging in par value $977,525 - $3,369,808, 1.625%, 11/15/2022, with a total market value of $21,196,373)
(Cost $20,784,811)	$	20,784,811	$	20,784,811
TOTAL INVESTMENTS — 106.8%
(Cost $407,345,132)			$	332,766,616

Percentages are based on Net Assets of $311,625,175.

‡	Real Estate Investment Trust

(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 $22,082,244.

(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2020, was $23,184,102.

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

Cl — Class

ETF — Exchange Traded Fund

REIT — Real Estate Investment Trust

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	$	309,582,514	$	—	$	—	$	309,582,514
Short-Term Investment		2,399,291		—		—		2,399,291
Repurchase Agreement		—		20,784,811		—		20,784,811
Total Investments in Securities	$	311,981,805	$	20,784,811	$	—	$	332,766,616

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

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

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

Schedule of Investments

October 31, 2020

Global X NASDAQ 100^® Covered Call ETF

Sector Weightings (Unaudited)†:

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

	Shares		Value
COMMON STOCK — 100.2%(A)
ARGENTINA— 0.5%
Consumer Discretionary — 0.5%
MercadoLibre ^*		5,903	$	7,166,537
CHINA— 1.6%
Communication Services — 0.6%
Baidu ADR ^*		31,871		4,240,437
NetEase ADR		40,476		3,512,912
				7,753,349
Consumer Discretionary — 1.0%
JD.com ADR ^*		108,768		8,866,767
Pinduoduo ADR ^*		35,230		3,169,995
Trip.com Group ADR ^*		61,246		1,761,435
				13,798,197
TOTAL CHINA				21,551,546
ISRAEL— 0.1%
Information Technology — 0.1%
Check Point Software Technologies ^*		15,456		1,755,183
NETHERLANDS— 0.6%
Information Technology — 0.6%
ASML Holding, Cl G		9,121		3,294,596
NXP Semiconductors		31,690		4,281,953
TOTAL NETHERLANDS				7,576,549

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

Schedule of Investments

October 31, 2020

Global X NASDAQ 100^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
UNITED KINGDOM— 0.1%
Communication Services — 0.1%
Liberty Global ^*		47,142	$	879,669
Liberty Global, Cl A ^*		27,620		524,228
TOTAL UNITED KINGDOM				1,403,897
UNITED STATES— 97.3%
Communication Services — 19.4%
Activision Blizzard		91,453		6,925,736
Alphabet, Cl A ^*		32,025		51,755,923
Alphabet, Cl C ^*		30,987		50,230,237
Charter Communications, Cl A ^*		24,281		14,661,353
Comcast, Cl A		540,170		22,816,781
Electronic Arts ^*		34,612		4,147,556
Facebook, Cl A ^*		223,335		58,761,672
Fox, Cl A		35,848		950,689
Fox, Cl B		35,484		927,552
Netflix ^*		52,265		24,864,551
Sirius XM Holdings		520,302		2,981,330
Take-Two Interactive Software ^*		13,487		2,089,406
T-Mobile US ^*		146,662		16,069,755
				257,182,541
Consumer Discretionary — 17.3%
Amazon.com ^*		46,520		141,241,697
Booking Holdings ^*		4,859		7,883,728
Dollar Tree ^*		26,467		2,390,499
eBay		84,131		4,007,160
Expedia Group		17,062		1,606,387
Lululemon Athletica ^*		14,898		4,756,782
Marriott International, Cl A ^*		38,694		3,593,899
O’Reilly Automotive ^*		8,868		3,871,768
Ross Stores ^*		40,281		3,430,733
Starbucks		138,520		12,045,699

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

Schedule of Investments

October 31, 2020

Global X NASDAQ 100^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Tesla ^*		110,411	$	42,843,884
Ulta Beauty ^*		6,523		1,348,761
				229,020,997
Consumer Staples — 5.0%
Costco Wholesale		52,324		18,712,109
Keurig Dr Pepper		166,744		4,485,414
Kraft Heinz		138,851		4,247,452
Mondelez International, Cl A		169,251		8,990,613
Monster Beverage ^*		60,040		4,597,263
PepsiCo		164,073		21,869,290
Walgreens Boots Alliance		104,796		3,567,256
				66,469,397
Health Care — 6.3%
Alexion Pharmaceuticals ^*		24,592		2,831,523
Align Technology ^*		9,343		3,980,865
Amgen		69,398		15,055,202
Biogen Idec ^*		18,039		4,547,091
BioMarin Pharmaceutical ^*		23,424		1,743,448
Cerner		36,073		2,528,357
DexCom ^*		11,616		3,712,241
Gilead Sciences		148,564		8,638,997
IDEXX Laboratories ^*		10,137		4,306,400
Illumina ^*		17,286		5,059,612
Incyte ^*		24,228		2,099,114
Intuitive Surgical ^*		13,873		9,254,402
Moderna ^*		44,456		2,999,446
Regeneron Pharmaceuticals ^*		12,398		6,739,057
Seagen ^*		19,715		3,288,462
Vertex Pharmaceuticals ^*		30,862		6,430,406
				83,214,623
Industrials — 1.8%
Cintas		12,436		3,911,744
Copart ^*		27,852		3,073,747

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

Schedule of Investments

October 31, 2020

Global X NASDAQ 100^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
CSX		90,664	$	7,157,016
Fastenal		68,231		2,949,626
PACCAR		41,237		3,520,815
Verisk Analytics, Cl A		19,330		3,440,160
				24,053,108
Information Technology — 46.8%
Adobe ^*		56,828		25,407,799
Advanced Micro Devices ^*		139,105		10,473,215
Analog Devices		43,792		5,190,666
ANSYS ^*		10,181		3,098,791
Apple		1,588,641		172,939,460
Applied Materials		108,207		6,409,101
Autodesk ^*		25,964		6,115,561
Automatic Data Processing		50,957		8,049,168
Broadcom		47,375		16,563,721
Cadence Design Systems ^*		33,322		3,644,427
CDW		15,747		1,930,582
Cisco Systems		500,315		17,961,309
Citrix Systems		15,731		1,781,850
Cognizant Technology Solutions, Cl A		61,606		4,399,901
DocuSign, Cl A ^*		21,071		4,261,610
Fiserv ^*		79,354		7,575,926
Intel		503,928		22,313,932
Intuit		31,017		9,760,430
KLA		18,509		3,649,605
Lam Research		17,242		5,898,143
Maxim Integrated Products		29,537		2,057,252
Microchip Technology		28,374		2,981,540
Micron Technology ^*		131,658		6,627,664
Microsoft		702,943		142,324,869
NVIDIA		73,111		36,654,931
Paychex		42,658		3,508,621
PayPal Holdings ^*		139,017		25,875,233

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

Schedule of Investments

October 31, 2020

Global X NASDAQ 100^® Covered Call ETF

	Shares/ Number of Contracts			Value
COMMON STOCK — continued
Information Technology — continued
QUALCOMM		133,686		$	16,491,505
Skyworks Solutions		19,784			2,795,281
Splunk ^*		18,971			3,757,017
Synopsys ^*		17,179			3,673,901
Texas Instruments		108,545			15,694,522
VeriSign ^*		13,714			2,615,260
Workday, Cl A ^*		20,099			4,223,202
Xilinx		28,903			3,430,497
Zoom Video Communications, Cl A ^*		21,584			9,948,281
					620,084,773
Utilities — 0.7%
Exelon		116,494			4,646,946
Xcel Energy		59,598			4,173,648
					8,820,594
TOTAL UNITED STATES					1,288,846,033
TOTAL INVESTMENTS — 100.2%
(Cost $909,185,427)				$	1,328,299,745

WRITTEN OPTION— (0.5)%⁽¹⁾
UNITED STATES— (0.5)%
(Premiums Received $49,975,417)		(1,201	)		(6,581,480	)

Percentages are based on Net Assets of $1,325,642,327.

A list of the exchange traded option contracts held by the Fund at October 31, 2020, is as follows:

Description	Number of Contracts			Cost+			Exercise Price		Expiration Date	Value
WRITTEN OPTION — (0.5)%
Call Options
November 20 Calls on NDX^*		(1,201	)	$	(49,975,417	)	$	12,000.00	11/21/20	$	(6,581,480	)

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

Schedule of Investments

October 31, 2020

Global X NASDAQ 100^® Covered Call ETF

*	Non-income producing security.

+	Notional amount for all options totals $(1,327,459,259).

(1)	Refer to table below for details on Options Contracts.

(A)	All or a portion of these securities has been segregated as collateral for written options contracts. The aggregate market value of collateral at October 31, 2020 was $1,328,299,745.

ADR — American Depositary Receipt

Cl — Class

NDX — Nasdaq 100 Index

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	$	1,328,299,745		$	—	$	—	$	1,328,299,745
Total Investments in Securities	$	1,328,299,745		$	—	$	—	$	1,328,299,745

Liabilities	Level 1			Level 2		Level 3		Total
Written Option		(6,581,480	)		—		—		(6,581,480	)
Total Liabilities	$	(6,581,480	)	$	—	$	—	$	(6,581,480	)

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

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

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

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call ETF

Sector Weightings (Unaudited)†:

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

	Shares		Value
COMMON STOCK — 100.9%(A)
UNITED KINGDOM— 0.4%
Energy — 0.0%
TechnipFMC		2,227	$	12,315
Materials — 0.4%
Linde		1,967		433,409
TOTAL UNITED KINGDOM				445,724
UNITED STATES— 100.5%
Communication Services — 11.2%
Activision Blizzard		2,973		225,145
Alphabet, Cl A ^*		1,153		1,863,375
Alphabet, Cl C ^*		1,127		1,826,878
AT&T		27,016		729,972
CenturyLink		3,373		29,075
Charter Communications, Cl A ^*		598		361,084
Comcast, Cl A		17,307		731,048
Discovery, Cl A ^*		796		16,111

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

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
Discovery, Cl C ^*		1,691	$	30,979
DISH Network, Cl A ^*		1,231		31,378
Electronic Arts ^*		1,098		131,573
Facebook, Cl A ^*		9,250		2,433,767
Fox, Cl A		1,165		30,896
Fox, Cl B		800		20,912
Interpublic Group		2,001		36,198
Live Nation Entertainment ^*		518		25,279
Netflix ^*		1,678		798,292
News, Cl A		1,960		25,735
News, Cl B		636		8,281
Omnicom Group		751		35,447
Take-Two Interactive Software ^*		413		63,982
T-Mobile US ^*		2,297		251,682
Twitter ^*		2,985		123,460
Verizon Communications		15,753		897,764
ViacomCBS, Cl B		2,207		63,054
Walt Disney		6,874		833,473
				11,624,840
Consumer Discretionary — 11.7%
Advance Auto Parts		236		34,758
Amazon.com ^*		1,644		4,991,431
Aptiv ^*		1,053		101,604
AutoZone ^*		89		100,479
Best Buy		920		102,626
Booking Holdings ^*		162		262,845
BorgWarner		665		23,262
CarMax ^*		590		50,999
Carnival		1,936		26,543
Chipotle Mexican Grill, Cl A ^*		118		141,775
Darden Restaurants		436		40,077
Dollar General		983		205,162
Dollar Tree ^*		964		87,069

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

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Domino’s Pizza		164	$	62,045
DR Horton		1,393		93,066
eBay		2,537		120,837
Etsy ^*		545		66,267
Expedia Group		629		59,220
Ford Motor ^*		15,941		123,224
Gap		1,117		21,726
Garmin		588		61,164
General Motors ^*		5,212		179,970
Genuine Parts		572		51,726
Hanesbrands		1,859		29,874
Hasbro		564		46,654
Hilton Worldwide Holdings		1,024		89,917
Home Depot		4,114		1,097,245
L Brands ^*		708		22,663
Las Vegas Sands ^*		1,369		65,794
Leggett & Platt		680		28,377
Lennar, Cl A		1,006		70,651
LKQ ^*		986		31,542
Lowe’s		2,839		448,846
Marriott International, Cl A ^*		1,018		94,552
McDonald’s		2,813		599,169
MGM Resorts International		1,639		33,714
Mohawk Industries ^*		328		33,846
Newell Brands		1,984		35,038
NIKE, Cl B		4,698		564,136
Norwegian Cruise Line Holdings ^*		836		13,903
NVR ^*		12		47,437
O’Reilly Automotive ^*		280		122,248
Pool		156		54,573
PulteGroup		841		34,279
PVH ^*		396		23,083
Ralph Lauren, Cl A ^*		286		19,119

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

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Ross Stores ^*		1,333	$	113,532
Royal Caribbean Cruises ^*		732		41,299
Starbucks		4,351		378,363
Tapestry ^*		1,487		33,056
Target		1,969		299,721
Tiffany		435		56,915
TJX ^*		4,722		239,878
Tractor Supply		467		62,209
Ulta Beauty ^*		227		46,937
Under Armour, Cl A ^*		953		13,189
Under Armour, Cl C ^*		981		11,998
VF		1,337		89,846
Whirlpool		290		53,638
Wynn Resorts ^*		375		27,161
Yum! Brands		1,251		116,756
				12,199,033
Consumer Staples — 7.1%
Altria Group		7,356		265,404
Archer-Daniels-Midland		2,089		96,595
Brown-Forman, Cl B		641		44,684
Campbell Soup		645		30,102
Church & Dwight		1,001		88,478
Clorox		518		107,356
Coca-Cola		14,656		704,367
Colgate-Palmolive		3,375		266,254
Conagra Brands		2,000		70,180
Constellation Brands, Cl A		693		114,504
Costco Wholesale		1,669		596,868
Estee Lauder, Cl A		859		188,688
General Mills		2,523		149,160
Hershey		548		75,328
Hormel Foods		1,118		54,436
JM Smucker		457		51,275

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

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Kellogg		1,006	$	63,267
Kimberly-Clark		1,333		176,742
Kraft Heinz		2,539		77,668
Kroger		3,313		106,712
Lamb Weston Holdings		547		34,707
McCormick		505		91,158
Molson Coors Beverage, Cl B ^*		948		33,427
Mondelez International, Cl A		5,649		300,075
Monster Beverage ^*		1,575		120,598
PepsiCo		5,251		699,906
Philip Morris International		5,833		414,260
Procter & Gamble		9,531		1,306,700
Sysco		2,109		116,649
Tyson Foods, Cl A		1,273		72,854
Walgreens Boots Alliance		2,754		93,746
Walmart		5,268		730,935
				7,343,083
Energy — 2.1%
Apache		1,950		16,185
Baker Hughes, Cl A		2,669		39,421
Cabot Oil & Gas		2,033		36,167
Chevron		7,240		503,180
Concho Resources		683		28,351
ConocoPhillips		4,191		119,947
Devon Energy		1,402		12,520
Diamondback Energy		771		20,015
EOG Resources		2,399		82,142
Exxon Mobil		15,915		519,147
Halliburton		3,728		44,960
Hess		1,203		44,776
HollyFrontier		761		14,086
Kinder Morgan		8,083		96,188
Marathon Oil		4,333		17,159

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

100

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
Marathon Petroleum		2,468	$	72,806
National Oilwell Varco ^*		1,959		16,456
Occidental Petroleum		4,061		37,077
ONEOK		1,755		50,895
Phillips 66		1,837		85,714
Pioneer Natural Resources		598		47,577
Schlumberger		5,292		79,062
Valero Energy		1,681		64,903
Williams		5,117		98,195
				2,146,929
Financials — 10.0%
Aflac		2,724		92,480
Allstate		1,175		104,281
American Express		2,604		237,589
American International Group		3,570		112,419
Ameriprise Financial		452		72,695
Aon, Cl A		901		165,793
Arthur J Gallagher		754		78,197
Assurant		277		34,450
Bank of America		28,876		684,361
Bank of New York Mellon		3,094		106,310
Berkshire Hathaway, Cl B ^*		7,601		1,534,642
BlackRock, Cl A		525		314,585
Capital One Financial		1,922		140,460
Cboe Global Markets		437		35,524
Charles Schwab		5,887		242,015
Chubb		1,776		230,720
Cincinnati Financial		606		42,868
Citigroup		7,700		318,934
Citizens Financial Group		1,783		48,587
CME Group, Cl A		1,412		212,817
Comerica		771		35,088
Discover Financial Services		1,121		72,876

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

101

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Everest Re Group		133	$	26,212
Fifth Third Bancorp		2,581		59,931
First Republic Bank		683		86,154
Franklin Resources		1,410		26,437
Globe Life		313		25,381
Goldman Sachs Group		1,257		237,623
Hartford Financial Services Group		1,600		61,632
Huntington Bancshares		4,815		50,269
Intercontinental Exchange		2,146		202,582
Invesco		2,098		27,505
JPMorgan Chase		11,646		1,141,774
KeyCorp		4,146		53,815
Lincoln National		956		33,556
Loews		1,121		38,876
M&T Bank		444		45,989
MarketAxess Holdings		154		82,983
Marsh & McLennan		1,963		203,092
MetLife		2,950		111,658
Moody’s		616		161,946
Morgan Stanley		5,526		266,077
MSCI, Cl A		353		123,494
Nasdaq		457		55,292
Northern Trust		764		59,798
People’s United Financial		1,815		19,366
PNC Financial Services Group		1,657		185,385
Principal Financial Group		1,198		46,986
Progressive		2,248		206,591
Prudential Financial		1,654		105,889
Raymond James Financial		406		31,035
Regions Financial		3,740		49,742
S&P Global		954		307,884
State Street		1,324		77,984
SVB Financial Group ^*		180		52,326

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

102

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Synchrony Financial		1,904	$	47,638
T Rowe Price Group		854		108,168
Travelers		1,070		129,160
Truist Financial		5,160		217,339
Unum Group		1,152		20,344
US Bancorp		5,375		209,356
Wells Fargo		15,269		327,520
Willis Towers Watson		531		96,897
WR Berkley		680		40,882
Zions Bancorp		888		28,656
				10,408,915
Health Care — 14.1%
Abbott Laboratories		6,713		705,603
AbbVie		6,652		566,085
ABIOMED ^*		157		39,545
Agilent Technologies		1,276		130,267
Alexion Pharmaceuticals ^*		913		105,123
Align Technology ^*		288		122,711
AmerisourceBergen, Cl A		539		51,782
Amgen		2,202		477,702
Anthem		995		271,436
Baxter International		1,936		150,176
Becton Dickinson		1,166		269,498
Biogen Idec ^*		635		160,064
Bio-Rad Laboratories, Cl A ^*		72		42,222
Boston Scientific ^*		5,489		188,108
Bristol-Myers Squibb		8,474		495,305
Cardinal Health		1,181		54,078
Catalent ^*		745		65,388
Centene ^*		2,189		129,370
Cerner		1,141		79,973
Cigna		1,458		243,442
Cooper		200		63,810

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

103

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
CVS Health		5,184	$	290,771
Danaher		2,376		545,387
DaVita ^*		353		30,446
DENTSPLY SIRONA		838		39,545
DexCom ^*		402		128,471
Edwards Lifesciences ^*		2,415		173,131
Eli Lilly		2,967		387,075
Gilead Sciences		4,604		267,723
HCA Healthcare ^*		1,099		136,210
Henry Schein ^*		685		43,552
Hologic ^*		1,034		71,160
Humana		508		202,834
IDEXX Laboratories ^*		355		150,811
Illumina ^*		564		165,083
Incyte ^*		726		62,901
Intuitive Surgical ^*		453		302,187
IQVIA Holdings ^*		744		114,568
Johnson & Johnson		10,088		1,383,166
Laboratory Corp of America Holdings ^*		392		78,310
McKesson		665		98,081
Medtronic		5,063		509,186
Merck		9,597		721,790
Mettler-Toledo International ^*		99		98,793
Mylan ^*		2,472		35,943
PerkinElmer		387		50,136
Perrigo		664		29,130
Pfizer		21,104		748,770
Quest Diagnostics		537		65,589
Regeneron Pharmaceuticals ^*		432		234,818
ResMed		592		113,629
STERIS		302		53,511
Stryker		1,269		256,351
Teleflex		170		54,099

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

104

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Thermo Fisher Scientific		1,498	$	708,734
UnitedHealth Group		3,632		1,108,268
Universal Health Services, Cl B ^*		371		40,643
Varian Medical Systems ^*		338		58,406
Vertex Pharmaceuticals ^*		1,026		213,777
Waters ^*		257		57,265
West Pharmaceutical Services		268		72,915
Zimmer Biomet Holdings		786		103,831
Zoetis, Cl A		1,874		297,123
				14,715,807
Industrials — 8.4%
3M		2,139		342,154
Alaska Air Group ^*		625		23,681
Allegion		311		30,634
American Airlines Group ^*		1,965		22,165
AMETEK		856		84,059
AO Smith		413		21,348
Boeing		2,133		307,984
Carrier Global		2,995		100,003
Caterpillar		2,137		335,616
CH Robinson Worldwide		528		46,691
Cintas		317		99,712
Copart ^*		824		90,937
CSX		3,001		236,899
Cummins		553		121,599
Deere		1,149		259,571
Delta Air Lines ^*		2,539		77,795
Dover		516		57,126
Eaton		1,545		160,356
Emerson Electric		2,271		147,138
Equifax		486		66,387
Expeditors International of Washington		586		51,785
Fastenal		2,429		105,006

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

105

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
FedEx		921	$	238,972
Flowserve		687		20,005
Fortive		1,447		89,135
Fortune Brands Home & Security		461		37,281
General Dynamics		877		115,176
General Electric		34,469		255,760
Honeywell International		2,628		433,489
Howmet Aerospace ^*		1,580		27,255
Huntington Ingalls Industries		195		28,759
IDEX		264		44,983
IHS Markit		1,253		101,330
Illinois Tool Works		1,124		220,169
Ingersoll Rand ^*		1,601		55,939
Jacobs Engineering Group		453		43,035
JB Hunt Transport Services		287		34,939
Johnson Controls International		2,822		119,117
Kansas City Southern		341		60,064
L3Harris Technologies		838		135,010
Lockheed Martin		912		319,319
Masco		934		50,062
Nielsen Holdings		1,763		23,818
Norfolk Southern		999		208,911
Northrop Grumman		606		175,631
Old Dominion Freight Line		343		65,297
Otis Worldwide		1,533		93,942
PACCAR		1,425		121,667
Parker-Hannifin		539		112,306
Pentair		833		41,450
Quanta Services		414		25,846
Raytheon Technologies		5,662		307,560
Republic Services, Cl A		857		75,562
Robert Half International		336		17,032
Rockwell Automation		489		115,952

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

106

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Rollins		697	$	40,321
Roper Technologies		399		148,165
Snap-On		173		27,253
Southwest Airlines ^*		2,243		88,666
Stanley Black & Decker		685		113,847
Teledyne Technologies ^*		129		39,880
Textron		729		26,098
Trane Technologies		893		118,546
TransDigm Group ^*		213		101,688
Union Pacific		2,554		452,543
United Airlines Holdings ^*		914		30,948
United Parcel Service, Cl B		2,649		416,184
United Rentals ^*		251		44,751
Verisk Analytics, Cl A		679		120,842
Waste Management		1,480		159,707
Westinghouse Air Brake Technologies		780		46,254
WW Grainger		173		60,553
Xylem		716		62,392
				8,702,057
Information Technology — 27.6%
Accenture, Cl A		2,396		519,716
Adobe ^*		1,826		816,405
Advanced Micro Devices ^*		4,617		347,614
Akamai Technologies ^*		594		56,501
Amphenol, Cl A		1,131		127,622
Analog Devices		1,403		166,298
ANSYS ^*		326		99,225
Apple		62,110		6,761,295
Applied Materials		3,600		213,228
Arista Networks ^*		189		39,482
Autodesk ^*		842		198,325
Automatic Data Processing		1,694		267,584
Broadcom		1,516		530,039

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

107

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Broadridge Financial Solutions		413	$	56,829
Cadence Design Systems ^*		1,155		126,322
CDW		521		63,875
Cisco Systems		16,003		574,508
Citrix Systems		467		52,897
Cognizant Technology Solutions, Cl A		2,042		145,840
Corning		3,259		104,190
DXC Technology ^*		1,290		23,762
F5 Networks ^*		284		37,755
Fidelity National Information Services		2,291		285,436
Fiserv ^*		2,209		210,893
FleetCor Technologies ^*		366		80,853
FLIR Systems		699		24,248
Fortinet ^*		577		63,683
Gartner ^*		348		41,795
Global Payments		1,172		184,871
Hewlett Packard Enterprise		4,559		39,390
HP		5,402		97,020
Intel		16,180		716,450
International Business Machines		3,324		371,158
Intuit		1,032		324,750
IPG Photonics ^*		105		19,526
Jack Henry & Associates		275		40,769
Juniper Networks		1,657		32,676
Keysight Technologies ^*		765		80,225
KLA		594		117,125
Lam Research		557		190,539
Leidos Holdings		476		39,508
Mastercard, Cl A		3,374		973,871
Maxim Integrated Products		974		67,839
Microchip Technology		1,003		105,395
Micron Technology ^*		4,252		214,046
Microsoft		29,228		5,917,793

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

108

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Motorola Solutions		709	$	112,064
NetApp		906		39,764
NortonLifeLock		2,422		49,821
NVIDIA		2,361		1,183,711
Oracle		7,227		405,507
Paychex		1,306		107,418
Paycom Software ^*		221		80,464
PayPal Holdings ^*		4,467		831,443
Qorvo ^*		482		61,387
QUALCOMM		4,248		524,033
salesforce.com ^*		3,463		804,351
Seagate Technology		922		44,090
ServiceNow ^*		755		375,665
Skyworks Solutions		690		97,490
Synopsys ^*		619		132,379
TE Connectivity		1,256		121,681
Teradyne		763		67,030
Texas Instruments		3,445		498,113
Tyler Technologies ^*		142		54,582
VeriSign ^*		424		80,857
Visa, Cl A		6,450		1,172,030
Vontier ^*		567		16,296
Western Digital ^*		1,203		45,389
Western Union		1,728		33,592
Xerox Holdings		1,083		18,822
Xilinx		1,034		122,725
Zebra Technologies, Cl A ^*		212		60,132
				28,710,007
Materials — 2.3%
Air Products & Chemicals		852		235,357
Albemarle		349		32,530
Amcor		5,742		59,889
Avery Dennison		324		44,838

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

109

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Ball		1,348	$	119,972
Celanese, Cl A		406		46,085
CF Industries Holdings		653		18,029
Corteva		3,054		100,721
Dow		3,059		139,154
DuPont de Nemours		2,789		158,638
Eastman Chemical		460		37,186
Ecolab		969		177,899
FMC		487		50,034
Freeport-McMoRan Copper & Gold ^*		5,272		91,416
International Flavors & Fragrances		427		43,836
International Paper		1,564		68,425
LyondellBasell Industries, Cl A		1,104		75,569
Martin Marietta Materials		251		66,854
Mosaic		1,816		33,596
Newmont		3,133		196,878
Nucor		1,070		51,103
Packaging Corp of America		319		36,522
PPG Industries		893		115,840
Sealed Air		705		27,911
Sherwin-Williams		315		216,714
Vulcan Materials		533		77,200
Westrock		1,319		49,529
				2,371,725
Real Estate — 2.7%
Alexandria Real Estate Equities ^‡		546		82,730
American Tower, Cl A ^‡		1,653		379,611
Apartment Investment & Management, Cl A ^{‡ *}		793		25,297
AvalonBay Communities ^‡		528		73,461
Boston Properties ^‡		660		47,790
CBRE Group, Cl A ^*		1,218		61,388
Crown Castle International ^‡		1,646		257,105
Digital Realty Trust ^‡		1,098		158,442

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

110

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Duke Realty ^‡		1,466	$	55,693
Equinix ^‡		349		255,203
Equity Residential ^‡		1,440		67,651
Essex Property Trust ^‡		268		54,830
Extra Space Storage ^‡		514		59,598
Federal Realty Investment Trust ^‡		371		25,517
Healthpeak Properties ^‡		2,406		64,890
Host Hotels & Resorts ^{‡ *}		2,688		28,170
Iron Mountain ^‡		1,409		36,718
Kimco Realty ^‡		2,172		22,285
Mid-America Apartment Communities ^‡		455		53,067
ProLogis ^‡		2,917		289,367
Public Storage ^‡		624		142,940
Realty Income ^‡		1,436		83,087
Regency Centers ^‡		800		28,472
SBA Communications, Cl A ^‡		421		122,246
Simon Property Group ^‡		1,144		71,855
SL Green Realty ^‡		390		16,696
UDR ^‡		1,384		43,236
Ventas ^‡		1,337		52,771
Vornado Realty Trust ^‡		639		19,636
Welltower ^‡		1,661		89,312
Weyerhaeuser ^‡		2,731		74,529
				2,843,593
Utilities — 3.3%
AES		2,225		43,388
Alliant Energy		868		47,983
Ameren		1,007		81,688
American Electric Power		1,880		169,068
American Water Works		744		111,980
Atmos Energy		432		39,601
CenterPoint Energy		1,830		38,668
CMS Energy		1,152		72,956

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

111

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call ETF

	Shares/Number of Warrants		Value
COMMON STOCK — continued
Utilities — continued
Consolidated Edison		1,380	$	108,316
Dominion Energy		3,242		260,462
DTE Energy		786		97,008
Duke Energy		2,894		266,566
Edison International		1,473		82,547
Entergy		816		82,595
Evergy		914		50,453
Eversource Energy		1,344		117,291
Exelon		4,059		161,913
FirstEnergy		2,365		70,288
NextEra Energy		7,380		540,290
NiSource		1,740		39,968
NRG Energy		801		25,328
Pinnacle West Capital		372		30,344
PPL		2,872		78,980
Public Service Enterprise Group		2,094		121,766
Sempra Energy		1,174		147,173
Southern		4,058		233,132
WEC Energy Group		1,313		132,022
Xcel Energy		2,186		153,086
				3,404,860
TOTAL UNITED STATES				104,470,849
TOTAL COMMON STOCK
(Cost $96,150,145)				104,916,573

WARRANT — 0.0%
Occidental Petroleum, Expires 8/6/27		517	$	1,277
(Cost $–)				1,277
TOTAL INVESTMENTS — 100.9%
(Cost $96,150,145)			$	104,917,850

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

112

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call ETF

	Number of Contracts			Value
WRITTEN OPTION— (1.2)%⁽¹⁾
UNITED STATES— (1.2)%
(Premiums Received $2,883,608)		(320	)	$	(1,285,600	)

Percentages are based on Net Assets of $103,991,720.

