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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22209

Global X Funds

(Exact name of registrant as specified in charter)

623 Fifth Avenue, 15^th Floor

New York, NY 10022

(Address of principal executive offices) (Zip code)

Bruno del Ama

Global X Management Company LLC

600 Lexington Ave, 20th Floor

New York, NY 10022

(Name and address of agent for service)

With a copy to:

Daphne Tippens Chisolm, Esq.	Eric S. Purple, Esq.
Global X Management Company LLC	Stradley Ronon Stevens & Young, LLP
600 Lexington Ave, 20th Floor	1250 Connecticut Avenue, N.W.
New York, NY 10022	Suite 500
	Washington, DC 20036

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

Date of fiscal year end: October 31, 2016

Date of reporting period: October 31, 2016

Item 1.

Reports to Stockholders.

Global X Silver Miners ETF (ticker: SIL)

Global X Gold Explorers ETF (ticker: GOEX)

Global X Copper Miners ETF (ticker: COPX)

Global X Uranium ETF (ticker: URA)

Global X Lithium ETF (ticker: LIT)

Global X Fertilizers/Potash ETF (ticker: SOIL)

Annual Report

October 31, 2016

Table of Contents

Management Discussion of Fund Performance (unaudited)	1

Schedule of Investments

Global X Silver Miners ETF	13
Global X Gold Explorers ETF	15
Global X Copper Miners ETF	17
Global X Uranium ETF	20
Global X Lithium ETF	23
Global X Fertilizers/Potash ETF	26

Statements of Assets and Liabilities	29

Statements of Operations	31

Statements of Changes in Net Assets	33

Financial Highlights	36

Notes to Financial Statements	37

Report of Independent Registered Public Accounting Firm	54

Disclosure of Fund Expenses (unaudited)	55

Supplemental Information (unaudited)	57

Trustees and Officers of the Trust (unaudited)	58

Notice to Shareholders (unaudited)	60

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the 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 “Commission”) for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Funds’ Forms N-Q are available on the Commission’s website at http://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-GXFund-1; and (ii) on the Commission’s website at http://www.sec.gov.

Management Discussion of Fund Performance (unaudited)

Global X Silver Miners ETF

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

The Underlying Index is designed to measure broad-based equity market performance of global companies involved in the silver mining industry, as defined by the index provider.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 95.69%, while the Underlying Index increased 97.09%. The Fund had a net asset value of $20.83 per share on October 31, 2015 and ended the reporting period with a net asset value of $40.61 on October 31, 2016.

During the reporting period, the highest returns came from Coeur d’Alene Mines and Bear Creek Mining which returned 314.07% and 271.23%, respectively. The worst performers were Primero Mining and Great Panther Silver which returned

-41.3% and -15.08%, respectively.

After falling to a near six year low at the end of 2015, silver prices rebounded sharply in the first half of 2016. The uptrend in prices was driven by dovish central bank policies around the world, which continued the trend of keeping interest rates low. With low rates, the opportunity cost for holding non-yield bearing asset classes, like precious metals remained low. In addition, heighted geopolitical risks around the world drove additional investor assets towards precious metals as a store of value. The profitability and therefore the performance of silver mining companies tends to be leveraged to changes in spot silver prices. Therefore, as the underlying commodity benefited from the macro environment, silver mining stocks benefited disproportionately.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Silver Miners ETF		95.69	%		96.00	%		2.05	%		2.01	%		-10.18	%		-10.35	%		-0.58	%		-0.58	%
Solactive Global Silver Miners Total Return Index		97.09	%		97.09	%		2.56	%		2.56	%		-9.64	%		-9.64	%		0.01	%		0.01	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.57	%		13.57	%		11.51	%		11.51	%

Growth of a $10,000 Investment

(at Net Asset Value)

*Fund commenced operations on April 19, 2010.

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

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

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

Management Discussion of Fund Performance (unaudited)

Global X Silver Miners ETF

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Gold Explorers ETF

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

The Underlying Index is a free float-adjusted, liquidity-tested and market capitalization-weighted index that is designed to measure broad-based equity market performance of global companies involved in gold exploration, as defined by the index provider.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 95.95%, while the Underlying Index increased 97.26%. The Fund had a net asset value of $19.89 per share on October 31, 2015 and ended the reporting period with a net asset value of $34.95 on October 31, 2016.

During the reporting period, the highest returns came from International Tower Hill Mines and Gryphon Minerals which returned 360.35% and 301.79%, respectively. The worst performers were the two Rubicon Minerals stocks, which returned -98.58% and -90.6%.

By the end of 2015, gold prices had reached nearly a 6-year low, which put significant pressure on the gold exploration industry, which tends to benefit from higher gold prices. In early 2016, however, gold prices began to rebound sharply as geopolitical and economic uncertainties came to the forefront, such as the Brexit vote, central bank stimulus packages, and the U.S. presidential elections. Furthermore, increasing demand for physical gold and a weaker U.S. Dollar also supported gold prices during the reporting period. Gold exploration companies are highly sensitive to gold prices, and the increasing value of the yellow metal during the reporting period was a strong contributor of the positive performance of the Fund.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Gold Explorers ETF		95.95	%		90.60	%		13.12	%		12.06	%		-17.01	%		-17.22	%		-16.50	%		-16.63	%
Solactive Global Gold Explorers Total Return Index		97.26	%		97.26	%		13.86	%		13.86	%		-16.03	%		-16.03	%		-15.81	%		-15.81	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.57	%		13.57	%		12.40	%		12.40	%

Growth of a $10,000 Investment

(at Net Asset Value)

*Fund commenced operations on November 3, 2010.

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

Management Discussion of Fund Performance (unaudited)

Global X Gold Explorers ETF

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Copper Miners ETF

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

The Underlying Index is designed to measure broad-based equity market performance of global companies involved in the copper mining industry, as defined by the index provider.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 18.88%, while the Underlying Index increased 20.21%. The Fund had a net asset value of $14.98 per share on October 31, 2015 and ended the reporting period with a net asset value of $17.60 on October 31, 2016.

During the reporting period, the highest returns came from Teck Resources and KAZ Minerals, which returned 273.91% and 94.74%, respectively. The worst performers were Imperial Metals and KGHM Polska Miedz, which returned -36.52% and -21.01%, respectively.

The performance of copper mining companies tends to be highly correlated to changes in copper prices. In Q1 2016, spot copper prices reached multi-years lows given concerns around global growth, particularly in China, which is a major consumer of raw copper. Copper is used extensively in wiring for vehicles, heavy machinery, and telecommunication networks. Later in the reporting period, broad commodity prices recovered as fears over a hard landing in Chinese economic growth abated, which provided support for a recovery in copper prices. Subsequently, copper mining companies rallied on expectations of higher future profitability.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Copper Miners ETF		18.88	%		16.77	%		-14.54	%		-14.37	%		-14.60	%		-14.47	%		-10.84	%		-10.84	%
Solactive Global Copper Miners Total Return Index		20.21	%		20.21	%		-14.10	%		-14.10	%		-14.41	%		-14.41	%		-10.56	%		-10.56	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.57	%		13.57	%		11.51	%		11.51	%

Growth of a $10,000 Investment

(at Net Asset Value)

*Fund commenced operations on April 19, 2010.

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

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

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

Management Discussion of Fund Performance (unaudited)

Global X Copper Miners ETF

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Uranium ETF

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

The Underlying Index is designed to measure broad-based equity market performance of global companies involved in the uranium industry, as defined by the index provider.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund decreased 17.53%, while the Underlying Index decreased 16.42%. The Fund had a net asset value of $14.94 per share on October 31, 2015 and ended the reporting period with a net asset value of $12.08 on October 31, 2016.

During the reporting period, the highest returns came from Greenland Minerals and Energy and NexGen Energy, which returned 219.97% and 115.3%, respectively. The worst performers were Uranium Resources and Peninsula Energy, which returned -83.96% and -48.84%, respectively.

Uranium prices came under pressure during the reporting period, given high levels of supply of the commodity in the market. Some of this is due to high stocks of uranium from decommissions weapons, but demand has also suffered as Japan’s uranium consumption remains stifled after the Fukushima disaster, and other countries like Germany are phasing out nuclear power generation. The longer term outlook for the uranium market appears stronger given Japan’s return to nuclear power generation and greater focus on nuclear power from emerging markets like China and India, which have massive power demands but are concerned about air quality.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Uranium ETF		-17.53	%		-16.64	%		-23.57	%		-23.78	%		-26.29	%		-26.22	%		-28.57	%		-28.52	%
Solactive Global Uranium Total Return Index		-16.42	%		-16.42	%		-21.77	%		-21.77	%		-25.88	%		-25.88	%		-28.12	%		-28.12	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.57	%		13.57	%		12.05	%		12.05	%

Growth of a $10,000 Investment

(at Net Asset Value)

*Fund commenced operations on November 4, 2010.

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

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

Management Discussion of Fund Performance (unaudited)

Global X Uranium ETF

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Lithium ETF

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

The Underlying Index is designed to measure broad-based equity market performance of global companies involved in the lithium industry, as defined by the index provider.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 16.76%, while the Underlying Index increased 17.57%. The Fund had a net asset value of $20.62 per share on October 31, 2015 and ended the reporting period with a net asset value of $24.02 on October 31, 2016.

During the reporting period, the highest returns came from Galaxy Resources and Orocobre, which returned 384.81% and 127.58%, respectively. The worst performers were Blue Solutions and China BAK Battery, which returned -46.32% and -42.81%, respectively.

Demand for lithium has continued to grow as its use in state of the art batteries for electric vehicles, mobile electronics and renewable energy have made it an increasingly important commodity for transportation, telecommunications, and energy storage. While lithium broadly benefited from the general rebound in commodity prices during the reporting period, there has been additional optimism around the adoption of electric vehicles by mainstream consumers. Demand for electric vehicles has grown rapidly, not just among affluent consumers in the US, but among emerging markets like China and India, where simplicity, efficiency, and low emissions are increasingly becoming important features.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Lithium ETF		16.76	%		16.47	%		-1.93	%		-1.97	%		-4.67	%		-4.41	%		-3.17	%		-3.12	%
Solactive Global Lithium Index		17.57	%		17.57	%		-0.74	%		-0.74	%		-4.04	%		-4.04	%		-2.39	%		-2.39	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.57	%		13.57	%		13.54	%		13.54	%

Growth of a $10,000 Investment

(at Net Asset Value)

*Fund commenced operations on July 22, 2010.

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

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

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

Management Discussion of Fund Performance (unaudited)

Global X Lithium ETF

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Fertilizers/Potash ETF

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

The Underlying Index is designed to track the performance of the largest listed companies globally that are active in some aspect of the fertilizer/potash industry, as defined by the index provider.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund decreased 11.15%, while the Underlying Index decreased 11.13%. The Fund had a net asset value of $9.98 per share on October 31, 2015 and ended the reporting period with a net asset value of $8.56 on October 31, 2016.

During the reporting period, the highest returns came from Sirius Minerals and Sociedad Quimica Y Minera De Chile, which returned 66.54% and 57.13%, respectively. The worst performers were Intrepid Potash and OCI, which returned -67.1% and -51.2%, respectively.

The fertilizers and potash market experienced significant price declines during the period, due in part to delays by China in signing key supply contracts and a flooding of the market with too much supply. North America and Europe are the two major regions for potash and fertilizer production, while China, India and Brazil are the key importers. This dynamic can make the industry sensitive to fluctuations in exchange rates, trade policies, and emerging market growth rates. The expansion of fertilizer production projects, the delay in buyer purchases and falling incomes from farms all contributed to the pressure on fertilizer prices during the period.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Fertilizers/Potash ETF		-11.15	%		-10.18	%		-7.69	%		-7.45	%		-7.70	%		-7.56	%		-8.27	%		-8.17	%
Solactive Global Fertilizers/Potash Total Return Index		-11.13	%		-11.13	%		-7.48	%		-7.48	%		-7.51	%		-7.51	%		-8.02	%		-8.02	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.57	%		13.57	%		11.51	%		11.51	%

Growth of a $10,000 Investment

(at Net Asset Value)

*Fund commenced operations on May 25, 2011.

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

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

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

Management Discussion of Fund Performance (unaudited)

Global X Fertilizers/Potash ETF

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

See definition of comparative indices above and on previous page.

Schedule of Investments

October 31, 2016

Global X Silver Miners ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Notes 2 and 7 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.7%
CANADA— 24.4%
Basic Materials — 24.4%
Alexco Resource ^*		238,300	$	414,280
AuRico Metals ^*		1,169,231		1,073,049
AuRico Metals^{^ * (A)}		533,199		495,875
Bear Creek Mining ^{* (A)}		1,112,438		2,241,062
Excellon Resources ^*		94,300		119,612
First Majestic Silver ^{* (A)}		1,878,556		15,095,727
Fortuna Silver Mines ^*		1,759,550		12,038,854
Great Panther Silver ^*		1,892,560		2,584,133
Klondex Mines, Cl Common Subscription Receipt ^*		741,800		4,090,209
Primero Mining ^{* (A)}		2,226,588		3,006,994
Silvercorp Metals ^{* (A)}		2,376,139		6,177,961
Tahoe Resources		3,761,260		45,126,701
TOTAL CANADA				92,464,457
MEXICO— 8.1%
Basic Materials — 8.1%
Industrias Penoles		1,266,913		30,801,327
UNITED KINGDOM— 19.3%
Basic Materials — 19.3%
Fresnillo		2,295,758		45,967,294
Hochschild Mining		2,802,871		9,119,674
Polymetal International		1,677,921		18,252,745
TOTAL UNITED KINGDOM				73,339,713
UNITED STATES— 47.9%
Basic Materials — 47.9%
Alamos Gold, Cl A		2,263,432		17,767,941
Coeur d'Alene Mines ^*		1,907,479		21,325,615
Endeavour Silver ^{* (A)}		1,611,453		7,090,393
Hecla Mining		3,864,158		23,146,306
MAG Silver ^*		1,073,245		15,701,574
McEwen Mining ^(A)		2,914,750		9,472,938
Pan American Silver		1,537,726		24,649,748
Silver Standard Resources ^*		1,415,409		15,512,883

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

Schedule of Investments

October 31, 2016

Global X Silver Miners ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Basic Materials — continued
Silver Wheaton		1,961,432	$	47,290,126
TOTAL UNITED STATES				181,957,524
TOTAL COMMON STOCK
(Cost $334,080,408)				378,563,021

REPURCHASE AGREEMENTS — 3.0%
Barclays Bank
0.320%, dated 10/31/16, to be repurchased on 11/01/16 repurchase price $10,000,089 (collateralized by U.S Treasury Obligations, ranging in par value $1-$3,479,661, 0.000%-4.750%, 11/15/16-05/15/46, with a total market value of $10,200,000)^(B)	$	10,000,000		10,000,000
Deutsche Bank
0.350%, dated 10/31/16, to be repurchased on 11/01/16 repurchase price $1,205,567 (collateralized by U.S. Treasury Obligations, par value $1,121,100, 3.000%, 05/15/45 with a total market value of $1,234,992)^(B)		1,205,555		1,205,555
TOTAL REPURCHASE AGREEMENTS
(Cost $11,205,555)				11,205,555
TOTAL INVESTMENTS — 102.7%
(Cost $345,285,963)			$	389,768,576

Percentages are based on Net Assets of $379,617,292.

*	Non-income producing security.
^	Traded on U.S. stock exchange
(A)	This security or a partial position of this security is on loan as of October 31, 2016. The total value of securities on loan as of October 31, 2016 was $10,710,032.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2016 was $11,205,555.

Cl — Class

The following is a summary of the inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	378,563,021	$	—	$	—	$	378,563,021
Repurchase Agreements		—		11,205,555		—		11,205,555
Total Investments in Securities	$	378,563,021	$	11,205,555	$	—	$	389,768,576

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of October 31, 2016, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X Gold Explorers ETF

Sector Weightings (unaudited)†:

	Shares/Face Amount		Value
COMMON STOCK — 99.9%
AUSTRALIA— 10.3%
Basic Materials — 10.3%
Gold Road Resources ^*		5,542,806	$	2,383,050
Teranga Gold ^*		6,056,776		5,023,693
TOTAL AUSTRALIA				7,406,743
CANADA— 80.5%
Basic Materials — 80.5%
Asanko Gold ^*		979,624		3,618,085
Atac Resources ^*		5,010,501		2,056,165
Chesapeake Gold ^*		1,027,032		3,448,345
Continental Gold ^*		711,209		1,958,113
Exeter Resource ^{* (A)}		3,971,463		4,592,999
First Mining Finance ^{* (A)}		16,146,208		9,878,672
Guyana Goldfields ^*		577,532		3,399,909
International Tower Hill Mines ^{* (A) (B)}		6,042,874		4,553,854
Lydian International, Cl Common Subscription Receipt ^*		4,087,460		1,219,910
OceanaGold		1,414,244		4,326,357
Premier Gold Mines ^*		1,084,033		2,280,898
Pretium Resources ^*		325,478		3,183,747
Roxgold ^*		4,563,960		5,107,957
Rubicon Minerals ^{* (A) (C) (D)}		1,759,902		11,083
Sabina Gold & Silver ^{* (A)}		4,241,595		4,367,395
Torex Gold Resources ^*		217,745		4,053,526
TOTAL CANADA				58,057,015
UNITED STATES— 9.1%
Basic Materials — 9.1%
Novagold Resources ^{* (A)}		600,852		3,004,260
Seabridge Gold ^{* (A)}		322,984		3,536,675
TOTAL UNITED STATES				6,540,935
TOTAL COMMON STOCK
(Cost $59,874,635)				72,004,693

U.S. TREASURY OBLIGATION — 9.7%
United States Treasury Bill
0.130%, 11/10/16^(E)
(Cost $6,999,773)	$	7,000,000		6,999,783

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

Schedule of Investments

October 31, 2016

Global X Gold Explorers ETF

	Face Amount		Value

REPURCHASE AGREEMENT — 8.1%
Deutsche Bank
0.350%, dated 10/31/16, to be repurchased on 11/01/16 repurchase price $5,814,568 (collateralized by U.S. Treasury Obligations, par value $5,407,175, 3.000%, 05/15/45 with a total market value of $5,956,489)^(F) (Cost $5,814,511)	$	5,814,511	$	5,814,511
TOTAL INVESTMENTS — 117.7%
(Cost $72,688,919)			$	84,818,987

Percentages are based on Net Assets of $72,074,094.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan as of October 31, 2016. The total value of securities on loan as of October 31, 2016 was $5,595,578.
(B)	Affiliated investment (See Note 3 in Notes to Financial Statements).
(C)	Security considered illiquid. The total value of such securities as of October 31, 2016 was $11,083 and represented 0.0% of Net Assets.
(D)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2016, was $11,083 and represents 0.0% of Net Assets.
(E)	The rate reported on the Schedule of Investments is the effective yield at time of purchase.
(F)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2016 was $5,814,511.

Cl — Class

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	71,993,610	$	—	$	11,083	$	72,004,693
U.S. Treasury Obligation		—		6,999,783		—		6,999,783
Repurchase Agreement		—		5,814,511		—		5,814,511
Total Investments in Securities	$	71,993,610	$	12,814,294	$	11,083	$	84,818,987

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

For the year ended October 31, 2016, the transfers into Level 3 were due to changes in the availability of observable inputs to determine fair value. Transfers between levels are recognized at period end.

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

Schedule of Investments

October 31, 2016

Global X Copper Miners ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 99.9%
AUSTRALIA— 10.5%
Basic Materials — 10.5%
Cudeco ^{* (A) (B) (C)}		670,647	$	199,385
OZ Minerals		254,449		1,297,271
Sandfire Resources		296,786		1,174,361
TOTAL AUSTRALIA				2,671,017
CANADA— 37.9%
Basic Materials — 37.9%
Altius Minerals		125,845		1,044,131
Capstone Mining ^*		1,702,252		1,028,781
First Quantum Minerals		159,233		1,513,620
HudBay Minerals, Cl B		301,156		1,269,563
Imperial Metals ^{* (C)}		169,600		651,699
Lundin Mining, Cl Common Subscription Receipt ^*		297,315		1,164,636
Nevsun Resources		386,592		1,122,062
Teck Resources, Cl B		86,002		1,858,323
TOTAL CANADA				9,652,815
HONG KONG— 6.1%
Basic Materials — 6.1%
Jiangxi Copper, Cl H		991,829		1,171,545
NetMind Financial Holdings ^*		42,368,000		382,439
TOTAL HONG KONG				1,553,984
JAPAN— 1.2%
Basic Materials — 1.2%
Nittetsu Mining		7,500		313,318
MEXICO— 4.3%
Basic Materials — 4.3%
Grupo Mexico, Cl B		447,114		1,103,075
PERU— 4.7%
Basic Materials — 4.7%
Southern Copper ^(C)		42,609		1,209,669
POLAND— 4.6%
Basic Materials — 4.6%
KGHM Polska Miedz		65,219		1,177,831

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

Schedule of Investments

October 31, 2016

Global X Copper Miners ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
UNITED KINGDOM— 19.3%
Basic Materials — 19.3%
Antofagasta ^(C)		179,243	$	1,188,286
Glencore		403,070		1,230,267
KAZ Minerals ^*		353,687		1,234,992
Vedanta Resources ^(C)		145,477		1,267,265
TOTAL UNITED KINGDOM				4,920,810
UNITED STATES— 11.3%
Basic Materials — 11.3%
Freeport-McMoRan Copper & Gold		118,313		1,322,739
Turquoise Hill Resources ^*		379,176		1,175,446
Vedanta ADR		32,064		386,692
TOTAL UNITED STATES				2,884,877
TOTAL COMMON STOCK
(Cost $30,139,432)				25,487,396

REPURCHASE AGREEMENT — 8.7%
Deutsche Bank
0.350%, dated 10/31/16, to be repurchased on 11/01/16 repurchase price $2,210,717 (collateralized by U.S. Treasury Obligations, par value $2,055,826, 3.000%, 05/15/45 with a total market value of $2,264,676)^(D) (Cost $2,210,696)	$	2,210,696		2,210,696
TOTAL INVESTMENTS — 108.6%
(Cost $32,350,128)			$	27,698,092

Percentages are based on Net Assets of $25,503,853.

*	Non-income producing security.
(A)	Security considered illiquid. The total value of such securities as of October 31, 2016 was $199,385 and represented 0.8% of Net Assets.
(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2016, was $199,385 and represents 0.8% of Net Assets.
(C)	This security or a partial position of this security is on loan as of October 31, 2016. The total value of securities on loan as of October 31, 2016 was $2,130,405.
(D)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2016 was $2,210,696.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	25,288,011	$	—	$	199,385	$	25,487,396
Repurchase Agreement		—		2,210,696		—		2,210,696
Total Investments in Securities	$	25,288,011	$	2,210,696	$	199,385	$	27,698,092

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

Schedule of Investments

October 31, 2016

Global X Copper Miners ETF

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

	Common Stock

Beginning Balance as of October 31, 2015	$	377,503
Realized gain/(loss)		(30,277	)
Net purchases		67,216
Net sales		(72,311	)
Change in unrealized appreciation/(depreciation)		(142,746	)
Ending Balance as of October 31, 2016	$	199,385

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X Uranium ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 100.0%
AUSTRALIA— 18.1%
Basic Materials — 16.6%
Berkeley Energia ^*		7,477,441	$	4,210,559
Energy Resources of Australia ^{* (A)}		8,851,984		2,290,206
Greenland Minerals & Energy ^*		42,900,270		2,742,170
Paladin Energy ^{* (A)}		36,853,017		3,926,053
Peninsula Energy ^*		8,371,868		3,758,629
				16,927,617
Industrials — 1.5%
Silex Systems ^*		6,054,724		1,566,493
TOTAL AUSTRALIA				18,494,110
CANADA— 52.0%
Basic Materials — 52.0%
Cameco		2,590,107		19,963,295
Denison Mines ^{* (A)}		11,937,419		4,809,704
Energy Fuels ^{* (A)}		2,369,019		3,429,134
Fission 3.0 ^*		7,037,000		367,536
Fission Uranium ^*		9,498,795		3,898,032
Laramide Resources ^*		4,397,821		754,709
Mega Uranium ^{* (A) (B)}		14,714,670		1,427,276
NexGen Energy ^{* (A)}		7,175,401		8,619,583
Uex ^{* (A)}		11,899,156		1,775,662
Uranium Participation ^*		2,960,444		8,217,013
TOTAL CANADA				53,261,944
CHINA— 5.3%
Utilities — 5.3%
CGN Power, Cl H ^(C)		18,630,600		5,453,550
FRANCE— 5.5%
Utilities — 5.5%
Areva ^*		1,066,072		5,589,562

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

Schedule of Investments

October 31, 2016

Global X Uranium ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
HONG KONG— 9.2%
Industrials — 9.2%
CGN Mining ^*		76,124,300	$	6,576,953
CNNC International ^*		8,994,600		2,864,873
TOTAL HONG KONG				9,441,826
UNITED STATES— 9.9%
Basic Materials — 9.9%
Centrus Energy, Cl A ^{* (A)}		305,590		1,194,857
Uranium Energy ^{* (A)}		5,716,947		5,133,246
Ur-Energy ^{* (A) (B)}		7,603,407		3,809,307
TOTAL UNITED STATES				10,137,410
TOTAL COMMON STOCK
(Cost $215,988,904)				102,378,402

REPURCHASE AGREEMENTS — 7.5%
Barclays Bank
0.320%, dated 10/31/16, to be repurchased on 11/01/16 repurchase price $5,000,044 (collateralized by U.S Treasury Obligations, ranging in par value $1-$1,456,630, 0.000%-4.750%, 11/15/16-05/15/46, with a total market value of $5,100,000)^(D)	$	5,000,000		5,000,000
Deutsche Bank
0.350%, dated 10/31/16, to be repurchased on 11/01/16 repurchase price $2,694,229 (collateralized by U.S. Treasury Obligations, par value $2,505,461, 3.000%, 05/15/45 with a total market value of $2,759,990)^(D)		2,694,203		2,694,203
TOTAL REPURCHASE AGREEMENT
(Cost $7,694,203)				7,694,203
TOTAL INVESTMENTS — 107.5%
(Cost $223,683,107)			$	110,072,605

Percentages are based on Net Assets of $102,436,689.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at October 31, 2016. The total value of securities on loan as of October 31, 2016 was $6,448,642.
(B)	Affiliated investment (See Note 3 in Notes to Financial Statements).
(C)	Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of October 31, 2016 was $5,453,550 and represents 5.3% of Net Assets.
(D)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2016 was $7,694,203.

Cl — Class

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	102,378,402	$	—	$	—	$	102,378,402
Repurchase Agreements		—		7,694,203		—		7,694,203
Total Investments in Securities	$	102,378,402	$	7,694,203	$	—	$	110,072,605

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

Schedule of Investments

October 31, 2016

Global X Uranium ETF

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2016, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X Lithium ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA— 8.4%
Basic Materials — 8.4%
Galaxy Resources ^{* (A)}		12,225,589	$	3,256,064
Orocobre ^*		1,418,299		4,133,535
Pilbara Minerals ^*		5,162,072		2,042,596
TOTAL AUSTRALIA				9,432,195
CANADA— 2.3%
Basic Materials — 2.3%
Lithium Americas ^*		3,563,296		2,020,597
Nemaska Lithium ^*		591,677		618,054
TOTAL CANADA				2,638,651
CHINA— 4.7%
Consumer Goods — 4.7%
BYD, Cl H ^*		802,638		5,278,572
FRANCE— 0.6%
Industrials — 0.6%
Blue Solutions ^*		56,255		728,903
HONG KONG— 5.5%
Consumer Goods — 4.3%
FDG Electric Vehicles ^*		93,020,900		4,858,052
Industrials — 1.2%
Coslight Technology International Group ^*		1,773,373		1,310,332
TOTAL HONG KONG				6,168,384
JAPAN— 9.4%
Consumer Goods — 4.6%
Panasonic		500,920		5,229,188
Industrials — 4.8%
GS Yuasa		1,243,094		5,370,554
TOTAL JAPAN				10,599,742
SOUTH KOREA— 11.7%
Basic Materials — 4.7%
LG Chemical		24,444		5,265,847

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

Schedule of Investments

October 31, 2016

Global X Lithium ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Industrials — 7.0%
L&F		65,405	$	940,277
Samsung SDI		63,603		5,241,655
Vitzrocell		176,616		1,674,707
				7,856,639
TOTAL SOUTH KOREA				13,122,486
TAIWAN— 9.1%
Industrials — 9.1%
Advanced Lithium Electrochemistry Cayman ^*		1,286,229		1,294,075
Changs Ascending Enterprise ^*		423,551		574,443
Dynapack International Technology		2,631,300		3,443,641
Simplo Technology		1,572,200		4,857,466
TOTAL TAIWAN				10,169,625
UNITED KINGDOM— 0.7%
Basic Materials — 0.7%
Bacanora Minerals ^*		788,557		765,384
UNITED STATES— 47.4%
Basic Materials — 38.8%
Albemarle		63,526		5,307,597
FMC		468,748		21,979,594
Sociedad Quimica y Minera de Chile ADR		556,731		16,289,949
				43,577,140
Consumer Goods — 4.5%
Tesla Motors ^*		25,806		5,102,621
Industrials — 4.1%
China BAK Battery ^{* (A)}		148,887		260,552
EnerSys		54,669		3,560,592
Ultralife ^*		183,190		751,079
				4,572,223
TOTAL UNITED STATES				53,251,984
TOTAL COMMON STOCK
(Cost $112,826,196)				112,155,926

REPURCHASE AGREEMENT — 1.6%
Deutsche Bank
0.350%, dated 10/31/16, to be repurchased on 11/01/16 repurchase price $1,768,469 (collateralized by U.S. Treasury Obligations, par value $1,644,563, 3.000%, 05/15/45 with a total market value of $1,811,634)^(B) (Cost $1,768,452)	$	1,768,452		1,768,452
TOTAL INVESTMENTS — 101.4%
(Cost $114,594,648)			$	113,924,378

Percentages are based on Net Assets of $112,304,244.

*	Non-income producing security.

