| Global X MSCI China Energy ETF (ticker: CHIE) |
| Global X MSCI China Materials ETF (ticker: CHIM) |
| Global X MSCI China Industrials ETF (ticker: CHII) |
| Global X MSCI China Consumer Discretionary ETF (ticker: CHIQ) |
| Global X MSCI China Consumer Staples ETF (ticker: CHIS) |
| Global X MSCI China Health Care ETF (ticker: CHIH) |
| Global X MSCI China Financials ETF (ticker: CHIX) |
| Global X MSCI China Information Technology ETF (ticker: CHIK) |
| Global X MSCI China Communication Services ETF (ticker: CHIC) |
| Global X MSCI China Utilities ETF (ticker: CHIU) |
| Global X MSCI China Real Estate ETF (ticker: CHIR) |
| Global X MSCI Greece ETF (ticker: GREK) |
| Global X DAX Germany ETF (ticker: DAX) |
| Global X MSCI Portugal ETF (ticker: PGAL) |
| Global X MSCI Colombia ETF (ticker: GXG) |
| Global X MSCI Argentina ETF (ticker: ARGT) |
| Global X MSCI Pakistan ETF (ticker: PAK) |
| Global X MSCI Nigeria ETF (ticker: NGE) |
| Global X MSCI Next Emerging & Frontier ETF (ticker: EMFM) |
| Global X MSCI Norway ETF (ticker: NORW)(formerly known as Global X FTSE Nordic Region ETF) |
| Global X FTSE Southeast Asia ETF (ticker: ASEA) |
Annual Report
October 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.
| Management Discussion of Fund Performance | 1 |
| Schedules of Investments | |
| Global X MSCI China Energy ETF | 64 |
| Global X MSCI China Materials ETF | 66 |
| Global X MSCI China Industrials ETF | 70 |
| Global X MSCI China Consumer Discretionary ETF | 74 |
| Global X MSCI China Consumer Staples ETF | 79 |
| Global X MSCI China Health Care ETF | 82 |
| Global X MSCI China Financials ETF | 86 |
| Global X MSCI China Information Technology ETF | 91 |
| Global X MSCI China Communication Services ETF | 97 |
| Global X MSCI China Utilities ETF | 100 |
| Global X MSCI China Real Estate ETF | 102 |
| Global X MSCI Greece ETF | 105 |
| Global X DAX Germany ETF | 108 |
| Global X MSCI Portugal ETF | 112 |
| Global X MSCI Colombia ETF | 116 |
| Global X MSCI Argentina ETF | 119 |
| Global X MSCI Pakistan ETF | 123 |
| Global X MSCI Nigeria ETF | 126 |
| Global X MSCI Next Emerging & Frontier ETF | 129 |
| Global X MSCI Norway ETF | 145 |
| Global X FTSE Southeast Asia ETF | 150 |
| Statements of Assets and Liabilities | 154 |
| Statements of Operations | 160 |
| Statements of Changes in Net Assets | 166 |
| Financial Highlights | 177 |
| Notes to Financial Statements | 191 |
| Report of Independent Registered Public Accounting Firm | 221 |
| Disclosure of Fund Expenses | 223 |
| Liquidity Risk Management Program | 227 |
| Supplemental Information | 228 |
| Trustees and Officers of the Trust | 229 |
| Notice to Shareholders | 232 |
Shares are bought and sold at market price (not NAV) and are not individually redeemed from a Fund. Shares may only be redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.
The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “SEC” or “Commission”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Forms N-PORT are available on the Commission’s website at https://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that Global X Funds uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-888-493-8631; and (ii) on the Commission’s website at https://www.sec.gov.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Energy ETF | |
Global X MSCI China Energy ETF
The Global X MSCI China Energy ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Energy IMI Plus 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to capture the large, mid-capitalization, and small-capitalization segments of securities included in the MSCI China IMI Index that are classified in the Energy Sector, as per the Global Industry Classification Standard. The Underlying Index incorporates all eligible securities as per MSCI’s Global Investable Market Index Methodology, including China A, B, and H shares, as well as Red chips, P chips, and foreign listings (e.g., American Depository Receipts). To ensure a minimum number of issuers in the Underlying Index, the Underlying Index may also include securities classified in the Energy sector from developed countries in the Asia Pacific region with exposure to China, as defined by the MSCI Economic Exposure Data methodology. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each issuer in the Underlying Index is capped at 10% and the cumulative weight of all issuers with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 57.88%, while the Underlying Index increased 60.43%. The Fund had a net asset value of $7.79 per share on October 31, 2020 and ended the reporting period with a net asset value of $11.93 per share on October 31, 2021.
During the reporting period, the highest returns derived from Yanzhou Coal Mining Co. Ltd. Class A and Guanghui Energy Co., Ltd. Class A, which returned 177.74% and 140.31%, respectively. The worst performers included Perennial Energy Holdings Ltd. and Wison Engineering Services Co., Ltd. which returned -87.81% and -36.56%, respectively.
China faced a power crunch in the third quarter of 2021, mainly attributed to a coal shortage, which considerably impacted the power-intensive sector. While this had a negative impact on China’s economic growth, it appeared to boost certain energy stocks. The power crunch during the reporting period dented the strategy of the National Development and Reform Commission, China’s prime planning agency, which proposed to make China carbon-neutral by 2060. With the ongoing trade dispute with Australia, the second-largest exporter of coal, imports took a massive hit, even before considering the ongoing dearth of domestic natural gas. The vacuum left by the unofficial ban on Australian coal contributed to a rally in domestic Chinese coal equities for a part of the third quarter of 2021.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Energy ETF | |
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021 |
| | One Year Return | Three Year Return | Five Year Return | Ten Year Return |
| | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X MSCI China Energy ETF | 57.88% | 55.99% | 4.59% | 4.64% | 6.28% | 6.54% | 1.51% | 1.84% |
| Hybrid Solactive China Energy Total Return Index/ MSCI China Energy IMI Plus 10/50 Index** | 60.43% | 60.43% | 5.86% | 5.86% | 7.39% | 7.39% | 2.42% | 2.42% |
| MSCI Emerging Markets Index | 16.96% | 16.96% | 12.30% | 12.30% | 9.39% | 9.39% | 4.88% | 4.88% |
Growth of a $10,000 Investment
(At Net Asset Value)
*Fund commenced operations on December 15, 2009.
** Reflects performance of Solactive China Energy Total Return Index through December 5, 2018 and MSCI China Energy IMI Plus 10/50 Index thereafter.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Energy ETF | |
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Materials ETF | |
Global X MSCI China Materials ETF
The Global X MSCI China Materials ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Materials 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to capture the large and mid-capitalization segments of securities included in the MSCI China Index that are classified in the Materials Sector, as per the Global Industry Classification Standard. The Underlying Index incorporates all eligible securities, as per MSCI’s Global Investable Market Index Methodology, including China A, B, and H shares, as well as Red chips, P chips, and foreign listings (e.g., American Depository Receipts). Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 41.80%, while the Underlying Index increased 42.95%. The Fund had a net asset value of $18.18 per share on October 31, 2020 and ended the reporting period with a net asset value of $25.22 per share on October 31, 2021.
During the reporting period, the highest returns derived from China Northern Rare Earth (Group) High-Tech Co., Ltd. Class A and Guangzhou Tinci Materials Technology Co., Ltd, which returned 427.92% and 234.91%, respectively. The worst performers included Jiangsu Shagang Co., Ltd. Class A and Zhaojin Mining Industry Co., Ltd. Class H, which returned -49.29% and -43.78%, respectively.
Returns in the Materials sector remained positive during the reporting period, partly due to rising commodity prices as well as government infrastructure projects that began in 2020 in response to the economic shock of the COVID-19 pandemic. After receiving a hard hit from the impact of the COVID-19 pandemic, China’s Materials sector grew steadily in 2021. However, growth slowed toward the end of the reporting period due to raw material and labor shortages, while China’s commodity prices slipped as a result of the ongoing energy crisis. A slowdown in the property sector could have a negative spillover effect on holdings in the Fund, many of which supply materials for home construction.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Materials ETF | |
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021 |
| | One Year Return | Three Year Return | Five Year Return | Ten Year Return |
| | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X MSCI China Materials ETF | 41.80% | 40.62% | 21.29% | 21.50% | 16.79% | 16.57% | 5.36% | 5.50% |
| Hybrid Solactive China Materials Total Return Index/ MSCI China Materials 10/50 Index** | 42.95% | 42.95% | 22.35% | 22.35% | 15.57% | 15.57% | 5.48% | 5.48% |
| MSCI Emerging Markets Index | 16.96% | 16.96% | 12.30% | 12.30% | 9.39% | 9.39% | 4.88% | 4.88% |
Growth of a $10,000 Investment
(At Net Asset Value)
*Fund commenced operations on January 12, 2010.
** Reflects performance of Solactive China Materials Total Return Index through December 5, 2018 and MSCI China Materials 10/50 Index thereafter.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Materials ETF | |
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Industrials ETF | |
Global X MSCI China Industrials ETF
The Global X MSCI China Industrials ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Industrials 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to capture the large and mid-capitalization segments of securities included in the MSCI China Index that are classified in the Industrials Sector, as per the Global Industry Classification Standard. The Underlying Index incorporates all eligible securities as per MSCI’s Global Investable Market Index Methodology, including China A, B, and H shares, as well as Red chips, P chips, and foreign listings (e.g., American Depository Receipts). Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 26.08%, while the Underlying Index increased 27.24%. The Fund had a net asset value of $13.43 per share on October 31, 2020 and ended the reporting period with a net asset value of $16.62 per share on October 31, 2021.
During the reporting period, the highest returns derived from Sungrow Power Supply Co., Ltd. Class A and TBEA Co Ltd. Class A, which returned 251.75% and 251.06%, respectively. The worst performers included Hebei Construction Group Co. Ltd. Class H and Sinotruk Hong Kong Ltd, which returned -85.37% and -42.01%, respectively.
Compounding headwinds in the latter half of 2021 neglected to reverse the gains the Fund made on the back of a robust recovery in the first half of the year. The Industrials sector saw slow growth in 2021, attributable to the ongoing energy crisis, environmental curbs, property sector reforms, high raw material prices, and COVID-19 outbreaks. The slowdown in output growth was more notable in the general equipment, machinery, communication, and chemical production industries.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Industrials ETF | |
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021 |
| | One Year Return | Three Year Return | Five Year Return | Ten Year Return |
| | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X MSCI China Industrials ETF | 26.08% | 27.69% | 9.39% | 10.99% | 8.03% | 8.33% | 5.64% | 5.89% |
| Hybrid Solactive China Industrials Total Return Index/ MSCI China Industrials 10/50 Index** | 27.24% | 27.24% | 10.64% | 10.64% | 7.32% | 7.32% | 6.19% | 6.19% |
| MSCI Emerging Markets Index | 16.96% | 16.96% | 12.30% | 12.30% | 9.39% | 9.39% | 4.88% | 4.88% |
Growth of a $10,000 Investment
(At Net Asset Value)
*Fund commenced operations on November 30, 2009.
** Reflects performance of Solactive China Industrials Total Return Index through December 5, 2018 and MSCI China Industrials 10/50 Index thereafter.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Industrials ETF | |
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Consumer Discretionary ETF | |
Global X MSCI China Consumer Discretionary ETF
The Global X MSCI China Consumer Discretionary ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Consumer Discretionary 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to capture the large and mid-capitalization segments of securities included in the MSCI China Index that are classified in the Consumer Discretionary Sector, as per the Global Industry Classification Standard. The Underlying Index incorporates all eligible securities, as per MSCI’s Global Investable Market Index Methodology, including China A, B, and H shares, as well as Red chips, P chips, and foreign listings (e.g., American Depository Receipts). Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 1.73%, while the Underlying Index increased 1.86%. The Fund had a net asset value of $29.45 per share on October 31, 2020 and ended the reporting period with a net asset value of $29.94 per share on October 31, 2021.
During the reporting period, the highest returns derived from Great Wall Motor Co., Ltd. Class H and Great Wall Motor Co., Ltd. Class A, which returned 186.79% and 154.42%, respectively. The worst performers included Gaotu Techedu Inc. Sponsored ADR Class A and TAL Education Group Sponsored ADR Class A, which returned -95.57% and -93.85%, respectively.
The Fund remained largely neutral during the reporting period because its consumer internet and education sections suffered from the effects of strict regulatory moves. In particular, unprecedented regulation on after-school tutoring companies resulted in significantly negative performance for certain education equities in the Fund. Meanwhile, anti-monopoly investigations into consumer internet giants, such as Meituan, created downward pressure on the Fund, as well. With China still reeling from the impact of the COVID-19 pandemic and the Chinese government aiming to boost vaccinations during the latter half of 2021, the Consumer Discretionary sector could see some recovery despite recent volatility.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Consumer Discretionary ETF | |
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021 |
| | One Year Return | Three Year Return | Five Year Return | Ten Year Return |
| | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X MSCI China Consumer Discretionary ETF | 1.73% | 0.40% | 31.87% | 31.39% | 21.57% | 21.39% | 8.59% | 8.79% |
| Hybrid Solactive China Consumer Total Return Index/MSCI China Consumer Discretionary 10/50 Index** | 1.86% | 1.86% | 32.51% | 32.51% | 22.24% | 22.24% | 9.22% | 9.22% |
| MSCI Emerging Markets Index | 16.96% | 16.96% | 12.30% | 12.30% | 9.39% | 9.39% | 4.88% | 4.88% |
Growth of a $10,000 Investment
(At Net Asset Value)
*Fund commenced operations on November 30, 2009.
** Reflects performance of Solactive China Total Return Index through December 5, 2018 and MSCI China Consumer Discretionary 10/50 Index thereafter.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short term performance of the fund is unusual and investors should not expect such performance to be repeated. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Consumer Discretionary ETF | |
returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Consumer Staples ETF | |
Global X MSCI China Consumer Staples ETF
The Global X MSCI China Consumer Staples ETF (“Fund”) seeks to provide investment results that generally correspond to the price and yield performance, before fees and expenses, of the MSCI China Consumer Staples 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to capture the large and mid-capitalization segments of securities included in the MSCI China Index that are classified in the Consumer Staples Sector, as per the Global Industry Classification Standard. The Underlying Index incorporates all eligible securities, as per MSCI’s Global Investable Market Index Methodology, including China A, B, and H shares, as well as Red chips, P chips, and foreign listings (e.g., American Depository Receipts). Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 1.97%, while the Underlying Index increased 2.79%. The Fund had a net asset value of $29.04 per share on October 31, 2020 and ended the reporting period with a net asset value of $29.38 per share on October 31, 2021.
During the reporting period, the highest returns derived from Jiugui Liquor Co., Ltd. Class A and Sichuan Swellfun Co., Ltd. Class A, which returned 107.94% and 101.88%, respectively. The worst performers included RLX Technology, Inc. Sponsored ADR Class A and Yihai International Holding Ltd., which returned ‑80.67% and -55.34%, respectively.
The Fund delivered neutral returns during the reporting period, as China’s initially robust economic recovery took a downturn. China — the world’s largest consumer market by population — saw a rebound in the Consumer Staples sector since the COVID-19 outbreak last year, after most Chinese consumers boycotted international brands in favor of local products. China’s Ministry of Commerce announced that certain cities – including Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing – would be transformed into superior consumption hubs, focusing on high-quality import goods, nurturing domestic brands and consumption, as well as enhancing regional consumption.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Consumer Staples ETF | |
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021 |
| | One Year Return | Annualized Inception to Date* |
| | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X MSCI China Consumer Staples ETF | 1.97% | 0.96% | 28.23% | 27.98% |
| MSCI China Consumer Staples 10/50 Index | 2.79% | 2.79% | 29.00% | 29.00% |
| MSCI Emerging Markets Index | 16.96% | 16.96% | 11.70% | 11.70% |
Growth of a $10,000 Investment
(At Net Asset Value)
*Fund commenced operations on December 7, 2018.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short term performance of the fund is unusual and investors should not expect such performance to be repeated. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Consumer Staples ETF | |
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Health Care ETF | |
Global X MSCI China Health Care ETF
The Global X MSCI China Health Care ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Health Care 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to capture the large and mid-capitalization segments of securities included in the MSCI China Index that are classified in the Health Care Sector, as per the Global Industry Classification Standard. The Underlying Index incorporates all eligible securities as per MSCI’s Global Investable Market Index Methodology, including China A, B, and H shares, as well as Red chips, P chips, and foreign listings (e.g., American Depository Receipts). Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 4.84%, while the Underlying Index increased 5.52%. The Fund had a net asset value of $23.68 per share on October 31, 2020 and ended the reporting period with a net asset value of $24.81 per share on October 31, 2021.
During the reporting period, the highest returns came from Genscript Biotech Corporation and Topchoice Medical Corp. Class A, which returned 220.69% and 92.61%, respectively. The worst performers included Ping An Healthcare and Technology Company Limited and Autobio Diagnostics Co., Ltd. Class A, which returned -62.27% and -56.95%, respectively.
The COVID-19 pandemic served as a catalyst for health care innovation in China during the reporting period, including the increased adoption of telemedicine, an effect that likely boosted performance of the Fund in the third quarter of 2021. Since the beginning of the COVID-19 pandemic, China made plans to improve its health care framework, with the “Healthy China” strategy, which launched in 2021. This strategy, expected to be implemented in China’s 14th five-year plan, aims to increase the accessibility and affordability of health care services. With public reforms, such as “Healthy China 2030”, China aims to boost its public health care system. Additionally, it seeks to bolster its “Internet Healthcare” initiative, intended to provide medical care to people residing in isolated areas through remote consultation. These initiatives could create opportunities for Chinese Health Care equities.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Health Care ETF | |
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021 |
| | One Year Return | Annualized Inception to Date* |
| | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X MSCI China Health Care ETF | 4.84% | 3.76% | 19.32% | 19.14% |
| MSCI China Healh Care 10/50 Index | 5.52% | 5.52% | 20.17% | 20.17% |
| MSCI Emerging Markets Index | 16.96% | 16.96% | 11.71% | 11.71% |
Growth of a $10,000 Investment
(At Net Asset Value)
*Fund commenced operations on December 7, 2018.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short term performance of the fund is unusual and investors should not expect such performance to be repeated. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Health Care ETF | |
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Financials ETF | |
Global X MSCI China Financials ETF
The Global X MSCI China Financials ETF (“Fund”) seeks to provide investment results that generally correspond to the price and yield performance, before fees and expenses, of the MSCI China Financials 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to capture the large and mid-capitalization segments of securities included in the MSCI China Index that are classified in the Financials Sector, as per the Global Industry Classification Standard. The Underlying Index incorporates all eligible securities, as per MSCI’s Global Investable Market Index Methodology, including China A, B, and H shares, as well as Red chips, P chips, and foreign listings (e.g., American Depository Receipts). Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 4.65%, while the Underlying Index increased 4.78%. The Fund had a net asset value of $14.25 per share on October 31, 2020 and ended the reporting period with a net asset value of $14.42 per share on October 31, 2021.
During the reporting period, the highest returns derived from East Money Information Co., Ltd Class A and China Merchants Bank Co., Ltd. Class H, which returned 77.08% and 66.02%, respectively. The worst performers included UP Fintech Holding Ltd. Sponsored ADR Class A and Lufax Holding Limited Sponsored ADR Class A, which returned -70.86% and -64.65%, respectively.
China’s Financials sector anticipated long-term strong growth during the reporting period on positive reforms to correlate with the beginning of the 14th five-year plan period. However, that did not materialize into positive returns for the Fund in the third quarter of 2021, likely due to concerns that financial difficulty experienced by Huarong Asset Management Co. (“Huarong”), a government-owned distressed debt manager, could create systemic risk in the Chinese Financials sector. The sector received negative attention as Huarong inched towards crisis. Competition in the sector could heat up as major Western financial institutions increasingly gain access to the market.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Financials ETF | |
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021 |
| | One Year Return | Three Year Return | Five Year Return | Ten Year Return |
| | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X MSCI China Financials ETF | 4.65% | 3.56% | 1.88% | 1.89% | 4.16% | 4.16% | 5.47% | 5.65% |
| Hybrid Solactive China Financials Total Return Index/MSCI China Financials 10/50 Index** | 4.78% | 4.78% | 2.51% | 2.51% | 4.87% | 4.87% | 6.17% | 6.17% |
| MSCI Emerging Markets Index | 16.96% | 16.96% | 12.30% | 12.30% | 9.39% | 9.39% | 4.88% | 4.88% |
Growth of a $10,000 Investment
(At Net Asset Value)
*Fund commenced operations on December 10, 2009.
** Reflects performance of Solactive China Financials Total Return Index through December 5, 2018 and MSCI China Financials 10/50 Index thereafter.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Financials ETF | |
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Information Technology ETF | |
Global X MSCI China Information Technology ETF
The Global X MSCI China Information Technology ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Information Technology 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to capture the large and mid-capitalization segments of securities included in the MSCI China Index that are classified in the Information Technology Sector, as per the Global Industry Classification Standard. The Underlying Index incorporates all eligible securities, as per MSCI’s Global Investable Market Index Methodology, including China A, B, and H shares, as well as Red chips, P chips, and foreign listings (e.g., American Depository Receipts). Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 5.58%, while the Underlying Index increased 7.45%. The Fund had a net asset value of $27.78 per share on October 31, 2020 and ended the reporting period with a net asset value of $29.07 per share on October 31, 2021.
During the reporting period, the highest returns came from Hangzhou Silan Microelectronics Co., Ltd. Class A and JA Solar Technology Co., Ltd. Class A, which returned 327.75% and 185.76%, respectively. The worst performers included OneConnect Financial Technology Co Ltd Sponsored ADR and VNET Group, Inc. Sponsored ADR, which returned -80.52% and -56.97%, respectively.
The Fund performed positively during the reporting period despite aggressive regulatory moves from the Chinese government because the Fund focuses less on consumer internet companies, which were targeted by recent regulations, and more on hardware and software companies. China’s 14th five-year plan (2021-2025) prioritizes information technology growth and innovation as its prime undertaking and intends to make China the world’s leading innovator by 2035. China plans to spend heavily on research and development through 2025. Although concerns are mounting over regulatory moves against Chinese consumer internet companies, investors seek refuge in areas supported by policy, including technology hardware, such as semiconductors.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Information Technology ETF | |
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021 |
| | One Year Return | Annualized Inception to Date* |
| | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X MSCI China Information Technology ETF | 5.58% | 3.78% | 26.81% | 26.30% |
| MSCI China Information Technology 10/50 Index | 7.45% | 7.45% | 28.05% | 28.05% |
| MSCI Emerging Markets Index | 16.96% | 16.96% | 11.70% | 11.70% |
Growth of a $10,000 Investment
(At Net Asset Value)
*Fund commenced operations on December 7, 2018.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short term performance of the fund is unusual and investors should not expect such performance to be repeated. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Information Technology ETF | |
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Communication Services ETF | |
Global X MSCI China Communication Services ETF
The Global X MSCI China Communication Services ETF (“Fund”) seeks to provide investment results that generally correspond to the price and yield performance, before fees and expenses, of the MSCI China Communication Services 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to capture the large- and mid-capitalization segments of securities included in the MSCI China Index that are classified in the Communication Services Sector, as per the Global Industry Classification Standard. The Underlying Index incorporates all eligible securities as per MSCI’s Global Investable Market Index Methodology, including China A, B, and H shares, as well as Red chips, P chips, and foreign listings (e.g., American Depository Receipts). Additionally, the Underlying Index utilizes a 10/50 concentration constraint, whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund decreased 20.27%, while the Underlying Index decreased 20.32%. The Fund had a net asset value of $26.13 per share on October 31, 2020 and ended the reporting period with a net asset value of $20.56 per share on October 31, 2021.
During the reporting period, the highest returns derived from Bilibili, Inc. Sponsored ADR Class Z and Baidu Inc Sponsored ADR Class A, which returned 64.09% and 21.94%, respectively. The worst performers included DouYu International Holdings Ltd. Sponsored ADR and Kuaishou Technology Class B, which returned -67.72% and -66.58%, respectively.
Concerns over the delisting of Chinese ADRs in the United States and Chinese regulatory scrutiny towards domestic technology companies acted as significant headwinds for the Fund and resulted in negative returns during the reporting period. However, the Fund does have potential tailwinds. Several reforms led to the liberalization of, and privatization in, the communications industry in China. With the advent of 5G technology, China hopes to become the frontrunner in 5G deployment and services. China is still the only country working toward a single-stack IPv6 Network; adoption is planned to be completed by 2025, with country-wide rollout by 2030.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Communication Services ETF | |
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDEDOCTOBER 31, 2021 |
| | One Year Return | Three Year Return | Five Year Return | Ten Year Return |
| | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X MSCI China Communication Services ETF | -20.27% | -20.93% | -2.02% | -2.43% | -0.63% | -0.65% | 4.19% | 4.24% |
| Hybrid Solactive China Technology Index/NASDAX OMX China Technology Index/MSCI China Communication Services 10/50 Index ** | -20.32% | -20.32% | -1.51% | -1.51% | 0.09% | 0.09% | 4.97% | 4.97% |
| MSCI Emerging Markets Index | 16.96% | 16.96% | 12.30% | 12.30% | 9.39% | 9.39% | 4.88% | 4.88% |
Growth of a $10,000 Investment
(At Net Asset Value)
*Fund commenced operations on December 8, 2009.
** Reflects performance of Solactive China Technology Index through December 13, 2011, NASDAQ OMX China Technology Index through December 5, 2018 and the MSCI China Communication Services 10/50 Index thereafter.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Communication Services ETF | |
reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Utilities ETF | |
Global X MSCI China Utilities ETF
The Global X MSCI China Utilities ETF (“Fund”) seeks to provide investment results that generally correspond to the price and yield performance, before fees and expenses, of the MSCI China Utilities 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to capture the large and mid-capitalization segments of securities included in the MSCI China Index that are classified in the Utilities Sector, as per the Global Industry Classification Standard. The Underlying Index incorporates all eligible securities, as per MSCI’s Global Investable Market Index Methodology, including China A, B, and H shares, as well as Red chips, P chips, and foreign listings (e.g., American Depository Receipts). Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 48.14%, while the Underlying Index increased 49.65%. The Fund had a net asset value of $13.70 per share on October 31, 2020 and ended the reporting period with a net asset value of $19.53 per share on October 31, 2021.
During the reporting period, the highest returns came from China Longyuan Power Group Corp. Ltd. Class H and China Power International Development Ltd, which returned 246.40% and 185.40%, respectively. The worst performers included Luenmei Quantum Co., Ltd. Class A and China Gas Holdings Limited, which returned -25.09% and -16.49%, respectively.
China’s power crunch disrupted the country’s economic recovery in the third quarter of 2021, but some companies in the Utilities sector benefited from the increased demand, explaining the positive returns during the reporting period. China currently faces a coal shortage, impacting industries relying heavily on power. China currently rations its coal supply and increased imports to keep up with its industrial demand, despite having healthy reserves of oil.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Utilities ETF | |
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021 |
| | One Year Return | Annualized Inception to Date* |
| | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X MSCI China Utilities ETF | 48.14% | 46.47% | 12.37% | 12.12% |
| MSCI China Utilities 10/50 Index | 49.65% | 49.65% | 13.33% | 13.33% |
| MSCI Emerging Markets Index | 16.96% | 16.96% | 11.71% | 11.71% |
Growth of a $10,000 Investment
(At Net Asset Value)
*Fund commenced operations on December 7, 2018.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Utilities ETF | |
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Real Estate ETF | |
Global X MSCI China Real Estate ETF
The Global X MSCI China Real Estate ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Real Estate 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to capture the large and mid-capitalization segments of securities included in the MSCI China Index that are classified in the Real Estate Sector, as per the Global Industry Classification Standard. The Underlying Index incorporates all eligible securities, as per MSCI’s Global Investable Market Index Methodology, including China A, B, and H shares, as well as Red chips, P chips, and foreign listings (e.g., American Depository Receipts). Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund decreased 22.77%, while the Underlying Index decreased 22.24%. The Fund had a net asset value of $16.18 per share on October 31, 2020 and ended the reporting period with a net asset value of $11.90 per share on October 31, 2021.
During the reporting period, the highest returns derived from Wharf (Holdings) Ltd. and Seazen Holdings Co., Ltd. Class A, which returned 71.13% and 29.17%, respectively. The worst performers included China Evergrande Group and KE Holdings, Inc. Sponsored ADR Class A, which returned -84.72% and -73.88%, respectively.
The late 2020 introduction of the Three Red Lines policy, a regulation aimed at Chinese real estate developers, set a negative tone for the Real Estate sector that only deteriorated in the middle of 2021, which led to disappointing returns during the reporing period. China’s Real Estate sector faces pressure as the liquidity crisis of China Evergrande Group (“Evergrande”), a large Chinese developer, continues to unfold. Media reports comparing Evergrande to Lehman Brothers resulted in investor sentiment towards Chinese Real Estate equities to turn sharply negative. China’s government will likely continue to enforce its Three Red Lines policy to avoid losing credibility, even if it results in a painful adjustment.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Real Estate ETF | |
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021 |
| | One Year Return | Annualized Inception to Date* |
| | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X MSCI China Real Estate ETF | -22.77% | -21.36% | -4.42% | -4.04% |
| MSCI China Real Estate 10/50 Index | -22.24% | -22.24% | -3.78% | -3.78% |
| MSCI Emerging Markets Index | 16.96% | 16.96% | 11.70% | 11.70% |
Growth of a $10,000 Investment
(At Net Asset Value)
*Fund commenced operations on December 7, 2018.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short term performance of the fund is unusual and investors should not expect such performance to be repeated. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI China Real Estate ETF | |
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Greece ETF | |
Global X MSCI Greece ETF
The Global X MSCI Greece ETF (“Fund”) seeks to provide investment results that generally correspond to the price and yield performance, before fees and expenses, of the MSCI All Greece Select 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to represent the performance of the Broad Greece Equity Universe, as defined by MSCI, Inc., the provider of the Underlying Index, while including a minimum number of constituents. The Underlying Index includes securities that are classified in Greece according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Greece and carry out the majority of their operations in Greece. Further, the Underlying Index only includes securities with a minimum liquidity threshold of USD 25,000,000 average daily traded value, subject to 15 constituents being included in the Underlying Index. If not, securities are added in the decreasing order of average daily traded value until 15 securities are selected. The Underlying Index targets a minimum of 15 securities at construction.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 61.52%, while the Underlying Index increased 62.26%. The Fund had a net asset value of $17.68 per share on October 31, 2020 and ended the reporting period with a net asset value of $27.98 per share on October 31, 2021.
During the reporting period, the highest returns derived from Eurobank Ergasias Services & Holdings SA and National Bank of Greece SA, which returned 215.25% and 201.39%, respectively. The worst performers included Piraeus Financial Holdings SA and GasLog Partners LP, which returned -86.49% and -17.76%, respectively.
A positive macro environment made possible by a revival in tourism and increased stability in the Financials sector, to which the Fund has significant exposure, allowed for positive returns in the reporting period. The gradual lifting of curbs on domestic activity and international travel allowed consumption and tourism-related service exports to recover over the fiscal year. The relative success of Operation Blue Freedom, a vaccination campaign targeting tourist-heavy regions, paved the way for surging optimism and upward revisions in growth estimates by the European Commission. At the same time, the four largest banks in Greece, all included in the holdings of the Fund, made considerable progress towards cleaning up their balance sheets in the third quarter of 2021.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Greece ETF | |
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDEDOCTOBER 31, 2021 |
| | One Year Return | Three Year Return | Five Year Return | Annualized Inception to Date* |
| | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X MSCI Greece ETF | 61.52% | 59.99% | 9.35% | 9.35% | 7.32% | 7.54% | -3.40% | -3.38% |
| Hybrid MSCI All Greece Select 25/50 Index/ FTSE/ATHEX Custom Capped Index** | 62.26% | 62.26% | 9.97% | 9.97% | 8.02% | 8.02% | -2.57% | -2.57% |
| MSCI Emerging Markets Index | 16.96% | 16.96% | 12.30% | 12.30% | 9.39% | 9.39% | 5.31% | 5.31% |
Growth of a $10,000 Investment
(At Net Asset Value)
*Fund commenced operations on December 7, 2011.
** Reflects performance of the FTSE/ATHEX Custom Capped Index through February 29, 2016 and MSCI All Greece Select 25/50 Index, thereafter. The inception of the MSCI All Greece Select 25/50 Index (“New Index”) was on December 23, 2015. Effective on or around March 1, 2016, the Fund began to track the New Index. The change was due to the planned migration to the New Index, potentially allowing for broader exposure to the local market.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Greece ETF | |
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X DAX Germany ETF | |
Global X DAX Germany ETF
The Global X DAX Germany ETF (“Fund”) seeks to provide investment results that generally correspond to the price and yield performance, before fees and expenses, of the DAX® Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index tracks the segment of the largest and most actively traded companies – known as blue chips – on the German equities market. It contains the shares of the 40 largest and most liquid companies admitted to the Frankfurt Stock Exchange in the Prime Standard segment. The Underlying Index represents about 80% of the free-float market capitalization authorized in Germany.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 34.06%, while the Underlying Index increased 34.87%. The Fund had a net asset value of $25.21 per share on October 31, 2020, and ended the reporting period with a net asset value of $32.86 per share on October 31, 2021.
During the reporting period, the highest returns derived from Daimler AG and Infineon Technologies AG, which returned 95.29% and 68.94%, respectively. The worst performers included Hello Fresh SE and Vitesco Technologies Group AG, which returned -20.14% and -19.58%, respectively.
Given that the Fund holds blue-chip German equities spread out over several sectors, performance during the reporting period reflected the broad economic trajectory of Germany, namely a smooth economic recovery dwindling due to headwinds in the third quarter of 2021. Economic activity in Germany picked up momentum in the second quarter of 2021, with all major indicators pointing to growth, but supply chain disruptions hampered this progress in the third quarter of 2021. Currently, supply bottlenecks for important commodities and raw materials, as well as microchips, contribute to decelerating economic activity. Meanwhile, COVID-19 vaccinations directly impacted business sentiment in Germany, with companies expressing greater satisfaction with their current business situation.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X DAX Germany ETF | |
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021 |
| | One Year Return | Three Year Return | Five Year Return | Annualized Inception to Date* |
| | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X DAX Germany ETF* | 34.06% | 32.89% | 11.28% | 11.43% | 8.57% | 8.58% | 6.14% | 6.16% |
DAX® Index | 34.87% | 34.87% | 11.86% | 11.86% | 9.20% | 9.20% | 6.95% | 6.95% |
| MSCI EAFE Index | 34.18% | 34.18% | 11.54% | 11.54% | 9.79% | 9.79% | 6.73% | 6.73% |
Growth of a $10,000 Investment
(At Net Asset Value)
*Fund commenced operations on October 22, 2014. The financial statements include the financial information of the Predecessor Fund through December 21, 2018 (See Note 1 in Notes to Financial Statements).
The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X DAX Germany ETF | |
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above and on previous page.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Portugal ETF | |
Global X MSCI Portugal ETF
The Global X MSCI Portugal ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Portugal Plus 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to represent the performance of the Broad Portugal Equity Universe, as defined by MSCI, Inc., the provider of the Underlying Index, while maintaining a minimum of 20 Securities and 18 issuers at all rebalances and applying the MSCI 25/50 Indexes methodology. The Underlying Index includes securities that are classified in Portugal according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Portugal and carry out the majority of their operations in Portugal.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 42.30%, while the Underlying Index increased 42.24%. The Fund had a net asset value of $8.50 per share on October 31, 2020 and ended the reporting period with a net asset value of $11.71 per share on October 31, 2021.
During the reporting period, the highest returns derived from CTT - Correios de Portugal SA and Ramada Investimentos e Industria SA, which returned 129.98% and 113.01%, respectively. The worst performers included Grupo Empresarial San Jose, SA and Fosun International Limited, which returned -18.65% and -17.07%, respectively.
The Fund’s heavy exposure to the Utilities sector, which tend to be less volatile and non-cyclical, softened the fallout from a COVID-19 surge and lockdown in early 2021, as well as preserved positive returns. Since March, containment measures progressively improved the COVID-19 pandemic situation and thus the Portuguese economy. The Central Bank of Portugal projects that the national output should reach pre-pandemic levels of economic activity at the end of 2021, mainly supported by expansionary economic policies and a successful COVID-19 vaccination program put in place over the last year.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Portugal ETF | |
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021 |
| | One Year Return | Three Year Return | Five Year Return | Annualized Inception to Date* |
| | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X MSCI Portugal ETF | 42.30% | 42.64% | 6.06% | 6.32% | 7.85% | 7.80% | 0.29% | 0.26% |
| Hybrid FTSE Portugal 20 Index/MSCI All Portugal Plus 25/50 Index** | 42.24% | 42.24% | 6.04% | 6.04% | 7.85% | 7.85% | 0.37% | 0.37% |
| MSCI EAFE Index | 34.18% | 34.18% | 11.54% | 11.54% | 9.79% | 9.79% | 5.66% | 5.66% |
Growth of a $10,000 Investment
(At Net Asset Value)
*Fund commenced operations on November 12, 2013.
** Hybrid index performance reflects the performance of the FTSE Portugal 20 Index through December 5, 2016, and the MSCI All Portugal Plus 25/50 Index thereafter.
The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Portugal ETF | |
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above and on previous page.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Colombia ETF | |
Global X MSCI Colombia ETF
The Global X MSCI Colombia ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Colombia Select 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to represent the performance of the Broad Colombia Equity Universe, as defined by MSCI, Inc., the provider of the Underlying Index, while including constituents with minimum levels of liquidity and applying the MSCI 25/50 Indexes methodology. The Underlying Index includes securities that are classified in Colombia according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Colombia and carry out the majority of their operations in Colombia. Further, the Underlying Index only includes new securities with a minimum liquidity threshold of a 6-month Annualized Traded Value greater than or equal to USD 25,000,000 and a 6-month Frequency of Trading greater than or equal to 95%.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 35.98%, while the Underlying Index increased 36.68%. The Fund had a net asset value of $23.26 per share on October 31, 2020 and ended the reporting period with a net asset value of $30.76 per share on October 31, 2021.
During the reporting period, the highest returns derived from Tecnoglass Inc and Ecopetrol SA, which returned 546.04% and 64.92%, respectively. The worst performers included Enel Americas SA and Millicom International Cellular SA, which returned -11.55% and -11.39%, respectively.
Positive returns for the Fund during the reporting period partially stemmed from a fast recovery, which started at a low baseline, and a relief program for the Financials sector, to which the Fund has significant exposure. The COVID-19 pandemic significantly impacted Colombia, but prompt and decisive actions by the Colombian government to protect lives and livelihoods allowed economic activity to resume quickly. By June 2021, economic activity almost reached pre-pandemic levels, despite a transient slowdown attributable to mobility curbs in April, as well as protests and civil unrest in May. Colombia’s central bank raised its interest rates (the first increase since 2016) to counter inflation — the product of a sharp increase in consumption amid a low-interest-rate environment.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Colombia ETF | |
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021 |
| | One Year Return | Three Year Return | Five Year Return | Ten Year Return |
| | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X MSCI Colombia ETF | 35.98% | 37.52% | -0.44% | -0.16% | -0.81% | -0.71% | -6.33% | -6.37% |
| Hybrid MSCI All Colombia Select 25/50 Index/MSCI All Colombia Capped Index/FTSE Colombia 20 Index** | 36.68% | 36.68% | -0.19% | -0.19% | -0.39% | -0.39% | -5.76% | -5.76% |
| MSCI Emerging Markets Index | 16.96% | 16.96% | 12.30% | 12.30% | 9.39% | 9.39% | 4.88% | 4.88% |
Growth of a $10,000 Investment
(At Net Asset Value)
*Fund commenced operations on February 5, 2009.
** Reflects performance of the FTSE Colombia 20 Index through July 14, 2014, the MSCI All Colombia Capped Index through August 30, 2016 and the MSCI All Colombia Select 25/50 Index, thereafter. The inception of the MSCI All Colombia Select 25/50 Index (“New Index”) was on July 15, 2016. Effective on or around August 31, 2016, the Fund began to track the New Index. This change was due to the planned migration to the New Index, potentially improving the trading characteristics of the Fund.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Colombia ETF | |
of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Argentina ETF | |
Global X MSCI Argentina ETF
The Global X MSCI Argentina ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Argentina 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to represent the performance of the Broad Argentina Equity Universe, as defined by MSCI, Inc., the provider of the Underlying Index, while including a minimum number of constituents. The Underlying Index includes securities that are classified in Argentina according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Argentina and carry out the majority of their operations in Argentina. The Underlying Index targets a minimum of 25 securities and 20 issuers at construction.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 40.09%, while the Underlying Index increased 40.77%. The Fund had a net asset value of $23.64 per share on October 31, 2020 and ended the reporting period with a net asset value of $33.00 per share on October 31, 2021.
During the reporting period, the highest returns derived from Corporacion America Airports SA and Edenor SA, which returned 227.91% and 101.51%, respectively. The worst performers included Yamana Gold Inc and SSR Mining Inc, which returned -23.21% and -14.05%, respectively.
The Fund is balanced across various sectors, both cyclical and non-cyclical, and its performance during the reporting period followed the trajectory of Argentina’s economic recovery. Argentina reached an agreement with the Paris Club through which it avoided default by delaying the bulk of a $2.4 billion payment due to a group of wealthy countries by the end of July of 2021. However, economic reopening, attributed to a fast COVID-19 vaccine rollout and significant policy responses, facilitated a rapid recovery and strengthened prospects for global growth. Argentina could benefit from this due to rising agricultural commodity prices, as it is a large exporter of soya products.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Argentina ETF | |
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021 |
| | One Year Return | Three Year Return | Five Year Return | Ten Year Return |
| | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X MSCI Argentina ETF | 40.09% | 40.07% | 10.18% | 10.11% | 7.63% | 7.45% | 5.10% | 5.12% |
| Hybrid FTSE Argentina 20 Index/MSCI All Argentina 25/50 Index** | 40.77% | 40.77% | 10.67% | 10.67% | 7.54% | 7.54% | 5.72% | 5.72% |
| MSCI Emerging Markets Index | 16.96% | 16.96% | 12.30% | 12.30% | 9.39% | 9.39% | 4.88% | 4.88% |
Growth of a $10,000 Investment
(At Net Asset Value)
*Fund commenced operations on March 2, 2011.
**Reflects performance of the FTSE Argentina 20 Index through August 14, 2014 and the MSCI All Argentina 25/50 Index (“New Index”) thereafter.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Argentina ETF | |
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Pakistan ETF | |
Global X MSCI Pakistan ETF
The Global X MSCI Pakistan ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Pakistan Select 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to represent the performance of the Broad Pakistan Equity Universe, as defined by MSCI, Inc., the provider of the Underlying Index, while including a minimum number of constituents. The Underlying Index includes securities that are classified in Pakistan according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Pakistan and carry out the majority of their operations in Pakistan. Issuers held by the Underlying Index are screened to meet certain liquidity thresholds.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 0.02%, while the Underlying Index increased 1.24%. The Fund had a net asset value of $27.38 per share on October 31, 2020 and ended the reporting period with a net asset value of $25.99 per share on October 31, 2021.
During the reporting period, the highest returns derived from United Bank Limited and Engro Fertilizers Ltd, which returned 41.21% and 39.74%, respectively. The worst performers included Pakistan International Bulk Terminal Ltd and TRG Pakistan Limited, which returned -39.73% and -38.54%, respectively.
Given that the Fund has significant exposure to the Materials sector, which is sensitive to macroeconomic performance, returns remained neutral during the reporting period as Pakistan grappled with various headwinds. During the fourth COVID-19 wave, the government implemented micro-lockdowns, containing the spread of the infection while permitting economic activity to continue, thereby mitigating the economic fallout. While now accelerating, the vaccination rate in Pakistan remains low by global standards. The crisis in neighboring Afghanistan not only prompted fear that extremist groups operating in Pakistan would feel emboldened, but also created a sudden surge in demand for food that Pakistani officials worried would bring about inflation. Both of these factors contributed negatively to the Fund during the reporting period.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Pakistan ETF | |
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021 |
| | One Year Return | Three Year Return | Five Year Return | Annualized Inception to Date* |
| | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X MSCI Pakistan ETF* | 0.02% | 0.61% | -9.50% | -9.17% | -10.92% | -11.19% | -8.09% | -8.30% |
| MSCI All Pakistan Select 25/50 Index | 1.24% | 1.24% | -8.33% | -8.33% | -9.63% | -9.63% | -6.45% | -6.45% |
| MSCI Emerging Markets Index | 16.96% | 16.96% | 12.30% | 12.30% | 9.39% | 9.39% | 5.39% | 5.39% |
Growth of a $10,000 Investment
(At Net Asset Value)
*Fund commenced operations on April 22, 2015.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Pakistan ETF | |
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Nigeria ETF | |
Global X MSCI Nigeria ETF
The Global X MSCI Nigeria ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Nigeria Select 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to reflect the broad Nigeria equity universe, as defined by MSCI, Inc., the provider of the Underlying Index. The Underlying index is comprised of companies that are classified in Nigeria according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Nigeria and carry out the majority of their operations in Nigeria. The stocks are screened to meet certain liquidity thresholds and weighted according to modified free-float market capitalization.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 16.11%, while the Underlying Index increased 19.28%. The Fund had a net asset value of $14.25 per share on October 31, 2020 and ended the reporting period with a net asset value of $15.73 per share on October 31, 2021.
During the reporting period, the highest returns came from Dangote Cement Plc and FBN Holdings Plc, which returned 76.22% and 68.52%, respectively. The worst performers included Sterling Bank Plc and Guaranty Trust Holding Company Plc, which returned -18.65% and -9.30%, respectively.
In 2020, Nigeria plunged into its deepest recession in two decades, but growth resumed in 2021 as COVID-19 pandemic-induced controls were eased, oil prices bounced back, and the authorities executed policies to counter the economic shock. The strong rally in oil prices helped Nigeria narrow its fiscal deficit during the reporting period. To a considerable extent, the economic recovery rode on increased levels of vaccinations, which improved business and consumer sentiment. The country has been upgrading its transport networks and revamping the obsolete power grids to stimulate agriculture and other non-oil industries over the long run, as well as cut reliance on volatile crude revenues.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Nigeria ETF | |
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021 |
| | One Year Return | Three Year Return | Five Year Return | Annualized Inception to Date* |
| | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X MSCI Nigeria ETF | 16.11% | 8.12% | 0.90% | -9.21% | 2.30% | -4.88% | -11.71% | -14.62% |
| Hybrid MSCI All Nigeria Select 25/50Index/Solactive Nigeria Index** | 19.28% | 19.28% | 3.64% | 3.64% | 5.12% | 5.12% | -9.55% | -9.55% |
| MSCI Emerging Markets Index | 16.96% | 16.96% | 12.30% | 12.30% | 9.39% | 9.39% | 4.91% | 4.91% |
Growth of a $10,000 Investment
(At Net Asset Value)
*Fund commenced operations on April 2, 2013.
**Reflects performance of the Solactive Nigeria Index through August 14, 2014 and the MSCI All Nigeria Select 25/50 Index thereafter.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Nigeria ETF | |
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Next Emerging & Frontier ETF | |
Global X MSCI Next Emerging & Frontier ETF
The Global X MSCI Next Emerging & Frontier ETF (“Fund”) seeks to provide investment results that generally correspond to the price and yield performance, before fees and expenses, of the MSCI Select Emerging and Frontier Markets Access Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to represent the performance of a selection of 200 securities from select countries within the MSCI Emerging and Frontier Markets Index. The Underlying Index screens securities classified in the emerging markets to target companies with high economic exposure to the emerging and frontier markets excluding Brazil, Russia, India, China, Korea, and Taiwan. A liquidity screen is applied to the securities classified in the Frontier Markets with an aim to enhance the replicability of the Underlying Index. The Underlying Index aims to mitigate concentration risk by applying caps at the country, sector, and issuer levels.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 30.74%, while the Underlying Index increased 31.76%. The Fund had a net asset value of $16.46 per share on October 31, 2020 and ended the reporting period with a net asset value of $21.00 per share on October 31, 2021.
During the reporting period, the highest returns derived from National Atomic Company Kazatomprom JSC Sponsored GDR RegS and BANK POLSKA KASA OPIEKI SA, which returned 220.99% and 219.45%, respectively. The worst performers included Kossan Rubber Industries Bhd and Allegro.eu Societe anonyme, which returned -65.11% and -44.96%, respectively.
The Fund tracks the performance of emerging and frontier market securities excluding Brazil, Russia, India, China, South Korea, and Taiwan. Positive performance in the Fund during the reporting period can be attributed to a robust first half of 2021 for emerging and frontier markets, attributable to worldwide vaccination efforts dampening the effects of the COVID-19 pandemic. In addition, rising commodity prices amid supply chain disruptions have helped increase revenues for several emerging and frontier markets that depend on raw materials exports. Sector weightings were highest in Financials at 30.4%, followed by Communication Services (13.3%) during the reporting period. The highest average country exposures for the Fund were Indonesia (11%), Thailand (10.3%), Saudi Arabia (10%), and South Africa (8.8%).
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Next Emerging & Frontier ETF | |
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021 |
| | One Year Return | Three Year Return | Five Year Return | Annualized Inception to Date* |
| | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X MSCI Next Emerging & Frontier ETF | 30.74% | 31.22% | 4.69% | 5.03% | 3.74% | 3.50% | 0.12% | 0.17% |
| Hybrid Solactive Next Emerging & Frontier Index/ MSCI Select Emerging and Frontier Markets Access Index** | 31.76% | 31.76% | 5.55% | 5.55% | 4.49% | 4.49% | 0.85% | 0.85% |
| MSCI Emerging Markets Index | 16.96% | 16.96 | 12.30% | 12.30% | 9.39% | 9.39% | 5.19% | 5.19% |
Growth of a $10,000 Investment
(At Net Asset Value)
*Fund commenced operations on November 6, 2013.
** Reflects performance of the Solactive Next Emerging & Frontier Index through January 15, 2019 and the MSCI Select Emerging and Frontier Markets Access Index thereafter.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Next Emerging & Frontier ETF | |
all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Norway ETF | |
Global X MSCI Norway ETF
The Global X MSCI Norway ETF (formerly known as the Global X FTSE Nordic Region ETF) (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Norway IMI 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
Effective as of the close of business on October 29, 2021, the Fund underwent a reorganization and assumed the performance, financial, accounting and other historical information of the predecessor fund, which was named the Global X MSCI Norway ETF. The Predecessor Fund and the Fund have identical investment objectives, strategies and restrictions. The portfolio managers of the Fund are the same members of the portfolio management team of the Predecessor Fund.
