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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________

FORM N-CSRS

________

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22209

Global X Funds

 (Exact name of registrant as specified in charter)

________

605 Third Avenue, 43rd floor

New York, NY 10158

 (Address of principal executive offices) (Zip code)

Luis Berruga

Global X Management Company LLC

605 Third Avenue, 43rd floor

New York, NY 10158

 (Name and address of agent for service)

With a copy to:

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

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

Date of fiscal year end: November 30, 2023

Date of reporting period: May 31, 2023

Item 1.    Reports to Stockholders.

(a)  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 MLP ETF (ticker: MLPA)

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

Global X Alternative Income ETF (ticker: ALTY)

Global X Conscious Companies ETF (ticker: KRMA)

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

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

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

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

Global X Variable Rate Preferred ETF (ticker: PFFV)

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

Semi-Annual Report

May 31, 2023

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

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

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

Table of Contents 

Schedules of Investments
Global X MLP ETF	1
Global X MLP & Energy Infrastructure ETF	3
Global X Alternative Income ETF	6
Global X Conscious Companies ETF	9
Global X Founder-Run Companies ETF	16
Global X U.S. Preferred ETF	21
Global X S&P 500® Quality Dividend ETF	31
Global X Adaptive U.S. Factor ETF	35
Global X Variable Rate Preferred ETF	42
Global X Adaptive U.S. Risk Management ETF	47
Glossary	62
Statements of Assets and Liabilities	63
Statements of Operations	66
Statements of Changes in Net Assets	69
Financial Highlights	75
Notes to Financial Statements	81
Disclosure of Fund Expenses	102
Liquidity Risk Management Program	105
Supplemental Information	106

Shares are bought and sold at market price (not net asset value (“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 their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the Commission’s website at https://www.sec.gov, and may be reviewed and copied at the Commission's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

Schedule of Investments	May 31, 2023 (Unaudited)
Global X MLP ETF

	Shares		Value
MASTER LIMITED PARTNERSHIPS — 94.4%
Energy — 94.4%
Cheniere Energy Partners .		1,353,220	$	60,150,629
Crestwood Equity Partners .		2,618,529		67,191,454
DCP Midstream .		1,555,488		64,692,746
Delek Logistics Partners		1,524,657		82,026,547
Energy Transfer .		12,546,542		155,577,121
Enterprise Products Partners .		6,561,095		166,192,536
Genesis Energy (A)		6,284,920		60,649,478
Green Plains Partners .		100		1,203
Holly Energy Partners .		3,866,637		66,390,157
Magellan Midstream Partners .		2,325,235		140,002,399
Martin Midstream Partners .		100		205
MPLX		3,812,110		127,095,748
NGL Energy Partners *		50,000		158,500
NuStar Energy .		3,884,948		63,441,201
Plains All American Pipeline		8,906,438		115,071,179
USD Partners		100		94
Western Midstream Partners .		3,960,585		99,965,165
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $761,409,602)				1,268,606,362
COMMON STOCK — 6.8%
Energy — 6.8%
EnLink Midstream .		4,950,138		48,313,347
Hess Midstream, Cl A		1,574,030		43,899,697
Phillips 66 .		100		9,161
TOTAL COMMON STOCK
(Cost $79,382,030)				92,222,205
TOTAL INVESTMENTS — 101.2%
(Cost $840,791,632)			$	1,360,828,567

Percentages are based on Net Assets of $1,344,111,842.

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

1

Schedule of Investments	May 31, 2023 (Unaudited)
Global X MLP ETF

*	Non-income producing security.
(A)	Affiliated investment.

As of May 31, 2023, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

The following is a summary of the Fund’s transactions with affiliates for the period ended May 31, 2023:

							Changes in
							Unrealized
Value at		Purchases at		Proceeds from			Appreciation			Realized Gain			Value at		Dividend		Capital
11/30/22		Cost		Sales			(Depreciation)			(Loss)			5/31/23		Income		Gains
Genesis Energy
$	66,869,171	$	7,900,232	$	(10,791,063	)	$	(3,087,965	)	$	(240,897	)	$	60,649,478	$	—	$	—
Totals:
$	66,869,171	$	7,900,232	$	(10,791,063	)	$	(3,087,965	)	$	(240,897	)	$	60,649,478	$	—	$	—

See “Glossary” for abbreviations.

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

2

Schedule of Investments	May 31, 2023 (Unaudited)
Global X MLP & Energy Infrastructure ETF

	Shares		Value
COMMON STOCK — 76.1%
CANADA — 21.6%
Energy — 21.6%
Enbridge		2,154,087	$	75,823,863
Pembina Pipeline .		1,281,368		38,787,009
TC Energy		1,988,123		77,417,510
TOTAL CANADA				192,028,382
UNITED STATES — 54.5%
Energy — 54.5%
Antero Midstream .		2,992,869		30,557,192
Archrock .		1,272,258		11,450,322
Cheniere Energy .		497,571		69,545,499
DT Midstream .		849,417		38,614,497
EnLink Midstream .		2,208,537		21,555,321
Equitrans Midstream .		3,994,945		34,076,881
Hess Midstream, Cl A		396,565		11,060,198
Kinder Morgan .		3,815,809		61,472,683
Kinetik Holdings, Cl A (A)		98,535		3,205,343
ONEOK .		1,020,727		57,834,392
Plains GP Holdings, Cl A		1,755,685		23,877,316
Targa Resources		583,371		39,698,397
Williams		2,791,728		80,010,924
TOTAL UNITED STATES				482,958,965
TOTAL COMMON STOCK
(Cost $640,405,668)				674,987,347

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

3

Schedule of Investments	May 31, 2023 (Unaudited)
Global X MLP & Energy Infrastructure ETF

	Shares		Value
MASTER LIMITED PARTNERSHIPS — 23.8%
UNITED STATES— 23.8%
Energy — 23.8%
Cheniere Energy Partners .		122,338	$	5,437,924
Crestwood Equity Partners .		256,143		6,572,629
DCP Midstream .		256,997		10,688,505
Delek Logistics Partners		27,987		1,505,701
Energy Transfer .		3,207,616		39,774,439
Enterprise Products Partners .		1,543,072		39,086,014
Holly Energy Partners .		135,542		2,327,256
Magellan Midstream Partners .		628,448		37,838,854
MPLX		1,011,097		33,709,974
Plains All American Pipeline		1,419,434		18,339,087
Western Midstream Partners .		603,870		15,241,679
TOTAL UNITED STATES				210,522,062
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $103,104,536)				210,522,062
SHORT-TERM INVESTMENT(B)(C) — 0.0%
Fidelity Investments Money Market
Government Portfolio, Cl Institutional,
5.020%
(Cost $381,818)		381,818		381,818
	Face Amount
REPURCHASE AGREEMENT(B) — 0.1%
BNP Paribas
4.990%, dated 05/31/2023, to be repurchased
on 06/01/2023, repurchase price $772,331
(collateralized by various U.S. Treasury
Obligations, ranging in par value $13,288
- $92,094, 4.125% - 5.410%, 7/31/2024
- 9/30/2027, with a total market value of
$787,713)
(Cost $772,224)	$	772,224		772,224
TOTAL INVESTMENTS — 100.0%
(Cost $744,664,246)			$	886,663,451

Percentages are based on Net Assets of $886,826,064.

(A) This security or a partial position of this security is on loan at May 31, 2023.

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

4

Schedule of Investments	May 31, 2023 (Unaudited)
Global X MLP & Energy Infrastructure ETF

(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 May 31, 2023.

The following is a summary of the level of inputs used as of May 31, 2023, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	674,987,347	$	—	$	—	$	674,987,347
Master Limited Partnerships		210,522,062		—		—		210,522,062
Short-Term Investment		381,818		—		—		381,818
Repurchase Agreement		—		772,224		—		772,224
Total Investments in Securities	$	885,891,227	$	772,224	$	—	$	886,663,451

See “Glossary” for abbreviations.

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

5

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Alternative Income ETF

	Shares		Value
EXCHANGE TRADED FUNDS — 81.1%
Global X Emerging Markets Bond ETF (A)		362,182	$	7,802,921
Global X NASDAQ 100® Covered
Call ETF (A) (B)		467,634		8,249,064
Global X SuperDividend® REIT ETF (A)		326,094		6,799,060
Global X U.S. Preferred ETF (A) (B)		363,971		7,017,361
TOTAL EXCHANGE TRADED FUNDS
(Cost $37,833,821)				29,868,406
COMMON STOCK — 9.8%
Utilities — 9.8%
ALLETE .		8,238		490,738
Avista		11,564		478,171
Duke Energy		4,451		397,430
Edison International .		7,081		478,109
FirstEnergy		11,517		430,621
NorthWestern		8,763		495,898
OGE Energy .		11,482		405,085
PPL		16,437		430,649
TOTAL COMMON STOCK
(Cost $3,414,189)				3,606,701

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

6

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Alternative Income ETF

	Shares		Value
MASTER LIMITED PARTNERSHIPS — 8.7%
Energy — 6.9%
Enterprise Products Partners .		18,737	$	474,608
Magellan Midstream Partners .		9,428		567,660
MPLX		14,988		499,700
Sunoco .		11,664		501,436
USA Compression Partners		27,446		512,691
				2,556,095
Industrials — 0.6%
Icahn Enterprises .		9,144		206,380
Utilities — 1.2%
Suburban Propane Partners .		28,156		429,942
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $1,843,469)				3,192,417
SHORT-TERM INVESTMENT(C)(D) — 0.6%
Fidelity Investments Money Market
Government Portfolio, Cl Institutional,
5.020%
(Cost $213,297)		213,297		213,297
	Face Amount
REPURCHASE AGREEMENT(C) — 1.2%
BNP Paribas
4.990%, dated 05/31/2023, to be repurchased
on 06/01/2023, repurchase price $431,451
(collateralized by various U.S. Treasury
Obligations, ranging in par value $7,423
- $51,447, 4.125% - 5.410%, 7/31/2024
- 9/30/2027, with a total market value of
$440,043)
(Cost $431,391)	$	431,391		431,391
TOTAL INVESTMENTS — 101.4%
(Cost $43,736,167)			$	37,312,212

Percentages are based on Net Assets of $36,807,045.

(A)	Affiliated investment.
(B)	This security or a partial position of this security is on loan at May 31, 2023.
(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 May 31, 2023.

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

7

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Alternative Income ETF

The following is a summary of the level of inputs used as of May 31, 2023, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	29,868,406	$	—	$	—	$	29,868,406
Common Stock		3,606,701		—		—		3,606,701
Master Limited Partnerships		3,192,417		—		—		3,192,417
Short-Term Investment		213,297		—		—		213,297
Repurchase Agreement		—		431,391		—		431,391
Total Investments in Securities	$	36,880,821	$	431,391	$	—	$	37,312,212

The following is a summary of the Fund’s transactions with affiliates for the period ended May 31, 2023:

							Changes in
							Unrealized
Value at		Purchases at		Proceeds from			Appreciation			Realized Gain		Value at		Dividend			Capital
11/30/22		Cost		Sales			(Depreciation)			(Loss)		05/31/23		Income			Gains
Global X Emerging Markets Bond ETF
$	7,746,289	$	1,051,506	$	(924,086	)	$	(104,988	)	$	34,200	$	7,802,921	$	174,025		$	—
Global X NASDAQ 100 Covered Call ETF
$	7,618,510	$	1,047,822	$	(1,444,128	)	$	955,075		$	71,785	$	8,249,064	$	(72,661	)	$	15,007
Global X SuperDividend® REIT ETF
$	7,297,064	$	988,326	$	(990,376	)	$	(524,990	)	$	29,036	$	6,799,060	$	48,070		$	2,537
Global X U.S. Preferred ETF
$	7,325,307	$	997,982	$	(854,266	)	$	(455,497	)	$	3,835	$	7,017,361	$	228,961		$	—
Totals:
$	29,987,170	$	4,085,636	$	(4,212,856	)	$	(130,400	)	$	138,856	$	29,868,406	$	378,395		$	17,544

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.

8

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — 99.7%
CANADA — 0.4%
Financials — 0.4%
Toronto-Dominion Bank		50,377	$	2,851,338
UNITED STATES — 99.3%
Communication Services — 7.3%
Alphabet, Cl A *		146,243		17,968,877
AT&T		170,611		2,683,711
Comcast, Cl A		82,376		3,241,496
Meta Platforms, Cl A *		14,602		3,865,441
Netflix *		9,481		3,747,176
Omnicom Group .		33,125		2,921,294
Take-Two Interactive Software *		24,866		3,424,794
T-Mobile US *		21,433		2,941,679
Verizon Communications		83,297		2,967,872
Walt Disney *		31,225		2,746,551
				46,508,891
Consumer Discretionary — 8.3%
Amazon.com *		105,296		12,696,592
Best Buy		42,724		3,104,753
BorgWarner .		63,470		2,813,625

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

9

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
eBay		72,117	$	3,067,857
Etsy *		30,463		2,469,026
Home Depot .		10,358		2,935,975
Lear .		23,156		2,840,315
Lowe's		15,116		3,040,281
Lululemon Athletica *		8,227		2,730,788
Marriott International, Cl A		18,335		3,076,430
NIKE, Cl B		24,654		2,595,080
Starbucks		29,307		2,861,536
Tesla *		18,827		3,839,390
Tractor Supply .		12,503		2,620,504
VF .		135,869		2,339,664
				53,031,816
Consumer Staples — 9.2%
Campbell Soup .		57,921		2,927,907
Church & Dwight		33,933		3,137,106
Clorox		18,808		2,975,049
Coca-Cola .		48,539		2,895,837
Colgate-Palmolive		41,156		3,061,183
Costco Wholesale		6,138		3,139,955
Estee Lauder, Cl A .		12,128		2,231,916
General Mills		35,552		2,992,056
Hershey		11,913		3,093,806
Hormel Foods		78,011		2,983,921
J M Smucker .		20,883		3,061,239
Kellogg .		46,198		3,084,641
Kimberly-Clark		21,961		2,948,923
Kroger		64,872		2,940,648
McCormick .		36,281		3,110,370
Mondelez International, Cl A .		43,590		3,199,942
PepsiCo		16,765		3,057,098
Procter & Gamble .		19,920		2,838,600
Target		19,108		2,501,810
Walgreens Boots Alliance		87,062		2,644,073
				58,826,080
Energy — 3.5%
Chevron .		18,377		2,767,944
ConocoPhillips .		30,400		3,018,720

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

10

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
Devon Energy		57,961	$	2,672,002
EOG Resources		26,501		2,843,292
Hess		21,611		2,737,465
ONEOK .		46,884		2,656,448
Phillips 66 .		31,043		2,843,849
Valero Energy .		25,985		2,781,435
				22,321,155
Financials — 12.8%
Aflac		47,116		3,025,318
Allstate		26,854		2,912,316
American Express .		18,978		3,009,152
Bank of America		104,072		2,892,161
Bank of New York Mellon		70,564		2,836,673
Block, Cl A *		48,965		2,956,996
Capital One Financial		32,182		3,353,686
Citigroup		63,403		2,810,021
CME Group, Cl A .		16,380		2,927,925
FactSet Research Systems .		7,460		2,871,279
Hartford Financial Services Group .		44,701		3,062,913
Jack Henry & Associates .		19,779		3,024,011
JPMorgan Chase .		22,122		3,002,177
Mastercard, Cl A .		8,219		3,000,099
MetLife .		51,664		2,559,951
Moody's .		10,238		3,244,217
Morgan Stanley		34,114		2,789,161
Nasdaq .		54,566		3,020,228
Northern Trust .		36,438		2,620,621
PayPal Holdings *		41,911		2,598,063
PNC Financial Services Group		25,195		2,918,337
Principal Financial Group		41,367		2,707,884
Progressive		22,682		2,901,255
Prudential Financial .		36,268		2,853,929
S&P Global .		8,839		3,247,714
T Rowe Price Group		27,132		2,907,465
US Bancorp .		92,737		2,772,836
Visa, Cl A .		13,283		2,935,942
				81,762,330

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

11

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 15.1%
Abbott Laboratories .		27,770	$	2,832,540
AbbVie		19,137		2,640,141
Agilent Technologies		22,448		2,596,560
Amgen .		12,746		2,812,405
Becton Dickinson		11,897		2,876,219
Biogen *		10,707		3,173,662
Boston Scientific *		60,825		3,131,271
Bristol-Myers Squibb .		43,205		2,784,130
Cigna Group		12,327		3,049,823
CVS Health .		42,676		2,903,248
Danaher		12,293		2,822,719
Edwards Lifesciences *		35,918		3,025,373
Elevance Health		6,898		3,089,062
Eli Lilly		8,067		3,464,454
Gilead Sciences		35,904		2,762,454
Humana		6,243		3,133,174
Intuitive Surgical *		10,353		3,187,068
IQVIA Holdings *		15,364		3,025,325
Johnson & Johnson .		18,558		2,877,603
Laboratory Corp of America Holdings		13,343		2,835,788
Merck .		26,949		2,975,439
Mettler-Toledo International *		2,035		2,690,005
Pfizer		77,304		2,939,098
Quest Diagnostics .		21,722		2,881,423
Regeneron Pharmaceuticals *		3,880		2,853,973
ResMed		13,383		2,821,003
Stryker .		10,238		2,821,388
Thermo Fisher Scientific		5,385		2,738,057
UnitedHealth Group		6,387		3,112,002
Vertex Pharmaceuticals *		9,393		3,039,293
Waters *		10,126		2,543,854
West Pharmaceutical Services		8,495		2,842,682
Zoetis, Cl A .		17,576		2,865,064
				96,146,300
Industrials — 8.8%
3M		29,751		2,776,066
Automatic Data Processing		14,442		3,018,234
Caterpillar .		14,109		2,902,927
CH Robinson Worldwide		31,530		2,980,846

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

12

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Cummins		13,350	$	2,728,874
Deere .		8,036		2,780,295
Expeditors International of Washington .		27,946		3,082,723
Honeywell International .		15,857		3,038,201
Illinois Tool Works		13,162		2,878,924
Leidos Holdings		33,879		2,644,595
Paychex		28,385		2,978,438
Paycom Software .		10,341		2,896,824
Rockwell Automation		11,249		3,133,971
Southwest Airlines .		96,680		2,887,832
Union Pacific		15,385		2,961,920
United Parcel Service, Cl B .		15,926		2,659,642
Verisk Analytics, Cl A .		15,799		3,461,719
Waste Management .		18,820		3,047,334
WW Grainger .		4,641		3,012,102
				55,871,467
Information Technology — 28.2%
Adobe *		8,229		3,437,994
Advanced Micro Devices *		35,155		4,155,673
Akamai Technologies *		38,406		3,537,961
Analog Devices		16,679		2,963,691
Apple .		236,732		41,960,747
Applied Materials .		27,654		3,686,278
Arista Networks *		19,947		3,317,984
Autodesk *		16,020		3,194,228
Cadence Design Systems *		14,592		3,369,439
CDW		19,056		3,271,725
Cisco Systems		65,432		3,250,007
Cognizant Technology Solutions, Cl A		52,257		3,265,540
Dell Technologies, Cl C		72,112		3,231,339
F5 *		23,193		3,422,823
HP		105,448		3,064,319
HubSpot *		7,337		3,800,493
Intuit .		6,965		2,919,171
Keysight Technologies *		20,948		3,389,386
Lam Research		6,009		3,705,750
Microsoft		115,505		37,930,687
Motorola Solutions		10,618		2,993,427
NVIDIA .		21,963		8,309,481

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

13

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
ON Semiconductor *		42,149	$	3,523,656
Oracle .		32,672		3,461,272
Salesforce *		15,621		3,489,419
ServiceNow *		6,568		3,578,115
Synopsys *		8,238		3,747,960
Texas Instruments .		17,658		3,070,373
Trimble *		65,502		3,056,978
Workday, Cl A *		16,272		3,449,501
				179,555,417
Materials — 1.3%
Avery Dennison .		17,455		2,812,524
Ecolab		18,769		3,097,824
Steel Dynamics		28,247		2,595,899
				8,506,247
Real Estate — 2.5%
American Tower ‡		15,229		2,808,837
CBRE Group, Cl A *		43,263		3,241,264
Equinix ‡		4,344		3,238,669
Jones Lang LaSalle *		23,412		3,285,640
ProLogis ‡		24,730		3,080,121
				15,654,531
Utilities — 2.3%
American Water Works		20,831		3,009,038
Duke Energy		30,830		2,752,811
Exelon		71,929		2,851,985
NextEra Energy .		39,355		2,891,018
WEC Energy Group .		32,027		2,797,558
				14,302,410
TOTAL UNITED STATES				632,486,644
TOTAL COMMON STOCK
(Cost $628,960,787)				635,337,982
TOTAL INVESTMENTS — 99.7%
(Cost $628,960,787)			$	635,337,982

Percentages are based on Net Assets of $637,026,217.

