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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________

FORM N-CSRS

________

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22209

Global X Funds

 (Exact name of registrant as specified in charter)

________

605 Third Avenue, 43rd floor

New York, NY 10158

 (Address of principal executive offices) (Zip code)

Luis Berruga

Global X Management Company LLC

605 Third Avenue, 43rd floor

New York, NY 10158

 (Name and address of agent for service)

With a copy to:

Global X Management Company LLC 605 Third Avenue, 43rd floor New York, NY 10158 Eric S. Purple, Esq. Stradley Ronon Stevens & Young, LLP 2000 K Street, N.W., Suite 700 Washington, DC 20006-1871

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

Date of fiscal year end: November 30, 2021

Date of reporting period: May 31, 2021

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 Emerging Markets Bond ETF (ticker: EMBD)

Global X China Innovation ETF (ticker: KEJI)

Semi-Annual Report

May 31, 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/explore), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

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

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

Table of Contents

Schedules of Investments
Global X Emerging Markets Bond ETF	1
Global X China Innovation ETF	18
Statements of Assets and Liabilities	21
Statements of Operations	22
Statements of Changes in Net Assets	23
Financial Highlights	25
Notes to Financial Statements	27
Disclosure of Fund Expenses	39
Liquidity Risk Management Program	41
Approval of Investment Advisory Agreement and Sub-Advisory Agreement	42
Supplemental Information	49

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 schedule 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 report on Form N-PORT. The Funds’ Forms N-PORT is available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Emerging Markets Bond ETF

Sector Weightings †:

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

	Face Amount		Value
SOVEREIGN DEBT — 55.9%
Angola — 0.3%
Angolan Government International Bond
8.250%, 05/09/28	$	400,000	$	415,040
Argentina — 1.4%
Argentine Republic Government International Bond
0.125%, 2.500%, 07/09/21, 07/09/41 (A)		1,400,000		520,800
0.125%, 2.000%, 07/09/21, 01/09/38 (A)		1,400,000		551,152
0.125%, 1.125%, 07/09/21, 07/09/35 (A)		1,900,000		627,019
				1,698,971
Azerbaijan — 0.5%
Republic of Azerbaijan International Bond
4.750%, 03/18/24		200,000		217,050
3.500%, 09/01/32		400,000		407,000
				624,050
Bahrain — 0.4%
Bahrain Government International Bond
7.000%, 10/12/28		200,000		223,775

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

1

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — continued
Bahrain — continued
Bahrain Government International Bond MTN
5.250%,  01/25/33	$	300,000	$	288,810
				512,585
Brazil — 0.2%
Brazilian Government International Bond
2.875%,  06/06/25		200,000		205,976
Chile — 1.0%
Chile Government International Bond
3.500%,  01/25/50		600,000		605,730
3.240%,  02/06/28		200,000		216,608
2.450%,  01/31/31		400,000		402,556
				1,224,894
Colombia — 2.3%
Colombia Government International Bond
5.200%,  05/15/49		200,000		213,014
4.500%,  01/28/26		200,000		218,316
4.125%,  05/15/51		400,000		366,576
4.125%,  02/22/42		400,000		381,600
3.250%,  04/22/32		400,000		386,108
3.125%,  04/15/31		1,000,000		965,640
3.000%,  01/30/30		200,000		193,416
				2,724,670
Croatia — 0.6%
Croatia Government International Bond
5.500%,  04/04/23		600,000		654,750
Dominican Republic — 1.3%
Dominican Republic International Bond
6.850%,  01/27/45		200,000		226,200
6.500%,  02/15/48		400,000		436,400
6.000%,  07/19/28		200,000		227,900
5.950%,  01/25/27		400,000		451,560
5.500%,  01/27/25		200,000		220,140
				1,562,200

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

2

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — continued
Ecuador — 0.8%
Ecuador Government International Bond
0.500%, 1.000%, 07/31/21, 07/31/35 (A)	$	400,000	$	280,000
0.500%, 0.500%, 07/31/21, 07/31/40 (A)		1,000,000		630,000
				910,000
Egypt — 3.9%
Egypt Government International Bond
8.875%,  05/29/50		700,000		767,815
8.700%,  03/01/49		600,000		644,520
7.903%,  02/21/48		400,000		404,000
7.625%,  05/29/32		200,000		216,258
7.625%,  05/29/32(B)		600,000		648,775
6.588%,  02/21/28		200,000		214,580
5.875%,  06/11/25		200,000		215,000
Egypt Government International Bond MTN
7.600%,  03/01/29		200,000		222,628
7.500%,  01/31/27		200,000		227,524
7.053%,  01/15/32		600,000		626,052
5.875%,  02/16/31		400,000		393,451
				4,580,603
El Salvador — 0.2%
El Salvador Government International Bond
7.125%,  01/20/50(B)		200,000		190,000
Ghana — 1.4%
Ghana Government International Bond
8.950%,  03/26/51		400,000		398,256
8.627%,  06/16/49		200,000		194,938
7.750%,  04/07/29		600,000		618,000
7.750%,  04/07/29(B)		400,000		412,000
				1,623,194
Hungary — 1.4%
Hungary Government International Bond
7.625%,  03/29/41		200,000		324,981
5.750%,  11/22/23		200,000		225,638
5.375%,  03/25/24		1,000,000		1,133,146
				1,683,765

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

3

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — continued
India — 0.9%
Export-Import Bank of India
3.875%,  02/01/28	$	800,000	$	857,459
3.375%,  08/05/26		200,000		213,621
				1,071,080
Indonesia — 1.1%
Indonesia Government International Bond
3.500%,  01/11/28		600,000		653,293
2.950%,  01/11/23		200,000		207,604
Indonesia Government International Bond MTN
4.750%,  01/08/26		200,000		229,307
Perusahaan Penerbit SBSN Indonesia III
4.350%,  09/10/24		200,000		220,860
				1,311,064
Ivory Coast — 1.1%
Ivory Coast Government International Bond
6.125%,  06/15/33		1,200,000		1,277,004
Jordan — 0.4%
Jordan Government International Bond
5.750%,  01/31/27		400,000		426,632
Kenya — 0.6%
Kenya Government International Bond
8.250%,  02/28/48		400,000		443,000
6.875%,  06/24/24		200,000		222,140
				665,140
Kuwait — 0.5%
Kuwait International Government Bond
3.500%,  03/20/27		400,000		443,771
2.750%,  03/20/22		200,000		203,815
				647,586

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

4

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Emerging Markets Bond ETF

	��	Face Amount		Value
SOVEREIGN DEBT — continued
Mexico — 1.5%
Mexico Government International Bond
5.000%,  04/27/51		$	600,000	$	670,914
4.750%,  04/27/32			600,000		683,700
3.750%,  01/11/28			400,000		436,316
					1,790,930
Morocco — 1.6%
Morocco Government International Bond
4.000%,  12/15/50			1,200,000		1,094,784
2.375%,  12/15/27			800,000		781,504
					1,876,288
Nigeria — 2.4%
Nigeria Government International Bond
9.248%,  01/21/49			200,000		229,800
8.747%,  01/21/31			800,000		914,416
7.625%,  11/21/25			400,000		454,600
Nigeria Government International Bond MTN
7.625%,  11/28/47			200,000		201,600
6.500%,  11/28/27			1,000,000		1,065,500
					2,865,916
Oman — 3.3%
Oman Government International Bond
6.750%,  01/17/48			400,000		390,536
6.750%,  10/28/27			800,000		894,032
6.250%,  01/25/31			600,000		636,106
5.625%,  01/17/28			500,000		524,056
5.375%,  03/08/27			400,000		415,686
4.125%,  01/17/23			600,000		616,548
Oman Government International Bond MTN
6.000%,  08/01/29			200,000		211,308
4.875%,  02/01/25			200,000		209,066
					3,897,338
Pakistan — 0.7%
Pakistan Government International Bond
8.250%,  04/15/24			600,000		655,500
6.875%,  12/05/27			200,000		208,981
					864,481

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

5

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — continued
Panama — 1.5%
Panama Government International Bond
4.500%,  05/15/47	$	200,000	$	223,100
4.000%,  09/22/24		600,000		652,866
3.870%,  07/23/60		200,000		200,870
3.750%,  03/16/25		600,000		653,778
				1,730,614
Paraguay — 0.4%
Paraguay Government International Bond
5.000%,  04/15/26		200,000		226,000
4.950%,  04/28/31		200,000		226,602
				452,602
Peru — 1.2%
Peruvian Government International Bond
8.750%,  11/21/33		200,000		310,250
5.625%,  11/18/50		200,000		262,360
4.125%,  08/25/27		400,000		443,448
2.783%,  01/23/31		400,000		400,472
				1,416,530
Philippines — 0.8%
Philippine Government International Bond
6.375%,  10/23/34		200,000		281,589
4.200%,  01/21/24		400,000		438,556
3.700%,  02/02/42		200,000		212,582
				932,727
Qatar — 3.7%
Qatar Government International Bond
5.103%,  04/23/48		200,000		259,666
4.817%,  03/14/49		600,000		755,736
4.500%,  04/23/28		400,000		471,500
4.400%,  04/16/50		200,000		238,112
4.000%,  03/14/29		400,000		460,034
3.875%,  04/23/23		600,000		639,000
3.750%,  04/16/30		200,000		226,641
3.400%,  04/16/25		600,000		654,000
3.250%,  06/02/26		600,000		655,500
				4,360,189

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

6

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — continued
Romania — 0.9%
Romanian Government International Bond
4.000%,  02/14/51	$	200,000	$	204,816
Romanian Government International Bond MTN
4.875%,  01/22/24		600,000		663,038
4.375%,  08/22/23		200,000		216,264
				1,084,118
Russia — 2.1%
Russian Foreign Bond - Eurobond
5.250%,  06/23/47		400,000		496,552
5.100%,  03/28/35		200,000		236,488
4.750%,  05/27/26		200,000		226,718
4.375%,  03/21/29		600,000		673,356
4.250%,  06/23/27		800,000		890,000
				2,523,114
Saudi Arabia — 1.9%
Saudi Government International Bond
5.250%,  01/16/50		200,000		254,516
Saudi Government International Bond MTN
4.500%,  04/17/30		400,000		468,240
4.000%,  04/17/25		400,000		441,880
3.750%,  01/21/55		200,000		203,790
3.250%,  10/26/26		400,000		432,500
2.900%,  10/22/25(B)		200,000		213,308
2.250%,  02/02/33		200,000		191,329
				2,205,563
Senegal — 0.9%
Senegal Government International Bond
6.250%,  07/30/24		200,000		222,300
6.250%,  05/23/33		800,000		846,200
				1,068,500

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

7

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — continued
South Africa — 1.4%
Republic of South Africa Government International Bond
4.850%,  09/30/29	$	200,000	$	212,000
4.850%,  09/27/27		800,000		861,152
4.300%,  10/12/28		600,000		619,236
				1,692,388
South Korea — 2.1%
Export-Import Bank of Korea
1.381%, VAR ICE LIBOR USD 3 Month+1.200%, 04/27/23		1,200,000		1,220,856
Korea Development Bank
0.261%, VAR United States Secured Overnight Financing Rate+0.250%, 03/09/24		200,000		199,498
Korea Development Bank MTN
0.505%, VAR ICE LIBOR USD 3 Month+0.350%, 02/18/23		1,000,000		1,001,796
				2,422,150
Sri Lanka — 0.6%
Sri Lanka Government International Bond
7.550%,  03/28/30		400,000		267,020
6.750%,  04/18/28		600,000		399,678
				666,698
Turkey — 2.0%
Turkey Government International Bond
7.250%,  12/23/23		200,000		214,886
6.625%,  02/17/45		400,000		370,392
6.125%,  10/24/28		200,000		200,050
5.600%,  11/14/24		400,000		408,000
5.250%,  03/13/30		400,000		372,150
5.125%,  02/17/28		600,000		574,596
3.250%,  03/23/23		200,000		198,353
				2,338,427

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

8

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Emerging Markets Bond ETF

	Face Amount		Value
SOVEREIGN DEBT — continued
Ukraine — 2.2%
Ukraine Government International Bond
7.750%,  09/01/23	$	200,000	$	216,180
7.750%,  09/01/26		400,000		445,574
7.750%,  09/01/24		400,000		440,016
7.375%,  09/25/32		600,000		635,843
7.253%,  03/15/33		800,000		840,000
				2,577,613
United Arab Emirates — 3.2%
Abu Dhabi Government International Bond
3.125%,  10/11/27		200,000		218,300
3.125%,  09/30/49		200,000		197,500
3.125%,  05/03/26		600,000		654,720
2.125%,  09/30/24		200,000		209,848
Abu Dhabi Government International Bond MTN
2.500%,  04/16/25		800,000		848,000
0.750%,  09/02/23		500,000		504,295
Finance Department Government of Sharjah MTN
4.375%,  03/10/51		1,000,000		963,722
4.000%,  07/28/50		200,000		183,000
				3,779,385
Uruguay — 0.8%
Uruguay Government International Bond
4.500%,  08/14/24		200,000		217,492
4.375%,  01/23/31		200,000		232,342
4.375%,  10/27/27		400,000		458,500
				908,334
Vietnam — 0.4%
Vietnam Government International Bond
4.800%,  11/19/24		400,000		445,198
TOTAL SOVEREIGN DEBT
(Cost $65,085,688)				65,908,307

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

9

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Emerging Markets Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — 38.6%
Azerbaijan — 0.8%
Energy — 0.8%
Southern Gas Corridor CJSC
6.875%, 03/24/26	$	800,000	$	960,000
Bahrain — 0.6%
Government — 0.6%
CBB International Sukuk Programme WLL
6.250%, 11/14/24		600,000		659,250
Brazil — 1.9%
Consumer Discretionary — 1.5%
B2W Digital Lux Sarl
4.375%, 12/20/30		400,000		399,000
Iochpe-Maxion Austria GmbH
5.000%, 05/07/28		1,000,000		982,800
JSM Global Sarl
4.750%, 10/20/30		400,000		411,104
				1,792,904
Materials — 0.4%
Klabin Finance
4.875%, 09/19/27		400,000		439,500
Chile — 2.5%
Financials — 0.5%
Banco del Estado de Chile MTN
3.875%, 02/08/22		600,000		612,612
Materials — 1.2%
Nacional del Cobre de Chile
3.625%, 08/01/27		600,000		652,500
3.000%, 09/30/29		800,000		817,853
				1,470,353
Utilities — 0.8%
Chile Electricity PEC
2.931%, 01/25/28(C)		1,200,000		981,000

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

10

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Emerging Markets Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
China — 0.6%
Communication Services — 0.6%
Prosus
3.832%, 02/08/51	$	800,000	$	740,320
Colombia — 0.2%
Energy — 0.2%
Ecopetrol
5.875%, 05/28/45		200,000		207,200
India — 1.3%
Energy — 0.4%
BPRL International Singapore Pte MTN
4.375%, 01/18/27		400,000		425,450
Financials — 0.2%
ICICI Bank MTN
3.800%, 12/14/27		200,000		214,525
Industrials — 0.2%
India Toll Roads MTN
5.500%, 08/19/24		250,000		240,125
Utilities — 0.5%
Adani Renewable Energy RJ MTN
4.625%, 10/15/39		567,000		576,469
Indonesia — 1.6%
Energy — 0.2%
Pertamina Persero MTN
6.450%, 05/30/44		200,000		254,201
Materials — 1.4%
Indonesia Asahan Aluminium Persero
6.530%, 11/15/28		400,000		485,000
5.450%, 05/15/30		600,000		693,000
4.750%, 05/15/25		400,000		439,600
				1,617,600

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

11

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Emerging Markets Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
Kazakhstan — 1.6%
Energy — 1.6%
KazMunayGas National JSC
5.375%, 04/24/30	$	200,000	$	238,569
4.750%, 04/19/27		200,000		228,050
Tengizchevroil Finance International
4.000%, 08/15/26		400,000		431,772
3.250%, 08/15/30		1,000,000		1,018,990
				1,917,381
Kuwait — 1.9%
Financials — 0.7%
Kuwait Projects SPC
4.229%, 10/29/26		800,000		792,000
Materials — 1.2%
Equate Petrochemical BV MTN
4.250%, 11/03/26		400,000		443,600
MEGlobal Canada ULC MTN
5.875%, 05/18/30		400,000		491,160
5.000%, 05/18/25		400,000		449,280
				1,384,040
Malaysia — 1.4%
Energy — 1.4%
Petronas Capital MTN
4.550%, 04/21/50		200,000		238,781
3.500%, 03/18/25		200,000		216,629
3.500%, 04/21/30		600,000		653,122
Petronas Energy Canada MTN
2.112%, 03/23/28		600,000		602,722
				1,711,254
Mexico — 6.2%
Consumer Staples — 0.6%
Grupo Bimbo
4.700%, 11/10/47		600,000		688,158

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

12

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Emerging Markets Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
Energy — 4.3%
Petroleos Mexicanos
7.690%, 01/23/50	$	800,000	$	768,000
6.875%, 10/16/25		200,000		223,380
6.840%, 01/23/30		400,000		414,160
6.500%, 03/13/27		600,000		640,626
6.500%, 01/23/29		600,000		615,600
6.490%, 01/23/27		600,000		640,050
6.350%, 02/12/48		600,000		508,332
5.950%, 01/28/31		800,000		778,000
Petroleos Mexicanos MTN
6.875%, 08/04/26		400,000		443,432
				5,031,580
Industrials — 0.2%
Mexico City Airport Trust
3.875%, 04/30/28		200,000		207,130
Materials — 0.9%
Industrias Penoles
4.750%, 08/06/50		1,000,000		1,045,000
Utilities — 0.2%
Comision Federal de Electricidad
3.348%, 02/09/31		200,000		198,002
Morocco — 0.8%
Materials — 0.8%
OCP
6.875%, 04/25/44		800,000		978,096
Panama — 0.7%
Industrials — 0.7%
Aeropuerto Internacional de Tocumen
6.000%, 11/18/48		788,995		846,946
Peru — 3.2%
Consumer Staples — 0.8%
InRetail Consumer
3.250%, 03/22/28		1,000,000		960,000

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

13

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Emerging Markets Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
Energy — 1.1%
Petroleos del Peru
5.625%, 06/19/47	$	600,000	$	618,750
4.750%, 06/19/32		600,000		623,400
				1,242,150
Financials — 0.4%
Banco BBVA Peru
5.250%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.750%, 09/22/29		400,000		414,000
Utilities — 0.9%
Kallpa Generacion
4.875%, 05/24/26		200,000		211,020
4.125%, 08/16/27		800,000		820,000
				1,031,020
Qatar — 0.9%
Financials — 0.9%
QNB Finance MTN
1.235%, VAR United States Secured Overnight Financing Rate+1.225%, 02/12/22		200,000		199,770
1.176%, VAR ICE LIBOR USD 3 Month+1.000%, 05/02/22		850,000		852,599
				1,052,369
Saudi Arabia — 2.9%
Energy — 2.3%
Saudi Arabian Oil
3.250%, 11/24/50		600,000		561,263
1.625%, 11/24/25		400,000		406,822
Saudi Arabian Oil MTN
4.250%, 04/16/39		200,000		222,183
3.500%, 04/16/29		400,000		432,702
2.875%, 04/16/24		800,000		847,930
2.750%, 04/16/22		200,000		204,164
				2,675,064

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

14

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Emerging Markets Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
Utilities — 0.6%
Acwa Power Management And Investments One
5.950%, 12/15/39	$	600,000	$	709,440
South Africa — 2.4%
Materials — 0.9%
Sasol Financing USA
6.500%, 09/27/28		600,000		676,500
5.500%, 03/18/31		400,000		418,080
				1,094,580
Utilities — 1.3%
Eskom Holdings SOC MTN
6.350%, 08/10/28		1,400,000		1,569,750
Supranational — 0.3%
Government — 0.3%
Africa Finance
2.875%, 04/28/28		400,000		398,800
Thailand — 0.3%
Materials — 0.3%
GC Treasury Center MTN
2.980%, 03/18/31		400,000		400,564
United Arab Emirates — 4.3%
Financials — 2.2%
First Abu Dhabi Bank PJSC MTN
1.097%, VAR ICE LIBOR USD 3 Month+0.900%, 07/08/24		600,000		604,708
1.012%, VAR ICE LIBOR USD 3 Month+0.850%, 08/08/23		1,800,000		1,809,396
MDGH - GMTN BV MTN
2.500%, 05/21/26		200,000		209,800
				2,623,904
Government — 1.4%
Sharjah Sukuk Program
3.234%, 10/23/29		400,000		414,008
2.942%, 06/10/27		600,000		620,365

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

15

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Emerging Markets Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
Government — continued
Sharjah Sukuk Program MTN  3.854%, 04/03/26	$	600,000	$	648,577
				1,682,950
Industrials — 0.7%
DP World Crescent
3.908%, 05/31/23		200,000		210,864
DP World Crescent MTN
4.848%, 09/26/28		400,000		453,839
DP World MTN
6.850%, 07/02/37		100,000		133,250
				797,953
United States — 2.4%
Financials — 2.4%
Goldman Sachs Group
0.900%, VAR ICE LIBOR USD 3 Month+0.750%, 02/23/23		1,000,000		1,009,133
Morgan Stanley MTN
1.576%, VAR ICE LIBOR USD 3 Month+1.400%, 10/24/23		1,000,000		1,016,837
1.382%, VAR ICE LIBOR USD 3 Month+1.220%, 05/08/24		800,000		814,129
				2,840,099
TOTAL CORPORATE OBLIGATIONS
(Cost $44,871,700)				45,483,739
U.S. TREASURY OBLIGATIONS — 2.0%
U.S. Treasury Notes
0.375%, 11/30/25		400,000		394,422
0.125%, 05/31/22		1,000,000		1,000,469
0.125%, 02/28/23		1,000,000		999,961
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $2,398,293)				2,394,852
TOTAL INVESTMENTS — 96.5%
(Cost $112,355,681)			$	113,786,898

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

16

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Emerging Markets Bond ETF

Percentages are based on Net Assets of $117,961,732.

(A)	Step Bonds – Represents the current rate, the step rate, the step date and the final maturity date.
(B)	Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration normally to qualified institutions.  On May 31, 2021, the value of these securities amounted to $1,464,083 representing 1.2% of the net assets of the Fund.
(C)	The rate reported on the Schedule of Investments is the effective yield at time of purchase.

CJSC —  Closed Joint Stock Company

GMTN — Global Medium Term Note

ICE —  Intercontinental Exchange

JSC — Joint Stock Company

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

PJSC — Public Joint Stock Company

SOC —  State Owned Company

SPC —  Special Purpose Company

ULC — Unlimited Liability Company

USD — U.S. Dollar

VAR – Variable Rate

As of May 31, 2021, all of the Fund’s investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2021, there were no transfers in or out of Level 3.

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

17

Schedule of Investments

May 31, 2021 (Unaudited)

Global X China Innovation ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 90.0%
CHINA— 88.6%
Communication Services — 8.5%
Baidu ADR *		156	$	30,618
Bilibili ADR *		829		88,852
Tencent Holdings		3,100		240,244
				359,714
Consumer Discretionary — 14.5%
Alibaba Group Holding *		7,300		195,068
BYD, Cl H		6,500		148,818
Fuyao Glass Industry Group, Cl H		8,400		52,815
Geely Automobile Holdings		16,000		40,528
Meituan, Cl B *		1,000		34,169
NavInfo, Cl A *		36,600		76,148
NIO ADR *		843		32,557
TAL Education Group ADR *		818		32,695
				612,798
Consumer Staples — 2.5%
Tongwei, Cl A		17,300		104,232
Financials — 3.6%
East Money Information, Cl A		16,200		79,645

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

18

Schedule of Investments

May 31, 2021 (Unaudited)

Global X China Innovation ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Ping An Insurance Group of China, Cl H		6,500	$	71,059
				150,704
Health Care — 14.6%
Hangzhou Tigermed Consulting, Cl A		2,200		59,348
Innovent Biologics *		4,000		46,125
Jiangsu Hengrui Medicine, Cl A		4,800		64,706
Ping An Healthcare and Technology *		20,600		236,615
Shenzhen Mindray Bio-Medical Electronics, Cl A		700		53,258
WuXi AppTec, Cl H		4,920		101,867
Wuxi Biologics Cayman *		3,500		51,904
				613,823
Industrials — 16.5%
Contemporary Amperex Technology, Cl A		2,700		173,655
Estun Automation, Cl A *		12,100		61,711
Han’s Laser Technology Industry Group, Cl A		20,600		120,653
Ming Yang Smart Energy Group, Cl A		14,300		34,130
NARI Technology, Cl A		18,500		87,932
SF Holding, Cl A		5,200		57,034
Shenzhen Inovance Technology, Cl A		6,600		99,397
ZTO Express Cayman ADR *		1,853		59,463
				693,975
Information Technology — 26.9%
Chinasoft International		50,000		64,356
GDS Holdings ADR *		405		30,464
GoerTek, Cl A		12,300		74,474
Hua Hong Semiconductor *		16,000		86,890
Iflytek		6,000		58,356
LONGi Green Energy Technology, Cl A		14,300		218,368
Luxshare Precision Industry, Cl A		17,700		109,227
Sangfor Technologies, Cl A		4,000		172,078
Will Semiconductor Shanghai, Cl A		2,000		89,968
Wuxi Lead Intelligent Equipment, Cl A		7,800		110,597

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

19

Schedule of Investments

May 31, 2021 (Unaudited)

Global X China Innovation ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Xinyi Solar Holdings		66,000	$	117,178
				1,131,956
Materials — 1.5%
Ganfeng Lithium, Cl A		3,400		63,457
TOTAL CHINA				3,730,659
HONG KONG— 1.4%
Health Care — 1.4%
Sino Biopharmaceutical		55,000		60,942
TOTAL COMMON STOCK
(Cost $4,242,992)				3,791,601
TOTAL INVESTMENTS — 90.0%
(Cost $4,242,992)			$	3,791,601

Percentages are based on Net Assets of $4,211,238.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

As of May 31, 2021, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2021, there were no transfers in or out of Level 3.

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

20

Statements of Assets and Liabilities

May 31, 2021 (Unaudited)

	Global X Emerging Markets Bond ETF		Global X China Innovation ETF
Assets:
Cost of Investments	$	112,355,681	$	4,242,992
Cost of Foreign Currency		—		4,436
Investments, at Value	$	113,786,898	$	3,791,601
Cash		4,764,296		374,825
Foreign Currency, at Value		—		4,458
Dividend and Interest Receivable		1,065,756		1,446
Unrealized Appreciation on Spot Contracts		—		24
Receivable for Investment Securities Sold		—		41,475
Total Assets		119,616,950		4,213,829
Liabilities:
Payable for Investment Securities Purchased		1,618,086		—
Payable due to Investment Adviser		37,132		2,591
Total Liabilities		1,655,218		2,591
Net Assets	$	117,961,732	$	4,211,238
Net Assets Consist of:
Paid-in Capital	$	114,852,165	$	4,818,694
Total Distributable Earnings/(Loss)		3,109,567		(607,456	)
Net Assets	$	117,961,732	$	4,211,238
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		4,400,000		200,000
Net Asset Value, Offering and Redemption Price Per Share	$	26.81	$	21.06

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

21

Statements of Operations

For the period ended May 31, 2021 (Unaudited)

	Global X Emerging Markets Bond ETF			Global X China Innovation ETF(1)
Investment Income:
Dividend Income	$	—		$	6,844
Interest Income		1,586,995			—
Less: Foreign Taxes Withheld		(11,178	)		(516	)
Total Investment Income		1,575,817			6,328
Supervision and Administration Fees(2)		165,555			7,876
Custodian Fees(3)		12			—
Total Expenses		165,567			7,876
Net Investment Income (Loss)		1,410,250			(1,548	)
Net Realized Gain (Loss) on:
Investments(4)		1,706,608			(152,019	)
Foreign Currency Transactions		—			(2,545	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		1,706,608			(154,564	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(2,243,446	)		(451,391	)
Foreign Currency Translations		—			47
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(2,243,446	)		(451,344	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations		(536,838	)		(605,908	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	873,412		$	(607,456	)

(1)	The Fund commenced operations on February 22, 2021.
(2)	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.)
(3)	See Note 2 in the Notes to Financial Statements.
(4)	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.

22

Statements of Changes in Net Assets

	Global X Emerging Markets Bond ETF						Global X China Innovation ETF
	Period Ended May 31, 2021 (Unaudited)			Period Ended November 30, 2020(1)			Period Ended May 31, 2021 (Unaudited)(2)
Operations:
Net Investment Income (Loss)	$	1,410,250		$	1,102,970		$	(1,548	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(3)		1,706,608			822,777			(154,564	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(2,243,446	)		3,674,663			(451,344	)
Net Increase (Decrease) in Net Assets Resulting from Operations		873,412			5,600,410			(607,456	)
Distributions		(2,267,215	)		(1,097,040	)		—
Capital Share Transactions:
Issued		58,984,198			64,235,133			4,818,694
Redeemed		(8,367,166	)		—			—
Increase in Net Assets from Capital Share Transactions		50,617,032			64,235,133			4,818,694
Total Increase in Net Assets		49,223,229			68,738,503			4,211,238
Net Assets:
Beginning of Year/Period		68,738,503			—			—
End of Year/Period	$	117,961,732		$	68,738,503		$	4,211,238
Share Transactions:
Issued		2,200,000			2,500,000			200,000
Redeemed		(300,000	)		—			—
Net Increase in Shares Outstanding from Share Transactions		1,900,000			2,500,000			200,000

(1)	The Fund commenced operations on June 1, 2020.
(2)	The Fund commenced operations on February 22, 2021.
(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.

23

Page intentionally left blank.

24

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)
Global X Emerging Markets Bond ETF
2021 (Unaudited)		27.50		0.45			(0.30	)		0.15			(0.46	)		(0.38	)
2020(1)		25.00		0.49			2.47			2.96			(0.46	)		—
Global X China Innovation ETF
2021 (Unaudited) (2)		25.00		(0.01	)		(3.93	)		(3.94	)		—			—

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

25

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
	(0.84	)		26.81		0.52			117,962		0.39	†		3.32	†		57.60
	(0.46	)		27.50		11.91			68,739		0.39	†		3.72	†		38.12
	—			21.06		(15.76	)		4,211		0.75	†		(0.15	)†		13.30

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1)	The Fund commenced operations on June 1, 2020.
(2)	The Fund commenced operations on February 22, 2021.

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

26

Notes to Financial Statements

May 31, 2021 (Unaudited)

1. ORGANIZATION

The Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of May 31, 2021, the Trust had ninety-nine portfolios, eighty-one of which were operational. The financial statements herein and the related notes pertain to the Global X Emerging Markets Bond ETF and the Global X China Innovation ETF (the “Funds”). The Funds have elected non-diversified status.

The Global X China Innovation ETF commenced operations on February 22, 2021. Effective April 1, 2021, the Global X China Disruption ETF changed its name to Global X China Innovation ETF.

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.

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

For securities traded on NASDAQ, the NASDAQ official closing price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less will be valued at their market value. The prices for foreign

27

Notes to Financial Statements (continued)

May 31, 2021 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value their securities if an event that may materially affect the value of the Funds’ securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Funds calculate their net asset values. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC, the Funds’ investment adviser (the “Adviser”), becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate their net asset values, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of May 31, 2021, there were no securities priced using the Fair Value Procedures.

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

28

Notes to Financial Statements (continued)

May 31, 2021 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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); and

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

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

For the period ended May 31, 2021, there have been no significant changes to the Funds’ fair valuation methodology.

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

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50%) 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. Any foreign tax filings that have not been made will be filed within the prescribed period.

29

Notes to Financial Statements (continued)

May 31, 2021 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

As of and during the period ended May 31, 2021, the Funds did not have a liability for any unrecognized tax benefits as income tax expense on the Statements of Operations. During the period, the Funds did not incur any interest or penalties. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

SECURITY TRANSACTIONS AND INVESTMENT INCOME – Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from the settlement date.  Amortization of premiums and accretion of discounts is included in interest income.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS – The Funds distribute their net investment income on a pro rata basis.  Any net realized capital gains are distributed annually. All distributions are recorded on ex-dividend date.

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

CREATION UNITS – The Funds issue and redeem their shares (“Shares”) on a continuous basis at net asset value (“NAV”) and only in large blocks of Shares (100,000 for Global X Emerging Markets Bonds ETF and 10,000 for Global X China Innovation ETF), referred to as “Creation Units”. Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day.

An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to Brown Brothers Harriman & Co. (“BBH”), the Funds’ custodian (“custodian”), on the date of such redemption, regardless of the number of Creation Units redeemed that day. If a Creation Unit is purchased or redeemed for cash, an additional variable fee may be charged. The following table discloses the Creation Unit breakdown:

	Creation Unit Shares		Creation Fee		Value at May 31, 2021		Redemption Fee
Global X Emerging Markets Bond ETF		100,000	$	500	$	2,681,000	$	500
Global X China Innovation ETF		10,000		900		210,600		900

30

Notes to Financial Statements (continued)

May 31, 2021 (Unaudited)

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 services to the Funds, under the supervision and administration agreement, the Funds pay a monthly fee to the Adviser at the annual rate (stated as a percentage of the average daily net assets of the Fund) (“Supervision and Administration Fee”). In addition, the Funds bear other expenses that are not covered by the supervision and administration agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, acquired fund fees, other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses).

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

	Supervision and Administration Fee
Global X Emerging Markets Bond ETF		0.39	%
Global X China Innovation ETF		0.75	%

Sub-Adviser - Global X Emerging Markets Bond ETF:

The Adviser has entered into a sub-advisory agreement with Mirae Asset Global Investments (USA) LLC (“Mirae USA Sub-Adviser”),  an  affiliate  of  the  Adviser,  under  which  the  Adviser  pays  the  Mirae  USA  Sub-Adviser  for  management  and operational services it provides to the Fund. The Mirae USA Sub-Adviser, subject to the supervision and oversight of the Trust’s Board of Trustees and the Adviser, is responsible for the management of the Fund, and has discretion to buy or sell securities in accordance with the Fund’s investment objective.

31

Notes to Financial Statements (continued)

May 31, 2021 (Unaudited)

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

The Adviser may from time to time share certain of its profits with, or allocate other resources to, the Mirae USA Sub-Adviser. Any such payments by the Adviser to the Mirae USA Sub-Adviser will be from the Adviser’s own resources.

Sub-Adviser - Global X China Innovation ETF:

The Adviser has entered into a sub-advisory agreement with Mirae Asset Global Investments (Hong Kong) Limited (“Mirae HK Sub-Adviser”), an affiliate of the Adviser, under which the Adviser pays the Mirae HK Sub-Adviser for management and operational services it provides to the Fund. The Mirae HK Sub-Adviser, subject to the supervision and oversight of the Trust’s Board of Trustees and the Adviser, is responsible for the management of the Fund, and has discretion to buy or sell securities in accordance with the Fund’s investment objective. The Adviser may from time to time share certain of its profits with, or allocate other resources to, the Mirae HK Sub-Adviser. Any such payments by the Adviser to the Mirae HK Sub-Adviser will be from the Adviser’s own resources.

The Adviser pays each Sub-Adviser a fee (“Sub-Adviser Management Fee”) in return for providing management and operational services to the respective Fund. The Adviser will pay a monthly Sub-Adviser Management Fee to the respective Sub-Adviser at the annual rate set forth below:

Global X Emerging Markets Bond ETF:

• 0.14% on assets for any day that total assets are greater than or equal to $50 million.

• 0.00% on assets for any day that total assets are less than $50 million.

Global X China Innovation ETF:

• 0.32% on all assets

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

32

Notes to Financial Statements (continued)

May 31, 2021 (Unaudited)

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

Adviser. SEI Investments Distribution Co. (“SIDCO”) serves as each Fund’s underwriter and distributor of Creation Units pursuant to a distribution agreement.  SIDCO has no obligation to sell any specific quantity of Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (1) the costs of processing and  maintaining records of creations of Creation Units; (2) all costs of maintaining the records required of a registered broker/dealer; (3) the expenses of maintaining its  registration or qualification as a dealer or broker under federal or state laws; (4) filing fees; and (5) all other expenses incurred in connection with the distribution services as contemplated in the distribution agreement. SIDCO receives no fee from the Funds for its distribution services under the distribution agreement; rather, the Adviser compensates SIDCO for certain expenses, out-of-pocket costs, and transaction fees.

BBH serves as custodian and transfer agent of the Funds’ assets. As custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds, (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As transfer agent, BBH has agreed to (1) issue and redeem Shares of each Fund, (2) make dividend and other distributions to shareholders of each Fund, (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts, and (5) make periodic reports to the Funds.

As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

4. INVESTMENT TRANSACTIONS

For the period ended May 31, 2021, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government, and short-term securities, were:

2021	Purchases		Sales and Maturities
Global X Emerging Markets Bond ETF	$	42,264,755	$	43,787,611
Global X China Innovation ETF		4,845,299		450,287

33

Notes to Financial Statements (continued)

May 31, 2021 (Unaudited)

4. INVESTMENT TRANSACTIONS (continued)

For the period ended May 31, 2021, in-kind transactions associated with creations and redemptions were:

2021	Purchases		Sales and Maturities		Realized Gain
Global X Emerging Markets Bond ETF	$	55,379,322	$	7,890,506	$	622,962
Global X China Innovation ETF		-		-		-

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

2020	Purchases		Sales and Maturities		Realized Gain
Global X Emerging Markets Bond ETF	$	58,670,918	$	-	$	-

For the period ended May 31, 2021, the Global X Emerging Markets Bond ETF had purchases and sales of long-term U.S. Government securities of $1,997,984 and $1,363,336 respectively.

5. TAX INFORMATION

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid in capital, as appropriate, in the period that the differences arise.

The tax character of dividends and distributions declared during the period ended November 30, 2020 was as follows:

Global X Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X Emerging Markets Bond ETF
2020	$	1,097,040	$	–	$	–	$	1,097,040

34

Notes to Financial Statements (continued)

May 31, 2021 (Unaudited)

5. TAX INFORMATION (continued)

As of November 30, 2020, the components of tax basis distributable earnings (accumulated losses) were as follows:

	Global X Fund
	Global X Emerging Markets Bond ETF
Undistributed Ordinary Income	$	830,660
Unrealized Appreciation on Investments and Foreign Currency		3,672,710
Total Distributable Earnings	$	4,503,370

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at May 31, 2021 was as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global X Emerging Markets Bond ETF	$	112,355,681	$	2,286,157	$	(854,940	)	$	1,431,217
Global X China Innovation ETF		4,242,992		99,715		(551,106	)		(451,391	)

6. CONCENTRATION OF RISKS

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

The securities markets of emerging market countries are less liquid and subject to greater price volatility, and have a smaller market capitalization than the U.S. securities markets.

In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issuers or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations or issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging market country issuers may not reflect their financial
position or results of operations in the same manner as financial statements for U.S. issuers.

35

Notes to Financial Statements (continued)

May 31, 2021 (Unaudited)

6. CONCENTRATION OF RISKS (continued)

Substantially less information may be publicly available about emerging market country issuers than is available about issuers in the United States.  There may be significant obstacles to obtaining information necessary for investigations into or litigation against emerging market companies and shareholders may have limited legal remedies.

The Funds may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on either income, gains earned or gains repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.

The 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 a Funds’ investments cannot yet be determined.

Economic conditions, such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior warning, lead to foreign government intervention (including intervention by the U.S. government with respect to foreign governments, economic sectors, foreign companies and related securities and interests) and the imposition of capital controls (i.e., government measures designed to limit the flow of foreign capital in and out of the domestic economy) and/or sanctions, which may also include retaliatory actions of one government against another government, such as seizure of assets. Capital controls  and/or sanctions include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. Capital controls and/or sanctions may also impact the ability of the Funds to buy, sell or otherwise transfer securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for shares of the Funds, and cause the Funds to decline in value.

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

36

Notes to Financial Statements (continued)

May 31, 2021 (Unaudited)

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 are initially required to be secured by collateral equal to at least 102% for U.S.-based securities and 105% for foreign based securities. Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements or U.S. Treasury obligations and is recognized in the Schedule of Investments and Statement of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statement of Assets and Liabilities.   It is the 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. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. As of May 31, 2021, the Funds had no securities on loan.

8. CONTRACTUAL OBLIGATIONS

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these arrangements is unknown. However, the Funds have not had prior gains or losses pursuant to these contracts.

Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.

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. SUBSEQUENT EVENTS

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

37

Notes to Financial Statements (concluded)

May 31, 2021 (Unaudited)

10. 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 Funds 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.

38

Disclosure of Fund Expenses (Unaudited)

All exchange traded funds (“ETFs”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, commissions, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for brokerage fees as a result of their investment in the Fund.

Operating expenses such as these are deducted from an ETF’s gross income and directly reduce its final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (December 1, 2020 to May 31, 2021).

The table on the next page illustrates your Fund’s costs in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Funds, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Funds under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Funds had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

39

Disclosure of Fund Expenses (Unaudited)

	Beginning Account Value 12/1/2020		Ending Account Value 5/31/2021		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X Emerging Markets Bond ETF
Actual Fund Return	$	1,000.00	$	1,004.80		0.39	%	$	1.95
Hypothetical 5% Return		1,000.00		1,022.99		0.39			1.97
Global X China Innovation ETF*
Actual Fund Return	$	1,000.00	$	842.40		0.75	%	$	1.86	(2)
Hypothetical 5% Return		1,000.00		1,021.19		0.75			3.78

(1)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period.)
(2)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 98/365 (to reflect the period from inception to date).
*	The Fund commenced operations on February 22, 2021.

40

Liquidity Risk Management Program (unaudited)

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

At a meeting of the Board held on May 21, 2021, the Trustees received a report from the Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation for the period from January 1, 2020 through December 31, 2020. 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.

41

Approval of Investment Advisory Agreement and Sub-Advisory Agreement (unaudited)

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

At a Board meeting of the Global X Funds (the “Trust”) held by videoconference on November 11, 2020¹ (the “New Fund Board Meeting”), the Board of Trustees (the “Board”) (including the Trust’s Independent Trustees, voting separately) considered and unanimously approved (i) the initial Investment Advisory Agreement (the “New Investment Advisory Agreement”) for the Global X China Innovation ETF (the “New Fund”) and (ii) the initial Supervision and Administration Agreement between the Trust (the “New Supervision and Administration Agreement”), on behalf of the New Fund, and Global X Management; and (iii) the Sub-Advisory Agreement between Global X Management on behalf of the New Fund and Mirae Asset Global Investments (Hong Kong) Limited (the “Sub-Adviser”) (the “New Sub-Advisory Agreement”). The New Advisory Agreement and New Supervision and Administration Agreement are referred to collectively as the “New Fund Agreements.”

In advance of the Board meeting, the Board (including the Trust’s Independent Trustees) and the Independent Trustees’ independent legal counsel requested (in writing) detailed information from Global X Management and the Sub-Adviser in connection with the Board’s consideration of the New Fund Agreements and the Sub-Advisory Agreement and received and reviewed written responses from Global X Management and the Sub-Adviser, respectively, as well as 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 sessions with their counsel.

NEW FUND AGREEMENTS

In determining to approve the New Fund Agreements for the New Fund, 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.

42

Approval of Investment Advisory Agreement and Sub-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 Fund 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 Fund;

• Global X Management’s responsibilities under the New Fund Agreements to, among other things, (i) manage the investment operations of the New Fund and the composition of the New Fund’s 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 Fund, (iv) select broker-dealers to execute portfolio transactions for the New Fund when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of the New Fund, and the periodic updating of the registration statements, prospectuses, statements of additional information, and other reports and documents for the New Fund 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 Fund 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 Fund; and

• the quality of Global X Management’s resources and personnel that would be made available to the New Fund, 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 Meeting, that it was satisfied with the nature, extent and quality of the services proposed to be provided to the New Fund by Global X Management.

Performance

The Board determined that, because the New Fund had not yet begun investment operations as of the dates of the New Fund Board Meeting, meaningful data relating to the investment performance of the New Fund was not available and, therefore, could not be a factor in approving the New Fund Agreements.

43

Approval of Investment Advisory Agreement and Sub-Advisory Agreement (unaudited)

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 the New Fund;

• The management fee (including the proposed investment advisory fee) (“Management Fee”) that was proposed to be borne by the New Fund under the New Fund Agreement for the various investment advisory, supervisory and administrative services that the New Fund requires 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 Fund); and

• the expected profitability to Global X Management, if any, from all of the services proposed to be provided to the New Fund by Global X Management and all aspects of the relationship between Global X Management and the New Fund.

Based on these considerations, the Board concluded that the proposed Management Fee to be paid by the 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 the New Fund. In connection with this consideration, Global X Management provided the Board with comparative expense data for the 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 structure of the New Fund that was above the average or median for the New Fund’s peer group;

• the structure of the proposed unitary Management Fee (which includes as one component the proposed investment advisory fee for the New Fund) and the expected total expense ratio for the New Fund. In this regard, the Board took into consideration that the purpose of adopting a unitary Management Fee structure for the New Fund was to create a simple, all-inclusive fee that would provide a level of predictability with respect to the overall expense ratio (i.e., the total fee) of the New Fund and that the proposed Management Fee for the New Fund was set at a competitive level to make the New Fund viable in the marketplace; and

44

Approval of Investment Advisory Agreement and Sub-Advisory Agreement (unaudited)

• that, under the proposed unified Management Fee structure, Global X Management would be responsible for most ordinary expenses of the New Fund, including the costs of various third-party services required by the New Fund, including investment advisory, sub-advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that the 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 Meeting, that the services to be received and the fees to be charged under the 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 Fund grows and whether the proposed unitary Management Fee for the New Fund reflected these economies of scale;

• the significant investment of time, personnel and other resources that Global X Management intends to make in the New Fund in order to seek to assure that the New Fund is 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 the New Fund and its shareholders.

Based on these considerations, the Board concluded, at the New Fund Board Meeting, that the proposed unitary Management Fee for the New Fund appropriately addressed economies of scale.

Other Benefits

In considering each New Fund Agreement, in addition to the factors discussed above, the Board considered other benefits that may be realized by Global X Management as a result of its relationships with the New Fund. As a result, the Board concluded that, in the case of the New Fund, in the exercise of the Board’s business judgement, all information the Board considered supported approval of the New Fund Agreements.

NEW SUB-ADVISORY AGREEMENT

In determining to approve the New Sub-Advisory Agreement for the New Fund, the Board considered a variety of factors, including the factors discussed in greater detail below.

45

Approval of Investment Advisory Agreement and Sub-Advisory Agreement (unaudited)

Nature, Extent, and Quality of Services

With respect to this factor, the Board considered:

• the terms of the New Sub-Advisory Agreement and the range of services that are to be provided to the New Fund by the Sub-Adviser in accordance with the New Sub-Advisory Agreement;

• the Sub-Adviser’s key personnel and the co-portfolio managers who would provide investment advisory services to the New Fund;

• the Sub-Adviser’s responsibilities under the New Sub-Advisory Agreement, among other things, to: (i) invest and reinvest the assets of the New Fund, (ii) provide the Trust, Global X Management, and their respective officers and Trustees with such periodic reports concerning the obligations the Sub-Adviser has assumed under the New Sub-Advisory Agreement as the Trust, the Board, and Global X Management may from time to time reasonably request, (iii) review all proxy solicitation materials and vote (or abstain from voting) and handle all proxies solicited by or with respect to the issuers of securities in which the assets of the New Fund may be invested in compliance with the proxy voting procedures of the Trust then in effect, (iv) select broker and dealers to execute portfolio transactions for the New Fund and select the markets on or in which the transactions will be executed, and (v) assist Global X Management and the New Fund by providing certain operational services to the Fund including, without limitation, the following: (A) the preparation of tax returns; (B) the preparation and submission of reports to existing shareholders; (C) the periodic updating of the prospectus and statement of additional information for the New Fund; and (D) the preparation of reports to be filed with the SEC and other regulatory authorities;

• the nature, extent and quality of the services (including advisory and compliance services) to be provided by the Sub-Advisor or made available to the New Fund, and the adequacy of the Sub-Adviser’s personnel and resources that would be made available to the New Fund; and

• the Sub-Adviser’s experience and the professional qualifications of the Sub-Adviser’s key personnel.

46

Approval of Investment Advisory Agreement and Sub-Advisory Agreement (unaudited)

Performance

The Board noted that the New Fund was non-operational and, consequently, no performance data was available for the New Fund. However, the Board took account of the fact that the Sub-Adviser has managed other funds with investment strategies similar to the investment strategies that would be utilized for the New Fund.

Cost of Services and Profitability

The Board considered the Sub-Adviser’s anticipated cost to provide investment management services to the New Fund. In this regard, the Board considered the sub-advisory fee to be paid to the Sub-Adviser (from the Management Fee to be borne by the New Fund under the New Fund Agreements) for the various investment advisory services that the New Fund requires.

In addition, the Board considered the expected profitability to the Sub-Advisor from the services to be provided to the New Fund by the Sub-Adviser and all aspects of the Sub-Adviser’s relationship with the New Fund. The Board considered that the Sub-Adviser represented that its sub-advisory fee will appropriately compensate the Sub-Adviser for the services (the implementation of the investment strategy and managing the New Fund’s investment portfolio) that it will provide to the Fund. The Trustees noted that the Sub-Adviser indicated that it expected earnings from its relationship with the New Fund to be accretive to its profitability.

To assist the Trustees in these considerations, the Sub-Adviser provided the Board with financial information regarding the services to be provided to the New Fund and discussed with the Board its expected profitability with respect to the New Fund.

Comparison of Fees and Services

With respect to this factor, the Board considered:

• comparative information with respect to the sub-advisory fee to be paid to the Sub-Adviser by Global X Management (from the Management Fee paid to the Adviser by the New Fund). To assist the Trustees in these considerations, the Sub-Adviser provided the Board with comparative expense data for the New Fund, including management fees paid by unaffiliated comparable specialized and/or focused ETFs and/or other comparable investment funds; and

• the proposed structure of the sub-advisory fee and the proposed total expense ratio for the New Fund.

47

Approval of Investment Advisory Agreement and Sub-Advisory Agreement (unaudited)

Economies of Scale

With respect to this factor, the Board considered:

• the extent to which economies of scale would be realized as the New Fund grows and whether the sub-advisory fee for the New Fund reflected these economies of scale, and noted that the Sub-Adviser represented that it does not expect to experience any economies of scale by providing sub-advisory services to the New Fund, based on the anticipated size of the Fund during at least the Fund’s first few years; and

• the significant investment of time, personnel and other resources that the Sub-Adviser has made and intends to continue to make in the New Fund to seek to assure that the New Fund is attractive to investors

Other Benefits

In considering the New Sub-Advisory Agreement, in addition to the categories discussed above, the Board considered other benefits realized by the Sub-Adviser because of its relationship with the New Fund.

Conclusion

After full consideration of the factors above, as well as other factors that were instructive in their consideration, the Board, including all of the Trust’s Independent Trustees voting separately, concluded, in the exercise of its business judgement, that the New Fund Agreements and the New Sub-Advisory Agreement were fair and reasonable and in the best interest of the New Fund.

In reaching this decision, the Board did not assign relative weights to the factors above nor did the Board deem any one factor or group of them to be controlling in and of themselves. Each member of the Board may have assigned different weights to the various factors.

48

Supplemental Information(Unaudited)

Net asset value, or “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.

