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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________

FORM N-CSRS

________

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22209

Global X Funds

 (Exact name of registrant as specified in charter)

________

605 Third Avenue, 43rd floor

New York, NY 10158

 (Address of principal executive offices) (Zip code)

Luis Berruga

Global X Management Company LLC

605 Third Avenue, 43rd floor

New York, NY 10158

 (Name and address of agent for service)

With a copy to:

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

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

Date of fiscal year end: November 30, 2022

Date of reporting period: May 31, 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 Alternative Income ETF (ticker: ALTY)

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

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

Global X Variable Rate Preferred ETF (ticker: PFFV)

Global X MLP ETF (ticker: MLPA)

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

Global X Conscious Companies ETF (ticker: KRMA)

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

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

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

Semi-Annual Report

May 31, 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 Alternative Income ETF	1
Global X S&P 500® Quality Dividend ETF	4
Global X U.S. Preferred ETF	8
Global X Variable Rate Preferred ETF	21
Global X MLP ETF	28
Global X MLP & Energy Infrastructure ETF	30
Global X Conscious Companies ETF	33
Global X Adaptive U.S. Factor ETF	41
Global X Adaptive U.S. Risk Management ETF	48
Global X Founder-Run Companies ETF	66
Statements of Assets and Liabilities	71
Statements of Operations	74
Statements of Changes in Net Assets	77
Financial Highlights	83
Notes to Financial Statements	91
Disclosure of Fund Expenses	112
Liquidity Risk Management Program	114
Supplemental Information	115

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

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “SEC” or “Commission”) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. The Funds’ Forms N-PORT are available on the Commission’s website at https://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Alternative Income ETF

	Shares		Value
COMMON STOCK — 10.9%
Utilities — 10.9%
Consolidated Edison		5,280	$	524,093
Dominion Energy		5,884		495,550
Duke Energy		4,409		496,101
Edison International		7,011		490,139
Entergy		4,212		506,788
OGE Energy		12,057		497,954
PPL		17,215		519,549
Southern		6,788		513,580
TOTAL COMMON STOCK
(Cost $3,331,210)				4,043,754
EXCHANGE TRADED FUNDS — 79.4%
Global X Emerging Markets Bond ETF (A)		331,332		7,489,760
Global X Nasdaq 100 Covered Call ETF (A) (B)		379,159		6,836,237
Global X SuperDividend® REIT ETF (A) (B)		865,048		7,499,966
Global X U.S. Preferred ETF (A)		338,320		7,527,620
TOTAL EXCHANGE TRADED FUNDS
(Cost $35,024,097)				29,353,583

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

1

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Alternative Income ETF

	Shares/Face Amount		Value
MASTER LIMITED PARTNERSHIPS — 9.6%
Energy — 6.9%
Enterprise Products Partners		19,048	$	522,296
Holly Energy Partners		27,795		528,105
Magellan Midstream Partners		10,018		517,931
MPLX		14,818		488,253
Sunoco		12,181		502,344
				2,558,929
Industrials — 1.3%
Icahn Enterprises		9,463		485,925
Utilities — 1.4%
Suburban Propane Partners		30,539		520,690
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $2,241,495)				3,565,544
SHORT-TERM INVESTMENT(C)(D) — 7.7%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.600%
(Cost $2,839,036)		2,839,036		2,839,036
REPURCHASE AGREEMENT(C) — 7.1%
BNP Paribas
0.740%, dated 05/31/2022, to be repurchased on 06/01/2022, repurchase price $2,637,309 (collateralized by various  U.S. Treasury Obligations, ranging in par value $46,200 - $310,763, 0.250% - 2.750%, 09/30/2025 - 02/15/2028, with a total market value of $2,670,325)
(Cost $2,637,254)	$	2,637,254		2,637,254
TOTAL INVESTMENTS — 114.7%
(Cost $46,073,092)			$	42,439,171

Percentages are based on Net Assets of $36,993,880.

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

2

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Alternative Income ETF

(A)	Affiliated investment.
(B)	This security or a partial position of this security is on loan at May 31, 2022. The total value of securities on loan at May 31, 2022 was $5,337,063.
(C)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2022 was $5,476,290.
(D)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2022.

Cl — Class

ETF — Exchange Traded Fund

REIT — Real Estate Investment Trust

The following is a summary of the level of inputs used as of May 31, 2022, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	4,043,754	$	—	$	—	$	4,043,754
Exchange Traded Funds		29,353,583		—		—		29,353,583
Master Limited Partnerships		3,565,544		—		—		3,565,544
Short-Term Investment		2,839,036		—		—		2,839,036
Repurchase Agreement		—		2,637,254		—		2,637,254
Total Investments in Securities	$	39,801,917	$	2,637,254	$	—	$	42,439,171

The following is a summary of the Fund’s transactions with affiliates for the period ended May 31, 2022:

	Value at 11/30/2021		Purchases at Cost		Proceeds from Sales			Changes in Unrealized (Depreciation)			Realized Gain (Loss)			Value at 5/31/2022		Shares		Dividend Income		Capital Gains
Global X Emerging Markets Bond ETF	$	7,042,394	$	1,884,121	$	(465,778	)	$	(954,347	)	$	(16,630	)	$	7,489,760		331,332	$	206,192	$	3,307
Global X Nasdaq 100 Covered Call ETF	$	7,381,232	$	1,533,650	$	(484,074	)	$	(1,597,828	)	$	3,257		$	6,836,237		379,159	$	524,837		—
Global X SuperDividend® REIT ETF	$	6,944,625	$	1,424,929	$	(484,364	)	$	(426,257	)	$	41,033		$	7,499,966		865,048	$	242,362		—
Global X U.S. Preferred ETF	$	7,090,553	$	1,822,670	$	(466,796	)	$	(904,652	)	$	(14,155	)	$	7,527,620		338,320	$	199,169		—
Totals:	$	28,458,804	$	6,665,370	$	(1,901,012	)	$	(3,883,084	)	$	13,505		$	29,353,583			$	1,172,560	$	3,307

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

3

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X S&P 500® Quality Dividend ETF

	Shares		Value
COMMON STOCK — 99.7%
Communication Services — 2.6%
Interpublic Group		22,131	$	713,282
Omnicom Group		11,735		875,548
				1,588,830
Consumer Discretionary — 8.1%
Best Buy		7,904		648,602
Garmin		6,030		636,889
Genuine Parts		6,094		833,233
Newell Brands		36,730		787,491
Ralph Lauren, Cl A		6,739		681,246
Tapestry		18,975		654,637
Whirlpool		3,585		660,500
				4,902,598
Consumer Staples — 11.7%
Coca-Cola		14,792		937,517
Hershey		4,414		934,488

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

4

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X S&P 500® Quality Dividend ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
J M Smucker		6,217	$	779,425
Kraft Heinz		24,372		921,993
Molson Coors Beverage, Cl B		17,763		991,886
Mondelez International, Cl A		13,378		850,306
Procter & Gamble		5,352		791,454
Tyson Foods, Cl A		9,896		886,780
				7,093,849
Energy — 16.5%
Baker Hughes, Cl A		32,669		1,175,430
Chevron		7,006		1,223,668
ConocoPhillips		11,313		1,271,129
Coterra Energy		39,778		1,365,579
Diamondback Energy		7,484		1,137,718
EOG Resources		9,276		1,270,441
Exxon Mobil		13,188		1,266,048
Marathon Petroleum		12,904		1,313,498
				10,023,511
Financials — 22.0%
Bank of America		18,411		684,889
Cincinnati Financial		7,100		907,806
Citizens Financial Group		17,288		715,377
Comerica		9,705		807,553
Discover Financial Services		7,019		796,586
Franklin Resources		24,088		652,303
Huntington Bancshares		53,700		745,356
Invesco		35,433		685,274
JPMorgan Chase		5,163		682,704
M&T Bank		5,474		985,156
Northern Trust		6,933		774,763
PNC Financial Services Group		4,094		718,129
Regions Financial		36,901		815,143
Synchrony Financial		17,111		633,791

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

5

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X S&P 500® Quality Dividend ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
T Rowe Price Group		4,221	$	536,447
Truist Financial		13,823		687,556
US Bancorp		14,199		753,541
Zions Bancorp		12,964		739,467
				13,321,841
Health Care — 4.7%
Cardinal Health		17,159		966,395
Cigna		3,867		1,037,478
Pfizer		15,530		823,711
				2,827,584
Industrials — 15.8%
3M		4,647		693,751
CH Robinson Worldwide		7,863		853,214
Cummins		3,768		787,964
Eaton PLC		4,827		669,022
Fastenal		12,782		684,604
General Dynamics		4,024		905,038
Honeywell International		3,926		760,152
Illinois Tool Works		3,405		708,478
L3Harris Technologies		3,813		918,552
Lockheed Martin		2,386		1,050,102
Snap-On		3,770		836,488
United Parcel Service, Cl B		3,935		717,154
				9,584,519
Information Technology — 4.8%
Cisco Systems		13,842		623,582
Intel		16,375		727,377
Paychex		6,620		819,755
Texas Instruments		4,216		745,220
				2,915,934
Materials — 8.1%
Dow		14,991		1,019,088

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

6

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X S&P 500® Quality Dividend ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
International Paper		17,865	$	865,559
LyondellBasell Industries, Cl A		9,140		1,044,245
Newmont		14,808		1,004,723
Packaging Corp of America		6,427		1,010,839
				4,944,454
Real Estate — 3.8%
Equity Residential ‡		9,547		733,496
Public Storage ‡		2,374		784,939
Regency Centers ‡		11,176		762,315
				2,280,750
Utilities — 1.6%
NRG Energy		21,099		971,398
TOTAL COMMON STOCK
(Cost $60,210,297)				60,455,268
TOTAL INVESTMENTS — 99.7%
(Cost $60,210,297)			$	60,455,268

Percentages are based on Net Assets of $60,653,538.

‡ Real Estate Investment Trust

Cl — Class

PLC — Public Limited Company

As of May 31, 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.

7

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — 99.7%
BERMUDA— 1.4%
Financials — 1.2%
Aspen Insurance Holdings, 5.950%, ICE LIBOR USD 3 Month + 4.060% (A)		153,923	$	3,846,536
Aspen Insurance Holdings, 5.625%		156,311		3,837,435
Aspen Insurance Holdings, 5.625%		156,593		3,772,325
PartnerRe, 4.875% (B)		112,961		2,484,012
RenaissanceRe Holdings, 5.750%		147,027		3,588,929
RenaissanceRe Holdings, 4.200%		281,074		5,247,652
SiriusPoint, 8.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 7.298% (A)		120,996		3,176,145
				25,953,034
Industrials — 0.2%
Triton International, 6.875%		98,149		2,551,874

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

8

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Industrials — continued
Triton International, 5.750%		93,511	$	2,166,650
				4,718,524
TOTAL BERMUDA				30,671,558
CANADA— 1.3%
Financials — 0.3%
Brookfield Finance, 4.625%		237,628		4,619,488
Brookfield Finance I UK, 4.500%		126,665		2,442,101
				7,061,589
Utilities — 1.0%
Algonquin Power & Utilities, 6.875%, ICE LIBOR USD 3 Month + 3.677% (A)		177,193		4,592,843
Algonquin Power & Utilities, 6.200%, ICE LIBOR USD 3 Month + 4.010% (A)		194,644		5,010,137
Brookfield BRP Holdings Canada, 4.875%		164,497		3,350,804
Brookfield BRP Holdings Canada, 4.625%		208,643		3,974,649
Brookfield Infrastructure Finance ULC, 5.000%		150,645		3,085,210
Brookfield Infrastructure Partners, 5.000%		112,874		2,201,043
				22,214,686
TOTAL CANADA				29,276,275
NETHERLANDS— 0.6%
Financials — 0.6%
Aegon, 5.100%		546,924		12,639,414
TOTAL NETHERLANDS				12,639,414
UNITED STATES— 96.4%
Communication Services — 6.1%
AT&T, 5.625%		467,655		11,995,351
AT&T, 5.350%		765,055		19,202,880
AT&T, 5.000%		686,646		14,893,352
AT&T, 4.750%		1,025,138		20,953,821
Paramount Global, 5.750%		147,270		7,487,207

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

9

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Communication Services — continued
Qwest, 6.750%		388,231	$	9,496,130
Qwest, 6.500%		554,661		13,444,983
Telephone and Data Systems, 6.625%		244,582		5,808,823
Telephone and Data Systems, 6.000%		391,576		8,277,917
United States Cellular, 6.250%		291,143		6,623,503
United States Cellular, 5.500%		291,138		6,041,114
United States Cellular, 5.500%		295,344		6,128,388
				130,353,469
Consumer Discretionary — 3.3%
Aptiv, 5.500%		168,493		20,775,187
Brunswick, 6.375%		128,788		3,375,533
Ford Motor, 6.200%		424,561		10,877,253
Ford Motor, 6.000%		473,653		11,898,163
Qurate Retail, 8.000%		182,457		12,370,585
QVC, 6.375%		124,153		2,913,871
QVC, 6.250%		291,283		6,501,437
				68,712,029
Energy — 1.4%
DCP Midstream, 7.950%, ICE LIBOR USD 3 Month + 4.882% (A)		69,557		1,725,709
DCP Midstream, 7.875%, ICE LIBOR USD 3 Month + 4.919% (A)		91,769		2,240,999
Energy Transfer, 7.625%, ICE LIBOR USD 3 Month + 4.738% (A)		259,098		6,091,394
Energy Transfer, 7.600%, ICE LIBOR USD 3 Month + 5.161% (A)		452,860		11,009,027
NuStar Energy, 7.651%, ICE LIBOR USD 3 Month + 6.766% (A)		122,787		2,910,052
NuStar Logistics, 7.778%, ICE LIBOR USD 3 Month + 6.734% (A)		234,370		5,892,062
				29,869,243
Financials — 62.1%
Affiliated Managers Group, 5.875% (B)		167,428		4,227,557

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

10

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Affiliated Managers Group, 4.750%		160,654	$	3,389,799
Affiliated Managers Group, 4.200%		107,500		2,033,900
Allstate, 5.625%		338,881		8,709,242
Allstate, 5.100% (B)		675,169		16,318,835
Allstate, 4.750% (B)		179,398		4,355,783
American Equity Investment Life Holding, 6.625%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.297% (A)		174,511		4,483,188
American Equity Investment Life Holding, 5.950%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.322% (A)		232,949		5,781,794
American Financial Group, 5.875% (B)		83,473		2,158,612
American Financial Group, 5.125%		127,937		2,996,285
American International Group, 5.850%		295,244		7,578,913
Apollo Asset Management, 6.375%		179,476		4,610,738
Apollo Asset Management, 6.375%		154,061		3,811,469
Arch Capital Group, 5.450%		183,982		4,367,733
Arch Capital Group, 4.550%		295,473		5,862,184
Argo Group International Holdings, 7.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.712% (A)		76,175		1,920,372
Athene Holding, 6.375%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.970% (A)		353,201		9,147,906
Athene Holding, 6.350%, ICE LIBOR USD 3 Month + 4.253% (A)		489,043		12,808,036
Athene Holding, 5.625% (B)		192,260		4,610,395
Athene Holding, 4.875%		339,024		7,034,748
Axis Capital Holdings, 5.500%		324,609		7,618,573
Bank of America, 7.250%		44,714		56,329,803
Bank of America, 6.450%, ICE LIBOR USD 3 Month + 1.327% (A)		596,731		15,216,640
Bank of America, 6.000%		780,661		20,078,601
Bank of America, 5.875%		484,037		12,178,371

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

11

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Bank of America, 5.375% (B)		819,519	$	19,119,378
Bank of America, 5.000%		769,400		17,234,560
Bank of America, 4.375%		649,948		12,914,467
Bank of America, 4.250%		755,798		14,927,011
Bank of America, 4.125%		536,485		10,434,633
Bank of America, 4.000%, ICE LIBOR USD 3 Month + 0.500% (A) (B)		245,561		4,965,243
Bank of America, 4.000%, ICE LIBOR USD 3 Month + 0.350% (A) (B)		190,002		3,900,741
Bank of Hawaii, 4.375%		109,960		2,169,511
Bank OZK, 4.625%		216,345		4,346,371
Brighthouse Financial, 6.750% (B)		234,392		5,976,996
Brighthouse Financial, 6.600%		247,237		6,304,544
Brighthouse Financial, 6.250%		208,990		5,291,627
Brighthouse Financial, 5.375%		326,951		7,330,241
Brighthouse Financial, 4.625%		217,297		4,130,816
Capital One Financial, 5.000% (B)		880,161		19,002,676
Capital One Financial, 4.800%		715,442		14,623,634
Capital One Financial, 4.625%		59,769		1,194,185
Capital One Financial, 4.375%		397,306		7,409,757
Capital One Financial, 4.250%		237,739		4,445,719
Carlyle Finance, 4.625%		295,615		5,915,256
Charles Schwab, 5.950%		424,466		10,755,968
Charles Schwab, 4.450%		353,651		7,493,865
Citigroup, Ser J, 7.125%, ICE LIBOR USD 3 Month + 4.040% (A)		539,386		14,169,670
Citigroup, 6.875%, ICE LIBOR USD 3 Month + 4.130% (A)		863,113		22,371,889
Citigroup Capital XIII, 7.609%, ICE LIBOR USD 3 Month + 6.370% (A)		1,291,748		35,070,958
Citizens Financial Group, 6.350%, ICE LIBOR USD 3 Month + 3.642% (A)		167,345		4,284,032
Citizens Financial Group, 5.000%		273,133		6,069,015

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

12

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Enstar Group, 7.000%, ICE LIBOR USD 3 Month + 4.015% (A)		232,960	$	5,889,229
Equitable Holdings, 5.250%		469,551		10,616,548
Equitable Holdings, 4.300%		167,841		3,232,618
Fifth Third Bancorp, 6.625%, ICE LIBOR USD 3 Month + 3.710% (A)		262,002		6,864,452
Fifth Third Bancorp, 4.950% (B)		146,940		3,417,824
First Citizens BancShares, 5.625% (B)		108,164		2,594,854
First Citizens BancShares, 5.375%		211,597		4,940,790
First Horizon, 4.700%		92,450		2,020,957
First Republic Bank, 5.500% (B)		166,106		4,081,224
First Republic Bank, 4.700% (B)		229,992		4,760,834
First Republic Bank, 4.500%		416,861		8,253,848
First Republic Bank, 4.250%		439,133		8,334,744
First Republic Bank, 4.125% (B)		291,127		5,318,890
First Republic Bank, 4.000%		425,579		7,749,794
Globe Life, 4.250%		194,056		3,836,487
Goldman Sachs Group, 6.375%, ICE LIBOR USD 3 Month + 3.550% (A)		411,166		10,677,981
Goldman Sachs Group, 4.000%, ICE LIBOR USD 3 Month + 0.670% (A)		772,967		14,755,940
Goldman Sachs Group, 3.750%, ICE LIBOR USD 3 Month + 0.750% (A)		431,140		8,299,445
Hancock Whitney, 6.250%		92,759		2,403,386
Hartford Financial Services Group, 6.000%		192,067		5,026,393
Huntington Bancshares, 4.500%		291,129		5,947,765
JPMorgan Chase, 6.000% (B)		1,062,850		27,655,357
JPMorgan Chase, 5.750%		978,472		24,853,189
JPMorgan Chase, 4.750%		533,235		11,667,182
JPMorgan Chase, 4.625%		1,062,545		22,324,070
JPMorgan Chase, 4.550%		880,589		18,236,998
JPMorgan Chase, 4.200%		1,149,160		22,879,776
KeyCorp, 6.125%, ICE LIBOR USD 3 Month + 3.892% (A)		294,728		7,692,401