A list of the exchange traded option contracts held by the Fund at October 31, 2020, is as follows:

Description	Number of Contracts			Cost+			Exercise Price		Expiration Date	Value
WRITTEN OPTION — (1.2)%
Call Options
S&P 500 Index^*		(320	)	$	(2,883,608	)	$	3,510.00	11/21/20	$	(1,285,600	)

*	Non-income producing security.

‡	Real Estate Investment Trust

+	Notional amount for all options totals $(104,638,720).

(1)	Refer to table below for details on Options Contracts.

(A)	All or a portion of these securities has been segregated as collateral for written options contracts. The aggregate market value of collateral at October 31, 2020 was $104,917,850.

Cl — Class

S&P — Standard & Poor’s

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	$	104,916,573	$	—	$	—	$	104,916,573
Warrant		—		1,277		—		1,277
Total Investments in Securities	$	104,916,573	$	1,277	$	—	$	104,917,850

Liabilities	Level 1			Level 2		Level 3		Total
Written Option	$	(1,285,600	)	$	—	$	—	$	(1,285,600	)
Total Liabilities	$	(1,285,600	)	$	—	$	—	$	(1,285,600	)

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

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

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

113

Schedule of Investments

October 31, 2020

Global X Russell 2000 Covered Call ETF

Sector Weightings (Unaudited)†:

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

	Shares/Number of Contracts			Value
EXCHANGE TRADED FUND — 100.7%‡(A)
Vanguard Russell 2000 ETF
(Cost $20,965,997)		174,870		$	21,626,173
TOTAL INVESTMENTS — 100.7%
(Cost $20,965,997)				$	21,626,173

WRITTEN OPTION— (0.9)%⁽¹⁾
UNITED STATES— (0.9)%
(Premiums Received $736,785)		(140	)		(196,700	)

Percentages are based on Net Assets of $21,474,754.

A list of the exchange traded option contracts held by the Fund at October 31, 2020, is as follows:

Description	Number of Contracts			Cost+			Exercise Price		Expiration Date	Value
WRITTEN OPTION — (0.9)%
Call Options
Russell 2000 Index^*		(140	)	$	(736,785	)	$	1,650.00	11/23/20	$	(196,700	)

‡	For financial information on the Vanguard Russell 2000 ETF, please go to the Securities Exchange Commission’s website at http://www.sec.gov.

*	Non-Income producing security.

+	Notional amount for all options totals $(21,538,706).

(1)	Refer to table below for details on Options Contracts.

(A)	All or a portion of these securities has been segregated as collateral for written options contracts. The aggregate market value of collateral at October 31, 2020 was $21,626,173.

ETF — Exchange Traded Fund

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

114

Schedule of Investments

October 31, 2020

Global X Russell 2000 Covered Call 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
Exchange Traded Fund	$	21,626,173	$	—	$	—	$	21,626,173
Total Investments in Securities	$	21,626,173	$	—	$	—	$	21,626,173

Liabilities	Level 1			Level 2		Level 3		Total
Written Option	$	(196,700	)	$	—	$	—	$	(196,700	)
Total Liabilities	$	(196,700	)	$	—	$	—	$	(196,700	)

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

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

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

115

Schedule of Investments

October 31, 2020

Global X Nasdaq 100^® Covered Call & Growth ETF

Sector Weightings (Unaudited)†:

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

	Shares		Value
COMMON STOCK — 100.1%(A)
ARGENTINA— 0.5%
Consumer Discretionary — 0.5%
MercadoLibre ^*		29	$	35,207
CHINA— 1.6%
Communication Services — 0.6%
Baidu ADR ^*		166		22,086
NetEase ADR		205		17,792
				39,878
Consumer Discretionary — 1.0%
JD.com ADR ^*		531		43,287
Pinduoduo ADR ^*		171		15,387
Trip.com Group ADR ^*		309		8,887
				67,561
TOTAL CHINA				107,439
ISRAEL— 0.1%
Information Technology — 0.1%
Check Point Software Technologies ^*		83		9,425
NETHERLANDS— 0.5%
Information Technology — 0.5%
ASML Holding, Cl G		45		16,254
NXP Semiconductors		166		22,430

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

116

Schedule of Investments

October 31, 2020

Global X Nasdaq 100^® Covered Call & Growth ETF

	Shares		Value
COMMON STOCK — continued
TOTAL NETHERLANDS			$	38,684
UNITED KINGDOM— 0.1%
Communication Services — 0.1%
Liberty Global ^*		236		4,404
Liberty Global, Cl A ^*		108		2,050
TOTAL UNITED KINGDOM				6,454
UNITED STATES— 97.3%
Communication Services — 19.4%
Activision Blizzard		455		34,457
Alphabet, Cl A ^*		159		256,961
Alphabet, Cl C ^*		154		249,636
Charter Communications, Cl A ^*		119		71,855
Comcast, Cl A		2,660		112,357
Electronic Arts ^*		171		20,491
Facebook, Cl A ^*		1,102		289,947
Fox, Cl A		203		5,384
Fox, Cl B		155		4,052
Netflix ^*		258		122,741
Sirius XM Holdings		2,567		14,709
Take-Two Interactive Software ^*		68		10,535
T-Mobile US ^*		721		79,000
				1,272,125
Consumer Discretionary — 17.3%
Amazon.com ^*		230		698,314
Booking Holdings ^*		24		38,940
Dollar Tree ^*		141		12,735
eBay		414		19,719
Expedia Group		80		7,532
Lululemon Athletica ^*		72		22,989
Marriott International, Cl A		191		17,740
O’Reilly Automotive ^*		43		18,774
Ross Stores		211		17,971

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

117

Schedule of Investments

October 31, 2020

Global X Nasdaq 100^® Covered Call & Growth ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Starbucks		680	$	59,133
Tesla ^*		544		211,094
Ulta Beauty ^*		35		7,237
				1,132,178
Consumer Staples — 5.0%
Costco Wholesale		258		92,266
Keurig Dr Pepper		810		21,789
Kraft Heinz		723		22,117
Mondelez International, Cl A		828		43,983
Monster Beverage ^*		312		23,890
PepsiCo		807		107,565
Walgreens Boots Alliance		512		17,428
				329,038
Health Care — 6.3%
Alexion Pharmaceuticals ^*		130		14,968
Align Technology ^*		45		19,174
Amgen		342		74,193
Biogen Idec ^*		95		23,947
BioMarin Pharmaceutical ^*		106		7,890
Cerner		181		12,686
DexCom ^*		55		17,577
Gilead Sciences		727		42,275
IDEXX Laboratories ^*		50		21,241
Illumina ^*		86		25,172
Incyte ^*		130		11,263
Intuitive Surgical ^*		69		46,028
Moderna ^*		234		15,788
Regeneron Pharmaceuticals ^*		60		32,614
Seagen		103		17,180
Vertex Pharmaceuticals ^*		155		32,296
				414,292
Industrials — 1.8%
Cintas		60		18,873

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

118

Schedule of Investments

October 31, 2020

Global X Nasdaq 100^® Covered Call & Growth ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Copart ^*		138	$	15,230
CSX		443		34,970
Fastenal		339		14,655
PACCAR		206		17,588
Verisk Analytics, Cl A		96		17,085
				118,401
Information Technology — 46.8%
Adobe ^*		280		125,188
Advanced Micro Devices ^*		681		51,272
Analog Devices		219		25,958
ANSYS ^*		50		15,219
Apple		7,846		854,116
Applied Materials		540		31,984
Autodesk ^*		130		30,620
Automatic Data Processing		248		39,174
Broadcom		233		81,464
Cadence Design Systems ^*		166		18,155
CDW		85		10,421
Cisco Systems		2,460		88,314
Citrix Systems		73		8,269
Cognizant Technology Solutions, Cl A		319		22,783
DocuSign, Cl A ^*		110		22,248
Fiserv ^*		395		37,711
Intel		2,482		109,903
Intuit		153		48,146
KLA		91		17,943
Lam Research		86		29,419
Maxim Integrated Products		158		11,005
Microchip Technology		150		15,762
Micron Technology ^*		658		33,124
Microsoft		3,472		702,975
NVIDIA		360		180,490
Paychex		211		17,355

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

119

Schedule of Investments

October 31, 2020

Global X Nasdaq 100^® Covered Call & Growth ETF

	Shares/Number of Contracts			Value
COMMON STOCK — continued
Information Technology — continued
PayPal Holdings ^*		684		$	127,312
QUALCOMM		657			81,048
Skyworks Solutions		100			14,129
Splunk ^*		95			18,814
Synopsys ^*		90			19,247
Texas Instruments		533			77,066
VeriSign ^*		68			12,968
Workday, Cl A ^*		105			22,063
Xilinx		145			17,210
Zoom Video Communications, Cl A ^*		105			48,396
					3,067,271
Utilities — 0.7%
Exelon		575			22,937
Xcel Energy		311			21,779
					44,716
TOTAL UNITED STATES					6,378,021
TOTAL INVESTMENTS — 100.1%
(Cost $6,686,816)				$	6,575,230

WRITTEN OPTION— (0.3)%⁽¹⁾
UNITED STATES— (0.3)%
(Premiums Received $98,564)		(15	)		(17,925	)

Percentages are based on Net Assets of $6,567,556.

A list of the exchange traded option contracts held by the Fund at October 31, 2020, is as follows:

Description	Number of Contracts			Cost+			Exercise Price		Expiration Date	Value
WRITTEN OPTION — (0.3)%
Call Options
November 20 Calls on NDX^*		(15	)	$	(98,564	)	$	2,400.00	11/23/20	$	(17,925	)

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

120

Schedule of Investments

October 31, 2020

Global X Nasdaq 100^® Covered Call & Growth ETF

*	Non-income producing security.

+	Notional amount for all options totals $(3,315,884).

(1)	Refer to table below for details on Options Contracts.

(A)	All or a portion of these securities has been segregated as collateral for written options contracts. The aggregate market value of collateral at October 31, 2020 was $6,575,230.

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	$	6,575,230	$	—	$	—	$	6,575,230
Total Investments in Securities	$	6,575,230	$	—	$	—	$	6,575,230

Liabilities	Level 1			Level 2		Level 3		Total
Written Option	$	(17,925	)	$	—	$	—	$	(17,925	)
Total Liabilities	$	(17,925	)	$	—	$	—	$	(17,925	)

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

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

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

121

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call & Growth ETF

Sector Weightings (Unaudited)†:

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

	Shares		Value
COMMON STOCK — 100.1%(A)
UNITED KINGDOM— 0.4%
Energy — 0.0%
TechnipFMC		58	$	321
Materials — 0.4%
Linde		72		15,864
TOTAL UNITED KINGDOM				16,185
UNITED STATES— 99.7%
Communication Services — 11.1%
Activision Blizzard		106		8,027
Alphabet, Cl A ^*		41		66,261
Alphabet, Cl C ^*		40		64,840
AT&T		984		26,588
CenturyLink		136		1,172
Charter Communications, Cl A ^*		20		12,076
Comcast, Cl A		629		26,570
Discovery, Cl A ^*		21		425
Discovery, Cl C ^*		42		769

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

122

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call & Growth ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
DISH Network, Cl A ^*		33	$	841
Electronic Arts ^*		39		4,673
Facebook, Cl A ^*		327		86,038
Fox, Cl A		48		1,273
Fox, Cl B		21		549
Interpublic Group		54		977
Live Nation Entertainment ^*		21		1,025
Netflix ^*		59		28,069
News, Cl A		54		709
News, Cl B		18		234
Omnicom Group		30		1,416
Take-Two Interactive Software ^*		15		2,324
T-Mobile US ^*		81		8,875
Twitter ^*		109		4,508
Verizon Communications		557		31,743
ViacomCBS, Cl B		78		2,228
Walt Disney		243		29,464
				411,674
Consumer Discretionary — 11.6%
Advance Auto Parts		9		1,326
Amazon.com ^*		58		176,096
Aptiv ^*		37		3,571
AutoZone ^*		3		3,387
Best Buy		33		3,681
Booking Holdings ^*		5		8,113
BorgWarner		30		1,049
CarMax ^*		22		1,902
Carnival		72		987
Chipotle Mexican Grill, Cl A ^*		4		4,806
Darden Restaurants		18		1,655
Dollar General		32		6,679
Dollar Tree ^*		33		2,981
Domino’s Pizza		6		2,270

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

123

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call & Growth ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
DR Horton		45	$	3,006
eBay		91		4,334
Etsy ^*		16		1,945
Expedia Group		18		1,695
Ford Motor ^*		539		4,166
Gap		28		545
Garmin		21		2,184
General Motors ^*		174		6,009
Genuine Parts		21		1,899
Hanesbrands		48		771
Hasbro		18		1,489
Hilton Worldwide Holdings		39		3,425
Home Depot		145		38,672
L Brands ^*		33		1,056
Las Vegas Sands ^*		45		2,163
Leggett & Platt		18		751
Lennar, Cl A		39		2,739
LKQ ^*		39		1,248
Lowe’s		105		16,600
Marriott International, Cl A ^*		36		3,344
McDonald’s		102		21,725
MGM Resorts International		57		1,172
Mohawk Industries ^*		9		929
Newell Brands		51		901
NIKE, Cl B		172		20,654
Norwegian Cruise Line Holdings ^*		39		649
NVR ^*		1		3,953
O’Reilly Automotive ^*		10		4,366
Pool		6		2,099
PulteGroup		36		1,467
PVH ^*		9		525
Ralph Lauren, Cl A ^*		6		401
Ross Stores ^*		48		4,088

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

124

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call & Growth ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Royal Caribbean Cruises ^*		24	$	1,354
Starbucks		162		14,087
Tapestry ^*		39		867
Target		69		10,502
Tiffany		15		1,963
TJX ^*		166		8,433
Tractor Supply		15		1,998
Ulta Beauty ^*		5		1,034
Under Armour, Cl A ^*		27		374
Under Armour, Cl C ^*		27		330
VF		45		3,024
Whirlpool		9		1,665
Wynn Resorts ^*		12		869
Yum! Brands		42		3,920
				429,893
Consumer Staples — 7.0%
Altria Group		256		9,236
Archer-Daniels-Midland		76		3,514
Brown-Forman, Cl B		24		1,673
Campbell Soup		27		1,260
Church & Dwight		33		2,917
Clorox		18		3,731
Coca-Cola		533		25,616
Colgate-Palmolive		118		9,308
Conagra Brands		67		2,351
Constellation Brands, Cl A		24		3,966
Costco Wholesale		61		21,815
Estee Lauder, Cl A		30		6,590
General Mills		84		4,966
Hershey		21		2,887
Hormel Foods		39		1,899
JM Smucker		15		1,683
Kellogg		36		2,264

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

125

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call & Growth ETF

	Shares			Value
COMMON STOCK — continued
Consumer Staples — continued
Kimberly-Clark		48		$	6,364
Kraft Heinz		90			2,753
Kroger		108			3,479
Lamb Weston Holdings		21			1,332
McCormick		18			3,249
Molson Coors Beverage, Cl B ^*		27			952
Mondelez International, Cl A		196			10,413
Monster Beverage ^*		51	��		3,905
PepsiCo		186			24,792
Philip Morris International		214			15,199
Procter & Gamble		337			46,202
Sysco		70			3,872
Tyson Foods, Cl A		40			2,289
Walgreens Boots Alliance		99			3,370
Walmart		192			26,639
					260,486
Energy — 2.0%
Apache		51			423
Baker Hughes, Cl A		90			1,329
Cabot Oil & Gas		54			961
Chevron		265			18,418
Concho Resources		27			1,121
ConocoPhillips		148			4,236
Devon Energy		54			482
Diamondback Energy		21			545
EOG Resources		81			2,773
Exxon Mobil		584			19,049
Halliburton		121			1,459
Hess		39			1,452
HollyFrontier		21			389
Kinder Morgan		268			3,189
Marathon Oil		109			432
Marathon Petroleum		90			2,655

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

126

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call & Growth ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
National Oilwell Varco ^*		54	$	454
Occidental Petroleum		115		1,050
ONEOK		61		1,769
Phillips 66		60		2,800
Pioneer Natural Resources		24		1,909
Schlumberger		192		2,868
Valero Energy		57		2,201
Williams		168		3,224
				75,188
Financials — 9.9%
Aflac		91		3,089
Allstate		42		3,728
American Express		90		8,212
American International Group		120		3,779
Ameriprise Financial		18		2,895
Aon, Cl A		33		6,072
Arthur J Gallagher		27		2,800
Assurant		9		1,119
Bank of America		1,053		24,956
Bank of New York Mellon		112		3,848
Berkshire Hathaway, Cl B ^*		269		54,312
BlackRock, Cl A		19		11,386
Capital One Financial		63		4,604
Cboe Global Markets		15		1,219
Charles Schwab		205		8,428
Chubb		63		8,185
Cincinnati Financial		21		1,486
Citigroup		286		11,846
Citizens Financial Group		60		1,635
CME Group, Cl A		49		7,385
Comerica		18		819
Discover Financial Services		42		2,730
Everest Re Group		6		1,182

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

127

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call & Growth ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Fifth Third Bancorp		99	$	2,299
First Republic Bank		24		3,027
Franklin Resources		36		675
Globe Life		13		1,054
Goldman Sachs Group		48		9,074
Hartford Financial Services Group		49		1,887
Huntington Bancshares		141		1,472
Intercontinental Exchange		78		7,363
Invesco		51		669
JPMorgan Chase		412		40,393
KeyCorp		135		1,752
Lincoln National		24		842
Loews		33		1,144
M&T Bank		18		1,864
MarketAxess Holdings		4		2,155
Marsh & McLennan		69		7,139
MetLife		106		4,012
Moody’s		23		6,047
Morgan Stanley		195		9,389
MSCI, Cl A		12		4,198
Nasdaq		15		1,815
Northern Trust		30		2,348
People’s United Financial		58		619
PNC Financial Services Group		58		6,489
Principal Financial Group		36		1,412
Progressive		81		7,444
Prudential Financial		54		3,457
Raymond James Financial		18		1,376
Regions Financial		132		1,756
S&P Global		33		10,650
State Street		48		2,827
SVB Financial Group ^*		6		1,744
Synchrony Financial		75		1,877

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

128

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call & Growth ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
T Rowe Price Group		31	$	3,926
Travelers		36		4,346
Truist Financial		186		7,834
Unum Group		27		477
US Bancorp		189		7,362
Wells Fargo		569		12,205
Willis Towers Watson		18		3,285
WR Berkley		19		1,142
Zions Bancorp		24		774
				367,335
Health Care — 14.1%
Abbott Laboratories		244		25,647
AbbVie		244		20,765
ABIOMED ^*		6		1,511
Agilent Technologies		42		4,288
Alexion Pharmaceuticals ^*		30		3,454
Align Technology ^*		9		3,835
AmerisourceBergen, Cl A		21		2,017
Amgen		81		17,573
Anthem		33		9,002
Baxter International		69		5,352
Becton Dickinson		39		9,014
Biogen Idec ^*		21		5,293
Bio-Rad Laboratories, Cl A ^*		3		1,759
Boston Scientific ^*		198		6,785
Bristol-Myers Squibb		310		18,120
Cardinal Health		40		1,832
Catalent ^*		24		2,106
Centene ^*		81		4,787
Cerner		42		2,944
Cigna		51		8,515
Cooper		6		1,914
CVS Health		181		10,152

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

129

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Danaher		87	$	19,970
DaVita ^*		12		1,035
DENTSPLY SIRONA		30		1,416
DexCom ^*		13		4,155
Edwards Lifesciences ^*		87		6,237
Eli Lilly		105		13,698
Gilead Sciences		172		10,002
HCA Healthcare ^*		36		4,462
Henry Schein ^*		21		1,335
Hologic ^*		36		2,478
Humana		18		7,187
IDEXX Laboratories ^*		12		5,098
Illumina ^*		18		5,269
Incyte ^*		27		2,339
Intuitive Surgical ^*		16		10,673
IQVIA Holdings ^*		27		4,158
Johnson & Johnson		356		48,812
Laboratory Corp of America Holdings ^*		13		2,597
McKesson		22		3,245
Medtronic		186		18,706
Merck		349		26,248
Mettler-Toledo International ^*		3		2,994
Mylan ^*		72		1,047
PerkinElmer		15		1,943
Perrigo		18		790
Pfizer		767		27,213
Quest Diagnostics		18		2,199
Regeneron Pharmaceuticals ^*		13		7,066
ResMed		21		4,031
STERIS		12		2,126
Stryker		45		9,090
Teleflex		6		1,909
Thermo Fisher Scientific		53		25,075

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

130

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call & Growth ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
UnitedHealth Group		128	$	39,058
Universal Health Services, Cl B ^*		12		1,315
Varian Medical Systems ^*		12		2,074
Vertex Pharmaceuticals ^*		36		7,501
Waters ^*		9		2,005
West Pharmaceutical Services		11		2,993
Zimmer Biomet Holdings		28		3,699
Zoetis, Cl A		66		10,464
				520,377
Industrials — 8.4%
3M		76		12,157
Alaska Air Group ^*		18		682
Allegion		12		1,182
American Airlines Group ^*		70		790
AMETEK		33		3,241
AO Smith		18		930
Boeing		73		10,540
Carrier Global		112		3,740
Caterpillar		75		11,779
CH Robinson Worldwide		18		1,592
Cintas		12		3,775
Copart ^*		28		3,090
CSX		105		8,289
Cummins		21		4,618
Deere		41		9,262
Delta Air Lines ^*		88		2,696
Dover		21		2,325
Eaton		55		5,708
Emerson Electric		82		5,313
Equifax		18		2,459
Expeditors International of Washington		24		2,121
Fastenal		79		3,415
FedEx		33		8,563

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

131

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call & Growth ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Flowserve		18	$	524
Fortive		46		2,834
Fortune Brands Home & Security		18		1,456
General Dynamics		33		4,334
General Electric		1,207		8,956
Honeywell International		96		15,835
Howmet Aerospace ^*		54		932
Huntington Ingalls Industries		6		885
IDEX		9		1,534
IHS Markit		51		4,125
Illinois Tool Works		39		7,639
Ingersoll Rand ^*		51		1,782
Jacobs Engineering Group		18		1,710
JB Hunt Transport Services		12		1,461
Johnson Controls International		102		4,305
Kansas City Southern		12		2,114
L3Harris Technologies		30		4,833
Lockheed Martin		34		11,905
Masco		36		1,930
Nielsen Holdings		49		662
Norfolk Southern		36		7,528
Northrop Grumman		21		6,086
Old Dominion Freight Line		12		2,284
Otis Worldwide		57		3,493
PACCAR		48		4,098
Parker-Hannifin		18		3,750
Pentair		24		1,194
Quanta Services		18		1,124
Raytheon Technologies		211		11,462
Republic Services, Cl A		30		2,645
Robert Half International		15		760
Rockwell Automation		15		3,557
Rollins		21		1,215

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

132

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call & Growth ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Roper Technologies		15	$	5,570
Snap-On		7		1,103
Southwest Airlines ^*		81		3,201
Stanley Black & Decker		21		3,490
Teledyne Technologies ^*		3		927
Textron		31		1,110
Trane Technologies		33		4,381
TransDigm Group ^*		8		3,819
Union Pacific		93		16,479
United Airlines Holdings ^*		39		1,321
United Parcel Service, Cl B		94		14,767
United Rentals ^*		9		1,605
Verisk Analytics, Cl A		22		3,915
Waste Management		54		5,827
Westinghouse Air Brake Technologies		24		1,423
WW Grainger		6		2,100
Xylem		24		2,091
				310,348
Information Technology — 27.5%
Accenture, Cl A		87		18,871
Adobe ^*		66		29,510
Advanced Micro Devices ^*		162		12,197
Akamai Technologies ^*		22		2,093
Amphenol, Cl A		42		4,739
Analog Devices		51		6,045
ANSYS ^*		12		3,652
Apple		2,195		238,947
Applied Materials		126		7,463
Arista Networks ^*		5		1,045
Autodesk ^*		30		7,066
Automatic Data Processing		60		9,478
Broadcom		54		18,880
Broadridge Financial Solutions		15		2,064

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

133

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call & Growth ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Cadence Design Systems ^*		39	$	4,265
CDW		21		2,575
Cisco Systems		584		20,966
Citrix Systems		18		2,039
Cognizant Technology Solutions, Cl A		75		5,357
Corning		105		3,357
DXC Technology ^*		36		663
F5 Networks ^*		9		1,196
Fidelity National Information Services		85		10,590
Fiserv ^*		76		7,256
FleetCor Technologies ^*		12		2,651
FLIR Systems		18		624
Fortinet ^*		18		1,987
Gartner ^*		12		1,441
Global Payments		42		6,625
Hewlett Packard Enterprise		178		1,538
HP		190		3,412
Intel		587		25,993
International Business Machines		123		13,734
Intuit		36		11,328
IPG Photonics ^*		6		1,116
Jack Henry & Associates		12		1,779
Juniper Networks		45		887
Keysight Technologies ^*		27		2,831
KLA		21		4,141
Lam Research		18		6,157
Leidos Holdings		18		1,494
Mastercard, Cl A		119		34,348
Maxim Integrated Products		36		2,507
Microchip Technology		36		3,783
Micron Technology ^*		153		7,702
Microsoft		1,033		209,153
Motorola Solutions		24		3,793

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

134

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call & Growth ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
NetApp		30	$	1,317
NortonLifeLock		81		1,666
NVIDIA		83		41,614
Oracle		268		15,037
Paychex		45		3,701
Paycom Software ^*		6		2,185
PayPal Holdings ^*		158		29,409
Qorvo ^*		15		1,910
QUALCOMM		156		19,244
salesforce.com ^*		122		28,337
Seagate Technology		30		1,435
ServiceNow ^*		25		12,439
Skyworks Solutions		24		3,391
Synopsys ^*		21		4,491
TE Connectivity		45		4,360
Teradyne		24		2,108
Texas Instruments		126		18,218
Tyler Technologies ^*		6		2,306
VeriSign ^*		15		2,861
Visa, Cl A		228		41,429
Vontier ^*		18		517
Western Digital ^*		42		1,585
Western Union		57		1,108
Xerox Holdings		24		417
Xilinx		33		3,917
Zebra Technologies, Cl A ^*		8		2,269
				1,016,609
Materials — 2.3%
Air Products & Chemicals		30		8,287
Albemarle		15		1,398
Amcor		217		2,263
Avery Dennison		12		1,661
Ball		45		4,005

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

135

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call & Growth ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Celanese, Cl A		15	$	1,703
CF Industries Holdings		30		828
Corteva		103		3,397
Dow		102		4,640
DuPont de Nemours		102		5,802
Eastman Chemical		18		1,455
Ecolab		33		6,058
FMC		18		1,849
Freeport-McMoRan Copper & Gold ^*		201		3,485
International Flavors & Fragrances		15		1,540
International Paper		54		2,363
LyondellBasell Industries, Cl A		36		2,464
Martin Marietta Materials		9		2,397
Mosaic		48		888
Newmont		111		6,976
Nucor		42		2,006
Packaging Corp of America		12		1,374
PPG Industries		33		4,281
Sealed Air		21		831
Sherwin-Williams		10		6,880
Vulcan Materials		18		2,607
Westrock		36		1,352
				82,790
Real Estate — 2.6%
Alexandria Real Estate Equities ^‡		15		2,273
American Tower, Cl A ^‡		58		13,321
Apartment Investment & Management, Cl A ^{‡ *}		21		670
AvalonBay Communities ^‡		19		2,643
Boston Properties ^‡		19		1,376
CBRE Group, Cl A ^*		46		2,318
Crown Castle International ^‡		57		8,904
Digital Realty Trust ^‡		36		5,195
Duke Realty ^‡		51		1,937

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

136

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call & Growth ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Equinix ^‡		12	$	8,775
Equity Residential ^‡		48		2,255
Essex Property Trust ^‡		9		1,841
Extra Space Storage ^‡		18		2,087
Federal Realty Investment Trust ^‡		9		619
Healthpeak Properties ^‡		75		2,023
Host Hotels & Resorts ^{‡ *}		97		1,017
Iron Mountain ^‡		39		1,016
Kimco Realty ^‡		60		616
Mid-America Apartment Communities ^‡		15		1,749
ProLogis ^‡		102		10,118
Public Storage ^‡		21		4,810
Realty Income ^‡		48		2,777
Regency Centers ^‡		21		747
SBA Communications, Cl A ^‡		15		4,356
Simon Property Group ^‡		42		2,638
SL Green Realty ^‡		9		385
UDR ^‡		42		1,312
Ventas ^‡		51		2,013
Vornado Realty Trust ^‡		21		645
Welltower ^‡		57		3,065
Weyerhaeuser ^‡		103		2,811
				96,312
Utilities — 3.2%
AES		93		1,814
Alliant Energy		34		1,880
Ameren		33		2,677
American Electric Power		69		6,205
American Water Works		24		3,612
Atmos Energy		18		1,650
CenterPoint Energy		75		1,585
CMS Energy		39		2,470
Consolidated Edison		45		3,532

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

137

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call & Growth ETF

	Shares/Number of Contracts			Value
COMMON STOCK — continued
Utilities — continued
Dominion Energy		117		$	9,400
DTE Energy		27			3,332
Duke Energy		102			9,395
Edison International		52			2,914
Entergy		27			2,733
Evergy		31			1,711
Eversource Energy		48			4,189
Exelon		135			5,385
FirstEnergy		75			2,229
NextEra Energy		260			19,035
NiSource		54			1,240
NRG Energy		33			1,043
Pinnacle West Capital		15			1,224
PPL		106			2,915
Public Service Enterprise Group		69			4,012
Sempra Energy		39			4,889
Southern		145			8,330
WEC Energy Group		43			4,324
Xcel Energy		72			5,042
					118,767
TOTAL UNITED STATES					3,689,779
TOTAL INVESTMENTS — 100.1%
(Cost $3,766,991)				$	3,705,964

WRITTEN OPTION— (0.2)%⁽¹⁾
UNITED STATES— (0.2)%
(Premiums Received $50,826)		(56	)		(7,700	)

Percentages are based on Net Assets of $3,703,891.

