Global X Funds NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________

FORM N-CSR

________

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22209

Global X Funds

(Exact name of registrant as specified in charter)

________

605 Third Avenue, 43rd floor

New York, NY 10158

(Address of principal executive offices) (Zip code)

Luis Berruga

Global X Management Company LLC

605 Third Avenue, 43rd floor

New York, NY 10158

(Name and address of agent for service)

With a copy to:

Global X Management Company LLC

605 Third Avenue, 43rd floor

New York, NY 10158

Eric S. Purple, Esq.

Stradley Ronon Stevens & Young, LLP

2000 K Street, N.W., Suite 700

Washington, DC 20006-1871

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

Date of fiscal year end: October 31, 2022

Date of reporting period: October 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 MSCI China Energy ETF (ticker: CHIE)

Global X MSCI China Materials ETF (ticker: CHIM)

Global X MSCI China Industrials ETF (ticker: CHII)

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

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

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

Global X MSCI China Financials ETF (ticker: CHIX)

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

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

Global X MSCI China Utilities ETF (ticker: CHIU)

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

Global X MSCI Greece ETF (ticker: GREK)

Global X DAX Germany ETF (ticker: DAX)

Global X MSCI Portugal ETF (ticker: PGAL)

Global X MSCI Colombia ETF (ticker: GXG)

Global X MSCI Argentina ETF (ticker: ARGT)

Global X MSCI Pakistan ETF (ticker: PAK)

Global X MSCI Nigeria ETF (ticker: NGE)

Global X MSCI Vietnam ETF (ticker: VNAM)

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

Global X MSCI Norway ETF (ticker: NORW)

Global X FTSE Southeast Asia ETF (ticker: ASEA)

Annual Report

October 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


Management Discussion of Fund Performance	1
Schedules of Investments
Global X MSCI China Energy ETF	52
Global X MSCI China Materials ETF	54
Global X MSCI China Industrials ETF	58
Global X MSCI China Consumer Discretionary ETF	62
Global X MSCI China Consumer Staples ETF	66
Global X MSCI China Health Care ETF	69
Global X MSCI China Financials ETF	73
Global X MSCI China Information Technology ETF	77
Global X MSCI China Communication Services ETF	81
Global X MSCI China Utilities ETF	84
Global X MSCI China Real Estate ETF	86
Global X MSCI Greece ETF	89
Global X DAX Germany ETF	92
Global X MSCI Portugal ETF	96
Global X MSCI Colombia ETF	99
Global X MSCI Argentina ETF	102
Global X MSCI Pakistan ETF	106
Global X MSCI Nigeria ETF	109
Global X MSCI Vietnam ETF	111
Global X MSCI Next Emerging & Frontier ETF	115
Global X MSCI Norway ETF	130
Global X FTSE Southeast Asia ETF	135
Glossary	140
Statements of Assets and Liabilities	141
Statements of Operations	147
Statements of Changes in Net Assets	153
Financial Highlights	165
Notes to Financial Statements	181
Report of Independent Registered Public Accounting Firm	210
Disclosure of Fund Expenses	213
Liquidity Risk Management Program	217
Supplemental Information	218
Trustees and Officers of the Trust	219
Notice to Shareholders	222

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

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

A description of the policies and procedures that Global X Funds uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent

12-month period ended June 30, is available (i) without charge, upon request, by calling 1-888-493-8631; and (ii) on the Commission’s website at https://www.sec.gov.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Energy ETF

The Global X MSCI China Energy ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Energy IMI Plus 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of companies in the MSCI China Investable Market Index (the "Parent Index") that are classified in the Energy sector, as defined by MSCI, Inc. ("MSCI") the provider of the Underlying Index. The Parent Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of securities that are classified as operating in China according to the MSCI Global Investable Markets Index Methodology, and that satisfy minimum market capitalization and liquidity thresholds. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each issuer in the Underlying Index is capped at 10% and the cumulative weight of all issuers with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund increased 16.86%, while the Underlying Index increased 17.64%. The Fund had a net asset value of $11.93 per share on October 31, 2021 and ended the reporting period with a net asset value of $13.64 per share on October 31, 2022.

During the reporting period, the highest returns came from COSCO SHIPPING Energy Transportation Co., Ltd and Yankuang Energy Group Company Limited, which returned 150.02% and 109.90%, respectively. The worst performers were China Suntien Green Energy Corporation Limited and Yantai Jereh Oilfield Services Group Co., Ltd, which returned -43.34% and -37.36%, respectively.

The Fund generated positive returns during the reporting period, performing well due to continued elevated oil prices and increasing criticality of energy security. Coal stocks also delivered high returns during the reporting period, contributing to the Fund's positive performance. During the period, energy security was the primary concern for Chinese policymakers, resulting in an unusually high approval of coal-based power projects by the Chinese government. The demand for coal continued to edge higher as China has prioritized economic stability after the outbreak of the COVID-19 pandemic. The urgent need for energy security is the main reason for high returns throughout the reporting period.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022
	One Year Return		Three Year Return		Five Year Return		Ten Year Return
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Energy ETF	16.86%	16.96%	12.88%	13.17%	6.97%	7.19%	2.91%	3.03%
Hybrid Solactive China Energy Total Return Index/ MSCI China Energy IMI Plus 10/50 Index**	17.64%	17.64%	14.08%	14.08%	8.05%	8.05%	3.84%	3.84%
MSCI Emerging Markets Index (Net)	-31.03%	-31.03%	-4.42%	-4.42%	-3.09%	-3.09%	0.79%	0.79%

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Energy ETF

*Fund commenced operations on December 15, 2009.

** Reflects performance of Solactive China Energy Total Return Index through December 5, 2018 and MSCI China Energy IMI Plus 10/50 Index thereafter.

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

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Materials ETF

The Global X MSCI China Materials ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Materials 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of companies in the MSCI China Index (the "Parent Index") that are classified in the materials sector, as defined by MSCI, Inc. ("MSCI") the provider of the Underlying Index. The Parent Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of securities that are classified as operating in China according to the MSCI Global Investable Markets Index Methodology, and that satisfy minimum market capitalization and liquidity thresholds. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Index by weight.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 41.03%, while the Underlying Index decreased 40.63%. The Fund had a net asset value of $25.22 per share on October 31, 2021 and ended the reporting period with a net asset value of $14.60 per share on October 31, 2022.

During the reporting period, the highest returns came from Hangzhou Oxygen Plant Group Co., Ltd and Zhaojin Mining Industry Co., Ltd, which returned 45.76% and 38.28%, respectively. The worst performers were Huabao International Holdings Limited and Zhejiang Yongtai Technology Co., Ltd, which returned -71.38% and -69.53%, respectively.

The Fund generated negative returns during the reporting period, mostly attributable to COVID-19-influenced lockdowns in China and continued difficulties in the Property sector. The lockdown imposed in Shanghai between the beginning of April and the beginning of June hurt global supply chains as trucks faced obstacles in transporting materials and goods in and out of Shanghai. In addition to difficulties meeting international demand, China had trouble meeting its own growing domestic demand. A slowdown in China’s property market had a negative effect on the Fund’s holdings, many of which were engaged in the supply of construction materials. Notwithstanding opportunities for higher pay, China’s ongoing labor shortage was exacerbated as young people were reluctant to work in factories, further contributing to the Fund’s negative performance during the reporting period.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022
	One Year Return		Three Year Return		Five Year Return		Ten Year Return
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Materials ETF	-41.03%	-40.83%	2.79%	3.20%	-4.68%	-4.68%	1.58%	1.66%
Hybrid Solactive China Materials Total Return Index/ MSCI China Materials 10/50 Index**	-40.63%	-40.63%	3.59%	3.59%	-3.92%	-3.92%	1.96%	1.96%
MSCI Emerging Markets Index (Net)	-31.03%	-31.03%	-4.42%	-4.42%	-3.09%	-3.09%	0.79%	0.79%

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Materials ETF

*Fund commenced operations on January 12, 2010.

** Reflects performance of Solactive China Materials Total Return Index through December 5, 2018 and MSCI China Materials 10/50 Index thereafter.

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Industrials ETF

The Global X MSCI China Industrials ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Industrials 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of companies in the MSCI China Index (the "Parent Index") that are classified in the Industrials sector, as defined by MSCI, Inc. ("MSCI") the provider of the Underlying Index. The Parent Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of securities that are classified as operating in China according to the MSCI Global Investable Markets Index Methodology, and that satisfy minimum market capitalization and liquidity thresholds. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 33.68%, while the Underlying Index decreased 33.28%. The Fund had a net asset value of $16.62 per share on October 31, 2021 and ended the reporting period with a net asset value of $10.93 per share on October 31, 2022.

During the reporting period, the highest returns came from Jiangsu Zhongtian Technology Co., Ltd and Ningbo Deye Technology Co., Ltd, which returned 91.38% and 46.27%, respectively. The worst performers were DiDi Global Inc. and Zhejiang Chint Electrics Co., Ltd, which returned -75.84% and -62.65%, respectively.

The Fund generated negative returns over the reporting period, mainly attributable to rigid COVID-19 pandemic-related restrictions and a worsening Property sector downturn in China, which continued to have a serious effect on factory activity, as more industrial firms with high costs and declining profits faced operational difficulties. Rising investor concerns about the Chinese economy's pullback added further pressure to companies already struggling with low demand and high costs due to higher oil prices and a weaker Chinese yuan. Manufacturers who focus on exports also felt the effects of decreasing global demand during the reporting period. Additionally, unexpected factors such as a heatwave and power crunch also hampered the Industrials sector. However, economic growth picked up toward the end of the reporting period due to favorable government measures, such as tax deferrals, lending rate cuts, and funding largely focused on infrastructure spending, mitigating the Fund’s losses.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Industrials ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022
	One Year Return		Three Year Return		Five Year Return		Ten Year Return
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Industrials ETF	-33.68%	-33.54%	-4.07%	-3.17%	-5.56%	-5.31%	1.36%	1.42%
Hybrid Solactive China Industrials Total Return Index/ MSCI China Industrials 10/50 Index**	-33.28%	-33.28%	-3.33%	-3.33%	-5.59%	-5.59%	1.88%	1.88%
MSCI Emerging Markets Index (Net)	-31.03%	-31.03%	-4.42%	-4.42%	-3.09%	-3.09%	0.79%	0.79%

*Fund commenced operations on November 30, 2009.

** Reflects performance of Solactive China Industrials Total Return Index through December 5, 2018 and MSCI China Industrials 10/50 Index thereafter.

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Industrials ETF

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

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

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

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Consumer Discretionary ETF

The Global X MSCI China Consumer Discretionary ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Consumer Discretionary 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of companies in the MSCI China Index (the "Parent Index") that are classified in the Consumer Discretionary sector, as defined by MSCI, Inc. ("MSCI") the provider of the Underlying Index. The Parent Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of securities that are classified as operating in China according to the MSCI Global Investable Markets Index Methodology, and that satisfy minimum market capitalization and liquidity thresholds. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 51.28%, while the Underlying Index decreased 51.03%. The Fund had a net asset value of $29.94 per share on October 31, 2021 and ended the reporting period with a net asset value of $14.55 per share on October 31, 2022.

During the reporting period, the highest returns came from New Oriental Education & Technology Group, Inc. and Navinfo Co., Ltd, which returned 71.22% and 35.33%, respectively. The worst performers were XPeng, Inc. and Great Wall Motor Co., Ltd, which returned -85.80% and -75.58%, respectively.

The Fund registered negative growth during the reporting period, as a stiff regulatory environment and strict COVID-19 pandemic-related restrictions in China both adversely affected the Consumer Discretionary sector. Lockdowns in major cities and travel restrictions, together with high joblessness among young people and uncertain economic outlook, made consumers drift away from discretionary products and focus more on necessities, which translated into weaker revenues for many of the holdings in the Fund. A COVID-19 pandemic-related lockdown in Shanghai in early 2022 had a particularly damaging effect on performance for Chinese consumer discretionary stocks. Consumer confidence remained low during the reporting period, and consumers had an inclination to save more due to economic uncertainties and strict measures to control the COVID-19 pandemic.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Consumer Discretionary ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022
	One Year Return		Three Year Return		Five Year Return		Ten Year Return
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Consumer Discretionary ETF	-51.28%	-50.80%	-5.92%	-5.79%	-2.64%	-2.66%	1.91%	1.86%
Hybrid Solactive China Consumer Total Return Index/MSCI China Consumer Discretionary 10/50 Index**	-51.03%	-51.03%	-5.53%	-5.53%	-2.12%	-2.12%	2.52%	2.52%
MSCI Emerging Markets Index (Net)	-31.03%	-31.03%	-4.42%	-4.42%	-3.09%	-3.09%	0.79%	0.79%

*Fund commenced operations on November 30, 2009.

** Reflects performance of Solactive China Total Return Index through December 5, 2018 and MSCI China Consumer Discretionary 10/50 Index thereafter.

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

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short term performance of the fund is unusual and investors should not expect such performance to be repeated. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Consumer Discretionary ETF

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

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

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

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Consumer Staples ETF

The Global X MSCI China Consumer Staples ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Consumer Staples 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of companies in the MSCI China Index (the "Parent Index") that are classified in the Consumer Staples sector, as defined by MSCI, Inc. ("MSCI") the provider of the Underlying Index. The Parent Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of securities that are classified as operating in China according to the MSCI Global Investable Markets Index Methodology, and that satisfy minimum market capitalization and liquidity thresholds. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 38.53%, while the Underlying Index decreased 38.07%. The Fund had a net asset value of $29.38 per share on October 31, 2021 and ended the reporting period with a net asset value of $17.24 per share on October 31, 2022.

During the reporting period, the highest returns came from HeilongjiangAgriculture Company Limited and DaShenLin Pharmaceutical Group Co., Ltd, which returned 17.76% and 10.01%, respectively. The worst performers were Smoore International Holdings Limited and RLX Technology, Inc, which returned -77.44% and -74.28%, respectively.

The resurgence of the COVID-19 pandemic and China’s policy to curb the proliferation of the virus through strict lockdowns and travel restrictions in many cities were the main reasons for the Fund’s negative performance during the reporting period. The Chinese economy lost its recovery momentum and growth slowed during most of the reporting period. Unemployment levels shot up, particularly among young people, while sluggish growth in consumer income led to spending cuts and slowing consumption in China. Moreover, the fear of job losses and reduction in wages further undermined consumer confidence. The decline in property prices also discouraged spending as Chinese households who generally have significant investments in property suffered financially from the fall in property prices.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022
	One Year Return		Three Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Consumer Staples ETF	-38.53%	-38.79%	-3.70%	-4.27%	6.18%	5.91%
MSCI China Consumer Staples 10/50 Index	-38.07%	-38.07%	-3.14%	-3.14%	6.89%	6.89%
MSCI Emerging Markets Index (Net)	-31.03%	-31.03%	-4.42%	-4.42%	-1.28%	-1.28%

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Consumer Staples ETF

*Fund commenced operations on December 7, 2018.

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

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short term performance of the fund is unusual and investors should not expect such performance to be repeated. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Health Care ETF

The Global X MSCI China Health Care ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Health Care 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of companies in the MSCI China Index (the "Parent Index") that are classified in the Health Care sector, as defined by MSCI, Inc. ("MSCI") the provider of the Underlying Index. The Parent Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of securities that are classified as operating in China according to the MSCI Global Investable Markets Index Methodology, and that satisfy minimum market capitalization and liquidity thresholds. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 45.67%, while the Underlying Index decreased 45.33%. The Fund had a net asset value of $24.81 per share on October 31, 2021 and ended the reporting period with a net asset value of $13.46 per share on October 31, 2022.

During the reporting period, the highest returns came from China Resources Sanjiu Medical & Pharmaceutical Co., Ltd and Shijiazhuang Yiling Pharmaceutical Co., Ltd, which returned 102.67% and 68.49%, respectively. The worst performers were I-MAB and Zai Lab Ltd, which returned -85.97% and -78.66%, respectively.

Policy uncertainties on drug research and development combined with a Chinese government policy to cut drug prices contributed to the Fund’s negative performance during the reporting period. The profit margin of Chinese drug makers shrank with the sharp fall in prices. The Health Care sector came under further strain as the U.S. Department of Commerce added Chinese pharmaceutical companies to its “unverified” list of exporters, as it was unable to verify the end use of the products these companies exported to the United States. Some holdings in the Fund suffered large losses after being added to the “unverified” list, contributing to the Fund’s negative returns during the reporting period.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022
	One Year Return		Three Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Health Care ETF	-45.67%	-45.76%	-8.47%	-8.38%	-2.49%	-2.64%
MSCI China Health Care 10/50 Index	-45.33%	-45.33%	-7.82%	-7.82%	-1.80%	-1.80%
MSCI Emerging Markets Index (Net)	-31.03%	-31.03%	-4.42%	-4.42%	-1.28%	-1.28%

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Health Care ETF

*Fund commenced operations on December 7, 2018.

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

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short term performance of the fund is unusual and investors should not expect such performance to be repeated. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Financials ETF

The Global X MSCI China Financials ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Financials 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of companies in the MSCI China Index (the "Parent Index") that are classified in the financials sector, as defined by MSCI, Inc. ("MSCI") the provider of the Underlying Index. The Parent Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of securities that are classified as operating in China according to the MSCI Global Investable Markets Index Methodology, and that satisfy minimum market capitalization and liquidity thresholds. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 30.18%, while the Underlying Index decreased 29.66%. The Fund had a net asset value of $14.42 per share on October 31, 2021 and ended the reporting period with a net asset value of $9.78 per share on October 31, 2022.

During the reporting period, the highest returns came from Guolian Securities Co., Ltd. and Bank of Chengdu Co., Ltd, which returned 29.74% and 23.79%, respectively. The worst performers were Lufax Holding Limited and China Merchants Bank Co., Ltd, which returned -72.41% and -59.56%, respectively.

Investor fears of systemic risk prevailed in China’s Financials sector, resulting in the Fund’s negative performance during the reporting period. The freezing of depositor bank accounts by rural banks in the Henan province led to mass protests, while the ongoing property crisis in China led some investors to believe that the volatility could spill over to banks. Chinese banks have significant exposure to property loans, which positioned them to suffer losses from property developer defaults and mortgage boycotts. In addition, credit demand weakened during the reporting period as, private companies withheld investments due to the gloomy Chinese economic outlook. Holdings in the Fund also saw negative impacts to their bottom-line revenues as a result of a Chinese government initiative to reduce fees in financial transactions.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022
	One Year Return		Three Year Return		Five Year Return		Ten Year Return
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Financials ETF	-30.18%	-30.33%	-12.16%	-11.90%	-8.06%	-8.14%	0.76%	0.80%
Hybrid Solactive China Financials Total Return Index/MSCI China Financials 10/50 Index**	-29.66%	-29.66%	-11.50%	-11.50%	-7.46%	-7.46%	1.46%	1.46%
MSCI Emerging Markets Index (Net)	-31.03%	-31.03%	-4.42%	-4.42%	-3.09%	-3.09%	0.79%	0.79%

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Financials ETF

*Fund commenced operations on December 10, 2009.

** Reflects performance of Solactive China Financials Total Return Index through December 5, 2018 and MSCI China Financials 10/50 Index thereafter.

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Information Technology ETF

The Global X MSCI China Information Technology ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Information Technology 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of companies in the MSCI China Index (the "Parent Index") that are classified in the Information Technology sector, as defined by MSCI, Inc. ("MSCI") the provider of the Underlying Index. The Parent Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of securities that are classified in as operating in China according to the MSCI Global Investable Markets Index Methodology, and that satisfy minimum market capitalization and liquidity thresholds. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 47.82%, while the Underlying Index decreased 47.47%. The Fund had a net asset value of $29.07 per share on October 31, 2021 and ended the reporting period with a net asset value of $14.81 per share on October 31, 2022.

During the reporting period, the highest returns came from Ninestar Corp and Dawning Information Industry Co., Ltd, which returned 36.60% and 15.27%, respectively. The worst performers were Ming Yuan Cloud Group Holdings Limited and Kingsoft Cloud Holdings Limited, which returned -85.87% and -84.89%, respectively.

Chinese non-consumer internet companies and hardware companies such as semiconductors were largely affected by regulatory moves and came under pressure during the reporting period. This was a key contributor to the Fund’s negative performance. The resurgence of COVID-19 and subsequent lockdowns in many Chinese cities, together with weakening economic growth and slowing consumer and commercial demand in China, resulted in a significant slowdown in the smartphone and personal computer market, negatively impacting the performance of the Information Technology sector. Consumers worried about rising unemployment and a slowdown in income growth cut down on discretionary spending, lengthening smartphone upgrade cycles. Lockdowns also resulted in supply shortages of key inputs, such as integrated circuits, and disrupted production in many Chinese cities. The U.S. Department of Commerce’s regulation limiting the sale of semiconductors and chip-making equipment to Chinese firms also caused investors to sell off Information Technology stocks during the reporting period, negatively impacting the Fund.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Information Technology ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022
	One Year Return		Three Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Information Technology ETF	-47.82%	-47.34%	-4.72%	-4.50%	0.98%	0.91%
MSCI China Information Technology 10/50 Index	-47.47%	-47.47%	-3.73%	-3.73%	1.90%	1.90%
MSCI Emerging Markets Index (Net)	-31.03%	-31.03%	-4.42%	-4.42%	-1.28%	-1.28%

*Fund commenced operations on December 7, 2018.

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

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short term performance of the fund is unusual and investors should not expect such performance to be repeated. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Information Technology ETF

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

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

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Communication Services ETF

The Global X MSCI China Communication Services ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Communication Services 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of companies in the MSCI China Index (the "Parent Index") that are classified in the Communication Services sector, as defined by MSCI, Inc. ("MSCI") the provider of the Underlying Index. The Parent Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of securities that are classified as operating in China according to the MSCI Global Investable Markets Index Methodology, and that satisfy minimum market capitalization and liquidity thresholds. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 52.56%, while the Underlying Index decreased 52.22%. The Fund had a net asset value of $20.56 per share on October 31, 2021 and ended the reporting period with a net asset value of $9.65 per share on October 31, 2022.

During the reporting period, the highest returns came from China South Publishing & Media Group Co., Ltd and Netease Inc., which returned 12.57% and 10.35%, respectively. The worst performers were iQIYI, Inc. and Weibo Corp, which returned -75.60% and -74.83%, respectively.

Continued concerns over the delisting of Chinese ADRs in the United States and China’s regulatory plans for technology companies dragged down the Fund’s returns, which were negative during the reporting period. China’s position in the Ukraine crisis and U.S. regulators’ identification of Chinese companies that might be delisted for failing to meet auditing requirements also had a significant negative impact. Companies in the Communication Services sector benefitted from efforts to roll out 5G networks in China, which helped cushion the Fund from the impact of regulatory concerns.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022
	One Year Return		Three Year Return		Five Year Return		Ten Year Return
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Communication Services ETF	-52.56%	-52.31%	-23.44%	-23.17%	-18.96%	-19.14%	-2.36%	-2.33%
Hybrid Solactive China Technology Index/NASDAX OMX China Technology Index/MSCI China Communication Services 10/50 Index **	-52.22%	-52.22%	-23.09%	-23.09%	-18.55%	-18.55%	-1.53%	-1.53%
MSCI Emerging Markets Index (Net)	-31.03%	-31.03%	-4.42%	-4.42%	-3.09%	-3.09%	0.79%	0.79%

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Communication Services ETF

*Fund commenced operations on December 8, 2009.

** Reflects performance of Solactive China Technology Index through December 13, 2011, NASDAQ OMX China Technology Index through December 5, 2018 and the MSCI China Communication Services 10/50 Index thereafter.

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Utilities ETF

The Global X MSCI China Utilities ETF (“Fund”) seeks to provide investment results that generally correspond to the price and yield performance, before fees and expenses, of the MSCI China Utilities 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of companies in the MSCI China Index (the "Parent Index") that are classified in the utilities sector, as defined by MSCI, Inc. ("MSCI") the provider of the Underlying Index. The Parent Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of securities that are classified as operating in China according to the MSCI Global Investable Markets Index Methodology, and that satisfy minimum market capitalization and liquidity thresholds. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 36.59%, while the Underlying Index decreased 36.11%. The Fund had a net asset value of $19.53 per share on October 31, 2021 and ended the reporting period with a net asset value of $11.84 per share on October 31, 2022.

During the reporting period, the highest returns came from GD Power Development Co., Ltd and Huadian Power International Corp. Ltd, which returned 50.18% and 14.25%, respectively. The worst performers were China Gas Holdings Limited and China Longyuan Power Group Corporation Ltd, which returned -62.85% and -50.56%, respectively.

China’s power shortage continued during the reporting period, but for different reasons than last year. The crisis during the reporting period was the outcome of unusually hot weather plus a lack of rain. In addition, domestic natural gas demand and consumption shrank, contributing to the Fund’s negative performance during the reporting period. However, China continued to boost coal mining and imports to generate electricity and continued transferring electricity between regions to smooth shortages. To counter the power exigency, authorities resorted to power-saving practices, like dimming decorative lights and paring the operational hours of malls. Even though the utilities sector is defensive, the aforementioned challenges contributed to the Fund’s negative performance during the reporting period.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022
	One Year Return		Three Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Utilities ETF	-36.59%	-36.15%	-5.77%	-5.97%	-2.97%	-2.96%
MSCI China Utilities 10/50 Index	-36.11%	-36.11%	-4.95%	-4.95%	-2.15%	-2.15%
MSCI Emerging Markets Index (Net)	-31.03%	-31.03%	-4.42%	-4.42%	-1.28%	-1.28%

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Utilities ETF

*Fund commenced operations on December 7, 2018.

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Real Estate ETF

The Global X MSCI China Real Estate ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Real Estate 10/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of companies in the MSCI China Index (the "Parent Index") that are classified in the Real Estate sector, as defined by MSCI, Inc. ("MSCI") the provider of the Underlying Index. The Parent Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of securities that are classified as operating in China according to the MSCI Global Investable Markets Index Methodology, and that satisfy minimum market capitalization and liquidity thresholds. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 57.96%, while the Underlying Index decreased 59.32%. The Fund had a net asset value of $35.70 per share on October 31, 2021 and ended the reporting period with a net asset value of $14.55 on October 31, 2022 following a 1:3 reverse share split on December 19, 2022.

During the reporting period, the highest returns came from Poly Property Services Co., Ltd and Zhenro Properties Group Limited, which returned 21.02% and 18.66%, respectively. The worst performers were Logan Group Co., Ltd and Country Garden Services Holdings Co. Ltd, which returned -89.49% and -88.63%, respectively.

China’s Three Red Lines policy introduced in late 2020 to reduce the leverage of Chinese real estate developers, and the subsequent default of a few major Chinese real estate companies, led to a crisis in the Chinese housing market, which continued to negatively affect the returns of the Fund during the reporting period. Developers are in financial distress and prices of properties after their sales have fallen significantly. Buyers have gone back on their purchase decisions, fearing that developers could go insolvent, dampening demand and depressing returns for holdings in the Fund during the reporting period. Financially distressed developers failed to finish presold homes, which resulted in a mortgage boycott that further damaged investor sentiment during the reporting period. This was somewhat mitigated by support measures taken by the government towards the end of the reporting period, but these measures were not enough to bring about a sustained rally in the Real Estate sector.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022
	One Year Return		Three Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI China Real Estate ETF	-57.96%	-58.61%	-31.86%	-31.81%	-22.56%	-22.64%
MSCI China Real Estate 10/50 Index	-59.32%	-59.32%	-32.34%	-32.34%	-22.84%	-22.84%
MSCI Emerging Markets Index (Net)	-31.03%	-31.03%	-4.42%	-4.42%	-1.28%	-1.28%

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Real Estate ETF

*Fund commenced operations on December 7, 2018.

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

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short term performance of the fund is unusual and investors should not expect such performance to be repeated. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Greece ETF

The Global X MSCI Greece ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Greece Select 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Greece equity universe, as defined by MSCI, Inc. ("MSCI"), the provider of the Underlying Index. The broad Greece equity universe includes securities that are classified in Greece according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Greece and carry out the majority of their operations in Greece. The Underlying Index also applies minimum liquidity thresholds as criteria for company inclusion.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 11.63%, while the Underlying Index decreased 11.15%. The Fund had a net asset value of $27.98 per share on October 31, 2021 and ended the reporting period with a net asset value of $24.14 per share on October 31, 2022.

During the reporting period, the highest returns came from Terna Energy SA and GasLog Partners LP, which returned 41.95% and 27.23%, respectively. The worst performers were Public Power Corporation SA and Admie Holdings SA, which returned -41.79% and -41.75%, respectively.

Global inflation, the COVID-19 pandemic, and geopolitical forces such as Greece-Turkey tensions, the Russia-Ukraine war and the European energy crisis, all weighed on Greece's economy during the reporting period. This resulted in negative Fund returns despite the tourism industry's strong performance. Despite macroeconomic headwinds and overall negative returns, the Fund’s negative performance was mitigated by stellar returns from the “Big Four” banks of Greece (Piraeus, Eurobank, National Bank of Greece, and Alpha Bank), all of which are significant holdings in the Fund. During the reporting period, the Big Four banks made significant progress in reducing their non-performing loan (NPL) ratio which boosted sentiment towards them and enabled high returns. Meanwhile, returns for the Greek Energy sector were mixed as Greece experimented with power subsidies and programs to boost energy independence.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022
	One Year Return		Three Year Return		Five Year Return		Ten Year Return
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI Greece ETF	-11.63%	-12.28%	-4.71%	-4.59%	-0.51%	-0.61%	-5.17%	-5.24%
Hybrid MSCI All Greece Select 25/50 Index/ FTSE/ATHEX Custom Capped Index**	-11.15%	-11.15%	-4.25%	-4.25%	-0.02%	-0.02%	-4.54%	-4.54%
MSCI Emerging Markets Index (Net)	-31.03%	-31.03%	-4.42%	-4.42%	-3.09%	-3.09%	0.79%	0.79%

Management Discussion of Fund Performance (unaudited)

Global X MSCI Greece ETF

*Fund commenced operations on December 7, 2011.

** Reflects performance of the FTSE/ATHEX Custom Capped Index through February 29, 2016 and MSCI All Greece Select 25/50 Index, thereafter. The inception of the MSCI All Greece Select 25/50 Index (“New Index”) was on December 23, 2015. Effective on or around March 1, 2016, the Fund began to track the New Index. The change was due to the planned migration to the New Index, potentially allowing for broader exposure to the local market.

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

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

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

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI Greece ETF

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X DAX Germany ETF

The Global X DAX Germany ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the DAX® Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the segment of the largest and most actively traded companies – known as blue chips – on the German equities market. It contains the shares of the 40 largest and most liquid companies admitted to the Frankfurt Stock Exchange in the Prime Standard segment. The Underlying Index represents about 80% of the free-float market capitalization authorized in Germany.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 28.29%, while the Underlying Index decreased 27.85%. The Fund had a net asset value of $32.86 per share on October 31, 2021 and ended the reporting period with a net asset value of $22.74 per share on October 31, 2022.

During the reporting period, the highest returns came from Hannover Rueck SE and Deutsche Telekom AG, which returned 7.14% and 5.60%, respectively. The worst performers were Zalando SE and Delivery Hero SE, which returned -75.58% and -70.47%, respectively.

The German economy's recovery from the COVID-19 pandemic was affected by the war in Ukraine, an embargo on Russian oil, rising energy costs, inflation, supply chain bottlenecks, and continuing COVID-19 pandemic-related restrictions in Germany. This resulted in the Fund's negative performance during the reporting period. The Fund holds blue-chip German equities spread across several sectors. Some of these blue-chip companies suffered small shocks to their revenues after suddenly suspending or terminating operations in Russia, dampening performance. Despite headwinds from inflation, Germany avoided recession during the reporting period, which helped mitigate negative investor sentiment, and in turn, Fund losses. Nonetheless, the European Central Bank raised interest rates and reduced bank subsidies during the reporting period, which likely had adverse impact on the Fund's performance.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X DAX Germany ETF*	-28.29%	-28.51%	-3.50%	-3.54%	-3.67%	-3.85%	1.07%	1.05%
DAX® Index	-27.85%	-27.85%	-3.00%	-3.00%	-3.16%	-3.16%	1.83%	1.83%
MSCI EAFE Index (Net)	-23.00%	-23.00%	-1.27%	-1.27%	-0.09%	-0.09%	2.48%	2.48%

Management Discussion of Fund Performance (unaudited)

Global X DAX Germany ETF

*Fund commenced operations on October 22, 2014. The financial statements include the financial information of the Predecessor Fund through December 21, 2018 (See Note 1 in Notes to Financial Statements).

The MSCI EAFE Index (Net) (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Portugal ETF

The Global X MSCI Portugal ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Portugal Plus 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Portugal equity universe, while including a minimum number of constituents, as defined by MSCI, Inc. ("MSCI"), the provider of the Underlying Index. The Broad Portugal Equity Universe includes securities that are classified in Portugal according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Portugal and carry out the majority of their operations in Portugal.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 17.55%, while the Underlying Index decreased 17.10%. The Fund had a net asset value of $11.71 per share on October 31, 2021 and ended the reporting period with a net asset value of $9.35 per share on October 31, 2022.

During the reporting period, the highest returns came from Altri Sgps SA and Greenvolt - Energias Renovaveis SA, which returned 16.64% and 14.06%, respectively. The worst performers were Fusion Fuel Green PLC and Fosun International Limited, which returned -65.66% and -46.00%, respectively.

Despite a rebound in the tourism industry and robust public investment in early 2022, the Portuguese economy was adversely affected by the war in Ukraine, rising inflation that weighed on private consumption, supply-chain disruptions, increases in energy and commodities prices as well as lowering consumer confidence and purchasing power. These events contributed to the Fund's negative performance during the reporting period. Furthermore, the Utilities sector was impacted by a severe drought in Iberia, which increased the production costs for Energias de Portugal, a leading Portuguese energy company and holding of the Fund. When combined with an extreme tax on the energy sector in Portugal, this resulted in net losses to the business and contributed to the Fund's negative returns. However, the negative effects of rising inflation and higher interest rates were partly mitigated by the labor market's strong performance, savings accumulated during the COVID-19 pandemic, and economic stimulus measures by the Portuguese government, which were a relief to the country’s economy.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI Portugal ETF	-17.55%	-17.50%	-1.43%	-1.43%	-1.82%	-1.87%	-1.88%	-1.90%
Hybrid FTSE Portugal 20 Index/MSCI All Portugal Plus 25/50 Index**	-17.10%	-17.10%	-1.25%	-1.25%	-1.71%	-1.71%	-1.74%	-1.74%
MSCI EAFE Index (Net)	-23.00%	-23.00%	-1.27%	-1.27%	-0.09%	-0.09%	2.00%	2.00%

Management Discussion of Fund Performance (unaudited)

Global X MSCI Portugal ETF

*Fund commenced operations on November 12, 2013.

** Hybrid index performance reflects the performance of the FTSE Portugal 20 Index through December 5, 2016, and the MSCI All Portugal Plus 25/50 Index thereafter.

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Colombia ETF

The Global X MSCI Colombia ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Colombia Select 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Colombia equity universe, as defined by MSCI, Inc. ("MSCI"), the provider of the Underlying Index. The Broad Colombia Equity Universe includes securities that are classified in Colombia according to the MSCI Global Investable

Market Index Methodology, together with companies that are headquartered or listed in Colombia and carry out the majority of their operations in Colombia.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 31.39%, while the Underlying Index decreased 30.87%. The Fund had a net asset value of $30.76 per share on October 31, 2021 and ended the reporting period with a net asset value of $19.68 per share on October 31, 2022.

During the reporting period, the highest returns came from Grupo Nutresa SA and Grupo de Inversiones Suramericana SA, which returned 74.59% and 65.89%, respectively. The worst performers were Mineros SA and Banco de Bogota SA, which returned -63.52% and -63.37%, respectively.

The Fund generated negative returns during the reporting period as a result of macroeconomic challenges, risk-off sentiment in Columbia, and a contentious presidential election that damaged investor sentiment. During the reporting period, the Fund maintained a high allocation to Financials and Energy. Before May and June 2022, this allocation worked favorably for the Fund’s performance, as a rising interest rate environment, surging commodity prices and a wave of major tender offers boosted the Financials and Energy sectors. However, after two rounds of voting for the presidential election in May and June, Gustavo Petro was elected as president. As the first leftist president in the country’s history, Gustavo Petro created deep uncertainty for investors who speculated over how radical or moderate he would be. More importantly, Petro promised to rapidly move the country away from dependence on oil for revenue and even suggested tough actions against Ecopetrol, the largest holding in the Fund during the reporting period. This had a strongly adverse effect on the Fund’s performance in the latter part of the reporting period.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022
	One Year Return		Three Year Return		Five Year Return		Ten Year Return
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI Colombia ETF	-31.39%	-32.88%	-16.20%	-16.48%	-8.94%	-9.27%	-11.08%	-11.33%
Hybrid MSCI All Colombia Select 25/50 Index/MSCI All Colombia Capped Index/FTSE Colombia 20 Index**	-30.87%	-30.87%	-15.91%	-15.91%	-8.55%	-8.55%	-10.53%	-10.53%
MSCI Emerging Markets Index (Net)	-31.03%	-31.03%	-4.42%	-4.42%	-3.09%	-3.09%	0.79%	0.79%

Management Discussion of Fund Performance (unaudited)

Global X MSCI Colombia ETF

*Fund commenced operations on February 5, 2009.

