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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________

FORM N-CSRS

________

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22209

Global X Funds

 (Exact name of registrant as specified in charter)

________

605 Third Avenue, 43rd floor

New York, NY 10158

 (Address of principal executive offices) (Zip code)

Luis Berruga

Global X Management Company LLC

605 Third Avenue, 43rd floor

New York, NY 10158

 (Name and address of agent for service)

With a copy to:

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

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

Date of fiscal year end: October 31, 2022

Date of reporting period: April 30, 2022

Item 1.    Reports to Stockholders.

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto.

Global X MSCI China Energy ETF (ticker: CHIE)

Global X MSCI China Materials ETF (ticker: CHIM)

Global X MSCI China Industrials ETF (ticker: CHII)

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

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

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

Global X MSCI China Financials ETF (ticker: CHIX)

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

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

Global X MSCI China Utilities ETF (ticker: CHIU)

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

Global X MSCI 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 Vietnam ETF (ticker: VNAM)

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

Global X MSCI Norway ETF (ticker: NORW)

Global X FTSE Southeast Asia ETF (ticker: ASEA)

Semi-Annual Report

April 30, 2022

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ (defined below) shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary (such as a broker-dealer or bank). Instead, shareholder reports will be available on the Funds’ website (www. globalxetfs.com/explore), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

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

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

Table of Contents

Schedules of Investments
Global X MSCI China Energy ETF	1
Global X MSCI China Materials ETF	3
Global X MSCI China Industrials ETF	8
Global X MSCI China Consumer Discretionary ETF	13
Global X MSCI China Consumer Staples ETF	17
Global X MSCI China Health Care ETF	20
Global X MSCI China Financials ETF	24
Global X MSCI China Information Technology ETF	28
Global X MSCI China Communication Services ETF	34
Global X MSCI China Utilities ETF	37
Global X MSCI China Real Estate ETF	39
Global X MSCI Greece ETF	42
Global X DAX Germany ETF	45
Global X MSCI Portugal ETF	49
Global X MSCI Colombia ETF	53
Global X MSCI Argentina ETF	57
Global X MSCI Pakistan ETF	61
Global X MSCI Nigeria ETF	64
Global X MSCI Vietnam ETF	67
Global X MSCI Next Emerging & Frontier ETF	71
Global X MSCI Norway ETF	86
Global X FTSE Southeast Asia ETF	91
Statements of Assets and Liabilities	96
Statements of Operations	102
Statements of Changes in Net Assets	108
Financial Highlights	119
Notes to Financial Statements	135
Disclosure of Fund Expenses	164
Approval of Investment Advisory Agreement	168
Supplemental Information	176

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.

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Energy ETF

	Shares		Value
COMMON STOCK — 99.4%
AUSTRALIA — 4.8%
Energy — 4.8%
Woodside Petroleum		9,154	$	202,640
CHINA — 94.6%
Energy — 94.6%
CGN Mining		1,497,200		148,839
China Coal Energy, Cl H		246,500		210,178
China Oilfield Services, Cl H		282,186		293,114
China Petroleum & Chemical, Cl A		23,050		15,062
China Petroleum & Chemical, Cl H		647,697		321,118
China Shenhua Energy, Cl A		3,900		18,074
China Shenhua Energy, Cl H		118,955		383,572
China Suntien Green Energy, Cl H		291,600		166,498
COSCO SHIPPING Energy Transportation, Cl A		163,600		194,348
Guanghui Energy, Cl A		166,150		221,643
Inner Mongolia Yitai Coal, Cl B		182,694		246,272
Offshore Oil Engineering, Cl A		203,775		125,486
PetroChina, Cl A		16,300		13,204
PetroChina, Cl H		638,863		309,410
Shaanxi Coal Industry, Cl A		79,886		207,001
Shanxi Coking Coal Energy Group, Cl A		114,253		241,349
Shanxi Lu’an Environmental Energy Development, Cl A		85,465		199,324
Sinopec Kantons Holdings		417,700		143,206
Yankuang Energy Group, Cl A		12,804		66,953
Yankuang Energy Group, Cl H		118,275		337,664

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

1

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Energy ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Energy — continued
Yantai Jereh Oilfield Services Group, Cl A		24,910	$	116,717
TOTAL CHINA				3,979,032
TOTAL COMMON STOCK
(Cost $3,402,211)				4,181,672
U.S. TREASURY OBLIGATION — 9.5%
U.S. Treasury Bill
0.010%, 05/03/22(A)
(Cost $400,000)	$	400,000		399,999
TOTAL INVESTMENTS — 108.9%
(Cost $3,802,211)			$	4,581,671

Percentages are based on Net Assets of $4,206,093.

(A) Interest rate represents the security’s effective yield at the time of purchase.

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2022, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	4,181,672	$	—	$	—	$	4,181,672
U.S. Treasury Obligation		—		399,999		—		399,999
Total Investments in Securities	$	4,181,672	$	399,999	$	—	$	4,581,671

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

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

2

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Materials ETF

	Shares		Value
COMMON STOCK — 100.1%
CHINA — 97.4%
Materials — 97.4%
Aluminum Corp of China, Cl A		52,100	$	37,339
Aluminum Corp of China, Cl H		225,339		107,699
Anhui Conch Cement, Cl A		11,200		67,385
Anhui Conch Cement, Cl H		65,170		356,327
Anhui Honglu Steel Construction Group, Cl A		1,300		7,099
Baoshan Iron & Steel, Cl A		79,300		77,130
BBMG, Cl A		47,800		20,151
Beijing Easpring Material Technology, Cl A		850		8,572
Chengtun Mining Group, Cl A		6,800		7,146
Chengxin Lithium Group, Cl A		1,300		8,689
Chifeng Jilong Gold Mining, Cl A *		4,800		13,269
China Hongqiao Group		129,000		164,247
China Jushi, Cl A		16,659		39,455
China Minmetals Rare Earth, Cl A		1,900		6,614
China Molybdenum, Cl A		67,500		47,563
China Molybdenum, Cl H		195,854		99,598
China National Building Material, Cl H		226,000		304,169
China Northern Rare Earth Group High-Tech, Cl A		13,000		62,008
China Resources Cement Holdings		140,100		116,956
CNGR Advanced Material, Cl A		700		8,834
CNNC Hua Yuan Titanium Dioxide, Cl A		6,600		7,284
Do-Fluoride New Materials, Cl A		1,625		7,756
Dongyue Group		68,600		82,623
Ganfeng Lithium, Cl A		4,100		68,318
Ganfeng Lithium, Cl H		14,500		177,042
GEM, Cl A		21,000		21,342

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

3

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Materials ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Guangzhou Tinci Materials Technology, Cl A		2,580	$	29,103
Hangzhou Oxygen Plant Group, Cl A		2,700		10,606
Hengli Petrochemical, Cl A		21,020		66,304
Hengyi Petrochemical, Cl A		17,800		20,422
Hesteel, Cl A		58,700		20,593
Hoshine Silicon Industry, Cl A		750		8,971
Huafon Chemical, Cl A		7,500		8,808
Huaxin Cement, Cl A		6,950		22,812
Hubei Xingfa Chemicals Group, Cl A		2,000		9,660
Hunan Valin Steel, Cl A		29,700		26,115
Inner Mongolia BaoTou Steel Union, Cl A		170,300		48,205
Inner Mongolia Junzheng Energy & Chemical Industry Group, Cl A		39,200		25,792
Inner Mongolia Yuan Xing Energy, Cl A		7,700		9,878
Jiangsu Eastern Shenghong, Cl A		7,800		14,386
Jiangsu Yangnong Chemical, Cl A		1,500		29,611
Jiangsu Yoke Technology, Cl A		1,000		6,778
Jiangxi Copper, Cl A		9,300		24,672
Jiangxi Copper, Cl H		64,591		103,067
Kingfa Sci & Tech, Cl A		7,700		9,599
LB Group, Cl A		10,000		27,553
Lee & Man Paper Manufacturing		83,700		40,324
Luxi Chemical Group, Cl A (A)(B)(C)		6,200		16,990
MMG *		145,800		62,994
Ningbo Shanshan, Cl A		4,100		13,673
Ningxia Baofeng Energy Group, Cl A		14,300		30,358
Pangang Group Vanadium Titanium & Resources, Cl A *		45,400		21,259
Real Gold Mining *(A)(B)(C)		97,864		—
Rongsheng Petrochemical, Cl A		35,400		73,127
Satellite Chemical, Cl A		3,580		19,426
Shandong Gold Mining, Cl A		15,120		43,618
Shandong Gold Mining, Cl H		38,200		70,595

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

4

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Materials ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Shandong Hualu Hengsheng Chemical, Cl A		8,520	$	38,741
Shandong Nanshan Aluminum, Cl A		52,400		25,720
Shandong Sun Paper Industry JSC, Cl A		14,200		26,340
Shanghai Putailai New Energy Technology, Cl A		2,590		46,304
Shanxi Meijin Energy, Cl A		7,700		12,115
Shanxi Taigang Stainless Steel, Cl A		27,600		24,726
Shenghe Resources Holding, Cl A		4,300		10,197
Shenzhen Capchem Technology, Cl A		900		9,060
Shenzhen Senior Technology Material, Cl A		3,000		9,594
Sichuan Hebang Biotechnology		17,400		8,279
Sichuan Yahua Industrial Group, Cl A		2,900		11,597
Sinoma Science & Technology, Cl A		3,700		11,326
Sinopec Shanghai Petrochemical, Cl A		33,100		15,499
Skshu Paint, Cl A		893		9,982
Suzhou TA&A Ultra Clean Technology, Cl A		875		8,060
Tianshan Aluminum Group, Cl A		7,700		7,965
Tibet Summit Resources, Cl A *		2,275		6,710
Tongkun Group, Cl A		10,600		24,243
Tongling Nonferrous Metals Group, Cl A		51,000		26,876
Transfar Zhilian, Cl A		16,600		15,846
Wanhua Chemical Group, Cl A		10,722		125,677
Weihai Guangwei Composites, Cl A		2,400		17,999
Western Superconducting Technologies, Cl A		896		11,062
Xiamen Tungsten, Cl A		6,800		16,136
Xinjiang Zhongtai Chemical, Cl A		6,925		7,705
Yintai Gold, Cl A		15,020		21,054
YongXing Special Materials Technology,  Cl A		675		10,579
Youngy, Cl A *		675		10,604
Yunnan Aluminium, Cl A		5,400		8,545
Yunnan Energy New Material, Cl A		3,100		94,726
Yunnan Tin, Cl A		3,300		8,904

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

5

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Materials ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Zhejiang Huayou Cobalt, Cl A		4,430	$	54,901
Zhejiang Juhua, Cl A		13,400		22,899
Zhejiang Longsheng Group, Cl A		15,500		23,501
Zhejiang Yongtai Technology, Cl A		2,100		7,968
Zibo Qixiang Tengda Chemical, Cl A		7,500		8,029
Zijin Mining Group, Cl A		22,700		37,835
Zijin Mining Group, Cl H		252,059		375,865
TOTAL CHINA				4,053,083
HONG KONG — 2.7%
Materials — 2.7%
China Lumena New Materials *(A)(B)(C)		48		—
Huabao International Holdings		46,700		25,772
Nine Dragons Paper Holdings		96,970		86,142
TOTAL HONG KONG				111,914
TOTAL COMMON STOCK
(Cost $4,538,330)				4,164,997
TOTAL INVESTMENTS — 100.1%
(Cost $4,538,330)			$	4,164,997

Percentages are based on Net Assets of $4,159,458.

*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2022 was $16,990 and represented 0.4% of Net Assets.
(C)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2022, was $16,990 and represents 0.4% of Net Assets.

Cl — Class

JSC — Joint Stock Company

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

6

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Materials ETF

The following is a summary of the level of inputs used as of April 30, 2022, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	4,148,007	$	—	$	16,990	$	4,164,997
Total Investments in Securities	$	4,148,007	$	—	$	16,990	$	4,164,997

⁽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.

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

7

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Industrials ETF

	Shares		Value
COMMON STOCK — 100.0%
CHINA — 98.6%
Industrials — 98.6%
51job ADR *		1,556	$	94,683
AECC Aero-Engine Control, Cl A		3,700		13,259
AECC Aviation Power, Cl A		7,885		44,852
Air China, Cl A *		19,260		27,462
Air China, Cl H *		91,900		62,663
AVIC Electromechanical Systems, Cl A		12,360		18,461
AviChina Industry & Technology, Cl H		129,810		71,141
AVICOPTER, Cl A		2,140		13,758
Beijing Capital International Airport, Cl H *		94,781		52,306
Beijing New Building Materials, Cl A		5,320		23,253
Beijing Originwater Technology, Cl A		11,940		8,431
Beijing United Information Technology, Cl A		1,025		14,854
Beijing-Shanghai High Speed Railway, Cl A		126,400		87,353
China Baoan Group, Cl A		7,080		9,594
China Communications Services, Cl H		127,400		58,292
China Conch Venture Holdings		84,430		220,056
China CSSC Holdings, Cl A		14,010		33,033
China Eastern Airlines, Cl A *		31,000		22,030
China Energy Engineering		101,800		37,092
China Everbright Environment Group		190,250		112,994
China Lesso Group Holdings		55,940		70,940
China Merchants Port Holdings		78,381		137,659
China National Chemical Engineering, Cl A		18,720		25,733
China Railway Group, Cl A		61,700		65,772
China Railway Group, Cl H		207,048		145,400
China Southern Airlines, Cl A *		33,460		32,746
China Southern Airlines, Cl H *		87,650		49,488
China State Construction Engineering, Cl A		129,075		122,046

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

8

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Industrials ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
China State Construction International Holdings		103,710	$	134,823
CITIC		298,350		310,664
Contemporary Amperex Technology, Cl A *		7,192		443,267
COSCO SHIPPING Development, Cl A		28,980		13,483
COSCO SHIPPING Holdings, Cl A		40,010		86,927
COSCO SHIPPING Holdings, Cl H		173,726		275,884
COSCO SHIPPING Ports		90,630		64,916
CRRC, Cl A		76,950		58,509
CRRC, Cl H		223,000		83,275
Daqin Railway, Cl A		48,000		48,132
DiDi Global ADR *		8,510		15,999
Dongfang Electric, Cl A		8,390		15,942
Eve Energy, Cl A		5,830		57,820
Fangda Carbon New Material, Cl A *		11,323		12,070
Fosun International		126,770		134,749
Ginlong Technologies, Cl A		737		21,416
Gotion High-Tech, Cl A		4,920		19,853
Guangdong Kinlong Hardware Products, Cl A		954		11,158
Haitian International Holdings		33,546		83,201
Hefei Meiya Optoelectronic Technology, Cl A		1,550		5,295
Hongfa Technology, Cl A		2,250		16,369
Jiangsu Expressway, Cl H		61,419		60,823
Jiangsu Hengli Hydraulic, Cl A		3,858		26,680
Jiangsu Zhongtian Technology, Cl A		9,410		23,165
Kuang-Chi Technologies, Cl A *		7,540		15,087
Luoyang Xinqianglian Slewing Bearing, Cl A		610		11,142
Metallurgical Corp of China, Cl A		57,100		30,004
Ming Yang Smart Energy Group, Cl A		6,550		21,913
NARI Technology, Cl A		17,020		82,003
Ningbo Ronbay New Energy Technology, Cl A		1,455		20,444
North Industries Group Red Arrow, Cl A		4,790		15,037

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

9

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Industrials ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Power Construction Corp of China, Cl A		46,550	$	54,388
Riyue Heavy Industry, Cl A		2,270		5,578
Sany Heavy Equipment International Holdings		57,750		55,129
Sany Heavy Industry, Cl A		26,280		65,287
SF Holding, Cl A		15,235		117,674
Shanghai Construction Group, Cl A		28,600		13,952
Shanghai Electric Group, Cl A *		40,500		23,416
Shanghai International Airport, Cl A *		2,965		22,053
Shanghai International Port Group, Cl A		29,130		26,009
Shanghai M&G Stationery, Cl A		3,193		22,980
Shenzhen Inovance Technology, Cl A		8,030		69,761
Shenzhen International Holdings		63,631		68,609
Sichuan New Energy Power *		3,290		8,297
Sichuan Road & Bridge, Cl A		14,820		23,340
Sieyuan Electric, Cl A		2,450		11,096
Sinotrans, Cl A		13,600		7,720
Sinotruk Hong Kong		36,500		44,659
Sungrow Power Supply, Cl A		4,400		41,869
Sunwoda Electronic, Cl A		5,720		19,162
Suzhou Maxwell Technologies, Cl A		563		28,486
TBEA, Cl A		11,750		34,286
Titan Wind Energy Suzhou, Cl A		4,925		7,452
Weichai Power, Cl A		21,160		35,651
Weichai Power, Cl H		99,916		141,352
Wuxi Lead Intelligent Equipment, Cl A		2,472		16,477
Wuxi Shangji Automation, Cl A		823		15,191
XCMG Construction Machinery, Cl A *		25,720		19,208
Xiamen C & D, Cl A		8,800		19,159
Xinjiang Goldwind Science & Technology, Cl A		10,197		17,333
Xinjiang Goldwind Science & Technology, Cl H		39,951		57,435
Yantai Eddie Precision Machinery, Cl A		2,040		5,860

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

10

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Industrials ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
YTO Express Group, Cl A		10,140	$	27,298
Yunda Holding, Cl A		9,140		21,248
Zhefu Holding Group, Cl A		15,470		10,435
Zhejiang Chint Electrics, Cl A		6,250		30,762
Zhejiang Dingli Machinery, Cl A		1,423		7,970
Zhejiang Expressway, Cl H		75,560		62,500
Zhejiang HangKe Technology, Cl A		1,430		9,452
Zhejiang Sanhua Intelligent Controls, Cl A		5,760		14,535
Zhejiang Weiming Environment Protection, Cl A		3,885		14,302
Zhejiang Weixing New Building Materials, Cl A		4,410		12,609
Zhuzhou CRRC Times Electric, Cl H		28,743		114,845
Zhuzhou Kibing Group, Cl A		8,580		14,352
Zoomlion Heavy Industry Science and Technology, Cl A		22,500		19,649
Zoomlion Heavy Industry Science and Technology, Cl H		70,120		41,556
ZTO Express Cayman ADR *		22,331		614,326
TOTAL CHINA				6,010,109
SINGAPORE — 1.4%
Industrials — 1.4%
BOC Aviation		10,760		85,162
TOTAL COMMON STOCK
(Cost $7,053,854)				6,095,271
TOTAL INVESTMENTS — 100.0%
(Cost $7,053,854)			$	6,095,271

Percentages are based on Net Assets of $6,097,391.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

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

11

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Industrials ETF

As of April 30, 2022, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

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

12

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Consumer Discretionary ETF

	Shares		Value
COMMON STOCK — 100.0%
CHINA — 100.0%
Consumer Discretionary — 100.0%
Alibaba Group Holding *		2,193,056	$	28,537,693
Alibaba Health Information Technology *		115,900		67,211
ANTA Sports Products		724,896		8,485,907
Autel Intelligent Technology, Cl A		51,986		219,710
Beijing Roborock Technology, Cl A		7,379		635,498
Bosideng International Holdings		6,212,500		3,135,487
BYD, Cl A		131,149		4,798,351
BYD, Cl H		514,630		15,466,153
Changzhou Xingyu Automotive Lighting Systems, Cl A		35,730		687,949
China Education Group Holdings		1,604,500		1,392,612
China Meidong Auto Holdings		884,400		2,947,568
China Ruyi Holdings *		5,504,300		1,339,920
China Tourism Group Duty Free, Cl A		143,750		3,938,911
Chongqing Changan Automobile, Cl A		768,776		1,211,901
Dada Nexus ADR *		116,962		892,420
Dongfeng Motor Group, Cl H		4,482,946		3,296,725
Ecovacs Robotics, Cl A		57,250		931,798
FAW Jiefang Group, Cl A		364,100		444,593
Fuyao Glass Industry Group, Cl A		241,214		1,291,109
Fuyao Glass Industry Group, Cl H		854,800		3,551,612
Geely Automobile Holdings		4,111,800		6,519,222
GOME Retail Holdings * (A)		23,540,700		1,155,110

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

13

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Consumer Discretionary ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Great Wall Motor, Cl A		270,700	$	1,011,605
Great Wall Motor, Cl H		2,550,997		3,673,938
Gree Electric Appliances of Zhuhai, Cl A		149,400		702,045
Guangzhou Automobile Group, Cl H		4,307,823		3,716,977
Haidilao International Holding * (A)		1,673,300		3,339,712
Haier Smart Home, Cl A		766,119		2,988,714
Haier Smart Home, Cl H		1,941,160		7,026,241
Hang Zhou Great Star Industrial, Cl A *		138,400		322,364
Hangzhou Robam Appliances, Cl A		114,032		530,525
Huayu Automotive Systems, Cl A		385,280		1,136,981
Huazhu Group ADR		154,084		4,659,500
Huizhou Desay Sv Automotive, Cl A		54,900		988,030
Jason Furniture Hangzhou, Cl A		79,200		694,015
JD Health International *		125,920		811,259
JD.com, Cl A *		1,015,004		34,358,897
Jiumaojiu International Holdings (A)		1,468,700		3,294,497
Li Auto ADR *		373,265		8,372,334
Li Ning		1,464,400		11,674,289
Meituan, Cl B *		1,227,450		26,907,643
Mianyang Fulin Precision, Cl A *		88,300		264,566
Minth Group		1,072,400		2,569,556
New Oriental Education & Technology Group ADR *		220,659		2,769,270
Ningbo Joyson Electronic, Cl A *		157,200		258,462
Ningbo Tuopu Group, Cl A		132,335		1,047,450
NIO ADR *		760,548		12,701,152
Oppein Home Group, Cl A		62,255		1,091,808
Pinduoduo ADR *		255,125		10,993,336
Ping An Healthcare and Technology * (A)		348,000		873,753
SAIC Motor, Cl A		947,700		2,275,895
Sailun Group, Cl A		374,353		543,913
Shandong Linglong Tyre, Cl A		169,734		454,127
Shanghai Jinjiang International Hotels, Cl A		109,656		886,599

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

14

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Consumer Discretionary ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Shanghai Yuyuan Tourist Mart Group, Cl A		373,328	$	505,325
Shenzhen Kedali Industry, Cl A		29,200		536,369
Shenzhen MTC, Cl A *		547,800		266,407
Shenzhen Overseas Chinese Town, Cl A		1,021,900		930,860
Shenzhou International Group Holdings		575,292		7,984,718
Songcheng Performance Development, Cl A		301,680		569,139
Suning.com, Cl A *		1,163,400		565,786
TAL Education Group ADR *		839,800		2,846,922
TCL Technology Group, Cl A		1,680,405		1,057,575
Tongcheng Travel Holdings *		1,835,900		3,303,902
Topsports International Holdings		3,103,200		2,396,767
Trip.com Group ADR *		358,538		8,479,424
Vipshop Holdings ADR *		509,057		3,899,377
Wuchan Zhongda Group, Cl A		618,800		461,186
Xiamen Intretech, Cl A		93,140		287,622
XPeng ADR, Cl A *		267,858		6,591,985
Yadea Group Holdings		2,332,600		3,555,616
Yum China Holdings		275,133		11,500,559
Zhejiang Semir Garment, Cl A		306,587		301,431
Zhejiang Supor, Cl A		68,226		565,802
Zhongsheng Group Holdings		696,500		4,642,653
TOTAL CHINA				305,136,338
TOTAL COMMON STOCK
(Cost $532,994,658)				305,136,338
SHORT-TERM INVESTMENT(B)(C) — 0.8%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $2,315,557)		2,315,557		2,315,557