The accompanying notes are an integral part of the financial statements

138

Schedule of Investments

October 31, 2020

Global X S&P 500^® Covered Call & Growth ETF

A list of the exchange traded option contracts held by the Fund at October 31, 2020, is as follows:

Description	Number of Contracts			Cost+			Exercise Price		Expiration Date	Value
WRITTEN OPTION — (0.2)%
Call Options
S&P 500 Index^*		(56	)	$	(50,826	)	$	351.00	11/23/20	$	(7,700	)

*	Non-income producing security.

‡	Real Estate Investment Trust

+	Notional amount for all options totals $(1,831,200).

(1)	Refer to table below for details on Options Contracts.

(A)	All or a portion of these securities has been segregated as collateral for written options contracts. The aggregate market value of collateral at October 31, 2020 was $3,705,964.

Cl — Class

S&P — Standard & Poor’s

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	$	3,705,964		$	—	$	—	$	3,705,964
Total Investments in Securities	$	3,705,964		$	—	$	—	$	3,705,964

Liabilities	Level 1			Level 2		Level 3		Total
Written Option	$	(7,700	)	$	—	$	—	$	(7,700	)
Total Liabilities	$	(7,700	)	$	—	$	—	$	(7,700	)

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

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

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

139

Schedule of Investments

October 31, 2020

Global X SuperIncome™ Preferred ETF

	Shares		Value
PREFERRED STOCK — 96.2%
BERMUDA— 0.9%
Financials — 0.9%
PartnerRe, 7.250%		66,311	$	1,732,707
TOTAL BERMUDA				1,732,707
UNITED KINGDOM— 4.1%
Financials — 4.1%
HSBC Holdings, 6.200%		296,239		7,640,004
TOTAL UNITED KINGDOM				7,640,004


UNITED STATES— 91.2%
Consumer Staples — 1.7%
CHS, Ser 4, 7.500%	114,268	3,201,789
Energy — 6.2%
Crestwood Equity Partners, 9.250%	403,859	2,483,733
Energy Transfer Operating, 7.625%, VAR ICE LIBOR USD 3 Month+4.738%	100,089	1,875,668

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

140

Schedule of Investments

October 31, 2020

Global X SuperIncome™ Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Energy — continued
Energy Transfer Operating, 7.600%, VAR ICE LIBOR USD 3 Month+5.161%		174,751	$	3,398,907
Energy Transfer Operating, 7.375%, VAR ICE LIBOR USD 3 Month+4.530%		100,368		1,835,731
NuStar Logistics, 6.971%, VAR ICE LIBOR USD 3 Month+6.734%		92,864		1,740,271
				11,334,310
Financials — 65.7%
AGNC Investment, 7.000%, VAR ICE LIBOR USD 3 Month+5.111% ^‡		76,433		1,746,494
AGNC Investment, 6.500%, VAR ICE LIBOR USD 3 Month+4.993% ^{‡ (A)}		93,073		2,063,428
AGNC Investment, 6.125%, VAR ICE LIBOR USD 3 Month+4.697% ^‡		134,609		2,914,285
American Equity Investment Life Holding, 6.625%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.297%		63,321		1,650,145
Annaly Capital Management, Ser D, 7.500% ^‡		103,894		2,633,713
Annaly Capital Management, 6.950%, VAR ICE LIBOR USD 3 Month+4.993% ^‡		163,471		3,679,732
Annaly Capital Management, 6.500%, VAR ICE LIBOR USD 3 Month+4.172% ^‡		111,881		2,347,263
Athene Holding, 6.350%, VAR ICE LIBOR USD 3 Month+4.253%		189,744		5,081,344
Athene Holding, 5.625%		76,621		1,971,458
Bank of America, 6.200%		252,037		6,381,577
Capital One Financial, 6.200%		112,521		2,863,660
Charles Schwab, 5.950%		168,808		4,372,127
Citigroup, Ser J, 7.125%, VAR ICE LIBOR USD 3 Month+4.040%		127,478		3,605,078
Citigroup, 6.875%, VAR ICE LIBOR USD 3 Month+4.130%		200,462		5,560,816

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

141

Schedule of Investments

October 31, 2020

Global X SuperIncome™ Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Fifth Third Bancorp, 6.625%, VAR ICE LIBOR USD 3 Month+3.710%		101,308	$	2,864,990
GMAC Capital Trust I, Ser 2, 6.065%, VAR ICE LIBOR USD 3 Month+5.785%		366,466		9,432,835
Goldman Sachs Group, 6.375%, VAR ICE LIBOR USD 3 Month+3.550% ^(A)		156,709		4,353,376
Goldman Sachs Group, 6.300%		151,983		3,974,356
Hartford Financial Services Group, 7.875%, VAR ICE LIBOR USD 3 Month+5.596%		137,816		3,784,427
Huntington Bancshares, 6.250%		137,086		3,512,143
JPMorgan Chase, 6.150%		260,500		6,611,490
Morgan Stanley, Ser E, 7.125%, VAR ICE LIBOR USD 3 Month+4.320%		167,036		4,802,285
Morgan Stanley, Ser F, 6.875%, VAR ICE LIBOR USD 3 Month+3.940%		163,200		4,559,808
New Residential Investment, 6.375%, VAR ICE LIBOR USD 3 Month+4.969% ^‡		91,375		1,620,079
New York Community Bancorp, 6.375%, VAR ICE LIBOR USD 3 Month+3.821%		115,316		2,990,144
Regions Financial, Ser B, 6.375%, VAR ICE LIBOR USD 3 Month+3.536%		109,529		3,110,624
Reinsurance Group of America, 6.200%, VAR ICE LIBOR USD 3 Month+4.370%		90,736		2,393,616
Synchrony Financial, 5.625%		167,005		4,190,155
Synovus Financial, 5.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.127%		76,808		1,979,342
US Bancorp, 6.500%, VAR ICE LIBOR USD 3 Month+4.468%		250,035		6,668,434
Wells Fargo, 6.625%, VAR ICE LIBOR USD 3 Month+3.690%		187,656		5,252,491

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

142

Schedule of Investments

October 31, 2020

Global X SuperIncome™ Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Wintrust Financial, 6.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.507%		65,418	$	1,741,427
				120,713,142
Industrials — 1.9%
WESCO International, 10.625%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+10.325%		122,166		3,540,370
Information Technology — 7.1%
Broadcom, 8.000%		7,458		8,874,946
II-VI, 6.000%		12,428		2,586,018
Sabre, 6.500%		16,980		1,617,854
				13,078,818
Real Estate — 2.8%
Monmouth Real Estate Investment, 6.125% ^‡		96,949		2,414,030
VEREIT, Ser F, 6.700% ^‡		107,085		2,693,188
				5,107,218
Utilities — 5.8%
CenterPoint Energy, 7.000% ^*		105,814		4,208,223
NiSource, 6.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.632%		112,796		3,131,217
Sempra Energy, 6.750% ^*		32,490		3,316,904
				10,656,344
TOTAL UNITED STATES				167,631,991
TOTAL PREFERRED STOCK
(Cost $176,856,709)				177,004,702

COMMON STOCK — 3.5%
Consumer Discretionary — 3.5%
Qurate Retail (Cost $6,683,777)		67,358		6,588,960

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

143

Schedule of Investments

October 31, 2020

Global X SuperIncome™ Preferred ETF

	Shares/Face Amount		Value
SHORT-TERM INVESTMENT^(B)(C) — 0.1%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $99,691)		99,691	$	99,691

REPURCHASE AGREEMENT^(B) — 0.5%
BNP Paribas
0.060%, dated 10/30/20, to be repurchased on 11/02/20, repurchase price $863,753 (collateralized by U.S. Treasury Obligations, ranging in par value $40,616 - $140,016, 1.625%, 11/15/2022, with a total market value of $880,712)
(Cost $863,609)	$	863,609		863,609

TOTAL INVESTMENTS — 100.3%
(Cost $184,503,786)			$	184,556,962

Percentages are based on Net Assets of $184,015,344.

*	Non-income producing security.

‡	Real Estate Investment Trust

(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 $944,271.

(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2020, was $963,300.

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

Cl — Class

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

Ser — Series

USD — U.S. Dollar

VAR – Variable Rate

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

144

Schedule of Investments

October 31, 2020

Global X SuperIncome™ Preferred 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
Preferred Stock	$	177,004,702	$	—	$	—	$	177,004,702
Common Stock		6,588,960		—		—		6,588,960
Short-Term Investment		99,691		—		—		99,691
Repurchase Agreement		—		863,609		—		863,609
Total Investments in Securities	$	183,693,353	$	863,609	$	—	$	184,556,962

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

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

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

145

Schedule of Investments

October 31, 2020

Global X YieldCo & Renewable Energy Income ETF

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

	Shares		Value
COMMON STOCK — 88.7%
AUSTRALIA— 3.9%
Utilities — 3.9%
AGL Energy		293,238	$	2,569,969
BRAZIL— 4.0%
Utilities — 4.0%
Engie Brasil Energia		383,677		2,654,332
CANADA— 17.7%
Utilities — 17.7%
Algonquin Power & Utilities		275,689		4,176,636
Boralex, Cl A		48,436		1,407,654
Innergex Renewable Energy		81,947		1,476,257
Northland Power		94,356		3,049,311
TransAlta Renewables		124,951		1,564,992
TOTAL CANADA				11,674,850
CHILE— 10.7%
Utilities — 10.7%
Colbun		8,242,224		1,242,675
Enel Americas		27,261,064		3,613,536
Enel Chile		32,531,014		2,180,838
TOTAL CHILE				7,037,049

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

146

Schedule of Investments

October 31, 2020

Global X YieldCo & Renewable Energy Income ETF

	Shares		Value
COMMON STOCK — continued
CHINA— 4.9%
Industrials — 0.8%
Xinjiang Goldwind Science & Technology, Cl H		371,941	$	489,216
Utilities — 4.1%
China Longyuan Power Group, Cl H		1,567,000		1,070,956
Xinyi Energy Holdings		3,173,200		1,632,664
				2,703,620
TOTAL CHINA				3,192,836
GERMANY— 1.9%
Utilities — 1.9%
Encavis		64,511		1,268,458
ITALY— 5.4%
Utilities — 5.4%
ACEA		100,063		1,986,154
ERG		70,600		1,600,359
TOTAL ITALY				3,586,513
NEW ZEALAND— 13.9%
Utilities — 13.9%
Contact Energy		337,558		1,646,418
Infratil		339,212		1,215,082
Mercury NZ		640,652		2,265,224
Meridian Energy		1,167,657		4,090,028
TOTAL NEW ZEALAND				9,216,752
PORTUGAL— 5.7%
Utilities — 5.7%
Energias de Portugal		759,547		3,744,297
RUSSIA— 2.7%
Utilities — 2.7%
RusHydro PJSC		198,205,119		1,800,335
SPAIN— 2.1%
Utilities — 2.1%
Atlantica Sustainable Infrastructure		47,722		1,407,322

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

147

Schedule of Investments

October 31, 2020

Global X YieldCo & Renewable Energy Income ETF

	Shares		Value
COMMON STOCK — continued
THAILAND— 0.9%
Utilities — 0.9%
BCPG NVDR		962,100	$	354,990
Gunkul Engineering NVDR		4,140,000		270,975
TOTAL THAILAND				625,965
UNITED STATES— 14.9%
Financials — 2.2%
Hannon Armstrong Sustainable Infrastructure Capital ^‡		34,807		1,456,673
Utilities — 12.7%
Avista		31,897		1,059,618
Clearway Energy, Cl A		16,169		423,789
Hawaiian Electric Industries		51,310		1,695,282
IDACORP		23,717		2,080,692
NextEra Energy Partners		30,802		1,934,366
NorthWestern		23,753		1,238,244
				8,431,991
TOTAL UNITED STATES				9,888,664
TOTAL COMMON STOCK
(Cost $57,340,067)				58,667,342

MASTER LIMITED PARTNERSHIP — 7.0%
Utilities — 7.0%
Brookfield Renewable Partners, Cl A ^(A)
(Cost $3,093,960)		86,145		4,664,693

CLOSED-END FUNDS — 4.0%
UNITED KINGDOM— 4.0%
Utilities — 4.0%
Greencoat UK Wind		712,943		1,242,626
Renewables Infrastructure Group		822,679		1,438,146

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

148

Schedule of Investments

October 31, 2020

Global X YieldCo & Renewable Energy Income ETF

	Shares/Number of Rights		Value
CLOSED-END FUNDS — continued
(Cost $2,583,185)			$	2,680,772

RIGHT — 0.0%
Thailand — 0.0%
BCPG Right*#^(B)(C)(D)		113,637		—

TOTAL RIGHT (Cost $–)				—
TOTAL INVESTMENTS — 99.7%
(Cost $63,017,212)			$	66,012,807

Percentages are based on Net Assets of $66,192,010.

*	Non-income producing security.

#	Expiration Date not available.

‡	Real Estate Investment Trust

(A)	Security considered Master Limited Partnership. At October 31, 2020, these securities amounted to $4,664,693 or 7.0% of Net Assets of the Fund.

(B)	Security considered illiquid. The total value of such securities as of October 31, 2020 was $0 and represented 0.00% of Net Assets of the Fund.

(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 0.00% of Net Assets of the Fund.

(D)	Level 3 security in accordance with fair value hierarchy.

Cl — Class

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint Stock Company

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

149

Schedule of Investments

OctoRber 31, 2020

Global X YieldCo & Renewable Energy Income 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⁽¹⁾		Total
Common Stock	$	58,667,342	$	—	$	—	$	58,667,342
Master Limited Partnership		4,664,693		—		—		4,664,693
Closed-End Funds		2,680,772		—		—		2,680,772
Right		—		—		—		—
Total Investments in Securities	$	66,012,807	$	—	$	—	$	66,012,807

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

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

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

150

Schedule of Investments

October 31, 2020

Global X S&P 500^® Catholic Values ETF

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

	Shares		Value
COMMON STOCK — 99.8%
UNITED KINGDOM— 0.5%
Energy — 0.0%
TechnipFMC		6,320	$	34,950
Materials — 0.5%
Linde		7,322		1,613,330
TOTAL UNITED KINGDOM				1,648,280
UNITED STATES— 99.3%
Communication Services — 11.1%
Activision Blizzard		10,930		827,729
Alphabet, Cl A ^*		4,175		6,747,259
Alphabet, Cl C ^*		4,079		6,612,100
AT&T		101,345		2,738,342
CenturyLink		13,904		119,852
Charter Communications, Cl A ^*		2,081		1,256,549
Comcast, Cl A		64,972		2,744,417
Discovery, Cl A ^*		2,231		45,155
Discovery, Cl C ^*		4,852		88,889

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

151

��

Schedule of Investments

October 31, 2020

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
DISH Network, Cl A ^*		3,537	$	90,158
Electronic Arts ^*		4,172		499,931
Facebook, Cl A ^*		33,472		8,806,819
Fox, Cl A		4,942		131,062
Fox, Cl B		2,266		59,233
Interpublic Group		5,611		101,503
Live Nation Entertainment ^*		1,651		80,569
Netflix ^*		6,240		2,968,618
News, Cl A		5,508		72,320
News, Cl B		1,700		22,134
Omnicom Group		3,249		153,353
Take-Two Interactive Software ^*		1,595		247,097
T-Mobile US ^*		8,087		886,093
Twitter ^*		10,637		439,946
Verizon Communications		57,193		3,259,429
ViacomCBS, Cl B		7,912		226,046
Walt Disney		24,958		3,026,157
				42,250,760
Consumer Discretionary — 11.6%
Advance Auto Parts		992		146,102
Amazon.com ^*		5,984		18,168,321
Aptiv ^*		3,802		366,855
AutoZone ^*		310		349,984
Best Buy		3,266		364,322
Booking Holdings ^*		595		965,387
BorgWarner		2,929		102,456
CarMax ^*		2,529		218,607
Carnival		6,568		90,047
Chipotle Mexican Grill, Cl A ^*		352		422,921
Darden Restaurants		1,779		163,526
Dollar General		3,712		774,732
Dollar Tree ^*		3,441		310,791
Domino’s Pizza		515		194,835

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

152

Schedule of Investments

October 31, 2020

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
DR Horton		4,868	$	325,231
eBay		9,139		435,291
Expedia Group		1,864		175,496
Ford Motor ^*		56,388		435,879
Gap		3,128		60,840
Garmin		1,775		184,636
General Motors ^*		18,361		634,006
Genuine Parts		2,124		192,074
Hanesbrands		5,297		85,123
Hasbro		1,720		142,278
Hilton Worldwide Holdings		4,142		363,709
Home Depot		15,280		4,075,328
L Brands ^*		3,396		108,706
Las Vegas Sands ^*		4,806		230,976
Leggett & Platt		1,916		79,955
Lennar, Cl A		4,044		284,010
LKQ ^*		4,462		142,739
Lowe’s		10,589		1,674,121
Marriott International, Cl A ^*		3,933		365,297
McDonald’s		10,293		2,192,409
Mohawk Industries ^*		921		95,038
NIKE, Cl B		17,787		2,135,864
Norwegian Cruise Line Holdings ^*		3,115		51,802
NVR ^*		46		181,842
O’Reilly Automotive ^*		1,113		485,936
PulteGroup		3,966		161,654
PVH ^*		1,175		68,491
Ralph Lauren, Cl A ^*		792		52,945
Ross Stores ^*		5,198		442,714
Royal Caribbean Cruises ^*		2,497		140,881
Starbucks		16,906		1,470,146
Tapestry ^*		4,076		90,609
Target		7,430		1,130,994

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

153

Schedule of Investments

October 31, 2020

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Tiffany		1,567	$	205,026
TJX ^*		17,412		884,530
Tractor Supply		1,782		237,380
Ulta Beauty ^*		794		164,175
Under Armour, Cl A ^*		2,696		37,313
Under Armour, Cl C ^*		2,736		33,461
VF		4,697		315,638
Whirlpool		897		165,909
Wynn Resorts ^*		1,444		104,589
Yum! Brands		4,459		416,158
				43,900,085
Consumer Staples — 6.8%
Altria Group		51,797		1,868,836
Brown-Forman, Cl B		4,967		346,250
Campbell Soup		5,021		234,330
Clorox		3,353		694,909
Coca-Cola		107,583		5,170,439
Conagra Brands		14,270		500,734
Constellation Brands, Cl A		4,519		746,674
Costco Wholesale		12,333		4,410,528
Estee Lauder, Cl A		6,218		1,365,846
General Mills		16,288		962,947
Hormel Foods		8,045		391,711
JM Smucker		3,335		374,187
Kellogg		7,379		464,065
Kimberly-Clark		9,303		1,233,485
Kraft Heinz		17,088		522,722
Kroger		21,358		687,941
Lamb Weston Holdings		4,289		272,137
McCormick		3,527		636,659
Molson Coors Beverage, Cl B ^*		5,511		194,318
Mondelez International, Cl A		39,222		2,083,472
Monster Beverage ^*		10,334		791,274

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

154

Schedule of Investments

October 31, 2020

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Sysco		14,172	$	783,853
Tyson Foods, Cl A		7,911		452,747
Walgreens Boots Alliance		20,444		695,914
				25,885,978
Energy — 2.1%
Apache		5,449		45,227
Baker Hughes, Cl A		10,101		149,192
Cabot Oil & Gas		6,329		112,593
Chevron		27,459		1,908,401
Concho Resources		2,838		117,805
ConocoPhillips		15,776		451,509
Devon Energy		5,914		52,812
Diamondback Energy		2,168		56,281
EOG Resources		8,136		278,577
Exxon Mobil		59,619		1,944,773
Halliburton		12,530		151,112
Hess		3,724		138,607
HollyFrontier		2,295		42,480
Kinder Morgan		27,599		328,428
Marathon Oil		11,921		47,207
Marathon Petroleum		9,356		276,002
National Oilwell Varco ^*		5,497		46,175
Occidental Petroleum		12,633		115,339
ONEOK		5,794		168,026
Phillips 66		6,516		304,037
Pioneer Natural Resources		2,422		192,694
Schlumberger		19,429		290,268
Valero Energy		5,818		224,633
Williams		17,332		332,601
				7,774,779
Financials — 10.0%
Aflac		10,449		354,744
Allstate		4,608		408,960

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

155

Schedule of Investments

October 31, 2020

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
American Express		9,640	$	879,553
American International Group		12,179		383,517
Ameriprise Financial		1,958		314,905
Aon, Cl A		3,350		616,434
Arthur J Gallagher		2,586		268,194
Assurant		832		103,476
Bank of America		104,997		2,488,429
Bank of New York Mellon		12,178		418,436
Berkshire Hathaway, Cl B ^*		27,721		5,596,869
BlackRock, Cl A		1,906		1,142,094
Capital One Financial		6,621		483,863
Cboe Global Markets		1,597		129,820
Charles Schwab		20,691		850,607
Chubb		6,432		835,580
Cincinnati Financial		2,147		151,879
Citigroup		29,005		1,201,387
Citizens Financial Group		6,596		179,741
CME Group, Cl A		5,028		757,820
Comerica		2,158		98,211
Discover Financial Services		4,529		294,430
Everest Re Group		583		114,898
Fifth Third Bancorp		9,775		226,976
First Republic Bank		2,321		292,771
Franklin Resources		4,283		80,306
Globe Life		1,496		121,311
Goldman Sachs Group		4,546		859,376
Hartford Financial Services Group		5,019		193,332
Huntington Bancshares		15,265		159,367
Intercontinental Exchange		7,939		749,442
Invesco		5,758		75,487
JPMorgan Chase		42,207		4,137,974
KeyCorp		14,329		185,990
Lincoln National		2,955		103,721

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

156

Schedule of Investments

October 31, 2020

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Loews		3,845	$	133,345
M&T Bank		1,919		198,770
MarketAxess Holdings		507		273,197
Marsh & McLennan		7,096		734,151
MetLife		10,947		414,344
Moody’s		2,376		624,650
Morgan Stanley		20,164		970,897
MSCI, Cl A		1,173		410,362
Nasdaq		1,644		198,908
Northern Trust		3,075		240,680
People’s United Financial		5,280		56,338
PNC Financial Services Group		6,314		706,410
Principal Financial Group		3,767		147,742
Progressive		8,378		769,937
Prudential Financial		5,701		364,978
Raymond James Financial		1,786		136,522
Regions Financial		14,010		186,333
S&P Global		3,461		1,116,969
State Street		5,238		308,518
SVB Financial Group ^*		766		222,676
Synchrony Financial		8,829		220,902
T Rowe Price Group		3,283		415,825
Travelers		3,749		452,542
Truist Financial		19,033		801,670
Unum Group		3,136		55,382
US Bancorp		18,664		726,963
Wells Fargo		55,951		1,200,149
Willis Towers Watson		1,868		340,873
WR Berkley		1,706		102,565
Zions Bancorp		2,724		87,903
				37,880,401
Health Care — 13.6%
ABIOMED ^*		1,433		360,944

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

157


Schedule of Investments	October 31, 2020
Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Alexion Pharmaceuticals ^*		7,351	$	846,394
Align Technology ^*		2,397		1,021,314
AmerisourceBergen, Cl A		4,744		455,756
Anthem		8,702		2,373,906
Baxter International		17,324		1,343,823
Biogen Idec ^*		5,425		1,367,480
Boston Scientific ^*		49,349		1,691,190
Cardinal Health		9,406		430,701
Cerner		10,169		712,745
Cigna		12,690		2,118,849
CVS Health		45,395		2,546,205
DaVita ^*		3,066		264,443
DENTSPLY SIRONA		6,756		318,816
DexCom ^*		3,264		1,043,109
Edwards Lifesciences ^*		21,404		1,534,453
Eli Lilly		27,700		3,613,742
Gilead Sciences		43,532		2,531,386
Henry Schein ^*		4,557		289,734
Hologic ^*		8,454		581,804
Humana		4,555		1,818,720
IDEXX Laboratories ^*		2,877		1,222,207
Incyte ^*		6,114		529,717
Intuitive Surgical ^*		4,062		2,709,679
IQVIA Holdings ^*		6,476		997,239
Laboratory Corp of America Holdings ^*		3,200		639,264
McKesson		5,435		801,608
Medtronic		46,981		4,724,878
Mettler-Toledo International ^*		802		800,324
Quest Diagnostics		4,355		531,920
Regeneron Pharmaceuticals ^*		3,609		1,961,708
ResMed		4,860		932,828
STERIS		2,749		487,095
Stryker		11,316		2,285,945

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

158


Schedule of Investments	October 31, 2020
Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Teleflex		1,516	$	482,437
Varian Medical Systems ^*		2,966		512,525
Waters ^*		2,124		473,270
West Pharmaceutical Services		2,447		665,755
Zimmer Biomet Holdings		6,908		912,547
Zoetis, Cl A		16,481		2,613,063
				51,549,523
Industrials — 8.6%
3M		10,656		1,704,534
Alaska Air Group ^*		2,686		101,773
Allegion		2,085		205,373
American Airlines Group ^*		8,471		95,553
AMETEK		3,930		385,926
AO Smith		3,033		156,776
Carrier Global		15,582		520,283
Caterpillar		9,973		1,566,261
CH Robinson Worldwide		2,800		247,604
Cintas		1,580		496,989
Copart ^*		4,373		482,604
CSX		15,201		1,199,967
Cummins		2,879		633,063
Deere		5,738		1,296,272
Delta Air Lines ^*		10,819		331,494
Dover		2,980		329,916
Eaton		7,871		816,932
Emerson Electric		11,774		762,837
Equifax		2,623		358,302
Expeditors International of Washington		3,527		311,681
Fastenal		11,134		481,322
FedEx		4,719		1,224,439
Flowserve		2,849		82,963
Fortive		5,830		359,128
Fortune Brands Home & Security		3,189		257,894

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

159


Schedule of Investments	October 31, 2020
Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Howmet Aerospace ^*		8,983	$	154,957
IDEX		1,611		274,498
IHS Markit		7,609		615,339
Illinois Tool Works		5,698		1,116,124
Ingersoll Rand ^*		6,352		221,939
JB Hunt Transport Services		1,893		230,454
Johnson Controls International		14,498		611,960
Kansas City Southern		1,555		273,898
Masco		4,695		251,652
Nielsen Holdings		7,499		101,311
Norfolk Southern		5,072		1,060,657
Old Dominion Freight Line		1,795		341,714
Otis Worldwide		7,906		484,480
PACCAR		6,535		557,958
Parker-Hannifin		2,409		501,939
Pentair		3,573		177,792
Quanta Services		3,235		201,961
Republic Services, Cl A		4,455		392,797
Robert Half International		2,724		138,080
Rockwell Automation		2,003		474,951
Rollins		3,038		175,748
Roper Technologies		2,064		766,446
Snap-On		1,206		189,981
Southwest Airlines ^*		10,611		419,453
Stanley Black & Decker		2,877		478,157
Teledyne Technologies ^*		567		175,288
Trane Technologies		4,463		592,463
TransDigm Group ^*		973		464,520
Union Pacific		12,638		2,239,326
United Airlines Holdings ^*		4,827		163,442
United Parcel Service, Cl B		13,117		2,060,812
United Rentals ^*		1,247		222,328
Verisk Analytics, Cl A		2,843		505,969