49

NOTES

50

NOTES

51

NOTES

52

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

Sub-Adviser - Global X Emerging Markets Bond ETF:

Mirae Asset Global Investments (USA) LLC

625 Madison Avenue, 3rd Floor

New York, NY 10022

Sub-Adviser - Global X China Innovation ETF:

Mirae Asset Global Investments (Hong Kong) Limited

Level 15, Three Pacific Place

1 Queen’s Road East

Hong Kong

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

Stradley Ronon Stevens & Young, LLP

2000 K Street, N.W.

Suite 700

Washington, DC 20006

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

GLX-SA-006-0800

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

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

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

Global X Variable Rate Preferred ETF (ticker: PFFV)

Global X MLP ETF (ticker: MLPA)

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

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

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

Global X Conscious Companies ETF (ticker: KRMA)

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

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

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

Semi-Annual Report

May 31, 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/explore), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

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

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

Table of Contents

Schedules of Investments
Global X SuperDividend® Alternatives ETF	1
Global X S&P 500® Quality Dividend ETF	6
Global X U.S. Preferred ETF	10
Global X Variable Rate Preferred ETF	26
Global X MLP ETF	34
Global X MLP & Energy Infrastructure ETF	36
Global X TargetIncomeTM 5 ETF	39
Global X TargetIncomeTM Plus 2 ETF	41
Global X Conscious Companies ETF	43
Global X Adaptive U.S. Factor ETF	50
Global X Adaptive U.S. Risk Management ETF	58
Global X Founder-Run Companies ETF	76
Statements of Assets and Liabilities	81
Statements of Operations	84
Statements of Changes in Net Assets	87
Financial Highlights	93
Notes to Financial Statements	101
Disclosure of Fund Expenses	123
Liquidity Risk Management Program	126
Approval of Investment Advisory Agreement	127
Supplemental Information	131

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

The 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 report on Form N-PORT. The Funds’ Forms N-PORT are available on the Commission’s website at https://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

Schedule of Investments

May 31, 2021 (Unaudited)

Global X SuperDividend^® Alternatives ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 30.4%
Energy — 2.1%
Kinder Morgan		33,436	$	613,216
Financials — 17.7%
Ares Capital		19,201		373,843
Blackstone Group, Cl A		5,147		476,973
Carlyle Group		10,601		462,628
Gladstone Investment (A)		29,478		415,050
Hamilton Lane, Cl A		4,016		362,926
Hercules Capital		23,704		402,494
KKR		7,545		420,181
Main Street Capital		9,070		372,958
New Mountain Finance		28,080		372,902
Oaktree Specialty Lending		55,562		374,488
Owl Rock Capital		22,442		323,165
Prospect Capital (A)		54,751		464,836
Sixth Street Specialty Lending		16,651		371,650
				5,194,094

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

1

Schedule of Investments

May 31, 2021 (Unaudited)

Global X SuperDividend^® Alternatives ETF

	Shares		Value
COMMON STOCK — continued
Utilities — 10.6%
Dominion Energy		5,021	$	382,299
Duke Energy		4,494		450,389
Edison International		7,856		438,915
Evergy		7,824		485,009
OGE Energy		13,471		464,750
PPL		14,926		434,496
Southern		7,335		468,852
				3,124,710
TOTAL COMMON STOCK
(Cost $7,368,706)				8,932,020
EXCHANGE TRADED FUNDS — 25.8%
Eaton Vance Tax-Managed Buy-Write Income Fund (A)		45,243		733,841
Global X SuperDividend REIT ETF (A)(B)		533,607		5,314,726
Nuveen Dow 30sm Dynamic Overwrite Fund		45,145		771,980
Nuveen S&P 500 Buy-Write Income Fund		54,041		772,246
TOTAL EXCHANGE TRADED FUNDS
(Cost $8,220,610)				7,592,793
CLOSED-END FUNDS — 24.5%
BlackRock Income Trust		99,936		640,590
Brookfield Real Assets Income Fund (A)		38,313		832,542
Eaton Vance Risk-Managed Diversified Equity Income Fund (A)		64,580		719,421
Morgan Stanley Emerging Markets Domestic Debt Fund (A)		109,976		691,749
Nuveen Mortgage and Income Fund		31,837		667,940
Stone Harbor Emerging Markets Income Fund (A)		97,380		817,018
Templeton Emerging Markets Income Fund		82,658		656,305

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

2

Schedule of Investments

May 31, 2021 (Unaudited)

Global X SuperDividend^® Alternatives ETF

	Shares		Value
CLOSED-END FUNDS — continued
Voya Global Equity Dividend and Premium Opportunity Fund (A)		126,159	$	756,954
Western Asset Emerging Markets Debt Fund (A)		50,020		698,779
Western Asset Mortgage Opportunity Fund		47,330		708,530
TOTAL CLOSED-END FUNDS
(Cost $7,180,511)				7,189,828
MASTER LIMITED PARTNERSHIPS — 17.6%
Energy — 13.4%
Black Stone Minerals		66,051		653,905
BP Midstream Partners		42,960		607,454
Energy Transfer		75,790		750,321
Magellan Midstream Partners		12,021		592,515
MPLX		26,396		755,718
Sunoco		16,932		593,297
				3,953,210
Financials — 1.3%
Compass Diversified Holdings		14,201		368,516
Industrials — 1.6%
Icahn Enterprises		8,523		480,442
Utilities — 1.3%
Suburban Propane Partners		25,213		370,631
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $3,375,412)				5,172,799
BUSINESS DEVELOPMENT COMPANY — 1.1%
Golub Capital BDC		20,102		318,014
TOTAL BUSINESS DEVELOPMENT COMPANY
(Cost $309,557)				318,014

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

3

Schedule of Investments

May 31, 2021 (Unaudited)

Global X SuperDividend^® Alternatives ETF

	Shares/Face Amount		Value
SHORT-TERM INVESTMENT(C)(D) — 5.8%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $1,698,256)		1,698,256	$	1,698,256
REPURCHASE AGREEMENT(C) — 5.5%
BNP Paribas
0.000%, dated 05/28/2021, to be repurchased on 06/01/2021, repurchase price $1,629,331 (collateralized by U.S. Treasury Obligations, ranging in par value $32,325 - $235,015, 2.000%, 10/31/2022, with a total market value of $1,661,121)
(Cost $1,629,331)	$	1,629,331		1,629,331
TOTAL INVESTMENTS — 110.7%
(Cost $29,782,383)			$	32,533,041

Percentages are based on Net Assets of $29,382,912.

(A)	This security or a partial position of this security is on loan at May 31, 2021.  The total value of securities on loan at May 31, 2021 was $3,246,286.
(B)	Affiliated investment.
(C)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2021 was $3,327,587.
(D)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2021.

BDC — Business Development Company

Cl — Class

ETF — Exchange Traded Fund

REIT — Real Estate Investment Trust

S&P — Standard & Poor’s

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

4

Schedule of Investments

May 31, 2021 (Unaudited)

Global X SuperDividend^® Alternatives ETF

The following is a summary of the level of inputs used as of May 31, 2021, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	8,932,020	$	—	$	—	$	8,932,020
Exchange Traded Funds		7,592,793		—		—		7,592,793
Closed-End Funds		7,189,828		—		—		7,189,828
Master Limited Partnerships		5,172,799		—		—		5,172,799
Business Development Company		318,014		—		—		318,014
Short-Term Investment		1,698,256		—		—		1,698,256
Repurchase Agreement		—		1,629,331		—		1,629,331
Total Investments in Securities	$	30,903,710	$	1,629,331	$	—	$	32,533,041

For the period ended May 31, 2021, there have been no transfers in or out of Level 3.

The following is a summary of the Fund’s transactions with affiliates for the period ended May 31, 2021:

	Value at 11/30/2020		Purchases at Cost		Proceeds from Sales			Changes in Unrealized Appreciation		Realized Loss			Value at 5/31/2021		Shares		Dividend Income
Global X SuperDividend® REIT ETF	$	3,618,456	$	1,110,899	$	(30,583	)	$	633,835	$	(17,881	)	$	5,314,726		533,607	$	146,456

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

5

Schedule of Investments

May 31, 2021 (Unaudited)

Global X S&P 500^® Quality Dividend ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.6%
IRELAND— 1.8%
Information Technology — 1.8%
Seagate Technology Holdings		1,816	$	173,882
UNITED STATES— 97.8%
Communication Services — 1.7%
Lumen Technologies		11,533		159,617
Consumer Staples — 14.8%
Campbell Soup		2,488		121,091
Clorox		580		102,503
Conagra Brands		3,324		126,644
General Mills		1,980		124,463
Hershey		786		136,017
J M Smucker		1,020		135,956
Kellogg		1,891		123,842
Kraft Heinz		3,448		150,298
Mondelez International, Cl A		2,045		129,919
Procter & Gamble		862		116,241

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

6

Schedule of Investments

May 31, 2021 (Unaudited)

Global X S&P 500^® Quality Dividend ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Tyson Foods, Cl A		1,698	$	134,991
				1,401,965
Energy — 2.6%
Cabot Oil & Gas		6,912		113,357
Chevron		1,269		131,709
				245,066
Financials — 23.6%
Ameriprise Financial		611		158,762
Assurant		889		143,262
BlackRock, Cl A		171		149,974
Citizens Financial Group		3,323		165,818
Comerica		2,228		174,875
KeyCorp		7,420		170,956
M&T Bank		933		149,924
Northern Trust		1,306		158,274
PNC Financial Services Group		816		158,859
Regions Financial		7,560		176,979
Synchrony Financial		3,644		172,762
T Rowe Price Group		776		148,488
Travelers		870		138,939
Zions Bancorp		2,819		163,164
				2,231,036
Health Care — 7.8%
AbbVie		1,105		125,087
Amgen		515		122,539
Cardinal Health		2,163		121,279
Johnson & Johnson		770		130,323
Medtronic		1,046		132,413
Merck		1,414		107,308
				738,949
Industrials — 13.4%
CH Robinson Worldwide		1,260		122,245

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

7

Schedule of Investments

May 31, 2021 (Unaudited)

Global X S&P 500^® Quality Dividend ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Cummins		538	$	138,417
Eaton		1,017		147,720
Emerson Electric		1,428		136,645
Fastenal		2,373		125,864
Illinois Tool Works		574		133,030
Johnson Controls International		2,579		171,607
Lockheed Martin		326		124,597
Snap-On		651		165,757
				1,265,882
Information Technology — 7.1%
Automatic Data Processing		679		133,098
Cisco Systems		2,654		140,397
Intel		2,364		135,032
Paychex		1,281		129,560
Texas Instruments		729		138,378
				676,465
Materials — 9.7%
Amcor		10,269		121,174
CF Industries Holdings		2,986		158,766
Dow		2,178		149,019
Eastman Chemical		1,145		143,583
Nucor		2,073		212,565
Packaging Corp of America		867		128,880
				913,987
Real Estate — 15.9%
AvalonBay Communities ‡		723		149,618
Digital Realty Trust ‡		901		136,556
Equity Residential ‡		1,996		154,590
Essex Property Trust ‡		481		142,034
Kimco Realty ‡		7,967		169,777
Mid-America Apartment Communities ‡		965		155,076
ProLogis ‡		1,205		141,997

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

8

Schedule of Investments

May 31, 2021 (Unaudited)

Global X S&P 500^® Quality Dividend ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Public Storage ‡		535	$	151,127
Regency Centers ‡		2,494		161,112
Weyerhaeuser ‡		3,674		139,465
				1,501,352
Utilities — 1.2%
NRG Energy		3,540		113,811
TOTAL UNITED STATES				9,248,130
TOTAL COMMON STOCK
(Cost $7,660,449)				9,422,012
TOTAL INVESTMENTS — 99.6%
(Cost $7,660,449)			$	9,422,012

Percentages are based on Net Assets of $9,455,575.

‡ Real Estate Investment Trust

Cl — Class

As of May 31, 2021, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2021, there have been no transfers in or out of Level 3.

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

9

Schedule of Investments

May 31, 2021 (Unaudited)

Global X U.S. Preferred ETF

Sector Weightings †:

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

	Shares		Value
PREFERRED STOCK — 99.3%
BERMUDA— 1.0%
Financials — 0.7%
Aspen Insurance Holdings, 5.950%, VAR ICE LIBOR USD 3 Month+4.060%		102,040	$	2,685,693
Aspen Insurance Holdings, 5.625%		92,015		2,410,793
Aspen Insurance Holdings, 5.625%		92,011		2,386,765
RenaissanceRe Holdings, 5.750%		92,026		2,453,413
RenaissanceRe Holdings, 5.375%		102,032		2,561,003
				12,497,667
Industrials — 0.3%
Triton International, 8.000%		61,266		1,761,398
Triton International, 7.375%		65,588		1,812,852
Triton International, 6.875%		56,373		1,513,051
				5,087,301

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

10

Schedule of Investments

May 31, 2021 (Unaudited)

Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
TOTAL BERMUDA			$	17,584,968
CANADA— 1.3%
Energy — 0.3%
Enbridge, 6.375%, VAR ICE LIBOR USD 3 Month+3.593%		229,852		6,222,094
Financials — 0.4%
Brookfield Finance, 4.625%		159,740		4,023,850
Brookfield Finance I UK, 4.500%		95,052		2,343,032
				6,366,882
Utilities — 0.6%
Algonquin Power & Utilities, 6.875%, VAR ICE LIBOR USD 3 Month+3.677%		105,923		2,949,956
Algonquin Power & Utilities, 6.200%, VAR ICE LIBOR USD 3 Month+4.010%		129,270		3,604,048
Brookfield Infrastructure Partners, 5.125%		74,242		1,925,095
Brookfield Renewable Partners, 5.250%		77,229		2,074,371
				10,553,470
TOTAL CANADA				23,142,446
NETHERLANDS— 0.6%
Financials — 0.6%
Aegon, 5.100%		352,127		9,211,642
Aegon, 4.000%, VAR ICE LIBOR USD 3 Month+0.875%		92,004		2,324,941
TOTAL NETHERLANDS				11,536,583
UNITED KINGDOM— 0.3%
Financials — 0.3%
Prudential, 6.750%		92,024		2,546,304
Prudential, 6.500%		110,943		3,036,510
TOTAL UNITED KINGDOM				5,582,814

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

11

Schedule of Investments

May 31, 2021 (Unaudited)

Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
UNITED STATES— 96.1%
Communication Services — 4.4%
AT&T, 5.625%		314,871	$	8,454,286
AT&T, 5.350%		499,557		13,113,371
AT&T, 5.000%		454,010		11,958,624
AT&T, 4.750%		674,083		17,256,525
Qwest, 6.750%		252,412		6,693,966
Qwest, 6.500%		372,244		9,436,385
United States Cellular, 7.250%		110,919		2,779,630
United States Cellular, 6.250%		184,775		4,933,493
United States Cellular, 5.500%		180,137		4,606,103
				79,232,383
Consumer Discretionary — 3.1%
Aptiv, 5.500%		110,661		18,797,984
Brunswick, 6.625%		46,542		1,293,402
Brunswick, 6.375%		84,646		2,437,805
Ford Motor, 6.200%		286,617		7,732,927
Ford Motor, 6.000%		305,292		8,166,561
Qurate Retail, 8.000%		120,792		12,753,219
QVC, 6.250%		184,820		4,809,016
				55,990,914
Energy — 1.3%
Energy Transfer, 7.600%, VAR ICE LIBOR USD 3 Month+5.161%		305,781		7,617,005
Energy Transfer, 7.400%		164,238		4,102,665
Energy Transfer, 7.375%, VAR ICE LIBOR USD 3 Month+4.530%		166,472		4,090,217
NuStar Energy, 9.000%, VAR ICE LIBOR USD 3 Month+6.880%		63,458		1,557,894
NuStar Energy, 7.625%, VAR ICE LIBOR USD 3 Month+5.643%		141,850		2,973,176

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

12

Schedule of Investments

May 31, 2021 (Unaudited)

Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Energy — continued
NuStar Logistics, 6.918%, VAR ICE LIBOR USD 3 Month+6.734%		148,949	$	3,722,235
				24,063,192
Financials — 53.9%
Affiliated Managers Group, 5.875%		110,938		3,062,998
Affiliated Managers Group, 4.750%		102,039		2,658,116
Allstate, 5.625%		220,304		6,131,060
Allstate, 5.100%, VAR ICE LIBOR USD 3 Month+3.165% (A)		191,981		5,219,963
Allstate, 5.100%		434,954		11,926,439
Allstate, 4.750%		110,936		2,969,757
American Equity Investment Life Holding, 6.625%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.297%		110,937		3,146,173
American Equity Investment Life Holding, 5.950%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.322%		147,531		4,058,578
American Financial Group, 5.625% (A)		55,428		1,574,155
American Financial Group, 5.125%		76,200		2,054,352
American International Group, 5.850%		191,869		5,333,958
Apollo Global Management, 6.375%		110,936		2,985,288
Apollo Global Management, 6.375%		102,043		2,641,893
Arch Capital Group, 5.450%		121,931		3,223,856
Arch Capital Group, 5.250%		166,524		4,238,036
Argo Group International Holdings, 7.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.712%		55,417		1,523,967
Associated Banc-Corp, 5.625% (A)		36,500		1,027,110
Assurant, 5.250%		98,607		2,619,988
Assured Guaranty Municipal Holdings, 6.250%		84,634		2,177,633

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

13

Schedule of Investments

May 31, 2021 (Unaudited)

Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Athene Holding, 6.375%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.970%		229,781	$	6,571,737
Athene Holding, 6.350%, VAR ICE LIBOR USD 3 Month+4.253%		328,757		9,599,704
Athene Holding, 5.625%		127,176		3,424,850
Athene Holding, 4.875%		220,690		5,574,629
Axis Capital Holdings, 5.500%		210,822		5,354,879
BancorpSouth Bank, 5.500%		65,190		1,765,997
Bank of America, 7.250%		29,472		41,427,022
Bank of America, 6.450%, VAR ICE LIBOR USD 3 Month+1.327% (A)		397,772		10,743,822
Bank of America, 6.000%		509,913		14,083,797
Bank of America, 5.875%		324,984		8,976,058
Bank of America, 5.375%		539,227		14,871,881
Bank of America, 5.000%		505,986		13,666,682
Bank of America, 4.375%		426,451		10,844,649
Bank of America, 4.000%, VAR ICE LIBOR USD 3 Month+0.500% (A)		155,430		3,930,825
Bank of America, 4.000%, VAR ICE LIBOR USD 3 Month+0.750%		75,850		1,919,005
Bank of America, 4.000%, VAR ICE LIBOR USD 3 Month+0.350% (A)		117,406		2,982,112
Bank of America, 3.000%, VAR ICE LIBOR USD 3 Month+0.650% (A)		110,532		2,442,757
BOK Financial, 5.375%		55,405		1,410,057
Brighthouse Financial, 6.750% (A)		148,412		4,125,854
Brighthouse Financial, 6.600%		157,059		4,358,387
Brighthouse Financial, 6.250%		138,845		3,790,469
Brighthouse Financial, 5.375%		226,129		5,942,670
Capital One Financial, 6.000%		184,775		4,745,022
Capital One Financial, 5.200%		230,068		5,898,943

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

14

Schedule of Investments

May 31, 2021 (Unaudited)

Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Capital One Financial, 5.000%		578,664	$	15,160,997
Capital One Financial, 4.800%		483,584		12,374,915
Capital One Financial, 4.625%		46,529		1,196,261
Charles Schwab, 6.000%		230,014		5,752,650
Charles Schwab, 5.950%		286,698		7,259,193
CIT Group, 5.625%		74,247		1,963,091
Citigroup, Ser J, 7.125%, VAR ICE LIBOR USD 3 Month+4.040%		361,244		10,273,779
Citigroup, 6.875%, VAR ICE LIBOR USD 3 Month+4.130%		576,297		16,349,546
Citigroup Capital XIII, 6.556%, VAR ICE LIBOR USD 3 Month+6.370%		862,685		23,896,375
Citizens Financial Group, 6.350%, VAR ICE LIBOR USD 3 Month+3.642%		110,946		3,181,931
Citizens Financial Group, 5.000%		166,531		4,394,753
Cullen, 4.450%		65,727		1,681,954
Dime Community Bancshares, 5.500%		48,736		1,259,826
Enstar Group, 7.000%, VAR ICE LIBOR USD 3 Month+4.015%		147,546		4,228,668
Equitable Holdings, 5.250%		305,328		8,124,778
Fifth Third Bancorp, 6.625%, VAR ICE LIBOR USD 3 Month+3.710%		166,545		4,766,518
Fifth Third Bancorp, 4.950% (A)		92,022		2,506,679
First Citizens BancShares, 5.375%		127,178		3,379,119
First Horizon, 6.500%		55,425		1,536,935
First Midwest Bancorp, 7.000%		40,108		1,116,206
First Midwest Bancorp, 7.000%		45,198		1,265,092
First Republic Bank, 5.500%		110,936		3,025,225
First Republic Bank, 4.700%		146,053		3,814,904
First Republic Bank, 4.125% (A)		184,773		4,672,909
Fulton Financial, 5.125%		83,187		2,183,659
Globe Life, 6.125%		110,934		2,833,254

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

15

Schedule of Investments

May 31, 2021 (Unaudited)

Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
GMAC Capital Trust I, Ser 2, 5.941%, VAR ICE LIBOR USD 3 Month+5.785%		1,023,762	$	25,901,179
Goldman Sachs Group, 6.375%, VAR ICE LIBOR USD 3 Month+3.550% (A)		267,131		7,760,156
Goldman Sachs Group, 5.500%, VAR ICE LIBOR USD 3 Month+3.640%		387,839		10,568,613
Goldman Sachs Group, 4.000%, VAR ICE LIBOR USD 3 Month+0.670%		521,909		13,005,972
Goldman Sachs Group, 4.000%, VAR ICE LIBOR USD 3 Month+0.750%		75,954		1,925,434
Goldman Sachs Group, 3.750%, VAR ICE LIBOR USD 3 Month+0.750%		287,012		6,957,171
Hancock Whitney, 6.250%		63,513		1,757,405
Hartford Financial Services Group, 6.000%		127,191		3,509,200
Huntington Bancshares, 6.250%		230,020		5,856,309
JPMorgan Chase, 6.150%		445,585		11,152,993
JPMorgan Chase, 6.100%		550,408		13,776,712
JPMorgan Chase, 6.000%		711,608		19,868,095
JPMorgan Chase, 5.750%		653,167		17,870,649
JPMorgan Chase, 4.750%		342,530		8,953,734
KeyCorp, 6.125%, VAR ICE LIBOR USD 3 Month+3.892%		191,712		5,826,128
KeyCorp, 5.650%		157,059		4,259,440
KeyCorp, 5.625%		166,538		4,574,799
KKR, 6.750%		127,177		3,183,240
KKR, 6.500%		56,849		1,442,259
KKR, 6.000%		217,053		16,129,209
MetLife, 5.625%		306,860		8,404,895
MetLife, 4.750%		388,037		10,302,382
MetLife, 4.000%, VAR ICE LIBOR USD 3 Month+1.000%		230,062		5,924,097

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

16

Schedule of Investments

May 31, 2021 (Unaudited)

Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Morgan Stanley, Ser E, 7.125%, VAR ICE LIBOR USD 3 Month+4.320%		327,887	$	9,502,165
Morgan Stanley, Ser F, 6.875%, VAR ICE LIBOR USD 3 Month+3.940%		323,566		9,189,274
Morgan Stanley, 6.375%, VAR ICE LIBOR USD 3 Month+3.708%		387,476		11,194,182
Morgan Stanley, 5.850%, VAR ICE LIBOR USD 3 Month+3.491%		387,504		11,253,116
Morgan Stanley, 4.875%		192,013		5,097,945
Morgan Stanley, 4.000%, VAR ICE LIBOR USD 3 Month+0.700%		417,960		10,440,641
Navient, 6.000%		110,915		2,791,730
New York Community Bancorp, 6.375%, VAR ICE LIBOR USD 3 Month+3.821%		197,223		5,601,133
New York Community Capital Trust V, 6.000%		26,922		1,353,369
Northern Trust, 4.700%		147,542		4,042,651
Oaktree Capital Group, 6.550%		86,436		2,353,652
People’s United Financial, 5.625%, VAR ICE LIBOR USD 3 Month+4.020%		92,025		2,599,706
Prudential Financial, 5.625% (A)		216,593		6,014,788
Prudential Financial, 4.125%		184,774		4,757,931
Ready Capital, 7.000% ‡		42,295		1,143,234
Regions Financial, Ser A, 6.375%		191,980		4,816,778
Regions Financial, Ser B, 6.375%, VAR ICE LIBOR USD 3 Month+3.536%		191,835		5,547,868
Regions Financial, 5.700%, VAR ICE LIBOR USD 3 Month+3.148%		191,881		5,416,801
Reinsurance Group of America, 6.200%, VAR ICE LIBOR USD 3 Month+4.370%		147,543		3,849,397
Reinsurance Group of America, 5.750%, VAR ICE LIBOR USD 3 Month+4.040%		147,550		4,063,527
Selective Insurance Group, 4.600%		83,457		2,104,786

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

17

Schedule of Investments

May 31, 2021 (Unaudited)

Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Signature Bank NY, 5.000%		285,270	$	7,482,632
State Street, 5.900%, VAR ICE LIBOR USD 3 Month+3.108%		286,409		8,159,793
State Street, 5.350%, VAR ICE LIBOR USD 3 Month+3.709%		191,713		5,636,362
Stifel Financial, 6.125%		83,235		2,248,177
Stifel Financial, 5.200%		83,223		2,188,765
SVB Financial Group, 5.250%		129,261		3,433,172
Synchrony Financial, 5.625%		286,660		7,653,822
Synovus Financial, 6.300%, VAR ICE LIBOR USD 3 Month+3.352%		76,101		2,015,155
Synovus Financial, 5.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.127%		129,260		3,482,264
TCF Financial, 5.700%		66,854		1,781,659
Truist Financial, 5.625%		172,325		4,309,848
Truist Financial, 5.250%		220,362		6,066,566
Truist Financial, 4.750%		352,097		9,246,067
Truist Financial, 4.000%, VAR ICE LIBOR USD 3 Month+0.530%		65,048		1,722,471
Unum Group, 6.250%		110,936		2,999,709
US Bancorp, 5.500% (A)		220,263		6,215,822
US Bancorp, 3.750%		179,721		4,388,787
US Bancorp, 3.500%, VAR ICE LIBOR USD 3 Month+1.020%		5,629		5,325,372
US Bancorp, 3.500%, VAR ICE LIBOR USD 3 Month+0.600%		380,780		9,310,071
Voya Financial, 5.350%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.210%		110,942		3,111,923
Wells Fargo, 7.500%		37,917		55,159,377
Wells Fargo, 6.625%, VAR ICE LIBOR USD 3 Month+3.690%		319,725		9,198,488

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

18

Schedule of Investments

May 31, 2021 (Unaudited)

Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Wells Fargo, 5.850%, VAR ICE LIBOR USD 3 Month+3.090%		664,278	$	18,001,934
Wells Fargo, 5.625%		263,648		6,852,212
Wells Fargo, 5.500%		445,490		11,297,626
Wells Fargo, 5.200%		140,674		3,518,257
Wells Fargo, 5.125%		248,736		6,355,205
Wells Fargo, 4.750%		774,123		20,073,009
Wells Fargo, 4.700%		453,080		11,671,341
Wintrust Financial, 6.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.507%		105,926		3,012,535
Wintrust Financial, 6.500%, VAR ICE LIBOR USD 3 Month+4.060%		48,428		1,364,701
WR Berkley, 5.750%		106,591		2,699,950
WR Berkley, 5.700%		68,454		1,848,258
WR Berkley, 5.100%		110,931		2,987,372
				978,087,792
Health Care — 6.0%
Avantor, 6.250%		199,077		19,840,014
Becton Dickinson, 6.000%		332,111		18,100,049
Boston Scientific, 5.500%		95,049		10,827,032
Change Healthcare, 6.000%		51,287		4,054,238
Danaher, 5.000%		16,503		23,682,300
Danaher, 4.750%		15,817		27,474,129
Elanco Animal Health, 5.000%		105,989		5,739,304
				109,717,066
Industrials — 1.3%
Air Lease, 6.150%, VAR ICE LIBOR USD 3 Month+3.650%		92,013		2,458,587

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

19

Schedule of Investments

May 31, 2021 (Unaudited)

Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Industrials — continued
Fortress Transportation and Infrastructure Investors, 8.250%, VAR ICE LIBOR USD 3 Month+6.886%		33,792	$	885,013
Fortress Transportation and Infrastructure Investors, 8.000%, VAR ICE LIBOR USD 3 Month+6.447%		48,141		1,227,596
Pitney Bowes, 6.700%		157,007		3,890,633
Stanley Black & Decker, 5.250%		72,913		9,218,391
WESCO International, 10.625%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+10.325%		206,471		6,491,448
				24,171,668
Information Technology — 3.9%
Broadcom, 8.000%		38,217		58,123,471
II-VI, 6.000%		21,925		6,155,224
Sabre, 6.500%		31,564		5,531,907
				69,810,602
Real Estate — 6.5%
American Homes 4 Rent, 6.500% ‡		98,954		2,502,547
American Homes 4 Rent, 6.350% ‡		84,631		2,146,242
American Homes 4 Rent, 5.875% ‡		56,839		1,484,066
American Homes 4 Rent, 5.875% ‡		42,282		1,119,627
Brookfield Property Partners, 6.500%		77,084		2,023,455
Brookfield Property Partners, 6.375%		93,756		2,489,222
Brookfield Property Partners, 5.750%		105,865		2,592,634
Digital Realty Trust, 5.850% ‡		77,419		2,191,732
Digital Realty Trust, 5.250% ‡		74,243		1,986,000
Digital Realty Trust, 5.200% ‡		127,180		3,530,517
Diversified Healthcare Trust, 6.250% ‡		91,997		2,299,925
Diversified Healthcare Trust, 5.625% ‡		129,233		2,993,036
EPR Properties, 5.750% ‡		55,380		1,427,143

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

20

Schedule of Investments

May 31, 2021 (Unaudited)

Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Real Estate — continued
EPR Properties, 5.750% ‡		49,550	$	1,304,651
Federal Realty Investment Trust, 5.000% ‡		55,412		1,451,240
iStar, 7.500% ‡		45,463		1,162,489
Kimco Realty, 5.250% ‡		97,661		2,559,695
Kimco Realty, 5.125% ‡		83,225		2,193,811
National Retail Properties, 5.200% ‡		127,170		3,237,748
Office Properties Income Trust, 6.375% ‡		60,238		1,627,028
Office Properties Income Trust, 5.875% ‡		114,218		2,856,592
PS Business Parks, 5.250% ‡		84,637		2,256,422
PS Business Parks, 5.200% ‡		69,804		1,810,716
PS Business Parks, 4.875% ‡		119,815		3,246,986
Public Storage, 5.600% ‡		105,145		2,943,009
Public Storage, 5.150% ‡		103,566		2,753,820
Public Storage, 5.125% ‡ (A)		76,229		1,936,217
Public Storage, 5.050% ‡		110,933		2,933,069
Public Storage, 4.950% ‡		119,807		3,052,682
Public Storage, 4.900% ‡		129,256		3,321,879
Public Storage, 4.875% ‡		117,118		3,196,150
Public Storage, 4.750% ‡ (A)		84,652		2,346,553
Public Storage, 4.700% ‡		95,891		2,612,071
Public Storage, 4.625% ‡		216,722		5,844,992
Public Storage, 4.125% ‡		84,642		2,200,692
Public Storage, 3.900% ‡		71,922		1,853,430
Public Storage, 3.875% ‡		111,615		2,864,041
QTS Realty Trust, 7.125% ‡		39,758		1,083,406
QTS Realty Trust, 6.500% ‡ (A)		28,973		4,141,111
RLJ Lodging Trust, 1.950% ‡		118,896		3,293,419
SITE Centers, 6.375% ‡		65,512		1,691,520
SL Green Realty, 6.500% ‡		84,629		2,191,045
VEREIT, Ser F, 6.700% ‡		149,254		3,791,052

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

21

Schedule of Investments

May 31, 2021 (Unaudited)

Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Real Estate — continued
Vornado Realty Trust, 5.700% ‡		110,919	$	2,865,038
Vornado Realty Trust, 5.400% ‡		110,918		2,828,409
Vornado Realty Trust, 5.250% ‡		121,190		3,226,078
Vornado Realty Trust, 5.250% ‡		118,039		3,125,673
				118,588,880
Utilities — 15.7%
Alabama Power, 5.000%		92,026		2,469,978
American Electric Power, 6.125%		162,200		8,144,062
CMS Energy, 5.875%		103,578		2,856,681
CMS Energy, 5.875%		240,816		6,542,971
CMS Energy, 5.625%		76,268		2,082,879
Dominion Energy, 7.250% (A)		155,263		15,448,669
Dominion Energy, 5.250%		305,345		7,749,656
DTE Energy, 6.250%		222,716		11,369,652
DTE Energy, 6.000%		103,566		2,646,111
DTE Energy, 5.375%		110,923		2,779,730
DTE Energy, 5.250%		147,539		3,831,588
DTE Energy, 4.375%		94,781		2,429,237
Duke Energy, 5.750%		387,694		10,843,801
Duke Energy, 5.625%		191,896		5,204,219
Duke Energy, 5.125%		184,778		4,813,467
Entergy Arkansas, 4.875%		151,852		3,834,263
Entergy Louisiana, 4.875%		99,379		2,513,295
Entergy Mississippi, 4.900%		96,240		2,456,045
Essential Utilities, 6.000%		93,185		5,612,533
Georgia Power, 5.000%		99,392		2,659,730
Interstate Power and Light, 5.100%		76,230		1,975,119
National Rural Utilities Cooperative Finance, 5.500%		92,033		2,440,715
NextEra Energy, 6.219%		384,904		18,621,656

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

22

Schedule of Investments

May 31, 2021 (Unaudited)

Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Utilities — continued
NextEra Energy, 5.279%		480,262	$	22,985,339
NextEra Energy, 4.872%		289,175		16,089,697
NextEra Energy Capital Holdings, 5.650%		262,599		7,316,008
NextEra Energy Capital Holdings, 5.250%		218,224		5,483,969
NiSource, 6.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.632%		191,881		5,364,993
PG&E, 5.500%		154,315		15,556,495
PPL Capital Funding, Ser B, 5.900%		166,528		4,316,406
SCE Trust III, 5.750%, VAR ICE LIBOR USD 3 Month+2.990%		102,023		2,575,061
SCE Trust IV, 5.375%, VAR ICE LIBOR USD 3 Month+3.132%		131,148		3,286,569
SCE Trust V, 5.450%, VAR ICE LIBOR USD 3 Month+3.790%		110,922		2,828,511
SCE Trust VI, 5.000%		175,418		4,374,925
Sempra Energy, 5.750%		288,878		7,845,926
South Jersey Industries, 5.625%		74,238		1,939,839
Southern, 6.750%		332,268		17,231,418
Southern, 5.250%		305,315		7,822,170
Southern, 5.250%		166,536		4,388,224
Southern, 4.950%		387,970		10,471,310
Southern, 4.200%		286,916		7,267,582
Spire, 5.900%		92,022		2,551,770
Tennessee Valley Authority, 2.216%, VAR US Treas Yield Curve Rate T Note Const Mat 30 Yr+0.840%		85,351		2,225,101
Tennessee Valley Authority, 2.134%, VAR US Treas Yield Curve Rate T Note Const Mat 30 Yr+0.940%		109,986		2,966,322
				284,213,692
TOTAL UNITED STATES				1,743,876,189

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

23

Schedule of Investments

May 31, 2021 (Unaudited)

Global X U.S. Preferred ETF

	Shares/Face Amount		Value
PREFERRED STOCK — continued
TOTAL PREFERRED STOCK
(Cost $1,752,829,856)			$	1,801,723,000
SHORT-TERM INVESTMENT — 0.5%(B)(C)
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $8,811,223)		8,811,223		8,811,223
TOTAL SHORT-TERM INVESTMENT
(Cost $8,811,223)				8,811,223
REPURCHASE AGREEMENT — 0.4%(B)
BNP Paribas
0.000%, dated 05/28/2021, to be repurchased on 06/01/2021, repurchase price $8,453,617 (collateralized by U.S. Treasury Obligations, ranging in par value $167,717 - $1,219,349, 2.000%, 10/31/2022, with a total market value of $8,618,547)
(Cost $8,453,617)	$	8,453,617		8,453,617
TOTAL REPURCHASE AGREEMENT
(Cost $8,453,617)				8,453,617
TOTAL INVESTMENTS — 100.2%
(Cost $1,770,094,696)			$	1,818,987,840

Percentages are based on Net Assets of $1,814,472,715.

‡	Real Estate Investment Trust
(A)	This security or a partial position of this security is on loan at May 31, 2021.  The total value of securities on loan at May 31, 2021 was $16,943,491.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2021 was $17,264,840.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2021.

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

24

Schedule of Investments

May 31, 2021 (Unaudited)

Global X U.S. Preferred ETF

Cl — Class

ICE —  Intercontinental Exchange

LIBOR — London Interbank Offered Rate

Ser — Series

USD – U.S. Dollar

VAR – Variable Rate

The following is a summary of the level of inputs used as of May 31, 2021, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Preferred Stock	$	1,801,723,000	$	—	$	—	$	1,801,723,000
Short-Term Investment		8,811,223		—		—		8,811,223
Repurchase Agreement		—		8,453,617		—		8,453,617
Total Investments in Securities	$	1,810,534,223	$	8,453,617	$	—	$	1,818,987,840

For the period ended May 31, 2021, there have been no transfers in or out of Level 3.

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

25

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Variable Rate Preferred ETF

Sector Weightings †:

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

	Shares		Value
PREFERRED STOCK — 99.3%
BERMUDA— 1.0%
Energy — 0.4%
Teekay LNG Partners, 8.500%, VAR ICE LIBOR USD 3 Month+6.241%		4,452	$	121,495
Financials — 0.6%
Aspen Insurance Holdings, 5.950%, VAR ICE LIBOR USD 3 Month+4.060%		7,203		189,583
TOTAL BERMUDA				311,078
CANADA— 3.4%
Energy — 1.4%
Enbridge, 6.375%, VAR ICE LIBOR USD 3 Month+3.593%		15,716		425,432
Industrials — 0.4%
Atlas, 8.000%, VAR ICE LIBOR USD 3 Month+5.008%		3,929		105,022
Utilities — 1.6%
Algonquin Power & Utilities, 6.875%, VAR ICE LIBOR USD 3 Month+3.677%		7,530		209,710
Algonquin Power & Utilities, 6.200%, VAR ICE LIBOR USD 3 Month+4.010%		9,168		255,604
				465,314
TOTAL CANADA				995,768

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

26

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Variable Rate Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
NETHERLANDS— 0.6%
Financials — 0.6%
Aegon, 4.000%, VAR ICE LIBOR USD 3 Month+0.875%		6,548	$	165,468
UNITED KINGDOM— 0.2%
Industrials — 0.2%
Altera Infrastructure, 8.875%, VAR ICE LIBOR USD 3 Month+6.407%		3,001		69,473
UNITED STATES— 94.1%
Consumer Staples — 2.3%
CHS, Ser 2, 7.100%, VAR ICE LIBOR USD 3 Month+4.298%		11,001		309,788
CHS, Ser 3, 6.750%, VAR ICE LIBOR USD 3 Month+4.155%		12,900		354,492
				664,280
Energy — 6.4%
DCP Midstream, 7.875%, VAR ICE LIBOR USD 3 Month+4.919%		4,224		102,136
Energy Transfer, 7.600%, VAR ICE LIBOR USD 3 Month+5.161%		20,955		521,989
Energy Transfer, 7.400%		11,655		291,142
Energy Transfer, 7.375%, VAR ICE LIBOR USD 3 Month+4.530%		11,788		289,631
NGL Energy Partners, 9.000%, VAR ICE LIBOR USD 3 Month+7.213%		8,241		112,572
NuStar Energy, 9.000%, VAR ICE LIBOR USD 3 Month+6.880%		4,519		110,942
NuStar Energy, 7.625%, VAR ICE LIBOR USD 3 Month+5.643%		10,085		211,382
NuStar Logistics, 6.918%, VAR ICE LIBOR USD 3 Month+6.734%		10,543		263,470
				1,903,264
Financials — 80.4%
AGNC Investment, 7.000%, VAR ICE LIBOR USD 3 Month+5.111%‡		8,513		221,849

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

27

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Variable Rate Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
AGNC Investment, 6.875%, VAR ICE LIBOR USD 3 Month+4.332%‡		6,155	$	158,183
AGNC Investment, 6.500%, VAR ICE LIBOR USD 3 Month+4.993%‡		10,543		267,792
AGNC Investment, 6.125%, VAR ICE LIBOR USD 3 Month+4.697%‡		15,062		378,659
Allstate, 5.100%, VAR ICE LIBOR USD 3 Month+3.165%		13,096		356,080
American Equity Investment Life Holding, 6.625%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.297%		7,857		222,824
American Equity Investment Life Holding, 5.950%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.322%		10,477		288,222
Annaly Capital Management, 6.950%, VAR ICE LIBOR USD 3 Month+4.993%‡		18,860		482,062
Annaly Capital Management, 6.750%, VAR ICE LIBOR USD 3 Month+4.989%‡		11,591		297,657
Annaly Capital Management, 6.500%, VAR ICE LIBOR USD 3 Month+4.172%‡		11,131		282,727
Argo Group International Holdings, 7.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.712%		3,929		108,047
Athene Holding, 6.375%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.970%		15,716		449,478
Athene Holding, 6.350%, VAR ICE LIBOR USD 3 Month+4.253%		22,604		660,037
Bank of America, 6.450%, VAR ICE LIBOR USD 3 Month+1.327%		24,628		665,202
Bank of America, 4.000%, VAR ICE LIBOR USD 3 Month+0.350%		7,282		184,963
Bank of America, 4.000%, VAR ICE LIBOR USD 3 Month+0.500%		9,892		250,169
Bank of America, 4.000%, VAR ICE LIBOR USD 3 Month+0.750%		4,849		122,680

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

28

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Variable Rate Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Bank of America, 3.000%, VAR ICE LIBOR USD 3 Month+0.650%		6,874	$	151,915
Chimera Investment, 8.000%, VAR ICE LIBOR USD 3 Month+5.791%‡		8,513		214,187
Chimera Investment, 8.000%, VAR ICE LIBOR USD 3 Month+5.379%‡		5,239		131,970
Chimera Investment, 7.750%, VAR ICE LIBOR USD 3 Month+4.743%‡		6,811		170,003
Citigroup, 6.875%, VAR ICE LIBOR USD 3 Month+4.130%		38,864		1,102,572
Citigroup, Ser J, 7.125%, VAR ICE LIBOR USD 3 Month+4.040%		24,696		702,354
Citizens Financial Group, 6.350%, VAR ICE LIBOR USD 3 Month+3.642%		7,857		225,339
Compass Diversified Holdings, 7.875%, VAR ICE LIBOR USD 3 Month+4.985%		2,492		64,418
Enstar Group, 7.000%, VAR ICE LIBOR USD 3 Month+4.015%		10,477		300,271
Fifth Third Bancorp, 6.625%, VAR ICE LIBOR USD 3 Month+3.710%		11,788		337,373
Goldman Sachs Group, 6.375%, VAR ICE LIBOR USD 3 Month+3.550%		18,196		528,594
Goldman Sachs Group, 5.500%, VAR ICE LIBOR USD 3 Month+3.640%		25,996		708,391
Goldman Sachs Group, 4.000%, VAR ICE LIBOR USD 3 Month+0.670%		35,095		874,567
Goldman Sachs Group, 4.000%, VAR ICE LIBOR USD 3 Month+0.750%		5,199		131,795
Goldman Sachs Group, 3.750%, VAR ICE LIBOR USD 3 Month+0.750%		19,497		472,607
Heartland Financial USA, 7.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.675%		2,891		80,919
Invesco Mortgage Capital, 7.500%, VAR ICE LIBOR USD 3 Month+5.289%‡		7,530		188,401

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

29

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Variable Rate Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
KeyCorp, 6.125%, VAR ICE LIBOR USD 3 Month+3.892%		13,096	$	397,987
Merchants Bancorp, 6.000%, VAR ICE LIBOR USD 3 Month+4.569%		3,118		82,596
MetLife, 4.000%, VAR ICE LIBOR USD 3 Month+1.000%		15,716		404,687
MFA Financial, 6.500%, VAR ICE LIBOR USD 3 Month+5.345%‡		7,203		165,381
Morgan Stanley, 6.375%, VAR ICE LIBOR USD 3 Month+3.708%		23,015		664,903
Morgan Stanley, 5.850%, VAR ICE LIBOR USD 3 Month+3.491%		23,015		668,356
Morgan Stanley, 4.000%, VAR ICE LIBOR USD 3 Month+0.700%		25,316		632,394
Morgan Stanley, Ser E, 7.125%, VAR ICE LIBOR USD 3 Month+4.320%		19,850		575,253
Morgan Stanley, Ser F, 6.875%, VAR ICE LIBOR USD 3 Month+3.940%		19,562		555,561
New Residential Investment, 7.500%, VAR ICE LIBOR USD 3 Month+5.802%‡		4,067		102,082
New Residential Investment, 7.125%, VAR ICE LIBOR USD 3 Month+5.640%‡		7,399		182,903
New Residential Investment, 6.375%, VAR ICE LIBOR USD 3 Month+4.969%‡		10,543		244,703
New York Community Bancorp, 6.375%, VAR ICE LIBOR USD 3 Month+3.821%		13,490		383,116
New York Mortgage Trust, 7.875%, VAR ICE LIBOR USD 3 Month+6.429%‡		4,853		122,101
PennyMac Mortgage Investment Trust, 8.000%, VAR ICE LIBOR USD 3 Month+5.990%‡		5,107		133,293
People’s United Financial, 5.625%, VAR ICE LIBOR USD 3 Month+4.020%		6,548		184,981
Regions Financial, 5.700%, VAR ICE LIBOR USD 3 Month+3.148%		13,096		369,700

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

30

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Variable Rate Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Regions Financial, Ser B, 6.375%, VAR ICE LIBOR USD 3 Month+3.536%		13,096	$	378,736
Reinsurance Group of America, 6.200%, VAR ICE LIBOR USD 3 Month+4.370%		10,477		273,345
Reinsurance Group of America, 5.750%, VAR ICE LIBOR USD 3 Month+4.040%		10,477		288,537
State Street, 5.900%, VAR ICE LIBOR USD 3 Month+3.108%		19,645		559,686
State Street, 5.350%, VAR ICE LIBOR USD 3 Month+3.709%		13,096		385,022
Synovus Financial, 6.300%, VAR ICE LIBOR USD 3 Month+3.352%		5,239		138,729
Synovus Financial, 5.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.127%		9,168		246,986
Truist Financial, 4.000%, VAR ICE LIBOR USD 3 Month+0.530%		4,519		119,663
Two Harbors Investment, 8.125%, VAR ICE LIBOR USD 3 Month+5.660%‡		3,766		98,820
Two Harbors Investment, 7.625%, VAR ICE LIBOR USD 3 Month+5.352%‡		7,530		189,003
Two Harbors Investment, 7.250%, VAR ICE LIBOR USD 3 Month+5.011%‡		7,727		191,243
US Bancorp, 3.500%, VAR ICE LIBOR USD 3 Month+1.020%		377		356,665
US Bancorp, 3.500%, VAR ICE LIBOR USD 3 Month+0.600%		26,193		640,419
Voya Financial, 5.350%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.210%		7,857		220,389
Wells Fargo, 6.625%, VAR ICE LIBOR USD 3 Month+3.690%		21,837		628,250
Wells Fargo, 5.850%, VAR ICE LIBOR USD 3 Month+3.090%		44,844		1,215,272

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

31

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Variable Rate 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%		7,530	$	214,153
				23,797,222
Industrials — 2.6%
Air Lease, 6.150%, VAR ICE LIBOR USD 3 Month+3.650%		6,548		174,963
Fortress Transportation and Infrastructure Investors, 8.250%, VAR ICE LIBOR USD 3 Month+6.886%		2,737		71,682
Fortress Transportation and Infrastructure Investors, 8.000%, VAR ICE LIBOR USD 3 Month+6.447%		3,219		82,084
WESCO International, 10.625%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+10.325%		14,152		444,939
				773,668
Utilities — 2.4%
NiSource, 6.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.632%		13,096		366,164
Tennessee Valley Authority, 2.216%, VAR US Treas Yield Curve Rate T Note Const Mat 30 Yr+0.840%		6,078		158,454
Tennessee Valley Authority, 2.134%, VAR US Treas Yield Curve Rate T Note Const Mat 30 Yr+0.940%		7,033		189,680
				714,298
TOTAL UNITED STATES				27,852,732
TOTAL PREFERRED STOCK
(Cost $28,862,307)				29,394,519
TOTAL INVESTMENTS — 99.3%
(Cost $28,862,307)			$	29,394,519

Percentages are based on Net Assets of $29,613,800.

‡ Real Estate Investment Trust

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

32

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Variable Rate Preferred ETF

ICE —  Intercontinental Exchange

LIBOR — London Interbank Offered Rate

Ser — Series

USD – U.S. Dollar

VAR – Variable Rate

As of May 31, 2021, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2021, there have been no transfers in or out of Level 3.

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

33

Schedule of Investments

May 31, 2021 (Unaudited)

Global X MLP ETF

Sector Weightings †:

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

	Shares		Value
MASTER LIMITED PARTNERSHIPS — 95.8%
UNITED STATES— 95.8%
Energy — 95.8%
BP Midstream Partners		3,157,890	$	44,652,565
Cheniere Energy Partners		1,098,505		45,324,316
Crestwood Equity Partners		1,500,390		43,001,177
DCP Midstream		1,729,746		43,537,707
Delek Logistics Partners		542,386		23,751,083
Energy Transfer		8,513,047		84,279,165
Enterprise Products Partners		4,003,260		94,516,969
Genesis Energy		4,762,794		44,484,496
Holly Energy Partners		2,123,017		45,156,572
Magellan Midstream Partners		1,558,609		76,823,838
MPLX		2,332,714		66,785,602
NuStar Energy		2,485,841		45,615,182
Oasis Midstream Partners		1,419,820		40,109,915
PBF Logistics		1,620,529		26,349,801
Phillips 66 Partners		1,258,968		50,459,437
Plains All American Pipeline		5,656,550		59,563,471
Shell Midstream Partners		2,962,631		42,780,392
Western Midstream Partners		2,186,613		43,688,528
TOTAL MASTER LIMITED PARTNERSHIP
(Cost $652,494,313)				920,880,216
COMMON STOCK — 4.2%
UNITED STATES— 4.2%
Energy — 4.2%
EnLink Midstream		4,006,581		19,552,116

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

34

Schedule of Investments

May 31, 2021 (Unaudited)

Global X MLP ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
Hess Midstream, Cl A		820,830	$	20,906,540
TOTAL COMMON STOCK
(Cost $39,173,227)				40,458,656
TOTAL INVESTMENTS — 100.0%
(Cost $691,667,540)			$	961,338,872

Percentages are based on Net Assets of $961,716,152.

Cl — Class

As of May 31, 2021, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2021, there have been no transfers in or out of Level 3.

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

35

Schedule of Investments

May 31, 2021 (Unaudited)

Global X MLP & Energy Infrastructure ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 76.1%
CANADA— 22.5%
Energy — 22.5%
Enbridge		1,883,561	$	72,479,427
Pembina Pipeline (A)		1,150,621		37,188,071
TC Energy		1,452,207		74,149,689
Total Energy				183,817,187
TOTAL CANADA				183,817,187
UNITED STATES— 53.6%
Energy — 53.6%
Antero Midstream		3,783,154		36,318,278
Archrock		2,559,958		23,551,614
Cheniere Energy *		631,898		53,648,140
EnLink Midstream		4,384,964		21,398,624
Equitrans Midstream		4,465,086		36,792,309
Kinder Morgan		3,995,898		73,284,769
ONEOK		1,049,668		55,359,490
Plains GP Holdings, Cl A		3,117,594		34,012,951
Targa Resources		951,668		36,981,819
Williams		2,519,652		66,367,634
Total Energy				437,715,628

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

36

Schedule of Investments

May 31, 2021 (Unaudited)

Global X MLP & Energy Infrastructure ETF

	Shares		Value
COMMON STOCK — continued
TOTAL UNITED STATES			$	437,715,628
TOTAL COMMON STOCK
(Cost $551,082,300)				621,532,815
MASTER LIMITED PARTNERSHIPS — 23.7%
UNITED STATES— 23.7%
Energy — 23.7%
Cheniere Energy Partners		126,713		5,228,178
DCP Midstream		278,653		7,013,696
Enable Midstream Partners		271,941		2,300,621
Energy Transfer		3,625,863		35,896,044
Enterprise Products Partners		1,534,423		36,227,727
Holly Energy Partners		140,804		2,994,901
Magellan Midstream Partners		699,456		34,476,186
MPLX		979,064		28,030,602
Phillips 66 Partners		180,854		7,248,628
Plains All American Pipeline		1,454,052		15,311,168
Shell Midstream Partners		387,734		5,598,879
Western Midstream Partners		655,577		13,098,429
TOTAL MASTER LIMITED PARTNERSHIP
(Cost $149,203,987)				193,425,059
SHORT-TERM INVESTMENT(B)(C) — 0.8%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $6,144,595)		6,144,595		6,144,595

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

37

Schedule of Investments

May 31, 2021 (Unaudited)

Global X MLP & Energy Infrastructure ETF

	Face Amount		Value
REPURCHASE AGREEMENT(B) — 0.7%
BNP Paribas
0.000%, dated 05/28/2021, to be repurchased on 06/01/2021, repurchase price $5,895,215 (collateralized by U.S. Treasury Obligations, ranging in par value $116,959 - $850,325, 2.000%, 10/31/2022, with a total market value of $6,010,229)
(Cost $5,895,215)	$	5,895,215	$	5,895,215
TOTAL INVESTMENTS — 101.3%
(Cost $712,326,097)			$	826,997,684

Percentages are based on Net Assets of $816,171,876.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2021.  The total value of securities on loan at May 31, 2021 was $11,703,072.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2021 was $12,039,810.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2021.