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

15

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Consumer Discretionary ETF

	Face Amount		Value
REPURCHASE AGREEMENT(B) — 0.5%
BNP Paribas
0.240%, dated 04/29/2022, to be repurchased on 05/02/2022, repurchase price $1,660,382 (collateralized by various U.S. Treasury Obligations, ranging in par value $132,228 - $177,790, 0.250%, 09/30/2025, with a total market value of $1,692,521)
(Cost $1,660,349)	$	1,660,349	$	1,660,349
TOTAL INVESTMENTS — 101.3%
(Cost $536,970,564)			$	309,112,244

Percentages are based on Net Assets of $305,223,101.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2022.  The total value of securities on loan at April 30, 2022 was $3,400,573.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2022 was $3,975,906.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2022.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2022, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	305,136,338	$	—	$	—	$	305,136,338
Short-Term Investment		2,315,557		—		—		2,315,557
Repurchase Agreement		—		1,660,349		—		1,660,349
Total Investments in Securities	$	307,451,895	$	1,660,349	$	—	$	309,112,244

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

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

16

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Consumer Staples ETF

	Shares		Value
COMMON STOCK — 99.9%
CHINA — 98.9%
Consumer Staples — 98.9%
Angel Yeast, Cl A		6,754	$	39,049
Anhui Gujing Distillery, Cl A		3,076		90,547
Anhui Gujing Distillery, Cl B		12,100		161,587
Anhui Kouzi Distillery, Cl A		4,800		37,024
Anhui Yingjia Distillery, Cl A		3,900		33,946
Anjoy Foods Group, Cl A		1,500		29,229
Beijing Dabeinong Technology Group, Cl A *		45,900		49,620
Beijing Shunxin Agriculture, Cl A		5,830		18,056
By-health, Cl A		13,400		40,492
C&S Paper, Cl A		9,100		14,414
Chacha Food, Cl A		3,500		27,998
China Feihe		317,000		303,419
China Mengniu Dairy		185,200		1,005,528
China Resources Beer Holdings		131,100		776,961
Chongqing Brewery, Cl A		3,872		73,135
Chongqing Fuling Zhacai Group, Cl A		6,500		34,204
Dali Foods Group		248,000		127,064
DaShenLin Pharmaceutical Group, Cl A		4,940		19,636
Foshan Haitian Flavouring & Food, Cl A		22,413		275,090
Fujian Sunner Development, Cl A		8,600		21,106
Guangdong Haid Group, Cl A		11,991		111,358
Heilongjiang Agriculture, Cl A		14,300		30,315
Henan Shuanghui Investment & Development, Cl A		22,840		102,307
Hengan International Group		63,400		300,591
Inner Mongolia Yili Industrial Group, Cl A		39,129		226,643
Jiangsu King’s Luck Brewery JSC, Cl A		9,800		66,222

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

17

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Consumer Staples ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Jiangsu Yanghe Brewery Joint-Stock, Cl A		9,194	$	220,184
Jiangxi Zhengbang Technology, Cl A *		23,200		20,435
JiuGui Liquor, Cl A		1,900		42,856
Jonjee Hi-Tech Industrial And Commercial Holding, Cl A		6,400		24,187
Juewei Food, Cl A		4,900		32,425
Kweichow Moutai, Cl A		3,826		1,053,252
Laobaixing Pharmacy Chain JSC, Cl A		3,160		15,339
Luzhou Laojiao, Cl A		8,597		272,768
Muyuan Foods, Cl A		31,364		246,645
New Hope Liuhe, Cl A *		38,600		81,539
Nongfu Spring, Cl H		153,200		820,071
Proya Cosmetics, Cl A		1,300		39,432
RLX Technology ADR *		49,696		100,883
Shanghai Bairun Investment Holding Group, Cl A		4,560		21,462
Shanghai Jahwa United, Cl A		5,600		26,264
Shanxi Xinghuacun Fen Wine Factory, Cl A		7,078		289,868
Sichuan Swellfun, Cl A		3,868		41,250
Smoore International Holdings		156,800		336,936
Sun Art Retail Group		239,300		75,028
Tingyi Cayman Islands Holding		189,500		347,305
Toly Bread, Cl A		8,820		18,153
Tongwei, Cl A		28,200		174,507
Tsingtao Brewery, Cl A		5,100		66,268
Tsingtao Brewery, Cl H		50,900		418,104
Uni-President China Holdings		150,300		132,750
Want Want China Holdings		461,000		416,573
Wens Foodstuffs Group *		46,644		131,047
Wuliangye Yibin, Cl A		21,348		521,124
Yifeng Pharmacy Chain, Cl A		5,480		30,363
Yihai International Holding		46,840		133,425
Yihai Kerry Arawana Holdings, Cl A		8,100		58,539

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

18

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Consumer Staples ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Yonghui Superstores, Cl A		103,600	$	69,101
Yuan Longping High-tech Agriculture, Cl A *		10,600		26,015
TOTAL CHINA				10,319,639
HONG KONG — 1.0%
Consumer Staples — 1.0%
Vinda International Holdings		41,000		99,284
TOTAL COMMON STOCK
(Cost $11,475,574)				10,418,923
TOTAL INVESTMENTS — 99.9%
(Cost $11,475,574)			$	10,418,923

Percentages are based on Net Assets of $10,429,913.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

JSC — Joint Stock Company

As of April 30, 2022, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

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

19

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Health Care ETF

	Shares		Value
COMMON STOCK — 99.9%
CHINA — 93.6%
Health Care — 93.6%
3SBio		188,700	$	133,478
Aier Eye Hospital Group, Cl A		40,024		216,460
Akeso *		25,700		49,001
Apeloa Pharmaceutical, Cl A		7,500		20,992
Asymchem Laboratories Tianjin, Cl A		1,613		64,856
Autobio Diagnostics, Cl A		2,782		19,163
BeiGene ADR *		4,588		734,080
Beijing Tiantan Biological Products, Cl A		9,300		27,627
Beijing Wantai Biological Pharmacy Enterprise, Cl A		3,190		77,520
Betta Pharmaceuticals, Cl A		2,420		15,708
BGI Genomics, Cl A		2,433		23,064
CanSino Biologics, Cl A		605		13,847
CanSino Biologics, Cl H		7,700		82,730
Changchun High & New Technology Industry Group, Cl A		2,828		66,858
China Medical System Holdings		170,100		246,278
China National Medicines, Cl A		4,900		21,771
China Resources Sanjiu Medical & Pharmaceutical, Cl A		6,900		38,314
China Traditional Chinese Medicine Holdings		406,800		199,611
Chongqing Zhifei Biological Products, Cl A		10,933		155,558
CSPC Pharmaceutical Group		912,808		942,341
Daan Gene, Cl A		8,460		22,915
Dong-E-E-Jiao, Cl E		8,700		39,690
Genscript Biotech *		127,800		370,558
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		18,359		80,245

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

20

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Health Care ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Guangzhou Kingmed Diagnostics Group, Cl A		3,100	$	37,961
Hangzhou Tigermed Consulting, Cl A		5,216		70,327
Hangzhou Tigermed Consulting, Cl H		12,320		121,533
Hansoh Pharmaceutical Group		134,500		223,191
Huadong Medicine, Cl A		21,411		109,929
Hualan Biological Engineering, Cl A		14,870		37,367
Humanwell Healthcare Group, Cl A		10,100		23,753
HUTCHMED China ADR *		10,593		159,848
Hygeia Healthcare Holdings		32,200		158,822
I-Mab ADR *		3,659		45,884
Imeik Technology Development, Cl A		1,200		93,500
Innovent Biologics *		113,900		365,094
Intco Medical Technology, Cl A		2,850		12,354
Jafron Biomedical, Cl A		6,100		37,932
Jiangsu Hengrui Medicine, Cl A		44,672		198,282
Jiangsu Yuyue Medical Equipment & Supply, Cl A		6,600		23,680
Jinxin Fertility Group		133,900		85,499
Joincare Pharmaceutical Group Industry, Cl A		11,900		19,942
Joinn Laboratories China, Cl A		1,500		22,467
Jointown Pharmaceutical Group, Cl A		26,070		50,282
Lepu Medical Technology Beijing, Cl A		14,701		37,761
Livzon Pharmaceutical Group, Cl A		4,300		21,559
Meinian Onehealth Healthcare Holdings, Cl A *		52,220		39,312
Microport Scientific		73,200		147,218
Nanjing King-Friend Biochemical Pharmaceutical, Cl A		7,036		27,364
Ovctek China, Cl A		5,924		32,948
PharmaBlock Sciences Nanjing, Cl A		1,000		11,569
Pharmaron Beijing, Cl A		3,500		65,977
Pharmaron Beijing, Cl H		12,750		162,338
Shandong Buchang Pharmaceuticals, Cl A		16,287		44,557

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

21

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Health Care ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Shandong Weigao Group Medical Polymer, Cl H		279,300	$	300,083
Shanghai Fosun Pharmaceutical Group, Cl A		16,074		104,019
Shanghai Fosun Pharmaceutical Group, Cl H		59,600		257,507
Shanghai Junshi Biosciences, Cl A *		3,563		51,210
Shanghai Medicilon, Cl A		221		12,712
Shanghai Pharmaceuticals Holding, Cl A		20,700		54,822
Shanghai Pharmaceuticals Holding, Cl H		110,900		180,354
Shanghai RAAS Blood Products, Cl A		33,300		27,074
Shenzhen Kangtai Biological Products, Cl A		5,143		50,124
Shenzhen Mindray Bio-Medical Electronics, Cl A		7,361		346,344
Shenzhen New Industries Biomedical Engineering, Cl A		3,100		18,693
Shenzhen Salubris Pharmaceuticals, Cl A		13,000		44,940
Shijiazhuang Yiling Pharmaceutical, Cl A		13,827		51,838
Sichuan Kelun Pharmaceutical, Cl A		19,700		50,276
Sinopharm Group, Cl H		154,800		358,286
Topchoice Medical, Cl A *		2,380		45,993
Venus MedTech Hangzhou, Cl H *		19,700		36,708
Walvax Biotechnology, Cl A		12,100		97,376
Winning Health Technology Group, Cl A		15,270		18,278
WuXi AppTec, Cl A		16,924		263,045
WuXi AppTec, Cl H		35,456		492,561
Wuxi Biologics Cayman *		162,580		1,243,259
Yunnan Baiyao Group, Cl A		11,510		132,193
Zai Lab ADR *		7,889		315,245
Zhangzhou Pientzehuang Pharmaceutical,  Cl A		4,926		227,065
Zhejiang Huahai Pharmaceutical, Cl A		9,710		22,178
Zhejiang Jiuzhou Pharmaceutical, Cl A		4,600		32,677
Zhejiang NHU, Cl A		20,340		81,982

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

22

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Health Care ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Zhejiang Wolwo Bio-Pharmaceutical, Cl A		3,223	$	19,867
TOTAL CHINA				11,087,624
HONG KONG — 4.8%
Health Care — 4.8%
Sino Biopharmaceutical		1,083,100		572,875
UNITED STATES — 1.5%
Health Care — 1.5%
Legend Biotech ADR *		4,375		175,656
TOTAL COMMON STOCK
(Cost $17,638,146)				11,836,155
TOTAL INVESTMENTS — 99.9%
(Cost $17,638,146)			$	11,836,155

Percentages are based on Net Assets of $11,849,246.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

As of April 30, 2022, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

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

23

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Financials ETF

	Shares		Value
COMMON STOCK — 100.2%
CHINA — 100.2%
Financials — 100.2%
360 DigiTech ADR		10,905	$	157,359
Agricultural Bank of China, Cl A		597,200		275,145
Agricultural Bank of China, Cl H		3,651,888		1,377,693
AVIC Industry-Finance Holdings, Cl A		124,000		71,879
Bank of Beijing, Cl A		202,700		139,473
Bank of Changsha, Cl A		47,150		52,746
Bank of Chengdu, Cl A		56,300		142,325
Bank of China, Cl A		323,800		157,471
Bank of China, Cl H		9,652,434		3,813,660
Bank of Communications, Cl A		319,100		244,068
Bank of Communications, Cl H		1,411,571		984,087
Bank of Hangzhou, Cl A		77,795		178,976
Bank of Jiangsu, Cl A		153,030		168,889
Bank of Nanjing, Cl A		98,084		171,308
Bank of Ningbo, Cl A		56,920		311,180
Bank of Shanghai, Cl A		124,398		121,557
BOC International China, Cl A		26,640		50,218
Caitong Securities, Cl A		63,510		68,084
Changjiang Securities, Cl A		84,900		70,945
China Bohai Bank, Cl H		517,500		85,083
China Cinda Asset Management, Cl H		2,335,900		395,958
China CITIC Bank Corp Ltd., Cl H		1,519,622		776,646
China Construction Bank, Cl A		23,200		21,203
China Construction Bank, Cl H		5,352,826		3,813,628
China Everbright Bank, Cl A		327,000		157,058
China Everbright Bank, Cl H		1,027,400		374,498
China Galaxy Securities, Cl A		51,400		71,818
China Galaxy Securities, Cl H		799,450		438,130

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

24

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Financials ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
China Great Wall Securities, Cl A		38,300	$	47,690
China International Capital, Cl A		13,440		75,844
China International Capital, Cl H		257,550		522,574
China Life Insurance, Cl A		26,002		99,636
China Life Insurance, Cl H		883,890		1,297,759
China Merchants Bank, Cl A		86,834		522,047
China Merchants Bank, Cl H		393,524		2,402,427
China Merchants Securities, Cl A		69,280		133,205
China Minsheng Banking, Cl A		287,900		160,385
China Minsheng Banking, Cl H		1,097,326		418,167
China Pacific Insurance Group, Cl A		54,250		169,896
China Pacific Insurance Group, Cl H		371,262		830,899
China Taiping Insurance Holdings		321,730		371,504
China Zheshang Bank, Cl A		169,600		84,523
Chongqing Rural Commercial Bank, Cl A		118,000		68,757
CITIC Securities, Cl A		97,480		288,989
CITIC Securities, Cl H		411,345		913,267
CSC Financial, Cl A		33,825		109,903
Dongxing Securities, Cl A		50,200		62,205
East Money Information, Cl A		99,227		340,333
Everbright Securities, Cl A		43,432		74,417
Far East Horizon		440,000		359,463
First Capital Securities, Cl A		85,100		71,112
Founder Securities, Cl A		87,400		80,535
GF Securities Ltd., Cl A		56,200		135,979
GF Securities Ltd., Cl H		280,300		354,387
Guangzhou Yuexiu Financial Holdings Group, Cl A		44,205		49,119
Guolian Securities, Cl A		36,000		50,788
Guosen Securities, Cl A		55,945		81,706
Guotai Junan Securities, Cl A		70,444		154,852
Guoyuan Securities, Cl A		67,020		60,948
Haitong Securities Ltd., Cl A		86,800		118,274

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

25

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Financials ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Haitong Securities Ltd., Cl H		592,000	$	416,490
Hithink RoyalFlush Information Network, Cl A		7,460		92,249
Huatai Securities Ltd., Cl A		63,250		127,134
Huatai Securities Ltd., Cl H		318,650		442,674
Huaxi Securities, Cl A		37,690		39,667
Huaxia Bank, Cl A		123,700		101,505
Industrial & Commercial Bank of China, Cl A		293,400		211,159
Industrial & Commercial Bank of China, Cl H		6,414,737		3,875,258
Industrial Bank, Cl A		161,980		499,473
Industrial Securities, Cl A		83,500		81,844
Lufax Holding ADR		72,845		404,290
Nanjing Securities, Cl A		45,600		51,287
New China Life Insurance C, Cl A		21,537		96,730
New China Life Insurance C, Cl H		166,061		424,351
Noah Holdings ADR *		10,532		189,260
Northeast Securities, Cl A		36,000		35,557
Orient Securities, Cl A		126,824		174,911
People’s Insurance Group of China, Cl A		82,800		54,604
People’s Insurance Group of China, Cl H		1,744,800		560,389
PICC Property & Casualty, Cl H		1,055,063		1,083,819
Ping An Bank, Cl A		8,725		20,125
Ping An Insurance Group of China, Cl A		4,200		28,178
Ping An Insurance Group of China, Cl H		479,304		3,139,913
Postal Savings Bank of China, Cl A		228,500		186,125
Postal Savings Bank of China, Cl H		1,292,900		988,689
Qingdao Rural Commercial Bank, Cl A		95,300		48,642
SDIC Capital, Cl A		82,026		79,288
Sealand Securities, Cl A		94,810		47,964
Shanghai Pudong Development Bank, Cl A		230,214		278,335
Shanxi Securities, Cl A		70,540		53,210
Shenwan Hongyuan Group, Cl A		202,300		124,578
Sinolink Securities, Cl A		47,100		58,505

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

26

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Financials ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
SooChow Securities, Cl A		78,384	$	80,134
Southwest Securities, Cl A		112,900		63,405
Tianfeng Securities, Cl A		124,100		56,055
Western Securities, Cl A		65,300		61,351
Zheshang Securities, Cl A		45,540		63,150
ZhongAn Online P&C Insurance, Cl H *		83,500		293,724
Zhongtai Securities, Cl A		54,300		59,191
TOTAL CHINA				39,895,888
TOTAL COMMON STOCK
(Cost $51,509,883)				39,895,888
TOTAL INVESTMENTS — 100.2%
(Cost $51,509,883)			$	39,895,888

Percentages are based on Net Assets of $39,827,860.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

Ltd. — Limited

As of April 30, 2022, 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.

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

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

27

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Information Technology ETF

	Shares		Value
COMMON STOCK — 99.9%
CHINA — 98.1%
Information Technology — 98.1%
360 Security Technology, Cl A		52,559	$	64,812
AAC Technologies Holdings		137,000		323,025
Addsino, Cl A		15,100		20,439
Advanced Micro-Fabrication, Cl A *		4,338		68,580
Avary Holding Shenzhen, Cl A		10,700		47,477
Beijing BDStar Navigation, Cl A		5,400		22,497
Beijing E-Hualu Information Technology, Cl A		5,040		11,102
Beijing Kingsoft Office Software, Cl A		3,221		91,513
Beijing Shiji Information Technology, Cl A		27,280		73,522
Beijing Sinnet Technology, Cl A		17,800		25,943
Beijing Yuanliu Hongyuan Electronic Technology, Cl A		1,180		20,920
BOE Technology Group, Cl A		499,700		285,900
BYD Electronic International		135,300		276,941
Chaozhou Three-Circle Group, Cl A		35,189		151,793
China Greatwall Technology Group, Cl A		36,000		48,891
China Railway Signal & Communication,  Cl A		33,330		21,679
China Resources Microelectronics, Cl A		6,353		46,564
China TransInfo Technology, Cl A		16,100		20,774
China Zhenhua Group Science & Technology, Cl A		3,700		58,890
Chinasoft International		374,300		308,174

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

28

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Information Technology ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Chindata Group Holdings ADR *		12,897	$	80,477
Daqo New Energy ADR *		8,811		366,273
DHC Software, Cl A		72,500		63,530
Fiberhome Telecommunication Technologies, Cl A		11,900		24,063
Flat Glass Group, Cl A *		9,800		59,906
Flat Glass Group, Cl H *		54,900		198,717
Foxconn Industrial Internet, Cl A		73,450		105,281
GCL System Integration Technology, Cl A *		76,400		31,634
GDS Holdings ADR * (A)		15,485		486,539
Gigadevice Semiconductor Beijing, Cl A		7,443		139,868
GoerTek, Cl A		47,100		248,559
GRG Banking Equipment, Cl A		26,400		34,025
Guangzhou Haige Communications Group, Cl A		52,200		71,285
Guangzhou Shiyuan Electronic Technology, Cl A		7,100		82,014
Hangzhou First Applied Material, Cl A		8,280		115,616
Hangzhou Silan Microelectronics, Cl A		13,000		82,208
Hengtong Optic-electric, Cl A		13,600		20,682
Hua Hong Semiconductor *		99,100		394,069
Huagong Tech, Cl A		10,100		25,593
Hundsun Technologies, Cl A		27,053		155,108
Iflytek		35,850		199,716
Ingenic Semiconductor, Cl A		4,000		44,952
Inspur Electronic Information Industry, Cl A		14,852		55,144
JA Solar Technology, Cl A		12,800		156,933
JCET Group, Cl A		17,000		55,338
Kingboard Holdings		123,800		563,290
Kingdee International Software Group *		424,300		882,544
Kingsoft Cloud Holdings ADR *		12,165		44,037
Lakala Payment, Cl A *		7,900		21,303
Lenovo Group		1,192,500		1,167,248

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

29

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Information Technology ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Lens Technology, Cl A		73,800	$	112,894
Leyard Optoelectronic, Cl A		28,300		25,608
Lingyi iTech Guangdong, Cl A *		69,497		44,785
LONGi Green Energy Technology, Cl A		57,137		584,644
Luxshare Precision Industry, Cl A		82,052		381,494
Maxscend Microelectronics, Cl A		2,739		76,507
Ming Yuan Cloud Group Holdings (A)		77,000		103,044
Montage Technology, Cl A		7,461		65,211
National Silicon Industry, Cl A *		13,254		41,708
NAURA Technology Group, Cl A		5,708		205,401
NavInfo, Cl A		12,500		23,394
Ninestar, Cl A		29,770		183,415
OFILM Group, Cl A *		73,500		61,308
Raytron Technology, Cl A		2,793		15,101
Sangfor Technologies, Cl A		4,410		59,194
SG Micro, Cl A		2,200		92,747
Shanghai Baosight Software, Cl A		12,240		87,704
Shanghai Baosight Software, Cl B		54,100		199,629
Shanghai Friendess Electronic Technology, Cl A		572		21,358
Shengyi Technology, Cl A		24,000		60,274
Shennan Circuits, Cl A		4,882		70,131
Shenzhen Goodix Technology, Cl A		4,550		38,699
Shenzhen Kaifa Technology, Cl A		14,500		21,286
Shenzhen SC New Energy Technology, Cl A		3,800		33,928
Shenzhen Sunlord Electronics, Cl A		3,700		13,972
Shenzhen Sunway Communication, Cl A		9,800		21,646
Shenzhen Transsion Holdings, Cl A		4,876		62,109
StarPower Semiconductor, Cl A		1,040		53,979
Sunny Optical Technology Group		86,980		1,291,483
Suzhou Dongshan Precision Manufacturing, Cl A		33,200		84,478
Thunder Software Technology, Cl A		4,400		62,313

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

30

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Information Technology ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Tianjin 712 Communication & Broadcasting, Cl A		7,200	$	29,844
Tianjin Zhonghuan Semiconductor, Cl A		34,900		205,038
Tianma Microelectronics, Cl A		53,600		73,923
Tianshui Huatian Technology, Cl A		35,700		45,957
TongFu Microelectronics, Cl A		14,200		28,371
Topsec Technologies Group, Cl A		9,500		13,217
Travelsky Technology, Cl H		200,400		304,962
Trina Solar, Cl A		12,159		93,000
Unigroup Guoxin Microelectronics, Cl A		6,600		181,851
Unisplendour, Cl A		31,413		80,404
Universal Scientific Industrial Shanghai, Cl A		13,100		23,886
Weimob * (A)		288,500		176,494
Westone Information Industry, Cl A		5,200		24,936
Will Semiconductor Shanghai, Cl A		9,619		217,965
Wingtech Technology, Cl A		14,140		140,044
Wuhan Guide Infrared, Cl A		23,618		54,869
Wuhu Token Science, Cl A		24,200		22,372
WUS Printed Circuit Kunshan, Cl A		19,420		38,011
Xiamen Faratronic, Cl A		1,260		27,831
Xiaomi, Cl B *		1,005,300		1,563,144
Xinyi Solar Holdings		792,900		1,196,502
Yealink Network Technology, Cl A		8,100		94,614
Yonyou Network Technology, Cl A		52,956		152,608
Zhejiang Dahua Technology, Cl A		61,993		156,063
Zhejiang Jingsheng Mechanical & Electrical, Cl A		13,600		103,510
Zhongji Innolight, Cl A		8,200		37,804
Zhuzhou Hongda Electronics, Cl A		2,500		19,171
ZTE, Cl A		58,231		211,559
ZTE, Cl H		157,600		335,039
TOTAL CHINA				17,817,821

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

31

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Information Technology ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
HONG KONG — 1.8%
Information Technology — 1.8%
Kingboard Laminates Holdings		209,900	$	326,374
TOTAL COMMON STOCK
(Cost $25,786,075)				18,144,195
SHORT-TERM INVESTMENT(B)(C) — 1.8%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $332,815)		332,815		332,815
REPURCHASE AGREEMENT(B) — 1.3%
BNP Paribas
0.240%, dated 04/29/2022, to be repurchased on 05/02/2022, repurchase price $238,647 (collateralized by various U.S. Treasury Obligations, ranging in par value $19,005 - $25,554, 0.250%, 09/30/2025, with a total market value of $243,268)
(Cost $238,642)	$	238,642		238,642
TOTAL INVESTMENTS — 103.0%
(Cost $26,357,532)			$	18,715,652

Percentages are based on Net Assets of $18,166,628.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2022.  The total value of securities on loan at April 30, 2022 was $574,126.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2022 was $571,457.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2022.