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

14

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Conscious Companies ETF

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

As of May 31, 2023, 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.

15

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Founder-Run Companies ETF

	Shares		Value
COMMON STOCK — 99.8%
UNITED STATES — 99.8%
Communication Services — 7.2%
Meta Platforms, Cl A *		249	$	65,915
Nexstar Media Group, Cl A		344		51,917
ROBLOX, Cl A *		1,679		70,283
Roku, Cl A *		1,062		61,808
Snap, Cl A *		6,860		69,972
Trade Desk, Cl A *		929		65,104
ZoomInfo Technologies, Cl A *		2,728		67,464
				452,463
Consumer Discretionary — 7.9%
Airbnb, Cl A *		499		54,775
DoorDash, Cl A *		977		63,788
Life Time Group Holdings *		2,875		54,654
QuantumScape, Cl A *		8,535		55,392
Rivian Automotive, Cl A *		4,661		68,657
Skechers USA, Cl A *		1,123		57,688
Tesla *		363		74,027
Wayfair, Cl A *		1,715		69,149
				498,130

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

16

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Founder-Run Companies ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — 0.9%
National Beverage *		1,203	$	59,452
Energy — 3.4%
Antero Resources *		2,599		53,046
Matador Resources		1,218		53,555
New Fortress Energy, Cl A		1,973		51,831
Pioneer Natural Resources		275		54,846
				213,278
Financials — 18.1%
Apollo Global Management		942		62,973
Ares Management, Cl A		683		59,482
BlackRock, Cl A .		89		58,522
Blackstone, Cl A .		668		57,207
Block, Cl A *		984		59,424
Blue Owl Capital, Cl A		5,306		54,386
Capital One Financial		613		63,881
Coinbase Global, Cl A *		1,112		69,166
Essent Group .		1,408		62,191
Euronet Worldwide *		539		60,045
FleetCor Technologies *		280		63,434
Focus Financial Partners, Cl A *		1,151		59,956
Intercontinental Exchange .		549		58,167
Kinsale Capital Group .		184		55,748
Pinnacle Financial Partners		1,102		53,612
Robinhood Markets, Cl A *		6,754		60,246
Ryan Specialty Holdings, Cl A *		1,462		59,635
Shift4 Payments, Cl A *		882		55,319
Starwood Property Trust ‡		3,340		58,617
				1,132,011
Health Care — 12.1%
Evolent Health, Cl A *		1,641		47,819
Inspire Medical Systems *		225		65,810
Ionis Pharmaceuticals *		1,689		69,080
Jazz Pharmaceuticals *		425		54,468
Masimo *		315		50,980
Medpace Holdings *		299		61,884
Neurocrine Biosciences *		591		52,912
Penumbra *		213		65,463

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

17

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Founder-Run Companies ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Regeneron Pharmaceuticals *		75	$	55,167
Royalty Pharma, Cl A		1,712		56,051
Ultragenyx Pharmaceutical *		1,368		67,525
United Therapeutics *		262		54,952
Veeva Systems, Cl A *		337		55,841
				757,952
Industrials — 3.6%
Axon Enterprise *		284		54,786
Insperity .		487		53,921
Paycom Software .		208		58,267
SS&C Technologies Holdings		1,021		56,114
				223,088
Information Technology — 32.8%
Akamai Technologies *		734		67,616
AppLovin, Cl A *		3,516		87,935
Atlassian, Cl A *		405		73,220
BILL Holdings *		779		80,689
Cloudflare, Cl A *		1,270		87,833
Crowdstrike Holdings, Cl A *		498		79,745
Datadog, Cl A *		891		84,565
Dell Technologies, Cl C		1,374		61,569
Dropbox, Cl A *		2,937		67,610
EPAM Systems *		214		54,917
Fortinet *		948		64,777
Monolithic Power Systems .		130		63,688
NVIDIA .		215		81,343
Okta, Cl A *		872		79,265
Palantir Technologies, Cl A *		7,712		113,443
Pegasystems .		1,311		63,400
Procore Technologies *		1,119		67,666
RingCentral, Cl A *		2,168		75,230
Salesforce *		301		67,237
SentinelOne, Cl A *		3,719		79,512
Synopsys *		162		73,704
Twilio, Cl A *		1,137		79,158
Ubiquiti		260		42,419
UiPath, Cl A *		4,244		75,925
VeriSign *		269		60,073

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

18

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Founder-Run Companies ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Workday, Cl A *		321	$	68,049
Zoom Video Communications, Cl A *		973		65,317
Zscaler *		663		89,823
				2,055,728
Materials — 2.6%
MP Materials *		2,759		57,166
Steel Dynamics		575		52,843
Westlake		525		54,574
				164,583
Real Estate — 11.2%
American Homes 4 Rent, Cl A ‡		1,797		61,601
Apartment Income REIT ‡		1,615		56,024
Camden Property Trust ‡		543		56,727
CoStar Group *		777		61,694
Invitation Homes ‡		1,818		61,594
Medical Properties Trust ‡		6,813		56,207
Phillips Edison ‡		1,894		54,945
ProLogis ‡		481		59,909
Rexford Industrial Realty ‡		1,071		58,305
Terreno Realty ‡		970		59,490
Vornado Realty Trust ‡		3,982		53,996
Zillow Group, Cl C *		1,373		62,623
				703,115
TOTAL UNITED STATES				6,259,800
TOTAL COMMON STOCK
(Cost $8,139,625)				6,259,800
TOTAL INVESTMENTS — 99.8%
(Cost $8,139,625)			$	6,259,800

Percentages are based on Net Assets of $6,271,980.

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

As of May 31, 2023, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

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

19

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Founder-Run Companies ETF

See “Glossary” for abbreviations.

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

20

Schedule of Investments	May 31, 2023 (Unaudited)
Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — 99.4%
BERMUDA— 0.8%
Financials — 0.7%
Aspen Insurance Holdings, 5.625%		211,412	$	3,868,840
RenaissanceRe Holdings, 5.750% .		194,351		4,497,282
RenaissanceRe Holdings, 4.200% .		415,774		7,413,250
				15,779,372
Industrials — 0.1%
Triton International, 5.750% .		146,150		2,705,237
TOTAL BERMUDA				18,484,609
CANADA— 0.7%
Utilities — 0.7%
Algonquin Power & Utilities, 6.200%, ICE
LIBOR USD 3 Month + 4.010% (A)		291,468		7,018,549
BIP Bermuda Holdings I, 5.125% .		252,428		4,331,665
Brookfield BRP Holdings Canada, 4.625%		292,828		4,729,172
TOTAL CANADA				16,079,386
NETHERLANDS— 0.8%
Financials — 0.8%
AEGON Funding, 5.100%		770,405		16,255,545
TOTAL NETHERLANDS				16,255,545
UNITED STATES— 97.1%
Communication Services — 6.7%
AT&T, 5.625%		677,962		17,077,863

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

21

Schedule of Investments	May 31, 2023 (Unaudited)
Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Communication Services — continued
AT&T, 5.350%		1,099,416	$	26,243,060
AT&T, 5.000%		998,160		22,149,170
AT&T, 4.750%		1,454,227		30,742,359
Paramount Global, 5.750% *		208,608		4,877,255
Qwest, 6.750%		547,684		7,809,974
Qwest, 6.500%		806,600		10,727,780
Telephone and Data Systems, 6.625% .		349,778		4,631,061
Telephone and Data Systems, 6.000% .		572,776		6,512,463
United States Cellular, 6.250%		415,117		6,770,558
United States Cellular, 5.500%		415,930		5,947,799
United States Cellular, 5.500%		416,018		5,998,979
				149,488,321
Consumer Discretionary — 2.8%
Brunswick, 6.375%		191,662		4,841,382
Ford Motor, 6.500% .		500,576		12,103,928
Ford Motor, 6.200% .		624,808		15,495,238
Ford Motor, 6.000% (B)		666,401		15,893,664
Qurate Retail, 8.000% (B)		263,323		8,576,430
QVC, 6.375% .		177,303		1,716,293
QVC, 6.250% .		383,591		3,759,192
				62,386,127
Energy — 0.9%
NuStar Energy, 11.746%, ICE LIBOR USD 3
Month + 6.880% (A)		146,022		3,760,067
NuStar Energy, 11.139%, ICE LIBOR USD 3
Month + 5.643% (A)		320,021		7,574,897
NuStar Logistics, 11.994%, ICE LIBOR USD
3 Month + 6.734% (A)		333,657		8,665,072
				20,000,036
Financials — 68.6%
Affiliated Managers Group, 5.875%		248,877		5,574,845
Affiliated Managers Group, 4.750%		232,177		4,232,587
Allstate, 8.661%, ICE LIBOR USD 3 Month +
3.165% (A)		413,036		10,548,939
Allstate, 5.100% .		956,799		20,341,547
Allstate, 4.750% .		249,119		5,408,373
American Equity Investment Life Holding,
6.625%, US Treas Yield Curve Rate T Note
Const Mat 5 Yr + 6.297% (A)		250,439		5,982,988

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

22

Schedule of Investments	May 31, 2023 (Unaudited)
Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
American Equity Investment Life Holding,
5.950%, US Treas Yield Curve Rate T Note
Const Mat 5 Yr + 4.322% (A)		332,342	$	7,560,780
American International Group, 5.850% .		412,154		9,928,790
Apollo Asset Management, 6.375%		248,927		5,981,716
Arch Capital Group, 5.450%		275,228		6,580,701
Arch Capital Group, 4.550%		413,324		8,307,812
Argo Group International Holdings, 7.000%,
US Treas Yield Curve Rate T Note Const
Mat 5 Yr + 6.712% (A)		127,859		2,901,121
Assurant, 5.250%		209,773		4,115,746
Athene Holding, 7.750%, US Treas Yield
Curve Rate T Note Const Mat 5 Yr +
3.962% (A)		417,583		10,159,794
Athene Holding, 6.375%, US Treas Yield
Curve Rate T Note Const Mat 5 Yr +
5.970% (A)		500,694		11,505,948
Athene Holding, 6.350%, ICE LIBOR USD 3
Month + 4.253% (A)		718,615		14,990,309
Athene Holding, 5.625% .		286,635		5,618,046
Athene Holding, 4.875% .		475,487		7,802,742
Axis Capital Holdings, 5.500% .		453,466		9,658,826
Bank of America, 7.250% *		54,465		63,553,575
Bank of America, 6.450%, ICE LIBOR USD 3
Month + 1.327% (A)		744,796		18,731,619
Bank of America, 6.246%, ICE LIBOR USD 3
Month + 0.750% (A)		155,589		3,144,454
Bank of America, 6.146%, ICE LIBOR USD 3
Month + 0.650% (A)		212,061		4,090,657
Bank of America, 6.000%		956,767		23,613,010
Bank of America, 5.879%, ICE LIBOR USD 3
Month + 0.500% (A)		300,509		5,832,880
Bank of America, 5.875% (B)		603,575		14,721,194
Bank of America, 5.846%, ICE LIBOR USD 3
Month + 0.350% (A)		225,090		4,501,800
Bank of America, 5.375%		987,687		22,529,140
Bank of America, 5.000%		925,386		19,821,768
Bank of America, 4.750%		488,752		9,921,666
Bank of America, 4.375%		777,216		14,603,889

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

23

Schedule of Investments	May 31, 2023 (Unaudited)
Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Bank of America, 4.250%		920,343	$	16,879,091
Bank of America, 4.125%		647,816		11,544,081
Bank OZK, 4.625%		295,237		4,339,984
Brighthouse Financial, 6.750% .		332,585		8,145,007
Brighthouse Financial, 6.600% .		351,176		7,947,113
Brighthouse Financial, 6.250% .		314,031		7,615,252
Brighthouse Financial, 5.375% .		477,181		7,897,346
Brighthouse Financial, 4.625% .		295,332		4,326,614
Cadence Bank, 5.500%		145,867		2,770,014
Capital One Financial, 5.000%		1,247,249		24,583,278
Capital One Financial, 4.800%		1,040,208		19,483,096
Capital One Financial, 4.375%		558,581		9,462,362
Capital One Financial, 4.250%		352,734		5,897,712
Carlyle Finance, 4.625%		415,437		7,905,766
Charles Schwab, 5.950% (B)		617,206		15,454,838
Charles Schwab, 4.450% (B)		496,199		9,844,588
Citigroup Capital XIII, 11.643%, ICE LIBOR
USD 3 Month + 6.370% (A)		1,864,383		53,377,285
Citizens Financial Group, 5.000%		374,035		6,882,244
Enstar Group, 7.000%, ICE LIBOR USD 3
Month + 4.015% (A)		330,942		7,181,441
Enstar Group, 7.000% .		87,878		2,035,254
Equitable Holdings, 5.250% .		666,946		13,285,564
Equitable Holdings, 4.300% .		250,530		4,158,798
Fifth Third Bancorp, 4.950% .		210,668		4,729,497
First Citizens BancShares, 5.625%		169,663		3,452,642
First Citizens BancShares, 5.375%		287,691		5,699,159
First Horizon, 4.700% .		130,173		1,998,156
First Republic Bank (C)		152,867		963
First Republic Bank (C)		231,927		1,206
First Republic Bank (C)		300,183		1,261
First Republic Bank (C)		392,108		1,647
First Republic Bank (C)		571,755		2,287
First Republic Bank (C)		539,099		2,642
First Republic Bank (C)		509,562		3,108
Fulton Financial, 5.125%		170,575		2,724,083
Goldman Sachs Group, 6.246%, ICE LIBOR
USD 3 Month + 0.750% (A)		168,883		3,538,099
Goldman Sachs Group, 6.166%, ICE LIBOR
USD 3 Month + 0.670% (A)		1,122,773		23,162,807

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

24

Schedule of Investments	May 31, 2023 (Unaudited)
Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Goldman Sachs Group, 6.087%, ICE LIBOR
USD 3 Month + 0.750% (A)		625,460	$	12,790,657
Hartford Financial Services Group, 6.000%		289,054		7,168,539
Huntington Bancshares, 5.700%		135,510		2,962,249
Huntington Bancshares, 4.500%		413,367		7,535,680
JPMorgan Chase, 6.000%		1,536,488		38,504,389
JPMorgan Chase, 5.750%		1,409,071		34,804,054
JPMorgan Chase, 4.750%		749,501		16,346,617
JPMorgan Chase, 4.625%		1,537,129		31,895,427
JPMorgan Chase, 4.550% (B)		1,247,063		25,577,262
JPMorgan Chase, 4.200%		1,661,648		32,784,315
Kemper, 5.875%, US Treas Yield Curve Rate T
Note Const Mat 5 Yr + 4.140% (A)		128,687		2,218,564
KeyCorp, 6.200%, US Treas Yield Curve Rate
T Note Const Mat 5 Yr + 3.132% (A) (B)		495,373		9,739,033
KeyCorp, 6.125%, TSFR3M + 4.154% (A) (B)		412,660		8,343,985
KeyCorp, 5.650% .		356,179		6,767,401
KeyCorp, 5.625% .		372,208		6,666,245
KKR Group Finance IX, 4.625% .		413,409		7,193,317
Lincoln National, 9.000% (B)		413,077		10,533,463
M&T Bank, 5.625%, ICE LIBOR USD 3
Month + 4.020% (A)		210,583		4,887,631
Merchants Bancorp, 8.250%, US Treas Yield
Curve Rate T Note Const Mat 5 Yr +
4.340% (A)		114,906		2,735,912
MetLife, 5.866%, ICE LIBOR USD 3 Month +
1.000% (A)		500,744		11,256,725
MetLife, 5.625%		670,431		16,097,048
MetLife, 4.750%		832,623		17,301,906
Morgan Stanley, 6.500%		831,826		21,727,295
Morgan Stanley, 6.375%, ICE LIBOR USD 3
Month + 3.708% (A)		831,985		20,550,030
Morgan Stanley, 5.960%, ICE LIBOR USD 3
Month + 0.700% (A)		915,486		19,298,445
Morgan Stanley, 5.850%, ICE LIBOR USD 3
Month + 3.491% (A)		832,107		19,879,036
Morgan Stanley, 4.875% (B)		412,547		9,121,414
Morgan Stanley, 4.250% (B)		1,081,676		20,216,524