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

13

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
KeyCorp, 5.650%		247,235	$	6,141,317
KeyCorp, 5.625% (B)		261,997		6,652,104
KKR, 6.000%		330,436		22,813,301
KKR Group Finance IX, 4.625% (B)		295,528		6,123,340
MetLife, 5.625%		456,151		11,732,204
MetLife, 4.750% (B)		571,042		13,333,831
MetLife, 4.000%, ICE LIBOR USD 3 Month + 1.000% (A) (B)		353,839		7,763,228
Morgan Stanley, Ser E, 7.125%, ICE LIBOR USD 3 Month + 4.320% (A)		489,233		13,028,275
Morgan Stanley, Ser F, 6.875%, ICE LIBOR USD 3 Month + 3.940% (A)		482,041		12,706,601
Morgan Stanley, 6.375%, ICE LIBOR USD 3 Month + 3.708% (A)		571,474		14,921,186
Morgan Stanley, 5.850%, ICE LIBOR USD 3 Month + 3.491% (A)		571,715		14,750,247
Morgan Stanley, 4.875%		291,139		6,530,248
Morgan Stanley, 4.250%		755,762		14,782,705
Morgan Stanley, 4.000%, ICE LIBOR USD 3 Month + 0.700% (A) (B)		628,241		12,960,612
Navient, 6.000%		168,007		3,981,766
New York Community Bancorp, 6.375%, ICE LIBOR USD 3 Month + 3.821% (A)		303,838		7,957,517
New York Community Capital Trust V, 6.000%		36,514		1,776,041
Northern Trust, 4.700% (B)		232,948		5,341,498
Oaktree Capital Group, 6.625%		96,433		2,415,647
Oaktree Capital Group, 6.550%		147,224		3,736,545
Prospect Capital, 5.350%		77,377		1,557,599
Prudential Financial, 5.625%		332,993		8,591,219
Prudential Financial, 4.125% (B)		291,134		6,227,356
Regions Financial, Ser B, 6.375%, ICE LIBOR USD 3 Month + 3.536% (A)		295,067		7,636,334

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

14

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Regions Financial, 5.700%, ICE LIBOR USD 3 Month + 3.148% (A)		295,084	$	7,149,885
Regions Financial, 4.450%		237,663		4,558,376
Reinsurance Group of America, 5.750%, ICE LIBOR USD 3 Month + 4.040% (A)		232,956		6,070,833
Signature Bank NY, 5.000%		428,821		8,910,900
Silvergate Capital, 5.375%		107,593		2,091,608
State Street, 5.900%, ICE LIBOR USD 3 Month + 3.108% (A)		445,203		11,032,130
State Street, 5.350%, ICE LIBOR USD 3 Month + 3.709% (A)		294,909		7,499,536
Stifel Financial, 6.125%		135,601		3,394,093
Stifel Financial, 4.500%		165,683		3,353,424
SVB Financial Group, 5.250%		202,121		4,782,183
Synchrony Financial, 5.625%		440,666		9,333,306
Synovus Financial, 5.875%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.127% (A)		202,023		5,147,546
Texas Capital Bancshares, 5.750%		167,442		3,849,492
Truist Financial, 5.250% (B)		338,634		7,876,627
Truist Financial, 4.750%		548,292		11,437,371
Unum Group, 6.250%		185,014		4,558,745
US Bancorp, 5.500%		338,815		8,555,079
US Bancorp, 4.000%		440,964		8,409,183
US Bancorp, 3.750%		277,397		5,051,399
US Bancorp, 3.500%, ICE LIBOR USD 3 Month + 0.600% (A) (B)		566,492		11,579,096
Voya Financial, 5.350%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.210% (A)		167,487		4,041,461
W R Berkley, 5.700%		99,503		2,517,426
W R Berkley, 5.100%		167,783		3,892,566
W R Berkley, 4.250%		150,427		2,987,480
Washington Federal, 4.875% (B)		167,582		3,567,821

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

15

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Wells Fargo, 7.500%		57,545	$	72,909,515
Wells Fargo, 6.625%, ICE LIBOR USD 3 Month + 3.690% (A)		476,316		12,303,242
Wells Fargo, 5.850%, ICE LIBOR USD 3 Month + 3.090% (A)		995,031		23,582,235
Wells Fargo, 5.625% (B)		405,924		9,932,960
Wells Fargo, 4.750%		1,161,612		24,080,217
Wells Fargo, 4.700%		669,044		13,675,259
Wells Fargo, 4.375%		599,414		11,412,843
Wells Fargo, 4.250%		715,070		13,321,754
Western Alliance Bancorp, 4.250%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.452% (A)		165,872		3,798,469
Wintrust Financial, 6.875%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.507% (A)		176,922		4,757,433
				1,318,697,430
Health Care — 3.5%
Becton Dickinson, 6.000%		433,068		22,376,624
Boston Scientific, 5.500%		143,006		15,709,209
Danaher, 5.000% (B)		24,664		35,234,004
				73,319,837
Industrials — 1.3%
Air Lease, 6.150%, ICE LIBOR USD 3 Month + 3.650% (A)		156,753		3,699,371
Fortress Transportation and Infrastructure Investors, 8.250%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 7.378% (A)		52,942		1,371,198
Pitney Bowes, 6.700%		247,223		5,369,684
RBC Bearings, 5.000%		64,565		6,295,088
WESCO International, 10.625%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 10.325% (A)		318,215		8,932,295
				25,667,636

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

16

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Information Technology — 0.6%
II-VI, 6.000%		34,344	$	8,919,824
Sabre, 6.500%		46,535		4,645,589	��
				13,565,413
Real Estate — 5.8%
Agree Realty, 4.250% ‡		92,426		1,712,654
Braemar Hotels & Resorts, 5.500% ‡		54,690		1,024,070
Brookfield Property Partners, 5.750%		181,047		3,548,521
Brookfield Property Preferred, 6.250%		380,555		8,079,183
Digital Realty Trust, 5.850% ‡ (B)		127,043		3,333,608
Digital Realty Trust, 5.200% ‡ (B)		205,286		5,082,881
Diversified Healthcare Trust, 6.250% ‡		145,583		2,996,098
Diversified Healthcare Trust, 5.625% ‡		195,272		3,807,804
EPR Properties, 5.750% ‡		75,243		1,664,375
EPR Properties, 5.750% ‡		83,751		2,072,000
Hudson Pacific Properties, 4.750% ‡		255,395		4,995,526
Kimco Realty, 5.250% ‡		154,714		3,840,001
Kimco Realty, 5.125% ‡		141,801		3,512,411
PS Business Parks, 4.875% ‡		193,646		3,925,204
Public Storage, 5.600% ‡		170,566		4,491,003
Public Storage, 5.150% ‡		156,550		3,918,447
Public Storage, 5.050% ‡ (B)		174,845		4,351,892
Public Storage, 4.875% ‡		183,377		4,353,370
Public Storage, 4.750% ‡		145,070		3,459,920
Public Storage, 4.700% ‡		141,796		3,247,128
Public Storage, 4.625% ‡		332,954		7,534,749
Public Storage, 4.125% ‡		147,090		3,021,229
Public Storage, 4.000% ‡		266,452		5,134,530
Public Storage, 4.000% ‡		356,124		6,855,387
Public Storage, 3.950% ‡		74,769		1,424,349
Public Storage, 3.900% ‡		95,877		1,812,075
Public Storage, 3.875% ‡ (B)		150,988		2,897,460
RLJ Lodging Trust, 1.950% ‡		187,532		5,050,237

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

17

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Real Estate — continued
Vornado Realty Trust, 5.400% ‡		174,985	$	3,942,412
Vornado Realty Trust, 5.250% ‡		185,483		3,954,498
Vornado Realty Trust, 5.250% ‡		167,770		3,600,344
Vornado Realty Trust, 4.450% ‡		165,381		3,104,201
				121,747,567
Utilities — 12.3%
AES, 6.875%		147,928		13,254,349
Alabama Power, 5.000%		140,360		3,507,596
American Electric Power, 6.125%		241,286		13,724,348
CMS Energy, 5.875%		163,075		4,179,612
CMS Energy, 5.875%		370,627		9,425,045
CMS Energy, 4.200%		139,030		2,690,231
DTE Energy, 5.250%		232,940		5,700,042
DTE Energy, 4.375%		126,394		2,565,798
DTE Energy, 4.375%		176,386		3,503,026
Duke Energy, 5.750%		571,209		14,811,449
Duke Energy, 5.625%		291,144		7,505,692
Entergy Arkansas, 4.875%		229,122		5,473,725
Entergy Louisiana, 4.875%		167,978		4,081,865
Georgia Power, 5.000% (B)		158,081		3,974,156
National Rural Utilities Cooperative Finance, 5.500%		140,286		3,518,373
NextEra Energy, 6.219%		576,198		28,262,512
NextEra Energy Capital Holdings, 5.650%		404,131		10,382,125
NiSource, 7.750%		122,487		14,583,302
NiSource, 6.500%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.632% (A)		291,148		7,552,379
PG&E, 5.500%		230,486		26,333,026
SCE Trust II, 5.100%		125,054		2,636,138
SCE Trust III, 5.750%, ICE LIBOR USD 3 Month + 2.990% (A)		160,824		3,747,199
SCE Trust IV, 5.375%, ICE LIBOR USD 3 Month + 3.132% (A)		181,711		3,948,580

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

18

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X U.S. Preferred ETF

	Shares/Face Amount		Value
PREFERRED STOCK — continued
Utilities — continued
SCE Trust V, 5.450%, ICE LIBOR USD 3 Month + 3.790% (A)		185,637	$	4,455,288
SCE Trust VI, 5.000%		263,171		5,418,691
Sempra Energy, 5.750%		449,380		11,256,969
South Jersey Industries, 8.750%		93,831		6,568,170
Southern, 5.250% (B)		261,989		6,387,292
Southern, 4.950%		571,163		13,045,363
Southern, 4.200%		440,849		8,684,725
Spire, 5.900%		140,181		3,525,552
UGI, 7.250%		33,260		3,344,293
				258,046,911
TOTAL UNITED STATES				2,039,979,535
TOTAL PREFERRED STOCK
(Cost $2,403,612,149)				2,112,566,782
SHORT-TERM INVESTMENT(C)(D) — 1.8%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.600%
(Cost $38,886,092)		38,886,092		38,886,092
REPURCHASE AGREEMENT(C) — 1.7%
BNP Paribas
0.740%, dated 05/31/2022, to be repurchased on 06/01/2022, repurchase price $36,123,047 (collateralized by various  U.S. Treasury Obligations, ranging in par value $632,798 - $4,256,508, 0.250% - 2.750%, 09/30/2025 - 02/15/2028, with a total market value of $36,575,301)
(Cost $36,122,304)	$	36,122,304		36,122,304
TOTAL INVESTMENTS — 103.2%
(Cost $2,478,620,545)			$	2,187,575,178

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

19

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X U.S. Preferred ETF

Percentages are based on Net Assets of $2,120,291,785.

‡	Real Estate Investment Trust
(A)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(B)	This security or a partial position of this security is on loan at May 31, 2022.  The total value of securities on loan at May 31, 2022 was $73,472,443.
(C)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2022 was $75,008,396.
(D)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2022.

Cl — Class

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

Ser — Series

The following is a summary of the level of inputs used as of May 31, 2022, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Preferred Stock	$	2,112,566,782	$	—	$	—	$	2,112,566,782
Short-Term Investment		38,886,092		—		—		38,886,092
Repurchase Agreement		—		36,122,304		—		36,122,304
Total Investments in Securities	$	2,151,452,874	$	36,122,304	$	—	$	2,187,575,178

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

20

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Variable Rate Preferred ETF

	Shares		Value
PREFERRED STOCK — 99.5%
BERMUDA— 1.4%
Financials — 1.4%
Aspen Insurance Holdings, 5.950%, ICE LIBOR USD 3 Month + 4.060% (A)		55,390	$	1,384,196
SiriusPoint, 8.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 7.298% (A)		40,332		1,058,715
TOTAL BERMUDA				2,442,911
CANADA— 2.0%
Utilities — 2.0%
Algonquin Power & Utilities, 6.875%, ICE LIBOR USD 3 Month + 3.677% (A)		57,894		1,500,612
Algonquin Power & Utilities, 6.200%, ICE LIBOR USD 3 Month + 4.010% (A)		70,446		1,813,280
TOTAL CANADA				3,313,892
CHINA— 0.5%
Industrials — 0.5%
Textainer Group Holdings, 7.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.134% (A)		30,299		784,138
TOTAL CHINA				784,138

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

21

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Variable Rate Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
UNITED STATES— 95.6%
Consumer Staples — 2.8%
CHS, Ser 2, 7.100%, ICE LIBOR USD 3 Month + 4.298% (A)		84,488	$	2,217,810
CHS, Ser 3, 6.750%, ICE LIBOR USD 3 Month + 4.155% (A)		99,046		2,605,900
				4,823,710
Energy — 5.6%
DCP Midstream, 7.950%, ICE LIBOR USD 3 Month + 4.882% (A)		21,318		528,900
Energy Transfer, 7.625%, ICE LIBOR USD 3 Month + 4.738% (A)		89,536		2,104,991
Energy Transfer, 7.600%, ICE LIBOR USD 3 Month + 5.161% (A)		160,786		3,908,708
NuStar Energy, 7.651%, ICE LIBOR USD 3 Month + 6.766% (A)		45,674		1,082,474
NuStar Logistics, 7.778%, ICE LIBOR USD 3 Month + 6.734% (A)		80,989		2,036,063
				9,661,136
Financials — 82.9%
ACRES Commercial Realty, 8.625%, ICE LIBOR USD 3 Month + 5.927% ‡,(A)		23,330		557,587
AGNC Investment, 6.875%, ICE LIBOR USD 3 Month + 4.332% ‡,(A)		47,381		1,124,825
AGNC Investment, 6.500%, ICE LIBOR USD 3 Month + 4.993% ‡,(A)		81,005		1,907,668
AGNC Investment, 6.125%, ICE LIBOR USD 3 Month + 4.697% ‡,(A)		115,637		2,590,269
American Equity Investment Life Holding, 6.625%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.297% (A)		60,409		1,551,907
American Equity Investment Life Holding, 5.950%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.322% (A)		80,488		1,997,712

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

22

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Variable Rate Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Annaly Capital Management, 6.750%, ICE LIBOR USD 3 Month + 4.989% ‡,(A)		89,023	$	2,150,796
Arbor Realty Trust, 6.250%, U.S. SOFR + 5.440% ‡,(A)		56,183		1,215,238
Argo Group International Holdings, 7.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.712% (A)		30,303		763,939
Athene Holding, 6.375%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.970% (A)		120,627		3,124,239
Athene Holding, 6.350%, ICE LIBOR USD 3 Month + 4.253% (A)		173,311		4,539,015
Bank of America, 6.450%, ICE LIBOR USD 3 Month + 1.327% (A)		202,391		5,160,971
Bank of America, 4.000%, ICE LIBOR USD 3 Month + 0.350% (A)		61,331		1,259,125
Bank of America, 4.000%, ICE LIBOR USD 3 Month + 0.500% (A)		81,439		1,646,697
Chimera Investment, 8.000%, ICE LIBOR USD 3 Month + 5.379% ‡,(A)		40,361		927,496
Chimera Investment, 8.000%, ICE LIBOR USD 3 Month + 5.791% ‡,(A)		65,444		1,541,861
Chimera Investment, 7.750%, ICE LIBOR USD 3 Month + 4.743% ‡,(A)		52,414		1,152,584
Citigroup, Ser J, 7.125%, ICE LIBOR USD 3 Month + 4.040% (A)		190,335		5,000,100
Citigroup, 6.875%, ICE LIBOR USD 3 Month + 4.130% (A)		299,424		7,761,070
Citizens Financial Group, 6.350%, ICE LIBOR USD 3 Month + 3.642% (A)		60,408		1,546,445
Enstar Group, 7.000%, ICE LIBOR USD 3 Month + 4.015% (A)		80,482		2,034,585
Fifth Third Bancorp, 6.625%, ICE LIBOR USD 3 Month + 3.710% (A)		90,513		2,371,441
Goldman Sachs Group, 6.375%, ICE LIBOR USD 3 Month + 3.550% (A)		140,297		3,643,513

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

23

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Variable Rate Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Goldman Sachs Group, 4.000%, ICE LIBOR USD 3 Month + 0.670% (A)		270,463	$	5,163,139
Goldman Sachs Group, 3.750%, ICE LIBOR USD 3 Month + 0.750% (A)		150,371		2,894,642
Granite Point Mortgage Trust, 7.000%, U.S. SOFR + 5.830% ‡,(A)		39,346		882,924
Invesco Mortgage Capital, 7.500%, ICE LIBOR USD 3 Month + 5.289% ‡,(A)		57,931		1,316,192
KeyCorp, 6.125%, ICE LIBOR USD 3 Month + 3.892% (A)		100,551		2,624,381
MetLife, 4.000%, ICE LIBOR USD 3 Month + 1.000% (A)		120,661		2,647,302
MFA Financial, 6.500%, ICE LIBOR USD 3 Month + 5.345% ‡,(A)		55,422		1,196,561
Morgan Stanley, Ser E, 7.125%, ICE LIBOR USD 3 Month + 4.320% (A)		132,206		3,520,646
Morgan Stanley, Ser F, 6.875%, ICE LIBOR USD 3 Month + 3.940% (A)		130,297		3,434,629
Morgan Stanley, 6.375%, ICE LIBOR USD 3 Month + 3.708% (A)		153,258		4,001,566
Morgan Stanley, 5.850%, ICE LIBOR USD 3 Month + 3.491% (A)		153,259		3,954,082
Morgan Stanley, 4.000%, ICE LIBOR USD 3 Month + 0.700% (A)		168,613		3,478,486
New Residential Investment, 7.500%, ICE LIBOR USD 3 Month + 5.802% ‡,(A)		31,363		778,743
New Residential Investment, 7.125%, ICE LIBOR USD 3 Month + 5.640% ‡,(A)		56,917		1,356,332
New Residential Investment, 7.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.223% ‡,(A)		93,548		2,233,926
New Residential Investment, 6.375%, ICE LIBOR USD 3 Month + 4.969% ‡,(A)		81,022		1,747,645
New York Community Bancorp, 6.375%, ICE LIBOR USD 3 Month + 3.821% (A)		103,561		2,712,263

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

24

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Variable Rate Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
New York Mortgage Trust, 7.875%, ICE LIBOR USD 3 Month + 6.429% ‡,(A)		37,409	$	856,666
New York Mortgage Trust, 6.875%, U.S. SOFR + 6.130% ‡,(A)		24,218		557,014
Regions Financial, Ser B, 6.375%, ICE LIBOR USD 3 Month + 3.536% (A)		100,550		2,602,234
Regions Financial, 5.700%, ICE LIBOR USD 3 Month + 3.148% (A)		100,567		2,436,738
Reinsurance Group of America, 5.750%, ICE LIBOR USD 3 Month + 4.040% (A)		80,475		2,097,179
State Street, 5.900%, ICE LIBOR USD 3 Month + 3.108% (A)		150,747		3,735,511
State Street, 5.350%, ICE LIBOR USD 3 Month + 3.709% (A)		100,558		2,557,190
Synovus Financial, 5.875%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.127% (A)		70,446		1,794,964
Two Harbors Investment, 7.625%, ICE LIBOR USD 3 Month + 5.352% ‡,(A)		57,924		1,358,897
Two Harbors Investment, 7.250%, ICE LIBOR USD 3 Month + 5.011% ‡,(A)		59,437		1,332,578
US Bancorp, 3.500%, ICE LIBOR USD 3 Month + 0.600% (A)		200,964		4,107,704
Voya Financial, 5.350%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.210% (A)		60,417		1,457,862
Wells Fargo, 6.625%, ICE LIBOR USD 3 Month + 3.690% (A)		168,318		4,347,654
Wells Fargo, 5.850%, ICE LIBOR USD 3 Month + 3.090% (A)		345,472		8,187,686
Western Alliance Bancorp, 4.250%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.452% (A)		60,428		1,383,801

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

25

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Variable Rate Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Wintrust Financial, 6.875%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.507% (A)		57,889	$	1,556,635
				139,882,855
Industrials — 2.8%
Air Lease, 6.150%, ICE LIBOR USD 3 Month + 3.650% (A)		50,390		1,189,204
Fortress Transportation and Infrastructure Investors, 8.250%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 7.378% (A)		20,373		527,661
WESCO International, 10.625%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 10.325% (A)		108,625		3,049,104
				4,765,969
Utilities — 1.5%
NiSource, 6.500%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.632% (A)		100,553		2,608,345
TOTAL UNITED STATES				161,742,015
TOTAL PREFERRED STOCK
(Cost $178,671,349)				168,282,956
TOTAL INVESTMENTS — 99.5%
(Cost $178,671,349)			$	168,282,956

Percentages are based on Net Assets of $169,083,062.