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

32

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Information Technology ETF

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2022, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	18,144,195	$	—	$	—	$	18,144,195
Short-Term Investment		332,815		—		—		332,815
Repurchase Agreement		—		238,642		—		238,642
Total Investments in Securities	$	18,477,010	$	238,642	$	—	$	18,715,652

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

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

33

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Communication Services ETF

	Shares		Value
COMMON STOCK — 100.0%
CHINA — 96.5%
Communication Services — 96.5%
37 Interactive Entertainment Network Technology Group, Cl A		94,551	$	343,799
Autohome ADR		11,879		345,323
Baidu ADR *		5,317		660,212
Beijing Enlight Media, Cl A		192,200		209,803
Bilibili ADR *(A)		11,349		276,235
China Literature *		600		2,577
China Tower, Cl H		3,436,600		402,958
China United Network Communications, Cl A		573,400		303,893
Focus Media Information Technology, Cl A		308,400		270,710
G-bits Network Technology Xiamen, Cl A		4,764		242,443
Giant Network Group, Cl A		132,700		165,233
Hello Group ADR *		31,386		166,973
iQIYI ADR *		90,393		321,799
JOYY ADR		7,269		287,634
Kanzhun ADR *		10,844		255,159
Kingsoft		92,300		283,506
Kuaishou Technology, Cl B *		36,400		309,668
Kunlun Tech, Cl A		78,800		170,017
Mango Excellent Media, Cl A		53,620		289,022
National Agricultural Holdings *(B)(C)(D)		204,200		3
NetEase		44,015		863,903
Perfect World, Cl A		127,210		282,893

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

34

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Communication Services ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Communication Services — continued
Tencent Holdings		14,115	$	678,932
Tencent Music Entertainment Group ADR *		329		1,398
Weibo ADR *		10,630		245,978
Zhejiang Century Huatong Group, Cl A *		294,920		211,364
TOTAL CHINA				7,591,435
HONG KONG — 3.5%
Communication Services — 3.5%
Alibaba Pictures Group *		3,151,300		269,097
TOTAL COMMON STOCK
(Cost $11,502,736)				7,860,532
SHORT-TERM INVESTMENT(E)(F) — 1.4%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $112,271)		112,271		112,271
REPURCHASE AGREEMENT(E) — 1.0%
BNP Paribas
0.240%, dated 04/29/2022, to be repurchased on 05/02/2022, repurchase price $80,505 (collateralized by various U.S. Treasury Obligations, ranging in par value $6,411 - $8,620, 0.250%, 09/30/2025, with a total market value of $82,061)
(Cost $80,503)	$	80,503		80,503
TOTAL INVESTMENTS — 102.4%
(Cost $11,695,510)			$	8,053,306

Percentages are based on Net Assets of $7,865,654.

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

35

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Communication Services ETF

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2022.  The total value of securities on loan at April 30, 2022 was $207,158.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	Security considered illiquid. The total value of such securities as of April 30, 2022 was $3 and represented 0.0% of Net Assets.
(D)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2022, was $3 and represents 0.0% of Net Assets.
(E)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2022 was $192,774.
(F)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2022.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2022, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	7,860,529	$	—	$	3	$	7,860,532
Short-Term Investment		112,271		—		—		112,271
Repurchase Agreement		—		80,503		—		80,503
Total Investments in Securities	$	7,972,800	$	80,503	$	3	$	8,053,306

⁽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.

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

36

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Utilities ETF

	Shares		Value
COMMON STOCK — 99.6%
CHINA — 99.6%
Utilities — 99.6%
Beijing Enterprises Holdings		18,600	$	63,295
Beijing Enterprises Water Group		167,400		54,618
CECEP Solar Energy, Cl A		15,900		15,992
CECEP Wind-Power, Cl A		23,700		14,309
CGN Power, Cl H		240,300		67,991
China Gas Holdings		81,990		100,526
China Longyuan Power Group, Cl H		70,900		139,339
China National Nuclear Power, Cl A		40,800		43,800
China Power International Development		148,400		73,007
China Resources Gas Group		26,420		100,513
China Resources Power Holdings		34,850		66,447
China Three Gorges Renewables Group, Cl A		52,800		46,268
China Yangtze Power, Cl A		37,000		126,570
ENN Energy Holdings		8,830		119,179
ENN Natural Gas, Cl A		11,100		27,392
GD Power Development, Cl A		70,000		31,829
Guangdong Investment		52,160		67,143
Huadian Power International, Cl A		40,400		22,810
Huaneng Power International, Cl A		15,800		17,366
Huaneng Power International, Cl H		94,400		48,005
Kunlun Energy		70,760		59,522
SDIC Power Holdings, Cl A		24,500		35,708
Shenzhen Energy Group, Cl A		23,780		20,910
Sichuan Chuantou Energy, Cl A		16,800		27,900
TOTAL CHINA				1,390,439

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

37

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Utilities ETF

	Value
COMMON STOCK — continued
TOTAL COMMON STOCK
(Cost $1,352,421)	$	1,390,439
TOTAL INVESTMENTS — 99.6%
(Cost $1,352,421)	$	1,390,439

Percentages are based on Net Assets of $1,395,832.

Cl — Class

As of April 30, 2022, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

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

38

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Real Estate ETF

	Shares		Value
COMMON STOCK — 99.9%
CHINA — 99.9%
Real Estate — 99.9%
Agile Group Holdings		166,500	$	80,638
A-Living Smart City Services, Cl H		63,550		101,568
China Evergrande Group (A)(B)(C)		497,300		94,121
China Jinmao Holdings Group		624,000		207,572
China Merchants Shekou Industrial Zone Holdings, Cl A		58,100		137,077
China Overseas Land & Investment		248,400		774,059
China Overseas Property Holdings		8,300		9,944
China Resources Land		155,800		700,948
China Resources Mixc Lifestyle Services		1,450		7,050
China Vanke, Cl A		31,700		92,498
China Vanke, Cl H		114,300		271,541
CIFI Ever Sunshine Services Group		83,500		112,594
CIFI Holdings Group		338,285		165,130
Country Garden Holdings		470,400		327,943
Country Garden Services Holdings		122,200		527,197
Gemdale, Cl A		43,000		92,452
Greenland Holdings Group, Cl A		96,755		69,780
Greentown China Holdings		94,100		167,424
Greentown Service Group		153,100		154,151
Guangzhou R&F Properties, Cl H		212,700		79,971
Hopson Development Holdings		74,370		143,884
Jinke Properties Group, Cl A		80,500		54,057
KE Holdings ADR *		29,540		418,877
KWG Group Holdings		172,300		62,805
Logan Group		188,200		59,486
Longfor Group Holdings		135,600		674,012

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

39

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Real Estate ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Poly Developments and Holdings Group, Cl A		72,253	$	197,122
Powerlong Real Estate Holdings		183,700		63,215
RiseSun Real Estate Development, Cl A		79,500		44,767
Seazen Group		214,400		91,540
Seazen Holdings, Cl A		18,200		75,960
Shanghai Lingang Holdings, Cl A		25,500		48,952
Shanghai Lujiazui Finance & Trade Zone Development, Cl B		128,785		117,710
Shanghai Zhangjiang High-Tech Park Development, Cl A		25,700		44,809
Shimao Group Holdings (A)(B)(C)		153,400		77,774
Shimao Services Holdings		121,800		65,199
Sunac China Holdings (A)(B)(C)		246,100		100,558
Sunac Services Holdings		80,600		44,583
Wharf Holdings		111,600		327,853
Youngor Group, Cl A		59,800		61,495
Yuexiu Property		147,120		154,130
Zhejiang China Commodities City Group, Cl A		80,400		61,858
TOTAL CHINA				7,164,304
TOTAL COMMON STOCK
(Cost $9,777,971)				7,164,304
TOTAL INVESTMENTS — 99.9%
(Cost $9,777,971)			$	7,164,304

Percentages are based on Net Assets of $7,173,405.

*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2022 was $272,453 and represented 3.8% 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 April 30, 2022, was $272,453 and represents 3.8% of Net Assets.

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

40

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI China Real Estate ETF

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2022, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	6,891,851	$	—	$	272,453	$	7,164,304
Total Investments in Securities	$	6,891,851	$	—	$	272,453	$	7,164,304

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

	Investments in Common Stock
Beginning Balance as of October 31, 2021	$	–
Transfers out of Level 3		–
Transfers into Level 3		272,453
Net purchases		–
Net sales		–
Realized gain/(loss)		–
Change in unrealized appreciation/(depreciation)		–
Ending Balance as of April 30, 2022	$	272,453

For the period ended April 30, 2022, the transfers in and out of Level 3 were due to changes in the availability of observable inputs to determine fair value.

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

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

41

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Greece ETF

	Shares		Value
COMMON STOCK — 99.5%
GREECE — 96.5%
Communication Services — 15.1%
Hellenic Telecommunications Organization		989,009	$	19,197,778
Consumer Discretionary — 15.5%
FF Group *(A)(B)(C)		452,712		4,776
FF Group ADR *(A)(B)(C)		200,300		2,113
JUMBO		262,527		4,276,162
JUMBO ADR		140,000		2,280,390
OPAP		614,637		9,194,494
OPAP ADR		544,900		4,041,796
				19,799,731
Consumer Staples — 1.8%
Sarantis		306,840		2,343,600
Energy — 7.5%
Hellenic Petroleum Holdings		471,138		3,598,484
Motor Oil Hellas Corinth Refineries		281,435		4,483,199
Motor Oil Hellas Corinth Refineries ADR		183,300		1,459,966
				9,541,649
Financials — 27.9%
Alpha Services and Holdings *		9,447,599		10,823,910

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

42

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Greece ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Eurobank Ergasias Services and Holdings *		10,869,669	$	11,464,691
Hellenic Exchanges - Athens Stock Exchange		574,375		2,272,269
National Bank of Greece *		1,476,269		5,957,030
Piraeus Financial Holdings *		3,501,519		5,127,183
				35,645,083
Industrials — 13.3%
Aegean Airlines *		382,260		2,169,572
Capital Product Partners (D)		159,839		2,351,232
Ellaktor *		1,684,610		2,424,078
GEK Terna Holding Real Estate Construction *		371,084		3,836,465
Mytilineos		248,951		4,648,577
Mytilineos ADR		81,200		1,516,223
				16,946,147
Real Estate — 2.7%
LAMDA Development *		506,153		3,476,127
Utilities — 12.7%
Athens Water Supply & Sewage		361,294		2,721,397
Holding ADMIE IPTO		1,024,835		2,481,244
Public Power *		636,381		5,135,840
Terna Energy		311,153		5,829,749
				16,168,230
TOTAL GREECE				123,118,345
UNITED STATES — 3.0%
Materials — 3.0%
Titan Cement International		270,513		3,835,485
TOTAL COMMON STOCK
(Cost $135,366,030)				126,953,830
TOTAL INVESTMENTS — 99.5%
(Cost $135,366,030)			$	126,953,830

Percentages are based on Net Assets of $127,623,993.

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

43

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Greece ETF

*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2022 was $6,889 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 April 30, 2022, was $6,889 and represents 0.0% of Net Assets.
(D)	Security considered Master Limited Partnership. At April 30, 2022, these securities amounted to $2,351,232 or 1.8% of Net Assets.

ADR — American Depositary Receipt

The following is a summary of the level of inputs used as of April 30, 2022, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	126,946,941	$	—	$	6,889	$	126,953,830
Total Investments in Securities	$	126,946,941	$	—	$	6,889	$	126,953,830

⁽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.

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

44

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X DAX Germany ETF

	Shares		Value
COMMON STOCK — 95.0%
FRANCE — 5.0%
Industrials — 5.0%
Airbus		14,430	$	1,606,023
GERMANY — 77.7%
Communication Services — 5.1%
Deutsche Telekom		87,462		1,621,153
Consumer Discretionary — 11.1%
adidas		4,238		866,100
Bayerische Motoren Werke		7,754		642,220
Continental		2,647		184,358
Mercedes-Benz Group		20,541		1,454,042
Puma		2,473		184,397
Zalando *		5,694		227,241
				3,558,358
Consumer Staples — 0.6%
HelloFresh *		4,264		182,542

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

45

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X DAX Germany ETF

	Shares		Value
COMMON STOCK — continued
Financials — 14.5%
Allianz		9,954	$	2,270,316
Deutsche Bank		50,826		516,137
Deutsche Boerse		4,491		787,421
Hannover Rueck		1,464		229,969
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		3,399		815,048
				4,618,891
Health Care — 10.1%
Bayer		23,974		1,590,831
Fresenius & KGaA		10,066		358,927
Fresenius Medical Care & KGaA		4,875		305,693
Merck KGaA		3,195		596,423
Siemens Healthineers		6,842		369,994
				3,221,868
Industrials — 13.1%
Brenntag		3,795		296,022
Daimler Truck Holding *		11,492		312,787
Deutsche Post		23,734		1,024,565
MTU Aero Engines		1,282		261,902
Siemens		18,381		2,283,881
				4,179,157
Information Technology — 11.1%
Infineon Technologies		31,851		922,355
SAP		25,373		2,611,419
				3,533,774
Materials — 6.2%
BASF		22,116		1,176,132
Covestro		5,098		222,064
HeidelbergCement		3,534		206,021

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

46

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X DAX Germany ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Symrise, Cl A		3,262	$	390,410
				1,994,627
Real Estate — 2.1%
Vonovia		16,904		677,651
Utilities — 3.8%
E.ON		50,252		526,424
RWE		16,558		691,554
				1,217,978
TOTAL GERMANY				24,805,999
SOUTH KOREA — 0.5%
Consumer Discretionary — 0.5%
Delivery Hero *		4,352		155,365
UNITED KINGDOM — 11.0%
Materials — 11.0%
Linde		11,051		3,514,388
UNITED STATES — 0.8%
Health Care — 0.8%
QIAGEN *		5,512		256,088
TOTAL COMMON STOCK
(Cost $34,085,011)				30,337,863
PREFERRED STOCK — 4.8%
GERMANY— 4.8%
Consumer Discretionary — 3.2%
Porsche Automobil Holding (A)		3,760		315,505
Volkswagen (A)		4,435		696,848
				1,012,353
Consumer Staples — 0.9%
Henkel & KGaA (A)		4,286		277,441
Health Care — 0.7%
Sartorius (A)		604		228,815

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

47

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X DAX Germany ETF

	Value
PREFERRED STOCK — continued
TOTAL GERMANY	$	1,518,609
TOTAL PREFERRED STOCK
(Cost $2,119,095)		1,518,609
TOTAL INVESTMENTS — 99.8%
(Cost $36,204,106)	$	31,856,472

Percentages are based on Net Assets of $31,932,972.

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

Cl — Class

As of April 30, 2022, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

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

48

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Portugal ETF

	Shares		Value
COMMON STOCK — 99.2%
CHINA — 3.7%
Industrials — 3.7%
Fosun International		319,590	$	339,706
IRELAND — 0.5%
Industrials — 0.5%
Fusion Fuel Green, Cl A * (A)		5,407		44,175
PORTUGAL — 89.6%
Communication Services — 6.0%
NOS SGPS		101,959		432,614
Pharol SGPS *		614,643		51,225
Sonaecom		28,384		58,241
				542,080
Consumer Discretionary — 1.0%
Ibersol SGPS *		15,133		89,082

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

49

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Portugal ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — 22.5%
Jeronimo Martins		78,452	$	1,638,710
Sonae		357,048		387,592
				2,026,302
Energy — 4.9%
Galp Energia		35,459		435,050
Financials — 3.2%
Banco Comercial Portugues, Cl R		1,829,825		285,696
Banco Espirito Santo *(B)(C)(D)		2,085,614		—
BANIF - Banco Internacional do Funchal *(B)(C)(D)		55,479,410		12
				285,708
Industrials — 5.0%
CTT-Correios de Portugal		74,554		338,592
Mota-Engil * (A)		84,618		114,085
				452,677
Information Technology — 0.7%
Novabase SGPS *		11,500		61,630
Materials — 16.1%
Altri		60,915		408,388
Corticeira Amorim SGPS		34,744		361,401
Navigator		103,339		427,349
Ramada Investimentos E Industria (A)		5,757		43,850
Semapa-Sociedade de Investimento e Gestao		14,976		207,282
				1,448,270
Utilities — 30.2%
Energias de Portugal		440,838		2,065,810
Greenvolt-Energias Renovaveis *		27,957		208,518
REN - Redes Energeticas Nacionais		145,123		442,453
				2,716,781
TOTAL PORTUGAL				8,057,580

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

50

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Portugal ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
SPAIN — 5.4%
Utilities — 5.4%
EDP Renovaveis		20,248	$	483,606
TOTAL COMMON STOCK
(Cost $12,382,506)				8,925,067
SHORT-TERM INVESTMENT(E)(F) — 0.6%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $57,134)		57,134		57,134
REPURCHASE AGREEMENT(E) — 0.5%
BNP Paribas
0.240%, dated 04/29/2022, to be repurchased on 05/02/2022, repurchase price $40,968 (collateralized by various U.S. Treasury Obligations, ranging in par value $3,263 - $4,387, 0.250%, 09/30/2025, with a total market value of $41,763)
(Cost $40,968)	$	40,968		40,968
TOTAL INVESTMENTS — 100.3%
(Cost $12,480,608)			$	9,023,169

Percentages are based on Net Assets of $8,993,098.

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

51

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Portugal ETF

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2022.  The total value of securities on loan at April 30, 2022 was $93,071.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	Security considered illiquid. The total value of such securities as of April 30, 2022 was $12 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 April 30, 2022, was $12 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 April 30, 2022 was $98,102.
(F)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2022.

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2022, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	8,925,055	$	—	$	12	$	8,925,067
Short-Term Investment		57,134		—		—		57,134
Repurchase Agreement		—		40,968		—		40,968
Total Investments in Securities	$	8,982,189	$	40,968	$	12	$	9,023,169

⁽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.

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

52

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Colombia ETF

	Shares		Value
COMMON STOCK — 90.8%
BRAZIL — 1.7%
Consumer Staples — 1.7%
Cia Brasileira de Distribuicao		160,951	$	660,743
CANADA — 1.9%
Energy — 1.9%
Parex Resources		36,544		715,983
CHILE — 3.2%
Energy — 1.6%
Empresas Copec		86,025		632,292
Utilities — 1.6%
Enel Americas		5,847,631		612,149
TOTAL CHILE				1,244,441
COLOMBIA — 78.6%
Communication Services — 1.5%
Millicom International Cellular SDR *		24,969		568,048
Consumer Staples — 5.3%
Grupo Nutresa		165,763		2,020,997

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

53

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Colombia ETF

	Shares		Value
COMMON STOCK — continued
Energy — 16.3%
Canacol Energy (A)		331,250	$	738,674
Ecopetrol ADR (A)		340,950		5,533,619
				6,272,293
Financials — 31.7%
Banco de Bogota		44,804		568,442
Bancolombia		324,960		3,171,186
Bancolombia ADR		156,324		6,060,682
Financiera Colombiana		188,968		1,377,598
Grupo Aval Acciones y Valores ADR		236,278		987,642
				12,165,550
Materials — 8.3%
Cementos Argos		899,700		1,358,148
Grupo Argos		400,425		1,449,506
Mineros		464,804		379,158
				3,186,812
Utilities — 15.5%
Celsia ESP		1,003,048		1,076,678
Grupo Energia Bogota ESP		2,709,350		1,716,335
Interconexion Electrica		575,380		3,147,386
				5,940,399
TOTAL COLOMBIA				30,154,099
PANAMA — 0.9%
Financials — 0.9%
BAC Holding International *		4,582,640		331,084
UNITED STATES — 4.5%
Industrials — 2.7%
Tecnoglass (A)		45,489		1,015,769
Utilities — 1.8%
Brookfield Renewable, Cl A		19,539		705,242
TOTAL UNITED STATES				1,721,011

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

54

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Colombia ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
TOTAL COMMON STOCK
(Cost $35,406,003)			$	34,827,361
PREFERRED STOCK — 9.1%
COLOMBIA— 9.1%
Financials — 8.2%
Banco Davivienda (B)		193,554		1,615,387
Grupo Aval Acciones y Valores (B)		1,431,941		305,971
Grupo de Inversiones Suramericana (B)		222,957		1,228,004
				3,149,362
Materials — 0.9%
Grupo Argos (B)		146,165		332,896
TOTAL COLOMBIA				3,482,258
TOTAL PREFERRED STOCK
(Cost $4,302,589)				3,482,258
SHORT-TERM INVESTMENT(C)(D) — 7.5%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $2,892,629)		2,892,629		2,892,629
REPURCHASE AGREEMENT(C) — 5.4%
BNP Paribas
0.240%, dated 04/29/2022, to be repurchased on 05/02/2022, repurchase price $2,074,175 (collateralized by various U.S. Treasury Obligations, ranging in par value $165,181 - $222,098, 0.250%, 09/30/2025, with a total market value of $2,114,323)
(Cost $2,074,134)	$	2,074,134		2,074,134
TOTAL INVESTMENTS — 112.8%
(Cost $44,675,355)			$	43,276,382

Percentages are based on Net Assets of $38,371,012.