Cl — Class

The following is a summary of the level of inputs used as of May 31, 2021, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	621,532,815	$	—	$	—	$	621,532,815
Master Limited Partnerships		193,425,059		—		—		193,425,059
Short-Term Investment		6,144,595		—		—		6,144,595
Repurchase Agreement		—		5,895,215		—		5,895,215
Total Investments in Securities	$	821,102,469	$	5,895,215	$	—	$	826,997,684

For the period ended May 31, 2021, there have been no transfers in or out of Level 3.

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

38

Schedule of Investments

May 31, 2021 (Unaudited)

Global X TargetIncome^TM 5 ETF

Sector Weightings †:

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

	Shares		Value
EXCHANGE TRADED FUNDS — 100.0%
Global X MLP & Energy Infrastructure ETF (A)		11,453	$	399,480
Global X SuperDividend® ETF (A)		100,161		1,436,309
Global X SuperDividend® U.S. ETF (A)		73,858		1,484,546
Global X U.S. Preferred ETF (A)		54,058		1,394,156
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		31,841		1,014,773
Xtrackers USD High Yield Corporate Bond ETF		33,901		1,355,701
TOTAL EXCHANGE TRADED FUNDS
(Cost $6,908,262)				7,084,965
TOTAL INVESTMENTS — 100.0%
(Cost $6,908,262)			$	7,084,965

Percentages are based on Net Assets of $7,085,494.

(A) Affiliated investment.

EM — Emerging Markets

ETF — Exchange Traded Fund

MLP — Master Limited Partnership

USD — U.S. Dollar

As of May 31, 2021, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2021, there have been no transfers in or out of Level 3.

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

39

Schedule of Investments

May 31, 2021 (Unaudited)

Global X TargetIncome^TM 5 ETF

The following is a summary of the Fund’s transactions with affiliates for the period ended May 31, 2021:

	Value at 11/30/2020		Purchases at Cost		Proceeds from Sales			Changes in Unrealized Appreciation		Realized Gain		Value at 5/31/2021		Shares		Dividend Income
Global X MLP & Energy Infrastructure ETF	$	0	$	403,774	$	(38,016	)	$	33,259	$	463	$	399,480		11,453	$	5,559
Global X SuperDividend® ETF	$	985,182	$	1,105,097	$	(834,787	)	$	145,906	$	34,911	$	1,436,309		100,161	$	40,128
Global X SuperDividend® U.S. ETF	$	233,537	$	1,517,332	$	(401,811	)	$	73,660	$	61,828	$	1,484,546		73,858	$	19,566
Global X U.S. Preferred ETF	$	0	$	1,525,253	$	(143,085	)	$	11,764	$	224	$	1,394,156		54,058	$	9,959
Totals:	$	1,218,719	$	4,551,456	$	(1,417,699	)	$	264,589	$	97,426	$	4,714,491		239,530	$	75,212

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

40

Schedule of Investments

May 31, 2021 (Unaudited)

Global X TargetIncome^TM Plus 2 ETF

Sector Weightings †:

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

	Shares		Value
EXCHANGE TRADED FUNDS — 99.8%
Global X SuperDividend® ETF (A)		43,723	$	626,988
Global X U.S. Preferred ETF (A)		11,788		304,013
iShares 20+ Year Treasury Bond ETF		6,166		853,621
iShares Core U.S. Aggregate Bond ETF		5,097		583,861
SPDR Blackstone Senior Loan ETF		25,582		1,181,377
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		37,098		1,182,313
Xtrackers USD High Yield Corporate Bond ETF		29,616		1,184,344
TOTAL EXCHANGE TRADED FUNDS
(Cost $5,961,493)				5,916,517
TOTAL INVESTMENTS — 99.8%
(Cost $5,961,493)			$	5,916,517

Percentages are based on Net Assets of $5,925,628.

(A) Affiliated investment.

EM — Emerging Markets

ETF — Exchange Traded Fund

SPDR — Standard & Poor’s Depository Receipts

USD —  U.S. Dollar

As of May 31, 2021, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2021, there have been no transfers in or out of Level 3.

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

41

Schedule of Investments

May 31, 2021 (Unaudited)

Global X TargetIncome^TM Plus 2 ETF

The following is a summary of the Fund’s transactions with affiliates for the period ended May 31, 2021:

	Value at 11/30/2020		Purchases at Cost		Proceeds from Sales			Changes in Unrealized Appreciation		Realized Gain/(Loss)			Value at 5/31/2021		Shares		Dividend Income
Global X SuperDividend® ETF	$	0	$	682,394	$	(73,034	)	$	17,663	$	(35	)	$	626,988		43,723	$	6,617
Global X U.S. Preferred ETF	$	0	$	337,658	$	(36,317	)	$	2,568	$	104		$	304,013		11,788	$	2,209
Totals:	$	0	$	1,020,052	$	(109,351	)	$	20,231	$	69		$	931,001		55,511	$	8,826

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

42

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Conscious Companies ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.8%
CANADA— 0.6%
Financials — 0.6%
Toronto-Dominion Bank		35,317	$	2,546,356
UNITED STATES— 99.2%
Communication Services — 8.1%
Alphabet, Cl A *		5,573		13,134,726
AT&T		75,765		2,229,764
Comcast, Cl A		43,736		2,507,822
Discovery, Cl A *		61,959		1,989,503
Facebook, Cl A *		15,749		5,177,169
Netflix *		4,704		2,365,218
Omnicom Group		29,294		2,409,139
T-Mobile US *		17,845		2,524,175
Verizon Communications		41,521		2,345,521
Walt Disney *		12,880		2,301,012
				36,984,049
Consumer Discretionary — 12.2%
Amazon.com *		4,169		13,436,979

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

43

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Best Buy		20,212	$	2,349,443
Booking Holdings *		1,001		2,363,912
BorgWarner		46,737		2,397,141
Choice Hotels International		21,548		2,605,368
Darden Restaurants		16,523		2,366,588
eBay		39,931		2,430,999
Etsy *		11,076		1,824,549
General Motors *		41,358		2,452,943
Hilton Worldwide Holdings *		18,682		2,340,294
Home Depot		7,357		2,346,221
Lowe’s		11,859		2,310,489
Marriott International, Cl A *		16,039		2,302,880
NIKE, Cl B		18,270		2,493,125
Ross Stores		18,461		2,333,286
Starbucks		20,274		2,308,803
Target		11,640		2,641,349
VF		26,556		2,117,044
Whirlpool		10,020		2,375,642
				55,797,055
Consumer Staples — 8.9%
Campbell Soup		47,847		2,328,713
Church & Dwight		27,162		2,328,598
Clorox		12,608		2,228,212
Coca-Cola		43,668		2,414,404
Colgate-Palmolive		29,817		2,498,068
Costco Wholesale		6,368		2,408,823
Estee Lauder, Cl A		7,592		2,327,100
General Mills		39,811		2,502,519
Hershey		15,047		2,603,884
Hormel Foods		51,273		2,488,791
J M Smucker		18,327		2,442,806
Kellogg		38,220		2,503,028
Kimberly-Clark		18,006		2,352,124

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

44

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
McCormick		25,999	$	2,315,471
PepsiCo		16,117		2,384,349
Procter & Gamble		17,762		2,395,206
Walgreens Boots Alliance		44,868		2,362,749
				40,884,845
Energy — 1.6%
Chevron		23,433		2,432,111
ConocoPhillips		47,925		2,671,340
ONEOK		47,100		2,484,054
				7,587,505
Financials — 10.6%
Aflac		45,930		2,603,312
Allstate		19,029		2,599,552
American Express		16,509		2,643,586
Bank of America		60,821		2,578,202
BlackRock, Cl A		2,931		2,570,604
Capital One Financial		17,567		2,824,422
Citigroup		33,374		2,626,867
FactSet Research Systems		6,991		2,337,511
Hartford Financial Services Group		34,862		2,278,232
JPMorgan Chase		15,872		2,606,817
Moody’s		7,272		2,438,665
Morgan Stanley		30,082		2,735,959
Northern Trust		21,763		2,637,458
PNC Financial Services Group		13,384		2,605,597
Progressive		24,155		2,393,277
Prudential Financial		24,196		2,588,246
S&P Global		6,130		2,326,151
T Rowe Price Group		13,345		2,553,566
US Bancorp		41,638		2,530,758
				48,478,782
Health Care — 14.4%
Abbott Laboratories		19,292		2,250,412

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

45

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
AbbVie		21,353	$	2,417,160
Agilent Technologies		17,614		2,433,022
Amgen		9,041		2,151,216
Becton Dickinson		9,293		2,247,884
Biogen Idec *		9,058		2,422,834
Boston Scientific *		55,672		2,368,844
Bristol-Myers Squibb		36,028		2,367,760
Edwards Lifesciences *		24,443		2,344,084
Eli Lilly		12,596		2,515,924
Gilead Sciences		36,319		2,401,049
Humana		5,310		2,324,187
IDEXX Laboratories *		4,257		2,375,873
Illumina *		5,734		2,325,940
IQVIA Holdings *		10,259		2,463,801
Johnson & Johnson		14,378		2,433,477
Masimo *		9,648		2,080,109
Merck		30,551		2,318,515
Mettler-Toledo International *		1,789		2,327,400
PerkinElmer		17,627		2,557,148
Pfizer		60,987		2,362,027
Quest Diagnostics		17,926		2,360,316
Regeneron Pharmaceuticals *		4,864		2,443,819
Stryker		8,910		2,274,456
Thermo Fisher Scientific		4,869		2,285,996
Vertex Pharmaceuticals *		10,911		2,276,362
Waters *		7,770		2,503,882
Zoetis, Cl A		13,648		2,411,329
				66,044,826
Industrials — 10.3%
3M		11,766		2,388,969
Caterpillar		10,339		2,492,526
Cummins		9,272		2,385,500
Deere		6,324		2,283,596

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

46

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
FedEx		8,787	$	2,766,235
Honeywell International		10,595		2,446,491
Illinois Tool Works		10,411		2,412,853
Owens Corning		24,865		2,651,852
Raytheon Technologies		29,544		2,620,848
Republic Services, Cl A		22,360		2,441,265
Rockwell Automation		8,843		2,332,076
Southwest Airlines *		38,725		2,380,039
Union Pacific		10,755		2,416,971
United Parcel Service, Cl B		13,318		2,858,043
Verisk Analytics, Cl A		12,587		2,175,411
Waste Connections		20,177		2,450,295
Waste Management		17,622		2,479,063
WW Grainger		5,622		2,598,264
Xylem		21,699		2,563,087
				47,143,384
Information Technology — 24.2%
Accenture, Cl A		8,159		2,302,143
Adobe *		4,711		2,377,076
Advanced Micro Devices *		28,740		2,301,499
Akamai Technologies *		22,234		2,539,345
Analog Devices		14,958		2,462,087
Apple		168,325		20,974,978
Applied Materials		17,671		2,440,895
Arista Networks *		7,466		2,533,811
Automatic Data Processing		12,141		2,379,879
Cisco Systems		45,829		2,424,354
Cognizant Technology Solutions, Cl A		30,229		2,163,187
F5 Networks *		11,350		2,104,631
Intel		39,362		2,248,357
Intuit		5,745		2,522,572
Jack Henry & Associates		14,019		2,161,029
Keysight Technologies *		16,099		2,292,176

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

47

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Lam Research		3,814	$	2,478,528
Littelfuse		8,625		2,253,195
Mastercard, Cl A		6,144		2,215,404
Micron Technology *		27,121		2,281,961
Microsoft		79,444		19,835,579
NVIDIA		3,909		2,539,991
ON Semiconductor *		55,999		2,242,200
Oracle		31,728		2,498,263
Paychex		23,972		2,424,528
Paycom Software *		5,953		1,962,109
QUALCOMM		17,572		2,364,137
salesforce.com *		10,190		2,426,239
Square, Cl A *		9,952		2,214,519
Texas Instruments		12,859		2,440,895
Visa, Cl A		10,361		2,355,055
Workday, Cl A *		9,527		2,179,015
				110,939,637
Materials — 2.7%
Air Products & Chemicals		8,186		2,453,016
Ecolab		10,620		2,284,150
International Flavors & Fragrances		16,451		2,330,613
Newmont		36,114		2,653,657
Steel Dynamics		45,926		2,867,160
				12,588,596
Real Estate — 2.7%
American Tower, Cl A ‡		9,360		2,391,106
CBRE Group, Cl A *		28,738		2,522,622
Equinix ‡		3,309		2,437,806
Jones Lang LaSalle *		13,371		2,704,284
ProLogis ‡		20,744		2,444,473
				12,500,291
Utilities — 3.5%
American Water Works		14,934		2,315,069

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

48

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Duke Energy		23,826	$	2,387,841
Entergy		22,296		2,346,877
Exelon		52,391		2,363,882
NextEra Energy		30,398		2,225,742
Sempra Energy		17,362		2,352,377
WEC Energy Group		24,569		2,307,275
				16,299,063
TOTAL UNITED STATES				455,248,033
TOTAL COMMON STOCK
(Cost $355,092,252)				457,794,389
TOTAL INVESTMENTS — 99.8%
(Cost $355,092,252)			$	457,794,389

Percentages are based on Net Assets of $458,846,274.

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

Cl — Class

S&P — Standard & Poor’s

As of May 31, 2021, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2021, there have been no transfers in or out of Level 3.

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

49

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Factor ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.7%
IRELAND— 0.6%
Information Technology — 0.6%
Seagate Technology Holdings		10,272	$	983,544
UNITED STATES— 99.1%
Communication Services — 7.7%
AT&T		66,343		1,952,475
Cable One		106		192,449
Charter Communications, Cl A *		2,785		1,934,266
DISH Network, Cl A *		21,040		915,661
Electronic Arts		787		112,486
Fox, Cl A		22,312		833,353
Interpublic Group		28,069		945,645
Liberty Broadband, Cl C *		1,473		244,945
Lumen Technologies		66,778		924,208
Nexstar Media Group, Cl A		5,596		850,088
T-Mobile US *		2,235		316,141
Verizon Communications		59,190		3,343,643
ViacomCBS, Cl B		21,089		894,595

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

50

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
Walt Disney *		673	$	120,232
Zynga, Cl A *		13,635		147,803
				13,727,990
Consumer Discretionary — 5.8%
AutoZone *		167		234,902
Dick’s Sporting Goods		10,184		993,245
Dollar General		1,101		223,459
frontdoor *		7,582		407,153
Garmin		18,569		2,641,254
H&R Block		38,802		963,066
McDonald’s		11,112		2,598,986
Qurate Retail, Cl A *		72,060		982,178
Starbucks		1,111		126,521
Whirlpool		3,668		869,646
Yum! Brands		2,534		304,004
				10,344,414
Consumer Staples — 11.2%
Altria Group		18,106		891,177
Archer-Daniels-Midland		14,677		976,461
BJ’s Wholesale Club Holdings *		2,811		125,905
Bunge		10,406		903,449
Church & Dwight		2,116		181,405
Clorox		703		124,241
Coca-Cola		35,878		1,983,695
Costco Wholesale		759		287,107
Flowers Foods		95,249		2,294,548
Hershey		839		145,189
Hormel Foods		2,554		123,971
Ingredion		9,281		881,045
J M Smucker		6,445		859,054
Kraft Heinz		20,715		902,967
Kroger		90,783		3,357,155

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

51

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Mondelez International, Cl A		2,720	$	172,802
PepsiCo		6,847		1,012,945
Procter & Gamble		2,202		296,940
Tyson Foods, Cl A		10,829		860,906
Walgreens Boots Alliance		15,937		839,242
Walmart		18,276		2,595,740
				19,815,944
Energy — 4.3%
Baker Hughes, Cl A		44,058		1,075,015
Chevron		8,383		870,072
ConocoPhillips		17,211		959,341
Exxon Mobil		15,678		915,125
Kinder Morgan		51,613		946,582
ONEOK		16,514		870,948
Valero Energy		12,253		985,141
Williams		36,567		963,175
				7,585,399
Financials — 24.0%
Aflac		16,105		912,831
AGNC Investment ‡		198,332		3,677,075
Annaly Capital Management ‡		40,887		379,022
Aon, Cl A		539		136,566
Arthur J Gallagher		18,826		2,760,080
Bank of New York Mellon		18,283		952,179
Bank OZK		21,692		926,465
Berkshire Hathaway, Cl B *		487		140,957
Blackstone Mortgage Trust, Cl A ‡		26,561		850,749
Citigroup		12,416		977,263
Citizens Financial Group		19,587		977,391
Comerica		12,440		976,416
Erie Indemnity, Cl A		473		95,134
Fifth Third Bancorp		23,053		971,453

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

52

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
First Horizon		48,694	$	928,595
Huntington Bancshares		55,578		881,467
Invesco		32,692		932,703
Jefferies Financial Group		26,641		855,975
KeyCorp		42,931		989,130
Lincoln National		13,548		945,515
Marsh & McLennan		20,253		2,802,003
MetLife		13,753		898,896
MGIC Investment		59,614		877,518
Morningstar		908		214,279
New York Community Bancorp		70,206		840,366
Old Republic International		36,045		946,542
PacWest Bancorp		21,648		977,840
People’s United Financial		48,397		915,187
Principal Financial Group		13,694		895,451
Progressive		1,310		129,795
Prudential Financial		8,796		940,908
Radian Group		35,686		833,268
Regions Financial		41,919		981,324
Reinsurance Group of America, Cl A		6,546		824,992
Starwood Property Trust ‡		33,943		861,813
State Street		10,746		934,687
Synovus Financial		18,755		921,246
TCF Financial		18,660		886,350
Truist Financial		15,174		937,450
United Bankshares		22,105		910,505
Unum Group		30,349		939,909
Valley National Bancorp		63,854		914,389
W R Berkley		1,712		133,519
Wells Fargo		19,922		930,756
Zions Bancorp		16,053		929,148
				42,645,107

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

53

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 12.3%
AbbVie		7,773	$	879,904
Bio-Rad Laboratories, Cl A *		1,356		816,814
Bristol-Myers Squibb		1,720		113,038
Cardinal Health		13,961		782,793
Centene *		13,158		968,429
Cerner		11,468		897,371
Chemed		350		171,969
Cigna		3,403		880,867
CVS Health		11,230		970,721
Danaher		1,181		302,501
Eli Lilly		1,260		251,672
Johnson & Johnson		14,937		2,528,087
Medtronic		1,752		221,786
Merck		17,284		1,311,683
Perrigo		20,165		930,413
Pfizer		87,057		3,371,718
Premier, Cl A		67,353		2,222,649
QIAGEN *		42,386		2,092,173
Quest Diagnostics		8,482		1,116,825
Universal Health Services, Cl B		5,899		941,657
Viatris, Cl W *		9,782		149,078
				21,922,148
Industrials — 11.2%
Air Lease, Cl A		18,353		863,692
AMERCO *		217		124,784
CH Robinson Worldwide		24,975		2,423,074
CoreLogic		32,319		2,569,361
FTI Consulting *		1,037		142,639
General Dynamics		4,636		880,423
Huntington Ingalls Industries		4,130		892,947
Knight-Swift Transportation Holdings, Cl A		18,504		883,196
L3Harris Technologies		731		159,402

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

54

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Lockheed Martin		6,661	$	2,545,834
ManpowerGroup		7,534		911,539
Northrop Grumman		395		144,519
nVent Electric		29,017		944,213
Raytheon Technologies		10,925		969,157
Republic Services, Cl A		24,374		2,661,153
Waste Management		19,040		2,678,547
Watsco		610		177,754
				19,972,234
Information Technology — 12.0%
Accenture, Cl A		895		252,533
Akamai Technologies *		1,142		130,428
Amdocs		44,368		3,465,141
Automatic Data Processing		992		194,452
Black Knight *		3,406		249,966
Cisco Systems		16,587		877,452
Citrix Systems		16,128		1,854,075
Fidelity National Information Services		14,573		2,171,086
Hewlett Packard Enterprise		53,875		859,845
Intel		13,387		764,665
International Business Machines		5,970		858,128
Jack Henry & Associates		12,959		1,997,630
Juniper Networks		33,705		887,453
Motorola Solutions		898		184,368
NortonLifeLock		115,004		3,181,011
Paychex		8,771		887,099
Tyler Technologies *		5,445		2,195,206
Zoom Video Communications, Cl A *		1,202		398,499
				21,409,037
Materials — 6.5%
Air Products & Chemicals		456		136,645
AptarGroup		1,929		284,161

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

55

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Chemours		29,035	$	1,043,227
Corteva		17,988		818,454
Dow		13,292		909,439
Eastman Chemical		7,436		932,474
International Paper		15,238		961,518
LyondellBasell Industries, Cl A		7,971		897,694
Mosaic		25,806		932,629
Newmont		8,537		627,299
Nucor		10,740		1,101,279
Royal Gold		14,388		1,780,803
Sonoco Products		2,088		140,982
Steel Dynamics		16,832		1,050,822
				11,617,426
Real Estate — 1.6%
Alexandria Real Estate Equities ‡		733		130,664
CoreSite Realty ‡		937		113,611
CubeSmart ‡		4,695		205,594
Digital Realty Trust ‡		800		121,248
Equity LifeStyle Properties ‡		1,857		131,587
Equity Residential ‡		1,851		143,360
Essex Property Trust ‡		468		138,196
Extra Space Storage ‡		1,681		251,831
Public Storage ‡		820		231,634
SL Green Realty ‡		12,291		973,693
Sun Communities ‡		2,234		374,016
				2,815,434
Utilities — 2.5%
Alliant Energy		3,386		193,510
Ameren		1,763		148,444
American Electric Power		1,940		166,840
CMS Energy		2,570		161,242
Consolidated Edison		1,553		119,954

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

56

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Duke Energy		7,505	$	752,151
Eversource Energy		1,931		156,778
Hawaiian Electric Industries		49,078		2,112,808
National Fuel Gas		3,620		187,842
NextEra Energy		4,388		321,289
Southern		2,524		161,334
				4,482,192
TOTAL UNITED STATES				176,337,325
TOTAL COMMON STOCK
(Cost $153,433,827)				177,320,869
TOTAL INVESTMENTS — 99.7%
(Cost $153,433,827)			$	177,320,869

Percentages are based on Net Assets of $177,799,646.

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

Cl — Class

As of May 31, 2021, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2021, there have been no transfers in or out of Level 3.

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

57

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Risk Management ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.8%
ARGENTINA— 0.2%
Consumer Discretionary — 0.2%
MercadoLibre *		87	$	118,204
CHINA— 0.1%
Consumer Discretionary — 0.1%
Yum China Holdings		792		53,571
IRELAND— 0.0%
Information Technology — 0.0%
Seagate Technology Holdings		434		41,556
KOREA— 0.1%
Consumer Discretionary — 0.1%
Coupang, Cl A *		1,346		54,903
PERU— 0.0%
Materials — 0.0%
Southern Copper		170		11,856

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

58

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
UNITED KINGDOM— 0.4%
Materials — 0.4%
Linde		1,024	$	307,814
UNITED STATES— 99.0%
Communication Services — 11.4%
Activision Blizzard		1,537		149,473
Alphabet, Cl A *		587		1,383,471
Alphabet, Cl C *		560		1,350,474
Altice USA, Cl A *		654		23,583
AT&T		14,187		417,523
Charter Communications, Cl A *		265		184,050
Comcast, Cl A		9,023		517,379
Discovery, Cl C *		622		18,691
Discovery, Cl A *		311		9,986
DISH Network, Cl A *		481		20,933
Electronic Arts		575		82,185
Facebook, Cl A *		4,752		1,562,124
Fox, Cl A		688		25,697
Fox, Cl B		311		11,283
IAC *		170		27,110
Liberty Broadband, Cl C *		299		49,721
Liberty Broadband, Cl A *		47		7,617
Live Nation Entertainment *		264		23,789
Match Group *		481		68,966
Netflix *		858		431,411
Omnicom Group		434		35,692
Pinterest, Cl A *		945		61,709
Roku, Cl A *		217		75,236
Sirius XM Holdings		2,151		13,444
Snap, Cl A *		2,127		132,129
Spotify Technology *		264		63,774
Take-Two Interactive Software *		217		40,267
T-Mobile US *		1,143		161,677

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

59

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
Twitter *		1,537	$	89,146
Verizon Communications		7,893		445,876
ViacomCBS, Cl B		1,056		44,796
ViacomCBS		7		326
Vimeo *		276		11,592
Walt Disney *		3,602		643,498
Warner Music Group, Cl A		170		6,101
Zillow Group, Cl A *		94		11,119
Zillow Group, Cl C *		279		32,732
ZoomInfo Technologies, Cl A *		170		7,451
Total Communication Services				8,242,031
Consumer Discretionary — 11.6%
Airbnb, Cl A *		139		19,516
Amazon.com *		850		2,739,609
Aptiv *		528		79,422
AutoZone *		47		66,110
Best Buy		481		55,911
Booking Holdings *		79		186,562
Burlington Stores *		113		36,541
Caesars Entertainment *		370		39,757
CarMax *		311		35,824
Carnival *		1,296		38,310
Carvana, Cl A *		170		45,065
Chewy, Cl A *		170		12,515
Chipotle Mexican Grill, Cl A *		47		64,483
Darden Restaurants		264		37,813
Dollar General		481		97,624
Dollar Tree *		481		46,898
Domino’s Pizza		69		29,454
DoorDash, Cl A *		151		22,692
DR Horton		698		66,513
DraftKings, Cl A *		543		27,123

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

60

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
eBay		1,320	$	80,362
Etsy *		232		38,217
Expedia Group *		264		46,715
Ford Motor *		7,750		112,608
Garmin		279		39,685
General Motors *		2,480		147,089
Genuine Parts		264		34,616
Hasbro		264		25,336
Hilton Worldwide Holdings *		528		66,143
Home Depot		2,137		681,511
Las Vegas Sands *		745		43,024
Lennar, Cl A		528		52,277
Lennar, Cl B		47		3,681
Lowe’s		1,461		284,647
Lululemon Athletica *		264		85,306
Marriott International, Cl A *		496		71,216
McDonald’s		1,490		348,495
MGM Resorts International		766		32,838
NIKE, Cl B		2,470		337,056
NVR *		6		29,323
O’Reilly Automotive *		138		73,847
Peloton Interactive, Cl A *		449		49,529
Ross Stores		698		88,220
Royal Caribbean Cruises *		368		34,323
Starbucks		2,329		265,226
Target		1,009		228,962
Tesla *		1,522		951,584
TJX		2,159		145,819
Tractor Supply		217		39,429
Ulta Beauty *		94		32,464
VF		622		49,586
Wayfair, Cl A *		138		42,303
Yum! Brands		575		68,983

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

61

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Total Consumer Discretionary			$	8,378,162
Consumer Staples — 5.9%
Altria Group		3,696		181,917
Archer-Daniels-Midland		1,103		73,383
Brown-Forman, Cl B		575		46,207
Brown-Forman, Cl A		47		3,525
Campbell Soup		434		21,123
Church & Dwight		481		41,236
Clorox		264		46,657
Coca-Cola		7,681		424,682
Colgate-Palmolive		1,678		140,583
Conagra Brands		962		36,652
Constellation Brands, Cl A		311		74,553
Costco Wholesale		872		329,851
Estee Lauder, Cl A		434		133,030
General Mills		1,226		77,065
Hershey		311		53,819
Hormel Foods		575		27,911
J M Smucker		217		28,924
Kellogg		528		34,579
Keurig Dr Pepper		1,342		49,600
Kimberly-Clark		698		91,180
Kraft Heinz		1,273		55,490
Kroger		1,465		54,176
McCormick		481		42,838
Mondelez International, Cl A		2,800		177,883
Monster Beverage *		745		70,231
PepsiCo		2,734		404,468
Philip Morris International		3,106		299,512
Procter & Gamble		4,912		662,383
Sysco		962		77,922
Tyson Foods, Cl A		575		45,713
Walgreens Boots Alliance		1,414		74,461

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

62

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Walmart		2,850	$	404,786
Total Consumer Staples				4,286,340
Energy — 2.6%
Baker Hughes, Cl A		1,273		31,061
Cheniere Energy *		481		40,837
Chevron		3,710		385,061
ConocoPhillips		2,646		147,488
EOG Resources		1,150		92,391
Exxon Mobil		8,401		490,366
Halliburton		1,631		36,616
Hess		575		48,197
Kinder Morgan		3,866		70,902
Marathon Petroleum		1,273		78,671
Occidental Petroleum		1,798		46,676
ONEOK		886		46,728
Phillips 66		839		70,661
Pioneer Natural Resources		418		63,615
Schlumberger		2,734		85,656
Valero Energy		792		63,677
Williams		2,423		63,822
Total Energy				1,862,425
Financials — 11.1%
Aflac		1,305		73,967
Allstate		575		78,551
American Express		1,226		196,319
American International Group		1,678		88,666
Ameriprise Financial		249		64,700
Aon, Cl A		466		118,070
Apollo Global Management, Cl A		434		24,886
Arch Capital Group *		792		31,593
Arthur J Gallagher		358		52,486
Bank of America		15,186		643,735

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

63

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Bank of New York Mellon		1,631	$	84,942
Berkshire Hathaway, Cl B *		2,556		739,809
BlackRock, Cl A		273		239,432
Blackstone Group, Cl A		1,320		122,324
Brown & Brown		481		25,262
Capital One Financial		886		142,451
Charles Schwab		2,960		218,596
Chubb		792		134,632
Cincinnati Financial		311		37,852
Citigroup		4,130		325,072
Citizens Financial Group		839		41,866
CME Group, Cl A		698		152,694
Discover Financial Services		575		67,425
Fifth Third Bancorp		1,414		59,586
First Republic Bank		311		59,538
Franklin Resources		575		19,671
Goldman Sachs Group		698		259,670
Hartford Financial Services Group		698		45,614
Huntington Bancshares		2,018		32,005
Interactive Brokers Group, Cl A		170		11,434
Intercontinental Exchange		1,071		120,894
JPMorgan Chase		5,993		984,289
KeyCorp		1,942		44,744
KKR		1,056		58,809
Loews		481		28,081
M&T Bank		264		42,422
Markel *		30		36,765
MarketAxess Holdings		58		27,059
Marsh & McLennan		1,009		139,595
MetLife		1,392		90,981
Moody’s		311		104,294
Morgan Stanley		2,857		259,845
MSCI, Cl A		170		79,582

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

64

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Nasdaq		217	$	36,339
Northern Trust		358		43,386
PNC Financial Services Group		839		163,337
Principal Financial Group		528		34,526
Progressive		1,150		113,942
Prudential Financial		792		84,720
Raymond James Financial		264		35,004
Regions Financial		1,895		44,362
Rocket, Cl A		217		3,843
S&P Global		481		182,525
State Street		688		59,842
SVB Financial Group *		94		54,792
Synchrony Financial		1,103		52,293
T Rowe Price Group		434		83,046
Tradeweb Markets, Cl A		170		14,243
Travelers		506		80,808
Truist Financial		2,665		164,644
US Bancorp		2,687		163,316
Wells Fargo		7,930		370,490
Willis Towers Watson		264		68,999
Total Financials				8,064,665
Health Care — 13.3%
10X Genomics, Cl A *		138		24,840
Abbott Laboratories		3,479		405,825
AbbVie		3,504		396,653
Agilent Technologies		607		83,845
Alexion Pharmaceuticals *		434		76,623
Align Technology *		147		86,752
Alnylam Pharmaceuticals *		217		30,812
AmerisourceBergen, Cl A		311		35,684
Amgen		1,150		273,631
Anthem		481		191,544

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

65

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Baxter International		1,009	$	82,859
Becton Dickinson		575		139,087
Biogen *		311		83,186
BioMarin Pharmaceutical *		358		27,673
Bio-Rad Laboratories, Cl A *		47		28,311
Boston Scientific *		2,857		121,565
Bristol-Myers Squibb		4,473		293,966
Cardinal Health		575		32,240
Catalent *		311		32,602
Centene *		1,103		81,181
Cerner		615		48,124
Cigna		684		177,053
Cooper		113		44,460
CVS Health		2,593		224,139
Danaher		1,273		326,066
DENTSPLY SIRONA		434		29,043
DexCom *		217		80,158
Edwards Lifesciences *		1,226		117,573
Elanco Animal Health *		962		34,613
Eli Lilly		1,678		335,164
Exact Sciences *		311		34,375
Gilead Sciences		2,470		163,292
HCA Healthcare		528		113,409
Hologic *		528		33,296
Horizon Therapeutics *		434		39,780
Humana		264		115,553
IDEXX Laboratories *		170		94,879
Illumina *		289		117,230
Incyte *		358		29,993
Insulet *		113		30,473
Intuitive Surgical *		228		192,017
IQVIA Holdings *		358		85,977
Johnson & Johnson		5,233		885,685

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

66

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Laboratory Corp of America Holdings *		217	$	59,562
Masimo *		113		24,363
McKesson		311		59,833
Medtronic		2,687		340,147
Merck		5,001		379,526
Mettler-Toledo International *		47		61,145
Moderna *		632		116,926
PerkinElmer		217		31,480
Pfizer		11,066		428,586
Quest Diagnostics		264		34,761
Regeneron Pharmaceuticals *		217		109,027
ResMed		264		54,344
Royalty Pharma, Cl A		553		22,186
Seagen *		264		41,012
STERIS		170		32,446
Stryker		639		163,118
Teladoc Health *		264		39,753
Teleflex		94		37,806
Thermo Fisher Scientific		792		371,845
UnitedHealth Group		1,861		766,584
Veeva Systems, Cl A *		264		76,914
Vertex Pharmaceuticals *		528		110,157
Viatris, Cl W *		2,367		36,073
Waters *		113		36,414
West Pharmaceutical Services		170		59,077
Zimmer Biomet Holdings		434		73,055
Zoetis, Cl A		962		169,966
Total Health Care				9,617,337
Industrials — 8.7%
3M		1,150		233,496
AMETEK		481		64,983
Boeing *		1,145		282,838

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

67

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Carrier Global		1,754	$	80,561
Caterpillar		1,056		254,580
Cintas		170		60,102
Copart *		434		55,990
CoStar Group *		72		61,488
CSX		1,537		153,884
Cummins		264		67,922
Deere		552		199,327
Delta Air Lines *		1,273		60,697
Dover		264		39,732
Eaton		792		115,037
Emerson Electric		1,150		110,044
Equifax		264		62,051
Expeditors International of Washington		311		39,090
Fastenal		1,150		60,996
FedEx		481		151,424
Fortive		622		45,107
Generac Holdings *		112		36,817
General Dynamics		481		91,347
General Electric		17,330		243,660
HEICO, Cl A		170		22,518
HEICO		94		13,203
Honeywell International		1,367		315,654
IDEX		170		37,852
IHS Markit		745		78,456
Illinois Tool Works		575		133,262
Ingersoll Rand *		745		36,982
Jacobs Engineering Group		264		37,509
JB Hunt Transport Services		170		29,162
Johnson Controls International		1,446		96,217
Kansas City Southern		217		64,597
L3Harris Technologies		434		94,638
Leidos Holdings		264		27,126

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

68

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Lockheed Martin		481	$	183,838
Lyft, Cl A *		484		27,632
Masco		528		31,844
Norfolk Southern		528		148,315
Northrop Grumman		311		113,786
Old Dominion Freight Line		217		57,603
Otis Worldwide		839		65,719
PACCAR		698		63,909
Parker-Hannifin		264		81,352
Raytheon Technologies		3,023		268,170
Republic Services, Cl A		434		47,384
Rockwell Automation		217		57,227
Rollins		434		14,795
Roper Technologies		217		97,652
Southwest Airlines *		1,150		70,679
Stanley Black & Decker		311		67,425
Teledyne Technologies *		47		19,715
Trane Technologies		481		89,658
TransDigm Group *		94		60,991
TransUnion		358		38,306
Uber Technologies *		2,396		121,789
Union Pacific		1,352		303,834
United Airlines Holdings *		575		33,551
United Parcel Service, Cl B		1,414		303,444
United Rentals *		170		56,773
Verisk Analytics, Cl A		311		53,750
Waste Management		839		118,031
Westinghouse Air Brake Technologies		358		29,628
WW Grainger		94		43,443
Xylem		358		42,287
Total Industrials				6,270,879

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

69

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — 27.5%
Accenture, Cl A		1,256	$	354,393
Adobe *		962		485,406
Advanced Micro Devices *		2,344		187,708
Akamai Technologies *		311		35,519
Amphenol, Cl A		1,150		77,349
Analog Devices		745		122,627
ANSYS *		170		57,450
Apple		33,285		4,147,643
Applied Materials		1,801		248,772
Arista Networks *		113		38,350
Atlassian, Cl A *		264		61,586
Autodesk *		434		124,063
Automatic Data Processing		836		163,873
Broadcom		792		374,085
Broadridge Financial Solutions		217		34,607
Cadence Design Systems *		528		67,051
CDW		264		43,671
Cisco Systems		7,775		411,297
Citrix Systems		264		30,349
Cloudflare, Cl A *		373		30,608
Cognizant Technology Solutions, Cl A		1,056		75,567
Corning		1,527		66,623
Coupa Software *		170		40,494
Crowdstrike Holdings, Cl A *		358		79,530
Datadog, Cl A *		336		30,593
Dell Technologies, Cl C *		481		47,446
DocuSign, Cl A *		358		72,180
Enphase Energy *		222		31,757
EPAM Systems *		113		53,969
Fidelity National Information Services		1,226		182,649
Fiserv *		1,118		128,794
FleetCor Technologies *		170		46,655
Fortinet *		264		57,695

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

70

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Gartner *		170	$	39,413
Global Payments		575		111,383
GoDaddy, Cl A *		311		25,179
Hewlett Packard Enterprise		2,561		40,874
HP		2,664		77,869
HubSpot *		80		40,350
Intel		8,130		464,386
International Business Machines		1,786		256,720
Intuit		528		231,840
Keysight Technologies *		358		50,972
KLA		311		98,553
Lam Research		266		172,860
Marvell Technology		1,528		73,802
Mastercard, Cl A		1,754		632,457
Maxim Integrated Products *		528		53,861
Microchip Technology		496		77,847
Micron Technology *		2,206		185,613
Microsoft		14,754		3,683,778
MongoDB, Cl A *		113		32,989
Motorola Solutions		311		63,851
NetApp		434		33,579
NVIDIA		1,173		762,192
Okta, Cl A *		232		51,606
Oracle		3,426		269,763
Palantir Technologies, Cl A *		2,966		68,070
Palo Alto Networks *		186		67,565
Paychex		622		62,909
Paycom Software *		113		37,245
PayPal Holdings *		2,329		605,587
Qorvo *		217		39,650
QUALCOMM		2,275		306,079
RingCentral, Cl A *		170		44,620
salesforce.com *		1,754		417,627

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

71

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
ServiceNow *		379	$	179,601
Skyworks Solutions		311		52,870
Slack Technologies, Cl A *		930		40,957
Snowflake, Cl A *		454		108,066
SolarEdge Technologies *		94		24,253
Splunk *		311		37,693
Square, Cl A *		745		165,777
SS&C Technologies Holdings		459		33,906
Synopsys *		311		79,100
TE Connectivity		622		84,392
Teradyne		311		41,161
Texas Instruments		1,826		346,611
Trade Desk, Cl A *		79		46,463
Trimble *		482		37,495
Twilio, Cl A *		305		102,480
Tyler Technologies *		72		29,028
Ubiquiti		5		1,508
Unity Software *		258		24,371
VeriSign *		217		47,723
Visa, Cl A		3,338		758,727
VMware, Cl A *		170		26,841
Western Digital *		575		43,257
Workday, Cl A *		358		81,882
Xilinx *		481		61,087
Zebra Technologies, Cl A *		94		46,723
Zoom Video Communications, Cl A *		409		135,596
Zscaler *		170		33,014
Total Information Technology				19,862,030
Materials — 2.1%
Air Products & Chemicals		434		130,052
Albemarle		212		35,421
Amcor		3,121		36,828

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

72

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Ball		622	$	51,104
Celanese, Cl A		217		35,903
Corteva		1,490		67,795
Dow		1,490		101,946
DuPont de Nemours		1,034		87,466
Eastman Chemical		264		33,106
Ecolab		528		113,562
FMC		264		30,806
Freeport-McMoRan Copper & Gold		2,857		122,051
International Flavors & Fragrances		481		68,143
International Paper		792		49,975
LyondellBasell Industries, Cl A		528		59,463
Martin Marietta Materials		113		41,092
Newmont		1,584		116,392
Nucor		575		58,961
Packaging Corp of America		217		32,257
PPG Industries		481		86,445
Sherwin-Williams		481		136,378
Vulcan Materials		264		48,397
Total Materials				1,543,543
Real Estate — 2.4%
Alexandria Real Estate Equities ‡		264		47,061
American Tower, Cl A ‡		886		226,337
AvalonBay Communities ‡		264		54,632
Boston Properties ‡		264		31,036
Brookfield Property, Cl A ‡		50		937
CBRE Group, Cl A *		622		54,599
Crown Castle International ‡		839		158,991
Digital Realty Trust ‡		543		82,297
Duke Realty ‡		745		34,613
Equinix ‡		180		132,610
Equity Residential ‡		745		57,700

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

73

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Essex Property Trust ‡		113	$	33,368
Extra Space Storage ‡		264		39,550
Healthpeak Properties ‡		1,056		35,249
Invitation Homes ‡		1,103		40,006
Mid-America Apartment Communities ‡		217		34,872
ProLogis ‡		1,490		175,582
Public Storage ‡		311		87,851
Realty Income ‡		698		47,743
SBA Communications, Cl A ‡		217		64,692
Simon Property Group ‡		590		75,809
Sun Communities ‡		217		36,330
Ventas ‡		745		41,310
Welltower ‡		839		62,732
Weyerhaeuser ‡		1,490		56,560
Total Real Estate				1,712,467
Utilities — 2.4%
AES		1,320		33,541
Alliant Energy		481		27,489
Ameren		481		40,500
American Electric Power		1,009		86,774
American Water Works		358		55,497
Avangrid		113		5,953
CMS Energy		575		36,076
Consolidated Edison		698		53,914
Dominion Energy		1,663		126,620
DTE Energy		358		49,400
Duke Energy		1,490		149,328
Edison International		745		41,623
Entergy		434		45,683
Evergy		481		29,817
Eversource Energy		698		56,671
Exelon		1,942		87,623

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

74

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
FirstEnergy		1,056	$	40,033
NextEra Energy		3,913		286,510
PG&E *		2,934		29,751
PPL		1,537		44,742
Public Service Enterprise Group		1,009		62,679
Sempra Energy		575		77,907
Southern		2,112		134,999
WEC Energy Group		622		58,412
Xcel Energy		1,056		74,849
Total Utilities				1,736,391
TOTAL UNITED STATES				71,576,270
TOTAL COMMON STOCK
(Cost $67,091,065)				72,164,174
TOTAL INVESTMENTS — 99.8%
(Cost $67,091,065)			$	72,164,174

Percentages are based on Net Assets of $72,332,626.

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

Cl — Class

S&P — Standard & Poor’s

As of May 31, 2021, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2021 there have been no transfers in or out of Level 3.

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

75

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Founder-Run Companies ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
UNITED STATES— 99.9%
Communication Services — 10.3%
Facebook, Cl A *		358	$	117,686
Netflix *		230		115,646
Nexstar Media Group, Cl A		801		121,680
Pinterest, Cl A *		1,779		116,169
ROBLOX, Cl A *		1,584		148,532
Roku, Cl A *		344		119,268
Snap, Cl A *		1,909		118,587
TripAdvisor *		2,505		108,842
Twitter *		2,138		124,004
Zillow Group, Cl C *		907		106,409
Total Communication Services				1,196,823
Consumer Discretionary — 10.4%
Airbnb, Cl A *		683		95,893
Amazon.com *		34		109,584
Carvana, Cl A *		414		109,747
DoorDash, Cl A *		825		123,981
DraftKings, Cl A *		2,083		104,046
Grubhub *		1,735		104,291

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

76

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Founder-Run Companies ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Peloton Interactive, Cl A *		1,200	$	132,372
QuantumScape, Cl A *		3,230		83,625
Skechers USA, Cl A *		2,402		114,095
Tesla *		167		104,412
Wayfair, Cl A *		399		122,310
Total Consumer Discretionary				1,204,356
Energy — 1.0%
Pioneer Natural Resources		757		115,208
Financials — 15.4%
Apollo Global Management, Cl A		2,133		122,306
Ares Management, Cl A		2,248		124,045
Athene Holding, Cl A *		1,952		122,254
BlackRock, Cl A		144		126,294
Blackstone Group, Cl A		1,334		123,622
Capital One Financial		782		125,730
Essent Group		2,246		107,449
First Republic Bank		635		121,564
Intercontinental Exchange		989		111,638
KKR		2,088		116,281
MarketAxess Holdings		238		111,036
SEI Investments		1,922		121,932
Signature Bank NY		469		117,133
Starwood Property Trust ‡		4,573		116,108
Tradeweb Markets, Cl A		1,452		121,648
Total Financials				1,789,040
Health Care — 14.6%
Guardant Health *		742		92,097
Ionis Pharmaceuticals *		2,758		102,735
Jazz Pharmaceuticals *		709		126,294
LHC Group *		567		111,614
Masimo *		507		109,309
Medpace Holdings *		696		116,274

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

77

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Founder-Run Companies ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Neurocrine Biosciences *		1,250	$	120,275
Oak Street Health *		1,916		115,707
Penumbra *		386		96,157
Regeneron Pharmaceuticals *		245		123,095
Royalty Pharma, Cl A		2,684		107,682
Seagen *		821		127,542
Ultragenyx Pharmaceutical *		1,043		106,084
United Therapeutics *		585		108,752
Veeva Systems, Cl A *		418		121,780
Total Health Care				1,685,397
Industrials — 5.1%
Axon Enterprise *		778		109,379
CoStar Group *		138		117,852
FedEx		407		128,128
Lyft, Cl A *		2,121		121,088
Sunrun *		2,410		107,775
Total Industrials				584,222
Information Technology — 30.6%
Affirm Holdings, Cl A *		1,674		101,796
Akamai Technologies *		1,086		124,032
Avalara *		833		110,098
Dell Technologies, Cl C *		1,184		116,790
Dropbox, Cl A *		4,595		125,673
Elastic *		979		115,728
EPAM Systems *		254		121,310
Euronet Worldwide *		812		121,508
Fortinet *		570		124,568
HubSpot *		221		111,468
IPG Photonics *		544		113,837
Monolithic Power Systems		326		111,857
NVIDIA		197		128,007
Okta, Cl A *		437		97,206

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

78

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Founder-Run Companies ETF

	Shares			Value
COMMON STOCK — continued
Information Technology — continued
Palantir Technologies, Cl A *		5,124		$	117,596
Paycom Software *		307			101,187
Pegasystems		931			109,988
RingCentral, Cl A *		371			97,376
salesforce.com *		513			122,145
Slack Technologies, Cl A *		2,785			122,651
Square, Cl A *		482			107,255
SS&C Technologies Holdings		1,569			115,902
Synopsys *		478			121,575
Trade Desk, Cl A *		162			95,279
Twilio, Cl A *		321	��		107,856
Ubiquiti		408			123,020
VeriSign *		539			118,537
Workday, Cl A *		478			109,328
Zendesk *		808			110,421
Zoom Video Communications, Cl A *		370			122,666
Zscaler *		629			122,152
Total Information Technology					3,548,812
Materials — 2.2%
Steel Dynamics		2,152			134,349
Westlake Chemical		1,242			125,281
Total Materials					259,630
Real Estate — 10.3%
American Campus Communities ‡		2,576			121,484
American Homes 4 Rent, Cl A ‡		3,188			121,367
Apartment Income REIT ‡		2,616			121,853
Camden Property Trust ‡		980			122,873
Healthcare Trust of America, Cl A ‡		4,021			110,216
Invitation Homes ‡		3,368			122,157
Medical Properties Trust ‡		5,355			113,365
ProLogis ‡		1,013			119,372
STAG Industrial ‡		3,234			115,486

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

79

Schedule of Investments

May 31, 2021 (Unaudited)

Global X Founder-Run Companies ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Vornado Realty Trust ‡		2,582	$	122,077
Total Real Estate				1,190,250
TOTAL UNITED STATES				11,573,738
TOTAL COMMON STOCK
(Cost $9,931,117)				11,573,738
TOTAL INVESTMENTS — 99.9%
(Cost $9,931,117)			$	11,573,738

Percentages are based on Net Assets of $11,587,572.

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

Cl — Class

REIT — Real Estate Investment Trust

As of May 31, 2021, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2021, there have been no transfers in or out of Level 3.