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

160


Schedule of Investments	October 31, 2020
Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Waste Management		7,671	$	827,779
Westinghouse Air Brake Technologies		3,857		228,720
WW Grainger		938		328,319
Xylem		3,920		341,589
				32,774,687
Information Technology — 27.6%
Accenture, Cl A		9,018		1,956,094
Adobe ^*		6,641		2,969,191
Advanced Micro Devices ^*		17,188		1,294,085
Akamai Technologies ^*		2,389		227,242
Amphenol, Cl A		4,179		471,559
Analog Devices		5,304		628,683
ANSYS ^*		1,187		361,287
Apple		225,212		24,516,579
Applied Materials		13,288		787,048
Arista Networks ^*		772		161,271
Autodesk ^*		3,171		746,897
Automatic Data Processing		6,142		970,190
Broadcom		5,605		1,959,676
Broadridge Financial Solutions		1,722		236,947
Cadence Design Systems ^*		4,005		438,027
CDW		2,061		252,679
Cisco Systems		58,351		2,094,800
Citrix Systems		1,796		203,433
Cognizant Technology Solutions, Cl A		8,008		571,931
DXC Technology ^*		3,716		68,449
F5 Networks ^*		903		120,045
Fidelity National Information Services		8,920		1,111,343
Fiserv ^*		7,894		753,640
FleetCor Technologies ^*		1,206		266,417
FLIR Systems		1,980		68,686
Fortinet ^*		2,123		234,316
Gartner ^*		1,339		160,814

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

161


Schedule of Investments	October 31, 2020
Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Global Payments		4,261	$	672,130
Hewlett Packard Enterprise		19,052		164,609
HP		21,363		383,680
Intel		60,460		2,677,169
International Business Machines		12,585		1,405,241
Intuit		3,670		1,154,876
IPG Photonics ^*		564		104,881
Jack Henry & Associates		1,153		170,932
Juniper Networks		5,132		101,203
Keysight Technologies ^*		2,742		287,554
KLA		2,299		453,317
Lam Research		2,124		726,578
Leidos Holdings		1,728		143,424
Mastercard, Cl A		12,498		3,607,423
Maxim Integrated Products		3,801		264,740
Microchip Technology		3,425		359,899
Micron Technology ^*		15,766		793,660
Microsoft		105,986		21,458,985
Motorola Solutions		2,396		378,712
NetApp		3,396		149,050
NortonLifeLock		8,801		181,037
NVIDIA		8,573		4,298,158
Oracle		26,421		1,482,482
Paychex		4,639		381,558
Paycom Software ^*		638		232,289
PayPal Holdings ^*		16,569		3,083,988
Qorvo ^*		1,782		226,956
QUALCOMM		15,462		1,907,392
salesforce.com ^*		12,864		2,987,921
Seagate Technology		3,484		166,605
ServiceNow ^*		2,687		1,336,971
Skyworks Solutions		2,565		362,409
Synopsys ^*		2,161		462,151

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

162


Schedule of Investments	October 31, 2020
Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
TE Connectivity		4,750	$	460,180
Texas Instruments		13,240		1,914,372
Tyler Technologies ^*		437		167,974
VeriSign ^*		1,485		283,190
Visa, Cl A		23,452		4,261,464
Vontier ^*		2,333		67,050
Western Digital ^*		4,255		160,541
Western Union		6,569		127,701
Xerox Holdings		2,958		51,410
Xilinx		3,662		434,643
Zebra Technologies, Cl A ^*		691		195,995
				104,323,829
Materials — 2.2%
Air Products & Chemicals		3,065		846,676
Albemarle		1,582		147,458
Amcor		21,662		225,935
Avery Dennison		1,191		164,822
Ball		4,734		421,326
Celanese, Cl A		1,749		198,529
CF Industries Holdings		3,268		90,229
Corteva		10,539		347,576
Dow		10,519		478,509
DuPont de Nemours		10,522		598,491
Eastman Chemical		1,989		160,791
Ecolab		3,549		651,561
FMC		1,928		198,083
Freeport-McMoRan Copper & Gold ^*		21,322		369,723
International Flavors & Fragrances		1,475		151,424
International Paper		5,664		247,800
LyondellBasell Industries, Cl A		3,503		239,780
Martin Marietta Materials		943		251,168
Mosaic		5,060		93,610
Newmont		11,667		733,155

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

163


Schedule of Investments	October 31, 2020
Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Nucor		4,366	$	208,520
Packaging Corp of America		1,339		153,302
PPG Industries		3,302		428,335
Sealed Air		2,124		84,089
Sherwin-Williams		1,139		783,609
Vulcan Materials		1,877		271,865
Westrock		3,667		137,696
				8,684,062
Real Estate — 2.5%
Alexandria Real Estate Equities ^‡		1,642		248,796
American Tower, Cl A ^‡		6,295		1,445,646
Apartment Investment & Management, Cl A ^{‡ *}		2,082		66,416
AvalonBay Communities ^‡		1,978		275,199
Boston Properties ^‡		2,178		157,709
CBRE Group, Cl A ^*		4,463		224,935
Crown Castle International ^‡		5,916		924,079
Digital Realty Trust ^‡		3,741		539,826
Duke Realty ^‡		5,036		191,318
Equinix ^‡		1,234		902,350
Equity Residential ^‡		5,206		244,578
Essex Property Trust ^‡		971		198,657
Extra Space Storage ^‡		1,823		211,377
Federal Realty Investment Trust ^‡		993		68,299
Host Hotels & Resorts ^{‡ *}		10,520		110,250
Iron Mountain ^‡		3,853		100,409
Kimco Realty ^‡		6,052		62,094
Mid-America Apartment Communities ^‡		1,568		182,876
ProLogis ^‡		10,470		1,038,623
Public Storage ^‡		2,145		491,355
Realty Income ^‡		4,869		281,720
Regency Centers ^‡		2,247		79,971
SBA Communications, Cl A ^‡		1,609		467,205
Simon Property Group ^‡		4,338		272,470

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

164


Schedule of Investments	October 31, 2020
Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
SL Green Realty ^‡		1,280	$	54,797
UDR ^‡		3,942		123,148
Vornado Realty Trust ^‡		2,447		75,196
Welltower ^‡		5,993		322,244
Weyerhaeuser ^‡		10,738		293,040
				9,654,583
Utilities — 3.2%
AES		9,458		184,431
Alliant Energy		3,348		185,077
Ameren		3,488		282,947
American Electric Power		7,073		636,075
American Water Works		2,562		385,607
Atmos Energy		1,638		150,155
CenterPoint Energy		7,013		148,185
CMS Energy		4,064		257,373
Consolidated Edison		4,523		355,010
Dominion Energy		11,469		921,419
DTE Energy		2,620		323,360
Duke Energy		10,254		944,496
Edison International		4,807		269,384
Entergy		2,672		270,460
Evergy		3,455		190,716
Eversource Energy		4,550		397,079
Exelon		13,603		542,624
FirstEnergy		7,266		215,946
NextEra Energy		28,092		2,056,614
NiSource		5,035		115,654
NRG Energy		3,798		120,093
Pinnacle West Capital		1,584		129,207
PPL		10,192		280,280
Public Service Enterprise Group		7,273		422,925
Sempra Energy		3,869		485,018
Southern		14,566		836,817

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

165


Schedule of Investments	October 31, 2020
Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
WEC Energy Group		4,498	$	452,274
Xcel Energy		7,395		517,872
				12,077,098
TOTAL UNITED STATES				376,755,785
TOTAL COMMON STOCK				378,404,065
TOTAL INVESTMENTS — 99.8%
(Cost $328,845,030)			$	378,404,065

Percentages are based on Net Assets of $379,052,729.

*	Non-income producing security.

‡	Real Estate Investment Trust

Cl — Class

S&P — Standard & Poor’s

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.

166


Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

Sector Weightings (Unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.0%

AUSTRALIA— 10.0%
Communication Services — 0.1%
Telstra		946	$	1,780
Consumer Discretionary — 0.4%
Aristocrat Leisure		142		2,855
Wesfarmers		254		8,198
				11,053
Consumer Staples — 0.9%
Coles Group		577		7,192
Woolworths Group		528		14,149
				21,341
Energy — 0.3%
Origin Energy		390		1,096
Santos		392		1,302
Woodside Petroleum		212		2,608
				5,006
Financials — 2.6%
ASX		42		2,349

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

167


Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Australia & New Zealand Banking Group		628	$	8,295
Commonwealth Bank of Australia		414		20,066
Insurance Australia Group		512		1,715
Macquarie Group		80		7,121
National Australia Bank		775		10,123
QBE Insurance Group		324		1,877
Suncorp Group		278		1,603
Westpac Banking		850		10,691
				63,840
Health Care — 2.5%
CSL		312		63,005
Industrials — 0.3%
Brambles		362		2,438
Sydney Airport		264		1,010
Transurban Group		652		6,163
				9,611
Materials — 2.4%
BHP Group		478		9,210
BHP Group		666		15,799
Fortescue Metals Group		382		4,660
Glencore ^*		2,472		4,983
Newcrest Mining		182		3,737
Rio Tinto		84		5,452
Rio Tinto		250		14,084
South32		1,096		1,562
				59,487
Real Estate — 0.4%
Dexus ^‡		242		1,463
Goodman Group ^‡		417		5,388
Scentre Group ^‡		1,148		1,693
				8,544
Utilities — 0.1%
AGL Energy		138		1,209

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

168


Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

	Shares		Value
COMMON STOCK — continued
TOTAL AUSTRALIA			$	244,876
AUSTRIA— 0.3%
Communication Services — 0.0%
Telekom Austria, Cl A		32		216
Energy — 0.0%
OMV		32		734
Financials — 0.2%
BAWAG Group		16		585
Erste Group Bank		66		1,352
Raiffeisen Bank International ^*		30		431
				2,368
Industrials — 0.0%
ANDRITZ		18		606
Immobilien Anlagen		16		439
				1,045
Information Technology — 0.1%
AMS ^*		62		1,329
Materials — 0.0%
voestalpine		26		722
Real Estate — 0.0%
Verbund		16		920
TOTAL AUSTRIA				7,334
BELGIUM— 1.4%
Consumer Discretionary — 0.1%
Ageas		40		1,610
Consumer Staples — 0.7%
Anheuser-Busch InBev		354		18,375
Financials — 0.3%
Groupe Bruxelles Lambert		27		2,210
KBC Group ^*		76		3,747
				5,957
Health Care — 0.3%
UCB		84		8,288

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

169


Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

	Shares		Value
COMMON STOCK — continued
Materials — 0.0%
Solvay		16	$	1,299
TOTAL BELGIUM				35,529
BRAZIL— 0.0%
Materials — 0.0%
Yara International		40		1,391
CHINA— 0.6%
Consumer Discretionary — 0.4%
Prosus ^*		94		9,392
Consumer Staples — 0.1%
Budweiser Brewing APAC		800		2,352
Financials — 0.1%
BOC Hong Kong Holdings		800		2,218
TOTAL CHINA				13,962
DENMARK— 2.5%
Consumer Staples — 0.2%
Carlsberg, Cl B		42		5,316
Health Care — 1.1%
Coloplast, Cl B		82		11,967
Genmab ^*		44		14,656
				26,623
Industrials — 0.8%
A P Moller - Maersk, Cl B		2		3,195
AP Moller - Maersk, Cl A		1		1,475
DSV PANALPINA		48		7,773
Vestas Wind Systems		48		8,193
				20,636
Materials — 0.1%
Novozymes, Cl B		48		2,885
Utilities — 0.3%
Orsted		42		6,666
TOTAL DENMARK				62,126

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

170


Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

	Shares		Value
COMMON STOCK — continued
FINLAND— 1.4%
Energy — 0.2%
Neste		96	$	4,997
Financials — 0.4%
Nordea Bank Abp		714		5,349
Sampo, Cl A		110		4,151
				9,500
Industrials — 0.3%
Kone, Cl B		96		7,642
Information Technology — 0.2%
Nokia ^*		1,280		4,324
Materials — 0.2%
Stora Enso, Cl R		138		2,014
UPM-Kymmene		120		3,391
				5,405
Utilities — 0.1%
Fortum		96		1,806
TOTAL FINLAND				33,674
FRANCE— 8.9%
Communication Services — 0.5%
Adevinta, Cl B ^*		52		802
Orange		504		5,654
Vivendi		213		6,151
				12,607
Consumer Discretionary — 1.1%
Christian Dior		1		426
EssilorLuxottica ^*		66		8,165
Hermes International		8		7,446
Kering		17		10,267
				26,304
Consumer Staples — 1.3%
Danone		293		16,178

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

171


Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Pernod Ricard		92	$	14,832
				31,010
Energy — 0.7%
Total		593		17,835
Financials — 1.9%
AXA		491		7,893
BNP Paribas ^*		269		9,355
LVMH Moet Hennessy Louis Vuitton		62		29,054
				46,302
Industrials — 1.1%
Credit Agricole ^*		280		2,212
Schneider Electric		132		16,022
Vinci		122		9,638
				27,872
Information Technology — 0.2%
Dassault Systemes		32		5,463
Materials — 1.9%
Air Liquide		106		15,496
L’Oreal		102		32,995
				48,491
Utilities — 0.2%
Electricite de France ^*		102		1,184
Engie ^*		410		4,960
				6,144
TOTAL FRANCE				222,028
GERMANY— 7.7%
Communication Services — 0.5%
Deutsche Telekom		788		11,997
Consumer Discretionary — 1.8%
adidas ^*		42		12,475
Allianz		97		17,068
Bayerische Motoren Werke		72		4,922
Daimler		198		10,240

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

172


Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Volkswagen		8	$	1,245
				45,950
Consumer Staples — 0.3%
Beiersdorf		43		4,503
Henkel & KGaA		42		3,799
				8,302
Financials — 0.5%
Deutsche Boerse		42		6,182
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		33		7,719
				13,901
Health Care — 0.7%
Fresenius Medical Care & KGaA		147		11,229
Siemens Healthineers		151		6,482
				17,711
Industrials — 1.4%
Deutsche Post		232		10,280
Siemens		198		23,226
Siemens Energy ^*		99		2,168
				35,674
Information Technology — 1.4%
Infineon Technologies		296		8,241
SAP		251		26,750
				34,991
Materials — 0.5%
BASF		208		11,404
Real Estate — 0.4%
Vonovia		136		8,685
Utilities — 0.2%
E.ON		484		5,047
TOTAL GERMANY				193,662
HONG KONG— 2.6%
Financials — 1.6%
AIA Group		2,800		26,376

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

173


Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Hang Seng Bank		200	$	3,074
Hong Kong Exchanges & Clearing		264		12,603
				42,053
Industrials — 0.2%
Jardine Matheson Holdings		74		3,285
Jardine Strategic Holdings		42		911
MTR		400		1,978
				6,174
Real Estate — 0.6%
CK Asset Holdings		600		2,778
Henderson Land Development		400		1,416
Link REIT ^‡		500		3,807
Sun Hung Kai Properties		400		5,114
				13,115
Utilities — 0.2%
CLP Holdings		400		3,678
Hong Kong & China Gas		2,200		3,160
				6,838
TOTAL HONG KONG				68,180
IRELAND— 0.9%
Consumer Discretionary — 0.2%
Flutter Entertainment ^*		32		5,574
Consumer Staples — 0.3%
Kerry Group, Cl A		64		7,656
Industrials — 0.2%
Kingspan Group ^*		36		3,139
Ryanair Holdings ^*		130		1,791
				4,930
Materials — 0.2%
CRH		178		6,276
TOTAL IRELAND				24,436

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

174


Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

	Shares		Value
COMMON STOCK — continued
ISRAEL— 0.5%
Financials — 0.2%
Bank Hapoalim ^*		248	$	1,455
Bank Leumi Le-Israel		324		1,536
Israel Discount Bank, Cl A		258		727
Mizrahi Tefahot Bank		30		587
				4,305
Information Technology — 0.3%
Check Point Software Technologies ^*		26		2,953
Nice ^*		14		3,207
Wix.com ^*		10		2,473
				8,633
Materials — 0.0%
ICL Group		156		569
Real Estate — 0.0%
Azrieli Group		8		378
TOTAL ISRAEL				13,885
ITALY— 1.8%
Consumer Discretionary — 0.1%
Ferrari		28		4,995
Energy — 0.1%
Eni		562		3,935
Financials — 0.7%
Assicurazioni Generali		272		3,647
Intesa Sanpaolo ^*		3,945		6,524
Poste Italiane		102		832
UniCredit ^*		468		3,489
				14,492
Industrials — 0.1%
Atlantia ^*		112		1,716
Utilities — 0.8%
Enel		1,796		14,297

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

175


Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Snam		480	$	2,343
Terna Rete Elettrica Nazionale		310		2,096
				18,736
TOTAL ITALY				43,874
JAPAN— 35.9%
Communication Services — 3.2%
Dentsu Group		56		1,602
KDDI		396		10,578
LINE ^*		12		617
Nexon		104		2,904
Nintendo		29		15,806
Nippon Telegraph & Telephone		292		6,134
NTT DOCOMO		300		11,155
SoftBank		400		4,639
SoftBank Group		396		25,732
Toho		32		1,264
Z Holdings ^*		600		4,162
				84,593
Consumer Discretionary — 6.0%
Aisin Seiki		40		1,203
Bandai Namco Holdings		50		3,719
Bridgestone		138		4,475
Denso		116		5,368
Fast Retailing		14		9,737
Hikari Tsushin		4		934
Honda Motor		400		9,317
Isuzu Motors		200		1,613
Koito Manufacturing		28		1,345
Nissan Motor ^*		600		2,101
Nitori Holdings		18		3,711
Oriental Land		50		6,976
Pan Pacific International Holdings		134		2,848
Panasonic		600		5,514

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

176


Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Rakuten		200	$	1,942
Sekisui Chemical		102		1,581
Sekisui House		200		3,303
Sharp		46		528
Shimano		20		4,547
Sony		282		23,398
Subaru		142		2,588
Sumitomo Electric Industries		200		2,192
Suzuki Motor ^*		104		4,434
Toyota Industries		46		2,957
Toyota Motor		600		39,045
Yamaha		38		1,789
ZOZO		44		1,116
				148,281
Consumer Staples — 3.5%
Aeon		400		10,191
Ajinomoto		240		4,815
Asahi Group Holdings		200		6,166
Kao		200		14,196
Kikkoman		82		4,063
Kirin Holdings		400		7,190
Kose		14		1,778
MEIJI Holdings		60		4,339
Nissin Foods Holdings		36		3,113
Seven & i Holdings		334		10,157
Shiseido		168		10,365
Suntory Beverage & Food		54		1,859
Unicharm		200		9,260
Yakult Honsha		68		3,291
				90,783
Energy — 0.1%
ENEOS Holdings		800		2,683
Idemitsu Kosan		54		1,087

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

177

Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

	Shares			Value
COMMON STOCK — continued
Energy — continued
Inpex		200		$	941
					4,711
Financials — 2.6%
Acom		200			893
Dai-ichi Life Holdings		300			4,438
Daiwa Securities Group		400			1,611
Japan Exchange Group		118			2,870
Japan Post Bank ^*		90			715
Japan Post Insurance		106			1,673
Mitsubishi UFJ Financial Group		3,000			11,772
Mizuho Financial Group		560			6,865
MS&AD Insurance Group Holdings		108			2,939
Nomura Holdings		800	��		3,555
ORIX		300			3,488
Resona Holdings		500			1,638
Sompo Holdings		82			3,052
Sumitomo Mitsui Financial Group		304			8,378
Sumitomo Mitsui Trust Holdings		82			2,183
T&D Holdings		200			1,984
Tokio Marine Holdings		156			6,952
					65,006
Health Care — 7.5%
Eisai		200			15,476
Hoya		260			29,348
Kyowa Kirin		200			4,955
M3^*		284			19,090
Olympus ^*		900			17,124
Ono Pharmaceutical		334			9,495
Otsuka Holdings		370			13,644
Santen Pharmaceutical		300			5,329
Shionogi		200			9,420
Sysmex		110			10,312
Takeda Pharmaceutical		1,100			34,082

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

178

Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Terumo		494	$	18,132
				186,407
Industrials — 6.5%
AGC		54		1,676
ANA Holdings ^*		28		608
Central Japan Railway		50		6,019
Dai Nippon Printing		72		1,335
Daikin Industries		70		13,044
East Japan Railway		90		4,698
FANUC		46		9,703
Hankyu Hanshin Holdings		60		1,825
ITOCHU		350		8,370
Japan Airlines ^*		26		452
Kajima		100		1,064
Keio		30		1,736
Kintetsu Group Holdings ^*		46		1,831
Komatsu		240		5,374
Kubota		300		5,196
Makita		66		2,904
Marubeni		400		2,078
Minebea		102		1,829
MISUMI Group		68		2,010
Mitsubishi		300		6,674
Mitsubishi Electric		512		6,563
Mitsubishi Heavy Industries		80		1,710
Mitsui		400		6,237
Nidec		130		13,057
Obayashi		200		1,665
Odakyu Electric Railway		80		1,923
Recruit Holdings ^*		400		15,191
Secom		52		4,375
SG Holdings		116		2,790
Shimizu		200		1,385

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

179

Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
SMC		16	$	8,464
Sumitomo		300		3,284
Taisei		54		1,676
Tobu Railway		50		1,413
Tokyu		100		1,182
Toshiba		102		2,565
TOTO		38		1,725
Toyota Tsusho		56		1,553
West Japan Railway		46		1,963
Yamato Holdings		98		2,582
Yaskawa Electric		64		2,470
				162,199
Information Technology — 3.7%
Advantest		46		2,653
Canon		300		5,167
Fujitsu		44		5,146
Hitachi		230		7,705
Keyence		42		18,983
Kyocera		80		4,386
Murata Manufacturing		146		10,149
NEC		60		3,013
Nomura Research Institute		88		2,605
NTT Data		200		2,248
Obic		16		2,839
Omron		46		3,300
Oracle Japan ^*		8		800
Renesas Electronics ^*		200		1,647
Rohm		22		1,684
Shimadzu		62		1,762
TDK		30		3,504
Tokyo Electron		36		9,608
Trend Micro ^*		28		1,567
				88,766

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

180

Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

	Shares		Value
COMMON STOCK — continued
Materials — 1.3%
Asahi Kasei ^*		300	$	2,584
Kansai Paint		58		1,492
Nippon Paint Holdings		44		3,952
Nippon Sanso Holdings		48		701
Nippon Steel ^*		200		1,926
Nitto Denko		36		2,517
Shin-Etsu Chemical		86		11,427
Sumitomo Metal Mining		62		1,912
Toray Industries		400		1,800
				28,311
Real Estate — 1.1%
Daiwa House Industry		200		5,233
Hulic		100		924
Japan Real Estate Investment ^‡		1		4,898
Mitsubishi Estate		308		4,578
Mitsui Fudosan		250		4,244
Nippon Building Fund ^‡		1		5,051
Nomura Real Estate Master Fund ^‡		1		1,192
Sumitomo Realty & Development		106		2,826
				28,946
Utilities — 0.4%
Chubu Electric Power		200		2,241
Kansai Electric Power		200		1,819
Osaka Gas		92		1,744
Tokyo Gas		86		1,946
				7,750
TOTAL JAPAN				895,753
LUXEMBOURG— 0.1%
Communication Services — 0.0%
RTL Group ^*		8		304
SES, Cl A		88		703
				1,007

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

181

Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

	Shares		Value
COMMON STOCK — continued
Materials — 0.1%
ArcelorMittal ^*		162	$	2,199
TOTAL LUXEMBOURG				3,206
MACAO— 0.3%
Consumer Discretionary — 0.3%
Galaxy Entertainment Group ^*		600		3,954
Sands China ^*		600		2,100
TOTAL MACAO				6,054
NETHERLANDS— 4.7%
Consumer Staples — 0.9%
Heineken		98		8,699
Koninklijke Ahold Delhaize		460		12,640
				21,339
Energy — 0.9%
Royal Dutch Shell, Cl A		968		12,083
Royal Dutch Shell, Cl B		877		10,535
				22,618
Financials — 0.3%
EXOR		22		1,143
ING Groep ^*		862		5,883
				7,026
Health Care — 1.2%
Koninklijke Philips ^*		628		29,170
Information Technology — 1.4%
ASML Holding		98		35,616
TOTAL NETHERLANDS				115,769
NEW ZEALAND— 0.7%
Communication Services — 0.0%
Spark New Zealand		418		1,240
Consumer Staples — 0.1%
a2 Milk ^*		310		2,999
Health Care — 0.4%
Fisher & Paykel Healthcare		382		8,836

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

182

Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Ryman Healthcare		276	$	2,554
				11,390
Industrials — 0.1%
Auckland International Airport ^*		284		1,314
Information Technology — 0.1%
Xero ^*		24		1,856
Utilities — 0.0%
Contact Energy		158		771
Mercury NZ		138		488
Meridian Energy		278		974
				2,233
TOTAL NEW ZEALAND				21,032
NORWAY— 0.7%
Communication Services — 0.2%
Schibsted, Cl A ^*		18		733
Schibsted, Cl B ^*		24		860
Telenor		148		2,279
				3,872
Consumer Staples — 0.3%
Leroy Seafood Group		118		554
Mowi ^*		188		2,963
Orkla		340		3,204
Salmar ^*		22		1,111
				7,832
Energy — 0.1%
Aker BP		24		372
Equinor		244		3,095
				3,467
Financials — 0.1%
DnB		200		2,693
Gjensidige Forsikring		42		796
				3,489

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

183

Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

	Shares		Value
COMMON STOCK — continued
Financials — 0.0%
Aker, Cl A		6	$	239
Materials — 0.0%
Norsk Hydro ^*		308		861
TOTAL NORWAY				19,760
PORTUGAL— 0.2%
Consumer Staples — 0.1%
Jeronimo Martins		102		1,621
Utilities — 0.1%
Energias de Portugal		566		2,790
TOTAL PORTUGAL				4,411
SINGAPORE— 1.0%
Communication Services — 0.1%
Singapore Telecommunications		1,800		2,676
Consumer Discretionary — 0.0%
Genting Singapore		1,200		567
Financials — 0.7%
City Developments		100		464
DBS Group Holdings		400		5,961
Oversea-Chinese Banking		900		5,550
Singapore Exchange		200		1,268
United Overseas Bank		410		5,702
				18,945
Industrials — 0.2%
Keppel		400		1,286
Singapore Airlines		400		993
Singapore Technologies Engineering		400		1,022
				3,301
Real Estate — 0.0%
Ascendas Real Estate Investment Trust ^‡		600		1,265
CapitaLand		600		1,129
				2,394
TOTAL SINGAPORE				27,883

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

184

Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

	Shares		Value
COMMON STOCK — continued
SOUTH AFRICA— 0.3%
Materials — 0.3%
Anglo American		308	$	7,213
SPAIN— 2.0%
Communication Services — 0.2%
Telefonica		1,256		4,105
Consumer Discretionary — 0.3%
Industria de Diseno Textil ^*		263		6,492
Financials — 0.5%
Banco Bilbao Vizcaya Argentaria ^*		1,474		4,227
Banco Santander ^*		3,674		7,322
				11,549
Industrials — 0.1%
Aena SME ^*		18		2,424
Information Technology — 0.2%
Amadeus IT Group, Cl A		102		4,870
Utilities — 0.7%
Endesa		70		1,876
Iberdrola		1,342		15,828
Naturgy Energy Group		74		1,375
				19,079
TOTAL SPAIN				48,519
SWEDEN— 3.7%
Communication Services — 0.2%
Tele2, Cl B		114		1,352
Telia		576		2,208
				3,560
Consumer Staples — 0.6%
Essity, Cl B		254		7,359
ICA Gruppen		38		1,799
Swedish Match		68		5,123
				14,281

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

185

Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

	Shares		Value
COMMON STOCK — continued
Energy — 0.0%
Lundin Energy		42	$	802
Financials — 0.8%
Equities		56		1,067
Industrivarden, Cl A ^*		36		968
Industrivarden, Cl C ^*		36		921
Investor, Cl B ^*		100		6,004
Kinnevik ^*		54		2,215
L E Lundbergforetagen, Cl B ^*		14		630
Skandinaviska Enskilda Banken, Cl A ^*		356		3,052
Skandinaviska Enskilda Banken, Cl C ^*		4		37
Svenska Handelsbanken, Cl A ^*		336		2,722
Svenska Handelsbanken, Cl B ^*		8		77
Swedbank, Cl A ^*		206		3,228
				20,921
Industrials — 1.3%
Alfa Laval ^*		72		1,460
Assa Abloy, Cl B		236		5,064
Atlas Copco, Cl A		154		6,798
Atlas Copco, Cl B		94		3,604
Epiroc, Cl A		150		2,241
Epiroc, Cl B		94		1,348
Investment Latour, Cl B		30		700
Skanska, Cl B		86		1,616
SKF, Cl B		90		1,842
Volvo, Cl B ^*		392		7,625
				32,298
Information Technology — 0.4%
Hexagon, Cl B		64		4,677
Telefonaktiebolaget LM Ericsson, Cl B		594		6,625
				11,302
Materials — 0.4%
Boliden		62		1,694
Sandvik ^*		264		4,701

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

186

Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Svenska Cellulosa, Cl B ^*		136	$	1,845
				8,240
TOTAL SWEDEN				91,404
SWITZERLAND— 2.6%
Consumer Discretionary — 0.3%
Cie Financiere Richemont, Cl A		116		7,277
Financials — 0.8%
UBS Group		901		10,464
Zurich Insurance Group		34		11,277
				21,741
Health Care — 0.8%
Alcon ^*		337		19,156
Industrials — 0.5%
ABB		460		11,167
Information Technology — 0.2%
STMicroelectronics		148		4,512
TOTAL SWITZERLAND				63,853
UNITED KINGDOM— 7.7%
Communication Services — 0.6%
BT Group, Cl A		1,994		2,614
Vodafone Group		6,557		8,733
WPP		276		2,200
				13,547
Consumer Discretionary — 0.3%
Compass Group ^*		398		5,429
Fiat Chrysler Automobiles ^*		246		3,021
				8,450
Consumer Staples — 1.9%
Associated British Foods		157		3,446
Coca-Cola European Partners		88		3,142
Diageo		980		31,666
Tesco		4,064		10,799
				49,053

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

187

Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

	Shares		Value
COMMON STOCK — continued
Energy — 0.5%
BP		4,769	$	12,123
Financials — 2.2%
Aviva		870		2,897
Barclays ^*		3,604		4,966
HSBC Holdings ^*		4,825		20,248
Legal & General Group		1,306		3,120
Lloyds Banking Group ^*		15,516		5,622
London Stock Exchange Group		70		7,492
Natwest Group ^*		1,016		1,632
Prudential		572		6,973
Standard Chartered ^*		586		2,666
				55,616
Health Care — 0.4%
Smith & Nephew		592		10,230
Industrials — 1.2%
CK Hutchison Holdings		600		3,613
CNH Industrial ^*		236		1,831
Experian		218		7,940
Ferguson		56		5,591
RELX		472		9,322
				28,297
Utilities — 0.6%
National Grid		830		9,863
SSE		232		3,765
				13,628
TOTAL UNITED KINGDOM				190,944
UNITED STATES— 0.5%
Communication Services — 0.3%
Spotify Technology ^*		28		6,717
Information Technology — 0.2%
Atlassian, Cl A ^*		28		5,365
CyberArk Software ^*		8		793
				6,158

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

188

Schedule of Investments	October 31, 2020
Global X S&P Catholic Values Developed ex-US ETF

	Shares		Value
COMMON STOCK — continued
TOTAL UNITED STATES			$	12,875
TOTAL COMMON STOCK
(Cost $2,497,313)				2,473,633

PREFERRED STOCK — 0.6%
GERMANY— 0.6%
Consumer Discretionary — 0.3%
Bayerische Motoren Werke ^(A)		12		621
Volkswagen ^(A)		40		5,829
				6,450
Consumer Staples — 0.3%
Henkel & KGaA ^(A)		74		7,199
TOTAL GERMANY				13,649
TOTAL PREFERRED STOCK
(Cost $13,290)				13,649
TOTAL INVESTMENTS — 99.6%
(Cost $2,510,603)			$	2,487,282

Percentages are based on Net Assets of $2,497,609.