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

55

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Colombia ETF

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2022.  The total value of securities on loan at April 30, 2022 was $4,717,078.
(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 April 30, 2022 was $4,966,763.
(D)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2022.

ADR — American Depositary Receipt

Cl — Class

SDR — Swedish Depository Receipt

The following is a summary of the level of inputs used as of April 30, 2022, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	34,827,361	$	—	$	—	$	34,827,361
Preferred Stock		3,482,258		—		—		3,482,258
Short-Term Investment		2,892,629		—		—		2,892,629
Repurchase Agreement		—		2,074,134		—		2,074,134
Total Investments in Securities	$	41,202,248	$	2,074,134	$	—	$	43,276,382

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

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

56

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Argentina ETF

	Shares		Value
COMMON STOCK — 95.3%
ARGENTINA — 44.8%
Communication Services — 3.5%
Telecom Argentina ADR *		217,196	$	1,188,062
Consumer Discretionary — 4.3%
Despegar.com *		128,523		1,425,320
Energy — 8.3%
Transportadora de Gas del Sur ADR *		171,710		1,100,661
YPF ADR * (A)		397,182		1,684,052
				2,784,713
Financials — 12.1%
Banco BBVA Argentina ADR *		175,275		520,567
Banco Macro ADR *		103,226		1,514,325
Grupo Financiero Galicia ADR (A)		191,412		1,739,935
Grupo Supervielle ADR		154,471		276,503
				4,051,330

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

57

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Argentina ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 1.5%
America Airports *		78,676	$	506,674
Materials — 3.5%
Bioceres Crop Solutions * (A)		25,116		366,694
Loma Negra Cia Industrial Argentina ADR		145,055		815,209
				1,181,903
Real Estate — 3.4%
Cresud SACIF y A ADR *		87,038		683,248
IRSA Inversiones y Representaciones ADR *		64,405		291,111
IRSA Propiedades Comerciales ADR *		65,784		155,250
				1,129,609
Utilities — 8.2%
Central Puerto ADR * (A)		241,569		884,143
Empresa Distribuidora Y Comercializadora Norte ADR *		47,722		262,471
Pampa Energia ADR *		75,020		1,618,181
				2,764,795
TOTAL ARGENTINA				15,032,406
BRAZIL — 31.5%
Consumer Discretionary — 25.2%
Arcos Dorados Holdings, Cl A		248,234		1,799,696
MercadoLibre *		6,831		6,650,867
				8,450,563
Consumer Staples — 6.3%
Adecoagro		188,149		2,116,676
TOTAL BRAZIL				10,567,239
CANADA — 11.4%
Materials — 11.4%
SSR Mining		86,801		1,919,327
Yamana Gold		340,939		1,891,364
TOTAL CANADA				3,810,691

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

58

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Argentina ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
CHILE — 7.6%
Consumer Staples — 7.6%
Cencosud		838,853	$	1,342,283
Cia Cervecerias Unidas		180,727		1,207,601
					��
TOTAL CHILE				2,549,884
TOTAL COMMON STOCK
(Cost $50,262,787)				31,960,220
PREFERRED STOCK — 4.1%
CHILE— 4.1%
Consumer Staples — 4.1%
Embotelladora Andina (B)
(Cost $1,676,733)		748,317		1,359,699
SHORT-TERM INVESTMENT(C)(D) — 3.5%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $1,167,541)		1,167,541		1,167,541
REPURCHASE AGREEMENT(C) — 2.5%
BNP Paribas
0.240%, dated 04/29/2022, to be repurchased on 05/02/2022, repurchase price $837,192 (collateralized by various U.S. Treasury Obligations, ranging in par value $66,671 - $89,644, 0.250%, 09/30/2025, with a total market value of $853,391)
(Cost $837,175)	$	837,175		837,175
TOTAL INVESTMENTS — 105.4%
(Cost $53,944,236)			$	35,324,635

Percentages are based on Net Assets of $33,522,342.

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

59

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Argentina ETF

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2022.  The total value of securities on loan at April 30, 2022 was $1,957,229.
(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 April 30, 2022 was $2,004,716.
(D)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2022.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2022, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	31,960,220	$	—	$	—	$	31,960,220
Preferred Stock		1,359,699		—		—		1,359,699
Short-Term Investment		1,167,541		—		—		1,167,541
Repurchase Agreement		—		837,175		—		837,175
Total Investments in Securities	$	34,487,460	$	837,175	$	—	$	35,324,635

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

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

60

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Pakistan ETF

	Shares		Value
COMMON STOCK — 99.2%
PAKISTAN — 99.2%
Consumer Discretionary — 3.8%
Honda Atlas Cars Pakistan		119,796	$	124,465
Indus Motor		51,215		372,810
Nishat Mills		531,943		236,718
				733,993
Energy — 20.0%
Mari Petroleum		94,307		870,995
Oil & Gas Development		1,897,587		863,849
Pakistan Oilfields		353,783		720,632
Pakistan Petroleum		1,933,035		768,843
Pakistan State Oil		752,345		686,892
				3,911,211
			��
Financials — 24.6%
Bank Al Habib		2,218,865		815,157
Bank Alfalah		2,592,069		491,063
Habib Bank		2,032,539		1,191,073
MCB Bank		1,438,769		1,168,753

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

61

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Pakistan ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
United Bank		1,527,497	$	1,129,813
				4,795,859
Health Care — 1.4%
Searle		448,900		272,699
Industrials — 8.0%
Millat Tractors		172,628		859,590
Pakistan International Bulk Terminal *		3,285,410		113,552
TRG Pakistan		1,374,265		581,224
				1,554,366
Information Technology — 5.0%
Systems		465,020		970,070
Materials — 30.0%
DG Khan Cement		720,364		260,029
Engro		973,448		1,455,586
Engro Fertilizers		1,870,595		958,208
Fauji Cement *		2,586,999		233,561
Fauji Fertilizer		1,541,356		998,251
Fauji Fertilizer Bin Qasim *		1,059,886		132,265
International Steels		372,247		123,989
Lucky Cement *		446,526		1,362,463
Maple Leaf Cement Factory *		1,841,199		330,772
				5,855,124
Utilities — 6.4%
Hub Power		3,400,351		1,252,318
TOTAL PAKISTAN				19,345,640
TOTAL COMMON STOCK
(Cost $25,666,174)				19,345,640

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

62

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Pakistan ETF

	Face Amount		Value
U.S. TREASURY OBLIGATION — 2.3%
U.S. Treasury Bill
0.010%, 05/03/22(A)
(Cost $450,000)	$	450,000	$	449,999
TOTAL INVESTMENTS — 101.5%
(Cost $26,116,174)			$	19,795,639

Percentages are based on Net Assets of $19,505,742.

*	Non-income producing security.
(A)	Interest rate represents the security’s effective yield at the time of purchase.

As of April 30, 2022, all of the Fund’s investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

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

63

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Nigeria ETF

	Shares		Value
COMMON STOCK — 95.1%
NIGERIA — 90.7%
Communication Services — 5.4%
Nigeria Communications		4,864,255	$	2,514,175
Consumer Staples — 22.8%
Dangote Sugar Refinery		35,842,141		1,399,139
Flour Mills of Nigeria		22,802,438		1,818,700
Nestle Nigeria		1,149,667		3,989,206
Nigerian Breweries		12,445,296		1,712,353
UAC of Nigeria		36,106,199		1,044,035
Unilever Nigeria		23,383,901		766,316
				10,729,749
Financials — 40.1%
Access Bank		66,088,623		1,544,722
FBN Holdings		105,964,770		3,064,042
FCMB Group		162,598,933		1,520,202
Fidelity Bank		167,957,655		1,537,926
Guaranty Trust Holding		62,675,911		3,624,631
Stanbic IBTC Holdings		18,901,509		1,616,876
Sterling Bank		201,593,633		748,082
United Bank for Africa		84,919,784		1,688,164
Zenith Bank		59,101,971		3,489,152
				18,833,797

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

64

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Nigeria ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Materials — 19.9%
Dangote Cement		10,522,666	$	7,414,043
Lafarge Africa		30,156,855		1,962,012
				9,376,055
Real Estate — 0.0%
UPDC Real Estate Investment Trust ‡		647		6
Utilities — 2.5%
Transnational Corp of Nigeria		404,740,021		1,160,580
TOTAL NIGERIA				42,614,362
TOGO — 4.4%
Financials — 4.4%
Ecobank Transnational		72,220,468		2,088,302
TOTAL COMMON STOCK
(Cost $40,672,558)				44,702,664
U.S. TREASURY OBLIGATION — 12.8%
U.S. Treasury Bill
0.010%, 05/03/22(A)
(Cost $5,999,997)	$	6,000,000		5,999,985
TOTAL INVESTMENTS — 107.9%
(Cost $46,672,555)			$	50,702,649

Percentages are based on Net Assets of $47,006,022.

A list of the open forward foreign currency contracts held by the Fund at April 30, 2022, is as follows:

Counterparty	Settlement Date	Currency to Deliver		Currency to Receive		Unrealized Depreciation
Stanbic Bank	05/04/22 - 05/12/22	NGN	1,329,492,428	USD	2,934,141	$	(260,991	)
						$	$(260,991	)

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

65

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Nigeria ETF

‡	Real Estate Investment Trust
(A)	Interest rate represents the security’s effective yield at the time of purchase.

NGN — Nigerian Naira

USD — U.S. Dollar

The following is a summary of the level of inputs used as of April 30, 2022, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	44,702,664	$	—	$	—	$	44,702,664
U.S. Treasury Obligation		—		5,999,985		—		5,999,985
Total Investments in Securities	$	44,702,664	$	5,999,985	$	—	$	50,702,649

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Forward Contracts*
Unrealized Depreciation	$	–	$	(260,991	)	$	–	$	(260,991	)
Total Other Financial Instruments	$	–	$	(260,991	)	$	–	$	(260,991	)

* Forwards contracts are valued at unrealized depreciation on the instrument.

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

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

66

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Vietnam ETF

	Shares		Value
COMMON STOCK — 99.7%
VIETNAM — 99.7%
Consumer Staples — 17.5%
Hoang Anh Gia Lai International Agriculture JSC *		64,600	$	20,677
KIDO Group		34,000		76,844
Masan Group		96,720		488,581
Saigon Beer Alcohol Beverage		12,200		86,120
Thanh Thanh Cong - Bien Hoa JSC *		78,000		64,537
Vietnam Dairy Products JSC		154,300		498,576
Vinh Hoan		26,800		121,375
				1,356,710
Energy — 2.2%
PetroVietnam Drilling & Well Services JSC *		68,520		60,573
PetroVietnam Technical Service		63,500		68,025
Vietnam National Petroleum Group		18,600		38,879
				167,477
Financials — 17.4%
Bank for Foreign Trade of Vietnam JSC		100,075		352,562
Bank for Investment and Development of Vietnam JSC		51,376		83,339

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

67

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Vietnam ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Bao Viet Holdings		20,600	$	55,708
Ho Chi Minh City Development Joint Stock Commercial Bank *		47,400		52,223
National Citizen Commercial JSC *		16,828		28,433
Saigon - Hanoi Commercial Joint Stock Bank *		75,200		53,379
Saigon - Hanoi Securities JSC		16,700		14,109
Saigon Thuong Tin Commercial JSB *		128,600		155,125
SSI Securities		139,500		203,812
Viet Capital Securities JSC		36,800		67,387
Vietnam Joint Stock Commercial Bank for Industry and Trade		64,800		78,307
VNDirect Securities		152,040		205,249
				1,349,633
Industrials — 10.0%
Development Investment Construction JSC *		30,500		86,332
Gelex Group JSC *		96,700		118,751
Gemadept		10,400		24,637
Ha Do Group JSC		6,940		17,408
Hoang Huy Investment Financial Services JSC *		85,916		60,237
Thaiholdings JSC *		34,200		175,442
Vietjet Aviation JSC *		36,300		205,342
Vietnam Construction and Import-Export JSC		31,100		39,682
Viglacera JSC		22,400		46,042
				773,873
Information Technology — 0.3%
Digiworld		3,300		19,975
Materials — 17.1%
An Phat Holdings JSC *		27,475		22,673
Duc Giang Chemicals JSC		13,800		144,770
Hoa Phat Group JSC		454,200		856,440
Hoa Sen Group *		54,800		67,535
Nam Kim Steel JSC *		9,800		15,940

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

68

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Vietnam ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
PetroVietNam Ca Mau Fertilizer JSC		10,300	$	17,336
Petrovietnam Fertilizer & Chemicals JSC		45,400		133,253
Phuoc Hoa Rubber JSC		15,300		46,639
Vietnam Rubber Group		17,100		21,483
				1,326,069
Real Estate — 32.5%
Dat Xanh Group JSC *		51,300		81,764
Dat Xanh Real Estate Services JSC		12,100		16,177
FLC Group JSC *		47,300		18,167
Hai Phat Investment JSC *		16,700		19,635
Khang Dien House Trading and Investment JSC *		61,600		128,493
Kinh Bac City Development Share Holding *		48,900		93,271
No Va Land Investment Group *		113,391		404,906
Phat Dat Real Estate Development *		60,790		164,393
Van Phu - Invest Investment JSC *		29,400		78,354
Vincom Retail JSC *		192,400		258,896
Vingroup JSC *		185,700		646,940
Vinhomes JSC		212,500		601,498
				2,512,494
Utilities — 2.7%
PetroVietnam Gas JSC		15,700		72,471
PetroVietnam Nhon Trach 2 Power JSC		37,000		36,173
PetroVietnam Power		120,500		69,004
Pha Lai Thermal Power JSC		37,800		31,276
				208,924
TOTAL VIETNAM				7,715,155
TOTAL COMMON STOCK
(Cost $8,712,441)				7,715,155

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

69

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Vietnam ETF

	Number of Rights		Value
RIGHTS — 0.1%
Vietnam — 0.1%
Saigon - Hanoi*(A)(B)(C)
Expires 05/23/22 (Cost $11,615)		16,700	$	5,381
TOTAL INVESTMENTS — 99.8%
(Cost $8,724,056)			$	7,720,536

Percentages are based on Net Assets of $7,734,766.

*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2022 was $5,381 and represented 0.1% 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 April 30, 2022, was $5,381 and represents 0.1% of Net Assets.

JSC — Joint Stock Company

The following is a summary of the level of inputs used as of April 30, 2022, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	7,715,155	$	—	$	—	$	7,715,155
Rights		—		—		5,381		5,381
Total Investments in Securities	$	7,715,155	$	—	$	5,381	$	7,720,536

⁽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.

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

70

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — 99.8%
BAHRAIN — 0.9%
Financials — 0.9%
Ahli United Bank BSC		193,217	$	198,608
BANGLADESH — 1.0%
Health Care — 0.6%
Square Pharmaceuticals		49,347		128,363
Industrials — 0.4%
Bangladesh Export Import		47,290		81,226
TOTAL BANGLADESH				209,589
CHILE — 1.0%
Consumer Discretionary — 0.4%
Falabella		29,093		81,681
Financials — 0.6%
Banco de Chile		637,362		63,620
Banco de Credito e Inversiones		748		23,140

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

71

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Banco Santander Chile		919,958	$	44,248
				131,008
TOTAL CHILE				212,689
CZECH REPUBLIC — 1.5%
Financials — 0.2%
Komercni Banka		1,060		35,178
Moneta Money Bank		4,900		18,384
				53,562
Utilities — 1.3%
CEZ		6,381		273,873
TOTAL CZECH REPUBLIC				327,435
EGYPT — 0.3%
Financials — 0.3%
Commercial International Bank Egypt SAE		23,534		57,021
GREECE — 2.0%
Communication Services — 0.8%
Hellenic Telecommunications Organization		9,114		176,913
Consumer Discretionary — 0.6%
OPAP		8,489		126,989
Financials — 0.3%
Alpha Services and Holdings *		30,827		35,318
Eurobank Ergasias Services and Holdings *		36,144		38,122
				73,440
Utilities — 0.3%
Public Power *		8,097		65,346
TOTAL GREECE				442,688
ICELAND — 1.4%
Financials — 0.2%
Arion Banki HF		37,175		48,523

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

72

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 1.2%
Marel HF		46,112	$	245,695
TOTAL ICELAND				294,218
INDONESIA — 10.7%
Communication Services — 2.6%
Sarana Menara Nusantara		776,544		54,101
Telkom Indonesia Persero		1,434,287		457,088
Tower Bersama Infrastructure		267,904		55,625
				566,814
Consumer Discretionary — 1.7%
Astra International		697,661		364,543
Consumer Staples — 1.4%
Charoen Pokphand Indonesia		250,528		88,999
Gudang Garam		15,982		33,845
Indofood CBP Sukses Makmur		78,590		41,336
Indofood Sukses Makmur		148,592		64,574
Unilever Indonesia		258,695		69,416
				298,170
Financials — 4.2%
Bank Central Asia		693,080		388,444
Bank Jago *		52,400		42,109
Bank Mandiri		231,482		142,910
Bank Negara Indonesia Persero		91,656		58,324
Bank Rakyat Indonesia Persero		859,990		288,898
				920,685
Health Care — 0.4%
Kalbe Farma		714,974		80,883
Materials — 0.4%
Indocement Tunggal Prakarsa		50,904		36,782
Semen Indonesia Persero		100,220		44,244
				81,026
TOTAL INDONESIA				2,312,121

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

73

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
JORDAN — 0.1%
Information Technology — 0.1%
Arab Bank		3,528	$	23,288
KAZAKHSTAN — 1.3%
Energy — 0.7%
NAC Kazatomprom JSC GDR		5,147		149,572
Financials — 0.6%
Halyk Savings Bank of Kazakhstan JSC GDR		2,818		27,898
Kaspi.KZ JSC GDR		1,426		92,690
				120,588
TOTAL KAZAKHSTAN				270,160
KENYA — 1.3%
Communication Services — 1.3%
Safaricom		956,156		278,260
KUWAIT — 1.9%
Financials — 1.6%
National Bank of Kuwait SAK		102,163		350,712
Real Estate — 0.3%
Mabanee KPSC		23,934		65,214
TOTAL KUWAIT				415,926
LUXEMBOURG — 0.2%
Financials — 0.2%
Reinet Investments SCA		1,860		37,750
MALAYSIA — 6.9%
Communication Services — 1.5%
Axiata Group		106,255		85,668
DiGi.com		120,264		105,526
Maxis		90,658		79,132
Telekom Malaysia		43,660		50,043
				320,369

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

74

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — 1.1%
Nestle Malaysia		2,684	$	82,120
PPB Group		24,786		97,812
QL Resources		42,232		49,570
				229,502
Energy — 0.3%
Petronas Dagangan		11,526		57,557
Financials — 1.9%
CIMB Group Holdings		95,916		114,566
Hong Leong Bank		9,100		43,854
Public Bank		208,922		225,070
RHB Bank		25,454		36,543
				420,033
Health Care — 0.4%
Top Glove		219,000		84,511
Industrials — 0.3%
Malaysia Airports Holdings *		41,618		65,579
Utilities — 1.4%
Petronas Gas		30,591		119,315
Tenaga Nasional		91,215		189,407
				308,722
TOTAL MALAYSIA				1,486,273
MEXICO — 5.4%
Communication Services — 0.8%
Grupo Televisa		95,537		177,325
Consumer Staples — 0.4%
Kimberly-Clark de Mexico, Cl A		58,056		81,045
Financials — 1.4%
Grupo Financiero Banorte, Cl O		37,342		246,483
Grupo Financiero Inbursa, Cl O *		31,102		52,714
				299,197

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

75

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 2.2%
Grupo Aeroportuario del Pacifico, Cl B		14,458	$	222,468
Grupo Aeroportuario del Sureste, Cl B		8,278		180,649
Promotora y Operadora de Infraestructura		8,801		64,152
				467,269
Real Estate — 0.6%
Fibra Uno Administracion ‡		122,200		134,005
TOTAL MEXICO				1,158,841
MOROCCO — 1.2%
Communication Services — 0.9%
Itissalat Al-Maghrib		14,014		188,048
Financials — 0.3%
Attijariwafa Bank		1,196		55,697
Banque Centrale Populaire		664		17,754
				73,451
TOTAL MOROCCO				261,499
NIGERIA — 0.5%
Financials — 0.1%
Guaranty Trust Holding		216,406		12,515
Zenith Bank		230,376		13,600
				26,115
Materials — 0.4%
Dangote Cement		131,575		92,705
TOTAL NIGERIA				118,820
OMAN — 0.3%
Financials — 0.3%
BankMuscat SAOG		42,031		57,424
PERU — 0.6%
Financials — 0.6%
Credicorp		952		132,223

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

76

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
PHILIPPINES — 4.3%
Communication Services — 0.5%
PLDT		2,919	$	104,336
Financials — 0.6%
Bank of the Philippine Islands		25,224		45,853
BDO Unibank		27,706		68,993
Metropolitan Bank & Trust		24,852		24,326
				139,172
Industrials — 0.7%
SM Investments		9,620		156,909
Real Estate — 2.2%
Ayala Land		319,822		196,347
SM Prime Holdings		402,203		269,650
				465,997
Utilities — 0.3%
Manila Electric		8,692		58,674
TOTAL PHILIPPINES				925,088
POLAND — 3.0%
Communication Services — 0.3%
Cyfrowy Polsat		9,854		53,782
Consumer Discretionary — 0.3%
Allegro.eu *		13,695		71,089
Consumer Staples — 0.6%
Dino Polska *		1,959		127,183
Energy — 0.4%
Polskie Gornictwo Naftowe i Gazownictwo		67,000		94,062
Financials — 1.1%
Bank Polska Kasa Opieki		2,581		56,999
Powszechna Kasa Oszczednosci Bank Polski		12,338		91,223
Powszechny Zaklad Ubezpieczen		8,490		58,735

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

77

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Santander Bank Polska		495	$	30,185
				237,142
Utilities — 0.3%
PGE Polska Grupa Energetyczna *		32,497		72,367
TOTAL POLAND				655,625
QATAR — 4.9%
Energy — 0.8%
Qatar Fuel QSC		18,818		94,717
Qatar Gas Transport		96,263		90,401
				185,118
Financials — 1.4%
Commercial Bank PSQC		27,732		58,552
Masraf Al Rayan QSC		65,856		97,471
Qatar International Islamic Bank QSC		10,205		32,366
Qatar Islamic Bank SAQ		16,277		109,459
				297,848
Industrials — 1.4%
Industries Qatar QSC		60,233		311,110
Materials — 0.6%
Mesaieed Petrochemical Holding		169,824		120,778
Real Estate — 0.3%
Barwa Real Estate		73,558		68,574
Utilities — 0.4%
Qatar Electricity & Water QSC		16,987		79,763
TOTAL QATAR				1,063,191
ROMANIA — 1.6%
Energy — 0.8%
OMV Petrom		875,169		89,568