**Reflects performance of the FTSE Colombia 20 Index through July 14, 2014, the MSCI All Colombia Capped Index through August 30, 2016 and the MSCI All Colombia Select 25/50 Index, thereafter. The inception of the MSCI All Colombia Select 25/50 Index (“New Index”) was on July 15, 2016. Effective on or around August 31, 2016, the Fund began to track the New Index. This change was due to the planned migration to the New Index, potentially improving the trading characteristics of the Fund.

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

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

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

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI Colombia ETF

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Argentina ETF

The Global X MSCI Argentina ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Argentina 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Argentina equity universe, while including a minimum number of constituents. The Broad Argentina Equity Universe includes securities that are classified in Argentina according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Argentina and carry out the majority of their operations in Argentina. The Underlying Index targets a minimum of 25 securities and 20 issuers at construction.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 3.42%, while the Underlying Index decreased 3.09%. The Fund had a net asset value of $33.00 per share on October 31, 2021 and ended the reporting period with a net asset value of $31.13 per share on October 31, 2022.

During the reporting period, the highest returns came from YPF SA and Transportadora de Gas del Sur SA, which returned 81.9% and 63.28%, respectively. The worst performers were Despegar.com, Corp and MercadoLibre, Inc. which returned -42.81% and -39.12%, respectively.

The Fund is well-diversified across cyclical and non-cyclical sectors. Argentina's growth slowed during the reporting period due to an increase in COVID-19 cases, interest rate hikes to combat surging inflation and higher energy import costs, including natural gas. This added to higher energy subsidy costs, hitting Argentina's savings and economic growth, resulting in the Fund's negative performance. During the reporting period, Argentina’s economic policy went through a period of deep uncertainty as the Minister of Economy was swapped out multiple times in the span of a month. Despite this uncertainty, Argentina reached a deal to restructure a Paris Club agreement to postpone the bulk of the billions of dollars of debt repayments until 2028, providing some relief to Argentina. Argentina's new economic team, under the guidance of Minister of Economy Sergio Massa, has implemented decisive, corrective measures that are restoring confidence, policy, and credibility among investors. This facilitated rapid recovery and strengthening prospects for growth, which likely contributed to better performance of the Fund in the last few months of the reporting period.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022
	One Year Return		Three Year Return		Five Year Return		Ten Year Return
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI Argentina ETF	-3.42%	-3.03%	13.69%	13.64%	0.54%	0.55%	7.29%	7.34%
Hybrid FTSE Argentina 20 Index/ MSCI All Argentina 25/50 Index**	-3.09%	-3.09%	14.15%	14.15%	0.48%	0.48%	7.84%	7.84%
MSCI Emerging Markets Index (Net)	-31.03%	-31.03%	-4.42%	-4.42%	-3.09%	-3.09%	0.79%	0.79%

Management Discussion of Fund Performance (unaudited)

Global X MSCI Argentina ETF

*Fund commenced operations on March 2, 2011.

**Reflects performance of the FTSE Argentina 20 Index through August 14, 2014 and the MSCI All Argentina 25/50 Index (“New Index”) thereafter.

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Pakistan ETF

The Global X MSCI Pakistan ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Pakistan Select 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Pakistan equity universe, while including a minimum number of constituents as defined by MSCI, Inc. ("MSCI"), the provider of the Underlying Index. The broad Pakistan equity universe includes securities that are classified in Pakistan according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Pakistan and carry out the majority of their operations in Pakistan.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 32.01%, while the Underlying Index decreased 30.66%. The Fund had a net asset value of $25.99 per share on October 31, 2021 and ended the reporting period with a net asset value of $16.45 per share on October 31, 2022.

During the reporting period, the highest returns came from Kot Addu Power Co Ltd and Millat Tractors Limited, which returned 15.37% and 7.61%, respectively. The worst performers were Searle Company Ltd and Habib Bank Limited, which returned -59.49% and -54.45%, respectively.

Despite the resumption of an International Monetary Fund funding program in August which depleted foreign reserves, a weakening local currency, political unrest, decades-high inflation levels, and a large fiscal deficit that inflated the cost of Pakistan imports all contributed to the Fund's negative performance during the reporting period. To combat rising inflationary pressures, Pakistan's central bank raised policy interest rates during the reporting period. Furthermore, floods in Pakistan submerged nearly a third of the country’s land and had a devastating impact on the economy. Political stability became a particular concern for international investors after former Prime Minister Imran Khan began rallying protestors and spreading the claim that the vote of no-confidence that ousted him was, in fact, a foreign-backed coup. The likelihood of political violence increased as many of Khan’s supporters viewed the incumbent leaders as illegitimate, thus dampening investor confidence in Pakistan and dampening the Fund’s returns.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI Pakistan ETF*	-32.01%	-31.35%	-10.06%	-9.85%	-16.11%	-16.09%	-11.69%	-11.75%
MSCI All Pakistan Select 25/50 Index	-30.66%	-30.66%	-8.63%	-8.63%	-14.92%	-14.92%	-10.10%	-10.10%
MSCI Emerging Markets Index (Net)	-31.03%	-31.03%	-4.42%	-4.42%	-3.09%	-3.09%	-0.38%	-0.38%

Management Discussion of Fund Performance (unaudited)

Global X MSCI Pakistan ETF

*Fund commenced operations on April 22, 2015.

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Nigeria ETF

The Global X MSCI Nigeria ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Nigeria Select 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Nigeria equity universe, while including a minimum number of constituents, as defined by MSCI, Inc. ("MSCI"), the provider of the Underlying Index. The broad Nigeria equity universe includes securities that are classified in Nigeria according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Nigeria and carry out the majority of their operations in Nigeria.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 13.69%, while the Underlying Index decreased 12.81%. The Fund had a net asset value of $15.73 per share on October 31, 2021 and ended the reporting period with a net asset value of $12.91 per share on October 31, 2022.

During the reporting period, the highest returns came from Fidelity Bank PLC and MTN Nigeria Communications PLC, which returned 59.08% and 12.77%, respectively. The worst performers were UPDC Real Estate Investment Trust and Guaranty Trust Holding Company Plc, which returned-47.41% and -33.30%, respectively.

The Nigerian economy’s recovery from the COVID-19 pandemic was aided by a recovery in mining & quarrying activities, transportation, and financial activities. However, macroeconomic stability was weakened by trade restrictions, deficit monetization, and higher global inflation, resulting in the Fund’s negative performance during the reporting period. The strong rally in global oil prices did not benefit Nigeria's oil sector during the reporting period due to Nigeria’s negligible refining capacity, massive theft of millions of barrels per day, and the cost of fuel subsidies. However, Nigeria's non-oil exposures boosted the country's economic growth rate, led primarily by the Information Technology and Telecommunications sectors. Nigeria's central bank raised interest rates to combat inflation and relieve pressure on its currency, the naira. At the same time, Nigeria’s system of multiple currency exchange rates continued to create market distortions and problems for investor liquidity, which made the market less appealing for international investors. The majority of Fund assets are in naira and naira-dominated securities. Assets denominated in naira are required to be converted to U.S. Dollars for financial reporting purposes. The currency situation in Nigeria was tenuous and unique, and impacted the Fund in executing repatriation transactions at the spot rate used for financial reporting translation, contributing to the Fund’s negative performance.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Nigeria ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI Nigeria ETF	-13.69%	-30.58%	5.52%	-12.09%	-5.38%	-14.45%	-11.91%	-16.43%
Hybrid MSCI All Nigeria Select 25/50 Index/Solactive Nigeria Index**	-12.81%	-12.81%	7.65%	7.65%	-2.98%	-2.98%	-9.90%	-9.90%
MSCI Emerging Markets Index (Net)	-31.03%	-31.03%	-4.42%	-4.42%	-3.09%	-3.09%	0.42%	0.42%

*Fund commenced operations on April 2, 2013.

**Reflects performance of the Solactive Nigeria Index through August 14, 2014 and the MSCI All Nigeria Select 25/50 Index thereafter.

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI Nigeria ETF

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

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

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

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Vietnam ETF

The Global X MSCI Vietnam ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Vietnam IMI Select 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to represent the performance of the broad Vietnam equity universe, while including a minimum number of constituents, as defined by MSCI, Inc. ("MSCI"), the provider of the Underlying Index ("Index Provider"). The broad Vietnam equity universe includes securities that are classified in Vietnam according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Vietnam and carry out the majority of their operations in Vietnam, as determined solely by the Index Provider.

From the inception of the Fund to the period ended October 31, 2022 (the “reporting period”), the Fund decreased 42.60%, while the Underlying Index decreased 42.33%. The Fund had a net asset value of $25.64 per share on December 07, 2021 and ended the reporting period with a net asset value of $14.67 per share on October 31, 2022.

During the reporting period, the highest returns came from Van Phu - Invest Investment JSC and Vinh Hoan Corp, which returned 36.58% and 12.22%, respectively. The worst performers were Thaiholdings JSC and An Phat Holdings JSC, which returned -84.95% and -77.16%, respectively.

Financial markets in Vietnam suffered a serious pullback during the reporting period, mainly due to a liquidity crunch in the property sector, strains on the financial sector, and adverse global developments, which negatively affected the Fund’s performance. A Vietnamese government crackdown on property lending aimed to reduce speculation in the property market, but had the effect of stalling projects, discouraging funding, and depressing homebuyer demand. The Fund was strongly impacted by the decline of Vietnam’s property sector, as Real Estate was the largest sector allocation of the Fund during the reporting period. The country also faced challenges from labor shortages and supply chain constraints owing to the Russia-Ukraine conflict and lockdowns in China, contributing to the Fund’s negative performance.

	AVERAGE TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2022
	Cumulative Inception to Date*
	Net Asset Value	Market Price
Global X MSCI Vietnam ETF	-42.60%	-41.82%
MSCI Vietnam IMI Select 25-50 Index	-42.33%	-42.33%
MSCI Emerging Markets Index (Net)	-29.49%	-29.49%

Management Discussion of Fund Performance (unaudited)

Global X MSCI Vietnam ETF

*Fund commenced operations on December 7, 2021.

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Next Emerging & Frontier ETF

The Global X MSCI Next Emerging & Frontier ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Select Emerging and Frontier Markets Access Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to reflect equity performance of select emerging markets and frontier markets companies while maintaining diversification across individual countries, sectors and issuers. The Underlying Index is constructed from the MSCI EFM ex BRICKT (Brazil, Russia, India, China, South Korea & Taiwan) Index (the "Parent Index"). Securities from the Parent Index are classified into emerging markets countries and frontier markets countries based on the market classification approach of MSCI Inc., the Index Provider.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 11.75%, while the Underlying Index decreased 11.08%. The Fund had a net asset value of $21.00 per share on October 31, 2021 and ended the reporting period with a net asset value of $18.07 per share on October 31, 2022.

During the reporting period, the highest returns came from Grupo Financiero Inbursa SAB de CV and Abu Dhabi Islamic Bank which returned 83.11% and 68.27%, respectively. The worst performers were Thaiholdings JSC and PT Bank Jago Tbk, which returned -79.70% and -70.96%, respectively.

The negative performance of the Fund during the reporting period can be attributed to concerns among investors over the COVID-19 Omicron variant, the Russia–Ukraine crisis, and general risk-off sentiment. Rising commodity prices had mixed effects on emerging and frontier markets, while the rate hikes of the U.S. Federal Reserve weakened currencies around the world. At the same time, due to the relaxation of travel restrictions, tourism and export performance improved, mitigating the Fund’s losses. Sector weightings were the highest in Financials at 30.62%, followed by Communication Services (14.66%) during the reporting period. The highest average country exposures for the Fund were Indonesia (10.52%), Saudi Arabia (10.32%), South Africa (9.24%), and Vietnam (8.17%).

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI Next Emerging & Frontier ETF	-11.75%	-11.60%	-0.98%	-0.87%	-2.21%	-2.06%	-1.28%	-1.21%
Hybrid Solactive Next Emerging & Frontier Index/ MSCI Select Emerging and Frontier Markets Access Index**	-11.08%	-11.08%	-0.20%	-0.20%	-1.46%	-1.46%	-0.56%	-0.56%
MSCI Emerging Markets Index (Net)	-31.03%	-31.03%	-4.42%	-4.42%	-3.09%	-3.09%	0.37%	0.37%

Management Discussion of Fund Performance (unaudited)

Global X MSCI Next Emerging & Frontier ETF

*Fund commenced operations on November 6, 2013.

** Reflects performance of the Solactive Next Emerging & Frontier Index through January 15, 2019 and the MSCI Select Emerging and Frontier Markets Access Index thereafter.

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Norway ETF

The Global X MSCI Norway ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Norway IMI 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to reflect broad based equity market performance in Norway as defined by MSCI, Inc. ("MSCI"), the provider of the Underlying Index. The broad Norway equity universe includes securities that are classified in Norway according to the MSCI Global Investable Market Index Methodology, which is a methodology that seeks to identify the investable universe of companies globally in order to facilitate the construction of replicable indexes such as the Underlying Index.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 21.72%, while the Underlying Index decreased 21.63%. The Fund had a net asset value of $32.01 per share on October 31, 2021 and ended the reporting period with a net asset value of $24.43 per share on October 31, 2022.

During the reporting period, the highest returns came from Hafnia Ltd and Golden Ocean Group Ltd, which returned 154.80% and 101.76%, respectively. The worst performers were LINK Mobility Group Holding ASA and Meltwater NV, which returned -75.62% and -73.43%, respectively.

During the reporting period, the Norwegian economy recovered from the COVID-19 pandemic, but the impact of the Russia-Ukraine war on global commodities prices, energy prices and surging inflation created housing market imbalances and outlays on electricity-bill subsidies in Norway. These factors contributed to the Fund’s negative returns during the reporting period. This was mitigated, to some extent, by Energy holdings in the Fund, particularly Equinor, that received a windfall from the sudden need for energy security in Europe as a result of the war in Ukraine. For the broader economy, Norway's central bank raised interest rates significantly during the period, tightening the Norwegian economy and creating a tougher environment for equities, which also negatively impacted the Fund during the reporting period.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022
	One Year Return		Three Year Return		Five Year Return		Ten Year Return
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MSCI Norway ETF†	-21.72%	-22.51%	2.51%	2.62%	0.69%	0.60%	1.07%	1.08%
Hybrid MSCI Norway IMI 25/50 Index/FTSE Norway 30 Index**	-21.63%	-21.63%	2.79%	2.79%	0.98%	0.98%	1.47%	1.47%
MSCI EAFE Index (Net)	-23.00%	-23.00%	-1.27%	-1.27%	-0.09%	-0.09%	4.13%	4.13%

Management Discussion of Fund Performance (unaudited)

Global X MSCI Norway ETF

*Fund commenced operations on November 9, 2010.

**Reflects performance of the FTSE Norway 30 Index through July 14, 2014 and the MSCI Norway IMI 25/50 Index thereafter.

† Performance for periods prior to November 1, 2021 reflects the historical performance of the Global X MSCI Norway ETF, the predecessor fund. On October 29, 2021, the Global X MSCI Norway ETF (the “Acquired Fund”) was reorganized into the Global X FTSE Nordic Region ETF (the “Acquiring Fund”), each a separate series of the Trust (together, the “Combined Fund”) and the Combined Fund was renamed the Global X MSCI Norway ETF. As a result of the Reorganization as of the close of business on October 29, 2021, the Combined Fund assumed the performance and accounting history of the Acquired Fund. Accordingly, performance figures for the Combined Fund for periods prior to the date of the Reorganization represent the performance of the Acquired Fund (See Note 1 in Notes to Financial Statements).

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

Management Discussion of Fund Performance (unaudited)

Global X MSCI Norway ETF

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

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

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Southeast Asia ETF

The Global X FTSE Southeast Asia ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE/ASEAN 40 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of the 40 largest companies in the five ASEAN regions: Indonesia, Philippines, Singapore, Malaysia and Thailand as defined by FTSE International Limited ("FTSE"), the provider of the Underlying Index. The Underlying Index is free-float adjusted and weighted by market capitalization and designed using eligible stocks within the FTSE All-World universe.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 3.13%, while the Underlying Index decreased 2.43%. The Fund had a net asset value of $15.10 per share on October 31, 2021 and ended the reporting period with a net asset value of $14.02 on October 31, 2022.

During the reporting period, the highest returns came from PTT Exploration & Production PLC and PT Bank Mandiri (Persero) Tbk, which returned 41.53% and 39.85%, respectively. The worst performers were Press Metal Aluminium Holdings Berhad and Ayala Land Inc., which returned -38.84% and -36.57%, respectively.

The Underlying Index delivered negative returns during the reporting period, but a number of factors allowed it to outperform major indices in a time of general risk-off sentiment. In addition to the relaxation of COVID-19 restrictions boosting tourist inflows and strengthening the macroeconomic environment, investors started to become more optimistic on SoutheastAsian financials as interest rates rose. Financials holdings in the Fund generally performed well during the reporting period, which had positive implications for the Fund, as it has a high allocation to Financials. Southeast Asian currencies have held up relatively well against the rising dollar compared to developed-country currencies, with the Indonesian rupiah and Singapore dollar performing particularly well. Furthermore, as Vietnam’s property sector suffered, which in turn negatively impacted Vietnamese equities, the fact that the Fund has no direct exposure to Vietnam worked in its favor. Performance during the reporting period was hampered by supply-chain disruptions, accelerating inflation, and rising interest rates in the United States. Continuing political instability in Myanmar and the war in Ukraine raised additional risks for the Fund during the reporting period.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022
	One Year Return		Three Year Return		Five Year Return		Ten Year Return
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X FTSE Southeast Asia ETF	-3.13%	-2.38%	-1.32%	-0.92%	0.48%	0.67%	1.22%	1.30%
FTSE/ASEAN 40 Index	-2.43%	-2.43%	-0.64%	-0.64%	1.18%	1.18%	1.89%	1.89%
MSCI Emerging Markets Index (Net)	-31.03%	-31.03%	-4.42%	-4.42%	-3.09%	-3.09%	0.79%	0.79%

Management Discussion of Fund Performance (unaudited)

Global X FTSE Southeast Asia ETF

*Fund commenced operations on February 16, 2011.

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

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

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

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

See definition of comparative indices above.


Schedule of Investments		October 31, 2022
Global X MSCI China Energy ETF


	Shares		Value
COMMON STOCK — 99.8%
CHINA — 97.7%
Energy — 97.7%
CGN Mining ^*		2,472,000	$	229,885
China Coal Energy, Cl H .		562,800		414,401
China Merchants Energy Shipping, Cl A		271,300		257,972
China Oilfield Services, Cl H		596,586		671,837
China Petroleum & Chemical, Cl A .		51,650		28,678
China Petroleum & Chemical, Cl H		1,966,597		776,633
China Shenhua Energy, Cl A .		7,000		26,768
China Shenhua Energy, Cl H		305,355		803,274
China Suntien Green Energy, Cl H .		749,400		284,491
COSCO SHIPPING Energy Transportation,
Cl A ^*		166,900		385,026
Guanghui Energy, Cl A		221,650		310,850
Inner Mongolia Dian Tou Energy, Cl A		121,200		204,202
Inner Mongolia Yitai Coal, Cl B		296,594		419,384
Jizhong Energy Resources, Cl A		242,900		201,475
Offshore Oil Engineering, Cl A .		476,575		305,576
PetroChina, Cl A .		40,800		26,662
PetroChina, Cl H		2,093,163		799,950
Pingdingshan Tianan Coal Mining, Cl A .		131,700		197,996
Shaanxi Coal Industry, Cl A		153,786		416,664
Shan Xi Hua Yang Group New Energy, Cl A		116,300		267,978
Shanxi Coking Coal Energy Group, Cl A .		193,853		301,222
Shanxi Lu'an Environmental Energy
Development, Cl A .		156,565		358,621
Sinopec Kantons Holdings		971,300		262,318
Yankuang Energy Group, Cl A .		5,304		29,378
Yankuang Energy Group, Cl H		250,475		705,172
Yantai Jereh Oilfield Services Group, Cl A		58,910		241,584
TOTAL CHINA				8,927,997

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


Schedule of Investments		October 31, 2022
Global X MSCI China Energy ETF


	Shares		Value
COMMON STOCK — continued
HONG KONG — 2.1%
Energy — 2.1%
AAG Energy Holdings .		1,273,400	$	193,041
TOTAL COMMON STOCK
(Cost $9,894,917)				9,121,038
TOTAL INVESTMENTS — 99.8%
(Cost $9,894,917)			$	9,121,038

Percentages are based on Net Assets of $9,139,567.

* Non-income producing security.

As of October 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.

See “Glossary” for abbreviations.

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


Schedule of Investments		October 31, 2022
Global X MSCI China Materials ETF


	Shares		Value
COMMON STOCK — 100.0%
CHINA — 98.1%
Materials — 98.1%
Aluminum Corp of China, Cl A		51,300	$	27,014
Aluminum Corp of China, Cl H .		217,339		62,019
Anhui Conch Cement, Cl A		9,900		32,792
Anhui Conch Cement, Cl H .		61,670		158,695
Anhui Honglu Steel Construction Group, Cl A .		1,950		9,066
Asia - Potash International Investment
Guangzhou, Cl A ^*		1,900		6,610
Baoshan Iron & Steel, Cl A		76,600		50,265
BBMG, Cl A		46,100		14,654
Chengtun Mining Group, Cl A .		8,900		6,727
Chengxin Lithium Group, Cl A .		1,400		8,255
Chifeng Jilong Gold Mining, Cl A ^*		4,800		12,324
China Hongqiao Group		123,000		87,277
China Jushi, Cl A .		15,659		24,994
China National Building Material, Cl H		200,000		116,181
China Northern Rare Earth Group High-Tech,
Cl A		12,600		41,598
China Rare Earth Resources and Technology,
Cl A ^*		2,300		9,049
China Resources Cement Holdings		134,100		48,516
CMOC Group, Cl A .		63,200		35,781
CMOC Group, Cl H .		192,854		62,157
CNGR Advanced Material, Cl A .		700		6,888
CNNC Hua Yuan Titanium Dioxide, Cl A .		9,570		8,721
Do-Fluoride New Materials, Cl A		1,725		7,331
Dongyue Group .		69,600		60,469
Ganfeng Lithium, Cl A .		5,440		58,644
Ganfeng Lithium, Cl H		18,960		128,254
GEM, Cl A .		20,400		20,706
Guangzhou Tinci Materials Technology, Cl A ..		5,060		29,338
Hangzhou Oxygen Plant Group, Cl A .		2,700		15,504
Henan Shenhuo Coal & Power, Cl A .		4,700		8,996

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


Schedule of Investments		October 31, 2022
Global X MSCI China Materials ETF


	Shares		Value
COMMON STOCK — continued
Materials — continued
Hengli Petrochemical, Cl A		20,220	$	42,315
Hengyi Petrochemical, Cl A		17,200		15,722
Hesteel, Cl A		53,100		15,720
Hoshine Silicon Industry, Cl A .		750		9,792
Huafon Chemical, Cl A		8,200		7,450
Huaibei Mining Holdings, Cl A		4,100		7,288
Huaxin Cement, Cl A .		7,350		13,456
Hubei Xingfa Chemicals Group, Cl A		2,000		7,713
Hunan Valin Steel, Cl A		31,100		16,971
Inner Mongolia BaoTou Steel Union, Cl A		161,700		38,825
Inner Mongolia ERDOS Resources, Cl A		3,220		6,115
Inner Mongolia Junzheng Energy & Chemical
Industry Group, Cl A		37,900		20,061
Inner Mongolia Yuan Xing Energy, Cl A		7,700		6,776
Jiangsu Eastern Shenghong, Cl A .		8,200		13,693
Jiangsu Yangnong Chemical, Cl A		1,400		17,646
Jiangsu Yoke Technology, Cl A		1,200		9,626
Jiangxi Copper, Cl A		9,700		20,379
Jiangxi Copper, Cl H		61,591		67,320
Kingfa Sci & Tech, Cl A .		7,700		10,169
LB Group, Cl A		10,100		21,178
Luxi Chemical Group, Cl A .		4,700		7,284
Maanshan Iron & Steel, Cl A .		16,900		5,810
MMG ^*		145,800		28,789
Ningbo Shanshan, Cl A		4,100		10,057
Ningxia Baofeng Energy Group, Cl A		14,500		22,689
Pangang Group Vanadium Titanium &
Resources, Cl A ^*		34,100		21,074
Qinghai Salt Lake Industry, Cl A ^*		11,900		34,920
Real Gold Mining ^*(A)		97,864		—
Rongsheng Petrochemical, Cl A .		33,800		49,339
Satellite Chemical, Cl A		7,292		12,336
Shandong Gold Mining, Cl A		13,820		32,617
Shandong Gold Mining, Cl H .		38,700		61,625
Shandong Hualu Hengsheng Chemical, Cl A		8,320		29,716
Shandong Nanshan Aluminum, Cl A .		50,800		21,345
Shandong Sun Paper Industry JSC, Cl A		12,900		18,461
Shanghai Putailai New Energy Technology,
Cl A		4,980		33,908

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


Schedule of Investments		October 31, 2022
Global X MSCI China Materials ETF


	Shares		Value
COMMON STOCK — continued
Materials — continued
Shanxi Meijin Energy, Cl A .		8,200	$	9,800
Shanxi Taigang Stainless Steel, Cl A .		27,600		14,948
Shenghe Resources Holding, Cl A		4,300		7,837
Shenzhen Capchem Technology, Cl A		1,720		8,487
Shenzhen Dynanonic, Cl A .		200		7,039
Shenzhen Senior Technology Material, Cl A .		3,500		8,829
Sichuan Hebang Biotechnology .		18,700		7,373
Sichuan Yahua Industrial Group, Cl A .		2,900		10,583
Sinoma Science & Technology, Cl A .		3,700		9,040
Sinomine Resource Group, Cl A		840		10,314
Sinopec Shanghai Petrochemical, Cl A .		33,100		13,863
Skshu Paint, Cl A ^*		993		11,772
Suzhou TA&A Ultra Clean Technology, Cl A		975		8,227
Tangshan Jidong Cement, Cl A .		5,600		5,799
Tianqi Lithium, Cl A ^*		3,300		43,016
Tianshan Aluminum Group, Cl A .		9,100		7,747
Tibet Summit Resources, Cl A ^*		2,675		7,645
Tongkun Group, Cl A .		10,600		17,498
Tongling Nonferrous Metals Group, Cl A .		49,600		17,052
Transfar Zhilian, Cl A		16,600		11,165
Wanhua Chemical Group, Cl A .		10,022		109,871
Weihai Guangwei Composites, Cl A		2,300		24,349
Western Mining, Cl A		5,000		6,460
Western Superconducting Technologies, Cl A ..		896		14,260
Xiamen Tungsten, Cl A		6,400		17,532
Xinjiang Zhongtai Chemical, Cl A		7,825		6,277
Yintai Gold, Cl A .		13,320		25,949
YongXing Special Materials Technology, Cl A .		675		10,725
Youngy, Cl A ^*		675		10,147
Yunnan Aluminium, Cl A		5,900		7,381
Yunnan Energy New Material, Cl A		2,900		58,569
Yunnan Tin, Cl A		3,600		5,604
Yunnan Yuntianhua, Cl A ^*		2,000		5,501
Zangge Mining, Cl A		1,600		5,926
Zhaojin Mining Industry ^*		42,000		34,671
Zhejiang Huayou Cobalt, Cl A .		5,459		40,573
Zhejiang Juhua, Cl A .		11,400		24,386
Zhejiang Yongtai Technology, Cl A .		2,100		6,251
Zibo Qixiang Tengda Chemical, Cl A ^*		8,100		7,492

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


Schedule of Investments		October 31, 2022
Global X MSCI China Materials ETF


	Shares		Value
COMMON STOCK — continued
Materials — continued
Zijin Mining Group, Cl A .		38,700	$	41,814
Zijin Mining Group, Cl H		258,059		246,558
TOTAL CHINA				2,865,340
HONG KONG — 1.9%
Materials — 1.9%
China Lumena New Materials ^*(A)		48		—
Nine Dragons Paper Holdings		90,970		53,888
TOTAL HONG KONG				53,888
TOTAL COMMON STOCK
(Cost $4,385,546)				2,919,228
TOTAL INVESTMENTS — 100.0%
(Cost $4,385,546)			$	2,919,228

Percentages are based on Net Assets of $2,919,716.

* Non-income producing security.

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

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

Level 1

Level 2

Level 3⁽¹⁾

Total

Investments in Securities

Common Stock

$2,919,228

—

2,919,228

Total Investments in

Securities

$2,919,228

—

2,919,228

(1) A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets.

^ Security is fair valued at zero.

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

See “Glossary” for abbreviations.

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


Schedule of Investments		October 31, 2022
Global X MSCI China Industrials ETF


	Shares		Value
COMMON STOCK — 99.8%
CHINA — 96.7%
Industrials — 96.7%
AECC Aero-Engine Control, Cl A		4,300	$	17,599
AECC Aviation Power, Cl A .		8,685		57,631
Air China, Cl A ^*		21,160		27,915
Air China, Cl H ^*		96,100		66,843
AVIC Electromechanical Systems, Cl A		12,360		19,728
AviChina Industry & Technology, Cl H .		132,810		58,201
AVICOPTER, Cl A .		1,940		11,619
Beijing Capital International Airport, Cl H *		100,781		54,564
Beijing Easpring Material Technology, Cl A		600		4,829
Beijing New Building Materials, Cl A		5,320		14,392
Beijing Originwater Technology, Cl A .		11,940		7,672
Beijing United Information Technology, Cl A		1,586		26,830
Beijing-Shanghai High Speed Railway, Cl A		130,100		79,159
China Baoan Group, Cl A .		8,080		12,743
China Communications Services, Cl H .		127,000		35,431
China Conch Venture Holdings .		85,730		126,468
China CSSC Holdings, Cl A		14,510		52,497
China Eastern Airlines, Cl A ^*		29,000		18,990
China Energy Engineering		105,800		33,053
China Everbright Environment Group .		194,250		64,586
China Lesso Group Holdings .		58,090		47,139
China Merchants Port Holdings .		70,381		82,486
China National Chemical Engineering, Cl A .		19,620		18,924
China Railway Group, Cl A .		65,200		44,385
China Railway Group, Cl H		215,648		93,678
China Southern Airlines, Cl A ^*		35,860		31,603
China Southern Airlines, Cl H ^*		89,650		46,253
China State Construction Engineering, Cl A		132,375		85,781
China State Construction International
Holdings .		104,810		94,264
CITIC .		301,150		269,697

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


Schedule of Investments		October 31, 2022
Global X MSCI China Industrials ETF


	Shares		Value
COMMON STOCK — continued
Industrials — continued
Contemporary Amperex Technology, Cl A .		7,142	$	363,311
COSCO SHIPPING Development, Cl A .		30,880		10,279
COSCO SHIPPING Holdings, Cl A .		37,010		56,701
COSCO SHIPPING Holdings, Cl H .		162,226		175,042
COSCO SHIPPING Ports		88,830		43,793
CRRC, Cl A		77,850		50,448
CRRC, Cl H .		231,700		70,249
Daqin Railway, Cl A		47,900		41,887
Dongfang Electric, Cl A		8,990		28,466
Eve Energy, Cl A		6,030		68,312
Fangda Carbon New Material, Cl A ^*		12,323		10,104
Fosun International .		130,570		79,840
Ginlong Technologies, Cl A ^*		1,155		29,434
Gotion High-Tech, Cl A		5,320		21,809
Guangdong Kinlong Hardware Products, Cl A .		1,054		11,391
Haitian International Holdings .		33,546		67,179
Hongfa Technology, Cl A		3,430		16,055
Jiangsu Expressway, Cl H		65,419		46,086
Jiangsu Hengli Hydraulic, Cl A .		4,258		32,048
Jiangsu Zhongtian Technology, Cl A		9,910		29,703
Jiangxi Special Electric Motor, Cl A *		2,400		6,247
Keda Industrial Group, Cl A		3,100		6,585
Kuang-Chi Technologies, Cl A *		7,240		17,087
Liaoning Port, Cl A .		29,400		6,377
Luoyang Xinqianglian Slewing Bearing, Cl A .		937		8,925
Metallurgical Corp of China, Cl A		57,100		22,435
Ming Yang Smart Energy Group, Cl A		6,750		22,929
NARI Technology, Cl A		21,204		70,583
Ningbo Deye Technology, Cl A		250		11,158
Ningbo Orient Wires & Cables, Cl A .		900		9,454
Ningbo Ronbay New Energy Technology,
Cl A		1,495		15,972
North Industries Group Red Arrow, Cl A .		4,590		12,868
Power Construction Corp of China, Cl A .		49,050		47,109
Pylon Technologies, Cl A		100		4,209
Riyue Heavy Industry, Cl A .		3,270		9,854
Sany Heavy Equipment International Holdings		58,900		48,321
Sany Heavy Industry, Cl A		27,180		50,058
SF Holding, Cl A		15,335		100,963

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


Schedule of Investments		October 31, 2022
Global X MSCI China Industrials ETF


	Shares		Value
COMMON STOCK — continued
Industrials — continued
Shanghai Construction Group, Cl A		28,600	$	10,027
Shanghai Electric Group, Cl A ^*		40,500		21,438
Shanghai International Airport, Cl A ^*		4,065		29,603
Shanghai International Port Group, Cl A		30,630		21,604
Shanghai M&G Stationery, Cl A .		2,993		16,455
Shenzhen Inovance Technology, Cl A .		8,430		76,708
Shenzhen International Holdings		67,031		45,087
Sichuan New Energy Power ^*		3,990		10,250
Sichuan Road & Bridge, Cl A .		15,420		23,666
Sieyuan Electric, Cl A .		2,450		11,180
Sinotrans, Cl A		13,600		6,587
Sinotruk Hong Kong .		37,100		33,083
Sungrow Power Supply, Cl A		4,700		83,945
Sunwoda Electronic, Cl A		5,420		17,228
Suzhou Maxwell Technologies, Cl A .		513		33,418
TBEA, Cl A .		12,150		33,831
Titan Wind Energy Suzhou, Cl A		5,625		9,009
Weichai Power, Cl A .		21,760		26,955
Weichai Power, Cl H .		101,916		97,633
Wuxi Shangji Automation, Cl A .		1,202		20,084
XCMG Construction Machinery, Cl A .		25,720		16,246
Xiamen C & D, Cl A .		9,300		15,212
Xinjiang Goldwind Science & Technology,
Cl A		11,197		15,963
Xinjiang Goldwind Science & Technology,
Cl H		41,051		35,613
YTO Express Group, Cl A .		11,040		28,405
Yunda Holding, Cl A .		9,340		16,794
Zhefu Holding Group, Cl A		16,670		8,892
Zhejiang Chint Electrics, Cl A		6,950		24,083
Zhejiang Dingli Machinery, Cl A		1,623		9,948
Zhejiang Expressway, Cl H		73,560		45,636
Zhejiang HangKe Technology, Cl A .		1,313		8,965
Zhejiang Weiming Environment Protection,
Cl A		5,250		13,558
Zhejiang Weixing New Building Materials,
Cl A		5,010		11,893
Zhuzhou CRRC Times Electric, Cl A		981		8,402
Zhuzhou CRRC Times Electric, Cl H .		28,643		124,244

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


Schedule of Investments		October 31, 2022
Global X MSCI China Industrials ETF


	Shares		Value
COMMON STOCK — continued
Industrials — continued
Zhuzhou Kibing Group, Cl A .		8,580	$	9,189
Zoomlion Heavy Industry Science and
Technology, Cl A .		22,500		16,422
Zoomlion Heavy Industry Science and
Technology, Cl H		72,320		23,309
ZTO Express Cayman ADR		21,744		367,256
TOTAL CHINA				4,756,052
HONG KONG — 1.6%
Industrials — 1.6%
Orient Overseas International		5,350		78,173
SINGAPORE — 1.5%
Industrials — 1.5%
BOC Aviation .		11,060		74,040
TOTAL COMMON STOCK
(Cost $6,993,839)				4,908,265
TOTAL INVESTMENTS — 99.8%
(Cost $6,993,839)			$	4,908,265

Percentages are based on Net Assets of $4,917,223.

* Non-income producing security.

As of October 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.

See “Glossary” for abbreviations.