*	Non-income producing security.

‡	Real Estate Investment Trust (REIT)

(A)	There’s currently no stated interest rate.

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	$	2,465,174	$	8,459	$	—	$	2,473,633
Preferred Stock		13,649		—		—		13,649
Total Investments in Securities	$	2,478,823	$	8,459	$	—	$	2,487,282

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.

189

Schedule of Investments	October 31, 2020
Global X Guru® Index ETF

Sector Weightings (Unaudited)†:

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

	Shares		Value
COMMON STOCK — 98.1%
ARGENTINA— 2.0%
Consumer Discretionary — 2.0%
MercadoLibre ^*		917	$	1,113,284
CANADA— 1.8%
Information Technology — 1.8%
Shopify, Cl A ^*		1,077		996,688
CHINA— 4.7%
Consumer Discretionary — 4.7%
Alibaba Group Holding ADR ^*		4,248		1,294,323
JD.com ADR ^*		16,299		1,328,695
TOTAL CHINA				2,623,018
UNITED KINGDOM— 1.7%
Communication Services — 1.7%
Liberty Global ^*		51,698		964,685
UNITED STATES— 87.9%
Communication Services — 11.6%
Charter Communications, Cl A ^*		1,804		1,089,291

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

190

Schedule of Investments	October 31, 2020
Global X Guru® Index ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
Liberty Broadband, Cl C ^*		7,798	$	1,105,055
Netflix ^*		2,263		1,076,599
New York Times, Cl A		24,625		976,627
Walt Disney		8,436		1,022,865
Zillow Group, Cl C ^*		13,682		1,212,499
				6,482,936
Consumer Discretionary — 7.3%
Amazon.com ^*		343		1,041,399
Home Depot		3,800		1,013,498
Lithia Motors, Cl A		4,102		941,696
Lowe’s		6,907		1,091,997
				4,088,590
Consumer Staples — 7.6%
Constellation Brands, Cl A		6,284		1,038,305
Mondelez International, Cl A		19,385		1,029,731
Post Holdings ^*		12,573		1,080,021
Procter & Gamble		8,055		1,104,341
				4,252,398
Energy — 1.7%
Cheniere Energy ^*		20,219		967,883
Financials — 5.2%
Arch Capital Group ^*		34,361		1,038,046
Citigroup		21,218		878,849
S&P Global		3,056		986,263
				2,903,158
Health Care — 11.9%
Alexion Pharmaceuticals ^*		10,624		1,223,247
Amicus Therapeutics ^*		73,215		1,305,424
Bausch Health ^*		61,071		1,007,671
Cigna		5,990		1,000,150
PerkinElmer		9,124		1,182,014
Tenet Healthcare ^*		37,490		920,005
				6,638,511

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

191

Schedule of Investments	October 31, 2020
Global X Guru® Index ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 10.4%
CSX		14,590	$	1,151,735
Delta Air Lines ^*		38,956		1,193,612
Uber Technologies ^*		37,030		1,237,172
United Airlines Holdings ^*		31,727		1,074,276
XPO Logistics ^*		13,199		1,187,910
				5,844,705
Information Technology — 17.5%
Coupa Software ^*		3,711		993,435
Dell Technologies, Cl C ^*		18,288		1,102,035
Fidelity National Information Services		7,577		944,018
Leidos Holdings		11,863		984,629
NortonLifeLock		47,860		984,480
PayPal Holdings ^*		5,561		1,035,069
SolarWinds ^*		55,351		1,130,821
Twilio, Cl A ^*		4,405		1,228,863
Zendesk ^*		12,487		1,385,308
				9,788,658
Materials — 3.7%
Berry Global Group ^*		20,129		938,615
Sherwin-Williams		1,626		1,118,656
				2,057,271
Real Estate — 5.4%
American Tower, Cl A ^‡		4,364		1,002,193
Apartment Investment & Management, Cl A ^{‡ *}		29,709		947,717
VICI Properties ^‡		47,517		1,090,515
				3,040,425
Utilities — 5.6%
Essential Utilities		24,386		1,004,703
PG&E ^*		119,040		1,138,023
Vistra Energy		56,684		984,601
				3,127,327

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

192

Schedule of Investments	October 31, 2020
Global X Guru® Index ETF

	Shares		Value
COMMON STOCK — continued
TOTAL UNITED STATES			$	49,191,862
TOTAL COMMON STOCK
(Cost $49,762,386)				54,889,537

MASTER LIMITED PARTNERSHIP — 1.7%
Energy — 1.7%
Enterprise Products Partners ^(A)
(Cost $1,267,312)		57,765		957,166
TOTAL INVESTMENTS — 99.8%
(Cost $51,029,698)			$	55,846,703

Percentages are based on Net Assets of $55,961,499.

ADR — American Depositary Receipt

ETF — Exchange Traded Fund

*	Non-income producing security.

‡	Real Estate Investment Trust

(A)	Security considered Master Limited Partnership. At October 31, 2020, these securities amounted to $957,166 or 1.7% of Net Assets of the Fund.

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.

193

Statements of Assets and Liabilities

October 31, 2020

	Global X Social Media ETF			Global X Lithium & Battery Tech ETF			Global X E- commerce ETF			Global X SuperDividend^® ETF
Assets:
Cost of Investments	$	153,673,795		$	692,355,343		$	88,187,191		$	695,823,925
Cost of Repurchase Agreement		1,697,614			33,673,349			389,256			32,788,906
Cost of Foreign Currency		(1	)		20			—			3,449,900
Investments, at Value	$	227,038,572	*	$	874,948,264	*	$	90,973,301	*	$	629,013,827	*
Repurchase Agreement, at Value		1,697,614			33,673,349			389,256			32,788,906
Cash		145,176			12,846,573			166,396			—
Foreign Currency, at Value		—			20			—			3,385,072
Receivable for Investment Securities Sold		16,529,423			79,198,781			756,214			212,959
Dividend and Interest Receivable		23,479			839,795			22,096			1,673,557
Unrealized Appreciation on Spot Contracts		257			—			—			95
Reclaim Receivable		—			—			—			528,526
Due from Broker		34,438			—			—			24,663
Total Assets		245,468,959			1,001,506,782			92,307,263			667,627,605
Liabilities:
Obligation to Return Securities Lending Collateral		1,893,578			37,560,427			434,190			36,573,889
Payable for Investment Securities Purchased		17,421,983			94,516,791			752,041			—
Payable due to Investment Adviser		119,603			527,359			38,158			316,151
Cash Overdraft		—			—			—			3,866,671
Unrealized Depreciation on Spot Contracts		—			8,350			—			—
Due to Custodian		—			—			6			—
Payable for Capital Shares Redeemed		34,438			—			—			—
Total Liabilities		19,469,602			132,612,927			1,224,395			40,756,711
Net Assets	$	225,999,357		$	868,893,855		$	91,082,868		$	626,870,894
Net Assets Consist of:
Paid-in Capital	$	184,582,184		$	863,372,686		$	87,633,616		$	1,305,048,203
Total Distributable Earnings/(Loss)		41,417,173			5,521,169			3,449,252			(678,177,309	)
Net Assets	$	225,999,357		$	868,893,855		$	91,082,868		$	626,870,894
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		4,350,000			20,274,628			3,400,002			59,100,000
Net Asset Value, Offering and Redemption Price Per Share	$	51.95		$	42.86		$	26.79		$	10.61
*Includes Market Value of Securities on Loan	$	1,548,503		$	35,520,721		$	368,016		$	34,797,029

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

194

Statements of Assets and Liabilities

October 31, 2020

	Global X SuperDividend^® U.S. ETF			Global X MSCI SuperDividend^® EAFE ETF			Global X MSCI SuperDividend^® Emerging Markets ETF			Global X SuperDividend^® REIT ETF
Assets:
Cost of Investments	$	431,236,037		$	8,323,486		$	21,285,632		$	386,560,321
Cost of Repurchase Agreement		27,303,045			—			—			20,784,811
Cost of Foreign Currency		—			—			46,603			—
Investments, at Value	$	413,273,998	*	$	7,433,865		$	20,004,134		$	311,981,805	*
Repurchase Agreement, at Value		27,303,045			—			—			20,784,811
Foreign Currency, at Value		—			—			36,272			—
Dividend and Interest Receivable		2,710,659			11,735			46,215			1,202,558
Receivable for Capital Shares Sold		1,498,524			—			—			—
Reclaim Receivable		8,115			10,535			—			4,082
Unrealized Appreciation on Spot Contracts		—			—			5			1,019
Receivable for Investment Securities Sold		—			—			—			14,108,158
Due from Broker		—			—			—			753
Total Assets		444,794,341			7,456,135			20,086,626			348,083,186
Liabilities:
Obligation to Return Securities Lending Collateral		30,454,768			—			—			23,184,102
Payable for Investment Securities Purchased		1,497,472			—			—			8,969,792
Cash Overdraft		570,340			16,341			56,629			4,128,515
Payable due to Investment Adviser		159,860			3,678			11,268			159,945
Accrued Foreign Capital Gains Tax on Appreciated Securities		—			—			9,115			—
Payable for Income Distributions		—			—			2,389			—
Unrealized Depreciation on Spot Contracts		—			—			—			15,657
Due to Broker		2,333			—			—			—
Total Liabilities		32,684,773			20,019			79,401			36,458,011
Net Assets	$	412,109,568		$	7,436,116		$	20,007,225		$	311,625,175
Net Assets Consist of:
Paid-in Capital	$	664,450,955		$	10,925,694		$	29,269,942		$	588,578,942
Total Distributable Loss		(252,341,387	)		(3,489,578	)		(9,262,717	)		(276,953,767	)
Net Assets	$	412,109,568		$	7,436,116		$	20,007,225		$	311,625,175
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		27,500,000			650,000			2,100,000			41,200,000
Net Asset Value, Offering and Redemption Price Per Share	$	14.99		$	11.44		$	9.53		$	7.56
*Includes Market Value of Securities on Loan	$	29,387,834		$	—		$	—		$	22,082,244

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

195

Statements of Assets and Liabilities

October 31, 2020

	Global X NASDAQ 100^® Covered Call ETF			Global X S&P 500^®Covered Call ETF			Global X Russell 2000 Covered Call ETF			Global X Nasdaq 100 Covered Call & Growth ETF
Assets:
Cost of Investments	$	909,185,427		$	96,150,145		$	20,965,997		$	6,686,816
Investments, at Value	$	1,328,299,745		$	104,917,850		$	21,626,173		$	6,575,230
Cash		4,443,677			309,807			58,285			2,953
Dividend and Interest Receivable		189,496			104,923			—			778
Reclaim Receivable		—			559			—			—
Due from Broker		—			—			—			8,837
Total Assets		1,332,932,918			105,333,139			21,684,458			6,587,798
Liabilities:
Options written at value(Premiums received $49,975,417, $2,883,608, $736,785 and $98,564 respectively)		6,581,480			1,285,600			196,700			17,925
Payable due to Investment Adviser		680,095			54,703			8,882			2,317
Due to Broker		29,016			1,116			4,122			—
Total Liabilities		7,290,591			1,341,419			209,704			20,242
Net Assets	$	1,325,642,327		$	103,991,720		$	21,474,754		$	6,567,556
Net Assets Consist of:
Paid-in Capital	$	1,366,706,340		$	137,080,505		$	22,842,747		$	6,682,159
Total Distributable Loss		(41,064,013	)		(33,088,785	)		(1,367,993	)		(114,603	)
Net Assets	$	1,325,642,327		$	103,991,720		$	21,474,754		$	6,567,556
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		64,200,000			2,450,000			1,050,000			250,000
Net Asset Value, Offering and Redemption Price Per Share	$	20.65		$	42.45		$	20.45		$	26.27

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

196

Statements of Assets and Liabilities

October 31, 2020

	Global X S&P 500 Covered Call & Growth ETF			Global X SuperIncome™ Preferred ETF			Global X YieldCo & Renewable Energy Income ETF		Global X S&P 500^® Catholic Values ETF
Assets:
Cost of Investments	$	3,766,991		$	183,640,177		$	63,017,212	$	328,845,030
Cost of Repurchase Agreement		—			863,609			—		—
Cost of Foreign Currency		—			—			17,172		—
Investments, at Value	$	3,705,964		$	183,693,353	*	$	66,012,807	$	378,404,065
Repurchase Agreement, at Value		—			863,609			—		—
Cash		4,063			75,081			113,875		427,575
Foreign Currency, at Value		—			—			17,242		—
Dividend and Interest Receivable		3,683			478,072			52,457		319,043
Reclaim Receivable		19			—			31,051		2,140
Receivable for Capital Shares Sold		—			—			—		4,032,508
Due from Broker		—			—			49,988		—
Total Assets		3,713,729			185,110,115			66,277,420		383,185,331
Liabilities:
Obligation to Return Securities Lending Collateral		—			963,300			—		—
Options written at value(Premiums received $50,826, $–, $– and $– respectively)		7,700			—			—		—
Payable due to Investment Adviser		1,966			91,422			34,518		96,415
Payable for Investment Securities Purchased		—			—			—		4,033,709
Unrealized Depreciation on Spot Contracts		—			—			3		—
Payable for Capital Shares Redeemed		—			—			50,889		—
Due to Broker		172			40,049			—		2,478
Total Liabilities		9,838			1,094,771			85,410		4,132,602
Net Assets	$	3,703,891		$	184,015,344		$	66,192,010	$	379,052,729
Net Assets Consist of:
Paid-in Capital	$	3,774,141		$	250,234,458		$	64,323,599	$	329,565,633
Total Distributable Earnings/(Loss)		(70,250	)		(66,219,114	)		1,868,411		49,487,096
Net Assets	$	3,703,891		$	184,015,344		$	66,192,010	$	379,052,729
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		150,000			16,550,000			4,450,000		9,400,000
Net Asset Value, Offering and Redemption Price Per Share	$	24.69		$	11.12		$	14.87	$	40.32
*Includes Market Value of Securities on Loan	$	—		$	944,271		$	—	$	—

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

197

Statements of Assets and Liabilities

October 31, 2020

	Global X S&P Catholic Values Developed ex-U.S. ETF			Global X Guru^® Index ETF
Assets:
Cost of Investments	$	2,510,603		$	51,029,698
Cost of Foreign Currency		254			—
Investments, at Value	$	2,487,282		$	55,846,703
Cash		3,540			104,772
Foreign Currency, at Value		86			—
Dividend and Interest Receivable		7,275			47,280
Reclaim Receivable		35			—
Due from Broker		168			—
Total Assets		2,498,386			55,998,755
Liabilities:
Payable due to Investment Adviser		777			37,256
Total Liabilities		777			37,256
Net Assets	$	2,497,609		$	55,961,499
Net Assets Consist of:
Paid-in Capital	$	2,505,028		$	68,097,673
Total Distributable Loss		(7,419	)		(12,136,174	)
Net Assets	$	2,497,609		$	55,961,499
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		100,000			1,500,000
Net Asset Value, Offering and Redemption Price Per Share	$	24.98		$	37.31

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

198

Statements of Operations

For the year ended October 31, 2020

	Global X Social Media ETF			Global X Lithium & Battery Tech ETF			Global X E- commerce ETF			Global X SuperDividend® ETF
Investment Income:
Dividend Income	$	495,489		$	7,185,843		$	394,133		$	53,938,261
Interest Income		580			2,250			—			6,027
Security Lending Income		71,661			5,604,871			41			887,853
Less: Foreign Taxes Withheld		(18,938	)		(1,036,013	)		(99	)		(2,712,685	)
Total Investment Income		548,792			11,756,951			394,075			52,119,456
Supervision and Administration Fees⁽¹⁾		966,853			4,305,340			157,188			4,193,913
Custodian Fees⁽²⁾		1,123			14,825			796			71,986
Total Expenses		967,976			4,320,165			157,984			4,265,899
Net Investment Income (Loss)		(419,184	)		7,436,786			236,091			47,853,557
Net Realized Gain (Loss) on:
Investments⁽³⁾		2,398,809			(70,020,887	)		5,004,418			(331,586,442	)
Foreign Currency Transactions		(10,500	)		(938,739	)		(203	)		(414,498	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		2,388,309			(70,959,626	)		5,004,215			(332,000,940	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		72,141,290			380,713,099			2,848,383			(30,898,766	)
Foreign Currency Translations		420			(9,550	)		—			(333,833	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		72,141,710			380,703,549			2,848,383			(31,232,599	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		74,530,019			309,743,923			7,852,598			(363,233,539	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	74,110,835		$	317,180,709		$	8,088,689		$	(315,379,982	)

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

(2)	See Note 2 in the Notes to Financial Statements.

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

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

199

Statements of Operations

For the year ended October 31, 2020

	Global X Super Dividend® U.S. ETF			Global X MSCI SuperDividend® EAFE ETF			Global X MSCI SuperDividend® Emerging Markets ETF			Global X Super Dividend® REIT ETF
Investment Income:
Dividend Income	$	17,236,312		$	508,434		$	1,184,682		$	22,739,798
Interest Income		4,679			20			91			2,538
Security Lending Income		876,821			—			—			540,319
Less: Foreign Taxes Withheld		—			(30,348	)		(122,826	)		(280,459	)
Total Investment Income		18,117,812			478,106			1,061,947			23,002,196
Supervision and Administration Fees⁽¹⁾		2,065,363			56,865			120,981			2,106,459
Custodian Fees⁽²⁾		18,132			805			3,030			19,827
Total Expenses		2,083,495			57,670			124,011			2,126,286
Net Expenses		2,083,495			57,670			124,011			2,126,286
Net Investment Income		16,034,317			420,436			937,936			20,875,910
Net Realized Gain (Loss) on:
Investments⁽³⁾		(164,403,700	)		(2,839,732	)		(4,235,286	)		(189,615,463	)
Foreign Currency Transactions		—			(10,940	)		(4,788	)		7,987
Net Realized Loss on Investments and Foreign Currency Transactions		(164,403,700	)		(2,850,672	)		(4,240,074	)		(189,607,476	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(30,409,532	)		(1,396,154	)		(1,264,782	)		(86,953,450	)
Foreign Capital Gains Tax on Appreciated Securities		—			—			(6,782	)		—
Foreign Currency Translations		—			(1,527	)		(2,198	)		4,618
Net Change in Unrealized Depreciation on Investments and Foreign Currency Transactions		(30,409,532	)		(1,397,681	)		(1,273,762	)		(86,948,832	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions		(194,813,232	)		(4,248,353	)		(5,513,836	)		(276,556,308	)
Net Decrease in Net Assets Resulting from Operations	$	(178,778,915	)	$	(3,827,917	)	$	(4,575,900	)	$	(255,680,398	)

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

(2)	See Note 2 in the Notes to Financial Statements.

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

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

200

Statements of Operations

For the year ended October 31, 2020

	Global X NASDAQ 100® Covered Call ETF			Global X S&P 500® Covered Call ETF			Global X Russell 2000 Covered Call ETF			Global X Nasdaq 100 Covered Call & Growth ETF*
Investment Income:
Dividend Income	$	9,809,525		$	2,369,465		$	161,169		$	2,245
Interest Income		—			5			1			1
Less: Foreign Taxes Withheld		(9,630	)		(233	)		—			—
Total Investment Income		9,799,895			2,369,237			161,170			2,246
Supervision and Administration Fees⁽¹⁾		6,217,544			785,946			83,391			2,712
Custodian Fees⁽²⁾		62,327			5,254			606			2
Broker Fees		685,951			83,752			10,238			—
Total Expenses		6,965,822			874,952			94,235			2,714
Waiver of Supervision and Administration Fees		(506	)		(133	)		(15,748	)		–
Net Expenses		6,965,316			874,819			78,487			2,714
Net Investment Income (Loss)		2,834,579			1,494,418			82,683			(468	)
Net Realized Gain (Loss) on:
Investments⁽³⁾		27,173,268			13,636,350			(306,688	)		6,802
Written Options		(389,227,489	)		(21,982,399	)		(1,834,049	)		(89,990	)
Net Realized Loss on Investments		(362,054,221	)		(8,356,049	)		(2,140,737	)		(83,188	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		298,527,621			(8,901,132	)		559,474			(111,586	)
Written Options		52,215,078			1,775,755			580,384			80,639
Net Change in Unrealized Appreciation (Depreciation) on Investments, Written Options		350,742,699			(7,125,377	)		1,139,858			(30,947	)
Net Realized and Unrealized Loss on Investments, Written Options		(11,311,522	)		(15,471,426	)		(1,000,879	)		(114,135	)
Net Decrease in Net Assets Resulting from Operations	$	(8,476,943	)	$	(13,977,008	)	$	(918,196	)	$	(114,603	)

*	The Fund commenced operations on September 18, 2020.

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

(2)	See Note 2 in the Notes to Financial Statements.

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

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

201

Statements of Operations

For the year ended October 31, 2020

	Global X S&P 500 Covered Call & Growth ETF			Global X SuperIncome™ Preferred ETF			Global X YieldCo & Renewable Energy Income ETF			Global X S&P 500® Catholic Values ETF
Investment Income:
Dividend Income	$	5,248		$	11,100,234		$	1,844,182		$	5,934,359
Interest Income		1			60,467			124			2,422
Security Lending Income		—			38,069			—			—
Less: Foreign Taxes Withheld		—			—			(261,344	)		(25	)
Total Investment Income		5,249			11,198,770			1,582,962			5,936,756
Supervision and Administration Fees⁽¹⁾		2,337			1,073,279			290,591			955,619
Custodian Fees⁽²⁾		1			2,510			1,645			874
Total Expenses		2,338			1,075,789			292,236			956,493
Net Expenses		2,338			1,075,789			292,236			956,493
Net Investment Income		2,911			10,122,981			1,290,726			4,980,263
Net Realized Gain (Loss) on:
Investments⁽³⁾		2,304			(9,284,388	)		1,496,284			16,852,821
Written Options		(54,633	)		—			—			—
Foreign Currency Transactions		—			—			1,053			—
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(52,329	)		(9,284,388	)		1,497,337			16,852,821
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(61,027	)		(2,761,284	)		(95,830	)		13,850,451
Written Options		43,126			—			—			—
Foreign Currency Translations		—			—			(852	)		—
Net Change in Unrealized Appreciation (Depreciation) on Investments, Written Options and Foreign Currency Transactions		(17,901	)		(2,761,284	)		(96,682	)		13,850,451
Net Realized and Unrealized Gain (Loss) on Investments, Written Options and Foreign Currency Transactions		(70,230	)		(12,045,672	)		1,400,655			30,703,272
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(67,319	)	$	(1,922,691	)	$	2,691,381		$	35,683,535

*	The Fund commenced operations on September 18, 2020.

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

(2)	See Note 2 in the Notes to Financial Statements.

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

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

202

Statements of Operations

For the year ended October 31, 2020

	Global X S&P Catholic Values Developed ex- U.S. ETF*			Global X Guru^® Index ETF
Investment Income:
Dividend Income	$	24,877		$	950,585
Interest Income		—			432
Security Lending Income		—			754
Less: Foreign Taxes Withheld		(2,994	)		(4,022	)
Total Investment Income		21,883			947,749
Supervision and Administration Fees⁽¹⁾		3,232			414,735
Custodian Fees⁽²⁾		4			598
Total Expenses		3,236			415,333
Net Investment Income		18,647			532,416
Net Realized Gain (Loss) on:
Investments⁽³⁾		(3,086	)		5,774,378
Foreign Currency Transactions		270			—
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(2,816	)		5,774,378
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(23,321	)		(1,127,648	)
Foreign Currency Translations		71			—
Net Change in Unrealized Depreciation on Investments and Foreign Currency Transactions		(23,250	)		(1,127,648	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		(26,066	)		4,646,730
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(7,419	)	$	5,179,146

*	The Fund commenced operations on June 22, 2020.

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

(2)	See Note 2 in the Notes to Financial Statements.