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

78

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
Societatea Nationala de Gaze Naturale ROMGAZ		8,927	$	85,653
				175,221
Financials — 0.4%
Banca Transilvania		133,026		67,505
BRD-Groupe Societe Generale		5,739		20,680
				88,185
Real Estate — 0.4%
NEPI Rockcastle		14,084		85,584
TOTAL ROMANIA				348,990
SAUDI ARABIA — 11.1%
Communication Services — 2.3%
Etihad Etisalat		7,040		81,177
Mobile Telecommunications Saudi Arabia *		8,196		30,461
Saudi Research & Media Group *		740		52,164
Saudi Telecom		10,945		338,493
				502,295
Consumer Discretionary — 0.3%
Jarir Marketing		1,097		56,154
Consumer Staples — 0.6%
Abdullah Al Othaim Markets		820		24,442
Almarai JSC		4,666		64,688
Savola Group		4,893		46,571
				135,701
Financials — 5.2%
Al Rajhi Bank		8,104		381,563
Alinma Bank		6,698		74,019
Arab National Bank		4,078		38,271
Bank AlBilad *		3,348		46,237
Bank Al-Jazira		2,868		24,201
Banque Saudi Fransi		4,041		58,393

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

79

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Bupa Arabia for Cooperative Insurance		429	$	19,009
Company for Cooperative Insurance		436		8,021
Riyad Bank		9,262		100,749
Saudi British Bank		5,626		67,273
Saudi National Bank		14,522		305,865
				1,123,601
Health Care — 0.5%
Dr Sulaiman Al Habib Medical Services Group		983		52,415
Mouwasat Medical Services		917		58,920
				111,335
Materials — 1.5%
SABIC Agri-Nutrients		4,045		175,354
Saudi Kayan Petrochemical *		13,717		69,046
Yanbu National Petrochemical		4,726		76,986
				321,386
Real Estate — 0.2%
Dar Al Arkan Real Estate Development *		10,387		29,964
Utilities — 0.5%
Saudi Electricity		15,567		112,266
TOTAL SAUDI ARABIA				2,392,702
SOUTH AFRICA — 9.2%
Communication Services — 0.5%
MultiChoice Group		12,418		101,519
Consumer Discretionary — 0.8%
Mr Price Group		8,461		115,058
Pepkor Holdings		47,530		64,370
				179,428
Consumer Staples — 2.1%
Clicks Group		8,057		158,336
Shoprite Holdings		16,542		239,529

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

80

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Tiger Brands		6,279	$	61,534
				459,399
Financials — 3.5%
Absa Group		9,766		106,105
Capitec Bank Holdings		968		136,064
Discovery *		5,737		55,229
Nedbank Group		5,964		83,595
Old Mutual		64,057		51,395
Remgro		6,362		57,284
Sanlam		22,673		94,369
Standard Bank Group		16,035		170,324
				754,365
Materials — 2.3%
African Rainbow Minerals		4,109		68,038
Harmony Gold Mining		18,361		76,387
Impala Platinum Holdings		27,100		353,326
				497,751
TOTAL SOUTH AFRICA				1,992,462
SRI LANKA — 0.1%
Industrials — 0.1%
John Keells Holdings		57,075		19,982
THAILAND — 9.7%
Communication Services — 1.2%
Advanced Info Service NVDR		30,936		194,197
Intouch Holdings PCL NVDR		29,274		59,830
				254,027
Consumer Discretionary — 0.8%
Central Retail NVDR		47,016		54,223
Home Product Center NVDR		154,256		67,557
PTT Oil & Retail Business NVDR		78,120		57,022
				178,802

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

81

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — 1.5%
Berli Jucker NVDR		30,798	$	30,798
CP ALL NVDR		151,728		287,951
				318,749
Energy — 1.0%
PTT Exploration & Production NVDR		36,354		160,276
Thai Oil NVDR		29,098		48,001
				208,277
Financials — 0.2%
Krungthai Card NVDR		8,284		13,968
SCB X NVDR		7,944		26,674
Srisawad NVDR		6,954		10,913
				51,555
Health Care — 1.1%
Bangkok Dusit Medical Services NVDR		247,438		186,030
Bumrungrad Hospital NVDR		12,442		58,305
				244,335
Industrials — 1.5%
Airports of Thailand NVDR *		111,290		216,894
Bangkok Expressway & Metro NVDR		198,570		47,831
BTS Group Holdings PCL NVDR		205,498		53,999
				318,724
Materials — 0.3%
SCG Packaging NVDR		33,552		54,124
Real Estate — 0.7%
Central Pattana NVDR		52,722		93,129
Land & Houses NVDR		217,636		60,684
				153,813
Utilities — 1.4%
Electricity Generating		5,828		28,332
Electricity Generating NVDR		900		4,375
Energy Absolute NVDR		39,056		100,918

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

82

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Global Power Synergy NVDR		18,156	$	35,252
Gulf Energy Development NVDR		76,686		109,152
Ratch Group NVDR		20,404		26,212
				304,241
TOTAL THAILAND				2,086,647
TURKEY — 2.2%
Communication Services — 0.3%
Turkcell Iletisim Hizmetleri		46,731		68,071
Consumer Staples — 0.5%
BIM Birlesik Magazalar		18,141		102,025
Energy — 0.3%
Turkiye Petrol Rafinerileri *		4,829		76,127
Financials — 0.3%
Akbank Turk		42,859		25,734
Turkiye Garanti Bankasi		31,817		32,082
				57,816
Industrials — 0.2%
Aselsan Elektronik Sanayi Ve Ticaret		26,352		43,459
Materials — 0.6%
Eregli Demir ve Celik Fabrikalari		55,656		125,728
TOTAL TURKEY				473,226
UNITED ARAB EMIRATES — 7.3%
Communication Services — 2.2%
Emirates Telecommunications Group PJSC		49,054		467,429
Consumer Discretionary — 0.5%
Abu Dhabi National Oil for Distribution PJSC		96,640		108,662
Financials — 3.5%
Abu Dhabi Commercial Bank PJSC		39,162		108,539
Abu Dhabi Islamic Bank PJSC		20,099		48,044
Dubai Islamic Bank PJSC		40,595		71,286

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

83

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Emirates NBD Bank PJSC		35,627	$	147,919
First Abu Dhabi Bank PJSC		63,105		385,531
				761,319
Real Estate — 1.1%
Aldar Properties PJSC		152,722		234,922
TOTAL UNITED ARAB EMIRATES				1,572,332
VIETNAM — 7.9%
Consumer Staples — 1.8%
Masan Group		39,252		198,281
Saigon Beer Alcohol Beverage		50		353
Vietnam Dairy Products JSC		58,096		187,721
				386,355
Financials — 0.2%
Bank for Foreign Trade of Vietnam JSC		13,206		46,524
Ho Chi Minh City Development Joint Stock Commercial Bank *		8		9
Saigon - Hanoi Commercial Joint Stock Bank *		6,900		4,898
				51,431
Industrials — 0.7%
Thaiholdings JSC *		14,100		72,331
Vietjet Aviation JSC *		12,480		70,597
				142,928
Materials — 1.5%
Hoa Phat Group JSC		173,955		328,010
Real Estate — 3.7%
No Va Land Investment Group *		53,646		191,564
Vincom Retail JSC *		71,990		96,871
Vingroup JSC *		75,329		262,430
Vinhomes JSC		86,657		245,289
				796,154
TOTAL VIETNAM				1,704,878

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

84

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Value
COMMON STOCK — continued
TOTAL COMMON STOCK
(Cost $19,506,246)	$	21,529,956
TOTAL INVESTMENTS — 99.8%
(Cost $19,506,246)	$	21,529,956

Percentages are based on Net Assets of $21,568,979.

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

Cl — Class

GDR — Global Depositary Receipt

JSC — Joint Stock Company

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint Stock Company

The following is a summary of the level of inputs used as of April 30, 2022, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	14,521,826	$	7,008,130	$	—	$	21,529,956
Total Investments in Securities	$	14,521,826	$	7,008,130	$	—	$	21,529,956

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

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

85

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Norway ETF

	Shares		Value
COMMON STOCK — 99.2%
BRAZIL — 4.6%
Materials — 4.6%
Yara International		101,960	$	5,260,764
DENMARK — 0.1%
Consumer Staples — 0.1%
Atlantic Sapphire *		43,566		122,610
FAROE ISLANDS — 1.9%
Consumer Staples — 1.9%
Bakkafrost P/F		30,789		2,141,487
FRANCE — 1.2%
Communication Services — 1.2%
Adevinta, Cl B *		172,609		1,365,450

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

86

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Norway ETF

	Shares		Value
COMMON STOCK — continued
GABON — 0.1%
Energy — 0.1%
BW Energy *		48,324	$	142,640
NETHERLANDS — 0.1%
Industrials — 0.1%
Meltwater *		80,011		108,209
NORWAY — 88.6%
Communication Services — 7.6%
Kahoot! *		157,860		392,593
Schibsted, Cl A		44,907		952,940
Schibsted, Cl B		59,805		1,165,089
Telenor		428,192		6,108,132
				8,618,754
Consumer Discretionary — 0.5%
Europris		96,154		493,333
XXL		88,720		94,133
				587,466
Consumer Staples — 15.6%
Austevoll Seafood		55,363		890,771
Grieg Seafood		32,436		490,202
Leroy Seafood Group		184,016		1,751,960
Mowi		268,982		7,700,007
Norway Royal Salmon		6,890		181,558
Orkla		462,797		3,793,161
Salmar		36,342		3,015,319
				17,822,978
Energy — 23.4%
Aker BP		77,279		2,824,382
Aker Solutions		148,666		524,673
BW Offshore		60,125		175,924
DNO		264,630		411,010
Equinor		598,787		20,634,308

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

87

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Norway ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
FLEX LNG		18,067	$	519,328
Frontline *		59,740		505,926
TGS		72,631		1,142,881
				26,738,432
Financials — 17.8%
DNB Bank		569,354		11,229,350
Gjensidige Forsikring		122,729		2,655,722
Protector Forsikring		34,856		399,571
Sparebank 1 Nord Norge		57,805		619,834
Sparebank 1 Oestlandet		24,498		361,821
SpareBank 1 SMN		80,309		1,139,569
SpareBank 1 SR-Bank		109,874		1,415,210
Storebrand		288,602		2,547,577
				20,368,654
Health Care — 0.3%
Nykode Therapeutics *		78,222		312,500
Industrials — 11.4%
Aker ASA		15,877		1,319,881
Aker Carbon Capture *		164,723		342,475
Aker Horizons Holding *		69,979		146,545
Bonheur		11,611		438,066
Golden Ocean Group		80,704		1,032,129
Hexagon Composites *		66,869		270,590
Hexagon Purus Holding *		37,385		146,546
Kongsberg Gruppen		54,911		2,392,931
MPC Container Ships		161,059		489,406
NEL *		896,344		1,309,416
Norwegian Air Shuttle *		364,076		515,835
Quantafuel *		73,494		124,245
Stolt-Nielsen		15,461		282,450
TOMRA Systems		72,992		2,920,761
Veidekke		66,920		876,316

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

88

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Norway ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Wallenius Wilhelmsen, Cl B		63,676	$	406,666
				13,014,258
Information Technology — 3.3%
Atea		51,028		617,821
Crayon Group Holding *		39,623		592,013
LINK Mobility Group Holding *		105,422		175,504
Nordic Semiconductor *		107,011		2,199,018
Pexip Holding *		45,869		102,997
Volue *		30,023		129,708
				3,817,061
Materials — 7.9%
Borregaard		58,795		1,135,946
Elkem		174,470		738,589
Elopak		72,738		109,147
Norsk Hydro		822,894		7,060,784
				9,044,466
Real Estate — 0.7%
Entra		39,196		654,630
Selvaag Bolig		26,894		128,891
				783,521
Utilities — 0.1%
Elmera Group		58,462		133,910
TOTAL NORWAY				101,242,000
SINGAPORE — 0.5%
Energy — 0.5%
BW LPG		47,140		302,324
Hafnia *		71,995		214,056
TOTAL SINGAPORE				516,380

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

89

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X MSCI Norway ETF

	Shares		Value
COMMON STOCK — continued
SOUTH AFRICA — 0.8%
Utilities — 0.8%
Scatec		73,757	$	914,387
UNITED KINGDOM — 1.0%
Energy — 1.0%
Subsea 7		139,162		1,165,092
UNITED STATES — 0.3%
Information Technology — 0.3%
REC Silicon *		174,719		308,497
TOTAL COMMON STOCK
(Cost $121,478,209)				113,287,516
TOTAL INVESTMENTS — 99.2%
(Cost $121,478,209)			$	113,287,516

Percentages are based on Net Assets of $114,235,626.

* Non-income producing security.

Cl — Class

As of April 30, 2022, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

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

90

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X FTSE Southeast Asia ETF

	Shares		Value
COMMON STOCK — 99.7%
CHINA — 1.7%
Consumer Staples — 1.7%
Wilmar International		216,706	$	696,774
INDONESIA — 22.3%
Communication Services — 3.6%
Telkom Indonesia Persero		4,718,962		1,503,870
Consumer Discretionary — 2.5%
Astra International		2,058,704		1,075,718
Consumer Staples — 0.5%
Hanjaya Mandala Sampoerna		871,432		58,308
Unilever Indonesia		576,973		154,820
				213,128
Financials — 15.7%
Bank Central Asia		4,904,244		2,748,636
Bank Mandiri		1,883,321		1,162,704
Bank Negara Indonesia Persero		753,973		479,782

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

91

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X FTSE Southeast Asia ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Bank Rakyat Indonesia Persero		6,616,618	$	2,222,731
				6,613,853
TOTAL INDONESIA				9,406,569
MALAYSIA — 14.3%
Financials — 9.1%
CIMB Group Holdings		659,646		787,908
Malayan Banking		717,243		1,494,291
Public Bank		1,445,116		1,556,815
				3,839,014
Health Care — 0.9%
IHH Healthcare		267,664		406,399
Materials — 2.7%
Petronas Chemicals Group		284,945		668,919
Press Metal Aluminium Holdings		333,765		459,229
				1,128,148
Utilities — 1.6%
Tenaga Nasional		326,749		678,491
TOTAL MALAYSIA				6,052,052
PHILIPPINES — 4.9%
Financials — 1.2%
BDO Unibank		196,479		489,269
Industrials — 1.1%
Ayala		33,223		469,341
Real Estate — 2.6%
Ayala Land		795,751		488,532
SM Prime Holdings		928,388		622,423
				1,110,955
TOTAL PHILIPPINES				2,069,565

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

92

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X FTSE Southeast Asia ETF

	Shares		Value
COMMON STOCK — continued
SINGAPORE — 33.7%
Communication Services — 3.6%
Singapore Telecommunications		765,642	$	1,535,830
Financials — 25.0%
DBS Group Holdings		183,703		4,512,424
Oversea-Chinese Banking		355,501		3,189,700
United Overseas Bank		131,765		2,861,635
				10,563,759
Industrials — 1.2%
Singapore Airlines *		131,485		523,693
Real Estate — 3.9%
CapitaLand Integrated Commercial Trust ‡		495,490		836,043
Capitaland Investment		258,902		793,074
				1,629,117
TOTAL SINGAPORE				14,252,399
THAILAND — 22.8%
Communication Services — 1.7%
Advanced Info Service NVDR		113,768		714,164
Consumer Discretionary — 0.5%
PTT Oil & Retail Business		284,552		207,702
Consumer Staples — 2.7%
CP ALL NVDR		605,930		1,149,940
Energy — 5.2%
PTT NVDR		1,454,755		1,592,798
PTT Exploration & Production NVDR		139,119		613,342
				2,206,140
Financials — 3.6%
Kasikornbank NVDR		154,607		690,653
SCB X		40,696		136,644

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

93

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X FTSE Southeast Asia ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
SCB X NVDR		206,956	$	694,889
				1,522,186
Health Care — 1.7%
Bangkok Dusit Medical Services NVDR		916,005		688,675
Industrials — 2.0%
Airports of Thailand NVDR *		436,851		851,381
Information Technology — 0.7%
Delta Electronics Thailand NVDR		28,751		304,719
Materials — 2.2%
Siam Cement NVDR		85,563		924,330
Utilities — 2.5%
Energy Absolute		169,276		437,399
Gulf Energy Development NVDR		429,115		610,784
				1,048,183
TOTAL THAILAND				9,617,420
TOTAL COMMON STOCK
(Cost $39,942,020)				42,094,779
TOTAL INVESTMENTS — 99.7%
(Cost $39,942,020)			$	42,094,779

Percentages are based on Net Assets of $42,232,934.

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

NVDR  — Non-Voting Depositary Receipt

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

94

Schedule of Investments		April 30, 2022 (Unaudited)
	Global X FTSE Southeast Asia ETF

The following is a summary of the level of inputs used as of April 30, 2022, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	32,688,210	$	9,406,569	$	—	$	42,094,779
Total Investments in Securities	$	32,688,210	$	9,406,569	$	—	$	42,094,779

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

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

95

Statements of Assets and Liabilities

April 30, 2022 (Unaudited)

	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	$	3,802,211		$	4,538,330		$	7,053,854		$	535,310,215
Cost of Repurchase Agreement		—			—			—			1,660,349
Cost of Foreign Currency		—			—			1			673
Investments, at Value	$	4,581,671		$	4,164,997		$	6,095,271		$	307,451,895	*
Repurchase Agreement, at Value		—			—			—			1,660,349
Cash		—			10,042			6,098			233,122
Foreign Currency, at Value		—			—			1			676
Receivable for Investment Securities Sold		22,978			1,027,844			—			—
Unrealized Appreciation on Spot Contracts		—			1			—			—
Dividend, Interest, and Securities Lending Income Receivable		—			—			1,964			13,114
Total Assets		4,604,649			5,202,884			6,103,334			309,359,156
Liabilities:
Obligation to Return Securities Lending Collateral		—			—			—			3,975,906
Payable due to Investment Adviser		3,340			2,962			5,905			160,149
Unrealized Depreciation on Spot Contracts		4			—			—			—
Payable for Capital Shares Redeemed		—			1,040,461			—			—
Cash Overdraft		395,212			—			—			—
Custodian Fees Payable		—			3			38			—
Total Liabilities		398,556			1,043,426			5,943			4,136,055
Net Assets	$	4,206,093		$	4,159,458		$	6,097,391		$	305,223,101
Net Assets Consist of:
Paid-in Capital	$	4,207,542		$	6,710,296		$	13,090,113		$	648,452,326
Total Distributable Loss		(1,449	)		(2,550,838	)		(6,992,722	)		(343,229,225	)
Net Assets	$	4,206,093		$	4,159,458		$	6,097,391		$	305,223,101
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		300,000			199,971			450,000			15,380,000
Net Asset Value, Offering and Redemption Price Per Share	$	14.02		$	20.80		$	13.55		$	19.85
*Includes Market Value of Securities on Loan	$	—		$	—		$	—		$	3,400,573

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

96

Statements of Assets and Liabilities

April 30, 2022 (Unaudited)

	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	$	11,475,574		$	17,638,146		$	51,509,883		$	26,118,890
Cost of Repurchase Agreement		—			—			—			238,642
Cost of Foreign Currency		6,650			3			(141,629	)		—
Investments, at Value	$	10,418,923		$	11,836,155		$	39,895,888		$	18,477,010	*
Repurchase Agreement, at Value		—			—			—			238,642
Cash		9,958			13,752			—			25,134
Foreign Currency, at Value		6,648			3			—			—
Unrealized Appreciation on Spot Contracts		1			—			—			—
Receivable for Investment Securities Sold		—			—			141,082			—
Dividend, Interest, and Securities Lending Income Receivable		—			6,049			7,662			7,381
Total Assets		10,435,530			11,855,959			40,044,632			18,748,167
Liabilities:
Obligation to Return Securities Lending Collateral		—			—			—			571,457
Payable due to Investment Adviser		5,617			6,713			57,670			10,082
Overdraft of Foreign Currency		—			—			141,629			—
Cash Overdraft		—			—			17,473			—
Total Liabilities		5,617			6,713			216,772			581,539
Net Assets	$	10,429,913		$	11,849,246		$	39,827,860		$	18,166,628
Net Assets Consist of:
Paid-in Capital	$	11,442,173		$	19,848,892		$	70,158,247		$	29,137,994
Total Distributable Loss		(1,012,260	)		(7,999,646	)		(30,330,387	)		(10,971,366	)
Net Assets	$	10,429,913		$	11,849,246		$	39,827,860		$	18,166,628
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		460,002			760,002			3,060,000			980,002
Net Asset Value, Offering and Redemption Price Per Share	$	22.67		$	15.59		$	13.02		$	18.54
*Includes Market Value of Securities on Loan	$	—		$	—		$	—		$	574,126

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

97

Statements of Assets and Liabilities

April 30, 2022 (Unaudited)

	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	$	11,615,007		$	1,352,421	$	9,777,971		$	135,366,030
Cost of Repurchase Agreement		80,503			—		—			—
Cost of Foreign Currency		—			68		2,845			—
Investments, at Value	$	7,972,803	*	$	1,390,439	$	7,164,304		$	126,953,830
Repurchase Agreement, at Value		80,503			—		—			—
Cash		9,404			252		10,291			4,236
Foreign Currency, at Value		—			64		2,845			—
Dividend, Interest, and Securities Lending Income Receivable		150			—		—			244,090
Receivable for Investment Securities Sold		—			5,844		—			468,395
Reclaim Receivable		—			—		—			21,630
Total Assets		8,062,860			1,396,599		7,177,440			127,692,181
Liabilities:
Obligation to Return Securities Lending Collateral		192,774			—		—			—
Payable due to Investment Adviser		4,424			766		4,034			59,924
Unrealized Depreciation on Spot Contracts		—			1		1			219
Custodian Fees Payable		8			—		—			8,045
Total Liabilities		197,206			767		4,035			68,188
Net Assets	$	7,865,654		$	1,395,832	$	7,173,405		$	127,623,993
Net Assets Consist of:
Paid-in Capital	$	19,859,804		$	1,318,707	$	10,593,992		$	368,438,996
Total Distributable Earnings/(Loss)		(11,994,150	)		77,125		(3,420,587	)		(240,815,003	)
Net Assets	$	7,865,654		$	1,395,832	$	7,173,405		$	127,623,993
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		510,000			90,002		740,002			4,745,644
Net Asset Value, Offering and Redemption Price Per Share	$	15.42		$	15.51	$	9.69		$	26.89
*Includes Market Value of Securities on Loan	$	207,158		$	—	$	—		$	—

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

98

Statements of Assets and Liabilities

April 30, 2022 (Unaudited)