‡	Real Estate Investment Trust
(A)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

Ser — Series

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

26

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Variable Rate Preferred ETF

As of May 31, 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.

27

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X MLP ETF

	Shares		Value
MASTER LIMITED PARTNERSHIPS — 96.2%
UNITED STATES— 96.2%
Energy — 96.2%
Cheniere Energy Partners		1,059,156	$	56,950,818
Crestwood Equity Partners		1,996,031		58,164,343
DCP Midstream		1,693,078		60,798,431
Delek Logistics Partners		1,140,867		61,173,289
Energy Transfer		10,671,331		124,427,720
Enterprise Products Partners		5,031,389		137,960,686
Genesis Energy		5,287,385		64,717,592
Holly Energy Partners		3,381,568		64,249,792
Magellan Midstream Partners		2,201,288		113,806,590
MPLX		3,127,158		103,039,856
NGL Energy Partners *		50,000		93,500
NuStar Energy		4,078,202		65,455,142
PBF Logistics		3,898,478		63,467,222
Plains All American Pipeline		6,774,719		77,164,049
Rattler Midstream		1,712,110		29,259,960
Shell Midstream Partners		4,103,339		58,021,214
Western Midstream Partners		3,210,866		88,780,445
Total Energy				1,227,530,649
TOTAL UNITED STATES				1,227,530,649
TOTAL MASTER LIMITED PARTNERSHIP
(Cost $775,964,861)				1,227,530,649
COMMON STOCK — 4.4%
UNITED STATES— 4.4%
Energy — 4.4%
EnLink Midstream		2,404,947		27,416,396
Hess Midstream, Cl A		835,563		27,230,998

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

28

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X MLP ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
Phillips 66		8,114	$	817,972
Total Energy				55,465,366
TOTAL UNITED STATES				55,465,366
TOTAL COMMON STOCK
(Cost $32,714,671)				55,465,366
TOTAL INVESTMENTS — 100.6%
(Cost $808,679,532)			$	1,282,996,015

Percentages are based on Net Assets of $1,275,808,977.

* Non-income producing security.

Cl — Class

As of May 31, 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.

29

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X MLP & Energy Infrastructure ETF

	Shares		Value
COMMON STOCK — 75.8%
CANADA — 22.4%
Energy — 22.4%
Enbridge		2,012,185	$	92,862,338
Pembina Pipeline		1,151,366		46,330,968
TC Energy		1,590,749		92,008,922
TOTAL CANADA				231,202,228
UNITED STATES — 53.4%
Energy — 53.4%
Antero Midstream		4,104,025		44,569,711
Archrock		1,944,907		19,507,417
Cheniere Energy		510,034		69,757,350
EnLink Midstream		3,227,735		36,796,179
Equitrans Midstream		5,256,400		41,367,868
Hess Midstream, Cl A (A)		550,034		17,925,608
Kinder Morgan		4,111,870		80,962,720
Kinetik Holdings, Cl A		100,715		8,464,089
ONEOK		993,543		65,424,807
Plains GP Holdings, Cl A		2,368,202		28,323,696
Targa Resources		621,306		44,746,458
Williams		2,531,160		93,804,790
TOTAL UNITED STATES				551,650,693
TOTAL COMMON STOCK
(Cost $589,078,522)				782,852,921

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

30

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X MLP & Energy Infrastructure ETF

	Shares		Value
MASTER LIMITED PARTNERSHIPS — 24.1%
UNITED STATES— 24.1%
Energy — 24.1%
Cheniere Energy Partners		154,004	$	8,280,795
Crestwood Equity Partners		190,248		5,543,827
DCP Midstream		345,968		12,423,711
Energy Transfer		3,952,570		46,086,966
Enterprise Products Partners		1,693,993		46,449,288
Holly Energy Partners		171,615		3,260,685
Magellan Midstream Partners		809,116		41,831,297
MPLX		1,137,867		37,492,717
Plains All American Pipeline		1,716,424		19,550,069
Shell Midstream Partners		471,512		6,667,180
Western Midstream Partners		773,612		21,390,372
TOTAL UNITED STATES				248,976,907
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $158,322,824)				248,976,907
SHORT-TERM INVESTMENT(B)(C) — 0.4%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.600%
(Cost $4,492,722)		4,492,722		4,492,722

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

31

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X MLP & Energy Infrastructure ETF

	Face Amount		Value
REPURCHASE AGREEMENT(B) — 0.4%
BNP Paribas
0.740%, dated 05/31/2022, to be repurchased on 06/01/2022, repurchase price $4,173,492 (collateralized by various  U.S. Treasury Obligations, ranging in par value $73,111 - $491,777, 0.250% - 2.750%, 09/30/2025 - 02/15/2028, with a total market value of $4,225,742)
(Cost $4,173,406)	$	4,173,406	$	4,173,406
TOTAL INVESTMENTS — 100.7%
(Cost $756,067,474)			$	1,040,495,956

Percentages are based on Net Assets of $1,033,263,985.

(A)	This security or a partial position of this security is on loan at May 31, 2022.  The total value of securities on loan at May 31, 2022 was $8,369,112.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2022 was $8,666,128.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2022.

Cl — Class

The following is a summary of the level of inputs used as of May 31, 2022, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	782,852,921	$	—	$	—	$	782,852,921
Master Limited Partnerships		248,976,907		—		—		248,976,907
Short-Term Investment		4,492,722		—		—		4,492,722
Repurchase Agreement		—		4,173,406		—		4,173,406
Total Investments in Securities	$	1,036,322,550	$	4,173,406	$	—	$	1,040,495,956

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

32

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — 99.7%
CANADA — 0.9%
Financials — 0.5%
Toronto-Dominion Bank		42,646	$	3,252,611
Information Technology — 0.4%
Shopify, Cl A *		6,892		2,585,327
TOTAL CANADA				5,837,938
UNITED STATES — 98.8%
Communication Services — 7.7%
Alphabet, Cl A *		8,441		19,205,301
AT&T		162,388		3,457,240
Comcast, Cl A		69,847		3,092,825
Meta Platforms, Cl A *		17,218		3,334,094
Netflix *		14,702		2,902,763
Omnicom Group		40,119		2,993,279
Take-Two Interactive Software *		23,236		2,893,579
T-Mobile US *		24,643		3,284,665
Verizon Communications		63,126		3,237,733

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

33

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
Walt Disney *		26,801	$	2,959,902
Warner Bros Discovery *		154,089		2,842,942
				50,204,323
Consumer Discretionary — 11.3%
Amazon.com *		6,261		15,052,634
AutoZone *		1,467		3,021,507
Best Buy		34,727		2,849,698
Booking Holdings *		1,431		3,210,534
BorgWarner		83,724		3,375,752
Choice Hotels International		22,448		2,870,875
Darden Restaurants		23,646		2,955,750
eBay		59,617		2,901,559
Etsy *		32,211		2,612,956
General Motors *		79,532		3,076,298
Home Depot		10,562		3,197,645
Lowe’s		16,086		3,141,596
Lululemon Athletica *		8,716		2,551,086
Marriott International, Cl A		17,661		3,030,274
NIKE, Cl B		24,559		2,918,837
Shake Shack, Cl A *		51,233		2,492,485
Starbucks		40,679		3,193,302
Target		13,115		2,123,056
Vail Resorts		12,644		3,188,943
VF		58,075		2,930,465
Whirlpool		18,237		3,359,985
				74,055,237
Consumer Staples — 8.2%
Campbell Soup		67,530		3,235,362
Church & Dwight		30,837		2,777,180
Clorox		21,040		3,058,375
Coca-Cola		48,580		3,079,000
Colgate-Palmolive		40,000		3,152,400

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

34

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Costco Wholesale		5,545	$	2,585,190
Estee Lauder, Cl A		12,005		3,057,073
General Mills		43,722		3,053,982
Hershey		14,142		2,994,003
Hormel Foods		59,160		2,879,317
J M Smucker		22,284		2,793,745
Kellogg		45,720		3,188,513
Kimberly-Clark		22,886		3,044,296
McCormick		31,000		2,874,320
PepsiCo		18,413		3,088,781
Procter & Gamble		19,659		2,907,173
Sysco		35,696		3,004,889
Walgreens Boots Alliance		69,605		3,050,787
				53,824,386
Energy — 1.6%
Chevron		19,694		3,439,754
ConocoPhillips		33,015		3,709,565
ONEOK		45,753		3,012,835
				10,162,154
Financials — 9.5%
Aflac		50,019		3,029,651
Allstate		24,000		3,280,560
American Express		17,558		2,964,141
Bank of America		84,392		3,139,382
BlackRock, Cl A		4,781		3,198,871
Capital One Financial		23,430		2,995,760
Citigroup		61,873		3,304,637
CME Group, Cl A		14,220		2,827,363
FactSet Research Systems		7,418		2,832,044
Hartford Financial Services Group		44,327		3,214,151
JPMorgan Chase		24,996		3,305,221
Moody’s		9,666		2,914,976

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

35

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Morgan Stanley		37,406	$	3,222,153
Northern Trust		29,851		3,335,849
PNC Financial Services Group		18,297		3,209,477
Progressive		29,258		3,492,820
Prudential Financial		27,379		2,909,019
S&P Global		8,351		2,918,507
T Rowe Price Group		23,610		3,000,595
US Bancorp		62,360		3,309,445
				62,404,622
Health Care — 14.2%
Abbott Laboratories		27,206		3,195,617
AbbVie		20,452		3,014,011
Agilent Technologies		26,127		3,332,760
Amgen		12,661		3,250,585
Becton Dickinson		12,429		3,179,338
Biogen *		14,944		2,988,800
Boston Scientific *		72,205		2,961,127
Bristol-Myers Squibb		41,846		3,157,281
Cigna		12,427		3,334,040
Edwards Lifesciences *		26,775		2,700,259
Eli Lilly		11,373		3,564,753
Embecta *		100,151		2,481,742
Gilead Sciences		50,920		3,302,162
Humana		7,131		3,239,114
IDEXX Laboratories *		6,550		2,565,111
Illumina *		9,823		2,352,412
Intuitive Surgical *		12,381		2,818,411
IQVIA Holdings *		13,810		2,972,603
Johnson & Johnson		17,461		3,134,773
Merck		37,473		3,448,640
Mettler-Toledo International *		2,467		3,172,858
PerkinElmer		20,773		3,109,095
Pfizer		64,908		3,442,720

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

36

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Quest Diagnostics		23,105	$	3,258,267
Regeneron Pharmaceuticals *		4,606		3,061,793
Stryker		12,765		2,993,393
Thermo Fisher Scientific		5,648		3,205,635
Vertex Pharmaceuticals *		11,722		3,149,115
Waters *		10,420		3,417,239
Zoetis, Cl A		17,426		2,978,626
				92,782,280
Industrials — 9.5%
3M		21,250		3,172,413
Caterpillar		14,655		3,163,282
CH Robinson Worldwide		31,110		3,375,746
Cummins		15,913		3,327,727
Deere		7,859		2,811,793
Expeditors International of Washington		31,881		3,469,928
FedEx		15,446		3,468,863
Honeywell International		16,453		3,185,630
Illinois Tool Works		15,588		3,243,395
Owens Corning		36,218		3,461,716
Republic Services, Cl A		23,942		3,204,397
Rockwell Automation		12,167		2,594,004
Southwest Airlines *		67,658		3,102,796
Stanley Black & Decker		22,402		2,658,893
Union Pacific		13,632		2,996,041
United Parcel Service, Cl B		16,938		3,086,951
Verisk Analytics, Cl A		15,051		2,632,721
Waste Management		20,126		3,190,172
WW Grainger		6,349		3,092,407
Xylem		37,437		3,154,067
				62,392,942
Information Technology — 29.3%
Accenture, Cl A		10,199		3,043,994

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

37

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Adobe *		7,757	$	3,230,635
Advanced Micro Devices *		35,964		3,663,293
Akamai Technologies *		27,060		2,734,142
Analog Devices		20,678		3,482,175
Apple		246,178		36,641,134
Applied Materials		28,101		3,295,966
Arista Networks *		27,477		2,810,348
Autodesk *		16,923		3,515,753
Automatic Data Processing		14,182		3,161,735
Block, Cl A *		30,873		2,701,696
CDW		18,238		3,097,907
Cisco Systems		61,717		2,780,351
Cognizant Technology Solutions, Cl A		38,117		2,847,340
Dell Technologies, Cl C		67,630		3,377,442
F5 *		15,812		2,577,988
Fiserv *		32,847		3,290,612
HubSpot *		7,999		2,701,182
Intel		68,110		3,025,446
Intuit		7,150		2,963,389
Jack Henry & Associates		16,065		3,022,148
Keysight Technologies *		21,818		3,176,701
Lam Research		6,851		3,562,726
Littelfuse		13,659		3,690,662
Mastercard, Cl A		9,027		3,230,493
Microsoft		115,452		31,387,935
Motorola Solutions		13,960		3,067,570
NVIDIA		16,243		3,032,893
ON Semiconductor *		60,441		3,667,560
Oracle		40,562		2,917,219
Paychex		24,132		2,988,266
Paycom Software *		10,710		3,045,281
PayPal Holdings *		36,846		3,139,648
Salesforce *		18,492		2,963,158

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

38

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Synopsys *		10,934	$	3,490,133
Texas Instruments		18,695		3,304,528
Trimble *		47,746		3,249,115
Tyler Technologies *		8,225		2,926,620
Universal Display		23,888		3,017,293
Visa, Cl A		15,228		3,230,925
Workday, Cl A *		15,378		2,403,581
Zendesk *		26,230		2,398,734
				191,855,717
Materials — 2.4%
Air Products & Chemicals		13,048		3,211,896
Celanese, Cl A		22,212		3,476,622
Ecolab		18,093		2,965,624
International Flavors & Fragrances		24,697		3,264,202
Newmont		42,536		2,886,068
				15,804,412
Real Estate — 2.2%
American Tower ‡		12,103		3,099,941
CBRE Group, Cl A *		37,482		3,105,009
Equinix ‡		4,252		2,921,507
Jones Lang LaSalle *		14,138		2,789,710
ProLogis ‡		18,787		2,394,967
				14,311,134
Utilities — 2.9%
American Water Works		19,304		2,919,730
Constellation Energy		50,773		3,151,988
Duke Energy		27,737		3,120,967
Exelon		65,155		3,202,368
NextEra Energy		42,864		3,244,376
WEC Energy Group		30,484		3,202,954
				18,842,383
TOTAL UNITED STATES				646,639,590

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

39

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Conscious Companies ETF

	Value
COMMON STOCK — continued
TOTAL COMMON STOCK
(Cost $658,744,594)	$	652,477,528
TOTAL INVESTMENTS — 99.7%
(Cost $658,744,594)	$	652,477,528

Percentages are based on Net Assets of $654,179,203.

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

Cl — Class

S&P — Standard & Poor’s

As of May 31, 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.