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


Schedule of Investments	October 31, 2022
Global X MSCI China Consumer Discretionary ETF


	Shares		Value
COMMON STOCK — 99.9%
CHINA — 99.9%
Consumer Discretionary — 99.9%
Alibaba Group Holding ^*		2,369,156	$	18,546,168
Alibaba Health Information Technology ^*		109,300		46,227
ANTA Sports Products .		698,196		6,137,127
Beijing Roborock Technology, Cl A .		10,745		344,510
Bosideng International Holdings .		5,932,000		2,561,766
BTG Hotels Group, Cl A .		131,300		389,237
BYD, Cl A		107,499		3,617,519
BYD, Cl H .		473,180		10,590,995
Changzhou Xingyu Automotive Lighting
Systems, Cl A		32,830		548,383
China Meidong Auto Holdings		844,800		1,110,637
China Tourism Group Duty Free, Cl A		135,650		2,967,604
Chongqing Changan Automobile, Cl A		958,908		1,476,934
Dongfeng Motor Group, Cl H .		4,342,946		1,964,045
Ecovacs Robotics, Cl A .		57,350		456,134
FAW Jiefang Group, Cl A .		367,700		349,135
Fuyao Glass Industry Group, Cl A		228,014		1,039,891
Fuyao Glass Industry Group, Cl H .		805,000		2,886,775
Geely Automobile Holdings		3,993,600		4,293,838
Great Wall Motor, Cl A		257,500		1,024,365
Great Wall Motor, Cl H .		2,436,697		2,660,241
Gree Electric Appliances of Zhuhai, Cl A		208,900		817,064
Guangzhou Automobile Group, Cl A .		394,400		609,617
Guangzhou Automobile Group, Cl H		4,004,223		2,438,287
H World Group ADR		149,841		4,057,694
Haidilao International Holding ^*		1,635,200		2,428,891
Haier Smart Home, Cl A		733,119		2,080,309
Haier Smart Home, Cl H .		1,831,360		4,581,987
Hangzhou Robam Appliances, Cl A		107,432		300,454

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


Schedule of Investments	October 31, 2022
Global X MSCI China Consumer Discretionary ETF


	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Huayu Automotive Systems, Cl A .		372,080	$	851,255
Huizhou Desay Sv Automotive, Cl A		50,750		717,275
Jason Furniture Hangzhou, Cl A		91,710		376,594
JD Health International *		118,720		651,082
JD.com, Cl A		945,454		17,476,178
Jiumaojiu International Holdings ^(A)		1,383,200		2,170,873
Li Auto ADR ^*		352,129		4,795,997
Li Ning		1,402,700		7,254,867
Meituan, Cl B ^*		1,247,900		19,839,605
Minth Group		1,026,200		2,026,293
New Oriental Education & Technology
Group ^*		1,776,840		4,350,512
Ningbo Joyson Electronic, Cl A ^*		150,600		315,372
Ningbo Tuopu Group, Cl A		125,735		1,111,530
NIO ADR ^*		732,772		7,085,905
Oppein Home Group, Cl A		61,255		680,398
Pinduoduo ADR ^*		258,826		14,191,430
Ping An Healthcare and Technology ^*(A)		459,600		847,788
Pop Mart International Group ^(A)		504,200		652,582
SAIC Motor, Cl A .		908,100		1,703,439
Sailun Group, Cl A		361,153		428,155
Shandong Linglong Tyre, Cl A		184,334		411,665
Shanghai Jinjiang International Hotels, Cl A .		103,056		765,950
Shanghai Yuyuan Tourist Mart Group, Cl A .		453,728		388,109
Shenzhen Kedali Industry, Cl A		29,800		372,597
Shenzhen Overseas Chinese Town, Cl A		982,300		562,838
Shenzhou International Group Holdings .		553,892		3,838,510
Songcheng Performance Development, Cl A		288,480		453,376
TAL Education Group ADR ^*		719,491		3,388,803
TCL Technology Group, Cl A .		1,607,805		857,630
Tongcheng Travel Holdings ^*		1,756,700		2,739,162
Topsports International Holdings		2,971,200		1,498,876
Trip.com Group ADR ^*		345,108		7,809,794
Vipshop Holdings ADR ^*		466,332		3,250,334
Wuchan Zhongda Group, Cl A .		592,400		337,009
Xiamen Intretech, Cl A		86,540		203,301
XPeng ADR, Cl A ^*		256,113		1,695,468
Xtep International Holdings		959,300		879,884
Yadea Group Holdings .		1,842,000		2,811,157

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


Schedule of Investments	October 31, 2022
Global X MSCI China Consumer Discretionary ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Yum China Holdings .		259,773	$	10,741,614
Zhejiang Semir Garment, Cl A .		293,387		179,312
Zhejiang Supor, Cl A		68,226		372,399
Zhongsheng Group Holdings .		652,200		2,475,915
TOTAL CHINA				213,886,667
TOTAL COMMON STOCK
(Cost $497,752,051)				213,886,667
SHORT-TERM INVESTMENT^(B)(C)— 0.4%
Fidelity Investments Money Market
Government Portfolio, Cl Institutional, 2.910%
(Cost $843,398)		843,398		843,398
		Face Amount
REPURCHASE AGREEMENT^(B)— 0.5%
BNP Paribas
2.930%, dated 10/31/2022, to be repurchased
on 11/01/2022, repurchase price $1,171,917
(collateralized by U.S. Treasury Obligations,
ranging in par value $23,292 - $136,931,
2.500% - 2.750%, 03/31/2027 - 05/31/2029,
with a total market value of $1,193,831)
(Cost $1,171,822)	$	1,171,822		1,171,822
TOTAL INVESTMENTS — 100.8%
(Cost $499,767,271)			$	215,901,887

Percentages are based on Net Assets of $214,215,551.

* Non-income producing security.

(A) This security or a partial position of this security is on loan at October 31, 2022.

(B) Security was purchased with cash collateral held from securities on loan.

(C) The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2022.

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


Schedule of Investments	October 31, 2022
Global X MSCI China Consumer Discretionary ETF

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

Level 1

Level 2

Level 3

Total

Investments in Securities

Common Stock

213,886,667

—

213,886,667

Short-Term Investment

843,398

—

843,398

Repurchase Agreement

—

1,171,822

—

1,171,822

Total Investments in

Securities

214,730,065

1,171,822

—

215,901,887

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

See “Glossary” for abbreviations.

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


Schedule of Investments		October 31, 2022
Global X MSCI China Consumer Staples ETF


	Shares		Value
COMMON STOCK — 99.8%
CHINA — 98.8%
Consumer Staples — 98.8%
Angel Yeast, Cl A		8,054	$	39,753
Anhui Gujing Distillery, Cl A		3,326		89,415
Anhui Gujing Distillery, Cl B		13,400		157,952
Anhui Kouzi Distillery, Cl A		5,500		30,388
Anhui Yingjia Distillery, Cl A .		5,600		35,983
Anjoy Foods Group, Cl A .		2,400		43,982
Beijing Dabeinong Technology Group, Cl A ^*		49,900		62,357
Beijing Shunxin Agriculture, Cl A		8,030		22,414
By-health, Cl A		14,600		34,896
Chacha Food, Cl A .		4,300		25,917
China Feihe .		350,500		201,820
China Mengniu Dairy		244,100		782,068
China Resources Beer Holdings .		140,250		661,064
Chongqing Brewery, Cl A		4,072		48,563
Chongqing Fuling Zhacai Group, Cl A		6,800		20,882
Dali Foods Group		269,200		110,768
DaShenLin Pharmaceutical Group, Cl A		9,448		46,982
Foshan Haitian Flavouring & Food, Cl A		24,112		196,314
Fujian Sunner Development, Cl A .		11,900		35,651
Guangdong Haid Group, Cl A .		13,291		104,713
Heilongjiang Agriculture, Cl A		16,900		31,817
Henan Shuanghui Investment & Development,
Cl A		24,840		77,196
Hengan International Group		69,280		268,741
Inner Mongolia Yili Industrial Group, Cl A .		42,429		146,097
Jiangsu King's Luck Brewery JSC, Cl A		10,700		54,565
Jiangsu Yanghe Brewery Joint-Stock, Cl A		10,094		179,913
Jiangxi Zhengbang Technology, Cl A ^*		32,800		15,661
JiuGui Liquor, Cl A .		2,550		35,501
Jonjee Hi-Tech Industrial And Commercial
Holding, Cl A .		8,100		29,946
Juewei Food, Cl A		5,700		36,836

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


Schedule of Investments		October 31, 2022
Global X MSCI China Consumer Staples ETF


	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Kweichow Moutai, Cl A .		3,754	$	691,382
Luzhou Laojiao, Cl A .		9,347		199,370
Muyuan Foods, Cl A .		34,064		217,393
New Hope Liuhe, Cl A ^*		43,550		76,583
Nongfu Spring, Cl H .		168,700		847,814
Proya Cosmetics, Cl A		2,022		46,108
RLX Technology ADR ^*		53,685		67,106
Shanghai Bairun Investment Holding Group,
Cl A		10,064		41,876
Shanxi Xinghuacun Fen Wine Factory, Cl A .		7,878		249,750
Sichuan Swellfun, Cl A		4,068		31,400
Smoore International Holdings		177,100		188,384
Tingyi Cayman Islands Holding		206,100		322,415
Toly Bread, Cl A .		13,870		21,306
Tongwei, Cl A		31,000		183,967
Tsingtao Brewery, Cl A		5,850		65,283
Tsingtao Brewery, Cl H .		61,300		429,499
Uni-President China Holdings		163,500		120,805
Want Want China Holdings		502,900		330,575
Wens Foodstuffs Group ^*		49,944		121,963
Wuliangye Yibin, Cl A		20,598		375,143
Yifeng Pharmacy Chain, Cl A .		6,830		52,310
Yihai International Holding .		51,840		85,323
Yihai Kerry Arawana Holdings, Cl A		10,400		54,269
Yuan Longping High-tech Agriculture, Cl A^*		12,200		24,167
Yunnan Botanee Bio-Technology Group, Cl A .		2,050		39,993
TOTAL CHINA				8,512,339
HONG KONG — 1.0%
Consumer Staples — 1.0%
Vinda International Holdings .		45,200		84,759
TOTAL COMMON STOCK
(Cost $12,058,652)				8,597,098
TOTAL INVESTMENTS — 99.8%
(Cost $12,058,652)			$	8,597,098

Percentages are based on Net Assets of $8,618,620.

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


Schedule of Investments		October 31, 2022
Global X MSCI China Consumer Staples ETF

* Non-income producing security.

As of October 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.

See “Glossary” for abbreviations.

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


Schedule of Investments		October 31, 2022
Global X MSCI China Health Care ETF


	Shares		Value
COMMON STOCK — 99.9%
CHINA — 92.3%
Health Care — 92.3%
3SBio		148,700	$	104,944
Aier Eye Hospital Group, Cl A		41,648		140,340
Apeloa Pharmaceutical, Cl A .		8,000		22,723
Asymchem Laboratories Tianjin, Cl A		1,838		35,904
BeiGene ADR ^*		3,689		623,035
Beijing Tiantan Biological Products, Cl A		10,080		28,424
Beijing Tongrentang, Cl A .		7,200		47,885
Beijing Wantai Biological Pharmacy
Enterprise, Cl A		3,090		52,913
Betta Pharmaceuticals, Cl A		2,920		18,209
BGI Genomics, Cl A .		2,633		19,925
Bloomage Biotechnology, Cl A .		1,801		26,042
CanSino Biologics, Cl A		830		21,474
CanSino Biologics, Cl H		7,900		73,466
Changchun High & New Technology Industry
Group, Cl A		2,328		51,419
China Medical System Holdings .		134,900		147,276
China Resources Sanjiu Medical &
Pharmaceutical, Cl A .		5,600		41,667
China Traditional Chinese Medicine Holdings .		322,600		139,317
Chongqing Zhifei Biological Products, Cl A .		8,733		101,745
CSPC Pharmaceutical Group .		726,808		747,191
Daan Gene, Cl A .		9,160		22,344
Dong-E-E-Jiao, Cl E		7,200		36,874
Genscript Biotech ^*		100,996		255,261
Guangzhou Baiyunshan Pharmaceutical
Holdings, Cl A		14,959		55,080
Guangzhou Kingmed Diagnostics Group, Cl A .		2,800		28,863
Hangzhou Tigermed Consulting, Cl A .		4,216		47,940
Hangzhou Tigermed Consulting, Cl H .		10,120		68,779
Hansoh Pharmaceutical Group		107,300		165,669
Huadong Medicine, Cl A .		16,711		93,311

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


Schedule of Investments		October 31, 2022
Global X MSCI China Health Care ETF


	Shares		Value
COMMON STOCK — continued
Health Care — continued
Hualan Biological Engineering, Cl A		11,670	$	28,227
Humanwell Healthcare Group, Cl A .		9,800		26,779
HUTCHMED China ADR ^*		8,357		73,876
Hygeia Healthcare Holdings ^*		27,000		116,945
Imeik Technology Development, Cl A .		956		54,907
Innovent Biologics ^*		90,900		321,920
Intco Medical Technology, Cl A .		5,140		14,950
Jafron Biomedical, Cl A		4,700		20,313
Jiangsu Hengrui Medicine, Cl A		35,372		193,988
Jiangsu Yuyue Medical Equipment & Supply,
Cl A		6,300		27,976
Jinxin Fertility Group .		123,200		60,738
Joincare Pharmaceutical Group Industry, Cl A .		13,100		20,892
Joinn Laboratories China, Cl A .		2,640		20,597
Jointown Pharmaceutical Group, Cl A .		21,270		36,446
Lepu Medical Technology Beijing, Cl A		11,501		39,680
Livzon Pharmaceutical Group, Cl A .		4,400		21,207
Meinian Onehealth Healthcare Holdings,
Cl A ^*		41,020		23,895
Microport Scientific *		57,200		120,815
Nanjing King-Friend Biochemical
Pharmaceutical, Cl A .		10,036		22,276
Ovctek China, Cl A .		5,024		20,370
Pharmaron Beijing, Cl A		5,200		36,889
Pharmaron Beijing, Cl H		16,175		54,398
Shandong Buchang Pharmaceuticals, Cl A		13,087		34,244
Shandong Weigao Group Medical Polymer,
Cl H		221,300		305,033
Shanghai Fosun Pharmaceutical Group, Cl A .		13,574		61,166
Shanghai Fosun Pharmaceutical Group, Cl H		46,800		118,165
Shanghai Junshi Biosciences, Cl A ^*		3,960		38,389
Shanghai Medicilon, Cl A		585		17,685
Shanghai Pharmaceuticals Holding, Cl A		16,500		39,572
Shanghai Pharmaceuticals Holding, Cl H		87,400		118,465
Shanghai RAAS Blood Products, Cl A		39,100		29,018
Shenzhen Kangtai Biological Products, Cl A		6,548		27,800
Shenzhen Mindray Bio-Medical Electronics,
Cl A		5,861		260,215

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


Schedule of Investments		October 31, 2022
Global X MSCI China Health Care ETF


	Shares		Value
COMMON STOCK — continued
Health Care — continued
Shenzhen New Industries Biomedical
Engineering, Cl A .		4,800	$	37,804
Shenzhen Salubris Pharmaceuticals, Cl A .		10,200		43,137
Shijiazhuang Yiling Pharmaceutical, Cl A		10,627		44,189
Sichuan Kelun Pharmaceutical, Cl A .		15,800		53,456
Sinopharm Group, Cl H		123,300		234,981
Topchoice Medical, Cl A ^*		1,980		33,022
Walvax Biotechnology, Cl A .		9,600		50,357
Winning Health Technology Group, Cl A		15,870		20,958
WuXi AppTec, Cl A .		13,624		142,000
WuXi AppTec, Cl H .		28,156		225,611
Wuxi Biologics Cayman ^*		98,680		446,268
Yunnan Baiyao Group, Cl A		12,714		94,634
Zai Lab ADR ^*		6,857		152,774
Zhangzhou Pientzehuang Pharmaceutical,
Cl A		3,906		121,495
Zhejiang Huahai Pharmaceutical, Cl A .		9,210		25,205
Zhejiang Jiuzhou Pharmaceutical, Cl A		5,000		24,229
Zhejiang NHU, Cl A		19,368		47,349
Zhejiang Orient Gene Biotech, Cl A		1,211		13,646
Zhejiang Wolwo Bio-Pharmaceutical, Cl A		3,423		21,948
TOTAL CHINA				7,458,919
HONG KONG — 5.2%
Health Care — 5.2%
Sino Biopharmaceutical		861,300		418,040
UNITED STATES — 2.4%
Health Care — 2.4%
Legend Biotech ADR ^*		3,852		191,907
TOTAL COMMON STOCK
(Cost $13,864,931)				8,068,866
TOTAL INVESTMENTS — 99.9%
(Cost $13,864,931)			$	8,068,866

Percentages are based on Net Assets of $8,075,437.

* Non-income producing security.

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


Schedule of Investments		October 31, 2022
Global X MSCI China Health Care ETF

As of October 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.

See "Glossary" for abbreviations.

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


Schedule of Investments		October 31, 2022
Global X MSCI China Financials ETF


	Shares		Value
COMMON STOCK — 99.8%
CHINA — 99.8%
Financials — 99.8%
360 DigiTech ADR		11,809	$	119,979
Agricultural Bank of China, Cl A .		628,400		236,611
Agricultural Bank of China, Cl H		3,541,288		1,010,527
AVIC Industry-Finance Holdings, Cl A		114,400		47,289
Bank of Beijing, Cl A		185,900		102,459
Bank of Changsha, Cl A .		50,950		44,763
Bank of Chengdu, Cl A		55,300		102,752
Bank of China, Cl A .		113,800		46,730
Bank of China, Cl H		8,650,934		2,788,189
Bank of Communications, Cl A		316,100		191,900
Bank of Communications, Cl H .		1,312,171		640,218
Bank of Hangzhou, Cl A		72,095		119,108
Bank of Jiangsu, Cl A		150,530		142,108
Bank of Nanjing, Cl A		97,284		136,966
Bank of Ningbo, Cl A		54,620		177,047
Bank of Shanghai, Cl A .		122,498		93,251
BOC International China, Cl A		32,940		47,230
Caitong Securities, Cl A		64,910		63,315
Changjiang Securities, Cl A		69,000		49,043
China Cinda Asset Management, Cl H		2,227,900		207,184
China CITIC Bank Corp Ltd., Cl H .		1,469,622		554,161
China Construction Bank, Cl A .		20,800		15,153
China Construction Bank, Cl H		4,899,826		2,602,887
China Everbright Bank, Cl A		339,600		126,016
China Everbright Bank, Cl H .		977,200		252,708
China Galaxy Securities, Cl A		52,600		64,655
China Galaxy Securities, Cl H .		768,650		287,882
China Great Wall Securities, Cl A		55,500		61,178
China International Capital, Cl A		13,440		63,514
China International Capital, Cl H .		248,450		345,621
China Life Insurance, Cl A		26,702		96,898
China Life Insurance, Cl H .		845,790		921,228

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


Schedule of Investments		October 31, 2022
Global X MSCI China Financials ETF


	Shares		Value
COMMON STOCK — continued
Financials — continued
China Merchants Bank, Cl A		140,434	$	513,832
China Merchants Bank, Cl H .		432,324		1,420,914
China Merchants Securities, Cl A		64,480		109,958
China Minsheng Banking, Cl A		288,400		129,837
China Minsheng Banking, Cl H .		1,059,426		307,712
China Pacific Insurance Group, Cl A		55,150		143,177
China Pacific Insurance Group, Cl H		360,362		581,181
China Taiping Insurance Holdings		315,130		218,387
China Zheshang Bank, Cl A ^*		170,200		64,085
Chongqing Rural Commercial Bank, Cl A .		123,400		58,753
CITIC Securities, Cl A		91,680		215,251
CITIC Securities, Cl H .		328,245		490,913
CSC Financial, Cl A .		38,425		123,766
Dongxing Securities, Cl A .		50,700		53,743
East Money Information, Cl A .		98,527		209,821
Everbright Securities, Cl A .		47,932		91,678
Far East Horizon		418,900		323,386
First Capital Securities, Cl A		83,500		63,222
Founder Securities, Cl A		88,000		75,994
GF Securities Ltd., Cl A		54,200		100,783
GF Securities Ltd., Cl H .		268,200		272,988
Guangzhou Yuexiu Financial Holdings Group,
Cl A		62,886		47,786
Guolian Securities, Cl A .		33,600		42,859
Guosen Securities, Cl A		62,045		72,963
Guotai Junan Securities, Cl A		66,144		119,292
Guoyuan Securities, Cl A		68,720		58,594
Haitong Securities, Cl H		574,500		281,035
Haitong Securities Ltd., Cl A .		84,100		96,834
Hithink RoyalFlush Information Network,
Cl A		6,460		74,963
Huatai Securities Ltd., Cl A .		62,350		101,817
Huatai Securities Ltd., Cl H .		307,350		301,091
Huaxi Securities, Cl A .		43,790		43,849
Huaxia Bank, Cl A .		123,100		80,442
Industrial & Commercial Bank of China, Cl A .		95,700		54,181
Industrial & Commercial Bank of China, Cl H .		5,855,137		2,543,490
Industrial Bank, Cl A		158,680		325,365
Industrial Securities, Cl A ^*		84,070		62,507

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


Schedule of Investments		October 31, 2022
Global X MSCI China Financials ETF


	Shares		Value
COMMON STOCK — continued
Financials — continued
Lufax Holding ADR		97,085	$	154,365
Nanjing Securities, Cl A		48,500		52,403
New China Life Insurance C, Cl A .		21,037		67,071
New China Life Insurance C, Cl H		159,161		252,635
Northeast Securities, Cl A		44,500		38,489
Orient Securities, Cl A		84,824		89,799
People's Insurance Group of China, Cl A .		86,900		57,498
People's Insurance Group of China, Cl H		1,599,900		442,274
PICC Property & Casualty, Cl H .		965,463		890,457
Ping An Bank, Cl A		8,725		12,308
Ping An Insurance Group of China, Cl A .		2,300		11,343
Ping An Insurance Group of China, Cl H .		548,404		2,193,658
Postal Savings Bank of China, Cl A		210,200		111,264
Postal Savings Bank of China, Cl H .		1,205,600		559,040
Qingdao Rural Commercial Bank, Cl A .		100,100		37,827
Sealand Securities, Cl A		99,610		44,165
Shanghai Pudong Development Bank, Cl A .		225,714		204,464
Shanxi Securities, Cl A		65,740		46,188
Shenwan Hongyuan Group, Cl A		197,500		104,811
Sinolink Securities, Cl A		57,500		61,892
SooChow Securities, Cl A		77,084		68,880
Southwest Securities, Cl A		103,300		52,143
Western Securities, Cl A .		67,000		54,568
Zheshang Securities, Cl A		45,040		62,490
ZhongAn Online P&C Insurance, Cl H ^*		87,000		162,034
Zhongtai Securities, Cl A		64,100		55,617
TOTAL CHINA				27,522,702
TOTAL COMMON STOCK
(Cost $48,811,323)				27,522,702
TOTAL INVESTMENTS — 99.8%
(Cost $48,811,323)			$	27,522,702

Percentages are based on Net Assets of $27,567,183.

* Non-income producing security.

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


Schedule of Investments		October 31, 2022
Global X MSCI China Financials ETF

As of October 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.

See “Glossary” for abbreviations.

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


Schedule of Investments	October 31, 2022
Global X MSCI China Information Technology ETF


	Shares		Value
COMMON STOCK — 100.0%
CHINA — 98.9%
Information Technology — 98.9%
360 Security Technology, Cl A .		50,559	$	48,834
AAC Technologies Holdings ^*		131,400		240,709
Advanced Micro-Fabrication Equipment,
Cl A ^*		4,158		62,959
Amlogic Shanghai, Cl A ^*		1,825		14,281
Avary Holding Shenzhen, Cl A		12,000		48,703
Beijing Kingsoft Office Software, Cl A		3,085		122,363
Beijing Shiji Information Technology, Cl A		37,992		65,513
Beijing Sinnet Technology, Cl A		17,000		20,084
Beijing Yuanliu Hongyuan Electronic
Technology, Cl A .		1,380		21,617
BOE Technology Group, Cl A		479,300		218,396
BYD Electronic International		131,700		382,525
Chaozhou Three-Circle Group, Cl A		33,089		128,201
China Greatwall Technology Group, Cl A		31,900		48,524
China Railway Signal & Communication,
Cl A		31,854		19,686
China Resources Microelectronics, Cl A		6,729		46,506
China Zhenhua Group Science & Technology,
Cl A		3,400		62,549
Chinasoft International .		374,700		248,214
Daqo New Energy ADR ^*		8,522		374,883
DHC Software, Cl A		69,700		58,669
Fiberhome Telecommunication Technologies,
Cl A		11,500		21,619
Flat Glass Group, Cl A ^*		10,800		50,537
Flat Glass Group, Cl H ^*		54,500		127,609
Foxconn Industrial Internet, Cl A .		70,250		78,587
GCL System Integration Technology, Cl A ^*		73,200		32,655
GDS Holdings, Cl A ^*		119,780		144,959
GigaDevice Semiconductor, Cl A .		7,243		81,292
GoerTek, Cl A		45,700		135,165

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


Schedule of Investments	October 31, 2022
Global X MSCI China Information Technology ETF


	Shares		Value
COMMON STOCK — continued
Information Technology — continued
GRG Banking Equipment, Cl A .		22,600	$	29,044
Guangzhou Haige Communications Group,
Cl A		50,200		57,870
Guangzhou Shiyuan Electronic Technology,
Cl A		7,000		62,130
Hangzhou First Applied Material, Cl A		10,892		95,189
Hangzhou Lion Electronics, Cl A .		3,300		19,278
Hangzhou Silan Microelectronics, Cl A .		12,100		51,833
Hengtong Optic-electric, Cl A		13,200		35,025
Hua Hong Semiconductor ^*		95,100		222,672
Huagong Tech, Cl A .		9,700		22,192
Hundsun Technologies, Cl A		34,628		196,900
Iflytek .		34,250		163,678
Ingenic Semiconductor, Cl A		3,800		35,231
Inspur Electronic Information Industry, Cl A		15,052		47,270
JA Solar Technology, Cl A		18,120		154,500
JCET Group, Cl A		17,200		56,503
Kingboard Holdings		117,000		288,556
Kingdee International Software Group ^*		408,700		668,511
Lenovo Group		1,138,100		910,497
Lens Technology, Cl A		72,600		98,647
Lingyi iTech Guangdong, Cl A ^*		66,697		43,039
LONGi Green Energy Technology, Cl A .		77,091		504,608
Luxshare Precision Industry, Cl A .		78,852		306,583
Maxscend Microelectronics, Cl A		4,502		56,726
Ming Yuan Cloud Group Holdings .		73,800		33,939
Montage Technology, Cl A		7,149		55,338
National Silicon Industry, Cl A ^*		16,340		45,274
NAURA Technology Group, Cl A .		5,608		203,278
NavInfo, Cl A .		12,100		19,578
Ninestar, Cl A .		25,270		196,883
OFILM Group, Cl A ^*		70,300		44,884
Raytron Technology, Cl A		3,300		21,407
Sangfor Technologies, Cl A		4,410		75,805
SG Micro, Cl A .		3,550		72,481
Shanghai Baosight Software, Cl A		14,962		86,382
Shanghai Baosight Software, Cl B		66,750		201,118
Shanghai Friendess Electronic Technology,
Cl A		768		21,581

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


Schedule of Investments	October 31, 2022
Global X MSCI China Information Technology ETF


	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Shengyi Technology, Cl A		22,800	$	43,142
Shennan Circuits, Cl A .		5,082		52,046
Shenzhen SC New Energy Technology, Cl A		3,400		62,962
Shenzhen Sunlord Electronics, Cl A .		5,500		16,057
Shenzhen Transsion Holdings, Cl A		4,672		39,600
StarPower Semiconductor, Cl A .		1,140		57,963
Sunny Optical Technology Group .		101,680		881,459
Suzhou Dongshan Precision Manufacturing,
Cl A		32,000		110,318
TCL Zhonghuan Renewable Energy
Technology, Cl A .		33,700		181,601
Thunder Software Technology, Cl A .		4,500		60,617
Tianjin 712 Communication & Broadcasting,
Cl A		7,600		40,840
Tianma Microelectronics, Cl A		53,400		64,400
Tianshui Huatian Technology, Cl A .		31,600		38,023
TongFu Microelectronics, Cl A ^*		12,800		32,881
TravelSky Technology, Cl H .		192,000		278,833
Trina Solar, Cl A .		16,631		150,721
Unigroup Guoxin Microelectronics, Cl A		8,759		196,101
Unisplendour, Cl A		30,213		70,688
Westone Information Industry, Cl A		4,400		21,802
Will Semiconductor Shanghai, Cl A .		12,585		125,968
Wingtech Technology, Cl A		13,340		87,136
Wuhan Guide Infrared, Cl A .		32,765		51,896
WUS Printed Circuit Kunshan, Cl A		18,620		27,663
Xiamen Faratronic, Cl A		1,260		30,444
Xiaomi, Cl B ^*		1,079,500		1,211,538
Xinyi Solar Holdings		760,500		754,702
Yangzhou Yangjie Electronic Technology,
Cl A		2,300		16,122
Yealink Network Technology, Cl A		7,700		72,356
Yonyou Network Technology, Cl A .		52,256		174,232
Zhejiang Dahua Technology, Cl A .		59,593		94,144
Zhejiang Jingsheng Mechanical & Electrical,
Cl A		12,800		124,436
Zhongji Innolight, Cl A		7,800		31,157
Zhuzhou Hongda Electronics, Cl A		2,500		15,126
ZTE, Cl A		56,531		170,979

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


Schedule of Investments	October 31, 2022
Global X MSCI China Information Technology ETF


	Shares		Value
COMMON STOCK — continued
Information Technology — continued
ZTE, Cl H .		151,200	$	269,661
TOTAL CHINA				13,767,683
HONG KONG — 1.1%
Information Technology — 1.1%
Kingboard Laminates Holdings		190,900		152,480
TOTAL COMMON STOCK
(Cost $23,551,330)				13,920,163
TOTAL INVESTMENTS — 100.0%
(Cost $23,551,330)			$	13,920,163

Percentages are based on Net Assets of $13,919,611.

* Non-income producing security.

As of October 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.

See “Glossary” for abbreviations.

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


Schedule of Investments	October 31, 2022
Global X MSCI China Communication Services ETF


	Shares		Value
COMMON STOCK — 99.8%
CHINA — 97.5%
Communication Services — 97.5%
37 Interactive Entertainment Network
Technology Group, Cl A .		84,751	$	167,534
Autohome ADR .		8,326		217,475
Baidu, Cl A ^*		41,458		396,631
Beijing Enlight Media, Cl A		177,800		163,244
Bilibili, Cl Z ^*		13,949		120,657
China Literature ^*		600		1,617
China Ruyi Holdings ^*(A)		804,000		125,979
China Tower, Cl H .		2,758,600		249,509
China United Network Communications, Cl A .		500,300		229,330
Focus Media Information Technology, Cl A .		280,500		171,436
G-bits Network Technology Xiamen, Cl A *		4,664		162,029
Giant Network Group, Cl A .		134,600		142,127
iQIYI ADR ^*		64,418		130,124
JOYY ADR		8,222		207,441
Kanzhun ADR ^*		12,802		139,926
Kingsoft .		90,100		272,601
Kuaishou Technology, Cl B ^*		59,700		245,649
Kunlun Tech, Cl A		79,600		141,280
Mango Excellent Media, Cl A .		53,820		161,017
NetEase		39,815		434,169
Perfect World, Cl A .		113,210		175,913
Tencent Holdings .		16,615		435,173
Tencent Music Entertainment Group ADR ^*		576		2,079
Weibo ADR ^*		11,990		135,727
Zhejiang Century Huatong Group, Cl A ^*		340,720		171,520
				4,800,187

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


Schedule of Investments	October 31, 2022
Global X MSCI China Communication Services ETF


	Shares		Value
COMMON STOCK — continued
Information Technology — 0.0%
National Agricultural Holdings ^*(B)		204,200	$	2
TOTAL CHINA				4,800,189
HONG KONG — 2.3%
Communication Services — 2.3%
Alibaba Pictures Group ^*		3,061,300		113,095
TOTAL COMMON STOCK
(Cost $10,104,188)				4,913,284
SHORT-TERM INVESTMENT^(C)(D)— 0.8%
Fidelity Investments Money Market
Government Portfolio, Cl Institutional,

(Cost $41,640) .		41,640		41,640
		Face Amount
REPURCHASE AGREEMENT^(C)— 1.2%
BNP Paribas
2.930%, dated 10/31/2022, to be repurchased
on 11/01/2022, repurchase price $57,860
(collateralized by U.S. Treasury Obligations,
ranging in par value $1,150 - $6,761,
2.500% - 2.750%, 03/31/2027 - 05/31/2029,
with a total market value of $58,945)
(Cost $57,855) .	$	57,855		57,855
TOTAL INVESTMENTS — 101.8%
(Cost $10,203,683)			$	5,012,779

Percentages are based on Net Assets of $4,921,916.

* Non-income producing security.

(A) This security or a partial position of this security is on loan at October 31, 2022.

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

(C) Security was purchased with cash collateral held from securities on loan.

(D) The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2022.

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


Schedule of Investments	October 31, 2022
Global X MSCI China Communication Services ETF

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

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	4,913,282	$	—	$	2	$	4,913,284
Short-Term Investment		41,640		—		—		41,640
Repurchase Agreement		—		57,855		—		57,855
Total Investments in Securities	$	4,954,922	$	57,855	$	2	$	5,012,779

(1) A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets.

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

See “Glossary” for abbreviations.

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


Schedule of Investments		October 31, 2022
Global X MSCI China Utilities ETF


	Shares		Value
COMMON STOCK — 99.9%
CHINA — 99.9%
Utilities — 99.9%
Beijing Enterprises Holdings		41,700	$	105,819
Beijing Enterprises Water Group		377,100		79,265
CECEP Solar Energy, Cl A .		52,000		47,956
CECEP Wind-Power, Cl A		66,800		39,004
CGN Power, Cl H .		605,400		122,625
China Gas Holdings .		197,290		174,925
China Longyuan Power Group, Cl H		167,900		191,859
China National Nuclear Power, Cl A		99,400		81,770
China Power International Development		248,500		71,861
China Resources Gas Group .		60,720		155,477
China Resources Power Holdings		71,950		104,673
China Three Gorges Renewables Group, Cl A .		136,200		103,496
China Yangtze Power, Cl A		86,000		237,699
ENN Energy Holdings		18,390		182,849
ENN Natural Gas, Cl A .		5,000		10,559
GD Power Development, Cl A ^*		157,300		93,778
Guangdong Investment		149,760		94,436
Huadian Power International, Cl A .		91,700		67,930
Huaneng Power International, Cl A ^*		26,300		24,039
Huaneng Power International, Cl H ^*		215,400		77,106
Kunlun Energy		200,260		119,648
SDIC Power Holdings, Cl A		55,000		75,783
Shenzhen Energy Group, Cl A		57,780		44,931
Sichuan Chuantou Energy, Cl A .		37,500		56,531
TOTAL CHINA				2,364,019
TOTAL COMMON STOCK
(Cost $3,269,556)				2,364,019

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


Schedule of Investments		October 31, 2022
Global X MSCI China Utilities ETF


	Face Amount		Value
U.S. TREASURY OBLIGATION — 6.3%
U.S. Treasury Bill
2.201%, 11/01/22^(A)
(Cost $150,000)	$	150,000		150,000
TOTAL INVESTMENTS — 106.2%
(Cost $3,419,556)			$	2,514,019

Percentages are based on Net Assets of $2,367,777.

* Non-income producing security.

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

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


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,364,019	$	—	$	—	$	2,364,019
U.S. Treasury Obligation		—		150,000		—		150,000
Total Investments in Securities	$	2,364,019	$	150,000	$	—	$	2,514,019

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

See “Glossary” for abbreviations.

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


Schedule of Investments		October 31, 2022
Global X MSCI China Real Estate ETF


	Shares		Value
COMMON STOCK — 99.8%
CHINA — 99.8%
Real Estate — 99.8%
A-Living Smart City Services, Cl H		182,550	$	103,486
China Jinmao Holdings Group .		923,300		122,325
China Merchants Shekou Industrial Zone
Holdings, Cl A		81,700		146,122
China Overseas Land & Investment .		231,500		441,775
China Overseas Property Holdings		12,100		7,615
China Resources Land		148,700		465,999
China Resources Mixc Lifestyle Services .		2,450		7,178
China Vanke, Cl A		86,700		159,914
China Vanke, Cl H .		200,000		256,820
CIFI Holdings Group ^(A)		677,904		44,907
Country Garden Holdings		934,100		120,186
Country Garden Services Holdings		151,800		132,658
Gemdale, Cl A .		74,700		79,692
Greentown China Holdings		123,500		117,524
Greentown Service Group .		229,000		93,936
Hopson Development Holdings		135,567		108,801
Jinke Properties Group, Cl A ^*		114,000		27,528
KE Holdings ADR ^*		38,676		393,722
Longfor Group Holdings .		186,500		237,584
Poly Developments and Holdings Group, Cl A .		99,253		186,858
Seazen Group ^*		406,100		65,184
Seazen Holdings, Cl A ^*		39,200		70,538
Shanghai Lingang Holdings, Cl A .		51,500		80,656
Shanghai Lujiazui Finance & Trade Zone
Development, Cl B .		197,085		146,237
Shanghai Zhangjiang High-Tech Park
Development, Cl A .		33,200		50,954
Wharf Holdings .		79,800		228,222
Youngor Group, Cl A		99,600		81,255
Yuexiu Property .		196,820		167,990

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


Schedule of Investments		October 31, 2022
Global X MSCI China Real Estate ETF


	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Zhejiang China Commodities City Group,
Cl A		118,100	$	67,508
TOTAL CHINA				4,213,174
TOTAL COMMON STOCK
(Cost $8,891,291)				4,213,174
		Face Amount
U.S. TREASURY OBLIGATION — 9.5%
U.S. Treasury Bill
2.200%, 11/01/22^(B)
(Cost $400,000)	$	400,000		400,000
TOTAL INVESTMENTS — 109.3%
(Cost $9,291,291)			$	4,613,174

Percentages are based on Net Assets of $4,219,269.