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

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

203

Statements of Changes in Net Assets

	Global X Social Media ETF						Global X Lithium & Battery Tech 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 (Loss)	$	(419,184	)	$	(438,706	)	$	7,436,786		$	9,857,030
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		2,388,309			1,679,999			(70,959,626	)		(33,026,292	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		72,141,710			11,082,048			380,703,549			(69,402,183	)
Net Increase (Decrease) in Net Assets Resulting from Operations		74,110,835			12,323,341			317,180,709			(92,571,445	)
Distributions		—			—			(7,964,116	)		(19,555,528	)
Capital Share Transactions:
Issued		42,396,781			6,158,958			192,232,822			18,595,520
Redeemed		(11,797,388	)		(26,689,127	)		(87,679,225	)		(190,497,918	)
Increase (Decrease) in Net Assets from Capital Share Transactions		30,599,393			(20,530,169	)		104,553,597			(171,902,398	)
Total Increase (Decrease) in Net Assets		104,710,228			(8,206,828	)		413,770,190			(284,029,371	)
Net Assets:
Beginning of Year		121,289,129			129,495,957			455,123,665			739,153,036
End of Year	$	225,999,357		$	121,289,129		$	868,893,855		$	455,123,665
Share Transactions:
Issued		900,000			200,000			5,500,000			700,000
Redeemed		(350,000	)		(850,000	)		(3,400,000	)		(6,900,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		550,000			(650,000	)		2,100,000			(6,200,000	)

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

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

204

Statements of Changes in Net Assets

	Global X E-commerce ETF						Global X SuperDividend^® ETF
	Year Ended October 31, 2020			Period Ended October 31, 2019⁽¹⁾			Year Ended October 31, 2020			Year Ended October 31, 2019
Operations:
Net Investment Income (Loss)	$	236,091		$	(6,429	)	$	47,853,557		$	64,130,890
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽²⁾		5,004,215			274,775			(332,000,940	)		(135,671,968	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		2,848,383			(62,273	)		(31,232,599	)		59,731,560
Net Increase (Decrease) in Net Assets Resulting from Operations		8,088,689			206,073			(315,379,982	)		(11,809,518	)
Distributions		(11,908	)		—			(57,676,007	)		(71,080,700	)
Return of Capital		—			—			(6,836,903	)		(10,387,010	)
Capital Share Transactions:
Issued		92,365,190			4,225,143			103,937,093			166,372,434
Redeemed		(12,875,911	)		(914,408	)		(29,283,816	)		(53,952,618	)
Increase in Net Assets from Capital Share Transactions		79,489,279			3,310,735			74,653,277			112,419,816
Total Increase (Decrease) in Net Assets		87,566,060			3,516,808			(305,239,615	)		19,142,588
Net Assets:
Beginning of Year		3,516,808			—			932,110,509			912,967,921
End of Year	$	91,082,868		$	3,516,808		$	626,870,894		$	932,110,509
Share Transactions:
Issued		3,700,000			250,002			7,900,000			9,400,000
Redeemed		(500,000	)		(50,000	)		(2,850,000	)		(3,250,000	)
Net Increase in Shares Outstanding from Share Transactions		3,200,000			200,002			5,050,000			6,150,000

(1)	The Fund commenced operations on November 27, 2018

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

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

205

Statements of Changes in Net Assets

	Global X SuperDividend^® U.S. ETF						Global X MSCI SuperDividend^® EAFE 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	$	16,034,317		$	22,224,114		$	420,436		$	482,026
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(164,403,700	)		(8,535,081	)		(2,850,672	)		(83,566	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(30,409,532	)		2,304,041			(1,397,681	)		1,256,336
Net Increase (Decrease) in Net Assets Resulting from Operations		(178,778,915	)		15,993,074			(3,827,917	)		1,654,796
Distributions		(28,896,892	)		(29,513,428	)		(454,057	)		(547,298	)
Return of Capital		(9,790,983	)		(5,156,842	)		(119,148	)		—
Capital Share Transactions:
Issued		126,598,315			163,958,810			1,244,166			16,548,006
Redeemed		(41,906,406	)		(13,708,213	)		(7,934,045	)		(3,916,333	)
Increase (Decrease) in Net Assets from Capital Share Transactions		84,691,909			150,250,597			(6,689,879	)		12,631,673
Total Increase (Decrease) in Net Assets		(132,774,881	)		131,573,401			(11,091,001	)		13,739,171
Net Assets:
Beginning of Year		544,884,449			413,311,048			18,527,117			4,787,946
End of Year	$	412,109,568		$	544,884,449		$	7,436,116		$	18,527,117
Share Transactions:
Issued		6,850,000			7,100,000			100,000			1,100,000
Redeemed		(2,700,000	)		(600,000	)		(600,000	)		(250,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		4,150,000			6,500,000			(500,000	)		850,000

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

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

206

STATEMENTS OF CHANGES IN NET ASSETS

	Global X MSCI SuperDividend^® Emerging Markets ETF						Global X SuperDividend^® REIT 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	$	937,936		$	1,151,826		$	20,875,910		$	14,117,753
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(4,240,074	)		(1,791,400	)		(189,607,476	)		1,195,882
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(1,273,762	)		1,734,662			(86,948,832	)		14,954,001
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,575,900	)		1,095,088			(255,680,398	)		30,267,636
Distributions		(1,074,084	)		(1,146,140	)		(30,276,922	)		(16,433,940	)
Return of Capital		(222,316	)		—			(2,127,168	)		—
Capital Share Transactions:
Issued		8,390,747			7,384,916			353,909,646			232,547,489
Redeemed		—			(2,105,142	)		(118,989,550	)		—
Increase in Net Assets from Capital Share Transactions		8,390,747			5,279,774			234,920,096			232,547,489
Total Increase (Decrease) in Net Assets		2,518,447			5,228,722			(53,164,392	)		246,381,185
Net Assets:
Beginning of Year		17,488,778			12,260,056			364,789,567			118,408,382
End of Year	$	20,007,225		$	17,488,778		$	311,625,175		$	364,789,567
Share Transactions:
Issued		750,000			550,000			27,700,000			15,700,000
Redeemed		—			(150,000	)		(10,300,000	)		—
Net Increase in Shares Outstanding from Share Transactions		750,000			400,000			17,400,000			15,700,000

(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.

207

STATEMENTS OF CHANGES IN NET ASSETS

	Global X NASDAQ 100^® Covered Call ETF						Global X S&P 500^® Covered Call 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	$	2,834,579		$	1,351,100		$	1,494,418		$	1,148,589
Net Realized Loss on Investments⁽¹⁾		(362,054,221	)		(20,251,238	)		(8,346,049	)		(837,062	)
Net Change in Unrealized Appreciation (Depreciation) on Investments , Written Options		350,742,699			73,301,428			(7,125,377	)		9,025,817
Net Increase (Decrease) in Net Assets Resulting from Operations		(8,476,943	)		54,401,290			(13,977,008	)		9,337,344
Distributions		(2,834,579	)		(42,482,025	)		(1,539,799	)		(5,450,400	)
Return of Capital		(117,268,361	)		(12,331,150	)		(7,321,411	)		(780,262	)
Capital Share Transactions:
Issued		751,004,959			391,863,250			59,320,432			64,332,407
Redeemed		(64,819,105	)		(18,616,590	)		(65,843,588	)		(11,786,529	)
Increase (Decrease) in Net Assets from Capital Share Transactions		686,185,854			373,246,660			(6,523,156	)		52,545,878
Total Increase (Decrease) in Net Assets		557,605,971			372,834,775			(29,361,374	)		55,652,560
Net Assets:
Beginning of Year		768,036,356			395,201,581			133,353,094			77,700,534
End of Year	$	1,325,642,327		$	768,036,356		$	103,991,720		$	133,353,094
Share Transactions:
Issued		34,200,000			17,250,000			1,250,000			1,350,000
Redeemed		(3,250,000	)		(850,000	)		(1,500,000	)		(250,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		30,950,000			16,400,000			(250,000	)		1,100,000

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

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

208

STATEMENTS OF CHANGES IN NET ASSETS

	Global X Russell 2000 Covered Call ETF						Global X Nasdaq 100 Covered Call & Growth ETF
	Year Ended October 31, 2020			Period Ended October 31, 2019⁽¹⁾			Period Ended October 31, 2020⁽²⁾
Operations:
Net Investment Income (Loss)	$	82,683		$	18,162		$	(468	)
Net Realized Gain (Loss) on Investments⁽³⁾		(2,140,737	)		222,010			(83,188	)
Net Change in Unrealized Appreciation (Depreciation) on Investments , Written Options		1,139,858			60,403			(30,947	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(918,196	)		300,575			(114,603	)
Distributions		(157,338	)		(257,580	)		—
Return of Capital		(1,449,526	)		—			(20,955	)
Capital Share Transactions:
Issued		16,222,704			8,790,388			6,703,114
Redeemed		(1,056,273	)		—			—
Increase in Net Assets from Capital Share Transactions		15,166,431			8,790,388			6,703,114
Total Increase in Net Assets		12,641,371			8,833,383			6,567,556
Net Assets:
Beginning of Year/Period		8,833,383			—			—
End of Year/Period	$	21,474,754		$	8,833,383		$	6,567,556
Share Transactions:
Issued		750,000			350,000			249,999
Redeemed		(50,000	)		—			—
Net Increase in Shares Outstanding from Share Transactions		700,000			350,000			249,999

(1)	The Fund commenced operations on April 17, 2019

(2)	The Fund commenced operations on September 18, 2020

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

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

209

STATEMENTS OF CHANGES IN NET ASSETS

	Global X S&P 500 Covered Call & Growth ETF			Global X SuperIncome™ Preferred ETF
	Period Ended October 31, 2020⁽¹⁾			Year Ended October 31, 2020			Year Ended October 31, 2019
Operations:
Net Investment Income	$	2,911		$	10,122,981		$	10,751,860
Net Realized Loss on Investments⁽²⁾		(52,329	)		(9,284,388	)		(2,026,921	)
Net Change in Unrealized Appreciation (Depreciation) on Investments , Written Options		(17,901	)		(2,761,284	)		6,821,972
Net Increase (Decrease) in Net Assets Resulting from Operations		(67,319	)		(1,922,691	)		15,546,911
Distributions		(2,931	)		(10,818,268	)		(11,905,843	)
Return of Capital		(16,682	)		(549,532	)		(83,858	)
Capital Share Transactions:
Issued		3,790,823			24,650,476			35,371,469
Redeemed		—			(28,436,633	)		(23,990,686	)
Increase (Decrease) in Net Assets from Capital Share Transactions		3,790,823			(3,786,157	)		11,380,783
Total Increase (Decrease) in Net Assets		3,703,891			(17,076,648	)		14,937,993
Net Assets:
Beginning of Year/Period		—			201,091,992			186,153,999
End of Year/Period	$	3,703,891		$	184,015,344		$	201,091,992
Share Transactions:
Issued		149,999			2,200,000			3,050,000
Redeemed		—			(2,800,000	)		(2,100,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		149,999			(600,000	)		950,000

(1)	The Fund commenced operations on September 18, 2020

(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.

210

STATEMENTS OF CHANGES IN NET ASSETS

	Global X YieldCo & Renewable Energy Income ETF						Global X S&P 500^® Catholic Values 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	$	1,290,726		$	187,149		$	4,980,263		$	3,782,250
Net Realized Gain on Investments and Foreign Currency Transactions⁽¹⁾		1,497,337			190,826			16,852,821			6,721,506
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(96,682	)		3,484,245			13,850,451			21,644,396
Net Increase in Net Assets Resulting from Operations		2,691,381			3,862,220			35,683,535			32,148,152
Distributions		(1,352,385	)		(644,590	)		(4,642,650	)		(4,718,097	)
Capital Share Transactions:
Issued		43,544,055			9,218,950			118,264,481			126,239,636
Redeemed		(4,895,974	)		(1,787,815	)		(45,763,409	)		(25,948,245	)
Increase in Net Assets from Capital Share Transactions		38,648,081			7,431,135			72,501,072			100,291,391
Total Increase in Net Assets		39,987,077			10,648,765			103,541,957			127,721,446
Net Assets:
Beginning of Year		26,204,933			15,556,168			275,510,772			147,789,326
End of Year	$	66,192,010		$	26,204,933		$	379,052,729		$	275,510,772
Share Transactions:
Issued		2,900,000			700,000			3,150,000			3,750,000
Redeemed		(350,000	)		(150,000	)		(1,150,000	)		(750,000	)
Net Increase in Shares Outstanding from Share Transactions		2,550,000			550,000			2,000,000			3,000,000

(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.

211

STATEMENTS OF CHANGES IN NET ASSETS

	Global X S&P Catholic Values Developed ex- U.S. ETF			Global X Guru^® Index ETF
	Period Ended October 31, 2020⁽¹⁾			Year Ended October 31, 2020			Year Ended October 31, 2019
Operations:
Net Investment Income	$	18,647		$	532,416		$	214,681
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽²⁾		(2,816	)		5,774,378			1,800,709
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(23,250	)		(1,127,648	)		5,386,322
Net Increase (Decrease) in Net Assets Resulting from Operations		(7,419	)		5,179,146			7,401,712
Distributions		—			(538,248	)		(310,767	)
Return of Capital		—			(28,732	)		(82,434	)
Capital Share Transactions:
Issued		2,505,028			—			1,570,034
Redeemed		—			(4,784,665	)		(9,624,431	)
Increase (Decrease) in Net Assets from Capital Share Transactions		2,505,028			(4,784,665	)		(8,054,397	)
Total Increase (Decrease) in Net Assets		2,497,609			(172,499	)		(1,045,886	)
Net Assets:
Beginning of Year/Period		—			56,133,998			57,179,884
End of Year/Period	$	2,497,609		$	55,961,499		$	56,133,998
Share Transactions:
Issued		99,999			—			50,000
Redeemed		—			(150,000	)		(300,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		99,999			(150,000	)		(250,000	)

(1)	The Fund commenced operations on June 22, 2020

(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.

212

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Total from Distributions ($)
Global X Social Media ETF
2020		31.92		(0.11	)		20.14			20.03			—			—
2019		29.10		(0.10	)		2.92			2.82			—			—
2018		32.67		(0.06	)		(3.02	)		(3.08	)		(0.49	)		(0.49	)
2017		23.53		0.10			9.08			9.18			(0.04	)		(0.04	)
2016		19.29		0.02			4.22			4.24						***
Global X Lithium & Battery Tech ETF
2020		25.04		0.40			17.86			18.26			(0.44	)		(0.44	)
2019		30.32		0.48			(4.86	)		(4.38	)		(0.90	)		(0.90	)
2018		39.14		0.33			(7.89	)		(7.56	)		(1.26	)		(1.26	)
2017		24.02		0.33			15.31			15.64			(0.52	)		(0.52	)
2016		20.62		0.27			3.18			3.45			(0.05	)		(0.05	)
Global X E-commerce ETF
2020		17.58		0.19			9.05			9.24			(0.03	)		(0.03	)
2019⁽¹⁾		15.00		(0.05	)		2.63			2.58			—			—

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

213

FINANCIAL HIGHLIGHTS

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

51.95		62.75			225,999		0.65			(0.28	)		19.23
31.92		9.69			121,289		0.65			(0.33	)		16.92
29.10		(9.61	)		129,496		0.65			(0.16	)		21.36
32.67		39.09			164,998		0.65			0.35			41.40
23.53		21.99			134,111		0.65			0.12			39.89

42.86		73.82			868,894		0.75			1.30			65.14
25.04		(14.61	)		455,124		0.75			1.75			35.28
30.32		(20.01	)		739,153		0.75			0.96			16.48
39.14		66.46			950,071		0.75			1.02			68.13
24.02		16.76			112,304		0.76			1.21			44.90

26.79		52.67			91,083		0.50			0.75			42.01
17.58		17.20			3,517		0.68	†		(0.32	)†		23.50

*	Per share data calculated using average shares method.

**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

***	Amount rounds to less than $0.00.

†	Annualized.

††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.

(1)	The Fund commenced operations on November 27, 2018.

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

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

214

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)
Global X SuperDividend^® ETF
2020		17.25		0.86		(6.34	)		(5.48	)		(1.04	)		—
2019		19.06		1.24		(1.47	)		(0.23	)		(1.38	)		—
2018		21.51		1.35		(2.26	)		(0.91	)		(1.43	)		—
2017		20.43		1.08		1.45			2.53			(1.22	)		—
2016		20.65		1.15		0.08			1.23			(1.30	)		—
Global X SuperDividend^® U.S. ETF
2020		23.34		0.62		(7.45	)		(6.83	)		(1.14	)		—
2019		24.53		1.12		(0.56	)		0.56			(1.49	)		—
2018		25.18		1.07		(0.17	)		0.90			(1.35	)		—
2017		24.00		0.79#		1.94			2.73			(0.96	)		—
2016		25.23		0.92#		(0.40	)		0.52			(1.07	)		—
Global X MSCI SuperDividend^® EAFE ETF
2020		16.11		0.56		(4.53	)		(3.97	)		(0.55	)		—
2019		15.96		0.82		0.36			1.18			(1.03	)		—
2018		18.13		1.12		(2.04	)		(0.92	)		(1.10	)		(0.15	)
2017⁽¹⁾		14.87		0.81		3.04			3.85			(0.59	)		—

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

215

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 (%)††

(0.12	)		(1.16	)		10.61		(32.80	)		626,871		0.59			6.62			124.55
(0.20	)		(1.58	)		17.25		(1.02	)		932,111		0.59			7.03			56.85
(0.11	)		(1.54	)		19.06		(4.65	)		912,968		0.59			6.48			59.48
(0.23	)		(1.45	)		21.51		12.69			992,893		0.58			5.07			67.38
(0.15	)		(1.45	)		20.43		6.23			801,816		0.58			5.67			39.06

(0.38	)		(1.52	)		14.99		(30.12	)		412,110		0.45			3.50			93.44
(0.26	)		(1.75	)		23.34		2.61			544,884		0.46			4.83			60.00
(0.20	)		(1.55	)		24.53		3.66			413,311		0.46			4.31			33.25
(0.59	)		(1.55	)		25.18		11.64			425,579		0.45			3.15			53.01
(0.68	)		(1.75	)		24.00		2.13			338,397		0.45			3.77#			53.45

(0.15	)		(0.70	)		11.44		(25.24	)		7,436		0.56			4.07			59.28
—			(1.03	)		16.11		7.81			18,527		0.56			5.23			29.81
—			(1.25	)		15.96		(5.59	)		4,788		0.56			6.36			52.96
—			(0.59	)		18.13		26.19			1,813		0.56	†		4.97	†		45.40

*	Per share data calculated using average shares method.

**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Effective November 1, 2015, the Fund changed its method for estimating the characterization of amounts distributed by master limited partnerships, which correspondingly impacted the financial highlight ratios and per share disclosures to the extent that the fund recorded investment income that differed from amounts previously estimated.

†	Annualized.

††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.

(1)	The Fund commenced operations on November 14, 2016.

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

216

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Return of Capital ($)
Global X MSCI SuperDividend^® Emerging Markets ETF
2020		12.95		0.55		(3.17	)		(2.62	)		(0.66	)		(0.14	)
2019		12.91		0.87		0.05			0.92			(0.88	)		—
2018		15.94		0.90		(3.02	)		(2.12	)		(0.91	)		—
2017		14.96		0.83		0.91			1.74			(0.76	)		—
2016		13.73		0.59		1.41			2.00			(0.77	)		—
Global X SuperDividend^® REIT ETF
2020		15.33		0.56		(7.41	)		(6.85	)		(0.86	)		(0.06	)
2019		14.62		0.99		0.91			1.90			(1.19	)		—
2018		15.29		0.92		(0.28	)		0.64			(1.31	)		—
2017		14.60		0.86		0.96			1.82			(1.13	)		—
2016		13.18		0.91		1.72			2.63			(1.21	)		—

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

217

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 (%)††

(0.80	)		9.53		(21.01	)		20,007		0.67		5.04		93.04
(0.88	)		12.95		7.14			17,489		0.66		6.51		66.65
(0.91	)		12.91		(14.10	)		12,260		0.67		5.89		79.52
(0.76	)		15.94		11.95			12,748		0.66		5.25		122.32
(0.77	)		14.96		15.58			3,740		0.65		4.49		64.83

(0.92	)		7.56		(45.94	)		311,625		0.58		5.74		106.23
(1.19	)		15.33		13.68			364,790		0.59		6.71		34.16
(1.31	)		14.62		4.30			118,408		0.59		6.15		41.61
(1.13	)		15.29		13.00			51,986		0.58		5.74		54.96
(1.21	)		14.60		21.01			34,302		0.56		6.23		16.87

*	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.

218

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)
Global X NASDAQ 100^® Covered Call ETF⁽¹⁾
2020		23.10		0.06		(0.06	)		—			(0.06	)		—
2019		23.45		0.06		1.95			2.01			(1.83	)		—
2018		24.30		0.07		1.71			1.78			(0.87	)		(0.11	)
2017		22.06		0.12		3.93			4.05			(1.81	)		—
2016		23.51		0.15		0.53			0.68			(1.06	)		—
Global X S&P 500^® Covered Call ETF⁽¹⁾
2020		49.39		0.56		(4.17	)		(3.61	)		(0.58	)		—
2019		48.56		0.56		3.30			3.86			(2.27	)		(0.39	)
2018		50.10		0.62		1.88			2.50			(0.22	)		(1.22	)
2017⁽⁵⁾		47.62		0.34		2.67			3.01			(0.53	)		—
2017⁽⁶⁾		43.11		0.66		5.39			6.05			(1.54	)		—
2016⁽⁶⁾		45.39		0.70		(0.90	)		(0.20	)		(1.50	)		—

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

219

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 (%)††

(2.39	)		(2.45	)		20.65		0.21			1,325,642		0.67	⁽²⁾		0.27			27.87
(0.53	)		(2.36	)		23.10		9.39			768,036		0.85	⁽²⁾		0.26			11.82
(1.65	)		(2.63	)		23.45		7.44			395,202		0.68	⁽³⁾		0.30			15.00
—			(1.81	)		24.30		19.04			157,980		0.60			0.53			4.00
(1.07	)		(2.13	)		22.06		3.32			52,952		0.60			0.69			9.00

(2.75	)		(3.33	)		42.45		(7.42	)		103,992		0.71	⁽⁴⁾		1.22			7.29
(0.37	)		(3.03	)		49.39		8.40			133,353		0.87	⁽⁴⁾		1.16			3.92
(2.60	)		(4.04	)		48.56		4.97			77,701		0.65			1.22			4.00
—			(0.53	)		50.10		6.35			62,628		0.65	†		1.39	†		8.00
—			(1.54	)		47.62		14.29			64,413		0.65			1.46			21.00
(0.58	)		(2.08	)		43.11		(0.29	)		60,459		0.65			1.61			7.00

*	Per share data calculated using average shares method.

**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

†	Annualized.

††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.

(1)

The financial statements include the financial information of the Predecessor Funds through December 21, 2018 (See Note 1 in Notes to Financial Statements). As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund. Accordingly, performance figures for the Fund for periods prior to the date of the Reorganization represent the performance of the Predecessor Fund.

(2)

Excluding broker fees on written options, the ratio of expenses to average net assets would have been 0.60% and 0.60% for the year ended October 31, 2020 and October 31, 2019, respectively. The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.60% and 0.60% for the year ended October 31, 2020 and year ended October 31, 2019.

(3)	Includes excise tax. If this excise expense was not included, the ratio would have been 0.60%.

(4)

Excluding broker fees on written options, the ratio of expenses to average net assets would have been 0.64% and 0.65% for the year ended October 31, 2020 and year ended October 31, 2019, respectively The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.64% and 0.65% for the year ended October 31, 2020 and year ended October 31, 2019.

(5)	Effective October 31, 2017, the Predecessor Fund changed its fiscal year end from April 30 to October 31. The information presented is from May 1, 2017 through October 31, 2017.

(6)	For the year or period end from April 30.

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

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

220

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 Russell 2000 Covered Call ETF
2020		25.24		0.12		(2.51	)		(2.39	)		(0.11	)		(0.17	)
2019⁽¹⁾		25.00		0.09		1.37			1.46			(1.22	)		—
Global X Nasdaq 100 Covered Call & Growth ETF
2020⁽²⁾		26.30		—		0.11			0.11			—			—
Global X S&P 500 Covered Call & Growth ETF)
2020⁽²⁾		25.22		0.02		(0.41	)		(0.41	)	(0 .02		)		—

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

221

FINANCIAL HIGHLIGHTS

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

(2.12	)		(2.40	)		20.45		(9.18	)		21,475		0.56#			0.68			11.16
—			(1.22	)		25.24		5.99			8,833		0.82	†#		0.68	†		5.82

(0.14	)		(0.14	)		26.27		0.40			6,568		0.60	†		(0.10	)†		1.65

(0.12	)		(0.14	)		24.69		(1.60	)		3,704		0.60	†		0.75	†		0.75

*	Per share data calculated using average shares method.

**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

†	Annualized.

††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.

Excluding broker fees on written options, the ratio of expenses to average net assets would have been 0.60% and 0.60% for the year ended October 31, 2020 and period ended October 31, 2019, respectively. The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.68% and 0.97% for the year ended October 31, 2020 and period ended October 31, 2019, respectively.

(1)	The Fund commenced operations on April 17, 2019.

(2)	The Fund commenced operations on September 18, 2020.

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

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

222

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 SuperIncome™ Preferred ETF
2020		11.73		0.60		(0.53	)		0.07			(0.65	)		(0.03	)
2019		11.49		0.66		0.32			0.98			(0.73	)		(0.01	)
2018		12.44		0.78		(0.88	)		(0.10	)		(0.85	)		—
2017		13.16		0.82		(0.65	)		0.17			(0.85	)		(0.04	)
2016		13.49		0.91		(0.33	)		0.58			(0.91	)		—
Global X YieldCo & Renewable Energy Income ETF
2020		13.79		0.41		1.13			1.54			(0.46	)		—
2019		11.52		0.13		2.61			2.74			(0.47	)		—
2018		12.53		0.37		(0.80	)		(0.43	)		(0.50	)		(0.08	)
2017		11.16		0.28#		1.59			1.87			(0.50	)		—
2016		11.06		0.41#		0.35			0.76			(0.48	)		(0.18	)

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

223

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 (%)††

(0.68	)		11.12		0.81			184,015		0.58		5.47		67.65
(0.74	)		11.73		8.87			201,092		0.58		5.72		55.98
(0.85	)		11.49		(0.87	)		186,154		0.58		6.48		105.48
(0.89	)		12.44		1.31			236,331		0.58		6.39		45.12
(0.91	)		13.16		4.44			232,206		0.58		6.81		47.62

(0.46	)		14.87		11.39			66,192		0.65		2.89		29.27
(0.47	)		13.79		24.34			26,205		0.65		1.01		87.06
(0.58	)		11.52		(3.50	)		15,556		0.65		3.07		33.50
(0.50	)		12.53		17.30			20,046		0.65		2.37#		25.99
(0.66	)		11.16		7.25			6,695		0.66		3.78#		40.25

*	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.

224

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 S&P 500^® Catholic Values ETF
2020		37.23		0.58		3.08			3.66			(0.55	)		(0.02	)
2019		33.59		0.58		3.92			4.50			(0.81	)		(0.05	)
2018		31.83		0.58		1.60			2.18			(0.41	)		(0.01	)
2017		25.74		0.48		5.74			6.22			(0.13	)		***
2016⁽¹⁾		25.14		0.24		0.36			0.60			—			—
Global X S&P Catholic Values Developed ex-U.S. ETF
2020⁽²⁾		25.05		0.19		(0.26	)		(0.07	)		—			—
Global X Guru^® Index ETF
2020		34.02		0.33		3.32			3.65			(0.34	)		—
2019		30.09		0.12		4.02			4.14			(0.17	)		—
2018		28.70		0.11		1.44			1.55			(0.16	)		—
2017		23.14		0.14#		5.47			5.61			(0.05	)		—
2016		23.96		0.12#		(0.83	)		(0.71	)		(0.09	)		—

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

225

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 (%)††

—			(0.57	)		40.32		9.89			379,053		0.29			1.51			5.55
—			(0.86	)		37.23		13.86			275,511		0.29			1.66			8.54
—			(0.42	)		33.59		6.86			147,789	0 .29@				1.72			4.33
—			(0.13	)		31.83		24.27			114,581	0 .29@				1.64			6.09
—			—			25.74		2.39			39,899	0 .29@†				1.75	†		2.80

—			—			24.98		(0.28	)		2,498		0.35	†		2.02	†		4.04

(0.02	)		(0.36	)		37.31		10.84			55,961		0.75			0.96			124.90
(0.04	)		(0.21	)		34.02		13.90			56,134		0.75			0.38			126.44
—			(0.16	)		30.09		5.40			57,180		0.75			0.36			112.64
—			(0.05	)		28.70		24.30			55,956		0.75			0.54#			94.71
(0.02	)		(0.11	)		23.14		(2.97	)		59,013		0.75			0.52#			102.07

@	The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.39% for the Global X S&P 500^® Catholic Values ETF.

*	Per share data calculated using average shares method.

**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

***	Amount rounds to less than $0.00.

†	Annualized.

††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.

(1)	The Fund commenced operations on April 18, 2016.

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

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

226

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 Social Media ETF, Global X Lithium & Battery Tech ETF, Global X E-commerce ETF, Global X SuperDividend^® ETF, Global X SuperDividend^® U.S. ETF, Global X MSCI SuperDividend^® EAFE ETF, Global X MSCI SuperDividend^® Emerging Markets ETF, Global X SuperDividend^® REIT ETF, Global X Nasdaq 100^® Covered Call ETF, Global X S&P 500^® Covered Call ETF, Global X Russell 2000 Covered Call ETF, Global X Nasdaq 100 Covered Call & Growth ETF, Global X S&P 500 Covered Call & Growth ETF, Global X SuperIncome™ Preferred ETF, Global X YieldCo & Renewable Energy Income ETF, Global X S&P 500^® Catholic Values ETF, Global X S&P Catholic Values Developed ex-U.S. ETF, and Global X Guru^® Index ETF (each a “Fund”, collectively, the “Funds”). On August 28, 2020, the Global X Scientific Beta U.S. ETF, Global X Scientific Beta Europe ETF, Global X Scientific Beta Japan ETF, and Global X Scientific Beta Asia ex-Japan ETF, were liquidated.

Each Fund (except the Global X SuperDividend^® ETF, Global X SuperDividend^® U.S. ETF, Global X MSCI SuperDividend^® Emerging Markets ETF, Global X MSCI SuperDividend^® EAFE ETF, Global X SuperDividend^® REIT ETF, Global X SuperIncome^TM Preferred ETF, Global X Guru^® Index ETF, Global X S&P 500^® Catholic Values ETF, Global X Russell 2000 Covered Call ETF, Global X S&P 500^® Covered Call ETF, and Global X S&P 500^® Covered Call & Growth ETF) has elected non-diversified status.

Effective November 19, 2018, the Global X YieldCo Index ETF was renamed the Global X YieldCo & Renewable Energy Income ETF, and its underlying index was changed to the Indxx YieldCo & Renewable Energy Income Index.