40

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — 99.8%
UNITED STATES— 99.8%
Communication Services — 4.2%
Activision Blizzard		1,693	$	131,851
AT&T		95,544		2,034,132
Charter Communications, Cl A *		2,721		1,379,357
Electronic Arts		6,782		940,324
Liberty Broadband, Cl C *		987		123,543
T-Mobile US *		1,008		134,356
Verizon Communications		49,612		2,544,599
Total Communication Services				7,288,162
Consumer Discretionary — 2.9%
AutoZone *		405		834,158
Dollar General		1,072		236,204
Domino’s Pizza		338		122,751
Hasbro		1,508		135,343
McDonald’s		10,552		2,661,320
O’Reilly Automotive *		951		605,949
Yum! Brands		2,712		329,427

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

41

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Total Consumer Discretionary			$	4,925,152
Consumer Staples — 8.6%
Archer-Daniels-Midland		9,018		819,015
Church & Dwight		1,293		116,448
Coca-Cola		29,554		1,873,132
Constellation Brands, Cl A		516		126,663
Costco Wholesale		8,742		4,075,695
Flowers Foods		92,016		2,539,642
Hershey		3,848		814,660
Hormel Foods		3,251		158,226
Kroger		12,134		642,738
Mondelez International, Cl A		2,032		129,154
PepsiCo		6,738		1,130,299
Procter & Gamble		2,128		314,689
Walmart		16,911		2,175,262
Total Consumer Staples				14,915,623
Energy — 16.6%
Antero Resources *		7,808		334,807
APA		7,817		367,477
Baker Hughes, Cl A		18,032		648,791
Cheniere Energy		4,330		592,214
Chesapeake Energy		2,406		234,296
Chevron		28,696		5,012,043
ConocoPhillips		35,499		3,988,668
Continental Resources		2,664		181,338
Coterra Energy		11,660		400,288
Devon Energy		21,749		1,629,000
Diamondback Energy		2,911		442,530
EOG Resources		11,141		1,525,871
Exxon Mobil		51,166		4,911,936
Halliburton		15,125		612,563
Marathon Oil		17,343		545,090

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

42

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
Marathon Petroleum		9,778	$	995,303
Matador Resources		2,350		143,115
Murphy Oil		3,551		150,633
Occidental Petroleum		17,310		1,199,756
ONEOK		6,489		427,301
Ovintiv		5,547		310,577
PDC Energy		1,833		145,064
Pioneer Natural Resources		4,525		1,257,679
Range Resources *		7,393		250,992
Schlumberger		20,236		930,047
SM Energy		2,231		107,690
Targa Resources		6,863		494,273
Williams		22,242		824,289
Total Energy				28,663,631
Financials — 11.3%
AGNC Investment ‡		158,438		1,937,697
Allstate		929		126,985
American Financial Group		1,252		176,908
Annaly Capital Management ‡		40,053		264,750
Aon, Cl A		3,758		1,035,968
Ares Management, Cl A		2,000		142,340
Arthur J Gallagher		17,311		2,803,343
Berkshire Hathaway, Cl B *		18,119		5,725,242
Blackstone, Cl A		9,490		1,117,827
Brown & Brown		4,080		242,230
Chubb		5,869		1,240,061
FactSet Research Systems		836		319,168
Intercontinental Exchange		1,078		110,376
Marsh & McLennan		23,286		3,724,596
Nasdaq		771		119,705
Progressive		1,502		179,309
W R Berkley		1,878		133,582

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

43

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Total Financials			$	19,400,087
Health Care — 24.5%
AbbVie		29,698		4,376,594
AmerisourceBergen, Cl A		804		124,451
Baxter International		1,699		129,209
Becton Dickinson		499		127,644
Bristol-Myers Squibb		20,847		1,572,906
Cerner		28,897		2,740,881
Change Healthcare *		114,152		2,749,922
CVS Health		23,869		2,309,326
Danaher		476		125,578
Eli Lilly		16,322		5,115,968
Gilead Sciences		2,100		136,185
HCA Healthcare		3,066		645,086
Intra-Cellular Therapies *		1,544		88,626
Johnson & Johnson		14,680		2,635,500
McKesson		3,873		1,273,016
Medtronic		1,181		118,277
Merck		17,552		1,615,311
Pfizer		133,255		7,067,845
Premier, Cl A		67,078		2,509,388
QIAGEN *		30,394		1,396,604
Quest Diagnostics		1,875		264,413
Regeneron Pharmaceuticals *		1,492		991,792
Tenet Healthcare *		1,772		114,666
UnitedHealth Group		8,243		4,094,958
Total Health Care				42,324,146
Industrials — 8.3%
Avis Budget Group *		595		113,217
Builders FirstSource *		2,400		156,216
CACI International, Cl A *		484		135,699
Carlisle		784		199,473

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

44

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Evoqua Water Technologies *		1,994	$	70,966
FTI Consulting *		16,176		2,717,568
General Dynamics		3,643		819,347
L3Harris Technologies		692		166,703
Lockheed Martin		5,949		2,618,214
Northrop Grumman		445		208,247
Republic Services, Cl A		23,089		3,090,232
Robert Half International		1,699		153,165
Textron		2,446		159,699
Univar Solutions *		2,425		74,496
Waste Management		21,276		3,372,459
WESCO International *		714		89,664
WillScot Mobile Mini Holdings *		2,718		97,114
Zurn Water Solutions		1,808		52,107
Total Industrials				14,294,586
Information Technology — 13.6%
Akamai Technologies *		1,243		125,593
Amdocs		32,475		2,821,753
Arista Networks *		3,860		394,801
Automatic Data Processing		886		197,525
Cisco Systems		44,820		2,019,141
Coherent *		10,083		2,732,090
ExlService Holdings *		537		76,356
Fortinet *		1,853		545,041
Gartner *		1,261		330,886
International Business Machines		967		134,258
Jack Henry & Associates		13,379		2,516,857
Juniper Networks		5,162		158,370
Motorola Solutions		2,075		455,961
NortonLifeLock		4,955		120,605
NVIDIA		20,949		3,911,597
Palo Alto Networks *		1,437		722,495

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

45

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Paychex		6,297	$	779,758
Pure Storage, Cl A *		4,418		104,839
Rogers *		9,896		2,626,200
Synaptics *		557		82,503
Vonage Holdings *		133,911		2,593,856
Total Information Technology				23,450,485
Materials — 1.4%
Air Products & Chemicals		537		132,188
Alcoa		4,162		256,879
CF Industries Holdings		4,685		462,737
Mosaic		6,801		426,083
Nucor		4,412		584,413
Sealed Air		2,328		144,755
Sonoco Products		2,028		118,577
Steel Dynamics		2,968		253,408
Total Materials				2,379,040
Real Estate — 5.1%
Alexandria Real Estate Equities ‡		708		117,493
AvalonBay Communities ‡		1,750		363,930
Camden Property Trust ‡		2,440		350,116
CubeSmart ‡		7,966		354,726
Digital Realty Trust ‡		876		122,281
Duke Realty ‡		4,968		262,459
Equity LifeStyle Properties ‡		1,615		122,255
Equity Residential ‡		4,107		315,541
Essex Property Trust ‡		376		106,728
Extra Space Storage ‡		3,599		641,342
First Industrial Realty Trust ‡		2,042		108,532
Independence Realty Trust ‡		4,255		100,035
Invitation Homes ‡		3,036		114,518
Iron Mountain ‡		3,562		191,992
Life Storage ‡		2,600		303,576

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

46

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Mid-America Apartment Communities ‡		2,415	$	437,115
National Storage Affiliates Trust ‡		1,424		74,689
ProLogis ‡		11,727		1,494,958
Public Storage ‡		8,660		2,863,342
Sun Communities ‡		696		114,234
UDR ‡		3,878		185,368
Total Real Estate				8,745,230
Utilities — 3.3%
Alliant Energy		2,326		148,445
Ameren		1,630		155,160
American Electric Power		1,911		194,979
Consolidated Edison		1,723		171,025
Duke Energy		7,949		894,422
Exelon		15,423		758,040
Hawaiian Electric Industries		3,002		129,596
National Fuel Gas		5,243		385,518
PNM Resources		56,394		2,680,407
Southern		2,689		203,450
Total Utilities				5,721,042
TOTAL UNITED STATES				172,107,184
TOTAL COMMON STOCK
(Cost $162,938,104)				172,107,184
TOTAL INVESTMENTS — 99.8%
(Cost $162,938,104)			$	172,107,184

Percentages are based on Net Assets of $172,462,619.

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

Cl — Class

As of May 31, 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.

47

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — 99.9%
BRAZIL — 0.1%
Consumer Discretionary — 0.1%
MercadoLibre *		109	$	85,661
CHINA — 0.1%
Consumer Discretionary — 0.1%
Yum China Holdings		916		41,641
PERU — 0.0%
Materials — 0.0%
Southern Copper		186		11,491
SOUTH KOREA — 0.0%
Consumer Discretionary — 0.0%
Coupang, Cl A *		1,793		24,224
SWITZERLAND — 0.1%
Information Technology — 0.1%
TE Connectivity		736		95,231

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

48

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
UNITED KINGDOM — 0.5%
Materials — 0.5%
Linde		1,135	$	368,512
UNITED STATES — 99.1%
Communication Services — 8.9%
Activision Blizzard		1,720		133,954
Alphabet, Cl A *		689		1,567,640
Alphabet, Cl C *		620		1,414,084
AT&T		16,167		344,195
Charter Communications, Cl A *		264		133,829
Comcast, Cl A		10,392		460,158
DISH Network, Cl A *		547		12,488
Electronic Arts		634		87,904
Fox, Cl A		702		24,928
Fox, Cl B		315		10,304
Liberty Broadband, Cl A *		43		5,246
Liberty Broadband, Cl C *		300		37,551
Live Nation Entertainment *		337		32,032
Match Group *		605		47,662
Meta Platforms, Cl A *		5,267		1,019,902
Netflix *		994		196,255
Omnicom Group		459		34,246
Paramount Global, Cl A		7		258
Paramount Global, Cl B		1,291		44,320
Pinterest, Cl A *		1,264		24,838
ROBLOX, Cl A *		658		19,701
Roku, Cl A *		265		25,148
Sirius XM Holdings		1,585		10,144
Snap, Cl A *		2,460		34,711
Spotify Technology *		266		29,997
Take-Two Interactive Software *		256		31,880
T-Mobile US *		1,475		196,603
Twitter *		1,582		62,647

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

49

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
Verizon Communications		9,698	$	497,410
Walt Disney *		4,207		464,621
Warner Bros Discovery *		4,951		91,346
Warner Music Group, Cl A		252		7,482
ZoomInfo Technologies, Cl A *		611		24,678
				7,128,162
Consumer Discretionary — 10.7%
Airbnb, Cl A *		759		91,740
Amazon.com *		1,005		2,416,211
Aptiv *		608		64,594
AutoZone *		45		92,684
Best Buy		448		36,763
Booking Holdings *		93		208,651
Burlington Stores *		147		24,740
Caesars Entertainment *		457		22,928
CarMax *		362		35,936
Carnival *		1,930		26,788
Carvana, Cl A *		187		5,505
Chewy, Cl A *		179		4,439
Chipotle Mexican Grill, Cl A *		60		84,153
Darden Restaurants		279		34,875
Dollar General		517		113,916
Dollar Tree *		503		80,646
Domino’s Pizza		80		29,054
DoorDash, Cl A *		435		33,456
DR Horton		740		55,611
eBay		1,271		61,860
Etsy *		281		22,795
Expedia Group *		337		43,584
Ford Motor		8,935		122,231
Garmin		344		36,333
General Motors *		2,999		116,001
Genuine Parts		313		42,796

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

50

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Hilton Worldwide Holdings		621	$	87,474
Home Depot		2,383		721,453
Las Vegas Sands *		1,031		36,559
Lennar, Cl A		572		45,903
Lennar, Cl B		27		1,814
Lowe’s		1,499		292,755
Lucid Group *		1,235		24,922
Lululemon Athletica *		266		77,855
Marriott International, Cl A		632		108,439
McDonald’s		1,720		433,801
MGM Resorts International		803		28,081
NIKE, Cl B		2,848		338,485
NVR *		7		31,154
O’Reilly Automotive *		149		94,938
Pool		88		35,079
Rivian Automotive, Cl A *		400		12,560
Ross Stores		779		66,231
Royal Caribbean Cruises *		484		28,106
Starbucks		2,608		204,728
Target		1,047		169,488
Tesla *		1,937		1,468,750
TJX		2,490		158,289
Tractor Supply		252		47,215
Ulta Beauty *		116		49,080
VF		785		39,611
Wayfair, Cl A *		163		9,681
Yum! Brands		651		79,077
				8,599,818
Consumer Staples — 6.4%
Altria Group		4,114		222,526
Archer-Daniels-Midland		1,268		115,160
Brown-Forman, Cl A		79		4,987
Brown-Forman, Cl B		681		45,028

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

51

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Church & Dwight		547	$	49,263
Clorox		275		39,974
Coca-Cola		8,966		568,265
Colgate-Palmolive		1,905		150,133
Conagra Brands		1,055		34,699
Constellation Brands, Cl A		346		84,933
Costco Wholesale		1,022		476,477
Estee Lauder, Cl A		485		123,505
General Mills		1,361		95,066
Hershey		329		69,653
Hormel Foods		635		30,905
Kellogg		580		40,449
Keurig Dr Pepper		1,935		67,222
Kimberly-Clark		763		101,494
Kraft Heinz		1,559		58,977
Kroger		1,483		78,555
McCormick		559		51,830
Mondelez International, Cl A		3,128		198,816
Monster Beverage *		844		75,217
PepsiCo		3,188		534,787
Philip Morris International		3,518		373,787
Procter & Gamble		5,512		815,115
Sysco		1,145		96,386
Tyson Foods, Cl A		651		58,336
Walgreens Boots Alliance		1,612		70,654
Walmart		3,328		428,081
				5,160,280
Energy — 4.8%
Baker Hughes, Cl A		2,014		72,464
Cheniere Energy		515		70,436
Chevron		4,435		774,617
ConocoPhillips		2,944		330,788
Continental Resources		242		16,473

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

52

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
Coterra Energy		1,776	$	60,970
Devon Energy		1,493		111,826
Diamondback Energy		399		60,656
EOG Resources		1,326		181,609
Exxon Mobil		9,684		929,664
Halliburton		1,877		76,018
Hess		661		81,349
Kinder Morgan		4,496		88,526
Marathon Oil		1,613		50,697
Marathon Petroleum		1,263		128,561
Occidental Petroleum		2,015		139,660
ONEOK		1,003		66,047
Phillips 66		1,088		109,681
Pioneer Natural Resources		522		145,085
Schlumberger		3,201		147,118
Valero Energy		925		119,880
Williams		2,751		101,952
				3,864,077
Financials — 10.7%
Aflac		1,341		81,224
Allstate		617		84,338
American Express		1,267		213,895
American International Group		1,825		107,091
Ameriprise Financial		249		68,791
Aon, Cl A		461		127,084
Apollo Global Management		1,059		61,041
Arch Capital Group *		823		39,060
Ares Management, Cl A		336		23,913
Arthur J Gallagher		470		76,112
Bank of America		16,198		602,566
Bank of New York Mellon		1,647		76,767
Berkshire Hathaway, Cl B *		2,949		931,825
BlackRock, Cl A		332		222,135

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

53

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Blackstone, Cl A		1,575	$	185,519
Blue Owl Capital, Cl A		862		10,809
Brown & Brown		521		30,932
Capital One Financial		908		116,097
Charles Schwab		3,447		241,635
Chubb		828		174,948
Cincinnati Financial		347		44,367
Citigroup		4,471		238,796
Citizens Financial Group		1,111		45,973
CME Group, Cl A		808		160,655
Coinbase Global, Cl A *		307		23,977
Discover Financial Services		629		71,385
Fifth Third Bancorp		1,534		60,486
First Republic Bank		402		62,322
Franklin Resources		646		17,494
Goldman Sachs Group		773		252,655
Hartford Financial Services Group		743		53,875
Huntington Bancshares		3,203		44,458
Interactive Brokers Group, Cl A		203		12,493
Intercontinental Exchange		1,259		128,909
JPMorgan Chase		6,701		886,073
KeyCorp		2,064		41,197
KKR		1,288		70,595
Loews		462		30,256
M&T Bank		402		72,348
Markel *		30		41,083
Marsh & McLennan		1,138		182,023
MetLife		1,411		95,087
Moody’s		362		109,168
Morgan Stanley		3,102		267,206
MSCI, Cl A		178		78,738
Nasdaq		256		39,747
Northern Trust		448		50,064

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

54

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
PNC Financial Services Group		946	$	165,938
Principal Financial Group		564		41,132
Progressive		1,324		158,059
Prudential Financial		851		90,419
Raymond James Financial		418		41,169
Regions Financial		2,101		46,411
Rocket, Cl A		217		1,968
S&P Global		788		275,390
Signature Bank NY		137		29,629
State Street		777		56,325
SVB Financial Group *		131		64,003
Synchrony Financial		1,133		41,966
T Rowe Price Group		505		64,180
Tradeweb Markets, Cl A		235		15,888
Travelers		541		96,861
Truist Financial		3,008		149,618
US Bancorp		3,024		160,484
Wells Fargo		8,794		402,501
Willis Towers Watson		252		53,190
				8,612,343
Health Care — 14.4%
Abbott Laboratories		4,047		475,361
AbbVie		4,062		598,617
Agilent Technologies		677		86,358
Align Technology *		174		48,309
Alnylam Pharmaceuticals *		270		33,966
AmerisourceBergen, Cl A		343		53,093
Amgen		1,211		310,912
Anthem		548		279,266
Avantor *		1,234		39,537
Baxter International		1,137		86,469
Becton Dickinson		642		164,224
Biogen *		330		66,000

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

55

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
BioMarin Pharmaceutical *		410	$	30,803
Bio-Rad Laboratories, Cl A *		48		25,814
Boston Scientific *		3,235		132,667
Bristol-Myers Squibb		4,818		363,518
Catalent *		381		39,266
Centene *		1,295		105,465
Cerner		663		62,886
Charles River Laboratories International *		112		26,217
Cigna		727		195,047
Cooper		110		38,582
CVS Health		2,975		287,831
Danaher		1,479		390,190
Dexcom *		220		65,547
Edwards Lifesciences *		1,399		141,089
Elanco Animal Health *		991		23,487
Eli Lilly		1,948		610,581
Exact Sciences *		383		19,077
Gilead Sciences		2,847		184,628
HCA Healthcare		522		109,829
Hologic *		559		42,076
Horizon Therapeutics *		511		45,832
Humana		284		129,001
IDEXX Laboratories *		189		74,016
Illumina *		355		85,015
Incyte *		410		31,115
Insulet *		155		33,089
Intuitive Surgical *		813		185,071
IQVIA Holdings *		424		91,266
Johnson & Johnson		6,039		1,084,182
Laboratory Corp of America Holdings		210		51,811
McKesson		340		111,755
Medtronic		3,047		305,157
Merck		5,813		534,970

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

56

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Mettler-Toledo International *		51	$	65,592
Moderna *		815		118,444
Molina Healthcare *		131		38,019
PerkinElmer		283		42,357
Pfizer		13,007		689,891
Quest Diagnostics		263		37,088
Regeneron Pharmaceuticals *		235		156,214
ResMed		328		66,735
Royalty Pharma, Cl A		757		31,143
Seagen *		305		41,382
STERIS		225		51,345
Stryker		751		176,110
Teleflex		105		30,213
Thermo Fisher Scientific		903		512,516
UnitedHealth Group		2,152		1,069,071
Veeva Systems, Cl A *		313		53,291
Vertex Pharmaceuticals *		579		155,548
Viatris, Cl W *		2,708		33,227
Waters *		136		44,601
West Pharmaceutical Services		166		51,523
Zimmer Biomet Holdings		472		56,739
Zoetis, Cl A		1,069		182,724
				11,602,765
Industrials — 7.4%
3M		1,292		192,883
AMETEK		520		63,164
Boeing *		1,339		175,945
Carrier Global		1,924		75,632
Caterpillar		1,216		262,474
Cintas		195		77,674
Copart *		483		55,318
CoStar Group *		882		53,749
CSX		4,934		156,852