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

80

Statements of Assets and Liabilities

May 31, 2021 (Unaudited)

	Global X SuperDividend® Alternatives ETF			Global X S&P 500® Quality Dividend ETF		Global X U.S. Preferred ETF			Global X Variable Rate Preferred ETF
Assets:
Cost of Investments	$	21,826,962		$	7,660,449	$	1,761,641,079		$	28,862,307
Cost of Repurchase Agreement		1,629,331			—		8,453,617			—
Cost of Affiliated Investments		6,326,090			—		—			—
Investments, at Value	$	25,588,984	*	$	9,422,012	$	1,810,534,223	*	$	29,394,519
Repurchase Agreement, at Value		1,629,331			—		8,453,617			—
Affiliated Investments, at Value		5,314,726			—		—			—
Cash		126,187			12,201		32,646,553			80,339
Dividend and Interest Receivable		69,644			22,549		9,838,288			123,823
Receivable for Capital Shares Sold		—			—		18,003,552			558,761
Receivable for Investment Securities Sold		—			—		14,334,003			976,397
Reclaim Receivable		—			398		—			—
Total Assets		32,728,872			9,457,160		1,893,810,236			31,133,839
Liabilities:
Obligation to Return Securities Lending Collateral		3,327,587			—		17,264,840			—
Payable due to Investment Adviser		18,373			1,585		339,515			5,571
Payable for Investment Securities Purchased		—			—		61,733,166			1,514,468
Total Liabilities		3,345,960			1,585		79,337,521			1,520,039
Net Assets	$	29,382,912		$	9,455,575	$	1,814,472,715		$	29,613,800
Net Assets Consist of:
Paid-in Capital	$	31,251,349		$	8,241,992	$	1,781,037,715		$	29,007,439
Total Distributable Earnings/(Loss)		(1,868,437	)		1,213,583		33,435,000			606,361
Net Assets	$	29,382,912		$	9,455,575	$	1,814,472,715		$	29,613,800
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		2,180,000			300,002		70,470,000			1,060,000
Net Asset Value, Offering and Redemption Price Per Share	$	13.48		$	31.52	$	25.75		$	27.94
*Includes Market Value of Securities on Loan	$	3,246,286		$	—	$	16,943,491		$	—

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

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

81

Statements of Assets and Liabilities

May 31, 2021 (Unaudited)

	Global X MLP ETF			Global X MLP & Energy Infrastructure ETF			Global X TargetIncomeTM 5 ETF			Global X TargetIncomeTM Plus 2 ETF
Assets:
Cost of Investments	$	691,667,540		$	706,430,882		$	2,399,676		$	5,050,723
Cost of Repurchase Agreement		—			5,895,215			—			—
Cost of Affiliated Investments		—			—			4,508,586			910,770
Investments, at Value	$	961,338,872		$	821,102,469	*	$	2,370,474		$	4,985,516
Repurchase Agreement, at Value		—			5,895,215			—			—
Affiliated Investments, at Value		—			—			4,714,491			931,001
Cash		1,975,598			—			2,723			11,007
Receivable for Investment Securities Sold		68,801,888			25,580,878			—			—
Alternative Minimum Tax Credit		41,496			—			—			—
Receivable for Capital Shares Sold		—			697,718			—			—
Dividend and Interest Receivable		—			1,180,537			—			—
Reclaim Receivable		—			579,714			—			—
Total Assets		1,032,157,854			855,036,531			7,087,688			5,927,524
Liabilities:
Obligation to Return Securities Lending Collateral		—			12,039,810			—			—
Payable for Investment Securities Purchased		69,876,902			26,436,356			—			—
Payable due to Investment Adviser		359,008			308,931			2,194			1,896
Income Tax Payable		167,263			—			—			—
Cash Overdraft		—			79,558			—			—
Franchise Tax Payable		29,933			—			—			—
Other Accrued Expenses		8,596			—			—			—
Total Liabilities		70,441,702			38,864,655			2,194			1,896
Net Assets	$	961,716,152		$	816,171,876		$	7,085,494		$	5,925,628
Net Assets Consist of:
Paid-in Capital	$	1,184,885,243		$	951,448,125		$	7,099,285		$	6,190,426
Total Distributable Loss		(223,169,091	)		(135,276,249	)		(13,791	)		(264,798	)
Net Assets	$	961,716,152		$	816,171,876		$	7,085,494		$	5,925,628
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		26,028,637			23,397,506			290,002			250,002
Net Asset Value, Offering and Redemption Price Per Share	$	36.95		$	34.88		$	24.43		$	23.70
*Includes Market Value of Securities on Loan	$	—		$	11,703,072		$	—		$	—

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

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

82

Statements of Assets and Liabilities

May 31, 2021 (Unaudited)

	Global X Conscious Companies ETF		Global X Adaptive U.S. Factor ETF		Global X Adaptive U.S. Risk Management ETF		Global X Founder-Run Companies ETF
Assets:
Cost of Investments	$	355,092,252	$	153,433,827	$	67,091,065	$	9,931,117
Investments, at Value	$	457,794,389	$	177,320,869	$	72,164,174	$	11,573,738
Cash		615,786		89,145		104,241		15,789
Dividend and Interest Receivable		601,827		428,630		87,203		2,305
Reclaim Receivable		—		1,374		288		—
Total Assets		459,012,002		177,840,018		72,355,906		11,591,832
Liabilities:
Payable due to Investment Adviser		165,728		40,372		23,280		4,260
Total Liabilities		165,728		40,372		23,280		4,260
Net Assets	$	458,846,274	$	177,799,646	$	72,332,626	$	11,587,572
Net Assets Consist of:
Paid-in Capital	$	331,357,281	$	167,942,686	$	67,049,891	$	9,515,192
Total Distributable Earnings		127,488,993		9,856,960		5,282,735		2,072,380
Net Assets	$	458,846,274	$	177,799,646	$	72,332,626	$	11,587,572
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		14,950,000		5,880,002		2,640,000		350,000
Net Asset Value, Offering and Redemption Price Per Share	$	30.69	$	30.24	$	27.40	$	33.11

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

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

83

Statements of Operations

For the period ended May 31, 2021 (Unaudited)

	Global X SuperDividend® Alternatives ETF			Global X S&P 500® Quality Dividend ETF		Global X U.S. Preferred ETF			Global X Variable Rate Preferred ETF
Investment Income:
Dividend Income	$	563,637		$	105,406	$	35,548,494		$	309,893
Dividend Income, from Affiliated Investments		146,456			—		—			—
Interest Income		1			—		40,187			—
Security Lending Income		63,593			—		197,087			—
Less: Foreign Taxes Withheld		—			—		(4,590	)		(224	)
Total Investment Income		773,687			105,406		35,781,178			309,669
Supervision and Administration Fees(1)		90,082			7,424		1,530,264			13,267
Custodian Fees(2)		74			112		181			6
Total Expenses		90,156			7,536		1,530,445			13,273
Waiver of Supervision and Administration Fees		–			–		(165	)		–
Net Expenses		90,156			7,536		1,530,280			13,273
Net Investment Income		683,531			97,870		34,250,898			296,396
Net Realized Gain (Loss) on:
Investments(3)		(7,583	)		335,914		(3,388,522	)		(6,451	)
Affiliated Investments		(17,881	)		—		—			—
Net Realized Gain (Loss) on Investments		(25,464	)		335,914		(3,388,522	)		(6,451	)
Net Change in Unrealized Appreciation on:
Investments		3,340,299			1,317,680		23,505,054			434,198
Affiliated Investments		633,835			—		—			—
Net Change in Unrealized Appreciation on Investments		3,974,134			1,317,680		23,505,054			434,198
Net Realized and Unrealized Gain on Investments		3,948,670			1,653,594		20,116,532			427,747
Net Increase in Net Assets Resulting from Operations	$	4,632,201		$	1,751,464	$	54,367,430		$	724,143

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

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

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

84

Statements of Operations

For the period ended May 31, 2021 (Unaudited)

	Global X MLP ETF			Global X MLP & Energy Infrastructure ETF			Global X TargetIncomeTM 5 ETF			Global X TargetIncomeTM Plus 2 ETF
Investment Income:
Distributions from Master Limited Partnerships	$	34,721,091		$	—		$	—		$	—
Less: Return of Capital Distributions		(34,721,091	)		—			—			—
Dividend Income		562,955			17,089,671			57,242			80,330
Dividend Income, from Affiliated Investments		—			—			75,212			8,826
Interest Income		126			21			—			—
Security Lending Income		—			18,380			—			—
Less: Foreign Taxes Withheld		—			(801,367	)		—			—
Total Investment Income		563,081			16,306,705			132,454			89,156
Supervision and Administration Fees(1)		1,763,216			1,533,715			10,747			9,676
Custodian Fees(2)		11,635			6,088			118			166
Total Expenses		1,774,851			1,539,803			10,865			9,842
Net Expenses		1,774,851			1,539,803			10,865			9,842
Net Investment Income (Loss)		(1,211,770	)		14,766,902			121,589			79,314
Net Realized Gain (Loss) on:
Investments(3)		(19,862,236	)		(17,400,451	)		(42,096	)		(4,124	)
Affiliated Investments		—			—			97,426			69
Net Realized Gain (Loss) on Investments and Foreign Currency Translations		(19,862,236	)		(17,400,451	)		55,330			(4,055	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		312,764,904			210,595,337			(14,200	)		(135,748	)
Affiliated Investments		—			—			264,589			20,231
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		312,764,904			210,595,337			250,389			(115,517	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Translations		292,902,668			193,194,886			305,719			(119,572	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	291,690,898		$	207,961,788		$	427,308		$	(40,258	)

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

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

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

85

Statements of Operations

For the period ended May 31, 2021 (Unaudited)

	Global X Conscious Companies ETF			Global X Adaptive U.S. Factor ETF		Global X Adaptive U.S. Risk Management ETF*			Global X Founder-Run Companies ETF
Investment Income:
Dividend Income	$	3,281,562		$	1,577,661	$	307,656		$	70,115
Interest Income		14			—		—			—
Less: Foreign Taxes Withheld		(8,568	)		—		—			—
Total Investment Income		3,273,008			1,577,661		307,656			70,115
Supervision and Administration Fees(1)		913,444			217,823		82,453			21,586
Custodian Fees(2)		37			177		—			15
Total Expenses		913,481			218,000		82,453			21,601
Net Expenses		913,481			218,000		82,453			21,601
Net Investment Income		2,359,527			1,359,661		225,203			48,514
Net Realized Gain (Loss) on:
Investments(3)		26,545,401			16,550,340		(15,577	)		528,645
Net Realized Gain (Loss) on Investments		26,545,401			16,550,340		(15,577	)		528,645
Net Change in Unrealized Appreciation on:
Investments		35,982,828			15,755,476		5,073,109			541,459
Net Change in Unrealized Appreciation on Investments		35,982,828			15,755,476		5,073,109			541,459
Net Realized and Unrealized Gain on Investments		62,528,229			32,305,816		5,057,532			1,070,104
Net Increase in Net Assets Resulting from Operations	$	64,887,756		$	33,665,477	$	5,282,735		$	1,118,618

*	The Fund commenced operations on January 12, 2021.
(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)
(2)	See Note 2 in the Notes to Financial Statements.
(3)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)

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

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

86

Statements of Changes in Net Assets

	Global X SuperDividend® Alternatives ETF						Global X S&P 500® Quality Dividend ETF
	Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020			Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020
Operations:
Net Investment Income	$	683,531		$	1,086,630		$	97,870		$	188,071
Net Realized Gain (Loss) on Investments and Foreign Currency Translations(1)		(25,464	)		(4,112,218	)		335,914			471,553
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		3,974,134			(823,634	)		1,317,680			(252,255	)
Net Increase (Decrease) in Net Assets Resulting from Operations		4,632,201			(3,849,222	)		1,751,464			407,369
Distributions		(853,620	)		(1,871,599	)		(101,601	)		(208,533	)
Return of Capital		—			(218,100	)		—			(950	)
Capital Share Transactions:
Issued		6,031,480			3,221,003			2,103,427			8,382,103
Redeemed		—			(5,721,323	)		(597,929	)		(11,557,981	)
Increase (Decrease) in Net Assets from Capital Share Transactions		6,031,480			(2,500,320	)		1,505,498			(3,175,878	)
Total Increase (Decrease) in Net Assets		9,810,061			(8,439,241	)		3,155,361			(2,977,992	)
Net Assets:
Beginning of Year/Period		19,572,851			28,012,092			6,300,214			9,278,206
End of Year/Period	$	29,382,912		$	19,572,851		$	9,455,575		$	6,300,214
Share Transactions:
Issued		480,000			300,000			70,000			350,000
Redeemed		—			(500,000	)		(20,000	)		(450,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		480,000			(200,000	)		50,000			(100,000	)

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

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

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

87

Statements of Changes in Net Assets

	Global X U.S. Preferred ETF						Global X Variable Rate Preferred ETF
	Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020			Period Ended May 31, 2021 (Unaudited)			Period Ended November 30, 2020(1)
Operations:
Net Investment Income	$	34,250,898		$	37,998,789		$	296,396		$	57,108
Net Realized Gain (Loss) on Investments(2)		(3,388,522	)		(6,299,727	)		(6,451	)		84,037
Net Change in Unrealized Appreciation (Depreciation) on Investments		23,505,054			18,485,011			434,198			98,014
Net Increase in Net Assets Resulting from Operations		54,367,430			50,184,073			724,143			239,159
Distributions		(32,746,870	)		(37,989,950	)		(225,230	)		(49,000	)
Capital Share Transactions:
Issued		935,704,846			520,184,945			27,766,246			2,485,001
Redeemed		(11,402,827	)		(248,979,070	)		—			(1,326,519	)
Increase in Net Assets from Capital Share Transactions		924,302,019			271,205,875			27,766,246			1,158,482
Total Increase in Net Assets		945,922,579			283,399,998			28,265,159			1,348,641
Net Assets:
Beginning of Year/Period		868,550,136			585,150,138			1,348,641			—
End of Year/Period	$	1,814,472,715		$	868,550,136		$	29,613,800		$	1,348,641
Share Transactions:
Issued		36,670,000			21,150,000			1,010,000			100,000
Redeemed		(450,000	)		(10,500,000	)		—			(50,000	)
Net Increase in Shares Outstanding from Share Transactions		36,220,000			10,650,000			1,010,000			50,000

(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.)

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

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

88

Statements of Changes in Net Assets

 

	Global X MLP ETF						Global X MLP & Energy Infrastructure ETF
	Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020			Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020
Operations:
Net Investment Income (Loss)	$	(1,211,770	)	$	(6,359,344	)	$	14,766,902		$	15,097,236
Net Realized Loss on Investments and Foreign Currency Transactions(1)		(19,862,236	)		(324,548,352	)		(17,400,451	)		(91,676,583	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		312,764,904			(4,748,459	)		210,595,337			(34,621,560	)
Net Increase (Decrease) in Net Assets Resulting from Operations		291,690,898			(335,656,155	)		207,961,788			(111,200,907	)
Distributions		—			—			(24,411,222	)		(41,140,675	)
Return of Capital		(39,538,319	)		(95,194,445	)		—			(6,129,052	)
Capital Share Transactions:
Issued		101,821,071			448,082,413			119,440,047			261,977,997
Redeemed		(79,834,188	)		(276,699,657	)		(25,162,324	)		(177,463,590	)
Increase in Net Assets from Capital Share Transactions		21,986,883			171,382,756			94,277,723			84,514,407
Total Increase (Decrease) in Net Assets		274,139,462			(259,467,844	)		277,828,289			(73,956,227	)
Net Assets:
Beginning of Year/Period		687,576,690			947,044,534			538,343,587			612,299,814
End of Year/Period	$	961,716,152		$	687,576,690		$	816,171,876		$	538,343,587
Share Transactions:
Issued		3,050,000			13,991,667			3,950,000			9,016,667
Redeemed		(2,740,000	)		(9,823,030	)		(800,000	)		(7,069,161	)
Net Increase in Shares Outstanding from Share Transactions		310,000			4,168,637			3,150,000			1,947,506

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

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

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

89

Statements of Changes in Net Assets

	Global X TargetIncomeTM 5 ETF						Global X TargetIncomeTM Plus 2 ETF
	Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020			Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020
Operations:
Net Investment Income	$	121,589		$	189,117		$	79,314		$	374,284
Net Realized Gain (Loss) on Investments(1)		55,330			(155,034	)		(4,055	)		(3,386,649	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		250,389			(59,199	)		(115,517	)		64,580
Net Increase (Decrease) in Net Assets Resulting from Operations		427,308			(25,116	)		(40,258	)		(2,947,785	)
Distributions		(127,731	)		(200,326	)		(74,551	)		(384,302	)
Return of Capital		—			(31,932	)		—			(10,725	)
Capital Share Transactions:
Issued		5,246,304			8,365,342			1,879,568			30,643,465
Redeemed		(3,104,549	)		(4,675,523	)		(700,485	)		(32,186,390	)
Increase (Decrease) in Net Assets from Capital Share Transactions		2,141,755			3,689,819			1,179,083			(1,542,925	)
Total Increase (Decrease) in Net Assets		2,441,332			3,432,445			1,064,274			(4,885,737	)
Net Assets:
Beginning of Year/Period		4,644,162			1,211,717			4,861,354			9,747,091
End of Year/Period	$	7,085,494		$	4,644,162		$	5,925,628		$	4,861,354
Share Transactions:
Issued		220,000			350,000			80,000			1,250,000
Redeemed		(130,000	)		(200,000	)		(30,000	)		(1,450,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		90,000			150,000			50,000			(200,000	)

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

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

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

90

Statements of Changes in Net Assets

 

	Global X Conscious Companies ETF						Global X Adaptive U.S. Factor ETF
	Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020			Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020
Operations:
Net Investment Income	$	2,359,527		$	3,300,453		$	1,359,661		$	4,315,387
Net Realized Gain (Loss) on Investments(1)		26,545,401			28,263,788			16,550,340			(11,538,028	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		35,982,828			53,212,614			15,755,476			(1,379,090	)
Net Increase (Decrease) in Net Assets Resulting from Operations		64,887,756			84,776,855			33,665,477			(8,601,731	)
Distributions		(2,371,271	)		(1,877,907	)		(2,295,181	)		(5,174,718	)
Return of Capital		—			—			—			(635,325	)
Capital Share Transactions:
Issued		60,254,342			312,745,124			35,691,286			158,831,557
Redeemed		(67,423,786	)		(77,604,275	)		(33,746,274	)		(189,499,311	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(7,169,444	)		235,140,849			1,945,012			(30,667,754	)
Total Increase (Decrease) in Net Assets		55,347,041			318,039,797			33,315,308			(45,079,528	)
Net Assets:
Beginning of Year/Period		403,499,233			85,459,436			144,484,338			189,563,866
End of Year/Period	$	458,846,274		$	403,499,233		$	177,799,646		$	144,484,338
Share Transactions:
Issued		2,100,000			14,850,000			1,350,000			6,650,000
Redeemed		(2,400,000	)		(3,300,000	)		(1,270,000	)		(8,200,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(300,000	)		11,550,000			80,000			(1,550,000	)

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

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

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

91

Statements of Changes in Net Assets

	Global X Adaptive U.S. Risk Management ETF			Global X Founder-Run Companies ETF
	Period Ended May 31, 2021(1) (Unaudited)			Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020
Operations:
Net Investment Income	$	225,203		$	48,514		$	21,945
Net Realized Gain (Loss) on Investments(2)		(15,577	)		528,645			(1,120,416	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		5,073,109			541,459			942,221
Net Increase (Decrease) in Net Assets Resulting from Operations		5,282,735			1,118,618			(156,250	)
Distributions		—			(67,306	)		(13,936	)
Capital Share Transactions:
Issued		67,049,891			6,809,151			6,247,607
Redeemed		—			(2,005,146	)		(4,444,963	)
Increase in Net Assets from Capital Share Transactions		67,049,891			4,804,005			1,802,644
Total Increase in Net Assets		72,332,626			5,855,317			1,632,458
Net Assets:
Beginning of Year/Period		—			5,732,255			4,099,797
End of Year/Period	$	72,332,626		$	11,587,572		$	5,732,255
Share Transactions:
Issued		2,640,000			210,000			300,000
Redeemed		—			(60,000	)		(300,000	)
Net Increase in Shares Outstanding from Share Transactions		2,640,000			150,000			—

(1)	The Fund commenced operations on January 12, 2021.
(2)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)

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

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

92

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® Alternatives ETF
2021 (Unaudited)		11.51		0.35		2.07			2.42			(0.45	)		—
2020		14.74		0.66		(2.64	)		(1.98	)		(0.98	)		(0.15	)
2019		14.52		0.94		0.44			1.38			(1.07	)		(0.09	)
2018		15.40		0.92		(0.64	)		0.28			(1.16	)		—
2017		14.65		1.04		0.85			1.89			(1.01	)		—
2016		14.43		0.99#	0.53^				1.52			(1.15	)		—
Global X S&P 500® Quality Dividend ETF
2021 (Unaudited)		25.20		0.37		6.34			6.71			(0.39	)		—
2020		26.51		0.75		(1.24	)		(0.49	)		(0.82	)		—
2019		24.60		0.75		1.89			2.64			(0.73	)		—
2018(2)		25.00		0.26		(0.44	)		(0.18	)		(0.22	)		—

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

93

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 (%)††
	—			(0.45	)		13.48		21.47			29,383		0.75	†		5.69	†		0.66
	(0.12	)		(1.25	)		11.51		(13.13	)		19,573		0.75			5.61			52.78
	—			(1.16	)		14.74		9.89			28,012		0.75			6.39			18.16
	—			(1.16	)		14.52		1.89			16,698		0.75			6.19			18.32
	(0.13	)		(1.14	)		15.40		13.24			11,549		0.75			6.75			34.84
	(0.15	)		(1.30	)		14.65		11.04			5,127		0.75			6.78			30.80
	—			(0.39	)		31.52		26.86			9,456		0.20	†		2.64	†		31.53
	—	(1)		(0.82	)		25.20		(1.47	)		6,300		0.20			3.27			93.40
	—			(0.73	)		26.51		11.01			9,278		0.28	‡		2.99			49.18
	—			(0.22	)		24.60		(0.72	)		2,460		0.36	†		2.70	†		1.18

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
#	Effective November 1, 2015, the Fund changed its method for estimating the characterization of amounts distributed by master limited partnerships, which correspondingly impacted the financial highlight ratios and per share disclosures to the extent that the fund recorded investment income that differed from amounts previously estimated.
^	The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
‡	Effective April 1, 2019, the Fund’s fees were permanently lowered to 0.20%. Prior to April 1, 2019, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.31% and 0.35%, for the years ended November 30, 2019 and 2018, respectively.
(1)	Amount is less than $0.005.
(2)	The Fund commenced operations on July 13, 2018.

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

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

94

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)
Global X U.S. Preferred ETF
2021 (Unaudited)		25.36		0.65			0.39			1.04			(0.65	)		—
2020		24.79		1.33			0.58			1.91			(1.34	)		—
2019		22.97		1.36			1.83			3.19			(1.37	)		—
2018		25.03		1.44			(2.08	)		(0.64	)		(1.42	)		—
2017(1)		25.08		0.44			(0.25	)		0.19			(0.24	)		—
Global X Variable Rate Preferred ETF
2021 (Unaudited)		26.97		0.77			0.93			1.70			(0.71	)		(0.02	)
2020(2)		24.85		0.61			2.00			2.61			(0.49	)		—
Global X MLP ETF
2021 (Unaudited)		26.73		(0.05	)		11.87			11.82			—			—
2020(3)		43.92		(0.26	)		(13.13	)		(13.39	)		—			—
2019(3)		51.24		(0.24	)		(2.76	)		(3.00	)		—			—
2018(3)		56.52		(0.24	)		(0.42	)		(0.66	)		(0.12	)		—
2017(3)		67.44		(0.30	)		(5.88	)		(6.18	)		—	***		—
2016(3)		63.36		(0.42	)		9.48			9.06			(0.12	)		—

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

95

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 (%)			Tax Expenses (%)			Tax Benefit (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
	—			(0.65	)		25.75		4.17			1,814,473		0.23	†		—			—			5.15	†		20.44
	—			(1.34	)		25.36		8.13			868,550	0.23^^				—			—			5.49			39.14
	—			(1.37	)		24.79		14.25			585,150		0.24			—			—			5.57			32.93
	—			(1.42	)		22.97		(2.72	)		188,314		0.23			—			—			5.98			42.90
	—			(0.24	)		25.03		0.75			26,276		0.23	†		—			—			8.01	†		3.82
	—			(0.73	)		27.94		6.40			29,614		0.25	†		—			—			5.58	†		14.71
	—			(0.49	)		26.97		10.59			1,349		0.25	†		—			—			5.38	†		10.96
	(1.60	)		(1.60	)		36.95		45.18			961,716		0.45	†		—			—			(0.31	)†		29.29
	(3.80	)		(3.80	)		26.73		(30.51	)		687,577		0.46			0.46	(4)		—	(5)		(0.85	)		33.78
	(4.32	)		(4.32	)		43.92		(6.54	)		947,045		0.46			—	(4)		—	(5)		(0.46	)		55.65
	(4.50	)		(4.62	)		51.24		(1.72	)		828,622		0.45			—	(4)		—	(5)		(0.45	)		30.35
	(4.74	)		(4.74	)		56.52		(9.85	)		692,954		0.35			(0.11	)(4)		—	(5)		(0.46	)		35.11
	(4.86	)		(4.98	)		67.44		15.34			373,566		0.50			0.03	(4)		(0.23	)(5)		(0.70	)		37.20

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
***	Amount is less than $0.005.
^^	Effective April 1, 2020 until April 1, 2021, the ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.23%.
†	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 September 11, 2017.
(2)	The Fund commenced operations on June 22, 2020.
(3)	Per share amounts have been adjusted for a 1 for 6 reverse stock split on April 28, 2020 (see Note 9 in the Notes to Financial Statements).
(4)	The Before Net Deferred Tax Expense ratios for the years ending November 30, 2016, 2017, 2018, 2019, and 2020 was 0.47%, 0.46%, 0.45%, 0.46%, and 0.45%.
(5)	The Before Net Tax Benefit for the years ending November 30, 2016, 2017, 2018, 2019, and 2020 was (0.47%), (0.46%), (0.45%), (0.46%) and (0.39%).

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

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

96

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)
Global X MLP & Energy Infrastructure ETF
2021 (Unaudited)		26.59		0.67		8.71			9.38			(1.09	)		—
2020(1)		33.45		0.71		(5.33	)		(4.62	)		(1.95	)		—
2019(1)		36.39		1.14		(1.89	)		(0.75	)		(2.01	)		—
2018(1)		38.40		1.05		(1.11	)		(0.06	)		(1.56	)		—
2017(1)		44.46		0.93		(4.62	)		(3.69	)		(2.16	)		—
2016(1)		40.41		1.08		4.77			5.85			(1.80	)		—
Global X TargetIncomeTM 5 ETF
2021 (Unaudited)		23.22		0.53		1.25			1.78			(0.57	)		—
2020		24.23		0.95		(0.68	)		0.27			(1.10	)		—
2019		23.95		1.43		0.30			1.73			(1.44	)		(0.01	)
2018(2)		25.00		0.48		(1.19	)		(0.71	)		(0.34	)		—
Global X TargetIncomeTM Plus 2 ETF
2021 (Unaudited)		24.31		0.38		(0.63	)		(0.25	)		(0.36	)		—
2020		24.37		0.85		(0.09	)		0.76			(0.80	)		—
2019		23.98		1.06		0.67			1.73			(1.33	)		(0.01	)
2018(2)		25.00		0.47		(1.15	)		(0.68	)		(0.34	)		—

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

97

Financial Highlights

Return of Capital ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)			Portfolio Turnover (%)††
	—			(1.09	)		34.88		35.82			816,172		0.45	†		4.33	†		11.77
	(0.29	)		(2.24	)		26.59		(13.34	)		538,344		0.45			2.66			35.86
	(0.18	)		(2.19	)		33.45		(2.34	)		612,300		0.45			3.03			36.57
	(0.39	)		(1.95	)		36.39		(0.43	)		540,381		0.45			2.65			25.68
	(0.21	)		(2.37	)		38.40		(8.71	)		305,980		0.45			2.20			40.42
	—			(1.80	)		44.46		15.45			130,451		0.45			2.79			56.14
	—			(0.57	)		24.43		7.76			7,085		0.39	†		4.41	†		53.98
	(0.18	)		(1.28	)		23.22		1.34			4,644		0.39			4.16			58.11
	—			(1.45	)		24.23		7.54			1,212		0.40			5.98			63.30
	—			(0.34	)		23.95		(2.86	)		2,395		0.39	†		5.65	†		16.00
	—			(0.36	)		23.70		(1.02	)		5,926		0.39	†		3.20	†		29.20
	(0.02	)		(0.82	)		24.31		3.22			4,861		0.39			3.53			28.85
	—			(1.34	)		24.37		7.44			9,747		0.39			4.37			31.54
	—			(0.34	)		23.98		(2.74	)		2,399		0.39	†		5.57	†		11.11

*	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)	Per share amounts have been adjusted for a 1 for 3 reverse share split on April 28, 2020 (See Note 9 in Notes to Financial Statements.
(2)	The Fund commenced operations on July 27, 2018.

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

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

98

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 Conscious Companies ETF
2021 (Unaudited)		26.46		0.16		4.23			4.39			(0.16	)		—
2020		23.10		0.33		3.32			3.65			(0.27	)		(0.02	)
2019		20.55		0.37		2.68			3.05			(0.50	)		—
2018		19.23		0.33		1.22			1.55			(0.23	)		—
2017		15.79		0.26		3.33			3.59			(0.15	)		—
2016(1)		15.09		0.15		0.55			0.70			—			—
Global X Adaptive U.S. Factor ETF
2021 (Unaudited)		24.91		0.23		5.49			5.72			(0.39	)		—
2020		25.79		0.63		(0.67	)		(0.04	)		(0.70	)		(0.05	)
2019		24.39		0.89		1.53			2.42			(1.02	)		—	***
2018(2)		25.00		0.22		(0.61	)		(0.39	)		(0.19	)		—
Global X Adaptive U.S. Risk Management ETF
2021(3) (Unaudited)		24.95		0.11		2.34			2.45			—			—
Global X Founder-Run Companies ETF
2021 (Unaudited)		28.66		0.16		4.63			4.79			(0.34	)		—
2020		20.50		0.09		8.14			8.23			(0.07	)		—
2019		18.63		0.05		2.12			2.17			(0.07	)		(0.23	)
2018		17.41		0.04		1.45			1.49			(0.04	)		(0.23	)
2017(4)		15.02		0.04		2.35			2.39			—			—

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

99

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 (%)††
	—			(0.16	)		30.69		16.67			458,846		0.43	†		1.11	†		5.24
	—			(0.29	)		26.46		16.01			403,499		0.43			1.45			48.73
	—			(0.50	)		23.10		15.35			85,459		0.43			1.73			34.97
	—			(0.23	)		20.55		8.16			56,504		0.43			1.65			36.35
	—			(0.15	)		19.23		22.95			48,065		0.43			1.50			41.77
	—			—			15.79		4.64			33,163		0.43	†		2.57	†		37.35
	—			(0.39	)		30.24		23.11			177,800		0.27	†		1.68	†		39.51
	(0.09	)		(0.84	)		24.91		0.14			144,484		0.27			2.78			159.91
	—			(1.02	)		25.79		10.27			189,564		0.27			3.63			112.43
	(0.03	)		(0.22	)		24.39		(1.58	)		102,438		0.27	†		3.31	†		28.89
	—			—			27.40		9.82			72,333		0.39	†		1.06	†		1.42
	—			(0.34	)		33.11		16.82			11,588		0.45	†		1.01	†		37.89
	—			(0.07	)		28.66		40.29			5,732		0.45			0.39			31.51
	—			(0.30	)		20.50		12.05			4,100		0.52			0.29			33.82
	—			(0.27	)		18.63		8.67			4,657		0.65			0.13			25.22
	—			—			17.41		15.91			3,483		0.65	†		0.33	†		21.61

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
***	Amount is less than $0.005.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1)	The Fund commenced operations on July 11, 2016.
(2)	The Fund commenced operations on August 24, 2018.
(3)	The Fund commenced operations on January 12, 2021.
(4)	The Fund commenced operations on February 13, 2017.

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

100

Notes to Financial Statements (Unaudited)

May 31, 2021

1. ORGANIZATION

The Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of May 31, 2021, the Trust had ninety-nine portfolios, eighty-one of which were operational. The financial statements herein and the related notes pertain to the Global X SuperDividend® Alternatives ETF, Global X S&P 500® Quality Dividend ETF, Global X U.S. Preferred ETF, Global X Variable Rate Preferred ETF, Global X MLP ETF, Global X MLP & Energy Infrastructure ETF, Global X TargetIncomeTM 5 ETF, Global X TargetIncomeTM Plus 2 ETF, Global X Conscious Companies ETF, Global X Adaptive U.S. Factor ETF, Global X Adaptive U.S. Risk Management ETF, and Global X Founder-Run Companies ETF (each a “Fund” and collectively, the “Funds”). Each Fund, other than the Global X SuperDividend^® Alternatives ETF and Global X Conscious Companies  ETF, has elected non-diversified status.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

MLPs – Certain Funds may invest in MLPs in addition to other exchange-traded securities. MLPs are publicly-traded partnerships engaged in the transportation, storage and processing of minerals and natural resources. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity-level taxation. To qualify as an MLP, and to not be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). These qualifying sources include natural

101

Notes to Financial Statements (Unaudited) (Continued)

May 31, 2021

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

resource-based activities, such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly-traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.

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

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

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less will be valued at their market value. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be

102

Notes to Financial Statements (Unaudited) (Continued)

May 31, 2021

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates as of the reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day.

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a fair value committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value their securities if an event that may materially affect the value of the Funds’ securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the securities’ last close and the time that the Funds calculate their net asset values. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC, the Funds’ investment adviser (the “Adviser”), becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate their net asset values, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of May 31, 2021, there were no securities priced using the Fair Value Procedures.

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

103

Notes to Financial Statements (Unaudited) (Continued)

May 31, 2021

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

For the period ended May 31, 2021, there have been no significant changes to the Funds’ fair valuation methodologies.

REPURCHASE AGREEMENTS – Securities pledged as collateral for repurchase agreements by BNP Paribas are held by Brown Brothers Harriman & Co. (“BBH”), the Funds’ custodian (“custodian”) and are designated as being held on each Fund’s behalf by its custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest.

It is the Funds’ policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Funds bear the risk of loss in the event that the other party to a repurchase agreement defaults on its obligations, and the Funds are prevented from exercising their rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period.

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.

104

Notes to Financial Statements (Unaudited) (Continued)

May 31, 2021

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

As of May 31, 2021, the open repurchase agreements by counterparty which are subject to an MRA on a net payment basis are as follows:

	Repurchase Agreements		Fair Value of Non-cash Collateral Received(1)		Cash Collateral Received		Net Amount(2)
Global X SuperDividend® Alternatives ETF
BNP Paribas	$	1,629,331	$	1,629,331	$	−	$	−
Global X U.S. Preferred ETF
BNP Paribas		8,453,617		8,453,617		−		−
Global X MLP & Energy Infrastructure ETF
BNP Paribas		5,895,215		5,895,215		−		−

(1)	Excess collateral received is not presented in the table above.  Please refer to the Schedule of Investments for the market value of the collateral received for each Fund.
(2)	Net Amount represents the net amount receivable due from the counterparty in the event of default.

FEDERAL INCOME TAXES – It is each Fund’s intention, except for Global X MLP ETF, to continue to qualify as a regulated investment company for federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Code. Accordingly, no provisions for federal income taxes have been made in the financial statements, except for Global X MLP ETF.

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

As of and during the period ended May 31, 2021, the Funds, except for Global X MLP ETF, did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as in income tax expense on the Statement of Operations. During the reporting period, the Funds did not incur any interest or penalties.  The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

Global X MLP ETF is taxed as a regular C‐corporation for federal income tax purposes and as such is obligated to pay federal and applicable state corporate income tax.

105

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May 31, 2021

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

SECURITY TRANSACTIONS AND INVESTMENT INCOME – Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from the settlement date.

FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION – The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions and translations represent net foreign exchange gains or losses from foreign currency spot contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS – The Funds distribute their net investment income on a pro rata basis.  Any net realized capital gains are distributed annually. All distributions are recorded on the ex-dividend date.

Cash distributions from MLPs to Global X MLP ETF that exceed the Global X MLP ETF’s allocable share of such MLP’s net taxable income are considered tax‐deferred return of capital that will reduce Global X MLP ETF’s adjusted tax basis in the equity

106

Notes to Financial Statements (Unaudited) (Continued)

May 31, 2021

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

CREATION UNITS – The Funds issue and redeem their shares (“Shares”) on a continuous basis at net asset value (“NAV”) and only in large blocks of 10,000 Shares, referred to as “Creation Units”. Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day.

An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to BBH, the Funds’ custodian, on the date of such redemption, regardless of the number of Creation Units redeemed that day.

107

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May 31, 2021

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

	Creation Unit Shares		Creation Fee		Value at May 31, 2021		Redemption Fee
Global X SuperDividend® Alternatives ETF		10,000	$	300	$	134,800	$	300
Global X S&P 500® Quality Dividend ETF		10,000		500		315,200		500
Global X U.S. Preferred ETF		10,000		650		257,500		650
Global X Variable Rate Preferred ETF		10,000		300		279,400		300
Global X MLP ETF		10,000		250		369,500		250
Global X MLP & Energy Infrastructure ETF		10,000		250		348,800		250
Global X TargetIncomeTM 5 ETF		10,000		250		244,300		250
Global X TargetIncomeTM Plus 2 ETF		10,000		250		237,000		250
Global X Conscious Companies ETF		10,000		750		306,900		750
Global X Adaptive U.S. Factor ETF		10,000		700		302,400		700
Global X Adaptive U.S. Risk Management ETF		10,000		1,300		274,000		1,300
Global X Founder-Run Companies ETF		10,000		400		331,100		400

3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS

On July 2, 2018, the Adviser consummated a transaction pursuant to which it became an indirect, wholly-owned subsidiary of Mirae Asset Global Investments Co., Ltd. (“Mirae”). In this manner, the Adviser is ultimately controlled by Mirae, 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 services to the respective Funds, under the supervision and administration agreement, the Funds pay a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the respective Fund) (the “Supervision and Administration Fee”). In addition, the Funds bear other expenses, directly and indirectly, that are not covered by the supervision and administration agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees,

108

Notes to Financial Statements (Unaudited) (Continued)

May 31, 2021

3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS (continued)

commissions, acquired fund fees and expenses, and other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses).

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

	Supervision and Administration Fee
Global X SuperDividend® Alternatives ETF		0.75	%
Global X S&P 500® Quality Dividend ETF		0.20	%
Global X U.S. Preferred ETF*		0.23	%
Global X Variable Rate Preferred ETF		0.25	%
Global X MLP ETF		0.45	%
Global X MLP & Energy Infrastructure ETF		0.45	%
Global X TargetIncomeTM 5 ETF		0.39	%
Global X TargetIncomeTM Plus 2 ETF		0.39	%
Global X Conscious Companies ETF		0.43	%
Global X Adaptive U.S. Factor ETF		0.27	%
Global X Adaptive U.S. Risk Management ETF		0.39	%
Global X Founder-Run Companies ETF		0.45	%

* Pursuant  to  an  expense  limitation  agreement  in  existence  between  the  Global  X  U.S.  Preferred  ETF  (the  “Fund”)  and  the  Adviser, prior to April 1, 2021  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)) would not exceed 0.23% of the Fund’s average daily net assets per year, effective April 1, 2020, until April 1, 2021.

SEI Investments Global Funds Services (“SEIGFS”) serves as sub-administrator to the Funds. As sub-administrator, SEIGFS provides the Funds with required general administrative services, including, without limitation: office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAVs; and assistance with the preparation and filing of reports, registration statements, proxy statements and other materials required to be filed or furnished by the Funds under federal and state securities laws. As compensation for these services, SEIGFS receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser.

SEI Investments Distribution Co. (“SIDCO”) serves as the Funds’ underwriter and distributor of Creation Units pursuant to a distribution agreement.  SIDCO has no obligation to sell any specific quantity of Fund Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (1) the costs of processing and

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Notes to Financial Statements (Unaudited) (Continued)

May 31, 2021

3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS (continued)

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 period ended May 31, 2021, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government, and short-term securities were:

2021	Purchases		Sales and Maturities
Global X SuperDividend® Alternatives ETF	$	158,602	$	431,937
Global X S&P 500® Quality Dividend ETF		2,322,781		2,335,735
Global X U.S. Preferred ETF		269,900,746		270,048,313
Global X Variable Rate Preferred ETF		1,657,142		1,739,126
Global X MLP ETF		225,715,167		346,238,831
Global X MLP & Energy Infrastructure ETF		78,195,168		93,679,395
Global X TargetIncomeTM 5 ETF		2,961,681		2,959,073
Global X TargetIncomeTM Plus 2 ETF		1,473,056		1,472,867
Global X Conscious Companies ETF		22,395,258		23,915,500
Global X Adaptive U.S. Factor ETF		63,474,428		62,977,075
Global X Founder-Run Companies ETF		3,600,272		3,619,536

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Notes to Financial Statements (Unaudited) (Continued)

May 31, 2021

4. INVESTMENT TRANSACTIONS (continued)

For the period ended May 31, 2021, in-kind transactions associated with creations and redemptions were:

2020	Purchases		Sales		Realized Gain/(Loss)
Global X SuperDividend® Alternatives ETF	$	6,007,282	$	−	$	−
Global X S&P 500® Quality Dividend ETF		2,102,600		597,792		145,543
Global X U.S. Preferred ETF		929,156,649		11,374,759		840,396
Global X Variable Rate Preferred ETF		27,708,541		−		−
Global X MLP ETF		101,578,116		−		−
Global X MLP & Energy Infrastructure ETF		117,708,588		18,283,060		4,975,060
Global X TargetIncomeTM 5 ETF		5,237,108		3,104,394		231,207
Global X TargetIncomeTM Plus 2 ETF		1,878,845		699,888		(6,283	)
Global X Conscious Companies ETF		60,506,837		66,934,989		25,954,688
Global X Adaptive U.S. Factor ETF		35,173,732		33,967,005		10,646,984
Global X Founder-Run Companies ETF		6,822,163		2,017,135		808,881

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

2020	Purchases		Sales		Realized Gain/(Loss)
Global X SuperDividend® Alternatives ETF	$	3,217,688	$	5,040,683	$	(384,435	)
Global X S&P 500® Quality Dividend ETF		8,364,729		11,544,814		1,162,033
Global X U.S. Preferred ETF		517,546,492		248,422,827		7,241,591
Global X Variable Rate Preferred ETF		2,484,728		1,326,703		81,942
Global X MLP ETF		447,418,366		–		–
Global X MLP & Energy Infrastructure ETF		261,376,336		136,501,476		15,168,807
Global X TargetIncomeTM 5 ETF		8,358,749		4,693,154		3,385
Global X TargetIncomeTM Plus 2 ETF		30,636,646		32,171,555		(3,229,381	)
Global X Conscious Companies ETF		310,608,247		77,589,333		31,368,246
Global X Adaptive U.S. Factor ETF		157,955,935		188,910,310		17,541,617
Global X Founder-Run Companies ETF		6,242,948		4,435,220		(1,104,663	)

111

Notes to Financial Statements (Unaudited) (Continued)

May 31, 2021

5. TAX INFORMATION

Global X MLP ETF recognizes interest and penalties, if any, related to unrecognized tax benefits within the income tax expense line in the accompanying Statement of Operations. Accrued interest and penalties, if any, are included within the related tax liability line in the Statement of Assets and Liabilities. For the period ended May 31, 2021, Global X MLP ETF did not incur any interest or penalties. Since Global X MLP ETF will be subject to taxation on its taxable income, the NAV of Global X MLP ETF shares will also be reduced by the accrual of any current and deferred tax liabilities.

Global X MLP ETF’s income tax expense/(benefit) consists of the following for the period ended May 31, 2021:

	Current MLP		Deferred MLP			Total MLP
Federal	$	–	$	63,412,222		$	63,412,222
State		–		6,703,577			6,703,577
Valuation allowance		–		(70,115,799	)		(70,115,799	)
Total tax expense (benefit)	$	–	$	–		$	–

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

Components of the Global X MLP ETF’s deferred tax assets and liabilities are as follows:

For the period ended May 31, 2021:

	MLP
Deferred tax assets:
Net operating loss carryforward	$	25,257,147
Capital loss carryforward		47,385,015
Net unrealized loss on investment securities		–
Other		1,566,572
Less valuation allowance		(49,758,431	)
Less deferred tax liabilities		–
Net unrealized gain on investment securities		(24,450,303	)
Net Deferred Tax Asset	$	–

Global X MLP ETF reviews the recoverability of its deferred tax assets based upon the weight of available evidence. When assessing the recoverability of its deferred tax assets, significant weight was given to the effects of potential future realized and unrealized gains on investments and the period over which these deferred tax assets can be realized. Currently, any capital losses that may be generated by the Global X MLP ETF are eligible to be carried back up to three years and can be carried forward for five years to offset capital gains recognized by Global X MLP ETF in those years. Prior to the passing of the CARES Act, Net Operating Losses (“NOLs”) were subject to the Tax Cuts and Jobs Act (TCJA) but are now governed under the CARES Act. Under the CARES Act,

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Notes to Financial Statements (Unaudited) (Continued)

May 31, 2021

5. TAX INFORMATION (continued)

NOLs arising in tax years beginning after December 31, 2017, and before January 1, 2021 may be carried back five tax years and carried forward twenty years. Since the enactment of the TCJA, NOLs generally could not be carried back but could be carried forward indefinitely. Further, the TCJA limited NOL absorption to 80% of taxable income. The CARES Act temporarily removes the 80% limitation, reinstating it for tax years beginning after December 31, 2020.

Global X MLP ETF has estimated net operating loss carryforwards for federal income tax purposes as follows:

	Year Ended		Amount	Expiration
Global X MLP ETF	11/30/2019	$	758,851	Indefinite
	11/30/2021		108,014,391	Indefinite

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

	Year Ended		Amount	Expiration
Global X MLP ETF	11/30/2016	$	9,483,687	11/30/2021
	11/30/2019		54,795,128	11/30/2024
	11/30/2020		124,432,762	11/30/2025
	11/30/2021		15,358,253	11/30/2026

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

Total income tax expense/(benefit) (current and deferred) during the period ended May 31, 2021, differs from the amount computed by applying the federal statutory income tax rate of 21% for Global X MLP ETF to net investment and realized and unrealized gain/(losses) on investment before taxes as follows:

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May 31, 2021

5. TAX INFORMATION (continued)

For the period ended May 31, 2021:

	MLP
Income tax (benefit) at statutory rate	$	61,255,089		(21.00	)%
State income taxes (net of federal benefit)		6,475,538		(2.22	)%
Permanent differences, net		2,385,172		(0.82	)%
Effect of state tax rate change		–		0.00	%
Other adjustments		–		0.00	%
Change in valuation allowance		(70,115,799	)	24.04	%
Net income tax expense/(benefit)	$	–		0.00	%

Global X MLP ETF recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed Global X MLP ETF’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state tax returns filed since inception of Global X MLP ETF. No U.S. federal or state income tax returns are currently under examination. The tax years ended November 30, 2020, 2019, and 2018, remain subject to examination by tax authorities in the United States. Due to the nature of Global X MLP ETF’s investments, Global X MLP ETF may be required to file income tax returns in several states. Global X MLP ETF is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent 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.

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May 31, 2021

5. TAX INFORMATION (continued)

The tax character of dividends and distributions declared during the years or periods ended November 30, 2020 and November 30, 2019 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X SuperDividend® Alternatives ETF
2020	$	1,871,599	$	–	$	218,100	$	2,089,699
2019		1,697,638		24,842		–		1,722,480
Global X S&P 500® Quality Dividend ETF
2020	$	208,533	$	–	$	950	$	209,483
2019		187,572		764		–		188,336
Global X U.S. Preferred ETF
2020	$	37,989,950	$	–	$	–	$	37,989,950
2019		17,959,180		–		–		17,959,180
Global X Variable Rate Preferred ETF
2020	$	49,000	$	–	$	–	$	49,000
Global X MLP ETF
2020	$	–	$	–	$	95,194,445	$	95,194,445
2019		–		–		77,728,975		77,728,975
Global X MLP & Energy Infrastructure ETF
2020	$	41,140,675	$	–	$	6,129,052	$	47,269,727
2019		40,058,250		–		3,644,335		43,702,585
Global X TargetIncomeTM 5 ETF
2020	$	200,326	$	–	$	31,932	$	232,258
2019		106,201		–		–		106,201
Global X TargetIncomeTM Plus 2 ETF
2020	$	384,302	$	–	$	10,725	$	395,027
2019		129,966		–		–		129,966
Global X Conscious Companies ETF
2020	$	1,788,344	$	89,563	$	–	$	1,877,907
2019		1,418,777		–		–		1,418,777

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Notes to Financial Statements (Unaudited) (Continued)

May 31, 2021

5. TAX INFORMATION (continued)

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X Adaptive U.S. Factor ETF
2020	$	4,904,671	$	270,047	$	635,325	$	5,810,043
2019		5,613,976		520,561		–		6,134,537
Global X Founder-Run Companies ETF
2020	$	13,936	$	–	$	–	$	13,936
2019		70,597		3,076		–		73,673

As of November 30, 2020, the components of tax basis distributable earnings (accumulated losses) were as follows:

	Global X Funds
	Global X SuperDividend® Alternatives ETF			Global X S&P 500® Quality Dividend ETF			Global X U.S. Preferred ETF			Global X Variable Rate Preferred ETF
Undistributed Ordinary Income	$	–		$	–		$	1,771,520		$	3,941
Capital Loss Carryforwards		(3,378,584	)		(840,623	)		(12,846,320	)		–
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(2,262,033	)		405,294			23,906,150			97,649
Other Temporary Differences		(6,401	)		(1	)		(1,016,908	)		5,858
Total Distributable Earnings (Accumulated Losses)	$	(5,647,018	)	$	(435,330	)	$	11,814,442		$	107,448

	Global X Funds
	Global X MLP & Energy Infrastructure ETF			Global X TargetIncomeTM 5 ETF			Global X TargetIncomeTM Plus 2 ETF
Capital Loss Carryforwards	$	(147,418,883	)	$	(227,414	)	$	(214,016	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(181,351,039	)		(85,954	)		64,026
Other Temporary Differences		(5	)		–			1
Total Accumulated Losses	$	(328,769,927	)	$	(313,368	)	$	(149,989	)

116

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May 31, 2021

5. TAX INFORMATION (continued)

	Global X Funds
	Global X Conscious Companies ETF			Global X Adaptive U.S. Factor ETF			Global X Founder-Run Companies ETF
Undistributed Ordinary Income	$	2,055,988		$	–		$	17,871
Capital Loss Carryforwards		(3,105,676	)		(25,615,402	)		(93,685	)
Unrealized Appreciation on Investments and Foreign Currency		66,022,197			4,102,064			1,096,883
Other Temporary Differences		(1	)		2			(1	)
Total Distributable Earnings (Accumulated Losses)	$	64,972,508		$	(21,513,336	)	$	1,021,068

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

Global X Funds	Short-Term Loss		Long-Term Loss		Total
Global X SuperDividend® Alternatives ETF	$	1,529,102	$	1,849,482	$	3,378,584
Global X S&P 500® Quality Dividend ETF	$	712,760	$	127,863	$	840,623
Global X U.S. Preferred ETF	$	9,636,726	$	3,209,593	$	12,846,319
Global X MLP ETF	$	9,483,687	$	177,685,119	$	187,168,806
Global X MLP & Energy Infrastructure ETF	$	37,542,091	$	109,876,792	$	147,418,883
Global X TargetIncomeTM 5 ETF	$	225,711	$	1,703	$	227,414
Global X TargetIncomeTM Plus 2 ETF	$	189,882	$	24,134	$	214,016
Global X Conscious Companies ETF	$	1,834,857	$	1,270,819	$	3,105,676
Global X Adaptive U.S.Factor ETF	$	17,888,392	$	7,727,010	$	25,615,402
Global X Founder-Run Companies ETF	$	–	$	93,685	$	93,685

During the year ended November 30, 2020 the following funds utilized capital loss carryforwards to offset capital gains amounting to:

Global X Funds	Short-Term Loss		Long-Term Loss		Total
Global X Founder-Run Companies ETF	$	24,238	$	–	$	24,238

117

Notes to Financial Statements (Unaudited) (Continued)

May 31, 2021

5. TAX INFORMATION (continued)

The adjusted cost basis of investments and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at May 31, 2021 for federal income tax purposes, were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global X SuperDividend® Alternatives ETF	$	29,782,383	$	4,054,758	$	(1,304,100	)	$	2,750,658
Global X S&P 500® Quality Dividend ETF		7,660,449		1,807,750		(46,187	)		1,761,563
Global X U.S. Preferred ETF		1,770,152,453		57,959,275		(9,123,888	)		48,835,387
Global X Variable Rate Preferred ETF		28,862,307		550,344		(18,132	)		532,212
Global X MLP ETF		691,667,540		269,671,332		–			269,671,332
Global X MLP & Energy Infrastructure ETF		712,326,097		128,856,321		(14,184,734	)		114,671,587
Global X TargetIncomeTM 5 ETF		6,908,262		205,905		(29,202	)		176,703
Global X TargetIncomeTM Plus 2 ETF		5,961,493		58,855		(103,831	)		(44,976	)
Global X Conscious Companies ETF		355,092,252		103,537,936		(835,799	)		102,702,137
Global X Adaptive U.S. Factor ETF		153,433,827		25,335,403		(1,448,361	)		23,887,042
Global X Adaptive U.S. Risk Management ETF		67,091,065		6,346,985		(1,273,876	)		5,073,109
Global X Founder-Run Companies ETF		9,931,117		1,772,963		(130,342	)		1,642,621

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Funds’ net unrealized appreciation difference is attributable primarily to partnership adjustments, differing cost relief methodologies, preferred stock adjustments, MLP adjustments, and wash sales adjustments investments in MLPs.