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

Schedule of Investments

October 31, 2016

Global X Lithium ETF

(A)	This security or a partial position of this security is on loan as of October 31, 2016. The total value of securities on loan as of October 31, 2016 was $1,707,966.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2016 was $1,768,452.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	112,155,926	$	—	$	—	$	112,155,926
Repurchase Agreement		—		1,768,452		—		1,768,452
Total Investments in Securities	$	112,155,926	$	1,768,452	$	—	$	113,924,378

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2016, there were no Level 3 investments

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

Schedule of Investments

October 31, 2016

Global X Fertilizers/Potash ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA— 10.3%
Basic Materials — 10.3%
Incitec Pivot		213,391	$	479,019
Nufarm		99,473		670,647
TOTAL AUSTRALIA				1,149,666
BELGIUM— 4.6%
Basic Materials — 4.6%
Tessenderlo Chemie		15,293		509,297
CANADA— 9.8%
Basic Materials — 9.8%
Agrium		6,018		552,879
Potash Corp of Saskatchewan		32,793		533,643
TOTAL CANADA				1,086,522
GERMANY— 4.0%
Basic Materials — 4.0%
K+S		22,082		446,123
HONG KONG— 2.8%
Basic Materials — 2.8%
China BlueChemical		983,501		190,236
Sinofert Holdings		937,865		123,358
TOTAL HONG KONG				313,594
ISRAEL—6.6%
Basic Materials — 6.6%
Israel Chemicals		127,309		452,793
The Israel Corp ^*		1,916		285,352
TOTAL ISRAEL				738,145
NETHERLANDS— 4.2%
Basic Materials — 4.2%
OCI ^*		33,789		468,551
NORWAY— 4.8%
Basic Materials — 4.8%
Yara International		14,902		527,348
POLAND— 3.5%
Basic Materials — 3.5%
Grupa Azoty		24,748		392,990

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

Schedule of Investments

October 31, 2016

Global X Fertilizers/Potash ETF

	Shares		Value
COMMON STOCK — continued
SOUTH KOREA— 0.6%
Basic Materials — 0.6%
Namhae Chemical		8,649	$	61,603
SWITZERLAND— 4.8%
Basic Materials — 4.8%
Syngenta ^*		1,328		531,254
TAIWAN— 4.7%
Basic Materials — 4.7%
Taiwan Fertilizer		389,697		522,354
TURKEY— 1.1%
Basic Materials — 1.1%
Bagfas Bandirma Gubre Fabrik		13,565		47,311
Gubre Fabrikalari		43,188		71,131
TOTAL TURKEY				118,442
UNITED KINGDOM— 8.5%
Basic Materials — 8.5%
PhosAgro PJSC GDR		36,463		452,141
Sirius Minerals ^*		1,055,900		496,321
TOTAL UNITED KINGDOM				948,462
UNITED STATES— 29.5%
Basic Materials — 29.5%
CF Industries Holdings		18,510		444,425
Compass Minerals International		6,896		495,478
CVR Partners ^(A)		35,876		163,594
Mosaic		20,513		482,671
Rentech Escrow Shares ^{* (B) (C)}		7,168		—
Scotts Miracle-Gro, Cl A		7,966		701,725
Sociedad Quimica y Minera de Chile ADR		25,280		739,693
Terra Nitrogen ^(A)		2,469		256,134
TOTAL UNITED STATES				3,283,720
TOTAL COMMON STOCK
(Cost $15,675,144)				11,098,071
TOTAL INVESTMENTS — 99.8%
(Cost $15,675,144)			$	11,098,071

Percentages are based on Net Assets of $11,124,672.

*	Non-income producing security.
(A)	Security considered Master Limited Partnership. As of October 31, 2016, these securities amounted to $419,728 or 3.8% of net assets.
(B)	Security considered illiquid. The total value of such securities as of October 31, 2016 was $– and represented 0.0% of Net Assets.
(C)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2016, was $– and represents 0.0% of Net Assets.

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

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

Schedule of Investments

October 31, 2016

Global X Fertilizers/Potash ETF

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾			Total
Common Stock	$	11,098,071	$	—	$	—	(2)	$	11,098,071
Total Investments in Securities	$	11,098,071	$	—	$	—		$	11,098,071

⁽²⁾ Amounts designated as “—“ are $0 or have been rounded to $0.

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

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

Statements of Assets and Liabilities

October 31, 2016

	Global X Silver Miners ETF			Global X Gold Explorers ETF			Global X Copper Miners ETF
Assets:
Cost of Investments	$	334,080,408		$	63,283,695		$	30,139,432
Cost of Repurchase Agreement		11,205,555			5,814,511			2,210,696
Cost of Affiliated Investments		—			3,590,713			—
Cost of Foreign Currency		122,303			—			24
Investments, at Value	$	378,563,021	*	$	74,450,622	*	$	25,487,396	*
Repurchase Agreement, at Value		11,205,555			5,814,511			2,210,696
Foreign Currency, at Value		122,303			—			23
Affiliated Investments, at Value		—			4,553,854			—
Cash		—			—			98,009
Receivable for Investment Securities Sold		32,526,037			—			2,598,677
Reclaim Receivable		22,735			—			9,438
Dividend and Interest Receivable		16,768			19,865			13,671
Unrealized Appreciation on Spot Contracts		10,253			—			69
Total Assets		422,466,672			84,838,852			30,417,979
Liabilities:
Payable for Investment Securities Purchased		28,416,320			—			2,689,959
Obligation to Return Securities Lending Collateral		11,205,555			5,814,511			2,210,696
Cash Overdraft		3,001,632			6,910,306			—
Payable due to Investment Adviser		213,934			39,941			13,416
Unrealized Depreciation on Spot Contracts		11,939			—			55
Total Liabilities		42,849,380			12,764,758			4,914,126
Net Assets	$	379,617,292		$	72,074,094		$	25,503,853
Net Assets Consist of:
Paid-in Capital	$	592,164,043		$	111,755,578		$	53,160,865
Undistributed (Distributions in Excess of) Net Investment Income		269,857			(938,905	)		76,960
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(257,310,689	)		(50,872,651	)		(23,081,142	)
Net Unrealized Appreciation (Depreciation) on Investments		44,482,613			12,130,068			(4,652,036	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		11,468			4			(794	)
Net Assets	$	379,617,292		$	72,074,094		$	25,503,853
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		9,347,318			2,062,054			1,449,374
Net Asset Value, Offering and Redemption Price Per Share	$	40.61		$	34.95		$	17.60
*Includes Market Value of Securities on Loan	$	10,710,032		$	5,595,578		$	2,130,405

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

Statements of Assets and Liabilities

October 31, 2016

	Global X Uranium ETF			Global X Lithium ETF			Global X Fertilizers/Potash ETF
Assets:
Cost of Investments	$	205,411,773		$	112,826,196		$	15,675,144
Cost of Repurchase Agreement		7,694,203			1,768,452			—
Cost of Affiliated Investments		10,577,131			—			—
Cost of Foreign Currency		2,389			894,823			22,028
Investments, at Value	$	97,141,819	*	$	112,155,926	*	$	11,098,071
Repurchase Agreement, at Value		7,694,203			1,768,452			—
Affiliated Investments, at Value		5,236,583			—			—
Cash		62,491			—			—
Foreign Currency, at Value		2,388			894,805			22,028
Dividend and Interest Receivable		62,198			82,267			10,941
Receivable for Investment Securities Sold		1,360			11,378,586			—
Unrealized Appreciation on Spot Contracts		—			28			—
Reclaim Receivable		—			—			22,544
Due from Broker		—			—			44,266
Total Assets		110,201,042			126,280,064			11,197,850
Liabilities:
Obligation to Return Securities Lending Collateral		7,694,203			1,768,452			—
Payable due to Investment Adviser		62,260			68,933			5,841
Payable for Investment Securities Purchased		7,886			12,062,214			44,319
Unrealized Depreciation on Spot Contracts		4			—			—
Cash Overdraft		—			73,629			23,018
Due to Broker		—			2,592			—
Total Liabilities		7,764,353			13,975,820			73,178
Net Assets	$	102,436,689		$	112,304,244		$	11,124,672
Net Assets Consist of:
Paid-in Capital	$	512,931,803		$	168,653,266		$	21,804,205
Undistributed Net Investment Income		2,129,397			710,566			195,160
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(299,014,008	)		(56,389,305	)		(6,296,154	)
Net Unrealized Appreciation (Depreciation) on Investments		(113,610,502	)		(670,270	)		(4,577,073	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(1	)		(13	)		(1,466	)
Net Assets	$	102,436,689		$	112,304,244		$	11,124,672
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		8,481,666			4,674,628			1,300,000
Net Asset Value, Offering and Redemption Price Per Share	$	12.08		$	24.02		$	8.56
*Includes Market Value of Securities on Loan	$	6,448,642		$	1,707,966		$	—

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

Statements of Operations

For the year ended October 31, 2016

	Global X Silver Miners ETF			Global X Gold Explorers ETF			Global X Copper Miners ETF
Investment Income:
Dividend Income	$	2,151,656		$	44,469		$	232,202
Interest Income		1,604			210			25
Security Lending Income		291,173			195,584			31,582
Less: Foreign Taxes Withheld		(153,700	)		(6,670	)		(10,817	)
Total Investment Income		2,290,733			233,593			252,992
Supervision and Administration Fees⁽¹⁾		1,809,280			349,438			135,171
Custodian Fees		10,354			3,119			261
Total Expenses		1,819,634			352,557			135,432
Net Investment Income(Loss)		471,099			(118,964	)		117,560
Net Realized Gain (Loss) on:
Investments ⁽²⁾		(32,546,896	)		1,650,072			(5,345,402	)
Affiliated Investments		—			(442,176	)		—
Foreign Currency Transactions		(64,340	)		(3,554	)		13,266
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(32,611,236	)		1,204,342			(5,332,136	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		168,050,967			22,006,653			10,571,708
Affiliated Investments		—			2,555,281			—
Foreign Currency Translations		14,459			4			(11,451	)
Net Change in Unrealized Appreciation on Investments, Affiliated Investments and Foreign Currency Translations		168,065,426			24,561,938			10,560,257
Net Realized and Unrealized Gain on Investments, Affiliated Investments and Foreign Currency Transactions and Translations		135,454,190			25,766,280			5,228,121
Net Increase in Net Assets Resulting from Operations	$	135,925,289		$	25,647,316		$	5,345,681

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

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

Statements of Operations

For the year ended October 31, 2016

	Global X Uranium ETF			Global X Lithium ETF			Global X Fertilizers/Potash ETF
Investment Income:
Dividend Income	$	823,303		$	1,352,434		$	293,736
Interest Income		779			146			35
Security Lending Income		960,622			205,451			—
Less: Foreign Taxes Withheld		(119,542	)		(180,136	)		(38,506	)
Total Investment Income		1,665,162			1,377,895			255,265
Supervision and Administration Fees⁽¹⁾		818,754			524,846			65,512
Custodian Fees		5,635			7,653			31
Total Expenses		824,389			532,499			65,543
Net Investment Income		840,773			845,396			189,722
Net Realized Gain (Loss) on:
Investments ⁽²⁾		(36,121,419	)		(2,487,651	)		(2,763,715	)
Affiliated Investments		(2,975,892	)		—			—
Foreign Currency Transactions		(1,934	)		(23,305	)		(1,608	)
Net Realized Loss on Investments and Foreign Currency Transactions		(39,099,245	)		(2,510,956	)		(2,765,323	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		11,667,862			8,278,991			1,327,167
Affiliated Investments		3,175,874			—			—
Foreign Currency Translations		(272	)		1,386			1,701
Net Change in Unrealized Appreciation on Investments, Affiliated Investments and Foreign Currency Translations		14,843,464			8,280,377			1,328,868
Net Realized and Unrealized Gain (Loss) on Investments, Affiliated Investments and Foreign Currency Transactions and Translations		(24,255,781	)		5,769,421			(1,436,455	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(23,415,008	)	$	6,614,817		$	(1,246,733	)

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

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

Statements of Changes in Net Assets

	Global X Silver Miners ETF						Global X Gold Explorers ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Operations:
Net Investment Income (Loss)	$	471,099		$	373,126		$	(118,964	)	$	208,471
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(32,611,236	)⁽¹⁾		(66,954,054	)⁽¹⁾		1,204,342	⁽¹⁾		(18,400,329	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		168,065,426			30,513,172			24,561,938			19,099,199
Net Increase (Decrease) in Net Assets Resulting from Operations		135,925,289			(36,067,756	)		25,647,316			907,341
Dividends and Distributions from:
Net Investment Income		(492,527	)		(129,601	)		(2,809,410	)		(40,294	)
Total Dividends and Distributions		(492,527	)		(129,601	)		(2,809,410	)		(40,294	)
Capital Share Transactions:
Issued		145,373,948			29,928,286			23,235,210			512,019
Redeemed		(44,945,232	)		(20,940,116	)		(3,092,103	)		—
Increase in Net Assets from Capital Share Transactions		100,428,716			8,988,170			20,143,107			512,019
Total Increase (Decrease) in Net Assets		235,861,478			(27,209,187	)		42,981,013			1,379,066
Net Assets:
Beginning of Year		143,755,814			170,965,001			29,093,081			27,714,015
End of Year	$	379,617,292		$	143,755,814		$	72,074,094		$	29,093,081
Undistributed Net Investment Income	$	269,857		$	225,582		$	(938,905	)	$	162,412
Share Transactions:
Issued		3,550,000			1,183,334	⁽²⁾		700,000			25,000	⁽³⁾
Redeemed		(1,102,682	)		(816,667	)⁽²⁾		(100,325	)		—
Net Increase in Shares Outstanding from Share Transactions		2,447,318			366,667			599,675			25,000

⁽¹⁾	Includes realized gain (loss) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements.)
⁽²⁾	Adjusted to reflect the effect of a 1 for 3 reverse share split on November 18, 2015. (See Note 10 in the Notes to Financial Statements.)
⁽³⁾	Adjusted to reflect the effect of a 1 for2 reverse share split on November 18, 2015. (See Note 10 in the Notes to Financial Statements.)

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

Statements of Changes in Net Assets

	Global X Copper Miners ETF						Global X Uranium ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Operations:
Net Investment Income	$	117,560		$	237,118		$	840,773		$	1,437,849
Net Realized Loss on Investments, Affiliated Investments and Foreign Currency Transactions⁽¹⁾		(5,332,136	)		(5,614,876	)		(39,099,245	)		(56,873,600	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		10,560,257			(4,721,019	)		14,843,464			(19,252,193	)
Net Increase (Decrease) in Net Assets Resulting from Operations		5,345,681			(10,098,777	)		(23,415,008	)		(74,687,944	)
Dividends and Distributions from:
Net Investment Income		(205,898	)		(509,286	)		(2,421,696	)		(9,307,517	)
Total Dividends and Distributions		(205,898	)		(509,286	)		(2,421,696	)		(9,307,517	)
Capital Share Transactions:
Issued		4,973,174			6,134,592			4,984,570			31,602,266
Redeemed		(3,588,508	)		(3,599,890	)		(18,767,601	)		(17,906,993	)
Increase (Decrease) in Net Assets from Capital Share Transactions		1,384,666			2,534,702			(13,783,031	)		13,695,273
Total Increase (Decrease) in Net Assets		6,524,449			(8,073,361	)		(39,619,735	)		(70,300,188	)
Net Assets:
Beginning of Year		18,979,404			27,052,765			142,056,424			212,356,612
End of Year	$	25,503,853		$	18,979,404		$	102,436,689		$	142,056,424
Undistributed Net Investment Income	$	76,960		$	26,145		$	2,129,397		$	1,074,464
Share Transactions:
Issued		433,333			350,000	⁽²⁾		350,000			1,350,000	⁽³⁾
Redeemed		(250,626	)		(166,666	)⁽²⁾		(1,375,870	)		(975,000	)⁽³⁾
Net Increase (Decrease) in Shares Outstanding from Share Transactions		182,707			183,334			(1,025,870	)		375,000

⁽¹⁾	Includes realized gain (loss) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements.)
⁽²⁾	Adjusted to reflect the effect of a 1 for 3 reverse share split on November 18, 2015. (See Note 10 in the Notes to Financial Statements.)
⁽³⁾	Adjusted to reflect the effect of a 1 for2 reverse share split on November 18, 2015. (See Note 10 in the Notes to Financial Statements.)

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

Statements of Changes in Net Assets

	Global X Lithium ETF						Global X Fertilizers/Potash ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Operations:
Net Investment Income	$	845,396		$	154,615		$	189,722		$	422,637
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(2,510,956	)		1,292,112			(2,765,323	)		(1,026,759	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		8,280,377			(8,204,910	)		1,328,868			83,190
Net Increase (Decrease) in Net Assets Resulting from Operations		6,614,817			(6,758,183	)		(1,246,733	)		(520,932	)
Dividends and Distributions from:
Net Investment Income		(97,361	)		(471,239	)		(363,096	)		(350,078	)
Total Dividends and Distributions		(97,361	)		(471,239	)		(363,096	)		(350,078	)
Capital Share Transactions:
Issued		77,405,685			3,158,262			2,166,918			—
Redeemed		(12,349,856	)		(5,587,104	)		(915,034	)		(3,407,437	)
Increase (Decrease) in Net Assets from Capital Share Transactions		65,055,829			(2,428,842	)		1,251,884			(3,407,437	)
Total Increase (Decrease) in Net Assets		71,573,285			(9,658,264	)		(357,945	)		(4,278,447	)
Net Assets:
Beginning of Year		40,730,959			50,389,223			11,482,617			15,761,064
End of Year	$	112,304,244		$	40,730,959		$	11,124,672		$	11,482,617
Undistributed (Distributions in Excess of) Net Investment Income	$	710,566		$	(18,247	)	$	195,160		$	330,845
Share Transactions:
Issued		3,200,000			125,000	⁽²⁾		250,000			—
Redeemed		(500,372	)		(250,000	)⁽²⁾		(100,000	)		(300,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		2,699,628			(125,000	)		150,000			(300,000	)

⁽¹⁾	Includes realized gain (loss) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements.)
⁽²⁾	Adjusted to reflect the effect of a 1 for2 reverse share split on November 18, 2015. (See Note 10 in the Notes to Financial Statements.)

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

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 ($)			Distribution from Capital Gains ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)		Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)^††
Global X Silver Miners ETF
2016		20.83		0.05			19.80			19.85			(0.07	)		—			(0.07	)		40.61		95.69			379,617		0.65		0.17			27.45
2015⁽¹⁾		26.16		0.06			(5.37	)		(5.31	)		(0.02	)		—			(0.02	)		20.83		(20.35	)		143,756		0.65		0.22			26.75
2014⁽¹⁾		38.64		0.09			(12.35	)		(12.26	)		(0.22	)		—			(0.22	)		26.16		(31.85	)		170,965		0.65		0.24			24.23
2013⁽¹⁾		74.94		0.34			(36.03	)		(35.69	)		(0.61	)		—			(0.61	)		38.64		(47.97	)		218,240		0.65		0.67			23.79
2012⁽¹⁾		70.98		0.40			3.67			4.07			(0.11	)		—			(0.11	)		74.94		5.76			385,967		0.65		0.62			18.13
Global X Gold Explorers ETF
2016		19.89		(0.06	)		17.04			16.98			(1.92	)		—			(1.92	)		34.95		95.95			72,074		0.66		(0.22	)		17.06
2015⁽²⁾		19.28		0.14			0.50			0.64			(0.03	)		—			(0.03	)		19.89		3.36			29,093		0.65		0.70			57.53
2014⁽²⁾		26.96		0.01			(7.69	)		(7.68	)		—			—			—			19.28		(28.49	)		27,714		0.65		0.02			29.94
2013⁽²⁾⁽³⁾		69.44		(0.25	)		(39.35	)		(39.60	)		(2.88	)		—			(2.88	)		26.96		(59.16	)		32,020		0.65		(0.65	)		31.73
2012⁽²⁾⁽³⁾		106.88		(0.49	)		(34.92	)		(35.41	)		(2.03	)		—			(2.03	)		69.44		(33.42	)		41,251		0.65		(0.65	)		43.12
Global X Copper Miners ETF
2016		14.98		0.07			2.69			2.76			(0.14	)		—			(0.14	)		17.60		18.88			25,504		0.65		0.57			34.73
2015⁽¹⁾		24.96		0.21			(9.68	)		(9.47	)		(0.51	)		—			(0.51	)		14.98		(38.64	)		18,979		0.65		1.07			29.72
2014⁽¹⁾		29.40		0.45			(4.69	)		(4.24	)		(0.20	)		—			(0.20	)		24.96		(14.49	)		27,053		0.65		1.59			15.77
2013⁽¹⁾		38.79		0.52			(8.63	)		(8.11	)		(1.28	)		—			(1.28	)		29.40		(21.69	)		32,828		0.65		1.63			37.06
2012⁽¹⁾		44.76		0.72			(3.97	)		(3.25	)		(1.70	)		(1.02	)		(2.72	)		38.79		(7.08	)		31,041		0.65		1.84			28.90
Global X Uranium ETF
2016		14.94		0.09			(2.68	)		(2.59	)		(0.27	)		—			(0.27	)		12.08		(17.53	)		102,437		0.70		0.71			14.48
2015⁽²⁾		23.26		0.15			(7.50	)		(7.35	)		(0.97	)		—			(0.97	)		14.94		(33.01	)		142,056		0.69		0.74			22.37
2014⁽²⁾		28.94		0.09			(5.60	)		(5.51	)		(0.17	)		—			(0.17	)		23.26		(19.18	)		212,357		0.69		0.30			20.90
2013⁽²⁾⁽⁴⁾		42.06		0.18			(12.56	)		(12.38	)		(0.74	)		—			(0.74	)		28.94		(29.88	)		118,871		0.69		0.51			73.16
2012⁽²⁾⁽⁴⁾		60.54		0.15			(18.63	)		(18.48	)		—			—			—			42.06		(30.53	)		135,668		0.69		0.30			55.90
Global X Lithium ETF
2016		20.62		0.27			3.18			3.45			(0.05	)		—			(0.05	)		24.02		16.76			112,304		0.76		1.21			44.90
2015⁽²⁾		24.00		0.08			(3.22	)		(3.14	)		(0.24	)		—			(0.24	)		20.62		(13.18	)		40,731		0.75		0.35			31.14
2014⁽²⁾		25.88		0.20			(2.00	)		(1.80	)		(0.08	)		—			(0.08	)		24.00		(6.97	)		50,389		0.75		0.75			43.37
2013⁽²⁾		28.82		0.06			(2.31	)		(2.25	)		(0.69	)		—			(0.69	)		25.88		(8.00	)		51,105		0.75		0.21			38.46
2012⁽²⁾		31.80		0.43			(3.37	)		(2.94	)		(0.04	)		—			(0.04	)		28.82		(9.25	)		69,871		0.75		1.40			28.78
Global X Fertilizers/Potash ETF
2016		9.98		0.18	‡‡		(1.27	)		(1.09	)		(0.33	)		—			(0.33	)		8.56		(11.15	)		11,125		0.69		2.00	‡‡		25.38
2015		10.87		0.33			(0.97	)		(0.64	)		(0.25	)		—			(0.25	)		9.98		(6.01	)		11,483		0.69		2.97			30.64
2014		11.73		0.23			(0.90	)		(0.67	)		(0.19	)		—			(0.19	)		10.87		(5.79	)		15,761		0.69		1.98			18.79
2013		13.85		0.25			(2.21	)		(1.96	)		(0.16	)		—			(0.16	)		11.73		(14.33	)		22,864		0.69		1.93			14.12
2012		14.06		0.19			(0.29	)		(0.10	)		(0.09	)		(0.02	)		(0.11	)		13.85		(0.61	)		28,383		0.69		1.42			24.05

(1)	Per share amounts have been adjusted for a 1 for 3 reverse share split on November 18, 2015. For more information see Note 10 in the Notes to Financial Statements.
(2)	Per share amounts have been adjusted for a 1 for 2 reverse share split on November 18, 2015. For more information see Note 10 in the Notes to Financial Statements.
(3)	Per share amounts have been adjusted for a 1 for 4 reverse share split on May 16, 2013. For more information see Note 10 in the Notes to Financial Statements.
(4)	Per share amounts have been adjusted for a 1 for 3 reverse share split on May 16, 2013. For more information see Note 10 in the Notes to Financial Statements.
*	Per share data calculated using average shares method.
**	Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
††	Portfolio turnover rate is for the period indicated and has not been annualized. Excludes effect of in-kind transfers.
‡‡	See Note 8 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.

Notes to Financial Statements

October 31, 2016

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, as an open-end management investment company. As of October 31, 2016, the Trust had one hundred portfolios, fifty-four of which were operational. The financial statements herein and the related notes pertain to the Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Copper Miners ETF, Global X Uranium ETF, Global X Lithium ETF and Global X Fertilizers/Potash ETF (the “Funds”). Each Fund has elected non-diversified status.

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”) 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 and other industry sources. These estimates may subsequently be revised based on information received from the MLPs after their tax reporting periods are concluded.

SECURITY VALUATION — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm 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 (absent both bid and asked prices on such exchange, the bid price may be used).

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

Notes to Financial Statements (continued)

October 31, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (continued)

be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value their securities if an event that may materially affect the value of the Funds’ securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the security's last close and the time that the Funds calculate their net asset value. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC (the “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 net asset value, 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 October 31, 2016, there was $11,083 of fair valued securities in Global X Gold Explorers ETF, $199,385 of fair valued securities in the Global X Copper Miners ETF and $0 of fair valued securities in the Global X Fertilizers/Potash ETF. There were no other securities priced using the Fair Value Procedures.

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

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

Notes to Financial Statements (continued)

October 31, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (concluded)

Level 2 – Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments, fair value of investments for which the Funds have the

ability to fully redeem tranches at net asset value as of the measurement date or within the near term, and short-term investments valued at amortized cost)

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

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For the year ended October 31, 2016 there have been no significant changes to the Funds’ fair valuation methodologies.

REPURCHASE AGREEMENTS — Securities pledged as collateral for repurchase agreements are held by Citibank N.A. and are designated as being held on each Fund’s behalf by its custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. It is the Funds’ policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Funds bear the risk of loss in the event that the other party to a repurchase agreement defaults on its obligations and the Funds are prevented from exercising their rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period. For financial statement purposes, the Funds record the securities lending collateral (included in Repurchase Agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities.

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

Notes to Financial Statements (continued)

October 31, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

REPURCHASE AGREEMENTS (concluded)

At October 31, 2016, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

			Fair Value of Non-cash		Cash Collateral
	Repurchase Agreements		Collateral Received⁽¹⁾		Received		Net Amount⁽²⁾
Global X Silver Miners ETF
Barclays	$	10,000,000	$	10,000,000	$	-	$	-
Deutsche Bank		1,205,555		1,205,555		-		-
Global X Gold Explorers ETF
Deutsche Bank		5,814,511		5,814,511		-		-
Global X Copper Miners ETF
Deutsche Bank		2,210,696		2,210,696		-		-
Global X Uranium ETF
Barclays		5,000,000		5,000,000		-		-
Deutsche Bank		2,694,203		2,694,203				-
Global X Lithium ETF
Deutsche Bank		1,768,452		1,768,452		-		-

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

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

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

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. 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), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

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

As of and during the year ended October 31, 2016, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year, the Funds did not incur any interest or penalties.

Notes to Financial Statements (continued)

October 31, 2016

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.

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

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

CREATION UNITS — The Funds issue and redeem shares (“Shares”) at Net Asset Value (“NAV”) and only in large blocks of Shares (each block of Shares for a Fund is called a “Creation Unit” or multiples thereof). 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 investor 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 Brown Brothers Harriman & Co. (“BBH”), the Funds’ Custodian, 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, a higher transaction fee will be charged. The following table discloses Creation Unit breakdown:

			Creation		Value as of
	Creation Unit Shares		Fee		October 31, 2016		Redemption Fee
Global X Silver Miners ETF		50,000	$	1,000	$	2,030,500	$	1,000
Global X Gold Explorers ETF		50,000		1,000		1,747,500		1,000
Global X Copper Miners ETF		50,000		1,000		880,000		1,000
Global X Uranium ETF		50,000		1,000		604,000		1,000
Global X Lithium ETF		50,000		1,000		1,201,000		1,000
Global X Fertilizers/Potash ETF		50,000		1,000		428,000		1,000

Notes to Financial Statements (continued)

October 31, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

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

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS

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

	Supervision and
	Administration Fee
Global X Silver Miners ETF		0.65%
Global X Gold Explorers ETF		0.65%
Global X Copper Miners ETF		0.65%
Global X Uranium ETF		0.69%
Global X Lithium ETF		0.75%
Global X Fertilizers/Potash ETF		0.69%

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

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

Notes to Financial Statements (continued)

October 31, 2016

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (concluded)

contemplated in the distribution agreement. SIDCO receives no fee for its distribution services under the distribution agreement, rather the Adviser compensates SIDCO for certain expenses, out-of-pocket costs, and transaction fees.

BBH, located at 50 Post Office Square, Boston, MA 02110, serves as Custodian of the Funds’ assets. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds, (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As compensation for these services, the Custodian 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. BBH also serves as Transfer Agent. 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, the Transfer Agent receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

As of October 31, 2016, Global X Gold Explorers ETF and Global X Uranium ETF own greater than 5% of the outstanding shares of the following common stocks. These investments are noted as “Affiliated investment” in the Schedules of Investments.

							Changes in
							Unrealized
Value at		Purchases at		Proceeds from			Appreciation		Realized Gain			Value at		Dividend
10/31/2015		Cost		Sales			(Depreciation)		(Loss)			10/31/16		Income
Global X Gold Exp lorers ETF
International Tower Hill Mines
$	1,242,866	$	1,462,494	$	(264,611	)	$	2,555,281	$	(442,176	)	$	4,553,854	$	—
Totals:
$	1,242,866	$	1,462,494	$	(264,611	)	$	2,555,281	$	(442,176	)	$	4,553,854	$	—

							Changes in
							Unrealized
Value At		Purchases at		Proceeds from			Appreciation		Realized Gain			Value at		Dividend
10/31/2015		Cost		Sales			(Depreciation)		(Loss)			10/31/2016		Income
Global X Uranium ETF
Mega Uranium
$	1,296,251	$	88,106	$	(490,004	)	$	2,227,052	$	(1,694,129	)	$	1,427,276	$	—
UR-Energy
	4,860,868		496,736		(1,215,356	)		948,822		(1,281,763	)		3,809,307		—
Totals:
$	6,157,119	$	584,842	$	(1,705,360	)	$	3,175,874	$	(2,975,892	)	$	5,236,583	$	—

Notes to Financial Statements (continued)

October 31, 2016

4. INVESTMENT TRANSACTIONS

For the year ended October 31, 2016, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government and short-term securities were:

	Purchases		Sales and Maturities
Global X Silver Miners ETF	$	74,903,709	$	76,743,842
Global X Gold Explorers ETF		9,069,900		12,027,411
Global X Copper Miners ETF		7,498,659		7,328,791
Global X Uranium ETF		17,275,393		19,931,148
Global X Lithium ETF		45,410,233		31,661,330
Global X Fertilizers/Potash ETF		2,445,158		2,495,535

For the year ended October 31, 2016, in-kind transactions associated with creations and redemptions were:

	Purchases		Sales and Maturities		Realized Gain (Loss)
Global X Silver Miners ETF	$	145,433,344	$	44,897,775	$	22,538,544
Global X Gold Explorers ETF		23,251,227		3,088,731		1,676,631
Global X Copper Miners ETF		4,830,327		3,582,170		1,112,237
Global X Uranium ETF		4,988,210		18,778,301		(9,356,756	)
Global X Lithium ETF		61,343,177		9,484,973		2,721,848
Global X Fertilizers/Potash ETF		2,044,841		864,976		(66,175	)

For the year ended October 31, 2015, in-kind transactions associated with creations and redemptions were:

	Purchases		Sales and Maturities		Realized Gain (Loss)
Global X Silver Miners ETF	$	29,988,868	$	20,953,183	$	1,128,279
Global X Gold Explorers ETF		511,642		-		-
Global X Copper Miners ETF		6,123,996		3,576,659		(190,048	)
Global X Uranium ETF		31,551,324		17,897,881		(3,478,497	)
Global X Lithium ETF		2,552,262		4,456,568		564,779
Global X Fertilizers/Potash ETF		-		3,189,800		117,962

During the year ended October 31, 2016, there were no purchases or sales of long-term U.S. Government securities for the Funds.