* Non-income producing security.

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

(B) Interest rate represents the security's effective yield at the time of purchase.

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


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	4,168,267	$	—	$	44,907	$	4,213,174
U.S. Treasury Obligation		—		400,000		—		400,000
Total Investments in
Securities	$	4,168,267	$	400,000	$	44,907	$	4,613,174

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


Schedule of Investments		October 31, 2022
Global X MSCI China Real Estate ETF

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


	Investments in
	Common Stock
Beginning Balance as of October 31, 2021	$	-
Transfers out of Level 3		-
Transfers into Level 3		44,907
Net purchases		-
Net sales		-
Realized gain/(loss)		-
Change in unrealized appreciation/(depreciation)		-
Ending Balance as of October 31, 2022	$	44,907

For the year ended October 31, 2022, transfers in and out of Level 3 were due to the availability of observable inputs to determine fair value.

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of October 31, 2022. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

	Fair Value at	Valuation	Unobservable	Discount
Assets	10/31/22	Technique(s)	Input	Percentage
			Last Traded Price
			Comparability
Common Stock	$44,907	Last Traded Price	Adjustment %	0.00%

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

See “Glossary” for abbreviations.

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


Schedule of Investments		October 31, 2022
Global X MSCI Greece ETF


	Shares		Value
COMMON STOCK — 99.8%
CYPRUS — 0.1%
Financials — 0.1%
Galaxy Cosmos Mezz ^*		368,897	$	59,575
GREECE — 97.0%
Communication Services — 13.5%
Hellenic Telecommunications Organization .		921,285		14,477,739
Consumer Discretionary — 14.5%
FF Group ^*(A)		452,712		5
FF Group ADR ^*(A)		200,300		2
JUMBO		325,786		4,633,432
OPAP .		887,091		10,871,750
				15,505,189
Consumer Staples — 1.6%
Sarantis .		278,692		1,749,073
Energy — 9.8%
GasLog Partners .		188,686		1,454,769
Helleniq Energy Holdings		402,183		2,746,701
Motor Oil Hellas Corinth Refineries		276,051		4,741,860

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


Schedule of Investments		October 31, 2022
Global X MSCI Greece ETF


		Shares		Value
COMMON STOCK — continued
Energy — continued
Tsakos Energy Navigation .			88,879	$	1,537,607
					10,480,937
Financials — 29.9%
Alpha Services and Holdings ^*			10,123,730		9,385,405
Eurobank Ergasias Services and Holdings ^*			11,835,386		11,697,473
Hellenic Exchanges - Athens Stock Exchange .			498,585		1,542,386
National Bank of Greece ^*			1,440,265		5,224,179
Piraeus Financial Holdings ^*			3,386,113		4,176,627
					32,026,070
Industrials — 12.0%
Aegean Airlines ^*			318,645		1,574,660
Capital Product Partners ^(B)			126,622		1,811,961
Ellaktor ^*			574,996		986,561
GEK Terna Holding Real Estate Construction .			341,812		3,253,293
Mytilineos .			308,628		5,179,438
					12,805,913
Real Estate — 2.5%
LAMDA Development ^*			452,218		2,739,794
Utilities — 13.2%
Athens Water Supply & Sewage			297,129		2,114,400
Holding ADMIE IPTO .			943,254		1,562,472
Public Power ^*	��		835,112		5,274,183
Terna Energy .			278,371		5,177,895
					14,128,950
TOTAL GREECE					103,913,665
UNITED STATES — 2.7%
Materials — 2.7%
Titan Cement International .			261,486		2,920,361
TOTAL COMMON STOCK
(Cost $131,521,438)					106,893,601
TOTAL INVESTMENTS — 99.8%
(Cost $131,521,438)				$	106,893,601

Percentages are based on Net Assets of $107,078,219.

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


Schedule of Investments		October 31, 2022
Global X MSCI Greece ETF

* Non-income producing security.

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

(B) Security considered Master Limited Partnership. At October 31, 2022, these securities amounted to $1,811,961 or 1.7% of net assets.

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


Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	106,893,594	$	—	$	7	$	106,893,601
Total Investments in
Securities	$	106,893,594	$	—	$	7	$	106,893,601

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

See “Glossary” for abbreviations.

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


Schedule of Investments		October 31, 2022
Global X DAX Germany ETF


	Shares		Value
COMMON STOCK — 95.0%
FRANCE — 5.8%
Industrials — 5.8%
Airbus .		20,945	$	2,267,995
GERMANY — 77.9%
Communication Services — 6.0%
Deutsche Telekom		123,993		2,348,513
Consumer Discretionary — 9.3%
adidas		6,048		591,656
Bayerische Motoren Werke		11,276		886,219
Continental		3,823		198,293
Mercedes-Benz Group		28,218		1,634,306
Puma		3,586		158,816
Zalando ^*		8,243		190,068
				3,659,358
Consumer Staples — 0.8%
Beiersdorf		3,469		333,189
Financials — 15.3%
Allianz .		14,486		2,608,594

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


Schedule of Investments		October 31, 2022
Global X DAX Germany ETF


	Shares		Value
COMMON STOCK — continued
Financials — continued
Deutsche Bank		73,202	$	698,892
Deutsche Boerse .		6,585		1,071,586
Hannover Rueck .		2,110		343,676
Muenchener Rueckversicherungs-Gesellschaft
in Muenchen .		4,996		1,320,363
				6,043,111
Health Care — 9.2%
Bayer .		35,277		1,855,565
Fresenius & KGaA		14,785		340,476
Fresenius Medical Care & KGaA .		7,065		195,375
Merck KGaA .		4,651		758,473
Siemens Healthineers .		9,940		457,610
				3,607,499
Industrials — 13.9%
Brenntag		5,561		337,686
Daimler Truck Holding ^*		16,844		449,489
Deutsche Post .		34,760		1,233,686
MTU Aero Engines .		1,896		339,646
Siemens		26,691		2,918,681
Siemens Energy .		16,648		194,404
				5,473,592
Information Technology — 11.9%
Infineon Technologies		46,735		1,138,132
SAP .		36,713		3,543,975
				4,682,107
Materials — 6.1%					��
BASF		32,144		1,443,444
Covestro		6,750		229,761
HeidelbergCement .		5,018		231,362
Symrise, Cl A		4,769		487,133
				2,391,700
Real Estate — 1.4%
Vonovia		25,611		567,002

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


Schedule of Investments		October 31, 2022
Global X DAX Germany ETF


	Shares		Value
COMMON STOCK — continued
Utilities — 4.0%
E.ON		74,701	$	625,788
RWE .		24,255		934,682
				1,560,470
TOTAL GERMANY				30,666,541
UNITED KINGDOM — 10.4%
Materials — 10.4%
Linde		13,635		4,078,547
UNITED STATES — 0.9%
Health Care — 0.9%
QIAGEN ^*		8,092		349,500
TOTAL COMMON STOCK
(Cost $42,879,747)				37,362,583
PREFERRED STOCK — 4.9%
GERMANY— 4.9%
Consumer Discretionary — 3.2%
Porsche Automobil Holding ^(A)		5,530		309,351
Volkswagen ^(A)		7,416		948,008
				1,257,359
Consumer Staples — 0.9%
Henkel & KGaA ^(A)		6,038		380,616
Health Care — 0.8%
Sartorius ^(A)		869		306,704
TOTAL GERMANY				1,944,679
TOTAL PREFERRED STOCK
(Cost $2,724,177)				1,944,679
TOTAL INVESTMENTS — 99.9%
(Cost $45,603,924)			$	39,307,262

Percentages are based on Net Assets of $39,338,868.

* Non-income producing security.

(A) There is currently no stated interest rate.

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


Schedule of Investments		October 31, 2022
Global X DAX Germany ETF

As of October 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.

See “Glossary” for abbreviations.

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


Schedule of Investments		October 31, 2022
Global X MSCI Portugal ETF


	Shares		Value
COMMON STOCK — 99.8%
CHINA — 2.9%
Industrials — 2.9%
Fosun International .		731,190	$	447,106
IRELAND — 0.4%
Industrials — 0.4%
Fusion Fuel Green, Cl A ^*		14,709		57,071
PORTUGAL — 77.2%
Communication Services — 5.9%
NOS SGPS .		187,329		733,919
Pharol SGPS ^*(A)		1,107,591		69,841
Sonaecom		51,341		96,411
				900,171
Consumer Discretionary — 1.5%
Ibersol SGPS ^(A)		39,056		228,517
Consumer Staples — 9.3%
Jeronimo Martins .		33,788		700,612

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


Schedule of Investments		October 31, 2022
Global X MSCI Portugal ETF


	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Sonae .		737,001	$	709,110
				1,409,722
Energy — 4.8%
Galp Energia		71,959		730,763
Financials — 5.0%
Banco Comercial Portugues, Cl R .		5,256,995		750,265
Industrials — 4.4%
CTT-Correios de Portugal ^(A)		158,189		488,580
Mota-Engil .		152,472		182,944
				671,524
Information Technology — 0.4%
Novabase SGPS		12,884		53,355
Materials — 15.6%
Altri .		113,447		631,825
Corticeira Amorim SGPS		64,280		621,333
Navigator .		180,854		689,604
Ramada Investimentos E Industria .		10,756		73,989
Semapa-Sociedade de Investimento e Gestao		26,992		343,606
				2,360,357
Utilities — 30.3%
Energias de Portugal		758,285		3,316,312
Greenvolt-Energias Renovaveis ^*		70,500		542,099
REN - Redes Energeticas Nacionais .		281,012		727,672
				4,586,083
TOTAL PORTUGAL				11,690,757
SPAIN — 19.3%
Utilities — 19.3%
EDP Renovaveis .		138,974		2,927,027
TOTAL COMMON STOCK
(Cost $17,715,133)				15,121,961

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


Schedule of Investments		October 31, 2022
Global X MSCI Portugal ETF


	Shares		Value
SHORT-TERM INVESTMENT^(B)(C)— 1.3%
Fidelity Investments Money Market
Government Portfolio, Cl Institutional, 2,910%
(Cost $203,153)		203,153	$	203,153
		Face Amount
REPURCHASE AGREEMENT^(B)— 1.9%
BNP Paribas
2.930%, dated 10/31/2022, to be repurchased
on 11/01/2022, repurchase price $282,285
(collateralized by U.S. Treasury Obligations,
ranging in par value $5,610 - $32,983,
2.500% - 2.750%, 03/31/2027 - 05/31/2029,
with a total market value of $287,562)
(Cost $282,262)	$	282,262		282,262
TOTAL INVESTMENTS — 103.0%
(Cost $18,200,548)			$	15,607,376

Percentages are based on Net Assets of $15,145,814.

* Non-income producing security.

(A) This security or a partial position of this security is on loan at October 31, 2022.

(B) Security was purchased with cash collateral held from securities on loan.

(C) The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2022.

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

Investments in Securities

Level 1

Level 2

Level 3

Total

Common Stock

15,121,961

—

15,121,961

Short-Term Investment

203,153

—

203,153

Repurchase Agreement

—

282,262

—

282,262

Total Investments in

Securities

15,325,114

282,262

—

15,607,376

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

See “Glossary” for abbreviations.

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


Schedule of Investments		October 31, 2022
Global X MSCI Colombia ETF


	Shares		Value
COMMON STOCK — 72.7%
BRAZIL — 3.5%
Consumer Staples — 3.5%
Cia Brasileira de Distribuicao		173,605	$	729,523
CANADA — 3.1%
Energy — 3.1%
Parex Resources		42,721		650,814
CHILE — 5.8%
Energy — 2.9%
Empresas Copec .		87,195		600,691
Utilities — 2.9%
Enel Americas		6,064,727		600,680
TOTAL CHILE				1,201,371
COLOMBIA — 57.8%
Communication Services — 2.1%
Millicom International Cellular SDR ^*		40,668		440,889
Energy — 17.4%
Canacol Energy ^(A)		377,200		555,824
Ecopetrol		6,143,848		3,082,493
				3,638,317

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


Schedule of Investments		October 31, 2022
Global X MSCI Colombia ETF


	Shares		Value
COMMON STOCK — continued
Financials — 13.0%
Banco de Bogota		68,924	$	366,978
Bancolombia .		219,340		1,594,563
Financiera Colombiana ^*		229,303		756,016
				2,717,557
Materials — 8.2%
Cementos Argos		1,071,027		730,365
Grupo Argos .		348,652		731,832
Mineros		687,944		236,678
				1,698,875
Utilities — 17.1%
Celsia ESP		1,123,144		638,255
Grupo Energia Bogota ESP		2,463,947		831,037
Interconexion Electrica		531,804		2,098,596
				3,567,888
TOTAL COLOMBIA				12,063,526
UNITED STATES — 2.5%
Utilities — 2.5%
Brookfield Renewable, Cl A		17,123		531,371
TOTAL COMMON STOCK
(Cost $23,004,280)				15,176,605
PREFERRED STOCK — 27.2%
COLOMBIA— 27.2%
Financials — 26.2%
Banco Davivienda ^(B)		159,530		849,398
Bancolombia ^(B)		487,558		3,120,124
Grupo Aval Acciones y Valores ^(B)		6,932,770		766,648
Grupo de Inversiones Suramericana ^(B)		260,816		729,593
				5,465,763
Materials — 1.0%
Grupo Argos ^(B)		166,960		201,725
TOTAL COLOMBIA				5,667,488
TOTAL PREFERRED STOCK
(Cost $11,483,648)				5,667,488

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

100


Schedule of Investments		October 31, 2022
Global X MSCI Colombia ETF


	Shares		Value
SHORT-TERM INVESTMENT^(C)(D)— 0.9%
Fidelity Investments Money Market
Government Portfolio, Cl Institutional,
2.910%
(Cost $177,853)		177,853	$	177,853
	Face Amount
REPURCHASE AGREEMENT^(C)— 1.2%
BNP Paribas
2.930%, dated 10/31/2022, to be repurchased
on 11/01/2022, repurchase price $247,131
(collateralized by U.S. Treasury Obligations,
ranging in par value $4,912 - $28,876,
2.500% - 2.750%, 03/31/2027 - 05/31/2029,
with a total market value of $251,755)
(Cost $247,111)	$	247,111		247,111
TOTAL INVESTMENTS — 102.0%
(Cost $34,912,892)			$	21,269,057

Percentages are based on Net Assets of $20,857,353.

* Non-income producing security.

(A) This security or a partial position of this security is on loan at October 31, 2022.

(B) There is currently no stated interest rate.

(C) Security was purchased with cash collateral held from securities on loan.

(D) The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2022.

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

Investments in Securities

Level 1

Level 2

Level 3

Total

Common Stock

13,975,234

1,201,371

—

15,176,605

Preferred Stock

5,667,488

—

5,667,488

Short-Term Investment

177,853

—

177,853

Repurchase Agreement

—

247,111

—

247,111

Total Investments in

Securities

19,820,575

1,448,482

—

21,269,057

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

See “Glossary” for abbreviations.

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

101


Schedule of Investments		October 31, 2022
Global X MSCI Argentina ETF


	Shares		Value
COMMON STOCK — 96.0%
ARGENTINA — 50.7%
Communication Services — 2.6%
Telecom Argentina ADR		169,555	$	707,044
Consumer Discretionary — 2.8%
Despegar.com ^*		116,795		742,816
Consumer Staples — 1.4%
Cresud SACIF y A ADR ^*		68,127		364,479
Energy — 13.0%
Transportadora de Gas del Sur ADR ^*(A)		134,506		1,166,167
YPF ADR ^*		304,192		2,324,027
				3,490,194
Financials — 12.2%
Banco BBVA Argentina ADR .		137,581		414,119
Banco Macro ADR ^(A)		85,085		1,263,512
Grupo Financiero Galicia ADR ^(A)		177,824		1,379,914

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

102


Schedule of Investments		October 31, 2022
Global X MSCI Argentina ETF


	Shares		Value
COMMON STOCK — continued
Financials — continued
Grupo Supervielle ADR		121,219	$	225,468
				3,283,013
Industrials — 1.8%
America Airports ^*		62,818		493,750
Materials — 6.0%
Bioceres Crop Solutions ^*(A)		59,701		863,277
Loma Negra Cia Industrial Argentina ADR		112,856		760,649
				1,623,926
Real Estate — 1.0%
IRSA Inversiones y Representaciones ADR ^*		62,256		265,833
Utilities — 9.9%
Central Puerto ADR ^*(A)		190,421		934,967
Empresa Distribuidora Y Comercializadora
Norte ADR ^*		37,465		270,872
Pampa Energia ADR ^*		58,447		1,471,111
				2,676,950
TOTAL ARGENTINA				13,648,005
BRAZIL — 30.3%
Consumer Discretionary — 26.2%
Arcos Dorados Holdings, Cl A .		189,568		1,429,343
MercadoLibre ^*		6,263		5,646,846
				7,076,189
Consumer Staples — 4.1%
Adecoagro		126,832		1,098,365
TOTAL BRAZIL				8,174,554
CANADA — 7.1%
Materials — 7.1%
SSR Mining		70,825		974,068
Yamana Gold		213,877		937,637
TOTAL CANADA				1,911,705

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

103


Schedule of Investments		October 31, 2022
Global X MSCI Argentina ETF


	Shares		Value
COMMON STOCK — continued
CHILE — 7.9%
Consumer Staples — 7.9%
Cencosud		803,996	$	1,081,859
Cia Cervecerias Unidas .		190,273		1,043,280
TOTAL CHILE				2,125,139
TOTAL COMMON STOCK
(Cost $40,491,560)				25,859,403
PREFERRED STOCK — 3.8%
CHILE— 3.8%
Consumer Staples — 3.8%
Embotelladora Andina ^(B)
(Cost $1,259,421)		579,788		1,013,599
		Face Amount
U.S. TREASURY OBLIGATION — 1.1%
U.S. Treasury Bill
1.000%, 11/01/22^(C)
(Cost $300,000)	$	300,000		300,000
	Shares
SHORT-TERM INVESTMENT^(D)(E)— 2.8%
Fidelity Investments Money Market
Government Portfolio, Cl Institutional, 2.910%

(Cost $754,096)		754,096		754,096

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

104


Schedule of Investments		October 31, 2022
Global X MSCI Argentina ETF


	Face Amount		Value
REPURCHASE AGREEMENT^(D)— 3.9%
BNP Paribas
2.930%, dated 10/31/2022, to be repurchased
on 11/01/2022, repurchase price $1,047,829
(collateralized by U.S. Treasury Obligations,
ranging in par value $20,825 - $122,432,
2.500% - 2.750%, 03/31/2027 - 05/31/2029,
with a total market value of $1,067,421)
(Cost $1,047,744)	$	1,047,744	$	1,047,744
TOTAL INVESTMENTS — 107.6%
(Cost $43,852,821)			$	28,974,842

Percentages are based on Net Assets of $26,930,312.

* Non-income producing security.

(A) This security or a partial position of this security is on loan at October 31, 2022

. (B) There is currently no stated interest rate.

(C) Interest rate represents the security's effective yield at the time of purchase.

(D) Security was purchased with cash collateral held from securities on loan.

(E) The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2022.

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


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	23,734,264	$	2,125,139	$	—	$	25,859,403
Preferred Stock		—		1,013,599		—		1,013,599
U.S. Treasury Obligation		—		300,000		—		300,000
Short-Term Investment		754,096		—		—		754,096
Repurchase Agreement		—		1,047,744		—		1,047,744
Total Investments in Securities	$	24,488,360	$	4,486,482	$	—	$	28,974,842

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

See “Glossary” for abbreviations.

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

105


Schedule of Investments		October 31, 2022
Global X MSCI Pakistan ETF


	Shares		Value
COMMON STOCK — 99.7%
PAKISTAN — 99.7%
Consumer Discretionary — 2.2%
Honda Atlas Cars Pakistan		178,596	$	133,605
Nishat Mills		680,543		187,634
				321,239
Energy — 20.4%
Mari Petroleum		90,107		688,080
Oil & Gas Development .		1,807,383		574,590
Pakistan Oilfields		364,831		638,957
Pakistan Petroleum		2,138,531		500,147
Pakistan State Oil		817,316		520,190
				2,921,964
Financials — 13.9%
Habib Bank .		2,238,892		708,420
MCB Bank .		1,183,383		653,297
United Bank .		1,316,637		640,171
				2,001,888
Health Care — 1.9%
Searle		787,188		266,010
Industrials — 9.8%
Millat Tractors .		204,564		621,474

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

106


Schedule of Investments		October 31, 2022
Global X MSCI Pakistan ETF


	Shares		Value
COMMON STOCK — continued
Industrials — continued
TRG Pakistan ^*		1,562,765	$	779,131
				1,400,605
Information Technology — 8.9%
Systems		631,520		1,271,551
Materials — 34.4%
DG Khan Cement		1,082,526		256,171
Engro .		1,088,831		1,162,079
Engro Fertilizers .		2,329,070		853,209
Engro Polymer & Chemicals		1,513,400		360,606
Fauji Cement ^*		3,819,249		244,709
Fauji Fertilizer .		1,493,748		699,172
International Steels		700,299		163,432
Lucky Cement ^*		434,172		956,075
Maple Leaf Cement Factory ^*		2,063,225		247,259
				4,942,712
Utilities — 8.2%
Hub Power .		3,924,421		1,175,323
TOTAL PAKISTAN				14,301,292
TOTAL COMMON STOCK
(Cost $24,089,755)				14,301,292
	Face Amount
U.S. TREASURY OBLIGATION — 2.8%
U.S. Treasury Bill
1.000%, 11/01/22^(A)
(Cost $400,000)		400,000		400,000
TOTAL INVESTMENTS — 102.5%
(Cost $24,489,755)			$	14,701,292

Percentages are based on Net Assets of $14,347,400.

* Non-income producing security.

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

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

107


Schedule of Investments		October 31, 2022
Global X MSCI Pakistan ETF

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

Investments in Securities

Level 1

Level 2

Level 3

Total

Common Stock

14,301,292

—

14,301,292

U.S. Treasury Obligation

—

400,000

—

400,000

Total Investments in Securities

14,301,292

400,000

—

14,701,292

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

See “Glossary” for abbreviations.

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

108


Schedule of Investments		October 31, 2022
Global X MSCI Nigeria ETF


	Shares		Value
COMMON STOCK — 93.0%
NIGERIA — 88.8%
Communication Services — 5.7%
Nigeria Communications .		4,864,255	$	2,173,050
Consumer Staples — 23.0%
Dangote Sugar Refinery		37,659,094		1,392,724
Flour Mills of Nigeria		24,002,438		1,650,083
Nestle Nigeria		1,149,667		3,169,247
Nigerian Breweries .		13,145,296		1,248,169
UAC of Nigeria .		38,120,465		774,085
Unilever Nigeria .		23,383,901		570,339
				8,804,647
Financials — 39.5%
Access Bank		69,588,623		1,231,517
FBN Holdings		105,964,770		2,368,129
FCMB Group		162,598,933		1,224,795
Fidelity Bank		177,840,873		1,694,683
Guaranty Trust Holding		62,675,911		2,502,771
Stanbic IBTC Holdings .		19,605,429		1,278,857
Sterling Bank		201,593,633		667,786
United Bank for Africa .		89,619,784		1,453,844
Zenith Bank		59,101,971		2,681,882
				15,104,264
Materials — 17.9%
Dangote Cement .		10,522,666		5,264,317

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

109


Schedule of Investments		October 31, 2022
Global X MSCI Nigeria ETF


		Shares		Value
COMMON STOCK — continued
Materials — continued
Lafarge Africa			31,522,330	$	1,591,315
					6,855,632
Utilities — 2.7%
Transnational Corp of Nigeria			417,740,027		1,014,139
TOTAL NIGERIA					33,951,732
TOGO — 4.2%
Financials — 4.2%
Ecobank Transnational .			72,220,468		1,630,388
TOTAL COMMON STOCK
(Cost $41,325,206)					35,582,120
	Face Amount
U.S. TREASURY OBLIGATIONS — 16.2%
U.S. Treasury Bills
3.690%, 01/05/23^(A)		$	1,200,000		1,191,817
2.200%, 11/01/22^(A)			5,000,000		5,000,000
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $6,192,064)					6,191,817
TOTAL INVESTMENTS — 109.2%
(Cost $47,517,270)				$	41,773,937

Percentages are based on Net Assets of $38,242,997.

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

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

Investments in Securities

Level 1

Level 2

Level 3

Total

Common Stock

35,582,120

—

35,582,120

U.S. Treasury Obligations

—

6,191,817

—

6,191,817

Total Investments in Securities

35,582,120

6,191,817

—

41,773,937

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

See “Glossary” for abbreviations.

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

110


Schedule of Investments		October 31, 2022
Global X MSCI Vietnam ETF


	Shares		Value
COMMON STOCK — 99.9%
VIETNAM — 99.9%
Consumer Discretionary — 0.3%
FPT DIGITAL RETAIL JSC		2,900	$	9,546
Consumer Staples — 20.7%
Hoang Anh Gia Lai International Agriculture
JSC *		36,100		5,956
KIDO Group		18,500		45,785
Masan Group		57,020		196,185
Saigon Beer Alcohol Beverage		6,900		51,452
Thanh Thanh Cong - Bien Hoa JSC *		43,300		23,349
Vietnam Dairy Products JSC		67,800		214,177
Vinh Hoan .		13,400		39,364
				576,268
Energy — 2.6%
PetroVietnam Drilling & Well Services JSC ^*		42,152		29,176
PetroVietnam Technical Service		35,600		30,657
Vietnam National Petroleum Group ^*		10,300		11,813
				71,646
Financials — 18.4%
Bank for Foreign Trade of Vietnam JSC		49,875		147,518

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

111


Schedule of Investments		October 31, 2022
Global X MSCI Vietnam ETF


	Shares		Value
COMMON STOCK — continued
Financials — continued
Bank for Investment and Development of
Vietnam JSC		28,876	$	40,147
Bao Viet Holdings		11,800		24,930
Ho Chi Minh City Development Joint Stock
Commercial Bank ^*		30,375		20,046
National Citizen Commercial JSC *		10,528		6,270
Saigon - Hanoi Commercial Joint Stock Bank ^*.		68,300		31,470
Saigon - Hanoi Securities JSC *		25,375		7,863
Saigon Thuong Tin Commercial JSB *		72,000		46,793
SSI Securities .		116,650		76,515
Viet Capital Securities JSC		26,640		28,087
Vietnam Joint Stock Commercial Bank for
Industry and Trade		36,300		35,935
VIX Securities JSC		25,322		7,642
VNDirect Securities .		85,540		39,586
				512,802
Industrials — 9.3%
Bamboo Capital Group JSC		12,935		4,138
Development Investment Construction JSC *		23,180		16,510
Gelex Group JSC		53,900		29,065
Gemadept		5,900		10,910
Ha Do Group JSC		8,308		9,929
Hoang Huy Investment Financial Services
JSC		48,416		15,587
IDICO JSC		13,040		23,194
PC1 Group JSC *		6,300		5,235
Sai Gon Cargo Service .		1,420		4,109
Tan Tao Investment & Industry JSC *		20,200		3,024
Tasco JSC *		9,800		6,507
Thaiholdings JSC *		19,200		29,746
Vietjet Aviation JSC *		19,800		85,734
Vietnam Construction and Import-Export JSC .		19,610		12,587
Viettel Construction Joint Stock		2,069		4,604
				260,879
Information Technology — 0.4%
Digiworld		4,720		11,586

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

112


Schedule of Investments		October 31, 2022
Global X MSCI Vietnam ETF


	Shares		Value
COMMON STOCK — continued
Materials — 11.8%
An Phat Holdings JSC *		15,475	$	5,163
Duc Giang Chemicals JSC		17,080		52,855
Hoa Phat Group JSC		295,540		186,125
Hoa Sen Group ^*		37,120		17,029
Nam Kim Steel JSC		6,460		3,522
PetroVietNam Ca Mau Fertilizer JSC		6,600		8,765
Petrovietnam Fertilizer & Chemicals JSC		20,900		36,417
Phuoc Hoa Rubber JSC		8,700		14,144
Vietnam Rubber Group		9,600		5,563
				329,583
Real Estate — 32.6%
Dat Xanh Group JSC *		28,800		16,225
Dat Xanh Real Estate Services JSC *		8,627		2,746
Hai Phat Investment JSC *		8,800		9,101
Khang Dien House Trading and Investment
JSC *		38,260		34,950
Kinh Bac City Development Share Holding ^*		36,500		25,704
Nam Long Investment .		12,600		11,561
No Va Land Investment Group ^*		67,591		190,397
Phat Dat Real Estate Development ^*		33,989		59,772
Van Phu - Invest Investment JSC *		16,120		37,624
Vincom Retail JSC *		96,400		95,430
Vingroup JSC *		99,000		220,708
Vinhomes JSC		113,000		204,628
				908,846
Utilities — 3.8%
Binh Duong Water Enviroment JSC		2,600		4,761
PetroVietnam Gas JSC		8,700		38,896
PetroVietnam Nhon Trach 2 Power JSC		20,000		20,443
PetroVietnam Power ^*		67,300		28,030
Pha Lai Thermal Power JSC		21,300		12,857
				104,987
TOTAL VIETNAM				2,786,143
TOTAL COMMON STOCK
(Cost $4,214,590)				2,786,143

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

113


Schedule of Investments		October 31, 2022
Global X MSCI Vietnam ETF


	Face Amount		Value
U.S. TREASURY OBLIGATION — 3.6%
U.S. Treasury Bill
2.200%, 11/01/22^(A)
(Cost $100,000)	$	100,000	$	100,000
TOTAL INVESTMENTS — 103.5%
(Cost $4,314,590)			$	2,886,143

Percentages are based on Net Assets of $2,787,199.

* Non-income producing security.

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

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

Investments in Securities

Level 1

Level 2

Level 3

Total

Common Stock

2,786,143

—

2,786,143

U.S. Treasury Obligation

—

100,000

Total Investments in Securities

2,786,143

100,000

—

2,886,143

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

See “Glossary” for abbreviations.

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

114


Schedule of Investments		October 31, 2022
Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — 99.9%
BANGLADESH — 0.9%
Health Care — 0.6%
Square Pharmaceuticals		52,457	$	108,642
Industrials — 0.3%
Bangladesh Export Import .		52,931		60,403
TOTAL BANGLADESH				169,045
CHILE — 0.9%
Consumer Discretionary — 0.3%
Falabella		32,412		63,353
Financials — 0.6%
Banco de Chile .		668,376		61,108
Banco de Credito e Inversiones		852		23,732
Banco Santander Chile .		964,956		34,557
				119,397
TOTAL CHILE				182,750

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

115


Schedule of Investments		October 31, 2022
Global X MSCI Next Emerging & Frontier ETF


	Shares		Value
COMMON STOCK — continued
COLOMBIA — 0.4%
Utilities — 0.4%
Interconexion Electrica		18,693	$	73,766
CYPRUS — 0.0%
Financials — 0.0%
Galaxy Cosmos Mezz ^*		1,198		193
CZECH REPUBLIC — 1.4%
Financials — 0.2%
Komercni Banka .		1,110		31,838
Moneta Money Bank		5,128		14,968
				46,806
Utilities — 1.2%
CEZ .		6,887		225,205
TOTAL CZECH REPUBLIC				272,011
EGYPT — 0.3%
Financials — 0.3%
Commercial International Bank Egypt SAE		37,127		49,810
GREECE — 1.8%
Communication Services — 0.7%
Hellenic Telecommunications Organization .		8,558		134,487
Consumer Discretionary — 0.5%
OPAP .		8,200		100,495
Financials — 0.3%
Alpha Services and Holdings ^*		32,348		29,989
National Bank of Greece ^*		8,239		29,885
				59,874
Utilities — 0.3%
Public Power ^*		9,137		57,705
TOTAL GREECE				352,561

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

116


Schedule of Investments		October 31, 2022
Global X MSCI Next Emerging & Frontier ETF


	Shares		Value
COMMON STOCK — continued
ICELAND — 1.3%
Financials — 0.4%
Arion Banki HF .		39,003	$	43,709
Islandsbanki HF		34,206		30,336
				74,045
Industrials — 0.9%
Marel HF		49,162		172,230
TOTAL ICELAND				246,275
INDONESIA — 10.5%
Communication Services — 2.3%
Sarana Menara Nusantara .		675,868		50,048
Telkom Indonesia Persero		1,353,112		380,841
Tower Bersama Infrastructure .		153,979		24,285
				455,174
Consumer Discretionary — 1.4%
Astra International .		665,993		283,946
Consumer Staples — 2.0%
Charoen Pokphand Indonesia		240,315		85,896
Gudang Garam		15,424		23,832
Indofood CBP Sukses Makmur .		77,390		48,252
Indofood Sukses Makmur		146,166		60,444
Sumber Alfaria Trijaya .		540,129		97,654
Unilever Indonesia .		248,168		73,826
				389,904
Financials — 4.0%
Bank Central Asia .		623,064		351,528
Bank Jago *		47,618		15,570
Bank Mandiri		207,837		140,579
Bank Negara Indonesia Persero		82,435		49,680
Bank Rakyat Indonesia Persero		766,564		228,532
				785,889
Health Care — 0.5%
Kalbe Farma		686,022		90,165

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

117


Schedule of Investments		October 31, 2022
Global X MSCI Next Emerging & Frontier ETF


	Shares		Value
COMMON STOCK — continued
Materials — 0.3%
Semen Indonesia Persero		98,295	$	50,101
TOTAL INDONESIA				2,055,179
KAZAKHSTAN — 1.4%
Energy — 0.8%
NAC Kazatomprom JSC GDR		5,502		145,253
Financials — 0.6%
Halyk Savings Bank of Kazakhstan JSC GDR .		2,522		25,472
Kaspi.KZ JSC GDR		1,436		94,058
				119,530
TOTAL KAZAKHSTAN				264,783
KENYA — 1.1%
Communication Services — 1.1%
Safaricom		1,002,501		207,357
KUWAIT — 3.3%
Financials — 2.9%
Gulf Bank KSCP		24,011		26,589
Kuwait Finance House .		72,060		188,439
National Bank of Kuwait SAK		104,468		363,572
				578,600
Real Estate — 0.4%
Mabanee KPSC .		26,782		75,396
TOTAL KUWAIT				653,996
LUXEMBOURG — 0.2%
Financials — 0.2%
Reinet Investments SCA		1,953		31,365
MALAYSIA — 6.9%
Communication Services — 1.6%
Axiata Group		118,788		71,604
DiGi.com .		131,603		105,494
Maxis		101,293		82,483

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

118


Schedule of Investments		October 31, 2022
Global X MSCI Next Emerging & Frontier ETF


	Shares		Value
COMMON STOCK — continued
Communication Services — continued
Telekom Malaysia		49,094	$	57,733
				317,314
Consumer Staples — 1.2%
Nestle Malaysia .		3,024		85,066
PPB Group .		27,049		95,541
QL Resources .		47,393		51,322
				231,929
Energy — 0.3%
Petronas Dagangan		12,914		59,217
Financials — 2.0%
CIMB Group Holdings		99,492		116,158
Hong Leong Bank		9,544		42,714
Public Bank .		212,253		200,671
RHB Bank		21,744		26,306
				385,849
Health Care — 0.2%
Top Glove		229,529		38,595
Utilities — 1.6%
Petronas Gas		34,152		123,519
Tenaga Nasional		109,503		195,012
				318,531
TOTAL MALAYSIA				1,351,435
MEXICO — 8.6%
Communication Services — 0.5%
Grupo Televisa		102,082		108,104
Consumer Staples — 2.9%
Kimberly-Clark de Mexico, Cl A		64,458		101,514
Wal-Mart de Mexico		118,670		457,545
				559,059
Financials — 1.8%
Grupo Financiero Banorte, Cl O		37,814		306,814

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

119


Schedule of Investments		October 31, 2022
Global X MSCI Next Emerging & Frontier ETF