6. CONCENTRATION OF RISKS

The Funds may invest in securities in a particular asset class.  Securities and other assets held in each Fund’s portfolio may underperform in comparison to the general securities markets, a particular securities market or other asset classes. The Funds, except for Global X U.S. Preferred ETF, Global X Variable Rate Preferred ETF, Global X TargetIncome^TM 5 ETF and Global X TargetIncome^TM Plus 2 ETF, use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of an underlying index in approximately the same proportions as in the underlying index. These Funds may utilize a representative sampling strategy with respect to their underlying index when a replication strategy might be detrimental to its shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its underlying index, or, in certain instances, when securities in the underlying index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not the underlying index). The Global X U.S. Preferred ETF, Global X Variable Rate Preferred ETF, Global X TargetIncome^TM 5 ETF and Global X TargetIncome^TM Plus 2 ETF use a representative sampling strategy. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Fund’s underlying

118

Notes to Financial Statements (Unaudited) (Continued)

May 31, 2021

6. CONCENTRATION OF RISKS (continued)

index in terms of key risk factors, performance attributes and other characteristics. A more complete description of risks is included in each Fund’s prospectus and statement of additional information.

The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.

The London Interbank Offered Rate, or “LIBOR,” the offered rate for short-term Eurodollar deposits between major international banks, is used extensively in the United States and globally as a reference rate in various financing and commercial transactions. Plans are underway to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the financial markets generally, transactions that use LIBOR as a reference rate and financial institutions that engage in such transactions, including issuers of securities in which a Fund may invest. As such, the potential effect of a transition away from LIBOR on a Fund’s investments cannot yet be determined.

Economic conditions, such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior warning, lead to foreign government intervention (including intervention by the U.S. government with respect to foreign governments, economic sectors, foreign companies and related securities and interests) and the imposition of capital controls (i.e., government measures designed to limit the flow of foreign capital in and out of the domestic economy) and/or sanctions, which may also include retaliatory actions of one government against another government, such as seizure of assets. Capital controls and/or sanctions include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. Capital controls and/or sanctions may also impact the ability of a Fund to buy, sell or otherwise transfer securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for shares of a Fund, and cause a Fund to decline in value.

7. LOANS OF PORTFOLIO SECURITIES

The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Security loans made pursuant to a securities lending agreement with BBH are required at all times to be secured by collateral equal to at least 102% for U.S.-based securities and 105% for foreign-based securities. Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements, short-term investments or U.S. Treasury obligations and is recognized in the Schedule of Investments and Statement of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statement of Assets and Liabilities. It is the Funds’ policy to obtain additional collateral from or return excess

119

Notes to Financial Statements (Unaudited) (Continued)

May 31, 2021

7. LOANS OF PORTFOLIO SECURITIES (continued)

collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.

Lending securities entails a risk of loss to the Funds if and to the extent that the market values of the securities loaned were to increase and the borrower did not increase the collateral accordingly and the borrower failed to return the securities. The Funds could also experience delays and costs gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested.

As of May 31, 2021, the value of securities on loan was $3,246,286, $16,943,491, and $11,703,072 for the Global X SuperDividend^® Alternatives ETF, Global X U.S. Preferred ETF, and Global X MLP & Energy Infrastructure ETF, respectively, and the cash collateral received from securities on loan was $3,327,587, $17,264,840 and $12,039,810 for the Global X SuperDividend^® Alternatives ETF, Global X U.S. Preferred ETF, and Global X MLP & Energy Infrastructure ETF, respectively.

As of May 31, 2021, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X SuperDividend® Alternatives ETF
BOFA Securities, Inc.	$	1,055,822	$	1,095,425
Citigroup		550,246		560,282
Credit Suisse		71,165		72,175	(1)
JPMorgan		1,401,800		1,429,300
Morgan Stanley		167,253		170,405
Global X U.S. Preferred ETF
BMO Capital Markets Corp.		30,716		31,475
BOFA Securities, Inc.		602,221		612,850
JPMorgan		8,162,423		8,313,800
National Financial Services		4,547,840		4,638,890
TD Prime Services, LLC		2,271,042		2,312,350
Wells Fargo Securities, LLC		1,329,249		1,355,475
Global X MLP & Energy Infrastructure ETF
BNP Prime Brokerage		3,232		3,310
JPMorgan		11,699,840		12,036,500

(1) It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.

120

Notes to Financial Statements (Unaudited) (Continued)

May 31, 2021

8. CONTRACTUAL OBLIGATIONS

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

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

9. REVERSE SHARE SPLIT

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

Effective April 28, 2020, the Global X MLP & Energy Infrastructure ETF executed a 1-for-3 reverse share split for shareholders of record after the close of markets on April 27, 2020. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by three, resulting in a corresponding increase in the NAV per Share. The capital share activity presented in the statement of changes in net assets for each of the years in the period then ended, and per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions.

10. SUBSEQUENT EVENTS

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

121

Notes to Financial Statements (Unaudited) (Concluded)

May 31, 2021

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.

122

Disclosure of Fund Expenses (unaudited)

All exchange traded funds (“ETFs”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, commissions, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for any brokerage fees as a result of his or her investment in the Fund. Shareholders may incur brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the examples below.

Operating expenses such as these are deducted from an ETF’s gross income and directly reduce its final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the six-month period shown and held for the entire period (December 1, 2020 to May 31, 2021).

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

Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

123

Disclosure of Fund Expenses (unaudited)

	Beginning Account Value 12/1/2020		Ending Account Value 5/31/2021		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X SuperDividend® Alternatives ETF
Actual Fund Return	$	1,000.00	$	1,214.70		0.75	%	$	4.14
Hypothetical 5% Return		1,000.00		1,021.19		0.75			3.78
Global X S&P 500® Quality Dividend ETF
Actual Fund Return	$	1,000.00	$	1,268.60		0.20	%	$	1.13
Hypothetical 5% Return		1,000.00		1,023.93		0.20			1.01
Global X U.S. Preferred ETF
Actual Fund Return	$	1,000.00	$	1,041.70		0.23	%	$	1.17
Hypothetical 5% Return		1,000.00		1,023.79		0.23			1.16
Global X Variable Rate Preferred ETF
Actual Fund Return	$	1,000.00	$	1,064.00		0.25	%	$	1.29
Hypothetical 5% Return		1,000.00		1,023.68		0.25			1.26
Global X MLP ETF
Actual Fund Return	$	1,000.00	$	1,451.80		0.45	%	$	2.75
Hypothetical 5% Return		1,000.00		1,022.69		0.45			2.27
Global X MLP & Energy Infrastructure ETF
Actual Fund Return	$	1,000.00	$	1,358.20		0.45	%	$	2.65
Hypothetical 5% Return		1,000.00		1,022.69		0.45			2.27
Global X TargetIncomeTM 5 ETF
Actual Fund Return	$	1,000.00	$	1,077.60		0.39	%	$	2.02
Hypothetical 5% Return		1,000.00		1,022.99		0.39			1.97
Global X TargetIncomeTM Plus 2 ETF
Actual Fund Return	$	1,000.00	$	989.80		0.39	%	$	1.93
Hypothetical 5% Return		1,000.00		1,022.99		0.39			1.97
Global X Conscious Companies  ETF
Actual Fund Return	$	1,000.00	$	1,166.70		0.43	%	$	2.32
Hypothetical 5% Return		1,000.00		1,022.79		0.43			2.17
Global X Adaptive U.S. Factor ETF
Actual Fund Return	$	1,000.00	$	1,231.10		0.27	%	$	1.50
Hypothetical 5% Return		1,000.00		1,023.59		0.27			1.36
Global X Adaptive U.S. Risk Management ETF*
Actual Fund Return	$	1,000.00	$	1,098.20		0.39	%	$	1.56	(2)
Hypothetical 5% Return		1,000.00		1,022.99		0.39			1.97

124

Disclosure of Fund Expenses (unaudited)

	Beginning Account Value 12/1/2020		Ending Account Value 5/31/2021		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X Founder-Run Companies ETF
Actual Fund Return	$	1,000.00	$	1,168.20		0.45	%	$	2.43
Hypothetical 5% Return		1,000.00		1,022.69		0.45			2.27

(1)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period.)
(2)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 139/365 (to reflect the period from inception to date).
*	The Fund commenced operations on January 12, 2021.

125

Liquidity Risk Management Program (unaudited)

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

At a meeting of the Board held on May 21, 2021, the Trustees received a report from the Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation for the period from January 1, 2020 through December 31, 2020. 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.

126

Approval of Investment Advisory Agreement (unaudited)

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

At a Board meeting of the Global X Funds (the “Trust”) held by videoconference on November 11, 2020¹ (the “New Fund Board Meeting”), the Board of Trustees (the “Board”) (including the Trust’s Independent Trustees, voting separately) considered and unanimously approved (i) the initial Investment Advisory Agreement (the “New Investment Advisory Agreement”) for the Global X Adaptive U.S. Risk Management ETF (the “New Fund”) and (ii) the initial Supervision and Administration Agreement between the Trust (the “New Supervision and Administration Agreement”), on behalf of the New Fund, and Global X Management. The New Advisory Agreement and New Supervision and Administration Agreement are referred to collectively as the “New Fund Agreements.”

In advance of the Board meeting, the Board (including the Trust’s Independent Trustees) and the Independent Trustees’ independent legal counsel requested (in writing) detailed information from Global X Management in connection with the Board’s consideration of the New Fund Agreements and received and reviewed written responses from Global X Management and supporting materials relating to those requests for information. In the course of their consideration of the 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 sessions with their counsel.

NEW FUND AGREEMENTS

In determining to approve the New Fund Agreements for the New Fund, the Board considered a variety of factors, including the factors discussed in greater detail below.

Nature, Extent and Quality of Services

With respect to this factor, the Board considered:

•the terms of the New Fund Agreements and the range of services proposed to be provided to the New Fund in accordance with the New Fund Agreements;

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.

127

Approval of Investment Advisory Agreement (unaudited)

•Global X Management’s key personnel and the portfolio managers who would provide investment advisory, supervision and administrative services to the New Fund;

•Global X Management’s responsibilities under the New Fund Agreements to, among other things, (i) manage the investment operations of the New Fund and the composition of the New Fund’s 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 Fund, (iv) select broker-dealers to execute portfolio transactions for the New Fund when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of the New Fund, and the periodic updating of the registration statements, prospectuses, statements of additional information, and other reports and documents for the New Fund 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 Fund 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 Fund; and

•the quality of Global X Management’s resources and personnel that would be made available to the New Fund, 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 Meeting, that it was satisfied with the nature, extent and quality of the services proposed to be provided to the New Fund by Global X Management.

Performance

The Board determined that, because the New Fund had not yet begun investment operations as of the dates of the New Fund Board Meeting, meaningful data relating to the investment performance of the New Fund 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 the New Fund;

•The management fee (including the proposed investment advisory fee) (“Management Fee”) that was proposed to be borne by the New Fund under the New Fund Agreement for the various investment advisory, supervisory and administrative services that the New Fund requires 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 Fund); and

128

Approval of Investment Advisory Agreement (unaudited)

•the expected profitability to Global X Management, if any, from all of the services proposed to be provided to the New Fund by Global X Management and all aspects of the relationship between Global X Management and the New Fund.

Based on these considerations, the Board concluded that the proposed Management Fee to be paid by the 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 the New Fund. In connection with this consideration, Global X Management provided the Board with comparative expense data for the 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 structure of the New Fund that was above the average or median for the New Fund’s peer group;

•the structure of the proposed unitary Management Fee (which includes as one component the proposed investment advisory fee for the New Fund) and the expected total expense ratio for the New Fund. In this regard, the Board took into consideration that the purpose of adopting a unitary Management Fee structure for the New Fund was to create a simple, all-inclusive fee that would provide a level of predictability with respect to the overall expense ratio (i.e., the total fee) of the New Fund and that the proposed Management Fee for the 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 Fund, including the costs of various third-party services required by the New Fund, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that the 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 Meeting, that the services to be received and the fees to be charged under the 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 Fund grows and whether the proposed unitary Management Fee for the New Fund reflected these economies of scale;

129

Approval of Investment Advisory Agreement (unaudited)

•the significant investment of time, personnel and other resources that Global X Management intends to make in the New Fund in order to seek to assure that the New Fund is 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 the New Fund and its shareholders.

Based on these considerations, the Board concluded, at the New Fund Board Meeting, that the proposed unitary Management Fee for the New Fund appropriately addressed economies of scale.

Other Benefits

In considering each New Fund Agreement, in addition to the factors discussed above, the Board considered other benefits that may be realized by Global X Management as a result of its relationships with the New Fund. As a result, the Board concluded that, in the case of the New Fund, in the exercise of the Board’s business judgement, all information the Board considered supported approval of the New Fund Agreements.

Conclusion

After full consideration of the factors above, as well as other factors that were instructive in their consideration, the Board, including all of the Trust’s Independent Trustees voting separately, concluded, in the exercise of its business judgement, that the New Fund Agreements were fair and reasonable and in the best interest of the New Fund.

In reaching this decision, the Board did not assign relative weights to the factors above nor did the Board deem any one factor or group of them to be controlling in and of themselves. Each member of the Board may have assigned different weights to the various factors.

130

Supplemental Information (Unaudited)

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

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

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

131

NOTES

132

605 3rd Avenue, 43rd Floor

New York, NY 10158

1-888-493-8631

www.globalxetfs.com

Investment Adviser and Administrator:

Global X Management Company LLC

605 3^rd Avenue, 43^rd Floor

New York, NY 10158

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

Stradley Ronon Stevens & Young, LLP

2000 K Street, N.W.

Suite 700

Washington, DC 20006-1871

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.

GLX-SA-005-0900

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

Global X Internet of Things ETF (ticker: SNSR)

Global X FinTech ETF (ticker: FINX)

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

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

Global X Cloud Computing ETF (ticker: CLOU)

Global X Data Center REITs & Digital Infrastructure ETF (ticker: VPN)

Global X Cybersecurity ETF (ticker: BUG)

Global X Artificial Intelligence & Technology ETF (ticker: AIQ)

Global X Millennial Consumer ETF (ticker: MILN)

Global X Education ETF (ticker: EDUT)

Global X Cannabis ETF (ticker: POTX)

Global X Genomics & Biotechnology ETF (ticker: GNOM)

Global X China Biotech Innovation ETF (ticker: CHB)

Global X Telemedicine & Digital Health ETF (ticker: EDOC)

Global X Aging Population ETF (ticker: AGNG)

Global X Health & Wellness ETF (ticker: BFIT)

Global X CleanTech ETF (ticker: CTEC)

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

Global X Clean Water ETF (ticker: AQWA)

Global X Thematic Growth ETF (ticker: GXTG)

Semi-Annual Report

May 31, 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/explore), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

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

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

Table of Contents

Schedules of Investments
Global X Robotics & Artificial Intelligence ETF	1
Global X Internet of Things ETF	5
Global X FinTech ETF	10
Global X Video Games & Esports ETF	15
Global X Autonomous & Electric Vehicles ETF	19
Global X Cloud Computing ETF	26
Global X Data Center REITs & Digital Infrastructure ETF	30
Global X Cybersecurity ETF	33
Global X Artificial Intelligence & Technology ETF	36
Global X Millennial Consumer ETF	43
Global X Education ETF	47
Global X Cannabis ETF	51
Global X Genomics & Biotechnology ETF	54
Global X China Biotech Innovation ETF	58
Global X Telemedicine & Digital Health ETF	60
Global X Aging Population ETF	64
Global X Health & Wellness ETF	70
Global X CleanTech ETF	75
Global X U.S. Infrastructure Development ETF	80
Global X Clean Water ETF	85
Global X Thematic Growth ETF	89
Statements of Assets and Liabilities	92
Statements of Operations	99
Statements of Changes in Net Assets	106
Financial Highlights	117
Notes to Financial Statements	128
Disclosure of Fund Expenses	153
Liquidity Risk Management Program	156
Approval of Investment Advisory Agreement	157
Supplemental Information	162

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 http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that Global X Funds uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the 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 http://www.sec.gov

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Robotics & Artificial Intelligence ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.8%
CANADA — 2.0%
Industrials — 2.0%
ATS Automation Tooling Systems *		2,085,316	$	51,235,247
FINLAND — 2.8%
Industrials — 2.8%
Cargotec, Cl B		1,237,532		70,249,222
JAPAN — 37.5%
Communication Services — 0.3%
RPA Holdings *		1,290,350		8,553,445
Health Care — 0.6%
CYBERDYNE * (A)		3,056,344		15,062,864
Industrials — 24.6%
Daifuku		926,193		80,176,016
FANUC		770,901		185,829,374
Hirata		237,882		14,232,903
Idec		735,715		13,901,485
Mitsubishi Electric		6,018,527		94,211,359
Nachi-Fujikoshi		556,715		21,489,022

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

1

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Robotics & Artificial Intelligence ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Shibaura Machine		673,697	$	15,627,198
SMC		150,811		90,959,706
Yaskawa Electric (A)		2,262,024		107,779,093
				624,206,156
Information Technology — 12.0%
AI inside * (A)		83,368		13,076,590
Autonomous Control Systems Laboratory * (A)		230,025		5,237,396
Keyence		335,157		166,336,613
Neural Pocket * (A)		276,480		12,796,392
Omron (A)		1,183,689		94,070,851
PKSHA Technology * (A)		684,417		15,502,457
				307,020,299
TOTAL JAPAN				954,842,764
SWITZERLAND — 13.1%
Health Care — 4.4%
Tecan Group		223,174		111,779,167
Industrials — 8.7%
ABB		6,407,082		218,398,173
TOTAL SWITZERLAND				330,177,340
UNITED KINGDOM — 5.0%
Information Technology — 5.0%
Renishaw		1,614,749		126,722,848
UNITED STATES — 39.4%
Consumer Discretionary — 2.4%
iRobot * (A)		627,372		61,294,244
Energy — 0.7%
Helix Energy Solutions Group *		3,383,191		17,694,089
Health Care — 7.9%
Intuitive Surgical *		237,361		199,900,687

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

2

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Robotics & Artificial Intelligence ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Industrials — 8.0%
AeroVironment *		539,676	$	59,164,679
John Bean Technologies		710,890		102,389,487
Maxar Technologies (A)		1,345,772		41,932,830
				203,486,996
Information Technology — 20.4%
Brooks Automation		1,657,822		169,247,048
Cerence *		818,142		77,829,849
FARO Technologies *		400,723		30,314,695
NVIDIA		366,819		238,351,650
				515,743,242
TOTAL UNITED STATES				998,119,258
TOTAL COMMON STOCK
(Cost $2,001,417,939)				2,531,346,679
SHORT-TERM INVESTMENT(B)(C) — 3.3%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $84,311,201)		84,311,201		84,311,201
REPURCHASE AGREEMENT(B) — 3.2%
BNP Paribas
0.000%, dated 05/28/2021, to be repurchased on 06/01/2021, repurchase price $80,889,413 (collateralized by U.S. Treasury Obligations, ranging in par value $1,604,820 - $11,667,482, 2.000%, 10/31/2022, with a total market value of $82,467,564)
(Cost $80,889,413)	$	80,889,413		80,889,413
TOTAL INVESTMENTS — 106.3%
(Cost $2,166,618,553)			$	2,696,547,293

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

3

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Robotics & Artificial Intelligence ETF

Percentages are based on Net Assets of $2,536,449,225.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2021.  The total value of securities on loan at May 31, 2021 was $156,929,711.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2021 was $165,200,614.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2021.

Cl — Class

The following is a summary of the level of inputs used as of May 31, 2021, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,531,346,679	$	—	$	—	$	2,531,346,679
Short-Term Investment		84,311,201		—		—		84,311,201
Repurchase Agreement		—		80,889,413		—		80,889,413
Total Investments in Securities	$	2,615,657,880	$	80,889,413	$	—	$	2,696,547,293

For the period ended May 31, 2021, there were no transfers in or out of Level 3.

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

4

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Internet of Things ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.8%
AUSTRIA — 4.2%
Information Technology — 4.2%
AMS *		713,611	$	14,049,427
S&T (A)		171,113		4,293,875
TOTAL AUSTRIA				18,343,302
CANADA — 0.4%
Information Technology — 0.4%
Sierra Wireless *		104,481		1,625,724
CHINA — 2.6%
Information Technology — 2.6%
NXP Semiconductors		54,390		11,499,134
FRANCE — 1.5%
Industrials — 1.5%
Legrand (A)		61,454		6,440,947
ITALY — 0.9%
Information Technology — 0.9%
Datalogic		149,893		3,907,458

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

5

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Internet of Things ETF

	Shares		Value
COMMON STOCK — continued
JAPAN — 1.4%
Information Technology — 1.4%
Nippon Ceramic		70,382	$	1,786,189
Renesas Electronics *		394,336		4,227,526
TOTAL JAPAN				6,013,715
NORWAY — 3.0%
Information Technology — 3.0%
Nordic Semiconductor *		467,361		13,021,248
SWEDEN — 0.5%
Information Technology — 0.5%
Fingerprint Cards, Cl B *		513,707		2,129,694
SWITZERLAND — 9.8%
Industrials — 2.3%
ABB		291,825		9,947,437
Information Technology — 7.5%
Landis+Gyr Group		75,950		5,535,604
STMicroelectronics		718,034		26,817,378
				32,352,982
TOTAL SWITZERLAND				42,300,419
TAIWAN — 9.5%
Information Technology — 9.5%
Advantech		2,006,521		23,616,341
eMemory Technology		200,182		6,768,830
MediaTek		330,480		11,448,650
TOTAL TAIWAN				41,833,821

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

6

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Internet of Things ETF

	Shares		Value
COMMON STOCK — continued
UNITED KINGDOM — 0.2%
Information Technology — 0.2%
Spirent Communications		306,165	$	1,083,509
UNITED STATES — 65.8%
Consumer Discretionary — 7.8%
Garmin		196,001		27,879,182
Vivint Smart Home *		462,393		6,431,887
				34,311,069
Health Care — 4.0%
DexCom *		47,018		17,367,979
Industrials — 22.1%
ADT		1,978,281		20,455,426
Emerson Electric		103,616		9,915,015
Honeywell International		43,939		10,145,954
Johnson Controls International		182,340		12,132,904
Resideo Technologies *		81,358		2,432,604
Rockwell Automation		30,230		7,972,256
Schneider Electric		59,090		9,402,056
Sensata Technologies Holding *		409,005		24,307,167
				96,763,382
Information Technology — 31.9%
Alarm.com Holdings *		126,838		10,385,496
Ambarella *		89,335		8,967,447
Analog Devices		52,829		8,695,653
Badger Meter		75,686		7,233,311
Belden		115,639		5,851,333
Cisco Systems		140,909		7,454,087
Digi International *		87,924		1,667,039
Impinj *		58,836		3,062,414
InterDigital		79,840		6,449,475
International Business Machines		52,575		7,557,130

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

7

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Internet of Things ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Information Technology — continued
Itron *		104,582	$	9,971,894
NETGEAR *		76,599		2,978,169
PTC *		26,582		3,565,709
QUALCOMM		71,461		9,614,363
Rambus *		294,341		5,757,310
Silicon Laboratories *		113,661		15,521,546
Skyworks Solutions		149,871		25,478,070
				140,210,446
TOTAL UNITED STATES				288,652,876
TOTAL COMMON STOCK
(Cost $331,889,217)				436,851,847
SHORT-TERM INVESTMENT(B)(C) — 1.0%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $4,357,766)		4,357,766		4,357,766
REPURCHASE AGREEMENT(B) — 1.0%
BNP Paribas
0.000%, dated 05/28/2021, to be repurchased on 06/01/21, repurchase price $4,180,906 (collateralized by U.S. Treasury Obligations, ranging in par value $82,948 - $603,053, 2.000%, 10/31/2022, with a total market value of $4,262,472)
(Cost $4,180,906)	$	4,180,906		4,180,906
TOTAL INVESTMENTS — 101.8%
(Cost $340,427,889)			$	445,390,519

Percentages are based on Net Assets of $437,492,500.

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

8

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Internet of Things ETF

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2021.  The total value of securities on loan at May 31, 2021 was $8,025,312.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2021 was $8,538,672.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2021.

Cl — Class

The following is a summary of the level of inputs used as of May 31, 2021, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	436,851,847	$	—	$	—	$	436,851,847
Short-Term Investment		4,357,766		—		—		4,357,766
Repurchase Agreement		—		4,180,906		—		4,180,906
Total Investments in Securities	$	441,209,613	$	4,180,906	$	—	$	445,390,519

For the period ended May 31, 2021, there were no transfers in or out of Level 3.

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

9

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X FinTech ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
AUSTRALIA — 7.4%
Financials — 1.4%
HUB24		318,212	$	6,582,089
Zip * (A)		1,934,415		10,722,723
				17,304,812
Information Technology — 6.0%
Afterpay *		910,446		65,930,301
IRESS		948,997		7,791,857
				73,722,158
TOTAL AUSTRALIA				91,026,970
BRAZIL — 8.5%
Information Technology — 8.5%
Pagseguro Digital, Cl A *		896,666		44,035,267
StoneCo, Cl A *		894,603		59,016,960
TOTAL BRAZIL				103,052,227
CANADA — 1.1%
Information Technology — 1.1%
Nuvei *		174,465		12,992,443

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

10

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X FinTech ETF

	Shares		Value
COMMON STOCK — continued
CHINA — 4.6%
Financials — 3.7%
Lufax Holding ADR * (A)		3,726,363	$	45,424,364
Information Technology — 0.9%
Yeahka * (A)		1,697,414		10,847,354
TOTAL CHINA				56,271,718
DENMARK — 2.2%
Information Technology — 2.2%
SimCorp		201,678		27,320,525
GERMANY — 1.5%
Financials — 1.5%
Hypoport *		32,316		18,084,552
ISRAEL — 0.6%
Information Technology — 0.6%
Sapiens International		248,904		7,146,034
ITALY — 3.6%
Information Technology — 3.6%
Nexi *		2,139,820		43,439,191
JAPAN — 0.3%
Industrials — 0.3%
Makuake * (A)		56,819		3,167,088
NETHERLANDS — 6.4%
Information Technology — 6.4%
Adyen *		33,500		77,624,738
NEW ZEALAND — 4.9%
Information Technology — 4.9%
Xero *		595,831		59,918,430

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

11

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X FinTech ETF

	Shares		Value
COMMON STOCK — continued
SWITZERLAND — 3.5%
Financials — 0.4%
Leonteq		93,876	$	4,813,485
Information Technology — 3.1%
Temenos		241,963		37,475,298
TOTAL SWITZERLAND				42,288,783
UNITED STATES — 55.3%
Financials — 3.6%
Blucora *		235,840		4,089,466
LendingClub *		481,371		7,355,349
LendingTree *		64,947		13,330,372
Virtu Financial, Cl A		598,502		18,224,386
				42,999,573
Health Care — 2.4%
HealthEquity *		355,109		29,516,660
Information Technology — 49.3%
Bill.com Holdings *		386,026		57,486,992
Black Knight *		499,680		36,671,515
Bottomline Technologies *		218,045		8,150,522
Envestnet *		266,129		19,153,304
Fidelity National Information Services		348,915		51,981,357
Fiserv *		478,669		55,142,669
GreenSky, Cl A *		466,990		2,736,561
Guidewire Software *		334,655		32,709,180
Intuit		164,831		72,375,644
Mitek Systems *		247,164		4,191,901
nCino *		351,433		21,479,585
PayPal Holdings *		284,821		74,059,156
Shift4 Payments, Cl A *		145,914		13,612,317
Square, Cl A *		465,374		103,555,021
SS&C Technologies Holdings		615,394		45,459,155

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

12

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X FinTech ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Information Technology — continued
Vertex, Cl A *		96,812	$	1,859,759
				600,624,638
TOTAL UNITED STATES				673,140,871
TOTAL COMMON STOCK
(Cost $914,726,769)				1,215,473,570
SHORT-TERM INVESTMENT(B)(C) — 1.9%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $22,668,575)		22,668,575		22,668,575
REPURCHASE AGREEMENT(B) — 1.8%
BNP Paribas
0.000%, dated 05/28/2021, to be repurchased on 06/01/2021, repurchase price $21,748,566 (collateralized by U.S. Treasury Obligations, ranging in par value $431,485 - $3,137,011, 2.000%, 10/31/2022, with a total market value of $22,172,879)
(Cost $21,748,566)	$	21,748,566		21,748,566
TOTAL INVESTMENTS — 103.6%
(Cost $959,143,910)			$	1,259,890,711

Percentages are based on Net Assets of $1,216,182,854.

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

13

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X FinTech ETF

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2021.  The total value of securities on loan at May 31, 2021 was $41,722,700.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2021 was $44,417,141.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2021.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of May 31, 2021, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,215,473,570	$	—	$	—	$	1,215,473,570
Short-Term Investment		22,668,575		—		—		22,668,575
Repurchase Agreement		—		21,748,566		—		21,748,566
Total Investments in Securities	$	1,238,142,145	$	21,748,566	$	—	$	1,259,890,711

For the period ended May 31, 2021, there were no transfers in or out of Level 3.

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

14

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Video Games & Esports ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
CHINA — 13.2%
Communication Services — 13.2%
Bilibili ADR *		247,728	$	26,551,487
DouYu International Holdings ADR *		1,449,546		11,451,413
HUYA ADR * (A)		266,250		4,073,625
NetEase ADR		385,577		45,471,096
TOTAL CHINA				87,547,621
FRANCE — 3.3%
Communication Services — 3.3%
Ubisoft Entertainment *		300,756		21,945,238
IRELAND — 1.7%
Information Technology — 1.7%
Keywords Studios *		309,086		11,446,818
JAPAN — 23.4%
Communication Services — 23.4%
Akatsuki		46,756		1,515,664
Capcom		905,524		29,065,694
DeNA		399,742		8,098,433
Gumi (A)		245,224		2,539,760
GungHo Online Entertainment *		348,248		6,577,050
KLab *		241,386		1,523,272

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

15

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Video Games & Esports ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
Konami Holdings		440,855	$	28,541,829
Nexon		966,557		22,886,242
Nintendo		64,088		39,609,560
Square Enix Holdings		315,486		16,954,056
TOTAL JAPAN				157,311,560
SINGAPORE — 0.8%
Communication Services — 0.8%
IGG		3,620,700		5,392,681
SOUTH KOREA — 12.3%
Communication Services — 12.3%
Com2uSCorp		40,706		4,832,309
Gravity ADR *		31,059		4,067,487
JoyCity *		236,400		1,990,313
Kakao Games *		334,752		15,637,568
NCSoft		35,748		27,308,613
Neowiz *		90,081		1,877,865
Netmarble		93,032		11,427,763
Nexon GT *		156,457		1,809,643
Pearl Abyss *		154,666		8,070,977
Webzen *		85,494		2,456,812
Wemade		57,648		3,013,430
TOTAL SOUTH KOREA				82,492,780
SWEDEN — 7.6%
Communication Services — 7.6%
Embracer Group, Cl B *		1,191,227		34,913,152
Stillfront Group *		1,565,159		16,391,118
TOTAL SWEDEN				51,304,270

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

16

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Video Games & Esports ETF

	Shares		Value
COMMON STOCK — continued
TAIWAN — 7.4%
Communication Services — 7.4%
Chinese Gamer International *		920,500	$	1,888,086
Gamania Digital Entertainment		866,100		2,007,542
Sea ADR *		179,189		45,377,822
TOTAL TAIWAN				49,273,450
UNITED STATES — 30.2%
Communication Services — 22.1%
Activision Blizzard		446,705		43,442,061
Electronic Arts		291,445		41,656,234
Take-Two Interactive Software *		154,767		28,718,565
Zynga, Cl A *		3,142,062		34,059,952
				147,876,812
Information Technology — 8.1%
NVIDIA		78,770		51,183,170
Turtle Beach *		92,007		3,045,432
				54,228,602
TOTAL UNITED STATES				202,105,414
TOTAL COMMON STOCK
(Cost $649,445,059)				668,819,832
SHORT-TERM INVESTMENT(B)(C) — 0.2%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $1,406,241)		1,406,241		1,406,241

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

17

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Video Games & Esports ETF

	Face Amount		Value
REPURCHASE AGREEMENT(B) — 0.2%
BNP Paribas
0.000%, dated 05/28/2021, to be repurchased on 06/01/2021, repurchase price $1,349,169 (collateralized by U.S. Treasury Obligations, ranging in par value $26,767 - $194,604, 2.000%, 10/31/2022, with a total market value of $1,375,491)
(Cost $1,349,169)	$	1,349,169	$	1,349,169
TOTAL INVESTMENTS — 100.3%
(Cost $652,200,469)			$	671,575,242

Percentages are based on Net Assets of $669,813,038.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2021.  The total value of securities on loan at May 31, 2021 was $2,640,318.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2021 was $2,755,410.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2021.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of May 31, 2021, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	668,819,832	$	—	$	—	$	668,819,832
Short-Term Investment		1,406,241		—		—		1,406,241
Repurchase Agreement		—		1,349,169		—		1,349,169
Total Investments in Securities	$	670,226,073	$	1,349,169	$	—	$	671,575,242

For the period ended May 31, 2021, there were no transfers in or out of Level 3.

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

18

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Autonomous & Electric Vehicles ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 98.0%
AUSTRALIA — 2.1%
Materials — 2.1%
Orocobre *		1,927,620	$	9,793,397
Pilbara Minerals *		9,298,742		8,781,867
TOTAL AUSTRALIA				18,575,264
BELGIUM — 1.0%
Materials — 1.0%
Umicore		155,622		9,366,666
CANADA — 1.6%
Industrials — 0.5%
Ballard Power Systems * (A)		237,730		4,117,483
Information Technology — 1.1%
BlackBerry * (A)		1,010,095		10,171,657
TOTAL CANADA				14,289,140
CHILE — 1.8%
Materials — 1.8%
Lundin Mining		883,233		9,483,056

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

19

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Autonomous & Electric Vehicles ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Sociedad Quimica y Minera de Chile ADR		158,489	$	6,873,668
TOTAL CHILE				16,356,724
CHINA — 6.4%
Communication Services — 1.3%
Baidu ADR *		61,152		12,002,303
Consumer Discretionary — 2.6%
BYD, Cl H		303,530		6,949,337
Geely Automobile Holdings		2,400,700		6,081,010
NIO ADR *		264,277		10,206,378
				23,236,725
Information Technology — 1.7%
NXP Semiconductors		73,052		15,444,654
Materials — 0.8%
Ganfeng Lithium, Cl H		518,424		6,953,287
TOTAL CHINA				57,636,969
FRANCE — 0.9%
Consumer Discretionary — 0.9%
Faurecia		8,815		484,067
Renault *		182,263		7,576,530
TOTAL FRANCE				8,060,597
GERMANY — 2.5%
Consumer Discretionary — 1.0%
Continental *		62,092		9,202,008
Information Technology — 1.5%
Infineon Technologies		320,621		12,972,551
TOTAL GERMANY				22,174,559

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

20

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Autonomous & Electric Vehicles ETF

	Shares		Value
COMMON STOCK — continued
JAPAN — 8.4%
Consumer Discretionary — 7.7%
Denso		171,451	$	11,756,417
Honda Motor		429,632		13,548,204
Nissan Motor *		1,634,450		8,223,153
Panasonic		829,969		9,482,665
Toyota Motor		314,961		26,162,025
				69,172,464
Industrials — 0.7%
GS Yuasa		235,726		6,751,870
TOTAL JAPAN				75,924,334
LUXEMBOURG — 1.0%
Materials — 1.0%
APERAM		166,425		9,167,445
NETHERLANDS — 0.7%
Consumer Discretionary — 0.7%
TomTom *		663,014		6,041,204
RUSSIA — 1.1%
Communication Services — 1.1%
Yandex, Cl A *		138,921		9,382,724
SOUTH KOREA — 2.3%
Consumer Discretionary — 2.3%
Hyundai Motor		46,588		9,691,039
Kia Motors		143,390		10,889,566
TOTAL SOUTH KOREA				20,580,605
SWEDEN — 2.0%
Consumer Discretionary — 2.0%
Autoliv		87,826		9,312,191

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

21

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Autonomous & Electric Vehicles ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Veoneer * (A)		361,720	$	8,561,912
TOTAL SWEDEN				17,874,103
UNITED KINGDOM — 1.0%
Materials — 1.0%
Johnson Matthey		217,058		9,374,281
UNITED STATES — 65.2%
Communication Services — 3.9%
Alphabet, Cl A *		14,774		34,820,102
Consumer Discretionary — 15.5%
American Axle & Manufacturing Holdings *		796,761		8,923,723
Aptiv *		79,270		11,923,793
BorgWarner		205,193		10,524,349
Dana		338,257		9,176,912
Ford Motor *		1,186,821		17,244,509
General Motors *		304,016		18,031,189
Gentherm *		107,414		7,790,738
Harley-Davidson		201,528		9,768,062
Lear		50,646		9,792,911
Stellantis *		535,246		10,501,233
Tesla *		30,446		19,035,448
Visteon *		53,341		6,532,139
				139,245,006
Industrials — 11.3%
Bloom Energy, Cl A *		219,641		5,308,723
CBAK Energy Technology * (A)		1,001,435		4,196,013
EnerSys		84,859		7,997,112
General Electric		1,456,139		20,473,314
Honeywell International		82,052		18,946,627
Hyster-Yale Materials Handling		96,840		7,320,136
ITT		98,690		9,266,991
Johnson Controls International		222,097		14,778,334

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

22

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Autonomous & Electric Vehicles ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Plug Power *		156,174	$	4,794,542
Westinghouse Air Brake Technologies		107,999		8,937,997
				102,019,789
Information Technology — 27.5%
Advanced Micro Devices *		179,888		14,405,431
Ambarella *		78,416		7,871,398
Apple		200,313		24,961,003
CEVA *		133,648		5,996,786
Cisco Systems		374,762		19,824,910
II-VI *		95,425		6,428,782
Intel		484,584		27,679,438
Maxim Integrated Products *		106,765		10,891,098
Micron Technology *		219,040		18,430,026
Microsoft		120,086		29,983,072
NVIDIA		47,832		31,080,277
ON Semiconductor *		247,058		9,892,202
QUALCOMM		167,052		22,475,176
Rogers *		44,160		8,273,376
Xilinx *		78,018		9,908,286
				248,101,261
Materials — 7.0%
Albemarle		52,166		8,715,895
Allegheny Technologies *		402,724		9,862,711
Cabot		153,138		9,736,514
Carpenter Technology		221,553		10,616,820
Freeport-McMoRan Copper & Gold		399,036		17,046,818
Livent *		356,669		6,958,612
				62,937,370
TOTAL UNITED STATES				587,123,528
TOTAL COMMON STOCK
(Cost $841,166,592)				881,928,143

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

23

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Autonomous & Electric Vehicles ETF

	Shares/Face Amount		Value
PREFERRED STOCK — 1.9%
GERMANY— 1.9%
Consumer Discretionary — 1.9%
Volkswagen (B)
(Cost $12,106,072)		61,860	$	17,041,416
SHORT-TERM INVESTMENT(C)(D) — 1.2%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $10,626,940)		10,626,940		10,626,940
REPURCHASE AGREEMENT(C) — 1.1%
BNP Paribas
0.000%, dated 05/28/2021, to be repurchased on 06/01/2021, repurchase price $10,195,643 (collateralized by U.S. Treasury Obligations, ranging in par value $202,278 - $1,470,619, 2.000%, 10/31/2022, with a total market value of $10,394,561)
(Cost $10,195,643)	$	10,195,643		10,195,643
TOTAL INVESTMENTS — 102.2%
(Cost $874,095,247)			$	919,792,142

Percentages are based on Net Assets of $900,379,020.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2021.  The total value of securities on loan at May 31, 2021 was $20,442,006.
(B)	There is currently no stated interest rate.
(C)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2021 was $20,822,583.
(D)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2021.

ADR — American Depositary Receipt

Cl — Class

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

24

The following is a summary of the level of inputs used as of May 31, 2021, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	881,928,143	$	—	$	—	$	881,928,143
Preferred Stock		17,041,416		—		—		17,041,416
Short-Term Investment		10,626,940		—		—		10,626,940
Repurchase Agreement		—		10,195,643		—		10,195,643
Total Investments in Securities	$	909,596,499	$	10,195,643	$	—	$	919,792,142

For the period ended May 31, 2021, there were no transfers in or out of Level 3.

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

25

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Cloud Computing ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
CANADA — 4.3%
Information Technology — 4.3%
Shopify, Cl A *		45,205	$	56,183,939
CHINA — 3.2%
Consumer Discretionary — 1.1%
Alibaba Group Holding ADR *		68,916		14,745,267
Information Technology — 2.1%
21Vianet Group ADR *		1,035,936		23,122,092
Kingsoft		522,700		3,528,890
				26,650,982
TOTAL CHINA				41,396,249
NEW ZEALAND — 3.6%
Information Technology — 3.6%
Xero *		464,909		46,752,548
UNITED STATES — 88.8%
Communication Services — 5.3%
Alphabet, Cl A *		7,625		17,970,981
Netflix *		98,689		49,621,816
				67,592,797

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

26

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Cloud Computing ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — 4.0%
2U *		716,283	$	26,087,027
Amazon.com *		7,460		24,044,102
				50,131,129
Information Technology — 73.8%
Akamai Technologies *		447,454		51,103,721
Anaplan *		906,593		46,698,605
Benefitfocus *		309,912		4,583,598
Box, Cl A *		1,567,045		36,527,819
Cornerstone OnDemand *		637,217		28,018,431
Coupa Software *		210,966		50,252,101
Dropbox, Cl A *		2,010,121		54,976,809
Everbridge *		362,338		42,574,715
Fastly, Cl A * (A)		1,018,841		48,079,107
International Business Machines		24,723		3,553,684
Microsoft		99,160		24,758,269
Mimecast *		620,050		30,996,300
Paycom Software *		150,672		49,661,491
Paylocity Holding *		289,676		49,195,675
Proofpoint *		286,938		49,585,756
Qualys *		377,066		36,454,741
salesforce.com *		226,090		53,832,029
SPS Commerce *		345,544		32,432,760
Twilio, Cl A *		162,956		54,753,216
Workday, Cl A *		210,937		48,245,511
Workiva, Cl A *		405,673		38,498,368
Zoom Video Communications, Cl A *		168,282		55,790,531
Zscaler *		294,576		57,206,659
				947,779,896
Real Estate — 5.7%
CoreSite Realty ‡		53,306		6,463,353
CyrusOne ‡		150,604		11,107,045
Digital Realty Trust ‡		329,713		49,971,302

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

27

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Cloud Computing ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Real Estate — continued
QTS Realty Trust, Cl A ‡		84,389	$	5,348,575
				72,890,275
TOTAL UNITED STATES				1,138,394,097
TOTAL COMMON STOCK
(Cost $1,116,449,830)				1,282,726,833
SHORT-TERM INVESTMENT(B)(C) — 1.2%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $15,855,160)		15,855,160		15,855,160
REPURCHASE AGREEMENT(B) — 1.2%
BNP Paribas
0.000%, dated 05/28/2021, to be repurchased on 06/01/2021, repurchase price $15,211,675 (collateralized by U.S. Treasury Obligations, ranging in par value $301,795 - $2,194,131, 2.000%, 10/31/2022, with a total market value of $15,508,457)
(Cost $15,211,675)	$	15,211,675		15,211,675
TOTAL INVESTMENTS — 102.3%
(Cost $1,147,516,665)			$	1,313,793,668

Percentages are based on Net Assets of $1,283,700,238.

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

28

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Cloud Computing ETF

*	Non-income producing security.
‡	Real Estate Investment Trust
(A)	This security or a partial position of this security is on loan at May 31, 2021.  The total value of securities on loan at May 31, 2021 was $29,791,047.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2021 was $31,066,835.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2021.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of May 31, 2021, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,282,726,833	$	—	$	—	$	1,282,726,833
Short-Term Investment		15,855,160		—		—		15,855,160
Repurchase Agreement		—		15,211,675		—		15,211,675
Total Investments in Securities	$	1,298,581,993	$	15,211,675	$	—	$	1,313,793,668

For the period ended May 31, 2021, there were no transfers in or out of Level 3.

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

29

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Data Center REITs & Digital Infrastructure ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA — 3.2%
Information Technology — 3.2%
NEXTDC *		202,016	$	1,720,975
CHINA — 9.0%
Communication Services — 4.0%
China Tower, Cl H		15,661,400		2,138,901
Information Technology — 5.0%
21Vianet Group ADR *		46,482		1,037,478
GDS Holdings ADR *		22,361		1,681,994
				2,719,472
TOTAL CHINA				4,858,373
HONG KONG — 0.6%
Information Technology — 0.6%
SUNeVision Holdings		288,181		299,264
INDONESIA — 2.8%
Communication Services — 2.8%
Sarana Menara Nusantara		10,921,778		898,361
Tower Bersama Infrastructure		3,664,585		613,116
TOTAL INDONESIA				1,511,477
SINGAPORE — 2.1%
Real Estate — 2.1%
Keppel ‡		581,570		1,129,560

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

30

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Data Center REITs & Digital Infrastructure ETF

	Shares		Value
COMMON STOCK — continued
TAIWAN — 2.4%
Information Technology — 2.4%
Winbond Electronics		1,016,204	$	1,240,011
UNITED STATES — 79.7%
Communication Services — 0.8%
Radius Global Infrastructure, Cl A *		27,242		435,872
Information Technology — 12.0%
Advanced Micro Devices *		10,900		872,872
Microchip Technology		6,632		1,040,892
Micron Technology *		12,529		1,054,190
NVIDIA		1,876		1,218,987
Switch, Cl A		44,132		832,771
Western Digital *		20,385		1,533,564
				6,553,276
Real Estate — 66.9%
American Tower, Cl A ‡		27,832		7,109,963
CoreSite Realty ‡		18,851		2,285,684
Crown Castle International ‡		39,523		7,489,609
CyrusOne ‡		31,986		2,358,968
Digital Realty Trust ‡		33,963		5,147,432
Equinix ‡		8,708		6,415,358
QTS Realty Trust, Cl A ‡		28,382		1,798,851
SBA Communications, Cl A ‡		8,533		2,543,858
Uniti Group ‡		99,074		1,075,944
				36,225,667
TOTAL UNITED STATES				43,214,815
TOTAL COMMON STOCK
(Cost $51,999,205)				53,974,475

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

31

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Data Center REITs & Digital Infrastructure ETF

	Value
TOTAL INVESTMENTS — 99.8%
(Cost $51,999,205)	$	53,974,475

Percentages are based on Net Assets of $54,081,522.

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

ADR — American Depositary Receipt

Cl — Class

As of May 31, 2021, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2021, there were no transfers in or out of Level 3.

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

32

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Cybersecurity ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 100.0%
CANADA — 0.6%
Information Technology — 0.6%
Absolute Software		158,039	$	2,200,510
ISRAEL — 6.9%
Information Technology — 6.9%
Check Point Software Technologies *		165,716		19,385,458
Radware *		148,732		4,342,974
Tufin Software Technologies *		112,833		1,025,652
TOTAL ISRAEL				24,754,084
JAPAN — 5.6%
Information Technology — 5.6%
Cyber Security Cloud *		36,264		955,609
Digital Arts		45,539		3,354,089
Trend Micro *		311,010		15,836,836
TOTAL JAPAN				20,146,534
SOUTH KOREA — 0.5%
Information Technology — 0.5%
Ahnlab		32,145		1,957,003
UNITED KINGDOM — 4.4%
Information Technology — 4.4%
Avast		2,373,412		15,849,892
UNITED STATES — 82.0%
Information Technology — 82.0%
A10 Networks *		248,485		2,417,759
Crowdstrike Holdings, Cl A *		106,298		23,614,100

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

33

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Cybersecurity ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
CyberArk Software *		126,300	$	15,982,002
FireEye *		770,357		17,232,886
Fortinet *		96,329		21,051,740
Intrusion *		96,393		1,432,400
McAfee, Cl A		524,527		13,181,364
Mimecast *		207,879		10,391,871
NortonLifeLock		716,484		19,817,947
Okta, Cl A *		84,858		18,875,814
OneSpan *		129,635		3,389,955
Palo Alto Networks *		58,935		21,408,139
Ping Identity Holding *		264,641		6,380,495
Proofpoint *		86,843		15,007,339
Qualys *		126,439		12,224,123
Rapid7 *		177,953		14,885,768
Sailpoint Technologies Holdings *		297,086		13,823,412
Telos *		212,572		6,989,367
Tenable Holdings *		341,075		14,256,935
Varonis Systems, Cl B *		315,721		15,249,324
VirnetX Holding *		223,018		1,021,422
Zix *		182,301		1,270,638
Zscaler *		118,851		23,080,864
TOTAL UNITED STATES				292,985,664
TOTAL COMMON STOCK
(Cost $383,605,863)				357,893,687
TOTAL INVESTMENTS — 100.0%
(Cost $383,605,863)			$	357,893,687

Percentages are based on Net Assets of $357,759,420.

* Non-income producing security.

Cl — Class

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

34

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Cybersecurity ETF

As of May 31, 2021, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2021, there were no transfers in or out of Level 3.