5. TAX INFORMATION

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

Notes to Financial Statements (continued)

October 31, 2016

5. TAX INFORMATION (continued)

The following differences, primarily attributable to investment in master limited partnership, foreign currency, redemptions in-kind and sales of passive foreign investment companies have been reclassified to/from the following accounts during the fiscal year ended October 31, 2016.

Global X Funds	Paid-in Capital			Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)
Global X Silver Miners ETF	$	18,305,753		$	65,703		$	(18,371,456	)
Global X Gold Explorers ETF		1,493,852			1,827,057			(3,320,909	)
Global X Copper Miners ETF		1,109,502			139,153			(1,248,655	)
Global X Uranium ETF		(13,551,545	)		2,635,856			10,915,689
Global X Lithium ETF		2,696,942			(19,222	)		(2,677,720	)
Global X Fertilizers/Potash ETF		(74,219	)		37,689			36,530

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

The tax character of dividends and distributions declared during the years ended October 31, 2016 and 2015 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals

Global X Silver Miners ETF
2016	$	492,527	$	–	$	–	$	492,527
2015		129,601		–		–		129,601
Global X Gold Explorers ETF
2016	$	2,809,410	$	–	$	–	$	2,809,410
2015		40,294		–		–		40,294
Global X Copper Miners ETF
2016	$	205,898	$	–	$	–	$	205,898
2015		509,286		–		–		509,286
Global X Uranium ETF
2016	$	2,421,696	$	–	$	–	$	2,421,696
2015		9,307,517		–		–		9,307,517
Global X Lithium ETF
2016	$	97,361	$	–	$	–	$	97,361
2015		471,239		–		–		471,239
Global X Fertilizers/Potash ETF
2016	$	363,096	$	–	$	–	$	363,096
2015		350,078		–		–		350,078

Notes to Financial Statements (continued)

October 31, 2016

5. TAX INFORMATION (continued)

As of October 31, 2016, the components of tax basis accumulated losses were as follows:

	Global X Funds
	Global X Silver Miners ETF			Global X Gold Explorers ETF			Global X Copper Miners ETF
Undistributed Ordinary Income	$	9,132,632		$	15,400,104		$	201,567
Capital Loss Carryforwards		(235,451,271	)		(44,339,503	)		(18,693,787	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		13,771,888			(10,742,086	)		(9,164,784	)
Other Temporary Differences		–			1			(8	)
Total Accumulated Losses	$	(212,546,751	)	$	(39,681,484	)	$	(27,657,012	)

	Global X Funds
							Global X
	Global X Uranium			Global X Lithium			Fertilizers/Potash
	ETF			ETF			ETF
Undistributed Ordinary Income	$	9,058,721		$	1,955,639		$	362,744
Capital Loss Carryforwards		(268,462,994	)		(53,642,151	)		(5,803,623	)
Unrealized Depreciation on Investments and Foreign Currency		(151,090,845	)		(4,662,508	)		(5,238,648	)
Other Temporary Differences		4			(2	)		(6	)
Total Accumulated Losses	$	(410,495,114	)	$	(56,349,022	)	$	(10,679,533	)

For Federal income tax purposes, capital losses incurred in taxable years beginning before December 22, 2010 may be carried forward for a maximum period of eight years and applied against future gains. As of October 31, 2016, the Funds that had capital loss carryforwards are listed below:

	Global X Silver		Global X Gold		Global X		Global X
Expiration Date	Miners ETF		Explorers ETF		Uranium ETF		Lithium ETF
Oct. 2019	$	8,433,465	$	130,976	$	12,705,798	$	7,329,308

During the fiscal year ended October 31, 2016, the following fund utilized capital loss carryforwards to offset capital gains.

Global X Funds
Global X Gold Explorers ETF		$	278,233

For taxable years beginning after December 22, 2010, a RIC is permitted to carry forward net capital losses to offset capital gains realized in later years, and the losses carried forward retain their original character as either long-term or short-term losses. Net capital losses of a RIC realized in taxable years beginning before that date (pre-2011 losses) can be carried forward up to 8 years and are characterized in later years as short-term losses. If a Fund uses pre-2011 loss carryforwards in later years, the carryforwards will not reduce the Fund’s current earnings and profits, while loss carryforwards from later years will reduce the Fund’s current earnings and profits. To the extent that later year capital gains are offset by pre-2011 loss carryforwards, distributions of such gains will be treated as ordinary dividend distributions. Losses carried forward under these new provisions are as follows:

Notes to Financial Statements (continued)

October 31, 2016

5. TAX INFORMATION (concluded)

Global X Funds	Short-Term Loss		Long-Term Loss		Total
Global X Silver Miners ETF	$	25,224,302	$	201,793,504	$	227,017,806
Global X Gold Explorers ETF		5,877,582		38,330,945		44,208,527
Global X Copper Miners ETF		2,962,226		15,731,561		18,693,787
Global X Uranium ETF		53,896,086		201,861,110		255,757,196
Global X Lithium ETF		12,232,765		34,080,078		46,312,843
Global X Fertilizers/Potash ETF		836,397		4,967,226		5,803,623

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 31, 2016 were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global X Silver Miners ETF	$	376,008,156	$	60,172,758	$	(46,412,338	)	$	13,760,420
Global X Gold Explorers ETF		95,561,077		17,318,446		(28,060,536	)		(10,742,090	)
Global X Copper Miners ETF		36,862,081		2,575,769		(11,739,758	)		(9,163,989	)
Global X Uranium ETF		261,163,449		7,479,325		(158,570,169	)		(151,090,844	)
Global X Lithium ETF		118,586,873		5,860,943		(10,523,438	)		(4,662,495	)
Global X Fertilizers/Potash ETF		16,335,253		708,386		(5,945,568	)		(5,237,182	)

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

6. CONCENTRATION OF RISKS

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

The securities markets of emerging countries are less liquid and subject to greater price volatility, and have a smaller market capitalization, than the U.S. securities markets. In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issues or sectors.

Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations as are issuers and securities markets in the United States. In particular, the assets and profits appearing on the financial statements of emerging country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information may be publicly available about emerging country issuers than is available about issuers in the United States.

The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such

Notes to Financial Statements (continued)

October 31, 2016

6. CONCENTRATION OF RISKS (concluded)

taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.

The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the underlying index in approximately the same proportions as in the underlying index. The Funds may utilize a representative sampling strategy with respect to their underlying indices when a replication strategy might be detrimental to their 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 the Funds but not the underlying indexes). Commodity related securities are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a great impact on these Funds.

A more complete description of risks is included is each Fund’s prospectus and SAI.

7. LOANS OF PORTFOLIO SECURITIES

The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Security loans made pursuant to a securities lending agreement are required at all times to be secured by collateral equal to at least 102% of the value of domestic equity securities and ADRs and 105% of the value of foreign equity securities (other than ADRs). Such collateral will be cash securities issued or guaranteed by the U.S. Government or any agencies. Cash collateral received in connection with these loans can be invested in repurchase agreements or U.S. Treasury obligations and is recognized in the Schedule of Investments and Statement of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statement of Assets and Liabilities. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. 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 October 31, 2016, the value of securities on loan was $10,710,032, $5,595,578, $2,130,405, $6,448,642 and $1,707,966 for the Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Copper Miners ETF, Global X Uranium ETF and Global X Lithium ETF, respectively and the value of securities purchased with the cash collateral held from securities on loan was $11,205,555, $5,814,511, $2,210,696, $7,694,203 and $1,768,452 for the Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Copper Miners ETF, Global X Uranium ETF and Global X Lithium ETF, respectively.

Notes to Financial Statements (continued)

October 31, 2016

7. LOANS OF PORTFOLIO SECURITIES (concluded)

At October 31, 2016, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X Silver Miners ETF
Credit Suisse	$	329,260	$	356,510
Deutsche Bank Securities		2,109,286		2,161,705
Goldman Sachs & Co.		4,836		5,200
JPMorgan		4,674,150		5,033,700
Morgan Stanley		3,567,717		3,622,852
UBS Securities		24,783		25,588
Global X Gold Explorers ETF
Barclays Capital		1,638,705		1,716,885
BNP Paribas Prime Brokerage		174,000		191,400
Citigroup		1,679,455		1,783,311
Credit Suisse		7,957		9,882
Deutsche Bank Securities		118,986		127,533
JPMorgan		158,775		159,500
Morgan Stanley		1,817,700		1,826,000
Global X Copper Miners ETF
Credit Suisse		275,485		300,750
Goldman Sachs & Co.		871,110		910,000
JPMorgan		295,256		296,400
Merrill Lynch Pierce Fenner & Smith		70,776		71,051
Morgan Stanley		617,778		632,495
Global X Uranium ETF
Barclays Capital		50,100		200,000
Credit Suisse		896,135		1,011,886
Deutsche Bank Securities		1,617,586		1,893,044
Goldman Sachs & Co.		111,203		124,200
JPMorgan		597,854		775,608
Morgan Stanley		2,945,846		3,414,216
SG Americas Securities		23,998		47,900
UBS Securities		205,920		227,349
Global X Lithium ETF
Credit Suisse		96,684		102,300
Deutsche Bank Securities		523,961		554,400
JPMorgan		11,550		13,200
Merrill Lynch Pierce Fenner & Smith		372,865		392,000
Morgan Stanley		702,906		706,552

Notes to Financial Statements (continued)

October 31, 2016

8. CHANGE IN ACCOUNTING ESTIMATE

Effective November 1, 2015, the Funds changed their method for estimating the characterization of amounts distributed by master limited partnerships, which correspondingly impacted the net investment income, cost of investments and appreciation (depreciation) on investments and the associated financial highlight ratios and per share disclosures to the extent that the fund recorded investment income that differed from amounts previously estimated. There is no impact to net assets, total return or the expense ratio in the current period or future periods as a result of management’s change in methodology.

9. CONTRACTUAL OBLIGATIONS

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

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

Notes to Financial Statements (continued)

October 31, 2016

10. REVERSE SHARE SPLIT

Effective May 16, 2013, the Global X Gold Explorers ETF and Global X Uranium ETF executed a reverse share split for shareholders of record after the close of markets on May 15, 2013. The effect of this transaction was to divide the number of outstanding shares of the Fund by the ratio below, resulting in a corresponding increase in the net asset value per share. The capital share activity presented in the statement of changes in net assets for each of the years in the period then ended, and per share data in the financial highlights for each of the years in the period then ended have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions. The details of the reverse splits are as follows:

May 16, 2013:

Fund Name		Ratio
Global X Gold Explorers ETF		1:4
Global X Uranium ETF		1:3

Effective November 18, 2015, the Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Copper Miners ETF, Global X Uranium ETF and the Global X Lithium ETF executed a reverse share split for shareholders of record after the close of markets on November 17, 2015. The effect of this transaction was to divide the number of outstanding shares of the Fund by the ratio below, resulting in a corresponding increase in the net asset value per share. The capital share activity presented in the statement of changes in net assets for each of the years in the period then ended, and per share data in the financial highlights for each of the years in the period then ended have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions. The details of the reverse splits are as follows:

November 18, 2015:

Fund Name		Ratio
Global X Silver Miners ETF		1:3
Global X Gold Explorers ETF		1:2
Global X Copper Miners ETF		1:3
Global X Uranium ETF		1:2
Global X Lithium ETF		1:2

11. REGULATORY MATTERS

In October 2016, the Securities and Exchange Commission (the “SEC”) released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule which introduces two new regulatory reporting forms for investment companies – Form N-PORT and Form N-CEN – also contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are consistent with the Portfolios’ current financial statement presentation and expects that the Funds will be able to comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

Notes to Financial Statements (continued)

October 31, 2016

12. SUBSEQUENT EVENTS

The Funds have been evaluated regarding the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no additional disclosure or adjustments were required to the financial statements as of the date the financial statements were issued, except as follows:

New Series

Subsequent to October 31, 2016, the following investment series of the Trust was launched: Global X MSCI SuperDividend^® EAFE ETF.

Index Change for the Global X Gold Explorers ETF

The Board of Trustees of the Trust approved the adoption of a new index as outlined in the table below. The new index will increase the diversification and improve the liquidity characteristics of the Fund.

	Old Index	New Index
*Index*	Solactive Global Gold Explorers Total Return Index	Solactive Global Gold Explorers & Developers Total Return Index
*Index Components*	21	43*
*Index Description*	The Solactive Global Gold Explorers Total Return Index is designed to measure broad based equity market performance of global companies involved in gold exploration. The stocks are screened for liquidity and weighted according to modified free-float market capitalization. A specific capping methodology is used at the time of the semi-annual index review to seek to assure compliance with the rules governing the listing of financial products on exchanges in the United States.	The Solactive Global Gold Explorers & Developers Total Return Index is designed to measure broad based equity market performance of global companies involved in gold exploration, including companies that are engaged in both gold exploration and limited levels of gold production (“Developers”). The stocks are screened for liquidity and weighted according to modified free-float market capitalization. A specific capping methodology is used at the time of the semi-annual index review to seek to assure compliance with the rules governing the listing of financial products on exchanges in the United States.

*Index constituents for the Solactive Global Gold Explorers & Developers Total Return Index are as of September 28, 2016. The number of index constituents may change by the effective date.

The Fund began implementation of the change on or about November 30, 2016, with the change occurring in two phases.

The phase approach is intended to enable the Global X Gold Explorers ETF’s advisor, Global X Management Co. LLC, to make the necessary adjustments to portfolio holdings in a manner that minimizes impact to Fund shareholders. In the first phase, expected to commence in the fourth quarter of 2016, the Fund will track the Solactive Global Gold Explorers & Developers Total Return Transition Index, an interim index that will gradually reduce exposure to small-capitalization stocks

Notes to Financial Statements (continued)

October 31, 2016

12. SUBSEQUENT EVENTS (concluded)

while proportionately increasing exposure to other stocks based on their weightings in the new index. This first phase is expected to be implemented over the course of approximately six months.

In the second phase, the Fund will begin tracking the Solactive Global Gold Explorers & Developers Total Return Index, which is expected to occur upon completion of the first phase.

To protect the Fund from the potential for harmful “front running” by traders, the exact timing of the index changes will not be disclosed to investors. In the meantime, the Fund will continue seeking to track its current index.

The adjustments to the Fund’s portfolio holdings are expected to result in modest, temporary increases in the Fund’s transaction costs and turnover rate. It is important to note that the actual transaction costs, turnover rate, and any other costs will be highly dependent upon a number of factors, including the market environment at the time of the portfolio adjustments. These changes are not expected to increase the expense ratio of the Fund.

Report of Independent Registered Public Accounting Firm

October 31, 2016

To the Board of Trustees and Shareholders of Global X Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Copper Miners ETF, Global X Uranium ETF, Global X Lithium ETF and Global X Fertilizers/Potash ETF (six of the series constituting Global X Funds, hereafter referred to as the "Funds") as of October 31, 2016, the results of each of their operations, the changes in each of their net assets and each of their financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The statements of changes in net assets for the year ended October 31, 2015 and the financial highlights for each of the years or periods ended on or prior to October 31, 2015 were audited by other auditors whose report dated December 30, 2015 expressed an unqualified opinion on those financial statements and financial highlights.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2016

Disclosure of Fund Expenses (unaudited)

ETFs 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 their investment in a Fund.

Operating expenses such as these are deducted from an ETF’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from May 1, 2016 through October 31, 2016.

The table on the next page illustrates your Fund’s costs in two ways:

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

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

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

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

Disclosure of Fund Expenses (unaudited) (concluded)

	Beginning Account Value 5/1/2016		Ending Account Value 10/31/2016		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X Silver Miners ETF
Actual Fund Return	$	1,000.00	$	1,109.30		0.66	%		$3.48
Hypothetical 5% Return		1,000.00		1,021.84		0.66			3.33
Global X Gold Explorers ETF
Actual Fund Return	$	1,000.00	$	967.60		0.66	%		$3.26
Hypothetical 5% Return		1,000.00		1,021.83		0.66			3.35
Global X Copper Miners ETF
Actual Fund Return	$	1,000.00	$	1,019.10		0.65	%		$3.31
Hypothetical 5% Return		1,000.00		1,021.86		0.65			3.31
Global X Uranium ETF
Actual Fund Return	$	1,000.00	$	784.40		0.70	%		$3.14
Hypothetical 5% Return		1,000.00		1,021.62		0.70			3.56
Global X Lithium ETF
Actual Fund Return	$	1,000.00	$	1,058.60		0.76	%		$3.96
Hypothetical 5% Return		1,000.00		1,021.29		0.76			3.89
Global X Fertilizers/Potash ETF
Actual Fund Return	$	1,000.00	$	946.90		0.69	%		$3.38
Hypothetical 5% Return		1,000.00		1,021.67		0.69			3.51

⁽¹⁾

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 184/366 (to reflect the one-half year period.)

Supplemental Information (unaudited)

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

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

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

Trustees and Officers of the Trust (unaudited)

Set forth below are the names, addresses, year of birth, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of Funds in fund complex overseen by trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust.

Name, Address (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Number of Funds in Trust Overseen by Trustee	Other Directorships Held by Trustees
Independent Trustees²
Sanjay Ram Bharwani 600 Lexington Ave, 20^th floor New York, NY 10022 (1974)	Trustee (since 2008)	CEO of Risk Advisors Inc. (since 2007) (consulting firm).	54³	None.
Scott R. Chichester¹ 600 Lexington Ave, 20^th floor New York, NY 10022 (1970)	Trustee (since 2008)	CFO, AdeptPros Inc. (app development, training and consulting) (since 2012); Founder, Madison Park Advisors LLC (advisory services) (since 2011); CFO, Sterling Seal & Supply Inc. (since 2011), President & Treasurer, Bayview Acquisition Corp (since 2010), CPA, Penda Aiken Inc. (2009-2011) (consultant); Founder and President, DirectPay USA LLC (since 2006) (payroll company); Proprietor, Scott R. Chichester CPA (since 2001) (CPA firm).	54³	Director of AdeptPros Inc. (since 2015); Director of Sterling Seal & Supply Inc. (since 2011); Director of Bayview Acquisition Corp. (since 2010); Trustee of ARK ETF Trust (since 2014).
Kartik Kiran Shah 600 Lexington Ave, 20^th floor New York, NY 10022 (1977)	Trustee (since 2008)	President and Chief Business Officer, Oxeia Biopharmaceuticals, Inc. (2015-present); Vice President, Business Development, Cynvenio Biosystems (2012-2014); Independent Consultant, Self-Employed (2011-2012) (non-financial services); Director, Wireless Generation (2008-2011) (software).	54³	Director of Oxeia Biopharmaceuticals, Inc. (2015-present).

Trustees and Officers of the Trust (unaudited)

The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-493-8631. The following chart lists Trustees and Officers as of October 31, 2016.

Name, Address (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustees During the Past 5 Years
Interested Trustees/Officers²
Bruno del Ama 600 Lexington Avenue, 20th Floor New York, NY 10022 (1976)	Trustee (since 2008); President, Chief Executive Officer (since 2008).	Chief Executive Officer, Global X Management Company ("GXMC") (since 2008); Chief Compliance Officer, GXMC (2008-2013).	None.
Luis Berruga 600 Lexington Avenue, 20th Floor New York, NY 10022 (1977)	Chief Operating Officer, Treasurer, Principal Accounting Officer and Chief Financial Officer (since 9/2015).	Chief Financial Officer, GXMC (since 2015) and Chief Operating Officer (since 2014); Investment Banker, Jefferies (2012-2014); Regional Product Specialist, Morgan Stanley (2005-2012).	None.
Daphne Tippens Chisolm 600 Lexington Avenue, 20th Floor New York, NY 10022 (1969)	Secretary (since 2012).	General Counsel, GXMC (since 2011); Chief Compliance Officer, GXMC (1/2014 - 5/2014 and 2/2015 - 9/2016).	None.
Joe Costello 600 Lexington Avenue, 20th Floor New York, NY 10022 (1974)	Chief Compliance Officer (since 9/2016).	Chief Compliance Officer, FlexShares Funds (2011-2015); Vice President, Northern Trust Investments (2003 - 2015).	None.
Lisa K. Whittaker One Freedom Valley Drive Oaks, PA 19456 (1978)	Assistant Secretary (since 2013).	Counsel at SEI Investments (since 2012); Associate Counsel and Compliance Officer at The Glendale Trust Company (2011-2012); Associate of Drinker Biddle & Reath LLP (2006-2011).	None.
Eric Kleinschmidt One Freedom Valley Drive Oaks, PA 19456 (1968)	Assistant Treasurer (since 2016).	Director, Fund Accounting, SEI Investments Global Funds Services (2004 to present), Manager, Fund Accounting 1999 to 2004.	None.

Mr. Chichester is currently married to a sister of Mr. del Ama’s wife. While an “immediate family member” (as defined in Section 2(a)(19) of the 1940 Act) of Mr. del Ama would be considered an Interested Person, Mr. Chichester is not considered an immediate family member for this purpose. Although this fact was taken into consideration in determining whether Mr. Chichester should be considered to be an Independent Trustee for purposes of the Section 2(a)(19) of the 1940 Act, it was determined that this relationship was not one that should disqualify Mr. Chichester from serving as an Independent Trustee of the Trust.

Each Trustee serves until his or her successor is duly elected or appointed and qualified.

As of October 31, 2016, the Trust had one hundred investment portfolios, fifty-four of which were operational.

⁴

These officers of the Trust also serve as officers of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor.

Notice to Shareholders (unaudited)

For shareholders that do not have an October 31, 2016 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2016 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2016, the Funds have designated the following items with regard to distributions paid during the year.

	Long-Term Capital Gain Distributions			Ordinary Income Distributions			Total Distributions			Qualifying for Corporate Dividends Received Deduction ⁽¹⁾			Qualifying Dividend Income ⁽²⁾			U.S. Government Interest ⁽³⁾			Interest Related Dividends ⁽⁴⁾			Short Term Capital Gain Dividends ⁽⁵⁾			Foreign Tax Credit
Global X Silver Miners ETF		0.00	%		100.00	%		100.00	%		39.32	%		59.93	%		0.20	%		0.01	%		0.00	%		23.61	%
Global X Gold Explorers ETF		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.01	%		0.00	%		0.00	%		0.24	%
Global X Copper Miners ETF		0.00	%		100.00	%		100.00	%		5.68	%		100.00	%		0.00	%		0.00	%		0.00	%		4.51	%
Global X Uranium ETF		0.00	%		100.00	%		100.00	%		0.00	%		10.39	%		0.02	%		0.00	%		0.00	%		3.69	%
Global X Lithium ETF		0.00	%		100.00	%		100.00	%		16.41	%		42.45	%		0.00	%		0.01	%		0.00	%		64.85	%
Global X Fertilizers/Potash ETF		0.00	%		100.00	%		100.00	%		24.49	%		85.25	%		0.00	%		0.00	%		0.00	%		9.59	%

⁽¹⁾ Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary Income distributions (the total of short term capital gain and net investment income distributions).

⁽²⁾ The percentage in this column represents the amount of "Qualifying Dividend Income" as created by the Jobs and Growth Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.

⁽³⁾ "U.S. Government Interest" represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

⁽⁴⁾ The percentage in this column represents the amount of "Interest Related Dividends" is reflected as a percentage of ordinary income distribution. Interest related dividends is exempt from U.S. withholding tax when paid to foreign investors.

⁽⁵⁾ The percentage of this column represents the amount of “Short Term Capital Gain Dividend” is reflected as a percentage of short term capital gain distribution that is exempted from U.S. withholding tax when paid to foreign investors.

The Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended October 31, 2016, the total amount of foreign source income and foreign tax credit are as follows:

Fund Name	Foreign Source Income		Foreign Tax Credit Pass Through
Global X Silver Miners ETF	$	1,704,638	$	152,200
Global X Gold Explorers ETF		44,469		6,670
Global X Copper Miners ETF		225,678		9,718
Global X Uranium ETF		823,303		92,833
Global X Lithium ETF		980,552		179,594
Global X Fertilizers/Potash ETF		115,829		38,506

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2016. Complete information will be computed and reported in conjunction with your 2016 Form 1099-DIV.

600 Lexington Avenue, 20^th floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser and Administrator:

Global X Management Company LLC

600 Lexington Avenue, 20^th floor

New York, NY 10022

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

1250 Connecticut Avenue, N.W.

Suite 500

Washington, DC 20036

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

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-AR-001-0800

Global X China Consumer ETF (ticker: CHIQ)
Global X China Energy ETF (ticker: CHIE)
Global X China Financials ETF (ticker: CHIX)
Global X China Industrials ETF (ticker: CHII)
Global X China Materials ETF (ticker: CHIM)
Global X NASDAQ China Technology ETF (ticker: QQQC)
Global X Southeast Asia ETF (ticker: ASEA)
Global X FTSE Andean 40 ETF (ticker: AND)
Global X MSCI Colombia ETF (ticker: GXG)
Global X Brazil Mid Cap ETF (ticker: BRAZ)
Global X Brazil Consumer ETF (ticker: BRAQ)
Global X MSCI Argentina ETF (ticker: ARGT)
Global X MSCI Greece ETF (ticker: GREK)
Global X MSCI Norway ETF (ticker: NORW)
Global X FTSE Nordic Region ETF (ticker: GXF)
Global X MSCI Nigeria ETF (ticker: NGE)
Global X Next Emerging & Frontier ETF (ticker: EMFM)
Global X MSCI Portugal ETF (formerly, Global X FTSE Portugal 20 ETF) (ticker: PGAL)
Global X MSCI Pakistan ETF (ticker: PAK)

Annual Report

October 31, 2016

Table of Contents

Management Discussion of Fund Performance (unaudited)	1
Schedules of Investments
Global X China Consumer ETF	39
Global X China Energy ETF	42
Global X China Financials ETF	44
Global X China Industrials ETF	46
Global X China Materials ETF	49
Global X NASDAQ China Technology ETF	51
Global X Southeast Asia ETF	53
Global X FTSE Andean 40 ETF	56
Global X MSCI Colombia ETF	59
Global X Brazil Mid Cap ETF	61
Global X Brazil Consumer ETF	64
Global X MSCI Argentina ETF	66
Global X MSCI Greece ETF	68
Global X MSCI Norway ETF	71
Global X FTSE Nordic Region ETF	75
Global X MSCI Nigeria ETF	78
Global X Next Emerging & Frontier ETF	80
Global X FTSE Portugal 20 ETF	92
Global X MSCI Pakistan ETF	95
Statements of Assets and Liabilities	97
Statements of Operations	102
Statements of Changes in Net Assets	107
Financial Highlights	117
Notes to Financial Statements	120
Report of Independent Registered Public Accounting Firm	141
Disclosure of Fund Expenses (unaudited)	142
Supplemental Information (unaudited)	145
Trustees and Officers of the Trust (unaudited)	146
Notice to Shareholders (unaudited)	149

Management Discussion of Fund Performance (unaudited)

Global X China Consumer ETF

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

The Underlying Index is designed to measure the equity performance of the investable universe of companies in the consumer sector of the Chinese economy, as defined by the index provider. It is comprised of securities of companies that have their main business operations in the consumer sector and generally includes companies whose businesses involve: general retail, diversified consumer services, food production and retail, beverages, household goods, leisure goods, personal goods, automobiles, auto components and distributors, tobacco, media, and travel and leisure.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund decreased 8.57%, while the Underlying Index decreased 7.82%. The Fund had a net asset value of $13.72 per share on October 31, 2015 and ended the reporting period with a net asset value of $11.97 on October 31, 2016.

During the reporting period, the highest returns came from New Oriental Education & Technology Group and Guangzhou Automobile Group, which returned 82.22% and 40.81%, respectively. The worst performers were Tingyi Cayman Islands Holding and Belle International Holdings, which returned -35.59% and -35.22%, respectively.

China’s most recent five-year development plan was announced shortly before the reporting period and commenced at the beginning of 2016. The plan outlined initiatives to transition China from a manufacturing and export led economy to one that is driven more by China’s ‘new sectors’ such as consumption, technology, and services. In Q1 2016, over 80% of China’s GDP growth came from consumption, demonstrating the importance of this segment to the country’s economic growth. China’s consumer sector continues to benefit from the trend of increasing urbanization and rising wages, both of which are supportive of greater consumption. The sector faces challenges such as high savings rates and a weakening currency.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X China Consumer ETF		-8.57	%		-8.61	%		-6.61	%		-6.49	%		-3.00	%		-2.51	%		-2.36	%		-2.40	%
Solactive China Consumer Total Return Index		-7.82	%		-7.82	%		-5.92	%		-5.92	%		-2.41	%		-2.41	%		-1.79	%		-1.79	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.57	%		13.57	%		12.39	%		12.39	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on November 30, 2009.

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

Management Discussion of Fund Performance (unaudited)

Global X China Consumer ETF

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

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

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

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X China Energy ETF

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

The Underlying Index is designed to measure the equity performance of the investable universe of companies in the energy sector of the Chinese economy, as defined by the index provider. It is comprised of securities of companies that have their main business operations in the energy sector and generally includes companies whose businesses involve: oil, gas, consumable fuels, alternative energy and electricity production and distribution, and energy equipment and services.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund decreased 6.11%, while the Underlying Index decreased 5.34%. The Fund had a net asset value of $11.61 per share on October 31, 2015 and ended the reporting period with a net asset value of $10.56 on October 31, 2016.

During the reporting period, the highest returns came from Shougang Fushan Resources Group and Yanzhou Coal Mining, which returned 83.42% and 54.02%, respectively. The worst performers were Shunfeng International Clean Energy and JinkoSolar Holding, which returned -73.51% and -40.48%, respectively.

During the reporting period, the Chinese energy industry experienced slower growth, which is primarily attributed to a general slowdown in China’s economic development. China’s domestic energy demand growth continues to slow as the government implements a series of policies designed to increase energy efficiency and mitigate the negative environmental effects of energy consumption. In addition, global energy prices across a range of energy commodities such as oil and natural gas remained low throughout the reporting period due to excess supply and weak demand. This low price environment put additional pressure on China’s energy companies which may profit off of higher energy prices. While the oil market did recover in the second half of the reporting period, there is still uncertainty as to what impact China’s energy policy will have on traditional as well as renewable energy companies in China.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X China Energy ETF		-6.11	%		-6.93	%		-9.03	%		-9.18	%		-3.04	%		-2.65	%		-3.32	%		-3.44	%
Solactive China Energy Total Return Index		-5.34	%		-5.34	%		-8.35	%		-8.35	%		-2.31	%		-2.31	%		-2.53	%		-2.53	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.57	%		13.57	%		12.27	%		12.27	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 15, 2009.

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

Management Discussion of Fund Performance (unaudited)

Global X China Energy ETF

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

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

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

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X China Financials ETF

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

The Underlying Index is designed to measure the equity performance of the investable universe of companies in the financials sector of the Chinese economy, as defined by the index provider. It is comprised of securities of companies that have their main business operations in the financials sector and generally includes companies whose businesses involve: banking; insurance, real estate, and financial services.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund decreased 2.56%, while the Underlying Index decreased 1.74%. The Fund had a net asset value of $14.90 per share on October 31, 2015 and ended the reporting period with a net asset value of $13.80 on October 31, 2016.