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

25

Schedule of Investments	May 31, 2023 (Unaudited)
Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
National Rural Utilities Cooperative Finance,
5.500%.		210,403	$	5,070,712
Navient, 6.000% .		251,770		4,972,458
New York Community Bancorp, 6.375%, ICE
LIBOR USD 3 Month + 3.821% (A)		425,896		9,280,274
Northern Trust, 4.700% .		332,259		6,864,471
PacWest Bancorp, 7.750%, US Treas Yield
Curve Rate T Note Const Mat 5 Yr +
4.820%(A)		425,504		4,999,672
Prudential Financial, 5.950% .		251,726		6,318,323
Prudential Financial, 5.625% .		471,430		11,691,464
Prudential Financial, 4.125% .		412,940		8,225,765
Regions Financial, Ser B, 6.375%, ICE LIBOR
USD 3 Month + 3.536% (A)		413,492		9,043,070
Regions Financial, 5.700%, ICE LIBOR USD
3 Month + 3.148% (A)		414,192		8,201,002
Regions Financial, 4.450% .		331,835		5,448,731
Reinsurance Group of America, 7.125%, US
Treas Yield Curve Rate T Note Const Mat 5
Yr + 3.456% (A)		575,848		14,747,467
Reinsurance Group of America, 5.750%, ICE
LIBOR USD 3 Month + 4.040% (A)		331,577		8,140,215
SLM, 6.566%, ICE LIBOR USD 3 Month +
1.700%(A)		79,763		4,347,084
State Street, 5.350%, TSFR3M + 3.971% (A) (B) .		413,133		9,894,535
Stifel Financial, 6.250% .		123,792		2,931,395
Stifel Financial, 6.125% .		174,706		4,079,385
Stifel Financial, 4.500% .		235,512		3,678,697
Synchrony Financial, 5.625% .		619,502		10,562,509
Synovus Financial, 5.875%, US Treas Yield
Curve Rate T Note Const Mat 5 Yr +
4.127%(A)		290,510		5,877,017
Texas Capital Bancshares, 5.750% .		234,692		4,186,905
Truist Financial, 5.250% (B)		474,871		10,736,833
Truist Financial, 4.750%		760,623		15,280,916
Unum Group, 6.250% .		250,386		5,949,171
US Bancorp, 6.280%, ICE LIBOR USD 3
Month + 1.020% (A)		11,893		8,527,281

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

26

Schedule of Investments	May 31, 2023 (Unaudited)
Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
US Bancorp, 5.860%, ICE LIBOR USD 3
Month + 0.600% (A)		822,449	$	14,491,551
US Bancorp, 5.500%		474,462		10,784,521
US Bancorp, 4.500% (B)		373,609		7,214,390
US Bancorp, 4.000% (B)		618,915		10,800,067
US Bancorp, 3.750%		415,446		6,854,859
Voya Financial, 5.350%, US Treas Yield Curve
Rate T Note Const Mat 5 Yr + 3.210% (A)		249,018		5,792,159
W R Berkley, 5.100% (B)		234,588		5,067,101
W R Berkley, 4.250%		211,286		4,092,610
Washington Federal, 4.875%		234,918		3,401,613
Wells Fargo, 7.500% * (B)		82,294		92,705,014
Wells Fargo, 5.625% .		568,439		12,892,197
Wells Fargo, 4.750% .		1,672,134		31,670,218
Wells Fargo, 4.700% .		960,904		17,709,461
Wells Fargo, 4.375% .		863,641		14,897,807
Wells Fargo, 4.250% .		1,026,771		17,372,965
Western Alliance Bancorp, 4.250%, US Treas
Yield Curve Rate T Note Const Mat 5 Yr +
3.452% (A)		234,460		3,092,527
				1,531,399,122
Industrials — 1.7%
Chart Industries, 6.750% .		166,090		7,846,091
FTAI Aviation, 8.250%, ICE LIBOR USD 3
Month + 6.886% (A)		85,677		1,953,436
Pitney Bowes, 6.700%		354,096		5,672,618
RBC Bearings, 5.000%		94,976		9,497,600
WESCO International, 10.625%, US Treas
Yield Curve Rate T Note Const Mat 5 Yr +
10.325%(A)		445,631		11,929,542
				36,899,287
Real Estate — 5.5%
Brookfield Property Partners, 6.500%		149,004		2,184,399
Brookfield Property Partners, 6.375%		212,708		2,911,973
Brookfield Property Preferred, 6.250%		555,559		8,383,385
Digital Realty Trust, 5.850% ‡ (B)		177,428		4,080,844
Digital Realty Trust, 5.250% ‡		169,478		3,606,492
Digital Realty Trust, 5.200% ‡ (B)		287,953		6,101,724
Diversified Healthcare Trust, 6.250% ‡		202,159		2,636,153
Federal Realty Investment Trust, 5.000% ‡		127,817		2,897,611

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

27

Schedule of Investments	May 31, 2023 (Unaudited)
Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Real Estate — continued
Global Net Lease, 6.875% ‡		100,405	$	1,917,736
Hudson Pacific Properties, 4.750% ‡		361,400		3,014,076
Office Properties Income Trust, 6.375% ‡		140,290		1,802,727
Public Storage, 5.600% ‡		237,952		6,048,740
Public Storage, 5.150% ‡		235,239		5,770,413
Public Storage, 5.050% ‡		248,987		6,060,344
Public Storage, 4.750% ‡		194,180		4,268,076
Public Storage, 4.700% ‡		218,039		4,764,152
Public Storage, 4.625% ‡		465,851		10,043,748
Public Storage, 4.100% ‡		211,300		4,046,395
Public Storage, 4.000% ‡		498,174		9,460,324
Public Storage, 4.000% ‡		362,468		6,705,658
Public Storage, 3.900% ‡		138,359		2,504,298
Public Storage, 3.875% ‡		226,254		4,090,672
RLJ Lodging Trust, 1.950% ‡ *		267,254		6,267,106
SL Green Realty, 6.500% ‡		184,000		2,898,000
Vornado Realty Trust, 5.400% ‡		232,666		2,857,138
Vornado Realty Trust, 5.250% ‡		247,579		2,933,811
Vornado Realty Trust, 5.250% ‡		240,303		2,919,681
Vornado Realty Trust, 4.450% ‡		235,888		2,561,744
				123,737,420
Utilities — 10.9%
CMS Energy, 5.875%		232,658		5,634,977
CMS Energy, 5.875%		525,365		12,787,384
CMS Energy, 5.625% (B)		168,251		4,172,625
CMS Energy, 4.200%		194,645		3,892,900
DTE Energy, 5.250%		330,709		7,771,662
DTE Energy, 4.375%		194,262		4,262,108
DTE Energy, 4.375%		235,795		4,994,138
Duke Energy, 5.750%		831,940		21,131,276
Duke Energy, 5.625%		413,102		10,397,777
Entergy Arkansas, 4.875%		339,056		7,699,962
Entergy Louisiana, 4.875%		227,109		5,302,995
Entergy Mississippi, 4.900%		218,101		5,112,287
Georgia Power, 5.000%		215,193		5,282,988
NextEra Energy, 6.926% (B)		830,584		38,073,971
NextEra Energy Capital Holdings, 5.650% .		572,971		14,289,897
SCE Trust II, 5.100% .		186,155		3,870,163
SCE Trust IV, 5.375%, ICE LIBOR USD 3
Month + 3.132% (A)		273,250		5,486,860

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

28

Schedule of Investments	May 31, 2023 (Unaudited)
Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Utilities — continued
SCE Trust V, 5.450%, ICE LIBOR USD 3
Month + 3.790% (A)		252,110	$	5,672,475
SCE Trust VI, 5.000%		394,311		7,787,642
Sempra Energy, 5.750% .		623,132		15,279,197
Southern, 5.250%		371,428		9,170,557
Southern, 4.950%		821,155		19,042,584
Southern, 4.200%		618,374		13,016,773
Spire, 5.900% .		195,843		4,856,906
Tennessee Valley Authority, 4.780%, US Treas
Yield Curve Rate T Note Const Mat 30 Yr +
0.940% (A)		200,539		4,490,068
Tennessee Valley Authority, 4.720%, US Treas
Yield Curve Rate T Note Const Mat 30 Yr +
0.840% (A)		167,097		3,674,463
				243,154,635
TOTAL UNITED STATES				2,167,064,948
TOTAL PREFERRED STOCK
(Cost $2,656,651,714)				2,217,884,488
SHORT-TERM INVESTMENT(D)(E) — 0.5%
Fidelity Investments Money Market
Government Portfolio, Cl Institutional,
5.020%
(Cost $12,207,941) .		12,207,941		12,207,941

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

29

Schedule of Investments	May 31, 2023 (Unaudited)
Global X U.S. Preferred ETF

	Face Amount		Value
REPURCHASE AGREEMENT(D) — 1.1%
BNP Paribas
4.990%, dated 05/31/2023, to be
repurchased on 06/01/2023, repurchase price
$24,693,874 (collateralized by various U.S.
Treasury Obligations, ranging in par value
$424,871 - $2,944,528, 4.125% - 5.410%,
7/31/2024 - 9/30/2027, with a total market
value of $25,185,692)
(Cost $24,690,452) .	$	24,690,452	$	24,690,452
TOTAL INVESTMENTS — 101.0%
(Cost $2,693,550,107)			$	2,254,782,881

Percentages are based on Net Assets of $2,231,602,683.

*	Non-income producing security.
‡	Real Estate Investment Trust
(A)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(B)	This security or a partial position of this security is on loan at May 31, 2023.
(C)	There is currently no stated interest rate.
(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 May 31, 2023.

The following is a summary of the level of inputs used as of May 31, 2023, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Preferred Stock	$	2,217,884,488	$	—	$	—	$	2,217,884,488
Short-Term Investment		12,207,941		—		—		12,207,941
Repurchase Agreement		—		24,690,452		—		24,690,452
Total Investments in Securities	$	2,230,092,429	$	24,690,452	$	—	$	2,254,782,881

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.

30

Schedule of Investments	May 31, 2023 (Unaudited)
Global X S&P 500® Quality Dividend ETF

	Shares		Value
COMMON STOCK — 99.8%
Communication Services — 3.3%
Interpublic Group		30,035	$	1,117,002
Omnicom Group .		12,733		1,122,923
				2,239,925
Consumer Discretionary — 5.7%
Best Buy		11,782		856,198
Garmin		10,137		1,045,632
Hasbro .		16,197		961,292
Tapestry .		26,474		1,059,489
				3,922,611
Consumer Staples — 20.0%
Campbell Soup .		17,317		875,374
Coca-Cola .		15,263		910,591
Colgate-Palmolive		12,390		921,568
General Mills		11,226		944,780
J M Smucker .		6,231		913,402
Kellogg .		13,324		889,644
Kimberly-Clark		7,075		950,031
Kraft Heinz		24,129		922,210
Molson Coors Beverage, Cl B		18,361		1,135,628
Mondelez International, Cl A .		14,367		1,054,681
PepsiCo		5,264		959,890

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

31

Schedule of Investments	May 31, 2023 (Unaudited)
Global X S&P 500® Quality Dividend ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Procter & Gamble .		6,385	$	909,863
Target		6,330		828,787
Tyson Foods, Cl A		14,928		755,954
Walgreens Boots Alliance		23,519		714,272
				13,686,675
Energy — 11.5%
APA .		22,715		721,883
Chevron .		5,666		853,413
EOG Resources		7,923		850,059
Exxon Mobil		9,307		950,989
Kinder Morgan .		55,233		889,803
Marathon Petroleum		9,021		946,393
ONEOK .		15,168		859,419
Phillips 66 .		9,834		900,893
Valero Energy .		8,406		899,778
				7,872,630
Financials — 8.6%
Aflac		13,777		884,621
BlackRock, Cl A .		1,364		896,898
Discover Financial Services		9,355		961,132
Fidelity National Information Services .		13,544		739,096
Hartford Financial Services Group .		12,913		884,799
Principal Financial Group		10,804		707,230
T Rowe Price Group		8,043		861,888
				5,935,664
Health Care — 9.6%
AbbVie		5,912		815,619
Amgen .		3,461		763,670
Bristol-Myers Squibb .		12,231		788,166
Gilead Sciences		10,814		832,029
Johnson & Johnson .		5,416		839,805
Medtronic		12,261		1,014,720
Pfizer		18,397		699,454
Viatris, Cl W		88,193		806,966
				6,560,429
Industrials — 16.8%
3M		7,569		706,263
CH Robinson Worldwide		10,110		955,800
Cummins		4,048		827,452

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

32

Schedule of Investments	May 31, 2023 (Unaudited)
Global X S&P 500® Quality Dividend ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Emerson Electric		10,104	$	784,879
Fastenal		18,906		1,018,088
Illinois Tool Works		4,385		959,131
Lockheed Martin		1,994		885,356
Paychex		8,067		846,470
Raytheon Technologies		9,807		903,617
Robert Half International		13,044		848,121
Snap-On .		4,121		1,025,552
Union Pacific		4,562		878,276
United Parcel Service, Cl B .		5,425		905,975
				11,544,980
Information Technology — 11.6%
Broadcom		1,768		1,428,473
Cisco Systems		19,883		987,589
Corning .		29,188		899,282
Hewlett Packard Enterprise		59,686		860,672
Juniper Networks .		29,764		903,933
NetApp .		14,986		994,321
QUALCOMM .		8,096		918,167
Texas Instruments .		5,530		961,557
				7,953,994
Materials — 7.6%
Dow		19,196		936,381
Eastman Chemical .		11,316		872,351
International Paper .		26,359		776,009
LyondellBasell Industries, Cl A		11,828		1,011,767
Newmont		20,775		842,426
Westrock .		26,505		742,405
				5,181,339
Real Estate — 2.6%
Public Storage ‡		3,239		917,609
Weyerhaeuser ‡		30,620		877,569
				1,795,178
Utilities — 2.5%
DTE Energy .		8,224		884,902

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

33

Schedule of Investments	May 31, 2023 (Unaudited)
Global X S&P 500® Quality Dividend ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
PPL		32,868	$	861,142
				1,746,044
TOTAL COMMON STOCK
(Cost $73,897,621)				68,439,469
TOTAL INVESTMENTS — 99.8%
(Cost $73,897,621)			$	68,439,469

Percentages are based on Net Assets of $68,587,548.

‡ Real Estate Investment Trust

As of May 31, 2023, 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.

34

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — 99.7%
UNITED STATES — 99.7%
Communication Services — 3.4%
AT&T		42,521	$	668,855
Frontier Communications Parent *		39,629		589,680
Iridium Communications .		5,751		345,290
Liberty Broadband, Cl C *		10,732		795,241
Nexstar Media Group, Cl A		4,750		716,870
Paramount Global, Cl B		37,134		564,808
TEGNA		49,366		764,679
Verizon Communications		21,703		773,278
World Wrestling Entertainment, Cl A		2,187		221,587
				5,440,288
Consumer Discretionary — 13.9%
Academy Sports & Outdoors .		3,657		179,047
Asbury Automotive Group *		4,060		848,987
Best Buy		11,522		837,304
BorgWarner .		8,869		393,163
Crocs *		2,602		292,153
Deckers Outdoor *		1,249		593,275
Dick's Sporting Goods		2,479		316,097
DR Horton		13,314		1,422,468

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

35

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
General Motors		24,225	$	785,132
Genuine Parts .		6,365		947,939
H&R Block .		6,113		182,473
Las Vegas Sands *		15,030		828,604
Lennar, Cl A .		18,807		2,014,606
Lithia Motors, Cl A .		3,782		882,265
Macy's		46,929		637,765
Meritage Homes .		1,504		173,456
Newell Brands .		66,851		555,532
NVR *		124		688,723
PulteGroup .		22,209		1,467,571
Starbucks		39,299		3,837,154
Taylor Morrison Home, Cl A *		25,212		1,069,745
Texas Roadhouse, Cl A		2,785		300,501
Thor Industries		10,528		824,027
Toll Brothers		17,697		1,198,087
Visteon *		1,591		212,526
Wingstop		1,533		305,619
Wynn Resorts .		3,925		387,397
				22,181,616
Consumer Staples — 6.0%
Bunge .		8,659		802,170
Campbell Soup .		8,317		420,424
Celsius Holdings *		1,679		210,765
elf Beauty *		6,442		670,097
General Mills		22,342		1,880,303
Hershey		4,921		1,277,983
Kraft Heinz		21,225		811,219
Lamb Weston Holdings .		10,270		1,142,024
Lancaster Colony .		914		179,674
Monster Beverage *		23,561		1,381,146
Post Holdings *		1,826		155,137
Tyson Foods, Cl A		13,595		688,451
				9,619,393
Energy — 8.7%
Chesapeake Energy .		10,351		778,913
Chord Energy .		5,829		833,780
Civitas Resources		11,754		785,167

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

36

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
Coterra Energy		32,596	$	757,857
DT Midstream .		17,417		791,777
Exxon Mobil		36,133		3,692,070
HF Sinclair .		24,092		998,372
Kinder Morgan .		47,598		766,804
Marathon Petroleum		21,884		2,295,850
ONEOK .		12,626		715,389
PBF Energy, Cl A		4,306		158,504
Valero Energy .		12,567		1,345,172
				13,919,655
Financials — 19.1%
Ally Financial		30,517		813,888
American International Group		15,756		832,390
Annaly Capital Management ‡		43,609		823,338
Arch Capital Group *		17,265		1,203,371
Cadence Bank		38,799		696,830
Capital One Financial		8,436		879,116
Citigroup		16,621		736,643
Citizens Financial Group .		27,465		708,048
Columbia Banking System .		37,631		753,749
Comerica		17,788		642,147
Erie Indemnity, Cl A		1,274		272,763
Essent Group .		19,975		882,296
Fifth Third Bancorp		29,896		725,576
FNB		72,030		791,610
Huntington Bancshares		70,750		729,433
Invesco		47,951		689,535
Jefferies Financial Group		26,443		795,141
KeyCorp		67,660		631,944
Kinsale Capital Group .		776		235,113
MarketAxess Holdings .		1,768		481,621
MGIC Investment .		58,502		884,550
New York Community Bancorp .		90,277		928,048
Old National Bancorp		60,136		746,889
OneMain Holdings, Cl A .		21,441		811,756
Principal Financial Group		10,864		711,157
Progressive		24,699		3,159,249
Radian Group .		35,908		917,090
Rithm Capital ‡		103,807		844,989