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

35

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Artificial Intelligence & Technology ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
BRAZIL — 0.6%
Consumer Discretionary — 0.3%
Afya, Cl A *		25,087	$	587,287
Information Technology — 0.3%
StoneCo, Cl A *		9,562		630,805
TOTAL BRAZIL				1,218,092
CANADA — 4.1%
Industrials — 1.0%
Thomson Reuters		21,030		2,060,309
Information Technology — 3.1%
Shopify, Cl A *		5,089		6,324,965
TOTAL CANADA				8,385,274
CHINA — 10.5%
Communication Services — 3.7%
Baidu ADR *		11,521		2,261,227
Tencent Holdings		69,443		5,381,687
				7,642,914

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

36

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Artificial Intelligence & Technology ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — 4.6%
Alibaba Group Holding ADR *		23,469	$	5,021,427
Meituan, Cl B *		127,041		4,340,820
				9,362,247
Information Technology — 2.2%
21Vianet Group ADR *		15,605		348,304
Canaan ADR * (A)		126,637		1,063,751
NXP Semiconductors		12,126		2,563,679
ZTE, Cl H		202,300		546,052
				4,521,786
TOTAL CHINA				21,526,947
FINLAND — 0.3%
Information Technology — 0.3%
TietoEVRY		17,862		582,693
FRANCE — 0.2%
Communication Services — 0.2%
Ubisoft Entertainment *		5,735		418,465
GERMANY — 4.4%
Industrials — 3.3%
Siemens		40,573		6,667,273
Information Technology — 1.1%
Infineon Technologies		55,250		2,235,454
TOTAL GERMANY				8,902,727
IRELAND — 0.5%
Information Technology — 0.5%
Seagate Technology Holdings		10,829		1,036,877
ISRAEL — 0.7%
Information Technology — 0.7%
Cognyte Software *		8,318		214,105

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

37

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Artificial Intelligence & Technology ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Tower Semiconductor *		19,916	$	547,092
Wix.com *		2,419		628,601
TOTAL ISRAEL				1,389,798
ITALY — 0.3%
Health Care — 0.3%
Amplifon		14,709		691,444
JAPAN — 1.8%
Industrials — 1.7%
FANUC		8,572		2,066,322
Fujikura		128,362		556,751
Toshiba		21,070		890,889
				3,513,962
Information Technology — 0.1%
AI inside *		919		144,149
TOTAL JAPAN				3,658,111
NETHERLANDS — 0.5%
Industrials — 0.5%
Wolters Kluwer		11,300		1,083,859
SOUTH KOREA — 4.4%
Information Technology — 4.4%
Samsung Electronics		76,137		5,468,102
SK Hynix		30,788		3,450,641
TOTAL SOUTH KOREA				8,918,743
SWEDEN — 0.8%
Information Technology — 0.8%
Telefonaktiebolaget LM Ericsson ADR		129,856		1,743,966

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

38

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Artificial Intelligence & Technology ETF

	Shares		Value
COMMON STOCK — continued
SWITZERLAND — 0.7%
Information Technology — 0.7%
STMicroelectronics (A)		38,459	$	1,434,974
TAIWAN — 1.2%
Industrials — 0.3%
Bizlink Holding		60,300		523,866
Information Technology — 0.9%
Acer		708,000		811,608
Alchip Technologies		17,690		337,979
Global Unichip		43,000		553,379
				1,702,966
TOTAL TAIWAN				2,226,832
UNITED KINGDOM — 1.1%
Industrials — 0.7%
Experian		38,732		1,484,391
Information Technology — 0.4%
Dialog Semiconductor *		9,517		754,710
TOTAL UNITED KINGDOM				2,239,101
UNITED STATES — 67.8%
Communication Services — 12.5%
Alphabet, Cl A *		3,260		7,683,331
Facebook, Cl A *		22,392		7,360,922
Netflix *		10,532		5,295,595
Snap, Cl A *		52,251		3,245,832
Twitter *		33,608		1,949,264
				25,534,944
Consumer Discretionary — 3.8%
Amazon.com *		1,862		6,001,356

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

39

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Artificial Intelligence & Technology ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
eBay		29,461	$	1,793,586
				7,794,942
Health Care — 0.3%
ABIOMED *		1,912		544,117
Industrials — 4.1%
Booz Allen Hamilton Holding, Cl A		6,404		543,892
Hubbell, Cl B		3,663		698,314
Nielsen Holdings		27,885		758,751
Rockwell Automation		4,916		1,296,447
Uber Technologies *		78,332		3,981,616
Verisk Analytics, Cl A		6,876		1,188,379
				8,467,399
Information Technology — 47.1%
Accenture, Cl A		23,651		6,673,366
Adobe *		12,922		6,520,183
Apple		44,603		5,557,980
Cadence Design Systems *		11,804		1,498,990
Cisco Systems		135,326		7,158,745
Cornerstone OnDemand *		14,138		621,648
Datadog, Cl A *		8,765		798,053
DXC Technology *		20,730		786,081
FireEye *		26,876		601,216
Genpact		14,918		682,349
Hewlett Packard Enterprise		54,542		870,490
Intel		97,728		5,582,223
International Business Machines		37,710		5,420,435
Microsoft		27,123		6,772,071
NVIDIA		11,028		7,165,774
Okta, Cl A *		5,111		1,136,891
Oracle		99,732		7,852,898
Pegasystems		4,257		502,922
PROS Holdings *		14,428		640,170

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

40

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Artificial Intelligence & Technology ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
QUALCOMM		37,042	$	4,983,631
salesforce.com *		27,490		6,545,369
ServiceNow *		8,270		3,918,988
Smartsheet, Cl A *		8,611		508,738
Splunk *		6,843		829,372
Super Micro Computer *		17,972		624,347
Synopsys *		6,470		1,645,580
Teradata *		23,402		1,120,254
Trade Desk, Cl A *		1,797		1,056,887
Twilio, Cl A *		5,920		1,989,120
Ubiquiti		2,663		802,948
Verint Systems *		8,498		391,843
Viasat *		15,556		827,268
Workday, Cl A *		7,626		1,744,219
Xilinx		10,374		1,317,498
Zebra Technologies, Cl A *		2,245		1,115,877
Zscaler *		5,669		1,100,920
				97,365,344
TOTAL UNITED STATES				139,706,746
TOTAL COMMON STOCK
(Cost $188,369,523)				205,164,649
SHORT-TERM INVESTMENT(B)(C) — 0.3%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $624,354)		624,354		624,354

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

41

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Artificial Intelligence & Technology ETF

	Face Amount		Value
REPURCHASE AGREEMENT(B) — 0.3%
BNP Paribas
0.000%, dated 05/28/2021, to be repurchased on 06/01/2021, repurchase price $599,015 (collateralized by U.S. Treasury Obligations, ranging in par value $11,884 - $86,402, 2.000%, 10/31/2022, with a total market value of $610,702)
(Cost $599,015)	$	599,015	$	599,015
TOTAL INVESTMENTS — 100.5%
(Cost $189,592,892)			$	206,388,018

Percentages are based on Net Assets of $205,446,857.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2021.  The total value of securities on loan at May 31, 2021 was $1,212,639.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2021 was $1,223,369.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2021.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of May 31, 2021, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	205,164,649	$	—	$	—	$	205,164,649
Short-Term Investment		624,354		—		—		624,354
Repurchase Agreement		—		599,015		—		599,015
Total Investments in Securities	$	205,789,003	$	599,015	$	—	$	206,388,018

For the period ended May 31, 2021, there were no transfers in or out of Level 3.

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

42

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Millennial Consumer ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
GERMANY — 0.3%
Communication Services — 0.3%
Trivago ADR *		136,325	$	539,847
TAIWAN — 3.1%
Communication Services — 3.1%
Sea ADR *		22,495		5,696,634
UNITED STATES — 96.5%
Communication Services — 27.8%
Activision Blizzard		59,026		5,740,279
Alphabet, Cl A *		2,516		5,929,835
Angi, Cl A *		36,408		516,265
Cargurus, Cl A *		22,654		639,296
Cars.com *		41,776		610,347
Facebook, Cl A *		18,103		5,951,000
IAC *		6,730		1,073,233
iHeartMedia *		31,827		738,705
Liberty TripAdvisor Holdings, Cl A *		89,801		427,453
Match Group *		21,850		3,132,853
Netflix *		10,268		5,162,853
Snap, Cl A *		90,056		5,594,279
Spotify Technology *		15,499		3,744,093
TripAdvisor *		10,961		476,255

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

43

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Millennial Consumer ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
Twitter *		64,849	$	3,761,242
Vimeo *		10,901		457,842
Walt Disney *		30,399		5,430,781
Yelp, Cl A *		13,784		552,876
Zillow Group, Cl A *		4,943		584,707
Zynga, Cl A *		87,900		952,836
				51,477,030
Consumer Discretionary — 39.9%
2U *		13,672		497,934
Aaron’s		22,146		796,592
Airbnb, Cl A *		9,803		1,376,341
Amazon.com *		1,717		5,534,011
AutoNation *		6,519		665,785
Bed Bath & Beyond *		19,094		534,441
Booking Holdings *		2,344		5,535,473
Capri Holdings *		12,215		692,713
CarMax *		13,188		1,519,126
Carter’s		6,202		634,092
Carvana, Cl A *		6,353		1,684,117
Chegg *		11,365		874,081
Children’s Place Retail Stores *		7,877		732,482
Chipotle Mexican Grill, Cl A *		2,289		3,140,462
Columbia Sportswear		5,366		551,249
Designer Brands, Cl A *		32,367		566,099
Dick’s Sporting Goods		6,738		657,157
eBay		55,276		3,365,203
Etsy *		10,231		1,685,353
Expedia Group *		11,229		1,986,972
GoPro, Cl A *		45,024		505,169
Graham Holdings, Cl B		918		608,212
Groupon, Cl A *		11,648		550,368
Grubhub *		8,665		520,853
Home Depot		18,107		5,774,503

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

44

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Millennial Consumer ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
L Brands		22,607	$	1,579,551
Laureate Education, Cl A *		42,679		623,540
Lowe’s		29,317		5,711,831
Lululemon Athletica *		10,166		3,284,939
NIKE, Cl B		42,595		5,812,513
Peloton Interactive, Cl A *		21,410		2,361,737
Planet Fitness, Cl A *		6,718		529,177
Skechers USA, Cl A *		13,309		632,178
Starbucks		50,371		5,736,250
Strategic Education		6,127		434,037
Stride *		16,436		441,800
Under Armour, Cl A *		24,889		561,994
VF		31,812		2,536,053
Wayfair, Cl A *		6,260		1,918,940
WW International *		18,765		737,465
				73,890,793
Consumer Staples — 3.5%
Costco Wholesale		15,762		5,962,292
Sprouts Farmers Market *		21,804		579,986
				6,542,278
Financials — 1.5%
Blucora *		33,423		579,555
LendingClub *		35,202		537,887
LendingTree *		2,512		515,588
Nelnet, Cl A		7,576		572,140
SLM		29,748		602,396
				2,807,566
Industrials — 3.9%
Avis Budget Group *		7,619		669,101
Lyft, Cl A *		25,978		1,483,084
Uber Technologies *		98,459		5,004,671
				7,156,856

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

45

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Millennial Consumer ETF

	Shar es		Value
COMMON STOCK — continued
Information Technology — 14.7%
Apple		43,657	$	5,440,099
Fiserv *		45,862		5,283,302
Intuit		13,844		6,078,762
PayPal Holdings *		21,518		5,595,111
Square, Cl A *		22,027		4,901,448
				27,298,722
Real Estate — 5.2%
AvalonBay Communities ‡		11,332		2,345,045
Camden Property Trust ‡		8,094		1,014,826
Centerspace ‡		8,343		593,938
Equity Residential ‡		30,252		2,343,017
Independence Realty Trust ‡		34,863		595,460
Invitation Homes ‡		46,022		1,669,218
UDR ‡		24,061		1,146,025
				9,707,529
TOTAL UNITED STATES				178,880,774
TOTAL COMMON STOCK
(Cost $161,399,846)				185,117,255
TOTAL INVESTMENTS — 99.9%
(Cost $161,399,846)			$	185,117,255

Percentages are based on Net Assets of $185,241,722.

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

ADR — American Depositary Receipt

Cl — Class

As of May 31, 2021, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2021, there were no transfers in or out of Level 3.

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

46

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Education ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.4%
AUSTRALIA — 5.1%
Consumer Discretionary — 5.1%
G8 Education *		106,034	$	82,564
IDP Education		35,122		609,240
TOTAL AUSTRALIA				691,804
BRAZIL — 2.6%
Consumer Discretionary — 2.6%
Arco Platform, Cl A *		3,783		109,934
YDUQS Participacoes		38,950		247,720
TOTAL BRAZIL				357,654
CANADA — 1.6%
Information Technology — 1.6%
Docebo *		4,115		213,210
CHINA — 25.9%
Communication Services — 0.2%
iHuman ADR *		2,907		26,047
Consumer Discretionary — 25.7%
17 Education & Technology Group ADR *		21,295		103,494
China East Education Holdings		277,092		600,488
GSX Techedu ADR *		18,257		338,485
Koolearn Technology Holding *		125,882		204,356
New Oriental Education & Technology Group ADR *		96,842		990,694

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

47

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Education ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Puxin ADR *		10,806	$	20,856
Scholar Education Group		70,000		48,612
TAL Education Group ADR *		25,592		1,022,912
Youdao ADR *		4,374		105,195
				3,435,092
TOTAL CHINA				3,461,139
JAPAN — 5.9%
Communication Services — 1.0%
Gakken Holdings		5,569		68,666
V-Cube		3,040		68,167
				136,833
Consumer Discretionary — 4.1%
Benesse Holdings		12,932		299,855
Edulab *		1,262		64,721
Media Do *		2,036		102,193
RareJob		1,286		21,107
Riso Kyoiku		19,495		55,662
				543,538
Industrials — 0.8%
Insource		5,398		107,101
TOTAL JAPAN				787,472
NORWAY — 3.4%
Communication Services — 3.4%
Kahoot! *		56,327		451,657
SOUTH KOREA — 0.6%
Consumer Discretionary — 0.6%
MegaStudyEdu		1,481		87,774

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

48

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Education ETF

	Shares		Value
COMMON STOCK — continued
UNITED KINGDOM — 8.2%
Communication Services — 8.2%
Pearson		95,164	$	1,103,988
UNITED STATES — 46.1%
Communication Services — 6.3%
Bandwidth, Cl A *		2,864		338,782
John Wiley & Sons, Cl A		5,901		374,006
Scholastic		4,102		138,155
				850,943
Consumer Discretionary — 22.3%
2U *		9,381		341,656
Bright Horizons Family Solutions *		7,675		1,060,915
Chegg *		16,928		1,301,932
Houghton Mifflin Harcourt *		15,848		157,529
Stride *		5,221		140,340
				3,002,372
Information Technology — 17.5%
8x8 *		13,472		317,266
Brightcove *		5,003		72,544
RingCentral, Cl A *		2,161		567,198
Slack Technologies, Cl A *		16,729		736,745
Zoom Video Communications, Cl A *		1,982		657,092
				2,350,845
TOTAL UNITED STATES				6,204,160
TOTAL COMMON STOCK
(Cost $15,753,282)				13,358,858
TOTAL INVESTMENTS — 99.4%
(Cost $15,753,282)			$	13,358,858

Percentages are based on Net Assets of $13,438,444.

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

49

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Education ETF

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

As of May 31, 2021, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2021, there were no transfers in or out of Level 3.

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

50

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Cannabis ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 100.0%
AUSTRALIA — 2.6%
Health Care — 2.6%
Cann Group * (A)		7,756,077	$	2,511,412
Creso Pharma * (A)		25,985,442		2,804,689
TOTAL AUSTRALIA				5,316,101
CANADA — 83.0%
Consumer Discretionary — 2.1%
Fire & Flower Holdings * (A)		4,354,158		3,892,790
Namaste Technologies *		2,207,117		383,688
				4,276,478
Financials — 3.4%
RIV Capital * (A)		4,573,362		7,003,907
Health Care — 77.5%
Aleafia Health * (A)		10,369,552		3,648,228
Aurora Cannabis * (A)		1,767,727		17,076,243
Auxly Cannabis Group * (A)		23,074,930		7,640,705
Canopy Growth *		586,470		15,268,611
Cardiol Therapeutics, Cl A *		710,299		1,946,266
Cronos Group *		1,938,432		17,346,399
Green Organic Dutchman Holdings * (A)		16,918,060		6,652,383
HEXO * (A)		2,362,377		16,916,029

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

51

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Cannabis ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
MediPharm Labs * (A)		7,666,910	$	3,681,132
Organigram Holdings * (A)		3,353,034		10,658,651
PharmaCielo *		3,656,015		4,388,429
Sundial Growers *		18,301,310		17,752,271
Supreme Cannabis * (A)		21,097,431		6,199,990
Tetra Bio-Pharma * (A)		11,318,859		3,466,869
Tilray, Cl 2 * (A)		861,629		14,363,355
Valens * (A)		3,087,485		8,817,734
Zenabis Global *		25,787,169		3,095,314
				158,918,609
TOTAL CANADA				170,198,994
UNITED STATES — 14.4%
Health Care — 14.4%
cbdMD * (A)		945,662		2,865,356
Charlottes Web Holdings * (A)		2,207,905		10,765,365
Corbus Pharmaceuticals Holdings *		4,009,680		8,701,006
Zynerba Pharmaceuticals *		1,298,547		7,375,747
TOTAL UNITED STATES				29,707,474
TOTAL COMMON STOCK
(Cost $219,176,278)				205,222,569
SHORT-TERM INVESTMENT(B)(C) — 10.7%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $21,971,004)		21,971,004		21,971,004

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

52

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Cannabis ETF

	Face Amount		Value
REPURCHASE AGREEMENT(B) — 10.3%
BNP Paribas
0.000%, dated 05/28/2021, to be repurchased on 06/01/2021, repurchase price $21,079,306 (collateralized by U.S. Treasury Obligations, ranging in par value $418,207 - $3,040,477, 2.000%, 10/31/2022, with a total market value of $21,490,561)
(Cost $21,079,306)	$	21,079,306	$	21,079,306
TOTAL INVESTMENTS — 121.0%
(Cost $262,226,588)			$	248,272,879

Percentages are based on Net Assets of $205,162,620.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2021.  The total value of securities on loan at May 31, 2021 was $44,029,214.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2021 was $43,050,310.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2021.

Cl — Class

The following is a summary of the level of inputs used as of May 31, 2021, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	205,222,569	$	—	$	—	$	205,222,569
Short-Term Investment		21,971,004		—		—		21,971,004
Repurchase Agreement		—		21,079,306		—		21,079,306
Total Investments in Securities	$	227,193,573	$	21,079,306	$	—	$	248,272,879

For the period ended May 31, 2021, there were no transfers in or out of Level 3.

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

53

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Genomics & Biotechnology ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 100.0%
CHINA — 4.2%
Health Care — 4.2%
Genscript Biotech *		2,404,418	$	8,472,696
FRANCE — 0.7%
Health Care — 0.7%
Cellectis ADR * (A)		92,379		1,447,579
JAPAN — 1.4%
Health Care — 1.4%
Takara Bio		102,715		2,789,813
NETHERLANDS — 1.9%
Health Care — 1.9%
ProQR Therapeutics *		113,735		709,706
uniQure *		85,043		2,953,543
TOTAL NETHERLANDS				3,663,249
SWITZERLAND — 3.7%
Health Care — 3.7%
CRISPR Therapeutics *		63,802		7,540,120
UNITED STATES — 88.1%
Health Care — 88.1%
Adverum Biotechnologies *		200,321		693,111

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

54

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Genomics & Biotechnology ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Agilent Technologies		64,174	$	8,864,354
Allogene Therapeutics *		158,233		4,066,588
Alnylam Pharmaceuticals *		60,270		8,557,737
Arrowhead Pharmaceuticals *		113,872		8,267,107
BioMarin Pharmaceutical *		107,506		8,310,214
Bluebird Bio *		148,039		4,606,974
Blueprint Medicines *		88,936		8,124,304
CareDx *		107,516		8,644,286
Dicerna Pharmaceuticals *		151,689		4,945,061
Editas Medicine, Cl A *		148,817		5,052,337
Gilead Sciences		67,075		4,434,328
Homology Medicines *		92,079		611,405
Illumina *		10,651		4,320,472
Intellia Therapeutics *		101,372		7,596,818
Invitae * (A)		235,892		6,788,972
Luminex		98,589		3,636,948
Myriad Genetics *		164,512		4,713,269
NanoString Technologies *		100,069		5,552,829
Natera *		76,443		7,196,344
Pacific Biosciences of California *		257,127		6,955,285
Precision BioSciences *		101,538		1,069,195
QIAGEN *		177,475		8,760,166
REGENXBIO *		81,377		2,870,167
Rocket Pharmaceuticals *		130,158		5,531,715
Sangamo Therapeutics *		264,894		2,855,557
Sarepta Therapeutics *		123,491		9,342,094
Sorrento Therapeutics * (A)		584,931		4,398,681
Ultragenyx Pharmaceutical *		75,319		7,660,696
Veracyte *		148,311		5,791,545
Vertex Pharmaceuticals *		20,248		4,224,340
Voyager Therapeutics *		126,980		540,935
WaVe Life Sciences *		103,900		710,676
ZIOPHARM Oncology * (A)		433,899		1,319,053

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

55

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Genomics & Biotechnology ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
TOTAL UNITED STATES			$	177,013,563
TOTAL COMMON STOCK
(Cost $208,596,673)				200,927,020
SHORT-TERM INVESTMENT(B)(C) — 1.9%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $3,893,781)		3,893,781		3,893,781
REPURCHASE AGREEMENT(B) — 1.9%
BNP Paribas
0.000%, dated 05/28/2021, to be repurchased on 06/01/2021, repurchase price $3,735,751 (collateralized by U.S. Treasury Obligations, ranging in par value $74,116 - $538,844, 2.000%, 10/31/2022, with a total market value of $3,808,633)
(Cost $3,735,751)	$	3,735,751		3,735,751
TOTAL INVESTMENTS — 103.8%
(Cost $216,226,205)			$	208,556,552

Percentages are based on Net Assets of $201,012,748.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2021.  The total value of securities on loan at May 31, 2021 was $7,336,461.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2021 was $7,629,532.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2021.

ADR — American Depositary Receipt

Cl — Class

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

56

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Genomics & Biotechnology ETF

The following is a summary of the level of inputs used as of May 31, 2021, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	200,927,020	$	—	$	—	$	200,927,020
Short-Term Investment		3,893,781		—		—		3,893,781
Repurchase Agreement		—		3,735,751		—		3,735,751
Total Investments in Securities	$	204,820,801	$	3,735,751	$	—	$	208,556,552

For the period ended May 31, 2021, there were no transfers in or out of Level 3.

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

57

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X China Biotech Innovation ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.8%
CHINA — 95.2%
Consumer Staples — 4.0%
Fu Jian Anjoy Foods, Cl A		6,200	$	241,877
Fujian Aonong Biological Technology Group, Cl A		15,320		25,475
				267,352
Health Care — 91.2%
3SBio *		75,100		86,116
Alphamab Oncology *		22,000		56,237
Anhui Anke Biotechnology Group, Cl A		84,780		200,218
Ascentage Pharma Group International *		7,300		44,299
BeiGene ADR *		1,489		533,821
Beijing SL Pharmaceutical, Cl A		28,700		51,465
Beijing Tiantan Biological Products, Cl A		32,157		174,002
Beijing Wantai Biological Pharmacy Enterprise, Cl A		3,640		123,949
Berry Genomics, Cl A *		9,555		51,762
BGI Genomics, Cl A		14,738		287,262
Changchun High & New Technology Industry Group, Cl A		6,774		425,469
Da An Gene of Sun Yat-Sen University, Cl A		44,480		151,771
Genscript Biotech *		55,950		197,157
Getein Biotech, Cl A		6,400		31,756
Guangdong Hybribio Biotech, Cl A		15,142		71,948
Guanhao Biotech, Cl A *		13,600		48,305
Hualan Biological Engineering, Cl A		42,600		267,032
Jinyu Bio-Technology, Cl A		46,800		148,884
Joinn Laboratories China, Cl A		4,500		115,989
JW Cayman Therapeutics *		10,500		38,826

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

58

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X China Biotech Innovation ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Kintor Pharmaceutical *		7,700	$	67,759
PharmaBlock Sciences Nanjing, Cl A		7,981		178,180
Shanghai Haohai Biological Technology, Cl A		1,106		31,920
Shanghai RAAS Blood Products, Cl A		126,900		150,642
Shenzhen Kangtai Biological Products, Cl A		20,071		532,369
Shenzhen Neptunus Bioengineering, Cl A *		73,300		39,018
Shenzhen Weiguang Biological Products,    Cl A		2,700		21,936
Sichuan Kelun Pharmaceutical, Cl A		42,800		148,861
Viva Biotech Holdings		44,900		61,089
Walvax Biotechnology, Cl A		55,200		588,535
Wuxi Biologics Cayman *		36,950		547,954
Zai Lab ADR *		1,665		295,804
Zhejiang Wolwo Bio-Pharmaceutical, Cl A		26,300		279,209
				6,049,544
TOTAL CHINA				6,316,896
HONG KONG — 4.6%
Health Care — 4.6%
Sino Biopharmaceutical		272,900		302,382
TOTAL COMMON STOCK
(Cost $5,768,522)				6,619,278
TOTAL INVESTMENTS — 99.8%
(Cost $5,768,522)			$	6,619,278

Percentages are based on Net Assets of $6,632,105.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

As of May 31, 2021, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2021, there were no transfers in or out of Level 3.

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

59

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Telemedicine & Digital Health ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
CHINA — 11.4%
Consumer Discretionary — 3.7%
JD Health International *		1,980,100	$	27,144,578
Health Care — 7.7%
Alibaba Health Information Technology *		10,349,000		25,627,492
Ping An Healthcare and Technology *		2,666,500		30,627,904
				56,255,396
TOTAL CHINA				83,399,974
GERMANY — 2.0%
Health Care — 2.0%
CompuGroup Medical & KgaA		177,319		14,601,623
JAPAN — 4.1%
Health Care — 4.1%
M3		447,925		30,184,789
UNITED STATES — 82.4%
Consumer Staples — 0.4%
LifeMD * (A)		241,898		3,115,646

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

60

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Telemedicine & Digital Health ETF

	��	Shares		Value
COMMON STOCK — continued
Financials — 1.1%
eHealth *			119,731	$	7,812,448
Health Care — 76.6%
1Life Healthcare *			691,388		25,581,356
Agilent Technologies			237,409		32,793,305
Allscripts Healthcare Solutions *			886,674		15,419,261
American Well, Cl A *			1,000,937		12,461,666
Cerner			426,946		33,408,524
Change Healthcare *			1,380,695		32,363,491
Computer Programs and Systems *			89,291		2,890,350
DarioHealth * (A)			107,818		1,754,199
DexCom *			75,528		27,899,288
Evolent Health, Cl A *			554,149		10,767,115
GoodRx Holdings, Cl A * (A)			373,462		13,859,175
Guardant Health *			195,621		24,280,479
Illumina *			78,905		32,007,024
Inovalon Holdings, Cl A *			482,512		15,131,576
Invitae * (A)			877,054		25,241,614
iRhythm Technologies *			186,896		14,103,172
Laboratory Corp of America Holdings *			121,836		33,441,545
NextGen Healthcare *			352,670		5,790,841
Omnicell *			224,570		31,215,230
Ontrak * (A)			71,845		2,182,651
OptimizeRx *			92,505		4,543,846
Personalis *			226,183		5,086,856
Phreesia *			280,700		13,894,650
R1 RCM *			767,784		17,774,200
Signify Health, Cl A *			408,036		10,323,311
SmileDirectClub, Cl A * (A)			669,940		5,500,207
SOC Telemed, Cl A * (A)			317,096		1,902,576
Tabula Rasa HealthCare * (A)			145,343		6,280,271
Tandem Diabetes Care *			335,135		28,617,178
Teladoc Health *			172,568		25,985,289
UnitedHealth Group			81,122		33,415,774

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

61

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Telemedicine & Digital Health ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Health Care — continued
Veracyte *		431,848	$	16,863,664
				562,779,684
Information Technology — 4.3%
Nuance Communications *		602,725		31,884,152
TOTAL UNITED STATES				605,591,930
TOTAL COMMON STOCK
(Cost $714,374,466)				733,778,316
SHORT-TERM INVESTMENT(B)(C) — 2.1%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $15,298,641)		15,298,641		15,298,641
REPURCHASE AGREEMENT(B) — 2.0%
BNP Paribas
0.000%, dated 05/28/2021, to be repurchased on 06/01/2021, repurchase price $14,677,742 (collateralized by U.S. Treasury Obligations, ranging in par value $291,202 - $2,117,116, 2.000%, 10/31/2022, with a total market value of $14,964,103)
(Cost $14,677,742)	$	14,677,742		14,677,742
TOTAL INVESTMENTS — 104.0%
(Cost $744,350,849)			$	763,754,699

Percentages are based on Net Assets of $734,709,380.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2021.  The total value of securities on loan at May 31, 2021 was $29,099,220.

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

62

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Telemedicine & Digital Health ETF

(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2021 was $29,976,383.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2021.

Cl — Class

The following is a summary of the level of inputs used as of May 31, 2021, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	733,778,316	$	—	$	—	$	733,778,316
Short-Term Investment		15,298,641		—		—		15,298,641
Repurchase Agreement		—		14,677,742		—		14,677,742
Total Investments in Securities	$	749,076,957	$	14,677,742	$	—	$	763,754,699

For the period ended May 31, 2021, there were no transfers in or out of Level 3.

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

63

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Aging Population ETF

Sector Weightings †:

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

	Shares			Value
COMMON STOCK — 99.7%
AUSTRALIA — 0.6%
Health Care — 0.6%
Cochlear		1,621		$	281,472
BELGIUM — 1.3%
Health Care — 1.0%
UCB		4,805			451,398
Real Estate — 0.3%
Aedifica ‡		1,045			135,316
TOTAL BELGIUM					586,714
CANADA — 0.3%
Health Care — 0.3%
Chartwell Retirement Residences		12,785			138,857
			��
CHINA — 5.9%
Health Care — 5.9%
AK Medical Holdings		91,600			163,574
BeiGene ADR *		2,312			828,875
Beijing Chunlizhengda Medical Instruments, Cl H *		50,300			174,655
Hansoh Pharmaceutical Group		147,000			626,902
Lifetech Scientific *		254,200			157,207
Luye Pharma Group *		221,547			150,143
Microport Scientific		44,800			349,211
Venus MedTech Hangzhou, Cl H *		14,700			131,157
TOTAL CHINA					2,581,724

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

64

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Aging Population ETF

	Shares		Value
COMMON STOCK — continued
DENMARK — 6.2%
Health Care — 6.2%
Demant *		5,961	$	318,416
Genmab *		1,627		664,941
GN Store Nord		3,526		299,761
Novo Nordisk, Cl B		18,587		1,469,490
TOTAL DENMARK				2,752,608
FRANCE — 0.8%
Health Care — 0.8%
Korian		3,303		120,867
Orpea		1,590		199,786
TOTAL FRANCE				320,653
GERMANY — 1.2%
Health Care — 1.2%
Fresenius Medical Care & KGaA		7,404		593,279
IRELAND — 0.2%
Health Care — 0.2%
Amarin ADR *		20,779		94,337
ITALY — 0.6%
Health Care — 0.6%
Amplifon		5,607		263,575
JAPAN — 6.8%
Health Care — 6.8%
Astellas Pharma		46,954		751,648
Chugai Pharmaceutical		32,209		1,223,927
Kissei Pharmaceutical		5,880		114,365
Nipro		11,346		140,516
Terumo		19,203		744,023

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

65

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Aging Population ETF

	Shares		Value
COMMON STOCK — continued
TOTAL JAPAN			$	2,974,479
NEW ZEALAND — 0.3%
Health Care — 0.3%
Ryman Healthcare		12,215		115,658
SOUTH KOREA — 1.9%
Health Care — 1.9%
Celltrion *		3,467		850,197
SPAIN — 0.2%
Health Care — 0.2%
Pharma Mar		1,079		100,603
SWEDEN — 0.3%
Health Care — 0.3%
Elekta, Cl B		9,133		126,375
SWITZERLAND — 7.9%
Health Care — 7.9%
Alcon		12,582		878,454
Roche Holding		3,689		1,394,365
Sonova Holding		1,604		568,319
Straumann Holding		397		621,932
TOTAL SWITZERLAND				3,463,070
UNITED KINGDOM — 4.6%
Health Care — 4.6%
AstraZeneca ADR		26,011		1,476,645
Smith & Nephew		21,715		474,301
TOTAL UNITED KINGDOM				1,950,946

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

66

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Aging Population ETF

	Shares		Value
COMMON STOCK — continued
UNITED STATES — 60.6%
Health Care — 56.2%
AbbVie		12,134	$	1,373,568
ABIOMED *		1,120		318,730
ACADIA Pharmaceuticals *		6,050		135,157
Aerie Pharmaceuticals *		6,588		107,319
Agios Pharmaceuticals *		2,365		131,920
Alector *		6,363		113,261
Alphatec Holdings *		7,196		104,342
Amedisys *		810		209,280
Amgen		5,212		1,240,143
AngioDynamics *		5,174		119,623
Arena Pharmaceuticals *		1,883		115,070
Biogen *		3,832		1,024,983
Bluebird Bio *		4,332		134,812
Blueprint Medicines *		1,419		129,626
Boston Scientific *		33,244		1,414,533
Bristol-Myers Squibb		20,792		1,366,450
Brookdale Senior Living *		17,968		121,104
DaVita *		2,742		329,232
Denali Therapeutics *		2,966		188,608
DexCom *		2,434		899,095
Edwards Lifesciences *		15,296		1,466,887
Eli Lilly		7,053		1,408,766
Ensign Group		1,350		112,320
Epizyme *		14,849		122,207
Exact Sciences *		4,192		463,342
Exelixis *		7,660		172,733
FibroGen *		6,651		141,334
Glaukos *		1,474		108,457
Halozyme Therapeutics *		3,545		146,798
Heron Therapeutics *		7,244		96,128
Incyte *		5,430		454,925

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

67

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Aging Population ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Inogen *		2,389	$	147,664
Insulet *		1,638		441,719
Integer Holdings *		1,373		124,215
Johnson & Johnson		7,900		1,337,075
LHC Group *		780		153,543
LivaNova *		1,567		130,907
MannKind *		28,952		127,968
Medtronic		10,668		1,350,463
Merit Medical Systems *		2,089		126,050
National HealthCare		1,651		120,870
Neurocrine Biosciences *		2,313		222,557
Novocure *		2,539		517,956
NuVasive *		1,856		126,579
Omeros *		7,067		107,348
Pennant Group *		2,841		97,361
Radius Health *		6,292		121,373
Regeneron Pharmaceuticals *		2,703		1,358,068
Seagen *		4,575		710,726
Silk Road Medical *		2,514		122,130
Stryker		5,152	��	1,315,151
Tactile Systems Technology *		2,412		129,693
Teleflex		1,184		476,193
Theravance Biopharma *		5,744		99,256
United Therapeutics *		1,093		203,189
Zimmer Biomet Holdings		5,248		883,396
				24,822,203
Real Estate — 4.4%
Diversified Healthcare Trust ‡		25,962		94,242
LTC Properties ‡		2,864		112,212
National Health Investors ‡		1,674		110,333
Omega Healthcare Investors ‡		5,695		208,551
Sabra Health Care ‡		6,764		118,167
Ventas ‡		9,102		504,706

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

68

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Aging Population ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Welltower ‡		10,517	$	786,356
				1,934,567
TOTAL UNITED STATES				26,756,770
TOTAL COMMON STOCK
(Cost $40,617,608)				43,951,317
TOTAL INVESTMENTS — 99.7%
(Cost $40,617,608)			$	43,951,317

Percentages are based on Net Assets of $44,074,503.

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

ADR — American Depositary Receipt

Cl — Class

As of May 31, 2021, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2021, there were no transfers in or out of Level 3.

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

69

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Health & Wellness ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA — 0.4%
Consumer Staples — 0.4%
Blackmores		2,307	$	123,416
CANADA — 2.6%
Consumer Discretionary — 2.6%
Gildan Activewear		23,723		858,191
CHINA — 10.6%
Consumer Discretionary — 10.6%
ANTA Sports Products		53,644		1,081,657
Li Ning		130,714		1,202,470
Topsports International Holdings		621,870		963,071
Xtep International Holdings		304,001		334,101
TOTAL CHINA				3,581,299
FRANCE — 2.8%
Consumer Staples — 2.8%
Danone		12,977		924,128
GERMANY — 6.0%
Consumer Discretionary — 6.0%
adidas		2,818		1,027,589
Puma		8,651		988,692
TOTAL GERMANY				2,016,281

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

70

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Health & Wellness ETF

	Shares		Value
COMMON STOCK — continued
HONG KONG — 1.7%
Consumer Discretionary — 1.7%
Huayi Tencent Entertainment *		1,601,851	$	76,362
Yue Yuen Industrial Holdings *		192,591		502,476
TOTAL HONG KONG				578,838
IRELAND — 1.8%
Consumer Staples — 1.8%
Glanbia		34,834		580,906
ITALY — 0.9%
Consumer Discretionary — 0.9%
Technogym		24,040		304,849
JAPAN — 12.7%
Consumer Discretionary — 8.2%
ABC-Mart		9,861		566,688
Asics		22,681		544,468
Curves Holdings		11,160		89,300
Descente		9,165		158,924
Fast Fitness Japan		2,336		126,385
Goldwin		5,665		315,252
Shimano		3,859		879,175
				2,680,192
Consumer Staples — 3.6%
Ariake Japan		3,918		228,008
Yakult Honsha		18,267		986,643
				1,214,651
Health Care — 0.9%
Tsumura		9,164		297,064
TOTAL JAPAN				4,191,907

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

71

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Health & Wellness ETF

	Shares		Value
COMMON STOCK — continued
NETHERLANDS — 1.0%
Consumer Discretionary — 1.0%
Basic-Fit *		7,169	$	344,774
SOUTH KOREA — 2.2%
Consumer Discretionary — 2.2%
Fila Holdings		7,250		356,877
Hwaseung Enterprise		7,205		121,774
Youngone		5,285		225,085
TOTAL SOUTH KOREA				703,736
TAIWAN — 7.9%
Consumer Discretionary — 7.9%
Dyaco International		23,013		75,160
Feng TAY Enterprise		105,081		928,060
Fulgent Sun International Holding		22,765		101,349
Giant Manufacturing		44,858		538,480
Johnson Health Tech		35,901		103,146
Merida Industry		35,560		411,484
Pou Chen		351,886		485,198
TOTAL TAIWAN				2,642,877
UNITED KINGDOM — 4.7%
Consumer Discretionary — 4.7%
Frasers Group *		62,053		509,417
JD Sports Fashion		77,452		1,037,980
TOTAL UNITED KINGDOM				1,547,397
UNITED STATES — 44.5%
Consumer Discretionary — 27.0%
Columbia Sportswear		7,935		815,163
Dick’s Sporting Goods		7,831		763,757
Foot Locker		12,344		781,252

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

72

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Health & Wellness ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Hibbett Sports *		1,928	$	163,417
Lululemon Athletica *		2,965		958,080
Nautilus *		5,354		96,426
NIKE, Cl B		6,935		946,350
Peloton Interactive, Cl A *		7,500		827,324
Planet Fitness, Cl A *		9,937		782,738
Shoe Carnival		1,678		113,282
Skechers USA, Cl A *		16,349		776,578
Under Armour, Cl A *		22,544		509,044
VF		11,164		889,994
WW International *		8,269		324,972
Zumiez *		3,050		133,651
				8,882,028
Consumer Staples — 12.6%
BellRing Brands, Cl A *		4,703		134,882
Calavo Growers		2,112		150,374
Cal-Maine Foods		5,259		183,592
Celsius Holdings *		8,676		568,625
Hain Celestial Group *		11,942		486,756
Herbalife Nutrition *		14,126		742,603
Medifast		1,402		465,815
Nu Skin Enterprises, Cl A		6,074		365,412
Sanderson Farms		2,672		434,868
Sprouts Farmers Market *		14,092		374,847
USANA Health Sciences *		2,463		260,438
				4,168,212
Health Care — 4.1%
DexCom *		2,455		906,852
Prestige Consumer Healthcare *		5,955		296,976
Tivity Health *		5,863		153,611
				1,357,439

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

73

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Health & Wellness ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 0.8%
Healthcare Services Group		8,917	$	267,421
TOTAL UNITED STATES				14,675,100
TOTAL COMMON STOCK
(Cost $28,170,100)				33,073,699
TOTAL INVESTMENTS — 99.8%
(Cost $28,170,100)			$	33,073,699

Percentages are based on Net Assets of $33,133,293.

* Non-income producing security.

Cl — Class

As of May 31, 2021, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2021, there were no transfers in or out of Level 3.

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

74

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X CleanTech ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 100.3%
CANADA — 4.0%
Industrials — 2.7%
Ballard Power Systems *		210,330	$	3,642,916
Information Technology — 1.3%
Canadian Solar *		42,215		1,670,870
TOTAL CANADA				5,313,786
CHINA — 17.4%
Industrials — 2.9%
China Everbright Environment Group		4,343,000		2,590,748
Dongfang Electric, Cl H		498,300		452,621
Xinjiang Goldwind Science & Technology, Cl H		544,700		909,529
				3,952,898
Information Technology — 14.5%
Daqo New Energy ADR *		49,189		3,658,678
Flat Glass Group, Cl H		313,600		884,860
GCL-Poly Energy Holdings *(A)(B)(C)		20,561,800		4,532,524
JinkoSolar Holding ADR *		31,950		1,169,690
Xinyi Solar Holdings		5,057,800		8,979,769
				19,225,521
TOTAL CHINA				23,178,419

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

75

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X CleanTech ETF

	Shares		Value
COMMON STOCK — continued
DENMARK — 7.4%
Industrials — 7.4%
Vestas Wind Systems		247,577	$	9,684,331
GERMANY — 5.7%
Industrials — 4.7%
Nordex *		82,950		1,901,670
Varta *		28,626		4,355,342
				6,257,012
Information Technology — 1.0%
SMA Solar Technology		24,446		1,363,273
TOTAL GERMANY				7,620,285
NETHERLANDS — 1.0%
Industrials — 1.0%
Alfen Beheer BV *		15,356		1,326,244
NORWAY — 1.7%
Industrials — 1.7%
NEL, Cl A *		1,030,503		2,255,694
SOUTH KOREA — 13.7%
Industrials — 2.8%
CS Wind		29,775		2,055,658
Doosan Fuel Cell *		46,277		1,773,820
				3,829,478
Information Technology — 6.8%
Samsung SDI		15,626		8,966,772
Materials — 4.1%
Hanwha Solutions *		135,412		5,493,942
TOTAL SOUTH KOREA				18,290,192

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

76

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X CleanTech ETF

	Shares		Value
COMMON STOCK — continued
SPAIN — 6.5%
Industrials — 6.5%
Siemens Gamesa Renewable Energy *		261,678	$	8,641,634
SWEDEN — 0.7%
Industrials — 0.7%
PowerCell Sweden *		36,542		914,670
SWITZERLAND — 1.1%
Information Technology — 1.1%
Landis+Gyr Group		20,351		1,483,279
TAIWAN — 1.3%
Information Technology — 1.3%
Simplo Technology		134,864		1,774,494
UNITED KINGDOM — 7.5%
Industrials — 3.0%
Ceres Power Holdings *		121,624		1,874,481
ITM Power *		389,376		2,171,880
				4,046,361
Materials — 4.5%
Johnson Matthey		137,068		5,919,680
TOTAL UNITED KINGDOM				9,966,041
UNITED STATES — 32.3%
Consumer Discretionary — 2.4%
QuantumScape, Cl A *		121,915		3,156,379
Industrials — 12.4%
Ameresco, Cl A *		21,297		1,144,927
Array Technologies *		89,797		1,463,691
Bloom Energy, Cl A *		101,895		2,462,802
FuelCell Energy *		228,095		2,239,893

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

77

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X CleanTech ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Plug Power *		196,420	$	6,030,094
Shoals Technologies Group, Cl A *		66,064		1,823,366
TPI Composites *		25,819		1,247,058
				16,411,831
Information Technology — 17.5%
Enphase Energy *		57,207		8,183,461
First Solar *		75,082		5,714,491
Maxeon Solar Technologies *		23,580		368,320
SolarEdge Technologies *		24,006		6,193,788
SunPower, Cl A *		120,660		2,822,237
				23,282,297
TOTAL UNITED STATES				42,850,507
TOTAL COMMON STOCK
(Cost $163,811,172)				133,299,576
TOTAL INVESTMENTS — 100.3%
(Cost $163,811,172)			$	133,299,576

Percentages are based on Net Assets of $132,894,070.

*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security considered illiquid. The total value of such securities as of May 31, 2021 was $4,532,524 and represented 3.4% of Net Assets.
(C)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of May 31, 2021, was $4,532,524 and represents 3.4% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

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

78

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X CleanTech ETF

The following is a summary of the level of inputs used as of May 31, 2021, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	128,767,052	$	—	$	4,532,524	$	133,299,576
Total Investments in Securities	$	128,767,052	$	—	$	4,532,524	$	133,299,576

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

	Investments in Common Stock
Beginning Balance as of November 30, 2020	$	−
Transfers out of Level 3		−
Transfers into Level 3		4,532,524
Net purchases		−
Net sales		−
Realized gain/(loss)		−
Change in unrealized appreciation/(depreciation)		−
Ending Balance as of May 31, 2021	$	4,532,524

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

79

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X U.S. Infrastructure Development ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.8%
Consumer Discretionary — 0.7%
TopBuild *		136,401	$	27,014,218
Industrials — 71.0%
Acuity Brands		149,671		27,801,388
Advanced Drainage Systems		290,121		32,905,524
AECOM *		605,331		39,352,568
Altra Industrial Motion		265,436		17,436,491
Arcosa		197,332		12,530,582
Argan		209,389		10,281,000
Astec Industries		139,949		9,590,705
Atkore *		195,257		15,073,840
Builders FirstSource *		841,249		37,469,230
Carlisle		220,165		42,342,133
Columbus McKinnon		218,006		11,052,904
Construction Partners, Cl A *		289,094		9,311,718
Crane		237,911		22,718,121
CSW Industrials		73,491		8,952,674
CSX		1,026,806		102,803,817
Deere		307,817		111,152,719
Dycom Industries *		129,449		9,698,319

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

80

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X U.S. Infrastructure Development ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Eaton		751,717	$	109,186,894
EMCOR Group		225,183		28,397,828
Emerson Electric		1,116,447		106,832,813
Exponent		211,346		19,281,096
Fastenal		1,952,971		103,585,582
Fortive		1,343,243		97,411,982
Gibraltar Industries *		135,939		10,800,354
Gorman-Rupp		281,262		10,119,807
Graco		687,057		52,023,956
Granite Construction		279,475		11,279,611
Greenbrier		255,802		11,360,167
H&E Equipment Services		295,672		11,058,133
Herc Holdings *		129,810		14,930,746
Howmet Aerospace *		1,778,606		63,104,941
Hubbell, Cl B		223,278		42,565,718
IDEX		313,517		69,807,695
Insteel Industries		339,135		11,856,160
Jacobs Engineering Group		533,136		75,747,963
Kansas City Southern		384,789		114,543,990
Lincoln Electric Holdings		242,256		31,149,276
Manitowoc *		621,889		16,057,174
MasTec *		304,067		35,372,114
Matrix Service *		702,092		7,652,803
MRC Global *		1,274,497		13,688,098
Mueller Industries		247,473		11,490,171
Mueller Water Products, Cl A		756,481		10,946,280
MYR Group *		143,700		12,507,648
Norfolk Southern		383,193		107,638,914
Northwest Pipe *		289,205		9,156,230
NOW *		1,145,107		11,989,270
Parker-Hannifin		335,184		103,286,950
Pentair		683,328		47,129,132
Powell Industries		306,997		10,548,417

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

81

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X U.S. Infrastructure Development ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Primoris Services		305,310	$	9,705,805
Quanta Services		571,135		54,457,722
RBC Bearings *		101,578		19,887,957
Rexnord		492,910		24,630,713
Rockwell Automation		349,313		92,120,824
SPX *		183,209		11,474,380
Sterling Construction *		393,149		8,845,852
Team *		838,275		7,125,337
Terex		282,335		14,785,884
Tetra Tech		221,632		26,478,375
Titan Machinery *		416,883		12,789,970
Trane Technologies		608,794		113,479,202
Trinity Industries		470,577		13,072,629
Tutor Perini *		568,427		8,799,250
Union Pacific		452,414		101,670,998
United Rentals *		298,267		99,609,247
Valmont Industries		86,008		21,329,984
Wabash National		553,080		8,821,626
WESCO International *		206,187		21,973,349
Willdan Group *		184,016		6,690,822
Woodward		256,109		32,571,943
				2,623,303,515
Information Technology — 2.8%
Badger Meter		122,029		11,662,311
Calix *		267,528		11,854,166
Trimble *		1,035,899		80,582,583
				104,099,060
Materials — 21.7%
Alcoa *		764,409		30,324,105
Allegheny Technologies *		518,763		12,704,506
Arconic *		447,196		16,175,079
Century Aluminum *		808,065		10,997,765

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

82

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X U.S. Infrastructure Development ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Cleveland-Cliffs * (A)		1,637,900	$	32,954,548
Commercial Metals		490,962		15,450,574
Eagle Materials		170,104		24,964,463
Forterra *		448,332		10,482,002
Haynes International		390,651		13,594,655
Louisiana-Pacific		447,697		30,089,715
Martin Marietta Materials		257,479		93,632,238
Minerals Technologies		141,523		12,312,501
Nucor		1,240,873		127,239,117
Reliance Steel & Aluminum		263,210		44,237,705
RPM International		533,287		49,878,333
Ryerson Holding *		674,794		11,174,589
Steel Dynamics		864,576		53,975,480
Summit Materials, Cl A *		469,477		16,347,189
United States Steel		904,969		23,465,846
US Concrete *		194,954		11,110,429
Vulcan Materials		591,898		108,506,741
Westlake Chemical		525,950		53,052,577
				802,670,157
Utilities — 3.6%
MDU Resources Group		823,088		27,705,142
Sempra Energy		768,776		104,161,460
				131,866,602
TOTAL COMMON STOCK
(Cost $3,202,149,234)				3,688,953,552
SHORT-TERM INVESTMENT(B)(C) — 0.3%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $10,671,853)		10,671,853		10,671,853

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

83

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X U.S. Infrastructure Development ETF

	Face Amount		Value
REPURCHASE AGREEMENT(B) — 0.3%
BNP Paribas
0.000%, dated 05/28/2021, to be repurchased on 06/01/2021, repurchase price $10,238,734 (collateralized by U.S. Treasury Obligations, ranging in par value $203,133 - $1,476,834, 2.000%, 10/31/2022, with a total market value of $10,438,491)
(Cost $10,238,734)	$	10,238,734	$	10,238,734
TOTAL INVESTMENTS — 100.4%
(Cost $3,223,059,821)			$	3,709,864,139

Percentages are based on Net Assets of $3,695,366,564.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2021.  The total value of securities on loan at May 31, 2021 was $20,268,144.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2021 was $20,910,587.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2021.

Cl — Class

The following is a summary of the level of inputs used as of May 31, 2021, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	3,688,953,552	$	—	$	—	$	3,688,953,552
Short-Term Investment		10,671,853		—		—		10,671,853
Repurchase Agreement		—		10,238,734		—		10,238,734
Total Investments in Securities	$	3,699,625,405	$	10,238,734	$	—	$	3,709,864,139

For the period ended May 31, 2021, there were no transfers in or out of Level 3.

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

84

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Clean Water ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.7%
BRAZIL — 2.1%
Utilities — 2.1%
Cia de Saneamento Basico do Estado de Sao Paulo		7,160	$	54,793
Cia de Saneamento de Minas Gerais-COPASA		4,160		13,655
TOTAL BRAZIL				68,448
CHILE — 0.3%
Utilities — 0.3%
Aguas Andinas, Cl A		53,200		10,127
CHINA — 6.3%
Industrials — 1.7%
Beijing Originwater Technology, Cl A		39,800		44,622
Zhongyuan Environment-Protection, Cl A		8,200		8,125
				52,747
Materials — 0.3%
Dalian Bio-Chemical, Cl A		3,900		9,259
Utilities — 4.3%
Beijing Enterprises Water Group		85,540		34,165
Chengdu Xingrong Environment, Cl A		24,000		19,747

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

85

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Clean Water ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Guangdong Investment		56,300	$	83,853
				137,765
TOTAL CHINA				199,771
FRANCE — 4.6%
Utilities — 4.6%
Suez		6,040		147,042
JAPAN — 3.6%
Industrials — 3.6%
Kurita Water Industries		1,840		87,336
METAWATER		460		8,328
Nomura Micro Science		280		9,980
Organo		160		9,486
TOTAL JAPAN				115,130
NORWAY — 0.2%
Industrials — 0.2%
Vow *		1,500		6,789
SINGAPORE — 1.1%
Utilities — 1.1%
Keppel Infrastructure Trust		85,460		35,199
SOUTH KOREA — 2.9%
Consumer Discretionary — 2.9%
Coway		1,260		91,735
UNITED KINGDOM — 12.9%
Utilities — 12.9%
Pennon Group		8,100		121,393
Severn Trent		4,140		143,989
United Utilities Group		10,450		145,736

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

86

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Clean Water ETF

	Shares		Value
COMMON STOCK — continued
TOTAL UNITED KINGDOM			$	411,118
UNITED STATES — 65.7%
Industrials — 33.9%
Advanced Drainage Systems		1,180		133,836
AO Smith		2,000		142,140
Energy Recovery *		640		12,166
Evoqua Water Technologies *		2,120		65,974
Franklin Electric		770		64,595
Mueller Water Products, Cl A		3,000		43,410
Pentair		2,880		198,634
Reliance Worldwide		16,610		66,204
Watts Water Technologies, Cl A		580		78,822
Xylem		2,320		274,039
				1,079,820
Information Technology — 2.0%
Badger Meter		680		64,988
Materials — 8.0%
Ecolab		1,120		240,890
Forterra *		540		12,625
				253,515
Utilities — 21.8%
American States Water		800		63,496
American Water Works		1,620		251,132
California Water Service Group		1,100		62,524
Essential Utilities		5,060		241,868
Middlesex Water		360		30,946
SJW Group		600		38,670
				688,636
TOTAL UNITED STATES				2,086,959

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

87

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Clean Water ETF

	Value
COMMON STOCK — continued
TOTAL COMMON STOCK
(Cost $3,060,973)	$	3,172,318
TOTAL INVESTMENTS — 99.7%
(Cost $3,060,973)	$	3,172,318

Percentages are based on Net Assets of $3,182,278.

* Non-income producing security.

Cl — Class

As of May 31, 2021, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2021, there were no transfers in or out of Level 3.