During the reporting period, the highest returns came from Guangzhou R&F Properties and Country Garden Holdings, which returned 61.83% and 42.69%, respectively. The worst performers were China Taiping Insurance Holdings, and China Life Insurance, which returned -38.89% and -29.41%, respectively.

Over the course of the reporting period, China’s financial stocks sported low valuations as investors have generally shied away from the sector, which has been criticized for liberal lending policies. During the period, the percentage of non-performing loans (NPLs) increased as the slowing economy impacted China’s weaker borrowers. To the sector’s benefit, the People’s Bank of China (PBOC) has been cutting the required reserve ratio, most recently in February 2016, which makes more money available for lending, which can potentially increase bank profits.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X China Financials ETF		-2.56	%		-2.36	%		3.51	%		3.67	%		6.80	%		7.16	%		0.61	%		0.59	%
Solactive China Financials Total Return Index		-1.74	%		-1.74	%		4.26	%		4.26	%		7.48	%		7.48	%		1.10	%		1.10	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.57	%		13.57	%		12.33	%		12.33	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 10, 2009.

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

Management Discussion of Fund Performance (unaudited)

Global X China Financials ETF

capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

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

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

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

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X China Industrials ETF

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

The Underlying Index is designed to measure the equity performance of the investable universe of companies in the industrials sector of the Chinese economy, as defined by the index provider. It is comprised of securities of companies that have their main business operations in the industrial sector and generally includes companies whose businesses involve: construction and materials, electronic and electrical equipment, industrial engineering, industrial transportation, and support services, and trading companies, shipbuilding and aerospace.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund decreased 10.60%, while the Underlying Index decreased 8.82%. The Fund had a net asset value of $14.44 per share on October 31, 2015 and ended the reporting period with a net asset value of $12.57 on October 31, 2016.

During the reporting period, the highest returns came from Sunny Optical Technology Group and Weichai Power, which returned 110.67% and 45.09%, respectively. The worst performers were China Huarong Energy and China Shipping Container Lines, which returned -52.42% and -41.09%, respectively.

During the reporting period, China’s industrial production growth fell to its lowest levels in over five years, despite the metric still reading nearly 6% in year over year growth. Slowing GDP growth in China during the reporting period indicates general weakness in the economy. In addition, the economy continues to transition from a manufacturing and export-led economy, to one driven by services and consumption.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X China Industrials ETF		-10.60	%		-12.66	%		2.83	%		2.67	%		3.31	%		3.50	%		-1.88	%		-2.06	%
Solactive China Industrials Total Return Index		-8.82	%		-8.82	%		5.34	%		5.34	%		5.06	%		5.06	%		-0.52	%		-0.52	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.57	%		13.57	%		12.39	%		12.39	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on November 30, 2009.

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

Management Discussion of Fund Performance (unaudited)

Global X China Industrials ETF

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

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

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

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X China Materials ETF

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

The Underlying Index is designed to measure the equity performance of the investable universe of companies in the materials sector of the Chinese economy, as defined by the index provider. It is comprised of securities of companies that have their main business operations in the basic materials sector and generally includes companies whose businesses involve: chemicals, metals and mining, and forestry and paper products.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 6.84%, while the Underlying Index increased 8.19%. The Fund had a net asset value of $13.29 per share on October 31, 2015 and ended the reporting period with a net asset value of $13.42 on October 31, 2016.

During the reporting period, the highest returns came from Kingboard Chemical Holdings and Zhaojin Mining Industry, which returned 115.88% and 79.21%, respectively. The worst performers were China Molybdenum and West China Cement, which returned -60.3% and -41.08%, respectively.

During the reporting period, China’s materials sector benefited as the country’s housing market gained momentum, resulting in more construction and demand for basic materials. The housing market, along with other areas of China’s economy, was boosted by accommodative central bank policies, such as interest rate cuts and lower deposit requirements. The materials segment also benefited from the broad rebound in commodity prices as many materials firms profited from higher commodity prices.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X China Materials ETF		6.84	%		8.14	%		-1.10	%		-0.81	%		-4.96	%		-4.52	%		-9.64	%		-9.56	%
Solactive China Materials Total Return Index		8.19	%		8.19	%		1.30	%		1.30	%		-3.73	%		-3.73	%		-8.29	%		-8.29	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.57	%		13.57	%		11.98	%		11.98	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on January 12, 2010.

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

Management Discussion of Fund Performance (unaudited)

Global X China Materials ETF

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

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

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

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X NASDAQ China Technology ETF

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

The Underlying Index is designed to track the performance of the technology sector in China as defined by the index provider. It is comprised of securities of companies that have their main business operations in the technology sector and generally includes companies whose businesses involve: computer services, internet, software, computer hardware, electronic office equipment, semiconductors, and telecommunications equipment.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 6.20%, while the Underlying Index increased 7.12%. The Fund had a net asset value of $22.01 per share on October 31, 2015 and ended the reporting period with a net asset value of $23.23 on October 31, 2016.

During the reporting period, the highest returns came from Weibo and Baozun, which returned 185.42% and 126.32%, respectively. The worst performers were Suncorp Technologies and 21Vianet Group, which returned -64.67% and -63.52%, respectively.

The technology sector in China continues to grow, as e-commerce and hardware companies continue to benefit from higher internet and mobile penetration. China has implemented policies to encourage foreign direct investment (FDI) into its high-tech industries, including software, electronics and information technology. Joint ventures between foreign companies and Chinese firms has also contributed positively to China’s technology development. China’s most recent five-year development plan was announced shortly before the reporting period and commenced at the beginning of 2016. The plan outlined initiatives to grow the cyber economy and improve internet connectivity to continue to modernize the country. In addition, China’s Single’s Day in November 2015 became one of the largest e-commerce days, surpassing the U.S.’s Cyber Monday.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X NASDAQ China Technology ETF		6.20	%		6.54	%		4.38	%		4.12	%		9.25	%		9.37	%		7.26	%		7.16	%
Hybrid NASDAQ OMX China Technology Index/Solactive China Technology Index**		7.12	%		7.12	%		5.29	%		5.29	%		10.09	%		10.09	%		8.02	%		8.02	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.57	%		13.57	%		12.48	%		12.48	%

Growth of a $10,000 Investment

(At Net Asset Value)

Management Discussion of Fund Performance (unaudited)

Global X NASDAQ China Technology ETF

*Fund commenced operations on December 8, 2009.

** Reflects performance of Solactive China Technology Index through December 12, 2011 and NASDAQ OMX China Technology Index thereafter.

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Southeast Asia ETF

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

The Underlying Index tracks the equity performance of the 40 largest and most liquid companies in the five Association of Southeast Asian Nations ("ASEAN") regions: Singapore, Malaysia, Indonesia, Thailand and the Philippines, as defined by the index provider.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 8.75%, while the Underlying Index increased 9.57%. The Fund had a net asset value of $13.07 per share on October 31, 2015 and ended the reporting period with a net asset value of $13.72 on October 31, 2016.

During the reporting period, the highest returns came from Telekomunikasi Indonesia and Astra International, which returned 66.98% and 49.76%, respectively. The worst performers were PLDT and Advanced Info Service, which returned -29.94% and -28.42%, respectively.

The Association of South East Asian Nations (ASEAN) – which includes Singapore, Malaysia, Indonesia, the Philippines and Thailand, among other countries — remains one of the more dynamic regions in the global economy. Collectively the ASEAN region has delivered impressive productivity growth despite facing headwinds from a weak global recovery and the slowdown in China’s economic growth, a key trading partner for the region. Indonesia has been a particular bright spot, with the rupiah outperforming most other Asian currencies. The Philippine economy also experienced positive developments during the period, with consumption and investment remaining robust and an acceleration in GDP growth. In contrast, Malaysia generally underperformed during the period, with low oil prices and weak external demand causing economic growth in Malaysia to falter. While the ASEAN region could benefit from further economic integration and increased trade with regional partners, the uncertain status of agreements such as the Trans-Pacific Partnership has made the outlook somewhat less clear. In addition, the region could face political turmoil with relatively recent political changes in Indonesia, the Philippines, and Thailand.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Southeast Asia ETF		8.75	%		8.87	%		-3.99	%		-4.07	%		0.48	%		0.50	%		0.92	%		0.81	%
FTSE/ASEAN 40 Index		9.57	%		9.57	%		-3.44	%		-3.44	%		1.02	%		1.02	%		1.51	%		1.51	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.57	%		13.57	%		10.80	%		10.80	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on February 16, 2011.

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

Management Discussion of Fund Performance (unaudited)

Global X Southeast Asia ETF

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

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

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

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Andean 40 ETF

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

The Underlying Index is a free-float adjusted, modified capitalization-weighted index designed to measure performance of the 40 largest and most liquid companies in the Chile, Colombia, and Peru markets, as defined by the index provider.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 15.64%, while the Underlying Index increased 16.65%. The Fund had a net asset value of $7.23 per share on October 31, 2015 and ended the reporting period with a net asset value of $8.14 on October 31, 2016.

During the reporting period, the highest returns came from Cia de Minas Buenaventura and Empresa Nacional de Electricidad, which returned 107.33% and 91.67%, respectively. The worst performers were the two Pacific Exploration and Production stocks, which returned -90.23% and -73.68%.

The Andean region includes the countries of Chile, Colombia, and Peru. These countries tend to be heavily dependent on commodity exports like oil and precious metals. While commodity prices bottomed in Q1 2016, the recovery in oil and precious metals provided boosts to each of these economies. In addition, these developing countries have benefited from generally business-friendly and fiscally prudent policies, which has helped attract foreign investment. In addition, the Andean region maintains a favorable free trade and investment environment, which has a positive effect on the economic growth in the region. Furthermore, the countries of the Andean region have also managed to keep inflation in check, which lends credibility to their monetary policy and makes it easier for companies to do business in the region.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X FTSE Andean 40 ETF		15.64	%		13.99	%		-10.78	%		-11.19	%		-7.94	%		-8.06	%		-8.38	%		-8.57	%
FTSE Andean 40 Index		16.65	%		16.65	%		-10.26	%		-10.26	%		-7.58	%		-7.58	%		-7.87	%		-7.87	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.57	%		13.57	%		11.23	%		11.23	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on February 2, 2011.

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Andean 40 ETF

expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

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

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

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

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Colombia ETF

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

The Underlying Index is designed to measure broad-based equity market performance in Colombia, as defined by the index provider.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 6.55%, while the Underlying Index increased 6.96%. The Fund had a net asset value of $8.79 per share on October 31, 2015 and ended the reporting period with a net asset value of $9.22 on October 31, 2016.

During the reporting period, the highest returns came from Avianca Holding and Interconexion Electrica, which returned 59.25% and 42.49%, respectively. The worst performers were the two Pacific Exploration and Production stocks, which returned -90.23% and -69.47%.

With oil representing a significant percentage of the country’s exports, Colombia’s economy and currency are closely tied to oil prices. Colombian equities suffered when oil prices declined in the beginning of the reporting period but began to recover as oil rebounded after Q1 2016. While the low oil price environment has negatively impacted government revenues, Colombia has managed to reduce its current account deficit during the reporting period through fiscal reform measures and continues to work to improve its current account through widening of the personal income tax base, simplification of the corporate tax code, and a value-added tax hike. The Colombian government has also prioritized finalizing a peace deal in the long-standing conflict with FARC rebels in the country, which could result in greater optimism for the country’s future growth.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X MSCI Colombia ETF		6.55	%		7.05	%		-21.18	%		-21.22	%		-11.55	%		-11.70	%		4.93	%		4.91	%
Hybrid MSCI All Colombia Select 25/50/MSCI All Colombia Capped Index/FTSE Colombia 20 Index**		6.96	%		6.96	%		-20.39	%		-20.39	%		-10.84	%		-10.84	%		5.94	%		5.94	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.57	%		13.57	%		15.08	%		15.08	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on February 5, 2009.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Colombia ETF

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

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. The Fund’s performace reflects contractual fee waivers in effect until at least March 1, 2017. Absent these waivers performance would be lower. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Brazil Mid Cap ETF

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

The Underlying Index is designed to measure the equity performance of Brazilian mid-market capitalization companies, as defined by the index provider.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 49.36%, while the Underlying Index increased 50.64%. The Fund had a net asset value of $6.87 per share on October 31, 2015 and ended the reporting period with a net asset value of $9.98 on October 31, 2016.

During the reporting period, the highest returns came from Cia Siderurgica Nacional and Gerdau, which returned 173.98% and 148.74%, respectively. The worst performers were EDP-Energias do Brasil and Fibria Celulose, which returned -56.97% and -35.75%, respectively.

Over the reporting period, Brazil has had standout equity performance among emerging markets. Much of this positive performance has been driven by the recovery in commodity prices, particularly oil, which is a major export of Brazil. The country’s equity performance has also benefited from political changes, which have been perceived as positives by the markets. Brazilian President Dilma Rousseff was impeached for corruption charges in August 2016 and replaced with Michel Temer, who many consider a more pro-business politician. During the reporting period, however, the Brazilian economy continued to struggle to emerge from its deepest recession on record, with Brazil’s central bank facing the dual challenges of high inflation and a shrinking economy. Midcap Brazilian stocks tend to be more domestically focused than the large cap segment, which consists of more multi-national conglomerates. As such, these midcaps tend to be more sensitive to changes in the strength of the Brazilian economy. Therefore, the Fund’s performance could benefit from positive economic developments such as falling inflation, lower interest rates, and a return to economic growth, should these events occur.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Brazil Mid Cap ETF		49.36	%		49.77	%		-8.38	%		-8.46	%		-5.34	%		-5.31	%		-3.63	%		-3.71	%
Solactive Brazil Mid Cap Index		50.64	%		50.64	%		-7.78	%		-7.78	%		-4.56	%		-4.56	%		-2.89	%		-2.89	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.57	%		13.57	%		13.06	%		13.06	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on June 21, 2010.

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

Management Discussion of Fund Performance (unaudited)

Global X Brazil Mid Cap ETF

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

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

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

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Brazil Consumer ETF

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

The Underlying Index is designed to measure the equity performance of the consumer sector of the Brazilian economy, as defined by the index provider. Consumer companies include producers of food, beverages, apparel, household and leisure goods, cars and related items, media content, operators of retail stores, and companies offering services to private consumers.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 71.59%, while the Underlying Index increased 73.18%. The Fund had a net asset value of $8.49 per share on October 31, 2015 and ended the reporting period with a net asset value of $14.36 on October 31, 2016.

During the reporting period, the highest returns came from Via Varejo and Cosan, which returned 161.71% and 158.4%, respectively. The worst performers were B2W Cia Digital and Restoque Comercio e Confeccoes de Roupas, which returned -89.59% and -33.55%, respectively.

Over the reporting period, Brazil has had standout equity performance among emerging markets. Much of this positive performance has been driven by the recovery in commodity prices, particularly oil, which is a major export of Brazil. The country’s equity performance has also benefited from political changes, which have been perceived as positives by the markets. Brazilian President Dilma Rousseff was impeached for corruption charges in August 2016 and replaced with Michel Temer, who many consider a more pro-business politician. During the reporting period, however, the Brazilian economy continued to struggle to emerge from its deepest recession on record, with Brazil’s central bank facing the dual challenges of high inflation and a shrinking economy. The general state of the economy has continued to put pressure on the Brazilian consumer as consumer confidence remains below longer term averages and unemployment remains well above 10%.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Brazil Consumer ETF		71.59	%		72.35	%		-5.34	%		-5.35	%		-1.46	%		-1.85	%		0.14	%		0.09	%
Solactive Brazil Consumer Index		73.18	%		73.18	%		-4.39	%		-4.39	%		-0.48	%		-0.48	%		1.15	%		1.15	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.57	%		13.57	%		14.01	%		14.01	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on July 7, 2010.

Management Discussion of Fund Performance (unaudited)

Global X Brazil Consumer ETF

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Argentina ETF

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

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

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 20.65%, while the Underlying Index increased 22.81%. The Fund had a net asset value of $19.81 per share on October 31, 2015 and ended the reporting period with a net asset value of $23.69 on October 31, 2016.

During the reporting period, the highest returns came from the two Pan American Silver stocks, which returned 132.15% and 112.89%. The worst performers were EPI Holdings and YPF, which returned -50.5% and -16.38%, respectively.

Elected in November 2015, President Mauricio Macri has implemented a series of new economic policies with the goal of spurring the Argentinian economy after a decade of erratic economic growth. One such policy was unpegging the Argentinian peso from the dollar, which allowed the currency to devalue about 30%. This coincided with a significant increase in interest rates and a reduction of the government payroll, which overall has had a positive impact on the Argentine economy. After a long hiatus, Argentina has also been able to return to the global debt markets with the announcement to settle the previously defaulted debt to U.S. bondholders. Macri’s aggressive economic policies have renewed foreign investors’ confidence in Argentina. Nevertheless, challenges and pressure remain as the potential for high inflation remains prevalent and the country also remains highly dependent on commodity exports.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X MSCI Argentina ETF		20.65	%		20.51	%		5.99	%		5.99	%		2.63	%		2.83	%		-3.02	%		-2.96	%
Hybrid FTSE Argentina 20/MSCI All Argentina 25/50 Index**		22.81	%		22.81	%		7.42	%		7.42	%		3.93	%		3.93	%		-1.91	%		-1.91	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.57	%		13.57	%		11.28	%		11.28	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on March 2, 2011.

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

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Argentina ETF

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

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

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

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Greece ETF

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

The Underlying Index is designed to reflect broad-based equity market performance in Greece, as defined by the index provider.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund decreased 28.33%, while the Underlying Index decreased 27.47%. The Fund had a net asset value of $10.41 per share on October 31, 2015 and ended the reporting period with a net asset value of $7.35 on October 31, 2016.

During the reporting period, the highest returns came from Jumbo and GasLog, which returned 75.52% and 72.9%, respectively. The worst performers were Piraeus Bank and National Bank of Greece, which returned -98.39% and -96.95%, respectively.

At a macro level, many developments and indicators in 2016 point towards a gradual improvement in Greece’s economy. The Bank of Greece continues seeking to restore confidence and boost liquidity in Greece’s capital markets, which would improve the investment climate after the completion of the first Greek bailout review by the European Central Bank (ECB). In addition, the Greek economy appears to be gradually strengthening, while inflation continued to abate in the second quarter of 2016. The European Commission expects Greece's current account to turn to a surplus in 2016 for the first time in more than 20 years. Due to gradual improvement in the economy and subdued wage growth, the unemployment rate has continued its downward trend during the reporting period. Despite these positive trends, however, significant challenges still lie ahead for Greece as its economy continues to adjust to austerity policies and subdued levels of economic growth. In addition, the Fund’s performance was negatively impacted by large stock dilutions from Greek banks which in November 2015 raised capital through equity issuances at steep discounts.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X MSCI Greece ETF		-28.33	%		-29.40	%		-30.64	%		-30.99	%		-13.24	%		-13.39	%
Hybrid MSCI All Greece Select25/50/ FTSE/ATHEX Custom Capped Index**		-27.47	%		-27.47	%		-30.11	%		-30.11	%		-12.31	%		-12.31	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.64	%		13.64	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 7, 2011.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Greece ETF

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

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Norway ETF

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

The Underlying Index is designed to measure broad-based equity market performance in Norway, as defined by the index provider. The Underlying Index consists of stocks traded primarily on the Norwegian stock exchange. The Underlying Index may include large-, mid- or small-capitalization companies.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 6.86%, while the Underlying Index increased 7.27%. The Fund had a net asset value of $10.75 per share on October 31, 2015 and ended the reporting period with a net asset value of $11.07 on October 31, 2016.

During the reporting period, the highest returns came from Aker and Hexagon Composites, which returned 160.75% and 127.02%, respectively. The worst performers were ProSafe and Avance Gas Holding, which returned -98.05% and -76.69%, respectively.

Norwegian equity prices and the Norwegian currency have suffered from the fall in oil prices that began in late 2014; oil prices continued to demonstrate weakness during the reporting period. To stimulate growth, the Norwegian Central Bank slashed benchmark interest rates by 25 basis points and the government implemented fiscal stimulus policies by tapping into its massive sovereign wealth fund. Despite negative GDP growth in Q4 2015, the economy returned to positive growth in both Q1 and Q2 of 2016 and further benefited from the improvement in oil prices since Q1 2016.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X MSCI Norway ETF		6.86	%		6.65	%		-9.15	%		-9.23	%		-0.97	%		-0.90	%		-1.77	%		-1.79	%
Hybrid MSCI Norway IMI 25/50 Index/FTSE Norway 30 Index**		7.27	%		7.27	%		-8.85	%		-8.85	%		-0.38	%		-0.38	%		-1.02	%		-1.02	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.57	%		13.57	%		12.19	%		12.19	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on November 9, 2010.

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

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Norway ETF

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

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

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

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Nordic Region ETF

The Global X FTSE Nordic Region ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE Nordic 30 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to reflect broad-based equity market performance in Sweden, Denmark, Norway and Finland, as defined by the index provider. The Underlying Index tracks the equity performance of the 30 largest and most liquid companies in Sweden, Denmark, Norway and Finland.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund decreased 10.54%, while the Underlying Index decreased 10.53%. The Fund had a net asset value of $22.29 per share on October 31, 2015 and ended the reporting period with a net asset value of $19.38 on October 31, 2016.

During the reporting period, the highest returns came from Sandvik and Fortum, which returned 24.65% and 21.27%, respectively. The worst performers were Ericsson and Nokia, which returned -48.46% and -37.39%, respectively.

The Nordic region has experienced subdued growth due to economic headwinds in Europe and low oil prices. The region consists of Sweden, Norway, Denmark and Finland, which overall have experienced declining competitiveness relative to peer group countries competing in similar export markets, given high wages. Several of the Nordic countries have exposure to oil prices, most notably Norway, which is a significant oil exporter. Low oil prices during the reporting period created headwinds for Norway, with a steep decline in oil-related activities contributing to stagnant private consumption. Despite a focus on oil, the region is among the world leaders in the green-energy movement, which could position these countries to successfully transition to a less oil-dependent economy.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X FTSE Nordic Region ETF		-10.54	%		-10.36	%		-3.65	%		-3.77	%		5.29	%		5.45	%		6.49	%		6.46	%
FTSE Nordic 30 Index		-10.53	%		-10.53	%		-3.77	%		-3.77	%		5.00	%		5.00	%		6.43	%		6.43	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.57	%		13.57	%		13.71	%		13.71	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on August 17, 2009.

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Nordic Region ETF

considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

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

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

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

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Nigeria ETF

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

The Underlying Index is designed to represent the performance of the broad Nigeria equity universe, while including a minimum number of constituents, as defined by the index provider.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund decreased 43.30%, while the Underlying Index decreased 41.79%. The Fund had a net asset value of $7.94 per share on October 31, 2015 and ended the reporting period with a net asset value of $4.31 on October 31, 2016.

During the reporting period, the highest returns came from United Bank for Africa and Access Bank, which returned -9.81% and -12.3%, respectively. The worst performers were Diamond Bank and Forte Oil, which returned -74.94% and -73.55%, respectively.

The Nigerian economy, currency and government revenues are highly dependent on oil prices. The prolonged slump in oil prices during the reporting period has put significant strain on Nigeria, particularly on its government finances and on the country’s ability to maintain a long-standing currency peg to the US dollar. As low oil prices persisted, the Nigerian central bank decided to abandon its currency peg and implement a “managed float” of the local currency. While generally viewed as a positive decision for the long-term, the short-term impact was a swift devaluation in the local currency, which negatively impacted Nigerian equities in US dollar terms. Nigeria still maintains a degree of capital controls in the currency market, making it more challenging to repatriate the local currency. Furthermore, Nigeria’s economic growth has slowed significantly since the fall in oil prices, with the country officially entering a recession and experiencing negative GDP growth from Q1 2016 to Q3 2016.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X MSCI Nigeria ETF		-43.30	%		-39.90	%		-31.98	%		-31.02	%		-28.13	%		-26.58	%
Hybrid MSCI All Nigeria Select 25/50 Index/Solactive Nigeria Index**		-41.79	%		-41.79	%		-30.52	%		-30.52	%		-26.67	%		-26.67	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		11.13	%		11.13	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on April 2, 2013.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Nigeria ETF

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

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. The Fund’s performance reflects contractual fee waivers in effect until at least March 1, 2016. Absent these waivers performance would be lower. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X Next Emerging & Frontier ETF

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

The Underlying Index is designed to reflect equity performance of next emerging markets and frontier markets companies, as defined by the index provider. Next Emerging markets are defined as emerging market countries, excluding the BRICs (Brazil, Russia, India and China) and excluding the most developed tier of emerging markets (South Korea and Taiwan). Frontier markets are those emerging market countries that generally have smaller economies or less developed capital markets.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 7.33%, while the Underlying Index increased 8.28%. The Fund had a net asset value of $19.27 per share on October 31, 2015 and ended the reporting period with a net asset value of $20.15 on October 31, 2016.

During the reporting period, the highest returns came from Endeavour Mining and Yamana Gold, which returned 282.25% and 139.94%, respectively. The worst performers were Pacific Drilling and Total Access Communication Public, which returned -78% and -51.19%, respectively.

Emerging and frontier market equities tend to have elevated sensitivities to commodities prices as well as the US dollar. Over the course of the reporting period, commodities reversed their multi-year slump and the dollar began to weaken versus international currencies. Both of these developments had a positive impact on emerging and frontier markets. In addition, the low growth environment among developed markets increased investor interest in gaining exposure to the higher growth potential economies in the emerging and frontier markets. Due in part to their attractive demographics, many emerging and frontier countries exhibit higher GDP growth rates than developed market averages. The Fund had an average approximate exposure of 17.7% in the financials sector, 14.9% in the materials sector, and 12.6% in telecommunication services stocks.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Next Emerging & Frontier ETF		7.33	%		10.48	%		-5.66	%		-5.16	%
Solactive Next Emerging & Frontier Index		8.28	%		8.28	%		-4.97	%		-4.97	%
S&P 500 Index		4.51	%		4.51	%		8.57	%		8.57	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on November 6, 2013.

Management Discussion of Fund Performance (unaudited)

Global X Next Emerging & Frontier ETF

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Portugal 20 ETF

The Global X FTSE Portugal 20 ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE Portugal 20 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to reflect broad-based equity market performance in Portugal, as defined by the index provider.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund decreased 4.86%, while the Underlying Index decreased 5.13%. The Fund had a net asset value of $10.85 per share on October 31, 2015 and ended the reporting period with a net asset value of $9.88 on October 31, 2016.

During the reporting period, the highest returns came from Sonae Capital and Corticeira Amorim, which returned 79.75% and 60.36%, respectively. The worst performers were Banco Comercial Portugues and Cimpor Cimentos de Portugal, which returned -69.31% and -47.6%, respectively.

During the reporting period, Portugal’s GDP growth continued its downward trend primarily due to falling exports and softening domestic demand. The fiscal situation in Portugal remains challenging, and even though government spending to GDP ratio has declined since 2014, Portugal’s government debt burden remains significant. To the positive, consumer confidence has remained relatively stable and the unemployment rate has declined since the height of the European debt crisis. Concerns remain however with regard to corporate leverage and bank balance sheet quality, which may negatively affect corporate investment.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X FTSE Portugal 20 ETF		-4.86	%		-4.16	%		-11.28	%		-11.28	%
FTSE Portugal 20 Index		-5.13	%		-5.13	%		-11.06	%		-11.06	%
S&P 500 Index		4.51	%		4.51	%		8.66	%		8.66	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on November 12, 2013.

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Portugal 20 ETF

expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

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

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

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

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Pakistan ETF

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

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

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 10.95%, while the Underlying Index increased 13.84%. The Fund had a net asset value of $14.17 per share on October 31, 2015 and ended the reporting period with a net asset value of $15.23 on October 31, 2016.

During the reporting period, the highest returns came from National Refinery and Honda Atlas Cars Pakistan, which returned 151.7% and 88.11%, respectively. The worst performers were Fatima Fertilizer and Pak Elektron, which returned -26.1% and -15.53%, respectively.

The government of Pakistan has continued its efforts to attract foreign direct investment and implement policy reform, which has improved the country’s economic growth. Furthermore, inflation has abated, the government’s budget deficit has been reduced, and the country continues to move forward with a privatization program. Chinese investment in the China-Pakistan Economic Corridor and government campaigns to boost trade may also contribute to economic growth in the coming years. During the reporting period, index provider, MSCI, announced that Pakistan will be reclassified from Frontier Markets to Emerging Markets, a signal that economic and political reforms are progressing. Nevertheless, the country faces headwinds from domestic security concerns, energy shortages/outages, and high levels of corruption.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X MSCI Pakistan ETF*		10.87	%		9.94	%		1.84	%		1.89	%
MSCI All Pakistan Select 25/50 Index		13.84	%		13.84	%		4.73	%		4.73	%
S&P 500 Index		4.51	%		4.51	%		2.74	%		2.74	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on April 22, 2015.

The S&P 500 Index is a market capitalization-weighted composite index of 500 large capitalization U.S. companies.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Pakistan ETF

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

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

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

See definition of comparative indices on previous page.

Schedule of Investments

October 31, 2016

Global X China Consumer ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 100.0%
CHINA— 56.0%
Consumer Goods — 31.4%
ANTA Sports Products		547,596	$	1,581,739
Belle International Holdings, Cl A		3,295,496		1,997,309
China Resources Beer Holdings		1,017,088		2,164,059
BYD, Cl H ^{* (A)}		450,000		2,959,438
China Yurun Food Group ^{* (A)}		859,788		137,480
Dongfeng Motor Group, Cl H		1,853,046		1,928,352
Great Wall Motor, Cl H		2,022,897		1,974,678
Guangzhou Automobile Group, Cl H		1,303,317		1,576,448
Hengan International Group		435,349		3,466,579
Li Ning ^*		979,969		700,082
Tingyi Cayman Islands Holding ^(A)		1,186,425		1,280,537
Tsingtao Brewery, Cl H ^(A)		219,617		877,918
Want Want China Holdings ^(A)		3,698,909		2,256,116
				22,900,735
Consumer Services — 24.6%
Air China, Cl H		1,103,328		725,607
Alibaba Group Holding ADR ^*		41,051		4,174,476
China Southern Airlines, Cl H		1,148,995		645,998
Ctrip.com International ADR ^*		75,962		3,353,723
Golden Eagle Retail Group		271,000		376,717
GOME Electrical Appliances Holding ^(A)		6,991,205		883,496
Intime Retail Group		977,384		767,554
JD.com ADR ^*		133,717		3,469,956
New Oriental Education & Technology Group ADR ^*		24,078		1,207,030
Vipshop Holdings ADR ^*		173,512		2,371,909
				17,976,466
TOTAL CHINA				40,877,201
HONG KONG— 44.0%
Consumer Goods — 27.5%
Biostime International Holdings ^(A)		115,800		284,914
Brilliance China Automotive Holdings		1,298,700		1,542,393
China Agri-Industries Holdings ^*		1,315,056		515,519
China Foods		464,813		206,188
China Mengniu Dairy		1,740,752		3,299,749

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

Schedule of Investments

October 31, 2016

Global X China Consumer ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Consumer Goods — continued
Geely Automobile Holdings		3,250,000	$	3,352,741
Li & Fung		3,628,700		1,787,479
Shenzhou International Group Holdings ^(A)		366,862		2,433,967
Skyworth Digital Holdings		1,176,087		761,324
Techtronic Industries		545,300		2,053,265
Uni-President China Holdings		824,143		557,941
WH Group ^(B)		3,996,400		3,241,501
				20,036,981
Consumer Services — 16.5%
China Dongxiang Group		2,045,188		398,233
Chow Tai Fook Jewellery Group		689,779		489,214
Galaxy Entertainment Group		931,700		3,826,592
Melco Crown Entertainment ADR ^(A)		195,997		3,280,990
MTR		563,800		3,122,589
Sun Art Retail Group ^(A)		1,350,025		952,260
				12,069,878
TOTAL HONG KONG				32,106,859
TOTAL COMMON STOCK
(Cost $85,084,566)				72,984,060

REPURCHASE AGREEMENTS (C) — 10.2%
Barclays Bank
0.320%, dated 10/31/16, to be repurchased on 11/01/16 repurchase price $6,000,053 (collateralized by U.S Treasury Obligations, ranging in par value $0-$3,006,448, 0.000%-4.750%, 11/15/16-05/15/46, with a total market value of $6,120,000)	$	6,000,000		6,000,000
Deutsche Bank
0.350%, dated 10/31/16, to be repurchased on 11/01/16 repurchase price $1,484,683 (collateralized by U.S. Treasury Obligations, par value $1,380,661, 3.000%, 05/15/45 with a total market value of $1,520,921)		1,484,669		1,484,669
TOTAL REPURCHASE AGREEMENTS
(Cost $7,484,669)				7,484,669
TOTAL INVESTMENTS — 110.2%
(Cost $92,569,235)			$	80,468,729

Percentages are based on Net Assets of $73,022,636.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan as of October 31, 2016. The total value of securities on loan as of October 31, 2016 was $7,072,381.
(B)	Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of October 31, 2016 was $3,241,501 and represents 4.4% of Net Assets.