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

37

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
RLI .		1,617	$	200,265
Starwood Property Trust ‡		47,275		829,676
Synchrony Financial		27,207		842,329
Synovus Financial		26,408		715,393
Truist Financial		24,077		733,626
Unum Group		20,221		878,602
Valley National Bancorp		95,188		702,487
Webster Financial		21,095		749,927
Western Alliance Bancorp		20,759		703,730
White Mountains Insurance Group		117		158,440
Zions Bancorp .		25,599		698,597
				30,541,352
Health Care — 14.4%
Cardinal Health		9,213		758,230
Cigna Group		3,271		809,278
Eli Lilly		11,364		4,880,384
Gilead Sciences		60,069		4,621,709
Haemonetics *		2,395		202,617
Karuna Therapeutics *		1,096		248,299
Lantheus Holdings *		2,253		195,087
Madrigal Pharmaceuticals *		596		165,932
Merck .		36,897		4,073,798
Natera *		4,142		195,130
Organon .		35,066		679,930
Perrigo .		23,129		739,203
Pfizer		20,818		791,500
Premier, Cl A .		25,982		649,550
Prometheus Biosciences *		1,942		385,875
QuidelOrtho *		9,243		786,949
Sarepta Therapeutics *		4,082		504,535
Seagen *		6,282		1,229,387
United Therapeutics *		1,721		360,963
Viatris, Cl W		85,219		779,754
				23,058,110
Industrials — 10.9%
AAON .		3,085		267,192
Aerojet Rocketdyne Holdings *		4,401		239,767
AGCO		6,613		729,282

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

38

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Allison Transmission Holdings .		3,436	$	162,523
Applied Industrial Technologies		1,772		217,885
Atkore *		1,552		181,227
Axon Enterprise *		3,878		748,105
Clean Harbors *		2,006		281,642
Comfort Systems USA .		2,077		307,355
Donaldson .		5,410		316,647
EMCOR Group		2,734		450,673
General Electric .		42,522		4,317,259
Hubbell, Cl B		2,424		684,683
Landstar System .		1,388		243,427
Lincoln Electric Holdings		2,448		415,328
ManpowerGroup		10,537		739,381
MSC Industrial Direct, Cl A		9,314		837,515
PACCAR		24,378		1,676,719
Ryder System		1,868		147,254
Science Applications International .		2,174		211,595
Timken		2,524		180,592
Toro .		4,852		474,671
Trane Technologies .		9,228		1,506,286
Valmont Industries .		851		223,192
Watts Water Technologies, Cl A .		1,012		160,351
WillScot Mobile Mini Holdings *		6,596		284,156
WW Grainger .		2,011		1,305,179
				17,309,886
Information Technology — 13.7%
Amdocs		4,482		422,070
Arista Networks *		9,180		1,527,001
Arrow Electronics *		7,357		931,691
Aspen Technology *		3,672		601,914
Avnet .		20,090		880,746
Axcelis Technologies *		2,510		395,451
Cadence Design Systems *		12,508		2,888,222
Cirrus Logic *		2,138		166,080
Corning .		24,638		759,097
DXC Technology *		33,616		841,409
Fair Isaac *		1,390		1,094,861
First Solar *		10,206		2,071,410
Hewlett Packard Enterprise		55,997		807,477

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

39

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Insight Enterprises *		1,634	$	220,949
Intel .		26,893		845,516
International Business Machines .		6,632		852,809
Jabil .		6,389		571,943
Juniper Networks .		26,376		801,039
Lattice Semiconductor *		8,099		658,530
National Instruments .		5,584		322,755
ON Semiconductor *		17,268		1,443,605
Rambus *		6,139		392,650
Super Micro Computer *		3,032		679,016
TD SYNNEX .		9,168		819,436
Texas Instruments .		4,730		822,452
				21,818,129
Materials — 5.4%
Celanese, Cl A .		7,678		798,665
CF Industries Holdings		11,260		692,603
Dow		14,843		724,041
DuPont de Nemours .		11,764		790,423
Eastman Chemical .		10,142		781,847
Huntsman		30,155		716,181
International Paper .		22,907		674,382
LyondellBasell Industries, Cl A		8,692		743,514
Mosaic .		18,436		589,215
Reliance Steel & Aluminum		2,374		557,130
Silgan Holdings .		2,949		132,675
United States Steel .		32,268		675,047
Westrock .		27,172		761,088
				8,636,811
Real Estate — 2.3%
Cousins Properties ‡		38,552		767,956
Gaming and Leisure Properties ‡		8,971		431,864
Kilroy Realty ‡		26,704		724,747
Medical Properties Trust ‡		98,789		815,009
Spirit Realty Capital ‡		21,999		859,281
				3,598,857
Utilities — 1.9%
New Jersey Resources .		3,702		179,362

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

40

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
NRG Energy		24,044	$	812,447
PG&E *		75,812		1,284,255
PNM Resources .		2,899		133,122
UGI		23,990		671,000
				3,080,186
TOTAL UNITED STATES				159,204,283
TOTAL COMMON STOCK
(Cost $159,930,042)				159,204,283
TOTAL INVESTMENTS — 99.7%
(Cost $159,930,042)			$	159,204,283

Percentages are based on Net Assets of $159,700,099.

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

As of May 31, 2023, 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.

41

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Variable Rate Preferred ETF

	Shares		Value
PREFERRED STOCK — 99.4%
CANADA— 1.5%
Utilities — 1.5%
Algonquin Power & Utilities, 6.200%, ICE
LIBOR USD 3 Month + 4.010% (A)		149,656	$	3,603,716
TOTAL CANADA				3,603,716
UNITED STATES— 97.9%
Consumer Staples — 2.3%
CHS, Ser 3, 6.750%, ICE LIBOR USD 3
Month + 4.155% (A)		210,459		5,314,090
Energy — 4.4%
NuStar Energy, 11.746%, ICE LIBOR USD 3
Month + 6.880% (A)		73,869		1,902,127
NuStar Energy, 11.139%, ICE LIBOR USD 3
Month + 5.643% (A)		164,594		3,895,940
NuStar Logistics, 11.994%, ICE LIBOR USD
3 Month + 6.734% (A)		172,037		4,467,801
				10,265,868
Financials — 88.1%
AGNC Investment, 10.371%, ICE LIBOR
USD 3 Month + 5.111% ‡,(A)		122,555		3,071,228
AGNC Investment, 7.750%, US Treas Yield
Curve Rate T Note Const Mat 5 Yr +
4.390% ‡,(A)		56,737		1,232,895
AGNC Investment, 6.500%, ICE LIBOR USD
3 Month + 4.993% ‡,(A)		151,765		3,341,865
AGNC Investment, 6.125%, ICE LIBOR USD
3 Month + 4.697% ‡,(A)		216,704		4,429,430
Allstate, 8.661%, ICE LIBOR USD 3 Month +
3.165% (A)		213,656		5,456,774

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

42

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Variable Rate Preferred ETF

		Shares		Value
PREFERRED STOCK — continued
Financials — continued
American Equity Investment Life Holding,
6.625%, US Treas Yield Curve Rate T Note
Const Mat 5 Yr + 6.297% (A)			128,308	$	3,065,278
American Equity Investment Life Holding,
5.950%, US Treas Yield Curve Rate T Note
Const Mat 5 Yr + 4.322% (A)	��		170,999		3,890,227
Annaly Capital Management, 10.152%, ICE
LIBOR USD 3 Month + 4.993% ‡,(A)			256,933		6,320,552
Annaly Capital Management, 9.331%, ICE
LIBOR USD 3 Month + 4.172% ‡,(A)			151,777		3,597,115
Annaly Capital Management, 6.750%, ICE
LIBOR USD 3 Month + 4.989% ‡,(A)			158,023		3,680,356
Argo Group International Holdings, 7.000%,
US Treas Yield Curve Rate T Note Const
Mat 5 Yr + 6.712% (A)			64,303		1,459,035
Athene Holding, 7.750%, US Treas Yield
Curve Rate T Note Const Mat 5 Yr +
3.962% (A)			175,729		4,275,487
Athene Holding, 6.375%, US Treas Yield
Curve Rate T Note Const Mat 5 Yr +
5.970% (A)			210,844		4,845,195
Athene Holding, 6.350%, ICE LIBOR USD 3
Month + 4.253% (A)			302,998		6,320,538
Bank of America, 6.450%, ICE LIBOR USD 3
Month + 1.327% (A)			368,745		9,273,937
Bank of America, 6.246%, ICE LIBOR USD 3
Month + 0.750% (A)			74,104		1,497,642
Bank of America, 6.146%, ICE LIBOR USD 3
Month + 0.650% (A)			105,254		2,030,350
Bank of America, 5.879%, ICE LIBOR USD 3
Month + 0.500% (A)			146,896		2,851,251
Bank of America, 5.846%, ICE LIBOR USD 3
Month + 0.350% (A)			110,245		2,204,900
Chimera Investment, 7.750%, ICE LIBOR
USD 3 Month + 4.743% ‡,(A)			111,322		2,031,627
Enstar Group, 7.000%, ICE LIBOR USD 3
Month + 4.015% (A)			171,011		3,710,939
Goldman Sachs Group, 6.166%, ICE LIBOR
USD 3 Month + 0.670% (A)			474,088		9,780,435

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

43

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Variable Rate Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Goldman Sachs Group, 6.087%, ICE LIBOR
USD 3 Month + 0.750% (A)		263,516	$	5,388,902
Kemper, 5.875%, US Treas Yield Curve Rate T
Note Const Mat 5 Yr + 4.140% (A)		64,369		1,109,722
KeyCorp, 6.200%, US Treas Yield Curve Rate
T Note Const Mat 5 Yr + 3.132% (A)		256,407		5,040,962
KeyCorp, 6.125%, TSFR3M + 4.154% (A)		213,712		4,321,257
M&T Bank, 5.625%, ICE LIBOR USD 3
Month + 4.020% (A)		106,976		2,482,913
Merchants Bancorp, 8.250%, US Treas Yield
Curve Rate T Note Const Mat 5 Yr +
4.340% (A)		61,088		1,454,505
MetLife, 5.866%, ICE LIBOR USD 3 Month +
1.000% (A)		256,376		5,763,332
Morgan Stanley, 6.375%, ICE LIBOR USD 3
Month + 3.708% (A)		326,942		8,075,467
Morgan Stanley, 5.960%, ICE LIBOR USD 3
Month + 0.700% (A)		359,659		7,581,612
Morgan Stanley, 5.850%, ICE LIBOR USD 3
Month + 3.491% (A)		326,952		7,810,883
New York Community Bancorp, 6.375%, ICE
LIBOR USD 3 Month + 3.821% (A)		220,099		4,795,957
PacWest Bancorp, 7.750%, US Treas Yield
Curve Rate T Note Const Mat 5 Yr +
4.820% (A)		219,569		2,579,936
Regions Financial, Ser B, 6.375%, ICE LIBOR
USD 3 Month + 3.536% (A)		213,681		4,673,203
Regions Financial, 5.700%, ICE LIBOR USD
3 Month + 3.148% (A)		213,720		4,231,656
Reinsurance Group of America, 7.125%, US
Treas Yield Curve Rate T Note Const Mat 5
Yr + 3.456% (A)		290,715		7,445,211
Reinsurance Group of America, 5.750%, ICE
LIBOR USD 3 Month + 4.040% (A)		166,234		4,081,045
Rithm Capital, 7.500%, ICE LIBOR USD 3
Month + 5.802% ‡,(A)		66,552		1,451,499
Rithm Capital, 7.125%, ICE LIBOR USD 3
Month + 5.640% ‡,(A)		120,886		2,514,429

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

44

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Variable Rate Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Rithm Capital, 7.000%, US Treas Yield Curve
Rate T Note Const Mat 5 Yr + 6.223% ‡,(A)		198,795	$	3,874,515
Rithm Capital, 6.375%, ICE LIBOR USD 3
Month + 4.969% ‡,(A)		170,305		3,147,236
SLM, 6.566%, ICE LIBOR USD 3 Month +
1.700% (A)		42,795		2,332,328
State Street, 5.350%, TSFR3M + 3.971% (A)		213,671		5,117,420
Synovus Financial, 5.875%, US Treas Yield
Curve Rate T Note Const Mat 5 Yr +
4.127% (A)		149,693		3,028,289
Two Harbors Investment, 7.625%, ICE LIBOR
USD 3 Month + 5.352% ‡,(A)		123,026		2,419,921
Two Harbors Investment, 7.250%, ICE LIBOR
USD 3 Month + 5.011% ‡,(A)		126,230		2,474,108
US Bancorp, 6.280%, ICE LIBOR USD 3
Month + 1.020% (A)		5,725		4,104,825
US Bancorp, 5.860%, ICE LIBOR USD 3
Month + 0.600% (A)		398,045		7,013,553
Voya Financial, 5.350%, US Treas Yield Curve
Rate T Note Const Mat 5 Yr + 3.210% (A)		128,314		2,984,584
Western Alliance Bancorp, 4.250%, US Treas
Yield Curve Rate T Note Const Mat 5 Yr +
3.452% (A)		128,502		1,694,941
				207,361,267
Industrials — 3.1%
FTAI Aviation, 8.250%, ICE LIBOR USD 3
Month + 6.886% (A)		44,881		1,023,287
WESCO International, 10.625%, US Treas
Yield Curve Rate T Note Const Mat 5 Yr +
10.325% (A)		230,848		6,179,801
				7,203,088
TOTAL UNITED STATES				230,144,313
TOTAL PREFERRED STOCK
(Cost $252,667,957)				233,748,029
TOTAL INVESTMENTS — 99.4%
(Cost $252,667,957)			$	233,748,029

Percentages are based on Net Assets of $235,226,621.

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

45

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Variable Rate Preferred ETF

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

As of May 31, 2023, 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.

46

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — 99.5%
BRAZIL — 0.2%
Consumer Discretionary — 0.2%
MercadoLibre *		94	$	116,466
CHINA — 0.1%
Consumer Discretionary — 0.1%
Yum China Holdings .		803		45,337
ISRAEL — 0.0%
Consumer Discretionary — 0.0%
Mobileye Global, Cl A *		153		6,819
MEXICO — 0.0%
Materials — 0.0%
Southern Copper .		165		11,017
SOUTH KOREA — 0.0%
Consumer Discretionary — 0.0%
Coupang, Cl A *		2,343		36,551

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

47

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
UNITED STATES — 99.2%
Communication Services — 8.8%
Activision Blizzard *		1,442	$	115,648
Alphabet, Cl A *		12,040		1,479,355
Alphabet, Cl C *		10,527		1,298,716
AT&T		14,364		225,946
Charter Communications, Cl A *		221		72,079
Comcast, Cl A		8,646		340,220
Electronic Arts		548		70,144
Endeavor Group Holdings, Cl A *		240		5,405
Fox, Cl A		584		18,221
Fox, Cl B		251		7,332
Live Nation Entertainment *		301		24,062
Meta Platforms, Cl A *		4,493		1,189,387
Netflix *		881		348,198
Omnicom Group .		402		35,452
Paramount Global, Cl B		1,135		17,263
Pinterest, Cl A *		1,145		27,411
ROBLOX, Cl A *		679		28,423
Sirius XM Holdings .		1,170		4,165
Snap, Cl A *		1,954		19,931
Spotify Technology *		283		42,139
Take-Two Interactive Software *		326		44,900
T-Mobile US *		1,150		157,837
Trade Desk, Cl A *		878		61,530
Verizon Communications		8,474		301,929
Walt Disney *		3,678		323,517
Warner Bros Discovery *		4,418		49,835
Warner Music Group, Cl A .		216		5,281
				6,314,326
Consumer Discretionary — 9.9%
Airbnb, Cl A *		824		90,450
Amazon.com *		18,212		2,196,003
Aptiv *		538		47,387
AutoZone *		37		88,313
Best Buy		391		28,414
Booking Holdings *		76		190,667
Carnival *		1,925		21,618
Chewy, Cl A *		164		4,836

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

48

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Chipotle Mexican Grill, Cl A *		54	$	112,130
Darden Restaurants .		242		38,362
Dick's Sporting Goods		135		17,214
Dillard's, Cl A .		16		4,405
DoorDash, Cl A *		518		33,820
DR Horton		632		67,523
eBay		1,077		45,816
Etsy *		246		19,938
Expedia Group *		294		28,139
Ford Motor .		7,915		94,980
Garmin		301		31,048
General Motors		2,749		89,095
Genuine Parts .		276		41,105
Hilton Worldwide Holdings .		531		72,280
Home Depot .		2,058		583,340
Las Vegas Sands *		657		36,220
Lennar, Cl A .		498		53,346
Lennar, Cl B .		20		1,891
Lowe's		1,215		244,373
Lucid Group *		947		7,349
Lululemon Athletica *		245		81,323
Marriott International, Cl A		557		93,459
McDonald's .		1,480		421,963
MGM Resorts International *		601		23,613
NIKE, Cl B		2,507		263,887
NVR *		6		33,325
O'Reilly Automotive *		121		109,300
Pool .		73		23,085
Rivian Automotive, Cl A *		1,260		18,560
Ross Stores		678		70,254
Starbucks		2,267		221,350
Tesla *		5,552		1,132,219
TJX		2,362		181,378
Tractor Supply .		220		46,110
Ulta Beauty *		98		40,163
Yum! Brands		562		72,324
				7,122,375
Consumer Staples — 6.6%
Albertsons, Cl A		232		4,724