The Underlying Index is designed to reflect broad based equity market performance in Norway as defined by MSCI, Inc., the provider of the Underlying Index. The Underlying Index includes securities that are classified in Norway according to the MSCI Global Investable Market Index Methodology, which is a methodology that seeks to identify the investable universe of companies globally in order to facilitate the construction of replicable indexes such as the Underlying Index. The MSCI Global Investable Market Index Methodology screens companies using size, liquidity and other criteria in order to determine the investable universe.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 64.44%, while the Underlying Index increased 65.23%. The Fund had a net asset value of $20.12 per share on October 31, 2020 and ended the reporting period with a net asset value of $32.01 per share on October 31, 2021.
During the reporting period, the highest returns derived from DNO ASA and Flex LNG Ltd, which returned 252.14% and 248.98%, respectively. The worst performers included Atlantic Sapphire ASA and Aker BioMarine ASA, which returned -52.51% and -46.1%, respectively.
The Norwegian economy regained all the ground lost during the COVID-19 pandemic and certain oil company equities in the Fund benefited from rising oil prices, resulting in positive returns for the Fund during the reporting period. Given that Norway boasts one of the highest vaccination rates in the world, to a considerable degree, it has avoided implementing shutdown measures that would have likely weakened the economy. Momentum picked up halfway through the third quarter of 2021, with gross domestic product expanding at the quickest pace in 14 months in August 2021. As business activity, especially manufacturing and household services, gained substantial momentum
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Norway ETF | |
between June 2021 and September 2021, Norway’s central bank hiked interest rates from a record low of 0%; it is expected to continue to increase rates going forward.
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021 |
| | One Year Return | Three Year Return | Five Year Return | Ten Year Return |
| | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price |
Global X MSCI Norway ETF† | 64.44% | 65.62% | 7.48% | 8.18% | 10.66% | 10.91% | 4.69% | 4.84% |
| Hybrid MSCI Norway IMI 25/50 Index/FTSE Norway 30 Index** | 65.23% | 65.23% | 7.83% | 7.83% | 10.98% | 10.98% | 5.15% | 5.15% |
| MSCI EAFE Index | 34.18% | 34.18% | 11.54% | 11.54% | 9.79% | 9.79% | 7.37% | 7.37% |
Growth of a $10,000 Investment
(At Net Asset Value)
*Fund commenced operations on November 9, 2010.
**Reflects performance of the FTSE Norway 30 Index through July 14, 2014 and the MSCI Norway IMI 25/50 Index thereafter.
† Performance for periods prior to November 1, 2021 reflects the historical performance of the Global X MSCI Norway ETF, the predecessor fund. On October 29, 2021, the Global X MSCI Norway ETF (the “Acquired Fund”) was reorganized into the Global X FTSE Nordic Region ETF (the “Acquiring Fund”), each a separate series of the Trust (together, the “Combined Fund”) and the Combined Fund was renamed the Global X MSCI Norway ETF. As a result of the Reorganization as of the close of business on October 29, 2021, the Combined Fund assumed the performance and accounting history of the Acquired Fund. Accordingly, performance figures for the Combined Fund for periods prior to the date of the Reorganization represent the performance of the Acquired Fund (See Note 1 in Notes to Financial Statements).
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X MSCI Norway ETF | |
The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X FTSE Southeast Asia ETF | |
Global X FTSE Southeast Asia ETF
The Global X FTSE Southeast Asia ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE ASEAN 40 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index tracks the performance of the 40 largest companies in the five ASEAN countries (together, the “Member Nations”): Indonesia, Philippines, Singapore, Malaysia, and Thailand. The Underlying Index is free-float adjusted and weighted by market capitalization and designed using eligible stocks within the FTSE All-World Index.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 31.94%, while the Underlying Index increased 32.95%. The Fund had a net asset value of $11.66 per share on October 31, 2020 and ended the reporting period with a net asset value of $15.10 per share on October 31, 2021.
During the reporting period, the highest returns derived from Siam Commercial Bank Public Company Limited and CIMB Group Holdings Bhd, which returned 88.58% and 83.40%, respectively. The worst performers included Top Glove Corporation Bhd and PT Unilever Indonesia Tbk, which returned -44.43% and 39.95%, respectively.
Adverse macroeconomic conditions, mostly due to pandemic restrictions, hampered returns for the Fund during the reporting period. The recovery from the COVID-19 pandemic in Southeast Asian nations continues to be staggered, due mainly to the subsequent waves of the COVID-19 pandemic that have battered the Member Nations, as well as current ongoing political turmoil in Myanmar. Vietnam notably suffered from a record contraction, but that did not have a direct impact on the Fund, as it has no direct exposure to Vietnamese equities. With the Member Nations battling ongoing surges in COVID-19 cases, the extent to which growth will be impacted in Southeast Asian markets remains unclear.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X FTSE Southeast Asia ETF | |
| | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021 |
| | One Year Return | Three Year Return | Five Year Return | Ten Year Return |
| | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X FTSE Southeast Asia ETF | 31.94% | 31.90% | 2.62% | 2.80% | 4.74% | 4.89% | 2.59% | 2.67% |
| FTSE/ASEAN 40 Index | 32.95% | 32.95% | 3.35% | 3.35% | 5.47% | 5.47% | 3.23% | 3.23% |
| MSCI Emerging Markets Index | 16.96% | 16.96% | 12.30% | 12.30% | 9.39% | 9.39% | 4.88% | 4.88% |
Growth of a $10,000 Investment
(At Net Asset Value)
*Fund commenced operations on February 16, 2011.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
| | Management Discussion of Fund Performance (unaudited) | |
| | Global X FTSE Southeast Asia ETF | |
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Energy ETF | |
Sector Weightings (Unaudited)†:
† Sector weightings percentages are based on the total market value of investments.
| | | | | | | |
| COMMON STOCK — 97.0% | | | | | | |
| AUSTRALIA — 4.6% | | | | | | |
| Energy — 4.6% | | | | | | |
Woodside Petroleum | | | 12,210 | | | $ | 213,316 | |
| | | | | | | | | |
| CHINA — 87.7% | | | | | | | | |
| Energy — 87.7% | | | | | | | | |
| China Merchants Energy Shipping, Cl A | | | 289,620 | | | | 207,172 | |
China Oilfield Services, Cl H | | | 385,386 | | | | 371,066 | |
| China Petroleum & Chemical, Cl A | | | 29,750 | | | | 19,748 | |
| China Petroleum & Chemical, Cl H | | | 749,397 | | | | 368,001 | |
China Shenhua Energy, Cl A | | | 6,600 | | | | 20,503 | |
China Shenhua Energy, Cl H | | | 174,930 | | | | 376,887 | |
| COSCO SHIPPING Energy Transportation, Cl A | | | 207,100 | | | | 191,810 | |
Guanghui Energy, Cl A * | | | 244,650 | | | | 252,571 | |
| Inner Mongolia Yitai Coal, Cl B | | | 244,594 | | | | 212,063 | |
| Offshore Oil Engineering, Cl A | | | 252,175 | | | | 183,144 | |
PetroChina, Cl A | | | 24,100 | | | | 20,627 | |
PetroChina, Cl H | | | 860,763 | | | | 416,049 | |
Shaanxi Coal Industry, Cl A | | | 108,236 | | | | 211,478 | |
| Shanxi Coking Coal Energy Group, Cl A | | | 138,153 | | | | 199,374 | |
| Shanxi Lu’an Environmental Energy Development, Cl A | | | 92,265 | | | | 186,470 | |
Sinopec Kantons Holdings | | | 511,300 | | | | 195,212 | |
| Yantai Jereh Oilfield Services Group, Cl A | | | 31,500 | | | | 208,058 | |
Yanzhou Coal Mining, Cl A | | | 38,364 | | | | 135,296 | |
Yanzhou Coal Mining, Cl H | | | 204,725 | | | | 303,704 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Energy ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
TOTAL CHINA | | | | | $ | 4,079,233 | |
| JAPAN — 4.7% | | | | | | | |
| Energy — 4.7% | | | | | | | |
Inpex | | | 26,514 | | | | 221,366 | |
| | | | | | | | | |
| TOTAL COMMON STOCK | | | | | | | | |
(Cost $3,961,269) | | | | | | | 4,513,915 | |
| TOTAL INVESTMENTS — 97.0% | | | | | | | | |
(Cost $3,961,269) | | | | | | $ | 4,513,915 | |
Percentages are based on Net Assets of $4,652,014.
| * | Non-income producing security. |
Cl — Class
As of October 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 year ended October 31, 2021, there were no transfers in or out of Level 3.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Materials ETF | |
Sector Weightings (Unaudited)†:
† Sector weightings percentages are based on the total market value of investments.
| | | | | | | |
COMMON STOCK — 99.9% | | | | | | |
| CHINA — 95.6% | | | | | | |
| Materials — 95.6% | | | | | | |
Aluminum Corp of China, Cl A * | | | 74,000 | | | $ | 70,964 | |
Aluminum Corp of China, Cl H * | | | 330,339 | | | | 197,463 | |
Anhui Conch Cement, Cl A | | | 14,500 | | | | 86,239 | |
Anhui Conch Cement, Cl H | | | 91,020 | | | | 452,815 | |
| Anhui Honglu Steel Construction Group, Cl A | | | 2,000 | | | | 13,151 | |
Baoshan Iron & Steel, Cl A | | | 107,300 | | | | 119,489 | |
BBMG, Cl A | | | 61,200 | | | | 26,859 | |
Chifeng Jilong Gold Mining, Cl A * | | | 5,100 | | | | 13,007 | |
China Hongqiao Group | | | 168,000 | | | | 186,809 | |
China Jushi, Cl A | | | 22,959 | | | | 68,633 | |
China Molybdenum, Cl A | | | 93,600 | | | | 87,567 | |
China Molybdenum, Cl H | | | 278,154 | | | | 172,705 | |
| China National Building Material, Cl H | | | 313,000 | | | | 393,511 | |
| China Northern Rare Earth Group High-Tech, Cl A | | | 18,900 | | | | 149,365 | |
| China Resources Cement Holdings | | | 202,900 | | | | 171,104 | |
Ganfeng Lithium, Cl A | | | 5,800 | | | | 151,642 | |
Ganfeng Lithium, Cl H | | | 18,800 | | | | 352,603 | |
GEM, Cl A | | | 28,700 | | | | 48,859 | |
| Guangdong Hongda Blasting, Cl A | | | 5,552 | | | | 23,872 | |
| Guangzhou Tinci Materials Technology, Cl A | | | 3,280 | | | | 84,491 | |
| Hangzhou Oxygen Plant Group, Cl A | | | 2,500 | | | | 10,113 | |
Hengli Petrochemical, Cl A | | | 30,220 | | | | 104,026 | |
Hengyi Petrochemical, Cl A | | | 24,100 | | | | 41,216 | |
Hesteel, Cl A | | | 76,200 | | | | 29,277 | |
Huafon Chemical, Cl A | | | 8,400 | | | | 15,599 | |
Huaxin Cement, Cl A | | | 9,300 | | | | 24,315 | |
Hunan Valin Steel, Cl A | | | 38,700 | | | | 32,277 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Materials ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Materials — continued | | | | | | |
Inner Mongolia BaoTou Steel Union, Cl A * | | | 242,500 | | | $ | 106,428 | |
| Inner Mongolia Junzheng Energy & Chemical Industry Group, Cl A | | | 54,300 | | | | 43,506 | |
| Jiangsu Eastern Shenghong, Cl A | | | 9,100 | | | | 38,730 | |
Jiangsu Shagang, Cl A | | | 15,600 | | | | 15,131 | |
| Jiangsu Yangnong Chemical, Cl A | | | 2,100 | | | | 38,627 | |
| Jiangsu Yoke Technology, Cl A | | | 1,600 | | | | 18,980 | |
Jiangxi Copper, Cl A | | | 12,900 | | | | 46,924 | |
Jiangxi Copper, Cl H | | | 93,891 | | | | 164,390 | |
Kingfa Sci & Tech, Cl A | | | 10,100 | | | | 18,504 | |
LB Group, Cl A | | | 13,000 | | | | 57,643 | |
| Lee & Man Paper Manufacturing | | | 115,400 | | | | 86,635 | |
Luxi Chemical Group, Cl A | | | 5,600 | | | | 14,344 | |
MMG * | | | 187,600 | | | | 86,818 | |
| Ningxia Baofeng Energy Group, Cl A | | | 17,800 | | | | 40,589 | |
Pangang Group Vanadium Titanium & Resources, Cl A * | | | 64,200 | | | | 40,108 | |
Real Gold Mining *(A)(B)(C) | | | 97,864 | | | | — | |
| Rongsheng Petro Chemical, Cl A | | | 51,100 | | | | 137,593 | |
Satellite Chemical, Cl A | | | 3,880 | | | | 23,603 | |
Shandong Gold Mining, Cl A | | | 20,820 | | | | 64,775 | |
Shandong Gold Mining, Cl H | | | 49,100 | | | | 89,249 | |
| Shandong Hualu Hengsheng Chemical, Cl A | | | 12,170 | | | | 59,076 | |
| Shandong Nanshan Aluminum, Cl A | | | 69,400 | | | | 46,825 | |
| Shandong Sun Paper Industry JSC, Cl A | | | 18,400 | | | | 32,991 | |
| Shanghai Putailai New Energy Technology, Cl A | | | 3,765 | | | | 104,546 | |
Shanxi Meijin Energy, Cl A * | | | 6,200 | | | | 10,884 | |
| Shanxi Taigang Stainless Steel, Cl A | | | 35,500 | | | | 42,693 | |
| Shenghe Resources Holding, Cl A | | | 5,500 | | | | 17,369 | |
| Shenzhen Capchem Technology, Cl A | | | 1,200 | | | | 26,869 | |
| Sinoma Science & Technology, Cl A | | | 4,900 | | | | 28,837 | |
| Sinopec Shanghai Petrochemical, Cl A | | | 46,800 | | | | 28,434 | |
Skshu Paint, Cl A | | | 1,218 | | | | 21,203 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Materials ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Materials — continued | | | | | | |
Tangshan Jidong Cement, Cl A | | | 10,000 | | | $ | 18,180 | |
Tongkun Group, Cl A | | | 14,400 | | | | 44,846 | |
| Tongling Nonferrous Metals Group, Cl A | | | 69,800 | | | | 40,227 | |
Transfar Zhilian, Cl A | | | 25,100 | | | | 32,107 | |
| Wanhua Chemical Group, Cl A | | | 15,447 | | | | 254,454 | |
| Weihai Guangwei Composites, Cl A | | | 3,300 | | | | 34,991 | |
Xiamen Tungsten, Cl A | | | 9,600 | | | | 34,036 | |
Yintai Gold, Cl A | | | 19,220 | | | | 26,476 | |
Yunnan Aluminium, Cl A * | | | 6,700 | | | | 12,442 | |
| Yunnan Energy New Material, Cl A | | | 4,500 | | | | 205,043 | |
Zhaojin Mining Industry | | | 95,784 | | | | 68,584 | |
Zhejiang Huayou Cobalt, Cl A | | | 6,230 | | | | 108,055 | |
Zhejiang Juhua, Cl A | | | 18,900 | | | | 45,872 | |
| Zhejiang Longsheng Group, Cl A | | | 21,200 | | | | 41,223 | |
Zhongjin Gold, Cl A | | | 32,000 | | | | 41,582 | |
Zijin Mining Group, Cl A | | | 34,700 | | | | 56,689 | |
Zijin Mining Group, Cl H | | | 375,159 | | | | 522,779 | |
| | | | | | | | | |
TOTAL CHINA | | | | | | | 6,267,861 | |
| HONG KONG — 4.3% | | | | | | | | |
| Materials — 4.3% | | | | | | | | |
China Lumena New Materials *(A)(B)(C) | | | 48 | | | | — | |
Huabao International Holdings | | | 59,500 | | | | 111,825 | |
Nine Dragons Paper Holdings | | | 137,870 | | | | 173,333 | |
| | | | | | | | | |
TOTAL HONG KONG | | | | | | | 285,158 | |
| TOTAL COMMON STOCK | | | | | | | | |
(Cost $5,881,194) | | | | | | | 6,553,019 | |
| TOTAL INVESTMENTS — 99.9% | | | | | | | | |
(Cost $5,881,194) | | | | | | $ | 6,553,019 | |
Percentages are based on Net Assets of $6,557,610.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Materials ETF | |
| * | Non-income producing security. |
| (A) | Level 3 security in accordance with fair value hierarchy. |
| (B) | Security considered illiquid (Unaudited). The total value of such securities as of October 31, 2021 was $0 and represented 0.0% of Net Assets. |
| (C) | Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2021, was $0 and represents 0.0% of Net Assets. |
Cl — Class
The following is a summary of the level of inputs used as of October 31, 2021, in valuing the Fund’s investments carried at value:
| Investments in Securities | | | | | | | | | | | | |
| Common Stock | | $ | 6,553,019 | | | $ | — | | | $ | — | | | $ | 6,553,019 | |
| Total Investments in Securities | | $ | 6,553,019 | | | $ | — | | | $ | — | | | $ | 6,553,019 | |
(1) | A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets. |
For the year ended October 31, 2021, there were no transfers in or out of Level 3.
Amounts designated as “—“ are $0 or have been rounded to $0.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Industrials ETF | |
Sector Weightings (Unaudited)†:
† Sector weightings percentages are based on the total market value of investments.
| | | | | | | |
| COMMON STOCK — 99.9% | | | | | | |
| CHINA — 98.6% | | | | | | |
| Industrials — 98.6% | | | | | | |
51job ADR * | | | 682 | | | $ | 40,620 | |
| AECC Aero-Engine Control, Cl A | | | 1,800 | | | | 7,501 | |
AECC Aviation Power, Cl A | | | 3,600 | | | | 33,263 | |
Air China, Cl A * | | | 9,000 | | | | 11,962 | |
Air China, Cl H * | | | 40,600 | | | | 28,653 | |
| AVIC Electromechanical Systems, Cl A | | | 5,100 | | | | 12,107 | |
| AviChina Industry & Technology, Cl H | | | 55,990 | | | | 35,700 | |
AVICOPTER, Cl A | | | 800 | | | | 7,849 | |
Beijing Capital International Airport, Cl H * | | | 42,431 | | | | 27,545 | |
| Beijing New Building Materials, Cl A | | | 2,200 | | | | 9,703 | |
| Beijing Originwater Technology, Cl A | | | 4,100 | | | | 4,470 | |
| Beijing United Information Technology, Cl A | | | 500 | | | | 8,762 | |
| Beijing-Shanghai High Speed Railway, Cl A | | | 55,300 | | | | 39,730 | |
China Baoan Group, Cl A | | | 3,400 | | | | 11,104 | |
| China Communications Services, Cl H | | | 54,500 | | | | 30,126 | |
| China Conch Venture Holdings | | | 36,660 | | | | 179,081 | |
China CSSC Holdings, Cl A | | | 6,200 | | | | 21,836 | |
China Eastern Airlines, Cl A * | | | 14,800 | | | | 11,165 | |
| China Everbright Environment Group | | | 82,650 | | | | 56,842 | |
China Lesso Group Holdings | | | 24,600 | | | | 38,201 | |
| China Merchants Port Holdings | | | 33,131 | | | | 55,367 | |
| China National Chemical Engineering, Cl A | | | 8,600 | | | | 14,117 | |
China Railway Group, Cl A | | | 27,900 | | | | 22,877 | |
China Railway Group, Cl H | | | 89,898 | | | | 44,030 | |
China Southern Airlines, Cl A * | | | 16,900 | | | | 17,315 | |
China Southern Airlines, Cl H * | | | 38,500 | | | | 23,459 | |
| China State Construction Engineering, Cl A | | | 56,300 | | | | 40,976 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Industrials ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Industrials — continued | | | | | | |
| China State Construction International Holdings | | | 45,210 | | | $ | 46,436 | |
CITIC | | | 131,300 | | | | 131,654 | |
| Contemporary Amperex Technology, Cl A | | | 3,132 | | | | 312,686 | |
COSCO SHIPPING Holdings, Cl A * | | | 16,950 | | | | 43,760 | |
COSCO SHIPPING Holdings, Cl H * | | | 75,801 | | | | 117,711 | |
COSCO SHIPPING Ports | | | 41,330 | | | | 34,428 | |
CRRC, Cl A | | | 33,100 | | | | 30,708 | |
DiDi Global ADR * | | | 6,861 | | | | 55,368 | |
Dongfang Electric, Cl A | | | 3,700 | | | | 10,489 | |
Eve Energy, Cl A | | | 2,600 | | | | 46,070 | |
| Fangda Carbon New Material, Cl A | | | 5,263 | | | | 8,828 | |
Fosun International | | | 56,500 | | | | 66,457 | |
Gotion High-Tech, Cl A * | | | 1,700 | | | | 15,639 | |
| Guangdong Kinlong Hardware Products, Cl A | | | 451 | | | | 9,409 | |
Haitian International Holdings | | | 14,426 | | | | 42,282 | |
| Hefei Meiya Optoelectronic Technology, Cl A | | | 900 | | | | 5,683 | |
Hongfa Technology, Cl A | | | 1,000 | | | | 11,611 | |
Jiangsu Expressway, Cl H | | | 27,319 | | | | 25,847 | |
| Jiangsu Hengli Hydraulic, Cl A | | | 1,768 | | | | 22,671 | |
| Jiangsu Zhongtian Technology, Cl A | | | 4,000 | | | | 6,316 | |
| Metallurgical Corp of China, Cl A | | | 23,500 | | | | 14,902 | |
| Ming Yang Smart Energy Group, Cl A | | | 2,600 | | | | 12,584 | |
NARI Technology, Cl A | | | 7,440 | | | | 45,237 | |
| Power Construction Corp of China, Cl A | | | 21,000 | | | | 26,928 | |
Riyue Heavy Industry, Cl A | | | 1,300 | | | | 7,900 | |
| Sany Heavy Equipment International Holdings | | | 25,000 | | | | 28,667 | |
Sany Heavy Industry, Cl A | | | 11,500 | | | | 41,239 | |
SF Holding, Cl A | | | 6,200 | | | | 62,584 | |
| Shanghai Construction Group, Cl A | | | 13,000 | | | | 6,639 | |
Shanghai Electric Group, Cl A | | | 17,100 | | | | 12,686 | |
Shanghai International Airport, Cl A * | | | 1,300 | | | | 10,720 | |
| Shanghai International Port Group, Cl A | | | 12,600 | | | | 11,138 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Industrials ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Industrials — continued | | | | | | |
| Shanghai M&G Stationery, Cl A | | | 1,233 | | | $ | 12,228 | |
| Shenzhen Inovance Technology, Cl A | | | 3,450 | | | | 35,148 | |
| Shenzhen International Holdings | | | 27,706 | | | | 33,444 | |
Sichuan Road & Bridge, Cl A | | | 6,700 | | | | 12,578 | |
Sinotrans, Cl A | | | 5,800 | | | | 4,094 | |
Sinotruk Hong Kong | | | 15,700 | | | | 21,676 | |
Spring Airlines, Cl A * | | | 1,200 | | | | 10,964 | |
Sungrow Power Supply, Cl A | | | 2,000 | | | | 51,260 | |
Sunwoda Electronic, Cl A | | | 2,200 | | | | 16,936 | |
| Suzhou Gold Mantis Construction Decoration, Cl A | | | 3,800 | | | | 3,543 | |
| Suzhou Maxwell Technologies, Cl A | | | 125 | | | | 14,935 | |
TBEA, Cl A | | | 5,000 | | | | 21,093 | |
| Topsec Technologies Group, Cl A | | | 1,600 | | | | 4,613 | |
Weichai Power, Cl A | | | 9,300 | | | | 21,933 | |
Weichai Power, Cl H | | | 43,796 | | | | 78,707 | |
| Wuxi Shangji Automation, Cl A | | | 403 | | | | 18,823 | |
| XCMG Construction Machinery, Cl A | | | 10,500 | | | | 10,020 | |
Xiamen C & D, Cl A | | | 3,600 | | | | 4,504 | |
| Xinjiang Goldwind Science & Technology, Cl A | | | 4,547 | | | | 13,159 | |
| Xinjiang Goldwind Science & Technology, Cl H | | | 17,571 | | | | 39,393 | |
| Yantai Eddie Precision Machinery, Cl A | | | 1,080 | | | | 6,025 | |
YTO Express Group, Cl A | | | 4,200 | | | | 9,577 | |
Yunda Holding, Cl A | | | 3,940 | | | | 11,489 | |
Yutong Bus, Cl A | | | 2,900 | | | | 5,136 | |
Zhefu Holding Group, Cl A | | | 7,400 | | | | 8,275 | |
Zhejiang Chint Electrics, Cl A | | | 2,900 | | | | 27,285 | |
| Zhejiang Dingli Machinery, Cl A | | | 690 | | | | 7,362 | |
Zhejiang Expressway, Cl H | | | 32,040 | | | | 28,461 | |
| Zhejiang HangKe Technology, Cl A | | | 535 | | | | 8,636 | |
| Zhejiang Sanhua Intelligent Controls, Cl A | | | 4,840 | | | | 17,931 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Industrials ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Industrials — continued | | | | | | |
| Zhejiang Weixing New Building Materials, Cl A | | | 2,200 | | | $ | 6,185 | |
| Zhuzhou CRRC Times Electric, Cl H | | | 12,323 | | | | 59,088 | |
Zhuzhou Kibing Group, Cl A | | | 3,500 | | | | 8,692 | |
| Zoomlion Heavy Industry Science and Technology, Cl A | | | 9,500 | | | | 10,817 | |
| Zoomlion Heavy Industry Science and Technology, Cl H | | | 30,200 | | | | 21,818 | |
ZTO Express Cayman ADR | | | 9,814 | | | | 287,845 | |
| | | | | | | | | |
| | | | | | | | | |
TOTAL CHINA | | | | | | | 3,113,311 | |
| SINGAPORE — 1.3% | | | | | | | | |
| Industrials — 1.3% | | | | | | | | |
BOC Aviation | | | 4,720 | | | | 41,411 | |
| | | | | | | | | |
| | | | | | | | | |
| TOTAL COMMON STOCK | | | | | | | | |
(Cost $2,879,924) | | | | | | | 3,154,722 | |
| TOTAL INVESTMENTS — 99.9% | | | | | | | | |
(Cost $2,879,924) | | | | | | $ | 3,154,722 | |
Percentages are based on Net Assets of $3,157,733.
| * | Non-income producing security. |
ADR — American Depositary Receipt
Cl — Class
As of October 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 year ended October 31, 2021, there were no transfers in or out of Level 3.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Consumer Discretionary ETF | |
Sector Weightings (Unaudited)†:
† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and 7 in Notes to Financial Statements for more detailed information.
| | | Shares | | | Value | |
| COMMON STOCK — 99.9% | | | | | | |
| CHINA — 99.9% | | | | | | |
| Consumer Discretionary — 99.9% | | | | | | |
Alibaba Group Holding * | | | 2,661,056 | | | $ | 55,759,010 | |
ANTA Sports Products | | | 1,044,196 | | | | 16,322,589 | |
Baozun ADR * | | | 155,859 | | | | 2,696,361 | |
| Beijing Roborock Technology, Cl A | | | 11,091 | | | | 1,559,014 | |
| Bosideng International Holdings | | | 9,007,600 | | | | 6,993,901 | |
Brilliance China Automotive Holdings *(A)(B)(C) | | | 7,607,900 | | | | 2,251,646 | |
BYD, Cl A | | | 202,549 | | | | 9,848,272 | |
BYD, Cl H | | | 733,930 | | | | 27,983,319 | |
| Changzhou Xingyu Automotive Lighting Systems, Cl A | | | 50,030 | | | | 1,786,724 | |
China East Education Holdings (D) | | | 1,485,600 | | | | 1,415,121 | |
| China Education Group Holdings | | | 2,151,500 | | | | 3,695,058 | |
China Meidong Auto Holdings | | | 1,446,000 | | | | 7,509,709 | |
| China Tourism Group Duty Free, Cl A | | | 211,950 | | | | 8,886,891 | |
China Yuhua Education | | | 3,938,200 | | | | 1,792,150 | |
| Chongqing Changan Automobile, Cl A | | | 1,050,376 | | | | 3,199,015 | |
Dada Nexus ADR * | | | 129,577 | | | | 2,631,709 | |
Dongfeng Motor Group, Cl H * | | | 6,605,246 | | | | 6,173,008 | |
Ecovacs Robotics, Cl A | | | 76,100 | | | | 2,038,382 | |
FAW Jiefang Group, Cl A | | | 490,300 | | | | 797,167 | |
| Fuyao Glass Industry Group, Cl A | | | 323,214 | | | | 2,493,756 | |
| Fuyao Glass Industry Group, Cl H | | | 1,384,200 | | | | 7,989,482 | |
Gaotu Techedu ADR * (D) | | | 354,824 | | | | 1,043,183 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Consumer Discretionary ETF | |
| | | Shares | | | Value | |
| COMMON STOCK — continued | | | | | | |
| Consumer Discretionary — continued | | | | | | |
Geely Automobile Holdings | | | 5,859,500 | | | $ | 20,375,171 | |
GOME Retail Holdings * (D) | | | 31,463,800 | | | | 3,195,300 | |
Great Wall Motor, Cl A | | | 362,900 | | | | 3,854,186 | |
Great Wall Motor, Cl H | | | 3,585,297 | | | | 16,177,287 | |
| Guangdong Xinbao Electrical Appliances Holdings, Cl A | | | 132,000 | | | | 462,424 | |
| Guangzhou Automobile Group, Cl H | | | 6,834,923 | | | | 6,466,732 | |
Haidilao International Holding (D) | | | 1,522,400 | | | | 4,266,372 | |
Haier Smart Home, Cl A | | | 1,049,819 | | | | 4,459,849 | |
Haier Smart Home, Cl H | | | 2,525,960 | | | | 9,449,153 | |
Hang Zhou Great Star Industrial, Cl A * | | | 185,900 | | | | 929,979 | |
| Hangzhou Robam Appliances, Cl A | | | 159,132 | | | | 778,672 | |
HengTen Networks Group * (D) | | | 5,133,900 | | | | 1,762,106 | |
| Huayu Automotive Systems, Cl A | | | 549,080 | | | | 2,293,157 | |
Huazhu Group ADR * | | | 238,955 | | | | 11,077,954 | |
| Huizhou Desay Sv Automotive, Cl A | | | 82,500 | | | | 1,383,225 | |
| Jason Furniture Hangzhou, Cl A | | | 112,900 | | | | 1,097,489 | |
JD Health International * | | | 486,070 | | | | 4,305,182 | |
JD.com ADR * | | | 649,702 | | | | 50,858,673 | |
| Jiumaojiu International Holdings | | | 1,353,000 | | | | 3,391,609 | |
Joyoung, Cl A * | | | 131,300 | | | | 478,838 | |
Kuang-Chi Technologies, Cl A * | | | 354,900 | | | | 1,136,310 | |
Li Auto ADR * | | | 495,725 | | | | 16,175,507 | |
Li Ning | | | 2,083,100 | | | | 23,163,259 | |
Liaoning Cheng Da, Cl A | | | 266,513 | | | | 847,071 | |
Meituan, Cl B * | | | 2,128,650 | | | | 73,773,024 | |
Minth Group | | | 1,493,600 | | | | 5,971,290 | |
NavInfo, Cl A * | | | 392,700 | | | | 717,602 | |
New Oriental Education & Technology Group ADR * | | | 1,992,655 | | | | 4,084,943 | |
| Ningbo Joyson Electronic, Cl A | | | 220,300 | | | | 610,042 | |
Ningbo Tuopu Group, Cl A | | | 195,435 | | | | 1,584,187 | |
NIO ADR * | | | 1,054,902 | | | | 41,573,688 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Consumer Discretionary ETF | |
| | | Shares | | | Value | |
| COMMON STOCK — continued | | | | | | |
| Consumer Discretionary — continued | | | | | | |
Offcn Education Technology, Cl A * | | | 368,902 | | | $ | 601,518 | |
Oppein Home Group, Cl A | | | 88,605 | | | | 1,761,527 | |
Pinduoduo ADR * | | | 336,703 | | | | 29,939,631 | |
SAIC Motor, Cl A | | | 1,305,400 | | | | 4,134,742 | |
Sailun Group, Cl A | | | 500,553 | | | | 1,047,591 | |
Shandong Linglong Tyre, Cl A | | | 232,834 | | | | 1,282,956 | |
| Shanghai Jinjiang International Hotels, Cl A | | | 154,056 | | | | 1,299,299 | |
| Shanghai Yuyuan Tourist Mart Group, Cl A | | | 498,828 | | | | 765,846 | |
Shenzhen MTC, Cl A * | | | 709,100 | | | | 542,676 | |
| Shenzhen Overseas Chinese Town, Cl A | | | 1,333,900 | | | | 1,304,171 | |
| Shenzhou International Group Holdings | | | 835,092 | | | | 18,013,567 | |
| Songcheng Performance Development, Cl A | | | 427,880 | | | | 935,593 | |
Suning.com, Cl A * | | | 1,605,100 | | | | 1,120,589 | |
| Suofeiya Home Collection, Cl A | | | 60,500 | | | | 159,879 | |
TAL Education Group ADR * | | | 619,527 | | | | 2,533,865 | |
TCL Technology Group, Cl A | | | 2,374,505 | | | | 2,247,411 | |
Tongcheng-Elong Holdings * | | | 2,436,000 | | | | 5,455,052 | |
| Topsports International Holdings | | | 3,364,200 | | | | 4,091,159 | |
Trip.com Group ADR * | | | 516,152 | | | | 14,741,301 | |
Vipshop Holdings ADR * | | | 576,073 | | | | 6,428,975 | |
Wangfujing Group, Cl A | | | 162,600 | | | | 782,183 | |
| Weifu High-Technology Group, Cl A | | | 129,600 | | | | 393,292 | |
Wuchan Zhongda Group, Cl A | | | 871,200 | | | | 853,144 | |
Xiamen Intretech, Cl A | | | 120,940 | | | | 582,156 | |
XPeng ADR, Cl A * | | | 381,284 | | | | 17,779,273 | |
Yadea Group Holdings | | | 2,776,100 | | | | 4,782,041 | |
Yum China Holdings | | | 392,399 | | | | 22,398,135 | |
Zhejiang Semir Garment, Cl A | | | 327,987 | | | | 384,198 | |
Zhejiang Supor, Cl A * | | | 94,626 | | | | 783,291 | |
Zhongsheng Group Holdings | | | 1,078,000 | | | | 9,748,915 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Consumer Discretionary ETF | |
| | | Shares/Face Amount | | | Value | |
| COMMON STOCK — continued | | | | | | |
TOTAL CHINA | | | | | $ | 648,459,724 | |
| TOTAL COMMON STOCK | | | | | | | |
(Cost $724,666,089) | | | | | | 648,459,724 | |
| | | | | | | | |
SHORT-TERM INVESTMENT(E)(F) — 0.8% | | | | | | | |
| Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010% | | | | | | | |
(Cost $5,111,111) | | | 5,111,111 | | | | 5,111,111 | |
| | | | | | | | | |
REPURCHASE AGREEMENT(E)— 0.6% | | | | | | | | |
| BNP Paribas | | | | | | | | |
| 0.030%, dated 10/29/2021, to be repurchased on 11/01/2021, repurchase price $4,114,279 (collateralized by various U.S. Treasury Obligations, ranging in par value $165,464 - $551,792, 0.750% - 1.250%, 01/31/2028 - 03/31/2028, with a total market value of $4,204,435) | | | | | | | | |
(Cost $4,114,268) | | $ | 4,114,268 | | | | 4,114,268 | |
| TOTAL INVESTMENTS — 101.3% | | | | | | | | |
(Cost $733,891,468) | | | | | | $ | 657,685,103 | |
Percentages are based on Net Assets of $649,503,028.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Consumer Discretionary ETF | |
| * | Non-income producing security. |
| (A) | Level 3 security in accordance with fair value hierarchy. |
| (B) | Security considered illiquid (Unaudited). The total value of such securities as of October 31, 2021 was $2,251,646 and represented 0.3% of Net Assets. |
| (C) | Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2021, was $2,251,646 and represents 0.3% of Net Assets. |
| (D) | This security or a partial position of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 was $8,678,275. |
| (E) | Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2021 was $9,225,379. |
| (F) | The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2021. |
ADR — American Depositary Receipt
Cl — Class
The following is a summary of the level of inputs used as of October 31, 2021, in valuing the Fund’s investments carried at value:
| Investments in Securities | | | | | | | | | | | | |
| Common Stock | | $ | 646,208,078 | | | $ | — | | | $ | 2,251,646 | | | $ | 648,459,724 | |
| Short-Term Investment | | | 5,111,111 | | | | — | | | | — | | | | 5,111,111 | |
| Repurchase Agreement | | | — | | | | 4,114,268 | | | | — | | | | 4,114,268 | |
| Total Investments in Securities | | $ | 651,319,189 | | | $ | 4,114,268 | | | $ | 2,251,646 | | | $ | 657,685,103 | |
(1) | A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets. |
Amounts designated as “—“ are $0 or have been rounded to $0.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Consumer Staples ETF | |
Sector Weightings (Unaudited)†:
† Sector weightings percentages are based on the total market value of investments.
| | | | | | | |
| COMMON STOCK — 99.8% | | | | | | |
| CHINA — 98.9% | | | | | | |
| Consumer Staples — 98.9% | | | | | | |
Angel Yeast, Cl A | | | 7,554 | | | $ | 65,633 | |
Anhui Gujing Distillery, Cl A | | | 3,926 | | | | 139,590 | |
Anhui Gujing Distillery, Cl B | | | 14,900 | | | | 192,076 | |
Anhui Kouzi Distillery, Cl A | | | 5,600 | | | | 53,029 | |
| Beijing Dabeinong Technology Group, Cl A | | | 71,900 | | | | 96,350 | |
| Beijing Shunxin Agriculture, Cl A | | | 7,630 | | | | 38,825 | |
Beijing Yanjing Brewery, Cl A | | | 28,400 | | | | 29,408 | |
By-health, Cl A | | | 16,000 | | | | 63,673 | |
C&S Paper, Cl A | | | 11,600 | | | | 30,872 | |
Chacha Food, Cl A | | | 4,000 | | | | 35,548 | |
China Feihe | | | 381,500 | | | | 635,584 | |
China Mengniu Dairy | | | 235,800 | | | | 1,501,969 | |
| China Resources Beer Holdings | | | 163,700 | | | | 1,357,319 | |
Chongqing Brewery, Cl A * | | | 4,572 | | | | 107,432 | |
| Chongqing Fuling Zhacai Group, Cl A | | | 8,300 | | | | 45,216 | |
Dali Foods Group | | | 329,200 | | | | 183,240 | |
| DaShenLin Pharmaceutical Group, Cl A | | | 3,940 | | | | 21,766 | |
| Foshan Haitian Flavouring & Food, Cl A | | | 26,875 | | | | 491,185 | |
Fu Jian Anjoy Foods, Cl A | | | 1,100 | | | | 34,814 | |
| Fujian Sunner Development, Cl A | | | 10,200 | | | | 35,749 | |
Guangdong Haid Group, Cl A | | | 14,391 | | | | 147,558 | |
Heilongjiang Agriculture, Cl A | | | 17,900 | | | | 38,469 | |
| Henan Shuanghui Investment & Development, Cl A | | | 29,340 | | | | 135,182 | |
Hengan International Group | | | 83,100 | | | | 434,245 | |
| Inner Mongolia Yili Industrial Group, Cl A | | | 51,129 | | | | 343,378 | |
| Jiangsu King’s Luck Brewery JSC, Cl A | | | 12,000 | | | | 92,436 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Consumer Staples ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Consumer Staples — continued | | | | | | |
| Jiangsu Yanghe Brewery Joint-Stock, Cl A | | | 12,194 | | | $ | 354,582 | |
| Jiangxi Zhengbang Technology, Cl A | | | 28,700 | | | | 44,915 | |
JiuGui Liquor, Cl A | | | 1,350 | | | | 45,314 | |
| Jonjee Hi-Tech Industrial And Commercial Holding, Cl A | | | 8,200 | | | | 46,554 | |
Juewei Food, Cl A | | | 5,900 | | | | 60,680 | |
Kweichow Moutai, Cl A | | | 5,276 | | | | 1,504,740 | |
| Laobaixing Pharmacy Chain JSC, Cl A | | | 3,660 | | | | 25,009 | |
Luzhou Laojiao, Cl A | | | 11,697 | | | | 418,265 | |
Muyuan Foods, Cl A | | | 41,264 | | | | 368,061 | |
New Hope Liuhe, Cl A * | | | 51,200 | | | | 115,071 | |
Nongfu Spring, Cl H | | | 36,900 | | | | 187,132 | |
Proya Cosmetics, Cl A | | | 1,550 | | | | 48,659 | |
| Qianhe Condiment and Food, Cl A | | | 5,460 | | | | 20,935 | |
RLX Technology ADR * | | | 59,736 | | | | 290,317 | |
Shanghai Bailian Group, Cl A | | | 7,200 | | | | 15,485 | |
| Shanghai Bairun Investment Holding Group, Cl A | | | 3,060 | | | | 30,396 | |
Shanghai Jahwa United, Cl A | | | 6,900 | | | | 51,653 | |
| Shanxi Xinghuacun Fen Wine Factory, Cl A | | | 9,228 | | | | 434,542 | |
Sichuan Swellfun, Cl A | | | 4,668 | | | | 92,344 | |
Smoore International Holdings | | | 183,700 | | | | 880,829 | |
Sun Art Retail Group | | | 285,700 | | | | 168,209 | |
| Tingyi Cayman Islands Holding | | | 252,000 | | | | 471,667 | |
Toly Bread, Cl A | | | 7,900 | | | | 38,866 | |
Tongwei, Cl A | | | 37,800 | | | | 337,872 | |
Tsingtao Brewery, Cl A | | | 6,900 | | | | 112,379 | |
Tsingtao Brewery, Cl H | | | 64,900 | | | | 564,399 | |
Uni-President China Holdings | | | 200,600 | | | | 171,227 | |
Want Want China Holdings | | | 619,400 | | | | 480,133 | |
Wens Foodstuffs Group * | | | 66,844 | | | | 172,051 | |
Wuliangye Yibin, Cl A | | | 26,398 | | | | 892,660 | |
Yifeng Pharmacy Chain, Cl A | | | 6,980 | | | | 52,055 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Consumer Staples ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Consumer Staples — continued | | | | | | |
Yihai International Holding | | | 59,840 | | | $ | 351,930 | |
| Yihai Kerry Arawana Holdings, Cl A | | | 7,900 | | | | 75,117 | |
| Yixintang Pharmaceutical Group, Cl A | | | 3,100 | | | | 15,348 | |
Yonghui Superstores, Cl A | | | 125,700 | | | | 77,155 | |
Yuan Longping High-tech Agriculture, Cl A * | | | 13,400 | | | | 43,929 | |
| | | | | | | | | |
| | | | | | | | | |
TOTAL CHINA | | | | | | | 15,411,026 | |
| HONG KONG — 0.9% | | | | | | | | |
| Consumer Staples — 0.9% | | | | | | | | |
Vinda International Holdings | | | 49,300 | | | | 135,940 | |
| | | | | | | | | |
| TOTAL COMMON STOCK | | | | | | | | |
(Cost $13,915,154) | | | | | | | 15,546,966 | |
| TOTAL INVESTMENTS — 99.8% | | | | | | | | |
(Cost $13,915,154) | | | | | | $ | 15,546,966 | |
Percentages are based on Net Assets of $15,573,969.
| * | Non-income producing security. |
ADR — American Depositary Receipt
Cl — Class
JSC — Joint Stock Company
As of October 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 year ended October 31, 2021, there have been no transfers in or out of Level 3.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Health Care ETF | |
Sector Weightings (Unaudited)†:
† Sector weightings percentages are based on the total market value of investments.
| | | | | | | |
| COMMON STOCK — 99.9% | | | | | | |
| CHINA — 95.0% | | | | | | |
| Health Care — 95.0% | | | | | | |
3SBio * | | | 166,200 | | | $ | 152,119 | |
Aier Eye Hospital Group, Cl A | | | 35,524 | | | | 269,258 | |
Akeso * | | | 23,000 | | | | 128,910 | |
Alibaba Health Information Technology * | | | 373,300 | | | | 471,721 | |
Apeloa Pharmaceutical, Cl A | | | 6,100 | | | | 33,079 | |
| Asymchem Laboratories Tianjin, Cl A | | | 1,513 | | | | 94,100 | |
Autobio Diagnostics, Cl A | | | 2,282 | | | | 19,489 | |
BeiGene ADR * | | | 4,027 | | | | 1,440,538 | |
| Beijing Tiantan Biological Products, Cl A | | | 8,400 | | | | 37,876 | |
| Beijing Wantai Biological Pharmacy Enterprise, Cl A | | | 1,900 | | | | 65,650 | |
Betta Pharmaceuticals, Cl A | | | 2,420 | | | | 29,935 | |
BGI Genomics, Cl A * | | | 2,433 | | | | 33,865 | |
Burning Rock Biotech ADR * | | | 3,395 | | | | 47,836 | |
CanSino Biologics, Cl A * | | | 417 | | | | 17,839 | |
CanSino Biologics, Cl H * | | | 6,800 | | | | 175,178 | |
| Changchun High & New Technology Industry Group, Cl A | | | 2,528 | | | | 107,695 | |
| China Medical System Holdings | | | 150,300 | | | | 256,198 | |
| China National Medicines, Cl A | | | 4,000 | | | | 19,054 | |
| China Resources Pharmaceutical Group | | | 229,500 | | | | 110,634 | |
| China Resources Sanjiu Medical & Pharmaceutical, Cl A | | | 6,000 | | | | 22,612 | |
| China Traditional Chinese Medicine Holdings | | | 359,100 | | | | 170,801 | |
| Chongqing Zhifei Biological Products, Cl A | | | 9,633 | | | | 225,979 | |
CSPC Pharmaceutical Group | | | 817,208 | | | | 855,127 | |
Daan Gene, Cl A | | | 7,560 | | | | 22,729 | |
Dong-E-E-Jiao, Cl E | | | 7,800 | | | | 49,497 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Health Care ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Health Care — continued | | | | | | |
Genscript Biotech * | | | 118,700 | | | $ | 527,196 | |
| Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A | | | 16,559 | | | | 75,312 | |
| Guangzhou Kingmed Diagnostics Group, Cl A | | | 2,700 | | | | 48,280 | |
| Guangzhou Wondfo Biotech, Cl A | | | 2,390 | | | | 12,942 | |
| Hangzhou Tigermed Consulting, Cl A | | | 4,616 | | | | 122,849 | |
| Hangzhou Tigermed Consulting, Cl H | | | 10,920 | | | | 212,952 | |
Hansoh Pharmaceutical Group | | | 118,300 | | | | 264,307 | |
Huadong Medicine, Cl A | | | 18,711 | | | | 107,075 | |
| Hualan Biological Engineering, Cl A | | | 13,070 | | | | 60,627 | |
| Humanwell Healthcare Group, Cl A | | | 9,200 | | | | 30,290 | |
Hutchmed China ADR * | | | 9,352 | | | | 275,136 | |
I-Mab ADR * | | | 2,608 | | | | 161,148 | |
| Imeik Technology Development, Cl A | | | 900 | | | | 87,952 | |
Innovent Biologics * | | | 96,200 | | | | 863,185 | |
| Intco Medical Technology, Cl A | | | 2,850 | | | | 22,848 | |
Jafron Biomedical, Cl A | | | 5,200 | | | | 41,972 | |
| Jiangsu Hengrui Medicine, Cl A | | | 39,272 | | | | 302,022 | |
| Jiangsu Yuyue Medical Equipment & Supply, Cl A | | | 6,100 | | | | 33,564 | |
| Jilin Aodong Pharmaceutical Group, Cl A | | | 6,700 | | | | 16,565 | |
Jinxin Fertility Group * | | | 117,700 | | | | 166,737 | |
| Joincare Pharmaceutical Group Industry, Cl A | | | 10,100 | | | | 18,188 | |
Joinn Laboratories China, Cl A | | | 1,400 | | | | 34,985 | |
| Jointown Pharmaceutical Group, Cl A | | | 23,370 | | | | 49,604 | |
| Lepu Medical Technology Beijing, Cl A | | | 12,901 | | | | 42,958 | |
| Livzon Pharmaceutical Group, Cl A | | | 3,400 | | | | 18,660 | |
Maccura Biotechnology, Cl A | | | 3,000 | | | | 13,040 | |
Meinian Onehealth Healthcare Holdings, Cl A * | | | 45,920 | | | | 51,782 | |
Microport Scientific | | | 64,200 | | | | 302,883 | |
| Nanjing King-Friend Biochemical Pharmaceutical, Cl A | | | 6,136 | | | | 35,555 | |
Ovctek China, Cl A | | | 5,024 | | | | 53,664 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Health Care ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Health Care — continued | | | | | | |
Pharmaron Beijing, Cl A | | | 3,100 | | | $ | 92,646 | |
Pharmaron Beijing, Cl H | | | 11,350 | | | | 247,308 | |
Ping An Healthcare and Technology * | | | 45,900 | | | | 223,333 | |
| Shandong Buchang Pharmaceuticals, Cl A | | | 14,487 | | | | 39,574 | |
| Shandong Pharmaceutical Glass | | | 3,200 | | | | 16,998 | |
| Shandong Weigao Group Medical Polymer, Cl H | | | 244,300 | | | | 416,428 | |
| Shanghai Fosun Pharmaceutical Group, Cl A | | | 14,274 | | | | 111,469 | |
| Shanghai Fosun Pharmaceutical Group, Cl H | | | 52,400 | | | | 247,213 | |
| Shanghai Pharmaceuticals Holding, Cl A | | | 12,600 | | | | 36,702 | |
| Shanghai Pharmaceuticals Holding, Cl H | | | 97,400 | | | | 178,547 | |
| Shanghai RAAS Blood Products, Cl A | | | 28,800 | | | | 29,687 | |
| Shenzhen Hepalink Pharmaceutical Group, Cl A | | | 6,700 | | | | 16,073 | |
| Shenzhen Kangtai Biological Products, Cl A | | | 4,543 | | | | 81,065 | |
| Shenzhen Mindray Bio-Medical Electronics, Cl A | | | 6,461 | | | | 379,515 | |
Shenzhen Salubris Pharmaceuticals, Cl A * | | | 11,200 | | | | 50,554 | |
| Shijiazhuang Yiling Pharmaceutical, Cl A | | | 12,027 | | | | 30,149 | |
| Sichuan Kelun Pharmaceutical, Cl A | | | 17,000 | | | | 46,916 | |
Sinopharm Group, Cl H | | | 137,400 | | | | 327,822 | |
| Tonghua Dongbao Pharmaceutical, Cl A | | | 25,305 | | | | 48,178 | |
Topchoice Medical, Cl A * | | | 2,180 | | | | 81,191 | |
Venus MedTech Hangzhou, Cl H * | | | 17,000 | | | | 78,782 | |
Walvax Biotechnology, Cl A | | | 10,700 | | | | 91,914 | |
| Winning Health Technology Group, Cl A | | | 13,470 | | | | 26,613 | |
WuXi AppTec, Cl A | | | 15,024 | | | | 323,842 | |
WuXi AppTec, Cl H | | | 31,176 | | | | 666,478 | |
Wuxi Biologics Cayman * | | | 108,680 | | | | 1,654,150 | |
Yifan Pharmaceutical, Cl A | | | 8,400 | | | | 21,503 | |
Yunnan Baiyao Group, Cl A | | | 10,110 | | | | 141,480 | |
Zai Lab ADR * | | | 6,950 | | | | 725,580 | |
| Zhangzhou Pientzehuang Pharmaceutical, Cl A | | | 4,426 | | | | 285,440 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Health Care ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Health Care — continued | | | | | | |
| Zhejiang Huahai Pharmaceutical, Cl A | | | 9,510 | | | $ | 27,374 | |
| Zhejiang Jiuzhou Pharmaceutical, Cl A | | | 3,700 | | | | 30,246 | |
Zhejiang NHU, Cl A | | | 18,240 | | | | 77,316 | |
| Zhejiang Wolwo Bio-Pharmaceutical, Cl A | | | 3,223 | | | | 27,006 | |
| | | | | | | | | |
TOTAL CHINA | | | | | | | 15,791,089 | |
| HONG KONG — 4.9% | | | | | | | | |
| Health Care — 4.9% | | | | | | | | |
Sino Biopharmaceutical | | | 958,400 | | | | 709,647 | |
SSY Group | | | 213,500 | | | | 101,823 | |
| | | | | | | | | |
TOTAL HONG KONG | | | | | | | 811,470 | |
| TOTAL COMMON STOCK | | | | | | | | |
(Cost $17,685,810) | | | | | | | 16,602,559 | |
| TOTAL INVESTMENTS — 99.9% | | | | | | | | |
(Cost $17,685,810) | | | | | | $ | 16,602,559 | |
Percentages are based on Net Assets of $16,619,770.