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

57

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Cummins		320	$	66,918
Deere		636		227,548
Delta Air Lines *		1,440		60,034
Dover		323		43,253
Eaton		903		125,156
Emerson Electric		1,336		118,450
Equifax		276		55,912
Expeditors International of Washington		375		40,815
Fastenal		1,297		69,467
FedEx		543		121,947
Fortive		788		48,675
Generac Holdings *		141		34,838
General Dynamics		552		124,150
General Electric		2,477		193,924
HEICO		90		12,875
HEICO, Cl A		163		19,086
Honeywell International		1,554		300,885
IDEX		170		32,564
Illinois Tool Works		637		132,541
Ingersoll Rand		915		43,142
Jacobs Engineering Group		288		40,346
JB Hunt Transport Services		187		32,272
Johnson Controls International		1,586		86,453
L3Harris Technologies		436		105,032
Lockheed Martin		606		266,707
Lyft, Cl A *		617		10,909
Norfolk Southern		588		140,920
Northrop Grumman		318		148,814
Old Dominion Freight Line		235		60,686
Otis Worldwide		956		71,126
PACCAR		718		62,351
Parker-Hannifin		289		78,657
Quanta Services		317		37,723

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

58

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Raytheon Technologies		3,386	$	322,076
Republic Services, Cl A		465		62,236
Rockwell Automation		262		55,858
Rollins		530		18,794
Southwest Airlines *		1,334		61,177
Stanley Black & Decker		367		43,559
Trane Technologies		525		72,482
TransDigm Group *		119		72,039
TransUnion		431		37,415
Uber Technologies *		4,074		94,517
Union Pacific		1,425		313,187
United Airlines Holdings *		724		34,484
United Parcel Service, Cl B		1,667		303,811
United Rentals *		162		48,305
Verisk Analytics, Cl A		355		62,097
Waste Management		941		149,158
Westinghouse Air Brake Technologies		392		37,028
WW Grainger		103		50,168
Xylem		403		33,953
				6,000,211
Information Technology — 28.2%
Accenture, Cl A		1,530		456,644
Adobe *		1,090		453,963
Advanced Micro Devices *		3,670		373,826
Akamai Technologies *		355		35,869
Amphenol, Cl A		1,349		95,590
Analog Devices		1,185		199,554
ANSYS *		195		50,770
Apple		37,346		5,558,579
Applied Materials		2,001		234,697
AppLovin, Cl A *		240		9,146
Arista Networks *		534		54,618
Atlassian, Cl A *		317		56,210

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

59

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Autodesk *		492	$	102,213
Automatic Data Processing		953		212,462
Bentley Systems, Cl B		463		15,918
Bill.com Holdings *		218		25,776
Block, Cl A *		1,166		102,037
Broadcom		908		526,758
Broadridge Financial Solutions		261		38,163
Cadence Design Systems *		622		95,620
CDW		301		51,128
Cisco Systems		8,803		396,575
Cloudflare, Cl A *		557		31,192
Cognizant Technology Solutions, Cl A		1,185		88,520
Corning		1,726		61,825
Crowdstrike Holdings, Cl A *		463		74,075
Datadog, Cl A *		570		54,372
Dell Technologies, Cl C		619		30,913
DocuSign, Cl A *		433		36,333
Enphase Energy *		277		51,575
EPAM Systems *		124		41,977
Fidelity National Information Services		1,357		141,807
Fiserv *		1,342		134,442
FleetCor Technologies *		170		42,298
Fortinet *		309		90,889
Gartner *		180		47,232
Global Payments		633		82,948
GLOBALFOUNDRIES *		131		7,819
Hewlett Packard Enterprise		2,921		45,568
HP		2,383		92,556
HubSpot *		101		34,107
Intel		9,461		420,258
International Business Machines		2,042		283,511
Intuit		625		259,038
Keysight Technologies *		408		59,405

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

60

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
KLA		340	$	124,049
Lam Research		316		164,330
Marvell Technology		1,914		113,213
Mastercard, Cl A		1,982		709,298
Microchip Technology		1,235		89,723
Micron Technology		2,531		186,889
Microsoft		16,920		4,600,040
MongoDB, Cl A *		142		33,675
Monolithic Power Systems		98		44,138
Motorola Solutions		378		83,062
NetApp		499		35,903
NVIDIA		6,462		1,206,585
Okta, Cl A *		327		27,157
ON Semiconductor *		974		59,102
Oracle		3,462		248,987
Palantir Technologies, Cl A *		3,859		33,496
Palo Alto Networks *		218		109,606
Paychex		730		90,396
Paycom Software *		115		32,699
PayPal Holdings *		2,636		224,614
Qorvo *		241		26,932
QUALCOMM		2,560		366,643
Qualtrics International, Cl A *		179		2,542
Roper Technologies		238		105,301
Salesforce *		2,177		348,843
Seagate Technology Holdings		460		38,948
ServiceNow *		453		211,764
Skyworks Solutions		362		39,411
Snowflake, Cl A *		598		76,335
Splunk *		358		36,716
SS&C Technologies Holdings		500		31,995
Synopsys *		345		110,124
Teledyne Technologies *		103		41,730

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

61

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Teradyne		362	$	39,552
Texas Instruments		2,098		370,842
Trade Desk, Cl A *		982		51,113
Trimble *		562		38,244
Twilio, Cl A *		379		39,859
Tyler Technologies *		92		32,735
Ubiquiti		10		2,616
Unity Software *		442		17,667
VeriSign *		216		37,703
Visa, Cl A		3,796		805,397
VMware, Cl A		470		60,207
Western Digital *		687		41,694
Workday, Cl A *		438		68,459
Zebra Technologies, Cl A *		118		39,906
Zoom Video Communications, Cl A *		479		51,469
Zscaler *		186		28,475
				22,738,960
Materials — 2.0%
Air Products & Chemicals		501		123,326
Albemarle		264		68,751
Amcor		3,403		44,579
Ball		720		51,041
Celanese, Cl A		242		37,878
CF Industries Holdings		469		46,323
Corteva		1,623		101,632
Dow		1,665		113,187
DuPont de Nemours		1,052		71,378
Ecolab		576		94,412
Freeport-McMoRan		3,280		128,182
International Flavors & Fragrances		576		76,130
International Paper		841		40,747
LyondellBasell Industries, Cl A		579		66,151
Martin Marietta Materials		140		47,513

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

62

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Mosaic		813	$	50,934
Newmont		1,795		121,791
Nucor		604		80,006
PPG Industries		533		67,419
Sherwin-Williams		542		145,278
Vulcan Materials		293		48,307
				1,624,965
Real Estate — 2.7%
Alexandria Real Estate Equities ‡		365		60,572
American Tower ‡		1,034		264,838
AvalonBay Communities ‡		311		64,676
Boston Properties ‡		321		35,689
CBRE Group, Cl A *		718		59,479
Crown Castle International ‡		979		185,667
Digital Realty Trust ‡		644		89,896
Duke Realty ‡		861		45,487
Equinix ‡		205		140,853
Equity Residential ‡		823		63,231
Essex Property Trust ‡		146		41,442
Extra Space Storage ‡		298		53,104
Healthpeak Properties ‡		1,209		35,895
Invitation Homes ‡		1,369		51,639
Mid-America Apartment Communities ‡		258		46,698
ProLogis ‡		1,675		213,529
Public Storage ‡		344		113,740
Realty Income ‡		1,352		92,233
SBA Communications, Cl A ‡		242		81,460
Simon Property Group ‡		738		84,612
Sun Communities ‡		257		42,181
UDR ‡		727		34,751
Ventas ‡		897		50,896
VICI Properties ‡		1,685		51,982
Welltower ‡		1,027		91,495

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

63

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Weyerhaeuser ‡		1,684	$	66,552
Zillow Group, Cl A *		88		3,516
Zillow Group, Cl C *		373		14,883
				2,180,996
Utilities — 2.9%
AES		1,469		32,377
Alliant Energy		562		35,867
Ameren		579		55,115
American Electric Power		1,143		116,620
American Water Works		410		62,012
Avangrid		150		7,138
CenterPoint Energy		1,414		45,319
CMS Energy		651		46,247
Consolidated Edison		801		79,507
Constellation Energy		736		45,691
Dominion Energy		1,835		154,544
DTE Energy		435		57,729
Duke Energy		1,747		196,572
Edison International		860		60,123
Entergy		458		55,107
Evergy		503		35,180
Eversource Energy		772		71,271
Exelon		2,196		107,933
FirstEnergy		1,289		55,375
NextEra Energy		4,457		337,350
PG&E *		4,570		55,754
PPL		1,632		49,254
Public Service Enterprise Group		1,135		77,793
Sempra Energy		716		117,324
Southern		2,401		181,660
WEC Energy Group		713		74,915

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

64

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Xcel Energy		1,231	$	92,743
				2,306,520
TOTAL UNITED STATES				79,819,097
TOTAL COMMON STOCK
(Cost $78,984,165)				80,445,857
TOTAL INVESTMENTS — 99.9%
(Cost $78,984,165)			$	80,445,857

Percentages are based on Net Assets of $80,505,023.

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

Cl — Class

PLC — Public Limited Company

S&P — Standard & Poor’s

As of May 31, 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.

65

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Founder-Run Companies ETF

	Shares		Value
COMMON STOCK — 99.9%
UNITED STATES— 99.9%
Communication Services — 7.8%
Meta Platforms, Cl A *		542	$	104,953
Netflix *		571		112,738
Nexstar Media Group, Cl A		686		120,201
Pinterest, Cl A *		5,295		104,047
ROBLOX, Cl A *		3,546		106,167
Roku, Cl A *		1,170		111,033
Snap, Cl A *		3,850		54,324
ZoomInfo Technologies, Cl A *		2,291		92,533
Total Communication Services				805,996
Consumer Discretionary — 8.3%
Airbnb, Cl A *		715		86,422
Carvana, Cl A *		1,890		55,642
DoorDash, Cl A *		1,334		102,598
QuantumScape, Cl A *		7,334		93,802
Rivian Automotive, Cl A *		3,591		112,757
Skechers USA, Cl A *		2,837		111,778
Starbucks		1,456		114,296
Tesla *		125		94,783

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

66

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Founder-Run Companies ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Wayfair, Cl A *		1,424	$	84,571
Total Consumer Discretionary				856,649
Energy — 3.8%
Antero Resources *		3,086		132,327
New Fortress Energy, Cl A		2,803		130,592
Pioneer Natural Resources		468		130,076
Total Energy				392,995
Financials — 15.6%
Apollo Global Management		2,184		125,886
Ares Management, Cl A		1,641		116,790
BlackRock, Cl A		175		117,089
Blackstone, Cl A		1,070		126,035
Capital One Financial		872		111,494
Coinbase Global, Cl A *		971		75,835
Essent Group		2,681		114,720
Intercontinental Exchange		946		96,861
MarketAxess Holdings		412		116,052
Pinnacle Financial Partners		1,401		114,069
SEI Investments		1,950		113,939
Signature Bank NY		452		97,754
Starwood Property Trust ‡		4,749		113,454
Tradeweb Markets, Cl A		1,526		103,173
Upstart Holdings *		1,459		73,533
Total Financials				1,616,684
Health Care — 15.5%
Guardant Health *		1,774		72,699
Ionis Pharmaceuticals *		2,955		107,917
Jazz Pharmaceuticals *		678		101,483
LHC Group *		655		109,162
Masimo *		962		135,094
Medpace Holdings *		814		116,597
Neurocrine Biosciences *		1,207		112,842

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

67

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Founder-Run Companies ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Oak Street Health *		6,006	$	113,393
Penumbra *		635		93,294
Regeneron Pharmaceuticals *		166		110,347
Royalty Pharma, Cl A		2,551		104,948
Seagen *		829		112,479
Ultragenyx Pharmaceutical *		1,550		72,695
United Therapeutics *		612		140,968
Veeva Systems, Cl A *		602		102,497
Total Health Care				1,606,415
Industrials — 5.7%
Axon Enterprise *		968		98,116
Clean Harbors *		1,044		97,510
CoStar Group *		1,707		104,025
FedEx		547		122,845
Lyft, Cl A *		3,368		59,546
XPO Logistics *		2,020		107,949
Total Industrials				589,991
Information Technology — 28.4%
Affirm Holdings, Cl A *		3,816		108,756
Akamai Technologies *		967		97,706
Avalara *		1,428		120,909
Block, Cl A *		1,101		96,348
Cloudflare, Cl A *		1,272		71,232
Crowdstrike Holdings, Cl A *		551		88,154
Datadog, Cl A *		907		86,519
Dell Technologies, Cl C		2,311		115,412
Dropbox, Cl A *		4,995		104,096
EPAM Systems *		410		138,793
FleetCor Technologies *		439		109,228
Fortinet *		376		110,597
Monolithic Power Systems		279		125,659
NVIDIA		586		109,418

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

68

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Founder-Run Companies ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Okta, Cl A *		918	$	76,240
Palantir Technologies, Cl A *		10,534		91,435
Paycom Software *		389		110,608
RingCentral, Cl A *		1,291		81,514
Salesforce *		617		98,868
SS&C Technologies Holdings		1,680		107,503
Synopsys *		379		120,977
Trade Desk, Cl A *		1,843		95,928
Twilio, Cl A *		971		102,120
Ubiquiti		388		101,485
VeriSign *		613		106,999
Workday, Cl A *		525		82,057
Zendesk *		898		82,122
Zoom Video Communications, Cl A *		1,091		117,228
Zscaler *		540		82,669
Total Information Technology				2,940,580
Materials — 3.2%
MP Materials *		2,856		112,612
Steel Dynamics		1,278		109,116
Westlake		859		113,482
Total Materials				335,210
Real Estate — 11.6%
American Campus Communities ‡		1,680		109,200
American Homes 4 Rent, Cl A ‡		2,742		101,344
Apartment Income REIT ‡		2,209		99,096
Camden Property Trust ‡		692		99,295
Invitation Homes ‡		2,728		102,900
Medical Properties Trust ‡		5,908		109,771
ProLogis ‡		684		87,196
Rexford Industrial Realty ‡		1,404		89,674
STAG Industrial ‡		2,911		96,936
STORE Capital ‡		3,821		105,421

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

69

Schedule of Investments		May 31, 2022 (Unaudited)
	Global X Founder-Run Companies ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Vornado Realty Trust ‡		2,806	$	98,098
Zillow Group, Cl C *		2,729		108,887
Total Real Estate				1,207,818
TOTAL UNITED STATES				10,352,338
TOTAL COMMON STOCK
(Cost $12,989,097)				10,352,338
TOTAL INVESTMENTS — 99.9%
(Cost $12,989,097)			$	10,352,338

Percentages are based on Net Assets of $10,364,852.

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

Cl — Class

REIT — Real Estate Investment Trust

As of May 31, 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.

70

Statements of Assets and Liabilities

May 31, 2022 (Unaudited)

	Global X Alternative Income ETF			Global X S&P 500® Quality Dividend ETF		Global X U.S. Preferred ETF			Global X Variable Rate Preferred ETF
Assets:
Cost of Investments	$	8,411,741		$	60,210,297	$	2,442,498,241		$	178,671,349
Cost of Repurchase Agreement		2,637,254			—		36,122,304			—
Cost of Affiliated Investments		35,024,097			—		—			—
Investments, at Value	$	10,448,334	*	$	60,455,268	$	2,151,452,874	*	$	168,282,956
Repurchase Agreement, at Value		2,637,254			—		36,122,304			—
Affiliated Investments, at Value		29,353,583			—		—			—
Cash		—			40,734		—			116,844
Dividend, Interest, and Securities Lending Income Receivable		106,763			167,363		13,787,055			736,194
Receivable for Capital Shares Sold		—			—		3,370,058			1,748,082
Receivable for Investment Securities Sold		—			—		22,548,443			6,492,068
Total Assets		42,545,934			60,663,365		2,227,280,734			177,376,144
Liabilities:
Obligation to Return Securities Lending Collateral		5,476,290			—		75,008,396			—
Payable due to Investment Adviser		4,378			9,800		397,171			33,074
Payable for Investment Securities Purchased		—			—		27,890,403			8,259,920
Payable for Capital Shares Redeemed		—			—		3,129,272			—
Cash Overdraft		71,364			—		560,697			—
Custodian Fees Payable		22			27		3,010			88
Total Liabilities		5,552,054			9,827		106,988,949			8,293,082
Net Assets	$	36,993,880		$	60,653,538	$	2,120,291,785		$	169,083,062
Net Assets Consist of:
Paid-in Capital	$	42,675,783		$	59,962,500	$	2,442,529,436		$	181,089,304
Total Distributable Earnings/(Loss)		(5,681,903	)		691,038		(322,237,651	)		(12,006,242	)
Net Assets	$	36,993,880		$	60,653,538	$	2,120,291,785		$	169,083,062
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		3,020,000			1,810,002		94,860,000			6,780,000
Net Asset Value, Offering and Redemption Price Per Share	$	12.25		$	33.51	$	22.35		$	24.94
*Includes Market Value of Securities on Loan	$	5,337,063		$	—	$	73,472,443		$	—

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

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

71

Statements of Assets and Liabilities

May 31, 2022 (Unaudited)

	Global X MLP ETF			Global X MLP & Energy Infrastructure ETF			Global X Conscious Companies ETF
Assets:
Cost of Investments	$	808,679,532		$	751,894,068		$	658,744,594
Cost of Repurchase Agreement		—			4,173,406			—
Investments, at Value	$	1,282,996,015		$	1,036,322,550	*	$	652,477,528
Repurchase Agreement, at Value		—			4,173,406			—
Cash		2,065,452			606,484			1,086,067
Foreign Currency, at Value		—			1,231			—
Receivable for Investment Securities Sold		74,752,273			33,140,417			—
Dividend, Interest, and Securities Lending Income Receivable		7,871			1,260,851			850,161
Receivable for Capital Shares Sold		—			1,752,254			—
Reclaim Receivable		—			579,714			—
Prepaid Tax Asset		2,907,007			—			—
Total Assets		1,362,728,618			1,077,836,907			654,413,756
Liabilities:
Obligation to Return Securities Lending Collateral		—			8,666,128			—
Payable for Investment Securities Purchased		66,944,223			35,532,919			—
Payable for Capital Shares Redeemed		6,768,820			—			—
Payable due to Investment Adviser		470,901			373,793			234,553
Custodian Fees Payable		422			82			—
Franchise Tax Payable		11,699			—			—
Other Accrued Expenses		8,596			—			—
Deferred Tax Liability		12,714,980			—			—
Total Liabilities		86,919,641			44,572,922			234,553
Net Assets	$	1,275,808,977		$	1,033,263,985		$	654,179,203
Net Assets Consist of:
Paid-in Capital	$	1,299,031,758		$	973,895,691		$	644,246,154
Total Distributable Earnings/(Loss)		(23,222,781	)		59,368,294			9,933,049
Net Assets	$	1,275,808,977		$	1,033,263,985		$	654,179,203
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		30,158,637			23,587,506			22,330,000
Net Asset Value, Offering and Redemption Price Per Share	$	42.30		$	43.81		$	29.30
*Includes Market Value of Securities on Loan	$	—		$	8,369,112		$	—