(C)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2016 was $7,484,669.

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

Schedule of Investments

October 31, 2016

Global X China Consumer ETF

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	72,984,060	$	—	$	—	$	72,984,060
Repurchase Agreements		—		7,484,669		—		7,484,669
Total Investments in Securities	$	72,984,060	$	7,484,669	$	—	$	80,468,729

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2016, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X China Energy ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 100.0%
CHINA— 48.4%
Basic Materials — 8.5%
China Coal Energy, Cl H		62,491	$	35,457
China Shenhua Energy, Cl H		37,830		78,735
Yanzhou Coal Mining, Cl H		27,075		20,075
				134,267
Energy — 0.6%
Tianneng Power International		10,115		9,130
Oil & Gas — 28.6%
China Longyuan Power Group, Cl H		47,226		36,113
China Oilfield Services, Cl H		27,566		26,660
China Petroleum & Chemical, Cl H		217,027		158,121
Huaneng Renewables, Cl H		60,600		20,396
JA Solar Holdings ADR ^*		503		2,928
JinkoSolar Holding ADR ^*		418		6,441
Kunlun Energy		47,105		35,656
PetroChina, Cl H		232,913		160,384
Trina Solar ADR ^*		525		5,450
				452,149
Utilities — 10.7%
CGN Power, Cl H ^(A)		155,400		45,489
Datang International Power Generation, Cl H		42,412		11,430
ENN Energy Holdings		11,541		54,320
Huadian Fuxin Energy, Cl H		40,100		9,308
Huadian Power International, Cl H		24,961		10,718
Huaneng Power International, Cl H		64,861		39,896
				171,161
TOTAL CHINA				766,707
HONG KONG— 51.6%
Basic Materials — 0.6%
Shougang Fushan Resources Group		43,815		9,492
Energy — 2.6%
Beijing Enterprises Holdings		7,323		36,639
Canvest Environmental Protection Group		8,900		4,017
				40,656

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

Schedule of Investments

October 31, 2016

Global X China Energy ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 14.8%
China Gas Holdings		23,737	$	36,180
CNOOC		120,785		153,729
GCL-Poly Energy Holdings		187,611		25,403
Shunfeng International Clean Energy ^*		42,700		3,634
United Photovoltaics Group ^*		50,200		4,402
Xinjiang Goldwind Science & Technology, Cl H		7,140		9,870
				233,218
Utilities — 33.6%
Beijing Jingneng Clean Energy, Cl H		31,300		9,525
China Power International Development		49,584		18,095
China Power New Energy Development		6,620		4,021
China Resources Gas Group		12,250		38,465
China Resources Power Holdings		27,231		46,281
CLP Holdings		15,990		162,687
Concord New Energy Group		78,700		3,958
Hong Kong & China Gas		83,886		164,422
Power Assets Holdings		8,170		76,855
Towngas China		14,680		8,272
				532,581
TOTAL HONG KONG				815,947
TOTAL INVESTMENTS — 100.0%
(Cost $2,209,804)			$	1,582,654

Percentages are based on Net Assets of $1,583,275.

*	Non-income producing security.
(A)	Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of October 31, 2016 was $45,489 and represents 2.9% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

As of October 31, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X China Financials ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.3%
CHINA— 60.1%
Financials — 60.1%
Agile Group Holdings		127,312	$	70,758
Agricultural Bank of China, Cl H		2,413,188		1,017,573
Bank of China, Cl H		3,038,534		1,363,547
Bank of Communications, Cl H		693,871		528,802
China Citic Bank, Cl H		1,126,622		727,851
China Construction Bank, Cl H		3,881,126		2,842,711
China Everbright Bank, Cl H		251,100		114,624
China Galaxy Securities, Cl H		322,500		306,911
China Life Insurance, Cl H		509,340		1,265,000
China Merchants Bank, Cl H		378,934		924,509
China Minsheng Banking, Cl H		556,155		634,696
China Pacific Insurance Group, Cl H		255,212		923,125
Chongqing Rural Commercial Bank, Cl H		228,967		137,294
CITIC Securities, Cl H		204,796		454,231
Country Garden Holdings		675,997		352,170
Guangzhou R&F Properties		86,693		122,524
Industrial & Commercial Bank of China, Cl H		4,677,237		2,816,650
Longfor Properties		123,338		163,818
PICC Property & Casualty, Cl H		422,342		684,039
Ping An Insurance Group of China, Cl H		258,414		1,364,572
Sino-Ocean Group Holding		262,152		109,190
SOHO China		168,459		87,109
				17,011,704
TOTAL CHINA				17,011,704
HONG KONG— 39.2%
Financials — 39.2%
AIA Group		424,200		2,677,626
Cheung Kong Property Holdings		191,350		1,417,572
China Everbright		77,741		152,377
China Evergrande Group		320,661		212,124
China Overseas Land & Investment		439,366		1,356,934
China Resources Land		246,208		614,024
China Taiping Insurance Holdings ^*		132,830		256,587
CK Hutchison Holdings		107,750		1,333,180
Haitong Securities, Cl H		268,400		476,242
Hong Kong Exchanges & Clearing		51,100		1,353,468
KWG Property Holding		106,285		61,675

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

Schedule of Investments

October 31, 2016

Global X China Financials ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
New China Life Insurance, Cl H		85,811	$	371,800
People's Insurance Group of China, Cl H		740,800		295,179
Poly Property Group		180,407		57,229
Shenzhen Investment		267,518		116,944
Shimao Property Holdings		103,004		137,873
Sunac China Holdings		165,000		112,981
Yuexiu Property		571,345		83,990
TOTAL HONG KONG				11,087,805
TOTAL INVESTMENTS — 99.3%
(Cost $31,181,647)			$	28,099,509

Percentages are based on Net Assets of $28,288,609.

*	Non-income producing security.

Cl — Class

As of October 31, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X China Industrials ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 64.2%
Consumer Goods — 5.0%
BYD, Cl H ^*		28,494	$	187,392
Industrials — 59.2%
Anhui Conch Cement, Cl H		69,287		192,095
China Communications Construction, Cl H		171,833		189,230
China COSCO Holdings, Cl H ^*		164,232		56,757
China Lesso Group Holdings		62,755		46,046
China National Building Material, Cl H		185,947		85,123
China Railway Construction, Cl H		122,441		153,469
China Railway Group, Cl H		246,458		190,687
China Shanshui Cement Group ^{(A) (B)}		195,552		7,931
China Shipping Container Lines, Cl H ^*		232,082		48,782
China Shipping Development, Cl H		83,784		46,349
China Zhongwang Holdings		90,188		41,751
CRRC		201,913		183,300
Dongfang Electric, Cl H		21,693		16,812
First Tractor, Cl H		25,341		14,182
Guangshen Railway, Cl H		92,348		51,087
Haitian International Holdings		40,846		84,275
Harbin Power Equipment, Cl H		39,711		19,408
Hollysys Automation Technologies		3,160		62,916
Jiangsu Expressway, Cl H		78,799		107,303
Metallurgical Corp of China, Cl H		182,901		59,671
Shanghai Electric Group, Cl H		169,971		78,685
Sinotrans, Cl H		129,600		61,166
Weichai Power, Cl H		62,688		94,741
Yangzijiang Shipbuilding Holdings		137,303		73,490
Zhejiang Expressway, Cl H		92,710		97,195
Zhuzhou CRRC Times Electric, Cl H		35,313		171,218
				2,233,669
TOTAL CHINA				2,421,061
HONG KONG— 35.7%
Industrials — 35.7%
AviChina Industry & Technology, Cl H		135,080		91,797
Beijing Capital International Airport, Cl H		92,641		97,123
Beijing Enterprises Water Group		261,900		190,139

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

Schedule of Investments

October 31, 2016

Global X China Industrials ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
China High Speed Transmission Equipment Group		66,120	$	68,636
China International Marine Containers Group, Cl H		25,180		30,002
China Merchants Holdings International		67,761		175,631
China Resources Cement Holdings		111,321		45,075
China State Construction International Holdings		108,650		158,880
COSCO Pacific		103,500		102,768
Shanghai Industrial Holdings		29,299		89,731
Shenzhen International Holdings		52,506		81,249
Sunny Optical Technology Group		36,874		180,213
Zoomlion Heavy Industry Science and Technology		89,000		32,479
				1,343,723
TOTAL HONG KONG				1,343,723
TOTAL INVESTMENTS — 99.9%
(Cost $5,249,854)			$	3,764,784

Percentages are based on Net Assets of $3,770,292.

*	Non-income producing security.
(A)	Security considered illiquid. The total value of such securities as of October 31, 2016 was $7,931 and represented 0.2% of Net Assets.
(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2016, was $7,931 and represents 0.2% of Net Assets.

Cl — Class

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	3,756,853	$	—	$	7,931	$	3,764,784
Total Investments in Securities	$	3,756,853	$	—	$	7,931	$	3,764,784

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

	Investments in Common Stock

Beginning Balance as of October 31, 2015	$	922,853
Transfers out of Level 3		(290,245	)
Net purchases		2,926
Net sales		(344,077	)
Realized gain (loss)		(249,192	)
Change in unrealized appreciation (depreciation)		(34,334	)
Ending Balance as of October 31, 2016	$	7,931

For the year ended October 31, 2016, the transfers in and out of Level 3 were due to changes in the availability of observable inputs to determine fair value. Transfers between levels are recognized at period end.

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

Schedule of Investments

October 31, 2016

Global X China Industrials ETF

Net change in unrealized appreciation (depreciation) from investments (Level 3) still held as of October 31, 2016 is $(46,495).

For the year ended October 31, 2016, there have been no transfers between Level 1 and Level 2.

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

Schedule of Investments

October 31, 2016

Global X China Materials ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 64.4%
Basic Materials — 64.4%
Aluminum Corp of China, Cl H ^*		177,339	$	65,860
Angang Steel, Cl H		132,824		68,169
BBMG, Cl H		184,940		67,729
China BlueChemical		228,109		44,122
China Hongqiao Group		74,742		66,889
China Molybdenum, Cl H		313,554		69,545
Dongyue Group ^{* (A) (B)}		104,857		5,444
Fosun International		45,340		65,834
Jiangxi Copper, Cl H		58,391		68,971
Maanshan Iron & Steel, Cl H ^*		223,225		50,950
Real Gold Mining ^{* (A) (B)}		97,864		1
Sinofert Holdings		216,930		28,533
Sinopec Shanghai Petrochemical, Cl H		130,850		66,818
Sinopec Yizheng Chemical Fibre, Cl H ^*		270,214		56,100
Zhaojin Mining Industry		69,884		70,651
Zijin Mining Group, Cl H		217,859		68,548
				864,164
TOTAL CHINA				864,164
HONG KONG— 35.5%
Basic Materials — 35.5%
China Lumena New Materials ^{* (A) (B)}		1,950		3
China Metal Resources Utilization ^{* (C)}		71,900		28,835
China Silver Group		97,000		19,138
Citic Pacific		46,440		66,712
Fufeng Group		131,454		55,600
Kingboard Chemical Holdings		21,400		63,332
Munsun Capital Group ^*		961,300		30,990
Nine Dragons Paper Holdings		73,070		59,550
TCC International Holdings		267,540		67,964
West China Cement		267,560		27,257
Yingde Gases		140,579		56,740
				476,121
TOTAL HONG KONG				476,121
TOTAL INVESTMENTS — 99.9%
(Cost $2,157,342)			$	1,340,285

Percentages are based on Net Assets of $1,341,570.

*	Non-income producing security.

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

Schedule of Investments

October 31, 2016

Global X China Materials ETF

(A)	Security considered illiquid. The total value of such securities as of October 31, 2016 was $5,448 and represented 0.4% of Net Assets.
(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2016, was $5,448 and represents 0.4% of Net Assets.
(C)	Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of October 31, 2016 was $28,835 and represents 2.2% of Net Assets.

Cl — Class

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	1,334,837	$	—	$	5,448	$	1,340,285
Total Investments in Securities	$	1,334,837	$	—	$	5,448	$	1,340,285

⁽¹⁾ A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund

has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets.

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X NASDAQ China Technology ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 66.3%
Technology — 66.3%
21Vianet Group ADR ^*		16,585	$	121,236
500.com ADR, Cl A ^*		7,195		121,883
Autohome ADR ^*		13,786		323,282
Baidu ADR ^*		6,503		1,150,121
Baozun ADR ^*		7,295		96,586
China Communications Services, Cl H		812,453		482,976
China Finance Online ADR ^*		7,503		29,487
Coolpad Group		1,124,635		195,782
Eastern Communications, Cl B		107,695		79,156
Kingdee International Software Group		605,089		245,785
Lenovo Group		1,651,073		1,060,284
NetEase ADR		5,248		1,348,683
NQ Mobile ADR, Cl A ^*		30,171		104,392
Semiconductor Manufacturing International ^*		5,077,214		615,432
Shanghai Baosight Software, Cl B		82,390		142,947
Shanghai Potevio, Cl B ^*		44,755		63,955
SINA ^*		14,541		1,048,988
Sohu.com ^*		10,065		376,733
Travelsky Technology, Cl H		255,695		546,680
Weibo ADR ^*		11,635		535,326
YY ADR ^*		5,185		249,243
ZTE, Cl H		226,483		311,913
				9,250,870
TOTAL CHINA				9,250,870
HONG KONG— 33.6%
Technology — 33.6%
Alibaba Health Information Technology ^*		893,509		467,791
ASM Pacific Technology		63,133		609,361
BYD Electronic International		227,581		179,603
China Electronics Holdings		299,000		72,101
China Public Procurement ^*		2,952,900		27,797
Chinasoft International ^*		686,756		323,237
Digital China Holdings		318,648		267,086
FIH Mobile		1,026,609		338,900
Heng Xin China Holdings ^*		1,763,800		22,744
HKBN		221,470		261,314
Hua Hong Semiconductor (A)		111,700		132,228
National Agricultural Holdings *		289,400		42,543

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

Schedule of Investments

October 31, 2016

Global X NASDAQ China Technology ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
New Sports Group ^*		4,523,400	$	58,330
PAX Global Technology		237,880		148,774
Suncorp Technologies ^*		4,780,100		46,846
Tencent Holdings		42,775		1,135,173
VTech Holdings		44,472		545,947
				4,679,775
TOTAL HONG KONG				4,679,775
TOTAL INVESTMENTS — 99.9%
(Cost $13,452,705)			$	13,930,645

Percentages are based on Net Assets of $13,940,244.

*	Non-income producing security.
(A)	Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of October 31, 2016 was $132,228 and represents 0.9% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

As of October 31, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X Southeast Asia ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.8%
INDONESIA— 20.6%
Consumer Goods — 5.7%
Astra International		750,181	$	472,888
Gudang Garam		17,090		88,934
Unilever Indonesia		42,576		145,123
				706,945
Financials — 9.9%
Bank Central Asia		457,736		544,632
Bank Mandiri		348,180		306,205
Bank Rakyat Indonesia Persero		401,240		375,163
				1,226,000
Telecommunications — 5.0%
Telekomunikasi Indonesia ADR		18,814		611,267
TOTAL INDONESIA				2,544,212
MALAYSIA— 23.3%
Basic Materials — 1.5%
Petronas Chemicals Group		107,324		179,087
Financials — 9.6%
CIMB Group Holdings		208,375		249,851
Malayan Banking		205,431		386,867
Public Bank		116,049		549,400
				1,186,118
Health Care — 1.3%
IHH Healthcare		104,080		158,787
Industrials — 1.9%
Sime Darby		122,696		239,542
Oil & Gas — 1.3%
Petronas Gas		29,479		154,598

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

Schedule of Investments

October 31, 2016

Global X Southeast Asia ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 4.1%
Axiata Group		169,788	$	199,132
DiGi.Com		139,100		166,787
Maxis		97,806		138,957
				504,876
Utilities — 3.6%
Tenaga Nasional		131,575		449,770
TOTAL MALAYSIA				2,872,778
PHILIPPINES— 6.4%
Consumer Goods — 1.5%
JG Summit Holdings		114,720		180,055
Consumer Services — 2.0%
SM Investments		17,840		247,581
Financials — 2.4%
Ayala Land		141,770		106,131
SM Prime Holdings		344,300		191,268
				297,399
Telecommunications — 0.5%
PLDT ADR		2,036		64,745
TOTAL PHILIPPINES				789,780
SINGAPORE— 28.3%
Consumer Goods — 1.5%
Wilmar International		78,351		186,322
Consumer Services — 2.1%
Jardine Cycle & Carriage		4,118		124,910
Singapore Airlines		18,913		137,645
				262,555
Financials — 18.5%
CapitaLand		94,518		209,829
DBS Group Holdings		66,503		716,679
Oversea-Chinese Banking		123,466		752,203
United Overseas Bank		44,897		605,766
				2,284,477
Telecommunications — 6.2%
Singapore Telecommunications		273,324		761,906
TOTAL SINGAPORE				3,495,260
THAILAND— 21.2%
Consumer Services — 2.7%
CP ALL NVDR		194,473		337,574
Financials — 6.6%
Bangkok Bank NVDR		17,721		80,763
Kasikornbank NVDR		74,628		366,770

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

Schedule of Investments

October 31, 2016

Global X Southeast Asia ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Siam Commercial Bank NVDR		89,871	$	368,497
				816,030
Industrials — 5.0%
Airports of Thailand NVDR		15,950		173,639
Siam Cement NVDR		31,376		448,260
				621,899
Oil & Gas — 5.3%
PTT NVDR		53,074		524,712
PTT Exploration & Production NVDR		51,610		122,767
				647,479
Telecommunications — 1.6%
Advanced Info Service NVDR		44,201		193,867
TOTAL THAILAND				2,616,849
TOTAL INVESTMENTS — 99.8%
(Cost $13,893,495)			$	12,318,879

Percentages are based on Net Assets of $12,349,367.

ADR — American Depositary Receipt

NVDR — Non-Voting Depositary Receipt

As of October 31, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X FTSE Andean 40 ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 94.8%
CHILE— 46.7%
Basic Materials — 5.4%
CAP		2,923	$	20,400
Empresas CMPC		43,983		95,261
Sociedad Quimica y Minera de Chile ADR		3,609		105,599
				221,260
Consumer Goods — 2.5%
Cia Cervecerias Unidas ADR		2,912		62,608
Vina Concha y Toro		21,950		38,301
				100,909
Consumer Services — 10.4%
Cencosud		44,651		145,540
Latam Airlines Group ADR ^*		13,128		125,898
SACI Falabella		19,215		150,856
				422,294
Financials — 11.6%
Banco de Chile ADR		1,602		116,113
Banco de Chile		8,024		955
Banco de Credito e Inversiones		1,939		99,645
Banco Santander Chile ADR		6,135		140,185
Parque Arauco		21,944		54,410
Sociedad Matriz Banco de Chile, Cl B		181,300		60,940
				472,248
Oil & Gas — 3.7%
Empresas COPEC		14,876		149,457
Technology — 0.9%
Sonda		18,424		38,071

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

Schedule of Investments

October 31, 2016

Global X FTSE Andean 40 ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 1.4%
ENTEL Chile ^*		5,461	$	58,554
Utilities — 10.8%
AES Gener		98,911		33,695
Aguas Andinas, Cl A		120,634		79,526
Colbun		277,295		60,402
Empresa Nacional de Electricidad ADR		4,421		91,780
Enersis ADR		15,502		134,402
Engie Energia Chile		20,632		36,602
				436,407
TOTAL CHILE				1,899,200
COLOMBIA— 24.7%
Consumer Goods — 2.4%
Grupo Nutresa		11,660		97,993
Consumer Services — 1.6%
Almacenes Exito		12,592		63,042
Financials — 11.2%
BanColombia ADR		4,608		176,394
Financiera Colombiana		6,110		76,026
Grupo Aval Acciones y Valores ADR		4,155		34,029
Grupo de Inversiones Suramericana		13,214		171,035
				457,484
Industrials — 5.0%
Cementos Argos		22,045		87,559
Grupo Argos		18,069		117,601
				205,160
Oil & Gas — 3.0%
Ecopetrol ADR ^*		13,895		120,748
Utilities — 1.5%
Interconexion Electrica		18,697		62,342
TOTAL COLOMBIA				1,006,769
PERU— 18.4%
Basic Materials — 9.0%
Cia de Minas Buenaventura ADR		11,616		154,377
Southern Copper		7,483		212,442
				366,819
Financials — 9.4%
Credicorp		1,056		156,921
Credicorp Ltd.		1,520		225,994
				382,915
TOTAL PERU				749,734

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

Schedule of Investments

October 31, 2016

Global X FTSE Andean 40 ETF

	Shares		Value
COMMON STOCK — continued
UNITED STATES— 5.0%
Financials — 1.5%
Itau CorpBanca ADR		4,577	$	61,790
Utilities — 3.5%
Endesa Americas ADR		4,400		63,228
Enersis Chile ADR		15,491		76,990
				140,218
TOTAL UNITED STATES				202,008
TOTAL COMMON STOCK
(Cost $4,982,808)				3,857,711

PREFERRED STOCK — 5.2%
CHILE — 0.9%
Consumer Goods — 0.9%
Embotelladora Andina		9,270		37,168
COLOMBIA — 4.3%
Financials — 2.8%
Banco Davivienda		5,655		57,756
Grupo Aval Acciones y Valores		134,171		55,529
				113,285
Industrials — 1.5%
Grupo Argos		9,700		59,571
TOTAL COLOMBIA				172,856
TOTAL PREFERRED STOCK
(Cost $252,421)				210,024
TOTAL INVESTMENTS — 100.0%
(Cost $5,235,229)			$	4,067,735

Percentages are based on Net Assets of $4,067,842.

*	Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

Ltd. — Limited

As of October 31, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X MSCI Colombia ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 88.8%
COLOMBIA— 88.8%
Basic Materials — 1.6%
Mineros		2,044,718	$	1,433,163
Consumer Goods — 5.0%
Grupo Nutresa		522,478		4,391,033
Consumer Services — 4.8%
Almacenes Exito		851,193		4,261,498
Financials — 43.1%
Banco de Bogota		200,437		4,153,102
BanColombia ADR		410,198		15,702,380
Celsia ESP		2,685,535		3,634,667
Financiera Colombiana		318,430		3,962,167
Grupo Aval Acciones y Valores ADR		380,065		3,112,732
Grupo de Inversiones Suramericana		594,450		7,694,247
				38,259,295
Industrials — 12.8%
Cementos Argos		1,020,011		4,015,255
Cemex Latam Holdings ^*		920,036		3,433,125
Grupo Argos		602,205		3,919,421
				11,367,801
Oil & Gas — 9.5%
Canacol Energy ^*		1,121,919		3,465,581
Ecopetrol ADR ^*		575,489		5,000,999
				8,466,580
Telecommunications — 2.8%
Empresa de Telecomunicaciones de Bogota		12,552,200		2,467,619
Utilities — 9.2%
Empresa de Energia de Bogota		6,369,126		4,039,024
Interconexion Electrica		1,233,033		4,111,338
				8,150,362

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

Schedule of Investments

October 31, 2016

Global X MSCI Colombia ETF

	Shares		Value
COMMON STOCK — continued
TOTAL COLOMBIA			$	78,797,351
TOTAL COMMON STOCK
(Cost $89,913,129)				78,797,351

PREFERRED STOCK — 12.7%
COLOMBIA — 12.7%
Consumer Services — 3.4%
Avianca Holdings		3,760,031		3,011,935
Financials — 8.2%
Banco Davivienda		421,690		4,306,830
Grupo Aval Acciones y Valores		1,431,941		592,638
Grupo de Inversiones Suramericana		187,943		2,383,706
				7,283,174
Industrials — 1.1%
Grupo Argos		161,788		993,590
TOTAL COLOMBIA				11,288,699
TOTAL PREFERRED STOCK
(Cost $11,018,093)				11,288,699
TOTAL INVESTMENTS — 101.5%
(Cost $100,931,222)			$	90,086,050

Percentages are based on Net Assets of $88,760,495.

*	Non-income producing security.

ADR — American Depositary Receipt

As of October 31, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2, and Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X Brazil Mid Cap ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 93.7%
BRAZIL— 93.7%
Basic Materials — 9.0%
Cia Siderurgica Nacional ADR ^*		49,899	$	168,159
Fibria Celulose ADR		18,588		148,332
Gerdau ADR		37,697		129,301
				445,792
Consumer Goods — 9.2%
Cosan Industria e Comercio		5,453		73,566
Hypermarcas		13,497		113,958
JBS		34,700		106,538
M Dias Branco		1,486		63,921
Natura Cosmeticos		6,679		65,232
Sao Martinho		1,734		34,950
				458,165
Consumer Services — 15.9%
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		4,381		83,458
Kroton Educacional		54,670		274,399
Localiza Rent a Car		5,332		67,015
Lojas Renner		23,025		196,296
Raia Drogasil		7,740		173,706
				794,874
Financials — 13.7%
BM&F Bovespa		61,366		363,445
BR Malls Participacoes ^*		20,941		84,403
CETIP - Mercados Organizados		8,282		117,382
Grupo BTG Pactual		5,309		27,368
Multiplan Empreendimentos Imobiliarios		2,847		57,743
Porto Seguro		3,316		31,884
				682,225

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

Schedule of Investments

October 31, 2016

Global X Brazil Mid Cap ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Health Care — 0.7%
Odontoprev		9,280	$	35,175
Industrials — 10.9%
CCR		31,007		170,223
Embraer ADR		3,726		79,699
Klabin		34,094		177,047
WEG		20,780		115,786
				542,755
Telecommunications — 4.3%
Tim Participacoes ADR		15,295		211,836
Utilities — 30.0%
AES Tiete Energia		6,500		34,062
Cia de Saneamento Basico do Estado de Sao Paulo ADR		22,907		240,982
Cia Energetica de Minas Gerais ADR		26,564		80,223
Cia Paranaense de Energia ADR		3,939		44,944
CPFL Energia ADR		18,803		285,806
EDP - Energias do Brasil		12,984		62,709
Engie Brasil Energia		7,567		97,735
Equatorial Energia		6,430		115,262
Transmissora Alianca de Energia Eletrica		12,720		82,768
Ultrapar Participacoes ADR		20,207		456,678
				1,501,169
TOTAL BRAZIL				4,671,991
TOTAL COMMON STOCK
(Cost $4,816,369)				4,671,991

PREFERRED STOCK — 6.2%
BRAZIL— 6.2%
Basic Materials — 2.8%
Braskem		6,410		57,381
Suzano Papel e Celulose		22,860		81,234
				138,615
Consumer Services — 2.7%
Lojas Americanas		20,330		133,827
Utilities — 0.7%
Cia de Transmissao de Energia Eletrica Paulista		1,630		35,676
TOTAL BRAZIL				308,118
TOTAL PREFERRED STOCK
(Cost $259,876)				308,118

CORPORATE OBLIGATION — 0.1%
Hypermarcas
11.300%, 10/15/18 ^{(A) (B)}
(Cost $11,802)	$	19,655		6,311

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

Schedule of Investments

October 31, 2016

Global X Brazil Mid Cap ETF

	Value
TOTAL INVESTMENTS — 100.0%
(Cost $5,088,047)	$	4,986,420

Percentages are based on Net Assets of $4,988,355.

*	Non-income producing security.
(A)	Security considered illiquid. The total value of such securities as of October 31, 2016 was $6,311 and represented 0.1% of Net Assets.
(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2016, was $6,311 and represents 0.1% of Net Assets.

ADR — American Depositary Receipt

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	4,671,991	$	—	$	—	$	4,671,991
Preferred Stock		308,118		—		—		308,118
Corporate Obligation		—		—		6,311		6,311
Total Investments in Securities	$	4,980,109	$	—	$	6,311	$	4,986,420

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X Brazil Consumer ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 92.4%
BRAZIL— 92.4%
Consumer Goods — 48.8%
AMBEV ADR		47,245	$	278,745
Arezzo Industria e Comercio		10,582		99,741
BRF ADR		18,798		314,302
Cia Hering		34,453		212,213
Cosan, Cl A		40,712		362,337
Cosan Industria e Comercio		24,647		332,509
Grendene		20,577		127,654
Hypermarcas		28,200		238,099
JBS		74,056		227,372
M Dias Branco		9,308		400,386
Marfrig Alimentos ^*		63,716		114,115
Minerva ^*		36,405		117,638
Natura Cosmeticos		38,806		379,008
Sao Martinho		12,017		242,211
SLC Agricola		11,506		56,733
				3,503,063
Consumer Services — 43.6%
B2W Cia Digital ^*		27,984		137,805
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		20,246		385,686
CVC Brasil Operadora e Agencia de Viagens		18,110		140,436
Estacio Participacoes		66,260		389,709
Kroton Educacional		77,868		390,834
Localiza Rent a Car		26,031		327,171
Lojas Renner		39,805		339,352
Multiplus		10,852		148,905
Raia Drogasil		15,102		338,929
Smiles		12,861		237,245
Via Varejo		106,334		304,306
				3,140,378
TOTAL BRAZIL				6,643,441
TOTAL COMMON STOCK
(Cost $6,245,903)				6,643,441

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

Schedule of Investments

October 31, 2016

Global X Brazil Consumer ETF

	Shares/Face Amount		Value
PREFERRED STOCK — 7.2%
Consumer Goods — 2.2%
Alpargatas		46,537	$	158,316
Consumer Services — 5.0%
Lojas Americanas		54,042		355,745
TOTAL PREFERRED STOCK
(Cost $384,857)				514,061

CORPORATE OBLIGATION — 0.1%
Hypermarcas
11.300%, 10/15/18 ^{(A) (B)}
(Cost $16,803)	$	27,984		8,986
TOTAL INVESTMENTS — 99.7%
(Cost $6,647,563)			$	7,166,488

Percentages are based on Net Assets of $7,181,777.