| * | Non-income producing security. |
ADR — American Depositary Receipt
Cl — Class
As of October 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 year ended October 31, 2021, there were no transfers in or out of Level 3.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Financials ETF | |
Sector Weightings (Unaudited)†:
† Sector weightings percentages are based on the total market value of investments.
| | | | | | | |
| COMMON STOCK — 99.9% | | | | | | |
| CHINA — 99.9% | | | | | | |
| Financials — 99.9% | | | | | | |
360 DigiTech ADR * | | | 9,967 | | | $ | 203,426 | |
| Agricultural Bank of China, Cl A | | | 669,900 | | | | 307,606 | |
| Agricultural Bank of China, Cl H | | | 4,137,388 | | | | 1,409,437 | |
AVIC Industry-Finance Holdings, Cl A * | | | 141,600 | | | | 86,030 | |
Bank of Beijing, Cl A | | | 233,500 | | | | 161,558 | |
Bank of Chengdu, Cl A | | | 65,100 | | | | 129,738 | |
Bank of China, Cl A | | | 372,200 | | | | 177,302 | |
Bank of China, Cl H | | | 10,930,234 | | | | 3,863,986 | |
| Bank of Communications, Cl A | | | 377,600 | | | | 266,568 | |
| Bank of Communications, Cl H | | | 1,603,071 | | | | 954,129 | |
Bank of Hangzhou, Cl A | | | 82,045 | | | | 182,986 | |
Bank of Jiangsu, Cl A | | | 175,030 | | | | 171,949 | |
Bank of Nanjing, Cl A | | | 111,284 | | | | 168,594 | |
Bank of Ningbo, Cl A | | | 57,200 | | | | 341,269 | |
Bank of Shanghai, Cl A | | | 141,998 | | | | 161,676 | |
BOC International China, Cl A | | | 9,900 | | | | 20,534 | |
Caitong Securities, Cl A | | | 53,900 | | | | 86,372 | |
Changjiang Securities, Cl A | | | 82,800 | | | | 93,628 | |
China Bohai Bank, Cl H | | | 391,700 | | | | 148,542 | |
| China Cinda Asset Management, Cl H | | | 2,620,700 | | | | 437,960 | |
| China CITIC Bank Corp Ltd., Cl H | | | 1,728,722 | | | | 760,019 | |
China Construction Bank, Cl A | | | 14,600 | | | | 13,522 | |
China Construction Bank, Cl H | | | 6,055,526 | | | | 4,117,949 | |
China Everbright | | | 316,500 | | | | 356,411 | |
China Everbright Bank, Cl A | | | 375,400 | | | | 201,692 | |
China Everbright Bank, Cl H | | | 1,161,700 | | | | 409,183 | |
China Galaxy Securities, Cl A | | | 60,200 | | | | 92,895 | |
China Galaxy Securities, Cl H | | | 934,500 | | | | 521,366 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Financials ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Financials — continued | | | | | | |
| China Great Wall Securities, Cl A | | | 42,700 | | | $ | 76,094 | |
China Huarong Asset Management, Cl H *(A)(B)(C) | | | 3,326,000 | | | | 311,305 | |
| China International Capital, Cl A | | | 12,000 | | | | 90,262 | |
| China International Capital, Cl H | | | 291,700 | | | | 725,964 | |
China Life Insurance, Cl A | | | 29,002 | | | | 134,984 | |
China Life Insurance, Cl H | | | 976,240 | | | | 1,701,726 | |
China Merchants Bank, Cl A | | | 89,429 | | | | 753,820 | |
China Merchants Bank, Cl H | | | 437,234 | | | | 3,684,343 | |
| China Merchants Securities, Cl A | | | 76,330 | | | | 204,574 | |
| China Minsheng Banking, Cl A | | | 321,800 | | | | 195,512 | |
| China Minsheng Banking, Cl H | | | 1,244,826 | | | | 494,471 | |
| China Pacific Insurance Group, Cl A | | | 58,800 | | | | 251,631 | |
| China Pacific Insurance Group, Cl H | | | 423,012 | | | | 1,305,081 | |
| China Taiping Insurance Holdings | | | 370,130 | | | | 566,206 | |
China Zheshang Bank, Cl A | | | 196,000 | | | | 105,306 | |
| Chongqing Rural Commercial Bank, Cl A | | | 135,600 | | | | 80,902 | |
| Chongqing Rural Commercial Bank, Cl H | | | 1,005,600 | | | | 361,957 | |
CITIC Securities, Cl A | | | 93,400 | | | | 377,527 | |
CITIC Securities, Cl H | | | 409,296 | | | | 1,042,833 | |
CSC Financial, Cl A | | | 30,000 | | | | 132,553 | |
Dongxing Securities, Cl A | | | 51,400 | | | | 87,985 | |
East Money Information, Cl A | | | 95,748 | | | | 491,997 | |
Everbright Securities, Cl A | | | 54,457 | | | | 129,536 | |
Far East Horizon | | | 488,300 | | | | 466,390 | |
First Capital Securities, Cl A | | | 98,300 | | | | 104,860 | |
Founder Securities, Cl A | | | 100,600 | | | | 128,211 | |
GF Securities Ltd., Cl A | | | 65,000 | | | | 204,258 | |
GF Securities Ltd., Cl H | | | 315,100 | | | | 535,492 | |
| Guangzhou Yuexiu Financial Holdings Group, Cl A | | | 48,605 | | | | 58,681 | |
Guolian Securities, Cl A | | | 40,400 | | | | 77,169 | |
Guosen Securities, Cl A | | | 57,845 | | | | 102,993 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Financials ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Financials — continued | | | | | | |
Guotai Junan Securities, Cl A | | | 75,344 | | | $ | 206,167 | |
Guoyuan Securities, Cl A | | | 75,820 | | | | 87,867 | |
Haitong Securities Ltd., Cl A | | | 100,000 | | | | 192,887 | |
Haitong Securities Ltd., Cl H | | | 668,300 | | | | 595,358 | |
| Hithink RoyalFlush Information Network, Cl A | | | 7,920 | | | | 139,544 | |
Huaan Securities Ltd., Cl A | | | 106,650 | | | | 85,117 | |
Huatai Securities Ltd., Cl A | | | 72,300 | | | | 179,206 | |
Huatai Securities Ltd., Cl H | | | 361,600 | | | | 539,212 | |
Huaxi Securities, Cl A | | | 50,600 | | | | 71,521 | |
Huaxia Bank, Cl A | | | 141,300 | | | | 124,247 | |
| Hubei Biocause Pharmaceutical, Cl A | | | 120,300 | | | | 61,064 | |
| Industrial & Commercial Bank of China, Cl A | | | 318,300 | | | | 232,162 | |
| Industrial & Commercial Bank of China, Cl H | | | 7,510,437 | | | | 4,112,901 | |
Industrial Bank, Cl A | | | 186,500 | | | | 542,661 | |
Industrial Securities, Cl A | | | 96,700 | | | | 137,890 | |
| Jiangsu Changshu Rural Commercial Bank, Cl A | | | 61,100 | | | | 69,281 | |
Lufax Holding ADR * | | | 25,267 | | | | 159,435 | |
Nanjing Securities, Cl A | | | 54,400 | | | | 82,500 | |
| New China Life Insurance C, Cl A | | | 21,117 | | | | 129,188 | |
| New China Life Insurance C, Cl H | | | 187,011 | | | | 542,110 | |
Noah Holdings ADR * | | | 11,641 | | | | 494,859 | |
Northeast Securities, Cl A | | | 52,300 | | | | 70,412 | |
Orient Securities, Cl A | | | 75,200 | | | | 161,612 | |
Pacific Securities, Cl A * | | | 138,800 | | | | 67,636 | |
| People’s Insurance Group of China, Cl A | | | 88,300 | | | | 69,231 | |
| People’s Insurance Group of China, Cl H | | | 1,977,900 | | | | 617,851 | |
| PICC Property & Casualty, Cl H | | | 1,199,163 | | | | 1,122,233 | |
Ping An Bank, Cl A | | | 6,500 | | | | 19,796 | |
| Ping An Insurance Group of China, Cl A | | | 2,900 | | | | 22,452 | |
| Ping An Insurance Group of China, Cl H | | | 524,014 | | | | 3,765,548 | |
| Postal Savings Bank of China, Cl A | | | 249,400 | | | | 210,732 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Financials ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Financials — continued | | | | | | |
| Postal Savings Bank of China, Cl H | | | 1,455,800 | | | $ | 1,059,233 | |
| Qingdao Rural Commercial Bank, Cl A | | | 108,500 | | | | 64,734 | |
SDIC Capital, Cl A | | | 82,676 | | | | 105,884 | |
Sealand Securities, Cl A | | | 108,010 | | | | 65,116 | |
| Shanghai Pudong Development Bank, Cl A | | | 265,414 | | | | 370,594 | |
Shanxi Securities, Cl A | | | 79,340 | | | | 77,572 | |
| Shenwan Hongyuan Group, Cl A | | | 233,100 | | | | 186,765 | |
Sinolink Securities, Cl A | | | 55,900 | | | | 93,593 | |
SooChow Securities, Cl A | | | 72,080 | | | | 95,353 | |
Southwest Securities, Cl A | | | 130,500 | | | | 98,038 | |
Tianfeng Securities, Cl A | | | 141,700 | | | | 87,197 | |
Up Fintech Holding ADR * | | | 8,786 | | | | 56,845 | |
Western Securities, Cl A | | | 74,100 | | | | 88,651 | |
Zheshang Securities, Cl A | | | 53,000 | | | | 102,148 | |
ZhongAn Online P&C Insurance, Cl H * | | | 93,700 | | | | 343,890 | |
Zhongtai Securities, Cl A | | | 32,600 | | | | 47,097 | |
| | | | | | | | | |
TOTAL CHINA | | | | | | | 48,686,340 | |
| TOTAL COMMON STOCK | | | | | | | | |
(Cost $58,274,572) | | | | | | | 48,686,340 | |
| TOTAL INVESTMENTS — 99.9% | | | | | | | | |
(Cost $58,274,572) | | | | | | $ | 48,686,340 | |
Percentages are based on Net Assets of $48,756,289.
| * | Non-income producing security. |
| (A) | Level 3 security in accordance with fair value hierarchy. |
| (B) | Security considered illiquid (Unaudited). The total value of such securities as of October 31, 2021 was $311,305 and represented 0.6% of Net Assets. |
| (C) | Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2021, was $311,305 and represents 0.6% of Net Assets. |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Financials ETF | |
ADR — American Depositary Receipt
Cl — Class
The following is a summary of the level of inputs used as of October 31, 2021, in valuing the Fund’s investments carried at value:
| Investments in Securities | | Level 1 | | | Level 2 | | | Level 3(1) | | | Total | |
| Common Stock | | $ | 48,375,035 | | | $ | — | | | $ | 311,305 | | | $ | 48,686,340 | |
| Total Investments in Securities | | $ | 48,375,035 | | | $ | — | | | $ | 311,305 | | | $ | 48,686,340 | |
(1) | A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets. |
Amounts designated as “—“ are $0 or have been rounded to $0.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Information Technology ETF | |
Sector Weightings (Unaudited)†:
† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and 7 in Notes to Financial Statements for more detailed information.
| | | | | | | |
| COMMON STOCK — 99.8% | | | | | | |
| CHINA — 97.4% | | | | | | |
| Information Technology — 97.4% | | | | | | |
360 Security Technology, Cl A * | | | 56,559 | | | $ | 106,357 | |
AAC Technologies Holdings | | | 150,200 | | | | 655,516 | |
Addsino, Cl A | | | 16,700 | | | | 40,037 | |
Advanced Micro-Fabrication, Cl A * | | | 4,758 | | | | 116,076 | |
Agora ADR * | | | 7,419 | | | | 161,734 | |
Avary Holding Shenzhen, Cl A | | | 8,200 | | | | 44,812 | |
Beijing BDStar Navigation, Cl A * | | | 5,400 | | | | 33,415 | |
| Beijing E-Hualu Information Technology, Cl A | | | 6,740 | | | | 30,454 | |
| Beijing Kingsoft Office Software, Cl A | | | 3,099 | | | | 142,920 | |
| Beijing Shiji Information Technology, Cl A | | | 30,580 | | | | 113,098 | |
| Beijing Sinnet Technology, Cl A | | | 17,200 | | | | 35,487 | |
| Beijing Yuanliu Hongyuan Electronic Technology, Cl A | | | 1,400 | | | | 35,423 | |
BOE Technology Group, Cl A | | | 589,500 | | | | 452,066 | |
BYD Electronic International | | | 150,000 | | | | 446,391 | |
| Chaozhou Three-Circle Group, Cl A | | | 35,589 | | | | 222,337 | |
| China Greatwall Technology Group, Cl A | | | 32,300 | | | | 67,852 | |
| China National Software & Service, Cl A | | | 5,600 | | | | 44,781 | |
China Railway Signal & Communication, Cl A * | | | 36,046 | | | | 27,755 | |
| China TransInfo Technology, Cl A | | | 17,700 | | | | 36,988 | |
Chinasoft International | | | 411,200 | | | | 688,236 | |
Chindata Group Holdings ADR * | | | 12,012 | | | | 119,639 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Information Technology ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Information Technology — continued | | | | | | |
Daqo New Energy ADR * | | | 9,676 | | | $ | 752,696 | |
DHC Software, Cl A | | | 78,100 | | | | 84,654 | |
| Fiberhome Telecommunication Technologies, Cl A | | | 14,300 | | | | 38,482 | |
Flat Glass Group, Cl A | | | 8,500 | | | | 73,029 | |
Flat Glass Group, Cl H | | | 57,500 | | | | 310,449 | |
| Foxconn Industrial Internet, Cl A | | | 80,150 | | | | 142,081 | |
GCL System Integration Technology, Cl A * | | | 82,800 | | | | 52,116 | |
GDS Holdings ADR * | | | 17,683 | | | | 1,050,370 | |
| Gigadevice Semiconductor Beijing, Cl A | | | 8,243 | | | | 218,231 | |
GoerTek, Cl A | | | 62,800 | | | | 427,056 | |
| GRG Banking Equipment, Cl A | | | 26,300 | | | | 42,555 | |
| Guangzhou Haige Communications Group, Cl A | | | 58,700 | | | | 86,546 | |
| Guangzhou Shiyuan Electronic Technology, Cl A | | | 7,900 | | | | 93,773 | |
| Hangzhou First Applied Material, Cl A | | | 8,880 | | | | 198,745 | |
| Hangzhou Silan Microelectronics, Cl A | | | 13,900 | | | | 133,883 | |
Hua Hong Semiconductor * | | | 117,300 | | | | 591,095 | |
Huagong Tech, Cl A | | | 10,900 | | | | 49,029 | |
Hundsun Technologies, Cl A | | | 34,153 | | | | 336,052 | |
Iflytek | | | 43,850 | | | | 386,402 | |
Ingenic Semiconductor, Cl A | | | 4,300 | | | | 92,277 | |
| Inspur Electronic Information Industry, Cl A | | | 17,052 | | | | 82,774 | |
JA Solar Technology, Cl A | | | 11,800 | | | | 168,171 | |
JCET Group, Cl A | | | 19,400 | | | | 93,656 | |
Kingboard Holdings | | | 146,400 | | | | 640,813 | |
Kingdee International Software Group * | | | 484,600 | | | | 1,600,995 | |
Kingsoft Cloud Holdings ADR * (A) | | | 11,160 | | | | 256,345 | |
Lakala Payment, Cl A | | | 7,500 | | | | 28,219 | |
Lenovo Group | | | 1,362,200 | | | | 1,481,442 | |
Lens Technology, Cl A | | | 82,100 | | | | 272,739 | |
Leyard Optoelectronic, Cl A | | | 30,700 | | | | 45,120 | |
Lingyi iTech Guangdong, Cl A * | | | 72,597 | | | | 75,514 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Information Technology ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Information Technology — continued | | | | | | |
LONGi Green Energy Technology, Cl A * | | | 67,637 | | | $ | 1,031,980 | |
| Luxshare Precision Industry, Cl A | | | 99,552 | | | | 600,792 | |
| Maxscend Microelectronics, Cl A | | | 3,189 | | | | 153,999 | |
| Ming Yuan Cloud Group Holdings | | | 70,900 | | | | 232,413 | |
Montage Technology, Cl A | | | 3,743 | | | | 38,057 | |
National Silicon Industry, Cl A * | | | 13,053 | | | | 57,511 | |
| NAURA Technology Group, Cl A | | | 5,958 | | | | 345,465 | |
Ninestar, Cl A | | | 24,170 | | | | 138,655 | |
OFILM Group, Cl A * | | | 78,400 | | | | 91,591 | |
OneConnect Financial Technology ADR * | | | 17,147 | | | | 54,356 | |
Raytron Technology, Cl A | | | 2,365 | | | | 26,732 | |
Sanan Optoelectronics, Cl A | | | 75,200 | | | | 394,633 | |
Sangfor Technologies, Cl A | | | 4,860 | | | | 153,944 | |
SG Micro, Cl A | | | 2,750 | | | | 139,160 | |
| Shanghai Baosight Software, Cl A | | | 13,040 | | | | 142,565 | |
Shengyi Technology, Cl A | | | 26,400 | | | | 91,743 | |
Shennan Circuits, Cl A | | | 5,782 | | | | 80,218 | |
| Shenzhen Goodix Technology, Cl A | | | 5,450 | | | | 87,155 | |
| Shenzhen Kaifa Technology, Cl A | | | 16,100 | | | | 37,216 | |
| Shenzhen SC New Energy Technology, Cl A | | | 3,900 | | | | 69,793 | |
| Shenzhen Sunlord Electronics, Cl A | | | 5,400 | | | | 27,874 | |
| Shenzhen Sunway Communication, Cl A | | | 9,900 | | | | 36,785 | |
| StarPower Semiconductor, Cl A | | | 900 | | | | 56,226 | |
| Sunny Optical Technology Group | | | 102,880 | | | | 2,779,951 | |
| Suzhou Dongshan Precision Manufacturing, Cl A | | | 34,600 | | | | 109,809 | |
| Thunder Software Technology, Cl A | | | 4,850 | | | | 103,019 | |
| Tianjin 712 Communication & Broadcasting, Cl A | | | 8,600 | | | | 50,611 | |
| Tianjin Zhonghuan Semiconductor, Cl A | | | 36,000 | | | | 294,401 | |
Tianma Microelectronics, Cl A | | | 60,400 | | | | 116,127 | |
| Tianshui Huatian Technology, Cl A | | | 29,200 | | | | 58,603 | |
| TongFu Microelectronics, Cl A | | | 13,600 | | | | 42,525 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Information Technology ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Information Technology — continued | | | | | | |
Travelsky Technology, Cl H | | | 250,500 | | | $ | 468,859 | |
| Unigroup Guoxin Microelectronics, Cl A | | | 7,150 | | | | 226,303 | |
Unisplendour, Cl A | | | 33,813 | | | | 146,391 | |
| Universal Scientific Industrial Shanghai, Cl A | | | 16,300 | | | | 35,336 | |
Vnet Group ADR * | | | 15,656 | | | | 245,486 | |
Weimob * | | | 316,200 | | | | 490,210 | |
| Will Semiconductor Shanghai, Cl A | | | 10,619 | | | | 441,166 | |
Wingtech Technology, Cl A | | | 15,340 | | | | 262,970 | |
Wuhan Guide Infrared, Cl A | | | 27,418 | | | | 92,925 | |
Wuhu Token Science, Cl A | | | 23,600 | | | | 37,818 | |
| WUS Printed Circuit Kunshan, Cl A | | | 19,020 | | | | 30,419 | |
| Wuxi Lead Intelligent Equipment, Cl A | | | 22,612 | | | | 286,910 | |
Xiaomi, Cl B * | | | 923,200 | | | | 2,533,770 | |
Xinyi Solar Holdings | | | 886,700 | | | | 1,855,686 | |
| Yealink Network Technology, Cl A | | | 8,800 | | | | 104,085 | |
| Yonyou Network Technology, Cl A | | | 55,756 | | | | 276,921 | |
| Zhejiang Dahua Technology, Cl A | | | 73,593 | | | | 250,341 | |
| Zhejiang Jingsheng Mechanical & Electrical, Cl A | | | 14,500 | | | | 173,043 | |
Zhongji Innolight, Cl A | | | 8,100 | | | | 41,837 | |
ZTE, Cl A | | | 64,131 | | | | 326,730 | |
ZTE, Cl H | | | 175,500 | | | | 527,918 | |
| | | | | | | | | |
TOTAL CHINA | | | | | | | 30,025,716 | |
| HONG KONG — 2.4% | | | | | | | | |
| Information Technology — 2.4% | | | | | | | | |
China Youzan * | | | 2,847,200 | | | | 362,348 | |
| Kingboard Laminates Holdings | | | 244,000 | | | | 382,669 | |
| | | | | | | | | |
TOTAL HONG KONG | | | | | | | 745,017 | |
| TOTAL COMMON STOCK | | | | | | | | |
(Cost $29,359,501) | | | | | | | 30,770,733 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Information Technology ETF | |
| | | | | | | |
SHORT-TERM INVESTMENT(B)(C) — 0.4% | | | | | | |
| Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010% | | | | | | |
(Cost $115,375) | | | 115,375 | | | $ | 115,375 | |
| | | | | | | | | |
REPURCHASE AGREEMENT(B) — 0.3% | | | | | | | | |
| BNP Paribas | | | | | | | | |
| 0.030%, dated 10/29/2021, to be repurchased on 11/01/2021, repurchase price $92,873 (collateralized by various U.S. Treasury Obligations, ranging in par value $3,735 - $12,456, 0.750% - 1.250%, 01/31/2028 - 03/31/2028, with a total market value of $94,910) | | | | | | | | |
(Cost $92,873) | | $ | 92,873 | | | | 92,873 | |
| TOTAL INVESTMENTS — 100.5% | | | | | | | | |
(Cost $29,567,749) | | | | | | $ | 30,978,981 | |
Percentages are based on Net Assets of $30,813,236.
| * | Non-income producing security. |
| (A) | This security or a partial position of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 was $190,651. |
| (B) | Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2021 was $208,248. |
| (C) | The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2021. |
ADR — American Depositary Receipt
Cl — Class
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Information Technology ETF | |
The following is a summary of the level of inputs used as of October 31, 2021, in valuing the Fund’s investments carried at value:
| Investments in Securities | | | | | | | | | | | | |
| Common Stock | | $ | 30,770,733 | | | $ | — | | | $ | — | | | $ | 30,770,733 | |
| Short-Term Investment | | | 115,375 | | | | — | | | | — | | | | 115,375 | |
| Repurchase Agreement | | | — | | | | 92,873 | | | | — | | | | 92,873 | |
| Total Investments in Securities | | $ | 30,886,108 | | | $ | 92,873 | | | $ | — | | | $ | 30,978,981 | |
For the year ended October 31, 2021, there were no transfers in or out of Level 3.
Amounts designated as “—“ are $0 or have been rounded to $0.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Communication Services ETF | |
Sector Weightings (Unaudited)†:
† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and 7 in Notes to Financial Statements for more detailed information.
| | | | | | | |
| COMMON STOCK — 99.9% | | | | | | |
| CHINA — 96.9% | | | | | | |
| Communication Services — 96.9% | | | | | | |
Autohome ADR | | | 9,817 | | | $ | 386,299 | |
Baidu ADR * | | | 6,917 | | | | 1,122,214 | |
Beijing Enlight Media, Cl A | | | 244,300 | | | | 357,138 | |
Bilibili ADR * | | | 9,418 | | | | 690,339 | |
China Literature * | | | 400 | | | | 2,784 | |
| China South Publishing & Media Group, Cl A | | | 151,372 | | | | 193,864 | |
China Tower, Cl H | | | 3,847,600 | | | | 499,557 | |
| China United Network Communications, Cl A | | | 490,900 | | | | 312,817 | |
| Focus Media Information Technology, Cl A | | | 343,700 | | | | 395,088 | |
| G-bits Network Technology Xiamen, Cl A | | | 5,764 | | | | 308,280 | |
Giant Network Group, Cl A | | | 142,200 | | | | 220,761 | |
Hello Group ADR * | | | 34,236 | | | | 426,238 | |
HUYA ADR * (A) | | | 34,668 | | | | 284,971 | |
iQIYI ADR * | | | 42,928 | | | | 355,444 | |
JOYY ADR | | | 7,891 | | | | 397,628 | |
Kingsoft | | | 98,100 | | | | 421,831 | |
Kuaishou Technology, Cl B * | | | 35,800 | | | | 476,318 | |
Kunlun Tech, Cl A | | | 98,800 | | | | 288,405 | |
Leo Group, Cl A | | | 569,400 | | | | 202,763 | |
Mango Excellent Media, Cl A | | | 48,120 | | | | 295,287 | |
NanJi E-Commerce, Cl A | | | 206,900 | | | | 231,695 | |
NetEase ADR | | | 13,349 | | | | 1,302,729 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Communication Services ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Communication Sevices — continued | | | | | | |
Perfect World, Cl A | | | 153,310 | | | $ | 416,157 | |
Tencent Holdings | | | 18,215 | | | | 1,126,283 | |
Tencent Music Entertainment Group ADR * | | | 437 | | | | 3,435 | |
Weibo ADR * | | | 9,012 | | | | 405,360 | |
| Wuhu Sanqi Interactive Entertainment Network Technology Group, Cl A | | | 113,751 | | | | 422,833 | |
Zhejiang Century Huatong Group, Cl A * | | | 347,120 | | | | 402,815 | |
| | | | | | | | 11,949,333 | |
| | | | | | | | | |
| Information Technology — 0.0% | | | | | | | | |
National Agricultural Holdings * (B)(C)(D) | | | 204,200 | | | | 2 | |
| | | | | | | | | |
TOTAL CHINA | | | | | | | 11,949,335 | |
| HONG KONG — 3.1% | | | | | | | | |
| Communication Services — 3.1% | | | | | | | | |
Alibaba Pictures Group * | | | 3,519,300 | | | | 375,498 | |
| | | | | | | | | |
| TOTAL COMMON STOCK | | | | | | | | |
(Cost $13,578,790) | | | | | | | 12,324,833 | |
| | | | | | | | | |
SHORT-TERM INVESTMENT(E)(F) — 1.1% | | | | | | | | |
| Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010% | | | | | | | | |
(Cost $126,529) | | | 126,529 | | | | 126,529 | |
| | | | | | | | | |
REPURCHASE AGREEMENT(E) — 0.8% | | | | | | | | |
| BNP Paribas | | | | | | | | |
| 0.030%, dated 10/29/2021, to be repurchased on 11/01/2021, repurchase price $101,852 (collateralized by various U.S. Treasury Obligations, ranging in par value $4,096 - $13,660, 0.750% - 1.250%, 01/31/2028 - 03/31/2028, with a total market value of $104,084) | | | | | | | | |
(Cost $101,852) | | $ | 101,852 | | | $ | 101,852 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Communication Services ETF | |
| | | | |
| TOTAL INVESTMENTS — 101.8% | | | |
(Cost $13,807,171) | | $ | 12,553,214 | |
Percentages are based on Net Assets of $12,337,156.
| * | Non-income producing security. |
| (A) | This security or a partial position of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 was $209,314. |
| (B) | Level 3 security in accordance with fair value hierarchy. |
| (C) | Security considered illiquid (Unaudited). The total value of such securities as of October 31, 2021 was $2 and represented 0.0% of Net Assets. |
| (D) | Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2021, was $2 and represents 0.0% of Net Assets. |
| (E) | Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2021 was $228,381. |
| (F) | The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2021. |
ADR — American Depositary Receipt
Cl — Class
The following is a summary of the level of inputs used as of October 31, 2021, in valuing the Fund’s investments carried at value:
| Investments in Securities | | | | | | | | | | | | |
| Common Stock | | $ | 12,324,831 | | | $ | — | | | $ | 2 | | | $ | 12,324,833 | |
| Short-Term Investment | | | 126,529 | | | | — | | | | — | | | | 126,529 | |
| Repurchase Agreement | | | — | | | | 101,852 | | | | — | | | | 101,852 | |
| Total Investments in Securities | | $ | 12,451,360 | | | $ | 101,852 | | | $ | 2 | | | $ | 12,553,214 | |
(1) | A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets. |
For the year ended October 31, 2021, there were no transfers in or out of Level 3.
Amounts designated as “—“ are $0 or have been rounded to $0.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Utilities ETF | |
Sector Weightings (Unaudited)†:
† Sector weightings percentages are based on the total market value of investments.
| | | Shares | | | Value | |
| COMMON STOCK — 97.2% | | | | | | |
| CHINA — 97.2% | | | | | | |
| Utilities — 97.2% | | | | | | |
Beijing Enterprises Holdings | | | 24,500 | | | $ | 94,170 | |
| Beijing Enterprises Water Group | | | 203,600 | | | | 77,733 | |
CGN Power, Cl H | | | 333,400 | | | | 90,003 | |
China Gas Holdings | | | 52,390 | | | | 131,058 | |
| China Longyuan Power Group, Cl H | | | 95,400 | | | | 222,954 | |
| China National Nuclear Power, Cl A | | | 82,000 | | | | 87,729 | |
| China Power International Development | | | 273,900 | | | | 137,671 | |
China Resources Gas Group | | | 25,320 | | | | 136,055 | |
| China Resources Power Holdings | | | 35,450 | | | | 91,598 | |
China Yangtze Power, Cl A | | | 25,900 | | | | 85,960 | |
ENN Energy Holdings | | | 7,430 | | | | 128,656 | |
ENN Natural Gas, Cl A | | | 15,700 | | | | 45,143 | |
Guangdong Investment | | | 114,260 | | | | 143,944 | |
| Huadian Power International, Cl A | | | 55,600 | | | | 38,296 | |
| Huaneng Power International, Cl A | | | 33,400 | | | | 40,219 | |
| Huaneng Power International, Cl H | | | 95,300 | | | | 49,371 | |
Kunlun Energy | | | 84,960 | | | | 77,762 | |
SDIC Power Holdings, Cl A | | | 46,800 | | | | 77,114 | |
Shenergy, Cl A | | | 40,200 | | | | 38,864 | |
Shenzhen Energy Group, Cl A | | | 32,480 | | | | 41,192 | |
| Sichuan Chuantou Energy, Cl A | | | 30,300 | | | | 61,947 | |
| | | | | | | | | |
TOTAL CHINA | | | | | | | 1,897,439 | |
| TOTAL COMMON STOCK | | | | | | | | |
(Cost $1,492,997) | | | | | | | 1,897,439 | |
| TOTAL INVESTMENTS — 97.2% | | | | | | | | |
(Cost $1,492,997) | | | | | | $ | 1,897,439 | |
Percentages are based on Net Assets of $1,952,582.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Utilities ETF | |
Cl — Class
As of October 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 year ended October 31, 2021, there were no transfers in or out of Level 3.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Real Estate ETF | |
Sector Weightings (Unaudited)†:
† Sector weightings percentages are based on the total market value of investments.
| | | | | | | |
| COMMON STOCK — 99.8% | | | | | | |
| CHINA — 99.8% | | | | | | |
| Real Estate — 99.8% | | | | | | |
Agile Group Holdings | | | 58,500 | | | $ | 46,024 | |
| A-Living Smart City Services, Cl H | | | 18,250 | | | | 61,232 | |
China Aoyuan Group | | | 68,800 | | | | 27,152 | |
China Evergrande Group | | | 99,900 | | | | 29,794 | |
China Fortune Land Development, Cl A * | | | 22,320 | | | | 12,829 | |
China Jinmao Holdings Group | | | 275,800 | | | | 80,836 | |
| China Merchants Property Operation & Service, Cl A | | | 6,100 | | | | 12,862 | |
| China Merchants Shekou Industrial Zone Holdings, Cl A | | | 27,300 | | | | 44,472 | |
| China Overseas Land & Investment | | | 149,100 | | | | 328,903 | |
| China Overseas Property Holdings | | | 20,100 | | | | 18,087 | |
China Resources Land | | | 111,200 | | | | 433,133 | |
| China Resources Mixc Lifestyle Services | | | 5,100 | | | | 26,847 | |
China Vanke, Cl A | | | 13,500 | | | | 38,395 | |
China Vanke, Cl H | | | 56,100 | | | | 131,397 | |
| CIFI Ever Sunshine Services Group | | | 21,000 | | | | 38,118 | |
CIFI Holdings Group | | | 152,900 | | | | 84,911 | |
Country Garden Holdings | | | 299,800 | | | | 281,723 | |
| Country Garden Services Holdings | | | 55,700 | | | | 433,195 | |
| Financial Street Holdings, Cl A | | | 22,000 | | | | 20,066 | |
Gemdale, Cl A | | | 18,600 | | | | 29,486 | |
| Greenland Holdings Group, Cl A | | | 39,955 | | | | 25,648 | |
Greentown China Holdings | | | 46,000 | | | | 63,627 | |
Greentown Service Group | | | 41,500 | | | | 41,238 | |
| Guangzhou R&F Properties, Cl H | | | 83,000 | | | | 52,068 | |
| Hopson Development Holdings | | | 33,530 | | | | 91,594 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Real Estate ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Real Estate — continued | | | | | | |
| Jiangsu Zhongnan Construction Group, Cl A | | | 19,100 | | | $ | 11,425 | |
Jinke Properties Group, Cl A | | | 30,100 | | | | 20,873 | |
Kaisa Group Holdings | | | 157,242 | | | | 24,256 | |
KE Holdings ADR * | | | 12,471 | | | | 227,222 | |
KWG Group Holdings | | | 63,400 | | | | 55,421 | |
Logan Group | | | 66,800 | | | | 67,066 | |
Longfor Group Holdings | | | 70,700 | | | | 343,546 | |
| Poly Developments and Holdings Group, Cl A | | | 36,553 | | | | 71,705 | |
Poly Property Services, Cl H | | | 7,000 | | | | 39,324 | |
| Powerlong Real Estate Holdings | | | 74,000 | | | | 50,988 | |
| RiseSun Real Estate Development, Cl A | | | 27,000 | | | | 18,091 | |
Seazen Group | | | 102,300 | | | | 81,140 | |
Seazen Holdings, Cl A | | | 8,000 | | | | 42,782 | |
| Shanghai Lingang Holdings, Cl A | | | 7,600 | | | | 17,461 | |
| Shanghai Lujiazui Finance & Trade Zone Development, Cl B | | | 58,585 | | | | 52,082 | |
| Shanghai Zhangjiang High-Tech Park Development, Cl A | | | 7,800 | | | | 20,332 | |
Shenzhen Investment | | | 152,700 | | | | 37,493 | |
Shimao Group Holdings | | | 56,700 | | | | 89,215 | |
Shimao Services Holdings | | | 30,000 | | | | 57,231 | |
Sunac China Holdings | | | 98,900 | | | | 213,080 | |
Sunac Services Holdings | | | 14,000 | | | | 28,399 | |
Wharf Holdings | | | 59,500 | | | | 206,516 | |
Yango Group, Cl A | | | 22,000 | | | | 11,064 | |
Youngor Group, Cl A | | | 21,700 | | | | 21,792 | |
Yuexiu Property | | | 69,920 | | | | 61,659 | |
| Zhejiang China Commodities City Group, Cl A | | | 27,600 | | | | 21,036 | |
Zhenro Properties Group | | | 75,700 | | | | 36,006 | |
Zhongtian Financial Group, Cl A * | | | 41,900 | | | | 16,426 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI China Real Estate ETF | |
| | | | |
| COMMON STOCK — continued | | | |
TOTAL CHINA | | $ | 4,397,268 | |
| TOTAL COMMON STOCK | | | | |
(Cost $6,124,886) | | | 4,397,268 | |
| TOTAL INVESTMENTS — 99.8% | | | | |
(Cost $6,124,886) | | $ | 4,397,268 | |
Percentages are based on Net Assets of $4,404,749.
| * | Non-income producing security. |
ADR — American Depositary Receipt
Cl — Class
As of October 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 year ended October 31, 2021, there were no transfers in or out of Level 3.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Greece ETF | |
Sector Weightings (Unaudited)†:
† Sector weightings percentages are based on the total market value of investments.
| | | | | | | |
| COMMON STOCK — 99.5% | | | | | | |
| GREECE — 96.1% | | | | | | |
| Communication Services — 14.8% | | | | | | |
| Hellenic Telecommunications Organization | | | 1,271,164 | | | $ | 22,507,070 | |
| | | | | | | | | |
| Consumer Discretionary — 15.6% | | | | | | | | |
FF Group * (A)(B)(C) | | | 452,712 | | | | 5,239 | |
FF Group ADR * (A)(B)(C) | | | 200,300 | | | | 2,318 | |
JUMBO * | | | 303,495 | | | | 4,509,647 | |
JUMBO ADR | | | 140,000 | | | | 2,080,260 | |
OPAP | | | 826,393 | | | | 12,862,780 | |
OPAP ADR | | | 544,900 | | | | 4,252,944 | |
| | | | | | | | 23,713,188 | |
| | | | | | | | | |
| Consumer Staples — 2.1% | | | | | | | | |
Sarantis | | | 311,877 | | | | 3,150,820 | |
| | | | | | | | | |
| Energy — 7.2% | | | | | | | | |
Hellenic Petroleum | | | 525,617 | | | | 3,625,281 | |
| Motor Oil Hellas Corinth Refineries | | | 335,297 | | | | 5,696,153 | |
| Motor Oil Hellas Corinth Refineries ADR | | | 183,300 | | | | 1,556,987 | |
| | | | | | | | 10,878,421 | |
| | | | | | | | | |
| Financials — 30.6% | | | | | | | | |
Alpha Services and Holdings * | | | 11,942,593 | | | | 15,181,848 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Greece ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Financials — continued | | | | | | |
Eurobank Ergasias Services and Holdings * | | | 13,641,088 | | | $ | 14,261,166 | |
| Hellenic Exchanges - Athens Stock Exchange | | | 586,120 | | | | 2,509,656 | |
National Bank of Greece * | | | 2,328,656 | | | | 7,329,936 | |
Piraeus Financial Holdings * | | | 4,239,137 | | | | 7,211,419 | |
| | | | | | | | 46,494,025 | |
| | | | | | | | | |
| Industrials — 11.3% | | | | | | | | |
Aegean Airlines * | | | 412,434 | | | | 2,458,033 | |
Ellaktor * | | | 2,052,708 | | | | 3,282,926 | |
GEK Terna Holding Real Estate Construction * | | | 402,130 | | | | 4,500,066 | |
Mytilineos | | | 294,757 | | | | 5,379,250 | |
Mytilineos ADR | | | 81,200 | | | | 1,481,884 | |
| | | | | | | | 17,102,159 | |
| | | | | | | | | |
| Real Estate — 2.8% | | | | | | | | |
LAMDA Development * | | | 529,150 | | | | 4,347,735 | |
| | | | | | | | | |
| Utilities — 11.7% | | | | | | | | |
| Athens Water Supply & Sewage | | | 371,071 | | | | 3,246,420 | |
Holding ADMIE IPTO | | | 1,041,113 | | | | 3,072,303 | |
Public Power * | | | 610,866 | | | | 6,627,400 | |
Terna Energy | | | 351,893 | | | | 4,764,556 | |
| | | | | | | | 17,710,679 | |
| | | | | | | | | |
TOTAL GREECE | | | | | | | 145,904,097 | |
| UNITED STATES — 3.4% | | | | | | | | |
| Materials — 3.4% | | | | | | | | |
Titan Cement International | | | 300,064 | | | | 5,208,721 | |
| | | | | | | | | |
| TOTAL COMMON STOCK | | | | | | | | |
(Cost $151,115,576) | | | | | | | 151,112,818 | |
| TOTAL INVESTMENTS — 99.5% | | | | | | | | |
(Cost $151,115,576) | | | | | | $ | 151,112,818 | |
Percentages are based on Net Assets of $151,828,163.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Greece ETF | |
| * | Non-income producing security. |
| (A) | Level 3 security in accordance with fair value hierarchy. |
| (B) | Security considered illiquid (Unaudited). The total value of such securities as of October 31, 2021 was $7,557 and represented 0.0% of Net Assets. |
| (C) | Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2021, was $7,557 and represents 0.0% of Net Assets. |
ADR — American Depositary Receipt
The following is a summary of the level of inputs used as of October 31, 2021, in valuing the Fund’s investments carried at value:
| Investments in Securities | | | | | | | | | | | | |
| Common Stock | | $ | 151,105,261 | | | $ | — | | | $ | 7,557 | | | $ | 151,112,818 | |
| Total Investments in Securities | | $ | 151,105,261 | | | $ | — | | | $ | 7,557 | | | $ | 151,112,818 | |
(1) | A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets. |
For the year ended October 31, 2021, there were no transfers in or out of Level 3.
Amounts designated as “—“ are $0 or have been rounded to $0.
| Schedule of Investments | | October 31, 2021 |
| | Global X DAX Germany ETF | |
Sector Weightings (Unaudited)†:
† Sector weightings percentages are based on the total market value of investments.
| | | | | | | |
| COMMON STOCK — 94.5% | | | | | | |
| FRANCE — 4.6% | | | | | | |
| Industrials — 4.6% | | | | | | |
Airbus * | | | 15,751 | | | $ | 2,015,265 | |
| | | | | | | | | |
| GERMANY — 77.5% | | | | | | | | |
| Communication Services — 3.7% | | | | | | | | |
Deutsche Telekom | | | 87,263 | | | | 1,623,634 | |
| | | | | | | | | |
| Consumer Discretionary — 13.6% | | | | | | | | |
adidas | | | 4,879 | | | | 1,599,570 | |
Bayerische Motoren Werke | | | 8,654 | | | | 873,692 | |
Continental * | | | 2,908 | | | | 341,643 | |
Daimler | | | 22,727 | | | | 2,255,026 | |
Puma | | | 2,710 | | | | 336,508 | |
Zalando * | | | 6,253 | | | | 590,334 | |
| | | | | | | | 5,996,773 | |
| | | | | | | | | |
| Consumer Staples — 1.5% | | | | | | | | |
Beiersdorf | | | 2,653 | | | | 282,149 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X DAX Germany ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Consumer Staples — continued | | | | | | |
HelloFresh * | | | 4,681 | | | $ | 379,195 | |
| | | | | | | | 661,344 | |
| | | | | | | | | |
| Financials — 11.9% | | | | | | | | |
Allianz | | | 11,117 | | | | 2,587,817 | |
Deutsche Bank * | | | 55,781 | | | | 719,501 | |
Deutsche Boerse | | | 4,956 | | | | 823,591 | |
| Muenchener Rueckversicherungs-Gesellschaft in Muenchen | | | 3,785 | | | | 1,122,202 | |
| | | | | | | | 5,253,111 | |
| | | | | | | | | |
| Health Care — 8.4% | | | | | | | | |
Bayer | | | 26,590 | | | | 1,497,633 | |
Fresenius & KGaA | | | 11,054 | | | | 502,286 | |
| Fresenius Medical Care & KGaA | | | 5,351 | | | | 355,817 | |
Merck KGaA | | | 3,490 | | | | 824,721 | |
Siemens Healthineers | | | 7,499 | | | | 498,649 | |
| | | | | | | | 3,679,106 | |
| | | | | | | | | |
| Industrials — 13.7% | | | | | | | | |
Brenntag | | | 4,164 | | | | 396,296 | |
Deutsche Post | | | 26,391 | | | | 1,634,549 | |
MTU Aero Engines | | | 1,436 | | | | 319,648 | |
Siemens | | | 20,353 | | | | 3,304,077 | |
Siemens Energy * | | | 12,698 | | | | 364,723 | |
| | | | | | | | 6,019,293 | |
| | | | | | | | | |
| Information Technology — 13.1% | | | | | | | | |
Infineon Technologies | | | 35,223 | | | | 1,646,569 | |
SAP | | | 28,246 | | | | 4,096,409 | |
| | | | | | | | 5,742,978 | |
| | | | | | | | | |
| Materials — 6.5% | | | | | | | | |
BASF | | | 24,861 | | | | 1,791,815 | |
Covestro | | | 5,202 | | | | 333,508 | |
HeidelbergCement | | | 3,944 | | | | 297,311 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X DAX Germany ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Materials — continued | | | | | | |
Symrise, Cl A | | | 3,278 | | | $ | 453,507 | |
| | | | | | | | 2,876,141 | |
| | | | | | | | | |
| Real Estate — 1.9% | | | | | | | | |
Vonovia | | | 13,964 | | | | 847,743 | |
| | | | | | | | | |
| Utilities — 3.2% | | | | | | | | |
E.ON | | | 56,112 | | | | 712,082 | |
RWE | | | 18,254 | | | | 702,808 | |
| | | | | | | | 1,414,890 | |
| | | | | | | | | |
TOTAL GERMANY | | | | | | | 34,115,013 | |
| SAUDI ARABIA — 1.4% | | | | | | | | |
| Consumer Discretionary — 1.4% | | | | | | | | |
Delivery Hero * | | | 5,003 | | | | 622,683 | |
| | | | | | | | | |
| UNITED KINGDOM — 10.2% | | | | | | | | |
| Materials — 10.2% | | | | | | | | |
Linde | | | 13,934 | | | | 4,490,833 | |
| | | | | | | | | |
| UNITED STATES — 0.8% | | | | | | | | |
| Health Care — 0.8% | | | | | | | | |
QIAGEN * | | | 6,156 | | | | 339,031 | |
| | | | | | | | | |
| TOTAL COMMON STOCK | | | | | | | | |
(Cost $36,094,769) | | | | | | | 41,582,825 | |
| | | | | | | | | |
| PREFERRED STOCK — 5.4% | | | | | | | | |
| GERMANY— 5.4% | | | | | | | | |
| Consumer Discretionary — 3.5% | | | | | | | | |
Porsche Automobil Holding (A) | | | 4,127 | | | | 428,977 | |
Volkswagen (A) | | | 4,946 | | | | 1,109,376 | |
| | | | | | | | 1,538,353 | |
| Consumer Staples — 0.9% | | | | | | | | |
Henkel & KGaA (A) | | | 4,703 | | | | 421,143 | |
| Health Care — 1.0% | | | | | | | | |
Sartorius (A) | | | 663 | | | | 429,969 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X DAX Germany ETF | |
| | | | |
| PREFERRED STOCK — continued | | | |
TOTAL GERMANY | | $ | 2,389,465 | |
| TOTAL PREFERRED STOCK | | | | |
(Cost $2,316,770) | | | 2,389,465 | |
| TOTAL INVESTMENTS — 99.9% | | | | |
(Cost $38,411,539) | | $ | 43,972,290 | |
Percentages are based on Net Assets of $44,032,503.
| * | Non-income producing security. |
| (A) | There is currently no stated interest rate. |
Cl — Class
As of October 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 year ended October 31, 2021, there were no transfers in or out of Level 3.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Portugal ETF | |
Sector Weightings (Unaudited)†:
† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and 7 in Notes to Financial Statements for more detailed information.
| | | | | | | |
| COMMON STOCK — 99.5% | | | | | | |
| CHINA — 3.5% | | | | | | |
| Industrials — 3.5% | | | | | | |
Fosun International | | | 326,990 | | | $ | 384,617 | |
| | | | | | | | | |
| PORTUGAL — 73.3% | | | | | | | | |
| Communication Services — 5.3% | | | | | | | | |
NOS SGPS | | | 116,298 | | | | 454,092 | |
Pharol SGPS * (A) | | | 681,328 | | | | 71,277 | |
Sonaecom | | | 31,375 | | | | 62,814 | |
| | | | | | | | 588,183 | |
| | | | | | | | | |
| Consumer Discretionary — 0.7% | | | | | | | | |
Ibersol SGPS * | | | 12,808 | | | | 73,517 | |
| | | | | | | | | |
| Consumer Staples — 9.1% | | | | | | | | |
Jeronimo Martins | | | 22,220 | | | | 503,995 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Portugal ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Consumer Staples — continued | | | | | | |
Sonae | | | 449,465 | | | $ | 494,915 | |
| | | | | | | | 998,910 | |
| | | | | | | | | |
| Energy — 4.6% | | | | | | | | |
Galp Energia | | | 48,221 | | | | 501,786 | |
| | | | | | | | | |
| Financials — 5.3% | | | | | | | | |
Banco Comercial Portugues, Cl R * | | | 3,202,473 | | | | 578,515 | |
Banco Espirito Santo *(B)(C)(D) | | | 2,085,614 | | | | — | |
BANIF - Banco Internacional do Funchal *(B)(C)(D) | | | 55,479,410 | | | | 13 | |
| | | | | | | | 578,528 | |
| | | | | | | | | |
| Industrials — 5.8% | | | | | | | | |
CTT-Correios de Portugal | | | 89,487 | | | | 492,938 | |
Mota-Engil * (A) | | | 94,299 | | | | 147,322 | |
| | | | | | | | 640,260 | |
| | | | | | | | | |
| Information Technology — 0.6% | | | | | | | | |
Novabase SGPS * | | | 12,674 | | | | 69,228 | |
| | | | | | | | | |
| Materials — 15.7% | | | | | | | | |
Altri | | | 68,765 | | | | 445,637 | |
Corticeira Amorim SGPS | | | 34,397 | | | | 480,058 | |
Navigator | | | 132,497 | | | | 518,261 | |
Ramada Investimentos E Industria (A) | | | 6,373 | | | | 43,071 | |
| Semapa-Sociedade de Investimento e Gestao | | | 16,746 | | | | 235,264 | |
| | | | | | | | 1,722,291 | |
| | | | | | | | | |
| Utilities — 26.2% | | | | | | | | |
Energias de Portugal | | | 422,331 | | | | 2,387,012 | |
| REN - Redes Energeticas Nacionais | | | 163,975 | | | | 500,016 | |
| | | | | | | | 2,887,028 | |
| | | | | | | | | |
TOTAL PORTUGAL | | | | | | | 8,059,731 | |
| SPAIN — 22.7% | | | | | | | | |
| Industrials — 1.0% | | | | | | | | |
Grupo Empresarial San Jose | | | 21,838 | | | | 108,670 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Portugal ETF | |
| | | Shares/Number of Rights/Face Amount | | | | |
| COMMON STOCK — continued | | | | | | |
| Utilities — 21.7% | | | | | | |
EDP Renovaveis | | | 85,802 | | | $ | 2,392,987 | |
| | | | | | | | | |
TOTAL SPAIN | | | | | | | 2,501,657 | |
| TOTAL COMMON STOCK | | | | | | | | |
(Cost $13,688,166) | | | | | | | 10,946,005 | |
| | | | | | | | | |
| RIGHTS — 0.0% | | | | | | | | |
| Portugal — 0.0% | | | | | | | | |
Ibesol SGPS *# | | | 12,808 | | | | 4,391 | |
| | | | | | | | | |
TOTAL RIGHTS (Cost $–) | | | | | | | 4,391 | |
| | | | | | | | | |
SHORT-TERM INVESTMENT(E)(F) — 0.8% | | | | | | | | |
| Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010% | | | | | | | | |
(Cost $89,656) | | | 89,656 | | | | 89,656 | |
| | | | | | | | | |
REPURCHASE AGREEMENT(E) — 0.7% | | | | | | | | |
| BNP Paribas | | | | | | | | |
| 0.030%, dated 10/29/2021, to be repurchased on 11/01/2021, repurchase price $72,170 (collateralized by various U.S. Treasury Obligations, ranging in par value $2,902 - $9,679, 0.750% - 1.250%, 01/31/2028 - 03/31/2028, with a total market value of $73,750) | | | | | | | | |
(Cost $72,170) | | $ | 72,170 | | | | 72,170 | |
| TOTAL INVESTMENTS — 101.0% | | | | | | | | |
(Cost $13,849,992) | | | | | | $ | 11,112,222 | |
Percentages are based on Net Assets of $11,004,988.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Portugal ETF | |
| * | Non-income producing security. |
| # | Expiration Date not available. |
| (A) | This security or a partial position of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 was $133,980. |
| (B) | Level 3 security in accordance with fair value hierarchy. |
| (C) | Security considered illiquid (Unaudited). The total value of such securities as of October 31, 2021 was $13 and represented 0.0% of Net Assets. |
| (D) | Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2021, was $13 and represents 0.0% of Net Assets. |
| (E) | Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2021 was $161,826. |
| (F) | The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2021. |
Cl — Class
The following is a summary of the level of inputs used as of October 31, 2021, in valuing the Fund’s investments carried at value:
| Investments in Securities | | | | | | | | | | | | |
| Common Stock | | $ | 10,945,992 | | | $ | — | | | $ | 13 | | | $ | 10,946,005 | |
| Right | | | 4,391 | | | | — | | | | — | | | | 4,391 | |
| Short-Term Investment | | | 89,656 | | | | — | | | | — | | | | 89,656 | |
| Repurchase Agreement | | | — | | | | 72,170 | | | | — | | | | 72,170 | |
| Total Investments in Securities | | $ | 11,040,039 | | | $ | 72,170 | | | $ | 13 | | | $ | 11,112,222 | |
(1) | A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets. |
For the year ended October 31, 2021, there were no transfers in or out of Level 3.