	Shares		Value
COMMON STOCK — continued
Financials — continued
Grupo Financiero Inbursa, Cl O ^*		30,876	$	56,886
				363,700
Industrials — 2.6%
Grupo Aeroportuario del Pacifico, Cl B .		15,474		239,255
Grupo Aeroportuario del Sureste, Cl B .		8,236		192,404
Promotora y Operadora de Infraestructura .		9,836		73,856
				505,515
Real Estate — 0.8%
Fibra Uno Administracion ^‡		128,650		149,851
TOTAL MEXICO				1,686,229
MOROCCO — 0.3%
Financials — 0.3%
Attijariwafa Bank		1,256		44,135
Banque Centrale Populaire .		519		10,422
TOTAL MOROCCO				54,557
NIGERIA — 0.5%
Financials — 0.1%
Guaranty Trust Holding		216,406		8,641
Zenith Bank		230,376		10,454
				19,095
Materials — 0.4%
Dangote Cement .		146,538		73,311
TOTAL NIGERIA				92,406
OMAN — 0.2%
Financials — 0.2%
BankMuscat SAOG		26,862		39,904
PERU — 0.8%
Financials — 0.8%
Credicorp .		1,034		151,336

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

120


Schedule of Investments		October 31, 2022
Global X MSCI Next Emerging & Frontier ETF


	Shares		Value
COMMON STOCK — continued
PHILIPPINES — 4.7%
Communication Services — 0.5%
PLDT		3,654	$	103,031
Consumer Staples — 0.4%
Universal Robina .		36,908		77,701
Financials — 0.7%
Bank of the Philippine Islands		26,455		43,826
BDO Unibank		29,052		63,819
Metropolitan Bank & Trust		26,080		23,267
				130,912
Industrials — 0.7%
SM Investments .		10,225		144,685
Real Estate — 2.1%
Ayala Land .		314,030		138,184
SM Prime Holdings		492,807		267,876
				406,060
Utilities — 0.3%
Manila Electric .		9,727		50,590
TOTAL PHILIPPINES				912,979
POLAND — 2.5%
Communication Services — 0.2%
Cyfrowy Polsat .		11,109		41,676
Consumer Discretionary — 0.4%
Allegro.eu ^*		15,868		77,156
Consumer Staples — 0.7%
Dino Polska ^*		2,079		136,034
Financials — 1.0%
Bank Polska Kasa Opieki .		2,706		44,486
Powszechna Kasa Oszczednosci Bank Polski		12,937		70,686
Powszechny Zaklad Ubezpieczen		8,901		49,995

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

121


Schedule of Investments		October 31, 2022
Global X MSCI Next Emerging & Frontier ETF


	Shares		Value
COMMON STOCK — continued
Financials — continued
Santander Bank Polska		520	$	27,704
				192,871
Utilities — 0.2%
PGE Polska Grupa Energetyczna ^*		38,765		44,279
TOTAL POLAND				492,016
QATAR — 5.9%
Energy — 1.2%
Qatar Fuel QSC .		20,586		107,855
Qatar Gas Transport .		105,384		118,645
				226,500
Financials — 1.8%
Commercial Bank PSQC .		46,691		80,696
Masraf Al Rayan QSC		80,465		84,779
Qatar International Islamic Bank QSC		10,711		34,029
Qatar Islamic Bank SAQ .		23,905		160,100
				359,604
Industrials — 1.4%
Industries Qatar QSC .		64,513		279,363
Materials — 0.6%
Mesaieed Petrochemical Holding .		185,987		115,931
Real Estate — 0.4%
Barwa Real Estate		82,256		76,795
Utilities — 0.5%
Qatar Electricity & Water QSC .		18,582		94,396
TOTAL QATAR				1,152,589
ROMANIA — 1.8%
Energy — 1.0%
OMV Petrom .		1,321,319		120,211
Societatea Nationala de Gaze Naturale
ROMGAZ		9,803		75,669
				195,880

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

122


Schedule of Investments		October 31, 2022
Global X MSCI Next Emerging & Frontier ETF


	Shares		Value
COMMON STOCK — continued
Financials — 0.3%
Banca Transilvania		15,640	$	53,516
BRD-Groupe Societe Generale .		6,025		13,704
				67,220
Real Estate — 0.5%
NEPI Rockcastle		19,295		97,118
TOTAL ROMANIA				360,218
SAUDI ARABIA — 10.0%
Communication Services — 2.1%
Etihad Etisalat		6,474		63,059
Mobile Telecommunications Saudi Arabia ^*		7,684		26,544
Saudi Research & Media Group ^*		614		32,910
Saudi Telecom .		26,079		280,393
				402,906
Consumer Discretionary — 0.2%
Jarir Marketing .		1,038		45,304
Consumer Staples — 0.5%
Almarai JSC		4,288		64,248
Savola Group		4,466		34,824
				99,072
Financials — 4.3%
Al Rajhi Bank ^*		11,637		263,861
Alinma Bank .		5,738		57,265
Arab National Bank .		3,480		29,868
Bank AlBilad ^*		2,856		38,535
Bank Al-Jazira .		2,402		14,946
Banque Saudi Fransi .		3,449		39,653
Bupa Arabia for Cooperative Insurance .		357		18,337
Riyad Bank		7,922		75,793
Saudi British Bank .		5,414		62,676
Saudi Investment Bank		3,083		14,883
Saudi National Bank .		13,031		205,996
Saudi Tadawul Group Holding		226		13,064
				834,877

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

123


Schedule of Investments		October 31, 2022
Global X MSCI Next Emerging & Frontier ETF


	Shares		Value
COMMON STOCK — continued
Health Care — 0.7%
Dr Sulaiman Al Habib Medical Services
Group .		1,504	$	90,699
Mouwasat Medical Services .		840		48,957
				139,656
Information Technology — 0.2%
Elm		410		36,117
Materials — 1.3%
SABIC Agri-Nutrients		3,696		156,395
Saudi Kayan Petrochemical ^*		12,586		44,080
Yanbu National Petrochemical .		4,342		51,653
				252,128
Real Estate — 0.2%
Dar Al Arkan Real Estate Development ^*		9,015		32,197
Utilities — 0.5%
Saudi Electricity .		14,344		103,069
TOTAL SAUDI ARABIA				1,945,326
SOUTH AFRICA — 8.3%
Communication Services — 0.5%
MultiChoice Group .		15,894		103,809
Consumer Discretionary — 1.0%
Mr Price Group		10,858		104,483
Pepkor Holdings .		70,194		86,589
				191,072
Consumer Staples — 2.3%
Clicks Group .		10,365		175,546
Shoprite Holdings .		21,375		272,051
				447,597
Financials — 3.8%
Absa Group .		12,297		133,653
Capitec Bank Holdings		1,259		130,204
Discovery ^*		7,167		46,884
Nedbank Group		6,632		78,512

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

124


Schedule of Investments		October 31, 2022
Global X MSCI Next Emerging & Frontier ETF


	Shares		Value
COMMON STOCK — continued
Financials — continued
Old Mutual .		67,389	$	38,283
Remgro .		7,602		56,551
Sanlam .		25,662		74,623
Standard Bank Group .		19,406		181,256
				739,966
Materials — 0.7%
African Rainbow Minerals		4,840		68,122
Harmony Gold Mining .		23,940		66,294
				134,416
TOTAL SOUTH AFRICA				1,616,860
SRI LANKA — 0.1%
Industrials — 0.1%
John Keells Holdings .		58,710		21,283
THAILAND — 10.3%
Communication Services — 1.1%
Advanced Info Service NVDR		30,769		154,411
Intouch Holdings PCL NVDR		28,827		54,533
				208,944
Consumer Discretionary — 0.8%
Central Retail NVDR .		46,394		51,197
Home Product Center NVDR		152,079		58,338
PTT Oil & Retail Business NVDR .		77,132		48,841
				158,376
Consumer Staples — 1.4%
Berli Jucker NVDR		32,246		29,018
CP ALL NVDR		152,156		239,868
				268,886
Energy — 1.1%
PTT Exploration & Production NVDR .		35,927		171,328
Thai Oil NVDR .		29,549		42,313
				213,641
Financials — 0.3%
Kasikornbank NVDR .		5,098		19,556

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

125


Schedule of Investments		October 31, 2022
Global X MSCI Next Emerging & Frontier ETF


	Shares			Value
COMMON STOCK — continued			��
Financials — continued
Krungthai Card NVDR		8,660		$	12,970
SCB X NVDR .		7,495			20,874
Srisawad NVDR .		5,640			6,076
					59,476
Health Care — 1.5%
Bangkok Dusit Medical Services NVDR .		267,373			207,238
Bumrungrad Hospital NVDR		15,373			91,689
					298,927
Industrials — 1.6%
Airports of Thailand NVDR ^*		111,050			215,914
Bangkok Expressway & Metro NVDR .		195,969			48,400
BTS Group Holdings PCL NVDR		202,607			44,184
					308,498
Materials — 0.2%
SCG Packaging NVDR .		33,103			45,228
Real Estate — 0.8%
Central Pattana NVDR .		52,053			94,026
Land & Houses NVDR		214,608			51,876
					145,902
Utilities — 1.5%
Electricity Generating		6,148			27,541
Electricity Generating NVDR .		900			4,032
Energy Absolute NVDR .		43,277			109,727
Global Power Synergy NVDR .		18,004			29,329
Gulf Energy Development NVDR		75,615			100,330
Ratch Group NVDR		27,714			29,855
					300,814
TOTAL THAILAND					2,008,692
TURKEY — 2.0%
Communication Services — 0.4%
Turkcell Iletisim Hizmetleri		52,320			72,112

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

126


Schedule of Investments		October 31, 2022
Global X MSCI Next Emerging & Frontier ETF


	Shares		Value
COMMON STOCK — continued
Consumer Staples — 0.7%
BIM Birlesik Magazalar .		19,251	$	138,668
Financials — 0.2%
Akbank Turk		44,987		35,355
Industrials — 0.2%
Aselsan Elektronik Sanayi Ve Ticaret .		29,803		51,619
Materials — 0.5%
Eregli Demir ve Celik Fabrikalari .		59,113		94,375
TOTAL TURKEY				392,129
UNITED ARAB EMIRATES — 7.1%
Communication Services — 2.0%
Emirates Telecommunications Group PJSC		56,795		398,936
Consumer Discretionary — 0.8%
Abu Dhabi National Oil for Distribution PJSC .		132,262		162,399
Financials — 3.3%
Abu Dhabi Commercial Bank PJSC		40,666		104,625
Abu Dhabi Islamic Bank PJSC		21,056		54,459
Dubai Islamic Bank PJSC		42,424		67,222
Emirates NBD Bank PJSC		27,695		99,906
First Abu Dhabi Bank PJSC		64,347		313,584
				639,796
Real Estate — 1.0%
Aldar Properties PJSC		163,205		191,951
TOTAL UNITED ARAB EMIRATES				1,393,082
VIETNAM — 6.4%
Consumer Staples — 1.8%
Masan Group		47,952		164,986
Saigon Beer Alcohol Beverage		50		373
Vietnam Dairy Products JSC		62,296		196,790
				362,149
Financials — 0.4%
Bank for Foreign Trade of Vietnam JSC		13,706		40,539

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

127


Schedule of Investments		October 31, 2022
Global X MSCI Next Emerging & Frontier ETF


	Shares		Value
COMMON STOCK — continued
Financials — continued
Ho Chi Minh City Development Joint Stock
Commercial Bank ^*		10	$	7
SSI Securities .		31,350		20,563
VNDirect Securities .		27,500		12,726
				73,835
Industrials — 0.4%
Thaiholdings JSC *		14,600		22,620
Vietjet Aviation JSC *		13,880		60,100
				82,720
Materials — 0.8%
Hoa Phat Group JSC		242,321		152,609
Real Estate — 3.0%
No Va Land Investment Group ^*		57,246		161,256
Vincom Retail JSC *		78,590		77,799
Vingroup JSC *		81,329		181,313
Vinhomes JSC		92,757		167,971
				588,339
TOTAL VIETNAM				1,259,652
TOTAL COMMON STOCK
(Cost $20,065,500)				19,489,784
TOTAL INVESTMENTS — 99.9%
(Cost $20,065,500)			$	19,489,784

Percentages are based on Net Assets of $19,518,934.

* Non-income producing security.

‡ Real Estate Investment Trust

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

128


Schedule of Investments		October 31, 2022
Global X MSCI Next Emerging & Frontier ETF

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

Investments in Securities

Level 1

Level 2

Level 3

Total

Common Stock

18,394,055

1,095,729

—

19,489,784

Total Investments in

Securities

18,394,055

1,095,729

—

19,489,784

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

See “Glossary” for abbreviations.

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

129


Schedule of Investments		October 31, 2022
Global X MSCI Norway ETF


	Shares		Value
COMMON STOCK — 99.8%
BRAZIL — 4.5%
Materials — 4.5%
Yara International		100,749	$	4,496,317
FAROE ISLANDS — 1.6%
Consumer Staples — 1.6%
Bakkafrost P/F		31,686		1,583,256
FRANCE — 1.3%
Communication Services — 1.3%
Adevinta, Cl B ^*		181,246		1,241,214
GABON — 0.2%
Energy — 0.2%
BW Energy ^*		57,323		145,005
NETHERLANDS — 0.1%
Industrials — 0.1%
Meltwater ^*		84,916		104,544

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

130


Schedule of Investments		October 31, 2022
Global X MSCI Norway ETF


	Shares		Value
COMMON STOCK — continued
NORWAY — 88.6%
Communication Services — 5.9%
Kahoot! ^*		165,417	$	352,731
Schibsted, Cl A .		46,083		709,627
Schibsted, Cl B .		61,360		910,646
Telenor		427,694		3,887,436
				5,860,440
Consumer Discretionary — 0.6%
Europris .		100,094		595,932
Consumer Staples — 10.3%
Austevoll Seafood		57,749		427,139
Grieg Seafood		32,209		223,053
Leroy Seafood Group .		187,748		863,180
Mowi .		275,465		4,108,057
Norway Royal Salmon ^*		7,673		97,417
Orkla		473,379		3,194,455
Salmar		36,970		1,252,383
				10,165,684
Energy — 32.9%
Aker BP .		199,173		6,348,647
Aker Solutions		155,306		594,524
BW Offshore .		55,649		141,734
DNO .		276,710		360,897
Equinor .		614,592		22,483,739
FLEX LNG .		18,760		582,819
Frontline		75,639		945,046
Odfjell Drilling ^*		58,741		153,677
TGS .		73,936		1,009,817
				32,620,900
Financials — 18.4%
DNB Bank		584,775		10,349,154
Gjensidige Forsikring		126,052		2,302,358
Protector Forsikring .		38,153		454,305
Sparebank 1 Nord Norge .		60,283		500,385
Sparebank 1 Oestlandet .		26,001		281,096
SpareBank 1 SMN .		81,830		883,087
SpareBank 1 SR-Bank		112,837		1,148,247

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

131


Schedule of Investments		October 31, 2022
Global X MSCI Norway ETF


	Shares		Value
COMMON STOCK — continued
Financials — continued
Storebrand		295,971	$	2,300,164
				18,218,796
Health Care — 0.2%
Nykode Therapeutics ^*		82,981		199,055
Industrials — 10.5%
Aker ASA, Cl A .		16,399		1,155,376
Aker Carbon Capture ^*		205,054		230,361
Aker Horizons Holding ^*		146,193		183,570
Bonheur .		13,186		374,774
Golden Ocean Group		82,110		674,454
Hexagon Composites ^*		73,911		169,905
Hexagon Purus Holding ^*		48,312		93,679
Kongsberg Gruppen .		56,356		2,019,674
MPC Container Ships		167,806		264,697
NEL ^*		920,571		1,124,942
Norwegian Air Shuttle ^*		401,516		321,387
Stolt-Nielsen		16,417		393,970
TOMRA Systems		149,268		2,412,270
Veidekke .		68,297		568,219
Wallenius Wilhelmsen, Cl B .		66,620		473,850
				10,461,128
Information Technology — 2.7%
Atea .		53,131		590,750
Crayon Group Holding ^*		43,866		363,481
LINK Mobility Group Holding ^*		111,878		87,054
Nordic Semiconductor ^*		109,350		1,545,037
Volue ^*		31,862		82,744
				2,669,066
Materials — 6.6%
BEWi ^*		29,722		140,365
Borregaard		59,872		805,062
Elkem .		199,946		665,022
Elopak		77,209		174,144
Norsk Hydro		752,995		4,778,621
				6,563,214

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

132


Schedule of Investments		October 31, 2022
Global X MSCI Norway ETF


	Shares		Value
COMMON STOCK — continued
Real Estate — 0.5%
Entra .		40,178	$	365,383
Selvaag Bolig .		28,439		92,044
				457,427
TOTAL NORWAY				87,811,642
SINGAPORE — 0.8%
Energy — 0.8%
BW LPG .		52,426		424,073
Hafnia .		72,851		375,577
TOTAL SINGAPORE				799,650
SOUTH AFRICA — 0.5%
Utilities — 0.5%
Scatec .		75,097		531,617
UNITED ARAB EMIRATES — 0.4%
Energy — 0.4%
Borr Drilling ^*		83,903		409,151
UNITED KINGDOM — 1.5%
Energy — 1.5%
Subsea 7		150,166		1,502,115
UNITED STATES — 0.3%
Information Technology — 0.3%
REC Silicon ^*		171,725		330,010
TOTAL COMMON STOCK
(Cost $124,718,261)				98,954,521
TOTAL INVESTMENTS — 99.8%
(Cost $124,718,261)			$	98,954,521

Percentages are based on Net Assets of $99,105,212.

* Non-income producing security.

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

133


Schedule of Investments		October 31, 2022
Global X MSCI Norway ETF

As of October 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.

See "Glossary" for abbreviations.

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

134


Schedule of Investments		October 31, 2022
Global X FTSE Southeast Asia ETF


	Shares		Value
COMMON STOCK — 99.9%
CHINA — 1.5%
Consumer Staples — 1.5%
Wilmar International .		210,682	$	577,660
INDONESIA — 24.2%
Communication Services — 3.4%
Telkom Indonesia Persero		4,651,742		1,309,258
Consumer Discretionary — 2.3%
Astra International .		2,025,512		863,578
Consumer Staples — 0.6%
Hanjaya Mandala Sampoerna		859,924		55,408
Unilever Indonesia .		569,437		169,398
				224,806
Financials — 17.9%
Bank Central Asia .		5,559,596		3,136,685
Bank Mandiri		1,853,281		1,253,541

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

135


Schedule of Investments		October 31, 2022
Global X FTSE Southeast Asia ETF


	Shares		Value
COMMON STOCK — continued
Financials — continued
Bank Negara Indonesia Persero		744,241	$	448,525
Bank Rakyat Indonesia Persero		6,516,898		1,942,848
				6,781,599
TOTAL INDONESIA				9,179,241
MALAYSIA — 13.5%
Financials — 9.0%
CIMB Group Holdings		665,954		777,510
Malayan Banking		711,779		1,293,185
Public Bank .		1,417,504		1,340,153
				3,410,848
Health Care — 0.7%
IHH Healthcare		208,852		262,832
Materials — 2.3%
Petronas Chemicals Group		283,233		522,376
Press Metal Aluminium Holdings		350,729		322,688
				845,064
Utilities — 1.5%
Tenaga Nasional		322,613		574,535
TOTAL MALAYSIA				5,093,279
PHILIPPINES — 4.5%
Financials — 1.1%
BDO Unibank		196,611		431,900
Industrials — 0.9%
Ayala		27,889		321,000
Real Estate — 2.5%
Ayala Land .		799,327		351,731
SM Prime Holdings		1,058,424		575,330
				927,061
Utilities — 0.0%
ACEN .		105,477		11,376
TOTAL PHILIPPINES				1,691,337

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

136


Schedule of Investments		October 31, 2022
Global X FTSE Southeast Asia ETF


	Shares		Value
COMMON STOCK — continued
SINGAPORE — 34.3%
Communication Services — 3.5%
Singapore Telecommunications		754,470	$	1,332,892
Financials — 26.3%
DBS Group Holdings .		181,619		4,389,350
Oversea-Chinese Banking		352,881		3,024,837
United Overseas Bank .		129,265		2,535,790
				9,949,977
Industrials — 1.3%
Singapore Airlines ^*		128,005		475,801
Real Estate — 3.2%
Capitaland Integrated Commercial Trust ^‡		507,858		674,704
Capitaland Investment		255,526		543,519
				1,218,223
TOTAL SINGAPORE				12,976,893
THAILAND — 21.9%
Communication Services — 1.5%
Advanced Info Service NVDR		112,000		562,060
Consumer Discretionary — 0.5%
PTT Oil & Retail Business		280,908		177,874
Consumer Staples — 2.5%
CP ALL NVDR		596,390		940,184
Energy — 5.3%
PTT NVDR .		1,427,031		1,349,793
PTT Exploration & Production NVDR .		138,215		659,118
				2,008,911
Financials — 2.8%
Kasikornbank NVDR ^(A)		152,099		583,459
SCB X NVDR .		168,628		469,642
				1,053,101

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

137


Schedule of Investments		October 31, 2022
Global X FTSE Southeast Asia ETF


	Shares		Value
COMMON STOCK — continued
Health Care — 1.8%
Bangkok Dusit Medical Services NVDR .		892,461	$	691,739
Industrials — 2.2%
Airports of Thailand NVDR ^*		429,811		835,681
Information Technology — 1.1%
Delta Electronics Thailand NVDR ^(A)		27,691		421,986
Materials — 1.6%
Siam Cement NVDR		72,307		615,540
Utilities — 2.6%
Energy Absolute		167,080		423,626
Gulf Energy Development NVDR		422,139		560,116
				983,742
TOTAL THAILAND				8,290,818
TOTAL COMMON STOCK
(Cost $39,837,422)				37,809,228
SHORT-TERM INVESTMENT^(B)(C)— 0.8%
Fidelity Investments Money Market
Government Portfolio, Cl Institutional,
2.910%
(Cost $284,390)		284,390		284,390
	Face Amount
REPURCHASE AGREEMENT^(B)— 1.0%
BNP Paribas
2.930%, dated 10/31/2022, to be repurchased
on 11/01/2022, repurchase price $395,166
(collateralized by U.S. Treasury Obligations,
ranging in par value $7,854 - $46,173,
2.500% - 2.750%, 03/31/2027 - 05/31/2029,
with a total market value of $402,558)
(Cost $395,134)	$	395,134		395,134
TOTAL INVESTMENTS — 101.7%
(Cost $40,516,946)			$	38,488,752

Percentages are based on Net Assets of $37,860,754.

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

138


Schedule of Investments		October 31, 2022
Global X FTSE Southeast Asia ETF

* Non-income producing security.

‡ Real Estate Investment Trust

(A) This security or a partial position of this security is on loan at October 31, 2022.

(B) Security was purchased with cash collateral held from securities on loan.

(C) The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2022.

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

Investments in Securities

Level 1

Level 2

Level 3

Total

Common Stock

36,117,891

1,691,337

—

37,809,228

Short-Term Investment

284,390

—

284,390

Repurchase Agreement

—

395,134

—

395,134

Total Investments in Securities

36,402,281

2,086,471

—

38,488,752

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

See “Glossary” for abbreviations.

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

139

October 31, 2022

Glossary: (abbreviations which may be used in the preceding Schedules of Investments)

Portfolio Abbreviations

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

JSC — Joint-Stock Company

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint-Stock Company

SDR — Swedish Depositary Receipt

140

Statements of Assets and Liabilities

October 31, 2022

	Global X MSCI China Energy ETF			Global X MSCI China Materials ETF			Global X MSCI China Industrials ETF			Global X MSCI China Consumer Discretionary ETF
Assets:
Cost of Investments	$	9,894,917		$	4,385,546		$	6,993,839		$	498,595,449
Cost of Repurchase Agreement		—			—			—			1,171,822
Cost of Foreign Currency		48,925			2,050			73			18,824
Investments, at Value	$	9,121,038		$	2,919,228		$	4,908,265		$	214,730,065	*
Repurchase Agreement, at Value		—			—			—			1,171,822
Cash		—			215			540			167,853
Foreign Currency, at Value		48,922			2,050			72			18,824
Unrealized Appreciation on Spot Contracts		1			—			—			5
Receivable for Investment Securities Sold		—			—			—			270,632
Dividend, Interest, and Securities Lending Income Receivable		—			—			11,424			12,652
Total Assets		9,169,961			2,921,493			4,920,301			216,371,853
Liabilities:
Obligation to Return Securities Lending Collateral		—			—			—			2,015,220
Payable due to Investment Adviser		5,407			1,769			2,926			141,082
Cash Overdraft		24,968			—			—			—
Custodian Fees Payable		19			8			152			—
Total Liabilities		30,394			1,777			3,078			2,156,302
Net Assets	$	9,139,567		$	2,919,716		$	4,917,223		$	214,215,551
Net Assets Consist of:
Paid-in Capital	$	10,950,251		$	7,256,883		$	12,241,682		$	646,267,350
Total Distributable Loss		(1,810,684	)		(4,337,167	)		(7,324,459	)		(432,051,799	)
Net Assets	$	9,139,567		$	2,919,716		$	4,917,223		$	214,215,551
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		670,000			199,971			450,000			14,720,000
Net Asset Value, Offering and Redemption Price Per Share	$	13.64		$	14.60		$	10.93		$	14.55
*Includes Market Value of Securities on Loan	$	—		$	—		$	—		$	1,904,028

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

141

Statements of Assets and Liabilities

October 31, 2022

	Global X MSCI China Consumer Staples ETF			Global X MSCI China Health Care ETF			Global X MSCI China Financials ETF			Global X MSCI China Information Technology ETF
Assets:
Cost of Investments	$	12,058,652		$	13,864,931		$	48,811,323		$	23,551,330
Cost of Foreign Currency		6,273			—			1,821			—
Investments, at Value	$	8,597,098		$	8,068,866		$	27,522,702		$	13,920,163
Cash		21,028			9,435			59,354			5,474
Foreign Currency, at Value		6,260			—			1,803			—
Dividend, Interest, and Securities Lending Income Receivable		1,239			2,436			—			1,586
Prepaid Expenses		—			—			—			16
Total Assets		8,625,625			8,080,737			27,583,859			13,927,239
Liabilities:
Payable due to Investment Adviser		6,923			4,541			16,601			7,628
Unrealized Depreciation on Spot Contracts		—			—			1			—
Custodian Fees Payable		82			27			74			—
Due to Broker		—			732			—			—
Total Liabilities		7,005			5,300			16,676			7,628
Net Assets	$	8,618,620		$	8,075,437		$	27,567,183		$	13,919,611
Net Assets Consist of:
Paid-in Capital	$	12,570,895		$	17,145,071		$	60,846,576		$	28,407,159
Total Distributable Loss		(3,952,275	)		(9,069,634	)		(33,279,393	)		(14,487,548	)
Net Assets	$	8,618,620		$	8,075,437		$	27,567,183		$	13,919,611
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		500,002			600,002			2,820,000			940,002
Net Asset Value, Offering and Redemption Price Per Share	$	17.24		$	13.46		$	9.78		$	14.81

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

142

Statements of Assets and Liabilities

October 31, 2022

	Global X MSCI China Communication Services ETF			Global X MSCI China Utilities ETF			Global X MSCI China Real Estate ETF^‡			Global X MSCI Greece ETF
Assets:
Cost of Investments	$	10,145,828		$	3,419,556		$	9,291,291		$	131,521,438
Cost of Repurchase Agreement		57,855			—			—			—
Cost of Foreign Currency		—			—			4,010			(1,455	)
Investments, at Value	$	4,954,924	*	$	2,514,019		$	4,613,174		$	106,893,601
Repurchase Agreement, at Value		57,855			—			—			—
Cash		11,731			—			—			—
Foreign Currency, at Value		—			—			4,007			—
Dividend, Interest, and Securities Lending Income Receivable		51			1,871			18,503			301,253
Unrealized Appreciation on Spot Contracts		—			—			—			16
Receivable for Investment Securities Sold		—			—			—			40,084
Prepaid Expenses		—			—			294			—
Due from Broker		—			—			—			1,614
Total Assets		5,024,561			2,515,890			4,635,978			107,236,568
Liabilities:
Obligation to Return Securities Lending Collateral		99,495			—			—			—
Payable due to Investment Adviser		3,150			1,500			3,069			47,146
Overdraft of Foreign Currency		—			—			—			1,822
Cash Overdraft		—			146,565			413,640			61,069
Due to Custodian		—			—			—			33,933
Custodian Fees Payable		—			48			—			12,535
Due to Broker		—			—			—			1,844
Total Liabilities		102,645			148,113			416,709			158,349
Net Assets	$	4,921,916		$	2,367,777		$	4,219,269		$	107,078,219
Net Assets Consist of:
Paid-in Capital	$	19,720,548		$	3,224,966		$	12,010,227		$	369,092,453
Total Distributable Loss		(14,798,632	)		(857,189	)		(7,790,958	)		(262,014,234	)
Net Assets	$	4,921,916		$	2,367,777		$	4,219,269		$	107,078,219
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		510,000			200,002			290,001			4,435,644
Net Asset Value, Offering and Redemption Price Per Share	$	9.65		$	11.84		$	14.55		$	24.14
*Includes Market Value of Securities on Loan	$	94,485		$	—		$	—		$	—

‡	The Outstanding Shares of Beneficial Interest and Net Asset Value, Offering and Redemption Price Per Share were updated to reflect the effect of a 1 for 3 reverse share split on December 19, 2022 (See Note 11 in the Notes to Financial Statements).

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

143

Statements of Assets and Liabilities

October 31, 2022

	Global X DAX Germany ETF			Global X MSCI Portugal ETF			Global X MSCI Colombia ETF			Global X MSCI Argentina ETF
Assets:
Cost of Investments	$	45,603,924		$	17,918,286		$	34,665,781		$	42,805,077
Cost of Repurchase Agreement		—			282,262			247,111			1,047,744
Cost of Foreign Currency		(6,110	)		158			—			15,294
Investments, at Value	$	39,307,262		$	15,325,114	*	$	21,021,946	*	$	27,927,098	*
Repurchase Agreement, at Value		—			282,262			247,111			1,047,744
Foreign Currency, at Value		—			160			—			15,157
Reclaim Receivable		147,270			203,552			—			—
Dividend, Interest, and Securities Lending Income Receivable		—			846			103,328			6,837
Total Assets		39,454,532			15,811,934			21,372,385			28,996,836
Liabilities:
Obligation to Return Securities Lending Collateral		—			485,415			424,964			1,801,840
Overdraft of Foreign Currency		6,042			—			—			—
Payable due to Investment Adviser		5,982			7,562			10,978			12,940
Cash Overdraft		96,667			171,166			77,986			251,744
Custodian Fees Payable		923			1,977			1,104			—
Due to Broker		6,050			—			—			—
Total Liabilities		115,664			666,120			515,032			2,066,524
Net Assets	$	39,338,868		$	15,145,814		$	20,857,353		$	26,930,312
Net Assets Consist of:
Paid-in Capital	$	50,028,708		$	37,057,066		$	128,583,138		$	72,551,363
Total Distributable Loss		(10,689,840	)		(21,911,252	)		(107,725,785	)		(45,621,051	)
Net Assets	$	39,338,868		$	15,145,814		$	20,857,353		$	26,930,312
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		1,730,000			1,620,000			1,059,699			864,975
Net Asset Value, Offering and Redemption Price Per Share	$	22.74		$	9.35		$	19.68		$	31.13
*Includes Market Value of Securities on Loan	$	—		$	464,655		$	398,970		$	1,771,835

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

144

Statements of Assets and Liabilities

October 31, 2022

	Global X MSCI Pakistan ETF			Global X MSCI Nigeria ETF			Global X MSCI Vietnam ETF
Assets:
Cost of Investments	$	24,489,755		$	47,517,270		$	4,314,590
Cost of Foreign Currency		—			2,224,402			3,588
Investments, at Value	$	14,701,292		$	41,773,937		$	2,886,143
Foreign Currency, at Value		—			2,122,645			3,583
Dividend, Interest, and Securities Lending Income Receivable		411,447			3,136			—
Unrealized Appreciation on Spot Contracts		323			—			2
Total Assets		15,113,062			43,899,718			2,889,728
Liabilities:
Payable for Investment Securities Purchased		63,571			—			—
Payable due to Investment Adviser		8,405			721,735			1,590
Cash Overdraft		680,350			4,910,533			100,869
Custodian Fees Payable		13,336			24,453			70
Total Liabilities		765,662			5,656,721			102,529
Net Assets	$	14,347,400		$	38,242,997		$	2,787,199
Net Assets Consist of:
Paid-in Capital	$	64,008,854		$	71,665,504		$	6,128,294
Total Distributable Loss		(49,661,454	)		(33,422,507	)		(3,341,095	)
Net Assets	$	14,347,400		$	38,242,997		$	2,787,199
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		872,293			2,962,135			190,000
Net Asset Value, Offering and Redemption Price Per Share	$	16.45		$	12.91		$	14.67

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

145

Statements of Assets and Liabilities

October 31, 2022

	Global X MSCI Next Emerging & Frontier ETF			Global X MSCI Norway ETF			Global X FTSE Southeast Asia ETF
Assets:
Cost of Investments	$	20,065,500		$	124,718,261		$	40,121,812
Cost of Repurchase Agreement		—			—			395,134
Cost of Foreign Currency		70,693			—			27,046
Investments, at Value	$	19,489,784		$	98,954,521		$	38,093,618	*
Repurchase Agreement, at Value		—			—			395,134
Cash		—			—			63,215
Foreign Currency, at Value		65,646			—			27,046
Dividend, Interest, and Securities Lending Income Receivable		20,397			86,964			6,910
Reclaim Receivable		3,665			148,358			—
Unrealized Appreciation on Spot Contracts		—			—			74
Total Assets		19,579,492			99,189,843			38,585,997
Liabilities:
Obligation to Return Securities Lending Collateral		—			—			679,524
Payable due to Investment Adviser		7,952			40,077			20,081
Unrealized Depreciation on Spot Contracts		4			—			—
Payable for Investment Securities Purchased		—			—			25,505
Cash Overdraft		40,667			43,942			—
Custodian Fees Payable		11,935			612			133
Total Liabilities		60,558			84,631			725,243
Net Assets	$	19,518,934		$	99,105,212		$	37,860,754
Net Assets Consist of:
Paid-in Capital	$	45,247,034		$	173,063,460		$	49,251,718
Total Distributable Loss		(25,728,100	)		(73,958,248	)		(11,390,964	)
Net Assets	$	19,518,934		$	99,105,212		$	37,860,754
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		1,080,000			4,056,111			2,700,000
Net Asset Value, Offering and Redemption Price Per Share	$	18.07		$	24.43		$	14.02
*Includes Market Value of Securities on Loan	$	—		$	—		$	643,778

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

146

Statements of Operations

For the year ended October 31, 2022

	Global X MSCI China Energy ETF			Global X MSCI China Materials ETF			Global X MSCI China Industrials ETF			Global X MSCI China Consumer Discretionary ETF
Investment Income:
Dividend Income	$	403,472		$	145,120		$	230,139		$	3,358,546
Interest Income		231			31			159			7,382
Security Lending Income		—			—			—			146,885
Less: Foreign Taxes Withheld		(38,490	)		(10,781	)		(10,284	)		(130,933	)
Total Investment Income		365,213			134,370			220,014			3,381,880
Supervision and Administration Fees⁽¹⁾		43,997			36,539			75,330			2,448,391
Custodian Fees⁽²⁾		864			206			397			949
Total Expenses		44,861			36,745			75,727			2,449,340
Net Investment Income		320,352			97,625			144,287			932,540
Net Realized Gain (Loss) on:
Investments⁽³⁾		1,383,476			(213,037	)		(3,253,368	)		(67,214,838	)
Foreign Currency Transactions		(2,293	)		(1,943	)		(14,264	)		576
Net Realized Gain (Loss)		1,381,183			(214,980	)		(3,267,632	)		(67,214,262	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(1,326,525	)		(2,138,143	)		(2,360,372	)		(207,659,019	)
Foreign Currency Translations		146			(29	)		(4	)		(116	)
Net Change in Unrealized Appreciation (Depreciation)		(1,326,379	)		(2,138,172	)		(2,360,376	)		(207,659,135	)
Net Realized and Unrealized Gain (Loss)		54,804			(2,353,152	)		(5,628,008	)		(274,873,397	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	375,156		$	(2,255,527	)	$	(5,483,721	)	$	(273,940,857	)

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

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

147

Statements of Operations

For the year ended October 31, 2022

	Global X MSCI China Consumer Staples ETF			Global X MSCI China Health Care ETF			Global X MSCI China Financials ETF			Global X MSCI China Information Technology ETF
Investment Income:
Dividend Income	$	374,649		$	128,057		$	2,377,605		$	263,943
Interest Income		—			—			454			—
Security Lending Income		—			—			—			2,977
Less: Foreign Taxes Withheld		(16,601	)		(7,325	)		(224,258	)		(8,277	)
Total Investment Income		358,048			120,732			2,153,801			258,643
Supervision and Administration Fees⁽¹⁾		98,056			76,875			400,660			145,532
Custodian Fees⁽²⁾		172			58			4,086			119
Total Expenses		98,228			76,933			404,746			145,651
Net Investment Income		259,820			43,799			1,749,055			112,992
Net Realized Gain (Loss) on:
Investments⁽³⁾		(641,357	)		(2,773,473	)		(12,940,280	)		(3,909,232	)
Foreign Currency Transactions		(3,571	)		(232	)		(11,283	)		154
Net Realized Gain (Loss)		(644,928	)		(2,773,705	)		(12,951,563	)		(3,909,078	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(5,093,366	)		(4,712,814	)		(11,700,389	)		(11,042,399	)
Foreign Currency Translations		(14	)		(2	)		(18	)		—
Net Change in Unrealized Appreciation (Depreciation)		(5,093,380	)		(4,712,816	)		(11,700,407	)		(11,042,399	)
Net Realized and Unrealized Gain (Loss)		(5,738,308	)		(7,486,521	)		(24,651,970	)		(14,951,477	)
Net Decrease in Net Assets Resulting from Operations	$	(5,478,488	)	$	(7,442,722	)	$	(22,902,915	)	$	(14,838,485	)