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

88

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Thematic Growth ETF

Sector Weightings †:

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

	Shares		Value
EXCHANGE TRADED FUNDS — 99.8%
Global X Cannabis ETF (A)		578,168	$	8,828,625
Global X Cloud Computing ETF * (A) (B)		693,528		18,142,692
Global X FinTech ETF * (A) (B)		570,076		25,733,230
Global X Genomics & Biotechnology ETF (A)		752,548		16,179,782
Global X Lithium & Battery Tech ETF (A)		165,856		11,019,473
Global X Robotics & Artificial Intelligence ETF (A)		324,922		11,128,579
Global X Social Media ETF * (A)		153,777		10,350,730
TOTAL EXCHANGE TRADED FUNDS
(Cost $106,119,932)				101,383,111
SHORT-TERM INVESTMENT(C)(D) — 5.8%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
(Cost $5,896,548)		5,896,548		5,896,548

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

89

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Thematic Growth ETF

	Face Amount		Value
REPURCHASE AGREEMENT(C) — 5.6%
BNP Paribas
0.000%, dated 05/28/2021, to be repurchased on 06/01/2021, repurchase price $5,657,236 (collateralized by U.S. Treasury Obligations, ranging in par value $112,238 - $815,999, 2.000%, 10/31/2022, with a total market value of $5,767,607)
(Cost $5,657,236)	$	5,657,236	$	5,657,236
TOTAL INVESTMENTS — 111.2%
(Cost $117,673,716)			$	112,936,895

Percentages are based on Net Assets of $101,524,579.

*	Non-income producing security.
(A)	Affiliated investment.
(B)	This security or a partial position of this security is on loan at May 31, 2021.  The total value of securities on loan at May 31, 2021 was $11,266,638.
(C)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2021 was $11,553,784.
(D)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2021.

Cl — Class

ETF — Exchange Traded Fund

The following is a summary of the level of inputs used as of May 31, 2021, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	101,383,111	$	—	$	—	$	101,383,111
Short-Term Investment		5,896,548		—		—		5,896,548
Repurchase Agreement		—		5,657,236		—		5,657,236
Total Investments in Securities	$	107,279,659	$	5,657,236	$	—	$	112,936,895

For the period ended May 31, 2021, there were no transfers in or out of Level 3.

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

90

Schedule of Investments		May 31, 2021 (Unaudited)
	Global X Thematic Growth ETF

The following is a summary of the transactions with affiliates for the period ended May 31, 2021:

	Value at 11/30/20		Purchases at Cost		Proceeds from Sales			Changes in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value at 05/31/21		Shares		Dividend Income
Global X FinTech ETF	$	3,470,146	$	25,254,479	$	(2,075,181	)	$	(1,258,104	)	$	341,890	$	25,733,230		570,076	$	−
Global X Lithium & Battery Tech ETF		4,048,721		11,455,718		(5,122,937	)		(902,406	)		1,540,377		11,019,473		165,856		7,215
Global X Robotics & Artificial Intelligence ETF		3,483,367		9,042,576		(1,553,588	)		1,867			154,357		11,128,579		324,922		−
Global X Social Media ETF		3,585,488		10,196,222		(3,765,035	)		(760,368	)		1,094,423		10,350,730		153,777		−
Global X Cannabis ETF		9,262,548		27,222,944		(28,088,784	)		(2,800,634	)		3,232,551		8,828,625		578,168		117,838
Global X Cloud Computing ETF		6,196,733		15,877,765		(2,989,583	)		(959,802	)		17,579		18,142,692		693,528		−
Global X Genomics & Biotechnology ETF		5,982,932		16,552,548		(4,504,474	)		(2,969,918	)		1,118,694		16,179,782		752,548		9,743
Totals:	$	36,029,935	$	115,602,252	$	(48,099,582	)	$	(9,649,365	)	$	7,499,871	$	101,383,111		3,238,875	$	134,796

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

91

Statements of Assets and Liabilities

May 31, 2021 (Unaudited)

	Global X Robotics & Artificial Intelligence ETF			Global X Internet of Things ETF			Global X FinTech ETF
Assets:
Cost of Investments	$	2,085,729,140		$	336,246,983		$	937,395,344
Cost of Repurchase Agreement		80,889,413			4,180,906			21,748,566
Cost of Foreign Currency		171,310			—			154,603
Investments, at Value	$	2,615,657,880	*	$	441,209,613	*	$	1,238,142,145	*
Repurchase Agreement, at Value		80,889,413			4,180,906			21,748,566
Cash		—			297,917			802,674
Foreign Currency, at Value		171,021			—			154,211
Dividend and Interest Receivable		4,236,414			416,481			308,776
Reclaim Receivable		4,137,546			171,778			136,166
Unrealized Appreciation on Spot Contracts		—			—			268
Total Assets		2,705,092,274			446,276,695			1,261,292,806
Liabilities:
Obligation to Return Securities Lending Collateral		165,200,614			8,538,672			44,417,141
Payable due to Investment Adviser		1,440,859			245,523			692,811
Cash Overdraft		2,001,576			—			—
Total Liabilities		168,643,049			8,784,195			45,109,952
Net Assets	$	2,536,449,225		$	437,492,500		$	1,216,182,854
Net Assets Consist of:
Paid-in Capital	$	2,092,204,225		$	330,198,779		$	940,525,113
Total Distributable Earnings		444,245,000			107,293,721			275,657,741
Net Assets	$	2,536,449,225		$	437,492,500		$	1,216,182,854
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		74,000,000			12,620,000			26,940,000
Net Asset Value, Offering and Redemption Price Per Share	$	34.28		$	34.67		$	45.14
*Includes Market Value of Securities on Loan	$	156,929,711		$	8,025,312		$	41,722,700

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

92

Statements of Assets and Liabilities

May 31, 2021 (Unaudited)

	Global X Video Games & Esports ETF			Global X Autonomous & Electric Vehicles ETF			Global X Cloud Computing ETF
Assets:
Cost of Investments	$	650,851,300		$	863,899,604		$	1,132,304,990
Cost of Repurchase Agreement		1,349,169			10,195,643			15,211,675
Cost of Foreign Currency		5			320,132			6
Investments, at Value	$	670,226,073	*	$	909,596,499	*	$	1,298,581,993	*
Repurchase Agreement, at Value		1,349,169			10,195,643			15,211,675
Cash		—			545,575			1,515,068
Foreign Currency, at Value		5			320,135			6
Dividend and Interest Receivable		1,336,474			1,037,584			128,265
Receivable for Investment Securities Sold		—			—			10,287,166
Reclaim Receivable		—			16,302			—
Total Assets		672,911,721			921,711,738			1,325,724,173
Liabilities:
Obligation to Return Securities Lending Collateral		2,755,410			20,822,583			31,066,835
Payable due to Investment Adviser		280,621			510,135			754,001
Payable for Capital Shares Redeemed		—			—			10,203,099
Cash Overdraft		62,652			—			—
Total Liabilities		3,098,683			21,332,718			42,023,935
Net Assets	$	669,813,038		$	900,379,020		$	1,283,700,238
Net Assets Consist of:
Paid-in Capital	$	552,138,548		$	817,117,848		$	1,026,581,624
Total Distributable Earnings		117,674,490			83,261,172			257,118,614
Net Assets	$	669,813,038		$	900,379,020		$	1,283,700,238
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		20,700,000			32,530,002			49,070,000
Net Asset Value, Offering and Redemption Price Per Share	$	32.36		$	27.68		$	26.16
*Includes Market Value of Securities on Loan	$	2,640,318		$	20,442,006		$	29,791,047

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

93

Statements of Assets and Liabilities

May 31, 2021 (Unaudited)

	Global X Data Center REITs & Digital Infrastructure ETF		Global X Cybersecurity ETF			Global X Artificial Intelligence & Technology ETF
Assets:
Cost of Investments	$	51,999,205	$	383,605,863		$	188,993,877
Cost of Repurchase Agreement		—		—			599,015
Cost of Foreign Currency		1		(36,599	)		—
Investments, at Value	$	53,974,475	$	357,893,687		$	205,789,003	*
Repurchase Agreement, at Value		—		—			599,015
Cash		50,089		—			171,069
Foreign Currency, at Value		1		—			—
Dividend and Interest Receivable		78,152		247,247			179,257
Unrealized Appreciation on Spot Contracts		—		102			155
Receivable for Capital Shares Sold		—		5,748,470			—
Receivable for Investment Securities Sold		—		—			3,804,652
Reclaim Receivable		—		—			2,625
Total Assets		54,102,717		363,889,506			210,545,776
Liabilities:
Obligation to Return Securities Lending Collateral		—		—			1,223,369
Payable due to Investment Adviser		21,195		158,740			118,916
Payable for Investment Securities Purchased		—		5,760,551			—
Payable for Capital Shares Redeemed		—		—			3,756,634
Overdraft of Foreign Currency		—		36,599			—
Cash Overdraft		—		174,196			—
Total Liabilities		21,195		6,130,086			5,098,919
Net Assets	$	54,081,522	$	357,759,420		$	205,446,857
Net Assets Consist of:
Paid-in Capital	$	51,850,858	$	376,666,997		$	167,253,134
Total Distributable Earnings/(Loss)		2,230,664		(18,907,577	)		38,193,723
Net Assets	$	54,081,522	$	357,759,420		$	205,446,857
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		3,300,000		13,070,000			7,110,002
Net Asset Value, Offering and Redemption Price Per Share	$	16.39	$	27.37		$	28.90
*Includes Market Value of Securities on Loan	$	—	$	—		$	1,212,639

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

94

Statements of Assets and Liabilities

May 31, 2021 (Unaudited)

	Global X Millennial Consumer ETF		Global X Education ETF			Global X Cannabis ETF
Assets:
Cost of Investments	$	161,399,846	$	15,753,282		$	241,147,282
Cost of Repurchase Agreement		—		—			21,079,306
Cost of Foreign Currency		—		1			(522,216	)
Investments, at Value	$	185,117,255	$	13,358,858		$	227,193,573	*
Repurchase Agreement, at Value		—		—			21,079,306
Cash		174,925		7,827			—
Foreign Currency, at Value		—		1			—
Dividend and Interest Receivable		27,300		17,924			513,924
Receivable for Investment Securities Sold		—		59,674			330,384
Total Assets		185,319,480		13,444,284			249,117,187
Liabilities:
Obligation to Return Securities Lending Collateral		—		—			43,050,310
Payable due to Investment Adviser		77,758		5,840			77,770
Payable for Investment Securities Purchased		—		—			74,249
Overdraft of Foreign Currency		—		—			522,216
Unrealized Depreciation on Spot Contracts		—		—			323
Cash Overdraft		—		—			229,699
Total Liabilities		77,758		5,840			43,954,567
Net Assets	$	185,241,722	$	13,438,444		$	205,162,620
Net Assets Consist of:
Paid-in Capital	$	137,484,565	$	16,276,843		$	242,153,060
Total Distributable Earnings/(Loss)		47,757,157		(2,838,399	)		(36,990,440	)
Net Assets	$	185,241,722	$	13,438,444		$	205,162,620
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		4,490,000		920,000			13,400,000
Net Asset Value, Offering and Redemption Price Per Share	$	41.26	$	14.61		$	15.31
*Includes Market Value of Securities on Loan	$	—	$	—		$	44,029,214

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

95

Statements of Assets and Liabilities

May 31, 2021 (Unaudited)

	Global X Genomics & Biotechnology ETF			Global X China Biotech Innovation ETF		Global X Telemedicine & Digital Health ETF
Assets:
Cost of Investments	$	212,490,454		$	5,768,522	$	729,673,107
Cost of Repurchase Agreement		3,735,751			—		14,677,742
Cost of Foreign Currency		2			6,261		—
Investments, at Value	$	204,820,801	*	$	6,619,278	$	749,076,957	*
Repurchase Agreement, at Value		3,735,751			—		14,677,742
Cash		155,176			10,099		1,304,400
Foreign Currency, at Value		2			6,323		—
Dividend and Interest Receivable		15,348			—		42,148
Reclaim Receivable		—			—		12,280
Total Assets		208,727,078			6,635,700		765,113,527
Liabilities:
Obligation to Return Securities Lending Collateral		7,629,532			—		29,976,383
Payable due to Investment Adviser		84,798			3,595		427,764
Total Liabilities		7,714,330			3,595		30,404,147
Net Assets	$	201,012,748		$	6,632,105	$	734,709,380
Net Assets Consist of:
Paid-in Capital	$	205,933,765		$	5,818,024	$	708,448,102
Total Distributable Earnings/(Loss)		(4,921,017	)		814,081		26,261,278
Net Assets	$	201,012,748		$	6,632,105	$	734,709,380
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		9,340,000			350,000		39,890,000
Net Asset Value, Offering and Redemption Price Per Share	$	21.52		$	18.95	$	18.42
*Includes Market Value of Securities on Loan	$	7,336,461		$	—	$	29,099,220

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

96

Statements of Assets and Liabilities

May 31, 2021 (Unaudited)

	Global X Aging Population ETF		Global X Health & Wellness ETF		Global X CleanTech ETF
Assets:
Cost of Investments	$	40,617,608	$	28,170,100	$	163,811,172
Cost of Foreign Currency		120		5,078		2
Investments, at Value	$	43,951,317	$	33,073,699	$	133,299,576
Cash		90,591		38,884		—
Foreign Currency, at Value		120		5,078		2
Dividend and Interest Receivable		32,875		20,157		99,974
Reclaim Receivable		17,638		8,994		9,355
Unrealized Appreciation on Spot Contracts		—		—		306
Receivable for Investment Securities Sold		—		—		4,918,349
Total Assets		44,092,541		33,146,812		138,327,562
Liabilities:
Payable due to Investment Adviser		18,038		13,513		59,630
Payable for Capital Shares Redeemed		—		—		5,199,452
Unrealized Depreciation on Spot Contracts		—		6		—
Cash Overdraft		—		—		174,410
Total Liabilities		18,038		13,519		5,433,492
Net Assets	$	44,074,503	$	33,133,293	$	132,894,070
Net Assets Consist of:
Paid-in Capital	$	33,777,023	$	26,900,484	$	174,250,678
Total Distributable Earnings/(Loss)		10,297,480		6,232,809		(41,356,608	)
Net Assets	$	44,074,503	$	33,133,293	$	132,894,070
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		1,510,000		1,130,000		6,900,000
Net Asset Value, Offering and Redemption Price Per Share	$	29.19	$	29.32	$	19.26

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

97

Statements of Assets and Liabilities

May 31, 2021 (Unaudited)

	Global X U.S. Infrastructure Development ETF			Global X Clean Water ETF		Global X Thematic Growth ETF
Assets:
Cost of Investments	$	3,212,821,087		$	3,060,973	$	5,896,548
Cost of Repurchase Agreement		10,238,734			—		5,657,236
Cost of Affiliated Investments		—			—		106,119,932
Investments, at Value	$	3,699,625,405	*	$	3,172,318	$	5,896,548
Repurchase Agreement, at Value		10,238,734			—		5,657,236
Affiliated Investments, at Value		—			—		101,383,111	*
Cash		3,898,949			3,386		101,696
Receivable for Capital Shares Sold		10,849,628			—		—
Dividend and Interest Receivable		3,709,267			7,909		28,114
Reclaim Receivable		165,784			—		—
Receivable due from Investment Adviser		—			—		11,658
Total Assets		3,728,487,767			3,183,613		113,078,363
Liabilities:
Obligation to Return Securities Lending Collateral		20,910,587			—		11,553,784
Payable for Investment Securities Purchased		10,819,329			—		—
Payable due to Investment Adviser		1,391,287			1,335		—
Total Liabilities		33,121,203			1,335		11,553,784
Net Assets	$	3,695,366,564		$	3,182,278	$	101,524,579
Net Assets Consist of:
Paid-in Capital	$	3,202,872,236		$	3,062,929	$	98,665,175
Total Distributable Earnings		492,494,328			119,349		2,859,404
Net Assets	$	3,695,366,564		$	3,182,278	$	101,524,579
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		139,630,000			200,000		2,090,000
Net Asset Value, Offering and Redemption Price Per Share	$	26.47		$	15.91	$	48.58
*Includes Market Value of Securities on Loan	$	20,268,144		$	—	$	11,266,638

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

98

Statements of Operations

For the period ended May 31, 2021 (Unaudited)

	Global X Robotics & Artificial Intelligence ETF			Global X Internet of Things ETF			Global X FinTech ETF
Investment Income:
Dividend Income	$	13,945,030		$	2,026,110		$	1,766,372
Interest Income		25			19			43
Security Lending Income		1,124,312			26,142			265,806
Less: Foreign Taxes Withheld		(2,158,544	)		(83,769	)		(97,236	)
Total Investment Income		12,910,823			1,968,502			1,934,985
Supervision and Administration Fees(1)		8,500,207			1,308,248			3,909,448
Custodian Fees(2)		12,750			219			476
Total Expenses		8,512,957			1,308,467			3,909,924
Net Investment Income (Loss)		4,397,866			660,035			(1,974,939	)
Net Realized Gain (Loss) on:
Investments(3)		69,154,548			7,012,611			16,143,562
Foreign Currency Transactions		(60,130	)		(13,606	)		(47,436	)
Net Realized Gain on Investments and Foreign Currency Transactions		69,094,418			6,999,005			16,096,126
Net Change in Unrealized Appreciation on:
Investments		90,128,169			43,382,543			16,866,652
Foreign Currency Translations		49,919			4,418			1,919
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		90,178,088			43,386,961			16,868,571
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		159,272,506			50,385,966			32,964,697
Net Increase in Net Assets Resulting from Operations	$	163,670,372		$	51,046,001		$	30,989,758

(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.

99

Statements of Operations

For the period ended May 31, 2021 (Unaudited)

	Global X Video Games & Esports ETF			Global X Autonomous & Electric Vehicles ETF			Global X Cloud Computing ETF
Investment Income:
Dividend Income	$	2,801,335		$	4,087,935		$	1,019,857
Security Lending Income		81,211			360,457			11,206
Less: Foreign Taxes Withheld		(328,460	)		(243,116	)		—
Total Investment Income		2,554,086			4,205,276			1,031,063
Supervision and Administration Fees(1)		1,742,701			2,269,100			4,935,732
Custodian Fees(2)		2,732			628			1,285
Total Expenses		1,745,433			2,269,728			4,937,017
Net Investment Income (Loss)		808,653			1,935,548			(3,905,954	)
Net Realized Gain (Loss) on:
Investments(3)		101,653,587			37,137,927			104,372,431
Foreign Currency Transactions		(30,997	)		7,926			(596	)
Net Realized Gain on Investments and Foreign Currency Transactions		101,622,590			37,145,853			104,371,835
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(50,273,102	)		25,382,221			(85,966,660	)
Foreign Currency Translations		(762	)		198			(10	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(50,273,864	)		25,382,419			(85,966,670	)
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		51,348,726			62,528,272			18,405,165
Net Increase in Net Assets Resulting from Operations	$	52,157,379		$	64,463,820		$	14,499,211

(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.

100

Statements of Operations

For the period ended May 31, 2021 (Unaudited)

	Global X Data Center REITs & Digital Infrastructure ETF			Global X Cybersecurity ETF			Global X Artificial Intelligence & Technology ETF
Investment Income:
Dividend Income	$	180,794		$	511,696		$	950,692
Security Lending Income		—			—			6,649
Less: Foreign Taxes Withheld		(6,305	)		(32,750	)		(82,123	)
Total Investment Income		174,489			478,946			875,218
Supervision and Administration Fees(1)		53,667			1,298,405			610,552
Custodian Fees(2)		35			930			328
Total Expenses		53,702			1,299,335			610,880
Waiver of Supervision and Administration Fees		–			(130,273	)		–
Net Expenses		53,702			1,169,062			610,880
Net Investment Income (Loss)		120,787			(690,116	)		264,338
Net Realized Gain (Loss) on:
Investments(3)		152,457			7,818,825			22,512,981
Foreign Currency Transactions		(2,365	)		(13,204	)		(12,661	)
Net Realized Gain on Investments and Foreign Currency Transactions		150,092			7,805,621			22,500,320
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		1,984,109			(30,415,512	)		(7,485,303	)
Foreign Currency Translations		24			2,192			164
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		1,984,133			(30,413,320	)		(7,485,139	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		2,134,225			(22,607,699	)		15,015,181
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,255,012		$	(23,297,815	)	$	15,279,519

(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.

101

Statements of Operations

For the period ended May 31, 2021 (Unaudited)

	Global X Millennial Consumer ETF			Global X Education ETF			Global X Cannabis ETF
Investment Income:
Dividend Income	$	399,232		$	43,875		$	—
Interest Income		4			1			—
Security Lending Income		490			—			1,634,183
Less: Foreign Taxes Withheld		—			(1,216	)		—
Total Investment Income		399,726			42,660			1,634,183
Supervision and Administration Fees(1)		391,642			29,459			355,758
Custodian Fees(2)		459			257			1,249
Total Expenses		392,101			29,716			357,007
Net Investment Income		7,625			12,944			1,277,176
Net Realized Gain (Loss) on:
Investments(3)		25,640,594			(223,651	)		(20,316,417	)
Foreign Currency Transactions		—			868			15,170
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		25,640,594			(222,783	)		(20,301,247	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(4,747,078	)		(2,854,336	)		(19,466,214	)
Foreign Currency Translations		—			71			(323	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(4,747,078	)		(2,854,265	)		(19,466,537	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		20,893,516			(3,077,048	)		(39,767,784	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	20,901,141		$	(3,064,104	)	$	(38,490,608	)

(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.

102

Statements of Operations

For the period ended May 31, 2021 (Unaudited)

	Global X Genomics & Biotechnology ETF			Global X China Biotech Innovation ETF			Global X Telemedicine & Digital Health ETF
Investment Income:
Dividend Income	$	109,536		$	7,166		$	549,644
Interest Income		—			1			—
Security Lending Income		48,052			—			30,352
Less: Foreign Taxes Withheld		(2,370	)		(966	)		(23,281	)
Total Investment Income		155,218			6,201			556,715
Supervision and Administration Fees(1)		432,033			14,827			2,465,110
Custodian Fees(2)		213			122			1,120
Total Expenses		432,246			14,949			2,466,230
Net Investment Loss		(277,028	)		(8,748	)		(1,909,515	)
Net Realized Gain (Loss) on:
Investments(3)		4,194,765			(18,444	)		11,714,525
Foreign Currency Transactions		(36	)		(1,477	)		(301	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		4,194,729			(19,921	)		11,714,224
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(21,759,253	)		908,309			(35,548,152	)
Foreign Currency Translations		29			62			53
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(21,759,224	)		908,371			(35,548,099	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(17,564,495	)		888,450			(23,833,875	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(17,841,523	)	$	879,702		$	(25,743,390	)

(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.

103

Statements of Operations

For the period ended May 31, 2021 (Unaudited)

	Global X Aging Population ETF			Global X Health & Wellness ETF			Global X CleanTech ETF
Investment Income:
Dividend Income	$	214,685		$	166,596		$	186,353
Less: Foreign Taxes Withheld		(10,378	)		(12,035	)		(14,279	)
Total Investment Income		204,307			154,561			172,074
Supervision and Administration Fees(1)		115,011			64,794			342,682
Custodian Fees(2)		366			43			47
Total Expenses		115,377			64,837			342,729
Net Investment Income (Loss)		88,930			89,724			(170,655	)
Net Realized Gain (Loss) on:
Investments(3)		7,436,268			1,677,304			(10,672,175	)
Foreign Currency Transactions		2,432			(2,734	)		(1,050	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		7,438,700			1,674,570			(10,673,225	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(3,401,358	)		3,483,919			(32,958,404	)
Foreign Currency Translations		212			16			355
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(3,401,146	)		3,483,935			(32,958,049	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		4,037,554			5,158,505			(43,631,274	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,126,484		$	5,248,229		$	(43,801,929	)

(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.

104

Statements of Operations

For the period ended May 31, 2021 (Unaudited)

	Global X U.S. Infrastructure Development ETF			Global X Clean Water ETF(1)			Global X Thematic Growth ETF
Investment Income:
Dividend Income	$	11,269,458		$	10,662		$	—
Dividend Income, from Affiliated Investments		—			—			134,796
Interest Income		77			—			—
Security Lending Income		2,258			—			186,612
Less: Foreign Taxes Withheld		—			(311	)		—
Total Investment Income		11,271,793			10,351			321,408
Supervision and Administration Fees(2)		4,362,380			1,951			195,155
Custodian Fees(3)		2,156			7			199
Total Expenses		4,364,536			1,958			195,354
Reimbursement from Adviser(4)		–			–			(244,361	)
Net Expenses		4,364,536			1,958			(49,007	)
Net Investment Income		6,907,257			8,393			370,415
Net Realized Gain (Loss) on:
Investments(5)		(458,576	)		(403	)		—
Affiliated Investments		—			—			7,499,871
Net Realized Gain (Loss) on Investments		(458,576	)		(403	)		7,499,871
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		419,635,525			111,345			—
Affiliated Investments		—			—			(9,649,365	)
Foreign Currency Translations		—			14			—
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		419,635,525			111,359			(9,649,365	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		419,176,949			110,956			(2,149,494	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	426,084,206		$	119,349		$	(1,779,079	)

(1)	The Fund commenced operations on April 8, 2021.
(2)	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.)
(3)	See Note 2 in the Notes to Financial Statements.
(4)	See Note 3 in the Notes to Financial Statements.
(5)	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.

105

Statements of Changes in Net Assets

	Global X Robotics & Artificial Intelligence ETF						Global X Internet of Things ETF
	Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020			Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020
Operations:
Net Investment Income	$	4,397,866		$	3,242,472		$	660,035		$	1,315,269
Net Realized Gain on Investments and Foreign Currency Transactions(1)		69,094,418			7,613,107			6,999,005			16,117,099
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		90,178,088			626,860,201			43,386,961			46,240,265
Net Increase in Net Assets Resulting from Operations		163,670,372			637,715,780			51,046,001			63,672,633
Distributions		—			(5,209,655	)		(670,702	)		(1,147,071	)
Return of Capital		—			(891,490	)		—			—
Capital Share Transactions:
Issued		392,508,504			410,953,206			97,122,019			137,037,322
Redeemed		(177,904,238	)		(364,376,798	)		(6,512,770	)		(34,682,420	)
Increase in Net Assets from Capital Share Transactions		214,604,266			46,576,408			90,609,249			102,354,902
Total Increase in Net Assets		378,274,638			678,191,043			140,984,548			164,880,464
Net Assets:
Beginning of Year/Period		2,158,174,587			1,479,983,544			296,507,952			131,627,488
End of Year/Period	$	2,536,449,225		$	2,158,174,587		$	437,492,500		$	296,507,952
Share Transactions:
Issued		11,540,000			15,950,000			2,920,000			5,600,000
Redeemed		(5,440,000	)		(17,100,000	)		(200,000	)		(1,450,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		6,100,000			(1,150,000	)		2,720,000			4,150,000

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

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

106

Statements of Changes in Net Assets

	Global X FinTech ETF						Global X Video Games & Esports ETF
	Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020			Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020
Operations:
Net Investment Income (Loss)	$	(1,974,939	)	$	(1,840,919	)	$	808,653		$	67,313
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(1)		16,096,126			(13,205,493	)		101,622,590			14,607,273
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		16,868,571			238,992,156			(50,273,864	)		69,574,661
Net Increase in Net Assets Resulting from Operations		30,989,758			223,945,744			52,157,379			84,249,247
Distributions		—			—			(3,837,476	)		(67,560	)
Capital Share Transactions:
Issued		349,202,448			278,249,866			459,112,652			452,438,823
Redeemed		(38,183,901	)		(41,173,195	)		(318,960,232	)		(56,852,547	)
Increase in Net Assets from Capital Share Transactions		311,018,547			237,076,671			140,152,420			395,586,276
Total Increase in Net Assets		342,008,305			461,022,415			188,472,323			479,767,963
Net Assets:
Beginning of Year/Period		874,174,549			413,152,134			481,340,715			1,572,752
End of Year/Period	$	1,216,182,854		$	874,174,549		$	669,813,038		$	481,340,715
Share Transactions:
Issued		7,380,000			8,300,000			13,920,000			19,250,000
Redeemed		(890,000	)		(1,400,000	)		(10,070,000	)		(2,500,000	)
Net Increase in Shares Outstanding from Share Transactions		6,490,000			6,900,000			3,850,000			16,750,000

(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.

107

Statements of Changes in Net Assets

	Global X Autonomous & Electric Vehicles ETF						Global X Cloud Computing ETF
	Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020			Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020
Operations:
Net Investment Income (Loss)	$	1,935,548		$	207,504		$	(3,905,954	)	$	(4,118,942	)
Net Realized Gain on Investments and Foreign Currency Transactions(1)		37,145,853			1,780,536			104,371,835			147,392,184
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		25,382,419			20,973,963			(85,966,670	)		242,627,223
Net Increase in Net Assets Resulting from Operations		64,463,820			22,962,003			14,499,211			385,900,465
Distributions		(200,327	)		(148,067	)		—			(216,000	)
Capital Share Transactions:
Issued		809,748,710			102,125,471			149,759,244			909,735,434
Redeemed		(109,555,720	)		(3,871,797	)		(286,047,222	)		(362,316,444	)
Increase (Decrease) in Net Assets from Capital Share Transactions		700,192,990			98,253,674			(136,287,978	)		547,418,990
Total Increase (Decrease) in Net Assets		764,456,483			121,067,610			(121,788,767	)		933,103,455
Net Assets:
Beginning of Year/Period		135,922,537			14,854,927			1,405,489,005			472,385,550
End of Year/Period	$	900,379,020		$	135,922,537		$	1,283,700,238		$	1,405,489,005
Share Transactions:
Issued		30,500,000			5,450,000			5,720,000			42,050,000
Redeemed		(4,220,000	)		(250,000	)		(11,050,000	)		(17,200,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		26,280,000			5,200,000			(5,330,000	)		24,850,000

(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.

108

Statements of Changes in Net Assets

	Global X Data Center REITs & Digital Infrastructure ETF						Global X Cybersecurity ETF
	Period Ended May 31, 2021 (Unaudited)			Period Ended November 30, 2020(1)			Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020
Operations:
Net Investment Income (Loss)	$	120,787		$	506		$	(690,116	)	$	86,100
Net Realized Gain on Investments and Foreign Currency Transactions(2)		150,092			162			7,805,621			1,476,776
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		1,984,133			(8,833	)		(30,413,320	)		4,518,525
Net Increase (Decrease) in Net Assets Resulting from Operations		2,255,012			(8,165	)		(23,297,815	)		6,081,401
Distributions		(16,183	)		—			(165,949	)		(130,636	)
Capital Share Transactions:
Issued		48,896,338			3,743,722			901,086,071			42,185,801
Redeemed		(789,202	)		—			(566,496,439	)		(3,216,779	)
Increase in Net Assets from Capital Share Transactions		48,107,136			3,743,722			334,589,632			38,969,022
Total Increase in Net Assets		50,345,965			3,735,557			311,125,868			44,919,787
Net Assets:
Beginning of Year/Period		3,735,557			—			46,633,552			1,713,765
End of Year/Period	$	54,081,522		$	3,735,557		$	357,759,420		$	46,633,552
Share Transactions:
Issued		3,100,000			250,000			31,990,000			2,100,000
Redeemed		(50,000	)		—			(20,970,000	)		(150,000	)
Net Increase in Shares Outstanding from Share Transactions		3,050,000			250,000			11,020,000			1,950,000

(1)	The Fund commenced operations on October 27, 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.

109

Statements of Changes in Net Assets

	Global X Artificial Intelligence & Technology ETF						Global X Millennial Consumer ETF
	Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020			Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020
Operations:
Net Investment Income	$	264,338		$	494,532		$	7,625		$	157,088
Net Realized Gain on Investments and Foreign Currency Transactions(1)		22,500,320			5,048,075			25,640,594			1,634,770
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(7,485,139	)		20,629,782			(4,747,078	)		26,411,623
Net Increase in Net Assets Resulting from Operations		15,279,519			26,172,389			20,901,141			28,203,481
Distributions		(295,974	)		(293,815	)		(197,478	)		(326,460	)
Capital Share Transactions:
Issued		121,136,181			65,644,332			99,255,688			26,317,605
Redeemed		(50,841,378	)		(15,598,992	)		(49,228,303	)		(15,066,868	)
Increase in Net Assets from Capital Share Transactions		70,294,803			50,045,340			50,027,385			11,250,737
Total Increase in Net Assets		85,278,348			75,923,914			70,731,048			39,127,758
Net Assets:
Beginning of Year/Period		120,168,509			44,244,595			114,510,674			75,382,916
End of Year/Period	$	205,446,857		$	120,168,509		$	185,241,722		$	114,510,674
Share Transactions:
Issued		4,290,000			2,900,000			2,440,000			900,000
Redeemed		(1,830,000	)		(800,000	)		(1,200,000	)		(600,000	)
Net Increase in Shares Outstanding from Share Transactions		2,460,000			2,100,000			1,240,000			300,000

(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.

110

Statements of Changes in Net Assets

	Global X Education ETF						Global X Cannabis ETF
	Period Ended May 31, 2021 (Unaudited)			Period Ended November 30, 2020(1)			Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020
Operations:
Net Investment Income (Loss)	$	12,944		$	(4,394	)	$	1,277,176		$	893,403
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(2)		(222,783	)		67,416			(20,301,247	)		(3,805,246	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(2,854,265	)		459,932			(19,466,537	)		6,618,255
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,064,104	)		522,954			(38,490,608	)		3,706,412
Distributions		—			—			(544,706	)		(501,916	)
Capital Share Transactions:
Issued		9,646,803			7,879,257			259,366,186			28,360,906
Redeemed		—			(1,546,466	)		(51,328,117	)		—
Increase in Net Assets from Capital Share Transactions		9,646,803			6,332,791			208,038,069			28,360,906
Total Increase in Net Assets		6,582,699			6,855,745			169,002,755			31,565,402
Net Assets:
Beginning of Year/Period		6,855,745			—			36,159,865			4,594,463
End of Year/Period	$	13,438,444		$	6,855,745		$	205,162,620		$	36,159,865
Share Transactions:
Issued		520,000			500,000			13,200,000			2,700,000
Redeemed		—			(100,000	)		(2,800,000	)		—
Net Increase in Shares Outstanding from Share Transactions		520,000			400,000			10,400,000			2,700,000

(1)	The Fund commenced operations on July 10, 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.

111

Statements of Changes in Net Assets

	Global X Genomics & Biotechnology ETF						Global X China Biotech Innovation ETF
	Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020			Period Ended May 31, 2021 (Unaudited)			Period Ended November 30, 2020(1)
Operations:
Net Investment Loss	$	(277,028	)	$	(154,881	)	$	(8,748	)	$	(2,388	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(2)		4,194,729			5,206,530			(19,921	)		(5,680	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(21,759,224	)		12,154,278			908,371			(57,553	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(17,841,523	)		17,205,927			879,702			(65,621	)
Distributions		(157,150	)		—			—			—
Capital Share Transactions:
Issued		165,735,586			57,860,443			3,520,275			2,297,749
Redeemed		(28,674,972	)		(11,849,645	)		—			—
Increase in Net Assets from Capital Share Transactions		137,060,614			46,010,798			3,520,275			2,297,749
Total Increase in Net Assets		119,061,941			63,216,725			4,399,977			2,232,128
Net Assets:
Beginning of Year/Period		81,950,807			18,734,082			2,232,128			—
End of Year/Period	$	201,012,748		$	81,950,807		$	6,632,105		$	2,232,128
Share Transactions:
Issued		6,720,000			3,350,000			200,000			150,000
Redeemed		(1,280,000	)		(650,000	)		—			—
Net Increase in Shares Outstanding from Share Transactions		5,440,000			2,700,000			200,000			150,000

(1)	The Fund commenced operations on September 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.

112

Statements of Changes in Net Assets

	Global X Telemedicine & Digital Health ETF						Global X Aging Population ETF
	Period Ended May 31, 2021 (Unaudited)			Period Ended November 30, 2020(1)			Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020
Operations:
Net Investment Income (Loss)	$	(1,909,515	)	$	197,233		$	88,930		$	130,386
Net Realized Gain on Investments and Foreign Currency Transactions(2)		11,714,224			4,212,161			7,438,700			1,121,071
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(35,548,099	)		54,952,002			(3,401,146	)		3,221,996
Net Increase (Decrease) in Net Assets Resulting from Operations		(25,743,390	)		59,361,396			4,126,484			4,473,453
Distributions		(193,332	)		—			(101,665	)		(207,290	)
Capital Share Transactions:
Issued		339,087,969			450,607,051			17,415,639			18,592,284
Redeemed		(69,116,674	)		(19,293,640	)		(20,272,786	)		(3,499,173	)
Increase (Decrease) in Net Assets from Capital Share Transactions		269,971,295			431,313,411			(2,857,147	)		15,093,111
Total Increase in Net Assets		244,034,573			490,674,807			1,167,672			19,359,274
Net Assets:
Beginning of Year/Period		490,674,807			—			42,906,831			23,547,557
End of Year/Period	$	734,709,380		$	490,674,807		$	44,074,503		$	42,906,831
Share Transactions:
Issued		16,900,000			27,750,000			620,000			750,000
Redeemed		(3,660,000	)		(1,100,000	)		(710,000	)		(150,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		13,240,000			26,650,000			(90,000	)		600,000

(1)	The Fund commenced operations on July 29, 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.

113

Statements of Changes in Net Assets

	Global X Health & Wellness ETF						Global X CleanTech ETF
	Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020			Period Ended May 31, 2021 (Unaudited)			Period Ended November 30, 2020(1)
Operations:
Net Investment Income (Loss)	$	89,724		$	94,216		$	(170,655	)	$	10,479
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(2)		1,674,570			2,165,439			(10,673,225	)		(2,573	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		3,483,935			47,301			(32,958,049	)		2,447,006
Net Increase (Decrease) in Net Assets Resulting from Operations		5,248,229			2,306,956			(43,801,929	)		2,454,912
Distributions		(88,108	)		(95,104	)		(9,591	)		—
Capital Share Transactions:
Issued		14,238,180			14,278,870			170,435,582			26,068,557
Redeemed		(6,760,921	)		(16,109,523	)		(22,253,461	)		—
Increase (Decrease) in Net Assets from Capital Share Transactions		7,477,259			(1,830,653	)		148,182,121			26,068,557
Total Increase in Net Assets		12,637,380			381,199			104,370,601			28,523,469
Net Assets:
Beginning of Year/Period		20,495,913			20,114,714			28,523,469			—
End of Year/Period	$	33,133,293		$	20,495,913		$	132,894,070		$	28,523,469
Share Transactions:
Issued		530,000			700,000			6,640,000			1,500,000
Redeemed		(250,000	)		(800,000	)		(1,240,000	)		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		280,000			(100,000	)		5,400,000			1,500,000

(1)	The Fund commenced operations on October 27, 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.

114

Statements of Changes in Net Assets

	Global X U.S. Infrastructure Development ETF						Global X Clean Water ETF
	Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020			Period Ended May 31, 2021(1) (Unaudited)
Operations:
Net Investment Income	$	6,907,257		$	2,019,654		$	8,393
Net Realized Loss on Investments(2)		(458,576	)		(8,543,451	)		(403	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		419,635,525			62,924,477			111,359
Net Increase in Net Assets Resulting from Operations		426,084,206			56,400,680			119,349
Distributions		(1,999,347	)		(1,004,004	)		—
Return of Capital		(32,708	)		—			—
Capital Share Transactions:
Issued		2,668,620,394			481,978,464			3,062,929
Redeemed		(50,941,466	)		(66,804,212	)		—
Increase in Net Assets from Capital Share Transactions		2,617,678,928			415,174,252			3,062,929
Total Increase in Net Assets		3,041,731,079			470,570,928			3,182,278
Net Assets:
Beginning of Year/Period		653,635,485			183,064,557			—
End of Year/Period	$	3,695,366,564		$	653,635,485		$	3,182,278
Share Transactions:
Issued		109,380,000			27,150,000			200,000
Redeemed		(2,050,000	)		(5,350,000	)		—
Net Increase in Shares Outstanding from Share Transactions		107,330,000			21,800,000			200,000

(1)	The Fund commenced operations on April 8, 2021.
(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.

115

Statements of Changes in Net Assets

	Global X Thematic Growth ETF
	Period Ended May 31, 2021 (Unaudited)			Year Ended November 30, 2020
Operations:
Net Investment Income	$	370,415		$	33,093
Net Realized Gain on Investments(1)		7,499,871			2,753,474
Net Change in Unrealized Appreciation (Depreciation) on Investments		(9,649,365	)		4,786,079
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,779,079	)		7,572,646
Distributions		(168,656	)		(16,854	)
Capital Share Transactions:
Issued		102,231,178			47,069,175
Redeemed		(34,839,710	)		(21,193,938	)
Increase in Net Assets from Capital Share Transactions		67,391,468			25,875,237
Total Increase in Net Assets		65,443,733			33,431,029
Net Assets:
Beginning of Year/Period		36,080,846			2,649,817
End of Year/Period	$	101,524,579		$	36,080,846
Share Transactions:
Issued		1,930,000			1,350,000
Redeemed		(690,000	)		(600,000	)
Net Increase in Shares Outstanding from Share Transactions		1,240,000			750,000

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

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

116

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)
Global X Robotics & Artificial Intelligence ETF
2021 (Unaudited)		31.78		0.06			2.44			2.50			—			—
2020		21.43		0.05			10.39			10.44			(0.08	)		—
2019		19.70		0.19			1.93			2.12			(0.39	)		—
2018		23.96		0.19			(4.45	)		(4.26	)		—			—
2017		14.87		0.01			9.09			9.10			(0.01	)		—
2016(1)		14.84		0.02			0.01			0.03			—			—
Global X Internet of Things ETF
2021 (Unaudited)		29.95		0.06			4.72			4.78			(0.06	)		—
2020		22.89		0.17			7.08			7.25			(0.19	)		—
2019		18.04		0.20			4.93			5.13			(0.28	)		—
2018		20.12		0.17			(2.03	)		(1.86	)		(0.11	)		(0.11	)
2017		15.52		0.16			4.49			4.65			(0.05	)		—
2016(1)		15.04		0.09			0.39			0.48			—			—
Global X FinTech ETF
2021 (Unaudited)		42.75		(0.08	)		2.47			2.39			—			—
2020		30.49		(0.11	)		12.37			12.26			—			—
2019		24.55		(0.08	)		6.06			5.98			—			—
2018		21.79		(0.08	)		2.86			2.78			—			(0.02	)
2017		14.91		(0.03	)		6.91			6.88			—			—
2016(1)		15.08		(0.01	)		(0.16	)		(0.17	)		—			—
Global X Video Games & Esports ETF
2021 (Unaudited)		28.57		0.05			3.94			3.99			(0.20	)		***
2020		15.73		0.02			12.86			12.88			(0.04	)		—
2019(2)		14.99		—			0.74			0.74			—			—

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

117

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 (%)††
	—			—			34.28		7.87			2,536,449		0.68	†		0.35	†		0.62
	(0.01	)		(0.09	)		31.78		48.90			2,158,175		0.68			0.21			22.27
	—			(0.39	)		21.43		11.16			1,479,984		0.68			0.98			10.97
	—			—	***		19.70		(17.77	)		1,726,274		0.70			0.83			28.50
	—			(0.01	)		23.96		61.22			1,412,589		0.69			0.05			15.29
	—			—			14.87		0.20			2,974		0.68	†		0.62	†		—
	—			(0.06	)		34.67		15.99			437,493		0.68	†		0.34	†		4.16
	—			(0.19	)		29.95		31.88			296,508		0.68			0.71			14.28
	—			(0.28	)		22.89		29.01			131,627		0.68			1.04			11.71
	—			(0.22	)		18.04		(9.33	)		82,983		0.69			0.88			16.69
	—			(0.05	)		20.12		30.04			85,521		0.70			0.85			24.90
	—			—			15.52		3.19			3,881		0.68	†		2.75	†		0.39
	—			—			45.14		5.61			1,216,183		0.68	†		(0.34	)†		8.39
	—			—			42.75		40.21			874,175		0.68			(0.33	)		15.75
	(0.04	)		(0.04	)		30.49		24.42			413,152		0.68			(0.29	)		16.40
	—			(0.02	)		24.55		12.79			327,734		0.68			(0.29	)		20.58
	—			—			21.79		46.14			50,106		0.68			(0.13	)		11.65
	—			—			14.91		(1.13	)		1,491		0.68	†		(0.20	)†		—
	—			(0.20	)		32.36		14.02			669,813		0.50	†		0.23	†		11.86
	—			(0.04	)		28.57		82.04			481,341		0.50			0.04			12.02
	—			—			15.73		4.94			1,573		0.50	†		(0.45	)†		0.27

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
***	Amount is less than $0.005.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1)	The Fund commenced operations on September 12, 2016.
(2)	The Fund commenced operations on October 25, 2019.

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

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

118

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)
Global X Autonomous & Electric Vehicles ETF
2021 (Unaudited)		21.75		0.08			5.87			5.95			(0.02	)		—
2020		14.15		0.11			7.61			7.72			(0.12	)		—
2019		13.26		0.22			1.11			1.33			(0.44	)		—
2018(1)		15.00		0.11			(1.85	)		(1.74	)		—			—
Global X Cloud Computing ETF
2021 (Unaudited)		25.84		(0.07	)		0.39			0.32			—			—
2020		15.99		(0.11	)		9.97			9.86			—			(0.01	)
2019(2)		15.06		(0.04	)		0.97			0.93			—			—
Global X Data Center REITs & Digital Infrastructure ETF
2021 (Unaudited)		14.94		0.09			1.41			1.50			(0.05	)		—
2020(3)		14.97		—			(0.03	)		(0.03	)		—			—
Global X Cybersecurity ETF
2021 (Unaudited)		22.75		(0.04	)		4.68			4.64			(0.01	)		(0.01	)
2020		17.14		0.09			5.67			5.76			(0.13	)		(0.02	)
2019(4)		15.27		—			1.87			1.87			—			—

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

119

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
	(0.02	)		27.68		27.37			900,379		0.68	†		0.58	†		9.69
	(0.12	)		21.75		54.98			135,923		0.68			0.67			13.76
	(0.44	)		14.15		10.61			14,855		0.68			1.67			31.26
	—			13.26		(11.60	)		15,248		0.68	†		1.21	†		23.57
	—			26.16		1.24			1,283,700		0.68	†		(0.54	)†		4.18
	(0.01	)		25.84		61.68			1,405,489		0.68			(0.53	)		23.03
	—			15.99		6.18			472,386		0.68	†		(0.44	)†		12.52
	(0.05	)		16.39		10.04			54,082		0.50	†		1.13	†		1.34
	—			14.94		(0.20	)		3,736		0.50	†		0.26	†		—
	(0.02	)		27.37		20.41			357,759	0.50		†^		(0.30	)†		9.50
	(0.15	)		22.75		33.78			46,634	0.50		^		0.43			21.29
	—			17.14		12.25			1,714	0.50		†^		(0.16	)†		3.57

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
^	Effective April 1, 2021, the Fund’s management fees were permanently lowered to 0.50%. Prior to April 1, 2021, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.56%, 0.60% and 0.60% for the period ended May 31, 2021 and years ended November 30, 2020 and November 30, 2019, respectively.
(1)	The Fund commenced operations on April 13, 2018.
(2)	The Fund commenced operations on April 12, 2019.
(3)	The Fund commenced operations on October 27, 2020.
(4)	The Fund commenced operations on October 25, 2019.

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

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

120

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)
Global X Artificial Intelligence & Technology ETF
2021 (Unaudited)		25.84		0.04			3.07			3.11			(0.05	)		—
2020		17.35		0.17			8.44			8.61			(0.12	)		—
2019		14.24		0.10			3.13			3.23			(0.12	)		—
2018(1)		15.00		0.05			(0.81	)		(0.76	)		—			—
Global X Millennial Consumer ETF
2021 (Unaudited)		35.23		—			6.09			6.09			(0.06	)		—
2020		25.55		0.05			9.74			9.79			(0.10	)		(0.01	)
2019		21.57		0.10			3.99			4.09			(0.10	)		(0.01	)
2018		19.11		0.09			2.54			2.63			(0.05	)		(0.12	)
2017		15.58		0.07			3.51			3.58			(0.05	)		—
2016(2)		14.95		0.05			0.58			0.63			—			—
Global X Education ETF
2021 (Unaudited)		17.14		0.02			(2.55	)		(2.53	)		—			—
2020(3)		15.20		(0.01	)		1.95			1.94			—			—
Global X Cannabis ETF
2021 (Unaudited)		12.05		0.14			3.27			3.41			(0.15	)		—
2020		15.31		0.81			(3.46	)		(2.65	)		(0.61	)		—
2019(4)		24.41		0.22			(9.32	)		(9.10	)		—			—

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

121

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
	(0.05	)		28.90		12.07			205,447		0.68	†		0.29	†		18.71
	(0.12	)		25.84		49.84			120,169		0.68			0.79			19.45
	(0.12	)		17.35		22.87			44,245		0.68			0.61			16.34
	—			14.24		(5.07	)		42,001		0.68	†		0.54	†		7.93
	(0.06	)		41.26		17.30			185,242		0.50	†		0.01	†		13.27
	(0.11	)		35.23		38.47			114,511	0.50		^		0.19			7.11
	(0.11	)		25.55		19.07			75,383	0.50		^		0.42			10.44
	(0.17	)		21.57		13.87			31,279	0.50		^		0.40			10.94
	(0.05	)		19.11		23.05			11,467	0.54		^		0.40			20.97
	—			15.58		4.21			3,896		0.68	†		0.59	†		—
	—			14.61		(14.76	)		13,438		0.50	†		0.22	†		14.64
	—			17.14		12.76			6,856		0.51	†		(0.23	)†		10.62
	(0.15	)		15.31		28.88			205,163		0.50	†		1.79	†		70.34
	(0.61	)		12.05		(17.03	)		36,160		0.51			8.11			59.79
	—			15.31		(37.28	)		4,594		0.50	†		6.19	†		11.40

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
^	Effective April 1, 2020, the Fund’s fees were permanently lowered to 0.50%. Prior to April 1, 2020, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.56%, 0.68%, 0.68% and 0.68%, for the years ended November 30, 2020, 2019, 2018 and 2017, respectively.
(1)	The Fund commenced operations on May 11, 2018.
(2)	The Fund commenced operations on May 4, 2016.
(3)	The Fund commenced operations on July 10, 2020.
(4)	The Fund commenced operations on September 17, 2019.

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

122

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)
Global X Genomics & Biotechnology ETF
2021 (Unaudited)		21.01		(0.04	)		0.58			0.54			—			(0.03	)
2020		15.61		(0.07	)		5.47			5.40			—			—
2019(1)		15.28		(0.05	)		0.38			0.33			—			—
Global X China Biotech Innovation ETF
2021 (Unaudited)		14.88		(0.03	)		4.10			4.07			—			—
2020(2)		15.09		(0.02	)		(0.19	)		(0.21	)		—			—
Global X Telemedicine & Digital Health ETF
2021 (Unaudited)		18.41		(0.05	)		0.07			0.02			(0.01	)		—
2020(3)		15.23		0.01			3.17			3.18			—			—
Global X Aging Population ETF
2021 (Unaudited)		26.82		0.05			2.37			2.42			(0.05	)		—
2020		23.55		0.10			3.35			3.45			(0.13	)		(0.05	)
2019		20.67		0.13			2.99			3.12			(0.18	)		(0.06	)
2018		19.60		0.13			1.14			1.27			(0.09	)		(0.11	)
2017		15.17		0.08			4.51			4.59			(0.09	)		(0.07	)
2016(4)		15.32		0.07			(0.22	)		(0.15	)		—			—

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

123

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
	(0.03	)		21.52		2.56			201,013		0.50	†		(0.32	)†		11.55
	—			21.01		34.59			81,951		0.56	‡		(0.40	)		29.76
	—			15.61		2.16			18,734		0.68	†		(0.59	)†		23.12
	—			18.95		27.35			6,632		0.66	†		(0.38	)†		19.55
	—			14.88		(1.39	)		2,232		0.67	†		(0.65	)†		10.48
	(0.01	)		18.42		0.09			734,709		0.68	†		(0.53	)†		25.99
	—			18.41		20.88			490,675		0.68	†		0.18	†		9.67
	(0.05	)		29.19		9.05			44,075		0.50	†		0.39	†		22.86
	(0.18	)		26.82		14.79			42,907	0.50		^		0.43			9.10
	(0.24	)		23.55		15.38			23,548	0.50		^		0.62			14.18
	(0.20	)		20.67		6.55			15,503	0.50		^		0.63			14.39
	(0.16	)		19.60		30.58			7,841	0.52		^		0.44			10.20
	—			15.17		(0.98	)		1,517		0.68	†		0.78	†		2.76

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
‡	Effective June 15 2020, the Fund’s fees were permanently lowered to 0.50%.
^	Effective April 1, 2020, the Fund’s fees were permanently lowered to 0.50%. Prior to April 1, 2020, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.55%, 0.68%, 0.68% and 0.68%, for the years ended November 30, 2020, 2019, 2018 and 2017, respectively.
(1)	The Fund commenced operations on April 5, 2019.
(2)	The Fund commenced operations on September 22, 2020.
(3)	The Fund commenced operations on July 29, 2020.
(4)	The Fund commenced operations on May 9, 2016.