	Global X DAX Germany ETF			Global X MSCI Portugal ETF			Global X MSCI Colombia ETF			Global X MSCI Argentina ETF
Assets:
Cost of Investments	$	36,204,106		$	12,439,640		$	42,601,221		$	53,107,061
Cost of Repurchase Agreement		—			40,968			2,074,134			837,175
Cost of Foreign Currency		2			67,304			14,142			19,448
Investments, at Value	$	31,856,472		$	8,982,201	*	$	41,202,248	*	$	34,487,460	*
Repurchase Agreement, at Value		—			40,968			2,074,134			837,175
Cash		—			—			55,332			36,985
Foreign Currency, at Value		2			67,510			14,096			19,565
Reclaim Receivable		112,258			193,242			—			—
Dividend, Interest, and Securities Lending Income Receivable		40,618			1,077			12,967			163,146
Total Assets		32,009,350			9,284,998			43,358,777			35,544,331
Liabilities:
Obligation to Return Securities Lending Collateral		—			98,102			4,966,763			2,004,716
Payable due to Investment Adviser		5,431			4,233			20,650			17,253
Unrealized Depreciation on Spot Contracts		—			262			—			—
Cash Overdraft		70,831			188,921			—			—
Custodian Fees Payable		116			382			352			20
Total Liabilities		76,378			291,900			4,987,765			2,021,989
Net Assets	$	31,932,972		$	8,993,098		$	38,371,012		$	33,522,342
Net Assets Consist of:
Paid-in Capital	$	37,142,821		$	28,804,921		$	132,621,323		$	76,501,817
Total Distributable Loss		(5,209,849	)		(19,811,823	)		(94,250,311	)		(42,979,475	)
Net Assets	$	31,932,972		$	8,993,098		$	38,371,012		$	33,522,342
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		1,200,000			850,000			1,199,699			1,054,975
Net Asset Value, Offering and Redemption Price Per Share	$	26.61		$	10.58		$	31.98		$	31.78
*Includes Market Value of Securities on Loan	$	—		$	93,071		$	4,717,078		$	1,957,229

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

99

Statements of Assets and Liabilities

April 30, 2022 (Unaudited)

	Global X MSCI Pakistan ETF			Global X MSCI Nigeria ETF			Global X MSCI Vietnam ETF
Assets:
Cost of Investments	$	26,116,174		$	46,672,555		$	8,724,056
Cost of Foreign Currency		118,155			4,555,326			963
Investments, at Value	$	19,795,639		$	50,702,649		$	7,720,536
Cash		—			—			15,248
Foreign Currency, at Value		118,078			4,546,751			962
Dividend, Interest, and Securities Lending Income Receivable		161,731			234,826			1,411
Receivable for Investment Securities Sold		—			128,313			—
Total Assets		20,075,448			55,612,539			7,738,157
Liabilities:
Payable due to Investment Adviser		11,044			573,592			3,391
Unrealized Depreciation on Forward Foreign Currency Contracts		—			260,991			—
Cash Overdraft		552,554			7,751,804			—
Custodian Fees Payable		6,108			20,130			—
Total Liabilities		569,706			8,606,517			3,391
Net Assets	$	19,505,742		$	47,006,022		$	7,734,766
Net Assets Consist of:
Paid-in Capital	$	64,008,854		$	71,665,504		$	8,761,191
Total Distributable Loss		(44,503,112	)		(24,659,482	)		(1,026,425	)
Net Assets	$	19,505,742		$	47,006,022		$	7,734,766
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		872,293			2,962,135			340,000
Net Asset Value, Offering and Redemption Price Per Share	$	22.36		$	15.87		$	22.75

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

100

Statements of Assets and Liabilities

April 30, 2022 (Unaudited)

	Global X MSCI Next Emerging & Frontier ETF			Global X MSCI Norway ETF			Global X FTSE Southeast Asia ETF
Assets:
Cost of Investments	$	19,506,246		$	121,478,209		$	39,942,020
Cost of Foreign Currency		67,246			30,387			3,689
Investments, at Value	$	21,529,956		$	113,287,516		$	42,094,779
Cash		—			22,350			33,316
Foreign Currency, at Value		64,379			30,387			3,689
Dividend, Interest, and Securities Lending Income Receivable		22,201			772,029			123,954
Reclaim Receivable		3,711			172,324			—
Total Assets		21,620,247			114,284,606			42,255,738
Liabilities:
Payable due to Investment Adviser		8,936			48,948			22,613
Cash Overdraft		27,679			—			—
Custodian Fees Payable		14,653			32			191
Total Liabilities		51,268			48,980			22,804
Net Assets	$	21,568,979		$	114,235,626		$	42,232,934
Net Assets Consist of:
Paid-in Capital	$	44,313,435		$	163,035,730		$	48,967,797
Total Distributable Loss		(22,744,456	)		(48,800,104	)		(6,734,863	)
Net Assets	$	21,568,979		$	114,235,626		$	42,232,934
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		1,030,000			3,826,111			2,740,000
Net Asset Value, Offering and Redemption Price Per Share	$	20.94		$	29.86		$	15.41

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

101

Statements of Operations

For the period ended April 30, 2022 (Unaudited)

	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	$	6		$	24,002		$	24,483		$	324,434
Interest Income		2			2			4			64
Security Lending Income		—			—			—			69,396
Less: Foreign Taxes Withheld		(1	)		(899	)		(95	)		(2,934	)
Total Investment Income		7			23,105			24,392			390,960
Supervision and Administration Fees(1)		21,572			23,916			55,218			1,400,767
Custodian Fees(2)		65			98			44			430
Total Expenses		21,637			24,014			55,262			1,401,197
Net Investment Loss		(21,630	)		(909	)		(30,870	)		(1,010,237	)
Net Realized Gain (Loss) on:
Investments(3)		1,065,742			(30,255	)		(3,068,535	)		(31,748,656	)
Foreign Currency Transactions		(2,758	)		(1,802	)		(14,267	)		2,346
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		1,062,984			(32,057	)		(3,082,802	)		(31,746,310	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		226,814			(1,045,158	)		(1,233,381	)		(151,651,955	)
Foreign Currency Translations		143			(28	)		(5	)		(104	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		226,957			(1,045,186	)		(1,233,386	)		(151,652,059	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Translations		1,289,941			(1,077,243	)		(4,316,188	)		(183,398,369	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,268,311		$	(1,078,152	)	$	(4,347,058	)	$	(184,408,606	)

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

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

102

Statements of Operations

For the period ended April 30, 2022 (Unaudited)

	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	$	30,436		$	7,685		$	90,629		$	40,301
Interest Income		—			—			18			—
Security Lending Income		—			—			—			1,406
Less: Foreign Taxes Withheld		(885	)		(170	)		(1,561	)		(787	)
Total Investment Income		29,551			7,515			89,086			40,920
Supervision and Administration Fees(1)		41,546			43,672			282,389			88,601
Custodian Fees(2)		1			—			80			82
Total Expenses		41,547			43,672			282,469			88,683
Net Investment Loss		(11,996	)		(36,157	)		(193,383	)		(47,763	)
Net Realized Gain (Loss) on:
Investments(3)		132,548			(1,593,692	)		(11,364,394	)		(2,333,971	)
Foreign Currency Transactions		359			(276	)		(10,472	)		(33	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		132,907			(1,593,968	)		(11,374,866	)		(2,334,004	)
Net Change in Unrealized Depreciation on:
Investments		(2,688,463	)		(4,718,740	)		(2,025,763	)		(9,053,112	)
Foreign Currency Translations		(2	)		(2	)		—			—
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(2,688,465	)		(4,718,742	)		(2,025,763	)		(9,053,112	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Translations		(2,555,558	)		(6,312,710	)		(13,400,629	)		(11,387,116	)
Net Decrease in Net Assets Resulting from Operations	$	(2,567,554	)	$	(6,348,867	)	$	(13,594,012	)	$	(11,434,879	)

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

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

103

Statements of Operations

For the period ended April 30, 2022 (Unaudited)

	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
Investment Income:
Dividend Income	$	79,666		$	1,360		$	18,039		$	1,084,787
Interest Income		2			—			—			2
Security Lending Income		469			—			—			2,891
Less: Foreign Taxes Withheld		(643	)		—			—			(68,526	)
Total Investment Income		79,494			1,360			18,039			1,019,154
Supervision and Administration Fees(1)		35,138			5,251			21,176			356,293
Custodian Fees(2)		20			15			53			10,174
Total Expenses		35,158			5,266			21,229			366,467
Net Investment Income (Loss)		44,336			(3,906	)		(3,190	)		652,687
Net Realized Gain (Loss) on:
Investments(3)		(607,081	)		68,118			(344,725	)		4,176,064
Foreign Currency Transactions		(436	)		75			(154	)		(902	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(607,517	)		68,193			(344,879	)		4,175,162
Net Change in Unrealized Depreciation on:
Investments		(2,388,247	)		(366,424	)		(886,049	)		(8,409,442	)
Foreign Currency Translations		—			(5	)		(6	)		(2,362	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(2,388,247	)		(366,429	)		(886,055	)		(8,411,804	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Translations		(2,995,764	)		(298,236	)		(1,230,934	)		(4,236,642	)
Net Decrease in Net Assets Resulting from Operations	$	(2,951,428	)	$	(302,142	)	$	(1,234,124	)	$	(3,583,955	)

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

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

104

Statements of Operations

For the period ended April 30, 2022 (Unaudited)

	Global X DAX Germany ETF			Global X MSCI Portugal ETF			Global X MSCI Colombia ETF			Global X MSCI Argentina ETF
Investment Income:
Dividend Income	$	644,687		$	104,399		$	1,928,546		$	590,767
Interest Income		—			—			—			2
Security Lending Income		—			10,417			8,340			12,344
Less: Foreign Taxes Withheld		(31,525	)		(15,660	)		(61,781	)		(149,140	)
Total Investment Income		613,162			99,156			1,875,105			453,973
Supervision and Administration Fees(1)		37,562			26,478			118,995			93,573
Custodian Fees(2)		563			2,368			2,478			49
Total Expenses		38,125			28,846			121,473			93,622
Net Investment Income		575,037			70,310			1,753,632			360,351
Net Realized Gain (Loss) on:
Investments(3)		2,400,957			(294,538	)		(2,604,038	)		(171,375	)
Foreign Currency Transactions		(739	)		(582	)		(59,301	)		(14,367	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		2,400,218			(295,120	)		(2,663,339	)		(185,742	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(9,908,385	)		(719,669	)		2,882,437			(1,667,017	)
Foreign Currency Translations		(9,763	)		(17,872	)		96			114
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(9,918,148	)		(737,541	)		2,882,533			(1,666,903	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Translations		(7,517,930	)		(1,032,661	)		219,194			(1,852,645	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(6,942,893	)	$	(962,351	)	$	1,972,826		$	(1,492,294	)

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

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

105

Statements of Operations

For the period ended April 30, 2022 (Unaudited)

	Global X MSCI Pakistan ETF			Global X MSCI Nigeria ETF			Global X MSCI Vietnam ETF(1)
Investment Income:
Dividend Income	$	934,060		$	1,806,352		$	11,876
Interest Income		—			11			—
Less: Foreign Taxes Withheld		(123,297	)		(165,954	)		—
Total Investment Income		810,763			1,640,409			11,876
Supervision and Administration Fees(2)		71,139			149,708			11,890
Custodian Fees(3)		9,513			37,038			124
Total Expenses		80,652			186,746			12,014
Net Investment Income (Loss)		730,111			1,453,663			(138	)
Net Realized Loss on:
Investments(4)		(792,543	)		(75,963	)		(7,075	)
Foreign Currency Transactions		(61,417	)		(475,485	)		(12,253	)
Net Realized Loss on Investments and Foreign Currency Transactions		(853,960	)		(551,448	)		(19,328	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(2,374,807	)		1,725,963			(1,003,520	)
Forward Foreign Currency Contracts		—			(260,991	)		—
Foreign Currency Translations		(3,980	)		212,623			(1	)
Net Change in Unrealized Appreciation (Depreciation) on Investments, Forward Foreign Currency Contracts, and Foreign Currency Translations		(2,378,787	)		1,677,595			(1,003,521	)
Net Realized and Unrealized Gain (Loss) on Investments, Forward Foreign Currency Contracts, and Foreign Currency Translations		(3,232,747	)		1,126,147			(1,022,849	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(2,502,636	)	$	2,579,810		$	(1,022,987	)

(1)	The Fund commenced operations on December 7, 2021.
(2)	The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements).
(3)	See Note 2 in the Notes to Financial Statements.
(4)	Includes realized gains/(losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements).

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

106

Statements of Operations

For the period ended April 30, 2022 (Unaudited)

	Global X MSCI Next Emerging & Frontier ETF			Global X MSCI Norway ETF			Global X FTSE Southeast Asia ETF
Investment Income:
Dividend Income	$	339,930		$	2,140,142		$	638,986
Interest Income		—			13			4
Less: Foreign Taxes Withheld		(29,434	)		(474,259	)		(48,402	)
Total Investment Income		310,496			1,665,896			590,588
Supervision and Administration Fees(1)		52,598			235,605			118,792
Custodian Fees(2)		10,207			245			321
Total Expenses		62,805			235,850			119,113
Net Investment Income		247,691			1,430,046			471,475
Net Realized Gain (Loss) on:
Investments(3)		(34,481	)		2,224,761			(898,563	)
Foreign Currency Transactions		(11,486	)		(25,486	)		(6,414	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(45,967	)		2,199,275			(904,977	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(34,145	)		(12,084,635	)		2,144,625
Foreign Currency Translations		258			(10,427	)		(1,387	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(33,887	)		(12,095,062	)		2,143,238
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Translations		(79,854	)		(9,895,787	)		1,238,261
Net Increase (Decrease) in Net Assets Resulting from Operations	$	167,837		$	(8,465,741	)	$	1,709,736

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

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

107

Statements of Changes in Net Assets

	Global X MSCI China Energy ETF						Global X MSCI China Materials ETF
	Period Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Period Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
Operations:
Net Investment Income (Loss)	$	(21,630	)	$	134,694		$	(909	)	$	79,985
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions (1)		1,062,984			(92,471	)		(32,057	)		(23,187	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		226,957			1,094,639			(1,045,186	)		587,544
Net Increase (Decrease) in Net Assets Resulting from Operations		1,268,311			1,136,862			(1,078,152	)		644,342
Distributions		(113,309	)		(61,017	)		(31,802	)		(85,767	)
Capital Share Transactions:
Issued		9,512,802			2,018,561			7,848,962			4,181,106
Redeemed		(11,113,725	)		—			(9,137,160	)		—
Increase (Decrease) in Net Assets from Capital Share Transactions		(1,600,923	)		2,018,561			(1,288,198	)		4,181,106
Total Increase (Decrease) in Net Assets		(445,921	)		3,094,406			(2,398,152	)		4,739,681
Net Assets:
Beginning of Year/Period		4,652,014			1,557,608			6,557,610			1,817,929
End of Year/Period	$	4,206,093		$	4,652,014		$	4,159,458		$	6,557,610
Share Transactions:
Issued		780,000			190,000			320,000			160,000
Redeemed		(870,000	)		—			(380,000	)		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(90,000	)		190,000			(60,000	)		160,000

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

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

108

Statements of Changes in Net Assets

	Global X MSCI China Industrials ETF						Global X MSCI China Consumer Discretionary ETF
	Period Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Period Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
Operations:
Net Investment Income (Loss)	$	(30,870	)	$	39,484		$	(1,010,237	)	$	(33,596	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions (1)		(3,082,802	)		110,632			(31,746,310	)		96,720,744
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(1,233,386	)		506,026			(151,652,059	)		(172,971,644	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,347,058	)		656,142			(184,408,606	)		(76,284,496	)
Distributions		(26,468	)		(44,984	)		—			(380,749	)
Capital Share Transactions:
Issued		27,899,686			2,517,246			5,018,748			588,818,607
Redeemed		(20,586,502	)		(1,984,822	)		(164,890,069	)		(255,768,042	)
Increase (Decrease) in Net Assets from Capital Share Transactions		7,313,184			532,424			(159,871,321	)		333,050,565
Total Increase (Decrease) in Net Assets		2,939,658			1,143,582			(344,279,927	)		256,385,320
Net Assets:
Beginning of Year/Period		3,157,733			2,014,151			649,503,028			393,117,708
End of Year/Period	$	6,097,391		$	3,157,733		$	305,223,101		$	649,503,028
Share Transactions:
Issued		1,670,000			160,000			240,000			16,210,000
Redeemed		(1,410,000	)		(120,000	)		(6,550,000	)		(7,870,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		260,000			40,000			(6,310,000	)		8,340,000

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

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

109

Statements of Changes in Net Assets

	Global X MSCI China Consumer Staples ETF						Global X MSCI China Health Care ETF
	Period Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Period Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
Operations:
Net Investment Income (Loss)	$	(11,996	)	$	167,186		$	(36,157	)	$	(8,868	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions (1)		132,907			878,489			(1,593,968	)		1,644,823
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(2,688,465	)		(986,348	)		(4,718,742	)		(2,513,462	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,567,554	)		59,327			(6,348,867	)		(877,507	)
Distributions		(590,655	)		(165,719	)		—			(7,709	)
Capital Share Transactions:
Issued		—			3,451,698			2,062,026			14,751,520
Redeemed		(1,985,847	)		(5,194,967	)		(483,683	)		(7,902,991	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(1,985,847	)		(1,743,269	)		1,578,343			6,848,529
Total Increase (Decrease) in Net Assets		(5,144,056	)		(1,849,661	)		(4,770,524	)		5,963,313
Net Assets:
Beginning of Year/Period		15,573,969			17,423,630			16,619,770			10,656,457
End of Year/Period	$	10,429,913		$	15,573,969		$	11,849,246		$	16,619,770
Share Transactions:
Issued		—			100,000			110,000			500,000
Redeemed		(70,000	)		(170,000	)		(20,000	)		(280,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(70,000	)		(70,000	)		90,000			220,000

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

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

110

Statements of Changes in Net Assets

	Global X MSCI China Financials ETF						Global X MSCI China Information Technology ETF
	Period Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Period Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
Operations:
Net Investment Income (Loss)	$	(193,383	)	$	2,318,915		$	(47,763	)	$	132,770
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions (1)		(11,374,866	)		503,715			(2,334,004	)		787,182
Net Change in Unrealized Appreciation (Depreciation) on Investments		(2,025,763	)		(1,299,229	)		(9,053,112	)		(1,700,916	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(13,594,012	)		1,523,401			(11,434,879	)		(780,964	)
Distributions		(1,628,993	)		(1,869,196	)		(687,477	)		(266,120	)
Capital Share Transactions:
Issued		78,399,842			27,548,622			4,888,074			16,904,921
Redeemed		(72,105,266	)		(26,173,070	)		(5,412,326	)		(5,876,490	)
Increase (Decrease) in Net Assets from Capital Share Transactions		6,294,576			1,375,552			(524,252	)		11,028,431
Total Increase (Decrease) in Net Assets		(8,928,429	)		1,029,757			(12,646,608	)		9,981,347
Net Assets:
Beginning of Year/Period		48,756,289			47,726,532			30,813,236			20,831,889
End of Year/Period	$	39,827,860		$	48,756,289		$	18,166,628		$	30,813,236
Share Transactions:
Issued		5,340,000			1,720,000			170,000			500,000
Redeemed		(5,660,000	)		(1,690,000	)		(250,000	)		(190,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(320,000	)		30,000			(80,000	)		310,000

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

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

111

Statements of Changes in Net Assets

	Global X MSCI China Communication Services ETF						Global X MSCI China Utilities ETF
	Period Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Period Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
Operations:
Net Investment Income (Loss)	$	44,336		$	34,943		$	(3,906	)	$	69,303
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions (1)		(607,517	)		(1,732,970	)		68,193			70,662
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(2,388,247	)		(1,335,467	)		(366,429	)		505,954
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,951,428	)		(3,033,494	)		(302,142	)		645,919
Distributions		—			(201,302	)		(71,239	)		(63,139	)
Return of Capital		—			(30,513	)		—			—
Capital Share Transactions:
Redeemed		(1,520,074	)		(1,381,816	)		(183,369	)		—
Decrease in Net Assets from Capital Share Transactions		(1,520,074	)		(1,381,816	)		(183,369	)		—
Total Increase (Decrease) in Net Assets		(4,471,502	)		(4,647,125	)		(556,750	)		582,780
Net Assets:
Beginning of Year/Period		12,337,156			16,984,281			1,952,582			1,369,802
End of Year/Period	$	7,865,654		$	12,337,156		$	1,395,832		$	1,952,582
Share Transactions:
Redeemed		(90,000	)		(50,000	)		(10,000	)		—
Net Decrease in Shares Outstanding from Share Transactions		(90,000	)		(50,000	)		(10,000	)		—

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

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

112

Statements of Changes in Net Assets

	Global X MSCI China Real Estate ETF						Global X MSCI Greece ETF
	Period Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Period Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
Operations:
Net Investment Income (Loss)	$	(3,190	)	$	216,343		$	652,687		$	2,748,557
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions (1)		(344,879	)		(344,770	)		4,175,162			(22,332,006	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(886,055	)		(935,733	)		(8,411,804	)		85,495,557
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,234,124	)		(1,064,160	)		(3,583,955	)		65,912,108
Distributions		(126,670	)		(311,838	)		(2,590,139	)		(3,402,946	)
Capital Share Transactions:
Issued		4,129,450			626,443			9,234,765			10,058,149
Redeemed		—			(2,126,313	)		(27,264,841	)		(29,754,751	)
Increase (Decrease) in Net Assets from Capital Share Transactions		4,129,450			(1,499,870	)		(18,030,076	)		(19,696,602	)
Total Increase (Decrease) in Net Assets		2,768,656			(2,875,868	)		(24,204,170	)		42,812,560
Net Assets:
Beginning of Year/Period		4,404,749			7,280,617			151,828,163			109,015,603
End of Year/Period	$	7,173,405		$	4,404,749		$	127,623,993		$	151,828,163
Share Transactions:
Issued		370,000			50,000			320,000			410,000
Redeemed		—			(130,000	)		(1,000,000	)		(1,150,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		370,000			(80,000	)		(680,000	)		(740,000	)

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

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

113

Statements of Changes in Net Assets

	Global X DAX Germany ETF						Global X MSCI Portugal ETF
	Period Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Period Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
Operations:
Net Investment Income	$	575,037		$	729,263		$	70,310		$	499,075
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions (1)		2,400,218			(1,315,725	)		(295,120	)		(1,224,498	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(9,918,148	)		9,284,357			(737,541	)		5,936,190
Net Increase (Decrease) in Net Assets Resulting from Operations		(6,942,893	)		8,697,895			(962,351	)		5,210,767
Distributions		(433,050	)		(1,062,843	)		(67,552	)		(509,812	)
Capital Share Transactions:
Issued		4,247,857			12,449,491			—			—
Redeemed		(8,971,445	)		—			(981,987	)		(6,865,055	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(4,723,588	)		12,449,491			(981,987	)		(6,865,055	)
Total Increase (Decrease) in Net Assets		(12,099,531	)		20,084,543			(2,011,890	)		(2,164,100	)
Net Assets:
Beginning of Year/Period		44,032,503			23,947,960			11,004,988			13,169,088
End of Year/Period	$	31,932,972		$	44,032,503		$	8,993,098		$	11,004,988
Share Transactions:
Issued		140,000			390,000			—			—
Redeemed		(280,000	)		—			(90,000	)		(610,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(140,000	)		390,000			(90,000	)		(610,000	)