Amounts designated as “—“ are $0 or have been rounded to $0.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Colombia ETF | |
Sector Weightings (Unaudited)†:
† Sector weightings percentages are based on the total market value of investments.
| | | | | | | |
| COMMON STOCK — 93.4% | | | | | | |
| CANADA — 2.5% | | | | | | |
| Energy — 2.5% | | | | | | |
Parex Resources | | | 52,438 | | | $ | 1,016,566 | |
| | | | | | | | | |
| CHILE — 3.2% | | | | | | | | |
| Energy — 1.7% | | | | | | | | |
Empresas COPEC | | | 89,503 | | | | 706,038 | |
| | | | | | | | | |
| Utilities — 1.5% | | | | | | | | |
Enel Americas | | | 5,594,870 | | | | 637,885 | |
| | | | | | | | | |
TOTAL CHILE | | | | | | | 1,343,923 | |
| COLOMBIA — 83.5% | | | | | | | | |
| Communication Services — 1.7% | | | | | | | | |
Millicom International Cellular SDR * | | | 19,868 | | | | 694,923 | |
| | | | | | | | | |
| Consumer Staples — 4.1% | | | | | | | | |
Grupo Nutresa | | | 292,085 | | | | 1,694,020 | |
| | | | | | | | | |
| Energy — 16.1% | | | | | | | | |
Canacol Energy | | | 373,589 | | | | 1,169,396 | |
Ecopetrol ADR | | | 367,744 | | | | 5,571,322 | |
| | | | | | | | 6,740,718 | |
| Financials — 35.6% | | | | | | | | |
Banco de Bogota | | | 54,856 | | | | 1,097,123 | |
Bancolombia | | | 360,534 | | | | 3,199,688 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Colombia ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Financials — continued | | | | | | |
Bancolombia ADR | | | 170,553 | | | $ | 6,127,969 | |
Financiera Colombiana * | | | 192,018 | | | | 1,501,236 | |
| Grupo Aval Acciones y Valores ADR | | | 227,974 | | | | 1,374,683 | |
| Grupo de Inversiones Suramericana | | | 275,848 | | | | 1,595,489 | |
| | | | | | | | 14,896,188 | |
| | | | | | | | | |
| Materials — 9.6% | | | | | | | | |
Cementos Argos | | | 1,017,970 | | | | 1,703,327 | |
Grupo Argos | | | 587,326 | | | | 1,826,210 | |
Mineros | | | 477,883 | | | | 506,847 | |
| | | | | | | | 4,036,384 | |
| | | | | | | | | |
| Utilities — 16.4% | | | | | | | | |
Celsia ESP | | | 1,097,039 | | | | 1,238,400 | |
Grupo Energia Bogota | | | 2,474,211 | | | | 1,773,352 | |
Interconexion Electrica | | | 648,890 | | | | 3,865,993 | |
| | | | | | | | 6,877,745 | |
| | | | | | | | | |
TOTAL COLOMBIA | | | | | | | 34,939,978 | |
| UNITED STATES — 4.2% | | | | | | | | |
| Industrials — 4.2% | | | | | | | | |
Tecnoglass | | | 61,257 | | | | 1,769,102 | |
| | | | | | | | | |
| TOTAL COMMON STOCK | | | | | | | | |
(Cost $42,663,609) | | | | | | | 39,069,569 | |
| | | | | | | | | |
| PREFERRED STOCK — 6.3% | | | | | | | | |
| COLOMBIA— 6.3% | | | | | | | | |
| Financials — 6.3% | | | | | | | | |
Banco Davivienda (A) | | | 206,318 | | | | 1,843,547 | |
Grupo Aval Acciones y Valores (A) | | | 1,431,941 | | | | 433,923 | |
Grupo de Inversiones Suramericana (A) | | | 68,732 | | | | 342,122 | |
TOTAL COLOMBIA | | | | | | | 2,619,592 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Colombia ETF | |
| | | | |
| PREFERRED STOCK — continued | | | |
| TOTAL PREFERRED STOCK | | | |
(Cost $3,306,962) | | $ | 2,619,592 | |
| TOTAL INVESTMENTS — 99.7% | | | | |
(Cost $45,970,571) | | $ | 41,689,161 | |
Percentages are based on Net Assets of $41,830,802.
| * | Non-income producing security. |
| (A) | There is currently no stated interest rate. |
ADR — American Depositary Receipt
SDR — Swedish Depository Receipt
As of October 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 year ended October 31, 2021, there were no transfers in or out of Level 3.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Argentina ETF | |
Sector Weightings (Unaudited)†:
† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and 7 in Notes to Financial Statements for more detailed information.
| | | | | | | |
| COMMON STOCK — 96.2% | | | | | | |
| ARGENTINA — 51.7% | | | | | | |
| Communication Services — 2.2% | | | | | | |
Telecom Argentina ADR * (A) | | | 149,550 | | | $ | 755,227 | |
| | | | | | | | | |
| Consumer Discretionary — 21.9% | | | | | | | | |
Despegar.com * | | | 88,899 | | | | 988,557 | |
MercadoLibre * | | | 4,484 | | | | 6,640,894 | |
| | | | | | | | 7,629,451 | |
| | | | | | | | | |
| Energy — 5.8% | | | | | | | | |
Transportadora de Gas del Sur ADR * (A) | | | 119,150 | | | | 632,687 | |
YPF ADR * | | | 334,737 | | | | 1,405,895 | |
| | | | | | | | 2,038,582 | |
| | | | | | | | | |
| Financials — 11.1% | | | | | | | | |
Banco BBVA Argentina ADR * | | | 120,615 | | | | 458,337 | |
Banco Macro ADR * (A) | | | 76,181 | | | | 1,198,327 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Argentina ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Financials — continued | | | | | | |
Grupo Financiero Galicia ADR | | | 185,297 | | | $ | 1,969,707 | |
Grupo Supervielle ADR (A) | | | 106,161 | | | | 231,431 | |
| | | | | | | | 3,857,802 | |
| | | | | | | | | |
| Industrials — 0.9% | | | | | | | | |
America Airports * (A) | | | 54,016 | | | | 304,650 | |
| | | | | | | | | |
| Materials — 2.0% | | | | | | | | |
Loma Negra Cia Industrial Argentina ADR * | | | 101,355 | | | | 687,187 | |
| | | | | | | | | |
| Real Estate — 1.8% | | | | | | | | |
Cresud SACIF y A ADR * | | | 59,757 | | | | 316,712 | |
IRSA Inversiones y Representaciones ADR * | | | 38,701 | | | | 181,508 | |
| IRSA Propiedades Comerciales ADR | | | 44,939 | | | | 125,829 | |
| | | | | | | | 624,049 | |
| | | | | | | | | |
| Utilities — 6.0% | | | | | | | | |
Central Puerto ADR * (A) | | | 167,275 | | | | 588,808 | |
Empresa Distribuidora Y Comercializadora Norte ADR * (A) | | | 35,279 | | | | 236,017 | |
Pampa Energia ADR * | | | 69,373 | | | | 1,271,607 | |
| | | | | | | | 2,096,432 | |
| | | | | | | | | |
TOTAL ARGENTINA | | | | | | | 17,993,380 | |
| BRAZIL — 7.3% | | | | | | | | |
| Consumer Discretionary — 3.0% | | | | | | | | |
Arcos Dorados Holdings, Cl A * | | | 219,656 | | | | 1,047,759 | |
| | | | | | | | | |
| Consumer Staples — 4.3% | | | | | | | | |
Adecoagro * | | | 169,784 | | | | 1,487,308 | |
| | | | | | | | | |
TOTAL BRAZIL | | | | | | | 2,535,067 | |
| CANADA — 8.9% | | | | | | | | |
| Materials — 8.9% | | | | | | | | |
SSR Mining | | | 102,789 | | | | 1,618,685 | |
Yamana Gold | | | 375,423 | | | | 1,471,950 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Argentina ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
TOTAL CANADA | | | | | $ | 3,090,635 | |
| CHILE — 7.4% | | | | | | | |
| Consumer Staples — 7.4% | | | | | | | |
Cencosud | | | 875,490 | | | | 1,284,129 | |
Cia Cervecerias Unidas | | | 154,631 | | | | 1,299,025 | |
| | | | | | | | | |
TOTAL CHILE | | | | | | | 2,583,154 | |
| UNITED STATES — 20.9% | | | | | | | | |
| Information Technology — 20.9% | | | | | | | | |
Globant * | | | 22,823 | | | | 7,284,874 | |
| | | | | | | | | |
| TOTAL COMMON STOCK | | | | | | | | |
(Cost $50,262,949) | | | | | | | 33,487,110 | |
| | | | | | | | | |
| PREFERRED STOCK — 3.6% | | | | | | | | |
| CHILE— 3.6% | | | | | | | | |
| Consumer Staples — 3.6% | | | | | | | | |
Embotelladora Andina (B) | | | | | | | | |
(Cost $1,420,933) | | | 600,850 | | | | 1,244,188 | |
| | | | | | | | | |
SHORT-TERM INVESTMENT(C)(D) — 2.7% | | | | | | | | |
| Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010% | | | | | | | | |
(Cost $942,208) | | | 942,208 | | | | 942,208 | |
| | | | | | | | | |
REPURCHASE AGREEMENT(C) — 2.2% | | | | | | | | |
| BNP Paribas | | | | | | | | |
| 0.030%, dated 10/29/2021, to be repurchased on 11/01/2021, repurchase price $758,447 (collateralized by various U.S. Treasury Obligations, ranging in par value $30,503 - $101,720, 0.750% - 1.250%, 01/31/2028 - 03/31/2028, with a total market value of $775,066) | | | | | | | | |
(Cost $758,445) | | $ | 758,445 | | | | 758,445 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Argentina ETF | |
| | | | |
| TOTAL INVESTMENTS — 104.7% | | | |
(Cost $53,384,535) | | $ | 36,431,951 | |
Percentages are based on Net Assets of $34,810,038.
| * | Non-income producing security. |
| (A) | This security or a partial position of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 was $1,592,165. |
| (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 October 31, 2021 was $1,700,653. |
| (D) | The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2021. |
ADR — American Depositary Receipt
Cl — Class
The following is a summary of the level of inputs used as of October 31, 2021, in valuing the Fund’s investments carried at value:
| Investments in Securities | | | | | | | | | | | | |
| Common Stock | | $ | 33,487,110 | | | $ | — | | | $ | — | | | $ | 33,487,110 | |
| Preferred Stock | | | 1,244,188 | | | | — | | | | — | | | | 1,244,188 | |
| Short-Term Investment | | | 942,208 | | | | — | | | | — | | | | 942,208 | |
| Repurchase Agreement | | | — | | | | 758,445 | | | | — | | | | 758,445 | |
| Total Investments in Securities | | $ | 35,673,506 | | | $ | 758,445 | | | $ | — | | | $ | 36,431,951 | |
For the year ended October 31, 2021, there were no transfers in or out of Level 3.
Amounts designated as “—“ are $0 or have been rounded to $0.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Pakistan ETF | |
Sector Weightings (Unaudited)†:
† Sector weightings percentages are based on the total market value of investments.
| | | | | | | |
| COMMON STOCK — 99.1% | | | | | | |
| PAKISTAN — 99.1% | | | | | | |
| Consumer Discretionary — 3.3% | | | | | | |
Honda Atlas Cars Pakistan | | | 130,436 | | | $ | 179,312 | |
Indus Motor | | | 43,420 | | | | 302,097 | |
Nishat Mills | | | 607,143 | | | | 320,749 | |
| | | | | | | | 802,158 | |
| | | | | | | | | |
| Energy — 20.2% | | | | | | | | |
Mari Petroleum | | | 105,162 | | | | 1,044,146 | |
Oil & Gas Development | | | 2,152,302 | | | | 1,071,312 | |
Pakistan Oilfields | | | 394,521 | | | | 881,769 | |
Pakistan Petroleum | | | 2,118,009 | | | | 938,232 | |
Pakistan State Oil | | | 820,317 | | | | 911,618 | |
| | | | | | | | 4,847,077 | |
| | | | | | | | | |
| Financials — 26.4% | | | | | | | | |
Bank Al Habib | | | 2,748,858 | | | | 1,126,189 | |
Bank Alfalah | | | 2,924,038 | | | | 620,835 | |
Habib Bank | | | 2,184,306 | | | | 1,609,180 | |
MCB Bank | | | 1,544,058 | | | | 1,478,328 | |
National Bank of Pakistan * | | | 1,813,593 | | | | 363,566 | |
United Bank | | | 1,371,311 | | | | 1,121,312 | |
| | | | | | | | 6,319,410 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Pakistan ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Health Care — 2.2% | | | | | | |
Searle | | | 506,514 | | | $ | 528,164 | |
| | | | | | | | | |
| Industrials — 9.0% | | | | | | | | |
Millat Tractors | | | 160,409 | | | | 834,587 | |
Pak Elektron * | | | 1,063,426 | | | | 164,808 | |
Pakistan International Bulk Terminal * | | | 3,587,040 | | | | 168,408 | |
TRG Pakistan | | | 1,414,000 | | | | 987,694 | |
| | | | | | | | 2,155,497 | |
| | | | | | | | | |
| Materials — 30.7% | | | | | | | | |
DG Khan Cement | | | 798,177 | | | | 410,018 | |
Engro | | | 1,033,128 | | | | 1,708,628 | |
Engro Fertilizers | | | 2,009,519 | | | | 838,072 | |
Fauji Cement * | | | 2,886,729 | | | | 337,811 | |
Fauji Fertilizer | | | 1,778,586 | | | | 1,067,567 | |
Fauji Fertilizer Bin Qasim * | | | 1,248,336 | | | | 179,615 | |
International Steels | | | 410,950 | | | | 195,624 | |
Lucky Cement * | | | 481,494 | | | | 2,172,782 | |
Maple Leaf Cement Factory * | | | 2,006,200 | | | | 450,677 | |
| | | | | | | | 7,360,794 | |
| | | | | | | | | |
| Utilities — 7.3% | | | | | | | | |
Hub Power | | | 3,608,245 | | | | 1,601,323 | |
Kot Addu Power | | | 840,321 | | | | 137,396 | |
| | | | | | | | 1,738,719 | |
| | | | | | | | | |
TOTAL PAKISTAN | | | | | | | 23,751,819 | |
| TOTAL COMMON STOCK | | | | | | | | |
(Cost $27,697,547) | | | | | | | 23,751,819 | |
| TOTAL INVESTMENTS — 99.1% | | | | | | | | |
(Cost $27,697,547) | | | | | | $ | 23,751,819 | |
Percentages are based on Net Assets of $23,967,469.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Pakistan ETF | |
| * | Non-income producing security. |
As of October 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 year ended October 31, 2021, there were no transfers in or out of Level 3.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Nigeria ETF | |
Sector Weightings (Unaudited)†:
† Sector weightings percentages are based on the total market value of investments.
| | | | | | | |
| COMMON STOCK — 93.0% | | | | | | |
| NIGERIA — 89.7% | | | | | | |
| Communication Services — 4.8% | | | | | | |
Nigeria Communications | | | 5,229,146 | | | $ | 2,219,306 | |
| | | | | | | | | |
| Consumer Staples — 22.5% | | | | | | | | |
Dangote Sugar Refinery | | | 35,842,141 | | | | 1,472,668 | |
Flour Mills of Nigeria | | | 22,802,438 | | | | 1,620,282 | |
Nestle Nigeria | | | 1,149,667 | | | | 3,890,112 | |
Nigerian Breweries | | | 12,878,528 | | | | 1,649,696 | |
UAC of Nigeria | | | 36,106,199 | | | | 986,103 | |
Unilever Nigeria * | | | 23,383,901 | | | | 881,665 | |
| | | | | | | | 10,500,526 | |
| | | | | | | | | |
| Financials — 40.1% | | | | | | | | |
Access Bank | | | 70,226,796 | | | | 1,612,458 | |
FBN Holdings | | | 88,252,704 | | | | 2,356,960 | |
FCMB Group | | | 162,598,933 | | | | 1,253,633 | |
Fidelity Bank | | | 167,957,655 | | | | 1,128,513 | |
Guaranty Trust Holding | | | 62,675,911 | | | | 4,339,976 | |
Stanbic IBTC Holdings | | | 18,901,509 | | | | 1,781,653 | |
Sterling Bank | | | 201,593,633 | | | | 725,981 | |
United Bank for Africa | | | 89,823,005 | | | | 1,867,016 | |
Zenith Bank | | | 59,101,971 | | | | 3,606,827 | |
| | | | | | | | 18,673,017 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Nigeria ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Materials — 20.1% | | | | | | |
Dangote Cement | | | 10,917,311 | | | $ | 7,388,150 | |
Lafarge Africa | | | 30,156,855 | | | | 1,967,940 | |
| | | | | | | | 9,356,090 | |
| | | | | | | | | |
| Utilities — 2.2% | | | | | | | | |
Transnational Corp of Nigeria | | | 404,740,021 | | | | 1,046,699 | |
| | | | | | | | | |
TOTAL NIGERIA | | | | | | | 41,795,638 | |
| TOGO — 3.3% | | | | | | | | |
| Financials — 3.3% | | | | | | | | |
Ecobank Transnational * | | | 72,630,090 | | | | 1,562,315 | |
| | | | | | | | | |
| TOTAL COMMON STOCK | | | | | | | | |
(Cost $41,053,801) | | | | | | | 43,357,953 | |
| | | | | | | | | |
| U.S. TREASURY OBLIGATION — 12.9% | | | | | | | | |
| U.S. Treasury Bill | | | | | | | | |
0.050%, 11/23/21(A) | | | | | | | | |
(Cost $5,999,816) | | $ | 6,000,000 | | | | 5,999,795 | |
| TOTAL INVESTMENTS — 105.9% | | | | | | | | |
(Cost $47,053,617) | | | | | | $ | 49,357,748 | |
Percentages are based on Net Assets of $46,591,986.
| * | Non-income producing security. |
| (A) | Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase. |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Nigeria ETF | |
The following is a summary of the level of inputs used as of October 31, 2021, in valuing the Fund’s investments carried at value:
| Investments in Securities | | | | | | | | | | | | |
| Common Stock | | $ | 43,357,953 | | | $ | — | | | $ | — | | | $ | 43,357,953 | |
| U.S. Treasury Obligation | | | — | | | | 5,999,795 | | | | — | | | | 5,999,795 | |
| Total Investments in Securities | | $ | 43,357,953 | | | $ | 5,999,795 | | | $ | — | | | $ | 49,357,748 | |
For the year ended October 31, 2021, there were no transfers in or out of Level 3.
Amounts designated as “—“ are $0 or have been rounded to $0.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Next Emerging & Frontier ETF | |
Sector Weightings (Unaudited)†:
† Sector weightings percentages are based on the total market value of investments.
| | | | | | | |
| COMMON STOCK — 99.8% | | | | | | |
| BAHRAIN — 0.8% | | | | | | |
| Financials — 0.8% | | | | | | |
Ahli United Bank BSC | | | 183,077 | | | $ | 177,945 | |
| | | | | | | | | |
| BANGLADESH — 0.8% | | | | | | | | |
| Communication Services — 0.2% | | | | | | | | |
GrameenPhone | | | 8,401 | | | | 34,846 | |
| | | | | | | | | |
| Financials — 0.0% | | | | | | | | |
BRAC Bank | | | 22,793 | | | | 12,297 | |
| | | | | | | | | |
| Health Care — 0.6% | | | | | | | | |
Square Pharmaceuticals | | | 48,414 | | | | 123,077 | |
| | | | | | | | | |
TOTAL BANGLADESH | | | | | | | 170,220 | |
| CHILE — 1.8% | | | | | | | | |
| Consumer Discretionary — 0.4% | | | | | | | | |
Falabella | | | 29,093 | | | | 80,668 | |
| | | | | | | | | |
| | | | | | | | | |
| Consumer Staples — 0.6% | | | | | | | | |
Cencosud | | | 55,154 | | | | 80,897 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Next Emerging & Frontier ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Consumer Staples — continued | | | | | | |
Cia Cervecerias Unidas | | | 5,757 | | | $ | 48,364 | |
| | | | | | | | 129,261 | |
| | | | | | | | | |
| Financials — 0.6% | | | | | | | | |
Banco de Chile | | | 683,332 | | | | 59,463 | |
Banco de Credito e Inversiones | | | 818 | | | | 27,632 | |
Banco Santander Chile | | | 1,045,704 | | | | 45,885 | |
| | | | | | | | 132,980 | |
| | | | | | | | | |
| Utilities — 0.2% | | | | | | | | |
Enel Chile | | | 1,067,089 | | | | 43,838 | |
| | | | | | | | | |
TOTAL CHILE | | | | | | | 386,747 | |
| CZECH REPUBLIC — 1.3% | | | | | | | | |
| Financials — 0.3% | | | | | | | | |
Komercni Banka | | | 1,185 | | | | 46,022 | |
Moneta Money Bank | | | 5,810 | | | | 22,735 | |
| | | | | | | | 68,757 | |
| | | | | | | | | |
| Utilities — 1.0% | | | | | | | | |
CEZ | | | 6,327 | | | | 209,071 | |
| | | | | | | | | |
TOTAL CZECH REPUBLIC | | | | | | | 277,828 | |
| EGYPT — 0.4% | | | | | | | | |
| Financials — 0.4% | | | | | | | | |
| Commercial International Bank Egypt SAE | | | 26,149 | | | | 84,905 | |
| | | | | | | | | |
| GREECE — 1.7% | | | | | | | | |
| Communication Services — 0.7% | | | | | | | | |
| Hellenic Telecommunications Organization | | | 8,898 | | | | 157,547 | |
| | | | | | | | | |
| Consumer Discretionary — 0.6% | | | | | | | | |
OPAP | | | 8,045 | | | | 125,220 | |
| | | | | | | | | |
| Financials — 0.4% | | | | | | | | |
Alpha Services and Holdings * | | | 33,467 | | | | 42,544 | |
Eurobank Ergasias Services and Holdings * | | | 40,426 | | | | 42,264 | |
| | | | | | | | 84,808 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Next Emerging & Frontier ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
TOTAL GREECE | | | | | $ | 367,575 | |
| ICELAND — 1.7% | | | | | | | |
| Financials — 0.3% | | | | | | | |
Arion Banki HF | | | 43,151 | | | | 65,416 | |
| | | | | | | | | |
| Industrials — 1.4% | | | | | | | | |
Marel HF | | | 45,214 | | | | 301,380 | |
| | | | | | | | | |
TOTAL ICELAND | | | | | | | 366,796 | |
| INDONESIA — 11.0% | | | | | | | | |
| Communication Services — 2.8% | | | | | | | | |
Sarana Menara Nusantara | | | 834,644 | | | | 68,339 | |
Telkom Indonesia Persero | | | 1,752,987 | | | | 470,185 | |
Tower Bersama Infrastructure | | | 291,904 | | | | 60,575 | |
| | | | | | | | 599,099 | |
| | | | | | | | | |
| Consumer Discretionary — 1.5% | | | | | | | | |
Astra International | | | 737,061 | | | | 313,449 | |
| | | | | | | | | |
| Consumer Staples — 1.7% | | | | | | | | |
Charoen Pokphand Indonesia | | | 268,528 | | | | 117,514 | |
Gudang Garam | | | 17,782 | | | | 42,047 | |
Indofood CBP Sukses Makmur | | | 85,890 | | | | 53,350 | |
Indofood Sukses Makmur | | | 159,592 | | | | 71,530 | |
Unilever Indonesia | | | 277,395 | | | | 86,542 | |
| | | | | | | | 370,983 | |
| | | | | | | | | |
| Financials — 4.1% | | | | | | | | |
Bank Central Asia | | | 779,580 | | | | 411,319 | |
Bank Mandiri | | | 261,882 | | | | 132,628 | |
| Bank Negara Indonesia Persero | | | 110,556 | | | | 54,624 | |
Bank Rakyat Indonesia Persero | | | 971,890 | | | | 291,550 | |
| | | | | | | | 890,121 | |
| | | | | | | | | |
| Health Care — 0.4% | | | | | | | | |
Kalbe Farma | | | 766,874 | | | | 86,606 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Next Emerging & Frontier ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Materials — 0.5% | | | | | | |
Indocement Tunggal Prakarsa | | | 50,904 | | | $ | 42,487 | |
Semen Indonesia Persero | | | 107,820 | | | | 69,255 | |
| | | | | | | | 111,742 | |
| | | | | | | | | |
TOTAL INDONESIA | | | | | | | 2,372,000 | |
| JORDAN — 0.1% | | | | | | | | |
| Financials — 0.1% | | | | | | | | |
Arab Bank | | | 3,978 | | | | 27,773 | |
| | | | | | | | | |
| KAZAKHSTAN — 1.3% | | | | | | | | |
| Energy — 1.0% | | | | | | | | |
NAC Kazatomprom JSC GDR | | | 5,013 | | | | 217,564 | |
| | | | | | | | | |
| Financials — 0.3% | | | | | | | | |
| Halyk Savings Bank of Kazakhstan JSC GDR | | | 3,144 | | | | 56,592 | |
| | | | | | | | | |
TOTAL KAZAKHSTAN | | | | | | | 274,156 | |
| KENYA — 1.8% | | | | | | | | |
| Communication Services — 1.6% | | | | | | | | |
Safaricom | | | 938,556 | | | | 360,918 | |
| | | | | | | | | |
| Financials — 0.2% | | | | | | | | |
Equity Group Holdings * | | | 84,940 | | | | 37,929 | |
| | | | | | | | | |
TOTAL KENYA | | | | | | | 398,847 | |
| KUWAIT — 1.8% | | | | | | | | |
| Financials — 1.5% | | | | | | | | |
National Bank of Kuwait SAK | | | 102,914 | | | | 337,983 | |
| | | | | | | | | |
| Real Estate — 0.3% | | | | | | | | |
Mabanee KPSC | | | 22,580 | | | | 58,950 | |
| | | | | | | | | |
TOTAL KUWAIT | | | | | | | 396,933 | |
| LUXEMBOURG — 0.2% | | | | | | | | |
| Financials — 0.2% | | | | | | | | |
Reinet Investments SCA | | | 1,860 | | | | 33,737 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Next Emerging & Frontier ETF | |
| | | | | | | |
COMMON STOCK — continued | | | | | | |
| MALAYSIA — 7.2% | | | | | | |
| Communication Services — 1.8% | | | | | | |
Axiata Group | | | 106,255 | | | $ | 101,354 | |
DiGi.com | | | 120,264 | | | | 122,849 | |
Maxis | | | 90,658 | | | | 102,239 | |
Telekom Malaysia | | | 43,660 | | | | 61,046 | |
| | | | | | | | 387,488 | |
| | | | | | | | | |
| Consumer Staples — 1.2% | | | | | | | | |
Nestle Malaysia | | | 2,784 | | | | 90,425 | |
PPB Group | | | 24,786 | | | | 108,817 | |
QL Resources | | | 42,232 | | | | 51,502 | |
| | | | | | | | 250,744 | |
| | | | | | | | | |
| Energy — 0.3% | | | | | | | | |
Petronas Dagangan | | | 11,526 | | | | 56,670 | |
| | | | | | | | | |
| Financials — 2.0% | | | | | | | | |
CIMB Group Holdings | | | 100,872 | | | | 127,156 | |
Hong Leong Bank | | | 10,200 | | | | 46,357 | |
Public Bank | | | 219,222 | | | | 220,757 | |
RHB Bank | | | 29,754 | | | | 40,093 | |
| | | | | | | | 434,363 | |
| | | | | | | | | |
| Health Care — 0.1% | | | | | | | | |
Kossan Rubber Industries | | | 49,272 | | | | 28,081 | |
| | | | | | | | | |
| Industrials — 0.3% | | | | | | | | |
Malaysia Airports Holdings * | �� | | 41,618 | | | | 65,125 | |
| | | | | | | | | |
| Utilities — 1.5% | | | | | | | | |
Petronas Gas | | | 30,591 | | | | 123,664 | |
Tenaga Nasional | | | 89,515 | | | | 208,818 | |
| | | | | | | | 332,482 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Next Emerging & Frontier ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
TOTAL MALAYSIA | | | | | $ | 1,554,953 | |
| MEXICO — 5.1% | | | | | | | |
| Communication Services — 0.9% | | | | | | | |
Grupo Televisa | | | 94,237 | | | | 191,749 | |
| | | | | | | | | |
| Consumer Staples — 0.4% | | | | | | | | |
| Kimberly-Clark de Mexico, Cl A | | | 59,756 | | | | 94,741 | |
| | | | | | | | | |
| Financials — 1.3% | | | | | | | | |
| Grupo Financiero Banorte, Cl O | | | 39,042 | | | | 247,730 | |
Grupo Financiero Inbursa, Cl O * | | | 33,902 | | | | 34,112 | |
| | | | | | | | 281,842 | |
| | | | | | | | | |
| Industrials — 1.9% | | | | | | | | |
| Grupo Aeroportuario del Pacifico, Cl B | | | 14,608 | | | | 184,550 | |
| Grupo Aeroportuario del Sureste, Cl B | | | 8,153 | | | | 164,778 | |
| Promotora y Operadora de Infraestructura | | | 8,801 | | | | 64,863 | |
| | | | | | | | 414,191 | |
| | | | | | | | | |
| Real Estate — 0.6% | | | | | | | | |
Fibra Uno Administracion ‡ | | | 122,200 | | | | 121,706 | |
| | | | | | | | | |
TOTAL MEXICO | | | | | | | 1,104,229 | |
| MOROCCO — 0.4% | | | | | | | | |
| Financials — 0.4% | | | | | | | | |
Attijariwafa Bank | | | 1,311 | | | | 70,837 | |
Banque Centrale Populaire | | | 751 | | | | 23,802 | |
| | | | | | | | | |
TOTAL MOROCCO | | | | | | | 94,639 | |
| NIGERIA — 0.6% | | | | | | | | |
| Financials — 0.2% | | | | | | | | |
Guaranty Trust Holding | | | 216,406 | | | | 14,985 | |
Zenith Bank | | | 230,376 | | | | 14,059 | |
| | | | | | | | 29,044 | |
| | | | | | | | | |
| Materials — 0.4% | | | | | | | | |
Dangote Cement | | | 131,575 | | | | 89,042 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Next Emerging & Frontier ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
TOTAL NIGERIA | | | | | $ | 118,086 | |
| PERU — 0.6% | | | | | | | |
| Financials — 0.6% | | | | | | | |
Credicorp | | | 1,020 | | | | 132,253 | |
| | | | | | | | | |
| PHILIPPINES — 4.4% | | | | | | | | |
| Communication Services — 0.5% | | | | | | | | |
PLDT | | | 2,919 | | | | 95,080 | |
| | | | | | | | | |
| Financials — 0.7% | | | | | | | | |
Bank of the Philippine Islands | | | 28,144 | | | | 48,544 | |
BDO Unibank | | | 29,656 | | | | 73,008 | |
Metropolitan Bank & Trust | | | 30,052 | | | | 28,437 | |
| | | | | | | | 149,989 | |
| | | | | | | | | |
| Industrials — 0.8% | | | | | | | | |
SM Investments | | | 9,460 | | | | 181,093 | |
| | | | | | | | | |
| Real Estate — 2.2% | | | | | | | | |
Ayala Land | | | 317,622 | | | | 221,157 | |
SM Prime Holdings | | | 395,703 | | | | 259,825 | |
| | | | | | | | 480,982 | |
| | | | | | | | | |
| Utilities — 0.2% | | | | | | | | |
Manila Electric | | | 8,692 | | | | 49,486 | |
| | | | | | | | | |
TOTAL PHILIPPINES | | | | | | | 956,630 | |
| POLAND — 4.7% | | | | | | | | |
| Communication Services — 0.5% | | | | | | | | |
Cyfrowy Polsat | | | 11,313 | | | | 101,250 | |
| | | | | | | | | |
| Consumer Discretionary — 0.7% | | | | | | | | |
Allegro.eu * | | | 14,032 | | | | 158,811 | |
| | | | | | | | | |
| Consumer Staples — 0.8% | | | | | | | | |
Dino Polska * | | | 1,923 | | | | 171,913 | |
| | | | | | | | | |
| Energy — 0.5% | | | | | | | | |
| Polskie Gornictwo Naftowe i Gazownictwo | | | 67,000 | | | | 101,105 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Next Emerging & Frontier ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Financials — 1.8% | | | | | | |
Bank Polska Kasa Opieki | | | 2,869 | | | $ | 94,814 | |
Powszechna Kasa Oszczednosci Bank Polski * | | | 13,170 | | | | 161,212 | |
| Powszechny Zaklad Ubezpieczen | | | 9,093 | | | | 91,007 | |
Santander Bank Polska | | | 537 | | | | 49,906 | |
| | | | | | | | 396,939 | |
| | | | | | | | | |
| Utilities — 0.4% | | | | | | | | |
PGE Polska Grupa Energetyczna * | | | 32,497 | | | | 79,950 | |
| | | | | | | | | |
TOTAL POLAND | | | | | | | 1,009,968 | |
| QATAR — 4.3% | | | | | | | | |
| Energy — 0.8% | | | | | | | | |
Qatar Fuel QSC | | | 18,818 | | | | 95,046 | |
Qatar Gas Transport | | | 96,263 | | | | 85,926 | |
| | | | | | | | 180,972 | |
| | | | | | | | | |
| Financials — 1.1% | | | | | | | | |
Commercial Bank PSQC | | | 30,904 | | | | 51,860 | |
Masraf Al Rayan QSC | | | 55,250 | | | | 72,458 | |
| Qatar International Islamic Bank QSC | | | 11,117 | | | | 29,892 | |
Qatar Islamic Bank SAQ | | | 17,415 | | | | 88,103 | |
| | | | | | | | 242,313 | |
| | | | | | | | | |
| Industrials — 1.2% | | | | | | | | |
Industries Qatar QSC | | | 59,286 | | | | 258,247 | |
| | | | | | | | | |
| Materials — 0.5% | | | | | | | | |
| Mesaieed Petrochemical Holding | | | 169,824 | | | | 111,941 | |
| | | | | | | | | |
| Real Estate — 0.3% | | | | | | | | |
Barwa Real Estate | | | 73,558 | | | | 63,638 | |
| | | | | | | | | |
| Utilities — 0.4% | | | | | | | | |
Qatar Electricity & Water QSC | | | 16,987 | | | | 78,380 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Next Emerging & Frontier ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
TOTAL QATAR | | | | | $ | 935,491 | |
| ROMANIA — 1.8% | | | | | | | |
| Energy — 0.8% | | | | | | | |
OMV Petrom | | | 875,169 | | | | 100,872 | |
| Societatea Nationala de Gaze Naturale ROMGAZ | | | 8,927 | | | | 77,847 | |
| | | | | | | | 178,719 | |
| | | | | | | | | |
| Financials — 0.5% | | | | | | | | |
Banca Transilvania | | | 142,418 | | | | 83,573 | |
BRD-Groupe Societe Generale | | | 6,535 | | | | 28,204 | |
| | | | | | | | 111,777 | |
| | | | | | | | | |
| Real Estate — 0.5% | | | | | | | | |
NEPI Rockcastle | | | 14,837 | | | | 99,955 | |
| | | | | | | | | |
TOTAL ROMANIA | | | | | | | 390,451 | |
| SAUDI ARABIA — 10.0% | | | | | | | | |
| Communication Services — 2.0% | | | | | | | | |
Etihad Etisalat | | | 7,040 | | | | 56,776 | |
Mobile Telecommunications Saudi Arabia * | | | 8,196 | | | | 29,673 | |
Saudi Telecom | | | 11,220 | | | | 349,980 | |
| | | | | | | | 436,429 | |
| | | | | | | | | |
| Consumer Discretionary — 0.3% | | | | | | | | |
Jarir Marketing | | | 1,097 | | | | 59,311 | |
| | | | | | | | | |
| Consumer Staples — 0.7% | | | | | | | | |
Abdullah Al Othaim Markets | | | 820 | | | | 25,316 | |
Almarai JSC | | | 4,666 | | | | 65,806 | |
Savola Group | | | 5,157 | | | | 50,320 | |
| | | | | | | | 141,442 | |
| | | | | | | | | |
| Financials — 4.3% | | | | | | | | |
Al Rajhi Bank | | | 8,836 | | | | 326,500 | |
Alinma Bank | | | 7,047 | | | | 47,251 | |
Arab National Bank | | | 4,763 | | | | 29,231 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Next Emerging & Frontier ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Financials — continued | | | | | | |
Bank AlBilad * | | | 2,919 | | | $ | 32,841 | |
Bank Al-Jazira | | | 2,868 | | | | 14,681 | |
Banque Saudi Fransi | | | 4,248 | | | | 47,849 | |
| Bupa Arabia for Cooperative Insurance | | | 429 | | | | 16,538 | |
| Company for Cooperative Insurance | | | 436 | | | | 9,997 | |
Riyad Bank | | | 9,721 | | | | 76,583 | |
Saudi British Bank | | | 5,915 | | | | 52,276 | |
Saudi National Bank | | | 15,826 | | | | 278,049 | |
| | | | | | | | 931,796 | |
| | | | | | | | | |
| Health Care — 0.4% | | | | | | | | |
| Dr Sulaiman Al Habib Medical Services Group | | | 1,033 | | | | 45,662 | |
Mouwasat Medical Services | | | 966 | | | | 46,305 | |
| | | | | | | | 91,967 | |
| | | | | | | | | |
| Materials — 1.6% | | | | | | | | |
SABIC Agri-Nutrients | | | 4,003 | | | | 175,023 | |
Saudi Kayan Petrochemical * | | | 13,717 | | | | 74,456 | |
Yanbu National Petrochemical | | | 4,726 | | | | 95,883 | |
| | | | | | | | 345,362 | |
| | | | | | | | | |
| Real Estate — 0.1% | | | | | | | | |
Dar Al Arkan Real Estate Development * | | | 10,387 | | | | 27,387 | |
| | | | | | | | | |
| Utilities — 0.6% | | | | | | | | |
Saudi Electricity | | | 15,567 | | | | 118,281 | |
| | | | | | | | | |
TOTAL SAUDI ARABIA | | | | | | | 2,151,975 | |
| SOUTH AFRICA — 8.8% | | | | | | | | |
| Communication Services — 0.5% | | | | | | | | |
MultiChoice Group | | | 13,091 | | | | 104,616 | |
| | | | | | | | | |
| Consumer Discretionary — 0.5% | | | | | | | | |
Mr Price Group | | | 8,911 | | | | 117,226 | |
| | | | | | | | | |
| Consumer Staples — 2.1% | | | | | | | | |
Clicks Group | | | 8,605 | | | | 157,857 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Next Emerging & Frontier ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Consumer Staples — continued | | | | | | |
Shoprite Holdings | | | 17,507 | | | $ | 209,036 | |
Tiger Brands | | | 6,005 | | | | 76,117 | |
| | | | | | | | 443,010 | |
| | | | | | | | | |
| Financials — 4.5% | | | | | | | | |
Absa Group | | | 9,816 | | | | 90,410 | |
Capitec Bank Holdings | | | 1,104 | | | | 123,966 | |
Discovery * | | | 6,134 | | | | 56,469 | |
FirstRand | | | 67,852 | | | | 258,954 | |
Nedbank Group | | | 5,119 | | | | 58,569 | |
Old Mutual | | | 64,057 | | | | 65,701 | |
Remgro | | | 7,200 | | | | 63,772 | |
Sanlam | | | 25,794 | | | | 106,485 | |
Standard Bank Group | | | 17,675 | | | | 157,482 | |
| | | | | | | | 981,808 | |
| | | | | | | | | |
| Industrials — 0.6% | | | | | | | | |
Bidvest Group | | | 10,070 | | | | 126,796 | |
| | | | | | | | | |
| Materials — 0.6% | | | | | | | | |
African Rainbow Minerals | | | 3,887 | | | | 52,047 | |
Harmony Gold Mining | | | 19,505 | | | | 71,206 | |
| | | | | | | | 123,253 | |
| | | | | | | | | |
TOTAL SOUTH AFRICA | | | | | | | 1,896,709 | |
| SRI LANKA — 0.2% | | | | | | | | |
| Industrials — 0.2% | | | | | | | | |
John Keells Holdings | | | 57,075 | | | | 42,100 | |
| | | | | | | | | |
| THAILAND — 10.3% | | | | | | | | |
| Communication Services — 1.2% | | | | | | | | |
Advanced Info Service NVDR | | | 33,736 | | | | 192,152 | |
Intouch Holdings PCL NVDR | | | 31,774 | | | | 72,056 | |
| | | | | | | | 264,208 | |
| | | | | | | | | |
| Consumer Discretionary — 0.9% | | | | | | | | |
Central Retail NVDR | | | 51,216 | | | | 53,636 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Next Emerging & Frontier ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Consumer Discretionary — continued | | | | | | |
Home Product Center NVDR | | | 167,656 | | | $ | 73,767 | |
| PTT Oil & Retail Business NVDR | | | 85,020 | | | | 70,460 | |
| | | | | | | | 197,863 | |
| | | | | | | | | |
| Consumer Staples — 1.6% | | | | | | | | |
Berli Jucker NVDR | | | 33,998 | | | | 34,580 | |
CP ALL NVDR | | | 165,728 | | | | 319,644 | |
| | | | | | | | 354,224 | |
| | | | | | | | | |
| Energy — 0.9% | | | | | | | | |
| PTT Exploration & Production NVDR | | | 39,454 | | | | 139,707 | |
Thai Oil NVDR | | | 31,798 | | | | 53,424 | |
| | | | | | | | 193,131 | |
| | | | | | | | | |
| Financials — 0.3% | | | | | | | | |
Krungthai Card NVDR | | | 9,384 | | | | 16,332 | |
| Siam Commercial Bank NVDR | | | 9,544 | | | | 36,240 | |
Srisawad NVDR | | | 7,754 | | | | 14,955 | |
| | | | | | | | 67,527 | |
| | | | | | | | | |
| Health Care — 1.2% | | | | | | | | |
| Bangkok Dusit Medical Services NVDR | | | 270,538 | | | | 191,596 | |
Bumrungrad Hospital NVDR | | | 13,542 | | | | 59,380 | |
| | | | | | | | 250,976 | |
| | | | | | | | | |
| Industrials — 1.7% | | | | | | | | |
Airports of Thailand NVDR | | | 121,590 | | | | 236,346 | |
| Bangkok Expressway & Metro NVDR | | | 216,470 | | | | 58,713 | |
| BTS Group Holdings PCL NVDR | | | 223,698 | | | | 64,381 | |
| | | | | | | | 359,440 | |
| | | | | | | | | |
| Materials — 0.3% | | | | | | | | |
SCG Packaging NVDR | | | 36,452 | | | | 70,581 | |
| | | | | | | | | |
| Real Estate — 0.8% | | | | | | | | |
Central Pattana NVDR | | | 57,222 | | | | 102,175 | |
Land & Houses NVDR | | | 236,936 | | | | 60,336 | |
| | | | | | | | 162,511 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Next Emerging & Frontier ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Utilities — 1.4% | | | | | | |
Electricity Generating | | | 5,828 | | | $ | 31,351 | |
Electricity Generating NVDR | | | 900 | | | | 4,841 | |
Electricity Generating PCL | | | 900 | | | | 4,841 | |
Energy Absolute NVDR | | | 42,256 | | | | 83,411 | |
Global Power Synergy NVDR | | | 19,956 | | | | 46,909 | |
| Gulf Energy Development NVDR | | | 83,186 | | | | 108,424 | |
Ratch Group NVDR | | | 22,504 | | | | 30,858 | |
| | | | | | | | 310,635 | |
| | | | | | | | | |
TOTAL THAILAND | | | | | | | 2,231,096 | |
| TURKEY — 2.2% | | | | | | | | |
| Communication Services — 0.4% | | | | | | | | |
Turkcell Iletisim Hizmetleri | | | 46,731 | | | | 74,312 | |
| | | | | | | | | |
| Consumer Staples — 0.5% | | | | | | | | |
BIM Birlesik Magazalar | | | 17,885 | | | | 115,604 | |
| | | | | | | | | |
| Energy — 0.3% | | | | | | | | |
Tupras Turkiye Petrol Rafinerileri * | | | 4,829 | | | | 70,211 | |
| | | | | | | | | |
| Financials — 0.3% | | | | | | | | |
Akbank Turk | | | 46,781 | | | | 28,511 | |
Turkiye Garanti Bankasi | | | 34,669 | | | | 35,516 | |
| | | | | | | | 64,027 | |
| | | | | | | | | |
| Industrials — 0.2% | | | | | | | | |
| Aselsan Elektronik Sanayi Ve Ticaret | | | 26,352 | | | | 45,029 | |
| | | | | | | | | |
| Materials — 0.5% | | | | | | | | |
| Eregli Demir ve Celik Fabrikalari | | | 55,026 | | | | 112,683 | |
| | | | | | | | | |
TOTAL TURKEY | | | | | | | 481,866 | |
| UNITED ARAB EMIRATES — 6.2% | | | | | | | | |
| Communication Services — 2.0% | | | | | | | | |
| Emirates Telecommunications Group PJSC | | | 62,505 | | | | 435,628 | |
| | | | | | | | | |
| Consumer Discretionary — 0.5% | | | | | | | | |
| Abu Dhabi National Oil for Distribution PJSC | | | 96,640 | | | | 112,606 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Next Emerging & Frontier ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Financials — 2.9% | | | | | | |
| Abu Dhabi Commercial Bank PJSC | | | 41,857 | | | $ | 94,582 | |
Abu Dhabi Islamic Bank PJSC | | | 21,787 | | | | 34,640 | |
Dubai Islamic Bank PJSC | | | 27,162 | | | | 37,787 | |
Emirates NBD Bank PJSC | | | 38,031 | | | | 144,435 | |
First Abu Dhabi Bank PJSC | | | 65,785 | | | | 319,151 | |
| | | | | | | | 630,595 | |
| | | | | | | | | |
| Real Estate — 0.8% | | | | | | | | |
Aldar Properties PJSC | | | 148,976 | | | | 163,855 | |
| | | | | | | | | |
| TOTAL UNITED ARAB EMIRATES | | | | | | | 1,342,684 | |
| VIETNAM — 8.3% | | | | | | | | |
| Consumer Staples — 2.2% | | | | | | | | |
Masan Group | | | 31,810 | | | | 210,981 | |
Saigon Beer Alcohol Beverage | | | 4,950 | | | | 34,920 | |
Vietnam Dairy Products JSC | | | 56,696 | | | | 226,021 | |
| | | | | | | | 471,922 | |
| | | | | | | | | |
| Financials — 0.3% | | | | | | | | |
| Bank for Foreign Trade of Vietnam JSC | | | 11,550 | | | | 49,750 | |
Ho Chi Minh City Development Joint Stock Commercial Bank * | | | 8 | | | | 9 | |
Saigon - Hanoi Commercial Joint Stock Bank * | | | 18,000 | | | | 22,113 | |
| | | | | | | | 71,872 | |
| | | | | | | | | |
| Industrials — 0.3% | | | | | | | | |
Vietjet Aviation JSC * | | | 12,480 | | | | 72,407 | |
| | | | | | | | | |
| Materials — 2.0% | | | | | | | | |
Hoa Phat Group JSC | | | 169,755 | | | | 426,038 | |
| | | | | | | | | |
| Real Estate — 3.5% | | | | | | | | |
No Va Land Investment Group * | | | 33,383 | | | | 160,374 | |
Vincom Retail JSC * | | | 71,990 | | | | 98,723 | |
Vingroup JSC * | | | 74,229 | | | | 312,557 | |
Vinhomes JSC | | | 50,557 | | | | 189,993 | |
| | | | | | | | 761,647 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Next Emerging & Frontier ETF | |
| | | Shares/Number of Warrants | | | | |
| COMMON STOCK — continued | | | | | | |
TOTAL VIETNAM | | | | | $ | 1,803,886 | |
| TOTAL COMMON STOCK | | | | | | | |
(Cost $19,525,061) | | | | | | 21,582,478 | |
| | | | | | | | |
| WARRANTS — 0.0% | | | | | | | |
| Thailand — 0.0% | | | | | | | |
BTS Group, Expires 12/31/24 * | | | 10,155 | | | | 438 | |
BTS Group, Expires 12/31/24 * (A)(B)(C) | | | 20,310 | | | | — | |
BTS Group, Expires 12/31/26 * (A)(B)(C) | | | 40,620 | | | | — | |
| | | | | | | | | |
| TOTAL WARRANTS | | | | | | | | |
(Cost $–) | | | | | | | 438 | |
| TOTAL INVESTMENTS — 99.8% | | | | | | | | |
(Cost $19,525,061) | | | | | | $ | 21,582,916 | |
Percentages are based on Net Assets of $21,627,732.
| * | Non-income producing security. |
| ‡ | Real Estate Investment Trust |
| (A) | Level 3 security in accordance with fair value hierarchy. |
| (B) | Security considered illiquid (Unaudited). The total value of such securities as of October 31, 2021 was $0 and represented 0.0% of Net Assets. |
| (C) | Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2021, was $0 and represents 0.0% of Net Assets. |
Cl — Class
GDR — Global Depositary Receipt
JSC — Joint Stock Company
NVDR — Non-Voting Depositary Receipt
PJSC — Public Joint Stock Company
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Next Emerging & Frontier ETF | |
The following is a summary of the level of inputs used as of October 31, 2021, in valuing the Fund’s investments carried at value:
| Investments in Securities | | | | | | | | | | | | |
| Common Stock | | $ | 15,812,686 | | | $ | 5,769,792 | | | $ | — | | | $ | 21,582,478 | |
| Warrants | | | 438 | | | | — | | | | — | | | | 438 | |
| Total Investments in Securities | | $ | 15,813,124 | | | $ | 5,769,792 | | | $ | — | | | $ | 21,582,916 | |
(1) | A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets. |
Amounts designated as “—“ are $0 or have been rounded to $0.