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

49

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Altria Group .		3,604	$	160,090
Archer-Daniels-Midland		1,093		77,221
Brown-Forman, Cl B		603		37,247
Campbell Soup .		384		19,411
Church & Dwight		485		44,838
Clorox		244		38,596
Coca-Cola .		7,830		467,138
Colgate-Palmolive		1,673		124,438
Conagra Brands .		947		33,022
Constellation Brands, Cl A		329		79,937
Costco Wholesale		891		455,800
Dollar General .		449		90,289
Dollar Tree *		415		55,975
Estee Lauder, Cl A .		429		78,949
General Mills		1,183		99,561
Hershey		293		76,092
Hormel Foods		557		21,305
J M Smucker .		201		29,465
Kellogg .		516		34,453
Keurig Dr Pepper		1,757		54,678
Kimberly-Clark		678		91,042
Kraft Heinz		1,556		59,470
Kroger		1,486		67,360
McCormick .		494		42,351
Mondelez International, Cl A .		2,745		201,510
Monster Beverage *		1,066		62,489
PepsiCo		2,779		506,751
Philip Morris International		3,122		281,011
Procter & Gamble .		4,780		681,150
Sysco .		1,006		70,370
Target		926		121,241
Tyson Foods, Cl A		559		28,308
Walgreens Boots Alliance		1,420		43,125
Walmart		2,891		424,601
				4,764,008
Energy — 4.2%
Baker Hughes, Cl A		1,990		54,227
Cheniere Energy .		495		69,186
Chevron .		3,535		532,442

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

50

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
ConocoPhillips .		2,511	$	249,342
Coterra Energy		1,514		35,200
Devon Energy		1,297		59,792
Diamondback Energy		346		43,994
EOG Resources		1,180		126,602
EQT .		652		22,670
Exxon Mobil		8,289		846,970
Halliburton .		1,903		54,521
Hess		555		70,302
Kinder Morgan .		3,929		63,296
Marathon Oil .		1,250		27,700
Marathon Petroleum		935		98,091
Occidental Petroleum .		1,469		84,703
ONEOK .		883		50,031
Phillips 66 .		948		86,846
Pioneer Natural Resources		473		94,335
Schlumberger		2,848		121,980
Targa Resources		441		30,010
Texas Pacific Land		17		22,163
Valero Energy .		771		82,528
Williams		2,435		69,787
				2,996,718
Financials — 12.2%
Aflac		1,128		72,429
Allstate		519		56,286
American Express .		1,216		192,809
American International Group		1,486		78,505
Ameriprise Financial		213		63,574
Aon, Cl A .		420		129,482
Apollo Global Management		770		51,474
Arch Capital Group *		713		49,696
Ares Management, Cl A		300		26,127
Arthur J Gallagher		420		84,139
Bank of America		14,106		392,006
Bank of New York Mellon		1,578		63,436
Berkshire Hathaway, Cl B *		2,619		840,908
BlackRock, Cl A .		304		199,895
Blackstone, Cl A .		1,393		119,296
Block, Cl A *		1,068		64,497

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

51

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Blue Owl Capital, Cl A		831	$	8,518
Brown & Brown .		460		28,672
Capital One Financial		754		78,574
Charles Schwab .		2,880		151,747
Chubb .		844		156,815
Cincinnati Financial .		302		29,143
Citigroup		3,893		172,538
Citizens Financial Group .		966		24,903
CME Group, Cl A .		721		128,879
Discover Financial Services		537		55,171
Everest Re Group		83		28,222
FactSet Research Systems .		73		28,097
Fidelity National Information Services .		1,177		64,229
Fifth Third Bancorp		1,349		32,740
Fiserv *		1,279		143,491
FleetCor Technologies *		144		32,623
Franklin Resources		554		13,302
Global Payments		534		52,166
Goldman Sachs Group		682		220,900
Hartford Financial Services Group .		627		42,962
Huntington Bancshares		2,803		28,899
Interactive Brokers Group, Cl A .		192		14,828
Intercontinental Exchange .		1,109		117,499
JPMorgan Chase .		5,930		804,760
KeyCorp		1,819		16,989
KKR .		1,293		66,577
Loews .		385		21,560
LPL Financial Holdings		155		30,191
M&T Bank .		336		40,038
Markel Group *		27		35,498
Marsh & McLennan .		996		172,487
Mastercard, Cl A .		1,710		624,184
MetLife .		1,363		67,537
Moody's .		314		99,500
Morgan Stanley		2,607		213,148
MSCI, Cl A		158		74,344
Nasdaq .		677		37,472
Northern Trust .		397		28,552
PayPal Holdings *		2,290		141,957

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

52

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
PNC Financial Services Group		804	$	93,127
Principal Financial Group		482		31,552
Progressive		1,177		150,550
Prudential Financial .		735		57,837
Raymond James Financial .		387		34,965
Regions Financial .		1,839		31,760
Rocket, Cl A *		147		1,179
S&P Global .		658		241,769
State Street .		689		46,866
Synchrony Financial		877		27,152
T Rowe Price Group		439		47,043
Tradeweb Markets, Cl A .		214		14,327
Travelers .		469		79,374
Truist Financial		2,643		80,532
US Bancorp .		3,072		91,853
Visa, Cl A .		3,305		730,504
W R Berkley		395		21,994
Wells Fargo .		7,675		305,542
Willis Towers Watson		215		47,053
				8,749,250
Health Care — 13.7%
Abbott Laboratories .		3,496		356,592
AbbVie		3,569		492,379
Agilent Technologies		589		68,130
Align Technology *		148		41,834
Alnylam Pharmaceuticals *		244		45,142
AmerisourceBergen		339		57,681
Amgen .		1,073		236,757
Avantor *		1,269		25,304
Baxter International		1,000		40,720
Becton Dickinson		570		137,803
Biogen *		286		84,773
BioMarin Pharmaceutical *		363		31,559
Bio-Rad Laboratories, Cl A *		40		14,934
Boston Scientific *		2,874		147,954
Bristol-Myers Squibb .		4,283		275,997
Cardinal Health		517		42,549
Centene *		1,120		69,899
Chemed		33		17,614

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

53

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Cigna Group		611	$	151,168
Cooper .		95		35,295
CVS Health .		2,638		179,463
Danaher		1,335		306,543
Dexcom *		770		90,290
Edwards Lifesciences *		1,232		103,771
Elevance Health		481		215,401
Eli Lilly		1,721		739,101
GE HealthCare Technologies .		724		57,565
Gilead Sciences		2,528		194,504
HCA Healthcare		425		112,281
Hologic *		482		38,025
Horizon Therapeutics *		450		45,014
Humana		252		126,471
IDEXX Laboratories *		166		77,152
Illumina *		313		61,551
Incyte *		359		22,096
Insulet *		140		38,395
Intuitive Surgical *		710		218,566
IQVIA Holdings *		360		70,888
Johnson & Johnson .		5,276		818,097
Laboratory Corp of America Holdings		177		37,618
McKesson .		277		108,263
Medtronic		2,676		221,466
Merck .		5,141		567,618
Mettler-Toledo International *		43		56,840
Moderna *		673		85,949
Molina Healthcare *		112		30,677
Pfizer		11,326		430,615
Quest Diagnostics .		224		29,714
Regeneron Pharmaceuticals *		211		155,203
ResMed		289		60,918
Revvity .		249		28,715
Royalty Pharma, Cl A		735		24,064
Seagen *		273		53,426
STERIS		199		39,794
Stryker .		666		183,536
Teleflex		89		20,893
Thermo Fisher Scientific		790		401,683

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

54

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
UnitedHealth Group		1,880	$	916,011
Veeva Systems, Cl A *		278		46,065
Vertex Pharmaceuticals *		516		166,962
Viatris, Cl W		2,366		21,649
Waters *		114		28,639
West Pharmaceutical Services		149		49,860
Zimmer Biomet Holdings .		420		53,483
Zoetis, Cl A .		940		153,229
				9,862,148
Industrials — 8.2%
3M		1,108		103,388
AMETEK		458		66,442
Automatic Data Processing		833		174,089
Avis Budget Group *		55		9,228
Axon Enterprise *		152		29,322
Boeing *		1,202		247,251
Broadridge Financial Solutions .		231		33,892
Carlisle		98		20,819
Carrier Global		1,675		68,508
Caterpillar .		1,048		215,626
Cintas		174		82,152
Copart *		949		83,123
CSX		4,213		129,213
Cummins		280		57,235
Deere .		552		190,981
Delta Air Lines *		1,271		46,175
Dover		277		36,932
Eaton		796		140,016
Emerson Electric		1,180		91,662
Equifax .		243		50,695
Expeditors International of Washington .		312		34,417
Fastenal		1,140		61,389
FedEx .		468		102,015
Ferguson .		436		63,181
Fortive .		695		45,251
General Dynamics		484		98,823
General Electric .		2,178		221,132
HEICO		79		12,212
HEICO, Cl A .		147		17,912

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

55

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Honeywell International .		1,351	$	258,852
Howmet Aerospace .		826		35,312
IDEX .		151		30,073
Illinois Tool Works		624		136,488
Ingersoll Rand .		804		45,555
Jacobs Solutions .		247		27,071
JB Hunt Transport Services		164		27,383
Johnson Controls International		1,369		81,729
L3Harris Technologies .		377		66,322
Lennox International .		71		19,561
Lockheed Martin		528		234,437
Nordson .		112		24,408
Norfolk Southern .		465		96,804
Northrop Grumman		312		135,873
Old Dominion Freight Line		201		62,398
Otis Worldwide		832		66,152
PACCAR		1,077		74,076
Parker-Hannifin		256		82,033
Paychex		648		67,995
Paycom Software .		98		27,453
Quanta Services .		280		49,722
Raytheon Technologies		2,961		272,827
Republic Services, Cl A		413		58,493
Rockwell Automation		230		64,078
Rollins .		502		19,739
Southwest Airlines .		1,175		35,097
SS&C Technologies Holdings		433		23,798
Stanley Black & Decker .		297		22,266
Trane Technologies .		461		75,249
TransDigm Group *		102		78,912
TransUnion		379		27,280
Uber Technologies *		3,846		145,879
Union Pacific		1,238		238,340
United Airlines Holdings *		645		30,615
United Parcel Service, Cl B .		1,473		245,991
United Rentals .		140		46,731
Verisk Analytics, Cl A .		308		67,486
Waste Management .		823		133,260
Westinghouse Air Brake Technologies		343		31,772

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

56

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
WW Grainger .		88	$	57,114
Xylem .		354		35,471
				5,893,176
Information Technology — 28.5%
Accenture, Cl A		1,342		410,545
Adobe *		938		391,887
Advanced Micro Devices *		3,233		382,173
Akamai Technologies *		302		27,820
Amdocs		272		25,614
Amphenol, Cl A .		1,190		89,785
Analog Devices		1,023		181,777
ANSYS *		175		56,628
Apple .		30,165		5,346,746
Applied Materials .		1,695		225,943
Arista Networks *		473		78,679
Aspen Technology *		54		8,852
Atlassian, Cl A *		292		52,791
Autodesk *		434		86,535
Bentley Systems, Cl B		420		20,488
Broadcom		824		665,759
Cadence Design Systems *		545		125,846
CDW		269		46,185
Cisco Systems		8,342		414,347
Cloudflare, Cl A *		522		36,102
Cognizant Technology Solutions, Cl A		1,026		64,115
Corning .		1,789		55,119
Crowdstrike Holdings, Cl A *		429		68,696
Datadog, Cl A *		575		54,573
Dell Technologies, Cl C		453		20,299
Enphase Energy *		265		46,078
EPAM Systems *		107		27,458
Fair Isaac *		52		40,959
First Solar *		202		40,998
Fortinet *		1,323		90,401
Gartner *		155		53,143
GLOBALFOUNDRIES *		143		8,341
Hewlett Packard Enterprise		2,535		36,555
HP		1,959		56,929
HubSpot *		90		46,619

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

57

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Intel .		8,319	$	261,549
International Business Machines .		1,821		234,162
Intuit .		550		230,516
Jabil .		288		25,782
Keysight Technologies *		352		56,954
KLA		283		125,366
Lam Research		273		168,359
Marvell Technology .		1,703		99,608
Microchip Technology		1,080		81,281
Micron Technology .		2,192		149,494
Microsoft		14,860		4,879,875
MongoDB, Cl A *		134		39,368
Monolithic Power Systems .		87		42,622
Motorola Solutions		332		93,597
NetApp .		425		28,199
NVIDIA .		4,811		1,820,194
Okta, Cl A *		291		26,452
ON Semiconductor *		859		71,812
Oracle .		3,114		329,897
Palantir Technologies, Cl A *		3,387		49,823
Palo Alto Networks *		594		126,754
QUALCOMM .		2,259		256,193
Roper Technologies		213		96,749
Salesforce *		1,958		437,378
Seagate Technology Holdings .		379		22,778
ServiceNow *		409		222,815
Skyworks Solutions		315		32,606
Snowflake, Cl A *		545		90,121
SolarEdge Technologies *		107		30,477
Splunk *		319		31,674
Synopsys *		303		137,853
TE Connectivity		632		77,407
Teledyne Technologies *		90		34,978
Teradyne .		306		30,658
Texas Instruments .		1,829		318,027
Trimble *		482		22,495
Tyler Technologies *		79		31,360
Ubiquiti		5		816
VeriSign *		184		41,091

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

58

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
VMware, Cl A *		454	$	61,876
Western Digital *		615		23,819
Workday, Cl A *		403		85,432
Zebra Technologies, Cl A *		99		25,994
Zoom Video Communications, Cl A *		426		28,597
Zscaler *		169		22,896
				20,490,539
Materials — 2.2%
Air Products & Chemicals .		446		120,037
Albemarle		234		45,286
Amcor		2,940		28,342
Avery Dennison .		177		28,520
Ball		614		31,412
Celanese, Cl A .		193		20,076
CF Industries Holdings		388		23,866
Corteva .		1,422		76,063
Dow		1,410		68,780
DuPont de Nemours .		907		60,941
Ecolab		506		83,515
FMC .		247		25,708
Freeport-McMoRan .		2,857		98,109
International Flavors & Fragrances		507		39,186
International Paper .		697		20,520
Linde		990		350,123
LyondellBasell Industries, Cl A		513		43,882
Martin Marietta Materials		120		47,765
Mosaic .		672		21,477
Newmont		1,587		64,353
Nucor		511		67,483
PPG Industries		470		61,706
Sherwin-Williams .		478		108,879
Steel Dynamics		326		29,959
Vulcan Materials		258		50,439
				1,616,427
Real Estate — 2.4%
Alexandria Real Estate Equities ‡		321		36,421
American Tower ‡		938		173,005
AvalonBay Communities ‡		272		47,322

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

59

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Camden Property Trust ‡		207	$	21,625
CBRE Group, Cl A *		600		44,952
CoStar Group *		802		63,679
Crown Castle ‡		864		97,813
Digital Realty Trust ‡		571		58,505
Equinix ‡		187		139,418
Equity Residential ‡		729		44,323
Essex Property Trust ‡		129		27,872
Extra Space Storage ‡		262		37,799
Healthpeak Properties ‡		1,048		20,918
Invitation Homes ‡		1,205		40,825
Mid-America Apartment Communities ‡		228		33,530
ProLogis ‡		1,855		231,040
Public Storage ‡		320		90,656
Realty Income ‡		1,373		81,611
SBA Communications, Cl A ‡		214		47,461
Simon Property Group ‡		652		68,558
Sun Communities ‡		241		30,518
UDR ‡		639		25,349
Ventas ‡		787		33,951
VICI Properties, Cl A ‡		1,924		59,509
Welltower ‡		994		74,162
Weyerhaeuser ‡		1,460		41,844
WP Carey ‡		408		28,299
				1,700,965
Utilities — 2.5%
AES .		1,291		25,484
Alliant Energy .		493		25,370
Ameren .		511		41,427
American Electric Power		1,030		85,614
American Water Works		413		59,658
Atmos Energy		277		31,932
Avangrid .		127		4,766
CenterPoint Energy .		1,244		35,093
CMS Energy		571		33,107
Consolidated Edison		710		66,243
Constellation Energy .		654		54,949
Dominion Energy		1,672		84,068
DTE Energy .		408		43,901

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

60

Schedule of Investments	May 31, 2023 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Duke Energy		1,547	$	138,132
Edison International .		761		51,383
Entergy		405		39,771
Evergy		447		25,859
Eversource Energy .		690		47,769
Exelon		1,973		78,229
FirstEnergy		1,077		40,269
NextEra Energy .		4,120		302,655
PG&E *		3,456		58,545
PPL		1,422		37,256
Public Service Enterprise Group .		996		59,511
Sempra Energy .		628		90,137
Southern		2,167		151,148
WEC Energy Group .		627		54,768
Xcel Energy		1,092		71,297
				1,838,341
TOTAL UNITED STATES				71,348,273
TOTAL COMMON STOCK
(Cost $68,914,594)				71,564,463
EXCHANGE TRADED FUND — 0.4%
Vanguard S&P 500 ETF
(Cost $280,853)		750		287,918
TOTAL INVESTMENTS — 99.9%
(Cost $69,195,447)			$	71,852,381

Percentages are based on Net Assets of $71,936,247.

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

As of May 31, 2023, 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.