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

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

124

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)
Global X Health & Wellness ETF
2021 (Unaudited)		24.11		0.09			5.22			5.31			(0.10	)		—
2020		21.17		0.10			2.92			3.02			(0.08	)		—
2019		18.59		0.14			2.60			2.74			(0.16	)		—
2018		16.75		0.14			2.18			2.32			(0.15	)		(0.33	)
2017		14.72		0.17			1.94			2.11			(0.08	)		—
2016(1)		15.13		0.07			(0.48	)		(0.41	)		—			—
Global X CleanTech ETF
2021 (Unaudited)		19.02		(0.03	)		0.27			0.24			***			—
2020(2)		15.07		0.02			3.93			3.95			—			—
Global X U.S. Infrastructure Development ETF
2021 (Unaudited)		20.24		0.09			6.19			6.28			(0.05	)		—
2020		17.43		0.16			2.74			2.90			(0.09	)		—
2019		15.57		0.13			1.90			2.03			(0.17	)		—
2018		16.16		0.14			(0.68	)		(0.54	)		(0.05	)		—
2017(3)		14.98		0.10			1.08			1.18			—			—
Global X Clean Water ETF
2021(4) (Unaudited)		15.04		0.05			0.82			0.87			—			—
Global X Thematic Growth ETF
2021 (Unaudited)		42.45		0.23			6.09			6.32			(0.19	)		—
2020		26.50		0.10			15.96			16.06			(0.11	)		—
2019(5)		25.23		—			1.27			1.27			—			—

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

125

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
	(0.10	)		29.32		22.08			33,133		0.50	†		0.69	†		14.53
	(0.08	)		24.11		14.34			20,496	0.50		^		0.48			20.54
	(0.16	)		21.17		14.89			20,115	0.50		^		0.74			18.05
	(0.48	)		18.59		14.16			10,222	0.50		^		0.77			20.93
	(0.08	)		16.75		14.38			2,512	0.54		^		1.08			16.73
	—			14.72		(2.71	)		1,472		0.68	†		0.82	†		—
	—			19.26		1.28			132,894		0.50	†		(0.25	)†		23.75
	—			19.02		26.21			28,523		0.50	†		1.18	†		—
	(0.05	)		26.47		31.12			3,695,367		0.47	†		0.74	†		15.50
	(0.09	)		20.24		16.77			653,635		0.47			0.96			9.08
	(0.17	)		17.43		13.28			183,065	0.47		^^		0.81			9.18
	(0.05	)		15.57		(3.36	)		140,914	0.47		^^		0.77			6.76
	—			16.16		7.88			20,203	0.47		†^^		0.91	†		—
	—			15.91		5.78			3,182		0.50	†		2.15	†		—
	(0.19	)		48.58		14.90			101,525		(0.13	)†‡		0.95	†		17.53
	(0.11	)		42.45		60.81			36,081		(0.12	)‡		0.29			103.23
	—			26.50		5.03			2,650		(0.15	)†‡		0.15	†		—

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
***	Amount is less than $0.005.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
‡	The ratio of Expenses to Average Net Assets includes the effect of a reimbursement of acquired fund fees (See Note 3 in Notes to Financial Statements.) If these offsets and acquired fund fees were excluded, the ratio would have been 0.50%.

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

126

Financial Highlights

^	Effective April 1, 2020, the Fund’s fees were permanently lowered to 0.50%. Prior to April 1, 2020, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.57%, 0.68%, 0.68% and 0.68%, for the years ended November 30, 2020, 2019, 2018 and 2017, respectively.
^^	Effective April 1, 2019, the Fund’s fees were permanently lowered to 0.47%. Prior to April 1, 2019, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.50%, 0.58%, and 0.58%, for the years ended November 30, 2019, 2018 and 2017, respectively.
(1)	The Fund commenced operations on May 9, 2016.
(2)	The Fund commenced operations on October 27, 2020.
(3)	The Fund commenced operations on March 6, 2017.
(4)	The Fund commenced operations on April 8, 2021.
(5)	The Fund commenced operations on October 25, 2019.

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

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

127

Notes to Financial Statements (Unaudited)

May 31, 2021

1. ORGANIZATION

The Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of May 31, 2021, the Trust had ninety-nine portfolios, eighty-one of which were operational. The financial statements herein and the related notes pertain to the Global X Robotics & Artificial Intelligence ETF, Global X Internet of Things ETF, Global X FinTech ETF, Global X Video Games & Esports ETF, Global X Autonomous & Electric Vehicles ETF, Global X Cloud Computing ETF, Global X Data Center REITs & Digital Infrastructure ETF, Global X Cybersecurity ETF, Global X Artificial Intelligence & Technology ETF, Global X Millennial Consumer ETF, Global X Education ETF, Global X Cannabis ETF, Global X Genomics & Biotechnology ETF, Global X China Biotech Innovation ETF, Global X Telemedicine & Digital Health ETF, Global X Aging Population ETF, Global X Health & Wellness ETF, Global X CleanTech ETF, Global X U.S. Infrastructure Development ETF, Global X Clean Water ETF and Global X Thematic Growth ETF, (each a “Fund” and collectively, the “Funds”). Each Fund, other than the Global X Millennial Consumer ETF, Global X Aging Population ETF, Global X Health & Wellness ETF and Global X U.S. Infrastructure Development ETF, has elected non-diversified status.

Effective April 1, 2021, the Global X Longevity Thematic ETF changed its name to Global X Aging Population ETF, the Global X Millennials Thematic ETF changed its name to Global X Millennial Consumer ETF, and the Global X Health & Wellness Thematic ETF changed its name to Global X Health & Wellness ETF.

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

128

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

subsequently be revised based on information received from the MLPs and REITs after their tax reporting periods are concluded.

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

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

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value their securities if an event that may materially affect the value of the Funds’ securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Funds calculate their net asset values. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include:

129

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC, the Funds’ investment adviser (the “Adviser”), becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate their net asset values, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of May 31, 2021, Global X CleanTech ETF had one fair valued security valued at $4,532,524. 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); and

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

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.

130

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

For the period ended May 31, 2021 there have been no significant changes to the Funds’ fair valuation methodologies.

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of May 31, 2021. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

Global X CleanTech ETF

Assets	Fair Value at 05/31/21	Valuation Technique(s)	Unobservable Input	Discount Percentage
Common Stock	$4,532,524	Discount from the Last Traded Price	Last Traded Price Comparability Adjustment %	13.6%

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.

REPURCHASE AGREEMENTS – Securities pledged as collateral for repurchase agreements by BNP Paribas are held by Brown Brothers Harriman & Co. (“BBH”), the Funds’ custodian (“custodian”), and are designated as being held on each Fund’s behalf by its custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest.

It is the Funds’ policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Funds bear the risk of loss in the event that the other party to a repurchase agreement defaults on its obligations, and the Funds are prevented from exercising their rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period. For financial statement purposes, the Funds record the securities lending collateral (included in repurchase agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities. Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under an MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Funds.

131

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

At May 31, 2021, the open repurchase agreements by counterparty which are subject to an MRA on a net payment basis are as follows:

	Repurchase Agreements		Fair Value of Non-cash Collateral Received(1)		Cash Collateral Received		Net Amount(2)
Global X Robotics & Artificial Intelligence ETF
BNP Paribas	$	80,889,413	$	80,889,413	$	−	$	−
Global X Internet of Things ETF
BNP Paribas	$	4,180,906	$	4,180,906	$	−	$	−
Global X FinTech ETF
BNP Paribas	$	21,748,566	$	21,748,566	$	−	$	−
Global X Video Games & Esports ETF
BNP Paribas	$	1,349,169	$	1,349,169	$	−	$	−
Global X Autonomous & Electric Vehicles ETF
BNP Paribas	$	10,195,643	$	10,195,643	$	−	$	−
Global X Cloud Computing ETF
BNP Paribas	$	15,211,675	$	15,211,675	$	−	$	−
Global X Artificial Intelligence & Technology ETF
BNP Paribas	$	599,015	$	599,015	$	−	$	−
Global X Cannabis ETF
BNP Paribas	$	21,078,306	$	21,078,306	$	−	$	−
Global X Genomics & Biotechnology ETF
BNP Paribas	$	3,735,751	$	3,735,751	$	−	$	−
Global X Telemedicine & Digital Health ETF
BNP Paribas	$	14,677,742	$	14,677,742	$	−	$	−
Global X U.S. Infrastructure Development ETF
BNP Paribas	$	10,238,734	$	10,238,734	$	−	$	−
Global X Thematic Growth ETF
BNP Paribas	$	5,657,236	$	5,657,236	$	−	$	−

(1)	Excess collateral received is not presented in the table above.  Please refer to the Schedules of Investments for the market value of the collateral received for each Fund.
(2)	Net Amount represents the net amount receivable due from the counterparty in the event of default.

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

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50%) 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

132

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

laws, and regulations and interpretations thereof. Any foreign tax filings that have not been made will be filed within the prescribed period.

As of and during the period ended May 31, 2021, the Funds did not have a liability for any unrecognized tax benefits.  The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as in income tax expense on the Statement of Operations. During the reporting period, the Funds did not incur any interest or penalties. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from the settlement date.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Funds distribute their net investment income on a pro rata basis.  Any net realized capital gains are distributed annually. All distributions are recorded on ex-dividend date.

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

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.

133

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

CREATION UNITS — The Funds issue and redeem their shares (“Shares”) on a continuous basis at net asset value (“NAV”) and only in large blocks of 10,000 Shares,  referred to as “Creation Units”. Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day.

An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to BBH, the Funds’ custodian, on the date of such redemption, regardless of the number of Creation Units redeemed that day.

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

	Creation Unit Shares		Creation Fee		Value at May 31, 2021		Redemption Fee
Global X Robotics & Artificial Intelligence ETF		10,000	$	600	$	342,800	$	600
Global X Internet of Things ETF		10,000		600		346,700		600
Global X FinTech ETF		10,000		400		451,400		400
Global X Video Games & Esports ETF		10,000		600		323,600		600
Global X Autonomous & Electric Vehicles ETF		10,000		700		276,800		700
Global X Cloud Computing ETF		10,000		250		261,600		250
Global X Data Center REITs & Digital Infrastructure ETF		10,000		300		163,900		300
Global X Cybersecurity ETF		10,000		250		273,700		250
Global X Artificial Intelligence & Technology ETF		10,000		600		289,000		600
Global X Millennial Consumer ETF		10,000		300		412,600		300
Global X Education ETF		10,000		500		146,100		500
Global X Cannabis ETF		10,000		250		153,100		250
Global X Genomics & Biotechnology ETF		10,000		250		215,200		250
Global X China Biotech Innovation ETF		10,000		600		189,500		600
Global X Telemedicine & Digital Health ETF		10,000		250		184,200		250
Global X Aging Population ETF		10,000		800		291,900		800
Global X Health & Wellness ETF		10,000		800		293,200		800
Global X CleanTech ETF		10,000		600		192,600		600
Global X U.S. Infrastructure Development ETF		10,000		400		264,700		400
Global X Clean Water ETF		10,000		500		159,100		500
Global X Thematic Growth ETF		10,000		250		485,700		250

134

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

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 services agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate investment advisory agreement), under what is essentially an “all-in” fee structure.  For the Adviser’s services to the Funds, under the Supervision and Administration Agreement, each Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the respective Fund). In addition, the Funds bear other expenses, directly and indirectly, that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, acquired fund fees and expenses, (except for Global X Thematic Growth ETF) and other transaction expenses, interest expenses, and extraordinary expenses (such as litigation and indemnification expenses), respectively.

The Supervision and Administration Agreement for the Global X Thematic Growth ETF provides that the Adviser also bears the costs for acquired fund fees and expenses generated by investments by the Global X Thematic Growth ETF in affiliated investment companies.  For the period ended May 31, 2021, the Adviser paid the costs for the acquired fund fees of $244,361.

135

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

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

The following table discloses the rates of supervision and administration fees paid by the Funds:

	Supervision and Administration Fee
Global X Robotics & Artificial Intelligence ETF	0.68%
Global X Internet of Things ETF	0.68%
Global X FinTech ETF	0.68%
Global X Video Games & Esports ETF	0.50%
Global X Autonomous & Electric Vehicles ETF	0.68%
Global X Cloud Computing ETF	0.68%
Global X Data Center REITs & Digital Infrastructure ETF	0.50%
Global X Cybersecurity ETF***	0.50%
Global X Artificial Intelligence & Technology ETF	0.68%
Global X Millennial Consumer ETF*	0.50%
Global X Education ETF	0.50%
Global X Cannabis ETF	0.50%
Global X Genomics & Biotechnology ETF	0.50%
Global X China Biotech Innovation ETF	0.65%
Global X Telemedicine & Digital Health ETF	0.68%
Global X Aging Population ETF*	0.50%
Global X Health & Wellness ETF*	0.50%
Global X CleanTech ETF	0.50%
Global X U.S. Infrastructure Development ETF**	0.47%
Global X Clean Water ETF	0.50%
Global X Thematic Growth ETF	0.50%

* Pursuant to expense limitation agreements, prior to April 1, 2020, the Adviser contractually agreed to waive or reimburse fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Global X Health & Wellness ETF, Global X Aging Population ETF and the Global X Millennial Consumer ETF (the “Funds”) (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) would not exceed 0.50% of the Funds’ average daily net assets per year until April 1, 2020. Each Fund (at a later date) may reimburse the Adviser for the fees and expenses it waived or reimbursed and/or limited pursuant to the expense limitation agreement during any of the three fiscal years prior to April 1, 2020, provided that, among other things, any reimbursement made to the Adviser does not cause Total Annual Fund Operating Expenses to exceed the maximum permitted rate during the period in which it is paid and the Board has approved such reimbursement to the Adviser. Although the Board voted to permanently reduce each Fund’s management fees to 0.50% and end the expense limitation agreements as of April 1, 2020,

136

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

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

waived or reimbursed fees prior to April 1, 2020 are still subject to recoupment. As of May 31, 2021,  the amounts of waivers/reimbursements subject to recoupment for the Global X Health & Wellness ETF, Global X Aging Population ETF and Global X Millennial Consumer ETF, were $11,634 expiring 2021, $8,496 expiring 2022; $23,346 expiring 2021, $9,461 expiring 2022; $41,063 expiring 2021 and $18,918 expiring 2022, respectively. As of May 31, 2021, there had been no recoupment of previously waived and reimbursed fees.

** Pursuant to an expense limitation agreement between the Global X U.S. Infrastructure Development ETF (the “Fund”) and the Adviser prior to April 1, 2019, the Adviser contractually agreed to reimburse or waive fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Fund (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) (“Total Annual Fund Operating Expenses”) would not exceed 0.47% of the Fund’s average daily net assets per year until April 1, 2019. Pursuant to the expense limitation agreement, the Fund (at a later date) may reimburse the Adviser for the fees it reimbursed or waived and/or limited pursuant to the expense limitation agreement during any of the prior three fiscal years, provided that, among other things, reimbursement to be made to the Adviser does not cause Total Annual Fund Operating Expenses of the Fund to exceed 0.47% during the year in which it is paid and the Board of Trustees has approved such reimbursement to the Adviser. Although the Board voted to permanently reduce the Fund’s fees to 0.47% and end the expense limitation agreement as of April 1, 2019, prior waived or reimbursed fees are still subject to recoupment. As of May 31, 2021, the amounts of waivers/reimbursements subject to recoupment for the Fund were $102,748 expiring in 2021 and $44,734 expiring in 2022. As of May 31, 2021, there had been no recoupment of previously waived and reimbursed fees.

*** Pursuant to an expense limitation agreement between the Global X Cybersecurity ETF (the “Fund”) and the Adviser prior to April 1, 2021, the Adviser contractually 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, interest, and extraordinary expenses (such as litigation and indemnification expenses)) would not exceed 0.50% of the Fund’s average daily net assets per year until April 1, 2021. The Board voted to permanently reduce the Fund’s fees to 0.50% and end the expense limitation agreement as of April 1, 2021.

SEI Investments Global Funds Services (“SEIGFS”) serves as sub-administrator to the Funds. As sub-administrator, SEIGFS provides the Funds with required general administrative services, including, without limitation: office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and assistance with the preparation and  filing of reports, registration statements, proxy statements and other materials required to be filed or furnished by the Funds under federal and state securities laws. As 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

137

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

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

obligation to sell any specific quantity of Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (1) the costs of processing and  maintaining records of creations of Creation Units; (2) all costs of maintaining the records required of a registered broker/dealer; (3) the expenses of maintaining its  registration or qualification as a dealer or broker under federal or state laws; (4) filing fees; and (5) all other expenses incurred in connection with the distribution services as contemplated in the distribution agreement. SIDCO receives no fee from the Funds for its distribution services under the distribution agreement; rather, the Adviser compensates SIDCO for certain expenses, out-of-pocket costs, and transaction fees.

BBH serves as custodian and transfer agent of the Funds’ assets. As custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds, (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As transfer agent, BBH has agreed to (1) issue and redeem Shares of each Fund, (2) make dividend and other distributions to shareholders of each Fund, (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts, and (5) make periodic reports to the Funds. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

138

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

4. INVESTMENT TRANSACTIONS

For the period ended May 31, 2021, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government, and short-term securities, were:

2021	Purchases		Sales and Maturities
Global X Robotics & Artificial Intelligence ETF	$	19,102,733	$	15,152,406
Global X Internet of Things ETF		26,323,314		15,837,008
Global X FinTech ETF		94,447,269		94,701,933
Global X Video Games & Esports ETF		105,905,100		81,259,370
Global X Autonomous & Electric Vehicles ETF		125,423,004		63,328,068
Global X Cloud Computing ETF		59,686,168		63,944,427
Global X Data Center REITs & Digital Infrastructure ETF		4,236,889		312,184
Global X Cybersecurity ETF		46,006,707		43,472,933
Global X Artificial Intelligence & Technology ETF		45,119,934		34,115,506
Global X Millennial Consumer ETF		20,373,143		20,748,739
Global X Education ETF		2,378,563		1,674,500
Global X Cannabis ETF		94,853,997		96,299,113
Global X Genomics & Biotechnology ETF		19,824,992		19,252,140
Global X China Biotech Innovation ETF		3,764,906		893,480
Global X Telemedicine & Digital Health ETF		202,167,847		185,169,832
Global X Aging Population ETF		10,644,865		10,213,716
Global X Health & Wellness ETF		5,332,712		3,783,975
Global X CleanTech ETF		68,100,244		31,135,444
Global X U.S. Infrastructure Development ETF		292,763,841		291,490,057
Global X Clean Water ETF		361,253		−
Global X Thematic Growth ETF		13,201,492		13,221,835

139

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

4. INVESTMENT TRANSACTIONS (continued)

For the period ended May 31, 2021, in-kind transactions associated with creations and redemptions were:

2021	Purchases		Sales		Realized Gain/(Loss)
Global X Robotics & Artificial Intelligence ETF	$	392,619,964	$	177,876,939	$	70,129,308
Global X Internet of Things ETF		85,879,259		5,853,786		2,702,825
Global X FinTech ETF		347,169,575		38,134,772		16,675,682
Global X Video Games & Esports ETF		401,395,427		289,590,562		103,106,099
Global X Autonomous & Electric Vehicles ETF		747,216,109		108,711,660		41,490,130
Global X Cloud Computing ETF		150,903,615		286,863,396		110,676,498
Global X Data Center REITs & Digital Infrastructure ETF		44,985,643		796,941		160,761
Global X Cybersecurity ETF		893,789,315		562,407,775		11,784,576
Global X Artificial Intelligence & Technology ETF		109,367,289		50,259,505		22,657,588
Global X Millennial Consumer ETF		99,269,888		49,025,262		25,487,462
Global X Education ETF		8,876,876		−		−
Global X Cannabis ETF		260,299,743		49,950,750		24,572,961
Global X Genomics & Biotechnology ETF		164,262,610		28,352,255		11,618,904
Global X China Biotech Innovation ETF		630,424		−		−
Global X Telemedicine & Digital Health ETF		319,004,250		69,123,864		16,381,038
Global X Aging Population ETF		16,521,553		19,845,490		8,006,911
Global X Health & Wellness ETF		11,952,531		6,070,729		1,817,874
Global X CleanTech ETF		129,745,229		18,553,541		366,316
Global X U.S. Infrastructure Development ETF		2,666,930,968		50,880,495		19,521,149
Global X Clean Water ETF		2,699,720		−		−
Global X Thematic Growth ETF		102,400,759		34,877,748		10,769,933

For the period ended May 31, 2021, there were no purchases or sales of long-term U.S. Government securities by the Funds.

140

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

4. INVESTMENT TRANSACTIONS (continued)

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

2020	Purchases		Sales		Realized Gain/(Loss)
Global X Robotics & Artificial Intelligence ETF	$	361,874,568	$	365,215,738	$	43,090,534
Global X Internet of Things ETF		124,223,802		34,531,153		18,792,933
Global X FinTech ETF		278,707,608		41,228,494		8,267,048
Global X Video Games & Esports ETF		404,900,530		51,302,801		14,900,863
Global X Autonomous & Electric Vehicles ETF		94,454,889		3,876,841		2,108,375
Global X Cloud Computing ETF		898,712,110		357,026,062		151,841,623
Global X Data Center REITs & Digital Infrastructure ETF		3,494,554		−		−
Global X Cybersecurity ETF		41,832,394		3,133,182		1,581,964
Global X Artificial Intelligence & Technology ETF		59,534,429		15,359,452		5,699,200
Global X Millennial Consumer ETF		26,325,170		15,069,551		2,463,389
Global X Education ETF		7,065,338		1,479,215		297,249
Global X Cannabis ETF		28,284,111		−		−
Global X Genomics & Biotechnology ETF		56,763,285		11,838,830		6,006,376
Global X China Biotech Innovation ETF		381,631		−		−
Global X Telemedicine & Digital Health ETF		423,596,806		19,341,416		7,163,396
Global X Aging Population ETF		17,727,057		3,427,727		1,538,247
Global X Health & Wellness ETF		12,677,296		14,689,729		2,443,155
Global X CleanTech ETF		19,036,658		−		−
Global X U.S. Infrastructure Development ETF		481,671,681		66,650,851		(9,164,993	)
Global X Thematic Growth ETF		44,864,162		21,983,043		2,875,470

5. TAX INFORMATION

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise.

141

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

5. TAX INFORMATION (continued)

The tax character of dividends and distributions declared during the years or periods ended November 30, 2020 and November 30, 2019 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X Robotics & Artificial Intelligence ETF
2020	$	5,209,655	$	–	$	891,490	$	6,101,145
2019		30,149,775		–		–		30,149,775
Global X Internet of Things ETF
2020	$	1,147,071	$	–	$	–	$	1,147,071
2019		1,268,719		–		–		1,268,719
Global X FinTech ETF
2020	$	–	$	–	$	–	$	–
2019		–		60,368		437,339		497,707
Global X Video Games & Esports ETF
2020	$	67,560	$	–	$	–	$	67,560
2019		–		–		–		–
Global X Autonomous & Electric Vehicles ETF
2020	$	148,067	$	–	$	–	$	148,067
2019		415,562		–		–		415,562
Global X Cloud Computing ETF
2020	$	158,369	$	57,631	$	–	$	216,000
2019		–		–		–		–
Global X Data Center REITs & Digital Infrastructure ETF
2020	$	–	$	–	$	–	$	–
Global X Cybersecurity ETF
2020	$	130,636	$	–	$	–	$	130,636
2019		–		–		–		–
Global X Artificial Intelligence & Technology ETF
2020	$	293,815	$	–	$	–	$	293,815
2019		298,087		–		–		298,087
Global X Millennial Consumer ETF
2020	$	295,120	$	31,340	$	–	$	326,460
2019		147,679		27,133		–		174,812
Global X Education ETF
2020	$	–	$	–	$	–	$	–
Global X Cannabis ETF
2020	$	501,916	$	–	$	–	$	501,916
2019		–		–		–		–
Global X Genomics & Biotechnology ETF
2020	$	–	$	–	$	–	$	–
2019		–		–		–		–

142

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

5. TAX INFORMATION (continued)

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X China Biotech Innovation ETF
2020	$	–	$	–	$	–	$	–
Global X Telemedicine & Digital Health ETF
2020	$	–	$	–	$	–	$	–
Global X Aging Population ETF
2020	$	161,566	$	45,724	$	–	$	207,290
2019		146,505		38,656		–		185,161
Global X Health & Wellness ETF
2020	$	95,104	$	–	$	–	$	95,104
2019		120,454		–		–		120,454
Global X CleanTech ETF
2020	$	–	$	–	$	–	$	–
Global X U.S. Infrastructure Development ETF
2020	$	1,004,004	$	–	$	–	$	1,004,004
2019		1,424,719		–		–		1,424,719
Global X Thematic Growth ETF
2020	$	16,854	$	–	$	–	$	16,854
2019		–		–		–		–

As of November 30, 2020, the components of tax basis distributable earnings (accumulated losses) were as follows:

	Global X Funds
	Global X Robotics & Artificial Intelligence ETF			Global X Internet of Things ETF			Global X FinTech ETF
Undistributed Ordinary Income	$	–		$	573,082		$	–
Capital Loss Carryforwards		(153,940,794	)		(3,531,785	)		(32,354,648	)
Unrealized Appreciation on Investments and Foreign Currency		434,515,422			59,877,129			278,703,976
Late Year Loss Deferral		–			–			(1,681,347	)
Other Temporary Differences		–			(4	)		2
Total Distributable Earnings	$	280,574,628		$	56,918,422		$	244,667,983

143

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

5. TAX INFORMATION (continued)

	Global X Funds
	Global X Video Games & Esports ETF			Global X Autonomous & Electric Vehicles ETF			Global X Cloud Computing ETF
Undistributed Ordinary Income	$	3,746,903		$	111,443		$	–
Post October Losses		(307,637	)		–			–
Capital Loss Carryforwards		–			(1,044,455	)		(1,533,536	)
Unrealized Appreciation on Investments and Foreign Currency		65,915,322			19,930,690			248,081,412
Late Year Loss Deferral		–			–			(3,928,473	)
Other Temporary Differences		(1	)		1			–
Total Distributable Earnings	$	69,354,587		$	18,997,679		$	242,619,403

	Global X Funds
	Global X Data Center REITs & Digital Infrastructure ETF			Global X Cybersecurity ETF		Global X Artificial Intelligence & Technology ETF
Undistributed Ordinary Income	$	668		$	87,400	$	284,523
Undistributed Long-Term Capital Gain		–			2,479		–
Capital Loss Carryforwards		–			–		(618,443	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(8,833	)		4,466,305		23,544,099
Other Temporary Differences		–			3		(1	)
Total Distributable Earnings (Accumulated Losses)	$	(8,165	)	$	4,556,187	$	23,210,178

	Global X Funds
	Global X Millennial Consumer ETF			Global X Education ETF			Global X Cannabis ETF
Undistributed Ordinary Income	$	96,149		$	–		$	444,914
Post October Losses		–			(215,826	)		–
Capital Loss Carryforwards		(910,515	)		–			(1,760,034	)
Unrealized Appreciation on Investments and Foreign Currency		27,867,859			446,036			3,359,995
Late Year Loss Deferral		–			(4,505	)		–
Other Temporary Differences		1			–			(1	)
Total Distributable Earnings	$	27,053,494		$	225,705		$	2,044,874

144

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

5. TAX INFORMATION (continued)

	Global X Funds
	Global X Genomics & Biotechnology ETF			Global X China Biotech Innovation ETF			Global X Telemedicine & Digital Health ETF
Undistributed Ordinary Income	$	157,142		$	–		$	193,304
Post October Losses		(32,560	)		(554	)		(1,378,964	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		12,953,072			(62,743	)		53,383,660
Late Year Loss Deferral		–			(2,324	)		–
Other Temporary Differences		2			–			–
Total Distributable Earnings (Accumulated Losses)	$	13,077,656		$	(65,621	)	$	52,198,000

	Global X Funds
	Global X Aging Population ETF			Global X Health & Wellness ETF			Global X CleanTech ETF
Undistributed Ordinary Income	$	78,341		$	51,423		$	7,906
Capital Loss Carryforwards		(279,357	)		(273,446	)		–
Unrealized Appreciation on Investments and Foreign Currency		6,473,677			1,294,711			2,447,006
Total Distributable Earnings	$	6,272,661		$	1,072,688		$	2,454,912

	Global X Funds
	Global X U.S. Infrastructure Development ETF		Global X Clean Water ETF		Global X Thematic Growth ETF
Undistributed Ordinary Income	$	1,554,592	$	–	$	16,592
Capital Loss Carryforwards		–		–		(117,716	)
Unrealized Appreciation on Investments and Foreign Currency		66,887,584		–		4,908,265
Other Temporary Differences		1		–		(2	)
Total Distributable Earnings	$	68,442,177	$	–	$	4,807,139

Qualified late year ordinary and Post-October capital losses (including currency and specified gain/loss items) represent losses realized from January 1, 2020 through November 30, 2020 and November 1, 2020 through November 30, 2020, respectively, that in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

145

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

5. TAX INFORMATION (continued)

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

Global X Funds	Short-Term Loss		Long-Term Loss		Total
Global X Robotics & Artificial Intelligence ETF	$	88,408,676	$	65,532,118	$	153,940,794
Global X Internet of Things ETF		2,416,287		1,115,498		3,531,785
Global X FinTech ETF		10,983,240		21,371,408		32,354,648
Global X Autonomous & Electric Vehicles ETF		625,088		419,367		1,044,455
Global X Cloud Computing ETF		1,533,536		−		1,533,536
Global X Artificial Intelligence & Technology ETF		461,246		157,197		618,443
Global X Millennial Consumer ETF		883,232		27,283		910,515
Global X Cannabis ETF		1,613,335		146,699		1,760,034
Global X Aging Population ETF		77,714		201,643		279,357
Global X Health & Wellness ETF		174,997		98,449		273,446
Global X Thematic Growth ETF		117,716		−		117,716

During the year ended November 30, 2020 the following funds utilized capital loss carryforwards to offset capital gains amounting to:

Global X Funds	Short-Term Loss		Long-Term Loss		Total
Global X Robotics & Artificial Intelligence ETF	$	15,634,206	$	−	$	15,634,206
Global X Autonomous & Electric Vehicles ETF		99,333		−		99,333
Global X Artificial Intelligence & Technology ETF		35,523.00		−		35,523
Global X U.S. Infrastructure Development ETF		515,103		−		515,103

146

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

5. TAX INFORMATION (continued)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at May 31, 2021, were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global X Robotics & Artificial Intelligence ETF	$	2,166,618,553	$	642,754,180	$	(112,825,440	)	$	529,928,740
Global X Internet of Things ETF		340,427,889		106,990,768		(2,028,138	)		104,962,630
Global X FinTech ETF		959,143,910		328,476,762		(27,729,961	)		300,746,801
Global X Video Games & Esports ETF		652,200,469		54,159,854		(34,785,081	)		19,374,773
Global X Autonomous & Electric Vehicles ETF		874,095,247		96,013,960		(50,317,065	)		45,696,895
Global X Cloud Computing ETF		1,147,516,665		195,122,378		(28,845,375	)		166,277,003
Global X Data Center REITs & Digital Infrastructure ETF		51,999,205		3,102,787		(1,127,517	)		1,975,270
Global X Cybersecurity ETF		383,605,863		13,611,474		(39,323,650	)		(25,712,176	)
Global X Artificial Intelligence & Technology ETF		189,592,892		22,700,390		(5,905,264	)		16,795,126
Global X Millennial Consumer ETF		161,399,846		25,680,424		(1,963,015	)		23,717,409
Global X Education ETF		15,753,282		846,181		(3,240,605	)		(2,394,424	)
Global X Cannabis ETF		262,226,588		13,376,856		(27,330,565	)		(13,953,709	)
Global X Genomics & Biotechnology ETF		216,226,205		15,516,260		(23,185,913	)		(7,669,653	)
Global X China Biotech Innovation ETF		5,768,522		982,229		(131,473	)		850,756
Global X Telemedicine & Digital Health ETF		744,350,849		75,505,574		(56,101,724	)		19,403,850
Global X Aging Population ETF		40,617,608		4,486,024		(1,152,315	)		3,333,709
Global X Health & Wellness ETF		28,170,100		5,746,214		(842,615	)		4,903,599
Global X CleanTech ETF		163,811,172		1,294,559		(31,806,155	)		(30,511,596	)
Global X U.S. Infrastructure Development ETF		3,223,059,821		494,846,011		(8,041,693	)		486,804,318
Global X Clean Water ETF		3,060,973		141,517		(30,172	)		111,345
Global X Thematic Growth ETF		117,673,716		417,553		(5,154,374	)		(4,736,821	)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Funds’ net unrealized appreciation difference is attributable primarily to wash sales, mark-to-market treatment of passive foreign investment companies and partnership adjustments.

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

147

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

6. CONCENTRATION OF RISKS

The Funds may invest in companies focused on business activities in emerging economic themes.  Such thematic companies typically face intense competition and potentially rapid product obsolescence. Thematic companies may have limited product lines, markets, financial resources or personnel. These companies typically engage in significant amounts of spending on research and development, capital expenditures and mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful.  These companies are also frequently dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. Such companies may be potential targets for cyberattacks,  which can have a materially adverse impact on the performance of these companies. The emergent nature of many economic themes could result in increasing regulatory scrutiny in the future, which may impede the growth of companies that develop and/or focus on such economic themes. Similarly, the collection of data from consumers and other sources is frequently a critical component in emerging economic themes and could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. Finally, these companies may be involved in young, fast evolving industries with increased exposure to the risks associated with changes in applicable laws (including regulation, other rule changes, and related federal and state enforcement activities), as well as market developments, which may cause businesses to contract or close suddenly and negatively impact the value of these companies.

The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the underlying index in approximately the same proportions as in the underlying index.

The Funds may utilize a representative sampling strategy with respect to their underlying indices when a replication strategy might be detrimental to their shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its underlying index, or, in certain instances, when securities in the underlying index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not to the underlying indexes). Commodity related securities are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a substantial impact on these Funds.

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

148

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

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% for U.S.-based securities and 105% for foreign-based securities. Such collateral will be cash or securities issued or guaranteed by the U.S. Government or any agencies. Cash collateral received in connection with these loans can be invested in repurchase agreements, short-term investments, or U.S. Treasury obligations and is accounted for in the 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 values of the securities loaned were to increase and the borrower did not increase the collateral accordingly and the borrower failed to return the securities. The Funds could also experience delays and costs gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested.

As of May 31, 2021, the value of securities on loan was $156,929,711, $8,025,312, $41,722,700, $2,640,318, $20,442,006, $29,791,047, $1,212,639, $44,029,214, $7,336,461, $29,099,220, $20,268,144 and $11,266,638 for the Global X Robotics and Artificial Intelligence ETF, Global X Internet of Things ETF, Global X FinTech ETF, Global X Video Games & Esports ETF, Global X Autonomous & Electric Vehicles ETF, Global X Cloud Computing ETF, Global X Artificial Intelligence & Technology ETF, Global X Cannabis ETF, Global X Genomics & Biotechnology ETF, Global X Telemedicine & Digital Health ETF, Global X U.S. Infrastructure Development ETF and Global X Thematic Growth ETF, respectively, and the cash collateral received from securities on loan was $165,200,614, $8,538,672, $44,417,141, $2,755,410, $20,822,583, $31,066,835, $1,223,369, $43,050,310, $7,629,532, $29,976,383, $20,910,587 and $11,553,784, for the Global X Robotics and Artificial Intelligence ETF, Global X Internet of Things ETF, Global X FinTech ETF, Global X Video Games & Esports ETF, Global X Autonomous & Electric Vehicles ETF, Global X Cloud Computing ETF, Global X Artificial Intelligence & Technology ETF, Global X Cannabis ETF, Global X Genomics & Biotechnology ETF, Global X Telemedicine & Digital Health ETF, Global X U.S. Infrastructure Development ETF and Global X Thematic Growth ETF respectively.

149

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

7. LOANS OF PORTFOLIO SECURITIES (continued)

	Market Value		Cash Collateral
Global X Robotics & Artificial Intelligence ETF
Barclays Bank	$	591,407	$	622,800
BofA Securities		28,824,686		30,487,240
Citigroup		47,170,721		49,648,500
Credit Suisse		1,855,967		1,953,626
Goldman Sachs & Co.		6,471,804		6,811,134
JPMorgan		28,813,415		29,461,143
Morgan Stanley		38,916,686		40,961,605
Natl Financial Services Corp		601,264		634,400
Scotia Capital		8,871		9,342
UBS AG London Branch		3,674,890		4,610,824
Global X Internet of Things ETF
BofA Securities		1,555,815		1,639,900
Credit Suisse		1,662,840		1,752,709
Goldman Sachs & Co.		4,806,657		5,146,063
Global X FinTech ETF
BofA Securities		12,315,833		12,918,996
Citigroup		147,346		1,042,942
Goldman Sachs & Co.		6,190,864		6,471,240
JPMorgan		2,285,338		2,405,060
Morgan Stanley		16,679,577		17,308,995
Scotia Capital		582,051		615,323
UBS AG London Branch		3,521,691		3,654,585
Global X Video Games & Esports ETF
BofA Securities		952,835		1,061,100
Citigroup		80,004		80,527	(1)
Goldman Sachs & Co.		1,607,479		1,613,783	(1)
Global X Autonomous & Electric Vehicles ETF
Barclays Bank		619,056		629,700
BofA Securities		3,922,358		3,981,810
Citigroup		9,086,310		9,265,421
Credit Suisse		2,943,429		2,985,578	(1)
Goldman Sachs & Co.		926,261		953,197
JPMorgan		456,831		472,850
Natl Financial Services Corp		984,036		1,008,836
Scotia Capital		312,444		322,080
UBS AG London Branch		1,191,281		1,203,111	(1)
Global X Cloud Computing ETF
Citigroup		585,156		610,080
HSBC		7,314,450		7,626,000
JPMorgan		6,488,625		6,771,875
Morgan Stanley		15,402,816		16,058,880

150

Notes to Financial Statements (Unaudited) (continued)

May 31, 2021

7. LOANS OF PORTFOLIO SECURITIES (continued)

	Market Value		Cash Collateral
Global X Artificial Intelligence & Technology ETF
Citigroup	$	1,073,199	$	1,065,669	(1)
JPMorgan		139,440		157,700
Global X Cannabis ETF
Barclays Bank		4,831,868		4,738,695	(1)
BNP Paribas Securities Corp.		1,378,609		1,451,385
Citigroup		1,404,032		1,344,685	(1)
Credit Suisse		1,563,185		1,705,520
Goldman Sachs & Co.		6,531,397		6,320,800	(1)
JPMorgan		6,041,189		5,904,402	(1)
Morgan Stanley		8,230,794		8,055,212	(1)
Scotia Capital		8,012,390		7,703,870	(1)
UBS AG London Branch		5,383,700		5,208,116	(1)
UBS Securities LLC		652,050		617,625	(1)
Global X Genomics & Biotechnology ETF
BNP Paribas Securities Corp.		199,280		210,675
BofA Securities		4,180,662		4,330,214
Citigroup		117,525		118,125	(1)
Goldman Sachs & Co.		2,838,994		2,970,518
Global X Telemedicine & Digital Health ETF
BofA Securities		15,011,146		15,510,540
Citigroup		1,122,519		1,143,622
Credit Suisse		1,235,341		1,242,725	(1)
Goldman Sachs & Co.		11,453,670		11,764,680
UBS AG London Branch		276,544		314,816
Global X U.S. Infrastructure Development ETF
BofA Securities		20,120,000		20,750,000
HSBC		148,144		160,587
Global X Thematic Growth ETF
BofA Securities		2,031,300		2,070,000
Citigroup		4,656,480		4,743,700
Credit Suisse		753,838		768,200
Goldman Sachs & Co.		3,343,676		3,405,716
UBS AG London Branch		481,344		566,168

(1) It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.

151

Notes to Financial Statements (Unaudited) (concluded)

May 31, 2021

8. CONTRACTUAL OBLIGATIONS

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

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

9. SUBSEQUENT EVENTS

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

10. 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.

152

Disclosure of Fund Expenses (unaudited)

All exchange traded funds (“ETFs”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, commissions, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for brokerage fees as a result of their investment in the Fund.

Operating expenses such as these are deducted from an ETF’s gross income and directly reduce its final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (December 1, 2020 to May 31, 2021).

The table on the next page illustrates your Fund’s costs in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Funds, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Funds under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Funds had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

153

Disclosure of Fund Expenses (unaudited) (continued)

	Beginning Account Value 12/1/2020		Ending Account Value 5/31/2021		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X Robotics & Artificial Intelligence ETF
Actual Fund Return	$	1,000.00	$	1,078.70		0.68	%	$	3.52
Hypothetical 5% Return		1,000.00		1,021.54		0.68			3.43
Global X Internet of Things ETF
Actual Fund Return	$	1,000.00	$	1,159.90		0.68	%	$	3.66
Hypothetical 5% Return		1,000.00		1,021.54		0.68			3.43
Global X FinTech ETF
Actual Fund Return	$	1,000.00	$	1,056.10		0.68	%	$	3.49
Hypothetical 5% Return		1,000.00		1,021.54		0.68			3.43
Global X Video Games & Esports ETF
Actual Fund Return	$	1,000.00	$	1,140.20		0.50	%	$	2.67
Hypothetical 5% Return		1,000.00		1,022.44		0.50			2.52
Global X Autonomous & Electric Vehicles ETF
Actual Fund Return	$	1,000.00	$	1,273.70		0.68	%	$	3.85
Hypothetical 5% Return		1,000.00		1,021.54		0.68			3.43
Global X Cloud Computing ETF
Actual Fund Return	$	1,000.00	$	1,012.40		0.68	%	$	3.41
Hypothetical 5% Return		1,000.00		1,021.54		0.68			3.43
Global X Data Center REITs & Digital Infrastructure ETF
Actual Fund Return	$	1,000.00	$	1,100.40		0.50	%	$	2.62
Hypothetical 5% Return		1,000.00		1,022.44		0.50			2.52
Global X Cybersecurity ETF
Actual Fund Return	$	1,000.00	$	1,204.10		0.50	%	$	2.75
Hypothetical 5% Return		1,000.00		1,022.44		0.50			2.52
Global X Artificial Intelligence & Technology ETF
Actual Fund Return	$	1,000.00	$	1,120.70		0.68	%	$	3.60
Hypothetical 5% Return		1,000.00		1,021.54		0.68			3.43
Global X Millennial Consumer ETF
Actual Fund Return	$	1,000.00	$	1,173.00		0.50	%	$	2.71
Hypothetical 5% Return		1,000.00		1,022.44		0.50			2.52
Global X Education ETF
Actual Fund Return	$	1,000.00	$	852.40		0.50	%	$	2.31
Hypothetical 5% Return		1,000.00		1,022.44		0.50			2.52

154

Disclosure of Fund Expenses (unaudited) (concluded)

	Beginning Account Value 12/1/2020		Ending Account Value 5/31/2021		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X Cannabis ETF
Actual Fund Return	$	1,000.00	$	1,288.80		0.50	%	$	2.85
Hypothetical 5% Return		1,000.00		1,022.44		0.50			2.52
Global X Genomics & Biotechnology ETF
Actual Fund Return	$	1,000.00	$	1,025.60		0.50	%	$	2.53
Hypothetical 5% Return		1,000.00		1,022.44		0.50			2.52
Global X China Biotech Innovation ETF
Actual Fund Return	$	1,000.00	$	1,273.50		0.66	%	$	3.74
Hypothetical 5% Return		1,000.00		1,021.64		0.66			3.33
Global X Telemedicine & Digital Health ETF
Actual Fund Return	$	1,000.00	$	1,000.90		0.68	%	$	3.39
Hypothetical 5% Return		1,000.00		1,021.54		0.68			3.43
Global X Aging Population ETF
Actual Fund Return	$	1,000.00	$	1,090.50		0.50	%	$	2.61
Hypothetical 5% Return		1,000.00		1,022.44		0.50			2.52
Global X Health & Wellness ETF
Actual Fund Return	$	1,000.00	$	1,220.80		0.50	%	$	2.77
Hypothetical 5% Return		1,000.00		1,022.44		0.50			2.52
Global X CleanTech ETF
Actual Fund Return	$	1,000.00	$	1,012.80		0.50	%	$	2.51
Hypothetical 5% Return		1,000.00		1,022.44		0.50			2.52
Global X U.S. Infrastructure Development ETF
Actual Fund Return	$	1,000.00	$	1,311.20		0.47	%	$	2.71
Hypothetical 5% Return		1,000.00		1,022.59		0.47			2.37
Global X Clean Water ETF*
Actual Fund Return	$	1,000.00	$	1,057.80		0.50	%	$	0.75	(2)
Hypothetical 5% Return		1,000.00		1,022.44		0.50			2.52
Global X Thematic Growth ETF
Actual Fund Return	$	1,000.00	$	1,149.30		0.00	%	$	0.00
Hypothetical 5% Return		1,000.00		1,024.23		0.00			0.00

(1)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
(2)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 53/365 (to reflect the period from inception to date).
*	The Fund commenced operations on April 8, 2021.

155

Liquidity Risk Management Program (Unaudited)

May 31, 2021

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

At a meeting of the Board held on May 21, 2021, the Trustees received a report from the Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation for the period from January 1, 2020 through December 31, 2020. 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.

156

Approval of Investment Advisory Agreement (Unaudited)

May 31, 2021

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

At a Board meeting of the Global X Funds (the “Trust”) held by videoconference on February 26, 2021¹ (the “New Fund Board Meeting”), the Board of Trustees (the “Board”) (including the Trust’s Independent Trustees, voting separately) considered and unanimously approved (i) the initial Investment Advisory Agreement (the “New Investment Advisory Agreement”) for the  Global X Clean Water ETF (the “New Fund”) and (ii) the initial Supervision and Administration Agreement between the Trust (the “New Supervision and Administration Agreement”), on behalf of the New Fund, and Global X Management. The New Advisory Agreement and New Supervision and Administration Agreement are referred to collectively as the “New Fund Agreements.”

In advance of the Board meeting, the Board (including the Trust’s Independent Trustees) and the Independent Trustees’ independent legal counsel requested (in writing) detailed information from Global X Management in connection with the Board’s consideration of the New Fund Agreements and received and reviewed written responses from Global X Management and supporting materials relating to those requests for information. In the course of their consideration of the 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 sessions with their counsel.

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.

157

Approval of Investment Advisory Agreement (Unaudited) (continued)

May 31, 2021

NEW FUND AGREEMENTS

In determining to approve the New Fund Agreements for the New Fund, the Board considered a variety of factors, including the factors discussed in greater detail below.

Nature, Extent and Quality of Services

With respect to this factor, the Board considered:

•the terms of the New Fund Agreements and the range of services proposed to be provided to the New Fund 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 Fund;

•Global X Management’s responsibilities under the New Fund Agreements to, among other things, (i) manage the investment operations of the New Fund and the composition of the New Fund’s 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 Fund, (iv) select broker-dealers to execute portfolio transactions for the New Fund when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of the New Fund, and the periodic updating of the registration statements, prospectuses, statements of additional information, and other reports and documents for the New Fund 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 Fund 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 Fund; and

•the quality of Global X Management’s resources and personnel that would be made available to the New Fund, 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 Meeting, that it was satisfied with the nature, extent and quality of the services proposed to be provided to the New Fund by Global X Management.

158

Approval of Investment Advisory Agreement (Unaudited) (continued)

May 31, 2021

Performance

The Board determined that, because the New Fund had not yet begun investment operations as of the dates of the New Fund Board Meeting, meaningful data relating to the investment performance of the New Fund 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 the New Fund;

•The management fee (including the proposed investment advisory fee) (“Management Fee”) that was proposed to be borne by the New Fund under the New Fund Agreement for the various investment advisory, supervisory and administrative services that the New Fund requires 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 Fund); and

•the expected profitability to Global X Management, if any, from all of the services proposed to be provided to the New Fund by Global X Management and all aspects of the relationship between Global X Management and the New Fund.

Based on these considerations, the Board concluded that the proposed Management Fee to be paid by the 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 the New Fund. In connection with this consideration, Global X Management provided the Board with comparative expense data for the 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 structure of the New Fund that was above the average or median for the New Fund’s peer group;

•the structure of the proposed unitary Management Fee (which includes as one component the proposed investment advisory fee for the New Fund) and the expected total expense ratio for the New Fund. In this regard, the Board took into consideration

159

Approval of Investment Advisory Agreement (Unaudited) (continued)

May 31, 2021

that the purpose of adopting a unitary Management Fee structure for the New Fund was to create a simple, all-inclusive fee that would provide a level of predictability with respect to the overall expense ratio (i.e., the total fee) of the New Fund and that the proposed Management Fee for the 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 Fund, including the costs of various third-party services required by the New Fund, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that the 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 Meeting, that the services to be received and the fees to be charged under the 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 Fund grows and whether the proposed unitary Management Fee for the New Fund reflected these economies of scale;

•the significant investment of time, personnel and other resources that Global X Management intends to make in the New Fund in order to seek to assure that the New Fund is 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 the New Fund and its shareholders.

Based on these considerations, the Board concluded, at the New Fund Board Meeting, that the proposed unitary Management Fee for the New Fund appropriately addressed economies of scale.

Other Benefits

In considering each New Fund Agreement, in addition to the factors discussed above, the Board considered other benefits that may be realized by Global X Management as a result of its relationships with the New Fund. As a result, the Board concluded that, in the case

160

Approval of Investment Advisory Agreement (Unaudited) (concluded)

May 31, 2021

of the New Fund, in the exercise of the Board’s business judgement, all information the Board considered supported approval of the New Fund Agreements.

Conclusion

After full consideration of the factors above, as well as other factors that were instructive in their consideration, the Board, including all of the Trust’s Independent Trustees voting separately, concluded, in the exercise of its business judgement, that the New Fund Agreements were fair and reasonable and in the best interest of the New Fund.

In reaching this decision, the Board did not assign relative weights to the factors above nor did the Board deem any one factor or group of them to be controlling in and of themselves. Each member of the Board may have assigned different weights to the various factors.

161

Supplemental Information (unaudited)

Net asset value, or “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.

162

Notes

163

Notes

164

605 3rd Avenue, 43^rd Floor

New York, NY 10158

1-888-493-8631

www.globalxetfs.com

Investment Adviser and Administrator:

Global X Management Company LLC

605 3rd Avenue, 43^rd Floor

New York, NY 10158

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

Stradley Ronon Stevens & Young, LLP

2000 K Street, N.W.

Suite 700

Washington, DC 20006

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

GLX-SA-007-0600

Item 2.Code of Ethics.

Not applicable for semi-annual report.

Item 3.Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4.Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5.Audit Committee of Listed Registrants.

Not applicable for semi-annual report.

Item 6.Investments.

Not applicable.

Item 7.Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8.Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 9.Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes.

Item 11.  Controls and Procedures.

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 13. Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

(b)  Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Global X Funds

By (Signature and Title)* /s/ Luis Berruga Luis Berruga President

Date:  August 6, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)* /s/ Luis Berruga Luis Berruga President

Date: August 6, 2021

By (Signature and Title)* /s/ John Belanger John Belanger
Chief Financial Officer

Date:  August 6, 2021

*     Print the name and title of each signing officer under his or her signature.