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Norway ETF‡ | |
Sector Weightings (Unaudited)†:
† Sector weightings percentages are based on the total market value of investments.
| | | | | | | |
| COMMON STOCK — 99.7% | | | | | | |
| BRAZIL — 4.7% | | | | | | |
| Materials — 4.7% | | | | | | |
Yara International | | | 94,606 | | | $ | 4,929,761 | |
| | | | | | | | | |
| DENMARK — 0.1% | | | | | | | | |
| Consumer Staples — 0.1% | | | | | | | | |
Atlantic Sapphire * | | | 10,479 | | | | 52,461 | |
| | | | | | | | | |
| FAROE ISLANDS — 2.5% | | | | | | | | |
| Consumer Staples — 2.5% | | | | | | | | |
Bakkafrost P/F | | | 27,800 | | | | 2,563,990 | |
| | | | | | | | | |
| FRANCE — 2.1% | | | | | | | | |
| Communication Services — 2.1% | | | | | | | | |
Adevinta, Cl B * | | | 133,310 | | | | 2,191,287 | |
| | | | | | | | | |
| NETHERLANDS — 0.1% | | | | | | | | |
| Industrials — 0.1% | | | | | | | | |
Meltwater Holding BV * | | | 17,294 | | | | 80,139 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Norway ETF‡ | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| NORWAY — 87.5% | | | | | | |
| Communication Services — 10.6% | | | | | | |
Kahoot! * | | | 95,201 | | | $ | 566,076 | |
Schibsted, Cl A | | | 40,962 | | | | 2,109,766 | |
Schibsted, Cl B | | | 54,083 | | | | 2,438,412 | |
Telenor | | | 377,110 | | | | 5,944,655 | |
| | | | | | | | 11,058,909 | |
| | | | | | | | | |
| Consumer Discretionary — 0.8% | | | | | | | | |
Europris | | | 92,109 | | | | 679,442 | |
XXL * | | | 75,608 | | | | 124,951 | |
| | | | | | | | 804,393 | |
| | | | | | | | | |
| Consumer Staples — 15.4% | | | | | | | | |
Aker BioMarine * | | | 11,108 | | | | 56,004 | |
Austevoll Seafood | | | 50,329 | | | | 678,843 | |
Grieg Seafood * | | | 27,563 | | | | 305,792 | |
Leroy Seafood Group | | | 165,414 | | | | 1,501,755 | |
Mowi | | | 237,481 | | | | 6,866,745 | |
Norway Royal Salmon | | | 5,829 | | | | 122,240 | |
Orkla | | | 415,578 | | | | 4,036,255 | |
Salmar | | | 31,318 | | | | 2,380,513 | |
| | | | | | | | 15,948,147 | |
| | | | | | | | | |
| Energy — 15.0% | | | | | | | | |
Aker Solutions * | | | 57,659 | | | | 163,108 | |
BW Energy * | | | 34,581 | | | | 112,623 | |
BW Offshore | | | 49,635 | | | | 161,004 | |
DNO * | | | 267,968 | | | | 389,631 | |
Equinor | | | 523,390 | | | | 13,225,044 | |
FLEX LNG | | | 16,421 | | | | 331,165 | |
Frontline * | | | 54,443 | | | | 483,334 | |
Ocean Yield | | | 33,294 | | | | 161,367 | |
TGS | | | 64,755 | | | | 594,938 | |
| | | | | | | | 15,622,214 | |
| | | | | | | | | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Norway ETF‡ | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Financials — 22.5% | | | | | | |
Aker, Cl A | | | 14,354 | | | $ | 1,318,437 | |
DNB Bank | | | 498,245 | | | | 11,826,936 | |
Gjensidige Forsikring | | | 110,613 | | | | 2,747,247 | |
Protector Forsikring | | | 40,314 | | | | 466,556 | |
Sbanken | | | 43,842 | | | | 513,087 | |
Sparebank 1 Nord Norge | | | 52,583 | | | | 636,518 | |
Sparebank 1 Oestlandet | | | 22,250 | | | | 366,130 | |
SpareBank 1 SMN | | | 71,725 | | | | 1,192,124 | |
SpareBank 1 SR-Bank | | | 98,889 | | | | 1,512,683 | |
Storebrand | | | 258,723 | | | | 2,769,116 | |
| | | | | | | | 23,348,834 | |
| | | | | | | | | |
| Health Care — 0.3% | | | | | | | | |
Vaccibody * | | | 41,532 | | | | 319,126 | |
| | | | | | | | | |
| Industrials — 9.9% | | | | | | | | |
Aker Carbon Capture * | | | 53,537 | | | | 192,268 | |
Bonheur | | | 11,662 | | | | 459,764 | |
Golden Ocean Group | | | 72,221 | | | | 650,555 | |
Hexagon Composites * | | | 60,848 | | | | 244,707 | |
Hexagon Purus Holding * | | | 25,165 | | | | 91,104 | |
Kongsberg Gruppen | | | 49,703 | | | | 1,627,526 | |
NEL * | | | 781,750 | | | | 1,647,725 | |
Quantafuel * | | | 24,072 | | | | 78,255 | |
Stolt-Nielsen | | | 14,026 | | | | 215,547 | |
TOMRA Systems | | | 61,411 | | | | 3,957,925 | |
Veidekke | | | 59,589 | | | | 856,575 | |
Wallenius Wilhelmsen, Cl B * | | | 58,211 | | | | 264,930 | |
| | | | | | | | 10,286,881 | |
| | | | | | | | | |
| Information Technology — 4.3% | | | | | | | | |
Atea | | | 45,612 | | | | 851,926 | |
Crayon Group Holding * | | | 27,254 | | | | 635,013 | |
LINK Mobility Group Holding * | | | 32,929 | | | | 105,101 | |
Nordic Semiconductor * | | | 85,370 | | | | 2,522,963 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Norway ETF‡ | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Information Technology — continued | | | | | | |
Pexip Holding * | | | 38,967 | | | $ | 183,427 | |
Volue * | | | 19,358 | | | | 135,242 | |
| | | | | | | | 4,433,672 | |
| | | | | | | | | |
| Materials — 6.5% | | | | | | | | |
Borregaard | | | 52,503 | | | | 1,272,341 | |
Elkem | | | 144,240 | | | | 570,528 | |
Norsk Hydro | | | 665,200 | | | | 4,865,956 | |
| | | | | | | | 6,708,825 | |
| | | | | | | | | |
| Real Estate — 1.8% | | | | | | | | |
Entra | | | 70,841 | | | | 1,765,309 | |
Selvaag Bolig | | | 22,961 | | | | 140,872 | |
| | | | | | | | 1,906,181 | |
| | | | | | | | | |
| Utilities — 0.4% | | | | | | | | |
Aker Horizons Holding * | | | 34,323 | | | | 141,199 | |
Fjordkraft Holding | | | 53,433 | | | | 317,403 | |
| | | | | | | | 458,602 | |
| | | | | | | | | |
TOTAL NORWAY | | | | | | | 90,895,784 | |
| SINGAPORE — 0.3% | | | | | | | | |
| Energy — 0.3% | | | | | | | | |
BW LPG | | | 42,785 | | | | 227,599 | |
Hafnia * | | | 58,910 | | | | 125,072 | |
| | | | | | | | | |
TOTAL SINGAPORE | | | | | | | 352,671 | |
| SOUTH AFRICA — 1.2% | | | | | | | | |
| Utilities — 1.2% | | | | | | | | |
Scatec | | | 65,929 | | | | 1,294,529 | |
| | | | | | | | | |
| SWEDEN — 0.0% | | | | | | | | |
| Financials — 0.0% | | | | | | | | |
Industrivarden, Cl A | | | 1,062 | | | | 35,019 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X MSCI Norway ETF‡ | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| UNITED KINGDOM — 1.1% | | | | | | |
| Energy — 1.1% | | | | | | |
Subsea 7 | | | 124,889 | | | $ | 1,118,484 | |
| | | | | | | | | |
| UNITED STATES — 0.1% | | | | | | | | |
| Information Technology — 0.1% | | | | | | | | |
REC Silicon * | | | 54,036 | | | | 97,669 | |
| | | | | | | | | |
| TOTAL COMMON STOCK | | | | | | | | |
(Cost $99,717,852) | | | | | | | 103,611,794 | |
| TOTAL INVESTMENTS — 99.7% | | | | | | | | |
(Cost $99,717,852) | | | | | | $ | 103,611,794 | |
Percentages are based on Net Assets of $103,935,253.
| * | Non-income producing security. |
| ‡ | Formerly known as Global X FTSE Nordic Region ETF (See Note 1 in Notes to Financial Statements). |
Cl — Class
As of October 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 year ended October 31, 2021, there were no transfers in or out of Level 3.
| Schedule of Investments | | October 31, 2021 |
| | Global X FTSE Southeast Asia ETF | |
Sector Weightings (Unaudited)†:
† Sector weightings percentages are based on the total market value of investments.
| | | | | | | |
| COMMON STOCK — 99.9% | | | | | | |
| CHINA — 1.7% | | | | | | |
| Consumer Staples — 1.7% | | | | | | |
Wilmar International | | | 187,613 | | | $ | 601,029 | |
| | | | | | | | | |
| INDONESIA — 19.4% | | | | | | | | |
| Communication Services — 3.1% | | | | | | | | |
Telkom Indonesia Persero | | | 4,139,031 | | | | 1,110,169 | |
| | | | | | | | | |
| Consumer Discretionary — 2.1% | | | | | | | | |
Astra International | | | 1,796,269 | | | | 763,898 | |
| | | | | | | | | |
| Consumer Staples — 0.6% | | | | | | | | |
Hanjaya Mandala Sampoerna | | | 752,995 | | | | 55,009 | |
Unilever Indonesia | | | 499,272 | | | | 155,764 | |
| | | | | | | | 210,773 | |
| | | | | | | | | |
| Financials — 13.6% | | | | | | | | |
Bank Central Asia | | | 4,305,635 | | | | 2,271,722 | |
Bank Mandiri | | | 1,654,199 | | | | 837,754 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X FTSE Southeast Asia ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Financials — continued | | | | | | |
Bank Rakyat Indonesia Persero | | | 5,803,218 | | | $ | 1,740,863 | |
| | | | | | | | 4,850,339 | |
| | | | | | | | | |
TOTAL INDONESIA | | | | | | | 6,935,179 | |
| MALAYSIA — 16.2% | | | | | | | | |
| Consumer Staples — 0.9% | | | | | | | | |
Sime Darby Plantation | | | 319,446 | | | | 309,340 | |
| | | | | | | | | |
| Financials — 9.0% | | | | | | | | |
CIMB Group Holdings | | | 620,692 | | | | 782,423 | |
Malayan Banking | | | 544,161 | | | | 1,057,835 | |
Public Bank | | | 1,381,197 | | | | 1,390,870 | |
| | | | | | | | 3,231,128 | |
| Health Care — 2.5% | | | | | | | | |
Hartalega Holdings | | | 131,330 | | | | 185,847 | |
IHH Healthcare | | | 262,355 | | | | 414,345 | |
Top Glove | | | 471,700 | | | | 309,834 | |
| | | | | | | | 910,026 | |
| | | | | | | | | |
| Materials — 1.5% | | | | | | | | |
Petronas Chemicals Group | | | 251,654 | | | | 528,103 | |
| | | | | | | | | |
| Utilities — 2.3% | | | | | | | | |
Tenaga Nasional | | | 349,384 | | | | 815,033 | |
| | | | | | | | | |
TOTAL MALAYSIA | | | | | | | 5,793,630 | |
| PHILIPPINES — 7.7% | | | | | | | | |
| Financials — 1.2% | | | | | | | | |
BDO Unibank | | | 173,097 | | | | 426,133 | |
| | | | | | | | | |
| Industrials — 3.7% | | | | | | | | |
Ayala | | | 28,905 | | | | 494,842 | |
SM Investments | | | 43,067 | | | | 824,433 | |
| | | | | | | | 1,319,275 | |
| | | | | | | | | |
| Real Estate — 2.8% | | | | | | | | |
Ayala Land | | | 696,158 | | | | 484,728 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X FTSE Southeast Asia ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Real Estate — continued | | | | | | |
SM Prime Holdings | | | 802,704 | | | $ | 527,068 | |
| | | | | | | | 1,011,796 | |
| | | | | | | | | |
TOTAL PHILIPPINES | | | | | | | 2,757,204 | |
| SINGAPORE — 32.7% | | | | | | | | |
| Communication Services — 3.5% | | | | | | | | |
| Singapore Telecommunications | | | 671,397 | | | | 1,244,711 | |
| | | | | | | | | |
| Financials — 24.5% | | | | | | | | |
DBS Group Holdings | | | 160,522 | | | | 3,753,250 | |
Oversea-Chinese Banking | | | 312,103 | | | | 2,731,046 | |
United Overseas Bank | | | 115,169 | | | | 2,284,591 | |
| | | | | | | | 8,768,887 | |
| | | | | | | | | |
| Industrials — 1.2% | | | | | | | | |
Singapore Airlines * | | | 112,477 | | | | 433,727 | |
| | | | | | | | | |
| Real Estate — 3.5% | | | | | | | | |
CapitaLand Integrated Commercial Trust ‡ | | | 423,322 | | | | 674,930 | |
Capitaland Investment * | | | 230,262 | | | | 587,394 | |
| | | | | | | | 1,262,324 | |
| | | | | | | | | |
TOTAL SINGAPORE | | | | | | | 11,709,649 | |
| THAILAND — 22.2% | | | | | | | | |
| Communication Services — 1.6% | | | | | | | | |
Advanced Info Service NVDR | | | 99,398 | | | | 566,148 | |
| | | | | | | | | |
| Consumer Staples — 2.5% | | | | | | | | |
CP ALL NVDR | | | 465,679 | | | | 898,168 | |
| | | | | | | | | |
| Energy — 5.3% | | | | | | | | |
PTT NVDR | | | 1,275,649 | | | | 1,460,850 | |
| PTT Exploration & Production NVDR | | | 122,828 | | | | 434,937 | |
| | | | | | | | 1,895,787 | |
| | | | | | | | | |
| Financials — 4.4% | | | | | | | | |
Kasikornbank NVDR | | | 178,034 | | | | 756,507 | |
| Schedule of Investments | | October 31, 2021 |
| | Global X FTSE Southeast Asia ETF | |
| | | | | | | |
| COMMON STOCK — continued | | | | | | |
| Financials — continued | | | | | | |
| Siam Commercial Bank NVDR | | | 215,240 | | | $ | 817,306 | |
| | | | | | | | 1,573,813 | |
| | | | | | | | | |
| Health Care — 1.6% | | | | | | | | |
| Bangkok Dusit Medical Services NVDR | | | 792,468 | | | | 561,229 | |
| | | | | | | | | |
| Industrials — 2.1% | | | | | | | | |
Airports of Thailand NVDR | | | 383,656 | | | | 745,749 | |
| | | | | | | | | |
| Information Technology — 0.8% | | | | | | | | |
| Delta Electronics Thailand NVDR | | | 24,614 | | | | 308,579 | |
| | | | | | | | | |
| Materials — 2.5% | | | | | | | | |
Siam Cement NVDR | | | 75,068 | | | | 893,599 | |
| | | | | | | | | |
| Utilities — 1.4% | | | | | | | | |
| Gulf Energy Development NVDR | | | 374,943 | | | | 488,700 | |
| | | | | | | | | |
TOTAL THAILAND | | | | | | | 7,931,772 | |
| TOTAL COMMON STOCK | | | | | | | | |
(Cost $35,720,329) | | | | | | | 35,728,463 | |
| TOTAL INVESTMENTS — 99.9% | | | | | | | | |
(Cost $35,720,329) | | | | | | $ | 35,728,463 | |
Percentages are based on Net Assets of $35,776,200.
| ‡ | Real Estate Investment Trust |
| * | Non-income producing security. |
NVDR — Non-Voting Depositary Receipt
As of October 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 year ended October 31, 2021, there were no transfers in or out of Level 3.
| | Statements of Assets and Liabilities | |
| | October 31, 2021 | |
| | | Global X MSCI China Energy ETF | | | Global X MSCI China Materials ETF | | | Global X MSCI China Industrials ETF | | | Global X MSCI China Consumer Discretionary ETF | |
| Assets: | | | | | | | | | | | | |
| Cost of Investments | | $ | 3,961,269 | | | $ | 5,881,194 | | | $ | 2,879,924 | | | $ | 729,777,200 | |
| Cost of Repurchase Agreement | | | — | | | | — | | | | — | | | | 4,114,268 | |
| Cost of Foreign Currency | | | 173,480 | | | | 23,010 | | | | 6,050 | | | | 30,386 | |
| Investments, at Value | | $ | 4,513,915 | | | $ | 6,553,019 | | | $ | 3,154,722 | | | $ | 653,570,835 | * |
| Repurchase Agreement, at Value | | | — | | | | — | | | | — | | | | 4,114,268 | |
| Cash | | | — | | | | 10,822 | | | | 3,690 | | | | 1,201,138 | |
| Foreign Currency, at Value | | | 173,480 | | | | 23,010 | | | | 6,050 | | | | 30,382 | |
| Receivable for Investment Securities Sold | | | 19,113 | | | | 30,599 | | | | 1,568 | | | | — | |
| Unrealized Appreciation on Spot Contracts | | | — | | | | 29 | | | | 2 | | | | 4 | |
| Dividend and Interest Receivable | | | — | | | | — | | | | 6,271 | | | | 169,444 | |
| Due from Broker | | | 29,345 | | | | — | | | | — | | | | — | |
| Total Assets | | | 4,735,853 | | | | 6,617,479 | | | | 3,172,303 | | | | 659,086,071 | |
| Liabilities: | | | | | | | | | | | | | | | | |
| Obligation to Return Securities Lending Collateral | | | — | | | | — | | | | — | | | | 9,225,379 | |
| Payable for Investment Securities Purchased | | | 44,822 | | | | 56,141 | | | | 12,179 | | | | — | |
| Payable for Capital Shares Redeemed | | | 29,345 | | | | — | | | | — | | | | — | |
| Payable due to Investment Adviser | | | 2,618 | | | | 3,728 | | | | 2,390 | | | | 357,559 | |
| Unrealized Depreciation on Spot Contracts | | | 148 | | | | — | | | | — | | | | — | |
| Cash Overdraft | | | 6,895 | | | | — | | | | — | | | | — | |
| Custodian Fees Payable | | | 11 | | | | — | | | | 1 | | | | — | |
| Due to Broker | | | — | | | | — | | | | — | | | | 105 | |
| Total Liabilities | | | 83,839 | | | | 59,869 | | | | 14,570 | | | | 9,583,043 | |
| Net Assets | | $ | 4,652,014 | | | $ | 6,557,610 | | | $ | 3,157,733 | | | $ | 649,503,028 | |
| Net Assets Consist of: | | | | | | | | | | | | | | | | |
| Paid-in Capital | | $ | 5,808,465 | | | $ | 7,998,494 | | | $ | 5,776,929 | | | $ | 808,323,647 | |
| Total Distributable Loss | | | (1,156,451 | ) | | | (1,440,884 | ) | | | (2,619,196 | ) | | | (158,820,619 | ) |
| Net Assets | | $ | 4,652,014 | | | $ | 6,557,610 | | | $ | 3,157,733 | | | $ | 649,503,028 | |
| Outstanding Shares of Beneficial Interest | | | | | | | | | | | | | | | | |
| (unlimited authorization — no par value) | | | 390,000 | | | | 259,971 | | | | 190,000 | | | | 21,690,000 | |
| Net Asset Value, Offering and Redemption Price Per Share | | $ | 11.93 | | | $ | 25.22 | | | $ | 16.62 | | | $ | 29.94 | |
| *Includes Market Value of Securities on Loan | | $ | — | | | $ | — | | | $ | — | | | $ | 8,678,275 | |
| | Statements of Assets and Liabilities | |
| | October 31, 2021 | |
| | | Global X MSCI China Consumer Staples ETF | | | Global X MSCI China Health Care ETF | | | Global X MSCI China Financials ETF | | | Global X MSCI China Information Technology ETF | |
| Assets: | | | | | | | | | | | | |
| Cost of Investments | | $ | 13,915,154 | | | $ | 17,685,810 | | | $ | 58,274,572 | | | $ | 29,474,876 | |
| Cost of Repurchase Agreement | | | — | | | | — | | | | — | | | | 92,873 | |
| Cost of Foreign Currency | | | 537 | | | | 13 | | | | 27 | | | | 15 | |
| Investments, at Value | | $ | 15,546,966 | | | $ | 16,602,559 | | | $ | 48,686,340 | | | $ | 30,886,108 | * |
| Repurchase Agreement, at Value | | | — | | | | — | | | | — | | | | 92,873 | |
| Cash | | | 12,082 | | | | 24,805 | | | | 97,592 | | | | 59,275 | |
| Foreign Currency, at Value | | | 538 | | | | 13 | | | | 27 | | | | 15 | |
| Receivable for Investment Securities Sold | | | 23,122 | | | | — | | | | — | | | | — | |
| Dividend and Interest Receivable | | | 538 | | | | 2,629 | | | | — | | | | 28 | |
| Unrealized Appreciation on Spot Contracts | | | 7 | | | | — | | | | — | | | | — | |
| Total Assets | | | 15,583,253 | | | | 16,630,006 | | | | 48,783,959 | | | | 31,038,299 | |
| Liabilities: | | | | | | | | | | | | | | | | |
| Obligation to Return Securities Lending Collateral | | | — | | | | — | | | | — | | | | 208,248 | |
| Payable due to Investment Adviser | | | 9,284 | | | | 9,504 | | | | 27,670 | | | | 16,815 | |
| Due to Authorized Participants | | | — | | | | 732 | | | | — | | | | — | |
| Total Liabilities | | | 9,284 | | | | 10,236 | | | | 27,670 | | | | 225,063 | |
| Net Assets | | $ | 15,573,969 | | | $ | 16,619,770 | | | $ | 48,756,289 | | | $ | 30,813,236 | |
| Net Assets Consist of: | | | | | | | | | | | | | | | | |
| Paid-in Capital | | $ | 13,428,020 | | | $ | 18,270,549 | | | $ | 63,863,671 | | | $ | 29,662,246 | |
| Total Distributable Earnings/(Loss) | | | 2,145,949 | | | | (1,650,779 | ) | | | (15,107,382 | ) | | | 1,150,990 | |
| Net Assets | | $ | 15,573,969 | | | $ | 16,619,770 | | | $ | 48,756,289 | | | $ | 30,813,236 | |
| Outstanding Shares of Beneficial Interest | | | | | | | | | | | | | | | | |
| (unlimited authorization — no par value) | | | 530,002 | | | | 670,002 | | | | 3,380,000 | | | | 1,060,002 | |
| Net Asset Value, Offering and Redemption Price Per Share | | $ | 29.38 | | | $ | 24.81 | | | $ | 14.42 | | | $ | 29.07 | |
| *Includes Market Value of Securities on Loan | | $ | — | | | $ | — | | | $ | — | | | $ | 190,651 | |
| | Statements of Assets and Liabilities | |
| | October 31, 2021 | |
| | | Global X MSCI China Communication Services ETF | | | Global X MSCI China Utilities ETF | | | Global X MSCI China Real Estate ETF | | | Global X MSCI Greece ETF | |
| Assets: | | | | | | | | | | | | |
| Cost of Investments | | $ | 13,705,319 | | | $ | 1,492,997 | | | $ | 6,124,886 | | | $ | 151,115,576 | |
| Cost of Repurchase Agreement | | | 101,852 | | | | — | | | | — | | | | — | |
| Cost of Foreign Currency | | | 14 | | | | 6,417 | | | | 5,726 | | | | — | |
| Investments, at Value | | $ | 12,451,362 | * | | $ | 1,897,439 | | | $ | 4,397,268 | | | $ | 151,112,818 | |
| Repurchase Agreement, at Value | | | 101,852 | | | | — | | | | — | | | | — | |
| Cash | | | 19,093 | | | | 6,509 | | | | — | | | | 304,079 | |
| Foreign Currency, at Value | | | 14 | | | | 6,417 | | | | 5,726 | | | | — | |
| Dividend and Interest Receivable | | | 76 | | | | 67 | | | | 21,053 | | | | 125,508 | |
| Unrealized Appreciation on Spot Contracts | | | — | | | | 1 | | | | — | | | | — | |
| Receivable for Investment Securities Sold | | | — | | | | 44,823 | | | | — | | | | 460,214 | |
| Due from Broker | | | — | | | | — | | | | — | | | | 1,614 | |
| Total Assets | | | 12,572,397 | | | | 1,955,256 | | | | 4,424,047 | | | | 152,004,233 | |
| Liabilities: | | | | | | | | | | | | | | | | |
| Obligation to Return Securities Lending Collateral | | | 228,381 | | | | — | | | | — | | | | — | |
| Payable due to Investment Adviser | | | 6,860 | | | | 1,075 | | | | 2,346 | | | | 70,793 | |
| Payable for Investment Securities Purchased | | | — | | | | 1,599 | | | | — | | | | — | |
| Unrealized Depreciation on Spot Contracts | | | — | | | | — | | | | — | | | | 762 | |
| Cash Overdraft | | | — | | | | — | | | | 16,940 | | | | — | |
| Due to Custodian | | | — | | | | — | | | | — | | | | 85,683 | |
| Custodian Fees Payable | | | — | | | | — | | | | 12 | | | | 14,539 | |
| Due to Broker | | | — | | | | — | | | | — | | | | 4,293 | |
| Total Liabilities | | | 235,241 | | | | 2,674 | | | | 19,298 | | | | 176,070 | |
| Net Assets | | $ | 12,337,156 | | | $ | 1,952,582 | | | $ | 4,404,749 | | | $ | 151,828,163 | |
| Net Assets Consist of: | | | | | | | | | | | | | | | | |
| Paid-in Capital | | $ | 21,379,878 | | | $ | 1,502,076 | | | $ | 6,464,542 | | | $ | 386,469,072 | |
| Total Distributable Earnings/(Loss) | | | (9,042,722 | ) | | | 450,506 | | | | (2,059,793 | ) | | | (234,640,909 | ) |
| Net Assets | | $ | 12,337,156 | | | $ | 1,952,582 | | | $ | 4,404,749 | | | $ | 151,828,163 | |
| Outstanding Shares of Beneficial Interest | | | | | | | | | | | | | | | | |
| (unlimited authorization — no par value) | | | 600,000 | | | | 100,002 | | | | 370,002 | | | | 5,425,644 | |
| Net Asset Value, Offering and Redemption Price Per Share | | $ | 20.56 | | | $ | 19.53 | | | $ | 11.90 | | | $ | 27.98 | |
| *Includes Market Value of Securities on Loan | | $ | 209,314 | | | $ | — | | | $ | — | | | $ | — | |
| | Statements of Assets and Liabilities | |
| | October 31, 2021 | |
| | | Global X DAX Germany ETF | | | Global X MSCI Portugal ETF | | | Global X MSCI Colombia ETF | |
| Assets: | | | | | | | | | |
| Cost of Investments | | $ | 38,411,539 | | | $ | 13,777,822 | | | $ | 45,970,571 | |
| Cost of Repurchase Agreement | | | — | | | | 72,170 | | | | — | |
| Cost of Foreign Currency | | | — | | | | — | | | | 1,718 | |
| Investments, at Value | | $ | 43,972,290 | | | $ | 11,040,052 | * | | $ | 41,689,161 | |
| Repurchase Agreement, at Value | | | — | | | | 72,170 | | | | — | |
| Cash | | | — | | | | — | | | | 66,047 | |
| Foreign Currency, at Value | | | — | | | | — | | | | 1,746 | |
| Receivable for Investment Securities Sold | | | 289,534 | | | | — | | | | — | |
| Reclaim Receivable | | | 100,835 | | | | 200,843 | | | | — | |
| Unrealized Appreciation on Spot Contracts | | | 71 | | | | — | | | | — | |
| Receivable for Capital Shares Sold | | | — | | | | 9,977 | | | | — | |
| Dividend and Interest Receivable | | | — | | | | 2,346 | | | | 95,488 | |
| Total Assets | | | 44,362,730 | | | | 11,325,388 | | | | 41,852,442 | |
| Liabilities: | | | | | | | | | | | | |
| Obligation to Return Securities Lending Collateral | | | — | | | | 161,826 | | | | — | |
| Payable for Investment Securities Purchased | | | 282,290 | | | | — | | | | — | |
| Payable due to Investment Adviser | | | 7,360 | | | | 5,746 | | | | 21,632 | |
| Cash Overdraft | | | 40,496 | | | | 141,700 | | | | — | |
| Custodian Fees Payable | | | 81 | | | | 803 | | | | 8 | |
| Due to Broker | | | — | | | | 10,325 | | | | — | |
| Total Liabilities | | | 330,227 | | | | 320,400 | | | | 21,640 | |
| Net Assets | | $ | 44,032,503 | | | $ | 11,004,988 | | | $ | 41,830,802 | |
| Net Assets Consist of: | | | | | | | | | | | | |
| Paid-in Capital | | $ | 41,866,409 | | | $ | 29,786,908 | | | $ | 137,524,168 | |
| Total Distributable Earnings/(Loss) | | | 2,166,094 | | | | (18,781,920 | ) | | | (95,693,366 | ) |
| Net Assets | | $ | 44,032,503 | | | $ | 11,004,988 | | | $ | 41,830,802 | |
| Outstanding Shares of Beneficial Interest | | | | | | | | | | | | |
| (unlimited authorization — no par value) | | | 1,340,000 | | | | 940,000 | | | | 1,359,699 | |
| Net Asset Value, Offering and Redemption Price Per Share | | $ | 32.86 | | | $ | 11.71 | | | $ | 30.76 | |
| *Includes Market Value of Securities on Loan | | $ | — | | | $ | 133,980 | | | $ | — | |
| | Statements of Assets and Liabilities | |
| | October 31, 2021 | |
| | | Global X MSCI Argentina ETF | | | Global X MSCI Pakistan ETF | | | Global X MSCI Nigeria ETF | |
| Assets: | | | | | | | | | |
| Cost of Investments | | $ | 52,626,090 | | | $ | 27,697,547 | | | $ | 47,053,617 | |
| Cost of Repurchase Agreement | | | 758,445 | | | | — | | | | — | |
| Cost of Foreign Currency | | | 40,065 | | | | — | | | | 6,998,853 | |
| Investments, at Value | | $ | 35,673,506 | * | | $ | 23,751,819 | | | $ | 49,357,748 | |
| Repurchase Agreement, at Value | | | 758,445 | | | | — | | | | — | |
| Cash | | | 50,295 | | | | — | | | | — | |
| Foreign Currency, at Value | | | 40,068 | | | | — | | | | 6,777,870 | |
| Dividend and Interest Receivable | | | 6,571 | | | | 595,175 | | | | 3,355 | |
| Receivable for Investment Securities Sold | | | — | | | | 128,947 | | | | 538,716 | |
| Total Assets | | | 36,528,885 | | | | 24,475,941 | | | | 56,677,689 | |
| Liabilities: | | | | | | | | | | | | |
| Obligation to Return Securities Lending Collateral | | | 1,700,653 | | | | — | | | | — | |
| Payable due to Investment Adviser | | | 18,183 | | | | 13,351 | | | | 423,884 | |
| Payable for Investment Securities Purchased | | | — | | | | 60,380 | | | | 553,371 | |
| Cash Overdraft | | | — | | | | 419,770 | | | | 9,077,463 | |
| Custodian Fees Payable | | | 11 | | | | 14,971 | | | | 30,985 | |
| Total Liabilities | | | 1,718,847 | | | | 508,472 | | | | 10,085,703 | |
| Net Assets | | $ | 34,810,038 | | | $ | 23,967,469 | | | $ | 46,591,986 | |
| Net Assets Consist of: | | | | | | | | | | | | |
| Paid-in Capital | | $ | 76,036,990 | | | $ | 65,188,391 | | | $ | 71,665,504 | |
| Total Distributable Loss | | | (41,226,952 | ) | | | (41,220,922 | ) | | | (25,073,518 | ) |
| Net Assets | | $ | 34,810,038 | | | $ | 23,967,469 | | | $ | 46,591,986 | |
| Outstanding Shares of Beneficial Interest | | | | | | | | | | | | |
| (unlimited authorization — no par value) | | | 1,054,975 | | | | 922,293 | | | | 2,962,135 | |
| Net Asset Value, Offering and Redemption Price Per Share | | $ | 33.00 | | | $ | 25.99 | | | $ | 15.73 | |
| *Includes Market Value of Securities on Loan | | $ | 1,592,165 | | | $ | — | | | $ | — | |
| | Statements of Assets and Liabilities | |
| | October 31, 2021 | |
| | | Global X MSCI Next Emerging & Frontier ETF | | | Global X MSCI Norway ETF‡ | | | Global X FTSE Southeast Asia ETF | |
| Assets: | | | | | | | | | |
| Cost of Investments | | $ | 19,525,061 | | | $ | 99,717,852 | | | $ | 35,720,329 | |
| Cost of Foreign Currency | | | 155,473 | | | | 5,622,200 | | | | 4,566 | |
| Investments, at Value | | $ | 21,582,916 | | | $ | 103,611,794 | | | $ | 35,728,463 | |
| Cash | | | — | | | | — | | | | 50,060 | |
| Foreign Currency, at Value | | | 151,831 | | | | 5,622,200 | | | | 4,566 | |
| Dividend and Interest Receivable | | | 11,270 | | | | 397,699 | | | | 12,782 | |
| Reclaim Receivable | | | 3,796 | | | | 205,080 | | | | — | |
| Receivable for Capital Shares Sold | | | — | | | | 9,078,508 | | | | — | |
| Receivable for Investment Securities Sold | | | — | | | | 1,392,620 | | | | — | |
| Due from Broker | | | — | | | | 7,566,463 | | | | — | |
| Total Assets | | | 21,749,813 | | | | 127,874,364 | | | | 35,795,871 | |
| Liabilities: | | | | | | | | | | | | |
| Payable due to Investment Adviser | | | 8,984 | | | | 41,137 | | | | 19,615 | |
| Payable for Investment Securities Purchased | | | — | | | | 7,004,214 | | | | — | |
| Payable for Capital Shares Redeemed | | | — | | | | 7,566,463 | | | | — | |
| Income Distributions Payable | | | — | | | | 238,800 | | | | — | |
| Unrealized Depreciation on Spot Contracts | | | — | | | | 17 | | | | — | |
| Cash Overdraft | | | 96,141 | | | | 9,682 | | | | — | |
| Custodian Fees Payable | | | 16,839 | | | | 290 | | | | 56 | |
| Due to Broker | | | 117 | | | | 9,078,508 | | | | — | |
| Total Liabilities | | | 122,081 | | | | 23,939,111 | | | | 19,671 | |
| Net Assets | | $ | 21,627,732 | | | $ | 103,935,253 | | | $ | 35,776,200 | |
| Net Assets Consist of: | | | | | | | | | | | | |
| Paid-in Capital | | $ | 44,313,435 | | | $ | 143,894,642 | | | $ | 43,206,834 | |
| Total Distributable Loss | | | (22,685,703 | ) | | | (39,959,389 | ) | | | (7,430,634 | ) |
| Net Assets | | $ | 21,627,732 | | | $ | 103,935,253 | | | $ | 35,776,200 | |
| Outstanding Shares of Beneficial Interest | | | | | | | | | | | | |
| (unlimited authorization — no par value) | | | 1,030,000 | | | | 3,246,971 | | | | 2,370,000 | |
| Net Asset Value, Offering and Redemption Price Per Share | | $ | 21.00 | | | $ | 32.01 | | | $ | 15.10 | |
| ‡ | Formerly known as Global X FTSE Nordic Region ETF. (See Note 1 in the Notes to Financial Statements). |
| | Statements of Operations | |
| | For the year ended October 31, 2021 | |
| | | Global X MSCI China Energy ETF | | | Global X MSCI China Materials ETF | | | Global X MSCI China Industrials ETF | | | Global X MSCI China Consumer Discretionary ETF | |
| Investment Income: | | | | | | | | | | | | |
| Dividend Income | | $ | 169,395 | | | $ | 119,815 | | | $ | 62,324 | | | $ | 4,400,603 | |
| Interest Income | | | 2 | | | | 1 | | | | — | | | | 158 | |
| Security Lending Income | | | — | | | | — | | | | — | | | | 248,969 | |
| Less: Foreign Taxes Withheld | | | (15,682 | ) | | | (8,914 | ) | | | (2,614 | ) | | | (253,171 | ) |
| Total Investment Income | | | 153,715 | | | | 110,902 | | | | 59,710 | | | | 4,396,559 | |
Supervision and Administration Fees(1) | | | 18,452 | | | | 30,529 | | | | 19,979 | | | | 4,423,478 | |
Custodian Fees(2) | | | 569 | | | | 388 | | | | 247 | | | | 6,677 | |
| Total Expenses | | | 19,021 | | | | 30,917 | | | | 20,226 | | | | 4,430,155 | |
| Net Investment Income (Loss) | | | 134,694 | | | | 79,985 | | | | 39,484 | | | | (33,596 | ) |
| Net Realized Gain (Loss) on: | | | | | | | | | | | | | | | | |
Investments(3) | | | (91,752 | ) | | | (21,685 | ) | | | 111,214 | | | | 96,775,854 | |
| Foreign Currency Transactions | | | (719 | ) | | | (1,502 | ) | | | (582 | ) | | | (55,110 | ) |
| Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | | | (92,471 | ) | | | (23,187 | ) | | | 110,632 | | | | 96,720,744 | |
| Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | |
| Investments | | | 1,094,779 | | | | 587,515 | | | | 506,021 | | | | (172,971,751 | ) |
| Foreign Currency Translations | | | (140 | ) | | | 29 | | | | 5 | | | | 107 | |
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | | | 1,094,639 | | | | 587,544 | | | | 506,026 | | | | (172,971,644 | ) |
| Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations | | | 1,002,168 | | | | 564,357 | | | | 616,658 | | | | (76,250,900 | ) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | 1,136,862 | | | $ | 644,342 | | | $ | 656,142 | | | $ | (76,284,496 | ) |
| (1) | The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements). |
| (2) | See Note 2 in the Notes to Financial Statements. |
| (3) | Includes realized gains/(losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements). |
| | Statements of Operations | |
| | For the year ended October 31, 2021 | |
| | | Global X MSCI China Consumer Staples ETF | | | Global X MSCI China Health Care ETF | | | Global X MSCI China Financials ETF | | | Global X MSCI China Information Technology ETF | |
| Investment Income: | | | | | | | | | | | | |
| Dividend Income | | $ | 311,896 | | | $ | 118,599 | | | $ | 2,985,437 | | | $ | 364,345 | |
| Interest Income | | | — | | | | — | | | | 17 | | | | — | |
| Security Lending Income | | | — | | | | — | | | | 3,060 | | | | 421 | |
| Less: Foreign Taxes Withheld | | | (12,358 | ) | | | (6,914 | ) | | | (290,053 | ) | | | (7,627 | ) |
| Total Investment Income | | | 299,538 | | | | 111,685 | | | | 2,698,461 | | | | 357,139 | |
Supervision and Administration Fees(1) | | | 131,935 | | | | 120,361 | | | | 376,684 | | | | 223,776 | |
Custodian Fees(2) | | | 417 | | | | 192 | | | | 2,862 | | | | 593 | |
| Total Expenses | | | 132,352 | | | | 120,553 | | | | 379,546 | | | | 224,369 | |
| Net Investment Income (Loss) | | | 167,186 | | | | (8,868 | ) | | | 2,318,915 | | | | 132,770 | |
| Net Realized Gain (Loss) on: | | | | | | | | | | | | | | | | |
Investments(3) | | | 878,163 | | | | 1,647,473 | | | | 510,713 | | | | 791,849 | |
| Foreign Currency Transactions | | | 326 | | | | (2,650 | ) | | | (6,998 | ) | | | (4,667 | ) |
| Net Realized Gain on Investments and Foreign Currency Transactions | | | 878,489 | | | | 1,644,823 | | | | 503,715 | | | | 787,182 | |
| Net Change in Unrealized Depreciation on: | | | | | | | | | | | | | | | | |
| Investments | | | (986,348 | ) | | | (2,513,454 | ) | | | (1,299,229 | ) | | | (1,700,916 | ) |
| Foreign Currency Translations | | | — | | | | (8 | ) | | | — | | | | — | |
| Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations | | | (986,348 | ) | | | (2,513,462 | ) | | | (1,299,229 | ) | | | (1,700,916 | ) |
| Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations | | | (107,859 | ) | | | (868,639 | ) | | | (795,514 | ) | | | (913,734 | ) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | 59,327 | | | $ | (877,507 | ) | | $ | 1,523,401 | | | $ | (780,964 | ) |
| (1) | The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements). |
| (2) | See Note 2 in the Notes to Financial Statements. |
| (3) | Includes realized gains/(losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements). |
| | Statements of Operations | |
| | For the year ended October 31, 2021 | |
| | | Global X MSCI China Communication Services ETF | | | Global X MSCI China Utilities ETF | | | Global X MSCI China Real Estate ETF | | | | |
| Investment Income: | | | | | | | | | | | | |
| Dividend Income | | $ | 138,622 | | | $ | 83,741 | | | $ | 259,173 | | | $ | 3,337,220 | |
| Interest Income | | | 4 | | | | 1 | | | | — | | | | 20 | |
| Security Lending Income | | | 7,570 | | | | — | | | | — | | | | 461,253 | |
| Less: Foreign Taxes Withheld | | | (8,432 | ) | | | (3,070 | ) | | | (5,122 | ) | | | (177,181 | ) |
| Total Investment Income | | | 137,764 | | | | 80,672 | | | | 254,051 | | | | 3,621,312 | |
Supervision and Administration Fees(1) | | | 102,643 | | | | 10,956 | | | | 36,990 | | | | 857,664 | |
Custodian Fees(2) | | | 178 | | | | 413 | | | | 718 | | | | 15,091 | |
| Total Expenses | | | 102,821 | | | | 11,369 | | | | 37,708 | | | | 872,755 | |
| Net Investment Income | | | 34,943 | | | | 69,303 | | | | 216,343 | | | | 2,748,557 | |
| Net Realized Gain (Loss) on: | | | | | | | | | | | | | | | | |
Investments(3) | | | (1,734,556 | ) | | | 70,728 | | | | (344,005 | ) | | | (22,298,539 | ) |
| Foreign Currency Transactions | | | 1,586 | | | | (66 | ) | | | (765 | ) | | | (33,467 | ) |
| Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | | | (1,732,970 | ) | | | 70,662 | | | | (344,770 | ) | | | (22,332,006 | ) |
| Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | |
| Investments | | | (1,335,467 | ) | | | 505,954 | | | | (935,754 | ) | | | 85,496,821 | |
| Foreign Currency Translations | | | — | | | | — | | | | 21 | | | | (1,264 | ) |
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | | | (1,335,467 | ) | | | 505,954 | | | | (935,733 | ) | | | 85,495,557 | |
| Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations | | | (3,068,437 | ) | | | 576,616 | | | | (1,280,503 | ) | | | 63,163,551 | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | (3,033,494 | ) | | $ | 645,919 | | | $ | (1,064,160 | ) | | $ | 65,912,108 | |
| (1) | The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements). |
| (2) | See Note 2 in the Notes to Financial Statements. |
| (3) | Includes realized gains/(losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements). |
| | Statements of Operations | |
| | For the year ended October 31, 2021 | |
| | | | | | Global X MSCI Portugal ETF | | | Global X MSCI Colombia ETF | |
| Investment Income: | | | | | | | | | |
| Dividend Income | | $ | 922,352 | | | $ | 654,661 | | | $ | 1,284,831 | |
| Interest Income | | | — | | | | 6 | | | | 5 | |
| Security Lending Income | | | — | | | | 30,278 | | | | 1,542 | |
| Less: Foreign Taxes Withheld | | | (115,077 | ) | | | (96,562 | ) | | | (125,613 | ) |
| Total Investment Income | | | 807,275 | | | | 588,383 | | | | 1,160,765 | |
Supervision and Administration Fees(1) | | | 103,075 | | | | 84,173 | | | | 251,254 | |
Custodian Fees(2) | | | 1,372 | | | | 5,135 | | | | 630 | |
| Total Expenses | | | 104,447 | | | | 89,308 | | | | 251,884 | |
| Waiver of Supervision and Administration Fees | | | (26,435 | ) | | | – | | | | – | |
| Net Expenses | | | 78,012 | | | | 89,308 | | | | 251,884 | |
| Net Investment Income | | | 729,263 | | | | 499,075 | | | | 908,881 | |
| Net Realized Gain (Loss) on: | | | | | | | | | | | | |
Investments(3) | | | (1,314,552 | ) | | | (1,229,315 | ) | | | (2,291,713 | ) |
| Foreign Currency Transactions | | | (1,173 | ) | | | 4,817 | | | | (2,485 | ) |
| Net Realized Loss on Investments and Foreign Currency Transactions | | | (1,315,725 | ) | | | (1,224,498 | ) | | | (2,294,198 | ) |
| Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | |
| Investments | | | 9,285,013 | | | | 5,940,167 | | | | 13,372,207 | |
| Foreign Currency Translations | | | (656 | ) | | | (3,977 | ) | | | 316 | |
| Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations | | | 9,284,357 | | | | 5,936,190 | | | | 13,372,523 | |
| Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations | | | 7,968,632 | | | | 4,711,692 | | | | 11,078,325 | |
| Net Increase in Net Assets Resulting from Operations | | $ | 8,697,895 | | | $ | 5,210,767 | | | $ | 11,987,206 | |
| (1) | The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements). |
| (2) | See Note 2 in the Notes to Financial Statements. |
| (3) | Includes realized gains/(losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements). |
| | Statements of Operations | |
| | For the year ended October 31, 2021 | |
| | | Global X MSCI Argentina ETF | | | Global X MSCI Pakistan ETF | | | Global X MSCI Nigeria ETF | |
| Investment Income: | | | | | | | | | |
| Dividend Income | | $ | 790,600 | | | $ | 2,778,083 | | | $ | 2,789,364 | |
| Interest Income | | | 37 | | | | 24 | | | | 40 | |
| Security Lending Income | | | 30,219 | | | | — | | | | — | |
| Less: Foreign Taxes Withheld | | | (198,054 | ) | | | (405,159 | ) | | | (229,356 | ) |
| Total Investment Income | | | 622,802 | | | | 2,372,948 | | | | 2,560,048 | |
Supervision and Administration Fees(1) | | | 253,795 | | | | 219,490 | | | | 293,234 | |
Custodian Fees(2) | | | 1,480 | | | | 25,948 | | | | 101,342 | |
| Total Expenses | | | 255,275 | | | | 245,438 | | | | 394,576 | |
| Net Investment Income | | | 367,527 | | | | 2,127,510 | | | | 2,165,472 | |
| Net Realized Gain (Loss) on: | | | | | | | | | | | | |
Investments(3) | | | 5,028,386 | | | | 1,398,791 | | | | 215,107 | |
| Foreign Currency Transactions | | | 23,115 | | | | (170,969 | ) | | | (65,270 | ) |
| Net Realized Gain on Investments and Foreign Currency Transactions | | | 5,051,501 | | | | 1,227,822 | | | | 149,837 | |
| Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | |
| Investments | | | 8,391,444 | | | | (2,513,640 | ) | | | 4,569,516 | |
| Foreign Currency Translations | | | 6 | | | | (370 | ) | | | (218,345 | ) |
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | | | 8,391,450 | | | | (2,514,010 | ) | | | 4,351,171 | |
| Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations | | | 13,442,951 | | | | (1,286,188 | ) | | | 4,501,008 | |
| Net Increase in Net Assets Resulting from Operations | | $ | 13,810,478 | | | $ | 841,322 | | | $ | 6,666,480 | |
| (1) | The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements). |
| (2) | See Note 2 in the Notes to Financial Statements. |
| (3) | Includes realized gains/(losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements). |
| | Statements of Operations | |
| | For the year ended October 31, 2021 | |
| | | Global X MSCI Next Emerging & Frontier ETF | | | Global X MSCI Norway ETF‡ | | | Global X FTSE Southeast Asia ETF | |
| Investment Income: | | | | | | | | | |
| Dividend Income | | $ | 616,156 | | | $ | 2,043,772 | | | $ | 1,663,948 | |
| Interest Income | | | 1 | | | | 8 | | | | 3 | |
| Security Lending Income | | | — | | | | 796 | | | | 2,733 | |
| Less: Foreign Taxes Withheld | | | (58,113 | ) | | | (474,410 | ) | | | (57,393 | ) |
| Total Investment Income | | | 558,044 | | | | 1,570,166 | | | | 1,609,291 | |
Supervision and Administration Fees(1) | | | 92,761 | | | | 219,765 | | | | 212,302 | |
Custodian Fees(2) | | | 27,178 | | | | 333 | | | | 646 | |
| Total Expenses | | | 119,939 | | | | 220,098 | | | | 212,948 | |
| Net Investment Income | | | 438,105 | | | | 1,350,068 | | | | 1,396,343 | |
| Net Realized Gain (Loss) on: | | | | | | | | | | | | |
Investments(3) | | | 279,092 | | | | 93,522 | | | | (543,453 | ) |
| Foreign Currency Transactions | | | (8,327 | ) | | | 1,266 | | | | (10,015 | ) |
| Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | | | 270,765 | | | | 94,788 | | | | (553,468 | ) |
| Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | |
| Investments | | | 3,882,523 | | | | 18,089,872 | | | | 6,419,945 | |
| Foreign Currency Translations | | | (3,389 | ) | | | (6,615 | ) | | | 69 | |
| Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations | | | 3,879,134 | | | | 18,083,257 | | | | 6,420,014 | |
| Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations | | | 4,149,899 | | | | 18,178,045 | | | | 5,866,546 | |
| Net Increase in Net Assets Resulting from Operations | | $ | 4,588,004 | | | $ | 19,528,113 | | | $ | 7,262,889 | |
| ‡ | On October 29, 2021, the Global X MSCI Norway ETF (the “Acquired Fund”) was reorganized into the Global X FTSE Nordic Region ETF (the “Acquiring Fund”), each a separate series of the Trust (together, the “Combined Fund”) and the Combined Fund was renamed the Global X MSCI Norway ETF. As a result of the Reorganization as of the close of business on October 29, 2021, the Combined Fund assumed the performance and accounting history of the Acquired Fund. Accordingly, the financial information for the Combined Fund for periods prior to the date of the Reorganization represent the performance of the Acquired Fund (See Note 10 in Notes to Financial Statements). |
| (1) | The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements). |
| (2) | See Note 2 in the Notes to Financial Statements. |
| (3) | Includes realized gains/(losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements). |
| | Statements of Changes in Net Assets | |
| | | |
| | | Global X MSCI China Energy ETF | | | Global X MSCI China Materials ETF | |
| | | Year Ended October 31, 2021 | | | Year Ended October 31, 2020 | | | Year Ended October 31, 2021 | | | Year Ended October 31, 2020 | |
| Operations: | | | | | | | | | | | | |
| Net Investment Income | | $ | 134,694 | | | $ | 80,574 | | | $ | 79,985 | | | $ | 33,762 | |
Net Realized Loss on Investments and Foreign Currency Transactions(1) | | | (92,471 | ) | | | (235,135 | ) | | | (23,187 | ) | | | (179,916 | ) |
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | | | 1,094,639 | | | | (246,011 | ) | | | 587,544 | | | | 652,838 | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | 1,136,862 | | | | (400,572 | ) | | | 644,342 | | | | 506,684 | |
| Distributions | | | (61,017 | ) | | | (68,891 | ) | | | (85,767 | ) | | | (57,446 | ) |
| Capital Share Transactions: | | | | | | | | | | | | | | | | |
| Issued | | | 2,018,561 | | | | 463,155 | | | | 4,181,106 | | | | — | |
| Redeemed | | | — | | | | — | | | | — | | | | (806,413 | ) |
| Increase (Decrease) in Net Assets from Capital Share Transactions | | | 2,018,561 | | | | 463,155 | | | | 4,181,106 | | | | (806,413 | ) |
| Total Increase (Decrease) in Net Assets | | | 3,094,406 | | | | (6,308 | ) | | | 4,739,681 | | | | (357,175 | ) |
| Net Assets: | | | | | | | | | | | | | | | | |
| Beginning of Year | | | 1,557,608 | | | | 1,563,916 | | | | 1,817,929 | | | | 2,175,104 | |
| End of Year | | $ | 4,652,014 | | | $ | 1,557,608 | | | $ | 6,557,610 | | | $ | 1,817,929 | |
| Share Transactions: | | | | | | | | | | | | | | | | |
| Issued | | | 190,000 | | | | 50,000 | | | | 160,000 | | | | — | |
| Redeemed | | | — | | | | — | | | | — | | | | (50,000 | ) |
| Net Increase (Decrease) in Shares Outstanding from Share Transactions | | | 190,000 | | | | 50,000 | | | | 160,000 | | | | (50,000 | ) |
| (1) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements). |
| | Statements of Changes in Net Assets | |
| | | |
| | | Global X MSCI China Industrials ETF | | | Global X MSCI China Consumer Discretionary ETF | |
| | | Year Ended October 31, 2021 | | | Year Ended October 31, 2020 | | | Year Ended October 31, 2021 | | | Year Ended October 31, 2020 | |
| Operations: | | | | | | | | | | | | |
| Net Investment Income (Loss) | | $ | 39,484 | | | $ | 34,045 | | | $ | (33,596 | ) | | $ | 392,124 | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(1) | | | 110,632 | | | | (114,359 | ) | | | 96,720,744 | | | | 5,466,687 | |
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | | | 506,026 | | | | 187,482 | | | | (172,971,644 | ) | | | 93,331,250 | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | 656,142 | | | | 107,168 | | | | (76,284,496 | ) | | | 99,190,061 | |
| Distributions | | | (44,984 | ) | | | (31,434 | ) | | | (380,749 | ) | | | (1,388,311 | ) |
| Capital Share Transactions: | | | | | | | | | | | | | | | | |
| Issued | | | 2,517,246 | | | | — | | | | 588,818,607 | | | | 183,805,858 | |
| Redeemed | | | (1,984,822 | ) | | | — | | | | (255,768,042 | ) | | | (44,975,491 | ) |
| Increase in Net Assets from Capital Share Transactions | | | 532,424 | | | | — | | | | 333,050,565 | | | | 138,830,367 | |
| Total Increase in Net Assets | | | 1,143,582 | | | | 75,734 | | | | 256,385,320 | | | | 236,632,117 | |
| Net Assets: | | | | | | | | | | | | | | | | |
| Beginning of Year | | | 2,014,151 | | | | 1,938,417 | | | | 393,117,708 | | | | 156,485,591 | |
| End of Year | | $ | 3,157,733 | | | $ | 2,014,151 | | | $ | 649,503,028 | | | $ | 393,117,708 | |
| Share Transactions: | | | | | | | | | | | | | | | | |
| Issued | | | 160,000 | | | | — | | | | 16,210,000 | | | | 6,750,000 | |
| Redeemed | | | (120,000 | ) | | | — | | | | (7,870,000 | ) | | | (2,250,000 | ) |
| Net Increase in Shares Outstanding from Share Transactions | | | 40,000 | | | | — | | | | 8,340,000 | | | | 4,500,000 | |
| (1) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements). |
| | Statements of Changes in Net Assets | |
| | | |
| | | Global X MSCI China Consumer Staples ETF | | | Global X MSCI China Health Care ETF | |
| | | Year Ended October 31, 2021 | | | Year Ended October 31, 2020 | | | Year Ended October 31, 2021 | | | Year Ended October 31, 2020 | |
| Operations: | | | | | | | | | | | | |
| Net Investment Income (Loss) | | $ | 167,186 | | | $ | 97,968 | | | $ | (8,868 | ) | | $ | 9,431 | |
Net Realized Gain on Investments and Foreign Currency Transactions(1) | | | 878,489 | | | | 189,656 | | | | 1,644,823 | | | | 374,449 | |
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | | | (986,348 | ) | | | 2,217,392 | | | | (2,513,462 | ) | | | 1,195,920 | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | 59,327 | | | | 2,505,016 | | | | (877,507 | ) | | | 1,579,800 | |
| Distributions | | | (165,719 | ) | | | (136,449 | ) | | | (7,709 | ) | | | (16,313 | ) |
| Capital Share Transactions: | | | | | | | | | | | | | | | | |
| Issued | | | 3,451,698 | | | | 17,224,623 | | | | 14,751,520 | | | | 8,387,711 | |
| Redeemed | | | (5,194,967 | ) | | | (4,278,090 | ) | | | (7,902,991 | ) | | | (1,950,081 | ) |
| Increase (Decrease) in Net Assets from Capital Share Transactions | | | (1,743,269 | ) | | | 12,946,533 | | | | 6,848,529 | | | | 6,437,630 | |
| Total Increase (Decrease) in Net Assets | | | (1,849,661 | ) | | | 15,315,100 | | | | 5,963,313 | | | | 8,001,117 | |
| Net Assets: | | | | | | | | | | | | | | | | |
| Beginning of Year | | | 17,423,630 | | | | 2,108,530 | | | | 10,656,457 | | | | 2,655,340 | |
| End of Year | | $ | 15,573,969 | | | $ | 17,423,630 | | | $ | 16,619,770 | | | $ | 10,656,457 | |
| Share Transactions: | | | | | | | | | | | | | | | | |
| Issued | | | 100,000 | | | | 700,000 | | | | 500,000 | | | | 400,000 | |
| Redeemed | | | (170,000 | ) | | | (200,000 | ) | | | (280,000 | ) | | | (100,000 | ) |
| Net Increase (Decrease) in Shares Outstanding from Share Transactions | | | (70,000 | ) | | | 500,000 | | | | 220,000 | | | | 300,000 | |
| (1) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements). |
| | Statements of Changes in Net Assets | |
| | | |
| | | Global X MSCI China Financials ETF | | | Global X MSCI China Information Technology ETF | |
| | | Year Ended October 31, 2021 | | | Year Ended October 31, 2020 | | | Year Ended October 31, 2021 | | | Year Ended October 31, 2020 | |
| Operations: | | | | | | | | | | | | |
| Net Investment Income | | $ | 2,318,915 | | | $ | 1,202,679 | | | $ | 132,770 | | | $ | 40,868 | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(1) | | | 503,715 | | | | (5,179,329 | ) | | | 787,182 | | | | 533,060 | |
| Net Change in Unrealized Appreciation (Depreciation) on Investments | | | (1,299,229 | ) | | | (437,572 | ) | | | (1,700,916 | ) | | | 3,058,491 | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | 1,523,401 | | | | (4,414,222 | ) | | | (780,964 | ) | | | 3,632,419 | |
| Distributions | | | (1,869,196 | ) | | | (1,795,211 | ) | | | (266,120 | ) | | | (53,606 | ) |
| Capital Share Transactions: | | | | | | | | | | | | | | | | |
| Issued | | | 27,548,622 | | | | 19,693,103 | | | | 16,904,921 | | | | 21,163,623 | |
| Redeemed | | | (26,173,070 | ) | | | (25,917,000 | ) | | | (5,876,490 | ) | | | (5,702,612 | ) |
| Increase (Decrease) in Net Assets from Capital Share Transactions | | | 1,375,552 | | | | (6,223,897 | ) | | | 11,028,431 | | | | 15,461,011 | |
| Total Increase (Decrease) in Net Assets | | | 1,029,757 | | | | (12,433,330 | ) | | | 9,981,347 | | | | 19,039,824 | |
| Net Assets: | | | | | | | | | | | | | | | | |
| Beginning of Year | | | 47,726,532 | | | | 60,159,862 | | | | 20,831,889 | | | | 1,792,065 | |
| End of Year | | $ | 48,756,289 | | | $ | 47,726,532 | | | $ | 30,813,236 | | | $ | 20,831,889 | |
| Share Transactions: | | | | | | | | | | | | | | | | |
| Issued | | | 1,720,000 | | | | 1,300,000 | | | | 500,000 | | | | 900,000 | |
| Redeemed | | | (1,690,000 | ) | | | (1,750,000 | ) | | | (190,000 | ) | | | (250,000 | ) |
| Net Increase (Decrease) in Shares Outstanding from Share Transactions | | | 30,000 | | | | (450,000 | ) | | | 310,000 | | | | 650,000 | |
| (1) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements). |
| | Statements of Changes in Net Assets | |
| | | |
| | | Global X MSCI China Communication Services ETF | | | Global X MSCI China Utilities ETF | |
| | | Year Ended October 31, 2021 | | | Year Ended October 31, 2020 | | | Year Ended October 31, 2021 | | | Year Ended October 31, 2020 | |
| Operations: | | | | | | | | | | | | |
| Net Investment Income | | $ | 34,943 | | | $ | 128,091 | | | $ | 69,303 | | | $ | 39,325 | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(1) | | | (1,732,970 | ) | | | 274,861 | | | | 70,662 | | | | (54,262 | ) |
| Net Change in Unrealized Appreciation (Depreciation) on Investments | | | (1,335,467 | ) | | | 2,567,572 | | | | 505,954 | | | | (155,762 | ) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | (3,033,494 | ) | | | 2,970,524 | | | | 645,919 | | | | (170,699 | ) |
| Distributions | | | (201,302 | ) | | | (133,251 | ) | | | (63,139 | ) | | | (40,333 | ) |
| Return of Capital | | | (30,513 | ) | | | — | | | | — | | | | — | |
| Capital Share Transactions: | | | | | | | | | | | | | | | | |
| Issued | | | — | | | | 32,668 | | | | — | | | | — | |
| Redeemed | | | (1,381,816 | ) | | | (6,956,872 | ) | | | — | | | | — | |
| Decrease in Net Assets from Capital Share Transactions | | | (1,381,816 | ) | | | (6,924,204 | ) | | | — | | | | — | |
| Total Increase (Decrease) in Net Assets | | | (4,647,125 | ) | | | (4,086,931 | ) | | | 582,780 | | | | (211,032 | ) |
| Net Assets: | | | | | | | | | | | | | | | | |
| Beginning of Year | | | 16,984,281 | | | | 21,071,212 | | | | 1,369,802 | | | | 1,580,834 | |
| End of Year | | $ | 12,337,156 | | | $ | 16,984,281 | | | $ | 1,952,582 | | | $ | 1,369,802 | |
| Share Transactions: | | | | | | | | | | | | | | | | |
| Redeemed | | | (50,000 | ) | | | (300,000 | ) | | | — | | | | — | |
| Net Decrease in Shares Outstanding from Share Transactions | | | (50,000 | ) | | | (300,000 | ) | | | — | | | | — | |
| (1) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements). |
| | Statements of Changes in Net Assets | |
| | | |
| | | Global X MSCI China Real Estate ETF | | | | |
| | | Year Ended October 31, 2021 | | | Year Ended October 31, 2020 | | | Year Ended October 31, 2021 | | | Year Ended October 31, 2020 | |
| Operations: | | | | | | | | | | | | |
| Net Investment Income | | $ | 216,343 | | | $ | 343,566 | | | $ | 2,748,557 | | | $ | 5,597,062 | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(1) | | | (344,770 | ) | | | 193,466 | | | | (22,332,006 | ) | | | (38,673,337 | ) |
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | | | (935,733 | ) | | | (1,002,005 | ) | | | 85,495,557 | | | | (79,130,175 | ) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | (1,064,160 | ) | | | (464,973 | ) | | | 65,912,108 | | | | (112,206,450 | ) |
| Distributions | | | (311,838 | ) | | | (171,559 | ) | | | (3,402,946 | ) | | | (6,932,583 | ) |
| Capital Share Transactions: | | | | | | | | | | | | | | | | |
| Issued | | | 626,443 | | | | 12,160,366 | | | | 10,058,149 | | | | 6,798,787 | |
| Redeemed | | | (2,126,313 | ) | | | (5,966,280 | ) | | | (29,754,751 | ) | | | (117,484,191 | ) |
| Increase (Decrease) in Net Assets from Capital Share Transactions | | | (1,499,870 | ) | | | 6,194,086 | | | | (19,696,602 | ) | | | (110,685,404 | ) |
| Total Increase (Decrease) in Net Assets | | | (2,875,868 | ) | | | 5,557,554 | | | | 42,812,560 | | | | (229,824,437 | ) |
| Net Assets: | | | | | | | | | | | | | | | | |
| Beginning of Year | | | 7,280,617 | | | | 1,723,063 | | | | 109,015,603 | | | | 338,840,040 | |
| End of Year | | $ | 4,404,749 | | | $ | 7,280,617 | | | $ | 151,828,163 | | | $ | 109,015,603 | |
| Share Transactions: | | | | | | | | | | | | | | | | |
| Issued | | | 50,000 | | | | 700,000 | | | | 410,000 | | | | 300,000 | |
| Redeemed | | | (130,000 | ) | | | (350,000 | ) | | | (1,150,000 | ) | | | (5,467,689 | ) |
| Net Increase (Decrease) in Shares Outstanding from Share Transactions | | | (80,000 | ) | | | 350,000 | | | | (740,000 | ) | | | (5,167,689 | ) |
| (1) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements). |
| | Statements of Changes in Net Assets | |
| | | |
| | | | | | Global X MSCI Portugal ETF | |
| | | Year Ended October 31, 2021 | | | Year Ended October 31, 2020 | | | Year Ended October 31, 2021 | | | Year Ended October 31, 2020 | |
| Operations: | | | | | | | | | | | | |
| Net Investment Income | | $ | 729,263 | | | $ | 638,382 | | | $ | 499,075 | | | $ | 406,240 | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(1) | | | (1,315,725 | ) | | | 356,797 | | | | (1,224,498 | ) | | | (776,926 | ) |
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | | | 9,284,357 | | | | (2,852,978 | ) | | | 5,936,190 | | | | (2,704,266 | ) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | 8,697,895 | | | | (1,857,799 | ) | | | 5,210,767 | | | | (3,074,952 | ) |
| Distributions | | | (1,062,843 | ) | | | (221,929 | ) | | | (509,812 | ) | | | (491,011 | ) |
| Capital Share Transactions: | | | | | | | | | | | | | | | | |
| Issued | | | 12,449,491 | | | | 16,211,600 | | | | — | | | | — | |
| Redeemed | | | — | | | | (6,554,406 | ) | | | (6,865,055 | ) | | | (5,751,454 | ) |
| Increase (Decrease) in Net Assets from Capital Share Transactions | | | 12,449,491 | | | | 9,657,194 | | | | (6,865,055 | ) | | | (5,751,454 | ) |
| Total Increase (Decrease) in Net Assets | | | 20,084,543 | | | | 7,577,466 | | | | (2,164,100 | ) | | | (9,317,417 | ) |
| Net Assets: | | | | | | | | | | | | | | | | |
| Beginning of Year | | | 23,947,960 | | | | 16,370,494 | | | | 13,169,088 | | | | 22,486,505 | |
| End of Year | | $ | 44,032,503 | | | $ | 23,947,960 | | | $ | 11,004,988 | | | $ | 13,169,088 | |
| Share Transactions: | | | | | | | | | | | | | | | | |
| Issued | | | 390,000 | | | | 600,000 | | | | — | | | | — | |
| Redeemed | | | — | | | | (250,000 | ) | | | (610,000 | ) | | | (550,000 | ) |
| Net Increase (Decrease) in Shares Outstanding from Share Transactions | | | 390,000 | | | | 350,000 | | | | (610,000 | ) | | | (550,000 | ) |
| (1) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements). |
| | Statements of Changes in Net Assets | |
| | | |
| | | Global X MSCI Colombia ETF | | | Global X MSCI Argentina ETF | |
| | | Year Ended October 31, 2021 | | | Year Ended October 31, 2020 | | | Year Ended October 31, 2021 | | | Year Ended October 31, 2020 | |
| Operations: | | | | | | | | | | | | |
| Net Investment Income | | $ | 908,881 | | | $ | 1,948,326 | | | $ | 367,527 | | | $ | 132,336 | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(1) | | | (2,294,198 | ) | | | (8,817,533 | ) | | | 5,051,501 | | | | (14,048,129 | ) |
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | | | 13,372,523 | | | | (17,912,427 | ) | | | 8,391,450 | | | | 16,510,079 | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | 11,987,206 | | | | (24,781,634 | ) | | | 13,810,478 | | | | 2,594,286 | |
| Distributions | | | (1,240,682 | ) | | | (1,868,308 | ) | | | (163,672 | ) | | | (231,396 | ) |
| Capital Share Transactions: | | | | | | | | | | | | | | | | |
| Issued | | | — | | | | — | | | | 7,640,472 | | | | 12,850,316 | |
| Redeemed | | | (3,096,228 | ) | | | (11,451,496 | ) | | | (24,897,995 | ) | | | (36,273,962 | ) |
| Decrease in Net Assets from Capital Share Transactions | | | (3,096,228 | ) | | | (11,451,496 | ) | | | (17,257,523 | ) | | | (23,423,646 | ) |
| Total Increase (Decrease) in Net Assets | | | 7,650,296 | | | | (38,101,438 | ) | | | (3,610,717 | ) | | | (21,060,756 | ) |
| Net Assets: | | | | | | | | | | | | | | | | |
| Beginning of Year | | | 34,180,506 | | | | 72,281,944 | | | | 38,420,755 | | | | 59,481,511 | |
| End of Year | | $ | 41,830,802 | | | $ | 34,180,506 | | | $ | 34,810,038 | | | $ | 38,420,755 | |
| Share Transactions: | | | | | | | | | | | | | | | | |
| Issued | | | — | | | | — | | | | 250,000 | | | | 550,000 | |
| Redeemed | | | (110,000 | ) | | | (425,301 | ) | | | (820,000 | ) | | | (1,650,000 | ) |
| Net Decrease in Shares Outstanding from Share Transactions | | | (110,000 | ) | | | (425,301 | ) | | | (570,000 | ) | | | (1,100,000 | ) |
| (1) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements). |
| | Statements of Changes in Net Assets | |
| | | |
| | | Global X MSCI Pakistan ETF | | | Global X MSCI Nigeria ETF | |
| | | Year Ended October 31, 2021 | | | Year Ended October 31, 2020 | | | Year Ended October 31, 2021 | | | Year Ended October 31, 2020 | |
| Operations: | | | | | | | | | | | | |
| Net Investment Income | | $ | 2,127,510 | | | $ | 1,064,519 | | | $ | 2,165,472 | | | $ | 2,353,773 | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(1) | | | 1,227,822 | | | | (21,677,623 | ) | | | 149,837 | | | | (3,250,197 | ) |
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | | | (2,514,010 | ) | | | 20,510,802 | | | | 4,351,171 | | | | 6,205,365 | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | 841,322 | | | | (102,302 | ) | | | 6,666,480 | | | | 5,308,941 | |
| Distributions | | | (1,563,198 | ) | | | (1,334,151 | ) | | | (2,273,637 | ) | | | (235,024 | ) |
| Capital Share Transactions: | | | | | | | | | | | | | | | | |
| Issued | | | 7,796,942 | | | | 13,669,139 | | | | — | | | | 5,534,985 | |
| Redeemed | | | (17,662,995 | ) | | | (19,481,752 | ) | | | — | | | | (970,502 | ) |
| Increase (Decrease) in Net Assets from Capital Share Transactions | | | (9,866,053 | ) | | | (5,812,613 | ) | | | — | | | | 4,564,483 | |
| Total Increase (Decrease) in Net Assets | | | (10,587,929 | ) | | | (7,249,066 | ) | | | 4,392,843 | | | | 9,638,400 | |
| Net Assets: | | | | | | | | | | | | | | | | |
| Beginning of Year | | | 34,555,398 | | | | 41,804,464 | | | | 42,199,143 | | | | 32,560,743 | |
| End of Year | | $ | 23,967,469 | | | $ | 34,555,398 | | | $ | 46,591,986 | | | $ | 42,199,143 | |
| Share Transactions: | | | | | | | | | | | | | | | | |
| Issued | | | 250,000 | | | | 425,000 | | | | — | | | | 400,000 | |
| Redeemed | | | (590,000 | ) | | | (750,207 | ) | | | — | | | | (100,000 | ) |
| Net Increase (Decrease) in Shares Outstanding from Share Transactions | | | (340,000 | ) | | | (325,207 | ) | | | — | | | | 300,000 | |
| (1) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements). |
| | Statements of Changes in Net Assets | |
| | | |
| | | Global X MSCI Next Emerging & Frontier ETF | | | Global X MSCI Norway ETF‡ | |
| | | Year Ended October 31, 2021 | | | Year Ended October 31, 2020 | | | Year Ended October 31, 2021 | | | Year Ended October 31, 2020 | |
| Operations: | | | | | | | | | | | | |
| Net Investment Income | | $ | 438,105 | | | $ | 358,800 | | | $ | 1,350,068 | | | $ | 914,434 | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(1) | | | 270,765 | | | | (1,447,417 | ) | | | 94,788 | | | | (12,024,811 | ) |
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | | | 3,879,134 | | | | (1,912,183 | ) | | | 18,083,257 | | | | 3,873,538 | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | 4,588,004 | | | | (3,000,800 | ) | | | 19,528,113 | | | | (7,236,839 | ) |
| Distributions | | | (448,516 | ) | | | (425,178 | ) | | | (1,549,127 | ) | | | (1,003,442 | ) |
| Return of Capital | | | — | | | | — | | | | (28,009 | ) | | | — | |
| Capital Share Transactions: | | | | | | | | | | | | | | | | |
| Issued | | | 3,497,177 | | | | 760,268 | | | | 19,132,549 | | | | 12,924,167 | |
| Redeemed | | | — | | | | (1,420,679 | ) | | | (9,932,744 | ) | | | (49,437,188 | ) |
Merger(2) | | | — | | | | — | | | | 43,214,538 | | | | — | |
| Increase (Decrease) in Net Assets from Capital Share Transactions | | | 3,497,177 | | | | (660,411 | ) | | | 52,414,343 | | | | (36,513,021 | ) |
| Total Increase (Decrease) in Net Assets | | | 7,636,665 | | | | (4,086,389 | ) | | | 70,365,320 | | | | (44,753,302 | ) |
| Net Assets: | | | | | | | | | | | | | | | | |
| Beginning of Year | | | 13,991,067 | | | | 18,077,456 | | | | 33,569,933 | | | | 78,323,235 | |
| End of Year | | $ | 21,627,732 | | | $ | 13,991,067 | | | $ | 103,935,253 | | | $ | 33,569,933 | |
| Share Transactions: | | | | | | | | | | | | | | | | |
| Issued | | | 180,000 | | | | 50,000 | | | | 605,315 | | | | 1,300,000 | |
| Redeemed | | | — | | | | (100,000 | ) | | | (376,536 | ) | | | (4,500,000 | ) |
Merger(2) | | | — | | | | — | | | | 1,350,000 | | | | — | |
| Net Increase (Decrease) in Shares Outstanding from Share Transactions | | | 180,000 | | | | (50,000 | ) | | | 1,578,779 | | | | (3,200,000 | ) |
| ‡ | On October 29, 2021, the Global X MSCI Norway ETF (the “Acquired Fund”) was reorganized into the Global X FTSE Nordic Region ETF (the “Acquiring Fund”), each a separate series of the Trust (together, the “Combined Fund”) and the Combined Fund was renamed the Global X MSCI Norway ETF. As a result of the Reorganization as of the close of business on October 29, 2021, the Combined Fund assumed the performance and accounting history of the Acquired Fund. Accordingly, the financial information for the Combined Fund for periods prior to the date of the Reorganization represent the performance of the Acquired Fund (See Note 10 in Notes to Financial Statements). |
| (1) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements). |
| (2) | See Note 10 in Notes to Financial Staements. |
| | Statements of Changes in Net Assets | |
| | | |
| | | Global X FTSE Southeast Asia ETF | |
| | | Year Ended October 31, 2021 | | | Year Ended October 31, 2020 | |
| Operations: | | | | | | |
| Net Investment Income | | $ | 1,396,343 | | | $ | 623,843 | |
Net Realized Loss on Investments and Foreign Currency Transactions(1) | | | (553,468 | ) | | | (869,536 | ) |
| Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | | | 6,420,014 | | | | (6,450,264 | ) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | 7,262,889 | | | | (6,695,957 | ) |
| Distributions | | | (630,414 | ) | | | (646,024 | ) |
| Capital Share Transactions: | | | | | | | | |
| Issued | | | 13,865,571 | | | | 2,574,247 | |
| Redeemed | | | (5,703,002 | ) | | | (574,260 | ) |
| Increase in Net Assets from Capital Share Transactions | | | 8,162,569 | | | | 1,999,987 | |
| Total Increase (Decrease) in Net Assets | | | 14,795,044 | | | | (5,341,994 | ) |
| Net Assets: | | | | | | | | |
| Beginning of Year | | | 20,981,156 | | | | 26,323,150 | |
| End of Year | | $ | 35,776,200 | | | $ | 20,981,156 | |
| Share Transactions: | | | | | | | | |
| Issued | | | 970,000 | | | | 200,000 | |
| Redeemed | | | (400,000 | ) | | | (50,000 | ) |
| Net Increase in Shares Outstanding from Share Transactions | | | 570,000 | | | | 150,000 | |
| (1) | Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements). |
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
| | | Net
Asset Value, Beginning
of Period
($) | | | Net Investment Income
($)* | | | Net Realized and Unrealized Gain (Loss) on Investments
($) | | | Total from Operations
($) | | | Distribution from Net Investment Income ($) | | | Distribution from Capital Gains ($) | | | Return of Capital ($) | |
| Global X MSCI China Energy ETF | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | | 7.79 | | | | 0.48 | | | | 3.93 | | | | 4.41 | | | | (0.27 | ) | | | — | | | | — | |
| 2020 | | | 10.43 | | | | 0.44 | | | | (2.66 | ) | | | (2.22 | ) | | | (0.42 | ) | | | — | | | | — | |
| 2019 | | | 11.82 | | | | 0.30 | | | | (1.12 | ) | | | (0.82 | ) | | | (0.57 | ) | | | — | | | | — | |
| 2018 | | | 11.69 | | | | 0.49 | | | | 0.05 | | | | 0.54 | | | | (0.41 | ) | | | — | | | | — | |
| 2017 | | | 10.56 | | | | 0.41 | | | | 0.93 | | | | 1.34 | | | | (0.21 | ) | | | — | | | | — | |
| Global X MSCI China Materials ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | | 18.18 | | | | 0.43 | | | | 7.12 | | | | 7.55 | | | | (0.51 | ) | | | — | | | | — | |
| 2020 | | | 14.50 | | | | 0.32 | | | | 3.93 | | | | 4.25 | | | | (0.57 | ) | | | — | | | | — | |
| 2019 | | | 15.97 | | | | 0.52 | | | | (0.99 | ) | | | (0.47 | ) | | | (1.00 | ) | | | — | | | | — | |
| 2018 | | | 21.59 | | | | 0.46 | | | | (5.84 | ) | | | (5.38 | ) | | | (0.24 | ) | | | — | | | | — | |
| 2017 | | | 13.42 | | | | 0.38 | | | | 7.95 | | | | 8.33 | | | | (0.16 | ) | | | — | | | | — | |
| Global X MSCI China Industrials ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | | 13.43 | | | | 0.21 | | | | 3.27 | | | | 3.48 | | | | (0.29 | ) | | | — | | | | — | |
| 2020 | | | 12.92 | | | | 0.23 | | | | 0.49 | | | | 0.72 | | | | (0.21 | ) | | | — | | | | — | |
| 2019 | | | 13.59 | | | | 0.27 | | | | (0.49 | ) | | | (0.22 | ) | | | (0.45 | ) | | | — | | | | — | |
| 2018 | | | 16.06 | | | | 0.29 | | | | (2.41 | ) | | | (2.12 | ) | | | (0.35 | ) | | | — | | | | — | |
| 2017 | | | 12.57 | | | | 0.24 | | | | 3.45 | | | | 3.69 | | | | (0.20 | ) | | | — | | | | — | |
| Total from Distributions ($) | | | 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 (%)†† | |
| | | | | | | | | | | | | | | | | | | | |
| | (0.27 | ) | | | 11.93 | | | | 57.88 | | | | 4,652 | | | | 0.67 | | | | 4.74 | | | | 51.48 | |
| | (0.42 | ) | | | 7.79 | | | | (22.05 | ) | | | 1,558 | | | | 0.66 | | | | 5.02 | | | | 34.18 | |
| | (0.57 | ) | | | 10.43 | | | | (7.04 | ) | | | 1,564 | | | | 0.66 | | | | 2.67 | | | | 109.41 | |
| | (0.41 | ) | | | 11.82 | | | | 4.77 | | | | 2,955 | | | | 0.65 | | | | 4.00 | | | | 14.60 | |
| | (0.21 | ) | | | 11.69 | | | | 13.13 | | | | 1,754 | | | | 0.65 | | | | 3.82 | | | | 11.85 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.51 | ) | | | 25.22 | | | | 41.80 | | | | 6,558 | | | | 0.66 | | | | 1.70 | | | | 26.64 | |
| | (0.57 | ) | | | 18.18 | | | | 29.88 | | | | 1,818 | | | | 0.66 | | | | 1.95 | | | | 36.02 | |
| | (1.00 | ) | | | 14.50 | | | | (3.13 | ) | | | 2,175 | | | | 0.66 | | | | 3.30 | | | | 65.67 | |
| | (0.24 | ) | | | 15.97 | | | | (25.20 | ) | | | 2,395 | | | | 0.66 | | | | 2.27 | | | | 26.95 | |
| | (0.16 | ) | | | 21.59 | | | | 62.79 | | | | 5,397 | | | | 0.65 | | | | 2.19 | | | | 49.80 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.29 | ) | | | 16.62 | | | | 26.08 | | | | 3,158 | | | | 0.66 | | | | 1.28 | | | | 66.09 | |
| | (0.21 | ) | | | 13.43 | | | | 5.57 | | | | 2,014 | | | | 0.66 | | | | 1.71 | | | | 19.54 | |
| | (0.45 | ) | | | 12.92 | | | | (1.66 | ) | | | 1,938 | | | | 0.66 | | | | 1.99 | | | | 80.17 | |
| | (0.35 | ) | | | 13.59 | | | | (13.44 | ) | | | 2,038 | | | | 0.66 | | | | 1.92 | | | | 18.28 | |
| | (0.20 | ) | | | 16.06 | | | | 29.88 | | | | 4,015 | | | | 0.65 | | | | 1.68 | | | | 21.53 | |
| * | Per share data calculated using average shares method. |
| ** | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| †† | Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers. |
Amounts designated as “—“ are $0 or have been rounded to $0.
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
| | | Net
Asset Value, Beginning
of Period
($) | | | Net Investment Income (Loss)
($)* | | | Net Realized and Unrealized Gain (Loss) on Investments
($) | | | Total from Operations
($) | | | Distribution from Net Investment Income ($) | | | Distribution from Capital Gains ($) | | | Return of Capital ($) | |
| Global X MSCI China Consumer Discretionary ETF | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | | 29.45 | | | | — | | | 0.51 | ^ | | | 0.51 | | | | (0.02 | ) | | | — | | | | — | |
| 2020 | | | 17.68 | | | | 0.04 | | | | 11.89 | | | | 11.93 | | | | (0.16 | ) | | | — | | | | — | |
| 2019 | | | 13.57 | | | | 0.16 | | | | 4.35 | | | | 4.51 | | | | (0.40 | ) | | | — | | | | — | |
| 2018 | | | 17.44 | | | | 0.20 | | | | (3.95 | ) | | | (3.75 | ) | | | (0.12 | ) | | | — | | | | — | |
| 2017 | | | 11.97 | | | | 0.24 | | | | 5.40 | | | | 5.64 | | | | (0.17 | ) | | | — | | | | — | |
| Global X MSCI China Consumer Staples ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | | 29.04 | | | | 0.26 | | | 0.34 | ^ | | | 0.60 | | | | (0.21 | ) | | | (0.05 | ) | | | — | |
| 2020 | | | 21.08 | | | | 0.31 | | | | 8.41 | | | | 8.72 | | | | (0.25 | ) | | | (0.51 | ) | | | — | |
2019(1) | | | 15.00 | | | | 0.28 | | | | 5.93 | | | | 6.21 | | | | (0.13 | ) | | | — | | | | — | |
| Global X MSCI China Health Care ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | | 23.68 | | | | (0.01 | ) | | 1.16 | ^ | | | 1.15 | | | | (0.02 | ) | | | — | | | | — | |
| 2020 | | | 17.70 | | | | 0.03 | | | | 6.06 | | | | 6.09 | | | | (0.04 | ) | | | (0.07 | ) | | | — | |
2019(1) | | | 15.00 | | | | 0.09 | | | | 2.64 | | | | 2.73 | | | | (0.03 | ) | | | — | | | | — | |
| Global X MSCI China Financials ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | | 14.25 | | | | 0.62 | | | 0.07 | ^ | | | 0.69 | | | | (0.52 | ) | | | — | | | | — | |
| 2020 | | | 15.83 | | | | 0.41 | | | | (1.50 | ) | | | (1.09 | ) | | | (0.49 | ) | | | — | | | | — | |
| 2019 | | | 15.39 | | | | 0.67 | | | | 0.65 | | | | 1.32 | | | | (0.88 | ) | | | — | | | | — | |
| 2018 | | | 17.63 | | | | 0.48 | | | | (2.38 | ) | | | (1.90 | ) | | | (0.34 | ) | | | — | | | | — | |
| 2017 | | | 13.80 | | | | 0.39 | | | | 3.70 | | | | 4.09 | | | | (0.26 | ) | | | — | | | | — | |
| 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 | ) | | | 29.94 | | | | 1.73 | | | | 649,503 | | | | 0.65 | | | | — | | | | 34.56 | |
| | (0.16 | ) | | | 29.45 | | | | 67.98 | | | | 393,118 | | | | 0.65 | | | | 0.21 | | | | 32.56 | |
| | (0.40 | ) | | | 17.68 | | | | 34.20 | | | | 156,486 | | | | 0.65 | | | | 1.03 | | | | 83.41 | |
| | (0.12 | ) | | | 13.57 | | | | (21.70 | ) | | | 120,102 | | | | 0.65 | | | | 1.11 | | | | 17.92 | |
| | (0.17 | ) | | | 17.44 | | | | 47.90 | | | | 156,050 | | | | 0.65 | | | | 1.67 | | | | 34.72 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.26 | ) | | | 29.38 | | | | 1.97 | | | | 15,574 | | | | 0.65 | | | | 0.82 | | | | 35.56 | |
| | (0.76 | ) | | | 29.04 | | | | 42.48 | | | | 17,424 | | | | 0.65 | | | | 1.21 | | | | 44.54 | |
| | (0.13 | ) | | | 21.08 | | | | 41.48 | | | | 2,109 | | | | 0.67 | † | | | 1.66 | † | | | 29.25 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.02 | ) | | | 24.81 | | | | 4.84 | | | | 16,620 | | | | 0.65 | | | | (0.05 | ) | | | 29.41 | |
| | (0.11 | ) | | | 23.68 | | | | 34.62 | | | | 10,656 | | | | 0.65 | | | | 0.16 | | | | 31.60 | |
| | (0.03 | ) | | | 17.70 | | | | 18.22 | | | | 2,655 | | | | 0.66 | † | | | 0.60 | † | | | 12.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.52 | ) | | | 14.42 | | | | 4.65 | | | | 48,756 | | | | 0.65 | | | | 4.00 | | | | 21.42 | |
| | (0.49 | ) | | | 14.25 | | | | (7.24 | ) | | | 47,727 | | | | 0.65 | | | | 2.72 | | | | 21.72 | |
| | (0.88 | ) | | | 15.83 | | | | 8.95 | | | | 60,160 | | | | 0.66 | | | | 4.11 | | | | 54.17 | |
| | (0.34 | ) | | | 15.39 | | | | (11.04 | ) | | | 30,784 | | | | 0.66 | | | | 2.67 | | | | 15.09 | |
| | (0.26 | ) | | | 17.63 | | | | 30.32 | | | | 50,251 | | | | 0.65 | | | | 2.58 | | | | 19.12 | |
| * | Per share data calculated using average shares method. |
| ** | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| † | Annualized. |
| †† | Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers. |
| ^ | The amount shown for a share outstanding throughout the period does not accord with the aggregate net losses 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. |
| (1) | The Fund commenced operations on December 7, 2018. |
Amounts designated as “—“ are $0 or have been rounded to $0.
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
| | | Net
Asset Value, Beginning
of Period
($) | | | Net Investment Income
($)* | | | Net Realized and Unrealized Gain (Loss) on Investments
($) | | | Total from Operations
($) | | | Distribution from Net Investment Income ($) | | | Distribution from Capital Gains ($) | | | Return of Capital ($) | |
| Global X MSCI China Information Technology ETF | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | | 27.78 | | | | 0.12 | | | 1.46 | ^ | | | 1.58 | | | | (0.12 | ) | | | (0.17 | ) | | | — | |
| 2020 | | | 17.92 | | | | 0.09 | | | | 10.03 | | | | 10.12 | | | | (0.10 | ) | | | (0.16 | ) | | | — | |
2019(1) | | | 15.00 | | | | 0.19 | | | | 2.81 | | | | 3.00 | | | | (0.08 | ) | | | — | | | | — | |
| Global X MSCI China Communication Services ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | | 26.13 | | | | 0.06 | | | | (5.27 | ) | | | (5.21 | ) | | | (0.31 | ) | | | — | | | | (0.05 | ) |
| 2020 | | | 22.18 | | | | 0.16 | | | | 3.96 | | | | 4.12 | | | | (0.17 | ) | | | — | | | | — | |
| 2019 | | | 22.40 | | | | 0.09 | | | | (0.21 | ) | | | (0.12 | ) | | | (0.10 | ) | | | — | | | | — | |
| 2018 | | | 29.24 | | | | 0.07 | | | | (6.23 | ) | | | (6.16 | ) | | | (0.68 | ) | | | — | | | | — | |
| 2017 | | | 23.23 | | | | 0.28 | | | | 6.69 | | | | 6.97 | | | | (0.96 | ) | | | — | | | | — | |
| Global X MSCI China Utilities ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | | 13.70 | | | | 0.69 | | | | 5.77 | | | | 6.46 | | | | (0.63 | ) | | | — | | | | — | |
| 2020 | | | 15.81 | | | | 0.39 | | | | (2.09 | ) | | | (1.70 | ) | | | (0.35 | ) | | | (0.06 | ) | | | — | |
2019(1) | | | 15.00 | | | | 0.33 | | | | 0.60 | | | | 0.93 | | | | (0.12 | ) | | | — | | | | — | |
| Global X MSCI China Real Estate ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | | 16.18 | | | | 0.59 | | | | (4.09 | ) | | | (3.50 | ) | | | (0.78 | ) | | | — | | | | — | |
| 2020 | | | 17.23 | | | | 0.81 | | | | (1.17 | ) | | | (0.36 | ) | | | (0.69 | ) | | | — | | | | — | |
2019(1) | | | 15.00 | | | | 0.67 | | | | 1.82 | | | | 2.49 | | | | (0.26 | ) | | | — | | | | — | |
| 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 (%)†† | |
| | | | | | | | | | | | | | | | | | | | |
| | (0.29 | ) | | | 29.07 | | | | 5.58 | | | | 30,813 | | | | 0.65 | | | | 0.39 | | | | 52.48 | |
| | (0.26 | ) | | | 27.78 | | | | 57.01 | | | | 20,832 | | | | 0.65 | | | | 0.37 | | | | 29.01 | |
| | (0.08 | ) | | | 17.92 | | | | 20.06 | | | | 1,792 | | | | 0.66 | † | | | 1.29 | † | | | 36.75 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.36 | ) | | | 20.56 | | | | (20.27 | ) | | | 12,337 | | | | 0.65 | | | | 0.22 | | | | 65.54 | |
| | (0.17 | ) | | | 26.13 | | | | 18.61 | | | | 16,984 | | | | 0.65 | | | | 0.67 | | | | 27.78 | |
| | (0.10 | ) | | | 22.18 | | | | (0.54 | ) | | | 21,071 | | | | 0.66 | | | | 0.39 | | | | 114.67 | |
| | (0.68 | ) | | | 22.40 | | | | (21.70 | ) | | | 24,645 | | | | 0.65 | | | | 0.24 | | | | 33.79 | |
| | (0.96 | ) | | | 29.24 | | | | 31.56 | | | | 19,007 | | | | 0.65 | | | | 1.14 | | | | 42.59 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.63 | ) | | | 19.53 | | | | 48.14 | | | | 1,953 | | | | 0.67 | | | | 4.11 | | | | 44.06 | |
| | (0.41 | ) | | | 13.70 | | | | (10.92 | ) | | | 1,370 | | | | 0.66 | | | | 2.78 | | | | 37.12 | |
| | (0.12 | ) | | | 15.81 | | | | 6.24 | | | | 1,581 | | | | 0.66 | † | | | 2.42 | † | | | 28.26 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.78 | ) | | | 11.90 | | | | (22.77 | ) | | | 4,405 | | | | 0.66 | | | | 3.80 | | | | 38.66 | |
| | (0.69 | ) | | | 16.18 | | | | (2.55 | ) | | | 7,281 | | | | 0.66 | | | | 4.73 | | | | 25.75 | |
| | (0.26 | ) | | | 17.23 | | | | 16.56 | | | | 1,723 | | | | 0.65 | † | | | 4.44 | † | | | 14.00 | |
| * | Per share data calculated using average shares method. |
| ** | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| † | Annualized. |
| †† | Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers. |
| ^ | The amount shown for a share outstanding throughout the period does not accord with the aggregate net losses 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. |
| (1) | The Fund commenced operations on December 7, 2018. |
Amounts designated as “—“ are $0 or have been rounded to $0.
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
| | | Net
Asset Value, Beginning
of Period
($) | | | Net Investment Income
($)* | | | Net Realized and Unrealized Gain (Loss) on Investments
($) | | | Total from Operations
($) | | | Distribution from Net Investment Income ($) | | | Distribution from Capital Gains ($) | | | Return of Capital ($) | |
| Global X MSCI Greece ETF | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | | 17.68 | | | | 0.47 | | | | 10.36 | | | | 10.83 | | | | (0.53 | ) | | | — | | | | — | |
2020(1) | | | 29.91 | | | | 0.66 | | | | (12.20 | ) | | | (11.54 | ) | | | (0.69 | ) | | | — | | | | — | |
2019(1) | | | 23.04 | | | | 0.63 | | | | 6.87 | | | | 7.50 | | | | (0.63 | ) | | | — | | | | — | |
2018(1) | | | 27.90 | | | | 0.57 | | | | (4.77 | ) | | | (4.20 | ) | | | (0.66 | ) | | | — | | | | — | |
2017(1) | | | 22.05 | | | | 0.45 | | | | 5.85 | | | | 6.30 | | | | (0.45 | ) | | | — | | | | — | |
Global X DAX Germany ETF(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | | 25.21 | | | | 0.62 | | | | 7.95 | | | | 8.57 | | | | (0.92 | ) | | | — | | | | — | |
| 2020 | | | 27.28 | | | | 0.87 | | | | (2.64 | ) | | | (1.77 | ) | | | (0.30 | ) | | | — | | | | — | |
2019(3) | | | 25.92 | | | | 0.67 | | | | 1.82 | | | | 2.49 | | | | (1.11 | ) | | | — | | | | (0.02 | ) |
2018(3) | | | 31.25 | | | | 0.77 | | | | (5.75 | ) ‡ | | | (4.98 | ) | | | (0.35 | ) | | | — | | | | — | |
2017(3) | | | 24.73 | | | | 0.48 | | | | 6.91 | | | | 7.39 | | | | (0.83 | ) | | | — | | | | (0.04 | ) |
| 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 (%)†† | |
| | | | | | | | | | | | | | | | | | | | |
| | (0.53 | ) | | | 27.98 | | | | 61.52 | | | | 151,828 | | | | 0.56 | | | | 1.76 | | | | 38.42 | |
| | (0.69 | ) | | | 17.68 | | | | (39.39 | ) | | | 109,016 | | | | 0.58 | | | | 2.81 | | | | 28.48 | |
| | (0.63 | ) | | | 29.91 | | | | 33.57 | | | | 338,840 | | | | 0.57 | | | | 2.43 | | | | 12.67 | |
| | (0.66 | ) | | | 23.04 | | | | (15.63 | ) | | | 257,901 | | | | 0.59 | | | | 1.98 | | | | 16.38 | |
| | (0.45 | ) | | | 27.90 | | | | 29.04 | | | | 349,788 | | | | 0.61 | | | | 1.69 | | | | 21.59 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.92 | ) | | | 32.86 | | | | 34.06 | | | | 44,033 | | | | 0.20 | + | | | 1.90 | | | | 24.22 | |
| | (0.30 | ) | | | 25.21 | | | | (6.53 | ) | | | 23,948 | | | | 0.20 | + | | | 3.30 | | | | 10.93 | |
| | (1.13 | ) | | | 27.28 | | | | 9.98 | | | | 16,370 | | | | 0.21 | + | | | 2.65 | | | | 15.36 | |
| | (0.35 | ) | | | 25.92 | | | (16.05 | ) @
| | | 16,851 | | | | 0.20 | | | | 2.57 | | | | 7.00 | |
| | (0.87 | ) | | | 31.25 | | | | 30.40 | | | | 17,186 | | | | 0.38 | | | | 1.74 | | | | 9.00 | |
| * | Per share data calculated using average shares method. |
| ** | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| †† | Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers. |
| + | Effective March 1, 2021, the Fund’s management fees were permanently lowered to 0.20%. Prior to March 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 0.27%, 0.45% and 0.46% for the years ended October 31, 2021, October 31, 2020 and October 31, 2019, respectively. |
| ‡ | Includes a $0.10 gain per share derived from a payment from the prior administrator of the Predecessor Fund |
| @ | Before payment from the prior administrator of the Predecessor Fund for the loss resulting from an error, the total return for the period would have been (16.37%). |
| (1) | Per share amounts have been adjusted for a 1 for 3 reverse share split on April 28, 2020. For more information see Note 9 in the Notes to Financial Statements. |
| (2) | The financial statements include the financial information of the Predecessor Fund through December 21, 2018 (See Note 1 in Notes to Financial Statements). |
| (3) | As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund. Accordingly, performance figures for the Fund for periods prior to the date of the Reorganization represent the performance of the Predecessor Fund (See Note 1 in Notes to Financial Statements). |
Amounts designated as “—“ are $0 or have been rounded to $0.