61

Schedule of Investments	May 31, 2023 (Unaudited)
Glossary (abbreviations used in preceding Schedule of Investments):

Fund Abbreviations

Cl — Class

ETF — Exchange-Traded Fund

LIBOR— London Interbank Offered Rate

REIT — Real Estate Investment Trust

TSFR3M — Term Secured Overnight Financing Rate 3-Month

Ser — Series

SOFR — Secured Overnight Financing Rate

USD — U.S. Dollar

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

62

Statements of Assets and Liabilities 

May 31, 2023 (Unaudited)

	Global X MLP ETF			Global X MLP & Energy Infrastructure ETF			Global X Alternative Income ETF			Global X Conscious Companies ETF
Assets:
Cost of Investments	$	791,912,021		$	743,892,022		$	5,470,955		$	628,960,787
Cost of Repurchase Agreement		—			772,224			431,391			—
Cost of Affiliated Investments		48,879,611			—			37,833,821			—
Investments, at Value	$	1,300,179,089		$	885,891,227	*	$	7,012,415	*	$	635,337,982
Repurchase Agreement, at Value		—			772,224			431,391			—
Affiliated Investments, at Value		60,649,478			—			29,868,406			—
Cash		2,500,425			195,997			104,484			895,546
Receivable for Investment Securities Sold		44,182,022			26,835,598			—			295,838
Dividend, Interest, and Securities Lending Income Receivable		105			1,047,085			39,310			1,025,143
Reclaim Receivable		—			546,699			—			—
Total Assets		1,407,511,119			915,288,830			37,456,006			637,554,509
Liabilities:
Obligation to Return Securities Lending Collateral		—			1,154,042			644,688			—
Payable for Investment Securities Purchased		39,250,678			23,474,456			—			—
Payable for Capital Shares Redeemed		5,017,371			3,470,610			—			294,647
Payable due to Investment Adviser		517,063			349,333			4,243			233,629
Custodian Fees Payable		13,736			14,325			30			16
Franchise Tax Payable		10,703			—			—			—
Other Accrued Expenses		8,792			—			—			—
Deferred Tax Liability		18,580,934			—			—			—
Total Liabilities		63,399,277			28,462,766			648,961			528,292
Net Assets	$	1,344,111,842		$	886,826,064		$	36,807,045		$	637,026,217
Net Assets Consist of:
Paid-in Capital	$	1,373,892,126		$	958,855,946		$	45,986,520		$	643,992,760
Total Distributable Loss		(29,780,284	)		(72,029,882	)		(9,179,475	)		(6,966,543	)
Net Assets	$	1,344,111,842		$	886,826,064		$	36,807,045		$	637,026,217
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		32,318,637			22,997,506			3,320,000			21,620,000
Net Asset Value, Offering and Redemption Price Per Share	$	41.59		$	38.56		$	11.09		$	29.46
* Includes Market Value of Securities on Loan	$	—		$	1,155,108		$	631,588		$	—

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

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

63

Statements of Assets and Liabilities 

May 31, 2023 (Unaudited)

	Global X Founder-Run Companies ETF			Global X U.S. Preferred ETF			Global X S&P 500® Quality Dividend ETF
Assets:
Cost of Investments	$	8,139,625		$	2,668,859,655		$	73,897,621
Cost of Repurchase Agreement		—			24,690,452			—
Investments, at Value	$	6,259,800		$	2,230,092,429	*	$	68,439,469
Repurchase Agreement, at Value		—			24,690,452			—
Cash		13,182			—			20,727
Receivable for Investment Securities Sold		500,559			29,014,611			760,223
Dividend, Interest, and Securities Lending Income Receivable		2,682			17,302,405			264,050
Receivable for Capital Shares Sold		—			—			596,415
Reclaim Receivable		—			7,741			—
Total Assets		6,776,223			2,301,107,638			70,080,884
Liabilities:
Obligation to Return Securities Lending Collateral		—			36,898,393			—
Payable for Capital Shares Redeemed		501,758			—			—
Payable due to Investment Adviser		2,478			427,676			11,890
Payable for Investment Securities Purchased		—			29,469,996			1,480,884
Cash Overdraft		—			2,676,802			—
Custodian Fees Payable		7			32,088			562
Total Liabilities		504,243			69,504,955			1,493,336
Net Assets	$	6,271,980		$	2,231,602,683		$	68,587,548
Net Assets Consist of:
Paid-in Capital	$	10,853,709		$	2,868,886,641		$	77,759,770
Total Distributable Loss		(4,581,729	)		(637,283,958	)		(9,172,222	)
Net Assets	$	6,271,980		$	2,231,602,683		$	68,587,548
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		250,000			115,810,000			2,300,002
Net Asset Value, Offering and Redemption Price Per Share	$	25.09		$	19.27		$	29.82
*Includes Market Value of Securities on Loan	$	—		$	36,425,704		$	—

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

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

64

Statements of Assets and Liabilities 

May 31, 2023 (Unaudited)

	Global X Adaptive U.S. Factor ETF			Global X Variable Rate Preferred ETF			Global X Adaptive U.S. Risk Management ETF
Assets:
Cost of Investments	$	159,930,042		$	252,667,957		$	69,195,447
Investments, at Value	$	159,204,283		$	233,748,029		$	71,852,381
Cash		154,935			—			9,800
Dividend, Interest, and Securities Lending Income Receivable		379,303			1,405,944			106,577
Receivable for Investment Securities Sold		—			23,652,133			—
Reclaim Receivable		—			—			73
Total Assets		159,738,521			258,806,106			71,968,831
Liabilities:
Payable due to Investment Adviser		38,320			53,764			23,122
Payable for Investment Securities Purchased		—			12,756,881			—
Payable for Capital Shares Redeemed		—			10,548,349			—
Cash Overdraft		—			215,783			—
Custodian Fees Payable		102			4,708			9,462
Total Liabilities		38,422			23,579,485			32,584
Net Assets	$	159,700,099		$	235,226,621		$	71,936,247
Net Assets Consist of:
Paid-in Capital	$	171,208,514		$	275,903,271		$	87,449,479
Total Distributable Loss		(11,508,415	)		(40,676,650	)		(15,513,232	)
Net Assets	$	159,700,099		$	235,226,621		$	71,936,247
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		5,410,002			10,630,000			2,590,000
Net Asset Value, Offering and Redemption Price Per Share	$	29.52		$	22.13		$	27.77

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

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

65

Statements of Operations

For the period ended May 31, 2023 (Unaudited) 

	Global X MLP ETF			Global X MLP & Energy Infrastructure ETF			Global X Alternative Income ETF			Global X Conscious Companies ETF
Investment Income:
Distributions from Master Limited Partnerships	$	54,155,659		$	—		$	—		$	—
Less: Return of Capital Distributions		(54,155,659	)		—			—			—
Dividend Income		2,492,045			5,110,228			519,676			5,441,007
Interest Income		131,786			17,132			1,284			13,435
Security Lending Income		—			13,421			6,449			—
Less: Foreign Taxes Withheld		—			(1,002,454	)		—			(10,035	)
Total Investment Income		2,623,831			4,138,327			527,409			5,444,407
Supervision and Administration Fees(1)		3,045,347			2,242,858			94,132			1,364,797
Custodian Fees(2)		13,738			14,296			31			16
Net Expenses		3,059,085			2,257,154			94,163			1,364,813
Net Investment Income (Loss), Before Taxes		(435,254	)		1,881,173			433,246			4,079,594
Tax Benefit/(Expense)		97,324			—			—			—
Net Investment Income (Loss), Net of Taxes		(337,930	)		1,881,173			433,246			4,079,594
Net Realized Gain (Loss) on:
Investments(3)		(6,052,069	)		41,729,667			92,582			5,403,200
Affiliated Investments		(240,897	)		—			138,856			—
Capital Gain Distribution from Affiliated Investments		—			—			17,544			—
Foreign Currency Transactions		—			(4,737	)		—			—
Tax Benefit/(Expense)		1,034,835			—			—			—
Payment from Adviser(4)		—			—			68,375			—
Net Realized Gain (Loss)		(5,258,131	)		41,724,930			317,357			5,403,200
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		18,412,862			(136,315,903	)		(396,553	)		(9,831,489	)
Affiliated Investments		(3,087,965	)		—			(130,400	)		—
Tax Benefit/(Expense)		(3,054,376	)		—			—			—
Net Change in Unrealized Appreciation (Depreciation)		12,270,521			(136,315,903	)		(526,953	)		(9,831,489	)
Net Realized and Unrealized Gain (Loss)		7,012,390			(94,590,973	)		(209,596	)		(4,428,289	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,674,460		$	(92,709,800	)	$	223,650		$	(348,695	)

(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.)
(4)	See Note 3 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.

66

Statements of Operations

For the period ended May 31, 2023 (Unaudited) 

	Global X Founder-Run Companies ETF			Global X U.S. Preferred ETF			Global X S&P 500® Quality Dividend ETF
Investment Income:
Dividend Income	$	20,323		$	70,822,776		$	1,113,708
Interest Income		182			201,106			649
Security Lending Income		—			601,599			—
Less: Foreign Taxes Withheld		—			(37,318	)		(962	)
Total Investment Income		20,505			71,588,163			1,113,395
Supervision and Administration Fees(1)		15,852			2,600,844			65,987
Custodian Fees(2)		7			32,145			573
Total Expenses		15,859			2,632,989			66,560
Net Investment Income		4,646			68,955,174			1,046,835
Net Realized Gain (Loss) on:
Investments(3)		(887,905	)		(96,466,536	)		994,702
Net Realized Gain (Loss)		(887,905	)		(96,466,536	)		994,702
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		1,115,832			(44,052,877	)		(8,286,225	)
Net Change in Unrealized Appreciation (Depreciation)		1,115,832			(44,052,877	)		(8,286,225	)
Net Realized and Unrealized Gain (Loss)		227,927			(140,519,413	)		(7,291,523	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	232,573		$	(71,564,239	)	$	(6,244,688	)

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

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

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

67

Statements of Operations

For the period ended May 31, 2023 (Unaudited) 

	Global X Adaptive U.S. Factor ETF			Global X Variable Rate Preferred ETF			Global X Adaptive U.S. Risk Management ETF
Investment Income:
Dividend Income	$	1,841,400		$	9,375,597		$	442,101
Interest Income		—			29,671			368,603
Less: Foreign Taxes Withheld		(1,630	)		—			(16	)
Total Investment Income		1,839,770			9,405,268			810,688
Supervision and Administration Fees(1)		229,096			339,826			133,455
Custodian Fees(2)		102			4,708			9,461
Total Expenses		229,198			344,534			142,916
Net Investment Income		1,610,572			9,060,734			667,772
Net Realized Gain (Loss) on:
Investments(3)		(564,907	)		(10,581,603	)		1,304,811
Net Realized Gain (Loss)		(564,907	)		(10,581,603	)		1,304,811
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(15,960,354	)		(6,243,589	)		(2,173,750	)
Net Change in Unrealized Appreciation (Depreciation)		(15,960,354	)		(6,243,589	)		(2,173,750	)
Net Realized and Unrealized Gain (Loss)		(16,525,261	)		(16,825,192	)		(868,939	)
Net Decrease in Net Assets Resulting from Operations	$	(14,914,689	)	$	(7,764,458	)	$	(201,167	)

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

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

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

68

Statements of Changes in Net Assets 

	Global X MLP ETF						Global X MLP & Energy Infrastructure ETF
	Period Ended May 31, 2023 (Unaudited)			Year Ended November 30, 2022			Period Ended May 31, 2023 (Unaudited)			Year Ended November 30, 2022
Operations:
Net Investment Income (Loss)	$	(337,930	)	$	(340,029	)	$	1,881,173		$	17,261,565
Net Realized Gain (Loss)		(5,258,131	)		100,398,974			41,724,930			41,652,165
Net Change in Unrealized Appreciation (Depreciation)		12,270,521			265,733,843			(136,315,903	)		182,187,058
Net Increase (Decrease) in Net Assets Resulting from Operations		6,674,460			365,792,788			(92,709,800	)		241,100,788
Distributions		(32,665,173	)		(90,450,291	)		(28,275,882	)		(32,598,692	)
Return of Capital		(19,398,633	)		—			—			(17,688,775	)
Capital Share Transactions:
Issued		85,394,342			492,823,248			115,647,351			280,463,476
Redeemed		(74,171,926	)		(382,822,455	)		(197,835,720	)		(119,368,893	)
Increase (Decrease) in Net Assets from Capital Share Transactions		11,222,416			110,000,793			(82,188,369	)		161,094,583
Total Increase (Decrease) in Net Assets		(34,166,930	)		385,343,290			(203,174,051	)		351,907,904
Net Assets:
Beginning of Year/Period		1,378,278,772			992,935,482			1,090,000,115			738,092,211
End of Year/Period	$	1,344,111,842		$	1,378,278,772		$	886,826,064		$	1,090,000,115
Share Transactions:
Issued		2,040,000			12,070,000			2,810,000			6,950,000
Redeemed		(1,780,000	)		(9,570,000	)		(4,890,000	)		(3,030,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		260,000			2,500,000			(2,080,000	)		3,920,000

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

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

69

Statements of Changes in Net Assets 

	Global X Alternative Income ETF						Global X Conscious Companies ETF
	Period Ended May 31, 2023 (Unaudited)			Year Ended November 30, 2022			Period Ended May 31, 2023 (Unaudited)			Year Ended November 30, 2022
Operations:
Net Investment Income	$	433,246		$	1,835,738		$	4,079,594		$	6,934,885
Net Realized Gain (Loss)		317,357			834,115			5,403,200			941,166
Net Change in Unrealized Appreciation (Depreciation)		(526,953	)		(5,206,398	)		(9,831,489	)		(69,340,214	)
Net Increase (Decrease) in Net Assets Resulting from Operations		223,650			(2,536,545	)		(348,695	)		(61,464,163	)
Distributions		(1,337,952	)		(2,282,880	)		(2,851,496	)		(7,480,197	)
Return of Capital		—			(390,992	)		—			—
Capital Share Transactions:
Issued		5,112,554			10,836,559			35,328,328			168,852,369
Redeemed		(4,407,580	)		(4,330,515	)		(68,834,655	)		(80,939,741	)
Increase (Decrease) in Net Assets from Capital Share Transactions		704,974			6,506,044			(33,506,327	)		87,912,628
Total Increase (Decrease) in Net Assets		(409,328	)		1,295,627			(36,706,518	)		18,968,268
Net Assets:
Beginning of Year/Period		37,216,373			35,920,746			673,732,735			654,764,467
End of Year/Period	$	36,807,045		$	37,216,373		$	637,026,217		$	673,732,735
Share Transactions:
Issued		450,000			890,000			1,230,000			5,560,000
Redeemed		(390,000	)		(360,000	)		(2,430,000	)		(2,600,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		60,000			530,000			(1,200,000	)		2,960,000

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

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

70

Statements of Changes in Net Assets 

	Global X Founder-Run Companies ETF						Global X U.S. Preferred ETF
	Period Ended May 31, 2023 (Unaudited)			Year Ended November 30, 2022			Period Ended May 31, 2023 (Unaudited)			Year Ended November 30, 2022
Operations:
Net Investment Income	$	4,646		$	27,830		$	68,955,174		$	121,824,169
Net Realized Gain (Loss)		(887,905	)		(1,470,548	)		(96,466,536	)		(109,993,262	)
Net Change in Unrealized Appreciation (Depreciation)		1,115,832			(3,096,300	)		(44,052,877	)		(365,525,726	)
Net Increase (Decrease) in Net Assets Resulting from Operations		232,573			(4,539,018	)		(71,564,239	)		(353,694,819	)
Distributions		(30,472	)		(31,083	)		(70,929,600	)		(128,023,270	)
Capital Share Transactions:
Issued		—			—			228,225,355			973,349,002
Redeemed		(1,909,238	)		(3,292,599	)		(68,590,128	)		(735,191,810	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(1,909,238	)		(3,292,599	)		159,635,227			238,157,192
Total Increase (Decrease) in Net Assets		(1,707,137	)		(7,862,700	)		17,141,388			(243,560,897	)
Net Assets:
Beginning of Year/Period		7,979,117			15,841,817			2,214,461,295			2,458,022,192
End of Year/Period	$	6,271,980		$	7,979,117		$	2,231,602,683		$	2,214,461,295
Share Transactions:
Issued		—			—			11,250,000			43,900,000
Redeemed		(80,000	)		(130,000	)		(3,420,000	)		(33,430,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(80,000	)		(130,000	)		7,830,000			10,470,000

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

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

71

Statements of Changes in Net Assets 

	Global X S&P 500® Quality Dividend ETF						Global X Adaptive U.S. Factor ETF
	Period Ended May 31, 2023 (Unaudited)			Year Ended November 30, 2022			Period Ended May 31, 2023 (Unaudited)			Year Ended November 30, 2022
Operations:
Net Investment Income	$	1,046,835		$	1,524,648		$	1,610,572		$	3,448,177
Net Realized Gain (Loss)		994,702			(2,148,867	)		(564,907	)		8,344,020
Net Change in Unrealized Appreciation (Depreciation)		(8,286,225	)		2,598,502			(15,960,354	)		6,336,154
Net Increase (Decrease) in Net Assets Resulting from Operations		(6,244,688	)		1,974,283			(14,914,689	)		18,128,351
Distributions		(1,077,242	)		(1,339,222	)		(2,044,414	)		(3,989,881	)
Return of Capital		—			—			—			(204,893	)
Capital Share Transactions:
Issued		35,023,039			81,220,596			80,754,748			45,617,766
Redeemed		(20,269,665	)		(30,314,988	)		(82,629,000	)		(53,025,393	)
Increase (Decrease) in Net Assets from Capital Share Transactions		14,753,374			50,905,608			(1,874,252	)		(7,407,627	)
Total Increase (Decrease) in Net Assets		7,431,444			51,540,669			(18,833,355	)		6,525,950
Net Assets:
Beginning of Year/Period		61,156,104			9,615,435			178,533,454			172,007,504
End of Year/Period	$	68,587,548		$	61,156,104		$	159,700,099		$	178,533,454
Share Transactions:
Issued		1,080,000			2,510,000			2,620,000			1,490,000
Redeemed		(620,000	)		(980,000	)		(2,750,000	)		(1,710,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		460,000			1,530,000			(130,000	)		(220,000	)

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

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

72

Statements of Changes in Net Assets 

	Global X Variable Rate Preferred ETF						Global X Adaptive U.S. Risk Management ETF
	Period Ended May 31, 2023 (Unaudited)			Year Ended November 30, 2022			Period Ended May 31, 2023 (Unaudited)			Year Ended November 30, 2022
Operations:
Net Investment Income	$	9,060,734		$	10,961,676		$	667,772		$	1,224,335
Net Realized Gain (Loss)		(10,581,603	)		(11,913,764	)		1,304,811			(18,387,366	)
Net Change in Unrealized Appreciation (Depreciation)		(6,243,589	)		(10,345,581	)		(2,173,750	)		6,274,011
Net Decrease in Net Assets Resulting from Operations		(7,764,458	)		(11,297,669	)		(201,167	)		(10,889,020	)
Distributions		(8,801,650	)		(10,414,818	)		(827,695	)		(1,002,824	)
Return of Capital		—			(515,682	)		—			—
Capital Share Transactions:
Issued		22,703,228			285,890,415			7,105,686			24,618,907
Redeemed		(56,299,331	)		(67,490,783	)		(548,364	)		(50,893,766	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(33,596,103	)		218,399,632			6,557,322			(26,274,859	)
Total Increase (Decrease) in Net Assets		(50,162,211	)		196,171,463			5,528,460			(38,166,703	)
Net Assets:
Beginning of Year/Period		285,388,832			89,217,369			66,407,787			104,574,490
End of Year/Period	$	235,226,621		$	285,388,832		$	71,936,247		$	66,407,787
Share Transactions:
Issued		970,000			11,570,000			260,000			860,000
Redeemed		(2,460,000	)		(2,720,000	)		(20,000	)		(2,010,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(1,490,000	)		8,850,000			240,000			(1,150,000	)

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

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

73

Page intentionally left blank.