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

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

114

Statements of Changes in Net Assets

	Global X MSCI Colombia ETF						Global X MSCI Argentina ETF
	Period Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Period Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
Operations:
Net Investment Income	$	1,753,632		$	908,881		$	360,351		$	367,527
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions (1)		(2,663,339	)		(2,294,198	)		(185,742	)		5,051,501
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		2,882,533			13,372,523			(1,666,903	)		8,391,450
Net Increase (Decrease) in Net Assets Resulting from Operations		1,972,826			11,987,206			(1,492,294	)		13,810,478
Distributions		(529,771	)		(1,240,682	)		(260,229	)		(163,672	)
Capital Share Transactions:
Issued		5,767,466			—			2,891,802			7,640,472
Redeemed		(10,670,311	)		(3,096,228	)		(2,426,975	)		(24,897,995	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(4,902,845	)		(3,096,228	)		464,827			(17,257,523	)
Total Increase (Decrease) in Net Assets		(3,459,790	)		7,650,296			(1,287,696	)		(3,610,717	)
Net Assets:
Beginning of Year/Period		41,830,802			34,180,506			34,810,038			38,420,755
End of Year/Period	$	38,371,012		$	41,830,802		$	33,522,342		$	34,810,038
Share Transactions:
Issued		200,000			—			80,000			250,000
Redeemed		(360,000	)		(110,000	)		(80,000	)		(820,000	)
Net Decrease in Shares Outstanding from Share Transactions		(160,000	)		(110,000	)		—			(570,000	)

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

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

115

Statements of Changes in Net Assets

	Global X MSCI Pakistan ETF						Global X MSCI Nigeria ETF
	Period Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Period Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
Operations:
Net Investment Income	$	730,111		$	2,127,510		$	1,453,663		$	2,165,472
Net Realized Gain (Loss) on Investments, Forward Foreign Currency Contracts, and Foreign Currency Transactions (1)		(853,960	)		1,227,822			(551,448	)		149,837
Net Change in Unrealized Appreciation (Depreciation) on Investments, Forward Foreign Currency Contracts, and Foreign Currency Translations		(2,378,787	)		(2,514,010	)		1,677,595			4,351,171
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,502,636	)		841,322			2,579,810			6,666,480
Distributions		(779,554	)		(1,563,198	)		(2,165,774	)		(2,273,637	)
Capital Share Transactions:
Issued		—			7,796,942			—			—
Redeemed		(1,179,537	)		(17,662,995	)		—			—
Decrease in Net Assets from Capital Share Transactions		(1,179,537	)		(9,866,053	)		—			—
Total Increase (Decrease) in Net Assets		(4,461,727	)		(10,587,929	)		414,036			4,392,843
Net Assets:
Beginning of Year/Period		23,967,469			34,555,398			46,591,986			42,199,143
End of Year/Period	$	19,505,742		$	23,967,469		$	47,006,022		$	46,591,986
Share Transactions:
Issued		—			250,000			—			—
Redeemed		(50,000	)		(590,000	)		—			—
Net Decrease in Shares Outstanding from Share Transactions		(50,000	)		(340,000	)		—			—

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

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

116

Statements of Changes in Net Assets

	Global X MSCI Vietnam ETF			Global X MSCI Next Emerging & Frontier ETF
	Period Ended April 30, 2022(1) (Unaudited)			Period Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
Operations:
Net Investment Income (Loss)	$	(138	)	$	247,691		$	438,105
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions (2)		(19,328	)		(45,967	)		270,765
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(1,003,521	)		(33,887	)		3,879,134
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,022,987	)		167,837			4,588,004
Distributions		(3,438	)		(226,590	)		(448,516	)
Capital Share Transactions:
Issued		8,761,191			—			3,497,177
Increase in Net Assets from Capital Share Transactions		8,761,191			—			3,497,177
Total Increase (Decrease) in Net Assets		7,734,766			(58,753	)		7,636,665
Net Assets:
Beginning of Year/Period		—			21,627,732			13,991,067
End of Year/Period	$	7,734,766		$	21,568,979		$	21,627,732
Share Transactions:
Issued		340,000			—			180,000
Net Increase in Shares Outstanding from Share Transactions		340,000			—			180,000

(1)	The Fund commenced operations on December 7, 2021.
(2)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements).

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

117

Statements of Changes in Net Assets

	Global X MSCI Norway ETF						Global X FTSE Southeast Asia ETF
	Period Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021‡			Period Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
Operations:
Net Investment Income	$	1,430,046		$	1,350,068		$	471,475		$	1,396,343
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions (1)		2,199,275			94,788			(904,977	)		(553,468	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(12,095,062	)		18,083,257			2,143,238			6,420,014
Net Increase (Decrease) in Net Assets Resulting from Operations		(8,465,741	)		19,528,113			1,709,736			7,262,889
Distributions		(374,974	)		(1,549,127	)		(1,013,965	)		(630,414	)
Return of Capital		—			(28,009	)		—			—
Capital Share Transactions:
Issued		48,330,119			19,132,549			6,493,843			13,865,571
Redeemed		(29,189,031	)		(9,932,744	)		(732,880	)		(5,703,002	)
Merger(2)		—			43,214,538			—			—
Increase in Net Assets from Capital Share Transactions		19,141,088			52,414,343			5,760,963			8,162,569
Total Increase in Net Assets		10,300,373			70,365,320			6,456,734			14,795,044
Net Assets:
Beginning of Year/Period		103,935,253			33,569,933			35,776,200			20,981,156
End of Year/Period	$	114,235,626		$	103,935,253		$	42,232,934		$	35,776,200
Share Transactions:
Issued		1,570,000			605,315			420,000			970,000
Redeemed		(990,860	)		(376,536	)		(50,000	)		(400,000	)
Merger(2)		—			1,350,000			—			—
Net Increase in Shares Outstanding from Share Transactions		579,140			1,578,779			370,000			570,000

‡	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 Statements.

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

118

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)
Global X MSCI China Energy ETF
2022 (Unaudited)		11.93		(0.04	)		2.29			2.25			(0.16	)		—
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
2022 (Unaudited)		25.22		—			(4.34	)		(4.34	)		(0.08	)		—
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
2022 (Unaudited)		16.62		(0.03	)		(3.01	)		(3.04	)		(0.03	)		—
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	)		—

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

119

Financial Highlights

Return of Capital ($)		Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
	—		(0.16	)		14.02		19.18			4,206		0.65	†		(0.65	)†		87.35
	—		(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
	—		(0.08	)		20.80		(17.21	)		4,159		0.65	†		(0.02	)†		75.34
	—		(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
	—		(0.03	)		13.55		(18.31	)		6,097		0.65	†		(0.36	)†		69.63
	—		(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.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.

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

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

120

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)
Global X MSCI China Consumer Discretionary ETF
2022 (Unaudited)		29.94		(0.06	)		(10.03	)		(10.09	)		—			—
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
2022 (Unaudited)		29.38		(0.03	)		(5.47	)		(5.50	)		(0.18	)		(1.03	)
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
2022 (Unaudited)		24.81		(0.05	)		(9.17	)		(9.22	)		—			—
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	)		—

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

121

Financial Highlights

Return of Capital ($)		Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
	—		—			19.85		(33.70	)		305,223		0.65	†		(0.47	)†		11.00
	—		(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
	—		(1.21	)		22.67		(19.56	)		10,430		0.65	†		(0.19	)†		8.18
	—		(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
	—		—			15.59		(37.16	)		11,849		0.65	†		(0.54	)†		8.29
	—		(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

*	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.

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

122

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)
Global X MSCI China Financials ETF
2022 (Unaudited)		14.42		(0.03	)		(1.01	)		(1.04	)		(0.36	)		—
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	)		—
Global X MSCI China Information Technology ETF
2022 (Unaudited)		29.07		(0.04	)		(9.92	)		(9.96	)		(0.02	)		(0.55	)
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
2022 (Unaudited)		20.56		0.08			(5.22	)		(5.14	)		—			—
2021		26.13		0.06			(5.27	)		(5.21	)		(0.31	)		—
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	)		—

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

123

Financial Highlights

Return of Capital ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
	—			(0.36	)		13.02		(7.35	)		39,828		0.65	†		(0.45	)†		24.93
	—			(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
	—			(0.57	)		18.54		(34.89	)		18,167		0.65	†		(0.35	)†		22.41
	—			(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
	—			—			15.42		(25.00	)		7,866		0.65	†		0.82	†		16.67
	(0.05	)		(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

*	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.

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

124

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)
Global X MSCI China Utilities ETF
2022 (Unaudited)		19.53		(0.04	)		(3.18	)		(3.22	)		(0.35	)		(0.45	)
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
2022 (Unaudited)		11.90		(0.01	)		(1.95	)		(1.96	)		(0.25	)		—
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	)		—
Global X MSCI Greece ETF
2022 (Unaudited)		27.98		0.14			(0.66	)		(0.52	)		(0.57	)		—
2021		17.68		0.47			10.36			10.83			(0.53	)		—
2020(2)		29.91		0.66			(12.20	)		(11.54	)		(0.69	)		—
2019(2)		23.04		0.63			6.87			7.50			(0.63	)		—
2018(2)		27.90		0.57			(4.77	)		(4.20	)		(0.66	)		—
2017(2)		22.05		0.45			5.85			6.30			(0.45	)		—

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

125

Financial Highlights

Return of Capital ($)		Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
	—		(0.80	)		15.51		(17.46	)		1,396		0.65	†		(0.48	)†		31.77
	—		(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
	—		(0.25	)		9.69		(16.61	)		7,173		0.65	†		(0.10	)†		15.47
	—		(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
	—		(0.57	)		26.89		(1.81	)		127,624		0.57	†		1.01	†		14.18
	—		(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

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1)	The Fund commenced operations on December 7, 2018.
(2)	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.

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

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

126

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)
Global X DAX Germany ETF(1)
2022 (Unaudited)		32.86		0.46		(6.38	)		(5.92	)		(0.33	)		—
2021		25.21		0.62		7.95			8.57			(0.92	)		—
2020		27.28		0.87		(2.64	)		(1.77	)		(0.30	)		—
2019(2)		25.92		0.67		1.82			2.49			(1.11	)		—
2018(2)		31.25		0.77		(5.75	)‡		(4.98	)		(0.35	)		—
2017(2)		24.73		0.48		6.91			7.39			(0.83	)		—
Global X MSCI Portugal ETF
2022 (Unaudited)		11.71		0.08		(1.14	)		(1.06	)		(0.07	)		—
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	)		—

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

127

Financial Highlights

Return of Capital ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)			Portfolio Turnover (%)††
	—			(0.33	)		26.61		(18.18	)		31,933		0.20	†		3.06	†		5.18
	—			(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
	(0.02	)		(1.13	)		27.28		9.98			16,370		0.21	+		2.65			15.36
	—			(0.35	)		25.92	(16.05)		@		16,851		0.20			2.57			7.00
	(0.04	)		(0.87	)		31.25		30.40			17,186		0.38			1.74			9.00
	—			(0.07	)		10.58		(9.06	)		8,993		0.60	†		1.46	†		22.34
	—			(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

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
+	Effective March 1, 2021, the Fund’s management fees were permanently lowered to 0.20%. Prior to March1, 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)	The financial statements include the financial information of the Predecessor Fund through December 21, 2018 (See Note 1 in Notes to Financial Statements).
(2)	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.

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

128

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)
Global X MSCI Colombia ETF
2022 (Unaudited)		30.76		1.38		0.21			1.59			(0.37	)		—
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
2022 (Unaudited)		33.00		0.36		(1.31	)		(0.95	)		(0.27	)		—
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	)		—
Global X MSCI Pakistan ETF
2022 (Unaudited)		25.99		0.82		(3.60	)		(2.78	)		(0.85	)		—
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	)		—

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

129

Financial Highlights

Return of Capital ($)		Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)			Portfolio Turnover (%)††
	—		(0.37	)		31.98		5.32			38,371		0.62	†		8.99	†		30.96
	—		(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
	—		(0.27	)		31.78		(2.88	)		33,522		0.59	†		2.27	†		26.90
	—		(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
	—		(0.85	)		22.36		(10.80	)		19,506		0.77	†		6.98	†		9.56
	—		(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

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
‡	The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded,the ratio would have been 0.66% 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 theNotes to Financial Statements).

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

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

130

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)
Global X MSCI Nigeria ETF
2022 (Unaudited)		15.73		0.49		0.38			0.87			(0.73	)		—
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(1)		17.24		0.54		4.07			4.61			(0.42	)		—
Global X MSCI Vietnam ETF
2022(2) (Unaudited)		25.64		—		(2.86	)		(2.86	)		(0.03	)		—
Global X MSCI Next Emerging & Frontier ETF
2022 (Unaudited)		21.00		0.24		(0.08	)		0.16			(0.22	)		—
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	)		—

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

131

Financial Highlights

Return of Capital ($)		Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
	—		(0.73	)		15.87		6.10			47,006		0.85	†		6.60	†		1.17
	—		(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
	—		(0.03	)		22.75		(11.16	)		7,735		0.51	†		(0.01	)†		2.30
	—		(0.22	)		20.94		0.78			21,569		0.59	†		2.31	†		9.42
	—		(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.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1)	Per share amounts have been adjusted for a 1 for 4 reverse share split on March 16, 2017 (See Note 9 in theNotes to Financial Statements).
(2)	The Fund commenced operations on December 7, 2021.

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

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

132

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)
Global X MSCI Norway ETF(1)
2022 (Unaudited)		32.01		0.46		(2.46	)		(2.00	)		(0.15	)		—
2021		20.12		0.42		11.94			12.36			(0.46	)		—
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
2022 (Unaudited)		15.10		0.19		0.56			0.75			(0.44	)		—
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	)		—

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

133

Financial Highlights

Return of Capital ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)			Portfolio Turnover (%)††
	—			(0.15	)		29.86		(6.29	)		114,236		0.50	†		3.04	†		7.33
	(0.01	)		(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
	—			(0.44	)		15.41		5.12			42,233		0.65	†		2.58	†		8.98
	—			(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.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1)	On October 29, 2021, the Global X MSCI Norway ETF (the “Acquired Fund”) was reorganized into theGlobal 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 resultof the Reorganization as of the close of business on October 29, 2021, the Combined Fund assumed theperformance and accounting history of the Acquired Fund. Accordingly, performance figures for theCombined Fund for periods prior to the date of the Reorganization represent the performance of theAcquired 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 theconversion ratio of 0.4766 in effect on the reorganization date of October 29, 2021 (See Note 1 in Notes toFinancial Statements).

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

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

134

Notes to Financial Statements (Unaudited)

April 30, 2022

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 April 30, 2022, the Trust had one hundred and two portfolios, ninety-four 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 Vietnam 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.

Global X MSCI Vietnam ETF commenced operations on December 7, 2021.

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.

135

Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

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

136

Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

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 as of the reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day. Prices for most securities held 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 April 30, 2022, there were securities valued using

137

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April 30, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

the Fair Value Procedures of $16,990, $3, $272,453, $6,889, $12 and $5,381 in the Global X MSCI China Materials ETF, Global X MSCI China Communication Services ETF, Global X MSCI China Real Estate ETF, Global X MSCI Greece ETF, Global X MSCI Portugal ETF and Global X MSCI Vietnam 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 period ended April 30, 2022, there have been no significant changes to the Funds’ fair valuation methodologies.

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of April 30, 2022. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

138

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

MSCI China Real Estate ETF

Assets	Fair Value at 4/30/22	Valuation Technique(s)	Unobservable Input	Discount Percentage
Common Stock	$94,121	Discount from the Last Traded Price	Last Traded Price Comparability Adjustment %	10.0%
Common Stock	$77,774	Discount from the Last Traded Price	Last Traded Price Comparability Adjustment %	10.0%
Common Stock	$100,558	Discount from the Last Traded Price	Last Traded Price Comparability Adjustment %	30.0%

The unobservable inputs used to determine fair value of Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties as of April 30, 2022. 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.

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Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

As of April 30, 2022, 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	$	1,660,349	$	1,660,349	$	–	$	–
Global X MSCI China Information Technology ETF
BNP Paribas		238,642		238,642		–		–
Global X MSCI China Communication Services ETF
BNP Paribas		80,503		80,503		–		–
Global X MSCI Portugal ETF
BNP Paribas		40,968		40,968		–		–
Global X MSCI Colombia ETF
BNP Paribas		2,074,134		2,074,134		–		–
Global X MSCI Argentina ETF
BNP Paribas		837,175		837,175		–		–

*	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,

140

Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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 period ended April 30, 2022, the Funds did not have a liability for any unrecognized tax benefits.  The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations.  During the reporting period, the Funds did not incur any interest or penalties.

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

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

FOREIGN CURRENCY CONTRACTS - To the extent consistent with its investment policies, each Fund may invest in forward foreign currency exchange contracts and foreign currency futures contracts. No Fund, however, expects to engage in currency transactions for speculative purposes or for the purpose of hedging against declines in the value of a Fund’s assets that are denominated in a foreign currency. A Fund may enter into forward foreign currency exchange contracts and foreign currency  futures  contracts  to  facilitate  local  settlements  or  to  protect  against  currency  exposure  in  connection

141

Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

with  its distributions to shareholders.  Foreign currency exchange contracts involve an obligation to purchase or sell a specified currency on a future date at a price set at the time of the contract. Forward currency contracts do not eliminate fluctuations in the values of portfolio securities but rather allow a Fund to establish a rate of exchange for a future point in time. Foreign currency futures contracts involve an obligation to deliver or acquire the specified amount of a specific currency, at a specified price and at a specified future time. Such futures contracts may be settled on a net cash payment basis rather than by the sale and delivery of the underlying currency. A Fund may incur costs in connection with forward foreign currency exchange and futures contracts and conversions of foreign currencies and U.S. dollars.

Liquid assets equal to the amount of a Fund’s assets that could be required to consummate forward contracts will be segregated except to the extent the contracts are otherwise “covered.” The segregated assets will be valued at market or fair value. If the market or fair value of such assets declines, additional liquid assets will be segregated daily so that the value of the segregated assets will equal the amount of such commitments by the Fund. A forward contract to sell a foreign currency is “covered” if a Fund owns the currency (or securities denominated in the currency) underlying the contract, or holds a forward contract (or call option) permitting the Fund to buy the same currency at a price that is (i) no higher than the Fund’s price to sell the currency or (ii) greater than the Fund’s price to sell the currency provided the Fund segregates liquid assets in the amount of the difference. A forward contract to buy a foreign currency is “covered” if a Fund holds a forward contract (or call option) permitting the Fund to sell the same currency at a price that is (i) as high as or higher than the Fund’s price to buy the currency or (ii) lower than the Fund’s price to buy the currency, provided the Fund segregates liquid assets in the amount of the difference. Refer to each Fund’s Schedule of Investments for details regarding open forward foreign currency exchange contracts and foreign currency futures contracts as of April 30, 2022 if applicable.

For the period ended April 30, 2022, the average balances of forward foreign currency exchange contracts for Global X MSCI Nigeria ETF were as follows:

Average Monthly Notional Balance Short	$	2,611,231
Ending Monthly Notional Balance Short	$	3,195,132

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.

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Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

CREATION UNITS — The Funds issue and redeem their shares (“Shares”) on a continuous basis at net asset value (“NAV”) and only in large blocks of 10,000 Shares, referred to as “Creation Units”. Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to BBH 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 April 30, 2022		Redemption Fee
Global X MSCI China Energy ETF		10,000	$	800	$	140,200	$	800
Global X MSCI China Materials ETF		10,000		1,500		208,000		1,500
Global X MSCI China Industrials ETF		10,000		2,100		135,500		2,100
Global X MSCI China Consumer Discretionary ETF		10,000		3,500		198,500		3,500
Global X MSCI China Consumer Staples ETF		10,000		1,300		226,700		1,300
Global X MSCI China Health Care ETF		10,000		1,400		155,900		1,400
Global X MSCI China Financials ETF		10,000		4,500		130,200		4,500
Global X MSCI China Information Technology ETF		10,000		1,900		185,400		1,900
Global X MSCI China Communication Services ETF		10,000		800		154,200		800
Global X MSCI China Utilities ETF		10,000		1,000		155,100		1,000
Global X MSCI China Real Estate ETF		10,000		1,200		96,900		1,200
Global X MSCI Greece ETF		10,000		500		268,900		500
Global X DAX Germany ETF		10,000		500		266,100		500
Global X MSCI Portugal ETF		10,000		700		105,800		700
Global X MSCI Colombia ETF		10,000		1,500		319,800		1,500
Global X MSCI Argentina ETF		10,000		500		317,800		500
Global X MSCI Pakistan ETF		10,000		2,800		223,600		2,800
Global X MSCI Nigeria ETF		10,000		2,000		158,700		2,000
Global X MSCI Vietnam ETF		10,000		1,000		227,500		1,000
Global X MSCI Next Emerging & Frontier ETF		10,000		9,500		209,400		9,500
Global X MSCI Norway ETF		10,000		1,200		298,600		1,200
Global X FTSE Southeast Asia ETF		10,000		2,100		154,100		2,100

143

Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

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).

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Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

The following table discloses supervision and administration fees payable pursuant to theSupervision 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%

*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.

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Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

SEI Investments Global Funds Services (“SEIGFS”) serves as sub-administrator to the Funds. As sub-administrator, SEIGFS provides the Funds with 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.

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.

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Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2022, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government and short-term securities were:

	Purchases		Maturities
Global X MSCI China Energy ETF	$	10,605,935	$	5,444,409
Global X MSCI China Materials ETF		8,541,429		5,221,592
Global X MSCI China Industrials ETF		27,263,585		11,620,227
Global X MSCI China Consumer Discretionary ETF		48,834,166		65,765,951
Global X MSCI China Consumer Staples ETF		1,049,784		2,605,482
Global X MSCI China Health Care ETF		2,756,714		1,132,976
Global X MSCI China Financials ETF		79,421,097		19,128,291
Global X MSCI China Information Technology ETF		7,487,824		6,066,213
Global X MSCI China Communication Services ETF		1,807,531		2,239,625
Global X MSCI China Utilities ETF		517,585		590,258
Global X MSCI China Real Estate ETF		4,736,555		997,160
Global X MSCI Greece ETF		18,560,720		20,515,545
Global X DAX Germany ETF		2,067,571		1,959,881
Global X MSCI Portugal ETF		2,189,233		2,222,975
Global X MSCI Colombia ETF		12,214,479		13,757,471
Global X MSCI Argentina ETF		8,618,157		8,634,672
Global X MSCI Pakistan ETF		2,014,041		3,252,871
Global X MSCI Nigeria ETF		505,499		810,775
Global X MSCI Vietnam ETF		8,882,214		151,083
Global X MSCI Next Emerging & Frontier ETF		2,043,208		2,028,533
Global X MSCI Norway ETF		7,315,711		6,914,986
Global X FTSE Southeast Asia ETF		3,681,047		3,313,307

During the period ended April 30, 2022, there were no purchases or sales of long-term U.S. Government securities for the Funds.