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

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

72

Statements of Assets and Liabilities

May 31, 2022 (Unaudited)

	Global X Adaptive U.S. Factor ETF		Global X Adaptive U.S. Risk Management ETF			Global X Founder-Run Companies ETF
Assets:
Cost of Investments	$	162,938,104	$	78,984,165		$	12,989,097
Investments, at Value	$	172,107,184	$	80,445,857		$	10,352,338
Cash		55,567		454,309			10,918
Dividend, Interest, and Securities Lending Income Receivable		336,805		19,746			5,569
Reclaim Receivable		1,608		280			—
Total Assets		172,501,164		80,920,192			10,368,825
Liabilities:
Payable due to Investment Adviser		38,543		27,365			3,973
Payable for Investment Securities Purchased		—		387,804			—
Custodian Fees Payable		2		—			—
Total Liabilities		38,545		415,169			3,973
Net Assets	$	172,462,619	$	80,505,023		$	10,364,852
Net Assets Consist of:
Paid-in Capital	$	166,634,241	$	97,593,879		$	14,692,349
Total Distributable Earnings/(Loss)		5,828,378		(17,088,856	)		(4,327,497	)
Net Assets	$	172,462,619	$	80,505,023		$	10,364,852
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		5,610,002		3,060,000			410,000
Net Asset Value, Offering and Redemption Price Per Share	$	30.74	$	26.31		$	25.28

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

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

73

Statements of Operations

For the period ended May 31, 2022 (Unaudited)

	Global X Alternative Income ETF			Global X S&P 500® Quality Dividend ETF			Global X U.S. Preferred ETF			Global X Variable Rate Preferred ETF
Investment Income:
Dividend Income	$	78,698		$	611,190		$	61,587,287		$	3,532,983
Dividend Income, from Affiliated Investments		1,172,560			—			—			—
Interest Income		8			—			2,121			—
Security Lending Income		6,776			—			622,689			—
Less: Foreign Taxes Withheld		—			(136	)		(6,596	)		—
Total Investment Income		1,258,042			611,054			62,205,501			3,532,983
Supervision and Administration Fees(1)		92,138			37,649			2,655,127			150,699
Custodian Fees(2)		62			80			6,805			346
Total Expenses		92,200			37,729			2,661,932			151,045
Reimbursement from Adviser(3)		(65,072	)		—			—			—
Net Expenses		27,128			37,729			2,661,932			151,045
Net Investment Income		1,230,914			573,325			59,543,569			3,381,938
Net Realized Gain (Loss) on:
Investments(4)		456,882			1,099,408			(23,242,728	)		(2,086,967	)
Affiliated Investments		13,505			—			—			—
Capital Gain Distribution from Affiliated Investments		3,307			—			—			—
Net Realized Gain (Loss) on Investments		473,694			1,099,408			(23,242,728	)		(2,086,967	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		939,767			15,400			(261,856,744	)		(8,057,635	)
Affiliated Investments		(3,883,084	)		—			—			—
Net Change in Unrealized Appreciation (Depreciation) on Investments		(2,943,317	)		15,400			(261,856,744	)		(8,057,635	)
Net Realized and Unrealized Gain (Loss) on Investments		(2,469,623	)		1,114,808			(285,099,472	)		(10,144,602	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,238,709	)	$	1,688,133		$	(225,555,903	)	$	(6,762,664	)

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

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

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

74

Statements of Operations

For the period ended May 31, 2022 (Unaudited)

	Global X MLP ETF			Global X MLP & Energy Infrastructure ETF			Global X Conscious Companies ETF
Investment Income:
Distributions from Master Limited Partnerships	$	40,950,860		$	—		$	—
Less: Return of Capital Distributions		(40,950,860	)		—			—
Dividend Income		1,551,669			18,350,658			4,692,368
Interest Income		662			74			109
Security Lending Income		—			6,085			—
Less: Foreign Taxes Withheld		—			(868,698	)		(9,196	)
Total Investment Income		1,552,331			17,488,119			4,683,281
Supervision and Administration Fees(1)		2,520,911			1,975,100			1,425,668
Custodian Fees(2)		17,777			902			28
Net Expenses		2,538,688			1,976,002			1,425,696
Net Investment Income (Loss), Before Taxes		(986,357	)		15,512,117			3,257,585
Tax Benefit/(Expense), net of valuation allowance		31,379			–			–
Net Investment Income (Loss), Net of Taxes		(954,978	)		15,512,117			3,257,585
Net Realized Gain (Loss) on:
Investments(3)		54,052,938			18,494,660			16,301,761
Foreign Currency Transactions		—			1			—
Tax Benefit/(Expense), Net of Valuation Allowance		(1,719,598	)		—			—
Net Realized Gain on Investments, Foreign Currency Transactions		52,333,340			18,494,661			16,301,761
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		255,232,168			188,300,432			(91,815,964	)
Foreign Currency Translations		—			22			—
Tax Benefit/(Expense), Net of Valuation Allowance		(8,119,754	)		—			—
Net Change in Unrealized Appreciation (Depreciation) on Investments, Foreign Currency Translations		247,112,414			188,300,454			(91,815,964	)
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Translations		299,445,754			206,795,115			(75,514,203	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	298,490,776		$	222,307,232		$	(72,256,618	)

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

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

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

75

Statements of Operations

For the period ended May 31, 2022 (Unaudited)

	Global X Adaptive U.S. Factor ETF		Global X Adaptive U.S. Risk Management ETF			Global X Founder-Run Companies ETF
Investment Income:
Dividend Income	$	2,112,097	$	330,853		$	56,962
Interest Income		—		419,711			3
Less: Foreign Taxes Withheld		751		454			—
Total Investment Income		2,112,848		751,018			56,965
Supervision and Administration Fees(1)		237,669		195,819			29,344
Custodian Fees(2)		130		14			5
Total Expenses		237,799		195,833			29,349
Net Investment Income		1,875,049		555,185			27,616
Net Realized Gain (Loss) on:
Investments(3)		5,680,284		(17,836,971	)		(1,400,974	)
Net Realized Gain (Loss) on Investments		5,680,284		(17,836,971	)		(1,400,974	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		270,639		2,905,019			(2,737,402	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		270,639		2,905,019			(2,737,402	)
Net Realized and Unrealized Gain (Loss) on Investments		5,950,923		(14,931,952	)		(4,138,376	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	7,825,972	$	(14,376,767	)	$	(4,110,760	)

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

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

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

76

Statements of Changes in Net Assets

	Global X Alternative Income ETF						Global X S&P 500® Quality Dividend ETF
	Period Ended May 31, 2022 (Unaudited)			Year Ended November 30, 2021			Period Ended May 31, 2022 (Unaudited)			Year Ended November 30, 2021
Operations:
Net Investment Income	$	1,230,914		$	1,089,075		$	573,325		$	222,968
Net Realized Gain on Investments (1)		473,694			3,066,455			1,099,408			1,519,036
Net Change in Unrealized Appreciation (Depreciation) on Investments		(2,943,317	)		532,872			15,400			(214,312	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,238,709	)		4,688,402			1,688,133			1,527,692
Distributions		(1,401,724	)		(1,353,663	)		(468,991	)		(224,212	)
Return of Capital		—			(578,074	)		—			—
Capital Share Transactions:
Issued		6,027,152			21,228,614			57,689,790			7,407,813
Redeemed		(2,313,585	)		(7,637,384	)		(7,870,829	)		(5,396,072	)
Increase in Net Assets from Capital Share Transactions		3,713,567			13,591,230			49,818,961			2,011,741
Total Increase in Net Assets		1,073,134			16,347,895			51,038,103			3,315,221
Net Assets:
Beginning of Year/Period		35,920,746			19,572,851			9,615,435			6,300,214
End of Year/Period	$	36,993,880		$	35,920,746		$	60,653,538		$	9,615,435
Share Transactions:
Issued		470,000			1,600,000			1,740,000			240,000
Redeemed		(180,000	)		(570,000	)		(240,000	)		(180,000	)
Net Increase in Shares Outstanding from Share Transactions		290,000			1,030,000			1,500,000			60,000

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

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

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

77

Statements of Changes in Net Assets

	Global X U.S. Preferred ETF						Global X Variable Rate Preferred ETF
	Period Ended May 31, 2022 (Unaudited)			Year Ended November 30, 2021			Period Ended May 31, 2022 (Unaudited)			Year Ended November 30, 2021
Operations:
Net Investment Income	$	59,543,569		$	89,775,833		$	3,381,938		$	1,694,679
Net Realized Gain (Loss) on Investments (1)		(23,242,728	)		17,346,431			(2,086,967	)		463,555
Net Change in Unrealized Appreciation (Depreciation) on Investments		(261,856,744	)		(54,576,713	)		(8,057,635	)		(2,428,772	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(225,555,903	)		52,545,551			(6,762,664	)		(270,538	)
Distributions		(64,229,340	)		(89,185,080	)		(3,288,150	)		(1,427,978	)
Return of Capital		—			—			—			(167,337	)
Capital Share Transactions:
Issued		261,565,968			1,718,401,660			126,386,896			97,594,459
Redeemed		(309,511,132	)		(92,290,075	)		(36,470,389	)		(7,859,878	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(47,945,164	)		1,626,111,585			89,916,507			89,734,581
Total Increase (Decrease) in Net Assets		(337,730,407	)		1,589,472,056			79,865,693			87,868,728
Net Assets:
Beginning of Year/Period		2,458,022,192			868,550,136			89,217,369			1,348,641
End of Year/Period	$	2,120,291,785		$	2,458,022,192		$	169,083,062		$	89,217,369
Share Transactions:
Issued		10,790,000			66,860,000			4,930,000			3,500,000
Redeemed		(13,440,000	)		(3,600,000	)		(1,420,000	)		(280,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(2,650,000	)		63,260,000			3,510,000			3,220,000

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

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

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

78

Statements of Changes in Net Assets

	Global X MLP ETF							Global X MLP & Energy Infrastructure ETF
	Period Ended May 31, 2022 (Unaudited)			Year Ended November 30, 2021				Period Ended May 31, 2022 (Unaudited)			Year Ended November 30, 2021
Operations:
Net Investment Income (Loss)	$	(954,978	)	$	(1,740,541	)		$	15,512,117		$	8,940,882
Net Realized Gain (Loss) on Investments, Foreign Currency Transactions (1)		52,333,340			(24,709,425	)			18,494,661			31,688,781
Net Change in Unrealized Appreciation (Depreciation) on Investments, Foreign Currency Translations		247,112,414			262,177,887				188,300,454			192,051,800
Net Increase in Net Assets Resulting from Operations		298,490,776			235,727,921		��		222,307,232			232,681,463
Distributions		(42,581,489	)		—				(23,637,210	)		(22,548,205	)
Return of Capital		—			(80,150,843	)			—			(22,509,388	)
Capital Share Transactions:
Issued		274,629,060			237,875,194				165,526,556			226,639,862
Redeemed		(247,664,852	)		(88,093,480	)			(69,024,804	)		(214,515,108	)
Increase in Net Assets from Capital Share Transactions		26,964,208			149,781,714				96,501,752			12,124,754
Total Increase in Net Assets		282,873,495			305,358,792				295,171,774			199,748,624
Net Assets:
Beginning of Year/Period		992,935,482			687,576,690				738,092,211			538,343,587
End of Year/Period	$	1,275,808,977		$	992,935,482			$	1,033,263,985		$	738,092,211
Share Transactions:
Issued		6,820,000			6,810,000				4,160,000			6,860,000
Redeemed		(6,220,000	)		(2,970,000	)			(1,730,000	)		(5,950,000	)
Net Increase in Shares Outstanding from Share Transactions		600,000			3,840,000				2,430,000			910,000

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

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

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

79

Statements of Changes in Net Assets

	Global X Conscious Companies ETF						Global X Adaptive U.S. Factor ETF
	Period Ended May 31, 2022 (Unaudited)			Year Ended November 30, 2021			Period Ended May 31, 2022 (Unaudited)			Year Ended November 30, 2021
Operations:
Net Investment Income	$	3,257,585		$	4,842,693		$	1,875,049		$	3,535,627
Net Realized Gain on Investments (1)		16,301,761			81,365,114			5,680,284			29,215,810
Net Change in Unrealized Appreciation (Depreciation) on Investments		(91,815,964	)		18,829,589			270,639			766,875
Net Increase (Decrease) in Net Assets Resulting from Operations		(72,256,618	)		105,037,396			7,825,972			33,518,312
Distributions		(4,785,158	)		(4,254,673	)		(2,263,173	)		(4,080,634	)
Return of Capital		—			—			—			(298,947	)
Capital Share Transactions:
Issued		133,946,425			333,414,724			28,826,628			37,224,536
Redeemed		(57,489,913	)		(182,932,213	)		(33,934,312	)		(38,840,101	)
Increase (Decrease) in Net Assets from Capital Share Transactions		76,456,512			150,482,511			(5,107,684	)		(1,615,565	)
Total Increase (Decrease) in Net Assets		(585,264	)		251,265,234			455,115			27,523,166
Net Assets:
Beginning of Year/Period		654,764,467			403,499,233			172,007,504			144,484,338
End of Year/Period	$	654,179,203		$	654,764,467		$	172,462,619		$	172,007,504
Share Transactions:
Issued		4,250,000			10,500,000			940,000			1,400,000
Redeemed		(1,780,000	)		(5,890,000	)		(1,090,000	)		(1,440,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		2,470,000			4,610,000			(150,000	)		(40,000	)

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

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

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

80

Statements of Changes in Net Assets

	Global X Adaptive U.S. Risk Management ETF						Global X Founder-Run Companies ETF
	Period Ended May 31, 2022 (Unaudited)			Period Ended November 30, 2021(1)			Period Ended May 31, 2022 (Unaudited)			Year Ended November 30, 2021
Operations:
Net Investment Income	$	555,185		$	674,406		$	27,616		$	64,400
Net Realized Gain (Loss) on Investments (2)		(17,836,971	)		12,780,557			(1,400,974	)		2,412,957
Net Change in Unrealized Appreciation (Depreciation) on Investments		2,905,019			(1,443,327	)		(2,737,402	)		(1,000,519	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(14,376,767	)		12,011,636			(4,110,760	)		1,476,838
Distributions		(501,079	)		(241,843	)		(27,728	)		(67,743	)
Capital Share Transactions:
Issued		19,017,491			184,056,392			—			14,648,680
Redeemed		(28,209,112	)		(91,251,695	)		(1,338,477	)		(5,948,213	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(9,191,621	)		92,804,697			(1,338,477	)		8,700,467
Total Increase (Decrease) in Net Assets		(24,069,467	)		104,574,490			(5,476,965	)		10,109,562
Net Assets:
Beginning of Year/Period		104,574,490			—			15,841,817			5,732,255
End of Year/Period	$	80,505,023		$	104,574,490		$	10,364,852		$	15,841,817
Share Transactions:
Issued		650,000			6,600,000			—			430,000
Redeemed		(1,090,000	)		(3,100,000	)		(50,000	)		(170,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(440,000	)		3,500,000			(50,000	)		260,000

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

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

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

81

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

82

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 Alternative Income ETF
2022 (Unaudited)		13.16		0.43		(0.85	)		(0.42	)		(0.49	)		—
2021		11.51		0.49		2.05			2.54			(0.62	)		—
2020		14.74		0.66		(2.64	)		(1.98	)		(0.98	)		(0.15	)
2019		14.52		0.94		0.44			1.38			(1.07	)		(0.09	)
2018		15.40		0.92		(0.64	)		0.28			(1.16	)		—
2017		14.65		1.04		0.85			1.89			(1.01	)		—
Global X S&P 500® Quality Dividend ETF
2022 (Unaudited)		31.02		0.50		2.42			2.92			(0.43	)		—
2021		25.20		0.78		5.84			6.62			(0.80	)		—
2020		26.51		0.75		(1.24	)		(0.49	)		(0.82	)		—
2019		24.60		0.75		1.89			2.64			(0.73	)		—
2018(1)		25.00		0.26		(0.44	)		(0.18	)		(0.22	)		—

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

83

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 (%)††
	—			(0.49	)		12.25		(3.34	)		36,994		0.15	†‡‡		6.68	†		5.70
	(0.27	)		(0.89	)		13.16		22.52			35,921	0.63		^‡‡		3.77			86.85
	(0.12	)		(1.25	)		11.51		(13.13	)		19,573		0.75			5.61			52.78
	—			(1.16	)		14.74		9.89			28,012		0.75			6.39			18.16
	—			(1.16	)		14.52		1.89			16,698		0.75			6.19			18.32
	(0.13	)		(1.14	)		15.40		13.24			11,549		0.75			6.75			34.84
	—			(0.43	)		33.51		9.44			60,654		0.20	†		3.05	†		7.47
	—			(0.80	)		31.02		26.45			9,615		0.20			2.60			70.66
	—	***		(0.82	)		25.20		(1.47	)		6,300		0.20			3.27			93.40
	—			(0.73	)		26.51		11.01			9,278		0.28	‡		2.99			49.18
	—			(0.22	)		24.60		(0.72	)		2,460		0.36	†		2.70	†		1.18

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
***	Amount is less than $0.005.
^	Effective September 28, 2021, the fund’s fees were permanently lowered to 0.50%.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
‡	Effective April 1, 2019, the Fund’s fees were permanently lowered to 0.20%. Prior to April 1, 2019, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.31% for the year ended November 30, 2019.
‡‡	The ratio of Expenses to Average Net Assets includes the effect of a reimbursement of acquired fund fees (See Note 3 in Notes to Financial Statements). If these offsets and acquired fund fees were excluded, the ratio would have been 0.70% and 0.50%, for the periods ended November 30, 2021 and May 31, 2022, respectively.
(1)	The Fund commenced operations on July 13, 2018.