*	Non-income producing security.
(A)	Security considered illiquid. The total value of such securities as of October 31, 2016, was $8,986 and represented 0.1% of Net Assets.
(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2016, was $8,986 and represents 0.1% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	6,643,441	$	—	$	—	$	6,643,441
Preferred Stock		514,061		—		—		514,061
Corporate Obligation		—		—		8,986		8,986
Total Investments in Securities	$	7,157,502	$	—	$	8,986	$	7,166,488

⁽¹⁾ A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X MSCI Argentina ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.9%
ARGENTINA— 78.2%
Basic Materials — 16.4%
Tenaris ADR		525,704	$	14,824,853
Consumer Goods — 2.5%
Cresud SACIF y A ADR ^*		129,620		2,268,350
Consumer Services — 22.4%
Arcos Dorados Holdings, Cl A ^*		491,421		3,022,239
Grupo Clarin GDR, Cl B		117,748		2,943,700
MercadoLibre		84,985		14,278,330
				20,244,269
Financials — 15.0%
Banco Macro ADR		64,397		4,908,983
BBVA Banco Frances ADR		143,710		2,821,027
Grupo Financiero Galicia ADR		131,692		4,100,889
IRSA Inversiones y Representaciones ADR ^*		95,064		1,781,499
				13,612,398
Oil & Gas — 11.6%
Petrobras Argentina ADR ^*		290,923		1,931,729
Transportadora de Gas del Sur ADR		312,470		2,265,408
YPF ADR		352,727		6,264,431
				10,461,568
Telecommunications — 4.4%
Telecom Argentina ADR		213,172		4,011,897
Utilities — 5.9%
Empresa Distribuidora Y Comercializadora Norte ADR ^*		52,336		1,343,465
Pampa Energia ADR ^*		118,670		4,043,087
				5,386,552
TOTAL ARGENTINA				70,809,887

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

Schedule of Investments

October 31, 2016

Global X MSCI Argentina ETF

	Shares		Value
COMMON STOCK — continued
CANADA— 5.2%
Basic Materials — 3.3%
Pan American Silver ^		95,397	$	1,524,644
Silver Standard Resources ^*		134,373		1,475,822
				3,000,466
Industrials — 1.9%
Finning International		89,923		1,674,671
TOTAL CANADA				4,675,137
CHILE— 5.6%
Consumer Goods — 3.5%
Cia Cervecerias Unidas ADR		68,904		1,481,436
Embotelladora Andina ADR, Cl B		72,189		1,738,311
				3,219,747
Consumer Services — 2.1%
Cencosud		579,950		1,890,350
TOTAL CHILE				5,110,097
LUXEMBOURG— 3.7%
Consumer Goods — 3.7%
Adecoagro ^*		307,798		3,385,778
MEXICO— 1.5%
Consumer Goods — 1.5%
Arca Continental		222,437		1,389,204
SPAIN— 1.8%
Industrials — 1.8%
Prosegur Cia de Seguridad		226,920		1,646,727
UNITED STATES— 3.9%
Technology — 3.9%
Globant ^*		80,205		3,488,918
TOTAL INVESTMENTS — 99.9%
(Cost $81,046,590)			$	90,505,748

Percentages are based on Net Assets of $90,601,600.

*	Non-income producing security.
^	Traded on the U.S. Stock Exchange.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

As of October 31, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of October 31, 2016, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X MSCI Greece ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.8%
GREECE— 89.8%
Basic Materials — 3.0%
Mytilineos Holdings ADR ^*		626,200	$	3,576,354
Mytilineos Holdings ^*		638,426		3,646,189
				7,222,543
Consumer Goods — 6.9%
JUMBO		845,897		12,008,206
JUMBO ADR		340,000		4,826,572
				16,834,778
Consumer Services — 15.2%
Aegean Airlines		565,326		3,637,709
FF Group ^*		249,592		5,970,027
FF Group ADR ^*		200,300		4,790,996
OPAP		2,021,058		17,214,352
OPAP ADR		1,404,900		5,901,985
				37,515,069
Financials — 29.4%
Alpha Bank AE ^*		17,247,034		29,493,744
Eurobank Ergasias ^*		20,775,766		12,207,106
Hellenic Exchanges - Athens Stock Exchange		1,008,651		4,975,587
National Bank of Greece ^*		63,169,991		12,949,211
Piraeus Bank ^*		75,635,992		12,519,770
				72,145,418
Industrials — 11.0%
Aegean Marine Petroleum Network ^(A)		568,436		4,888,550
Ellaktor ^*		2,286,431		3,107,926
Metka Industrial - Construction ADR		130,000		1,091,597
Metka Industrial - Construction		344,111		2,889,470

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

Schedule of Investments

October 31, 2016

Global X MSCI Greece ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Industrials — continued
Titan Cement		236,750	$	5,494,166
Titan Cement ADR		439,800		5,103,131
Tsakos Energy Navigation		1,017,584		4,579,128
				27,153,968
Oil & Gas — 6.4%
Hellenic Petroleum		1,070,588		4,893,835
Motor Oil Hellas Corinth Refineries		523,415		6,259,819
Motor Oil Hellas Corinth Refineries ADR		768,300		4,594,280
				15,747,934
Real Estate Investment Trusts — 2.1%
Grivalia Properties		678,380		5,220,367
Telecommunications — 11.4%
Hellenic Telecommunications Organization		3,056,282		27,975,045
Utilities — 4.4%
Athens Water Supply & Sewage		732,929		4,338,569
Public Power		1,913,305		6,250,163
				10,588,732
TOTAL GREECE				220,403,854
MONACO— 6.8%
Industrials — 6.8%
GasLog		665,944		10,222,240
GasLog Partners ^(B)		316,062		6,479,271
				16,701,511
TOTAL MONACO				16,701,511
UNITED STATES— 3.2%
Industrials — 3.2%
Capital Product Partners		1,657,057		5,054,024
Dorian LPG ^*		503,149		2,832,729
				7,886,753
TOTAL UNITED STATES				7,886,753
TOTAL COMMON STOCK
(Cost $281,640,692)				244,992,118

REPURCHASE AGREEMENT (C) — 1.1%
Deutsche Bank
0.350%, dated 10/31/16, to be repurchased on 11/01/16 repurchase price $2,806,677 (collateralized by U.S. Treasury Obligations, par value $2,610,030, 3.000%, 05/15/45 with a total market value of $2,875,182)	$	2,806,650		2,806,650
TOTAL REPURCHASE AGREEMENT
(Cost $2,806,650)				2,806,650
TOTAL INVESTMENTS — 100.9%
(Cost $284,447,342)			$	247,798,768

Percentages are based on Net Assets of $245,561,296.

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

Schedule of Investments

October 31, 2016

Global X MSCI Greece ETF

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan as of October 31, 2016. The total value of securities on loan as of October 31, 2016 was $2,586,020.
(B)	Security considered Master Limited Partnership. As of October 31, 2016, these securities amounted to $6,479,271 or 2.6% of Net Assets.
(C)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2016 was $2,806,650.

ADR — American Depositary Receipt

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	244,992,118	$	—	$	—	$	244,992,118
Repurchase Agreement		—		2,806,650		—		2,806,650
Total Investments in Securities	$	244,992,118	$	2,806,650	$	—	$	247,798,768

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2016, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X MSCI Norway ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.7%
NORWAY— 99.7%
Basic Materials — 9.8%
Borregaard		122,697	$	1,204,450
Norsk Hydro		1,124,190		5,034,124
Yara International		138,743		4,909,798
				11,148,372
Consumer Goods — 17.5%
Austevoll Seafood		110,918		1,001,447
Bakkafrost P		44,115		1,853,039
Kongsberg Automotive Holding ^*		623,293		515,920
Leroy Seafood Group		34,260		1,814,008
Marine Harvest		305,117		5,542,909
Orkla		772,393		7,306,022
Salmar		57,693		1,875,217
				19,908,562
Consumer Services — 6.1%
Europris ^(A)		138,239		705,314
Norwegian Air Shuttle ^{* (B)}		32,981		1,113,563
Schibsted, Cl B		87,506		1,972,516
Schibsted, Cl A		74,020		1,777,065
XXL ^(A)		111,744		1,401,633
				6,970,091
Financials — 22.9%
Aker, Cl A		32,990		1,219,416
DnB		950,104		13,759,694
Entra ^(A)		100,510		1,078,009
Gjensidige Forsikring		213,208		3,826,734

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

Schedule of Investments

October 31, 2016

Global X MSCI Norway ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Norwegian Property		365,968	$	479,001
Protector Forsikring		78,309		671,441
Selvaag Bolig		80,958		395,398
Skandiabanken ^{* (A)}		14,100		105,091
Sparebank 1 Nord Norge		131,739		761,557
SpareBank 1 SMN		152,900		1,125,702
Storebrand ^*		496,488		2,558,419
Treasure ^*		98,427		218,291
				26,198,753
Industrials — 4.4%
Avance Gas Holding ^{(A) (B)}		53,010		129,771
BW LPG ^(A)		107,650		347,812
Frontline		91,764		673,930
Golden Ocean Group ^{* (B)}		91,950		335,419
Hexagon Composites ^(B)		134,200		471,650
Hoegh LNG Holdings		61,218		641,749
IDEX ^{* (B)}		523,007		429,741
Ocean Yield		85,207		712,515
Stolt-Nielsen		37,040		455,624
Thin Film Electronics ^{* (B)}		845,969		426,499
Wilh Wilhelmsen, Cl B		98,827		312,598
				4,937,308
Oil & Gas — 26.5%
Akastor		284,895		393,604
Aker Solutions		194,886		898,207
Det Norske Oljeselskap ^*		117,572		1,889,371
DNO International ^*		804,684		690,444
Fred Olsen Energy ^{* (B)}		72,860		125,827
Petroleum Geo-Services ^(B)		272,390		733,838
ProSafe, Cl A		377,970		12,826
REC Silicon ^{* (B)}		2,742,494		343,998
Scatec Solar ^{(A) (B)}		95,210		384,235
Seadrill ^*		397,238		853,550
Statoil ^(B)		1,103,239		18,103,310
Subsea 7		284,824		3,199,824
Tanker Investments ^*		52,929		288,011
TGS Nopec Geophysical		114,180		2,317,793
				30,234,838
Technology — 2.2%
Atea		97,583		875,136
Nordic Semiconductor ^{* (B)}		155,144		620,467
Opera Software ^{* (B)}		138,820		979,981
				2,475,584

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

Schedule of Investments

October 31, 2016

Global X MSCI Norway ETF

	Shares/ Number of Rights/ Face Amount		Value
COMMON STOCK — continued
Telecommunications — 10.3%
Telenor ^(B)		734,356	$	11,703,133
TOTAL NORWAY				113,576,641
TOTAL COMMON STOCK
(Cost $131,123,889)				113,576,641

RIGHT — 0.0%
Norway — 0.0%
Avance Gas Holding^{(C) (D)}		12,643		4,903

TOTAL RIGHT (Cost $–)**				4,903

REPURCHASE AGREEMENTS (E) — 27.6%
Barclays Bank
0.320%, dated 10/31/16, to be repurchased on 11/01/16 repurchase price $29,000,258 (collateralized by U.S Treasury Obligations, ranging in par value $2-$15,653,126, 0.000%-4.750%, 11/15/16-05/15/46, with a total market value of $29,580,000)	$	29,000,000		29,000,000
Deutsche Bank
0.350%, dated 10/31/16, to be repurchased on 11/01/16 repurchase price $2,508,928 (collateralized by U.S. Treasury Obligations, par value $2,333,143, 3.000%, 05/15/45 with a total market value of $2,570,166)		2,508,904		2,508,904
TOTAL REPURCHASE AGREEMENTS
(Cost $31,508,904)				31,508,904
TOTAL INVESTMENTS — 127.3%
(Cost $162,632,793)			$	145,090,448

Percentages are based on Net Assets of $113,997,105.

*	Non-income producing security.
**	Amounts designated as “–“ are $0 or have been rounded to $0.
(A)	Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of October 31, 2016 was $4,151,865 and represents 3.5% of Net Assets.
(B)	This security or a partial position of this security is on loan as of October 31, 2016. The total value of securities on loan as of October 31, 2016 was $24,195,714.
(C)	Security considered illiquid. The total value of such securities as of October 31, 2016 was $4,903 and represented 0.0% of Net Assets.
(D)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2016, was $4,903 and represents 0.0% of Net Assets.
(E)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2016 was $31,508,904.

Cl — Class

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

Schedule of Investments

October 31, 2016

Global X MSCI Norway ETF

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	113,576,641	$	—	$	—	$	113,576,641
Repurchase Agreements		—		31,508,904		—		31,508,904
Right		—		—		4,903		4,903
Total Investments in Securities	$	113,576,641	$	31,508,904	$	4,903	$	145,090,448

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X FTSE Nordic Region ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.9%
DENMARK— 29.5%
Consumer Goods — 4.5%
Carlsberg, Cl B		8,231	$	741,089
Pandora		8,623		1,120,736
				1,861,825
Financials — 4.4%
Danske Bank		58,243		1,795,486
Health Care — 15.4%
Coloplast, Cl B		7,761		540,719
Novo Nordisk ADR		143,907		5,114,455
Novozymes, Cl B		17,240		639,436
				6,294,610
Industrials — 1.8%
A P Moller - Maersk, Cl B		481		737,148
Oil & Gas — 3.4%
Vestas Wind Systems		17,100		1,369,532
TOTAL DENMARK				12,058,601
FINLAND— 13.7%
Financials — 4.1%
Sampo, Cl A		36,641		1,677,732
Industrials — 3.3%
Kone, Cl B		29,604		1,360,712
Technology — 4.9%
Nokia ADR ^(A)		445,621		1,996,382
Utilities — 1.4%
Fortum		34,569		575,620

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

Schedule of Investments

October 31, 2016

Global X FTSE Nordic Region ETF

	Shares		Value
COMMON STOCK — continued
TOTAL FINLAND			$	5,610,446
NORWAY— 8.9%
Basic Materials — 1.2%
Yara International		13,657		483,290
Financials — 2.6%
DnB		75,046		1,086,839
Oil & Gas — 3.0%
Statoil ADR		74,549		1,210,676
Telecommunications — 2.1%
Telenor ^(A)		54,076		861,787
TOTAL NORWAY				3,642,592
SWEDEN— 47.8%
Consumer Goods — 3.2%
Svenska Cellulosa, Cl B		46,483		1,318,517
Consumer Services — 5.1%
Hennes & Mauritz, Cl B		74,035		2,085,273
Financials — 20.8%
Investor, Cl B		35,191		1,252,544
Nordea Bank		247,605		2,606,007
Skandinaviska Enskilda Banken, Cl A		111,795		1,129,537
Svenska Handelsbanken, Cl A		114,681		1,566,114
Swedbank, Cl A		82,255		1,929,298
				8,483,500
Industrials — 12.2%
Assa Abloy, Cl B		73,207		1,333,249
Atlas Copco, Cl A		48,243		1,417,103
Sandvik		83,951		955,691
Volvo, Cl B		120,313		1,293,617
				4,999,660
Technology — 4.5%
Ericsson ADR		232,301		1,131,306
Hexagon, Cl B		19,970		699,941
				1,831,247
Telecommunications — 2.0%
Telia ^(A)		202,241		809,278
TOTAL SWEDEN				19,527,475
TOTAL COMMON STOCK
(Cost $45,949,804)				40,839,114

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

Schedule of Investments

October 31, 2016

Global X FTSE Nordic Region ETF

	Face Amount		Value
REPURCHASE AGREEMENT (B) — 7.6%
Deutsche Bank
0.350%, dated 10/31/16, to be repurchased on 11/01/16 repurchase price $3,124,617 (collateralized by U.S. Treasury Obligations, par value $2,905,694, 3.000%, 05/15/45 with a total market value of $3,200,883)
(Cost $3,124,587)	$	3,124,587	$	3,124,587
TOTAL INVESTMENTS — 107.5%
(Cost $49,074,391)			$	43,963,701

Percentages are based on Net Assets of $40,898,647.

(A)	This security or a partial position of this security is on loan as of October 31, 2016. The total value of securities on loan as of October 31, 2016 was $2,140,756.
(B)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2016 was $3,124,587.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	40,839,114	$	—	$	—	$	40,839,114
Repurchase Agreement		—		3,124,587		—		3,124,587
Total Investments in Securities	$	40,839,114	$	3,124,587	$	—	$	43,963,701

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of October 31, 2016, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X MSCI Nigeria ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 97.8%
NIGERIA— 97.8%
Consumer Goods — 39.8%
Flour Mills of Nigeria		13,018,067	$	787,897
Guinness Nigeria		3,304,209		838,499
Nestle Nigeria		803,521		2,026,326
Nigerian Breweries		11,843,124		5,489,724
PZ Cussons Nigeria		9,138,503		507,292
Unilever Nigeria		9,460,113		1,500,414
				11,150,152
Financials — 44.7%
Access Bank		72,215,307		1,294,263
Diamond Bank ^*		113,210,695		373,479
Ecobank Transnational		33,038,705		1,122,425
FBN Holdings		94,539,115		899,659
Guaranty Trust Bank		42,192,798		3,145,220
Stanbic IBTC Holdings ^*		23,272,118		1,254,960
Transnational Corp of Nigeria ^*		192,665,948		556,149
UAC of Nigeria		13,240,301		821,088
United Bank for Africa		92,751,662		1,250,419
Zenith Bank		38,777,500		1,808,182
				12,525,844
Industrials — 8.1%
Dangote Cement		2,210,581		1,227,127
Lafarge Africa		6,858,474		1,033,394
				2,260,521
Oil & Gas — 5.2%
Forte Oil		1,907,251		725,996
Oando		46,539,870		729,284
				1,455,280
TOTAL NIGERIA				27,391,797
TOTAL COMMON STOCK
(Cost $42,980,484)				27,391,797

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

Schedule of Investments

October 31, 2016

Global X MSCI Nigeria ETF

	Face Amount		Value
U.S. TREASURY OBLIGATION — 7.1%
United States Treasury Bill
0.130%, 11/10/16^(A)
(Cost $1,999,935)	$	2,000,000	$	1,999,938
TOTAL INVESTMENTS — 104.9%
(Cost $44,980,419)			$	29,391,735

Percentages are based on Net Assets of $28,008,542.

*	Non-income producing security.
(A)	The rate reported is the effective yield at time of purchase.

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	27,391,797	$	—	$	—	$	27,391,797
U.S. Treasury Obligation		—		1,999,938		—		1,999,938
Total Investments in Securities	$	27,391,797	$	1,999,938	$	—	$	29,391,735

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of October 31, 2016, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X Next Emerging & Frontier ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.7%
ARGENTINA— 3.4%
Consumer Services — 1.7%
MercadoLibre		1,563	$	262,600
Financials — 0.6%
Banco Macro ADR		1,123		85,606
Oil & Gas — 1.1%
YPF ADR		8,972		159,343
TOTAL ARGENTINA				507,549
AUSTRALIA— 2.0%
Basic Materials — 0.5%
St. Barbara ^*		34,600		69,245
Oil & Gas — 1.5%
Oil Search		31,827		161,296
Santos		26,600		72,261
				233,557
TOTAL AUSTRALIA				302,802
CANADA— 3.2%
Basic Materials — 3.2%
B2Gold ^*		38,070		110,212
Barrick Gold		4,147		72,946
Endeavour Mining ^*		4,029		78,761
First Quantum Minerals		11,432		108,669
Lucara Diamond		7,087		20,041
Turquoise Hill Resources ^*		27,917		86,651
				477,280
TOTAL CANADA				477,280

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

Schedule of Investments

October 31, 2016

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
CHILE— 4.1%
Basic Materials — 0.2%
Empresas CMPC		12,000	$	25,990
Consumer Goods — 0.3%
Cia Cervecerias Unidas ADR		2,214		47,601
Consumer Services — 1.8%
Cencosud		8,600		28,032
Latam Airlines Group ^*		10,560		101,129
SACI Falabella		18,400		144,458
				273,619
Financials — 0.4%
Banco de Chile		284,406		33,847
Banco Santander Chile		624,440		34,934
				68,781
Oil & Gas — 0.2%
Empresas COPEC		2,550		25,619
Utilities — 1.2%
AES Gener		29,500		10,050
Empresa Nacional de Electricidad		117,549		81,076
Enersis		546,453		92,542
				183,668
TOTAL CHILE				625,278
COLOMBIA— 0.5%
Consumer Services — 0.1%
Almacenes Exito		1,650		8,261
Financials — 0.1%
Grupo de Inversiones Suramericana		1,351		17,487
Industrials — 0.1%
Cementos Argos		5,446		21,630
Oil & Gas — 0.2%
Ecopetrol		80,048		35,000
TOTAL COLOMBIA				82,378
CZECH REPUBLIC— 1.1%
Financials — 0.2%
Komercni Banka		875		32,007
Utilities — 0.9%
CEZ		7,391		139,106
TOTAL CZECH REPUBLIC				171,113

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

Schedule of Investments

October 31, 2016

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
EGYPT— 0.6%
Financials — 0.5%
Commercial International Bank Egypt SAE		9,175	$	53,407
Talaat Moustafa Group		32,100		20,496
				73,903
Telecommunications — 0.1%
Global Telecom Holding SAE ^*		42,503		23,023
TOTAL EGYPT				96,926
FRANCE— 0.1%
Oil & Gas — 0.1%
Etablissements Maurel et Prom		3,861		16,972
HONG KONG— 0.4%
Consumer Services — 0.4%
NagaCorp		88,483		54,654
HUNGARY— 1.4%
Financials — 0.9%
OTP Bank		4,930		138,580
Health Care — 0.3%
Richter Gedeon Nyrt		2,056		44,223
Oil & Gas — 0.2%
MOL Hungarian Oil & Gas		416		26,784
TOTAL HUNGARY				209,587
INDONESIA— 11.0%
Consumer Goods — 2.7%
Astra International		316,197		199,319
Gudang Garam		11,444		59,553
Hanjaya Mandala Sampoerna		100,800		30,515
Indofood CBP Sukses Makmur TBK		58,900		42,433
Indofood Sukses Makmur		59,900		39,021
Unilever Indonesia		13,869		47,273
				418,114
Consumer Services — 0.2%
Matahari Department Store		19,800		27,352
Financials — 4.0%
Bank Central Asia		197,058		234,467
Bank CIMB Niaga ^*		6,633		486
Bank Mandiri		263,418		231,662
Bank Rakyat Indonesia Persero		143,100		133,800
				600,415
Health Care — 0.3%
Kalbe Farma		310,700		41,433

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

Schedule of Investments

October 31, 2016

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 1.2%
Indocement Tunggal Prakarsa		23,200	$	29,249
Semen Indonesia Persero		156,705		118,297
United Tractors		17,800		29,501
				177,047
Telecommunications — 2.1%
Telekomunikasi Indonesia Persero		980,005		316,954
Utilities — 0.5%
Perusahaan Gas Negara		417,039		81,823
TOTAL INDONESIA				1,663,138
ITALY— 0.6%
Oil & Gas — 0.6%
Saipem		211,400		86,901
JAPAN— 0.8%
Basic Materials — 0.4%
Kyoei Steel		3,500		66,746
Industrials — 0.4%
Namura Shipbuilding		10,040		61,242
TOTAL JAPAN				127,988
KUWAIT— 0.8%
Financials — 0.8%
Kuwait Finance House		52,114		81,643
National Bank of Kuwait SAK		18,864		36,708
				118,351
TOTAL KUWAIT				118,351
MALAYSIA— 9.5%
Basic Materials — 0.3%
HAP Seng Consolidated		11,500		21,355
Petronas Chemicals Group		17,590		29,352
				50,707
Consumer Goods — 0.3%
IOI		23,200		24,887
Kuala Lumpur Kepong		3,980		22,732
				47,619
Consumer Services — 0.4%
Genting		12,000		22,427
Genting Malaysia		28,800		32,679
				55,106
Financials — 2.2%
CIMB Group Holdings		42,600		51,079
Malayan Banking		64,926		122,268

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

Schedule of Investments

October 31, 2016

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Public Bank		34,400	$	162,857
				336,204
Health Care — 0.3%
IHH Healthcare		28,172		42,980
Industrials — 1.2%
MISC		17,800		31,908
Sime Darby		66,389		129,613
Westports Holdings		20,700		21,761
				183,282
Oil & Gas — 0.2%
Petronas Dagangan		3,000		16,706
Petronas Gas		4,089		21,444
				38,150
Telecommunications — 2.9%
Axiata Group		90,467		106,102
DiGi.Com		130,402		156,358
Maxis		90,096		128,003
Telekom Malaysia		25,885		40,355
				430,818
Utilities — 1.7%
Tenaga Nasional		66,473		227,228
YTL		61,000		23,120
				250,348
TOTAL MALAYSIA				1,435,214
MEXICO— 8.8%
Basic Materials — 1.9%
Grupo Mexico, Cl B		57,768		142,520
Industrias Penoles		1,314		31,946
Mexichem		42,617		102,353
				276,819
Consumer Goods — 1.3%
Arca Continental		6,038		37,710
Coca-Cola Femsa		3,000		22,638
Fomento Economico Mexicano		3,500		33,726
Gruma, Cl B		3,380		47,218
Grupo Bimbo, Ser A		11,360		30,781
Grupo Lala, Cl B		11,381		21,270
				193,343
Consumer Services — 1.5%
Grupo Televisa		13,721		67,746
Wal-Mart de Mexico		76,180		161,939
				229,685

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

Schedule of Investments

October 31, 2016

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Financials — 1.0%
Grupo Financiero Banorte, Cl O		15,124	$	89,663
Grupo Financiero Inbursa, Cl O		38,100		62,394
				152,057
Industrials — 2.0%
Alfa, Cl A		70,770		107,919
Cemex, Cl Preference ^*		77,984		67,794
Grupo Aeroportuario del Pacifico, Cl B		3,200		31,069
Grupo Aeroportuario del Sureste, Cl B		1,670		26,718
Promotora y Operadora de Infraestructura		7,103		79,631
				313,131
Telecommunications — 0.8%
America Movil		177,967		118,471
Utilities — 0.3%
Infraestructura Energetica Nova		10,140		45,019
TOTAL MEXICO				1,328,525
NETHERLANDS— 0.3%
Telecommunications — 0.3%
VimpelCom ADR		13,566		45,310
OMAN— 0.4%
Financials — 0.1%
BankMuscat SAOG		9,540		10,257
Telecommunications — 0.3%
Oman Telecommunications SAOG		14,010		53,850
TOTAL OMAN				64,107
PAKISTAN— 0.7%
Financials — 0.1%
United Bank		12,000		23,070
Oil & Gas — 0.5%
Oil & Gas Development		13,200		17,712
Pakistan Petroleum		38,900		55,147
				72,859
Utilities — 0.1%
K-Electric ^*		183,000		16,292
TOTAL PAKISTAN				112,221
PANAMA— 1.3%
Consumer Services — 1.3%
Copa Holdings, Cl A		2,169		200,047
PERU— 1.1%
Basic Materials — 0.4%
Hochschild Mining		9,000		29,283

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

Schedule of Investments

October 31, 2016

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
Southern Copper		1,218	$	34,579
				63,862
Financials — 0.7%
Credicorp Ltd.		709		105,414
TOTAL PERU				169,276
PHILIPPINES— 4.2%
Consumer Goods — 0.6%
JG Summit Holdings		24,849		39,001
Universal Robina		12,537		47,121
				86,122
Consumer Services — 1.4%
Jollibee Foods		5,600		27,524
SM Investments		13,536		187,851
				215,375
Financials — 0.6%
Ayala Land		51,500		38,554
SM Prime Holdings		104,097		57,829
				96,383
Industrials — 0.5%
Aboitiz Equity Ventures		13,500		21,746
Ayala		2,610		45,007
				66,753
Telecommunications — 0.7%
Globe Telecom		430		15,807
PLDT		2,914		92,073
				107,880
Utilities — 0.4%
Aboitiz Power		35,858		34,027
Manila Electric		5,620		32,033
				66,060
TOTAL PHILIPPINES				638,573
POLAND— 4.3%
Basic Materials — 0.6%
KGHM Polska Miedz		4,626		83,544
Consumer Goods — 0.1%
LPP ^*		10		14,939
Financials — 1.2%
Bank Pekao		1,524		46,872
Bank Zachodni		338		27,223
Powszechna Kasa Oszczednosci Bank Polski		7,551		52,721
Powszechny Zaklad Ubezpieczen		7,330		50,731
				177,547

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

Schedule of Investments

October 31, 2016

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 1.8%
Polski Koncern Naftowy Orlen S.A.		12,596	$	248,985
Polskie Gornictwo Naftowe i Gazownictwo		20,100		25,637
				274,622
Telecommunications — 0.1%
Orange Polska		13,400		19,066
Utilities — 0.5%
PGE		30,490		79,559
TOTAL POLAND				649,277
QATAR— 1.8%
Financials — 0.7%
Qatar National Bank		2,404		105,625
Industrials — 0.8%
Industries Qatar QSC		4,176		116,970
Telecommunications — 0.3%
Ooredoo QSC		1,770		47,148
TOTAL QATAR				269,743
SINGAPORE— 1.1%
Consumer Goods — 1.1%
Thai Beverage		229,407		159,047
SOUTH AFRICA— 9.3%
Basic Materials — 2.4%
Anglo American Platinum ^*		2,095		49,363
AngloGold Ashanti ^*		5,840		78,249
Gold Fields ADR		40,224		166,930
Sasol		1,963		54,514
				349,056
Consumer Goods — 0.6%
Tiger Brands		3,313		94,354
Consumer Services — 3.0%
Naspers, Cl N		1,831		306,907
Shoprite Holdings		5,424		80,058
Woolworths Holdings		13,518		78,316
				465,281
Financials — 1.3%
FirstRand		28,680		102,787
Standard Bank Group		8,085		85,788
				188,575
Health Care — 1.1%
Aspen Pharmacare Holdings		3,541		77,144
Mediclinic International		7,598		83,884
				161,028

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

Schedule of Investments

October 31, 2016

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 0.9%
MTN Group		5,123	$	44,217
Vodacom Group		8,810		95,043
				139,260
TOTAL SOUTH AFRICA				1,397,554
SOUTH KOREA— 0.3%
Consumer Goods — 0.3%
Youngone		1,530		42,988
TAIWAN— 0.7%
Consumer Goods — 0.7%
Taiwan Paiho		32,300		110,029
THAILAND— 10.5%
Basic Materials — 0.2%
Indorama Ventures NVDR		35,800		29,921
Consumer Goods — 1.0%
Carabao Group NVDR		14,700		28,982
Charoen Pokphand Foods NVDR		127,957		115,170
				144,152
Consumer Services — 1.1%
CP ALL NVDR		82,022		142,377
Minor International NVDR		26,400		29,042
				171,419
Financials — 0.8%
Kasikornbank NVDR		7,000		34,402
Siam Commercial Bank NVDR		20,400		83,646
				118,048
Health Care — 0.5%
Bangkok Dusit Medical Services NVDR		80,700		52,574
Bumrungrad Hospital NVDR		4,500		23,530
				76,104
Industrials — 3.1%
Airports of Thailand NVDR		14,694		159,966
CH Karnchang NVDR		127,800		107,725
Siam Cement NVDR		13,910		198,729
				466,420
Oil & Gas — 2.5%
PTT NVDR		18,941		187,259
PTT Exploration & Production NVDR		35,460		84,350
PTT Global Chemical NVDR		42,231		72,401
Thai Oil NVDR		18,000		36,002
				380,012
Technology — 0.4%
Intouch Holdings PCL NVDR		40,270		60,985

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

Schedule of Investments

October 31, 2016

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 0.9%
Advanced Info Service NVDR		24,454	$	107,256
True NVDR		134,620		25,964
				133,220
TOTAL THAILAND				1,580,281
TURKEY— 7.4%
Basic Materials — 1.5%
Eregli Demir ve Celik Fabrikalari		166,473		225,795
Consumer Goods — 0.3%
Ford Otomotiv Sanayi		1,950		19,925
Tofas Turk Otomobil Fabrikasi		3,600		27,088
				47,013
Consumer Services — 1.1%
Arcelik		4,800		31,684
BIM Birlesik Magazalar		8,719		141,912
				173,596
Financials — 1.2%
Akbank		23,680		63,243
Turkiye Garanti Bankasi		23,125		62,806
Turkiye Is Bankasi, Cl C		36,144		58,595
				184,644
Industrials — 0.2%
Enka Insaat ve Sanayi		17,445		26,591
Oil & Gas — 2.2%
KOC Holding		37,436		155,956
Tupras Turkiye Petrol Rafinerileri		8,853		180,259
				336,215
Telecommunications — 0.9%
Turk Telekomunikasyon		12,036		22,233
Turkcell Iletisim Hizmetleri		31,140		100,262
				122,495
TOTAL TURKEY				1,116,349
UKRAINE— 0.7%
Consumer Goods — 0.7%
Kernel Holding		6,251		99,836
UNITED ARAB EMIRATES— 2.9%
Financials — 2.3%
Emaar Properties PJSC		114,171		216,649
First Gulf Bank PJSC		30,961		96,935
National Bank of Abu Dhabi PJSC		17,424		41,981
				355,565
Industrials — 0.6%
DP World ^*		4,651		83,485

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

Schedule of Investments

October 31, 2016

Global X Next Emerging & Frontier ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
TOTAL UNITED ARAB EMIRATES			$	439,050
UNITED KINGDOM— 3.3%
Basic Materials — 2.2%
Antofagasta		5,600		37,125
Fresnillo		11,091		222,072
KAZ Minerals ^*		11,700		40,853
Mondi		1,720		33,515
				333,565
Financials — 0.5%
Bank of Georgia Holdings		2,114		76,294
Oil & Gas — 0.6%
Premier Oil ^*		22,173		17,867
Tullow Oil		21,500		69,482
				87,349
TOTAL UNITED KINGDOM				497,208
UNITED STATES— 1.1%
Oil & Gas — 1.1%
Kosmos Energy ^*		8,943		46,593
Occidental Petroleum		977		71,233
Pacific Drilling ^*		772		2,718
Seadrill Partners ^(A)		15,444		50,347
				170,891
TOTAL UNITED STATES				170,891
TOTAL COMMON STOCK
(Cost $17,015,297)				15,066,443

CORPORATE OBLIGATION — 0.0%
Bank Muscat SAOG
0.035%, 03/19/18		22,009		5,487
(Cost $–)		22,009		5,487

CONVERTIBLE BOND — 0.0%
BankMuscat SAOG
4.500%, 03/20/17		2,702		772
(Cost $–)		2,702		772
TOTAL INVESTMENTS — 99.7%
(Cost $17,015,297)			$	15,072,702

Percentages are based on Net Assets of $15,111,796.