74

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 MLP ETF
2023 (Unaudited)		42.99		(0.01	)		0.22			0.21			(1.01	)		—			(0.60	)
2022		33.59		(0.02	)		12.44			12.42			(3.02	)		—			—
2021		26.73		(0.06	)		9.97			9.91			—			—			(3.05	)
2020(1)		43.92		(0.26	)		(13.13	)		(13.39	)		—			—			(3.80	)
2019(1)		51.24		(0.24	)		(2.76	)		(3.00	)		—			—			(4.32	)
2018(1)		56.52		(0.24	)		(0.42	)		(0.66	)		(0.12	)		—			(4.50	)
Global X MLP & Energy Infrastructure ETF
2023 (Unaudited)		43.47		0.08			(3.86	)		(3.78	)		(1.13	)		—			—
2022		34.89		0.75			9.98			10.73			(1.39	)		—			(0.76	)
2021		26.59		0.42			9.97			10.39			(1.05	)		—			(1.04	)
2020(2)		33.45		0.71			(5.33	)		(4.62	)		(1.95	)		—			(0.29	)
2019(2)		36.39		1.14			(1.89	)		(0.75	)		(2.01	)		—			(0.18	)
2018(2)		38.40		1.05			(1.11	)		(0.06	)		(1.56	)		—			(0.39	)
Global X Alternative Income ETF
2023 (Unaudited)		11.42		0.13			(0.06	)		0.07			(0.40	)		—			—
2022		13.16		0.61			(1.45	)		(0.84	)		(0.77	)		—			(0.13	)
2021		11.51		0.49			2.05			2.54			(0.62	)		—			(0.27	)
2020		14.74		0.66			(2.64	)		(1.98	)		(0.98	)		(0.15	)		(0.12	)
2019		14.52		0.94			0.44			1.38			(1.07	)		(0.09	)		—
2018		15.40		0.92			(0.64	)		0.28			(1.16	)		—			—

*	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 Before Net Deferred Tax Expense/(Benefit) expense ratios for the periods ending November 30, 2018, 2019, 2020, 2021, 2022 and May 31, 2023 was 0.45%, 0.46%, 0.45%, 0.45%, 0.45% and 0.45%.
‡‡	Amount presented represents impact on expense ratio from tax benefit or expense. Includes amount of tax benefit or expense associated with expenses. Including amount of tax benefit or expense associated for all components of the Statement of Operations, the impact would be (2.29)%.
@	Effective for the fiscal year ended November 30, 2022, the Fund began presenting acquired fund fees borne by the Adviser as part of its unitary fee agreement (See Note 3 in Notes to Financial Statements) as a realized gain on the Statement of Operations as compared to a contra-expense as in prior fiscal years. If such amounts had been presented as a realized gain in the year ended November 30, 2021 (first year of this agreement), the ratio of Expenses to Average Net Assets would have been 0.70%.
#	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^	Effective September 28, 2021, the fund's fees were permanently lowered to 0.50%.
(1)	Per share amounts have been adjusted for a 1 for 6 reverse stock split on April 28, 2020 (See Note 9 in the Notes to Financial Statements).
(2)	Per share amounts have been adjusted for a 1 for 3 reverse share split on April 28, 2020. (See Note 9 in Notes to Financial Statements.)

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

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

75

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 (%)			Tax Expense (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
	(1.61	)		41.59		0.53			1,344,112		0.44	†‡		(0.01	)		(0.06	)†		9.03
	(3.02	)		42.99		37.69			1,378,279		0.44	‡		(0.01	)‡‡		(0.04	)		47.13
	(3.05	)		33.59		37.49			992,935		0.43	‡		(0.02	)		(0.19	)		33.79
	(3.80	)		26.73		(30.51	)		687,577		0.46	‡		0.46			(0.85	)		33.78
	(4.32	)		43.92		(6.54	)		947,045		0.46	‡		—			(0.46	)		55.65
	(4.62	)		51.24		(1.72	)		828,622		0.45	‡		—			(0.45	)		30.35
	(1.13	)		38.56		(8.81	)		886,826		0.45	†		—			0.38	†		6.66
	(2.15	)		43.47		31.26			1,090,000		0.45			—			1.85			23.48
	(2.09	)		34.89		39.64			738,092		0.45			—			1.25			16.88
	(2.24	)		26.59		(13.34	)		538,344		0.45			—			2.66			35.86
	(2.19	)		33.45		(2.34	)		612,300		0.45			—			3.03			36.57
	(1.95	)		36.39		(0.43	)		540,381		0.45			—			2.65			25.68
	(0.40	)		11.09		0.62			36,807		0.50	†		—			2.30	†		0.18
	(0.90	)		11.42		(6.64	)		37,216		0.50	#		—			5.03			18.10
	(0.89	)		13.16		22.52			35,921	0.63		#^@		—			3.77			86.85
	(1.25	)		11.51		(13.13	)		19,573		0.75	#		—			5.61			52.78
	(1.16	)		14.74		9.89			28,012		0.75	#		—			6.39			18.16
	(1.16	)		14.52		1.89			16,698		0.75	#		—			6.19			18.32

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

76

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 Concious Companies ETF
2023 (Unaudited)		29.52		0.19		(0.13	)		0.06			(0.12	)		—			—
2022		32.97		0.31		(3.40	)		(3.09	)		(0.36	)		—			—
2021		26.46		0.31		6.49			6.80			(0.29	)		—			—
2020		23.10		0.33		3.32			3.65			(0.27	)		(0.02	)		—
2019		20.55		0.37		2.68			3.05			(0.50	)		—			—
2018		19.23		0.33		1.22			1.55			(0.23	)		—			—
Global X Founder-Run Companies ETF
2023 (Unaudited)		24.18		0.02		0.98			1.00			(0.09	)		—			—
2022		34.44		0.07		(10.26	)		(10.19	)		(0.07	)		—			—
2021		28.66		0.18		5.94			6.12			(0.34	)		—			—
2020		20.50		0.09		8.14			8.23			(0.07	)		—			—
2019		18.63		0.05		2.12			2.17			(0.07	)		(0.23	)		—
2018		17.41		0.04		1.45			1.49			(0.04	)		(0.23	)		—
Global X U.S. Preferred ETF
2023 (Unaudited)		20.51		0.61		(1.22	)		(0.61	)		(0.63	)		—			—
2022		25.21		1.23		(4.64	)		(3.41	)		(1.29	)		—			—
2021		25.36		1.28		(0.12	)		1.16			(1.31	)		—			—
2020		24.79		1.33		0.58			1.91			(1.34	)		—			—
2019		22.97		1.36		1.83			3.19			(1.37	)		—			—
2018		25.03		1.44		(2.08	)		(0.64	)		(1.42	)		—			—

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

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

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

77

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 (%)††
(0.12	)	29.46	0.24		637,026	0.43	†	1.29	†	7.60
(0.36	)	29.52	(9.45	)	673,733	0.43		1.06		31.92
(0.29	)	32.97	25.84		654,764	0.43		1.00		22.92
(0.29	)	26.46	16.01		403,499	0.43		1.45		48.73
(0.50	)	23.10	15.35		85,459	0.43		1.73		34.97
(0.23	)	20.55	8.16		56,504	0.43		1.65		36.35
(0.09	)	25.09	4.20		6,272	0.45	†	0.13	†	30.13
(0.07	)	24.18	(29.64	)	7,979	0.45		0.25		33.97
(0.34	)	34.44	21.51		15,842	0.45		0.54		47.49
(0.07	)	28.66	40.29		5,732	0.45		0.39		31.51
(0.30	)	20.50	12.05		4,100	0.52		0.29		33.82
(0.27	)	18.63	8.67		4,657	0.65		0.13		25.22
(0.63	)	19.27	(3.06	)	2,231,603	0.23	†	6.10	†	17.47
(1.29	)	20.51	(13.82	)	2,214,461	0.23		5.51		33.20
(1.31	)	25.21	4.61		2,458,022	0.23	^^	4.99		47.89
(1.34	)	25.36	8.13		868,550	0.23	^^	5.49		39.14
(1.37	)	24.79	14.25		585,150	0.24		5.57		32.93
(1.42	)	22.97	(2.72	)	188,314	0.23		5.98		42.90

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

78

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 S&P 500® Quality Dividend ETF
2023 (Unaudited)		33.24		0.50		(3.40	)		(2.90	)		(0.52	)		—			—
2022		31.02		1.03		2.10			3.13			(0.91	)		—			—
2021		25.20		0.78		5.84			6.62			(0.80	)		—			—
2020		26.51		0.75		(1.24	)		(0.49	)		(0.82	)		—			—	***
2019		24.60		0.75		1.89			2.64			(0.73	)		—			—
2018 (1)		25.00		0.26		(0.44	)		(0.18	)		(0.22	)		—			—
Global X Adaptive U.S. Factor ETF
2023 (Unaudited)		32.23		0.29		(2.63	)		(2.34	)		(0.37	)		—			—
2022		29.86		0.62		2.50			3.12			(0.71	)		—			(0.04	)
2021		24.91		0.61		5.09			5.70			(0.70	)		—			(0.05	)
2020		25.79		0.63		(0.67	)		(0.04	)		(0.70	)		(0.05	)		(0.09	)
2019		24.39		0.89		1.53			2.42			(1.02	)		—	***		—
2018 (2)		25.00		0.22		(0.61	)		(0.39	)		(0.19	)		—			(0.03	)
Global X Variable Rate Preferred ETF
2023 (Unaudited)		23.55		0.76		(1.43	)		(0.67	)		(0.75	)		—			—
2022		27.28		1.45		(3.70	)		(2.25	)		(1.39	)		(0.02	)		(0.07	)
2021		26.97		1.40		0.37			1.77			(1.29	)		(0.02	)		(0.15	)
2020 (3)		24.85		0.61		2.00			2.61			(0.49	)		—			—
Global X Adaptive U.S. Risk Management ETF
2023 (Unaudited)		28.26		0.27		(0.43	)		(0.16	)		(0.33	)		—			—
2022		29.88		0.40		(1.71	)		(1.31	)		(0.31	)		—			—
2021 (4)		24.95		0.25		4.77			5.02			(0.09	)		—			—

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
***	Amount is less than $0.005.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
‡	Effective April 1, 2019, the Fund's fees were permanently lowered to 0.20%. Prior to April 1, 2019, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.31% for the year ended November 30, 2019.
(1)	The Fund commenced operations on July 13, 2018.
(2)	The Fund commenced operations on August 24, 2018.
(3)	The Fund commenced operations on June 22, 2020.
(4)	The Fund commenced operations on January 12, 2021.

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

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

79

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 (%)††
(0.52	)	29.82	(8.80	)	68,588	0.20	†	3.17	†	31.53
(0.91	)	33.24	10.25		61,156	0.20		3.24		78.73
(0.80	)	31.02	26.45		9,615	0.20		2.60		70.66
(0.82	)	25.20	(1.47	)	6,300	0.20		3.27		93.40
(0.73	)	26.51	11.01		9,278	0.28	‡	2.99		49.18
(0.22	)	24.60	(0.72	)	2,460	0.36	†	2.70	†	1.18
(0.37	)	29.52	(7.29	)	159,700	0.27	†	1.90	†	92.10
(0.75	)	32.23	10.61		178,533	0.27		2.03		115.74
(0.75	)	29.86	23.01		172,008	0.27		2.09		96.21
(0.84	)	24.91	0.14		144,484	0.27		2.78		159.91
(1.02	)	25.79	10.27		189,564	0.27		3.63		112.43
(0.22	)	24.39	(1.58	)	102,438	0.27	†	3.31	†	28.89
(0.75	)	22.13	(2.95	)	235,227	0.25	†	6.67	†	44.75
(1.48	)	23.55	(8.40	)	285,389	0.25		5.93		74.41
(1.46	)	27.28	6.60		89,217	0.25		5.01		26.17
(0.49	)	26.97	10.59		1,349	0.25	†	5.38	†	10.96
(0.33	)	27.77	(0.52	)	71,936	0.42	†	1.95	†	389.82
(0.31	)	28.26	(4.28	)	66,408	0.39		1.49		1481.94
(0.09	)	29.88	20.13		104,574	0.39	†	1.01	†	30.10

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

80

Notes to Financial Statements 

May 31, 2023 (Unaudited)

1. ORGANIZATION

The Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as an open-end management investment company. As of May 31, 2023, the Trust had one hundred and nineteen portfolios, one hundred and six of which were operational. The financial statements herein and the related notes pertain to the Global X MLP ETF, Global X MLP & Energy Infrastructure ETF, Global X Alternative Income ETF (formerly, Global X SuperDividend^® Alternatives ETF), Global X Conscious Companies ETF, Global X Founder-Run Companies ETF, Global X U.S. Preferred ETF, Global X S&P 500^® Quality Dividend ETF, Global X Adaptive U.S. Factor ETF, Global X Variable Rate Preferred ETF and Global X Adaptive U.S. Risk Management ETF (each a “Fund” and collectively, the “Funds”). Each Fund, other than the Global X Alternative Income ETF, Global X Conscious Companies ETF, Global X Founder-Run Companies ETF and Global X U.S. Preferred ETF, has elected non-diversified status under the 1940 Act.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

81

Notes to Financial Statements (Continued) 

May 31, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. The prices for foreign securities are reported in local currencies and converted to U.S. dollars using currencies exchange rates as of the reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day.

Securities for which market prices are not "readily available" are valued in accordance with fair value procedures (the “Fair Value Procedures”) established by Global X Management Company LLC, the Funds' investment adviser (the "Adviser"), and approved by the Board of Trustees (the “Board”) of the Trust. Pursuant to Rule 2a-5 under the 1940 Act, the

82

Notes to Financial Statements (Continued) 

May 31, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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, each Fund may fair value a security if an event that may materially affect the value of a Fund’s security that traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that 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 all relevant information reasonably available to the Committee. As of May 31, 2023, there were no securities priced using the Fair Value Procedures.

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

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

83

Notes to Financial Statements (Continued) 

May 31, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 and fair value of investments for which the Funds have the ability to fully redeem tranches at NAV as of the measurement date or within the near term, and short-term investments valued at amortized cost); and

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

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. 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 May 31, 2023. 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

84

Notes to Financial Statements (Continued) 

May 31, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest.

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

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

As of May 31, 2023, the open repurchase agreements by counterparty which are subject to an MRA on a net payment basis are as follows:

	Repurchase Agreements*		Fair Value of Non-Cash Collateral Received(1)		Cash Collateral Received		Net Amount(2)
Global X MLP & Energy Infrastructure ETF
BNP Paribas	$	772,224	$	772,224	$	-	$	-
Global X Alternative Income ETF
BNP Paribas		431,391		431,391		-		-
Global X U.S. Preferred ETF
BNP Paribas		24,690,452		24,690,452		-		-

*      Repurchase agreements with an overnight and continuous maturity.

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

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

85

Notes to Financial Statements (Continued) 

May 31, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

As of and during the reporting period ended May 31, 2023, 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 an income tax expense on the Statements of Operations. During the reporting period, the Funds did not incur any interest or penalties. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

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

86

Notes to Financial Statements (Continued) 

May 31, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

87

Notes to Financial Statements (Continued) 

May 31, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

becomes available. Global X MLP ETF will generally compute deferred income taxes based on the Federal income tax rate applicable to corporations and an estimated rate attributable to state taxes.

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

Global X Alternative Income ETF’s dividend income includes reclassifications of prior year and current year dividend income to return of capital/realized gain to align those income amounts to the character of those distributions. Those reclassifications exceeded current year dividend income resulting in a negative dividend income for the current fiscal year.

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

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

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

88

Notes to Financial Statements (Continued) 

May 31, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

	Creation Unit Shares		Creation Fee		Value at  May 31, 2023		Redemption  Fee
Global X MLP ETF	10,000	$	100	$	415,900	$	100
Global X MLP & Energy Infrastructure ETF	10,000		250		385,600		250
Global X Alternative Income ETF	10,000		250		110,900		250
Global X Conscious Companies ETF	10,000		600		294,600		600
Global X Founder-Run Companies ETF	10,000		300		250,900		300
Global X U.S. Preferred ETF	10,000		650		192,700		650
Global X S&P 500AE Quality Dividend ETF	10,000		300		298,200		300
Global X Adaptive U.S. Factor ETF	10,000		600		295,200		600
Global X Variable Rate Preferred ETF	10,000		250		221,300		250
Global X Adaptive U.S. Risk Management ETF	10,000		1,300		277,700		1,300

3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS

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

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an "all-in" fee structure. For the Adviser’s services to the respective Funds, under a supervision and administration agreement (the "Supervision and Administration Agreement"), each Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the respective Fund). In addition, the Funds bear other expenses, directly and indirectly, that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, custodian fees, acquired fund fees and expenses (except for the Global X Alternative Income ETF with respect to investment in affiliated investment companies), and other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses).

The Supervision and Administration Agreement for the Global X Alternative Income ETF provides that the Adviser also bears the costs for acquired fund fees and expenses generated

89

Notes to Financial Statements (Continued) 

May 31, 2023 (Unaudited)

3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS (continued)

by investments by the Fund in affiliated investment companies. For the period ended May 31, 2023, the Adviser paid acquired fund fees and expenses of $68,375 and made such reimbursement payments to the Global X Alternative Income ETF on a monthly basis.

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

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

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

SEI Investments Distribution Co. (“SIDCO”) serves as the Funds’ underwriter and distributor of Creation Units pursuant to a distribution agreement (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: (1) the costs of processing and maintaining records of creations of Creation Units; (2) all costs of maintaining the records required of a registered broker/dealer; (3) the expenses of maintaining its registration or qualification as a dealer or broker under Federal or state laws; (4) filing fees; and (5) all other expenses incurred in connection with the distribution services as contemplated in the Distribution Agreement. SIDCO receives no fee from the

90

Notes to Financial Statements (Continued) 

May 31, 2023 (Unaudited)

3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS (continued)

Funds for its distribution services under the Distribution Agreement; rather, the Adviser compensates SIDCO for certain expenses, out-of-pocket costs, and transaction fees.