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

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

148

Statements of Operations

For the year ended October 31, 2022

	Global X MSCI China Communication Services ETF			Global X MSCI China Utilities ETF			Global X MSCI China Real Estate ETF			Global X MSCI Greece ETF
Investment Income:
Dividend Income	$	172,369		$	70,097		$	329,045		$	4,255,227
Interest Income		77			27			298			1,002
Security Lending Income		700			—			—			3,323
Less: Foreign Taxes Withheld		(8,262	)		(3,065	)		(11,234	)		(161,973	)
Total Investment Income		164,884			67,059			318,109			4,097,579
Supervision and Administration Fees⁽¹⁾		59,401			13,308			46,218			663,875
Custodian Fees⁽²⁾		56			147			885			20,267
Total Expenses		59,457			13,455			47,103			684,142
Net Investment Income		105,427			53,604			271,006			3,413,437
Net Realized Gain (Loss) on:
Investments⁽³⁾		(1,971,283	)		66,391			(3,013,888	)		4,378,476
Foreign Currency Transactions		(470	)		770			(474	)		(31,698	)
Net Realized Gain (Loss)		(1,971,753	)		67,161			(3,014,362	)		4,346,778
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(3,936,947	)		(1,309,979	)		(2,950,499	)		(24,625,079	)
Foreign Currency Translations		—			(1	)		(7	)		3,346
Net Change in Unrealized Appreciation (Depreciation)		(3,936,947	)		(1,309,980	)		(2,950,506	)		(24,621,733	)
Net Realized and Unrealized Gain (Loss)		(5,908,700	)		(1,242,819	)		(5,964,868	)		(20,274,955	)
Net Decrease in Net Assets Resulting from Operations	$	(5,803,273	)	$	(1,189,215	)	$	(5,693,862	)	$	(16,861,518	)

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

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

149

Statements of Operations

For the year ended October 31, 2022

	Global X DAX Germany ETF			Global X MSCI Portugal ETF			Global X MSCI Colombia ETF			Global X MSCI Argentina ETF
Investment Income:
Dividend Income	$	1,367,716		$	369,922		$	3,003,031		$	1,006,677
Interest Income		—			58			192			186
Security Lending Income		—			13,496			12,754			32,173
Reclaim Income		104,911			34,835			—			—
Less: Foreign Taxes Withheld		(237,150	)		(88,169	)		(158,740	)		(113,406	)
Total Investment Income		1,235,477			330,142			2,857,237			925,630
Supervision and Administration Fees⁽¹⁾		66,212			61,424			201,989			175,705
Custodian Fees⁽²⁾		3,377			6,831			4,541			289
Total Expenses		69,589			68,255			206,530			175,994
Net Investment Income		1,165,888			261,887			2,650,707			749,636
Net Realized Gain (Loss) on:
Investments⁽³⁾		1,218,901			(3,341,560	)		(2,997,111	)		(5,418,378	)
Foreign Currency Transactions		(7,240	)		(1,001	)		(53,506	)		(17,155	)
Net Realized Gain (Loss)		1,211,661			(3,342,561	)		(3,050,617	)		(5,435,533	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(11,857,413	)		144,598			(9,362,425	)		2,074,605
Foreign Currency Translations		(16,806	)		(31,302	)		(3,734	)		(140	)
Net Change in Unrealized Appreciation (Depreciation)		(11,874,219	)		113,296			(9,366,159	)		2,074,465
Net Realized and Unrealized Gain (Loss)		(10,662,558	)		(3,229,265	)		(12,416,776	)		(3,361,068	)
Net Decrease in Net Assets Resulting from Operations	$	(9,496,670	)	$	(2,967,378	)	$	(9,766,069	)	$	(2,611,432	)

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

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

150

Statements of Operations

For the year ended October 31, 2022

	Global X MSCI Pakistan ETF			Global X MSCI Nigeria ETF			Global X MSCI Vietnam ETF⁽¹⁾
Investment Income:
Dividend Income	$	1,789,794		$	3,208,610		$	85,679
Interest Income		183			5,944			6
Less: Foreign Taxes Withheld		(251,658	)		(246,289	)		—
Total Investment Income		1,538,319			2,968,265			85,685
Supervision and Administration Fees⁽²⁾		123,776			297,850			26,577
Custodian Fees⁽³⁾		21,734			63,584			221
Total Expenses		145,510			361,434			26,798
Net Investment Income		1,392,809			2,606,831			58,887
Net Realized Gain (Loss) on:
Investments⁽⁴⁾		(2,485,741	)		(76,151	)		(1,926,234	)
Forward Foreign Currency Contracts		—			(263,677	)		—
Foreign Currency Transactions		(159,044	)		(521,981	)		(29,321	)
Net Realized Gain (Loss)		(2,644,785	)		(861,809	)		(1,955,555	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(5,842,735	)		(8,047,464	)		(1,428,447	)
Foreign Currency Translations		(6,754	)		119,227			(3	)
Net Change in Unrealized Appreciation (Depreciation)		(5,849,489	)		(7,928,237	)		(1,428,450	)
Net Realized and Unrealized Gain (Loss)		(8,494,274	)		(8,790,046	)		(3,384,005	)
Net Decrease in Net Assets Resulting from Operations	$	(7,101,465	)	$	(6,183,215	)	$	(3,325,118	)

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

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

151

Statements of Operations

For the year ended October 31, 2022

	Global X MSCI Next Emerging & Frontier ETF			Global X MSCI Norway ETF			Global X FTSE Southeast Asia ETF
Investment Income:
Dividend Income	$	689,383		$	4,983,806		$	1,347,927
Interest Income		71			691			224
Security Lending Income		—			—			757
Reclaim Income		—			391,131			—
Less: Foreign Taxes Withheld		(62,631	)		(1,106,435	)		(81,749	)
Total Investment Income		626,823			4,269,193			1,267,159
Supervision and Administration Fees⁽¹⁾		101,497			506,046			248,178
Custodian Fees⁽²⁾		11,781			2,639			674
Total Expenses		113,278			508,685			248,852
Net Investment Income		513,545			3,760,508			1,018,307
Net Realized Gain (Loss) on:
Investments⁽³⁾		(394,701	)		(1,871,952	)		(919,791	)
Foreign Currency Transactions		(18,226	)		(68,855	)		(17,166	)
Net Realized Gain (Loss)		(412,927	)		(1,940,807	)		(936,957	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(2,633,571	)		(29,657,682	)		(2,036,328	)
Foreign Currency Translations		(2,281	)		(16,043	)		(111	)
Net Change in Unrealized Appreciation (Depreciation)		(2,635,852	)		(29,673,725	)		(2,036,439	)
Net Realized and Unrealized Gain (Loss)		(3,048,779	)		(31,614,532	)		(2,973,396	)
Net Decrease in Net Assets Resulting from Operations	$	(2,535,234	)	$	(27,854,024	)	$	(1,955,089	)

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

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

152

Statements of Changes in Net Assets

	Global X MSCI China Energy ETF						Global X MSCI China Materials ETF
	Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021
Operations:
Net Investment Income	$	320,352		$	134,694		$	97,625		$	79,985
Net Realized Gain (Loss)		1,381,183			(92,471	)		(214,980	)		(23,187	)
Net Change in Unrealized Appreciation (Depreciation)		(1,326,379	)		1,094,639			(2,138,172	)		587,544
Net Increase (Decrease) in Net Assets Resulting from Operations		375,156			1,136,862			(2,255,527	)		644,342
Distributions		(152,497	)		(61,017	)		(95,929	)		(85,767	)
Capital Share Transactions:
Issued		16,176,723			2,018,561			7,850,722			4,181,106
Redeemed		(11,911,829	)		—			(9,137,160	)		—
Increase (Decrease) in Net Assets from Capital Share Transactions		4,264,894			2,018,561			(1,286,438	)		4,181,106
Total Increase (Decrease) in Net Assets		4,487,553			3,094,406			(3,637,894	)		4,739,681
Net Assets:
Beginning of Year		4,652,014			1,557,608			6,557,610			1,817,929
End of Year	$	9,139,567		$	4,652,014		$	2,919,716		$	6,557,610
Share Transactions:
Issued		1,200,000			190,000			320,000			160,000
Redeemed		(920,000	)		—			(380,000	)		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		280,000			190,000			(60,000	)		160,000

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

153

Statements of Changes in Net Assets

	Global X MSCI China Industrials ETF						Global X MSCI China Consumer Discretionary ETF
	Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021
Operations:
Net Investment Income (Loss)	$	144,287		$	39,484		$	932,540		$	(33,596	)
Net Realized Gain (Loss)		(3,267,632	)		110,632			(67,214,262	)		96,720,744
Net Change in Unrealized Appreciation (Depreciation)		(2,360,376	)		506,026			(207,659,135	)		(172,971,644	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(5,483,721	)		656,142			(273,940,857	)		(76,284,496	)
Distributions		(68,060	)		(44,984	)		(925,757	)		(380,749	)
Capital Share Transactions:
Issued		28,588,729			2,517,246			73,113,390			588,818,607
Redeemed		(21,277,458	)		(1,984,822	)		(233,534,253	)		(255,768,042	)
Increase (Decrease) in Net Assets from Capital Share Transactions		7,311,271			532,424			(160,420,863	)		333,050,565
Total Increase (Decrease) in Net Assets		1,759,490			1,143,582			(435,287,477	)		256,385,320
Net Assets:
Beginning of Year		3,157,733			2,014,151			649,503,028			393,117,708
End of Year	$	4,917,223		$	3,157,733		$	214,215,551		$	649,503,028
Share Transactions:
Issued		1,720,000			160,000			3,150,000			16,210,000
Redeemed		(1,460,000	)		(120,000	)		(10,120,000	)		(7,870,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		260,000			40,000			(6,970,000	)		8,340,000

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

154

Statements of Changes in Net Assets

	Global X MSCI China Consumer Staples ETF						Global X MSCI China Health Care ETF
	Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021
Operations:
Net Investment Income (Loss)	$	259,820		$	167,186		$	43,799		$	(8,868	)
Net Realized Gain (Loss)		(644,928	)		878,489			(2,773,705	)		1,644,823
Net Change in Unrealized Appreciation (Depreciation)		(5,093,380	)		(986,348	)		(4,712,816	)		(2,513,462	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(5,478,488	)		59,327			(7,442,722	)		(877,507	)
Distributions		(707,626	)		(165,719	)		(16,856	)		(7,709	)
Capital Share Transactions:
Issued		14,177,959			3,451,698			2,063,554			14,751,520
Redeemed		(14,947,194	)		(5,194,967	)		(3,148,309	)		(7,902,991	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(769,235	)		(1,743,269	)		(1,084,755	)		6,848,529
Total Increase (Decrease) in Net Assets		(6,955,349	)		(1,849,661	)		(8,544,333	)		5,963,313
Net Assets:
Beginning of Year		15,573,969			17,423,630			16,619,770			10,656,457
End of Year	$	8,618,620		$	15,573,969		$	8,075,437		$	16,619,770
Share Transactions:
Issued		630,000			100,000			110,000			500,000
Redeemed		(660,000	)		(170,000	)		(180,000	)		(280,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(30,000	)		(70,000	)		(70,000	)		220,000

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

155

Statements of Changes in Net Assets

	Global X MSCI China Financials ETF						Global X MSCI China Information Technology ETF
	Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021
Operations:
Net Investment Income	$	1,749,055		$	2,318,915		$	112,992		$	132,770
Net Realized Gain (Loss)		(12,951,563	)		503,715			(3,909,078	)		787,182
Net Change in Unrealized Appreciation (Depreciation)		(11,700,407	)		(1,299,229	)		(11,042,399	)		(1,700,916	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(22,902,915	)		1,523,401			(14,838,485	)		(780,964	)
Distributions		(1,762,014	)		(1,869,196	)		(754,839	)		(266,120	)
Capital Share Transactions:
Issued		78,469,847			27,548,622			4,888,873			16,904,921
Redeemed		(74,994,024	)		(26,173,070	)		(6,189,174	)		(5,876,490	)
Increase (Decrease) in Net Assets from Capital Share Transactions		3,475,823			1,375,552			(1,300,301	)		11,028,431
Total Increase (Decrease) in Net Assets		(21,189,106	)		1,029,757			(16,893,625	)		9,981,347
Net Assets:
Beginning of Year		48,756,289			47,726,532			30,813,236			20,831,889
End of Year	$	27,567,183		$	48,756,289		$	13,919,611		$	30,813,236
Share Transactions:
Issued		5,340,000			1,720,000			170,000			500,000
Redeemed		(5,900,000	)		(1,690,000	)		(290,000	)		(190,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(560,000	)		30,000			(120,000	)		310,000

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

156

Statements of Changes in Net Assets

	Global X MSCI China Communication Services ETF						Global X MSCI China Utilities ETF
	Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021
Operations:
Net Investment Income	$	105,427		$	34,943		$	53,604		$	69,303
Net Realized Gain (Loss)		(1,971,753	)		(1,732,970	)		67,161			70,662
Net Change in Unrealized Appreciation (Depreciation)		(3,936,947	)		(1,335,467	)		(1,309,980	)		505,954
Net Increase (Decrease) in Net Assets Resulting from Operations		(5,803,273	)		(3,033,494	)		(1,189,215	)		645,919
Distributions		(91,893	)		(201,302	)		(80,857	)		(63,139	)
Return of Capital		—			(30,513	)		—			—
Capital Share Transactions:
Issued		—			—			1,868,732			—
Redeemed		(1,520,074	)		(1,381,816	)		(183,465	)		—
Increase (Decrease) in Net Assets from Capital Share Transactions		(1,520,074	)		(1,381,816	)		1,685,267			—
Total Increase (Decrease) in Net Assets		(7,415,240	)		(4,647,125	)		415,195			582,780
Net Assets:
Beginning of Year		12,337,156			16,984,281			1,952,582			1,369,802
End of Year	$	4,921,916		$	12,337,156		$	2,367,777		$	1,952,582
Share Transactions:
Issued		—			—			110,000			—
Redeemed		(90,000	)		(50,000	)		(10,000	)		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(90,000	)		(50,000	)		100,000			—

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

157

Statements of Changes in Net Assets

	Global X MSCI China Real Estate ETF^‡						Global X MSCI Greece ETF
	Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021
Operations:
Net Investment Income	$	271,006		$	216,343		$	3,413,437		$	2,748,557
Net Realized Gain (Loss)		(3,014,362	)		(344,770	)		4,346,778			(22,332,006	)
Net Change in Unrealized Appreciation (Depreciation)		(2,950,506	)		(935,733	)		(24,621,733	)		85,495,557
Net Increase (Decrease) in Net Assets Resulting from Operations		(5,693,862	)		(1,064,160	)		(16,861,518	)		65,912,108
Distributions		(205,698	)		(311,838	)		(2,877,578	)		(3,402,946	)
Capital Share Transactions:
Issued		8,122,602			626,443			11,142,137			10,058,149
Redeemed		(2,408,522	)		(2,126,313	)		(36,152,985	)		(29,754,751	)
Increase (Decrease) in Net Assets from Capital Share Transactions		5,714,080			(1,499,870	)		(25,010,848	)		(19,696,602	)
Total Increase (Decrease) in Net Assets		(185,480	)		(2,875,868	)		(44,749,944	)		42,812,560
Net Assets:
Beginning of Year		4,404,749			7,280,617			151,828,163			109,015,603
End of Year	$	4,219,269		$	4,404,749		$	107,078,219		$	151,828,163
Share Transactions:
Issued		270,000			16,667			400,000			410,000
Redeemed		(103,333	)		(43,333	)		(1,390,000	)		(1,150,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		166,667			(26,666	)		(990,000	)		(740,000	)

‡	Share transactions have been adjusted to reflect the effect of a 1 for 3 reverse share split on December 19, 2022 (See Note 11 in the Notes to Financial Statements).

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

158

Statements of Changes in Net Assets

	Global X DAX Germany ETF						Global X MSCI Portugal ETF
	Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021
Operations:
Net Investment Income	$	1,165,888		$	729,263		$	261,887		$	499,075
Net Realized Gain (Loss)		1,211,661			(1,315,725	)		(3,342,561	)		(1,224,498	)
Net Change in Unrealized Appreciation (Depreciation)		(11,874,219	)		9,284,357			113,296			5,936,190
Net Increase (Decrease) in Net Assets Resulting from Operations		(9,496,670	)		8,697,895			(2,967,378	)		5,210,767
Distributions		(1,178,656	)		(1,062,843	)		(300,309	)		(509,812	)
Capital Share Transactions:
Issued		21,895,926			12,449,491			12,259,897			—
Redeemed		(15,914,235	)		—			(4,851,384	)		(6,865,055	)
Increase (Decrease) in Net Assets from Capital Share Transactions		5,981,691			12,449,491			7,408,513			(6,865,055	)
Total Increase (Decrease) in Net Assets		(4,693,635	)		20,084,543			4,140,826			(2,164,100	)
Net Assets:
Beginning of Year		44,032,503			23,947,960			11,004,988			13,169,088
End of Year	$	39,338,868		$	44,032,503		$	15,145,814		$	11,004,988
Share Transactions:
Issued		960,000			390,000			1,190,000			—
Redeemed		(570,000	)		—			(510,000	)		(610,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		390,000			390,000			680,000			(610,000	)

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

159

Statements of Changes in Net Assets

	Global X MSCI Colombia ETF						Global X MSCI Argentina ETF
	Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021
Operations:
Net Investment Income	$	2,650,707		$	908,881		$	749,636		$	367,527
Net Realized Gain (Loss)		(3,050,617	)		(2,294,198	)		(5,435,533	)		5,051,501
Net Change in Unrealized Appreciation (Depreciation)		(9,366,159	)		13,372,523			2,074,465			8,391,450
Net Increase (Decrease) in Net Assets Resulting from Operations		(9,766,069	)		11,987,206			(2,611,432	)		13,810,478
Distributions		(2,097,252	)		(1,240,682	)		(647,649	)		(163,672	)
Capital Share Transactions:
Issued		5,767,466			—			2,904,673			7,640,472
Redeemed		(14,877,594	)		(3,096,228	)		(7,525,318	)		(24,897,995	)
Decrease in Net Assets from Capital Share Transactions		(9,110,128	)		(3,096,228	)		(4,620,645	)		(17,257,523	)
Total Increase (Decrease) in Net Assets		(20,973,449	)		7,650,296			(7,879,726	)		(3,610,717	)
Net Assets:
Beginning of Year		41,830,802			34,180,506			34,810,038			38,420,755
End of Year	$	20,857,353		$	41,830,802		$	26,930,312		$	34,810,038
Share Transactions:
Issued		200,000			—			80,000			250,000
Redeemed		(500,000	)		(110,000	)		(270,000	)		(820,000	)
Net Decrease in Shares Outstanding from Share Transactions		(300,000	)		(110,000	)		(190,000	)		(570,000	)

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

160

Statements of Changes in Net Assets

	Global X MSCI Pakistan ETF						Global X MSCI Nigeria ETF
	Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2022			Year Ended October 31, 2021
Operations:
Net Investment Income	$	1,392,809		$	2,127,510		$	2,606,831		$	2,165,472
Net Realized Gain (Loss)		(2,644,785	)		1,227,822			(861,809	)		149,837
Net Change in Unrealized Appreciation (Depreciation)		(5,849,489	)		(2,514,010	)		(7,928,237	)		4,351,171
Net Increase (Decrease) in Net Assets Resulting from Operations		(7,101,465	)		841,322			(6,183,215	)		6,666,480
Distributions		(1,339,067	)		(1,563,198	)		(2,165,774	)		(2,273,637	)
Capital Share Transactions:
Issued		—			7,796,942			—			—
Redeemed		(1,179,537	)		(17,662,995	)		—			—
Decrease in Net Assets from Capital Share Transactions		(1,179,537	)		(9,866,053	)		—			—
Total Increase (Decrease) in Net Assets		(9,620,069	)		(10,587,929	)		(8,348,989	)		4,392,843
Net Assets:
Beginning of Year		23,967,469			34,555,398			46,591,986			42,199,143
End of Year	$	14,347,400		$	23,967,469		$	38,242,997		$	46,591,986
Share Transactions:
Issued		—			250,000			—			—
Redeemed		(50,000	)		(590,000	)		—			—
Net Decrease in Shares Outstanding from Share Transactions		(50,000	)		(340,000	)		—			—

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

161

Statements of Changes in Net Assets

	Global X MSCI Vietnam ETF			Global X MSCI Next Emerging & Frontier ETF
	Period Ended October 31, 2022⁽¹⁾			Year Ended October 31, 2022			Year Ended October 31, 2021
Operations:
Net Investment Income	$	58,887		$	513,545		$	438,105
Net Realized Gain (Loss)		(1,955,555	)		(412,927	)		270,765
Net Change in Unrealized Appreciation (Depreciation)		(1,428,450	)		(2,635,852	)		3,879,134
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,325,118	)		(2,535,234	)		4,588,004
Distributions		(15,977	)		(507,163	)		(448,516	)
Capital Share Transactions:
Issued		10,227,557			933,599			3,497,177
Redeemed		(4,099,263	)		—			—
Increase in Net Assets from Capital Share Transactions		6,128,294			933,599			3,497,177
Total Increase (Decrease) in Net Assets		2,787,199			(2,108,798	)		7,636,665
Net Assets:
Beginning of Year/Period		—			21,627,732			13,991,067
End of Year/Period	$	2,787,199		$	19,518,934		$	21,627,732
Share Transactions:
Issued		410,000			50,000			180,000
Redeemed		(220,000	)		—			—
Net Increase in Shares Outstanding from Share Transactions		190,000			50,000			180,000

(1)	The Fund commenced operations on December 7, 2021.

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

162

Statements of Changes in Net Assets

	Global X MSCI Norway ETF						Global X FTSE Southeast Asia ETF
	Year Ended October 31, 2022			Year Ended October 31, 2021^‡			Year Ended October 31, 2022			Year Ended October 31, 2021
Operations:
Net Investment Income	$	3,760,508		$	1,350,068		$	1,018,307		$	1,396,343
Net Realized Gain (Loss)		(1,940,807	)		94,788			(936,957	)		(553,468	)
Net Change in Unrealized Appreciation (Depreciation)		(29,673,725	)		18,083,257			(2,036,439	)		6,420,014
Net Increase (Decrease) in Net Assets Resulting from Operations		(27,854,024	)		19,528,113			(1,955,089	)		7,262,889
Distributions		(2,606,650	)		(1,549,127	)		(1,542,635	)		(630,414	)
Return of Capital		—			(28,009	)		—			—
Capital Share Transactions:
Issued		57,122,800			19,132,549			10,665,350			13,865,571
Redeemed		(31,492,167	)		(9,932,744	)		(5,083,072	)		(5,703,002	)
Merger		—			43,214,538			—			—
Increase in Net Assets from Capital Share Transactions		25,630,633			52,414,343			5,582,278			8,162,569
Total Increase (Decrease) in Net Assets		(4,830,041	)		70,365,320			2,084,554			14,795,044
Net Assets:
Beginning of Year		103,935,253			33,569,933			35,776,200			20,981,156
End of Year	$	99,105,212		$	103,935,253		$	37,860,754		$	35,776,200
Share Transactions:
Issued		1,900,000			605,315			700,000			970,000
Redeemed		(1,090,860	)		(376,536	)		(370,000	)		(400,000	)
Merger⁽¹⁾		—			1,350,000			—			—
Net Increase in Shares Outstanding from Share Transactions		809,140			1,578,779			330,000			570,000

‡

On October 29, 2021, the Global X MSCI Norway ETF (the “Acquired Fund”) was reorganized into the Global X FTSE Nordic Region ETF (the “Acquiring Fund”), each a separate series of the Trust (together, the “Combined Fund”) and the Combined Fund was renamed the Global X MSCI Norway ETF. As a result of the Reorganization as of the close of business on October 29, 2021, the Combined Fund assumed the performance and accounting history of the Acquired Fund. Accordingly, the financial information for the Combined Fund for periods prior to the date of the Reorganization represent the performance of the Acquired Fund (See Note 10 in Notes to Financial Statements).

(1)

See Note 10 in Notes to Financial Statements

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

163

Page intentionally left blank.

164

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 ($)			Distribution from Capital Gains ($)		Return of Capital ($)
Global X MSCI China Energy ETF
2022		11.93		0.65		1.34			1.99			(0.28	)		—		—
2021		7.79		0.48		3.93			4.41			(0.27	)		—		—
2020		10.43		0.44		(2.66	)		(2.22	)		(0.42	)		—		—
2019		11.82		0.30		(1.12	)		(0.82	)		(0.57	)		—		—
2018		11.69		0.49		0.05			0.54			(0.41	)		—		—
Global X MSCI China Materials ETF
2022		25.22		0.38		(10.60	)		(10.22	)		(0.40	)		—		—
2021		18.18		0.43		7.12			7.55			(0.51	)		—		—
2020		14.50		0.32		3.93			4.25			(0.57	)		—		—
2019		15.97		0.52		(0.99	)		(0.47	)		(1.00	)		—		—
2018		21.59		0.46		(5.84	)		(5.38	)		(0.24	)		—		—
Global X MSCI China Industrials ETF
2022		16.62		0.19		(5.75	)		(5.56	)		(0.13	)		—		—
2021		13.43		0.21		3.27			3.48			(0.29	)		—		—
2020		12.92		0.23		0.49			0.72			(0.21	)		—		—
2019		13.59		0.27		(0.49	)		(0.22	)		(0.45	)		—		—
2018		16.06		0.29		(2.41	)		(2.12	)		(0.35	)		—		—

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

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

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

165

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)		Ratio of Net Investment Income to Average Net Assets (%)		Portfolio Turnover (%)††
	(0.28	)		13.64		16.86			9,140		0.66		4.73		106.55
	(0.27	)		11.93		57.88			4,652		0.67		4.74		51.48
	(0.42	)		7.79		(22.05	)		1,558		0.66		5.02		34.18
	(0.57	)		10.43		(7.04	)		1,564		0.66		2.67		109.41
	(0.41	)		11.82		4.77			2,955		0.65		4.00		14.60

	(0.40	)		14.60		(41.03	)		2,920		0.65		1.74		101.99
	(0.51	)		25.22		41.80			6,558		0.66		1.70		26.64
	(0.57	)		18.18		29.88			1,818		0.66		1.95		36.02
	(1.00	)		14.50		(3.13	)		2,175		0.66		3.30		65.67
	(0.24	)		15.97		(25.20	)		2,395		0.66		2.27		26.95

	(0.13	)		10.93		(33.68	)		4,917		0.65		1.25		105.23
	(0.29	)		16.62		26.08			3,158		0.66		1.28		66.09
	(0.21	)		13.43		5.57			2,014		0.66		1.71		19.54
	(0.45	)		12.92		(1.66	)		1,938		0.66		1.99		80.17
	(0.35	)		13.59		(13.44	)		2,038		0.66		1.92		18.28

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

166

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 ($)			Distribution from Capital Gains ($)			Return of Capital ($)
Global X MSCI China Consumer Discretionary ETF
2022		29.94		0.06			(15.39	)		(15.33	)		(0.06	)		—			—
2021		29.45		—		0.51		^		0.51			(0.02	)		—			—
2020		17.68		0.04			11.89			11.93			(0.16	)		—			—
2019		13.57		0.16			4.35			4.51			(0.40	)		—			—
2018		17.44		0.20			(3.95	)		(3.75	)		(0.12	)		—			—
Global X MSCI China Consumer Staples ETF
2022		29.38		0.42			(11.23	)		(10.81	)		(0.30	)		(1.03	)		—
2021		29.04		0.26		0.34		^		0.60			(0.21	)		(0.05	)		—
2020		21.08		0.31			8.41			8.72			(0.25	)		(0.51	)		—
2019⁽¹⁾		15.00		0.28			5.93			6.21			(0.13	)		—			—
Global X MSCI China Health Care ETF
2022		24.81		0.07			(11.40	)		(11.33	)		(0.02	)		—			—
2021		23.68		(0.01	)	1.16		^		1.15			(0.02	)		—			—
2020		17.70		0.03			6.06			6.09			(0.04	)		(0.07	)		—
2019⁽¹⁾		15.00		0.09			2.64			2.73			(0.03	)		—			—

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
^	The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
(1)	The Fund commenced operations on December 7, 2018.

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

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

167

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
	(0.06	)		14.55		(51.28	)		214,216		0.65			0.25			22.64
	(0.02	)		29.94		1.73			649,503		0.65			—			34.56
	(0.16	)		29.45		67.98			393,118		0.65			0.21			32.56
	(0.40	)		17.68		34.20			156,486		0.65			1.03			83.41
	(0.12	)		13.57		(21.70	)		120,102		0.65			1.11			17.92

	(1.33	)		17.24		(38.53	)		8,619		0.65			1.72			65.46
	(0.26	)		29.38		1.97			15,574		0.65			0.82			35.56
	(0.76	)		29.04		42.48			17,424		0.65			1.21			44.54
	(0.13	)		21.08		41.48			2,109		0.67	†		1.66	†		29.25

	(0.02	)		13.46		(45.67	)		8,075		0.65			0.37			20.49
	(0.02	)		24.81		4.84			16,620		0.65			(0.05	)		29.41
	(0.11	)		23.68		34.62			10,656		0.65			0.16			31.60
	(0.03	)		17.70		18.22			2,655		0.66	†		0.60	†		12.20

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

168

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 ($)			Distribution from Capital Gains ($)			Return of Capital ($)
Global X MSCI China Financials ETF
2022		14.42		0.39		(4.62	)		(4.23	)		(0.41	)		—			—
2021		14.25		0.62	0.07		^		0.69			(0.52	)		—			—
2020		15.83		0.41		(1.50	)		(1.09	)		(0.49	)		—			—
2019		15.39		0.67		0.65			1.32			(0.88	)		—			—
2018		17.63		0.48		(2.38	)		(1.90	)		(0.34	)		—			—
Global X MSCI China Information Technology ETF
2022		29.07		0.11		(13.73	)		(13.62	)		(0.09	)		(0.55	)		—
2021		27.78		0.12	1.46		^		1.58			(0.12	)		(0.17	)		—
2020		17.92		0.09		10.03			10.12			(0.10	)		(0.16	)		—
2019⁽¹⁾		15.00		0.19		2.81			3.00			(0.08	)		—			—
Global X MSCI China Communication Services ETF
2022		20.56		0.19		(10.92	)		(10.73	)		(0.18	)		—			—
2021		26.13		0.06		(5.27	)		(5.21	)		(0.31	)		—			(0.05	)
2020		22.18		0.16		3.96			4.12			(0.17	)		—			—
2019		22.40		0.09		(0.21	)		(0.12	)		(0.10	)		—			—
2018		29.24		0.07		(6.23	)		(6.16	)		(0.68	)		—			—

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
^	The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
(1)	The Fund commenced operations on December 7, 2018.

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

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

169

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)			Portfolio Turnover (%)††
	(0.41	)		9.78		(30.18	)		27,567		0.66			2.84			37.97
	(0.52	)		14.42		4.65			48,756		0.65			4.00			21.42
	(0.49	)		14.25		(7.24	)		47,727		0.65			2.72			21.72
	(0.88	)		15.83		8.95			60,160		0.66			4.11			54.17
	(0.34	)		15.39		(11.04	)		30,784		0.66			2.67			15.09

	(0.64	)		14.81		(47.82	)		13,920		0.65			0.50			32.20
	(0.29	)		29.07		5.58			30,813		0.65			0.39			52.48
	(0.26	)		27.78		57.01			20,832		0.65			0.37			29.01
	(0.08	)		17.92		20.06			1,792		0.66	†		1.29	†		36.75

	(0.18	)		9.65		(52.56	)		4,922		0.65			1.15			30.28
	(0.36	)		20.56		(20.27	)		12,337		0.65			0.22			65.54
	(0.17	)		26.13		18.61			16,984		0.65			0.67			27.78
	(0.10	)		22.18		(0.54	)		21,071		0.66			0.39			114.67
	(0.68	)		22.40		(21.70	)		24,645		0.65			0.24			33.79

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

170

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 ($)			Distribution from Capital Gains ($)			Return of Capital ($)
Global X MSCI China Utilities ETF
2022		19.53		0.43		(7.22	)		(6.79	)		(0.45	)		(0.45	)		—
2021		13.70		0.69		5.77			6.46			(0.63	)		—			—
2020		15.81		0.39		(2.09	)		(1.70	)		(0.35	)		(0.06	)		—
2019⁽¹⁾		15.00		0.33		0.60			0.93			(0.12	)		—			—
Global X MSCI China Real Estate ETF
2022⁽²⁾		35.70		1.05		(21.23	)		(20.18	)		(0.97	)		—			—
2021⁽²⁾		48.54		1.77		(12.27	)		(10.50	)		(2.34	)		—			—
2020⁽²⁾		51.69		2.43		(3.51	)		(1.08	)		(2.07	)		—			—
2019⁽¹⁾⁽²⁾		45.00		2.01		5.46			7.47			(0.78	)		—			—
Global X MSCI Greece ETF
2022		27.98		0.73		(3.94	)		(3.21	)		(0.63	)		—			—
2021		17.68		0.47		10.36			10.83			(0.53	)		—			—
2020⁽³⁾		29.91		0.66		(12.20	)		(11.54	)		(0.69	)		—			—
2019⁽³⁾		23.04		0.63		6.87			7.50			(0.63	)		—			—
2018⁽³⁾		27.90		0.57		(4.77	)		(4.20	)		(0.66	)		—			—

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1)	The Fund commenced operations on December 7, 2018.
(2)	Per share amounts have been adjusted for a 1 for 3 reverse share split on December 19, 2022 (See Note 11 in the Notes to Financial Statements.
(3)	Per share amounts have been adjusted for a 1 for 3 reverse share split on April 28, 2020. (See Note 9 in the 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.