On December 24, 2018, the shareholders of the Horizons NASDAQ 100^® Covered Call ETF and Horizons S&P 500^® Covered Call ETF (together, the “Predecessor Funds”) approved a proposed agreement and plan of reorganization (the “Reorganization”) that provided for (a) the transfer of all the assets and assumption of certain of the liabilities of

each Predecessor Fund to the Global X Nasdaq 100^® Covered Call ETF and the Global X

S&P 500^® Covered Call ETF (together, the “Successor Funds”), respectively; (b) the issuance of shares of the Successor Fund to the shareholders of the corresponding Predecessor Fund; and (c) the liquidation and termination of the Predecessor Fund. The effective date of the Reorganization of each Predecessor Fund was December 24, 2018. The Successor Funds had no operations prior to the Reorganization. The Predecessor Funds had substantially similar investment objectives, investment strategies, policies and

227

Notes to Financial Statements (CONTINUED)

October 31, 2020

1. ORGANIZATION (continued)

restrictions as those of the Successor Funds. The financial statements and financial highlights include the financial information of the Predecessor Funds through December 21, 2018.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

228

Notes to Financial Statements (CONTINUED)

October 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.

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

SECURITY VALUATION - Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm EST if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices, which approximates fair value (absent both bid and asked prices on such exchange, the bid price may be used).

For securities traded on NASDAQ, the NASDAQ official closing price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates as of the reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

229

Notes to Financial Statements (CONTINUED)

October 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures (the “Fair Value Procedures”) established by the Board of Trustees (the “Board”) of the Trust. The Funds’ Fair Value Procedures are implemented through a fair value committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value a security if an event that may materially affect the value of the Funds’ security that is traded outside the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Funds calculate their net asset values. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC, the Funds’ investment advisor (the “Adviser”), becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate their net asset values, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of October 31, 2020, Global X Lithium & Battery Tech ETF and Global X YieldCo & Renewable Energy Income ETF had fair valued securities valued at $91 and $0. 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 to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

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

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

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

230

Notes to Financial Statements (CONTINUED)

October 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

For the 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.

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 its Custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest.

231

Notes to Financial Statements (CONTINUED)

October 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

It is the Funds’ policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Funds bear the risk of loss in the event that the counterparty to a repurchase agreement defaults on its obligations, and the Funds are prevented from exercising their rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period. For financial statement purposes, the Funds record the securities lending collateral (included in repurchase agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities.

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under an MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Funds.

As of 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 Social Media ETF							��
BNP Paribas	$	1,697,614	$	1,697,614	$	-		$	-
Global X Lithium & Battery Tech ETF
BNP Paribas		33,673,349		33,673,349		-			-
Global X E-commerce ETF
BNP Paribas		389,256		389,256		-			-
Global X SuperDividend^® ETF
BNP Paribas		32,788,906		32,788,906		-			-
Global X SuperDividend^® U.S. ETF
BNP Paribas		27,303,045		27,303,045		-			-
Global X SuperDividend^® REIT ETF
BNP Paribas		20,784,811		20,784,811		-			-
Global X SuperIncome™ Preferred ETF
BNP Paribas		863,609		863,609		-			-

⁽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.

232

Notes to Financial Statements (CONTINUED)

October 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 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 conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), and on-going analysis of and changes to tax laws and regulations, and interpretations thereof.

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

As of and during the reporting period ended 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 income tax expense on the Statements 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.

233

Notes to Financial Statements (CONTINUED)

October 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS – The Funds distribute their net investment income on a pro rata basis. Any net investment income and net realized capital gains are distributed at least annually. All distributions are recorded on ex-dividend date.

INVESTMENTS IN REITs – With respect to the Funds, dividend income is recorded based on the income included in distributions received from REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of these estimated amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year end, and may differ from the estimated amounts.

CREATION UNITS – The Funds issue and redeem their shares (“Shares”) on a continuous basis at net asset value (“NAV”) and only in large blocks of 50,000 Shares, referred to as “Creation Units”. Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day.

An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to BBH, on the date of such redemption, regardless of the number of Creation Units redeemed that day.

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

	Creation Unit Shares		Creation Fee		Value at October 31, 2020		Redemption Fee
Global X Social Media ETF		50,000	$	300	$	2,597,500	$	300
Global X Lithium & Battery Tech ETF		50,000		1,000		2,143,000		1,000
Global X E-commerce ETF		50,000		500		1,339,500		500
Global X SuperDividend^® ETF		50,000		2,000		530,500		2,000
Global X SuperDividend^® U.S. ETF		50,000		250		749,500		250
Global X MSCI SuperDividend^® EAFE ETF		50,000		1,000		572,000		1,000
Global X MSCI SuperDividend^® Emerging Markets ETF		50,000		3,000		476,500		3,000
Global X SuperDividend^® REIT ETF		50,000		250		378,000		250
Global X NASDAQ 100^® Covered Call ETF		50,000		500		1,032,500		500
Global X S&P 500^® Covered Call ETF		50,000		2,000		2,122,500		2,000
Global X Russell 2000^® Covered Call ETF		50,000		250		1,022,500		250
Global X Nasdaq 100 Covered Call & Growth ETF		50,000		500		1,313,500		500
Global X S&P 500 Covered Call & Growth ETF		50,000		2,000		1,234,500		2,000
Global X SuperIncome™ Preferred ETF		50,000		300		556,000		300
Global X YieldCo & Renewable Energy Income ETF		50,000		500		743,500		500
Global X S&P 500^® Catholic Values ETF		50,000		1,300		2,016,000		1,300
Global X S&P Catholic Values Developed ex-U.S. ETF		50,000		8,900		1,249,000		8,900
Global X Guru^® Index ETF		50,000		250		1,865,500		250

234

Notes to Financial Statements (CONTINUED)

October 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS

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

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board, the Adviser is responsible for managing the investment

activities of the Funds and the Funds’ business affairs and other administrative matters and provides, or causes to be furnished, all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate Distribution Agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an “all-in” fee structure. For the Adviser’s service to the Funds, under the Supervision and Administration Agreement, each Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the Fund). In addition, the Funds bear other expenses, directly and indirectly, that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, custodian fees, acquired fund fees, and other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses).

The following table discloses supervision and administration fees payable pursuant to the Supervision and Administration Agreement:

			Supervision and
			Administration Fee
Global X Social Media ETF			0.65%
Global X Lithium & Battery Tech ETF			0.75%
Global X E-commerce ETF*			0.50%
Global X SuperDividend^® ETF			0.58%
Global X SuperDividend^® U.S. ETF			0.45%

235

Notes to Financial Statements (CONTINUED)

October 31, 2020

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

			Supervision and
			Administration Fee
Global X MSCI SuperDividend^® EAFE ETF			0.55%
Global X MSCI SuperDividend^® Emerging Markets ETF			0.65%
Global X SuperDividend^®REIT ETF			0.58%
Global X NASDAQ 100^® Covered Call ETF**			0.60%
Global X S&P 500^® Covered Call ETF*,**			0.60%
Global X Russell 2000^® Covered Call ETF*****			0.60%
Global X Nasdaq 100 Covered Call & Growth ETF			0.60%
Global X S&P 500 Covered Call & Growth ETF			0.60%
Global X SuperIncome^TM Preferred ETF			0.58%
Global X YieldCo & Renewable Energy Income ETF			0.65%
Global X S&P 500^®Catholic Values ETF******			0.29%
Global X S&P Catholic Values Developed ex-U.S. ETF			0.35%
Global X Guru^® Index ETF			0.75%

*Prior to November 18, 2019, the Supervision and Administration Fee for the Global X E-commerce ETF was 0.68%.

**Pursuant to an expense limitation agreement in existence between the Global X NASDAQ 100^® Covered Call ETF (the “Fund”) and the Adviser, the Adviser agreed to waive or reimburse fees and/or limit Fund expenses to the extent necessary to assure that the operating expenses of the Fund, exclusive of taxes, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses) will not exceed 0.60% of the Fund’s average daily net assets per year, effective March 1, 2020, until at least March 1, 2021.

***Pursuant to an expense limitation agreement in existence between the Global X S&P 500^®Covered Call ETF (the “Fund”) and the Adviser, the Adviser agreed to reimburse or waive fees and/or limit Fund expenses to the extent necessary to assure that the operating expenses of the Fund, exclusive of taxes, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses) will not exceed 0.65% of the Fund’s average daily net assets per year, effective March 1, 2020, until at least March 1, 2021.

****Pursuant to an expense limitation agreement in existence between the Global X S&P 500^® Covered Call ETF (the “Fund”) and the Adviser, the Adviser agreed to reimburse or waive fees and/or limit Fund expenses to the extent necessary to assure that the operating expenses of the Fund (exclusive of taxes, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses) will not exceed 0.60% of the Fund’s average daily net assets per year, effective August 21, 2020, until at least March 1, 2022. Effective August 21, 2020, the Supervision and Administration Fee of the Fund was reduced to 0.60%.

236

Notes to Financial Statements (CONTINUED)

October 31, 2020

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER

TRANSACTIONS (continued)

*****Pursuant to an expense limitation agreement in existence between the Global X Russell 2000^® Covered Call ETF (the “Fund”) and the Adviser, the Adviser agreed to waive or reimburse fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Fund (exclusive of taxes, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses) will not exceed 0.60% of the Fund’s average daily net assets per year until at least March 1, 2021.

******Pursuant to an expense limitation agreement in existence between the Global X S&P 500^® Catholic Values ETF (the “Fund”) and the Adviser prior to March 1, 2018, the Adviser agreed to waive or reimburse fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Fund (exclusive of taxes, brokerage fees, commissions, and other transaction expenses and extraordinary expenses (such as litigation and indemnification expenses) (“Total Annual Fund Operating Expenses”) would not exceed 0.29% of the Fund’s average daily net assets per year until at least March 1, 2018. Pursuant to the expense limitation agreement, the Fund (at a later date) could reimburse the Adviser for the fees and expenses it waived or reimbursed and/or limited during any of the prior three fiscal years, provided that, among other things, any reimbursement made to the Adviser would not cause Total Annual Fund Operating Expenses to exceed the maximum permitted rate during the period in which it is paid and the Board had approved such reimbursement to the Adviser. Although the Board voted on December 19, 2017, to permanently reduce the Fund’s fees to 0.29% and end the expense limitation agreement as of March 1, 2018, prior waived or reimbursed fees are still subject to recoupment. As of October 31, 2020, the amounts of waivers/reimbursements subject to recoupment for the Fund were $0 expiring in 2022, $43,032 expiring 2021 and $88,406 expiring 2020. As of October 31, 2020, there had been no recoupment of previously waived and reimbursed fees.

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

administrative services, including, without limitation: office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and assistance with the preparation and filing of reports, registration statements, proxy statements, and other materials required to be filed or furnished by the Funds under federal and state securities laws. As compensation for these services, SEIGFS receives certain out-of-pocket costs, transaction fees, and asset-based fees which are accrued daily and paid monthly by the Adviser.

SEI Investments Distribution Co. (“SIDCO”) serves as each Fund’s underwriter and distributor of Creation Units pursuant to a distribution agreement. SIDCO has no obligation to sell any specific quantity of Fund Shares.

237

Notes to Financial Statements (CONTINUED)

October 31, 2020

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER

TRANSACTIONS (continued)

SIDCO bears the following costs and expenses relating to the distribution of Shares: (1) the costs of processing and maintaining records of creations of Creation Units; (2) all costs of maintaining the records required of a registered broker/dealer; (3) the expenses of maintaining its registration or qualification as a dealer or broker under Federal or state laws; (4) filing fees; and (5) all other expenses incurred in connection with the distribution services as contemplated in the distribution agreement. SIDCO receives no fee from the Funds for its distribution services under the distribution agreement, rather, the Adviser compensates SIDCO for certain expenses, out-of-pocket costs, and transaction fees.

BBH serves as Custodian and transfer agent of the Funds’ assets. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds, (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As transfer agent, BBH has agreed to (1) issue and redeem Shares of each Fund, (2) make dividend and other distributions to shareholders of each Fund, (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts, and (5) make periodic reports to the Funds. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

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 Social Media ETF	$	37,436,925	$	28,985,604
Global X Lithium & Battery Tech ETF		447,998,198		373,743,354
Global X E-commerce ETF		14,024,158		13,723,564
Global X SuperDividend^® ETF		902,657,543		898,828,974
Global X SuperDividend^® U.S. ETF		429,090,172		454,474,323
Global X MSCI SuperDividend^® EAFE ETF		6,237,058		6,389,700
Global X MSCI SuperDividend^® Emerging Markets ETF		21,364,841		16,992,225
Global X SuperDividend^® REIT ETF		379,581,084		388,219,228
Global X NASDAQ 100^® Covered Call ETF		297,446,610		794,961,628
Global X S&P 500^® Covered Call ETF		8,987,383		36,809,320

238

Notes to Financial Statements (CONTINUED)

October 31, 2020

4. INVESTMENT TRANSACTIONS (continued)

	Purchases		Sales and Maturities
Global X Russell 2000^® Covered Call ETF		1,610,054		4,996,962
Global X Nasdaq 100 Covered Call & Growth ETF		88,846		162,737
Global X S&P 500 Covered Call & Growth ETF		28,352		63,449
Global X SuperIncome™ Preferred ETF		125,346,864		125,817,792
Global X YieldCo & Renewable Energy Income ETF		21,362,262		13,012,039
Global X S&P 500^® Catholic Values ETF		18,800,560		18,158,127
Global X S&P Catholic Values Developed ex-U.S. ETF		114,671		102,889
Global X Guru^® Index ETF		68,562,514		68,595,889

For the year ended October 31, 2020, there were no purchases and sales of long-term U.S. Government securities.

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 Social Media ETF	$	33,340,357	$	10,559,714	$	1,966,522
Global X Lithium & Battery Tech ETF		104,208,945		62,679,799		3,955,066
Global X E-commerce ETF		92,096,000		12,844,433		4,549,847
Global X SuperDividend^® ETF		90,730,215		27,787,216		(9,224,904	)
Global X SuperDividend^® U.S. ETF		126,117,688		34,059,155		2,165,771
Global X MSCI SuperDividend^® EAFE ETF		1,217,335		7,923,306		(707,578	)
Global X MSCI SuperDividend^® Emerging Markets ETF		3,714,194		-		-
Global X SuperDividend^® REIT ETF		353,613,219		118,682,903		19,269,208
Global X NASDAQ 100^® Covered Call ETF		778,575,756		66,199,151		29,752,498
Global X S&P 500^® Covered Call ETF		60,812,072		66,922,435		17,587,784
Global X Russell 2000^® Covered Call ETF		16,843,643		1,088,385		335,463
Global X Nasdaq 100 Covered Call & Growth ETF		6,753,905		-		-
Global X S&P 500 Covered Call & Growth ETF		3,799,913		-		-
Global X SuperIncome™ Preferred ETF		24,579,689		28,420,360		(2,327,435	)
Global X YieldCo & Renewable Energy Income ETF		35,307,456		5,003,213		1,265,475
Global X S&P 500^® Catholic Values ETF		117,889,845		45,730,969		17,772,932
Global X S&P Catholic Values Developed ex-U.S. ETF		2,501,921		-		-
Global X Guru^® Index ETF		-		4,796,655		428,411

239

Notes to Financial Statements (CONTINUED)

October 31, 2020

4. INVESTMENT TRANSACTIONS (continued)

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

	Purchases		Sales and Maturities		Realized Gain/(Loss)
Global X Social Media ETF	$	5,555,728	$	23,964,734	$	4,282,069
Global X Lithium & Battery Tech ETF		14,347,370		156,294,703		(13,951,610	)
Global X E-commerce ETF		4,222,945		915,083		310,512
Global X SuperDividend^® ETF		159,532,230		51,670,555		3,130,258
Global X SuperDividend^® U.S. ETF		162,330,008		10,936,835		1,467,887
Global X MSCI SuperDividend^® EAFE ETF		16,543,011		3,918,835		297,261
Global X MSCI SuperDividend^® Emerging Markets ETF		4,785,344		1,348,969		204,853
Global X SuperDividend^® REIT ETF		232,009,138		-		2,340,737
Global X NASDAQ 100^® Covered Call ETF		400,390,591		19,208,117		7,515,508
Global X S&P 500^® Covered Call ETF		64,563,871		11,666,563		4,316,460
Global X Russell 2000^® Covered Call ETF		6,972,490		-		-
Global X SuperIncome™ Preferred ETF		35,254,234		23,945,663		421,606
Global X YieldCo & Renewable Energy Income ETF		7,668,802		1,112,529		86,352
Global X S&P 500^® Catholic Values ETF		125,994,006		25,909,462		7,602,498
Global X Guru^® Index ETF		1,570,297		9,615,875		1,456,153

To the extent consistent with their investment policies, certain Funds may either purchase or write options.

When a Fund purchases an option, the premium paid by it is recorded as an asset of the Fund. When a Fund writes an option, an amount equal to the net premium (the premium less the commission) received by the Fund is included in the liability section of the Fund’s Statement of Assets and Liabilities as a deferred credit. The amount of this asset or deferred credit will be subsequently marked-to-market to reflect the current value of the option purchased or written. The current value of the traded option is the last sale price or, in the absence of a sale, the current bid price. If an option purchased by a Fund expires unexercised, the Fund realizes a loss equal to the premium paid. If a Fund enters into a closing sale transaction on an option purchased by it, the Fund will realize a gain if the premium received by the Fund on the closing transaction is more than the premium paid to purchase the option, or a loss if it is less. If an option written by a Fund expires on the stipulated expiration date or if a Fund enters into a closing purchase transaction, it will realize a gain (or loss if the cost of a closing purchase transaction exceeds the net premium received when the option is sold) and the deferred credit related to such option will be eliminated. If an option written by a Fund is exercised, the proceeds of the sale will be increased by the net premium originally received and the Fund will realize a gain or loss.

240

Notes to Financial Statements (CONTINUED)

October 31, 2020

4. INVESTMENT TRANSACTIONS (continued)

Risks may arise from an imperfect correlation between the change in market value of the securities held and the prices of options relating to the securities purchased or sold and from possible lack of a liquid secondary market for an option. The maximum exposure to loss for any purchased option is limited to the premium initially paid for the option. Written uncovered call options subject a Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Put options written expose a Fund to risk of loss if the value of the security declines below the strike price.

Global X NASDAQ 100^® Covered Call ETF, Global X S&P 500^® Covered Call ETF, Global X Russell 2000 Covered Call ETF, Global X Nasdaq 100 Covered Call & Growth ETF, and Global X S&P 500 Covered Call & Growth ETF may write covered call and/or put options that correspond to their respective reference index. By writing a covered call option, a Fund, in exchange for the premium, foregoes the opportunity for capital appreciation above the strike price should the market price of the underlying security increase. Conversely, by writing a put option, the Fund, in exchange for the premium, accepts the risk of having to purchase a security at a fixed strike price even should the price of the underlying security decrease, exposing the Fund to downside risk in the underlying security.

When the written option expires, is terminated or is sold, a Fund will record a gain or loss. The net realized gain or loss on options contracts is reflected in the Statements of Operations and the net unrealized gains/(losses) are included as a component of the net change in unrealized appreciation/(depreciation) on options contracts in the Statement of Operations.

For the year ended October 31, 2020, the monthly average cost of the written options contracts held by the Global X NASDAQ 100^® Covered Call ETF, Global X S&P 500^® Covered Call ETF, Global X Russell 2000 Covered Call ETF, Global X Nasdaq 100 Covered Call & Growth ETF, and Global X S&P 500 Covered Call & Growth ETF were $30,942,923, $1,774,025, $482,752, $86,853, and $45,210, respectively.

5. TAX INFORMATION

The Global X SuperDividend^®REIT ETF has a tax year that ends on December 31. The following tax disclosures are representative as of October 31, 2020. Accordingly, the disclosures are for informational use by shareholders and are subject to change attributable to activity through the end of the tax year ending December 31, 2020.

241

Notes to Financial Statements (CONTINUED)

October 31, 2020

5. TAX INFORMATION (continued)

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 preferred stock interest, foreign currency, redemptions in-kind, REIT adjustments, MLP adjustments, net operating loss, return of capital distribution and sales of passive foreign investment companies have been reclassified to/from the following accounts during the fiscal year ended October 31, 2020:

Global X Funds	Paid-in Capital			Distributable Earnings (Loss)
Global X Social Media ETF	$	1,884,036		$	(1,884,036	)
Global X Lithium & Battery Tech ETF		2,896,725			(2,896,725	)
Global X E-commerce ETF		4,523,090			(4,523,090	)
Global X SuperDividend^® ETF		(19,955,384	)		19,955,384
Global X SuperDividend^® U.S. ETF		(4,580,848	)		4,580,848
Global X MSCI SuperDividend^® EAFE ETF		(725,604	)		725,604
Global X NASDAQ 100^® Covered Call ETF		29,752,498			(29,752,498	)
Global X S&P 500^® Covered Call ETF		17,598,470			(17,598,470	)
Global X Russell 2000 Covered Call ETF		335,454			(335,454	)
Global X SuperIncome™ Preferred ETF		(2,400,869	)		2,400,869
Global X YieldCo & Renewable Energy Income ETF		1,260,831			(1,260,831	)
Global X S&P 500^® Catholic Values ETF		17,570,581			(17,570,581	)
Global X Guru^® Index ETF		456,580			(456,580	)

The tax character of dividends and distributions declared during the years or periods ended October 31, 2020 and October 31, 2019 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X Social Media ETF
2020	$	–	$	–	$	–	$	–
2019		–		–		–		–
Global X Lithium & Battery Tech ETF
2020	$	7,964,116	$	–	$	–	$	7,964,116
2019		19,555,528		–		–		19,555,528
Global X E-commerce ETF
2020	$	11,908	$	–	$	–	$	11,908
2019		–		–		–		–

242

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 SuperDividend^® ETF
2020	$	57,676,007	$	–	$	6,836,903	$	64,512,910
2019		71,080,700		–		10,387,010		81,467,710
Global X SuperDividend^® U.S. ETF
2020	$	28,896,892	$	–	$	9,790,983	$	38,687,875
2019		29,513,428		–		5,156,842		34,670,270
Global X MSCI SuperDividend^® EAFE ETF
2020	$	454,057	$	–	$	119,148	$	573,205
2019		547,298		–		–		547,298
Global X MSCI SuperDividend^® Emerging Markets ETF
2020	$	1,074,084	$	–	$	222,316	$	1,296,400
2019		1,146,140		–		–		1,146,140
Global X SuperDividend^® REIT ETF
2020	$	17,057,314	$	482,944	$	2,127,168	$	19,667,426
2019		7,369,085		–		–		7,369,085
Global X NASDAQ 100^® Covered Call ETF
2020	$	2,834,579	$	–	$	117,268,361	$	120,102,940
2019		40,380,150		2,101,875		12,331,150		54,813,715
Global X S&P 500^® Covered Call ETF
2020	$	1,539,799	$	–	$	7,321,411	$	8,861,210
2019		4,867,892		582,508		780,262		6,230,662
Global X Russell 2000 Covered Call ETF
2020	$	82,683	$	74,655	$	1,449,526	$	1,606,864
2019		158,257		99,323		–		257,580
Global X Nasdaq 100 Covered Call & Growth ETF
2020	$	–	$	–	$	20,955	$	20,955
Global X S&P 500 Covered Call & Growth ETF
2020	$	2,931	$	–	$	16,682	$	19,613
Global X SuperIncome™ Preferred ETF
2020	$	10,818,268	$	–	$	549,532	$	11,367,800
2019		11,905,843		–		83,858		11,821,985
Global X YieldCo & Renewable Energy Income ETF
2020	$	1,352,385	$	–	$	–	$	1,352,385
2019		644,590		–		–		644,590
Global X S&P 500^® Catholic Values ETF
2020	$	4,513,893	$	128,757	$	–	$	4,642,650
2019		4,530,407		187,691		–		4,718,098
Global X S&P Catholic Values Developed ex-U.S. ETF
2020	$	–	$	–	$	–	$	–
Global X Guru^® Index ETF
2020	$	538,248	$	–	$	28,732	$	566,980
2019		310,767		–		82,434		393,201

243

Notes to Financial Statements (CONTINUED)

October 31, 2020

5. TAX INFORMATION (continued)

	Global X Funds
	Global X Social Media ETF			Global X Lithium & Battery Tech ETF			Global X E- commerce ETF		Global X SuperDividend^® ETF
Undistributed Ordinary Income	$	–		$	1,972,573		$	775,965	$	–
Capital Loss Carryforwards		(29,959,090	)		(154,643,834	)		–		(605,281,502	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		71,760,681			158,192,435			2,673,286		(72,895,790	)
Late Year Loss Deferral		(384,418	)		–			–		–
Other Temporary Differences		–			(5	)		1		(17	)
Total Distributable Earnings (Accumulated Losses)	$	41,417,173		$	5,521,169		$	3,449,252	$	(678,177,309	)

	Global X Funds
	Global X SuperDividend^® U.S. ETF			Global X MSCI SuperDividend^® EAFE ETF			Global X MSCI SuperDividend^® Emerging Markets ETF			Global X SuperDividend^® REIT ETF(1)
Capital Loss Carryforwards		(223,775,721	)		(2,560,856	)		(7,800,767	)		–
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(28,565,675	)		(928,720	)		(1,461,950	)		15,417,641
Other Temporary Differences		8			(1	)		–			(2,927,460	)
Total Accumulated Losses	$	(252,341,387	)	$	(3,489,577	)	$	(9,262,717	)	$	12,490,181

⁽¹⁾	The Global X SuperDividend^® REIT ETF has a tax year that ends on December 31.

	Global X Funds
	Global X NASDAQ 100^® Covered Call ETF			Global X S&P 500^® Covered Call ETF			Global X Russell 2000 Covered Call ETF			Global X Nasdaq 100 Covered Call & Growth ETF
Capital Loss Carryforwards		(41,064,020	)		(33,094,168	)		(1,368,001	)		(114,135	)
Unrealized Appreciation on Investments and Foreign Currency		–			–			–			–
Late Year Loss Deferral		–			–			–			(468	)
Other Temporary Differences		7			5,383			8			–
Total Accumulated Losses	$	(41,064,012	)	$	(33,088,785	)	$	(1,367,993	)	$	(114,603	)

244

Notes to Financial Statements (CONTINUED)

October 31, 2020

5. TAX INFORMATION (continued)

	Global X Funds
	Global X S&P 500^® Covered Call & Growth ETF			Global X SuperIncome^™ Preferred ETF			Global X YieldCo & Renewable Energy Income ETF		Global X S&P 500^® Catholic Values ETF
Undistributed Ordinary Income	$	–		$	–		$	351,607	$	1,994,632
Undistributed Long-Term Capital Gain		–			–			132,994		–
Capital Loss Carryforwards		(70,250	)		(64,726,594	)		–		(276,628	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		–			(1,467,791	)		1,383,810		47,769,089
Other Temporary Differences		–			(24,728	)		–		3
Total Distributable Earnings (Accumulated Losses)	$	(70,250	)	$	(66,219,113	)	$	1,868,411	$	49,487,096

	Global X Funds
	Global X S&P Catholic Values Developed ex- U.S. ETF			Global X Guru^® Index ETF
Undistributed Ordinary Income	$	21,138		$	–
Capital Loss Carryforwards		(3,244	)		(16,828,294	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(25,314	)		4,692,123
Other Temporary Differences		(70	)		(3	)
Total Accumulated Losses	$	(7,490	)	$	(12,136,175	)

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

	Short-Term Loss		Long-Term Loss		Total
Global X Social Media ETF	$	9,425,030	$	20,534,060	$	29,959,090
Global X Lithium & Battery Tech ETF		26,035,130		128,608,704		154,643,834
Global X SuperDividend^® ETF		246,119,326		359,162,176		605,281,502
Global X SuperDividend^® U.S. ETF		169,742,093		54,033,628		223,775,721
Global X MSCI SuperDividend^® EAFE ETF		817,164		1,743,692		2,560,856
Global X MSCI SuperDividend^® Emerging Markets ETF		4,271,755		3,529,012		7,800,767

245

Notes to Financial Statements (CONTINUED)

October 31, 2020

5. TAX INFORMATION (continued)

	Short-Term Loss		Long-Term Loss		Total
Global X NASDAQ 100^® Covered Call ETF	$	16,425,608	$	24,638,412	$	41,064,020
Global X S&P 500^® Covered Call ETF		13,230,874		19,863,293		33,094,168
Global X Russell 2000 Covered Call ETF		566,196		801,805		1,368,001
Global X Nasdaq 100 Covered Call & Growth ETF		45,654		68,481		114,135
Global X S&P 500 Covered Call & Growth ETF		28,100		42,150		70,250
Global X SuperIncome™ Preferred ETF		18,332,399		46,394,195		64,726,594
Global X S&P 500^® Catholic Values ETF		–		276,628		276,628
Global X S&P Catholic Values Developed ex-U.S. ETF		3,244		–		3,244
Global X Guru^® Index ETF		16,828,294		–		16,828,294

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 Social Media ETF	$	479,691	$	41,962	$	521,653
Global X Lithium & Battery Tech ETF		125,159		–		125,159
Global X E-commerce ETF		956		–		956
Global X YieldCo & Renewable Energy Income ETF		157,958		691,145		849,103
Global X Guru^® Index ETF		5,401,794		–		5,401,794

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 Social Media ETF	$	156,975,936	$	82,688,911	$	(10,928,230	)	$	71,760,681
Global X Lithium & Battery Tech ETF		750,422,246		235,579,782		(77,387,347	)		158,192,435
Global X E-commerce ETF		88,689,271		5,306,832		(2,633,546	)		2,673,286
Global X SuperDividend^® ETF		734,701,611		28,126,735		(101,022,525	)		(72,895,790	)
Global X SuperDividend^® U.S. ETF		469,142,718		33,590,726		(62,156,400	)		(28,565,675	)
Global X MSCI SuperDividend^® EAFE ETF		8,363,185		266,143		(1,194,863	)		(928,720	)
Global X MSCI SuperDividend^® Emerging Markets ETF		21,462,994		1,166,597		(2,628,547	)		(1,461,950	)
Global X SuperDividend^® REIT ETF		418,177,386		7,231,611		(92,642,381	)		(85,410,770	)
Global X NASDAQ 100^® Covered Call ETF		1,321,718,264		431,752,556		(431,752,556	)		–
Global X S&P 500^® Covered Call ETF		103,632,249		18,353,201		(18,353,201	)		–
Global X Russell 2000 Covered Call ETF		21,429,473		660,176		(660,176	)		–
Global X Nasdaq 100 Covered Call & Growth ETF		6,557,305		66,606		(66,606	)		–
Global X S&P 500 Covered Call & Growth ETF		3,698,264		64,254		(64,254	)		–
Global X SuperIncome™ Preferred ETF		186,024,753		4,900,173		(6,367,964	)		(1,467,791	)
Global X YieldCo & Renewable Energy Income ETF		64,628,089		7,491,246		(6,107,436	)		1,383,810
Global X S&P 500^® Catholic Values ETF		330,634,976		76,659,708		(28,890,619	)		47,769,089
Global X S&P Catholic Values Developed ex-U.S. ETF		2,512,667		125,800		(151,114	)		(25,314	)
Global X Guru^® Index ETF		51,154,580		7,866,751		(3,174,628	)		4,692,123

246

Notes to Financial Statements (CONTINUED)

October 31, 2020

5. TAX INFORMATION (continued)

The preceding differences between book and tax cost are primarily due to mark-to-market treatment of passive foreign investment companies, mixed straddles, MLP adjustments and wash sales.