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
| | | Net
Asset Value, Beginning
of Period
($) | | | Net Investment Income
($)* | | | Net Realized and Unrealized Gain (Loss) on Investments
($) | | | Total from Operations
($) | | | Distribution from Net Investment Income ($) | | | Distribution from Capital Gains ($) | | | Return of Capital ($) | |
| Global X MSCI Portugal ETF | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | | 8.50 | | | | 0.36 | | | | 3.22 | | | | 3.58 | | | | (0.37 | ) | | | — | | | | — | |
| 2020 | | | 10.71 | | | | 0.23 | | | | (2.16 | ) | | | (1.93 | ) | | | (0.28 | ) | | | — | | | | — | |
| 2019 | | | 11.24 | | | | 0.36 | | | | (0.11 | ) | | | 0.25 | | | | (0.78 | ) | | | — | | | | — | |
| 2018 | | | 12.49 | | | | 0.36 | | | | (1.25 | ) | | | (0.89 | ) | | | (0.36 | ) | | | — | | | | — | |
| 2017 | | | 9.88 | | | | 0.36 | | | | 2.65 | | | | 3.01 | | | | (0.40 | ) | | | — | | | | — | |
| Global X MSCI Colombia ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | | 23.26 | | | | 0.64 | | | | 7.73 | | | | 8.37 | | | | (0.87 | ) | | | — | | | | — | |
2020(1) | | | 38.16 | | | | 1.14 | | | | (15.00 | ) | | | (13.86 | ) | | | (1.04 | ) | | | — | | | | — | |
2019(1) | | | 34.72 | | | | 1.04 | | | | 3.96 | | | | 5.00 | | | | (1.56 | ) | | | — | | | | — | |
2018(1) | | | 38.24 | | | | 0.84 | | | | (3.64 | ) | | | (2.80 | ) | | | (0.72 | ) | | | — | | | | — | |
2017(1) | | | 36.88 | | | | 0.72 | | | | 1.16 | | | | 1.88 | | | | (0.52 | ) | | | — | | | | — | |
| Global X MSCI Argentina ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | | 23.64 | | | | 0.26 | | | | 9.21 | | | | 9.47 | | | | (0.11 | ) | | | — | | | | — | |
| 2020 | | | 21.83 | | | | 0.06 | | | | 1.83 | | | | 1.89 | | | | (0.08 | ) | | | — | | | | — | |
| 2019 | | | 25.36 | | | | 0.29 | | | | (3.26 | ) | | | (2.97 | ) | | | (0.56 | ) | | | — | | | | — | |
| 2018 | | | 32.05 | | | | 0.35 | | | | (6.87 | ) | | | (6.52 | ) | | | (0.17 | ) | | | — | | | | — | |
| 2017 | | | 23.69 | | | | 0.07 | | | | 8.37 | | | | 8.44 | | | | (0.08 | ) | | | — | | | | — | |
| 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 (%)†† | |
| | | | | | | | | | | | | | | | | | | | |
| | (0.37 | ) | | | 11.71 | | | | 42.30 | | | | 11,005 | | | | 0.58 | | | | 3.26 | | | | 53.05 | |
| | (0.28 | ) | | | 8.50 | | | | (18.37 | ) | | | 13,169 | | | | 0.58 | | | | 2.34 | | | | 25.19 | |
| | (0.78 | ) | | | 10.71 | | | | 2.72 | | | | 22,487 | | | | 0.58 | | | | 3.41 | | | | 20.74 | |
| | (0.36 | ) | | | 11.24 | | | | (7.26 | ) | | | 25,295 | | | | 0.57 | | | | 2.91 | | | | 21.05 | |
| | (0.40 | ) | | | 12.49 | | | | 31.88 | | | | 63,705 | | | | 0.60 | | | | 3.31 | | | | 25.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.87 | ) | | | 30.76 | | | | 35.98 | | | | 41,831 | | | | 0.61 | | | | 2.21 | | | | 16.08 | |
| | (1.04 | ) | | | 23.26 | | | | (36.91 | ) | | | 34,181 | | | | 0.62 | | | | 3.91 | | | | 20.85 | |
| | (1.56 | ) | | | 38.16 | | | | 15.05 | | | | 72,282 | | | | 0.62 | | | | 2.81 | | | | 18.05 | |
| | (0.72 | ) | | | 34.72 | | | | (7.55 | ) | | | 82,282 | | | 0.62 | @
| | | 2.01 | | | | 39.15 | |
| | (0.52 | ) | | | 38.24 | | | | 5.24 | | | | 92,984 | | | 0.62 | @ | | | 1.83 | | | | 40.93 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.11 | ) | | | 33.00 | | | | 40.09 | | | | 34,810 | | | | 0.59 | | | | 0.85 | | | | 31.35 | |
| | (0.08 | ) | | | 23.64 | | | | 8.61 | | | | 38,421 | | | | 0.60 | | | | 0.25 | | | | 49.17 | |
| | (0.56 | ) | | | 21.83 | | | | (12.08 | ) | | | 59,482 | | | | 0.60 | | | | 1.08 | | | | 28.88 | |
| | (0.17 | ) | | | 25.36 | | | | (20.48 | ) | | | 89,391 | | | | 0.60 | ‡ | | | 1.07 | | | | 34.46 | |
| | (0.08 | ) | | | 32.05 | | | | 35.79 | | | | 183,468 | | | | 0.65 | ‡ | | | 0.24 | | | | 24.45 | |
| * | Per share data calculated using average shares method. |
| ** | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| †† | Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers. |
| ‡ | The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.66% and 0.74% for the years ended October 31, 2018 and 2017, respectively. |
@ | The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.68% and 0.81% for the years ended October 31, 2018 and 2017, respectively. |
(1) | Per share amounts have been adjusted for a 1 for 4 reverse share split on April 28, 2020 (See Note 9 in the Notes to Financial Statements). |
Amounts designated as “—“ are $0 or have been rounded to $0.
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
| | | Net
Asset Value, Beginning
of Period
($) | | | Net Investment Income
($)* | | | Net Realized and Unrealized Gain (Loss) on Investments
($) | | | Total from Operations
($) | | | Distribution from Net Investment Income ($) | | | Distribution from Capital Gains ($) | | | Return of Capital ($) | |
| Global X MSCI Pakistan ETF | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | | 27.38 | | | | 1.93 | | | | (1.77 | ) | | | 0.16 | | | | (1.55 | ) | | | — | | | | — | |
2020(1) | | | 26.32 | | | | 0.68 | | | | 1.17 | | | | 1.85 | | | | (0.79 | ) | | | — | | | | — | |
2019(1) | | | 41.04 | | | | 1.52 | | | | (13.88 | ) | | | (12.36 | ) | | | (2.36 | ) | | | — | | | | — | |
2018(1) | | | 54.24 | | | | 1.88 | | | | (10.72 | ) | | | (8.84 | ) | | | (1.76 | ) | | | (2.60 | ) | | | — | |
2017(1) | | | 60.92 | | | | 3.00 | | | | (7.60 | ) | | | (4.60 | ) | | | (2.08 | ) | | | — | | | | — | |
| Global X MSCI Nigeria ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | | 14.25 | | | | 0.73 | | | | 1.52 | | | | 2.25 | | | | (0.77 | ) | | | — | | | | — | |
| 2020 | | | 12.23 | | | | 0.80 | | | | 1.30 | | | | 2.10 | | | | (0.08 | ) | | | — | | | | — | |
| 2019 | | | 17.98 | | | | 0.87 | | | | (4.96 | ) | | | (4.09 | ) | | | (1.66 | ) | | | — | | | | — | |
| 2018 | | | 21.43 | | | | 0.73 | | | | (3.76 | ) | | | (3.03 | ) | | | (0.42 | ) | | | — | | | | — | |
2017(2) | | | 17.24 | | | | 0.54 | | | | 4.07 | | | | 4.61 | | | | (0.42 | ) | | | — | | | | — | |
| Global X MSCI Next Emerging & Frontier ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | | 16.46 | | | | 0.46 | | | | 4.56 | | | | 5.02 | | | | (0.48 | ) | | | — | | | | — | |
| 2020 | | | 20.09 | | | | 0.41 | | | | (3.55 | ) | | | (3.14 | ) | | | (0.49 | ) | | | — | | | | — | |
| 2019 | | | 20.22 | | | | 0.55 | | | | 0.31 | | | | 0.86 | | | | (0.99 | ) | | | — | | | | — | |
| 2018 | | | 23.28 | | | | 0.59 | | | | (3.24 | ) | | | (2.65 | ) | | | (0.41 | ) | | | — | | | | — | |
| 2017 | | | 20.15 | | | | 0.40 | | | | 3.21 | | | | 3.61 | | | | (0.48 | ) | | | — | | | | — | |
| 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 (%)†† | |
| | | | | | | | | | | | | | | | | | | | |
| | (1.55 | ) | | | 25.99 | | | | 0.02 | | | | 23,967 | | | | 0.76 | | | | 6.59 | | | | 41.83 | |
| | (0.79 | ) | | | 27.38 | | | | 6.99 | | | | 34,555 | | | | 0.90 | | | | 2.44 | | | | 52.38 | |
| | (2.36 | ) | | | 26.32 | | | | (30.73 | ) | | | 41,804 | | | | 0.88 | | | | 5.14 | | | | 19.09 | |
| | (4.36 | ) | | | 41.04 | | | | (17.53 | ) | | | 40,024 | | | | 0.87 | | | | 3.84 | | | | 44.05 | |
| | (2.08 | ) | | | 54.24 | | | | (8.25 | ) | | | 53,576 | | | | 0.89 | | | | 4.64 | | | | 65.51 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.77 | ) | | | 15.73 | | | | 16.11 | | | | 46,592 | | | | 0.91 | | | | 5.02 | | | | 5.79 | |
| | (0.08 | ) | | | 14.25 | | | | 17.25 | | | | 42,199 | | | | 0.89 | | | | 6.81 | | | | 18.79 | |
| | (1.66 | ) | | | 12.23 | | | | (24.55 | ) | | | 32,561 | | | | 0.89 | | | | 5.70 | | | | 45.62 | |
| | (0.42 | ) | | | 17.98 | | | | (14.46 | ) | | | 40,675 | | | | 0.88 | | | | 3.29 | | | | 62.52 | |
| | (0.42 | ) | | | 21.43 | | | | 27.52 | | | | 64,559 | | | | 1.07 | | | | 2.99 | | | | 21.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.48 | ) | | | 21.00 | | | | 30.74 | | | | 21,628 | | | | 0.63 | | | | 2.31 | | | | 28.62 | |
| | (0.49 | ) | | | 16.46 | | | | (15.85 | ) | | | 13,991 | | | | 0.70 | | | | 2.36 | | | | 31.66 | |
| | (0.99 | ) | | | 20.09 | | | | 4.29 | | | | 18,077 | | | | 0.66 | | | | 2.66 | | | | 78.67 | |
| | (0.41 | ) | | | 20.22 | | | | (11.66 | ) | | | 13,145 | | | | 0.55 | | | | 2.54 | | | | 14.62 | |
| | (0.48 | ) | | | 23.28 | | | | 18.53 | | | | 16,294 | | | | 0.56 | | | | 1.89 | | | | 7.93 | |
| * | Per share data calculated using average shares method. |
| ** | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| †† | Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers. |
| (1) | Per share amounts have been adjusted for a 1 for 4 reverse share split on April 28, 2020 (See Note 9 in the Notes to Financial Statements). |
| (2) | Per share amounts have been adjusted for a 1 for 4 reverse share split on March 16, 2017 (See Note 9 in the Notes to Financial Statements). |
Amounts designated as “—“ are $0 or have been rounded to $0.
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
| | | Net
Asset Value, Beginning
of Period
($) | | | Net Investment Income
($)* | | | Net Realized and Unrealized Gain (Loss) on Investments
($) | | | Total from Operations
($) | | | Distribution from Net Investment Income ($) | | | Distribution from Capital Gains ($) | | | Return of Capital ($) | |
Global X MSCI Norway ETF(1) | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | | 20.12 | | | | 0.42 | | | | 11.94 | | | | 12.36 | | | | (0.46 | ) | | | — | | | | (0.01 | ) |
2020(2) | | | 24.52 | | | | 0.42 | | | | (4.38 | ) | | | (3.96 | ) | | | (0.44 | ) | | | — | | | | — | |
2019(2) | | | 29.31 | | | | 0.88 | | | | (3.78 | ) | | | (2.90 | ) | | | (1.89 | ) | | | — | | | | — | |
2018(2) | | | 28.32 | | | | 0.78 | | | | 1.01 | | | | 1.79 | | | | (0.80 | ) | | | — | | | | — | |
2017(2) | | | 23.22 | | | | 0.86 | | | | 4.91 | | | | 5.77 | | | | (0.67 | ) | | | — | | | | — | |
| Global X FTSE Southeast Asia ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | | 11.66 | | | | 0.62 | | | | 3.09 | | | | 3.71 | | | | (0.27 | ) | | | — | | | | — | |
| 2020 | | | 15.95 | | | | 0.37 | | | | (4.27 | ) | | | (3.90 | ) | | | (0.39 | ) | | | — | | | | — | |
| 2019 | | | 15.32 | | | | 0.44 | | | | 0.91 | | | | 1.35 | | | | (0.72 | ) | | | — | | | | — | |
| 2018 | | | 15.91 | | | | 0.49 | | | | (0.81 | ) | | | (0.32 | ) | | | (0.27 | ) | | | — | | | | — | |
| 2017 | | | 13.72 | | | | 0.32 | | | | 2.23 | | | | 2.55 | | | | (0.36 | ) | | | — | | | | — | |
| 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 (%)†† | |
| | | | | | | | | | | | | | | | | | | | |
| | (0.47 | ) | | | 32.01 | | | | 64.44 | | | | 103,935 | | | | 0.50 | | | | 3.09 | | | | 9.74 | |
| | (0.44 | ) | | | 20.12 | | | | (16.32 | ) | | | 33,570 | | | | 0.50 | | | | 1.92 | | | | 8.38 | |
| | (1.89 | ) | | | 24.52 | | | | (9.77 | ) | | | 78,323 | | | | 0.50 | | | | 3.36 | | | | 9.63 | |
| | (0.80 | ) | | | 29.31 | | | | 6.47 | | | | 163,471 | | | | 0.50 | | | | 2.64 | | | | 9.55 | |
| | (0.67 | ) | | | 28.32 | | | | 25.53 | | | | 164,736 | | | | 0.50 | | | | 3.41 | | | | 9.53 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.27 | ) | | | 15.10 | | | | 31.94 | | | | 35,776 | | | | 0.65 | | | | 4.27 | | | | 13.46 | |
| | (0.39 | ) | | | 11.66 | | | | (24.82 | ) | | | 20,981 | | | | 0.65 | | | | 2.77 | | | | 5.98 | |
| | (0.72 | ) | | | 15.95 | | | | 8.94 | | | | 26,323 | | | | 0.65 | | | | 2.76 | | | | 7.01 | |
| | (0.27 | ) | | | 15.32 | | | | (2.15 | ) | | | 17,614 | | | | 0.65 | | | | 2.94 | | | | 11.98 | |
| | (0.36 | ) | | | 15.91 | | | | 19.19 | | | | 14,320 | | | | 0.65 | | | | 2.23 | | | | 7.78 | |
| * | Per share data calculated using average shares method. |
| ** | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| †† | Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers. |
| (1) | On October 29, 2021, the Global X MSCI Norway ETF (the “Acquired Fund”) was reorganized into the Global X FTSE Nordic Region ETF (the “Acquiring Fund”), each a separate series of the Trust (together, the “Combined Fund”) and the Combined Fund was renamed the Global X MSCI Norway ETF. As a result of the Reorganization as of the close of business on October 29, 2021, the Combined Fund assumed the performance and accounting history of the Acquired Fund. Accordingly, performance figures for the Combined Fund for periods prior to the date of the Reorganization represent the performance of the Acquired Fund (See Note 1 in Notes to Financial Statements). |
| (2) | Per share data for the Acquired Fund has been restated for periods prior to the reorganization to reflect the conversion ratio of 0.4766 in effect on the reorganization date of October 29, 2021 (See Note 1 in Notes to Financial Statements). |
Amounts designated as “—“ are $0 or have been rounded to $0.
| | Notes to Financial Statements | |
| | October 31, 2021 | |
1. ORGANIZATION
Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of October 31, 2021, the Trust had ninety-seven portfolios, eighty-eight of which were operational. The financial statements herein and the related notes pertain to the Global X MSCI China Energy ETF, Global X MSCI China Materials ETF, Global X MSCI China Industrials ETF, Global X MSCI China Consumer Discretionary ETF, Global X MSCI China Consumer Staples ETF, Global X MSCI China Health Care ETF, Global X MSCI China Financials ETF, Global X MSCI China Information Technology ETF, Global X MSCI China Communication Services ETF, Global X MSCI China Utilities ETF, Global X MSCI China Real Estate ETF, Global X MSCI Greece ETF, Global X DAX Germany ETF, Global X MSCI Portugal ETF, Global X MSCI Colombia ETF, Global X MSCI Argentina ETF, Global X MSCI Pakistan ETF, Global X MSCI Nigeria ETF, Global X MSCI Next Emerging & Frontier ETF, Global X MSCI Norway ETF and Global X FTSE Southeast Asia ETF (each a “Fund”, and collectively, the “Funds”). Each Fund (except for the Global X MSCI Next Emerging & Frontier ETF) has elected non-diversified status.
On August 4, 2021, the Board of Trustees (the “Board”) of the Trust unanimously approved an Agreement and Plan of Reorganization (the “Agreement”) providing for the tax-free reorganization (the “Reorganization”) of the Global X MSCI Norway ETF (the “Acquired Fund”) with and into the Global X FTSE Nordic Region ETF (the “Acquiring Fund”), each a separate series of the Trust (together, the “Combined Fund”). The Agreement provided for: (1) the transfer of all of the assets of the Acquired Fund to the Acquiring Fund solely in exchange for (A) the issuance of the shares of beneficial interest of the Acquiring Fund (collectively, the “Acquiring Fund Shares” and each, an “Acquiring Fund Share”) to the Acquired Fund, and (B) the assumption by the Acquiring Fund of all of the liabilities of the Acquired Fund on the closing date of the Reorganization (the “Closing Date”), and (2) the distribution by the Acquired Fund, on or promptly after the Closing Date as provided in the Agreement, of the Acquiring Fund Shares to the shareholders of the Acquired Fund in complete liquidation of the Acquired Fund. Effective as of the close of business on October 29, 2021, the Acquired Fund was reorganized into the Combined Fund, and the Combined Fund was renamed the Global X MSCI Norway ETF. The Acquiring Fund is the legal surviving entity in the Reorganization, while the Acquired Fund is the accounting survivor or continuing portfolio for purposes of financial and performance history of the Combined Fund. See Note 10 in the Notes to Financial Statements.
On September 17, 2021, the Global X MSCI China Large-Cap 50 ETF was liquidated.
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
1. ORGANIZATION (continued)
On December 24, 2018, the shareholders of the Horizons DAX Germany ETF (the “Predecessor Fund”) approved a proposed agreement and plan of reorganization (the “Reorganization”) that provided for (a) the transfer of all the assets to the Global X DAX Germany ETF (the “Germany Fund”) and the assumption of certain of the liabilities of the Predecessor Fund; (b) the issuance of shares of the Germany Fund to the shareholders of the Predecessor Fund; and (c) the liquidation and termination of the Predecessor Fund. The effective date of the Reorganization was December 24, 2018. The Germany Fund had no operations prior to the Reorganization. The Predecessor Fund had substantially similar investment objectives, investment strategies, policies and restrictions as those of the Germany Fund. The financial statements and financial highlights include the financial information of the Predecessor Fund through December 21, 2018.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the Significant Accounting Policies followed by the Funds.
USE OF ESTIMATES — The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
RETURN OF CAPITAL ESTIMATES — Distributions received by the Funds from underlying master limited partnership (“MLP”) and real estate investment trust (“REIT”) investments generally are comprised of income and return of capital. The Funds record investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from the MLPs, REITs and other industry sources. These estimates may subsequently be revised based on information received from the MLPs and REITs after their tax reporting periods are concluded.
SECURITY VALUATION — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
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 amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held by the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.
Securities for which market prices are not “readily available” are valued in accordance with fair value procedures (the “Fair Value Procedures”) established by the Board. The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value a security if an event that may materially affect the value of the Funds’ security that traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Funds calculate their net asset values. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC, the Funds’ investment adviser (the “Adviser”), becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate their net asset values, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of October 31, 2021, there were securities valued using the
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
Fair Value Procedures of $0, $2,251,646, $311,305, $2, $7,557, $13 and $0 in the Global X MSCI China Materials ETF, Global X MSCI China Consumer Discretionary ETF, Global X MSCI China Financials ETF, Global X MSCI China Communication Services ETF, Global X MSCI Greece ETF, Global X MSCI Portugal ETF and Global X MSCI Next Emerging & Frontier ETF, respectively. There were no other securities priced using the Fair Value Procedures.
In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date
Level 2 – Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments, fair value of investments for which the Funds have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term, and short-term investments valued at amortized cost)
Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments, 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 year ended October 31, 2021, there have been no significant changes to the Funds’ fair valuation methodologies.
The unobservable inputs used to determine fair value of Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties as of October 31, 2021. The Funds continuously monitor the credit standing of each broker or counterparty with whom they conduct business. In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.
REPURCHASE AGREEMENTS — Securities pledged as collateral for repurchase agreements by BNP Paribas are held by Brown Brothers Harriman & Co. (“BBH”), the Funds’ custodian (“Custodian”), and are designated as being held on each Fund’s behalf by the Custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. It is the Funds’ policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Funds bear the risk of loss in the event that the counterparty to a repurchase agreement defaults on its obligations and the Funds are prevented from exercising their rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period. For financial statement purposes, the Funds record the securities lending collateral (included in repurchase agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities.
Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Funds.
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
As of October 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 MSCI China Consumer Discretionary ETF | | | | | | | | | | | | |
| BNP Paribas | | $ | 4,114,268 | | | $ | 4,114,268 | | | $ | − | | | $ | − | |
| Global X MSCI China Information Technology ETF | | | | | | | | | | | | | | | | |
| BNP Paribas | | | 92,873 | | | | 92,873 | | | | − | | | | − | |
| Global X MSCI China Communication Services ETF | | | | | | | | | | | | | | | | |
| BNP Paribas | | | 101,852 | | | | 101,852 | | | | − | | | | − | |
| Global X MSCI Portugal ETF | | | | | | | | | | | | | | | | |
| BNP Paribas | | | 72,170 | | | | 72,170 | | | | − | | | | − | |
| Global X MSCI Argentina ETF | | | | | | | | | | | | | | | | |
| BNP Paribas | | | 758,445 | | | | 758,445 | | | | − | | | | − | |
* | Repurchase agreements with an overnight and continuous maturity. |
(1) | Excess collateral received is not presented in the table above. Please refer to the Schedules of Investments for the market value of the collateral received for each Fund. |
(2) | Net Amount represents the net amount receivable due from the counterparty in the event of default. |
FEDERAL INCOME TAXES — It is each Fund’s intention to qualify or continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, no provisions for Federal income taxes have been made in the financial statements except as described below.
The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax positions in the current period; however, management’s conclusion regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), and on-going analysis of and changes to tax laws and regulations, and interpretations thereof.
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
If a Fund has foreign tax filings that have not been made, the tax years that remain subject to examination may date back to the inception of the Fund.
As of and during the year ended October 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 Statements of Operations. During the reporting period, the Funds did not incur any interest or penalties.
SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from the settlement date.
FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions and translations represent net foreign exchange gains or losses from foreign currency spot contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Funds distribute their net investment income on a pro rata basis. Any net investment income and net realized capital gains are distributed at least annually. All distributions are recorded on the ex-dividend date.
CASH OVERDRAFT CHARGES — Per the terms of an agreement with BBH, if a Fund has a cash overdraft on a given day, it will be assessed an overdraft charge of LIBOR plus 2.00%. Cash overdraft charges are included in custodian fees on the Statements of Operations.
CREATION UNITS — The Funds issue and redeem their shares (“Shares”) on a continuous basis at net asset value (“NAV”) and only in large blocks of 10,000 Shares,
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
referred to as “Creation Units”. Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to BBH on the date of such redemption, regardless of the number of Creation Units redeemed that day. If a Creation Unit is purchased or redeemed for cash, an additional variable fee may be charged. The following table discloses Creation Unit breakdown:
| | | Creation Unit Shares | | | Creation Fee | | | Value at October 31, 2021 | | | Redemption Fee | |
| | | | | | | | | | | | | |
| Global X MSCI China Energy ETF | | | 10,000 | | | $ | 800 | | | $ | 119,300 | | | $ | 800 | |
| Global X MSCI China Materials ETF | | | 10,000 | | | | 1,500 | | | | 252,200 | | | | 1,500 | |
| Global X MSCI China Industrials ETF | | | 10,000 | | | | 2,100 | | | | 166,200 | | | | 2,100 | |
| Global X MSCI China Consumer Discretionary ETF | | | 10,000 | | | | 1,600 | | | | 299,400 | | | | 1,600 | |
| Global X MSCI China Consumer Staples ETF | | | 10,000 | | | | 1,300 | | | | 293,800 | | | | 1,300 | |
| Global X MSCI China Health Care ETF | | | 10,000 | | | | 1,400 | | | | 248,100 | | | | 1,400 | |
| Global X MSCI China Financials ETF | | | 10,000 | | | | 2,100 | | | | 144,200 | | | | 2,100 | |
| Global X MSCI China Information Technology ETF | | | 10,000 | | | | 1,900 | | | | 290,700 | | | | 1,900 | |
| Global X MSCI China Communication Services ETF | | | 10,000 | | | | 800 | | | | 205,600 | | | | 800 | |
| Global X MSCI China Utilities ETF | | | 10,000 | | | | 1,000 | | | | 195,300 | | | | 1,000 | |
| Global X MSCI China Real Estate ETF | | | 10,000 | | | | 1,200 | | | | 119,000 | | | | 1,200 | |
| Global X MSCI Greece ETF | | | 10,000 | | | | 500 | | | | 279,800 | | | | 500 | |
| Global X DAX Germany ETF | | | 10,000 | | | | 500 | | | | 328,600 | | | | 500 | |
| Global X MSCI Portugal ETF | | | 10,000 | | | | 1,000 | | | | 117,100 | | | | 1,000 | |
| Global X MSCI Colombia ETF | | | 10,000 | | | | 2,000 | | | | 307,600 | | | | 2,000 | |
| Global X MSCI Argentina ETF | | | 10,000 | | | | 500 | | | | 330,000 | | | | 500 | |
| Global X MSCI Pakistan ETF | | | 10,000 | | | | 2,800 | | | | 259,900 | | | | 2,800 | |
| Global X MSCI Nigeria ETF | | | 10,000 | | | | 2,000 | | | | 157,300 | | | | 2,000 | |
| Global X MSCI Next Emerging & Frontier ETF | | | 10,000 | | | | 9,500 | | | | 210,000 | | | | 9,500 | |
| Global X MSCI Norway ETF | | | 10,000 | | | | 1,200 | | | | 320,100 | | | | 1,200 | |
| Global X FTSE Southeast Asia ETF | | | 10,000 | | | | 2,100 | | | | 151,000 | | | | 2,100 | |
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS
On July 2, 2018, the Adviser consummated a transaction pursuant to which it became an indirect, wholly-owned subsidiary of Mirae Asset Global Investments Co., Ltd. (“Mirae”). In this manner, the Adviser is ultimately controlled by Mirae, which is a leading financial services company in Korea and is the headquarters for the Mirae Asset Global Investments Group.
The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution services agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an “all-in” fee structure.
For the Adviser’s service to the Funds, under a supervision and administration agreement (the “Supervision and Administration Agreement”), each Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the Fund). In addition, the Funds bear other expenses, directly and indirectly that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, custodian fees and other transaction expenses, interest expenses, acquired fund fees and extraordinary expenses (such as litigation and indemnification expenses).
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)
The following table discloses supervision and administration fees payable pursuant to the Supervision and Administration Agreement:
| | | Supervision and Administration Fee | |
| Global X MSCI China Energy ETF | | 0.65% | |
| Global X MSCI China Materials ETF | | 0.65% | |
| Global X MSCI China Industrials ETF | | 0.65% | |
| Global X MSCI China Consumer Discretionary ETF | | 0.65% | |
| Global X MSCI China Consumer Staples ETF | | 0.65% | |
| Global X MSCI China Health Care ETF | | 0.65% | |
| Global X MSCI China Financials ETF | | 0.65% | |
| Global X MSCI China Information Technology ETF | | 0.65% | |
| Global X MSCI China Communication Services ETF | | 0.65% | |
| Global X MSCI China Utilities ETF | | 0.65% | |
| Global X MSCI China Real Estate ETF | | 0.65% | |
| Global X MSCI Greece ETF | | 0.55% | |
| Global X DAX Germany ETF*** | | 0.20% | |
| Global X MSCI Portugal ETF | | 0.55% | |
| Global X MSCI Colombia ETF* | | 0.61% | |
| Global X MSCI Argentina ETF** | | 0.59% | |
| Global X MSCI Pakistan ETF | | 0.68% | |
| Global X MSCI Nigeria ETF | | 0.68% | |
| Global X MSCI Next Emerging & Frontier ETF | | 0.49% | |
| Global X MSCI Norway ETF | | 0.50% | |
| Global X FTSE Southeast Asia ETF | | 0.65% | |
*Pursuant to an expense limitation agreement in existence between the Global X MSCI Colombia ETF (the “ Colombia Fund”) and the Adviser prior to March 1, 2018, the Adviser agreed to waive or reimburse fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Colombia Fund (exclusive of taxes, brokerage fees, commissions, custodian fees, and other transaction expenses, interest and extraordinary expenses (such as litigation and indemnification expenses)) (“Total Annual Fund Operating Expenses”) would not exceed 0.61% of the Colombia Fund’s average daily net assets per year until at least March 1, 2018. Pursuant to the expense limitation agreement, the Colombia Fund (at a later date) could reimburse the Adviser for the fees and expenses it waived or reimbursed and/or limited during any of the prior three fiscal years, provided that, among other things, any reimbursement made to the Adviser would not cause Total Annual Fund Operating Expenses to exceed the maximum permitted rate during the period in which it is paid and the Board had approved such reimbursement to the Adviser. Although the Board voted on December 19, 2017 to permanently reduce the Colombia Fund’s fees to 0.61% and end the expense limitation agreement as of March 1, 2018, prior waived or reimbursed fees were still subject to recoupment. As of October 31, 2021, the recoupment period had expired and there had been no recoupment of previously waived and reimbursed fees for the annual period ended on October 31, 2021.
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)
**Pursuant to an expense limitation agreement in existence between the Global X MSCI Argentina ETF (the “Argentina Fund”) and the Adviser prior to May 1, 2018, the Adviser agreed to waive or reimburse fees and/or limit Fund expenses to the extent necessary to assure that the operating expenses of the Argentina Fund (exclusive of taxes, brokerage fees, commissions, custodian fees, and other transaction expenses, interest and extraordinary expenses (such as litigation and indemnification expenses)) (“Total Annual Fund Operating Expenses”) would not exceed 0.59% of the Argentina Fund’s average daily net assets per year until at least May 1, 2018. Pursuant to the expense limitation agreement, the Argentina Fund (at a later date) could reimburse the Adviser for the fees and expenses it waived or reimbursed and/or limited during any of the prior three fiscal years, provided that, among other things, any reimbursement made to the Adviser would not cause Total Annual Fund Operating Expenses of the Argentina Fund to exceed 0.59% during the period in which it is paid and the Board had approved such reimbursement to the Adviser. Although the Board voted on December 19, 2017 to permanently reduce the Argentina Fund’s fees to 0.59% and end the expense limitation agreement as of March 1, 2018, prior waived or reimbursed fees were still subject to recoupment. As of October 31, 2021, the recoupment period had expired and there had been no recoupment of previously waived and reimbursed fees for the annual period ended on October 31, 2021.
***Effective August 1, 2017, Horizons ETFs Management (US) LLC (the “Predecessor Adviser”), contractually agreed to waive a portion of its management fee, which was 0.45% of the average daily net assets of the Predecessor Fund, and/or reimburse fees or expenses to 0.20% of the average daily net assets until July 31, 2019. The Board approved an Expense Limitation Agreement whereby the Adviser, effective as of the Reorganization, contractually agreed to reimburse or waive fees and/or limit the Germany Fund’s expenses to the extent necessary to assure that operating expenses (exclusive of taxes, brokerage fees, commissions and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) would not exceed 0.20% of the Germany Fund’s average daily net assets per year until March 1, 2021. The Board voted to permanently reduce the Germany Fund’s fees to 0.20% and end the expense limitation agreement as of March 1, 2021.
SEI Investments Global Funds Services (“SEIGFS”) serves as sub-administrator to the Funds. As sub-administrator, SEIGFS provides the Funds with the required general administrative services, including, without limitation: office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and assistance with the preparation and filing of reports, registration statements, proxy statements and other materials required to be filed or furnished by the Funds under federal and state securities laws. As 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.
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)
SEI Investments Distribution Co. (“SIDCO”) serves as each Fund’s underwriter and distributor of Creation Units pursuant to a distribution agreement (the “Distribution Agreement”). SIDCO has no obligation to sell any specific quantity of Fund Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (i) the costs of processing and maintaining records of creations of Creation Units; (ii) all costs of maintaining the records required of a registered broker/dealer; (iii) the expenses of maintaining its registration or qualification as a dealer or broker under Federal or state laws; (iv) filing fees; and (v) all other expenses incurred in connection with the distribution services as contemplated in the Distribution Agreement. SIDCO receives no fee for its distribution services under the Distribution Agreement, rather the Adviser compensates SIDCO for certain expenses, out-of-pocket costs, and transaction fees.
BBH serves as transfer agent and Custodian of the Funds’ assets. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds; (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments; (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees. As transfer agent, BBH has agreed to (1) issue and redeem shares of each Fund; (2) make dividend and other distributions to shareholders of each Fund; (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts; and (5) make periodic reports to the Funds. As compensation for these services, BBH receives certain out of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
4. INVESTMENT TRANSACTIONS
For the year ended October 31, 2021, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government and short-term securities were:
| | | Purchases | | | Sales and Maturities | |
| Global X MSCI China Energy ETF | | $ | 3,269,484 | | | $ | 1,427,148 | |
| Global X MSCI China Materials ETF | | | 5,395,225 | | | | 1,225,652 | |
| Global X MSCI China Industrials ETF | | | 3,381,269 | | | | 2,031,004 | |
| Global X MSCI China Consumer Discretionary ETF | | | 505,164,467 | | | | 229,211,387 | |
| Global X MSCI China Consumer Staples ETF | | | 7,898,459 | | | | 7,045,097 | |
| Global X MSCI China Health Care ETF | | | 15,208,050 | | | | 5,306,233 | |
| Global X MSCI China Financials ETF | | | 33,930,767 | | | | 12,127,170 | |
| Global X MSCI China Information Technology ETF | | | 31,202,245 | | | | 17,751,183 | |
| Global X MSCI China Communication Services ETF | | | 10,207,492 | | | | 10,774,795 | |
| Global X MSCI China Utilities ETF | | | 738,890 | | | | 784,055 | |
| Global X MSCI China Real Estate ETF | | | 2,459,906 | | | | 2,182,075 | |
| Global X MSCI Greece ETF | | | 60,371,460 | | | | 58,601,033 | |
| Global X DAX Germany ETF | | | 9,419,642 | | | | 9,119,968 | |
| Global X MSCI Portugal ETF | | | 7,925,692 | | | | 7,961,385 | |
| Global X MSCI Colombia ETF | | | 6,461,728 | | | | 8,643,293 | |
| Global X MSCI Argentina ETF | | | 13,109,244 | | | | 15,466,162 | |
| Global X MSCI Pakistan ETF | | | 13,273,065 | | | | 22,930,419 | |
| Global X MSCI Nigeria ETF | | | 2,369,617 | | | | 4,499,800 | |
| Global X MSCI Next Emerging & Frontier ETF | | | 7,088,798 | | | | 5,338,920 | |
| Global X MSCI Norway ETF | | | 47,931,530 | | | | 4,565,991 | |
| Global X FTSE Southeast Asia ETF | | | 6,860,009 | | | | 4,273,060 | |
During the year ended October 31, 2021, there were no purchases or sales of long-term U.S. Government securities for the Funds.
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
4. INVESTMENT TRANSACTIONS (continued)
For the year ended October 31, 2021, in-kind transactions associated with creations and redemptions were:
| | | Purchases | | | Sales and Maturities | | | Realized Gain/(Loss) | |
| Global X MSCI China Energy ETF | | $ | 111,311 | | | $ | − | | | $ | − | |
| Global X MSCI China Industrials ETF | | | 273,230 | | | | 1,099,252 | | | | 203,864 | |
| Global X MSCI China Consumer Discretionary ETF | | | 284,156,253 | | | | 228,660,338 | | | | 102,367,348 | |
| Global X MSCI China Consumer Staples ETF | | | 31,911 | | | | 2,609,453 | | | | 412,650 | |
| Global X MSCI China Health Care ETF | | | 2,761,065 | | | | 5,847,110 | | | | 2,134,514 | |
| Global X MSCI China Financials ETF | | | 400,031 | | | | 20,423,206 | | | | 1,576,656 | |
| Global X MSCI China Information Technology ETF | | | 1,204,555 | | | | 3,770,916 | | | | 1,035,933 | |
| Global X MSCI China Communication Services ETF | | | − | | | | 1,011,778 | | | | 306,996 | |
| Global X MSCI China Real Estate ETF | | | 38,209 | | | | 1,906,593 | | | | (4,649 | ) |
| Global X MSCI Greece ETF | | | 7,478,674 | | | | 29,804,079 | | | | 5,632,545 | |
| Global X DAX Germany ETF | | | 11,769,692 | | | | − | | | | − | |
| Global X MSCI Portugal ETF | | | − | | | | 6,892,180 | | | | 1,359,203 | |
| Global X MSCI Colombia ETF | | | − | | | | 1,276,631 | | | | 13,177 | |
| Global X MSCI Argentina ETF | | | 6,736,472 | | | | 21,472,310 | | | | 6,090,932 | |
| Global X MSCI Next Emerging & Frontier ETF | | | 1,705,838 | | | | − | | | | − | |
| Global X MSCI Norway ETF | | | 19,136,665 | | | | 9,941,298 | | | | 1,734,999 | |
| Global X FTSE Southeast Asia ETF | | | 11,016,619 | | | | 4,702,736 | | | | 1,090,982 | |
For the year ended October 31, 2020, in-kind transactions associated with creations and redemptions were:
| | | Purchases | | | Sales and Maturities | | | RealizedGain/(Loss) | |
| Global X MSCI China Materials ETF | | $ | – | | | $ | 503,499 | | | $ | 9,330 | |
| Global X MSCI China Consumer Discretionary ETF | | | 95,439,580 | | | | 40,246,660 | | | | 11,569,839 | |
| Global X MSCI China Consumer Staples ETF | | | – | | | | 2,359,647 | | | | 217,114 | |
| Global X MSCI China Health Care ETF | | | 325,187 | | | | 1,431,871 | | | | 477,251 | |
| Global X MSCI China Financials ETF | | | 125,640 | | | | 21,519,835 | | | | (3,087,371 | ) |
| Global X MSCI China Information Technology ETF | | | 861,404 | | | | 3,622,313 | | | | 435,527 | |
| Global X MSCI China Communication Services ETF | | | – | | | | 4,752,664 | | | | 269,368 | |
| Global X MSCI China Real Estate ETF | | | – | | | | 5,348,336 | | | | 295,031 | |
| Global X MSCI Greece ETF | | | 6,806,665 | | | | 117,213,745 | | | | (23,705,917 | ) |
| Global X MSCI Norway ETF | | | 12,518,174 | | | | 49,771,316 | | | | (7,419,655 | ) |
| Global X DAX Germany ETF | | | 16,196,555 | | | | 6,537,418 | | | | 1,372,275 | |
| Global X MSCI Portugal ETF | | | – | | | | 5,751,994 | | | | 404,886 | |
| Global X MSCI Colombia ETF | | | – | | | | 4,250,418 | | | | (373,292 | ) |
| Global X MSCI Argentina ETF | | | 11,622,517 | | | | 32,767,167 | | | | 4,759,481 | |
| Global X MSCI Next Emerging & Frontier ETF | | | 333,226 | | | | 625,784 | | | | (171,539 | ) |
| Global X FTSE Southeast Asia ETF | | | 2,093,095 | | | | 460,399 | | | | (11,727 | ) |
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
5. TAX INFORMATION
The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid in capital, as appropriate, in the period that the differences arise.
The following differences, primarily attributable to redemptions in-kind, sales of passive foreign investment companies, and foreign currency, have been reclassified to/from the following accounts during the fiscal period ended October 31, 2021:
| Global X Funds | | Paid-in Capital | | | Distributable Earnings (Loss) | |
| Global X MSCI China Industrials ETF | | | 202,467 | | | | (202,467 | ) |
| Global X MSCI China Consumer Discretionary ETF | | | 100,855,197 | | | | (100,855,197 | ) |
| Global X MSCI China Consumer Staples ETF | | | 390,023 | | | | (390,023 | ) |
| Global X MSCI China Health Care ETF | | | 2,098,833 | | | | (2,098,833 | ) |
| Global X MSCI China Financials ETF | | | 1,540,470 | | | | (1,540,470 | ) |
| Global X MSCI China Information Technology ETF | | | 1,024,613 | | | | (1,024,613 | ) |
| Global X MSCI China Communication Services ETF | | | 192,921 | | | | (192,921 | ) |
| Global X MSCI China Real Estate ETF | | | (26,869 | ) | | | 26,869 | |
| Global X MSCI Greece ETF | | | 5,473,054 | | | | (5,473,054 | ) |
| Global X MSCI Portugal ETF | | | 1,301,189 | | | | (1,301,189 | ) |
| Global X MSCI Colombia ETF | | | (57,012 | ) | | | 57,012 | |
| Global X MSCI Argentina ETF | | | 5,232,680 | | | | (5,232,680 | ) |
| Global X MSCI Norway ETF | | | 1,657,066 | | | | (1,657,066 | ) |
| Global X FTSE Southeast Asia ETF | | | 1,060,413 | | | | (1,060,413 | ) |
The tax character of dividends and distributions declared during the periods ended October 31, 2021 and 2020 were as follows:
| Global X Funds | | Ordinary Income | | | Long-Term Capital Gain | | | Return of Capital | | | Totals | |
| Global X MSCI China Energy ETF | | | | | | | | | | | | |
| 2021 | | $ | 61,017 | | | $ | – | | | $ | – | | | $ | 61,017 | |
| 2020 | | | 68,891 | | | | – | | | | – | | | | 68,891 | |
| Global X MSCI China Materials ETF | | | | | | | | | | | | | | | | |
| 2021 | | $ | 85,767 | | | $ | – | | | $ | – | | | $ | 85,767 | |
| 2020 | | | 57,446 | | | | – | | | | – | | | | 57,446 | |
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
5. TAX INFORMATION (continued)
| Global X Funds | | Ordinary Income | | | Long-Term Capital Gain | | | Return of Capital | | | Totals | |
| Global X MSCI China Industrials ETF | | | | | | | | | | | | |
| 2021 | | $ | 44,984 | | | $ | – | | | $ | – | | | $ | 44,984 | |
| 2020 | | | 31,434 | | | | – | | | | – | | | | 31,434 | |
| Global X MSCI China Consumer Discretionary ETF | | | | | | | | | | | | | | | | |
| 2021 | | $ | 380,749 | | | $ | – | | | $ | – | | | $ | 380,749 | |
| 2020 | | | 1,388,311 | | | | – | | | | – | | | | 1,388,311 | |
| Global X MSCI China Consumer Staples ETF | | | | | | | | | | | | | | | | |
| 2021 | | $ | 165,719 | | | $ | – | | | $ | – | | | $ | 165,719 | |
| 2020 | | | 136,194 | | | | 255 | | | | – | | | | 136,449 | |
| Global X MSCI China Health Care ETF | | | | | | | | | | | | | | | | |
| 2021 | | $ | 7,709 | | | $ | – | | | $ | – | | | $ | 7,709 | |
| 2020 | | | 16,313 | | | | – | | | | – | | | | 16,313 | |
| Global X MSCI China Financials ETF | | | | | | | | | | | | | | | | |
| 2021 | | $ | 1,869,196 | | | $ | – | | | $ | – | | | $ | 1,869,196 | |
| 2020 | | | 1,795,211 | | | | – | | | | – | | | | 1,795,211 | |
| Global X MSCI China Information Technology ETF | | | | | | | | | | | | | | | | |
| 2021 | | $ | 254,780 | | | $ | 11,340 | | | $ | – | | | $ | 266,120 | |
| 2020 | | | 53,606 | | | | – | | | | – | | | | 53,606 | |
| Global X MSCI China Communication Services ETF | | | | | | | | | | | | | | | | |
| 2021 | | $ | 201,302 | | | $ | – | | | $ | 30,513 | | | $ | 231,815 | |
| 2020 | | | 133,251 | | | | – | | | | – | | | | 133,251 | |
| Global X MSCI China Utilities ETF | | | | | | | | | | | | | | | | |
| 2021 | | $ | 63,139 | | | $ | – | | | $ | – | | | $ | 63,139 | |
| 2020 | | | 40,333 | | | | – | | | | – | | | | 40,333 | |
| Global X MSCI China Real Estate ETF | | | | | | | | | | | | | | | | |
| 2021 | | $ | 311,838 | | | $ | – | | | $ | – | | | $ | 311,838 | |
| 2020 | | | 171,559 | | | | – | | | | – | | | | 171,559 | |
7635 Global X MSCI Greece ETF | | | | | | | | | | | | | | | | |
| 2021 | | $ | 3,402,946 | | | $ | – | | | $ | – | | | $ | 3,402,946 | |
| 2020 | | | 6,932,583 | | | | – | | | | – | | | | 6,932,583 | |
| Global X DAX Germany ETF | | | | | | | | | | | | | | | | |
| 2021 | | $ | 1,062,843 | | | $ | – | | | $ | – | | | $ | 1,062,843 | |
| 2020 | | | 221,929 | | | | – | | | | – | | | | 221,929 | |
| Global X MSCI Portugal ETF | | | | | | | | | | | | | | | | |
| 2021 | | $ | 509,812 | | | $ | – | | | $ | – | | | $ | 509,812 | |
| 2020 | | | 491,011 | | | | – | | | | – | | | | 491,011 | |
| Global X MSCI Colombia ETF | | | | | | | | | | | | | | | | |
| 2021 | | $ | 1,240,682 | | | $ | – | | | $ | – | | | $ | 1,240,682 | |
| 2020 | | | 1,868,308 | | | | – | | | | – | | | | 1,868,308 | |
| Global X MSCI Argentina ETF | | | | | | | | | | | | | | | | |
| 2021 | | $ | 163,672 | | | $ | – | | | $ | – | | | $ | 163,672 | |
| 2020 | | | 231,396 | | | | – | | | | – | | | | 231,396 | |
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
5. TAX INFORMATION (continued)
| Global X Funds | | Ordinary Income | | | Long-Term Capital Gain | | | Return of Capital | | | Totals | |
| Global X MSCI Pakistan ETF | | | | | | | | | | | | |
| 2021 | | $ | 1,563,198 | | | $ | – | | | $ | – | | | $ | 1,563,198 | |
| 2020 | | | 1,334,151 | | | | – | | | | – | | | | 1,334,151 | |
| Global X MSCI Nigeria ETF | | | | | | | | | | | | | | | | |
| 2021 | | $ | 2,273,637 | | | $ | – | | | $ | – | | | $ | 2,273,637 | |
| 2020 | | | 235,024 | | | | – | | | | – | | | | 235,024 | |
| Global X MSCI Next Emerging & Frontier ETF | | | | | | | | | | | | | | | | |
| 2021 | | $ | 448,516 | | | $ | – | | | $ | – | | | $ | 448,516 | |
| 2020 | | | 425,178 | | | | – | | | | – | | | | 425,178 | |
| Global X MSCI Norway ETF | | | | | | | | | | | | | | | | |
| 2021 | | $ | 1,549,127 | | | $ | – | | | $ | 28,009 | | | $ | 1,577,136 | |
| 2020 | | | 1,003,442 | | | | – | | | | – | | | | 1,003,442 | |
| Global X FTSE Southeast Asia ETF | | | | | | | | | | | | | | | | |
| 2021 | | $ | 630,414 | | | $ | – | | | $ | – | | | $ | 630,414 | |
| 2020 | | | 646,024 | | | | – | | | | – | | | | 646,024 | |
As of October 31, 2021, the components of tax basis distributable earnings (accumulated losses) were as follows:
| | | Global X Funds | |
| | | Global X MSCI China Energy ETF | | | Global X MSCI China Materials ETF | | | Global X MSCI China Industrials ETF | |
| Undistributed Ordinary Income | | $ | 113,308 | | | $ | 21,101 | | | $ | 20,179 | |
| Capital Loss Carryforwards | | | (1,671,077 | ) | | | (2,020,267 | ) | | | (2,880,670 | ) |
| Unrealized Appreciation on Investments and Foreign Currency | | | 401,321 | | | | 558,280 | | | | 241,296 | |
| Other Temporary Differences | | | (3 | ) | | | 2 | | | | (1 | ) |
| Total Accumulated Losses | | $ | (1,156,451 | ) | | $ | (1,440,884 | ) | | $ | (2,619,196 | ) |
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
5. TAX INFORMATION (continued)
| | | Global X Funds | |
| | | Global X MSCI China Consumer Discretionary ETF | | | Global X MSCI China Consumer Staples ETF | | | Global X MSCI China Health Care ETF | |
| Undistributed Ordinary Income | | $ | – | | | $ | 80,672 | | | $ | – | |
| Undistributed Long-Term Capital Gain | | | – | | | | 504,089 | | | | – | |
| Capital Loss Carryforwards | | | (67,994,653 | ) | | | – | | | | (258,019 | ) |
| Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | | | (90,825,957 | ) | | | 1,561,187 | | | | (1,392,761 | ) |
| Other Temporary Differences | | | (9 | ) | | | 1 | | | | 1 | |
| Total Distributable Earnings (Accumulated Losses) | | $ | (158,820,619 | ) | | $ | 2,145,949 | | | $ | (1,650,779 | ) |
| | | Global X Funds | |
| | | Global X MSCI China Financials ETF | | | Global X MSCI China Information Technology ETF | | | Global X MSCI China Communication Services ETF | |
| Undistributed Ordinary Income | | $ | 1,628,991 | | | $ | 24,916 | | | $ | – | |
| Undistributed Long-Term Capital Gain | | | – | | | | 662,560 | | | | – | |
| Capital Loss Carryforwards | | | (6,626,347 | ) | | | – | | | | (7,236,583 | ) |
| Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | | | (10,110,021 | ) | | | 463,513 | | | | (1,806,141 | ) |
| Other Temporary Differences | | | (5 | ) | | | 1 | | | | 2 | |
| Total Distributable Earnings (Accumulated Losses) | | $ | (15,107,382 | ) | | $ | 1,150,990 | | | $ | (9,042,722 | ) |
| | | Global X Funds | |
| | | Global X MSCI China Utilities ETF | | | Global X MSCI China Real Estate ETF | | | Global X MSCI Greece ETF | |
| Undistributed Ordinary Income | | $ | 36,539 | | | $ | 115,824 | | | $ | 2,209,364 | |
| Undistributed Long-Term Capital Gain | | | 34,700 | | | | – | | | | – | |
| Capital Loss Carryforwards | | | – | | | | (408,299 | ) | | | (222,325,440 | ) |
| Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | | | 379,264 | | | | (1,767,325 | ) | | | (14,524,816 | ) |
| Other Temporary Differences | | | 3 | | | | 7 | | | | (17 | ) |
| Total Distributable Earnings (Accumulated Losses) | | $ | 450,506 | | | $ | (2,059,793 | ) | | $ | (234,640,909 | ) |
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
5. TAX INFORMATION (continued)
| | | Global X Funds | |
| | | Global X DAX Germany ETF | | | Global X MSCI Portugal ETF | | | Global X MSCI Colombia ETF | |
| Undistributed Ordinary Income | | $ | 83,228 | | | $ | 59,018 | | | $ | 340,494 | |
| Capital Loss Carryforwards | | | (2,935,878 | ) | | | (15,840,876 | ) | | | (87,681,992 | ) |
| Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | | | 5,018,745 | | | | (3,000,061 | ) | | | (8,351,866 | ) |
| Other Temporary Differences | | | (1 | ) | | | (1 | ) | | | (2 | ) |
| Total Distributable Earnings (Accumulated Losses) | | $ | 2,166,094 | | | $ | (18,781,920 | ) | | $ | (95,693,366 | ) |
| | | Global X Funds | |
| | | Global X MSCI Argentina ETF | | | Global X MSCI Pakistan ETF | | | Global X MSCI Nigeria ETF | |
| Undistributed Ordinary Income | | $ | 222,255 | | | $ | 680,674 | | | $ | 2,085,071 | |
| Capital Loss Carryforwards | | | (22,026,533 | ) | | | (33,524,636 | ) | | | (23,634,403 | ) |
| Unrealized Depreciation on Investments and Foreign Currency | | | (19,422,671 | ) | | | (8,376,955 | ) | | | (3,524,180 | ) |
| Other Temporary Differences | | | (3 | ) | | | (5 | ) | | | (6 | ) |
| Total Accumulated Losses | | $ | (41,226,952 | ) | | $ | (41,220,922 | ) | | $ | (25,073,518 | ) |
| | | Global X Funds | |
| | | Global X MSCI Next Emerging & Frontier ETF | | | Global X MSCI Norway ETF | | | Global X FTSE Southeast Asia ETF | |
| Undistributed Ordinary Income | | $ | 202,628 | | | $ | 142,787 | | | $ | 948,184 | |
| Capital Loss Carryforwards | | | (24,621,331 | ) | | | (43,534,491 | ) | | | (7,778,767 | ) |
| Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | | | 1,733,002 | | | | 3,432,325 | | | | (600,050 | ) |
| Other Temporary Differences | | | (2 | ) | | | (10 | ) | | | (1 | ) |
| Total Accumulated Losses | | $ | (22,685,703 | ) | | $ | (39,959,389 | ) | | $ | (7,430,634 | ) |
| | Notes to Financial Statements (continued) | |
| | October 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 new provisions are as follows:u
| | | Short-Term Loss | | | Long-Term Loss | | | Total | |
| Global X MSCI China Energy ETF | | $ | 380,247 | | | $ | 1,290,830 | | | $ | 1,671,077 | |
| Global X MSCI China Materials ETF | | | 176,578 | | | | 1,843,689 | | | | 2,020,267 | |
| Global X MSCI China Industrials ETF | | | 416,838 | | | | 2,463,832 | | | | 2,880,670 | |
| Global X MSCI China Consumer Discretionary ETF | | | 23,211,376 | | | | 44,783,277 | | | | 67,994,653 | |
| Global X MSCI China Health Care ETF | | | 258,019 | | | | – | | | | 258,019 | |
| Global X MSCI China Financials ETF | | | 5,208,744 | | | | 1,417,603 | | | | 6,626,347 | |
| Global X MSCI China Communication Services ETF | | | 4,143,497 | | | | 3,093,086 | | | | 7,236,583 | |
| Global X MSCI China Real Estate ETF | | | 158,937 | | | | 249,362 | | | | 408,299 | |
| Global X MSCI Greece ETF | | | 74,626,295 | | | | 147,699,145 | | | | 222,325,440 | |
| Global X DAX Germany ETF | | | 824,610 | | | | 2,111,268 | | | | 2,935,878 | |
| Global X MSCI Portugal ETF | | | 3,563,933 | | | | 12,276,943 | | | | 15,840,876 | |
| Global X MSCI Colombia ETF | | | 24,877,974 | | | | 62,804,018 | | | | 87,681,992 | |
| Global X MSCI Argentina ETF | | | 3,251,003 | | | | 18,775,530 | | | | 22,026,533 | |
| Global X MSCI Pakistan ETF | | | 1,147,774 | | | | 32,376,862 | | | | 33,524,636 | |
| Global X MSCI Nigeria ETF | | | 6,706,291 | | | | 16,928,112 | | | | 23,634,403 | |
| Global X MSCI Next Emerging & Frontier ETF | | | 6,024,660 | | | | 18,596,671 | | | | 24,621,331 | |
| Global X MSCI Norway ETF | | | 11,226,787 | | | | 32,307,704 | | | | 43,534,491 | * |
| Global X FTSE Southeast Asia ETF | | | 2,370,660 | | | | 5,408,107 | | | | 7,778,767 | |
* The utilization of this amount is subject to limitation under IRC sections 382-384.