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

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

84

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 U.S. Preferred ETF
2022 (Unaudited)		25.21		0.61		(2.82	)		(2.21	)		(0.65	)		—
2021		25.36		1.28		(0.12	)		1.16			(1.31	)		—
2020		24.79		1.33		0.58			1.91			(1.34	)		—
2019		22.97		1.36		1.83			3.19			(1.37	)		—
2018		25.03		1.44		(2.08	)		(0.64	)		(1.42	)		—
2017(1)		25.08		0.44		(0.25	)		0.19			(0.24	)		—
Global X Variable Rate Preferred ETF
2022 (Unaudited)		27.28		0.72		(2.32	)		(1.60	)		(0.72	)		(0.02	)
2021		26.97		1.40		0.37			1.77			(1.29	)		(0.02	)
2020(2)		24.85		0.61		2.00			2.61			(0.49	)		—

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

85

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 (%)††
	—			(0.65	)		22.35		(8.88	)		2,120,292		0.23	†		5.16	†		14.28
	—			(1.31	)		25.21		4.61			2,458,022	0.23		^^		4.99			47.89
	—			(1.34	)		25.36		8.13			868,550	0.23		^^		5.49			39.14
	—			(1.37	)		24.79		14.25			585,150		0.24			5.57			32.93
	—			(1.42	)		22.97		(2.72	)		188,314		0.23			5.98			42.90
	—			(0.24	)		25.03		0.75			26,276		0.23	†		8.01	†		3.82
	—			(0.74	)		24.94		(5.97	)		169,083		0.25	†		5.61	†		24.99
	(0.15	)		(1.46	)		27.28		6.60			89,217		0.25			5.01			26.17
	—			(0.49	)		26.97		10.59			1,349		0.25	†		5.38	†		10.96

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
^^	Effective April 1, 2020, until April 1, 2021, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.23%.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1)	The Fund commenced operations on September 11, 2017.
(2)	The Fund commenced operations on June 22, 2020.

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

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

86

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 MLP ETF
2022 (Unaudited)		33.59		(0.03	)		10.22			10.19			(1.48	)		—
2021		26.73		(0.06	)		9.97			9.91			—			—
2020(1)		43.92		(0.26	)		(13.13	)		(13.39	)		—			—
2019(1)		51.24		(0.24	)		(2.76	)		(3.00	)		—			—
2018(1)		56.52		(0.24	)		(0.42	)		(0.66	)		(0.12	)		—
2017(1)		67.44		(0.30	)		(5.88	)		(6.18	)		—	***		—
Global X MLP & Energy Infrastructure ETF
2022 (Unaudited)		34.89		0.70			9.27			9.97			(1.05	)		—
2021		26.59		0.42			9.97			10.39			(1.05	)		—
2020(2)		33.45		0.71			(5.33	)		(4.62	)		(1.95	)		—
2019(2)		36.39		1.14			(1.89	)		(0.75	)		(2.01	)		—
2018(2)		38.40		1.05			(1.11	)		(0.06	)		(1.56	)		—
2017(2)		44.46		0.93			(4.62	)		(3.69	)		(2.16	)		—

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

87

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, Net of Tax Expense/(Benefit) (%)			Tax Expense/(Benefit) (%)			Ratio of Net Investment Income (Loss) to Average Net Assets, Net of Tax Expense/(Benefit) (%)			Portfolio Turnover (%)††
	—			(1.48	)		42.30		30.55			1,275,809		0.45	†‡		(0.01	)†		(0.17	)†		27.95
	(3.05	)		(3.05	)		33.59		37.49			992,935		0.43	‡		(0.02	)		(0.19	)		33.79
	(3.80	)		(3.80	)		26.73		(30.51	)		687,577		0.46	‡		0.46			(0.85	)		33.78
	(4.32	)		(4.32	)		43.92		(6.54	)		947,045		0.46	‡		—			(0.46	)		55.65
	(4.50	)		(4.62	)		51.24		(1.72	)		828,622		0.45	‡		—			(0.45	)		30.35
	(4.74	)		(4.74	)		56.52		(9.85	)		692,954		0.35	‡		(0.11	)		(0.46	)		35.11
	—			(1.05	)		43.81		28.82			1,033,264		0.45	†		—			3.53	†		10.10
	(1.04	)		(2.09	)		34.89		39.64			738,092		0.45			—			1.25			16.88
	(0.29	)		(2.24	)		26.59		(13.34	)		538,344		0.45			—			2.66			35.86
	(0.18	)		(2.19	)		33.45		(2.34	)		612,300		0.45			—			3.03			36.57
	(0.39	)		(1.95	)		36.39		(0.43	)		540,381		0.45			—			2.65			25.68
	(0.21	)		(2.37	)		38.40		(8.71	)		305,980		0.45			—			2.20			40.42

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
***	Amount is less than $0.005.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
‡	The Before Net Deferred Tax Expense/(Benefit) expense ratios for the periods ending November 30, 2017, 2018, 2019, 2020, 2021, and May 31, 2022 was 0.46%, 0.45%, 0.46%, 0.45%, 0.45%, and 0.46%.
(1)	Per share amounts have been adjusted for a 1 for 6 reverse stock split on April 28, 2020 (See Note 9 in the Notes to Financial Statements).
(2)	Per share amounts have been adjusted for a 1 for 3 reverse share split on April 28, 2020 (See Note 9 in Notes to Financial Statements).

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

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

88

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)
Global X Conscious Companies ETF
2022 (Unaudited)		32.97		0.15		(3.58	)		(3.43	)		(0.24	)		—
2021		26.46		0.31		6.49			6.80			(0.29	)		—
2020		23.10		0.33		3.32			3.65			(0.27	)		(0.02	)
2019		20.55		0.37		2.68			3.05			(0.50	)		—
2018		19.23		0.33		1.22			1.55			(0.23	)		—
2017		15.79		0.26		3.33			3.59			(0.15	)		—
Global X Adaptive U.S. Factor ETF
2022 (Unaudited)		29.86		0.33		0.95			1.28			(0.40	)		—
2021		24.91		0.61		5.09			5.70			(0.70	)		—
2020		25.79		0.63		(0.67	)		(0.04	)		(0.70	)		(0.05	)
2019		24.39		0.89		1.53			2.42			(1.02	)		—	***
2018(1)		25.00		0.22		(0.61	)		(0.39	)		(0.19	)		—
Global X Adaptive U.S. Risk Management ETF
2022 (Unaudited)		29.88		0.15		(3.59	)		(3.44	)		(0.13	)		—
2021(2)		24.95		0.25		4.77			5.02			(0.09	)		—
Global X Founder-Run Companies ETF
2022 (Unaudited)		34.44		0.06		(9.16	)		(9.10	)		(0.06	)		—
2021		28.66		0.18		5.94			6.12			(0.34	)		—
2020		20.50		0.09		8.14			8.23			(0.07	)		—
2019		18.63		0.05		2.12			2.17			(0.07	)		(0.23	)
2018		17.41		0.04		1.45			1.49			(0.04	)		(0.23	)
2017(3)		15.02		0.04		2.35			2.39			—			—

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

89

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 (%)††
	—			(0.24	)		29.30		(10.50	)		654,179		0.43	†		0.98	†		9.64
	—			(0.29	)		32.97		25.84			654,764		0.43			1.00			22.92
	—			(0.29	)		26.46		16.01			403,499		0.43			1.45			48.73
	—			(0.50	)		23.10		15.35			85,459		0.43			1.73			34.97
	—			(0.23	)		20.55		8.16			56,504		0.43			1.65			36.35
	—			(0.15	)		19.23		22.95			48,065		0.43			1.50			41.77
	—			(0.40	)		30.74		4.30			172,463		0.27	†		2.13	†		65.13
	(0.05	)		(0.75	)		29.86		23.01			172,008		0.27			2.09			96.21
	(0.09	)		(0.84	)		24.91		0.14			144,484		0.27			2.78			159.91
	—			(1.02	)		25.79		10.27			189,564		0.27			3.63			112.43
	(0.03	)		(0.22	)		24.39		(1.58	)		102,438		0.27	†		3.31	†		28.89
	—			(0.13	)		26.31		(11.58	)		80,505		0.39	†		1.11	†		831.34
	—			(0.09	)		29.88		20.13			104,574		0.39	†		1.01	†		30.10
	—			(0.06	)		25.28		(26.47	)		10,365		0.45	†		0.42	†		21.02
	—			(0.34	)		34.44		21.51			15,842		0.45			0.54			47.49
	—			(0.07	)		28.66		40.29			5,732		0.45			0.39			31.51
	—			(0.30	)		20.50		12.05			4,100		0.52			0.29			33.82
	—			(0.27	)		18.63		8.67			4,657		0.65			0.13			25.22
	—			—			17.41		15.91			3,483		0.65	†		0.33	†		21.61

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

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

90

Notes to Financial Statements (Unaudited)

May 31, 2022

1. ORGANIZATION

The Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as an open-end management investment company. As of May 31, 2022, the Trust had one hundred and one portfolios, ninety-four of which were operational. The financial statements herein and the related notes pertain to the Global X Alternative Income ETF (formerly, Global X SuperDividend^® Alternatives ETF), Global X S&P 500® Quality Dividend ETF, Global X U.S. Preferred ETF, Global X Variable Rate Preferred ETF, Global X MLP ETF, Global X MLP & Energy Infrastructure ETF, Global X Conscious Companies ETF, Global X Adaptive U.S. Factor ETF, Global X Adaptive U.S. Risk Management ETF and Global X Founder-Run Companies ETF (each a “Fund” and collectively, the “Funds”). Each Fund, other than the Global X Alternative Income ETF, Global X U.S. Preferred ETF, Global X Founder-Run Companies ETF and Global X Conscious Companies ETF, has elected non-diversified status under the 1940 Act.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

91

Notes to Financial Statements (Unaudited) (Continued)

May 31, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Code of 1986, as amended (the “Code”). These qualifying sources include natural resource-based activities, such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly-traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.

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

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

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

92

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May 31, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures (the “Fair Value Procedures”) established by the Board of Trustees (the “Board”) of the Trust. The Funds’ Fair Value Procedures are implemented through a fair value committee of the Trust (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, each Fund may fair value a security if an event that may materially affect the value of a Fund’s 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 Fund calculates its net asset value (“NAV”). 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 NAVs, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of May 31, 2022, there were no securities priced using the Fair Value Procedures.

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

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;

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May 31, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments, and fair value of investments for which the  Funds do not have the ability to fully redeem tranches at NAV 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.

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.

For the period ended May 31, 2022, there have been no significant changes to the Funds’ fair valuation methodologies.

DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties at May 31, 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)

May 31, 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 an MRA with collateral held and/or posted to the counterparty, and create one single net payment due to or from the Funds.

As of May 31, 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 Alternative Income ETF
BNP Paribas	$	2,637,254	$	2,637,254	$	–	$	–
Global X U.S. Preferred ETF
BNP Paribas		36,122,304		36,122,304		–		–
Global X MLP & Energy Infrastructure ETF
BNP Paribas		4,173,406		4,173,406		–		–

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

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

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax positions in the current period, however management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), and on-going analysis of and changes to tax laws and regulations, and interpretations thereof. 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.

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Notes to Financial Statements (Unaudited) (Continued)

May 31, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

As of and during the reporting period ended May 31, 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 in income tax expense on the Statements of Operations.

During the reporting period, the Funds did not incur any interest or penalties.  The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

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

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

FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION – The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statements 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.

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May 31, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

INVESTMENTS IN REITs – With respect to the Funds, dividend income is recorded based on the income included in distributions received from REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of these estimated amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year end, and may differ from the estimated amounts.

CASH OVERDRAFT CHARGES – Per the terms of an agreement with the Custodian, 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 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

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Notes to Financial Statements (Unaudited) (Continued)

May 31, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

	Creation Unit Shares		Creation Fee		Value at May 31, 2022		Redemption Fee
Global X Alternative Income ETF		10,000	$	300	$	122,500	$	300
Global X S&P 500® Quality Dividend ETF		10,000		500		335,100		500
Global X U.S. Preferred ETF		10,000		650		223,500		650
Global X Variable Rate Preferred ETF		10,000		300		249,400		300
Global X MLP ETF		10,000		250		423,000		250
Global X MLP & Energy Infrastructure ETF		10,000		250		438,100		250
Global X Conscious Companies ETF		10,000		750		293,000		750
Global X Adaptive U.S. Factor ETF		10,000		700		307,400		700
Global X Adaptive U.S. Risk Management ETF		10,000		1,300		263,100		1,300
Global X Founder-Run Companies ETF		10,000		400		252,800		400

3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS

On July 2, 2018, the Adviser consummated a transaction pursuant to which it became an indirect, wholly-owned subsidiary of Mirae Asset Global Investments Co., Ltd. (“Mirae”). In this manner, the Adviser is ultimately controlled by Mirae, which is a leading financial services company in Korea and is the headquarters for the Mirae Asset Global Investments Group.

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an “all-in” fee structure.  For the Adviser’s services to the respective Funds, under 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 respective Fund). In addition, the Funds bear other expenses, directly and indirectly, that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, custodian fees, acquired fund fees and expenses, and other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses).

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May 31, 2022

3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS (continued)

The Supervision and Administration Agreement for the Global X Alternative Income ETF provides that the Adviser also bears the costs for acquired fund fees and expenses generated by investments by the Fund in affiliated investment companies. For the period ended May 31, 2022, the Adviser paid acquired fund fees and expenses of $65,072 and made such reimbursement payments to the Global X Alternative Income ETF on a monthly basis.

The following table discloses the supervision and administration fees payable pursuant to the Supervision and Administration Agreement:

	Supervision and Administration Fee
Global X Alternative Income ETF(1)		0.50	%
Global X S&P 500® Quality Dividend ETF		0.20	%
Global X U.S. Preferred ETF		0.23	%
Global X Variable Rate Preferred ETF		0.25	%
Global X MLP ETF		0.45	%
Global X MLP & Energy Infrastructure ETF		0.45	%
Global X Conscious Companies ETF		0.43	%
Global X Adaptive U.S. Factor ETF		0.27	%
Global X Adaptive U.S. Risk Management ETF		0.39	%
Global X Founder-Run Companies ETF		0.45	%

(1) The Board of Trustees of the Trust voted to approve a lower Management Fee for the Global X Alternative Income ETF of 0.50% effective September 28, 2021. Prior to that, the Global X Alternative Income ETF was subject to a Management Fee of 0.75%.

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

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

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Notes to Financial Statements (Unaudited) (Continued)

May 31, 2022

3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS (continued)

expenses relating to the distribution of Shares: (1) the costs of processing and maintaining records of creations of Creation Units; (2) all costs of maintaining the records required of a registered broker/dealer; (3) the expenses of maintaining its registration or qualification as a dealer or broker under Federal or state laws; (4) filing fees; and (5) all other expenses incurred in connection with the distribution services as contemplated in the distribution agreement. SIDCO receives no fee from the Funds for its distribution services under the distribution agreement; rather, the Adviser compensates SIDCO for certain expenses, out-of-pocket costs, and transaction fees.

BBH serves as the Custodian and transfer agent of the Funds’ assets. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds; (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments; (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As transfer agent, BBH has agreed to (1) issue and redeem Shares of each Fund; (2) make dividend and other distributions to shareholders of each Fund; (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts; and (5) make periodic reports to the Funds. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

4. INVESTMENT TRANSACTIONS

For the period ended May 31, 2022, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government, and short-term securities were:

	Purchases		Sales and Maturities
Global X Alternative Income ETF	$	2,106,120	$	2,357,340
Global X S&P 500® Quality Dividend ETF		3,098,577		2,756,173
Global X U.S. Preferred ETF		344,326,671		331,400,763
Global X Variable Rate Preferred ETF		30,648,875		30,630,245
Global X MLP ETF		313,567,490		600,218,041
Global X MLP & Energy Infrastructure ETF		88,594,974		111,653,547
Global X Conscious Companies ETF		63,856,853		66,236,151
Global X Adaptive U.S. Factor ETF		115,289,156		114,052,115
Global X Adaptive U.S. Risk Management ETF		817,962,020		822,392,061
Global X Founder-Run Companies ETF		2,789,898		2,785,005

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Notes to Financial Statements (Unaudited) (Continued)

May 31, 2022

4. INVESTMENT TRANSACTIONS (continued)

For the periods ended May 31, 2022 and November 30, 2021, in-kind transactions associated with creations and redemptions were, respectively:

2022

	Purchases		Sales and Maturities		Realized Gain/(Loss)
Global X Alternative Income ETF	$	6,011,971	$	2,059,844	$	88,436
Global X S&P 500® Quality Dividend ETF		57,292,825		7,878,869		1,153,567
Global X U.S. Preferred ETF		257,448,549		310,176,584		(7,513,198	)
Global X Variable Rate Preferred ETF		125,837,498		35,989,122		234,313
Global X MLP ETF		266,200,366		–		–
Global X MLP & Energy Infrastructure ETF		161,210,263		50,511,042		16,409,175
Global X Conscious Companies ETF		134,611,479		57,814,285		16,855,177
Global X Adaptive U.S. Factor ETF		27,200,079		33,894,563		6,379,870
Global X Adaptive U.S. Risk Management ETF		18,239,429		22,883,959		55,826
Global X Founder-Run Companies ETF		–		1,332,473		9,025

2021

	Purchases		Sales and Maturities		Realized Gain/(Loss)
Global X Alternative Income ETF	$	21,175,789	$	7,393,356	$	1,667,754
Global X S&P 500® Quality Dividend ETF		7,401,975		5,392,168		1,425,312
Global X U.S. Preferred ETF		1,707,913,454		92,458,603		7,162,067
Global X Variable Rate Preferred ETF		97,475,320		7,852,025		409,395
Global X MLP ETF		234,138,116		–		–
Global X MLP & Energy Infrastructure ETF		224,593,293		157,251,966		48,544,868
Global X Conscious Companies ETF		332,600,516		182,457,442		79,149,674
Global X Adaptive U.S. Factor ETF		36,703,421		39,042,509		11,547,320
Global X Adaptive U.S. Risk Management ETF		182,190,936		91,441,692		14,098,623
Global X Founder-Run Companies ETF		14,657,602		5,990,253		2,619,762

During the period ended May 31, 2022, there were no purchases or sales of long-term U.S. Government securities by the Funds.

5. TAX INFORMATION

Global X MLP ETF recognizes interest and penalties, if any, related to unrecognized tax benefits within the income tax expense line in the accompanying Statement of Operations. Accrued interest and penalties, if any, are included within the related tax liability line in the Statement of Assets and Liabilities. For the period ended May 31, 2022, Global X MLP ETF did not incur any interest or penalties.

Since Global X MLP ETF will be subject to taxation on its taxable income, the NAV of Global X MLP ETF shares will also be reduced by the accrual of any current and deferred tax liabilities.