147

Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

4. INVESTMENT TRANSACTIONS (continued)

For the period ended April 30, 2022, in-kind transactions associated with creations and redemptions were:

	Purchases		Sales and Maturities		Realized Gain/(Loss)
Global X MSCI China Energy ETF	$	−	$	6,786,326	$	943,464
Global X MSCI China Materials ETF		−		4,632,446		580,323
Global X MSCI China Industrials ETF		2,920,451		11,322,051		(815,245	)
Global X MSCI China Consumer Discretionary ETF		1,314,066		144,406,384		7,558,300
Global X MSCI China Consumer Staples ETF		−		1,017,488		38,580
Global X MSCI China Health Care ETF		278,196		356,276		38,610
Global X MSCI China Financials ETF		915,081		56,609,290		(5,846,152	)
Global X MSCI China Information Technology ETF		289,439		2,950,700		91,739
Global X MSCI China Communication Services ETF		−		1,040,304		39,809
Global X MSCI China Utilities ETF		−		136,022		40,192
Global X MSCI China Real Estate ETF		258,416		−		−
Global X MSCI Greece ETF		9,264,633		27,274,653		7,199,660
Global X DAX Germany ETF		4,238,518		8,954,597		2,409,300
Global X MSCI Portugal ETF		−		977,381		83,316
Global X MSCI Colombia ETF		2,285,138		4,403,589		211,289
Global X MSCI Argentina ETF		2,531,900		2,095,679		479,464
Global X MSCI Norway ETF		48,304,091		29,169,214		3,681,181
Global X FTSE Southeast Asia ETF		5,308,745		554,714		98,510

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

			Sales and		Realized
	Purchases		Maturities		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

148

Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

5. TAX INFORMATION

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

The tax character of dividends and distributions declared during the 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
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

149

Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

5. TAX INFORMATION (continued)

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X MSCI China Real Estate ETF
2021	$	311,838	$	–	$	–	$	311,838
2020		171,559		–		–		171,559
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
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

150

Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

5. TAX INFORMATION (continued)

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	)

	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	)

151

Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

5. TAX INFORMATION (continued)

	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	)

	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	)

152

Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

5. TAX INFORMATION (continued)

	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	)

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:

	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.

153

Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

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 April 30, 2022 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	$	3,802,211	$	986,266	$	(206,806	)	$	779,460
Global X MSCI China Materials ETF		4,538,330		409,675		(783,008	)		(373,333	)
Global X MSCI China Industrials ETF		7,053,854		148,739		(1,107,322	)		(958,583	)
Global X MSCI China Consumer Discretionary ETF		536,970,564		14,193,767		(242,052,087	)		(227,858,320	)
Global X MSCI China Consumer Staples ETF		11,475,574		1,975,604		(3,032,255	)		(1,056,651	)
Global X MSCI China Health Care ETF		17,638,146		342,350		(6,144,341	)		(5,801,991	)
Global X MSCI China Financials ETF		51,509,883		764,644		(12,378,639	)		(11,613,995	)
Global X MSCI China Information Technology ETF		26,357,532		1,343,542		(8,985,422	)		(7,641,880	)
Global X MSCI China Communication Services ETF		11,695,510		781,153		(4,423,357	)		(3,642,204	)
Global X MSCI China Utilities ETF		1,352,421		255,751		(217,733	)		38,018
Global X MSCI China Real Estate ETF		9,777,971		246,762		(2,860,429	)		(2,613,667	)
Global X MSCI Greece ETF		135,366,030		23,805,022		(32,217,222	)		(8,412,200	)
Global X DAX Germany ETF		36,204,106		1,490,091		(5,837,725	)		(4,347,634	)
Global X MSCI Portugal ETF		12,480,608		265,002		(3,722,441	)		(3,457,439	)
Global X MSCI Colombia ETF		44,675,355		3,817,678		(5,216,651	)		(1,398,973	)
Global X MSCI Argentina ETF		53,944,236		2,045,365		(20,664,966	)		(18,619,601	)
Global X MSCI Pakistan ETF		26,116,174		441,993		(6,762,528	)		(6,320,535	)
Global X MSCI Nigeria ETF		46,672,555		9,156,193		(5,126,099	)		4,030,094
Global X MSCI Vietnam ETF		8,724,056		177,784		(1,181,304	)		(1,003,520	)
Global X MSCI Next Emerging & Frontier ETF		19,506,246		4,169,693		(2,145,983	)		2,023,710
Global X MSCI Norway ETF		121,478,209		6,597,300		(14,787,993	)		(8,190,693	)
Global X FTSE Southeast Asia ETF		39,942,020		4,150,953		(1,998,194	)		2,152,759

154

Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

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 United States. 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).

155

Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

6. CONCENTRATION OF RISKS (continued)

Certain Funds may invest in commodity related securities, which are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a great impact on those securities.

The 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 regarding the impact of this transition remain a concern for the Fund. 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

156

Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

6. CONCENTRATION OF RISKS (continued)

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 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

157

Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

6. CONCENTRATION OF RISKS (continued)

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 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 were 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.

158

Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

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, 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.

At April 30, 2022, the following Funds had securities on loan, by counterparty:

159

Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

7. LOANS OF PORTFOLIO SECURITIES (continued)

	Market Value		Cash Collateral
Global X MSCI China Consumer Discretionary ETF
Citigroup Global Markets Inc.	$	647,783	$	681,120
Goldman Sachs & Co.		2,481,581		3,009,448
J.P. Morgan Securities LLC		271,209		285,338
Total	$	3,400,573	$	3,975,906
Global X MSCI China Information Technology ETF
BNP Paribas Securities Corp	$	364,472	$	350,900	(1)
BofA Securities Inc.		77,283		81,428
Citigroup Global Markets Inc.		132,371		139,129
Total	$	574,126	$	571,457
Global X MSCI China Communication Services ETF
Citigroup Global Markets Inc.	$	207,158	$	192,774	(1)
Global X MSCI Portugal ETF
Barclays Capital Inc.	$	13,072	$	14,000
BofA Securities Inc.		19,865		20,760
J.P. Morgan Securities LLC		17,974		19,250
SG Americas Securities LLC		42,160		44,092
Total	$	93,071	$	98,102
Global X MSCI Colombia ETF
BofA Securities Inc.	$	259,376	$	277,990
Citigroup Global Markets Inc.		178		188
Credit Suisse Securities LLC		48,036		51,483
Goldman Sachs & Co.		447,948		469,752
Morgan Stanley & Co. LLC		3,302,805		3,469,675
National Financial Services LLC		658,735		697,675
Total	$	4,717,078	$	4,966,763
Global X MSCI Argentina ETF
BofA Securities Inc.	$	201,666	$	220,400
Goldman Sachs & Co.		772,952		805,766
J.P. Morgan Securities LLC		719,811		758,050
UBS Securities LLC		219,000		183,750
Wells Fargo Securities LLC		43,800		36,750
Total	$	1,957,229	$	2,004,716

160

Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

7. LOANS OF PORTFOLIO SECURITIES (continued)

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

8. CONTRACTUAL OBLIGATIONS

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

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	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.

161

Notes to Financial Statements (Unaudited) (Continued)

April 30, 2022

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 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 a related recordkeeping rule, (together with Rule 2a-5, the “Rules”) 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.

162

Notes to Financial Statements (Unaudited) (Concluded)

April 30, 2022

12. SUBSEQUENT EVENTS

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

163

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 November 1, 2021 through April 30, 2022.

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.

164

Disclosure of Fund Expenses (Unaudited) (Continued)

	Beginning Account Value 11/1/2021		Ending Account Value 4/30/2022		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X MSCI China Energy ETF
Actual Fund Return	$	1,000.00	$	1,191.80		0.65	%	$	3.53
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X MSCI China Materials ETF
Actual Fund Return	$	1,000.00	$	827.90		0.65	%	$	2.95
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X MSCI China Industrials ETF
Actual Fund Return	$	1,000.00	$	816.90		0.65	%	$	2.93
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X MSCI China Consumer Discretionary ETF
Actual Fund Return	$	1,000.00	$	663.00		0.65	%	$	2.68
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X MSCI China Consumer Staples ETF
Actual Fund Return	$	1,000.00	$	804.40		0.65	%	$	2.91
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X MSCI China Health Care ETF
Actual Fund Return	$	1,000.00	$	628.40		0.65	%	$	2.62
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X MSCI China Financials ETF
Actual Fund Return	$	1,000.00	$	926.50		0.65	%	$	3.10
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X MSCI China Information Technology ETF
Actual Fund Return	$	1,000.00	$	651.10		0.65	%	$	2.66
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X MSCI China Communication Services ETF
Actual Fund Return	$	1,000.00	$	750.00		0.65	%	$	2.82
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X MSCI China Utilities ETF
Actual Fund Return	$	1,000.00	$	825.40		0.65	%	$	2.94
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X MSCI China Real Estate ETF
Actual Fund Return	$	1,000.00	$	833.90		0.65	%	$	2.96
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26

165

Disclosure of Fund Expenses (Unaudited) (Continued)

	Beginning Account Value 11/1/2021		Ending Account Value 4/30/2022		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X MSCI Greece ETF
Actual Fund Return	$	1,000.00	$	981.90		0.57	%	$	2.80
Hypothetical 5% Return		1,000.00		1,021.97		0.57			2.86
Global X DAX Germany ETF
Actual Fund Return	$	1,000.00	$	818.20		0.20	%	$	0.90
Hypothetical 5% Return		1,000.00		1,023.80		0.20			1.00
Global X MSCI Portugal ETF
Actual Fund Return	$	1,000.00	$	909.40		0.60	%	$	2.84
Hypothetical 5% Return		1,000.00		1,021.82		0.60			3.01
Global X MSCI Colombia ETF
Actual Fund Return	$	1,000.00	$	1,053.20		0.62	%	$	3.16
Hypothetical 5% Return		1,000.00		1,021.72		0.62			3.11
Global X MSCI Argentina ETF
Actual Fund Return	$	1,000.00	$	971.20		0.59	%	$	2.88
Hypothetical 5% Return		1,000.00		1,021.87		0.59			2.96
Global X MSCI Pakistan ETF
Actual Fund Return	$	1,000.00	$	892.00		0.77	%	$	3.61
Hypothetical 5% Return		1,000.00		1,020.98		0.77			3.86
Global X MSCI Nigeria ETF
Actual Fund Return	$	1,000.00	$	1,061.00		0.85	%	$	4.34
Hypothetical 5% Return		1,000.00		1,020.58		0.85			4.26
Global X MSCI Vietnam ETF*
Actual Fund Return	$	1,000.00	$	888.40		0.51	%	$	1.90	(2)
Hypothetical 5% Return		1,000.00		1,022.27		0.51			2.56
Global X MSCI Next Emerging & Frontier ETF
Actual Fund Return	$	1,000.00	$	1,007.80		0.59	%	$	2.94
Hypothetical 5% Return		1,000.00		1,021.87		0.59			2.96
Global X MSCI Norway ETF
Actual Fund Return	$	1,000.00	$	937.10		0.50	%	$	2.40
Hypothetical 5% Return		1,000.00		1,022.32		0.50			2.51
Global X FTSE Southeast Asia ETF
Actual Fund Return	$	1,000.00	$	1,051.20		0.65	%	$	3.31
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26

166

Disclosure of Fund Expenses (Unaudited) (Concluded)

(1)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
(2)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 144/365 (to reflect the period from inception to date).
*	The Fund commenced operations on December 7, 2021.

167

Approval of Investment Advisory Agreement (Unaudited)

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

At a Board meeting of the Global X Funds (the “Trust”) held by videoconference on August 4, 2021¹ (the “New Fund Board Meeting”), the Board of Trustees (the “Board”) (including the Trust’s Independent Trustees, voting separately) considered and unanimously approved (i) the initial Investment Advisory Agreement (the “New Investment Advisory Agreement”) for the Global X MSCI Vietnam ETF (the “New Fund”) and (ii) the initial Supervision and Administration Agreement between the Trust (the “New Supervision and Administration Agreement”), on behalf of the New Fund, and Global X Management Company LLC (“Global X Management”). The New Investment Advisory Agreement and New Supervision and Administration Agreement are referred to collectively as the “New Fund Agreements.”

At a Board meeting of the Trust held via videoconference November 12, 2021¹, called for such purpose, the Board (including the Trust’s Independent Trustees, voting separately) considered and unanimously approved the continuation of (i) the Investment Advisory Agreement (“Renewal Investment Advisory Agreement”) for each Fund included in this Annual Report (each, a “Renewal Fund”); and (ii) the Supervision and Administration Agreement between the Trust (“Renewal Supervision and Administration Agreement”), on behalf of each Renewal Fund, and Global X Management. The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the “Renewal Agreements.”

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

¹ This meeting was held via videoconference in reliance on an exemptive order issued by the Securities and Exchange Commission on March 25, 2020. Reliance on the exemptive order is necessary and appropriate due to circumstances related to current or potential effects of COVID-19. All Trustees participating in the videoconference meeting were able to hear each other simultaneously during the meeting. Reliance on the exemptive order requires Trustees, including a majority of the Independent Trustees, to ratify actions taken pursuant to the exemptive order by vote cast at the next in-person meeting.

168

Approval of Investment Advisory Agreement (Unaudited) (Continued)

for information. In the course of their consideration of the Renewal Agreements and New Fund Agreements, the Trust’s Independent Trustees were advised by their independent legal counsel and, in addition to meetings with management of Global X Management, the Independent Trustees met separately in executive sessions with their counsel.

NEW FUND AGREEMENTS

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

Nature, Extent and Quality of Services

With respect to this factor, the Board considered:

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

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

● Global X Management’s responsibilities under the New Fund Agreements, among other things, to: (i) manage the investment operations of the New Funds and the composition of the New Fund’s assets, including the purchase, retention and disposition of their holdings, (ii) provide quarterly reports to the Trust’s officers and the Board and other reports as the Board deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise all other rights relating to securities and assets held by the New Fund, (iv) select broker-dealers to execute portfolio transactions for the New Fund when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of the New Fund, and the periodic updating of the registration statement, prospectuses, statements of additional information, and other reports and documents for the New Fund that are required to be filed by the Trust with the U.S. Securities and Exchange Commission (“SEC”) and other regulatory and governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including Creation Units) of the New Fund by shareholders and new investors;

● the nature, extent and quality of all of the services (including advisory, administrative and compliance services) that have been provided by Global X Management or made available to the New Fund; and

● the quality of Global X Management’s resources and personnel that would continue to be made available to the New Fund, including Global X Management’s experience and the professional qualifications of Global X Management’s key personnel.

169

Approval of Investment Advisory Agreement (Unaudited) (Continued)

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the New Fund by Global X Management.

Performance

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

Cost of Services and Profitability

With respect to this factor, the Board considered:

● Global X Management’s expected costs to provide investment management, supervision and administrative and related services to the New Fund;

● the management fee (including the proposed investment advisory fee) (“Management Fee”) that was proposed to be borne by the New Fund under the respective New Fund Agreement for the various investment advisory, supervisory and administrative services that the New Fund require under a unitary fee structure (including the types of fees and expenses that are not included within the unitary fee and would be borne by the New Fund); and

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

Based on these considerations, the Board concluded that the proposed Management Fee to be paid by the New Fund to Global X Management, in light of the nature, extent and quality of the services to be provided, was reasonable and in the best interests of the New Fund’s shareholders.

Comparison of Fees and Services

With respect to this factor, the Board considered:

● comparative information with respect to the proposed Management Fee to be paid to Global X Management by the New Fund. In connection with this consideration, Global X Management provided the Board with comparative expense data for the New Fund, including fees and expenses paid by unaffiliated similar specialized and/or focused ETFs, and/or other similar registered funds.  The Board considered Global X Management’s detailed explanation of the proposed fee structures of any New Fund that was above the average or median for the New Fund’s peer group;

170

Approval of Investment Advisory Agreement (Unaudited) (Continued)

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

● that, under the proposed unified Management Fee structure, Global X Management would be responsible for most ordinary expenses of the New Fund, including the costs of various third-party services required by the New Fund, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that the New Fund would bear other expenses not covered under the proposed all-inclusive Management Fee, such as taxes, brokerage fees, commissions, and other transaction expenses, interest expenses, and extraordinary expenses.

Based on these considerations, the Board concluded, at the New Fund Board Meetings, that the services to be received and the fees to be charged under the applicable New Fund Agreements were reasonable on a comparative basis.

Economies of Scale

With respect to this factor, the Board considered:

● the extent to which economies of scale would be realized as the New Fund grows and whether the proposed unitary Management Fee for the New Fund reflected these economies of scale;

● the significant investment of time, personnel and other resources that Global X Management intends to make in the New Fund in order to seek to assure that the New Fund are attractive to investors; and

● that the proposed unitary Management Fee would provide a high level of certainty as to the total level of expenses for the New Fund and its shareholders.

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

171

Approval of Investment Advisory Agreement (Unaudited) (Continued)

Other Benefits

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

Conclusion

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

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

RENEWAL AGREEMENTS

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

Nature, Extent and Quality of Services

With respect to this factor, the Board considered:

● the terms of the Renewal Agreements and the range of services that would continue to be provided to each Renewal Fund in accordance with the Renewal Agreements;

● Global X Management’s key personnel and the portfolio managers who would continue to provide investment advisory, supervision and administrative services to each Renewal Fund;

● Global X Management’s responsibilities under the Renewal Agreements, among other things, to: (i) manage the investment operations of the Renewal Funds and the composition of the Renewal Funds’ assets, including the purchase, retention and disposition of their holdings, (ii) provide quarterly reports to the Trust’s officers and the Board and other reports as the Board deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise all other rights relating to securities and assets held by the Renewal Funds, (iv) select broker-dealers to execute portfolio transactions for the Renewal Funds when necessary, (v) assist in the preparation and filing of reports and

172

Approval of Investment Advisory Agreement (Unaudited) (Continued)

	proxy statements (if any) to the shareholders of the Renewal Funds, and the periodic updating of the registration statement, prospectuses, statements of additional information, and other reports and documents for the Renewal Funds that are required to be filed by the Trust with the SEC and other regulatory and governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including Creation Units) of the Renewal Funds by shareholders and new investors;
●	the nature, extent and quality of all of the services (including advisory, administrative and compliance services) that have been provided by Global X Management or made available to the Renewal Funds; and
●	the quality of Global X Management’s resources and personnel that would continue to be made available to the Renewal Funds, including Global X Management’s experience and the professional qualifications of Global X Management’s key personnel.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Renewal Funds by Global X Management.

Performance

The Board considered the performance of each Renewal Fund. They examined the performance of the Renewal Funds for the one-year, three-year, five-year and since-inception periods, as applicable. Also, the Board considered the total return and investments performance of the Renewal Funds relative to (i) the performance of unaffiliated comparable ETFs and/or other registered funds, which performance information is publicly available from such registered funds, as well as other third party sources; and (ii) the performance of pertinent indexes. The Board considered instances of under-performance and over-performance with respect to the competitor funds. The Board also considered the Renewal Funds’ tracking against their underlying indexes in absolute terms.

Based on these considerations and comparisons, the Board concluded that the investment performance of the Renewal Funds did not adversely affect the Board’s approval of the continuance of the Renewal Agreements.

Cost of Services and Profitability

The Board considered Global X Management’s cost to provide investment management, supervision and administrative and related services to the Renewal Funds. In this regard, the Board considered the management fee (“Management Fee”) that has been borne or is expected to be borne by the Renewal Funds under the Renewal Agreements for the various investment advisory, supervisory and administrative services that the Renewal Funds require under a unitary fee structure (including the types of fees and expenses that are not included within the unitary fee and would be borne by the Renewal Funds).

173

Approval of Investment Advisory Agreement (Unaudited) (Continued)

In addition, the Board considered expected profitability to Global X Management, as applicable, from all services provided or expected to be provided to the Renewal Funds and all aspects of Global X Management’s relationship with the Renewal Funds. In connection with these considerations, Global X Management provided the Board with financial information regarding its operations and the services provided to the Renewal Funds and discussed with the Board its current and expected, as applicable, profitability with respect to the Renewal Funds.

Based on these considerations, the Board concluded that the Management Fee rate paid by the Renewal Funds to Global X Management, in light of the nature, extent and quality of the services provided, was reasonable and in the best interests of the Renewal Funds’ shareholders.

Comparison of Fees and Services

With respect to this factor, the Board considered:

● comparative information with respect to the Management Fee paid to Global X Management by the Renewal Funds. In connection with this consideration, Global X Management provided the Board with comparative expense data for the Renewal Funds, including fees and expenses paid by unaffiliated similar specialized and/or focused ETFs and/or other comparable registered funds. The Board considered the Global X Management’s detailed explanation of the fee structures of any Renewal Fund that was above the average or median for its peer group;

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

● that, under the unified Management Fee structure, Global X Management is responsible for most ordinary expenses of the Renewal Funds, including the costs of various third-party services required by the Renewal Funds, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that the Renewal Funds would bear other expenses not covered under the proposed all-inclusive Management Fee, such as taxes, brokerage fees, commissions, and other transaction expenses, interest expenses, and extraordinary expenses.

Based on these considerations, the Board concluded that the services received and the fees charged under the Renewal Agreements were reasonable on a comparative basis.

174

Approval of Investment Advisory Agreement (Unaudited) (Concluded)

Economies of Scale

With respect to this factor, the Board considered:

●	the extent to which economies of scale would be realized as the Renewal Funds grow and whether the unitary Management Fee for the Renewal Funds reflected these economies of scale;
��	the significant investment of time, personnel and other resources that Global X Management has made and intends to continue to make in the Renewal Funds in order to seek to assure that the Renewal Funds are attractive to investors; and
●	that the unitary Management Fee would provide a high level of certainty as to the total level of expenses for the Renewal Funds and their shareholders.

Based on these considerations, the Board concluded that the unitary Management Fee for the Renewal Funds appropriately addressed economies of scale.

Other Benefits

In considering the Renewal Agreements, in addition to the factors above, the Board considered any other benefits realized by Global X Management as a result of its relationships with the Renewal Funds and concluded that, in the exercise of the Board’s business judgement, all information the Board considered supported approval of the continuation of the Renewal Agreements.

Conclusion

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

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

175

Supplemental Information (Unaudited)

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.

176

605 Third Avenue, 43^rd floor

New York, NY 10158

1-888-493-8631

www.globalxetfs.com

Investment Adviser and Administrator:

 Global X Management Company LLC

605 Third Avenue, 43^rd floor

New York, NY 10158

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

Stradley Ronon Stevens & Young, LLP

2000 K Street, N.W.

Suite 700

Washington, DC 20006

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

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-SA-002-1100

Item 2.Code of Ethics.

Not applicable for semi-annual report.

Item 3.Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4.Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5.Audit Committee of Listed Registrants.

Not applicable for semi-annual report.

Item 6.Investments.

Not applicable.

Item 7.Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8.Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 9.Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10.  Submission of Matters to a Vote of Security Holders.

There have been no material changes.

Item 11.  Controls and Procedures.

(a) The certifying officers, whose certifications are included herewith, have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing date of this report.  In their opinion, based on their evaluation, the registrant’s disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.  Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 13.  Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

(b)  Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)

Global X Funds

By (Signature and Title)

/s/ Luis Berruga

Luis Berruga

President

Date: July 7, 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.

By (Signature and Title)

 

/s/ Luis Berruga

Luis Berruga

President

Date: July 7, 2022

By (Signature and Title)

 

/s/ John Belanger

John Belanger

Chief Financial Officer

Date: July 7, 2022