Non-income producing security.

(A)

Security considered Master Limited Partnership. As of October 31, 2016, these securities amounted to $50,347 or 0.3% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

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

Schedule of Investments

October 31, 2016

Global X Next Emerging & Frontier ETF

Ltd. — Limited

NVDR — Non-Voting Depositary Receipt

Ser — Series

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	15,066,443	$	—	$	—	$	15,066,443
Corporate Obligation		—		5,487		—		5,487
Convertible Bond		—		772		—		772
Total Investments in Securities	$	15,066,443	$	6,259	$	—	$	15,072,702

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

For the year ended October 31, 2016, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X FTSE Portugal 20 ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and Note 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.8%
PORTUGAL— 99.8%
Basic Materials — 9.8%
Altri		182,131	$	634,296
Navigator		373,309		1,092,624
Semapa-Sociedade de Investimento e Gestao		60,017		771,068
				2,497,988
Consumer Services — 18.2%
Jeronimo Martins		129,785		2,229,381
NOS SGPS		182,178		1,208,609
Sonae		1,547,034		1,229,501
				4,667,491
Financials — 9.1%
Banco BPI, Cl G ^*		888,690		1,100,829
Banco Comercial Portugues, Cl R ^{* (A)}		785,010		1,043,822
Banco Espirito Santo ^{* (B) (C)}		2,085,614		—
BANIF - Banco Internacional do Funchal ^{* (A) (B) (C)}		95,112,146		2,085
Sonae Capital		235,369		181,125
				2,327,861
Industrials — 10.4%
Cimpor Cimentos de Portugal ^*		106,908		36,447
Corticeira Amorim SGPS		104,796		1,050,556
CTT-Correios de Portugal		167,409		1,106,407
Mota-Engil		226,732		442,409
Sonae Industria ^*		8,693,443		61,944
				2,697,763
Oil & Gas — 20.4%
Galp Energia		387,216		5,242,170
Telecommunications — 2.4%
Pharol SGPS		1,372,135		379,043

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

Schedule of Investments

October 31, 2016

Global X FTSE Portugal 20 ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Telecommunications — continued
Sonaecom		85,737	$	239,662
				618,705
Utilities — 29.5%
EDP Renovaveis		153,435		1,157,860
Energias de Portugal		1,570,747		5,184,512
REN - Redes Energeticas Nacionais		421,938		1,231,254
				7,573,626
TOTAL PORTUGAL				25,625,604
TOTAL COMMON STOCK
(Cost $35,359,044)				25,625,604

REPURCHASE AGREEMENT (D) — 9.7%
Deutsche Bank
0.350%, dated 10/31/16, to be repurchased on 11/01/16 repurchase price $2,503,117 (collateralized by U.S. Treasury Obligations, par value $2,327,739, 3.000%, 05/15/45 with a total market value of $2,564,213)
(Cost $2,503,093)	$	2,503,093		2,503,093
TOTAL INVESTMENTS — 109.5%
(Cost $37,862,137)			$	28,128,697

Percentages are based on Net Assets of $25,693,565.

Non-income producing security.

(A)

This security or a partial position of this security is on loan as of October 31, 2016. The total value of securities on loan as of October 31, 2016 was $255,976

(B)

Security considered illiquid. The total value of such securities as of October 31, 2016 was $2,085 and represented 0.0% of Net Assets.

(C)

Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2016, was $2,085 and represents 0.0% of Net Assets.

(D)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2016 was $2,503,093.

Cl — Class

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	25,623,519	$	—	$	2,085	$	25,625,604
Repurchase Agreement		—		2,503,093		—		2,503,093
Total Investments in Securities	$	25,623,519	$	2,503,093	$	2,085	$	28,128,697

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

Schedule of Investments

October 31, 2016

Global X FTSE Portugal 20 ETF

For the period ended October 31, 2016, the transfers between Level 1 and Level 3 in the amount of $2,085, were due to changes in the availability of oberservable inputs to determine fair value. Transfers between levels are recognized at period end.

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

Schedule of Investments

October 31, 2016

Global X MSCI Pakistan ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 101.0%
PAKISTAN— 101.0%
Basic Materials — 12.0%
Dawood Hercules		26,800	$	33,720
Engro		205,990		548,664
Fatima Fertilizer		353,700		111,308
Fauji Fertilizer		458,900		454,389
Fauji Fertilizer Bin Qasim		299,000		133,723
				1,281,804
Consumer Goods — 8.3%
Honda Atlas Cars Pakistan		19,400		100,043
Indus Motor		19,390		279,701
Nishat Mills		162,500		214,212
Pak Elektron		231,800		146,689
PAK Suzuki Motor		29,150		142,190
				882,835
Financials — 31.9%
Bank Al Habib		764,000		335,198
Habib Bank		489,950		1,045,725
MCB Bank		460,440		937,707
National Bank of Pakistan		586,600		402,056
United Bank		357,990		688,243
				3,408,929
Health Care — 3.5%
Ferozsons Laboratories		13,830		101,680
Searle		57,295		269,374
				371,054
Industrials — 17.5%
DG Khan Cement		82,360		134,904
Fauji Cement		693,500		227,505
Kohat Cement		27,700		62,145
Lucky Cement		148,260		949,981
Maple Leaf Cement Factory		231,700		201,522

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

Schedule of Investments

October 31, 2016

Global X MSCI Pakistan ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Packages		32,330	$	211,666
Pakistan International Bulk Terminal ^*		285,600		77,940
				1,865,663
Oil & Gas — 18.2%
Byco Petroleum Pakistan ^*		189,800		35,461
National Refinery		31,300		166,523
Oil & Gas Development		517,240		694,029
Pakistan Oilfields		79,920		302,377
Pakistan Petroleum		178,800		253,476
Pakistan State Oil		126,430		488,469
				1,940,335
Telecommunications — 1.0%
Pakistan Telecommunication		701,080		109,845
Utilities — 8.6%
Hub Power		420,742		428,490
K-Electric ^*		1,863,200		165,875
Kot Addu Power		302,800		213,289
SUI Southern Gas ^*		282,200		104,236
				911,890
TOTAL INVESTMENTS — 101.0%
(Cost $10,565,522)			$	10,772,355

Percentages are based on Net Assets of $10,663,533.

Non-income producing security.

As of October 31, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Statements of Assets and Liabilities

October 31, 2016

	Global X China Consumer ETF			Global X China Energy ETF			Global X China Financials ETF			Global X China Industrials ETF
Assets:
Cost of Investments	$	85,084,566		$	2,209,804		$	31,181,647		$	5,249,854
Cost of Repurchase Agreement		7,484,669			—			—			—
Cost of Foreign Currency		21,197			998			180			1,292
Investments, at Value	$	72,984,060	*	$	1,582,654		$	28,099,509		$	3,764,784
Repurchase Agreement, at Value		7,484,669			—			—			—
Cash		141,723			3,476			37,571			6,013
Foreign Currency, at Value		21,197			999			6			1,435
Receivable for Investment Securities Sold		11,324,823			113,681			4,460,551			356,137
Dividend and Interest Receivable		28,548			—			11,080			3,181
Total Assets		91,985,020			1,700,810			32,608,717			4,131,550
Liabilities:
Payable for Investment Securities Purchased		11,436,396			116,647			4,304,488			357,205
Obligation to Return Securities Lending Collateral		7,484,669			—			—			—
Payable due to Investment Adviser		41,317			888			15,620			2,098
Payable for Capital Shares Redeemed		—			—			—			1,955
Unrealized Depreciation on Spot Contracts		2			—			—			—
Total Liabilities		18,962,384			117,535			4,320,108			361,258
Net Assets	$	73,022,636		$	1,583,275		$	28,288,609		$	3,770,292
Net Assets Consist of:
Paid-in Capital	$	124,682,292		$	3,191,064		$	34,887,423		$	7,365,710
Undistributed Net Investment Income		922,520			32,231			528,232			51,038
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(40,481,675	)		(1,012,871	)		(4,044,912	)		(2,161,387	)
Net Unrealized Depreciation on Investments		(12,100,506	)		(627,150	)		(3,082,138	)		(1,485,070	)
Net Unrealized Appreciation on Foreign Currency Translations		5			1			4			1
Net Assets	$	73,022,636		$	1,583,275		$	28,288,609		$	3,770,292
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		6,100,000			150,000			2,050,000			300,000
Net Asset Value, Offering and Redemption Price Per Share	$	11.97		$	10.56		$	13.80		$	12.57
*Includes Market Value of Securities on Loan	$	7,072,381		$	—		$	—		$	—

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

Statements of Assets and Liabilities

October 31, 2016

	Global X China Materials ETF			Global X NASDAQ China Technology ETF			Global X Southeast Asia ETF			Global X FTSE Andean 40 ETF
Assets:
Cost of Investments	$	2,157,342		$	13,452,705		$	13,893,495		$	5,235,229
Cost of Foreign Currency		180			10			4,009			204
Investments, at Value	$	1,340,285		$	13,930,645		$	12,318,879		$	4,067,735
Cash		4,212			17,540			31,328			8,947
Foreign Currency, at Value		200			10			4,012			187
Receivable for Investment Securities Sold		143,305			—			3,959			—
Unrealized Appreciation on Forward Foreign Currency Contracts		—			—			—			1
Dividend and Interest Receivable		—			—			2,024			257
Total Assets		1,488,002			13,948,195			12,360,202			4,077,127
Liabilities:
Payable for Investment Securities Purchased		145,679			—			3,974			—
Payable due to Investment Adviser		753			7,951			6,861			2,423
Payable for Foreign Capital Gains Tax on Appreciated Securities		—			—			—			6,862
Total Liabilities		146,432			7,951			10,835			9,285
Net Assets	$	1,341,570		$	13,940,244		$	12,349,367		$	4,067,842
Net Assets Consist of:
Paid-in Capital	$	3,284,550		$	15,258,644		$	18,893,551		$	8,633,638
Undistributed Net Investment Income		16,196			277,404			260,146			40,586
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(1,142,118	)		(2,073,744	)		(5,229,676	)		(3,432,024	)
Net Unrealized Appreciation (Depreciation) on Investments		(817,057	)		477,940			(1,574,616	)		(1,167,494	)
Net Unrealized Depreciation on Foreign Currency Translations		(1	)		—			(38	)		(6,864	)
Net Assets	$	1,341,570		$	13,940,244		$	12,349,367		$	4,067,842
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		99,971			600,000			900,000			500,000
Net Asset Value, Offering and Redemption Price Per Share	$	13.42		$	23.23		$	13.72		$	8.14

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

Statements of Assets and Liabilities

October 31, 2016

	Global X MSCI Colombia ETF			Global X Brazil Mid Cap ETF			Global X Brazil Consumer ETF			Global X MSCI Argentina ETF
Assets:
Cost of Investments	$	100,931,222		$	5,088,047		$	6,647,563		$	81,046,590
Cost of Foreign Currency		56,269			3,056			4,367			35,724
Investments, at Value	$	90,086,050		$	4,986,420		$	7,166,488		$	90,505,748
Foreign Currency, at Value		56,269			3,113			4,432			36,491
Cash		—			—			8,794			153,861
Dividend and Interest Receivable		21,243			8,530			6,675			7,065
Receivable for Investment Securities Sold		13,997			—			—			—
Receivable for Capital Shares Sold		—			495,912			—			8,316,769
Reclaim Receivable		—			—			—			1,183
Total Assets		90,177,559			5,493,975			7,186,389			99,021,117
Liabilities:
Cash Overdraft		1,298,382			7,408			—			—
Payable for Investment Securities Purchased		64,198			494,512			—			8,368,634
Payable due to Investment Adviser		37,008			2,792			4,612			50,248
Unrealized Depreciation on Spot Contracts		—			908			—			—
Payable due to Custodian		17,476			—			—			635
Total Liabilities		1,417,064			505,620			4,612			8,419,517
Net Assets	$	88,760,495		$	4,988,355		$	7,181,777		$	90,601,600
Net Assets Consist of:
Paid-in Capital	$	175,862,847		$	12,410,185		$	11,585,920		$	86,285,890
Undistributed Net Investment Income		724,010			34,327			31,230			209,519
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(76,980,677	)		(7,354,830	)		(4,954,642	)		(5,354,693	)
Net Unrealized Appreciation (Depreciation) on Investments		(10,845,172	)		(101,627	)		518,925			9,459,158
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(513	)		300			344			1,726
Net Assets	$	88,760,495		$	4,988,355		$	7,181,777		$	90,601,600
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		9,630,000			500,000			500,000			3,824,975
Net Asset Value, Offering and Redemption Price Per Share	$	9.22		$	9.98		$	14.36		$	23.69

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

Statements of Assets and Liabilities

October 31, 2016

	Global X MSCI Greece ETF			Global X MSCI Norway ETF			Global X FTSE Nordic Region ETF			Global X MSCI Nigeria ETF
Assets:
Cost of Investments	$	281,640,692		$	131,123,889		$	45,949,804		$	44,980,419
Cost of Repurchase Agreement		2,806,650			31,508,904			3,124,587			—
Cost of Foreign Currency		12,055			102			28,469			1,316,619
Investments, at Value	$	244,992,118	*	$	113,581,544	*	$	40,839,114	*	$	29,391,735
Repurchase Agreement, at Value		2,806,650			31,508,904			3,124,587			—
Cash		671,391			188,655			—			—
Foreign Currency, at Value		12,006			104			11,577			1,317,283
Dividend and Interest Receivable		92,985			275,372			50,230			4,435
Receivable for Capital Shares Sold		—			—			—			648,428
Reclaim Receivable		—			—			578,041			406
Due from Broker		—			—			—			35,578
Total Assets		248,575,150			145,554,579			44,603,549			31,397,865
Liabilities:
Obligation to Return Securities Lending Collateral		2,806,650			31,508,904			3,124,587			—
Payable due to Investment Adviser		114,529			48,570			18,030			14,445
Payable for Investment Securities Purchased		—			—			—			2,108,562
Cash Overdraft		—			—			562,266			936,456
Unrealized Depreciation on Spot Contracts		—			—			19			1,547
Payable due to Custodian		30,619			—			—			18,853
Payable for Foreign Capital Gains Tax on Appreciated Securities		33,561			—			—			—
Due to Broker		28,495			—			—			309,460
Total Liabilities		3,013,854			31,557,474			3,704,902			3,389,323
Net Assets	$	245,561,296		$	113,997,105		$	40,898,647		$	28,008,542
Net Assets Consist of:
Paid-in Capital	$	481,119,636		$	153,538,927		$	48,724,966		$	53,196,122
Undistributed Net Investment Income		4,017,796			2,694,337			1,107,674			706,368
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(202,927,516	)		(24,694,375	)		(3,718,706	)		(10,305,278	)
Net Unrealized Depreciation on Investments		(36,648,574	)		(17,542,345	)		(5,110,690	)		(15,588,684	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(46	)		561			(104,597	)		14
Net Assets	$	245,561,296		$	113,997,105		$	40,898,647		$	28,008,542
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		33,400,000			10,300,000			2,110,000			6,500,000
Net Asset Value, Offering and Redemption Price Per Share	$	7.35		$	11.07		$	19.38		$	4.31
*Includes Market Value of Securities on Loan	$	2,586,020		$	24,195,714		$	2,140,756		$	—

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

100

Statements of Assets and Liabilities

October 31, 2016

	Global X Next Emerging & Frontier ETF			Global X FTSE Portugal 20 ETF			Global X MSCI Pakistan ETF
Assets:
Cost of Investments	$	17,015,297		$	35,359,044		$	10,565,522
Cost of Repurchase Agreement		—			2,503,093			—
Cost of Foreign Currency		1,189			10,437			20,783
Investments, at Value	$	15,072,702		$	25,625,604	*	$	10,772,355
Cash		36,344			—			—
Foreign Currency, at Value		1,941			10,462			21,758
Repurchase Agreement, at Value		—			2,503,093			—
Dividend and Interest Receivable		6,423			21,043			134,998
Reclaim Receivable		3,698			190,376			—
Receivable from Broker		—			2			—
Total Assets		15,121,108			28,350,580			10,929,111
Liabilities:
Payable due to Investment Adviser		6,276			12,033			6,306
Obligation to Return Securities Lending Collateral		—			2,503,093			—
Cash Overdraft		—			139,194			114,713
Payable due to Custodian		1,592			2,695			9,535
Payable for Foreign Capital Gains Tax on Appreciated Securities		1,444			—			135,024
Total Liabilities		9,312			2,657,015			265,578
Net Assets	$	15,111,796		$	25,693,565		$	10,663,533
Net Assets Consist of:
Paid-in Capital	$	38,091,327		$	41,946,943		$	10,494,604
Undistributed Net Investment Income		322,196			868,860			258,559
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(21,356,576	)		(7,369,859	)		(161,270	)
Net Unrealized Appreciation (Depreciation) on Investments		(1,942,595	)		(9,733,440	)		206,833
Net Unrealized Depreciation on Foreign Currency Translations		(2,556	)		(18,939	)		(135,193	)
Net Assets	$	15,111,796		$	25,693,565		$	10,663,533
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		750,000			2,600,000			700,000
Net Asset Value, Offering and Redemption Price Per Share	$	20.15		$	9.88		$	15.23
*Includes Market Value of Securities on Loan	$	—		$	255,976		$	—

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

101

Statements of Operations

For the year ended October 31, 2016

	Global X China Consumer ETF			Global X China Energy ETF			Global X China Financials ETF			Global X China Industrials ETF
Investment Income:
Dividend Income	$	1,749,235		$	46,018		$	769,855		$	90,436
Interest Income		169			1			74			5
Security Lending Income		120,256			—			—			—
Less: Foreign Taxes Withheld		(35,776	)		(2,763	)		(55,479	)		(5,047	)
Total Investment Income		1,833,884			43,256			714,450			85,394
Supervision and Administration Fees⁽¹⁾		506,253			9,883			180,450			26,095
Custodian Fees		201			19			902			129
Total Expenses		506,454			9,902			181,352			26,224
Net Investment Income		1,327,430			33,354			533,098			59,170
Net Realized Gain (Loss) on:
Investments		(13,183,652	)⁽²⁾		(254,878	)		(10,834,075	) ⁽²⁾		(790,007	)⁽²⁾
Foreign Currency Transactions		(1,940	)		14			(79	)		(43	)
Net Realized Loss on Investments and Foreign Currency Transactions		(13,185,592	)		(254,864	)		(10,834,154	)		(790,050	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		2,818,908			113,319			1,268,191			(1,351	)
Foreign Currency Translations		3			1			5			1
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		2,818,911			113,320			1,268,196			(1,350	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations		(10,366,681	)		(141,544	)		(9,565,958	)		(791,400	)
Net Decrease in Net Assets Resulting from Operations	$	(9,039,251	)	$	(108,190	)	$	(9,032,860	)	$	(732,230	)

(1)

The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

(2)

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

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

102

Statements of Operations

For the year ended October 31, 2016

	Global X China Materials ETF			Global X NASDAQ China Technology ETF			Global X Southeast Asia ETF			Global X FTSE Andean 40 ETF
Investment Income:
Dividend Income	$	25,460		$	380,411		$	407,339		$	86,853
Interest Income		3			22			25			14
Less: Foreign Taxes Withheld		(913	)		(4,697	)		(22,127	)		(12,752	)
Total Investment Income		24,550			375,736			385,237			74,115
Supervision and Administration Fees⁽¹⁾		8,135			89,156			82,254			25,902
Custodian Fees		12			149			19			158
Total Expenses		8,147			89,305			82,273			26,060
Net Investment Income		16,403			286,431			302,964			48,055
Net Realized Gain (Loss) on:
Investments ⁽²⁾		(241,688	)		118,560			(1,805,790	)		(718,624	)
Foreign Currency Transactions		(6	)		(21	)		(4,588	)		(3,004	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(241,694	)		118,539			(1,810,378	)		(721,628	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		309,175			331,619			2,386,067			1,262,564
Foreign Capital Gains Tax on Appreciated Securities		—			—			—			(6,862	)
Foreign Currency Translations		—			—			(220	)		(4	)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		309,175			331,619			2,385,847			1,255,698
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		67,481			450,158			575,469			534,070
Net Increase in Net Assets Resulting from Operations	$	83,884		$	736,589		$	878,433		$	582,125

(1)

The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements).

(2)

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

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

103

Statements of Operations

For the year ended October 31, 2016

	Global X MSCI Colombia ETF			Global X Brazil Mid Cap ETF			Global X Brazil Consumer ETF			Global X MSCI Argentina ETF
Investment Income:
Dividend Income	$	1,869,534		$	85,712		$	69,636		$	874,579
Interest Income		288			—			—			104
Security Lending Income		27,092			—			—			—
Less: Foreign Taxes Withheld		(33,231	)		(802	)		(1,348	)		(98,250	)
Total Investment Income		1,863,683			84,910			68,288			776,433
Supervision and Administration Fees⁽¹⁾		514,058			25,114			32,344			399,785
Tax Expense		–			89			23			–
Custodian Fees		123,104			40			8			2,466
Total Expenses		637,162			25,243			32,375			402,251
Waiver of Supervision and Administration Fees		(124,250	)		–			–			–
Reimbursement from Adviser		(21,507	)		–			–			–
Net Expenses		491,405			25,243			32,375			402,251
Net Investment Income		1,372,278			59,667			35,913			374,182
Net Realized Gain (Loss) on:
Investments ⁽²⁾		(17,925,316	)		(324,455	)		(729,520	)		3,125,005
Foreign Currency Transactions		(190,771	)		(557	)		341			4,724
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(18,116,087	)		(325,012	)		(729,179	)		3,129,729
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		23,181,837			1,792,745			3,023,413			12,202,719
Foreign Currency Translations		(567	)		959			771			1,743
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		23,181,270			1,793,704			3,024,184			12,204,462
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		5,065,183			1,468,692			2,295,005			15,334,191
Net Increase in Net Assets Resulting from Operations	$	6,437,461		$	1,528,359		$	2,330,918		$	15,708,373

(1)

The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements).

(2)

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

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

104

Statements of Operations

For the year ended October 31, 2016

	Global X MSCI Greece ETF			Global X MSCI Norway ETF			Global X FTSE Nordic Region ETF			Global X MSCI Nigeria ETF
Investment Income:
Dividend Income	$	6,120,598		$	4,117,633		$	1,852,136		$	1,135,758
Interest Income		1,503			157			5			324
Security Lending Income		30,253			495,042			13,448			—
Less: Foreign Taxes Withheld		(451,827	)		(1,097,895	)		(213,811	)		(98,653	)
Total Investment Income		5,700,527			3,514,937			1,651,778			1,037,429
Supervision and Administration Fees⁽¹⁾		1,342,450			451,973			234,767			146,235
Custodian Fees		179,744			162			4,414			89,780
Total Expenses		1,522,194			452,135			239,181			236,015
Reimbursement from Adviser		–			–			–			(15,742	)
Net Expenses		1,522,194			452,135			239,181			220,273
Net Investment Income		4,178,333			3,062,802			1,412,597			817,156
Net Realized Gain (Loss) on:
Investment		(134,843,912	)⁽²⁾		(13,079,604	)⁽²⁾		(466,015	)⁽²⁾		(4,784,233	)
Foreign Currency Transactions		28,412			(46,647	)		(14,264	)		(80,430	)
Net Realized Loss on Investments and Foreign Currency Transactions		(134,815,500	)		(13,126,251	)		(480,279	)		(4,864,663	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		39,582,264			19,146,533			(6,029,395	)		(7,936,674	)
Foreign Currency Translations		(60	)		50,745			(23,522	)		1,587
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		39,582,204			19,197,278			(6,052,917	)		(7,935,087	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(95,233,296	)		6,071,027			(6,533,196	)		(12,799,750	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(91,054,963	)	$	9,133,829		$	(5,120,599	)	$	(11,982,594	)

(1)

The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements).

(2)

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

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

105

Statements of Operations

For the year or period ended October 31, 2016

	Global X Next Emerging & Frontier ETF			Global X FTSE Portugal 20 ETF			Global X MSCI Pakistan ETF
Investment Income:
Dividend Income	$	764,463		$	1,313,310		$	417,109
Interest Income		1,031			1,383			39
Security Lending Income		—			184,325			—
Less: Foreign Taxes Withheld		(74,984	)		(204,603	)		(51,904	)
Total Investment Income		690,510			1,294,415			365,244
Supervision and Administration Fees⁽¹⁾		199,987			146,308			50,578
Custodian Fees		28,933			16,161			16,742
Total Expenses		228,920			162,469			67,320
Net Investment Income		461,590			1,131,946			297,924
Net Realized Gain (Loss) on:
Investments		(30,853,109	)⁽²⁾		3,357,471	)⁽²⁾		(133,976	)
Foreign Currency Transactions		9,491			(6,147	)		(3,634	)
Net Realized Loss on Investments and Foreign Currency Transactions		(30,843,618	)		(3,363,618	)		(137,610	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		27,377,491			75,934			667,347
Foreign Capital Gains Tax on Appreciated Securities		(1,444	)		—			(113,084	)
Foreign Currency Translations		(11,769	)		(1,452	)		322
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		27,364,278			74,482			554,585
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(3,479,340	)		(3,289,136	)		416,975
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(3,017,750	)	$	(2,157,190	)	$	714,899

(1)

The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements).