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May 31, 2022

5. TAX INFORMATION (continued)

Global X MLP ETF’s income tax expense/(benefit) consists of the following for the period ended May 31, 2022:

	Current MLP		Deferred MLP			Total MLP
Federal	$	—	$	64,270,249		$	64,270,249
State		—		5,849,592			5,849,592
Valuation allowance		—		(60,311,868	)		(60,311,868	)
Total tax expense (benefit)	$	—	$	9,807,973		$	9,807,973

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

Components of the Global X MLP ETF’s deferred tax assets and liabilities are as follows for the period ended May 31, 2022:

	MLP
Deferred tax assets:
Federal Net Operating Loss Carryforward	$	9,268,917
Capital Loss Carryforward		43,536,897
Other		1,973,352
Less Valuation Allowance		(2,907,007	)
Net unrealized gain on investment securities		(64,587,138	)
Net Deferred Tax Asset/(Liability)	$	(12,714,979	)

Global X MLP ETF reviews the recoverability of its deferred tax assets based upon the weight of available evidence. When assessing the recoverability of its deferred tax assets, significant weight is given to the effects of potential future realized and unrealized gains on investments and the period over which these deferred tax assets can be realized. Currently, any capital losses that may be generated by the Global X MLP ETF are eligible to be carried back up to three years and can be carried forward for five years to offset capital gains recognized by Global X MLP ETF in those years. The Tax Cuts and Jobs Act (“TCJA”) of 2017 eliminated the net operating loss (“NOL”) carryback ability and replaced the 20 year carryforward period with an indefinite carryforward period for any NOLs arising in tax years beginning after December 31, 2017. The TCJA also established a limitation on the utilization of any NOLs generated in tax years beginning after December 31, 2017 to the lesser of the aggregate of available NOLs or 80% of taxable income before any NOL utilization. The 80% limitation established by the TCJA was effective for the NOLs generated in the fiscal period ending in November 30, 2019. The Coronavirus Aid, Relief, and Economic Stability Act (“CARES Act”) was signed into law on March 27, 2020. The CARES Act delays the application of the 80% net

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Notes to Financial Statements (Unaudited) (Continued)

May 31, 2022

5. TAX INFORMATION (continued)

operating loss limitation, established under the TCJA, to tax years ending November 30, 2022 and beyond. Currently, any net operating losses that may be generated by Global X MLP ETF are eligible to be carried forward indefinitely and are subject to the lesser of the aggregate of available net operating losses or 80% of taxable income before any net operating loss utilization.

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

	Year Ended		Amount	Expiration
Global X MLP ETF	11/30/2021	$	40,760,408	Indefinite

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

	Year Ended		Amount	Expiration
Global X MLP ETF	11/30/2019	$	22,986,712	11/30/2024
	11/30/2020		123,982,398	11/30/2025
	11/30/2021		44,486,020	11/30/2026

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

Total income tax expense/benefit (current and deferred) during the period ended May 31, 2022, differs from the amount computed by applying the Federal statutory income tax rate of 21% for Global X MLP ETF to net investment and realized and unrealized gain/(losses) on investment before taxes as follows:

For the period ended May 31, 2022:

	MLP
Income tax (benefit) at statutory rate	$	64,742,737		21.00	%
State income taxes (net of federal benefit)		5,364,398		1.74	%
Permanent differences, net		12,706		0.00	%
Change in valuation allowance		(60,311,868	)	(19.56	)%
Net income tax expense/(benefit)	$	9,807,973		(3.18	)%

103

Notes to Financial Statements (Unaudited) (Continued)

May 31, 2022

5. TAX INFORMATION (continued)

Global X MLP ETF recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed Global X MLP ETF’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state tax returns filed since the inception of Global X MLP ETF. No U.S. Federal or state income tax returns are currently under examination. The tax years ended November 30, 2021, 2020, 2019, and 2018, remain subject to examination by tax authorities in the United States. Due to the nature of Global X MLP ETF’s investments, Global X MLP ETF may be required to file income tax returns in several states. Global X MLP ETF is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise. The permanent differences primarily consist of REIT adjustments, reclassification of distributions, investments in publically traded partnerships, and preferred stock adjustments. The permanent differences that are credited or charged to Paid-in Capital and distributable earnings are primarily related to redemptions in kind and return of capital distributions.

These differences have been reclassified to/from the following accounts during the fiscal year ended November 30, 2021:

Global X Funds	Paid-in Capital		Distributable Earnings (Loss)
Global X Alternative Income ETF	$	729,191	$	(729,191	)
Global X S&P 500® Quality Dividend ETF		1,396,254		(1,396,254	)
Global X U.S. Preferred ETF		7,627,321		(7,627,321	)
Global X Variable Rate Preferred ETF		364,360		(364,360	)
Global X MLP & Energy Infrastructure ETF		20,665,059		(20,665,059	)
Global X Conscious Companies ETF		78,780,406		(78,780,406	)
Global X Adaptive U.S. Factor ETF		7,658,763		(7,658,763	)
Global X Adaptive U.S. Risk Management ETF		13,980,803		(13,980,803	)
Global X Founder-Run Companies ETF		2,619,172		(2,619,172	)

104

Notes to Financial Statements (Unaudited) (Continued)

May 31, 2022

5. TAX INFORMATION (continued)

The tax character of dividends and distributions declared during the years or periods ended November 30, 2021 and November 30, 2020 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X Alternative Income ETF
2021	$	1,353,663	$	–	$	578,074	$	1,931,737
2020		1,871,599		–		218,100		2,089,699
Global X S&P 500® Quality Dividend ETF
2021	$	224,212	$	–	$	–	$	224,212
2020		208,533		–		950		209,483
Global X U.S. Preferred ETF
2021	$	89,185,080	$	–	$	–	$	89,185,080
2020		37,989,950		–		–		37,989,950
Global X Variable Rate Preferred ETF
2021	$	1,419,247	$	8,731	$	167,337	$	1,595,315
2020		49,000		–		–		49,000
Global X MLP ETF
2021	$	–	$	–	$	80,150,843	$	80,150,843
2020		–		–		95,194,445		95,194,445
Global X MLP & Energy Infrastructure ETF
2021	$	22,548,205	$	–	$	22,509,388	$	45,057,593
2020		41,140,675		–		6,129,052		47,269,727
Global X Conscious Companies ETF
2021	$	4,254,673	$	–	$	–	$	4,254,673
2020		1,788,344		89,563		–		1,877,907
Global X Adaptive U.S. Factor ETF
2021	$	4,080,634	$	–	$	298,947	$	4,379,581
2020		4,904,671		270,047		635,325		5,810,043
Global X Adaptive U.S. Risk Management ETF
2021	$	241,843	$	–	$	–	$	241,843
Global X Founder-Run Companies ETF
2021	$	67,743	$	–	$	–	$	67,743
2020		13,936		–		–		13,936

As of November 30, 2021, the components of tax basis distributable earnings (accumulated losses) were as follows:

	Global X Funds
	Global X Alternative Income ETF			Global X S&P 500® Quality Dividend ETF			Global X U.S. Preferred ETF
Undistributed Ordinary Income	$	–		$	10,281		$	3,624,969
Post October Losses		–			–			(128,026	)
Capital Loss Carryforwards		(1,558,399	)		(730,124	)		(3,804,050	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(1,483,077	)		191,741			(29,796,300	)
Other Temporary Differences		6			(2	)		(2,349,001	)
Total Accumulated Losses	$	(3,041,470	)	$	(528,104	)	$	(32,452,408	)

105

Notes to Financial Statements (Unaudited) (Continued)

May 31, 2022

5. TAX INFORMATION (continued)

	Global X Funds
	Global X Variable Rate Preferred ETF			Global X MLP & Energy Infrastructure ETF			Global X Conscious Companies ETF
Undistributed Ordinary Income	$	–		$	–		$	2,654,223
Capital Loss Carryforwards		–			(150,385,884	)		(708,582	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(2,346,296	)		11,084,160			85,029,185
Other Temporary Differences		390,868			(4	)		(1	)
Total Distributable Earnings (Accumulated Losses)	$	(1,955,428	)	$	(139,301,728	)	$	86,974,825

	Global X Funds
	Global X Adaptive U.S. Factor ETF			Global X Adaptive U.S. Risk Management ETF			Global X Founder-Run Companies ETF
Undistributed Ordinary Income	$	–		$	436,746		$	20,766
Capital Loss Carryforwards		(8,104,769	)		(4,152	)		(259,716	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		8,370,349			(2,643,604	)		49,942
Other Temporary Differences		(1	)		–			(1	)
Total Distributable Earnings (Accumulated Losses)	$	265,579		$	(2,211,010	)	$	(189,009	)

For taxable years beginning after December 22, 2010, a Registered Investment Company within the meaning of the 1940 Act is permitted to carry forward net capital losses to offset capital gains realized in later years, and the losses carried forward retain their original character as either long-term or short-term losses. Losses carried forward under these provisions are as follows:

	Short-Term Loss		Long-Term Loss		Total
Global X Alternative Income ETF	$	148,924	$	1,409,475	$	1,558,399
Global X S&P 500® Quality Dividend ETF		586,335		143,789		730,124
Global X U.S. Preferred ETF		3,804,050		–		3,804,050
Global X MLP & Energy Infrastructure ETF		37,475,669		112,910,215		150,385,884
Global X Conscious Companies ETF		47,728		660,854		708,582
Global X Adaptive U.S. Factor ETF		6,644,209		1,460,560		8,104,769
Global X Adaptive U.S. Risk Management ETF		4,152		–		4,152
Global X Founder-Run Companies ETF		108,837		150,879		259,716

106

Notes to Financial Statements (Unaudited) (Continued)

May 31, 2022

5. TAX INFORMATION (continued)

During the year ended November 30, 2021, the following funds utilized capital loss carryforwards to offset capital gains amounting to:

Global X Funds	Short-Term Loss		Long-Term Loss		Total
Global X Alternative Income ETF	$	1,189,400	$	303,233	$	1,492,633
Global X S&P 500® Quality Dividend ETF		125,302		–		125,302
Global X U.S. Preferred ETF		6.673,774		3,210,236		9,884,010
Global X Conscious Companies ETF		1,759,802		600,207		2,360,009
Global X Adaptive U.S. Factor ETF		11,111,880		5,759,669		16,871,549

The Federal tax cost basis of investments and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at May 31, 2022 were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global X Alternative Income ETF	$	46,073,092	$	2,034,138	$	(5,668,059	)	$	(3,633,921	)
Global X S&P 500® Quality Dividend ETF		60,210,297		3,251,327		(3,006,356	)		244,971
Global X U.S. Preferred ETF		2,478,620,545		7,669,732		(298,715,100	)		(291,045,368	)
Global X Variable Rate Preferred ETF		178,671,349		70,739		(10,459,132	)		(10,388,393	)
Global X MLP ETF		998,971,648		301,308,159		(17,283,792	)		284,024,367
Global X MLP & Energy Infrastructure ETF		756,067,474		286,468,722		(2,040,239	)		284,428,483
Global X Conscious Companies ETF		658,744,594		48,315,904		(54,582,970	)		(6,267,066	)
Global X Adaptive U.S. Factor ETF		162,938,104		12,789,985		(3,620,905	)		9,169,080
Global X Adaptive U.S. Risk Management ETF		78,984,165		1,639,627		(177,935	)		1,461,692
Global X Founder-Run Companies ETF		12,989,097		556,087		(3,192,846	)		(2,636,759	)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Funds’ net unrealized appreciation difference is attributable primarily to wash sales, mark-to-market treatment of passive foreign investment companies and adjustments in preferred stock and partnerships.

6. CONCENTRATION OF RISKS

The Funds may invest in securities in a particular asset class.  Securities and other assets held in each Fund’s portfolio may underperform in comparison to the general securities markets, a particular securities market or other asset classes.

The Funds, except for Global X U.S. Preferred ETF and Global X Variable Rate Preferred ETF, use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of an underlying index in approximately the same proportions as in the underlying its index. A representative sampling strategy is an indexing strategy that involves investing in a representative sample of securities (including indirect investments through underlying ETFs) that collectively has an investment profile similar to an underlying index in terms of key risk factors,

107

Notes to Financial Statements (Unaudited) (Continued)

May 31, 2022

6. CONCENTRATION OF RISKS (continued)

performance attributes and other characteristics. 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 its underlying index). The Global X U.S. Preferred ETF and Global X Variable Rate Preferred ETF use a representative sampling strategy. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Fund’s underlying index in terms of key risk factors, performance attributes and other characteristics.

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

The 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 Funds. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

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

108

Notes to Financial Statements (Unaudited) (Continued)

May 31, 2022

6. CONCENTRATION OF RISKS (continued)

cause a Fund to decline in value. Please refer to each Fund’s prospectus and statement of additional information (“SAI”) for a more complete description of risks.

7. LOANS OF PORTFOLIO SECURITIES

Each Fund may lend portfolio securities having a market value up to one-third of its total assets. Security loans made pursuant to a securities lending agreement with BBH are initially required to be secured by collateral equal to at least 102% of the value of domestic equity securities and American Depositary Receipts (“ADRs”) and 105% of the value of foreign equity securities (other than ADRs). Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements, short-term investments or U.S. Treasury obligations and is recognized in the Schedules of Investments and Statements of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statements of Assets and Liabilities. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.

Lending securities entails a risk of loss to the Funds if and to the extent that the market values of the securities loaned were to increase and the borrower did not increase the collateral accordingly and the borrower failed to return the securities. In the event the borrower may not provide additional collateral when required or may not return the securities when due, the securities lending agency agreement requires the lending agent to indemnify the Funds by replacing either the security or the security’s current market value to the Funds. The Funds could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested.

109

Notes to Financial Statements (Unaudited) (Continued)

May 31, 2022

7. LOANS OF PORTFOLIO SECURITIES (continued)

As of May 31, 2022, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X Alternative Income ETF
JPMorgan	$	5,115,111	$	5,248,450
UBS Securities LLC		221,952		227,840
Total	$	5,337,063	$	5,476,290

	Market Value		Cash Collateral
Global X U.S. Preferred ETF
Barclays Capital	$	25,428,368	$	25,614,200	(1)
BNP Paribas		5,407,190		5,408,253	(1)
BOFA Securities, Inc.		1,226,851		1,285,475
Citigroup		3,315,132		3,444,985
JPMorgan		4,036,222		4,174,925
Morgan Stanley		421,275		444,870
National Financial Services		27,646,946		28,421,408
TD Prime Services, LLC		277,704		287,280
Wells Fargo Securities, LLC		5,712,755		5,927,000
Total	$	73,472,443	$	75,008,396

	Market Value		Cash Collateral
Global X MLP & Energy ETF
Goldman Sachs & Co.	$	710,462	$	734,878
Wells Fargo Securities, LLC		7,658,650		7,931,250
Total	$	8,369,112	$	8,666,128

⁽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 and the Trust’s officers are indemnified against certain liabilities that may arise out of the performance of their duties.

110

Notes to Financial Statements (Unaudited) (Concluded)

May 31, 2022

9. REVERSE SHARE SPLIT

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

Effective April 28, 2020, the Global X MLP & Energy Infrastructure ETF executed a 1-for-3 reverse share split for shareholders of record after the close of markets on April 27, 2020. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by three, resulting in a corresponding increase in the NAV per Share.

The capital share activity presented in the Statement of Changes in Net Assets for each of the years in the period then ended, and per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions.

10. REGULATORY MATTERS

In December 2020, the U.S. Securities and Exchange Commission (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.

11. SUBSEQUENT EVENTS

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

111

Disclosure of Fund Expenses (Unaudited)

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

Operating expenses such as these are deducted from a Fund’s gross income and directly reduce their final investment returns. These expenses are expressed as a percentage of the 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 six-month period shown and held for the entire period (November 1, 2021 to May 31, 2022).

The table below illustrates the Funds’ costs in two ways:

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

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

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the SEC 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.

112

Disclosure of Fund Expenses (Unaudited) (Concluded)

	Beginning Account Value 12/1/2021		Ending Account Value 5/31/2022		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X Alternative Income ETF
Actual Fund Return	$	1,000.00	$	966.60		0.15	%	$	0.74
Hypothetical 5% Return		1,000.00		1,024.18		0.15			0.76
Global X S&P 500® Quality Dividend ETF
Actual Fund Return	$	1,000.00	$	1,094.40		0.20	%	$	1.04
Hypothetical 5% Return		1,000.00		1,023.93		0.20			1.01
Global X U.S. Preferred ETF
Actual Fund Return	$	1,000.00	$	911.20		0.23	%	$	1.10
Hypothetical 5% Return		1,000.00		1,023.79		0.23			1.16
Global X Variable Rate Preferred ETF
Actual Fund Return	$	1,000.00	$	940.30		0.25	%	$	1.21
Hypothetical 5% Return		1,000.00		1,023.69		0.25			1.26
Global X MLP ETF
Actual Fund Return	$	1,000.00	$	1,305.90		2.20	%	$	12.65
Hypothetical 5% Return		1,000.00		1,013.96		2.20			11.05
Global X MLP & Energy Infrastructure ETF
Actual Fund Return	$	1,000.00	$	1,288.20		0.45	%	$	2.57
Hypothetical 5% Return		1,000.00		1,022.69		0.45			2.27
Global X Conscious Companies ETF
Actual Fund Return	$	1,000.00	$	895.00		0.43	%	$	2.03
Hypothetical 5% Return		1,000.00		1,022.79		0.43			2.17
Global X Adaptive U.S. Factor ETF
Actual Fund Return	$	1,000.00	$	1,043.00		0.27	%	$	1.38
Hypothetical 5% Return		1,000.00		1,023.59		0.27			1.36
Global X Adaptive U.S. Risk Management ETF
Actual Fund Return	$	1,000.00	$	884.20		0.39	%	$	1.83
Hypothetical 5% Return		1,000.00		1,022.99		0.39			1.97
Global X Founder-Run Companies ETF
Actual Fund Return	$	1,000.00	$	735.30		0.45	%	$	1.95
Hypothetical 5% Return		1,000.00		1,022.69		0.45			2.27

⁽¹⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period.)

113

Liquidity Risk Management Program (Unaudited)

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

At a meeting of the Board held on May 20, 2022, the Trustees received a report from the Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation for the period from January 1, 2021 through December 31, 2021. The Committee’s report noted that the Committee had determined that the Program is reasonably designed to assess and manage each Fund’s Liquidity Risk and operated adequately and effectively to manage each Fund’s Liquidity Risk for the period covered by the report. The Committee’s report noted that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.

114

Supplemental Information (Unaudited)

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

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

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

115

Notes

116

605 Third Avenue, 43rd Floor

New York, NY 10158

1-888-493-8631

www.globalxetfs.com

Investment Adviser and Administrator:

Global X Management Company LLC

605 Third Avenue, 43^rd Floor

New York, NY 10158

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

Stradley Ronon Stevens & Young, LLP

2000 K Street, N.W.

Suite 700

Washington, DC 20006-1871

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

40 Water Street

Boston, MA 02109

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

GLX-SA-005-1000

Item 2.Code of Ethics.

Not applicable for semi-annual report.

Item 3.Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4.Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5.Audit Committee of Listed Registrants.

Not applicable for semi-annual report.

Item 6.Investments.

Not applicable.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

There have been no material changes.

Item 11.Controls and Procedures.

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

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

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

Not applicable to open-end management investment companies.

Item 13.Exhibits.

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

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

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

SIGNATURES

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

(Registrant)

Global X Funds

By (Signature and Title)

/s/ Luis Berruga

Luis Berruga
President

Date:  August 8, 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: August 8, 2022

By (Signature and Title)

/s/ John Belanger

John Belanger
Chief Financial Officer

Date:  August 8, 2022