171

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)			Portfolio Turnover (%)††
	(0.90	)		11.84		(36.59	)		2,368		0.66			2.62			38.78
	(0.63	)		19.53		48.14			1,953		0.67			4.11			44.06
	(0.41	)		13.70		(10.92	)		1,370		0.66			2.78			37.12
	(0.12	)		15.81		6.24			1,581		0.66	†		2.42	†		28.26

	(0.97	)		14.55		(57.96	)		4,219		0.66			3.81			45.91
	(2.34	)		35.70		(22.77	)		4,405		0.66			3.80			38.66
	(2.07	)		48.54		(2.55	)		7,281		0.66			4.73			25.75
	(0.78	)		51.69		16.56			1,723		0.65	†		4.44	†		14.00

	(0.63	)		24.14		(11.63	)		107,078		0.57			2.83			24.34
	(0.53	)		27.98		61.52			151,828		0.56			1.76			38.42
	(0.69	)		17.68		(39.39	)		109,016		0.58			2.81			28.48
	(0.63	)		29.91		33.57			338,840		0.57			2.43			12.67
	(0.66	)		23.04		(15.63	)		257,901		0.59			1.98			16.38

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

172

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 ($)			Distribution from Capital Gains ($)		Return of Capital ($)
Global X DAX Germany ETF⁽¹⁾
2022		32.86		0.95		(10.13	)		(9.18	)		(0.94	)		—		—
2021		25.21		0.62		7.95			8.57			(0.92	)		—		—
2020		27.28		0.87		(2.64	)		(1.77	)		(0.30	)		—		—
2019⁽²⁾		25.92		0.67		1.82			2.49			(1.11	)		—		(0.02	)
2018⁽²⁾		31.25		0.77		(5.75	)^‡		(4.98	)		(0.35	)		—		—
Global X MSCI Portugal ETF
2022		11.71		0.24		(2.25	)		(2.01	)		(0.35	)		—		—
2021		8.50		0.36		3.22			3.58			(0.37	)		—		—
2020		10.71		0.23		(2.16	)		(1.93	)		(0.28	)		—		—
2019		11.24		0.36		(0.11	)		0.25			(0.78	)		—		—
2018		12.49		0.36		(1.25	)		(0.89	)		(0.36	)		—		—
Global X MSCI Colombia ETF
2022		30.76		2.26		(11.49	)		(9.23	)		(1.85	)		—		—
2021		23.26		0.64		7.73			8.37			(0.87	)		—		—
2020⁽³⁾		38.16		1.14		(15.00	)		(13.86	)		(1.04	)		—		—
2019⁽³⁾		34.72		1.04		3.96			5.00			(1.56	)		—		—
2018⁽³⁾		38.24		0.84		(3.64	)		(2.80	)		(0.72	)		—		—

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
‡	Includes a $0.10 gain per share derived from a payment from the prior administrator of the Predecessor Fund
#	The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.68% for the year ended October 31, 2018.
@	Before payment from the prior administrator of the Predecessor Fund for the loss resulting from an error, the total return for the period would have been (16.37%).
+	Effective March 1, 2021, the Fund’s management fees were permanently lowered to 0.20%. Prior to March 1, 2021, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.27%, 0.45% and 0.46% for the years ended October 31, 2021, October 31, 2020 and October 31, 2019, respectively.
(1)	The financial statements include the financial information of the Predecessor Fund through December 21, 2018 (See Note 1 in Notes to Financial Statements).
(2)	As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund. Accordingly, performance figures for the Fund for periods prior to the date of the Reorganization represent the performance of the Predecessor Fund (See Note 1 in Notes to Financial Statements).
(3)	Per share amounts have been adjusted for a 1 for 4 reverse share split on April 28, 2020 (See Note 9 in the Notes to Financial Statements)

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

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

173

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)		Portfolio Turnover (%)††
	(0.94	)		22.74		(28.29	)		39,339		0.21			3.52		10.74
	(0.92	)		32.86		34.06			44,033		0.20	⁺		1.90		24.22
	(0.30	)		25.21		(6.53	)		23,948		0.20	⁺		3.30		10.93
	(1.13	)		27.28		9.98			16,370		0.21	⁺		2.65		15.36
	(0.35	)		25.92	(16.05		)^@		16,851		0.20			2.57		7.00

	(0.35	)		9.35		(17.55	)		15,146		0.61			2.34		40.76
	(0.37	)		11.71		42.30			11,005		0.58			3.26		53.05
	(0.28	)		8.50		(18.37	)		13,169		0.58			2.34		25.19
	(0.78	)		10.71		2.72			22,487		0.58			3.41		20.74
	(0.36	)		11.24		(7.26	)		25,295		0.57			2.91		21.05

	(1.85	)		19.68		(31.39	)		20,857		0.62			8.01		50.35
	(0.87	)		30.76		35.98			41,831		0.61			2.21		16.08
	(1.04	)		23.26		(36.91	)		34,181		0.62			3.91		20.85
	(1.56	)		38.16		15.05			72,282		0.62			2.81		18.05
	(0.72	)		34.72		(7.55	)		82,282		0.62	^#		2.01		39.15

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

174

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 ($)			Distribution from Capital Gains ($)			Return of Capital ($)
Global X MSCI Argentina ETF
2022		33.00		0.77		(1.99	)		(1.22	)		(0.65	)		—			—
2021		23.64		0.26		9.21			9.47			(0.11	)		—			—
2020		21.83		0.06		1.83			1.89			(0.08	)		—			—
2019		25.36		0.29		(3.26	)		(2.97	)		(0.56	)		—			—
2018		32.05		0.35		(6.87	)		(6.52	)		(0.17	)		—			—
Global X MSCI Pakistan ETF
2022		25.99		1.58		(9.63	)		(8.05	)		(1.49	)		—			—
2021		27.38		1.93		(1.77	)		0.16			(1.55	)		—			—
2020⁽¹⁾		26.32		0.68		1.17			1.85			(0.79	)		—			—
2019⁽¹⁾		41.04		1.52		(13.88	)		(12.36	)		(2.36	)		—			—
2018⁽¹⁾		54.24		1.88		(10.72	)		(8.84	)		(1.76	)		(2.60	)		—
Global X MSCI Nigeria ETF
2022		15.73		0.88		(2.97	)		(2.09	)		(0.73	)		—			—
2021		14.25		0.73		1.52			2.25			(0.77	)		—			—
2020		12.23		0.80		1.30			2.10			(0.08	)		—			—
2019		17.98		0.87		(4.96	)		(4.09	)		(1.66	)		—			—
2018		21.43		0.73		(3.76	)		(3.03	)		(0.42	)		—			—

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
‡	The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.66% for the year ended October 31, 2018.
(1)	Per share amounts have been adjusted for a 1 for 4 reverse share split on April 28, 2020 (See Note 9 in the Notes to Financial Statements)

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

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

175

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)		Portfolio Turnover (%)††
	(0.65	)		31.13		(3.42	)		26,930		0.59			2.52		44.70
	(0.11	)		33.00		40.09			34,810		0.59			0.85		31.35
	(0.08	)		23.64		8.61			38,421		0.60			0.25		49.17
	(0.56	)		21.83		(12.08	)		59,482		0.60			1.08		28.88
	(0.17	)		25.36		(20.48	)		89,391		0.60	^‡		1.07		34.46

	(1.49	)		16.45		(32.01	)		14,347		0.80			7.65		28.59
	(1.55	)		25.99		0.02			23,967		0.76			6.59		41.83
	(0.79	)		27.38		6.99			34,555		0.90			2.44		52.38
	(2.36	)		26.32		(30.73	)		41,804		0.88			5.14		19.09
	(4.36	)		41.04		(17.53	)		40,024		0.87			3.84		44.05

	(0.73	)		12.91		(13.69	)		38,243		0.83			5.95		1.95
	(0.77	)		15.73		16.11			46,592		0.91			5.02		5.79
	(0.08	)		14.25		17.25			42,199		0.89			6.81		18.79
	(1.66	)		12.23		(24.55	)		32,561		0.89			5.70		45.62
	(0.42	)		17.98		(14.46	)		40,675		0.88			3.29		62.52

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

176

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 ($)			Distribution from Capital Gains ($)		Return of Capital ($)
Global X MSCI Vietnam ETF
2022⁽¹⁾		25.64		0.22		(11.12	)		(10.90	)		(0.07	)		—		—
Global X MSCI Next Emerging & Frontier ETF
2022		21.00		0.49		(2.93	)		(2.44	)		(0.49	)		—		—
2021		16.46		0.46		4.56			5.02			(0.48	)		—		—
2020		20.09		0.41		(3.55	)		(3.14	)		(0.49	)		—		—
2019		20.22		0.55		0.31			0.86			(0.99	)		—		—
2018		23.28		0.59		(3.24	)		(2.65	)		(0.41	)		—		—

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1)	The Fund commenced operations on December 7, 2021.

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

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

177

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)			Portfolio Turnover (%)††
	(0.07	)		14.67		(42.60	)		2,787		0.50	��		1.12	†		78.28

	(0.49	)		18.07		(11.75	)		19,519		0.55			2.48			20.09
	(0.48	)		21.00		30.74			21,628		0.63			2.31			28.62
	(0.49	)		16.46		(15.85	)		13,991		0.70			2.36			31.66
	(0.99	)		20.09		4.29			18,077		0.66			2.66			78.67
	(0.41	)		20.22		(11.66	)		13,145		0.55			2.54			14.62

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

178

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 ($)			Distribution from Capital Gains ($)		Return of Capital ($)
Global X MSCI Norway ETF⁽¹⁾
2022		32.01		1.05		(7.93	)		(6.88	)		(0.70	)		—		—
2021		20.12		0.42		11.94			12.36			(0.46	)		—		(0.01	)
2020⁽²⁾		24.52		0.42		(4.38	)		(3.96	)		(0.44	)		—		—
2019⁽²⁾		29.31		0.88		(3.78	)		(2.90	)		(1.89	)		—		—
2018⁽²⁾		28.32		0.78		1.01			1.79			(0.80	)		—		—
Global X FTSE Southeast Asia ETF
2022		15.10		0.39		(0.86	)		(0.47	)		(0.61	)		—		—
2021		11.66		0.62		3.09			3.71			(0.27	)		—		—
2020		15.95		0.37		(4.27	)		(3.90	)		(0.39	)		—		—
2019		15.32		0.44		0.91			1.35			(0.72	)		—		—
2018		15.91		0.49		(0.81	)		(0.32	)		(0.27	)		—		—

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1)	On October 29, 2021, the Global X MSCI Norway ETF (the “Acquired Fund”) was reorganized into the Global X FTSE Nordic Region ETF (the “Acquiring Fund”), each a separate series of the Trust (together, the “Combined Fund”) and the Combined Fund was renamed the Global X MSCI Norway ETF. As a result of the Reorganization as of the close of business on October 29, 2021, the Combined Fund assumed the performance and accounting history of the Acquired Fund. Accordingly, performance figures for the Combined Fund for periods prior to the date of the Reorganization represent the performance of the Acquired Fund (See Note 1 in Notes to Financial Statements).
(2)	Per share data for the Acquired Fund has been restated for periods prior to the reorganization to reflect the conversion ratio of 0.4766 in effect on the reorganization date of October 29, 2021 (See Note 1 in Notes to Financial Statements).

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

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

179

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)		Ratio of Net Investment Income to Average Net Assets (%)		Portfolio Turnover (%)††
	(0.70	)		24.43		(21.72	)		99,105		0.50		3.72		15.58
	(0.47	)		32.01		64.44			103,935		0.50		3.09		9.74
	(0.44	)		20.12		(16.32	)		33,570		0.50		1.92		8.38
	(1.89	)		24.52		(9.77	)		78,323		0.50		3.36		9.63
	(0.80	)		29.31		6.47			163,471		0.50		2.64		9.55

	(0.61	)		14.02		(3.13	)		37,861		0.65		2.67		13.92
	(0.27	)		15.10		31.94			35,776		0.65		4.27		13.46
	(0.39	)		11.66		(24.82	)		20,981		0.65		2.77		5.98
	(0.72	)		15.95		8.94			26,323		0.65		2.76		7.01
	(0.27	)		15.32		(2.15	)		17,614		0.65		2.94		11.98

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

180

Notes to Financial Statements

October 31, 2022

1. ORGANIZATION

Global X Funds (the "Trust") is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of October 31, 2022, the Trust had one hundred and seven portfolios, ninety-seven of which were operational. The financial statements herein and the related notes pertain to the Global X MSCI China Energy ETF, Global X MSCI China Materials ETF, Global X MSCI China Industrials ETF, Global X MSCI China Consumer Discretionary ETF, Global X MSCI China Consumer Staples ETF, Global X MSCI China Health Care ETF, Global X MSCI China Financials ETF, Global X MSCI China Information Technology ETF, Global X MSCI China Communication Services ETF, Global X MSCI China Utilities ETF, Global X MSCI China Real Estate ETF, Global X MSCI Greece ETF, Global X DAX Germany ETF, Global X MSCI Portugal ETF, Global X MSCI Colombia ETF, Global X MSCI Argentina ETF, Global X MSCI Pakistan ETF, Global X MSCI Nigeria ETF, Global X MSCI Vietnam ETF, Global X MSCI Next Emerging & Frontier ETF, Global X MSCI Norway ETF and Global X FTSE Southeast Asia ETF (each a “Fund”, and collectively, the “Funds”). Each Fund (except for the Global X MSCI Next Emerging & Frontier ETF) has elected non-diversified status.

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

On August 4, 2021, the Board of Trustees (the “Board”) of the Trust unanimously approved an Agreement and Plan of Reorganization (the “Agreement”) providing for the tax-free reorganization (the “Reorganization”) of the Global X MSCI Norway ETF (the “Acquired Fund”) with and into the Global X FTSE Nordic Region ETF (the “Acquiring Fund”), each a separate series of the Trust (together, the “Combined Fund”). The Agreement provided for: (1) the transfer of all of the assets of the Acquired Fund to the Acquiring Fund solely in exchange for (A) the issuance of the shares of beneficial interest of the Acquiring Fund (collectively, the “Acquiring Fund Shares” and each, an “Acquiring Fund Share”) to the Acquired Fund, and (B) the assumption by the Acquiring Fund of all of the liabilities of the Acquired Fund on the closing date of the Reorganization (the “Closing Date”), and (2) the distribution by the Acquired Fund, on or promptly after the Closing Date as provided in the Agreement, of the Acquiring Fund Shares to the shareholders of the Acquired Fund in complete liquidation of the Acquired Fund. Effective as of the close of business on October 29, 2021, the Acquired Fund was reorganized into the Combined Fund, and the Combined Fund was renamed the Global X MSCI Norway ETF. The Acquiring Fund is the legal surviving entity in the Reorganization, while the Acquired Fund is the accounting survivor or continuing portfolio for purposes of financial and performance history of the Combined Fund. See Note 10 in the Notes to Financial Statements.

On December 24, 2018, the shareholders of the Horizons DAX Germany ETF (the “Predecessor Fund”) approved a proposed agreement and plan of reorganization (the “Reorganization”) that provided for (a) the transfer of all the assets to the Global X DAX Germany ETF (the “Germany Fund”) and the assumption of certain of the liabilities of

181

Notes to Financial Statements (Continued)

October 31, 2022

1. ORGANIZATION (continued)

the Predecessor Fund; (b) the issuance of shares of the Germany Fund to the shareholders of the Predecessor Fund; and (c) the liquidation and termination of the Predecessor Fund. The effective date of the Reorganization was December 24, 2018. The Germany Fund had no operations prior to the Reorganization. The Predecessor Fund had substantially similar investment objectives, investment strategies, policies and restrictions as those of the Germany Fund. The financial statements and financial highlights include the financial information of the Predecessor Fund through December 21, 2018.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the Significant Accounting Policies followed by the Funds.

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

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

182

Notes to Financial Statements (Continued)

October 31, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Securities for which market prices are not "readily available" are valued in accordance with fair value procedures (the "Fair Value Procedures") established by Global X Management LLC, the Funds’ investment adviser (the “Adviser”), and approved by the Board. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a fair value committee (the "Committee") of the Adviser. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security's primary trading market is temporarily closed at a time when, under normal conditions, it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value a security if an event that may materially affect the value of the Funds’ security that traded outside of the United States (a “Significant Event”) has occurred between the time of the security's last close and the time that each 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 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 relevant information reasonably available to the Committee.

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

183

Notes to Financial Statements (Continued)

October 31, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

of a fair value measurement is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

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

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

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

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

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

184

Notes to Financial Statements (Continued)

October 31, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

repurchase agreement, including accrued interest. It is the Funds’ policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Funds bear the risk of loss in the event that the counterparty to a repurchase agreement defaults on its obligations and the Funds are prevented from exercising their rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period. For financial statement purposes, the Funds record the securities lending collateral (included in repurchase agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities.

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Funds.

As of October 31, 2022, the open repurchase agreements by counterparty which are subject to an MRA on a net payment basis are as follows:


			Fair Value
			of Non-cash		Cash
	Repurchase		Collateral		Collateral
	Agreements*		Received⁽¹⁾		Received		Net Amount(²⁾
Global X MSCI China Consumer Discretionary
ETF
BNP Paribas	$	1,171,822	$	1,171,822	$	-	$	-
Global X MSCI China Communication Services
ETF
BNP Paribas		57,855		57,855		-		-
Global X MSCI Portugal ETF
BNP Paribas		282,262		282,262		-		-
Global X MSCI Colombia ETF
BNP Paribas		247,111		247,111		-		-
Global X MSCI Argentina ETF
BNP Paribas		1,047,744		1,047,744		-		-
Global X FTSE Southeast Asia ETF
BNP Paribas		395,134		395,134		-		-

* Repurchase agreements with an overnight and continuous maturity.

(1) Excess collateral received is not presented in the table above. Please refer to the Schedules of Investments for the market value of the collateral received for each Fund.

(2) Net Amount represents the net amount receivable due from the counterparty in the event of default.

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

185

Notes to Financial Statements (Continued)

October 31, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

If a Fund has foreign tax filings that have not been made, the tax years that remain subject to examination may date back to the inception of the Fund.

As of and during the reporting period October 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 file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

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

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. Foreign governments and their agencies may enact policies that delay or place limits on repatriation of local currency to U.S. dollars. Market quoted rates for immediate currency settlement may have access or transaction volume restrictions that are insufficient to convert a significant portion of a fund’s local currency denominated assets and liabilities to U.S. dollars. Monetary policies enacted by government agencies

186

Notes to Financial Statements (Continued)

October 31, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

in Nigeria, limiting its local currency's repatriation to safeguard U.S. dollar reserves and exchange rates, significantly impacts the ability of the Global X MSCI Nigeria ETF and other Funds to convert local denominated assets and liabilities amounts to U.S. dollars using quoted immediate currency settlement rates. As of October 31, 2022, assets and liabilities denominated in Nigerian Naira are translated using the Nigerian Autonomous Foreign Exchange Rate Fixing (“NAFEX”) rate. The use of an alternative exchange rate would impact the effect of currency translation and the results of operations.

The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions and translations represent net foreign exchange gains or losses from foreign currency spot contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

FOREIGN CURRENCY CONTRACTS - To the extent consistent with its investment policies, each Fund may invest in forward foreign currency exchange contracts and foreign currency futures contracts. No Fund, however, expects to engage in currency transactions for speculative purposes or for the purpose of hedging against declines in the value of Fund's assets that are denominated in a foreign currency. A Fund may enter into forward foreign currency exchange contracts and foreign currency futures contracts to facilitate local settlements or to protect against currency exposure in connection with its distributions to shareholders. Foreign currency exchange contracts involve an obligation to purchase or sell a specified currency on a future date at a price set at the time of the contract. Forward currency contracts do not eliminate fluctuations in the values of portfolio securities but rather allow a Fund to establish a rate of exchange for a future point in time. Foreign currency futures contracts involve an obligation to deliver or acquire the specified amount of a specific currency, at a specified price and at a specified future time. Such futures contracts may be settled on a net cash payment basis rather than by the sale and delivery of the underlying currency. A Fund may incur costs in connection with forward foreign currency exchange and futures contracts and conversions of foreign currencies and U.S dollars. The net realized gain or loss on forward foreign currency contracts is reflected in the Statements of Operations and the net unrealized gains (losses) are included as component of the net change in unrealized appreciation (depreciation) on forward foreign currency contracts in the Statements of Operations. As of October 31, 2022, there were no foreign currency exchange contracts and foreign currency futures contracts held by the Funds.

187

Notes to Financial Statements (Continued)

October 31, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

For the period ended October 31, 2022, the average balances of forward foreign currency exchange contracts for Global X MSCI Nigeria ETF were as follows:

Average Monthly Notional Balance Short

$1,305,616

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

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

CREATION UNITS — The Funds issue and redeem their shares (“Shares”) on a continuous basis at net asset value (“NAV”) and only in large blocks of 10,000 Shares, referred to as “Creation Units”. Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to BBH on the date of such redemption, regardless of the number of Creation Units redeemed that day. If a Creation Unit is purchased or redeemed for cash, an additional variable fee may be charged. The following table discloses Creation Unit breakdown:

188

Notes to Financial Statements (Continued)

October 31, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)


					Value at
	Creation Unit		Creation		October		Redemption
	Shares		Fee			31, 2022	Fee
Global X MSCI China Energy ETF		10,000	$	800	$	136,400	$	800
Global X MSCI China Materials ETF		10,000		1,500		146,000		1,500
Global X MSCI China Industrials ETF		10,000		2,100		109,300		2,100
Global X MSCI China Consumer Discretionary
ETF		10,000		3,500		145,500		3,500
Global X MSCI China Consumer Staples ETF		10,000		1,300		172,400		1,300
Global X MSCI China Health Care ETF		10,000		1,400		134,600		1,400
Global X MSCI China Financials ETF		10,000		4,500		97,800		4,500
Global X MSCI China Information Technology		10,000		1,900		148,100		1,900
ETF
Global X MSCI China Communication Services		10,000		800		96,500		800
ETF
Global X MSCI China Utilities ETF		10,000		1,000		118,400		1,000
Global X MSCI China Real Estate ETF		10,000		1,200		145,500		1,200
Global X MSCI Greece ETF		10,000		500		241,400		500
Global X DAX Germany ETF		10,000		500		227,400		500
Global X MSCI Portugal ETF		10,000		700		93,500		700
Global X MSCI Colombia ETF		10,000		1,500		196,800		1,500
Global X MSCI Argentina ETF		10,000		500		311,300		500
Global X MSCI Pakistan ETF		10,000		2,800		164,500		2,800
Global X MSCI Nigeria ETF		10,000		2,000		129,100		2,000
Global X MSCI Vietnam ETF		10,000		1,000		146,700		1,000
Global X MSCI Next Emerging & Frontier ETF		10,000		9,500		180,700		9,500
Global X MSCI Norway ETF		10,000		1,200		244,300		1,200
Global X FTSE Southeast Asia ETF		10,000		2,100		140,200		2,100

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS

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

189

Notes to Financial Statements (Continued)

October 31, 2022

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution services agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an "all-in" fee structure.

For the Adviser’s service to the 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 Fund). In addition, the Funds bear other expenses, directly and indirectly that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, custodian fees and other transaction expenses, interest expenses, acquired fund fees and extraordinary expenses (such as litigation and indemnification expenses).

190

Notes to Financial Statements (Continued)

October 31, 2022

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

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


	Supervision and
	Administration Fee
Global X MSCI China Energy ETF		0.65	%
Global X MSCI China Materials ETF		0.65	%
Global X MSCI China Industrials ETF		0.65	%
Global X MSCI China Consumer Discretionary ETF		0.65	%
Global X MSCI China Consumer Staples ETF		0.65	%
Global X MSCI China Health Care ETF		0.65	%
Global X MSCI China Financials ETF		0.65	%
Global X MSCI China Information Technology ETF		0.65	%
Global X MSCI China Communication Services ETF		0.65	%
Global X MSCI China Utilities ETF		0.65	%
Global X MSCI China Real Estate ETF		0.65	%
Global X MSCI Greece ETF		0.55	%
Global X DAX Germany ETF		0.20	%
Global X MSCI Portugal ETF		0.55	%
Global X MSCI Colombia ETF		0.61	%
Global X MSCI Argentina ETF		0.59	%
Global X MSCI Pakistan ETF		0.68	%
Global X MSCI Nigeria ETF		0.68	%
Global X MSCI Vietnam ETF		0.50	%
Global X MSCI Next Emerging & Frontier ETF		0.49	%
Global X MSCI Norway ETF		0.50	%
Global X FTSE Southeast Asia ETF		0.65	%

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

191

Notes to Financial Statements (Continued)

October 31, 2022

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

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

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

192

Notes to Financial Statements (Continued)

October 31, 2022

4. INVESTMENT TRANSACTIONS

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


			Sales and
	Purchases		Maturities
Global X MSCI China Energy ETF	$	18,917,005	$	7,134,021
Global X MSCI China Materials ETF		8,905,326		5,555,491
Global X MSCI China Industrials ETF		28,422,240		12,350,458
Global X MSCI China Consumer Discretionary ETF		112,863,378		86,859,593
Global X MSCI China Consumer Staples ETF		16,207,569		9,862,891
Global X MSCI China Health Care ETF		3,270,318		2,436,895
Global X MSCI China Financials ETF		83,255,233		21,826,607
Global X MSCI China Information Technology ETF		8,426,094		7,237,854
Global X MSCI China Communication Services ETF		2,769,572		3,237,823
Global X MSCI China Utilities ETF		2,617,186		770,996
Global X MSCI China Real Estate ETF		10,373,655		3,147,164
Global X MSCI Greece ETF		30,328,150		29,449,163
Global X DAX Germany ETF		3,595,418		3,606,269
Global X MSCI Portugal ETF		4,674,611		4,452,717
Global X MSCI Colombia ETF		16,602,889		21,154,564
Global X MSCI Argentina ETF		13,285,433		13,802,802
Global X MSCI Pakistan ETF		5,193,556		6,315,607
Global X MSCI Nigeria ETF		1,157,948		810,387
Global X MSCI Vietnam ETF		10,777,442		4,636,618
Global X MSCI Next Emerging & Frontier ETF		4,615,871		4,149,485
Global X MSCI Norway ETF		16,894,407		15,617,372
Global X FTSE Southeast Asia ETF		5,793,386		5,269,909

During the year ended October 31, 2022, there were no purchases or sales of long-term U.S. Government securities for the Funds.

193

Notes to Financial Statements (Continued)

October 31, 2022

4. INVESTMENT TRANSACTIONS (continued)

For the year ended October 31, 2022, in-kind transactions associated with creations and redemptions were:

						Realized
2022		Purchases		Sales		Gains (Loss)
Global X MSCI China Energy ETF	$	–	$	7,232,812	$	1,014,244
Global X MSCI China Materials ETF		–		4,632,446		580,323
Global X MSCI China Industrials ETF		2,982,873		11,688,526		(835,733	)
Global X MSCI China Consumer Discretionary ETF		18,955,296		204,800,995		2,257,587
Global X MSCI China Consumer Staples ETF		126,090		7,686,973		(65,036	)
Global X MSCI China Health Care ETF		278,196		2,159,620		(2,930	)
Global X MSCI China Financials ETF		915,081		58,866,374		(6,242,513	)
Global X MSCI China Information Technology ETF		289,439		3,378,521		84,824
Global X MSCI China Communication Services ETF		–		1,040,304		39,809
Global X MSCI China Utilities ETF		–		136,022		40,192
Global X MSCI China Real Estate ETF		490,541		1,933,602		(159,997	)
Global X MSCI Greece ETF		11,172,735		36,152,405		8,886,376
Global X DAX Germany ETF		21,881,463		15,897,038		2,423,484
Global X MSCI Portugal ETF		11,991,466		4,844,829		(120,158	)
Global X MSCI Colombia ETF		2,285,138		6,249,153		221,033
Global X MSCI Argentina ETF		2,531,900		6,539,079		1,155,852
Global X MSCI Pakistan ETF		–		–		–
Global X MSCI Nigeria ETF		–		–		–
Global X MSCI Vietnam ETF		–		–		–
Global X MSCI Next Emerging & Frontier ETF		468,248		–		–
Global X MSCI Norway ETF		57,064,489		31,468,633		3,686,331
Global X FTSE Southeast Asia ETF		8,781,767		4,262,352		508,556

5. TAX INFORMATION

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

194

Notes to Financial Statements (Continued)

October 31, 2022

5. TAX INFORMATION (continued)

The following differences, primarily attributable to redemptions in-kind, sales of passive foreign investment companies, and foreign currency, have been reclassified to/from the following accounts during the fiscal period ended October 31, 2022:


				Distributable
	Paid-in			Earnings
Global X Funds	Capital			(Loss)
Global X MSCI China Energy ETF	$	876,892		$	(876,892	)
Global X MSCI China Materials ETF		544,827			(544,827	)
Global X MSCI China Industrials ETF		(846,518	)		846,518
Global X MSCI China Consumer Discretionary ETF		(1,635,434	)		1,635,434
Global X MSCI China Consumer Staples ETF		(87,890	)		87,890
Global X MSCI China Health Care ETF		(40,723	)		40,723
Global X MSCI China Financials ETF		(6,492,918	)		6,492,918
Global X MSCI China Information Technology ETF		45,214			(45,214	)
Global X MSCI China Communication Services ETF		(139,256	)		139,256
Global X MSCI China Utilities ETF		37,623			(37,623	)
Global X MSCI China Real Estate ETF		(168,395	)		168,395
Global X MSCI Greece ETF		7,634,229			(7,634,229	)
Global X DAX Germany ETF		2,180,608			(2,180,608	)
Global X MSCI Portugal ETF		(138,355	)		138,355
Global X MSCI Colombia ETF		169,098			(169,098	)
Global X MSCI Argentina ETF		1,135,018			(1,135,018	)
Global X MSCI Norway ETF		3,538,185			(3,538,185	)
Global X FTSE Southeast Asia ETF		462,606			(462,606	)

These reclassifications have no impact on net assets or NAV per share.

195

Notes to Financial Statements (Continued)

October 31, 2022

5. TAX INFORMATION (continued)

The tax character of dividends and distributions declared during the periods ended October 31, 2022 and 2021 were as follows:


	Long-Term
Global X Funds	Ordinary Income		Capital Gain		Return of Capital		Totals
Global X MSCI China Energy ETF
2022	$	152,497	$	–	$	–	$	152,497
2021		61,017		–		–		61,017
Global X MSCI China Materials ETF
2022	$	95,929	$	–	$	–	$	95,929
2021		85,767		–		–		85,767
Global X MSCI China Industrials ETF
2022	$	68,060	$	–	$	–	$	68,060
2021		44,984		–		–		44,984
Global X MSCI China Consumer Discretionary ETF
2022	$	925,757	$	–	$	–	$	925,757
2021		380,749		–		–		380,749
Global X MSCI China Consumer Staples ETF
2022	$	203,537	$	504,089	$	–	$	707,626
2021		165,719		–		–		165,719
Global X MSCI China Health Care ETF
2022	$	16,856	$	–	$	–	$	16,856
2021		7,709		–		–		7,709
Global X MSCI China Financials ETF
2022	$	1,762,014	$	–	$	–	$	1,762,014
2021		1,869,196		–		–		1,869,196
Global X MSCI China Information Technology ETF
2022	$	92,279	$	662,560	$	–	$	754,839
2021		254,780		11,340		–		266,120
Global X MSCI China Communication Services ETF
2022	$	91,893	$	–	$	–	$	91,893
2021		201,302		–		30,513		231,815
Global X MSCI China Utilities ETF
2022	$	46,157	$	34,700	$	–	$	80,857
2021		63,139		–		–		63,139
Global X MSCI China Real Estate ETF
2022	$	205,698	$	–	$	–	$	205,698
2021		311,838		–		–		311,838
Global X MSCI Greece ETF
2022	$	2,877,578	$	–	$	–	$	2,877,578
2021		3,402,946		–		–		3,402,946
Global X DAX Germany ETF
2022	$	1,178,656	$	–	$	–	$	1,178,656
2021		1,062,843		–		–		1,062,843

196

Notes to Financial Statements (Continued)

October 31, 2022

5. TAX INFORMATION (continued)


	Long-Term
Global X Funds	Ordinary Income		Capital Gain		Return of Capital		Totals
Global X MSCI Portugal ETF
2022	$	300,309	$	–	$	–	$	300,309
2021		509,812		–		–		509,812
Global X MSCI Colombia ETF
2022	$	2,097,252	$	–	$	–	$	2,097,252
2021		1,240,682		–		–		1,240,682
Global X MSCI Argentina ETF
2022	$	647,649	$	–	$	–	$	647,649
2021		163,672		–		–		163,672
Global X MSCI Pakistan ETF
2022	$	1,339,067	$	–	$	–	$	1,339,067
2021		1,563,198		–		–		1,563,198
Global X MSCI Nigeria ETF
2022	$	2,165,774	$	–	$	–	$	2,165,774
2021		2,273,637		–		–		2,273,637
Global X MSCI Vietnam ETF
2022	$	15,977	$	–	$	–	$	15,977
Global X MSCI Next Emerging & Frontier ETF
2022	$	507,163	$	–	$	–	$	507,163
2021		448,516		–		–		448,516
Global X MSCI Norway ETF
2022	$	2,606,650	$	–	$	–	$	2,606,650
2021		1,549,127		–		28,009		1,577,136
Global X FTSE Southeast Asia ETF
2022	$	1,542,635	$	–	$	–	$	1,542,635
2021		630,414		–		–		630,414

As of October 31, 2022, the components of tax basis accumulated losses were as follows:


	Global X Funds
		Global X MSCI			Global X			Global X
		China Energy			China Materials			MSCI China
		ETF			ETF			Industrials ETF
Undistributed Ordinary Income	$	289,602		$	37,508		$	84,274
Capital Loss Carryforwards		(1,224,288	)		(2,768,409	)		(5,044,362	)
Unrealized Depreciation on Investments and
Foreign Currency		(875,993	)		(1,606,267	)		(2,364,366	)
Other Temporary Differences		(5	)		1			(5	)
Total Accumulated Losses	$	(1,810,684	)	$	(4,337,167	)	$	(7,324,459	)

197

Notes to Financial Statements (Continued)

October 31, 2022

5. TAX INFORMATION (continued)


				Global X Funds
	Global X
	MSCI China			Global X
	Consumer			MSCI China			Global X MSCI
	Discretionary			Consumer			China Health
	ETF			Staples ETF			Care ETF
Undistributed Ordinary Income	$	233,832		$	133,383		$	27,342
Capital Loss Carryforwards		(139,200,177	)		(534,002	)		(3,080,893	)
Unrealized Depreciation on Investments and
Foreign Currency		(293,085,442	)		(3,551,656	)		(6,016,083	)
Other Temporary Differences		(12	)		–			–
Total Accumulated Losses	$	(432,051,799	)	$	(3,952,275	)	$	(9,069,634	)


				Global X Funds
				Global X			Global X
	Global X			MSCI China			MSCI China
	MSCI China			Information			Communication
	Financials ETF			Technology ETF			Services ETF
Undistributed Ordinary Income	$	1,606,157		$	45,783		$	13,635
Capital Loss Carryforwards		(12,762,794	)		(3,937,847	)		(9,315,617	)
Unrealized Depreciation on Investments and
Foreign Currency		(22,122,755	)		(10,595,483	)		(5,496,651	)
Other Temporary Differences		(1	)		(1	)		1
Total Accumulated Losses	$	(33,279,393	)	$	(14,487,548	)	$	(14,798,632	)


					Global X Funds
					Global X			Global X
		Global X			MSCI China			MSCI
	��	MSCI China			Real Estate			Greece
		Utilities ETF			ETF			ETF
Undistributed Ordinary Income		$	45,685		$	256,518		$	2,713,525
Undistributed Long-Term Capital Gain			39,826			–			–
Capital Loss Carryforwards			–			(3,029,414	)		(226,844,784	)
Unrealized Depreciation on Investments and
Foreign Currency			(942,700	)		(5,018,062	)		(37,882,958	)
Other Temporary Differences			–			–			(17	)
Total Accumulated Losses		$	(857,189	)	$	(7,790,958	)	$	(262,014,234	)


				Global X Funds
				Global X			Global X
	Global X			MSCI			MSCI
	Dax Germany			Portugal			Colombia
	ETF			ETF			ETF
Undistributed Ordinary Income	$	63,221		$	19,655		$	840,443
Capital Loss Carryforwards		(3,784,615	)		(19,153,346	)		(91,801,436	)
Unrealized Depreciation on Investments and
Foreign Currency		(6,968,445	)		(2,777,560	)		(16,764,792	)
Other Temporary Differences		(1	)		(1)			–
Total Accumulated Losses	$	(10,689,840	)	$	(21,911,252	)	$	(107,725,785	)

198

Notes to Financial Statements (Continued)

October 31, 2022

5. TAX INFORMATION (continued)


				Global X Funds
	Global X MSCI			Global X MSCI			Global X MSC
	Argentina ETF			Pakistan ETF			Nigeria ETF
Undistributed Ordinary Income	$	307,087		$	575,371		$	1,740,480
Capital Loss Carryforwards		(27,761,223	)		(36,960,330	)		(23,712,374	)
Unrealized Depreciation on Investments and
Foreign Currency		(18,166,914	)		(13,276,489	)		(11,450,609	)
Other Temporary Differences		(1	)		(6	)		(4	)
Total Accumulated Losses	$	(45,621,051	)	$	(49,661,454	)	$	(33,422,507	)


				Global X Funds
				Global X MSCI
	Global X MSCI			Next Emerging			Global X MSC
	Vietnam ETF			& Frontier ETF			Norway ETF
Undistributed Ordinary Income	$	13,589		$	181,771		$	1,149,217
Capital Loss Carryforwards		(1,152,132	)		(24,970,057	)		(46,192,377	)
Unrealized Depreciation on Investments and
Foreign Currency		(2,202,552	)		(939,814	)		(28,915,078	)
Other Temporary Differences		–			–			(10	)
Total Accumulated Losses	$	(3,341,095	)	$	(25,728,100	)	$	(73,958,248	)


	Global X Funds
	Global X FTSE
	Southeast Asia
	ETF
Undistributed Ordinary Income	$	407,546
Capital Loss Carryforwards		(8,952,059	)
Unrealized Depreciation on Investments and Foreign Currency		(2,846,451	)
Total Accumulated Losses	$	(11,390,964	)

199

Notes to Financial Statements (Continued)

October 31, 2022

5. TAX INFORMATION (continued)

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


	Short-Term		Long-Term
	Loss		Loss		Total
Global X MSCI China Energy ETF	$	257,956	$	966,332	$	1,224,288
Global X MSCI China Materials ETF		907,141		1,861,268		2,768,409
Global X MSCI China Industrials ETF		2,514,253		2,530,109		5,044,362
Global X MSCI China Consumer Discretionary ETF		49,345,578		89,854,599		139,200,177
Global X MSCI China Consumer Staples ETF		393,268		140,734		534,002
Global X MSCI China Health Care ETF		560,189		2,520,704		3,080,893
Global X MSCI China Financials ETF		8,698,309		4,064,485		12,762,794
Global X MSCI China Information Technology ETF		1,239,797		2,698,050		3,937,847
Global X MSCI China Communication Services ETF		4,477,286		4,838,331		9,315,617
Global X MSCI China Real Estate ETF		1,312,341		1,717,073		3,029,414
Global X MSCI Greece ETF		76,066,205		150,778,579		226,844,784
Global X DAX Germany ETF		1,293,115		2,491,500		3,784,615
Global X MSCI Portugal ETF		3,818,051		15,335,295		19,153,346
Global X MSCI Colombia ETF		25,117,812		66,683,624		91,801,436
Global X MSCI Argentina ETF		3,785,212		23,976,011		27,761,223
Global X MSCI Pakistan ETF		1,390,733		35,569,597		36,960,330
Global X MSCI Nigeria ETF		6,704,406		17,007,968		23,712,374
Global X MSCI Vietnam ETF		1,152,132		–		1,152,132
Global X MSCI Next Emerging & Frontier ETF		6,272,493		18,697,564		24,970,057
Global X MSCI Norway ETF		12,648,729		33,543,648		46,192,377	*
Global X FTSE Southeast Asia ETF		3,149,354		5,802,705		8,952,059

* The utilization of this amount is subject to limitation under IRC sections 382-384.