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

4. INVESTMENT TRANSACTIONS

For the period ended May 31, 2023, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government, and short-term securities were:

			Sales and Maturities
	Purchases
Global X MLP ETF	$	123,927,573	$	251,779,953
Global X MLP & Energy Infrastructure ETF		66,204,063		141,735,559
Global X Alternative Income ETF		66,912		1,245,536
Global X Conscious Companies ETF		50,059,925		48,897,025
Global X Founder-Run Companies ETF		2,123,018		2,136,384
Global X U.S. Preferred ETF		395,429,802		397,739,298
Global X S&P 500® Quality Dividend ETF		21,688,784		20,989,534
Global X Adaptive U.S. Factor ETF		156,619,484		155,746,022
Global X Variable Rate Preferred ETF		121,143,400		120,935,974
Global X Adaptive U.S. Risk Management ETF		268,248,306		266,195,853

91

Notes to Financial Statements (Continued) 

May 31, 2023 (Unaudited)

4. INVESTMENT TRANSACTIONS (continued)

For the period ended May 31, 2023, in-kind transactions associated with creations and redemptions were:

2023		Purchases		Sales		Realized  Gain/(Loss)
Global X MLP ETF	$	85,849,754	$	–	$	–
Global X MLP & Energy Infrastructure ETF		115,085,151		142,467,557		35,752,555
Global X Alternative Income ETF		4,979,196		3,984,776		210,223
Global X Conscious Companies ETF		35,243,956		68,936,161		12,859,510
Global X Founder-Run Companies ETF		–		1,907,984		(67,943	)
Global X U.S. Preferred ETF		225,650,899		68,521,447		3,695,737
Global X S&P 500® Quality Dividend ETF		35,090,804		20,310,981		2,127,761
Global X Adaptive U.S. Factor ETF		79,966,906		82,848,854		10,815,543
Global X Variable Rate Preferred ETF		22,200,568		56,302,574		1,620,626
Global X Adaptive U.S. Risk Management ETF		4,847,799		540,937		16,034

During the period ended May 31, 2023, there were no purchases or sales of long-term U.S. Government securities by the Funds.

5. TAX INFORMATION

Global X MLP ETF recognizes interest and penalties, if any, related to unrecognized tax benefits within the income tax expense line in the accompanying Statement of Operations. Accrued interest and penalties, if any, are included within the related tax liability line in the Statement of Assets and Liabilities. For the period ended May 31, 2023, Global X MLP ETF did not incur any interest or penalties.

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

Global X MLP ETF’s income tax expense/(benefit) consists of the following for the period ended May 31, 2023:

		Current MLP		Deferred  MLP		Total MLP
Federal	$	—	$	1,613,927	$	1,613,927
State		—		308,290		308,290
Valuation allowance		—		—		—
Total tax expense (benefit)	$	—	$	1,922,217	$	1,922,217

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

92

Notes to Financial Statements (Continued) 

May 31, 2023 (Unaudited)

5. TAX INFORMATION (continued)

Components of the Global X MLP ETF’s deferred tax assets and liabilities are as follows for the period ended May 31, 2023:

	MLP
Deferred tax assets:
Federal Net Operating Loss Carryforward	$	7,760,261
State Net Operating Loss Carryforward		1,897,486
Capital Loss Carryforward		41,874,150
Other		3,252,198
Less Variation Allowance		—
Deferred tax liabilities:
Net unrealized gain on investment securities		(73,365,028	)
Net Deferred Tax Asset/(Liability)	$	(18,580,933	)

Global X MLP ETF reviews the recoverability of its deferred tax assets based upon the weight of available evidence. When assessing the recoverability of its deferred tax assets, significant weight is given to the effects of potential future realized and unrealized gains on investments and the period over which these deferred tax assets can be realized. Currently, any capital losses that may be generated by the Global X MLP ETF are eligible to be carried back up to three years and can be carried forward for five years to offset capital gains recognized by Global X MLP ETF in those years.

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

	Year Ended	Amount		Expiration
Global X MLP ETF	11/30/2023	$	37,259,202	Indefinite

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

	Year Ended	Amount		Expiration
Global X MLP ETF	11/30/2019	$	28,978,317	11/30/2024
	11/30/2020		120,861,367	11/30/2025
	11/30/2021		37,432,903	11/30/2026

Based upon Global X MLP ETF’s assessment, it has been determined that it is more likely than not that Global X MLP ETF’s deferred tax assets will be realized through future taxable income of the appropriate character. Accordingly, no valuation allowance has been established for Global X MLP ETF’s deferred tax assets. Global X MLP ETF will continue to assess the need for a valuation allowance in the future. Significant increases or declines in the fair value of its portfolio of investments may change Global X MLP ETF’s assessment of the recoverability of these assets and may result in the recording or removal of a valuation allowance against all or a portion of the Global X MLP ETF’s gross deferred tax assets.

93

Notes to Financial Statements (Continued) 

May 31, 2023 (Unaudited)

5. TAX INFORMATION (continued)

Total income tax expense/benefit (current and deferred) during the period ended May 31, 2023, differs from the amount computed by applying the Federal statutory income tax rate of 21% for Global X MLP ETF to net investment and realized and unrealized gain/(losses) on investment before taxes as follows:

For the period ended May 31, 2023:

	MLP
Income tax (benefit) at statutory rate	$	1,805,302	21.00	%
State income taxes (net of federal benefit)		116,915	1.36	%
Net income tax expense/(benefit)	$	1,922,217	22.36	%

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

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

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

94

Notes to Financial Statements (Continued) 

May 31, 2023 (Unaudited)

5. TAX INFORMATION (continued)

The tax character of dividends and distributions declared during the years or periods ended November 30, 2022 and November 30, 2021 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X MLP ETF
2022	$	90,450,291	$	–	$	–	$	90,450,291
2021		–		–		80,150,843		80,150,843
Global X MLP & Energy Infrastructure ETF
2022	$	32,598,692	$	–	$	17,688,775	$	50,287,467
2021		22,548,205		–		22,509,388		45,057,593
Global X Alternative Income ETF
2022	$	2,282,880	$	–	$	390,992	$	2,673,872
2021		1,353,663		–		578,074		1,931,737
Global X Conscious Companies ETF
2022	$	7,480,197	$	–	$	–	$	7,480,197
2021		4,254,673		–		–		4,254,673
Global X Founder-Run Companies ETF
2022	$	31,083	$	–	$	–	$	31,083
2021		67,743		–		–		67,743
Global X U.S. Preferred ETF
2022	$	128,023,270	$	–	$	–	$	128,023,270
2021		89,185,080		–		–		89,185,080
Global X S&P 500® Quality Dividend ETF
2022	$	1,339,222	$	–	$	–	$	1,339,222
2021		224,212		–		–		224,212
Global X Adaptive U.S. Factor ETF
2022	$	3,989,881	$	–	$	204,893	$	4,194,774
2021		4,080,634		–		298,947		4,379,581
Global X Variable Rate Preferred ETF
2022	$	10,395,351	$	19,467	$	515,682	$	10,930,500
2021		1,419,247		8,731		167,337		1,595,315
Global X Adaptive U.S. Risk Management ETF
2022	$	997,056	$	5,768	$	–	$	1,002,824
2021		241,843		–		–		241,843

95

Notes to Financial Statements (Continued) 

May 31, 2023 (Unaudited)

5. TAX INFORMATION (continued)

As of November 30, 2022, the components of tax basis distributable earnings (accumulated losses) were as follows:

		Global X Funds
		Global X MLP & Energy Infrastructure ETF			Global X Alternative Income ETF			Global X Conscious Companies ETF
Undistributed Ordinary Income	$	–		$	–		$	2,124,264
Capital Loss Carryforwards		(161,956,054	)		(1,347,634	)		(20,101,068	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		210,911,857			(6,717,547	)		14,210,452
Other Temporary Differences		(3	)		8			–
Total Accumulated Losses	$	48,955,800		$	(8,065,173	)	$	(3,766,352	)

		Global X Funds
		Global X Founder-Run Companies ETF			Global X U.S. Preferred ETF			Global X S&P 500® Quality Dividend ETF
Undistributed Ordinary Income	$	28,185		$	3,114,091		$	200,491
Capital Loss Carryforwards		(1,779,065	)		(101,076,974	)		(4,573,464	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(3,032,950	)		(394,213,357	)		2,522,681
Other Temporary Differences		–			(2,613,879	)		–
Total Accumulated Losses	$	(4,783,830	)	$	(494,790,119	)	$	(1,850,292	)

		Global X  Funds
		Global X Adaptive U.S. Factor ETF			Global X Variable Rate Preferred ETF			Global X Adaptive U.S. Risk Management ETF
Undistributed Ordinary Income	$	–		$	–		$	670,915
Capital Loss Carryforwards		(9,319,061	)		(8,558,055	)		(19,468,613	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		14,769,749			(16,870,450	)		4,313,328
Other Temporary Differences		–			1,317,963			–
Total Accumulated Losses	$	5,450,688		$	(24,110,542	)	$	(14,484,370	)

96

Notes to Financial Statements (Continued) 

May 31, 2023 (Unaudited)

5. TAX INFORMATION (continued)

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

	Short-Term Loss		Long-Term Loss		Total
Global X MLP & Energy Infrastructure ETF	$	30,993,988	$	130,962,066	$	161,956,054
Global X Alternative Income ETF		185,898		1,161,736		1,347,634
Global X Conscious Companies ETF		9,289,825		10,811,243		20,101,068
Global X Founder-Run Companies ETF		1,359,850		419,215		1,779,065
Global X U.S. Preferred ETF		51,083,388		49,993,586		101,076,974
Global X S&P 500® Quality Dividend ETF		4,182,129		391,335		4,573,464
Global X Adaptive U.S. Factor ETF		9,319,061		–		9,319,061
Global X Variable Rate Preferred ETF		7,215,811		1,342,244		8,558,055
Global X Adaptive U.S. Risk Management ETF		19,327,639		140,974		19,468,613

During the year ended November 30, 2022, the following Fund utilized capital loss carryforwards to offset capital gains amounting to:

	Short-Term  Loss		Long-Term  Loss		Total
Global X Alternative Income ETF	$	313,561	$	267,896	$	581,457

The Federal tax cost basis of investments and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at May 31, 2023 were as follows:

	Federal Tax  Cost		Aggregated  Gross  Unrealized  Appreciation		Aggregated  Gross  Unrealized Depreciation			Net  Unrealized  Appreciation (Depreciation)
Global X MLP ETF	$	1,031,030,390	$	331,947,548	$	(2,149,371	)	$	329,798,177
Global X MLP & Energy Infrastructure ETF		744,664,246		188,251,068		(46,251,863	)		141,999,205
Global X Alternative Income ETF		43,736,167		1,677,240		(8,101,195	)		(6,423,955	)
Global X Conscious Companies ETF		628,960,787		63,976,290		(57,599,095	)		6,377,195
Global X Founder-Run Companies ETF		8,139,625		326,267		(2,206,092	)		(1,879,825	)
Global X U.S. Preferred ETF		2,693,550,107		6,033,251		(444,800,477	)		(438,767,226	)
Global X S&P 500® Quality Dividend ETF		73,897,621		1,328,782		(6,786,934	)		(5,458,152	)
Global X Adaptive U.S. Factor ETF		159,930,042		5,686,478		(6,412,237	)		(725,759	)
Global X Variable Rate Preferred ETF		252,667,957		1,134,886		(20,054,814	)		(18,919,928	)
Global X Adaptive U.S. Risk Management ETF		69,195,447		4,561,813		(1,904,879	)		2,656,934

97

Notes to Financial Statements (Continued) 

May 31, 2023 (Unaudited)

5. TAX INFORMATION (continued)

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

6. CONCENTRATION OF RISKS

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

The Funds, except for Global X U.S. Preferred ETF and Global X Variable Rate Preferred ETF, use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of an underlying index in approximately the same proportions as in the underlying 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). The Global X U.S. Preferred ETF and Global X Variable Rate Preferred ETF use a representative sampling strategy.

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

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

98

Notes to Financial Statements (Continued) 

May 31, 2023 (Unaudited)

6. CONCENTRATION OF RISKS (continued)

rates. Questions around impacts on liquidity resulting from this transition, and how to appropriately adjust these rates at the time of transition, remain a concern for the Funds. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

Economic conditions, such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior warning, lead to foreign government intervention (including intervention by the U.S. Government with respect to foreign governments, economic sectors, foreign companies and related securities and interests) and the imposition of capital controls (i.e., government measures designed to limit the flow of foreign capital in and out of the domestic economy) and/or sanctions, which may also include retaliatory actions of one government against another government, such as 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. Please refer to each Fund’s prospectus and statement of additional information (“SAI”) for a more complete description of risks.

7. LOANS OF PORTFOLIO SECURITIES

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

Lending securities entails a risk of loss to the Funds if and to the extent that the market values of the securities loaned were to increase and the borrower did not increase the collateral accordingly and the borrower failed to return the securities. In the event the borrower may not provide additional collateral when required or may not return the securities when due, the securities lending agency agreement requires the lending agent to indemnify the Funds by replacing either the security or the security’s current market value to the Funds. The

99

Notes to Financial Statements (Continued) 

May 31, 2023 (Unaudited)

7. LOANS OF PORTFOLIO SECURITIES (continued)

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.

As of May 31, 2023, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral(1)
Global X MLP & Energy Infrastructure ETF
Barclays Capital Inc.	$	956,675	$	955,793
UBS Securities LLC (equities)		198,433		198,250
Total	$	1,155,108	$	1,154,043

	Market Value		Cash Collateral(1)
Global X Alternative Income ETF
J.P. Morgan Securities LLC	$	125,320	$	128,375
UBS AG London Branch (cash)		506,268		516,313
Total	$	631,588	$	644,688

	Market Value		Cash Collateral(1)
Global X U.S. Preferred ETF
Barclays Capital Inc.	$	17,888,571	$	18,125,425
BNP Paribas Securities Corp.		118,800		119,075
Citigroup Global Markets Inc.		2,000		2,058
J.P. Morgan Securities LLC		11,377,664		11,495,600
Morgan Stanley & Co. LLC		112,805		115,225
National Financial Services LLC		355,971		361,445
UBS Securities LLC (equities)		6,569,893		6,679,565
Total	$	36,425,704	$	36,898,393

(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.

100

Notes to Financial Statements (Concluded) 

May 31, 2023 (Unaudited)

8. CONTRACTUAL OBLIGATION (continued)

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

9. REVERSE SHARE SPLIT

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

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

10. SUBSEQUENT EVENTS

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

101

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 your final investment returns. These expenses are expressed as a percentage of the

Fund’s average net assets; this percentage is known as the Fund’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 December 1, 2022 to May 31, 2023.

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

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

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

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

102

Disclosure of Fund Expenses (Unaudited) (Continued) 

	Beginning Account Value 12/1/2022		Ending Account Value 5/31/2023		Annualized Expense  Ratios			Expenses Paid During Period(1)
Global X MLP ETF
Actual Fund Return	$	1,000.00	$	1,005.30		0.44	%	$	2.20
Hypothetical 5% Return		1,000.00		1,022.74		0.44			2.22
Global X MLP & Energy Infrastructure ETF
Actual Fund Return	$	1,000.00	$	911.90		0.45	%	$	2.14
Hypothetical 5% Return		1,000.00		1,022.69		0.45			2.27
Global X Alternative Income ETF
Actual Fund Return	$	1,000.00	$	1,006.20		0.50	%	$	2.50
Hypothetical 5% Return		1,000.00		1,022.44		0.50			2.52
Global X Conscious Companies ETF
Actual Fund Return	$	1,000.00	$	1,002.40		0.43	%	$	2.15
Hypothetical 5% Return		1,000.00		1,022.79		0.43			2.17
Global X Founder-Run Companies ETF
Actual Fund Return	$	1,000.00	$	1,042.00		0.45	%	$	2.29
Hypothetical 5% Return		1,000.00		1,022.69		0.45			2.27
Global X U.S. Preferred ETF
Actual Fund Return	$	1,000.00	$	969.40		0.23	%	$	1.13
Hypothetical 5% Return		1,000.00		1,023.78		0.23			1.16
Global X S&P 500® Quality Dividend ETF
Actual Fund Return	$	1,000.00	$	912.00		0.20	%	$	0.95
Hypothetical 5% Return		1,000.00		1,023.93		0.20			1.01
Global X Adaptive U.S. Factor ETF
Actual Fund Return	$	1,000.00	$	927.10		0.27	%	$	1.30
Hypothetical 5% Return		1,000.00		1,023.59		0.27			1.36
Global X Variable Rate Preferred ETF
Actual Fund Return	$	1,000.00	$	970.50		0.25	%	$	1.23
Hypothetical 5% Return		1,000.00		1,023.68		0.25			1.26

103

Disclosure of Fund Expenses (Unaudited) (Concluded) 

	Beginning Account Value 12/1/2022		Ending Account Value 5/31/2023		Annualized Expense  Ratios			Expenses  Paid During Period(1)
Global X Adaptive U.S. Risk Management ETF
Actual Fund Return	$	1,000.00	$	994.80		0.42	%	$	2.09
Hypothetical 5% Return		1,000.00		1,022.84		0.42			2.12

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

104

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 19, 2023, 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, 2022 through December 31, 2022. 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.

105

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 a Fund generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of the Funds’are listed for trading, as of the time that the Fund’s NAV is calculated. Each Fund’s 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 Fund’s 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 a Fund on a given day, generally at the time NAV is calculated. A premium is the amount that a Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a Fund is trading below the reported NAV, expressed as a percentage of the NAV.

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

106

Notes 

107

Notes 

108

605 3rd Avenue, 43rd Floor

New York, NY 10158

1-888-493-8631

www.globalxetfs.com

Investment Adviser and Administrator:

Global X Management Company LLC

605 3rd 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 current prospectus for the Funds described.

GLX-SA-005-1200

(b)  Not applicable.

Item 2.Code of Ethics.

Not applicable for semi-annual report.

Item 3.Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4.     Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5.  Audit Committee of Listed Registrants.

Not applicable for semi-annual report.

Item 6.  Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.

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 to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11.  Controls and Procedures.

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

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

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

Not applicable to open-end management investment companies.

Item 13.  Exhibits.

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

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

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

SIGNATURES

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

(Registrant) Global X Funds

By (Signature and Title) /s/ Luis Berruga Luis Berruga
President

Date:  August 8, 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.

By (Signature and Title) /s/ Luis Berruga Luis Berruga
President

Date: August 8, 2023

By (Signature and Title) /s/ John Belanger
John Belanger
Chief Financial Officer

Date:  August 8, 2023