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
5. TAX INFORMATION (continued)
During the year ended October 31, 2021, the following Funds utilized capital loss carryforwards to offset capital gains amounting to:
| | | Short-Term Loss | | | Long-Term Loss | | | Total | |
| Global X MSCI China Energy ETF | | $ | – | | | $ | 71,270 | | | $ | 71,270 | |
| Global X MSCI China Materials ETF | | | – | | | | 68,619 | | | | 68,619 | |
| Global X MSCI China Consumer Discretionary ETF | | | 78,352 | | | | 6,821,656 | | | | 6,900,008 | |
| Global X MSCI China Health Care ETF | | | – | | | | 2,145 | | | | 2,145 | |
| Global X MSCI China Utilities ETF | | | 5,007 | | | | 42,157 | | | | 47,164 | |
| Global X MSCI Argentina ETF | | | 180,686 | | | | – | | | | 180,686 | |
| Global X MSCI Pakistan ETF | | | 115,602 | | | | 93,651 | | | | 209,253 | |
| Global X MSCI Nigeria ETF | | | 8,320 | | | | – | | | | 8,320 | |
| Global X MSCI Next Emerging & Frontier ETF | | | 88,454 | | | | 136,074 | | | | 224,528 | |
The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 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 MSCI China Energy ETF | | $ | 4,112,447 | | | $ | 614,778 | | | $ | (213,457 | ) | | $ | 401,321 | |
| Global X MSCI China Materials ETF | | | 5,994,767 | | | | 1,145,310 | | | | (587,030 | ) | | | 558,280 | |
| Global X MSCI China Industrials ETF | | | 2,913,426 | | | | 644,104 | | | | (402,808 | ) | | | 241,296 | |
| Global X MSCI China Consumer Discretionary ETF | | | 748,511,166 | | | | 81,772,515 | | | | (172,598,472 | ) | | | (90,825,957 | ) |
| Global X MSCI China Consumer Staples ETF | | | 13,985,779 | | | | 3,878,486 | | | | (2,317,299 | ) | | | 1,561,187 | |
| Global X MSCI China Health Care ETF | | | 17,995,320 | | | | 2,175,454 | | | | (3,568,215 | ) | | | (1,392,761 | ) |
| Global X MSCI China Financials ETF | | | 58,796,361 | | | | 2,765,384 | | | | (12,875,405 | ) | | | (10,110,021 | ) |
| Global X MSCI China Information Technology ETF | | | 30,515,468 | | | | 5,639,553 | | | | (5,176,040 | ) | | | 463,513 | |
| Global X MSCI China Communication Services ETF | | | 14,359,355 | | | | 1,729,713 | | | | (3,535,854 | ) | | | (1,806,141 | ) |
| Global X MSCI China Utilities ETF | | | 1,518,175 | | | | 533,958 | | | | (154,694 | ) | | | 379,264 | |
| Global X MSCI China Real Estate ETF | | | 6,164,593 | | | | 114,747 | | | | (1,882,072 | ) | | | (1,767,325 | ) |
| Global X MSCI Greece ETF | | | 165,636,284 | | | | 30,167,420 | | | | (44,692,236 | ) | | | (14,524,816 | ) |
| Global X DAX Germany ETF | | | 38,953,629 | | | | 6,986,420 | | | | (1,967,675 | ) | | | 5,018,745 | |
| Global X MSCI Portugal ETF | | | 14,114,183 | | | | 1,053,464 | | | | (4,053,525 | ) | | | (3,000,061 | ) |
| Global X MSCI Colombia ETF | | | 50,041,027 | | | | 3,983,723 | | | | (12,335,589 | ) | | | (8,351,866 | ) |
| Global X MSCI Argentina ETF | | | 55,854,625 | | | | 8,320,839 | | | | (27,743,513 | ) | | | (19,422,674 | ) |
| Global X MSCI Pakistan ETF | | | 32,132,112 | | | | 2,321,782 | | | | (10,698,737 | ) | | | (8,376,955 | ) |
| Global X MSCI Nigeria ETF | | | 52,660,946 | | | | 7,223,745 | | | | (10,747,925 | ) | | | (3,524,180 | ) |
| Global X MSCI Next Emerging & Frontier ETF | | | 19,846,980 | | | | 3,558,483 | | | | (1,825,481 | ) | | | 1,733,002 | |
| Global X MSCI Norway ETF | | | 100,172,812 | | | | 7,615,776 | | | | (4,183,451 | ) | | | 3,432,325 | |
| Global X FTSE Southeast Asia ETF | | | 36,328,582 | | | | 2,669,993 | | | | (3,270,043 | ) | | | (600,050 | ) |
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
5. TAX INFORMATION (continued)
The preceding differences between book and tax cost are primarily due to mark to market treatment of passive foreign investment companies and wash sales.
6. CONCENTRATION OF RISKS
The Funds invest in securities of foreign issuers in several countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.
The securities markets of emerging market countries are less liquid and subject to greater price volatility, and have a smaller market capitalization than the U.S. securities markets.
In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issuers or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations as issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging market country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers.
Substantially less information may be publicly available about emerging market country issuers than is available about issuers in the United States.
The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income, gains earned or gains repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.
The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the underlying index in approximately the same proportions as the underlying index. Each Fund may utilize a representative sampling strategy with respect to its underlying index when a replication strategy might be detrimental to its shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its underlying index, or, in certain instances, when securities in the underlying index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to a Fund but not the underlying indexes).
Certain Funds may invest in commodity related securities, which are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a great impact on those securities.
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
6. CONCENTRATION OF RISKS (continued)
The elimination of the London Inter-Bank Offered Rate (“LIBOR”) may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. The U.K. Financial Conduct Authority has announced that it intends to stop compelling or inducing banks to submit LIBOR rates after 2021. On March 5, 2021, the administrator of LIBOR clarified that the publication of LIBOR on a representative basis will cease for the one-week and two-month U.S. dollar LIBOR settings immediately after December 31, 2021, and for the remaining U.S. dollar LIBOR settings immediately after June 30, 2023. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate (“SOFR”), which is intended to replace U.S. dollar LIBOR. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Funds. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.
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.
Special Risk Considerations of Investing in China – Variable Interest Entity Investments. For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes a shell company in a foreign jurisdiction, such as the Cayman Islands. The shell company lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the shell company has no equity ownership of the VIE, these contractual arrangements permit the shell company to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed shell company, such as
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
6. CONCENTRATION OF RISKS (continued)
certain of the Funds, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the shell company only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed shell company by declaring them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed shell company, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest. In addition, the listed shell company’s control over a VIE may also be jeopardized if a natural person who holds the equity interest in the VIE breaches the terms of the agreement, is subject to legal proceedings or if any physical instruments for authenticating documentation, such as chops and seals, are used without the Chinese-based issuer’s authorization to enter into contractual arrangements in China. Chops and seals, which are carved stamps used to sign documents, represent a legally binding commitment by the company. Moreover, any future regulatory action may prohibit the ability of the shell company to receive the economic benefits of the Chinese-based operating company, which may cause the value of a Fund’s investment in the listed shell company to suffer a significant loss. For example, in 2021, the Chinese government prohibited use of the VIE structure for investment in after-school tutoring companies. There is no guarantee that the government will not place similar restrictions on other industries.
On June 3, 2021, President Biden expanded upon the previously issued executive order that prohibited U.S. persons from transacting in publicly traded securities designated by the U.S. Department of Defense as “Communist Chinese Military Companies“ or “CCMCs“ or in instruments that are derivative of, or are designed to provide investment exposure to, prohibited CCMC securities. President Biden’s Executive Order retains the structure of the investment-based CCMC sanctions program introduced in late 2020 but expands the prohibitions to address threats from the use of Chinese surveillance technology outside the People’s Republic of China and the development or use of Chinese surveillance technology to facilitate repression or serious human rights abuse (the “Executive Order”).
Under the Executive Order, U.S. persons will be prohibited from engaging in the purchase or sale of publicly traded securities, as well as securities derivative of, or
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
6. CONCENTRATION OF RISKS (continued)
designed to provide investment exposure to, such securities. This prohibition took effect on August 2, 2021 for entities listed in the Appendix to the Executive Order (and 60 days after designation, with respect to subsequently designated entities). In addition, U.S. persons will be required to divest of targeted securities of entities listed in the Appendix to the Executive Order by June 3, 2022 (or 365 days from designation, with respect to subsequently designated entities).
The Executive Order replaces the previous list of CCMCs with a new Non-SDN Chinese Military Industrial Complex Companies List. The U.S. Department of the Treasury, rather than the U.S. Department of Defense, will drive designations going forward.
These actions, any future sanctions or other actions, or even the threat of further sanctions or other actions, may negatively affect the value and liquidity of certain of the Funds’ investments. For example, a Fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, sanctions may require a Fund to freeze its existing investments, prohibiting such Fund from buying, selling or otherwise transacting in these investments.
Also, if an affected security is included in a Fund’s underlying index, such Fund may, where practicable, seek to eliminate its holdings of the affected security by employing or augmenting its representative sampling strategy to seek to track the investment results of the underlying index. The use of (or increased use of) a representative sampling strategy may increase such Fund’s tracking error risk. Actions barring some or all transactions with a specific company will likely have a substantial, negative impact on the value of such company’s securities. These sanctions may also lead to changes in a Fund’s underlying index. A Fund’s index provider may remove securities from the underlying index or implement caps on the securities of certain issuers that have been subject to recent economic sanctions. In such an event, it is expected that a Fund will rebalance its portfolio to bring it in line with its respective underlying index as a result of any such changes, which may result in transaction costs and increased tracking error.
Please refer to each Fund’s prospectus and statement of additional information (“SAI”) for a more complete description of risks.
7. LOANS OF PORTFOLIO SECURITIES
Each Fund may lend portfolio securities having a market value up to one-third of its total assets. Security loans made pursuant to a securities lending agreement with BBH are initially required to be secured by collateral equal to at least 102% of the value of domestic equity securities and American Depository Receipts (“ADRs”) and 105% of the value of foreign equity securities (other than ADRs). Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements,
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
7. LOANS OF PORTFOLIO SECURITIES (continued)
short-term investments or U.S. Treasury obligations, and is recognized in the Schedules of Investments and Statements of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statements of Assets and Liabilities. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.
Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. In the event the borrower may not provide additional collateral when required or may not return the securities when due, the security lending agency agreement requires the lending agent to indemnify the Funds by replacing either the security or the security’s current market value to the Funds. The Funds could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested.
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
7. LOANS OF PORTFOLIO SECURITIES (continued)
At October 31, 2021, the following Funds had securities on loan, by counterparty:
| | | Market Value | | | Cash Collateral | |
| Global X MSCI China Consumer Discretionary ETF | | | | | | |
| Barclays Capital | | $ | 623,677 | | | $ | 671,187 | |
| Citigroup | | | 164,684 | | | | 173,646 | |
| Goldman Sachs | | | 4,615,120 | | | | 4,857,983 | |
| Morgan Stanley and Co. | | | 2,970,714 | | | | 3,202,739 | |
| UBS Securities LLC | | | 304,080 | | | | 319,824 | |
| Total | | $ | 8,678,275 | | | $ | 9,225,379 | |
| Global X MSCI China Information Technology ETF | | | | | | | | |
| Goldman Sachs | | $ | 190,651 | | | $ | 208,248 | |
| Global X MSCI China Communication Services ETF | | | | | | | | |
| BofA Securities, Inc. | | $ | 130,698 | | | $ | 143,100 | |
| Citigroup | | | 65,390 | | | | 70,800 | |
| JPMorgan | | | 13,152 | | | | 14,400 | |
| SG Americas Securities LLC | | | 74 | | | | 81 | |
| Total | | $ | 209,314 | | | $ | 228,381 | |
| Global X MSCI Portugal ETF | | | | | | | | |
| BofA Securities, Inc. | | $ | 82,024 | | | $ | 106,938 | |
| SG Americas Securities LLC | | | 48,854 | | | | 51,597 | |
| UBS Securities LLC | | | 3,102 | | | | 3,291 | |
| Total | | $ | 133,980 | | | $ | 161,826 | |
| Global X MSCI Argentina ETF | | | | | | | | |
| BofA Securities, Inc. | | $ | 129,962 | | | $ | 142,250 | |
| Citigroup | | | 186,944 | | | | 198,914 | |
| Credit Suisse | | | 507,314 | | | | 544,840 | |
| JPMorgan | | | 707,850 | | | | 752,175 | |
| Natl Financial Services Group | | | 60,095 | | | | 62,474 | |
| Total | | $ | 1,592,165 | | | $ | 1,700,653 | |
8. CONTRACTUAL OBLIGATIONS
The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these contracts is unknown. However, the Funds have not had prior gains or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
8. CONTRACTUAL OBLIGATIONS (continued)
Pursuant to the Trust’s organizational documents, the Trustees of the Trust (the “Trustees”) and the Trust’s officers are indemnified against certain liabilities that may arise out of the performance of their duties.
9. REVERSE SHARE SPLIT
Effective April 28, 2020, each of the Global X MSCI Colombia ETF, Global X MSCI Greece ETF and Global X MSCI Pakistan ETF executed a reverse share split for shareholders of record after the close of markets on April 27, 2020. The effect of this transaction for each Fund was to divide the number of outstanding Shares of the Fund by the applicable ratio below, resulting in a corresponding increase in the NAV per Share. The capital share activity presented in the Statement of Changes in Net Assets for each of the years in the period then ended, and per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions. The details of the reverse splits are as follows:
| Fund Name | | Ratio | |
| Global X MSCI Colombia ETF | | 1:4 | |
| Global X MSCI Greece ETF | | 1:3 | |
| Global X MSCI Pakistan ETF | | 1:4 | |
Effective March 16, 2017, the Global X MSCI Nigeria ETF executed a 1-for-4 reverse share split for shareholders of record after the close of markets on March 15, 2017. The effect of this transaction was to divide the number of outstanding shares of the Fund by four, resulting in a corresponding increase in the NAV per share. The per share data in the financial highlights for each of the years in the period then ended have been given retroactive effect to reflect this reverse share split. There were no changes in net assets, results of operations or total return as a result of this transaction.
10. MERGER
Effective October 29, 2021, the Global X FTSE Nordic Region ETF (the “Acquiring Fund”) acquired all of the assets and assumed all of the liabilities of the Global X MSCI Norway ETF (the “Acquired Fund”) pursuant to a Plan of Reorganization approved by the Board of Directors on August 4, 2021. Effective as of the close of business on October 29, 2021, the Acquired Fund was reorganized into the Acquiring Fund, each a separate series of the Trust (together, the “Combined Fund”) and the Combined Fund was renamed Global X MSCI Norway ETF. The Acquiring Fund is the legal surviving entity
| | Notes to Financial Statements (continued) | |
| | October 31, 2021 | |
10. MERGER (continued)
in the Reorganization, while the Acquired Fund is the accounting survivor or continuing portfolio for purposes of financial and performance history of the Combined Fund.
The acquisition was accomplished by a tax-free exchange as follows:
3,980,000 shares of the Acquired Fund, with net assets of $60,723,560 and including $673,023 of net unrealized depreciation for 1,896,973 shares of the Acquiring Fund with net assets of $43,214,538. For every 1 share of the Acquired Fund, shareholders received 0.4766 shares of the Acquiring Fund. Immediately following the acquisition, the Combined Fund held 3,246,971 shares with net assets of $103,938,098.
Assuming that the reorganization had been completed on November 1, 2020, the Acquiring Fund’s pro forma results of operations for the year ended October 31, 2021 would have been as follows:
| Net investment income | | $ | 2,153,445 | |
| Net realized and unrealized gain (loss) from investments | | | 26,735,503 | |
| Net increase (decrease) in net assets from operations | | $ | 28,888,948 | |
11. REGULATORY MATTERS
In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds will be required to comply with the rules by September 8, 2022. Management is currently assessing the potential impact of the new rules on the Funds’ financial statements.
12. SUBSEQUENT EVENTS
On September 7, 2021, the Custodian announced that it had entered into an agreement with State Street Bank and Trust Company (“State Street”) to sell BBH’s Investor Services business to State Street (the “Transaction”). The Transaction is subject to certain closing conditions, including regulatory and customary approvals, and it is expected to be consummated in the first quarter of 2022 (the “Closing Date”). Consequently, as a result of the Transaction, it is expected that State Street will replace BBH as the Funds’ custodian effective as of the Closing Date.
| | Notes to Financial Statements (concluded) | |
| | October 31, 2021 | |
12. SUBSEQUENT EVENTS (continued)
The Funds have been evaluated by management regarding the need for additional disclosures (other than what is disclosed in the preceding paragraph) and/or adjustments resulting from subsequent events. Based on this evaluation, no additional adjustments were required to the financial statements.
| | Report of Independent Registered Public Accounting Firm | |
| | | |
To the Board of Trustees of Global X Funds and Shareholders of each of the twenty-one funds listed in the table below.
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (twenty-one of the funds constituting Global X Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2021, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
| Global X MSCI Colombia ETF (1) | Global X MSCI Portugal ETF (1) |
| Global X MSCI Norway ETF (1) | Global X MSCI Pakistan ETF (1) |
| Global X MSCI China Industrials ETF (1) | Global X FTSE Southeast Asia ETF (1) |
| Global X MSCI China Consumer Discretionary ETF (1) | Global X MSCI Nigeria ETF (1) |
| Global X MSCI China Energy ETF (1) | Global X DAX Germany ETF (2) |
| Global X MSCI China Financials ETF (1) | Global X MSCI China Consumer Staples ETF (3) |
| Global X MSCI China Communication Services ETF (1) | Global X MSCI China Health Care ETF (3) |
| Global X MSCI China Materials ETF (1) | Global X MSCI China Information Technology ETF (3) |
| Global X MSCI Argentina ETF (1) | Global X MSCI China Real Estate ETF (3) |
| Global X MSCI Greece ETF (1) | Global X MSCI China Utilities ETF (3) |
| Global X MSCI Next Emerging & Frontier ETF (1) | |
| (1) | Financial highlights for each of the five years in the period ended October 31, 2021 |
| (2) | Financial highlights for each of the three years in the period ended October 31, 2021 |
| (3) | Financial highlights for each of the two years in the period ended October 31, 2021 and for the period December 7, 2018 (commencement of operations) through October 31, 2019 |
The financial statements of Global X DAX Germany ETF as of and for the year ended October 31, 2018 and the financial highlights for each of the periods ended on or prior to October 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 28, 2018 expressed an unqualified opinion on those financial statements and financial highlights.
| | Report of Independent Registered Public Accounting Firm | |
| | | |
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 28, 2021
We have served as the auditor of one or more investment companies in Global X Funds since 2016.
| | Disclosure of Fund Expenses (unaudited) | |
| | | |
ETFs (such as the Funds) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, brokerage fees, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for brokerage fees as a result of the shareholder’s investment in a Fund.
Operating expenses such as these are deducted from an ETF’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.
The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from May 1, 2021 through October 31, 2021.
The table on the next page illustrates the Funds’ costs in two ways:
Actual Fund Return. This section helps you to estimate the actual expenses that a Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.
You can use this information, together with the actual amount you invested in the Funds, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Funds under “Expenses Paid During Period.”
Hypothetical 5% Return. This section helps you compare a Fund’s costs with those of other funds. It assumes that the Funds had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.
NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.
| | Disclosure of Fund Expenses (unaudited) (continued) | |
| | | |
| | | Beginning Account Value 5/1/2021 | | | Ending Account Value 10/31/2021 | | | Annualized Expense Ratios | | | Expenses Paid During Period(1) | |
| Global X MSCI China Energy ETF | | | | | | | | | | | | |
| Actual Fund Return | | $ | 1,000.00 | | | $ | 1,272.40 | | | | 0.67 | % | | $ | 3.84 | |
| Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.83 | | | | 0.67 | | | | 3.41 | |
| | | | | | | | | | | | | | | | | |
| Global X MSCI China Materials ETF | | | | | | | | | | | | | | | | |
| Actual Fund Return | | $ | 1,000.00 | | | $ | 1,038.20 | | | | 0.65 | % | | $ | 3.34 | |
| Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.93 | | | | 0.65 | | | | 3.31 | |
| | | | | | | | | | | | | | | | | |
| Global X MSCI China Industrials ETF | | | | | | | | | | | | | | | | |
| Actual Fund Return | | $ | 1,000.00 | | | $ | 1,012.70 | | | | 0.66 | % | | $ | 3.35 | |
| Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.88 | | | | 0.66 | | | | 3.36 | |
| | | | | | | | | | | | | | | | | |
| Global X MSCI China Consumer Discretionary ETF | | | | | | | | | | | | | | | | |
| Actual Fund Return | | $ | 1,000.00 | | | $ | 886.10 | | | | 0.65 | % | | $ | 3.09 | |
| Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.93 | | | | 0.65 | | | | 3.31 | |
| | | | | | | | | | | | | | | | | |
| Global X MSCI China Consumer Staples ETF | | | | | | | | | | | | | | | | |
| Actual Fund Return | | $ | 1,000.00 | | | $ | 907.70 | | | | 0.65 | % | | $ | 3.13 | |
| Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.93 | | | | 0.65 | | | | 3.31 | |
| | | | | | | | | | | | | | | | | |
| Global X MSCI China Health Care ETF | | | | | | | | | | | | | | | | |
| Actual Fund Return | | $ | 1,000.00 | | | $ | 814.50 | | | | 0.65 | % | | $ | 2.97 | |
| Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.93 | | | | 0.65 | | | | 3.31 | |
| | | | | | | | | | | | | | | | | |
| Global X MSCI China Financials ETF | | | | | | | | | | | | | | | | |
| Actual Fund Return | | $ | 1,000.00 | | | $ | 925.00 | | | | 0.66 | % | | $ | 3.20 | |
| Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.88 | | | | 0.66 | | | | 3.36 | |
| | | | | | | | | | | | | | | | | |
| Global X MSCI China Information Technology ETF | | | | | | | | | | | | | | | | |
| Actual Fund Return | | $ | 1,000.00 | | | $ | 935.30 | | | | 0.65 | % | | $ | 3.17 | |
| Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.93 | | | | 0.65 | | | | 3.31 | |
| | | | | | | | | | | | | | | | | |
| Global X MSCI China Communication Services ETF | | | | | | | | | | | | | | | | |
| Actual Fund Return | | $ | 1,000.00 | | | $ | 745.80 | | | | 0.65 | % | | $ | 2.86 | |
| Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.93 | | | | 0.65 | | | | 3.31 | |
| | | | | | | | | | | | | | | | | |
| Global X MSCI China Utilities ETF | | | | | | | | | | | | | | | | |
| Actual Fund Return | | $ | 1,000.00 | | | $ | 1,224.50 | | | | 0.67 | % | | $ | 3.76 | |
| Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.83 | | | | 0.67 | | | | 3.41 | |
| | | | | | | | | | | | | | | | | |
| Global X MSCI China Real Estate ETF | | | | | | | | | | | | | | | | |
| Actual Fund Return | | $ | 1,000.00 | | | $ | 729.30 | | | | 0.67 | % | | $ | 2.92 | |
| Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.83 | | | | 0.67 | | | | 3.41 | |
| | Disclosure of Fund Expenses (unaudited) (continued) | |
| | | |
| | | Beginning Account Value 5/1/2021 | | | Ending Account Value 10/31/2021 | | | Annualized Expense Ratios | | | Expenses Paid During Period(1) | |
| Global X MSCI Greece ETF | | | | | | | | | | | | |
| Actual Fund Return | | $ | 1,000.00 | | | $ | 981.40 | | | | 0.54 | % | | $ | 2.70 | |
| Hypothetical 5% Return | | | 1,000.00 | | | | 1,022.48 | | | | 0.54 | | | | 2.75 | |
| | | | | | | | | | | | | | | | | |
| Global X DAX Germany ETF | | | | | | | | | | | | | | | | |
| Actual Fund Return | | $ | 1,000.00 | | | $ | 993.40 | | | | 0.20 | % | | $ | 1.00 | |
| Hypothetical 5% Return | | | 1,000.00 | | | | 1,024.20 | | | | 0.20 | | | | 1.02 | |
| | | | | | | | | | | | | | | | | |
| Global X MSCI Portugal ETF | | | | | | | | | | | | | | | | |
| Actual Fund Return | | $ | 1,000.00 | | | $ | 1,053.00 | | | | 0.58 | % | | $ | 3.00 | |
| Hypothetical 5% Return | | | 1,000.00 | | | | 1,022.28 | | | | 0.58 | | | | 2.96 | |
| | | | | | | | | | | | | | | | | |
| Global X MSCI Colombia ETF | | | | | | | | | | | | | | | | |
| Actual Fund Return | | $ | 1,000.00 | | | $ | 1,143.50 | | | | 0.61 | % | | $ | 3.30 | |
| Hypothetical 5% Return | | | 1,000.00 | | | | 1,022.13 | | | | 0.61 | | | | 3.11 | |
| | | | | | | | | | | | | | | | | |
| Global X MSCI Argentina ETF | | | | | | | | | | | | | | | | |
| Actual Fund Return | | $ | 1,000.00 | | | $ | 1,103.80 | | | | 0.59 | % | | $ | 3.13 | |
| Hypothetical 5% Return | | | 1,000.00 | | | | 1,022.23 | | | | 0.59 | | | | 3.01 | |
| | | | | | | | | | | | | | | | | |
| Global X MSCI Pakistan ETF | | | | | | | | | | | | | | | | |
| Actual Fund Return | | $ | 1,000.00 | | | $ | 902.90 | | | | 0.63 | % | | $ | 3.02 | |
| Hypothetical 5% Return | | | 1,000.00 | | | | 1,022.03 | | | | 0.63 | | | | 3.21 | |
| | | | | | | | | | | | | | | | | |
| Global X MSCI Nigeria ETF | | | | | | | | | | | | | | | | |
| Actual Fund Return | | $ | 1,000.00 | | | $ | 1,115.60 | | | | 1.00 | % | | $ | 5.33 | |
| Hypothetical 5% Return | | | 1,000.00 | | | | 1,020.16 | | | | 1.00 | | | | 5.09 | |
| | | | | | | | | | | | | | | | | |
| Global X MSCI Next Emerging & Frontier ETF | | | | | | | | | | | | | | | | |
| Actual Fund Return | | $ | 1,000.00 | | | $ | 1,069.20 | | | | 0.62 | % | | $ | 3.23 | |
| Hypothetical 5% Return | | | 1,000.00 | | | | 1,022.08 | | | | 0.62 | | | | 3.16 | |
| | | | | | | | | | | | | | | | | |
Global X MSCI Norway ETF‡(2) | | | | | | | | | | | | | | | | |
| Actual Fund Return | | $ | 1,000.00 | | | $ | 1,079.30 | | | | 0.58 | % | | $ | 3.04 | |
| Hypothetical 5% Return | | | 1,000.00 | | | | 1,022.28 | | | | 0.58 | | | | 2.96 | |
| | | | | | | | | | | | | | | | | |
| Global X FTSE Southeast Asia ETF | | | | | | | | | | | | | | | | |
| Actual Fund Return | | $ | 1,000.00 | | | $ | 1,024.20 | | | | 0.65 | % | | $ | 3.32 | |
| Hypothetical 5% Return | | | 1,000.00 | | | | 1,021.93 | | | | 0.65 | | | | 3.31 | |
| (1) | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| | Disclosure of Fund Expenses (unaudited) (concluded) | |
| | | |
| (2) | On October 29, 2021, the Global X MSCI Norway ETF (the “Acquired Fund”) was reorganized into the Global X FTSE Nordic Region ETF (the “Acquiring Fund”), each a separate series of the Trust (together, the “Combined Fund”) and the Combined Fund was renamed Global X MSCI Norway ETF. As a result of the Reorganization as of the close of business on October 29, 2021, the Combined Fund assumed the performance and accounting history of the Acquired Fund. Accordingly, the financial information for the Combined Fund for periods prior to the date of the Reorganization represent the performance of the Acquired Fund (See Note 10 in Notes to Financial Statements). |
| | Liquidity Risk Management Program (unaudited) | |
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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 during the period covered by the report. In August of 2021, the Committee determined to classify the Global X MSCI Nigeria ETF (NGE) as an In-kind ETF for purposes of the Program.
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.
| | Supplemental Information (unaudited) | |
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NAV is the price per Share at which the Funds issue and redeem Shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of the Funds generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of the Funds are listed for trading, as of the time that the Funds’ NAV is calculated. The Funds’ Market Price may be at, above or below their NAV. The NAV of the Funds will fluctuate with changes in the market value of the Funds’ holdings. The Market Price of the Funds will fluctuate in accordance with changes in their NAV, as well as market supply and demand.
Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of the Funds on a given day, generally at the time NAV is calculated. A premium is the amount that the Funds are trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Funds are trading below the reported NAV, expressed as a percentage of the NAV.
Further information regarding premiums and discounts is available on the Funds’ website at www.globalxetfs.com.
| | Trustees and Officers of the Trust (unaudited) | |
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Set forth below are the names, addresses, years of birth, positions with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of Funds in Trust overseen by the Trustees, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust.
| Name, Address (Year of Birth) | Position(s) Held with Trust | Principal Occupation(s) During the Past 5 Years | Number of Funds in Trust Overseen by Trustee | Other Directorships Held by Trustees |
Independent Trustees1 | | | | |
Charles A. Baker 605 Third Avenue, 43rd Floor New York, NY 10158 (1953) | Trustee (since 07/2018) | Chief Executive Officer of Investment Innovations LLC (investment consulting) (since 2013); Managing Director of NYSE Euronext (2003 to 2012). | 972 | Trustee of OSI ETF Trust (since 2016). |
Susan M. Ciccarone 605 Third Avenue, 43rd Floor New York, NY 10158 (1973) | Trustee (since 9/30/2019) | Partner, Further Global Capital Management (private equity) (since 2017); formerly Chief Operating Officer (2014-2016) and Chief Financial Officer (2012-2016), Emerging Global Advisors, LLC (ETF issuer). | 972 | Chairman, Payment Alliance International, Inc. (since 2019); Director, Casa Holdco LP, parent of Celink (since 2018). |
Clifford J. Weber 605 Third Avenue, 43rd Floor New York, NY 10158 (1963) | Trustee (since 07/2018) | Owner, Financial Products Consulting Group LLC (consulting services to financial institutions) (since 2015); Formerly, Executive Vice President of Global Index and Exchange-Traded Products, NYSE Market, Inc., a subsidiary of Intercontinental Exchange (ETF/ETP listing exchange) (2013-2015). | 972 | Chairman (since 2017) and Trustee (since 2015) of Clough Funds Trust; Chairman and Trustee of Clayton Street Trust (since 2016); Chairman and Trustee of Janus Detroit Street Trust (since 2016); Chairman and Trustee of Elevation ETF Trust (2016-2018); Trustee of Clough Global Equity Fund (since 2017); Trustee of Clough Global Dividend and Income Fund (since 2017); and Trustee of Clough Global Opportunities Fund (since 2017). |
| | Trustees and Officers of the Trust (unaudited) | |
| | | |
The Trust’s SAI includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-493-8631. The following chart lists Trustees and Officers as of October 31, 2021.
| Name, Address (Year of Birth) | Position(s) Held with Funds | Principal Occupation(s) During the Past 5 Years | Number of Funds in Trust Overseen by Trustee | Other Directorships Held by Trustees |
Interested Trustee / Officers1 | | | | |
Luis Berruga 605 Third Avenue, 43rd Floor New York, NY 10158 (1977) | Trustee (since 07/2018); President (since 2018) | Chief Executive Officer, GXMC (since 07/2018), Chief Financial Officer (since 2/2014) and Chief Operating Officer (9/2015 - 7/2018); Investment Banker, Jefferies (2012-2014). | 972 | None. |
John Belanger 605 Third Avenue, 43rd Floor New York, NY 10158 (1982) | Chief Operating Officer and Chief Financial Officer (since 12/2020) | Chief Operating Officer and Head of Portfolio Management & Portfolio Administration, GXMC (since 12/2020); Portfolio Manager (since 12/2020); Secretary of the Trust (3/2020-9/2020); Head of Product Management, GXMC (since 1/2020); Consultant to GXMC (9/2018-12/2019); Chief Operating Officer, Rex Shares, LLC (2014-2018) | N/A | N/A. |
Susan Lively 605 Third Avenue, 43rd Floor New York, NY 10158 (1981) | Secretary (since 9/2020) | General Counsel, GXMC (since 9/2020); Senior Corporate Counsel at Franklin Templeton (previously, Managing Director and Associate General Counsel at Legg Mason & Co., LLC) (2014-2020). | N/A | N/A. |
Eric Griffith3 One FreedomValley Drive Oaks, PA 19456 (1969) | Assistant Secretary (since 2/2020) | Counsel, SEI Investments (since 10/2019); Vice President and Assistant General Counsel, JPMorgan Chase & Co. (2012-2018). | N/A | N/A. |
Joe Costello 605 Third Avenue, 43rd Floor New York, NY 10158 (1974) | Chief Compliance Officer (since 9/2016) | Chief Compliance Officer, FlexShares Funds (2011-2015); Vice President, Northern Trust Investments (2003 - 2015). | N/A | N/A |
Ronnie Riven 605 Third Avenue, 43rd Floor New York, NY 10158 (1984) | Treasurer and Principal Accounting Officer (since 12/2020) | Director of Finance, GXMC (since 2018); Director of Accounting and Finance at Barclays Center (2016-2018); Manager of External Reporting at National Grid (2013-2015) | N/A | N/A |
| | Trustees and Officers of the Trust (unaudited) | |
| | | |
| Name, Address(Year of Birth) | Position(s) Heldwith Funds | Principal Occupation(s) Duringthe Past 5 Years | Number of Funds in Trust Overseen by Trustee | Other Directorships Heldby Trustees |
Interested Trustee / Officers1 | | | | |
Eric Olsen3 One Freedom Valley Drive Oaks, PA 19456 (1970) | Assistant Treasurer (since 5/2021 ) | Director of Accounting, SEI Investment Manager Services (March 2021 to present); Deputy Head of Fund Operations, Traditional Assets, Aberdeen Standard Investments (2013-2021) | N/A | N/A |
1 | Each Trustee serves until his or her successor is duly elected or appointed and qualified. |
2 | As of October 31, 2021, the Trust had ninety-seven investment portfolios, eighty-eight of which were operational. |
3 | This officer of the Trust also serves as an officer of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor. |
| | Notice to Shareholders (unaudited) | |
| | | |
For shareholders that do not have an October 31, 2021 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2021 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2021, the Funds have designated the following items with regard to distributions paid during the year.
| | | Return of Capital | | | Long-Term Capital Gain Distributions | | | Ordinary Income Distributions | | | Total Distributions | | | Qualifying for Corporate Dividends Received Deduction(1) | | | Qualifying Dividend Income(2) | |
| Global X MSCI China Energy ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 97.47 | % |
| Global X MSCI China Materials ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 91.59 | % |
| Global X MSCI China Industrials ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 61.15 | % |
| Global X MSCI China Consumer Discretionary ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 3.39 | % | | | 100.00 | % |
| Global X MSCI China Consumer Staples ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 56.92 | % |
| Global X MSCI China Health Care ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 100.00 | % |
| Global X MSCI China Financials ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 100.00 | % |
| Global X MSCI China Information Technology ETF | | | 0.00 | % | | | 4.26 | % | | | 95.74 | % | | | 100.00 | % | | | 0.00 | % | | | 37.96 | % |
| Global X MSCI China Communication Services ETF | | | 15.16 | % | | | 0.00 | % | | | 84.84 | % | | | 100.00 | % | | | 12.57 | % | | | 50.58 | % |
| Global X MSCI China Utilities ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 38.42 | % |
| Global X MSCI China Real Estate ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 23.64 | % |
| Global X MSCI Greece ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 87.69 | % |
| Global X DAX Germany ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 27.41 | % |
| Global X MSCI Portugal ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 100.00 | % |
| Global X MSCI Colombia ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 32.15 | % |
| Global X MSCI Argentina ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 27.88 | % |
| Global X MSCI Pakistan ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 100.00 | % |
| Global X MSCI Nigeria ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 0.00 | % |
| Global X MSCI Next Emerging & Frontier ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 58.12 | % |
| Global X MSCI Norway ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 47.49 | % |
| Global X FTSE Southeast Asia ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 100.00 | % | | | 0.00 | % | | | 33.93 | % |
| | Notice to Shareholders (unaudited) | |
| | | |
(1) | Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). |
(2) | The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Relief Reconciliation Act of 2003 and its reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned Funds to designate the maximum amount permitted by law. |
| | | U.S. Government Interest(3) | | | Interest Related Dividends(4) | | | Short Term Capital Gain Dividends (5) | | | Foreign Tax Credit | |
| Global X MSCI China Energy ETF | | | 0.00 | % | | | 0.01 | % | | | 0.00 | % | | | 20.45 | % |
| Global X MSCI China Materials ETF | | | 0.00 | % | | | 0.02 | % | | | 0.00 | % | | | 9.40 | % |
| Global X MSCI China Industrials ETF | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % |
| Global X MSCI China Consumer Discretionary ETF | | | 0.00 | % | | | 0.05 | % | | | 0.00 | % | | | 0.00 | % |
| Global X MSCI China Consumer Staples ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 6.94 | % |
| Global X MSCI China Health Care ETFF | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % |
| Global X MSCI China Financials ETF | | | 0.00 | % | | | 0.02 | % | | | 0.00 | % | | | 13.43 | % |
| Global X MSCI China Information Technology ETF | | | 0.00 | % | | | 0.00 | % | | | 100.00 | % | | | 0.00 | % |
| Global X MSCI China Communication Services ETF | | | 0.00 | % | | | 0.05 | % | | | 0.00 | % | | | 0.00 | % |
| Global X MSCI China Utilities ETF | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 4.63 | % |
| Global X MSCI China Real Estate ETF | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % |
| Global X MSCI Greece ETF | | | 0.00 | % | | | 0.04 | % | | | 0.00 | % | | | 4.84 | % |
| Global X DAX Germany ETF | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 9.77 | % |
| Global X MSCI Portugal ETF | | | 0.00 | % | | | 0.01 | % | | | 0.00 | % | | | 15.81 | % |
| Global X MSCI Colombia ETF | | | 0.00 | % | | | 0.02 | % | | | 0.00 | % | | | 9.00 | % |
| Global X MSCI Argentina ETF | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % |
| Global X MSCI Pakistan ETF | | | 0.00 | % | | | 0.01 | % | | | 0.00 | % | | | 20.58 | % |
| Global X MSCI Nigeria ETF | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 9.16 | % |
| Global X MSCI Next Emerging & Frontier ETF | | | 0.00 | % | | | 0.01 | % | | | 0.00 | % | | | 11.47 | % |
| Global X MSCI Norway ETF | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 21.33 | % |
| Global X FTSE Southeast Asia ETF | | | 0.00 | % | | | 0.01 | % | | | 0.00 | % | | | 8.23 | % |
| | Notice to Shareholders (unaudited) | |
| | | |
(3) | “U.S. Government Interest” represents the amount of interest that was derived from U.S. Government Obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income. |
(4) | The percentage in this column represents the amount of “Qualifying Interest Income” as created by the American Jobs Creation Act of 2004 and is a percentage of net investment income that is exempt from U.S. withholding tax when paid for foreign investors. |
(5) | The percentage of this column represents the amount of “Short Term Capital Gain Dividend” and is reflected as a percentage of short term capital gain distribution that is exempted from U.S. withholding tax when paid to foreign investors. |
The Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended October 31, 2021, the total amount of foreign source income and foreign tax credit are as follows:
| Fund Name | | Foreign Source Income | | | Foreign Tax Credit Pass Through | |
| Global X MSCI China Energy ETF | | $ | 150,294 | | | $ | 15,682 | |
| Global X MSCI China Materials ETF | | | 90,572 | | | | 8,903 | |
| Global X MSCI China Consumer Staples ETF | | | 179,683 | | | | 12,358 | |
| Global X MSCI China Financials ETF | | | 2,617,106 | | | | 290,048 | |
| Global X MSCI China Utilities ETF | | | 73,057 | | | | 3,068 | |
| Global X MSCI Greece ETF | | | 3,085,464 | | | | 172,963 | |
| Global X DAX Germany ETF | | | 844,241 | | | | 115,075 | |
| Global X MSCI Portugal ETF | | | 569,123 | | | | 95,745 | |
| Global X MSCI Colombia ETF | | | 1,029,840 | | | | 122,693 | |
| Global X MSCI Pakistan ETF | | | 2,516,552 | | | | 405,160 | |
| Global X MSCI Nigeria ETF | | | 2,385,339 | | | | 229,356 | |
| Global X MSCI Next Emerging & Frontier ETF | | | 497,618 | | | | 58,113 | |
| Global X MSCI Norway ETF | | | 1,774,422 | | | | 427,649 | |
| Global X FTSE Southeast Asia ETF | | | 1,451,173 | | | | 56,504 | |
The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2021. Complete information will be computed and reported in conjunction with your 2021 Form 1099-DIV.
605 Third Avenue, 43rd floor
New York, NY 10158
1-888-493-8631
www.globalxetfs.com
Investment Adviser and Administrator:
Global X Management Company LLC
605 Third Avenue, 43rd floor
New York, NY 10158
Distributor:
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, PA 19456
Sub-Administrator:
SEI Investments Global Funds Services
One Freedom Valley Drive
Oaks, PA 19456
Counsel for Global X Funds and the Independent Trustees:
Stradley Ronon Stevens & Young, LLP
2000 K Street, N.W.
Suite 700
Washington, DC 20006
Custodian and Transfer Agent:
Brown Brothers Harriman & Co.
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 prospectus for the funds described.
GLX-AR-002-1100
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.
Item 3. Audit Committee Financial Expert.
(a)(1) The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee.
(a)(2) The audit committee financial experts are Charles A. Baker and Susan M. Ciccarone and each is independent as defined in Form N-CSR Item 3(a)(2).
Item 4. Principal Accountant Fees and Services.
Fees billed by Pricewaterhouse Coopers LLP (“PwC”) relate to the registrant.
PWC billed the registrant aggregate fees for services rendered to the registrant for the last two fiscal years as follows:
| | 2021 | 2020 |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees | $929,467 | $0 | $0 | $1,056,304 | $0 | $0 |
| (b) | Audit-Related Fees | $0 | $0 | $0 | $0 | $0 | $0 |
| (c) | Tax Fees | $334,184 | $0 | $0 | $330,942 | $0 | $0 |
| (d) | All Other Fees | $0 | $0 | $0 | $0 | $0 | $0 |
(e)(1) Not applicable.
(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (PwC):
| | 2021 | 2020 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |
(f) Not applicable.
(g) The aggregate non-audit fees and services billed by PwC for the last two fiscal years were $334,184 and $330,942, respectively.
(h) During the past fiscal year, all non-audit services provided by registrant’s principal accountant to either registrant’s investment adviser or to any entity controlling, controlled by, or under common control with registrant’s investment adviser that provides ongoing services to registrant were pre-approved by the audit committee of registrant’s Board of Trustees. Included in the audit committee’s pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants.
The registrant has a separately-designated standing Audit Committee, which is composed of the registrant's Independent Trustees, Charles A. Baker, Susan M. Ciccarone and Clifford J. Weber.
Item 6. Investments.
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes.
Item 11. Controls and Procedures.
(a) The certifying officers, whose certifications are included herewith, have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing date of this report. In their opinion, based on their evaluation, the registrant’s disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to open-end management investment companies.
Item 13. Exhibits.
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.
/s/ Luis Berruga
Luis Berruga
President
Date: January 6, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/ Luis Berruga
Luis Berruga
President
Date: January 6, 2022
/s/ John Belanger
John Belanger
Chief Financial Officer
Date: January 6, 2022