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

6. CONCENTRATION OF RISKS

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

The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.

Except for the Global X Russell 2000^® Covered Call Fund, which uses a representative sampling strategy, the Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of an underlying index in approximately the same proportions as in the underlying index. A representative sampling strategy is an indexing strategy that involves investing in a representative sample of securities (including indirect investments through underlying ETFs) that collectively has an investment profile similar to an underlying index in terms of key risk factors, performance attributes and other characteristics. Each Fund may utilize a representative sampling strategy with respect to its underlying indices when a replication strategy might be detrimental to its shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow their underlying indices, or, in certain instances, when securities in the underlying indices become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to a Fund but not the underlying index).

247

Notes to Financial Statements (CONTINUED)

October 31, 2020

6. CONCENTRATION OF RISKS (continued)

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 the Funds may invest. As such, the potential effect of a transition away from LIBOR on Fund investments cannot yet be determined.

Please refer to each Fund’s prospectus and statement of additional information (“SAI”) for a more complete description of risks.

7. LOANS OF PORTFOLIO SECURITIES

The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Security loans made pursuant to a securities lending agreement with BBH are initially required to be secured by collateral equal to at least 102% of the value of domestic equity securities and American Depositary Receipts (“ADRs”) and 105% of the value of foreign equity securities (other than ADRs). Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements, short term investments or U.S. Treasury obligations and is recognized in the 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 securities when due, the securities lending agency agreement requires the lending agent to indemnify the Funds by replacing either the security or the security’s current market value to the Funds. The Funds could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested.

248

Notes to Financial Statements (CONTINUED)

October 31, 2020

7. LOANS OF PORTFOLIO SECURITIES (continued)

As of October 31, 2020, the value of securities on loan was $1,548,503, $35,520,721, $368,016, $34,797,029, $29,387,834, $22,082,244 and $944,271 for the Global X Social Media ETF, Global X Lithium & Battery Tech ETF, Global X E-commerce ETF, Global X SuperDividend^® ETF, Global X SuperDividend^® U.S. ETF, Global X SuperDividend^® REIT ETF and Global X SuperIncome™ Preferred ETF, respectively, and the cash collateral received from securities on loan was $1,893,578, $37,560,427, $434,190, $36,573,888, $30,454,768, $23,184,102 and $963,300 for Global X Social Media ETF, Global X Lithium & Battery Tech ETF, Global X E-commerce ETF, Global X SuperDividend^® ETF, Global X SuperDividend^® U.S. ETF, Global X SuperDividend^® REIT ETF and Global X SuperIncome™ Preferred ETF, respectively.

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

	Market Value		Cash Collateral
Global X Social Media ETF
Citigroup	$	1,532,845	$	1,877,880
JPMorgan		2,218		2,228
UBS Securities LLC		13,440		13,470
Global X Lithium & Battery Tech ETF
Barclays Capital	$	1,208,543	$	1,265,997
BofA Securities, Inc.		833,206		886,267
Citigroup		818,335		1,068,935
Credit Suisse		68,341		89,864
Goldman Sachs & Co.		7,920,827		8,372,597
JPMorgan		2,346,342		2,484,133
Morgan Stanley		19,185,313		19,947,780
National Financial Services		124,210		128,979
Scotia Capital		2,928,836		3,210,685
UBS Securities LLC		86,768		105,190
Global X E-commerce ETF
Citigroup	$	368,016	$	434,190
Global X SuperDividend^® ETF
Barclays Capital	$	2,808,422	$	2,829,273
BofA Securities, Inc.		137,003		137,563
Citigroup		3,085,583		3,194,810
Goldman Sachs & Co.		5,582,055		5,932,942
JPMorgan		10,310		10,835
Morgan Stanley		14,596,321		15,333,403
National Financial Services		4,167,264		4,314,749
NSI Stock Lending		4,101,728		4,494,563
Scotia Capital		134,509		143,050
UBS Securities LLC		173,834		182,700
Global X SuperDividend^® U.S. ETF
Citigroup	$	1,133,840	$	1,173,970
Goldman Sachs & Co.		8,614,268		8,915,188
JPMorgan		1,947,000		2,046,000
Morgan Stanley		15,743,940		16,301,210
National Financial Services		1,609,536		1,666,500
Scotia Capital		339,250		351,900

249

Notes to Financial Statements (CONTINUED)

October 31, 2020

7. LOANS OF PORTFOLIO SECURITIES (continued)

	Market Value		Cash Collateral
Global X SuperDividend^® REIT ETF
Barclays Capital	$	2,924,733	$	3,073,449
BofA Securities, Inc.		5,330,650		5,601,700
Credit Suisse		2,858,307		3,022,468
Goldman Sachs & Co.		2,464,884		2,554,555
JPMorgan		1,004,815		1,055,907
Scotia Capital		4,744,025		4,985,145
UBS Securities LLC		2,754,830		2,890,878
Global X SuperIncome™ Preferred ETF
JPMorgan	$	613,938	$	624,325
Wells Fargo Securities, LLC		330,333		338,975

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.

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. NEW ACCOUNTING PRONOUNCEMENTS

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

250

Notes to Financial Statements (concluded)

October 31, 2020

10. SUBSEQUENT EVENTS

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

Effective on February 1, 2021, the Global X YieldCo & Renewable Energy Income ETF (the “Fund”) will undergo a name change, ticker symbol change and name and methodology change for its underlying index, the Indxx YieldCo & Renewable Energy Income Index as noted in the table below. Please see the supplement to the Fund’s Summary Prospectus, Statutory Prospectus and Statement of Additional Information dated November 24, 2020 for further information.

	Current Disclosure	New Disclosure as of February 1, 2021
Fund Ticker Symbol	YLCO	RNRG
Fund Name	Global X YieldCo & Renewable Energy Income ETF	Global X Renewable Energy Producers ETF
Index Name	Indxx YieldCo & Renewable Energy Income Index	Indxx Renewable Energy Producers Index

11. 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.

251

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Global X Social Media ETF, Global X Lithium & Battery Tech ETF, Global X E-commerce ETF, Global X SuperDividend^® ETF, Global X SuperDividend^® U.S. ETF, Global X MSCI SuperDividend^® EAFE ETF, Global X MSCI SuperDividend^® Emerging Markets ETF, Global X SuperDividend^® REIT ETF, Global X NASDAQ 100^® Covered Call ETF, Global X S&P 500^® Covered Call ETF, Global X Russell 2000 Covered Call ETF, Global X Nasdaq 100 Covered Call & Growth ETF, Global X S&P 500 Covered Call & Growth ETF, Global X SuperIncome™ Preferred ETF, Global X YieldCo & Renewable Energy Income ETF, Global X S&P 500^® Catholic Values ETF, Global X S&P Catholic Values Developed ex-U.S. ETF and Global X Guru^® Index ETF

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 (eighteen 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 and 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 and 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 SuperDividend^® ETF (1)		Global X MSCI SuperDividend^® EAFE ETF (1)
	Global X SuperDividend^® U.S. ETF (1)		Global X S&P 500^® Catholic Values ETF (1)
	Global X Guru^® Index ETF (1)		Global X E-commerce ETF (2)
	Global X MSCI SuperDividend^® Emerging Markets ETF (1)		Global X Russell 2000 Covered Call ETF (3)
	Global X SuperDividend^® REIT ETF (1)		Global X S&P 500 Covered Call ETF (1)
	Global X SuperIncome™ Preferred ETF (1)		Global X NASDAQ 100^® Covered Call ETF (1)
	Global X Social Media ETF (1)		Global X S&P Catholic Values Developed ex-U.S. ETF (4)
	Global X YieldCo & Renewable Energy Income ETF (1)		Global X S&P 500^® Covered Call & Growth ETF (5)
	Global X Lithium and Battery Tech ETF (1)		Global X Nasdaq 100^® Covered Call & Growth ETF (5)

252

Report of Independent Registered Public Accounting Firm

(1) The related statements of operations for the year ended October 31, 2020 and statements of changes in net assets for each of the two years in the period ended October 31, 2020

(2) The related statement of operations for the year ended October 31, 2020 and statements of changes in net assets for the year ended October 31, 2020 and the period November 27, 2018 (date of commencement) through October 31, 2019

(3) The related statement of operations for the year ended October 31, 2020 and the statements of changes in net assets for the year ended October 31, 2020 and the period April 17, 2019 (date of commencement) through October 31, 2019

(4) The related statements of operations and changes in net assets for the period June 22, 2020 (date of commencement) through October 31, 2020

(5) The related statements of operations and changes in net assets for the period September 18, 2020 (date of commencement) through October 31, 2020

The financial statements of the Funds, listed in the table below, 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.

Global X Nasdaq 100 Covered Call ETF

Global X S&P 500 Covered Call ETF

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.

253

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

/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.

254

Disclosure of Fund Expenses (unaudited)

All ETFs (such as the Funds) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, commissions, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for brokerage fees as a result of the shareholder’s investment in a Fund.

Operating expenses such as these are deducted from a Fund’s gross income and directly reduce their final investment returns. These expenses are expressed as a percentage of the Fund’s average net assets; this percentage is known as the Fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (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 your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

255

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 Social Media ETF
Actual Fund Return	$	1,000.00	$	1,511.80		0.65	%	$	4.10
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.30

Global X Lithium & Battery Tech ETF
Actual Fund Return	$	1,000.00	$	1,691.60		0.75	%	$	5.07
Hypothetical 5% Return		1,000.00		1,021.37		0.75			3.81

Global X E-commerce ETF
Actual Fund Return	$	1,000.00	$	1,431.10		0.50	%	$	3.06
Hypothetical 5% Return		1,000.00		1,022.62		0.50			2.54

Global X SuperDividend^® ETF
Actual Fund Return	$	1,000.00	$	1,065.80		0.59	%	$	3.06
Hypothetical 5% Return		1,000.00		1,022.17		0.59			3.00

Global X SuperDividend^® U.S. ETF
Actual Fund Return	$	1,000.00	$	1,035.00		0.45	%	$	2.30
Hypothetical 5% Return		1,000.00		1,022.87		0.45			2.29

Global X MSCI SuperDividend^® EAFE ETF
Actual Fund Return	$	1,000.00	$	1,013.90		0.55	%	$	2.78
Hypothetical 5% Return		1,000.00		1,022.37		0.55			2.80

Global X MSCI SuperDividend^® Emerging Markets ETF
Actual Fund Return	$	1,000.00	$	1,013.70		0.66	%	$	3.34
Hypothetical 5% Return		1,000.00		1,021.82		0.66			3.35

Global X SuperDividend^® REIT ETF
Actual Fund Return	$	1,000.00	$	1,088.70		0.58	%	$	3.05
Hypothetical 5% Return		1,000.00		1,022.22		0.58			2.95

Global X NASDAQ 100^® Covered Call ETF
Actual Fund Return	$	1,000.00	$	1,092.60		0.61	%	$	3.21
Hypothetical 5% Return		1,000.00		1,022.07		0.61			3.10

Global X S&P 500^® Covered Call ETF
Actual Fund Return	$	1,000.00	$	1,077.90		0.63	%	$	3.29
Hypothetical 5% Return		1,000.00		1,021.97		0.63			3.20

Global X Russell 2000 Covered Call ETF
Actual Fund Return	$	1,000.00	$	1,195.90		0.50	%	$	2.76
Hypothetical 5% Return		1,000.00		1,022.62		0.50			2.54

256

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 Nasdaq 100 Covered Call & Growth ETF⁽²⁾
Actual Fund Return	$	1,000.00	$	1,000.00		0.60	%	$	0.70
Hypothetical 5% Return		1,000.00		1,005.17		0.60			0.71

Global X S&P 500 Covered Call & Growth ETF⁽²⁾
Actual Fund Return	$	1,000.00	$	1,000.00		0.60	%	$	0.70
Hypothetical 5% Return		1,000.00		1,005.17		0.60			0.71

Global X SuperIncome™ Preferred ETF
Actual Fund Return	$	1,000.00	$	1,081.30		0.58	%	$	3.03
Hypothetical 5% Return		1,000.00		1,022.22		0.58			2.95

Global X YieldCo & Renewable Energy Income ETF
Actual Fund Return	$	1,000.00	$	1,150.30		0.65	%	$	3.51
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.30

Global X S&P 500^® Catholic Values ETF
Actual Fund Return	$	1,000.00	$	1,135.40		0.29	%	$	1.56
Hypothetical 5% Return		1,000.00		1,023.68		0.29			1.48

Global X S&P Catholic Values Developed ex-U.S. ETF⁽³⁾
Actual Fund Return	$	1,000.00	$	1,000.00		0.36	%	$	1.29
Hypothetical 5% Return		1,000.00		1,016.61		0.36			1.30

Global X Guru^® Index ETF
Actual Fund Return	$	1,000.00	$	1,195.80		0.75	%	$	4.14
Hypothetical 5% Return		1,000.00		1,021.37		0.75			3.81

(1)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 184/366 (to reflect the one-half year period), unless otherwise noted.

(2)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 43/366 (to reflect the one-half year period), unless otherwise note.

(3)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 131/366 (to reflect the one-half year period), unless otherwise noted.

257

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 Funds may be subject.

258

Approval of Investment Advisory Agreement (unaudited)

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

Approval of the Initial Investment Advisory and Supervision and Administration Agreements

At Board meetings of the Global X Funds (the “Trust”) held in person on February 18, 2020, and by videoconference on May 29, 2020¹ (the “New Fund Board Meetings”), the Board of Trustees (the “Board”) (including the Trust’s Independent Trustees, voting separately) considered and unanimously approved (i) the initial Investment Advisory Agreement (each a “New Investment Advisory Agreement”) for each of the Global X S&P Catholic Values Developed ex-U.S. ETF, the Global X S&P 500 Covered Call & Growth ETF and the Global X Nasdaq 100 Covered Call & Growth ETF (each a “New Fund” and, together, the “New Funds”) and (ii) the initial Supervision and Administration Agreement between the Trust (each a “New Supervision and Administration Agreement”), on behalf of each New Fund, and Global X Management Company LLC (“Global X Management”). Each New Advisory Agreement and New Supervision and Administration Agreement are referred to collectively as the “New Fund Agreements.”

In advance of the New Fund Board Meetings, the Board (including the Trust’s Independent Trustees) and the Independent Trustees’ independent legal counsel requested (in writing) detailed information from Global X Management in connection with the Board’s consideration of the respective New Fund Agreements for each New Fund to be considered at the New Fund Board Meetings and received and reviewed written responses from Global X Management and supporting materials relating to those requests for information. In the course of their consideration of the New Fund Agreements, the Trust’s Independent Trustees were advised by their independent legal counsel and, in addition to meetings with management of Global X Management, the Independent Trustees met separately in executive session with their counsel

In determining to approve the New Fund Agreements for the New Funds, the Board considered a variety of factors, including the factors discussed in greater detail below.

¹ This meeting was held via videoconference in reliance on an exemptive order issued by the Securities and Exchange Commission on March 25, 2020. Reliance on the exemptive order is necessary and appropriate due to circumstances related to current or potential effects of COVID-19. All Trustees participating in the telephonic meeting were able to hear each other simultaneously during the meeting. Reliance on the exemptive order requires Trustees, including a majority of the Independent Trustees, to ratify actions taken pursuant to the exemptive order by vote cast at the next in-person meeting.

259

Approval of Investment Advisory Agreement (unaudited)

Nature, Extent and Quality of Services

With respect to this factor, the Board considered:

• the terms of the New Fund Agreements and the range of services proposed to be provided to the New Funds in accordance with the New Fund Agreements;

• Global X Management’s key personnel and the portfolio managers who would provide investment advisory, supervision and administrative services to the New Funds;

• Global X Management’s responsibilities under the New Fund Agreements to, among other things, (i) manage the investment operations of the New Funds and the composition of the New Funds’ assets, including the purchase, retention and disposition of its holdings, (ii) provide quarterly reports to the Trust’s officers and the Board and other reports as the Board deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise all other rights appertaining to securities and assets held by the New Funds, (iv) select broker-dealers to execute portfolio transactions for the New Funds when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of the New Funds, and the periodic updating of the registration statements, prospectuses, statements of additional information, and other reports and documents for the New Funds that are required to be filed by the Trust with the U.S. Securities and Exchange Commission (“SEC”) and other regulatory or governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including Creation Units) of the New Funds by shareholders and new investors;

• the nature, extent and quality of all of the services (including advisory, administrative and compliance services) that are proposed to be provided by Global X Management or made available to the New Funds; and

• the quality of Global X Management’s resources and personnel that would be made available to the New Funds, including Global X Management’s experience and the professional qualifications of Global X Management’s key personnel.

Based on these considerations, the Board concluded, at the New Fund Board Meetings, that it was satisfied with the nature, extent and quality of the services proposed to be provided to the New Funds by Global X Management.

260

Approval of Investment Advisory Agreement (unaudited)

Performance

The Board determined that, because the New Funds had not yet begun investment operations as of the dates of the New Fund Board Meetings, meaningful data relating to the investment performance of the New Funds was not available and, therefore, could not be a factor in approving the New Fund Agreements.

Cost of Services and Profitability

With respect to this factor, the Board considered:

• Global X Management’s expected costs to provide investment management, supervision and administrative and related services to each New Fund;

• The management fee (including the proposed investment advisory fee) (“Management Fee”) that was proposed to be borne by each New Fund under the respective New Fund Agreement for the various investment advisory, supervisory and administrative services that the New Funds require under a unitary fee structure (including the types of fees and expenses that are not included within the unitary fee and would be borne by the New Funds); and

• the expected profitability to Global X Management, if any, from all of the services proposed to be provided to the New Funds by Global X Management and all aspects of the relationship between Global X Management and the New Funds.

Based on these considerations, the Board concluded that the proposed Management Fee to be paid by each New Fund to Global X Management, in light of the nature, extent and quality of the services to be provided, was reasonable and in the best interests of the New Fund’s shareholders.

Comparison of Fees and Services

With respect to this factor, the Board considered:

• comparative information with respect to the proposed Management Fee to be paid to Global X Management by each New Fund. In connection with this consideration, Global X Management provided the Board with comparative expense data for each New

Fund, including fees and expenses paid by unaffiliated similar specialized and/or focused ETFs, and/or other similar registered funds. The Board considered Global X Management’s detailed explanation of the proposed fee structures of any New Fund that was above the average or median for the New Fund’s peer group;

261

Approval of Investment Advisory Agreement (unaudited)

• the structure of the proposed unitary Management Fee (which includes as one component the proposed investment advisory fee for the New Funds) and the expected total expense ratios for the New Funds. In this regard, the Board took into consideration that the purpose of adopting a unitary Management Fee structure for the New Funds was to create a simple, all-inclusive fee that would provide a level of predictability with respect to the overall expense ratios (i.e., the total fees) of the New Funds and that the proposed Management Fee for each New Fund was set at a competitive level to make the New Fund viable in the marketplace; and

• that, under the proposed unified Management Fee structure, Global X Management would be responsible for most ordinary expenses of the New Funds, including the costs of various third-party services required by the New Funds, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that each New Fund would bear other expenses not covered under the proposed all-inclusive Management Fee, such as taxes, brokerage fees, commissions, and other transaction expenses, interest expenses, and extraordinary expenses.

Based on these considerations, the Board concluded, at the New Fund Board Meetings, that the services to be received and the fees to be charged under the applicable New Fund Agreements were reasonable on a comparative basis.

Economies of Scale

With respect to this factor, the Board considered:

• the extent to which economies of scale would be realized as the New Funds grow and whether the proposed unitary Management Fees for the New Funds reflected these economies of scale;

• the significant investment of time, personnel and other resources that Global X Management intends to make in the New Funds in order to seek to assure that the New Funds are attractive to investors; and

• that the proposed unitary Management Fee would provide a high level of certainty as to the total level of expenses for each New Fund and its shareholders.

262

Approval of Investment Advisory Agreement (unaudited)

Based on these considerations, the Board concluded, at the New Fund Board Meetings, that the proposed unitary Management Fees for the New Funds appropriately addressed economies of scale.

Other Benefits

In considering each New Fund Agreement, in addition to the factors discussed above, the Board considered at the New Fund Board Meetings any other benefits that may be realized by Global X Management as a result of its relationships with the New Funds. As a result, the Board concluded that, in the case of each New Fund, in the exercise of the Board’s business judgement, all information the Board considered supported approval of the applicable New Fund Agreements.

Conclusion

After full consideration of the factors discussed above, as well as other factors that were instructive in their consideration, the Board, including all of the Trust’s Independent Trustees voting separately, concluded, in the exercise of its business judgement, that the New Fund Agreements were fair and reasonable and in the best interest of each New Fund.

In reaching these decisions, the Board did not assign relative weights to the factors discussed above nor did the Board deem any one factor or group of factors to be controlling in and of themselves. Each member of the Board may have afforded different weight to the various factors.

263

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 its NAV, as well as market supply and demand.

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

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

264

Trustees and Officers of the Trust (unaudited)

Set forth below are the names, addresses, years of birth, position 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 Trustee, 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 (1963) 605 Third Avenue, 43rd Floor New York, NY 10158	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)

265

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 Operational 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	N/A
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	N/A
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	N/A
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	N/A

¹	Each Trustee serves until his 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 funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor.

266

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 are designating the following items with regard to distributions paid during the year.

	Return of Capital	Long-Term Capital Gain Distributions	Ordinary Income Distributions	Total Distributions	Qualifying for Corporate Dividends Received Deduction⁽¹⁾	Qualifying Dividend Income⁽²⁾
Global X Social Media ETF
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Global Global X Lithium & Battery Tech ETF
	0.00%	0.00%	100.00%	100.00%	11.31%	64.70%
Global X E-Commerce ETF
	0.00%	0.00%	100.00%	100.00%	46.95%	48.29%
Global X SuperDividend^®ETF
	11.85%	0.00%	88.15%	100.00%	3.49%	48.78%
Global X SuperDividend^® U.S. ETF
	33.88%	0.00%	64.12%	100.00%	41.39%	44.58%
Global X MSCI SuperDividend^® EAFE ETF
	26.24%	0.00%	73.76%	100.00%	0.00%	99.52%
Global X MSCI SuperDividend^® Emerging Markets ETF
	20.70%	0.00%	79.30%	100.00%	0.00%	72.14%
Global X SuperDividend^® REIT ETF
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Global X NASDAQ 100^® Covered Call ETF
	97.64%	0.00%	2.36%	100.00%	0.00%	0.00%
Global X S&P 500^® Covered Call ETF
	82.62%	0.00%	17.38%	100.00%	0.00%	0.00%
Global X Russell 2000 Covered Call ETF
	90.21%	4.65%	5.15%	100.00%	0.00%	0.00%
Global X NASDAQ 100^® Covered Call & Growth ETF
	100.00%	0.00%	0.00%	100.00%	0.00%	0.00%
Global X S&P 500^® Covered Call & Growth ETF
	85.06%	0.00%	14.94%	100.00%	0.00%	0.00%
Global X SuperIncome™ Preferred ETF
	7.25%	0.00%	92.75%	100.00%	69.06%	75.93%
Global X YieldCo & Renewable Energy Income ETF
	0.00%	0.00%	100.00%	100.00%	12.35%	68.95%
Global X S&P 500^® Catholic Values ETF
	0.00%	2.77%	97.23%	100.00%	100.00%	100.00%
Global X S&P Catholic Values Developed ex-U.S. ETF
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Global X Guru^® Index ETF
	5.34%	0.00%	94.66%	100.00%	0.00%	0.00%

⁽¹⁾ Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary Income distributions (the total of short term capital gain and net investment income distributions).

267

Notice to Shareholders (unaudited)

	U.S. Government Interest⁽³⁾	Interest Related Dividends⁽⁴⁾	Short Term Capital Gain Dividends⁽⁵⁾	Qualifying Business Income⁽⁶⁾	Foreign Tax Credit
Global X Social Media ETF
0.00%		0.00%	0.00%	0.00%	0.00%
Global X Lithium & Battery Tech ETF
0.00%		0.08%	0.00%	0.00%	6.93%
Global X E-Commerce ETF
0.00%		0.00%	0.00%	0.00%	0.00%
Global X SuperDividend^®ETF
0.00%		0.01%	0.00%	24.77%	0.00%
Global X SuperDividend^® U.S. ETF
0.00%		4.39%	0.00%	24.31%	0.00%
Global X MSCI SuperDividend^® EAFE ETF
0.00%		0.01%	0.00%	0.00%	0.00%
Global X MSCI SuperDividend^® Emerging Markets ETF
0.00%		0.01%	0.00%	0.00%	0.00%
Global X SuperDividend^® REIT ETF
0.00%		0.00%	0.00%	0.00%	0.00%
Global X NASDAQ 100^® Covered Call ETF
0.00%		0.00%	0.00%	0.00%	0.00%
Global X S&P 500^® Covered Call ETF
0.00%		0.00%	0.00%	0.00%	0.00%
Global X Russell 2000 Covered Call ETF
0.00%		0.00%	0.00%	0.00%	0.00%
Global X NASDAQ 100^® Covered Call & Growth ETF
0.00%		0.00%	0.00%	0.00%	0.00%
Global X S&P 500^® Covered Call & Growth ETF
0.00%		0.00%	0.00%	0.00%	0.00%
Global X SuperIncome™ Preferred ETF
0.00%		0.00%	0.00%	2.90%	0.00%
Global X YieldCo & Renewable Energy Income ETF
0.00%		0.01%	0.00%	0.06%	16.20%
Global X S&P 500^® Catholic Values ETF
0.00%		0.08%	100.00%	0.00%	0.00%
Global X S&P Catholic Values Developed ex-U.S. ETF
0.00%		0.00%	0.00%	0.00%	0.00%
Global X Guru^® Index ETF
0.00%		0.05%	0.00%	3.23%	0.00%

⁽²⁾ The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.

⁽³⁾ “U.S. Government Interest” represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New 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 “Qualifying Interest Income” as created by the American Jobs Creation Act of 2004 and is a percentage of net investment income that is exempt from U.S. withholding tax when paid for foreign investors.

⁽⁵⁾ The percentage of this column represents the amount of “Short Term Capital Gain Dividend” and is reflected as a percentage of short term capital gain distribution that is exempted from U.S. withholding tax when paid to foreign investors.

⁽⁶⁾ The percentage of this column represents that amount of ordinary dividend income that qualified for 20% Business Income Deduction.

268

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:

Global X Funds	Foreign Source Income		Foreign Tax Credit Pass through
Global X Lithium & Battery Tech ETF	$	4,338,057	$	593,384
Global X YieldCo & Renewable Energy Income ETF		1,484,683		261,344

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.

269

Notes

270

Notes

271

605 Third Avenue, 43rd Floor

New York, NY 10158

1-888-493-8631

www.globalxetfs.com

Investment Adviser and Administrator:

Global X Management Company LLC

605 Third Avenue, 43rd Floor

New York, NY 10158

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

Stradley Ronon Stevens & Young, LLP

2000 K Street, N.W.

Suite 700

Washington, DC 20006-1871

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

40 Water Street

Boston, MA 02109

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

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

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