During the year ended October 31, 2022, the following Funds utilized capital loss carryforwards to offset capital gains amounting to:


	Short-Term		Long-Term
	Loss		Loss		Total
Global X MSCI China Energy ETF	$	122,291	$	324,498	$	446,789
Global X MSCI Nigeria ETF		1,885		–		1,885

200

Notes to Financial Statements (Continued)

October 31, 2022

5. TAX INFORMATION (continued)

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


			Aggregated		Aggregated
			Gross		Gross			Net
	Federal Tax		Unrealized		Unrealized			Unrealized
	Cost		Appreciation		Depreciation			Depreciation
Global X MSCI China Energy ETF	$	9,997,031	$	550,070	$	(1,426,063	)	$	(875,993	)
Global X MSCI China Materials ETF		4,525,495		184,666		(1,790,933	)		(1,606,267	)
Global X MSCI China Industrials ETF		7,272,631		95,233		(2,459,599	)		(2,364,366	)
Global X MSCI China Consumer
Discretionary ETF		508,987,319		4,860,323		(297,945,765	)		(293,085,442	)
Global X MSCI China Consumer Staples
ETF		12,148,741		590,803		(4,142,459	)		(3,551,656	)
Global X MSCI China Health Care ETF		14,084,949		171,292		(6,187,375	)		(6,016,083	)
Global X MSCI China Financials ETF		49,645,438		164,271		(22,287,026	)		(22,122,755	)
Global X MSCI China Information
Technology ETF		24,515,646		889,709		(11,485,192	)		(10,595,483	)
Global X MSCI China Communication
Services ETF		10,509,430		36,682		(5,533,333	)		(5,496,651	)
Global X MSCI China Utilities ETF		3,456,719		26,431		(969,131	)		(942,700	)
Global X MSCI China Real Estate ETF		9,631,234		–		(5,018,062	)		(5,018,062	)
Global X MSCI Greece ETF		144,778,555		12,232,118		(50,115,076	)		(37,882,958	)
Global X DAX Germany ETF		46,258,984		854,879		(7,823,324	)		(6,968,445	)
Global X MSCI Portugal ETF		18,355,534		–		(2,777,560	)		(2,777,560	)
Global X MSCI Colombia ETF		38,030,115		701,472		(17,466,264	)		(16,764,792	)
Global X MSCI Argentina ETF		47,141,618		654,319		(18,821,233	)		(18,166,914	)
Global X MSCI Pakistan ETF		27,974,367		73,740		(13,350,229	)		(13,276,489	)
Global X MSCI Nigeria ETF		53,122,789		3,141,312		(14,591,921	)		(11,450,609	)
Global X MSCI Vietnam ETF		5,088,692		19,045		(2,221,597	)		(2,202,552	)
Global X MSCI Next Emerging & Frontier
ETF		20,424,820		2,654,160		(3,593,974	)		(939,814	)
Global X MSCI Norway ETF		127,846,899		5,750,808		(34,665,886	)		(28,915,078	)
Global X FTSE Southeast Asia ETF		41,335,160		2,259,420		(5,105,871	)		(2,846,451	)

The preceding differences between book and tax cost are primarily due to mark-to-market treatment of passive foreign investment companies and wash sales.

6. CONCENTRATION OF RISKS

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

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

201

Notes to Financial Statements (Continued)

October 31, 2022

6. CONCENTRATION OF RISKS (continued)

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

Substantially less information may be publicly available about emerging market country issuers than is available about issuers in the United States.

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

The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of an underlying index in approximately the same proportions as the underlying index. A representative sampling strategy is an indexing strategy that involves investing in a representative sample of securities (including indirect investments through underlying ETFs) that collectively has an investment profile similar to an underlying index in terms of key risk factors, performance attributes and other characteristics. Each Fund may utilize a representative sampling strategy with respect to its underlying 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).

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

The elimination of the London Inter-Bank Offered Rate (“LIBOR”) may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. The U.K. Financial Conduct Authority has announced that it intends to stop compelling or inducing banks to submit LIBOR rates after 2021. On March 5, 2021, the administrator of LIBOR clarified that the publication of LIBOR on a representative basis will cease for the one-week and two-month U.S. dollar LIBOR settings immediately after December 31, 2021, and for the remaining U.S. dollar LIBOR settings immediately after June 30, 2023. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate (“SOFR”), which is intended

202

Notes to Financial Statements (Continued)

October 31, 2022

6. CONCENTRATION OF RISKS (continued)

to replace U.S. dollar LIBOR. Markets are slowly developing in response to these new rates. Questions regarding the impact of this transaction remain a concern for the Fund. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

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

The Global X MSCI Nigeria ETF’s investments are largely denominated in naira. Assets denominated in naira are required to be translated to U.S. dollars for financial reporting purposes, which translation is effected utilizing the official exchange rate, i.e. NAFEX. However, the Central Bank of Nigeria has implemented capital controls to manage an official exchange rate that precludes the purchase or sale of naira outside of official markets. As a result, opportunities to repatriate naira into dollars have been limited or non-existent, and in instances where a fund has had a repatriation opportunity, it has experienced extreme delays in repatriating such naira, with such repatriation occurring at times through the Central Bank of Nigeria at a discount to the official exchange rate. These circumstances may create uncertainty regarding the liquidity of transactions repatriating naira to U.S. dollars, as well as uncertainty with respect to the translation of the naira and naira-denominated assets to U.S. dollars.

Special Risk Considerations of Investing in China – Variable Interest Entity Investments. For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes a shell company in a foreign jurisdiction, such as the Cayman Islands. The shell company lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the Chinese government restricts foreign ownership to raise capital from foreign investors. While the shell company has no equity ownership of the VIE, these contractual arrangements permit the shell company

203

Notes to Financial Statements (Continued)

October 31, 2022

6. CONCENTRATION OF RISKS (continued)

to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed shell company, such as certain of the Funds, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the shell company only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed shell company by declaring them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed shell company, such as a Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest. In addition, the listed shell company’s control over a VIE may also be jeopardized if a natural person who holds the equity interest in the VIE breaches the terms of the agreement, is subject to legal proceedings or if any physical instruments for authenticating documentation, such as chops and seals, are used without the Chinese-based issuer’s authorization to enter into contractual arrangements in China. Chops and seals, which are carved stamps used to sign documents, represent a legally binding commitment by the company. Moreover, any future regulatory action may prohibit the ability of the shell company to receive the economic benefits of the Chinese-based operating company, which may cause the value of a Fund’s investment in the listed shell company to suffer a significant loss. For example, in 2021, the Chinese government prohibited use of the VIE structure for investment in after-school tutoring companies. There is no guarantee that the government will not place similar restrictions on other industries.

On June 3, 2021, President Biden expanded upon a previously issued executive order that prohibited U.S. persons from transacting in publicly traded securities designated by the U.S. Department of Defense as “Communist Chinese Military Companies” or “CCMCs” or in instruments that are derivative of, or are designed to provide investment exposure to, prohibited CCMC securities. President Biden’s executive order (the “Executive Order”) retains the structure of the investment-based CCMC sanctions program introduced in late 2020 but expands the prohibitions to address threats from the use of Chinese surveillance technology outside the People’s Republic of China and the development or use of Chinese surveillance technology to facilitate repression or serious human rights abuse.

Under the Executive Order, U.S. persons will be prohibited from engaging in the purchase or sale of publicly-traded securities, as well as securities derivative of, or designed to provide

204

Notes to Financial Statements (Continued)

October 31, 2022

6. CONCENTRATION OF RISKS (continued)

investment exposure to, such securities. This prohibition took effect on August 2, 2021 for entities listed in the Appendix to the Executive Order (and 60 days after designation, with respect to subsequently designated entities). In addition, U.S. persons will be required to divest of targeted securities of entities listed in the Appendix to the Executive Order by June 3, 2022 (or 365 days from designation, with respect to subsequently designated entities).

The Executive Order replaces the previous list of CCMCs with a new Non-SDN Chinese Military Industrial Complex Companies List. The U.S. Department of the Treasury, rather than the U.S. Department of Defense, will make designations going forward.

These actions, any future sanctions or other actions, or even the threat of further sanctions or other actions, may negatively affect the value and liquidity of certain of the Funds’ investments. For example, a Fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, sanctions may require a Fund to freeze its existing investments, prohibiting such Fund from buying, selling or otherwise transacting in these investments.

Also, if an affected security is included in a Fund's underlying index, such Fund may, where practicable, seek to eliminate its holdings of the affected security by employing or augmenting its representative sampling strategy to seek to track the investment results of the underlying index. The use of (or increased use of) a representative sampling strategy may increase such Fund’s tracking error risk. Actions barring some or all transactions with a specific company will likely have a substantial, negative impact on the value of such company’s securities. These sanctions may also lead to changes in a Fund’s underlying index. A Fund’s index provider may remove securities from the underlying index or implement caps on the securities of certain issuers that have been subject to recent economic sanctions. In such an event, it is expected that a Fund will rebalance its portfolio to bring it in line with its respective underlying index as a result of any such changes, which may result in transaction costs and increased tracking error.

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

7. LOANS OF PORTFOLIO SECURITIES

Each Fund may lend portfolio securities having a market value up to one-third of its total assets. Security loans made pursuant to a securities lending agreement with BBH are initially required to be secured by collateral equal to at least 102% of the value of domestic equity securities and American 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

205

Notes to Financial Statements (Continued)

October 31, 2022

7. LOANS OF PORTFOLIO SECURITIES (continued)

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.

206

Notes to Financial Statements (Continued)

October 31, 2022

7. LOANS OF PORTFOLIO SECURITIES (continued)

At October 31, 2022, the following Funds had securities on loan, by counterparty:


				Cash
		Market Value		Collateral⁽¹⁾
Global X MSCI China Consumer Discretionary ETF
Barclays Capital Inc.		$	182,647	$	200,013
Citigroup Global Markets Inc.			1,019,898		1,077,696
Morgan Stanley & Co. LLC			701,483		737,511
	Total	$	1,904,028	$	2,015,220
Global X MSCI China Communication Services ETF
Citigroup Global Markets Inc.		$	94,485	$	99,495
	Total	$	94,485	$	99,495
Global X MSCI Portugal ETF
BofA Securities Inc.		$	154,315	$	161,145
J.P. Morgan Securities LLC			36,948		41,016
Morgan Stanley & Co. LLC			273,392		283,254
	Total	$	464,655	$	485,415
Global X MSCI Colombia ETF
BofA Securities Inc.		$	107,207	$	120,044
Scotia Capital			232,821		243,320
UBS AG London Branch			58,942		61,600
	Total	$	398,970	$	424,964
Global X MSCI Argentina ETF
BNP Paribas Securities Corp		$	141,708	$	145,040
BofA Securities Inc.			72,168		74,400
Citigroup Global Markets Inc.			101,220		103,600
J.P. Morgan Securities LLC			1,456,739		1,478,800
	Total	$	1,771,835	$	1,801,840
Global X FTSE Southeast Asia ETF
Morgan Stanley & Co. LLC		$	643,778	$	679,524
	Total	$	643,778	$	679,524

(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 OBLIGATION

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

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

207

Notes to Financial Statements (Continued)

October 31, 2022

9. REVERSE SHARE SPLIT

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


Fund Name	Ratio
Global X MSCI Colombia ETF	1:4
Global X MSCI Greece ETF	1:3
Global X MSCI Pakistan ETF	1:4

10. MERGER

Effective October 29, 2021, the Global X FTSE Nordic Region ETF (the “Acquiring Fund”) acquired all of the assets and assumed all of the liabilities of the Global X MSCI Norway ETF (the “Acquired Fund”) pursuant to a Plan of Reorganization approved by the Board of Directors on August 4, 2021. Effective as of the close of business on October 29, 2021, the Acquired Fund was reorganized into the Acquiring Fund, each a separate series of the Trust (together, the “Combined Fund”) and the Combined Fund was renamed Global X MSCI Norway ETF. The Acquiring Fund is the legal surviving entity in the Reorganization, while the Acquired Fund is the accounting survivor or continuing portfolio for purposes of financial and performance history of the Combined Fund.

The acquisition was accomplished by a tax-free exchange as follows:

3,980,000 shares of the Acquired Fund, with net assets of $60,723,560 and including $673,023 of net unrealized depreciation for 1,896,973 shares of the Acquiring Fund with net assets of $43,214,538. For every 1 share of the Acquired Fund, shareholders received 0.4766 shares of the Acquiring Fund. Immediately following the acquisition, the Combined Fund held 3,246,971 shares with net assets of $103,938,098.

Assuming that the reorganization had been completed on November 1, 2020, the Acquiring Fund’s pro forma results of operations for the year ended October 31, 2021 would have been as follows:


Net investment income	$	2,153,445
Net Realized and unrealized gain (loss) from investments		26,735,503
Net increase (decrease) in net assets from operations	$	28,888,948

208

Notes to Financial Statements (Concluded)

October 31, 2022

11. SUBSEQUENT EVENTS

The Board of the Trust approved a reverse share split of one to three (1:3) of the issued and outstanding shares of the Global X MSCI China Real Estate ETF (the "Reverse Share Split"). The Reverse Share Split was completed after the close of business on December 19, 2022. The effect of this transaction 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 the per share data in the financial highlights for each of the years in the period then ended have been updated 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.

The Funds have been evaluated by management regarding the need for additional disclosures (other than what is disclosed in the preceding paragraph) and/or adjustments resulting from subsequent events. Based on this evaluation, no additional adjustments were required to the financial statements.

209

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Global X Funds and Shareholders of each of the twenty-two funds listed in the table below.

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (twenty-two of the funds constituting Global X Funds, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


Global X MSCI Colombia ETF (1)	Global X MSCI Portugal ETF (1)
Global X MSCI Norway ETF (1)	Global X MSCI Pakistan ETF (1)
Global X MSCI China Industrials ETF (1)	Global X FTSE Southeast Asia ETF (1)
Global X MSCI China Consumer Discretionary ETF (1)	Global X MSCI Nigeria ETF (1)
Global X MSCI China Energy ETF (1)	Global X DAX Germany ETF (2)
Global X MSCI China Financials ETF (1)	Global X MSCI China Consumer Staples ETF (3)
Global X MSCI China Communication Services ETF (1)	Global X MSCI China Health Care ETF (3)
Global X MSCI China Materials ETF (1)	Global X MSCI China Information Technology ETF (3)
Global X MSCI Argentina ETF (1)	Global X MSCI China Real Estate ETF (3)
Global X MSCI Greece ETF (1)	Global X MSCI China Utilities ETF (3)
Global X MSCI Next Emerging & Frontier ETF (1)	Global X MSCI Vietnam ETF (4)

210

Report of Independent Registered Public Accounting Firm

1.	Statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022.
2.	Statement of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the four years in the period ended October 31, 2022.
3.	Statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the three years in the period ended October 31, 2022, and for the period December 7, 2018 (commencement of operations) through October 31, 2019.
4.	Statement of operations, statement of changes in net assets, and the financial highlights for the period December 7, 2021 (commencement of operations) through October 31, 2022.

The financial statements of Global X DAX Germany ETF as of and for the year ended October 31, 2018 and the financial highlights for each of the periods ended on or prior to October 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 28, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we

211

Report of Independent Registered Public Accounting Firm

performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 29, 2022

We have served as the auditor of one or more investment companies in Global X Funds since 2016.

212

Disclosure of Fund Expenses (Unaudited)

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

Operating expenses such as these are deducted from 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 period shown and held for the entire period from May 1, 2022 through October 31, 2022.

The table on the next page illustrates the Funds’ costs in two ways:

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

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

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

213

Disclosure of Fund Expenses (Unaudited) (Continued)


	Beginning		Ending
	Account Value		Account Value		Annualized Expenses			Expense Paid During
	5/1/2022		10/31/2022		Ratios			Period(1)
Global X MSCI China Energy ETF
Actual Fund Return	$	1,000.00	$	980.50		0.67	%	$	3.34
Hypothetical 5% Return		1,000.00		1,021.83		0.67			3.41
Global X MSCI China Materials ETF
Actual Fund Return	$	1,000.00	$	712.60		0.65	%	$	2.81
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3.31
Global X MSCI China Industrials ETF
Actual Fund Return	$	1,000.00	$	811.80		0.66	%	$	3.01
Hypothetical 5% Return		1,000.00		1,021.88		0.66			3.36
Global X MSCI China Consumer Discretionary ETF
Actual Fund Return	$	1,000.00	$	734.90		0.65	%	$	2.84
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3.31
Global X MSCI China Consumer Staples ETF
Actual Fund Return	$	1,000.00	$	764.20		0.65	%	$	2.89
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3.31
Global X MSCI China Health Care ETF
Actual Fund Return	$	1,000.00	$	864.60		0.65	%	$	3.05
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3.31
Global X MSCI China Financials ETF
Actual Fund Return	$	1,000.00	$	753.60		0.67	%	$	2.96
Hypothetical 5% Return		1,000.00		1,021.83		0.67			3.41
Global X MSCI China Information Technology ETF
Actual Fund Return	$	1,000.00	$	801.50		0.65	%	$	2.95
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3.31
Global X MSCI China Communication Services ETF
Actual Fund Return	$	1,000.00	$	632.60		0.65	%	$	2.67
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3.31
Global X MSCI China Utilities ETF
Actual Fund Return	$	1,000.00	$	768.30		0.66	%	$	2.94
Hypothetical 5% Return		1,000.00		1,021.88		0.66			3.36

214

Disclosure of Fund Expenses (Unaudited) (Continued)


	Beginning		Ending		Annualized			Expenses
	Account Value		Account Value		Expense			Paid During
	5/1/2022		10/31/2022		Ratios			Period(1)
Global X MSCI China Real Estate ETF
Actual Fund Return	$	1,000.00	$	504.10		0.67	%	$	2.54
Hypothetical 5% Return		1,000.00		1,021.83		0.67			3.41
Global X MSCI Greece ETF
Actual Fund Return	$	1,000.00	$	900.00		0.57	%	$	2.73
Hypothetical 5% Return		1,000.00		1,022.33		0.57			2.91
Global X DAX Germany ETF
Actual Fund Return	$	1,000.00	$	876.40		0.22	%	$	1.04
Hypothetical 5% Return		1,000.00		1,024.10		0.22			1.12
Global X MSCI Portugal ETF
Actual Fund Return	$	1,000.00	$	906.60		0.62	%	$	2.98
Hypothetical 5% Return		1,000.00		1,022.08		0.62			3.16
Global X MSCI Colombia ETF
Actual Fund Return	$	1,000.00	$	651.50		0.63	%	$	2.62
Hypothetical 5% Return		1,000.00		1,022.03		0.63			3.21
Global X MSCI Argentina ETF
Actual Fund Return	$	1,000.00	$	994.40		0.59	%	$	2.97
Hypothetical 5% Return		1,000.00		1,022.23		0.59			3.01
Global X MSCI Pakistan ETF
Actual Fund Return	$	1,000.00	$	762.20		0.84	%	$	3.73
Hypothetical 5% Return		1,000.00		1,020.97		0.84			4.28
Global X MSCI Nigeria ETF
Actual Fund Return	$	1,000.00	$	813.50		0.80	%	$	3.66
Hypothetical 5% Return		1,000.00		1,021.17		0.80			4.08
Global X MSCI Vietnam ETF
Actual Fund Return	$	1,000.00	$	646.10		0.50	%	$	2.07
Hypothetical 5% Return		1,000.00		1,022.69		0.50			2.55
Global X MSCI Next Emerging & Frontier ETF
Actual Fund Return	$	1,000.00	$	875.60		0.51	%	$	2.41
Hypothetical 5% Return		1,000.00		1,022.64		0.51			2.00

215

Disclosure of Fund Expenses (Unaudited) (Concluded)


			Ending
	Beginning		Account		Annualized			Expenses
	Account Value		Value		Expense			Paid During
	5/1/2022		10/31/2022		Ratios			Period⁽¹⁾
Global X MSCI Norway ETF
Actual Fund Return	$	1,000.00	$	835.40		0.50	%	$	2.31
Hypothetical 5% Return		1,000.00		1,022.69		0.50			2.55
Global X FTSE Southeast Asia ETF
Actual Fund Return	$	1,000.00	$	921.50		0.65	%	$	3.15
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3.31

(1) Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

216

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. The Committee’s report noted that one Fund, the Global X Nigeria Fund, was classified as an In-Kind Fund for purposes of Liquidity Reporting. The Committee’s report noted that no other material changes have been made to the Program since its implementation.

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

217

Supplemental Information (UNAUDITED)

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

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

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

218

Trustees and Officers of the Trust (UNAUDITED)

Set forth below are the names, addresses, years of birth, positions with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of Funds in Trust overseen by the Trustees, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust.

	Position(s)		Number of Funds in
Name, Address	Held	Principal Occupation(s) During the Past	Trust Overseen by	Other Directorships
(Year of Birth)	with Trust	5 Years	Trustee	Held by Trustees
Independent Trustees¹
Charles A. Baker	Trustee (since	Chief Executive Officer of Investment	107²	None.
605 Third Avenue,	07/2018)	Innovations LLC (investment
43rd Floor		consulting) (since 2013); Managing
New York, NY		Director of NYSE Euronext (2003 to
10158		2012).
(1953)
Susan M. Ciccarone	Trustee (since	Partner, Further Global Capital	107²	Director of E78
605 Third Avenue,	09/2019)	Management (private equity) (since		Partners (since 2022);
43rd Floor		2017); formerly Chief Operating Officer		Director of ProSight
New York, NY		(2014-2016) and Chief Financial		Global, Inc. (since
10158		Officer (2012-2016), Emerging Global		2021); Director of
(1973)		Advisors, LLC (ETF issuer).		Casa Holdco LP,
				parent of Celink (since
				2018); Chairman,
				Payment Alliance
				International, Inc.
				(2019-2021).
Clifford J. Weber	Trustee (since	Owner, Financial Products Consulting	107²	Chairman (since
605 Third Avenue,	07/2018)	Group LLC (consulting services to		2017) and Trustee
43rd Floor		financial institutions) (since 2015);		(since 2015) of
New York, NY		formerly, Executive Vice President of		Clough Funds Trust;
10158		Global Index and Exchange-Traded		Chairman and Trustee
(1963)		Products, NYSE Market, Inc., a		of Clayton Street
		subsidiary of Intercontinental Exchange		Trust (since 2016);
		(ETF/ETP listing exchange) (2013-		Chairman and Trustee
		2015).		of Janus Detroit Street
				Trust (since 2016);
				Chairman and Trustee
				of Elevation ETF
				Trust (2016-2018);
				Trustee of Clough
				Global Equity Fund
				(since 2017); Trustee
				of Clough Global
				Dividend and Income
				Fund (since 2017);
				and Trustee of Clough
				Global Opportunities
				Fund (since 2017).

219

Trustees and Officers of the Trust (UNAUDITED)

The Trust’s SAI includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-493-8631. The following chart lists Trustees and Officers as of October 31, 2022.

	Position(s)		Number of Funds in
Name, Address	Held	Principal Occupation(s) During the Past	Trust Overseen by	Other Directorships
(Year of Birth)	with Trust	5 Years	Trustee	Held by Trustees
Interested Trustee/Officers¹
Luis Berruga	Trustee (since	Chief Executive Officer, GXMC (since	107²	None.
605 Third Avenue,	07/2018);	07/2018), Chief Financial Officer (since
43rd Floor	President (since	2/2014) and Chief Operating Officer
New York, NY	2018)	(9/2015 - 7/2018); Investment Banker,
10158		Jefferies (2012-2014).
(1977)
John Belanger	Chief Operating	Chief Operating Officer and Head of	N/A	N/A
605 Third Avenue,	Officer and	Portfolio Management & Portfolio
43rd Floor	Chief Financial	Administration, GXMC (since 12/2020);
New York, NY	Officer (since	Portfolio Manager (12/2020-4/2022);
10158	12/2020)	Secretary of the Trust (3/2020-9/2020);
(1982)		Head of Product Management, GXMC
		(since 1/2020); Consultant to GXMC
		(9/2018-12/2019); Chief Operating
		Officer, Rex Shares, LLC (2014-2018).
Susan Lively	Secretary (since	General Counsel, GXMC (since	N/A	N/A
605 Third Avenue,	09/2020)	9/2020); Senior Corporate Counsel
43rd Floor		at Franklin Templeton (previously,
New York, NY		Managing Director and Associate
10158		General Counsel at Legg Mason & Co.,
(1981)		LLC) (2014-2020).
Eric Griffith	Assistant	Counsel, SEI Investments (since	N/A	N/A
One Freedom	Secretary (since	10/2019); Vice President and Assistant
Valley Drive	02/2020)	General Counsel, JPMorgan Chase &
Oaks, PA 19456		Co. (2012-2018).
(1969)
Joe Costello	Chief	Chief Compliance Officer, FlexShares	N/A	N/A
605 Third Avenue,	Compliance	Funds (2011-2015); Vice President,
43rd Floor	Officer (since	Northern Trust Investments (2003 -
New York, NY	09/2016)	2015).
10158
(1974)
Ronnie Riven	Treasurer	Director of Finance, GXMC (since	N/A	N/A
605 Third Avenue,	and Principal	2018); Director of Accounting and
43rd Floor	Accounting	Finance at Barclays Center (2016-2018);
New York, NY	Officer (since	Manager of External Reporting at
10158	12/2020)	National Grid (2013-2015).
(1984)

220

Trustees and Officers of the Trust (UNAUDITED)

	Position(s)		Number of Funds in
Name, Address	Held	Principal Occupation(s) During the Past	Trust Overseen by	Other Directorships
(Year of Birth)	with Trust	5 Years	Trustee	Held by Trustees
Interested Trustee/Officers¹
Eric Olsen³	Assistant	Director of Accounting, SEI Investment	N/A	N/A
One Freedom	Treasurer (since	Manager Services (March 2021 to
Valley Drive	5/2021)	present); formerly, Deputy Head of Fund
Oaks, PA 19456		Operations, Traditional Assets, Aberdeen
(1970)		Standard Investments (2013-2021).

1 Each Trustee serves until his or her successor is duly elected or appointed and qualified.

2 As of October 31, 2022, the Trust had one hundred and seven investment portfolios, ninety-seven of which were operational.

3 This officer of the Trust also serves as an officer of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor.

221

Notice to Shareholders (UNAUDITED)

For shareholders that do not have an October 31, 2022 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2022 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2022, the Funds have designated the following items with regard to distributions paid during the year.

									Qualifying
									for Corporate
									Dividends			Qualifying
	Long-Term		Ordinary Income			Total			Received			Dividend
Return of Capital	Capital Gain		Distributions			Distributions			Deduction⁽¹⁾			Income⁽²⁾
Global X MSCI China Energy ETF
0.00	0.00	%		100.00	%		100.00	%		0.00	%		100.00	%
Global X MSCI China Materials ETF
0.00	0.00	%		100.00	%		100.00	%		0.00	%		83.93	%
Global X MSCI China Industrials ETF
0.00	0.00	%		100.00	%		100.00	%		0.00	%		62.63	%
Global X MSCI China Consumer Discretionary ETF
0.00	0.00	%		100.00	%		100.00	%		12.70	%		100.00	%
Global X MSCI China Consumer Staples ETF
0.00	69.60	%		30.40	%		100.00	%		0.00	%		62.52	%
Global X MSCI China Health Care ETF
0.00	0.00	%		100.00	%		100.00	%		0.00	%		100.00	%
Global X MSCI China Financials ETF
0.00	0.00	%		100.00	%		100.00	%		0.00	%		100.00	%
Global X MSCI China Information Technology ETF
0.00	87.78	%		12.22	%		100.00	%		0.00	%		68.24	%
Global X MSCI China Communication Services ETF
0.00	0.00	%		100.00	%		100.00	%		0.00	%		80.85	%
Global X MSCI China Utilities ETF
0.00	42.92	%		57.08	%		100.00	%		0.00	%		33.95	%
Global X MSCI China Real Estate ETF
0.00	0.00	%		100.00	%		100.00	%		0.00	%		26.06	%
Global X MSCI Greece ETF
0.00	0.00	%		100.00	%		100.00	%		0.00	%		95.85	%
Global X DAX Germany ETF
0.00	0.00	%		100.00	%		100.00	%		0.00	%		73.87	%
Global X MSCI Portugal ETF
0.00	0.00	%		100.00	%		100.00	%		0.00	%		100.00	%
Global X MSCI Colombia ETF
0.00	0.00	%		100.00	%		100.00	%		0.00	%		15.46	%
Global X MSCI Argentina ETF
0.00	0.00	%		100.00	%		100.00	%		0.00	%		28.47	%
Global X MSCI Pakistan ETF
0.00	0.00	%		100.00	%		100.00	%		0.00	%		100.00	%
Global X MSCI Nigeria ETF
0.00	0.00	%		100.00	%		100.00	%		0.00	%		0.00	%
Global X MSCI Vietnam ETF
0.00	0.00	%		100.00	%		100.00	%		0.00	%		0.00	%
Global X MSCI Next Emerging & Frontier ETF
0.00	0.00	%		100.00	%		100.00	%		0.00	%		47.77	%
Global X MSCI Norway ETF
0.00	0.00	%		100.00	%		100.00	%		0.00	%		98.07	%
Global X FTSE Southeast Asia ETF
0.00	0.00	%		100.00	%		100.00	%		0.00	%		35.68	%

(1) Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions).

(2) The percentage in this column represents the amount of "Qualifying Dividend Income" as created by the Jobs and Growth Relief Reconciliation Act of 2003 and its reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned Funds to designate the maximum amount permitted by law.

222

Notice to Shareholders (UNAUDITED)


							Short Term
	U.S. Government			Interest Related			Capital Gain			Foreign Tax
	Interest(3)			Dividends⁽⁴⁾			Dividends⁽⁵⁾			Credit
Global X MSCI China Energy ETF
		0.03	%		0.03	%		0.00	%		20.07	%
Global X MSCI China Materials ETF
		0.00	%		0.02	%		0.00	%		10.10	%
Global X MSCI China Industrials ETF
		0.00	%		0.05	%		0.00	%		13.13	%
Global X MSCI China Consumer Discretionary ETF
		0.00	%		0.20	%		0.00	%		0.00	%
Global X MSCI China Consumer Staples ETF
		0.00	%		0.00	%		0.00	%		2.29	%
Global X MSCI China Health Care ETF
		0.00	%		0.00	%		0.00	%		0.00	%
Global X MSCI China Financials ETF
		0.00	%		0.02	%		0.00	%		11.29	%
Global X MSCI China Information Technology ETF
		0.00	%		0.00	%		0.00	%		0.00	%
Global X MSCI China Communication Services ETF
		0.00	%		0.04	%		0.00	%		0.00	%
Global X MSCI China Utilities ETF
		0.00	%		0.01	%		100.00	%		0.00	%
Global X MSCI China Real Estate ETF
		0.00	%		0.03	%		0.00	%		0.00	%
Global X MSCI Greece ETF
		0.00	%		0.04	%		0.00	%		5.33	%
Global X DAX Germany ETF
		0.00	%		0.00	%		0.00	%		10.08	%
Global X MSCI Portugal ETF
		0.02	%		0.02	%		0.00	%		14.93	%
Global X MSCI Colombia ETF
		0.00	%		0.01	%		0.00	%		6.72	%
Global X MSCI Argentina ETF
		0.00	%		0.01	%		0.00	%		0.00	%
Global X MSCI Pakistan ETF
		0.00	%		0.01	%		0.00	%		15.82	%
Global X MSCI Nigeria ETF
		0.05	%		0.03	%		0.00	%		10.22	%
Global X MSCI Vietnam ETF
		0.02	%		0.01	%		0.00	%		0.00	%
Global X MSCI Next Emerging & Frontier ETF
		0.00	%		0.01	%		0.00	%		10.99	%
Global X MSCI Norway ETF
		0.00	%		0.01	%		0.00	%		26.02	%
Global X FTSE Southeast Asia ETF
		0.00	%		0.01	%		0.00	%		5.03	%

(3) "U.S. Government Interest" represents the amount of interest that was derived from U.S. Government Obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

(4) The percentage in this column represents the amount of "Interest Related Dividends" as created by the American Jobs Creation Act of 2004 and is a percentage of net investment income that is exempt from U.S. withholding tax when paid for foreign investors.

(5) The percentage of this column represents the amount of “Short Term Capital Gain Dividend” and is reflected as a percentage of short term capital gain distribution that is exempted from U.S. withholding tax when paid to foreign investors.

223

Notice to Shareholders (UNAUDITED)

The Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended October 31, 2022, the total amount of foreign source income and foreign tax credit are as follows:


	Foreign Source		Foreign Tax Credit
Fund Name	Income		Pass Through
Global X MSCI China Energy ETF	$	359,359	$	38,289
Global X MSCI China Materials ETF		111,764		10,781
Global X MSCI China Industrials ETF		150,259		10,283
Global X MSCI China Consumer Staples ETF		275,473		16,599
Global X MSCI China Financials ETF		1,971,247		224,258
Global X MSCI Greece ETF		3,587,787		161,920
Global X DAX Germany ETF		1,297,650		132,149
Global X MSCI Portugal ETF		303,295		52,704
Global X MSCI Colombia ETF		2,785,882		151,075
Global X MSCI Pakistan ETF		1,630,110		251,658
Global X MSCI Nigeria ETF		2,731,302		246,432
Global X MSCI Next Emerging & Frontier ETF		569,140		62,624
Global X MSCI Norway ETF		4,322,135		916,703
Global X FTSE Southeast Asia ETF		1,100,928		81,620

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2022. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.

224

Notes

225

Notes

226

Notes

227

Notes

228

605 Third Avenue, 43rd floor

New York, NY 10158

1-888-493-8631

www.globalxetfs.com

Investment Adviser and Administrator:

Global X Management Company LLC

605 Third Avenue, 43rd floor

New York, NY 10158

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

Stradley Ronon Stevens & Young, LLP

2000 K Street, N.W. Suite 700

Washington, DC 20006

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

40 Water Street

Boston, MA 02109

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

GLX-AR-002-1200

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

Item 3. Audit Committee Financial Expert.

(a)(1) The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The audit committee financial experts are Charles A. Baker and Susan M. Ciccarone and each is independent as defined in Form N-CSR Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

Fees billed by Pricewaterhouse Coopers LLP (“PwC”) relate to the registrant.

PWC billed the registrant aggregate fees for services rendered to the registrant for the last two fiscal years as follows:

		2022						2021
		All fees and services to the Trust that were pre-approved		All fees and services to service affiliates that were pre-approved		All other fees and services to service affiliates that did not require pre-approval		All fees and services to the Trust that were pre-approved		All fees and services to service affiliates that were pre-approved		All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees	$	1,148,958	$	0	$	0	$	929,467	$	0	$	0
(b)	Audit-Related Fees	$	0	$	0	$	0	$	0	$	0	$	0
(c)	Tax Fees⁽¹⁾	$	406,447	$	0	$	0	$	334,184	$	0	$	0
(d)	All Other Fees	$	0	$	0	$	0	$	0	$	0	$	0

Notes:

(1)	Tax Compliance and excise distribution services.

(e) (1) Not applicable.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (PwC):

	2022			2021
Audit-Related Fees		0	%		0	%
Tax Fees		0	%		0	%
All Other Fees		0	%		0	%

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by PwC for the last two fiscal years were $406,447 and $334,184, respectively.

(h) During the past fiscal year, all non-audit services provided by registrant’s principal accountant to either registrant’s investment adviser or to any entity controlling, controlled by, or under common control with registrant’s investment adviser that provides ongoing services to registrant were pre-approved by the audit committee of registrant’s Board of Trustees. Included in the audit committee’s pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

The registrant has a separately-designated standing Audit Committee, which is composed of the registrant's Independent Trustees, Charles A. Baker, Susan M. Ciccarone and Clifford J. Weber.

Item 6. Investments.

Not applicable.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

There have been no material changes.

Item 11. Controls and Procedures.

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

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

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

Not applicable to open-end management investment companies.

Item 13. Exhibits.

(a)(1) Code of Ethics attached hereto.

(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: January 6, 2023

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.

Date: January 6, 2023

By (Signature and Title)

/s/ Luis Berruga
Luis Berruga

President

Date: January 6, 2023

By (Signature and Title)

/s/ John Belanger

John Belanger

Chief Financial Officer

Date: January 6, 2023

Global X Funds N-CSRCertified annual shareholder report (management investment company)