(2)

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

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

106

Statements of Changes in Net Assets

	Global X China Consumer ETF						Global X China Energy ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Operations:
Net Investment Income	$	1,327,430		$	4,078,383		$	33,354		$	48,211
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(13,185,592	)⁽¹⁾		(12,633,583	)⁽¹⁾		(254,864	)		79,371	⁽¹⁾
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		2,818,911			7,369,978			113,320			(693,919	)
Net Decrease in Net Assets Resulting from Operations		(9,039,251	)		(1,185,222	)		(108,190	)		(566,337	)
Dividends and Distributions from:
Net Investment Income		(4,048,651	)		(2,353,761	)		(49,338	)		(81,629	)
Total Dividends and Distributions		(4,048,651	)		(2,353,761	)		(49,338	)		(81,629	)
Capital Share Transactions:
Issued		12,709,523			4,518,462			—			—
Redeemed		(20,549,924	)		(41,042,576	)		—			(2,120,068	)
Decrease in Net Assets from Capital Share Transactions		(7,840,401	)		(36,524,114	)		—			(2,120,068	)
Total Decrease in Net Assets		(20,928,303	)		(40,063,097	)		(157,528	)		(2,768,034	)
Net Assets:
Beginning of Year		93,950,939			134,014,036			1,740,803			4,508,837
End of Year	$	73,022,636		$	93,950,939		$	1,583,275		$	1,740,803
Undistributed Net Investment Income	$	922,520		$	3,540,439		$	32,231		$	48,201
Share Transactions:
Issued		1,200,000			350,000			—			—
Redeemed		(1,950,000	)		(3,200,000	)		—			(150,000	)
Net Decrease in Shares Outstanding from Share Transactions		(750,000	)		(2,850,000	)		—			(150,000	)

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

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

107

Statements of Changes in Net Assets

	Global X China Financials ETF						Global X China Industrials ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Operations:
Net Investment Income	$	533,098		$	2,726,683		$	59,170		$	99,429
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(10,834,154	)		3,004,884			(790,050	)		861,527
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		1,268,196			(2,867,620	)		(1,350	)		(1,121,417	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(9,032,860	)		2,863,947			(732,230	)		(160,461	)
Dividends and Distributions from:
Net Investment Income		(2,772,013	)		(617,666	)		(103,249	)		(44,362	)
Total Dividends and Distributions		(2,772,013	)		(617,666	)		(103,249	)		(44,362	)
Capital Share Transactions:
Issued		11,582,475			45,839,534			—			6,125,108
Redeemed		(28,846,647	)		(39,313,495	)		(2,616,503	)		(4,518,645	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(17,264,172	)		6,526,039			(2,616,503	)		1,606,463
Total Increase (Decrease) in Net Assets		(29,069,045	)		8,772,320			(3,451,982	)		1,401,640
Net Assets:
Beginning of Year		57,357,654			48,585,334			7,222,274			5,820,634
End of Year	$	28,288,609		$	57,357,654		$	3,770,292		$	7,222,274
Undistributed Net Investment Income	$	528,232		$	2,726,593		$	51,038		$	95,160
Share Transactions:
Issued		800,000			2,850,000			—			350,000
Redeemed		(2,600,000	)		(2,600,000	)		(200,000	)		(300,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(1,800,000	)		250,000			(200,000	)		50,000

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

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

108

Statements of Changes in Net Assets

	Global X China Materials ETF						Global X NASDAQ China Technology ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Operations:
Net Investment Income	$	16,403		$	70,649		$	286,431		$	99,519
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(241,694	)		(389,807	)		118,539			426,927
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		309,175			(339,993	)		331,619			(2,620,410	)
Net Increase (Decrease) in Net Assets Resulting from Operations		83,884			(659,151	)		736,589			(2,093,964	)
Dividends and Distributions from:
Net Investment Income		(70,832	)		(30,768	)		(100,894	)		(64,823	)
Total Dividends and Distributions		(70,832	)		(30,768	)		(100,894	)		(64,823	)
Capital Share Transactions:
Issued		—			4,880,764			—			2,507,379
Redeemed		—			(5,821,646	)		(2,099,886	)		(7,251,028	)
Decrease in Net Assets from Capital Share Transactions		—			(940,882	)		(2,099,886	)		(4,743,649	)
Total Increase (Decrease) in Net Assets		13,052			(1,630,801	)		(1,464,191	)		(6,902,436	)
Net Assets:
Beginning of Year		1,328,518			2,959,319			15,404,435			22,306,871
End of Year	$	1,341,570		$	1,328,518		$	13,940,244		$	15,404,435
Undistributed Net Investment Income	$	16,196		$	70,631		$	277,404		$	91,745
Share Transactions:
Issued		—			250,000			—			100,000
Redeemed		—			(350,000	)		(100,000	)		(350,000	)
Net Decrease in Shares Outstanding from Share Transactions		—			(100,000	)		(100,000	)		(250,000	)

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

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

109

Statements of Changes in Net Assets

	Global X Southeast Asia ETF						Global X FTSE Andean 40 ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Operations:
Net Investment Income	$	302,964		$	499,498		$	48,055		$	116,375
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(1,810,378	)		(3,073,750	)		(721,628	)		(1,894,002	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		2,385,847			(2,491,872	)		1,255,698			(313,544	)
Net Increase (Decrease) in Net Assets Resulting from Operations		878,433			(5,066,124	)		582,125			(2,091,171	)
Dividends and Distributions from:
Net Investment Income		(486,151	)		(689,799	)		(85,704	)		(168,007	)
Total Dividends and Distributions		(486,151	)		(689,799	)		(85,704	)		(168,007	)
Capital Share Transactions:
Issued		—			1,664,730			318,633			432,014
Redeemed		(2,418,748	)		(10,868,937	)		—			(3,930,506	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(2,418,748	)		(9,204,207	)		318,633			(3,498,492	)
Total Increase (Decrease) in Net Assets		(2,026,466	)		(14,960,130	)		815,054			(5,757,670	)
Net Assets:
Beginning of Year		14,375,833			29,335,963			3,252,788			9,010,458
End of Year	$	12,349,367		$	14,375,833		$	4,067,842		$	3,252,788
Undistributed Net Investment Income	$	260,146		$	447,921		$	40,586		$	80,784
Share Transactions:
Issued		—			100,000			50,000			50,000
Redeemed		(200,000	)		(750,000	)		—			(450,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(200,000	)		(650,000	)		50,000			(400,000	)

⁽¹⁾

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

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

110

Statements of Changes in Net Assets

	Global X MSCI Colombia ETF						Global X Brazil Mid Cap ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Operations:
Net Investment Income	$	1,372,278		$	2,046,015		$	59,667		$	110,234
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(18,116,087	)		(33,449,177	)		(325,012	)		(2,034,312	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		23,181,270			(18,888,106	)		1,793,704			(863,040	)
Net Increase (Decrease) in Net Assets Resulting from Operations		6,437,461			(50,291,268	)		1,528,359			(2,787,118	)
Dividends and Distributions from:
Net Investment Income		(948,793	)		(2,318,237	)		(80,368	)		(242,176	)
Total Dividends and Distributions		(948,793	)		(2,318,237	)		(80,368	)		(242,176	)
Capital Share Transactions:
Issued		22,093,246			45,234,599			1,877,362			—
Redeemed		(5,437,401	)		(26,696,623	)		(1,426,319	)		(1,823,648	)
Increase (Decrease) in Net Assets from Capital Share Transactions		16,655,845			18,537,976			451,043			(1,823,648	)
Total Increase (Decrease) in Net Assets		22,144,513			(34,071,529	)		1,899,034			(4,852,942	)
Net Assets:
Beginning of Year		66,615,982			100,687,511			3,089,321			7,942,263
End of Year	$	88,760,495		$	66,615,982		$	4,988,355		$	3,089,321
Undistributed Net Investment Income	$	724,010		$	491,296		$	34,327		$	55,329
Share Transactions:
Issued		2,650,000			4,150,000			200,000			—
Redeemed		(600,000	)		(2,350,000	)		(150,000	)		(200,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		2,050,000			1,800,000			50,000			(200,000	)

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

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

111

Statements of Changes in Net Assets

	Global X Brazil Consumer ETF						Global X MSCI Argentina ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Operations:
Net Investment Income	$	35,913		$	80,600		$	374,182		$	101,821
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(729,179	)		(1,712,549	)		3,129,729			(416,473	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		3,024,184			(2,485,770	)		12,204,462			(1,540,989	)
Net Increase (Decrease) in Net Assets Resulting from Operations		2,330,918			(4,117,719	)		15,708,373			(1,855,641	)
Dividends and Distributions from:
Net Investment Income		(41,505	)		(240,598	)		(213,754	)		(90,100	)
Total Dividends and Distributions		(41,505	)		(240,598	)		(213,754	)		(90,100	)
Capital Share Transactions:
Issued		1,921,732			—			78,356,541			4,191,155
Redeemed		—			(2,613,701	)		(18,604,618	)		(7,542,603	)
Increase (Decrease) in Net Assets from Capital Share Transactions		1,921,732			(2,613,701	)		59,751,923			(3,351,448	)
Total Increase (Decrease) in Net Assets		4,211,145			(6,972,018	)		75,246,542			(5,297,189	)
Net Assets:
Beginning of Year		2,970,632			9,942,650			15,355,058			20,652,247
End of Year	$	7,181,777		$	2,970,632		$	90,601,600		$	15,355,058
Undistributed Net Investment Income	$	31,230		$	36,221		$	209,519		$	44,367
Share Transactions:
Issued		150,000			—			3,900,000			200,000
Redeemed		—			(250,000	)		(850,000	)		(400,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		150,000			(250,000	)		3,050,000			(200,000	)

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

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

112

Statements of Changes in Net Assets

	Global X MSCI Greece ETF						Global X MSCI Norway ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Operations:
Net Investment Income	$	4,178,333		$	3,821,536		$	3,062,802		$	2,491,201
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(134,815,500	)		(76,225,431	)		(13,126,251	)		(26,825,038	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		39,582,204			(8,460,738	)		19,197,278			(7,387,842	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(91,054,963	)		(80,864,633	)		9,133,829			(31,721,679	)
Dividends and Distributions from:
Net Investment Income		(3,840,043	)		(956,353	)		(2,212,531	)		(4,921,308	)
Total Dividends and Distributions		(3,840,043	)		(956,353	)		(2,212,531	)		(4,921,308	)
Capital Share Transactions:
Issued		71,752,872			336,524,730			54,452,738			41,588,211
Redeemed		(46,203,761	)		(79,997,814	)		(12,400,772	)		(122,958,997	)
Increase (Decrease) in Net Assets from Capital Share Transactions		25,549,111			256,526,916			42,051,966			(81,370,786	)
Total Increase (Decrease) in Net Assets		(69,345,895	)		174,705,930			48,973,264			(118,013,773	)
Net Assets:
Beginning of Year		314,907,191			140,201,261			65,023,841			183,037,614
End of Year	$	245,561,296		$	314,907,191		$	113,997,105		$	65,023,841
Undistributed Net Investment Income	$	4,017,796		$	3,523,899		$	2,694,337		$	1,890,655
Share Transactions:
Issued		8,850,000			28,000,000			5,450,000			3,200,000
Redeemed		(5,700,000	)		(6,600,000	)		(1,200,000	)		(9,500,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		3,150,000			21,400,000			4,250,000			(6,300,000	)

⁽¹⁾

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

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

113

Statements of Changes in Net Assets

	Global X FTSE Nordic Region ETF						Global X MSCI Nigeria ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Operations:
Net Investment Income	$	1,412,597		$	1,410,352		$	817,156		$	908,373
Net Realized Loss on Investments and Foreign Currency Transactions		(480,279	)⁽¹⁾		(325,550	)⁽¹⁾		(4,864,663	)		(4,431,226	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(6,052,917	)		(4,012,414	)		(7,935,087	)		(5,677,883	)
Net Decrease in Net Assets Resulting from Operations		(5,120,599	)		(2,927,612	)		(11,982,594	)		(9,200,736	)
Dividends and Distributions from:
Net Investment Income		(1,490,826	)		(2,045,741	)		(850,578	)		(505,208	)
Total Dividends and Distributions		(1,490,826	)		(2,045,741	)		(850,578	)		(505,208	)
Capital Share Transactions:
Issued		—			2,475,978			18,433,905			19,080,421
Redeemed		(5,085,717	)		(4,833,389	)		(2,215,314	)		(1,675,335	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(5,085,717	)		(2,357,411	)		16,218,591			17,405,086
Total Increase (Decrease) in Net Assets		(11,697,142	)		(7,330,764	)		3,385,419			7,699,142
Net Assets:
Beginning of Year		52,595,789			59,926,553			24,623,123			16,923,981
End of Year	$	40,898,647		$	52,595,789		$	28,008,542		$	24,623,123
Undistributed Net Investment Income	$	1,107,674		$	1,135,677		$	706,368		$	820,220
Share Transactions:
Issued		—			100,000			3,700,000			2,000,000
Redeemed		(250,000	)		(200,000	)		(300,000	)		(200,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(250,000	)		(100,000	)		3,400,000			1,800,000

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

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

114

Statements of Changes in Net Assets

	Global X Next Emerging & Frontier ETF						Global X FTSE Portugal 20 ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Operations:
Net Investment Income	$	461,590		$	2,874,787		$	1,131,946		$	1,001,642
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(30,843,618	)		(10,679,341	)		(3,363,618	)		(4,824,501	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		27,364,278			(27,226,842	)		74,482			(1,698,130	)
Net Decrease in Net Assets Resulting from Operations		(3,017,750	)		(35,031,396	)		(2,157,190	)		(5,520,989	)
Dividends and Distributions from:
Net Investment Income		(2,414,376	)		(2,316,518	)		(1,260,520	)		(575,663	)
Total Dividends and Distributions		(2,414,376	)		(2,316,518	)		(1,260,520	)		(575,663	)
Capital Share Transactions:
Issued		2,018,082			8,809,775			5,179,446			25,089,819
Redeemed		(88,399,190	)		(16,563,940	)		(13,516,694	)		(18,236,165	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(86,381,108	)		(7,754,165	)		(8,337,248	)		6,853,654
Total Increase (Decrease) in Net Assets		(91,813,234	)		(45,102,079	)		(11,754,958	)		757,002
Net Assets:
Beginning of Year		106,925,030			152,027,109			37,448,523			36,691,521
End of Year	$	15,111,796		$	106,925,030		$	25,693,565		$	37,448,523
Undistributed Net Investment Income	$	322,196		$	2,242,259		$	868,860		$	1,003,581
Share Transactions:
Issued		100,000			400,000			500,000			2,200,000
Redeemed		(4,900,000	)		(800,000	)		(1,350,000	)		(1,650,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(4,800,000	)		(400,000	)		(850,000	)		550,000

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

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

115

Statements of Changes in Net Assets

	Global X MSCI Pakistan ETF
	Year Ended October 31, 2016			Period Ended October 31, 2015⁽¹⁾
Operations:
Net Investment Income	$	297,924		$	110,549
Net Realized Loss on Investments and Foreign Currency Transactions		(137,610	)		(8,726	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		554,585			(482,945	)
Net Increase (Decrease) in Net Assets Resulting from Operations		714,899			(381,122	)
Dividends and Distributions from:
Net Investment Income		(146,008	)		—
Net Realized Gains		(18,840	)		—
Total Dividends and Distributions		(164,848	)		—
Capital Share Transactions:
Issued		4,446,623			6,047,981
Total Increase in Net Assets		4,996,674			5,666,859
Net Assets:
Beginning of Year/Period		5,666,859			—
End of Year/Period	$	10,663,533		$	5,666,859
Undistributed Net Investment Income	$	258,559		$	110,195
Share Transactions:
Issued		300,000			400,000
Net Increase in Shares Outstanding from Share Transactions		300,000			400,000

⁽¹⁾ Commenced operations on April 22, 2015.

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

116

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 ($)		Distribution from Capital Gains ($)		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 (%) ††
Global X China Consumer ETF
2016		13.72		0 .20		(1 .36)		(1 .16)		(0 .59)		—		(0 .59)		11.97		(8 .57)		73,023		0 .65		1 .71		38 .13
2015		13.82		0 .53		(0 .37)		0 .16		(0 .26)		—		(0 .26)		13.72		1 .34		93,951		0 .65		3 .86		24 .57
2014		15.87		0 .17		(2 .07)		(1 .90)		(0 .15)		—		(0 .15)		13.82		(12 .09)		134,014		0 .65		1 .18		18 .89
2013		14.00		0 .16		1 .88		2 .04		(0 .17)		—		(0 .17)		15.87		14 .66		170,554		0 .65		1 .11		27 .76
2012		15.29		0 .24		(1 .47)		(1 .23)		(0 .06)		—		(0 .06)		14.00		(8 .06)		126,715		0 .65		1 .73		17 .32
Global X China Energy ETF
2016		11.61		0 .22		(0 .94)		(0 .72)		(0 .33)		—		(0 .33)		10.56		(6 .11)		1,583		0 .65		2 .19		22 .19
2015		15.03		0 .22		(3 .31)		(3 .09)		(0 .33)		—		(0 .33)		11.61		(20 .89)		1,741		0 .65		1 .66		15 .62
2014		15.11		0 .29		(0 .09)		0 .20		(0 .28)		—		(0 .28)		15.03		1 .34		4,509		0 .65		1 .90		12 .65
2013		13.76		0 .26		1 .34		1 .60		(0 .25)		—		(0 .25)		15.11		11 .72		4,534		0 .65		1 .82		24 .41
2012		13.78		0 .25		(0 .01)		0 .24		(0 .26)		—		(0 .26)		13.76		1 .87		4,816		0 .65		1 .85		17 .22
Global X China Financials ETF
2016		14.90		0 .25		(0 .62)		(0 .37)		(0 .73)		—		(0 .73)		13.80		(2 .56)		28,289		0 .65		1 .92		18 .43
2015		13.50		0 .54		1 .02		1 .56		(0 .16)		—		(0 .16)		14.90		11 .50		57,358		0 .65		3 .34		15 .88
2014		13.29		0 .23		0 .05^		0 .28		(0 .07)		—		(0 .07)		13.50		2 .08		48,585		0 .65		1 .76		6 .90
2013		12.03		0 .27		1 .36		1 .63		(0 .37)		—		(0 .37)		13.29		13 .61		42,518		0 .65		2 .09		33 .49
2012		10.92		0 .20		0 .92		1 .12		(0 .01)		—		(0 .01)		12.03		10 .28		6,013		0 .65		1 .76		14 .02
Global X China Industrials ETF
2016		14.44		0 .18		(1 .71)		(1 .53)		(0 .34)		—		(0 .34)		12.57		(10 .60)		3,770		0 .65		1 .47		14 .08
2015		12.93		0 .21		1 .40		1 .61		(0 .10)		—		(0 .10)		14.44		12 .49		7,222		0 .65		1 .38		23 .87
2014		12.14		0 .15		0 .83		0 .98		(0 .19)		—		(0 .19)		12.93		8 .13		5,821		0 .65		1 .24		10 .61
2013		11.40		0 .15		0 .75		0 .90		(0 .16)		—		(0 .16)		12.14		7 .89		4,248		0 .65		1 .28		19 .01
2012		11.39		0 .16		(0 .13)		0 .03		(0 .02)		—		(0 .02)		11.40		0 .30		4,561		0 .65		1 .48		23 .00
Global X China Materials ETF
2016		13.29		0 .16		0 .68		0 .84		(0 .71)		—		(0 .71)		13.42		6 .84		1,342		0 .65		1 .31		26 .33
2015		14.80		0 .40		(1 .70)		(1 .30)		(0 .21)		—		(0 .21)		13.29		(8 .95)		1,329		0 .65		2 .39		28 .59
2014		15.13		0 .19		(0 .27)		(0 .08)		(0 .25)		—		(0 .25)		14.80		(0 .57)		2,959		0 .65		1 .26		13 .51
2013⁽¹⁾		16.28		0 .17		(1 .05)		(0 .88)		(0 .27)		—		(0 .27)		15.13		(5 .63)		2,269		0 .65		1 .65		31 .07
2012⁽¹⁾		19.16		0 .25		(3 .13)		(2 .88)		—		—		—		16.28		(15 .03)		2,441		0 .65		1 .50		50 .30
Global X NASDAQ China Technology ETF
2016		22.01		0 .45		0 .91		1 .36		(0 .14)		—		(0 .14)		23.23		6 .20		13,940		0 .65		2 .09		42 .02
2015		23.48		0 .12		(1 .52)		(1 .40)		(0 .07)		—		(0 .07)		22.01		(5 .94)		15,404		0 .65		0 .52		44 .95
2014		20.63		0 .06		2 .80		2 .86		(0 .01)		—		(0 .01)		23.48		13 .85		22,307		0 .65		0 .29		64 .79
2013		13.77		0 .02		6 .92		6 .94		(0 .08)		—		(0 .08)		20.63		50 .68		10,317		0 .65		0 .14		57 .24
2012		15.38		0 .05		(1 .47)		(1 .42)		(0 .19)		—		(0 .19)		13.77		(9 .17)		2,754		0 .65		0 .35		53 .45

(1)

Per share amounts have been restated for a 1 for 2 reverse share split on May 16, 2013. See Note 7 in the Notes to Financial Statements.

The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

Per share data calculated using average shares method.

Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

††

Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.

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

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

117

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 ($)			Distribution from Capital Gains ($)		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 (%) ††
Global X Southeast Asia ETF
2016		13.07		0.31		0.78			1.09			(0.44	)		—		(0.44	)		13.72		8.75			12,349		0.65			2.40		12.94
2015		16.76		0.34		(3.61	)		(3.27	)		(0.42	)		—		(0.42	)		13.07		(19.97	)		14,376		0.65			2.26		24.06
2014		17.12		0.39		(0.16	)		0.23			(0.59	)		—		(0.59	)		16.76		1.68			29,336		0.65			2.36		8.36
2013		16.75		0.47		0.28^			0.75			(0.38	)		—		(0.38	)		17.12		4.50			49,634		0.65			2.73		24.07
2012		15.51		0.51		1.10			1.61			(0.37	)		—		(0.37	)		16.75		10.77			32,656		0.65			3.23		9.69
Global X FTSE Andean 40 ETF
2016		7.23		0.10		0.98			1.08			(0.17	)		—		(0.17	)		8.14		15.64			4,068		0.72			1.34		14.07
2015		10.60		0.17		(3.34	)		(3.17	)		(0.20	)		—		(0.20	)		7.23		(30.33	)		3,253		0.72			2.02		21.91
2014		12.21		0.19		(1.63	)		(1.44	)		(0.17	)		—		(0.17	)		10.60		(11.84	)		9,010		0.72			1.71		19.94
2013		14.37		0.23		(2.13	)		(1.90	)		(0.26	)		—		(0.26	)		12.21		(13.52	)		10,382		0.72			1.71		22.05
2012		13.61		0.23		0.77			1.00			(0.24	)		—		(0.24	)		14.37		7.63			8,620		0.72			1.65		25.80
Global X MSCI Colombia ETF
2016		8.79		0.16		0.39			0.55			(0.12	)		—		(0.12	)		9.22		6.55			88,760		0.65	@		1.82		37.60
2015		17.42		0.31		(8.53	)		(8.22	)		(0.41	)		—		(0.41	)		8.79		(47.93	)		66,616		0.61	@		2.80		66.93
2014		20.55		0.40		(2.78	)		(2.38	)		(0.75	)		—		(0.75	)		17.42		(11.73	)		100,688		0.66	@		2.12		47.57
2013		21.89		0.42		(1.31	)		(0.89	)		(0.45	)		—		(0.45	)		20.55		(4.21	)		149,625		0.75	@		2.05		52.06
2012		19.19		0.39		2.52			2.91			(0.21	)		—		(0.21	)		21.89		15.41			182,379		0.78	@		1.92		61.70
Global X Brazil Mid Cap ETF
2016		6.87		0.13		3.16			3.29			(0.18	)		—		(0.18	)		9.98		49.36			4,988		0.69			1.64		39.09
2015		12.22		0.21		(5.19	)		(4.98	)		(0.37	)		—		(0.37	)		6.87		(41.75	)		3,089		0.69			2.26		31.63
2014		14.58		0.39		(2.04	)		(1.65	)		(0.71	)		—		(0.71	)		12.22		(11.59	)		7,942		0.69			2.99		17.72
2013		15.55		0.50		(1.02	)		(0.52	)		(0.45	)		—		(0.45	)		14.58		(3.52	)		12,390		0.69			3.32		16.38
2012		15.55		0.47		(0.13	)		0.34			(0.34	)		—		(0.34	)		15.55		2.42			20,994		0.69			2.98		34.81
Global X Brazil Consumer ETF
2016		8.49		0.09		5.90			5.99			(0.12	)		—		(0.12	)		14.36		71.59			7,182		0.77			0.86		14.64
2015		16.57		0.15		(7.83	)		(7.68	)		(0.40	)		—		(0.40	)		8.49		(47.30	)		2,971		0.77			1.26		29.16
2014		17.89		0.33		(1.44	)		(1.11	)		(0.21	)		—		(0.21	)		16.57		(6.20	)		9,943		0.78	‡		1.98		18.59
2013		19.43		0.15		(1.45	)		(1.30	)		(0.24	)		—		(0.24	)		17.89		(6.80	)		18,787		0.77			0.80		15.01
2012		16.78		0.14		2.73			2.87			(0.22	)		—		(0.22	)		19.43		17.49			25,257		0.77			0.83		49.88
Global X MSCI Argentina ETF
2016		19.81		0.15		3.89			4.04			(0.16	)		—		(0.16	)		23.69		20.65			90,602		0.74			0.69		20.88
2015		21.18		0.11		(1.39	)		(1.28	)		(0.09	)		—		(0.09	)		19.81		(6.04	)		15,355		0.74			0.58		26.88
2014		20.29		0.10		0.91^			1.01			(0.12	)		—		(0.12	)		21.18		5.03			20,652		0.74			0.49		95.29
2013⁽¹⁾		16.84		0.10		3.53			3.63			(0.18	)		—		(0.18	)		20.29		21.73			6,595		0.74			0.57		26.52
2012⁽¹⁾		22.04		0.24		(4.85	)		(4.61	)		(0.59	)		—		(0.59	)		16.84		(21.44	)		2,946		0.74			1.25		29.51

(1)

Per share amounts have been restated for a 1 for 2 reverse share split on May 16, 2013. See Note 7 in the Notes to Financial Statements.

Per share data calculated using average shares method.

††

Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.

The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.84%, 0.79%, 0.78%, 0.80%, and 0.83% for the years ended October 31, 2016, 2015, 2014, 2013, and 2012, respectively.

‡

The ratio of Expenses to Average Net Assets includes the effect of income taxes. If these expenses were excluded, the ratio would have been 0.77% for the Global X Brazil Consumer ETF.

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

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

118

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			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 (%) ††
Global X MSCI Greece ETF
2016		10.41		0.13		(3.07	)		(2.94	)		(0.12	)		—			(0.12	)		7.35		(28.33	)		245,561		0.62			1.71			76.19
2015		15.84		0.18		(5.48	)		(5.30	)		(0.13	)		—			(0.13	)		10.41		(33.66	)		314,907		0.62			1.61			29.35
2014		22.60		0.08		(6.83	)		(6.75	)		(0.01	)		—			(0.01	)		15.84		(29.83	)		140,201		0.62			0.38			64.19
2013		16.16		0.15		6.32			6.47			(0.02	)		(0.01	)		(0.03	)		22.60		40.14			94,938		0.61			0.84			77.29
2012⁽¹⁾		15.18		0.25		0.76			1.01			(0.03	)		—			(0.03	)		16.16		6.70			25,863		0.62	†		1.93	†		23.99
Global X MSCI Norway ETF
2016		10.75		0.35		0.34			0.69			(0.37	)		—			(0.37	)		11.07		6.86			113,997		0.50			3.39			16.62
2015		14.82		0.34		(3.58	)		(3.24	)		(0.83	)		—			(0.83	)		10.75		(22.50	)		65,024		0.50			2.76			16.05
2014		16.76		0.63		(2.18	)		(1.55	)		(0.39	)		—			(0.39	)		14.82		(9.46	)		183,038		0.50			3.76			26.50
2013		15.09		0.50		1.60			2.10			(0.43	)		—			(0.43	)		16.76		14.21			80,465		0.50			3.23			11.01
2012		13.96		0.49		1.00			1.49			(0.36	)		—			(0.36	)		15.09		11.24			61,129		0.50			3.52			23.39
Global X FTSE Nordic Region ETF
2016		22.29		0.63		(2.91	)		(2.28	)		(0.63	)		—			(0.63	)		19.38		(10.54	)		40,899		0.51			3.01			10.90
2015		24.36		0.59		(1.81	)		(1.22	)		(0.85	)		—			(0.85	)		22.29		(5.05	)		52,596		0.50			2.53			7.76
2014		23.74		0.79		0.46			1.25			(0.63	)		—			(0.63	)		24.36		5.30			59,927		0.50			3.16			6.05
2013		18.65		0.62		4.97			5.59			(0.50	)		—			(0.50	)		23.74		30.54			56,015		0.50			2.92			8.95
2012		17.47		0.50		1.27			1.77			(0.53	)		(0.06	)		(0.59	)		18.65		10.84			26,293		0.50			2.88			10.15
Global X MSCI Nigeria ETF
2016		7.94		0.21		(3.54	)		(3.33	)		(0.30	)		—			(0.30	)		4.31		(43.30	)		28,009		1.02	@		3.80			29.61
2015		13.02		0.34		(5.11	)		(4.77	)		(0.31	)		—			(0.31	)		7.94		(37.25	)		24,623		0.68	@		3.72			34.00
2014		14.92		0.47		(2.16	)		(1.69	)		(0.17	)		(0.04	)		(0.21	)		13.02		(11.55	)		16,924		0.68	@		3.14			54.75
2013⁽²⁾		15.31		0.30		(0.69	)		(0.39	)		—			—			—			14.92		(2.55	)		5,970		0.68	†@		3.54	†		5.44
Global X Next Emerging & Frontier ETF
2016		19.27		0.20		1.14^			1.34			(0.46	)		—			(0.46	)		20.15		7.33			15,112		0.56			1.13			9.35
2015		25.55		0.49		(6.37	)		(5.88	)		(0.40	)		—			(0.40	)		19.27		(23.29	)		106,925		0.58			2.22			19.72
2014⁽³⁾		25.08		0.51		0.01^			0.52			(0.05	)		—			(0.05	)		25.55		2.07			152,027		0.58	†‡		2.00	†		24.14
Global X FTSE Portugal 20 ETF
2016		10.85		0.42		(0.93	)		(0.51	)		(0.46	)		—			(0.46	)		9.88		(4.86	)		25,694		0.61			4.26			27.20
2015		12.65		0.30		(1.87	)		(1.57	)		(0.23	)		—			(0.23	)		10.85		(12.39	)		37,449		0.61			2.68			35.26
2014⁽⁴⁾		15.04		0.38		(2.77	)		(2.39	)		—			—			—			12.65		(15.89	)		36,692		0.61	†		2.58	†		53.58
Global X MSCI Pakistan ETF
2016		14.17		0.58		0.90			1.48			(0.37	)		(0.05	)		(0.42	)		15.23		10.87			10,664		0.91			4.01			21.22
2015⁽⁵⁾		15.28		0.35		(1.46	)		(1.11	)		—			—			—			14.17		(7.26	)		5,667		0.90	†		4.43	†		19.31

(1)

The Fund commenced operations on December 7, 2011.

(2)

The Fund commenced operations on April 2, 2013.

(3)

The Fund commenced operations on November 6, 2013.

(4)

The Fund commenced operations on November 12, 2013.

(5)

The Fund commenced operations on April 22, 2015.

Per share data calculated using average shares method.

†

Annualized.

††

Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.

The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 1.10%, 0.92%, 0.92% and 0.92% for the years and or period ended October 31, 2016, 2015 ,2014, and 2013, respectively.

‡

The ratio of Expenses to Average Net Assets includes the effect of income taxes. If these expenses were excluded, the ratio would have been 0.58% for the Global X Next Emerging & Frontier ETF.

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

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

119

Notes to Financial Statements

October 31, 2016

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, as an open-end management investment company. As of October 31, 2016, the Trust had 100 portfolios, fifty-four of which were operational. The financial statements herein and the related notes pertain to the Global X China Consumer ETF, Global X China Energy ETF, Global X China Financials ETF, Global X China Industrials ETF, Global X China Materials ETF, Global X NASDAQ China Technology ETF, Global X Southeast Asia ETF, Global X FTSE Andean 40 ETF, Global X MSCI Colombia ETF, Global X Brazil Mid Cap ETF, Global X Brazil Consumer ETF, Global X MSCI Argentina ETF, Global X MSCI Greece ETF, Global X MSCI Norway ETF, Global X FTSE Nordic Region ETF, Global X MSCI Nigeria ETF, Global X Next Emerging & Frontier ETF, Global X FTSE Portugal 20 ETF and Global X MSCI Pakistan ETF (each a “Fund”, and collectively, the “Funds”). Each Fund had elected non-diversification status.

2. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ and the Nigerian Stock Exchange), 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 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 (absent both bid and asked prices on such exchange, the bid price may be used).

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

120

Notes to Financial Statements (continued)

October 31, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

Securities for which market prices are not "readily available" are valued in accordance with Fair Value Procedures established by the Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the "Committee") designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value their securities if an event that may materially affect the value of the Funds’ securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the security's last close and the time that the Funds calculate net asset value. 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 disaster, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC (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 net asset value, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of October 31, 2016, there were securities valued using Fair Value Procedures of $7,931, $5,448, $6,311, $8,986, $4,903 and $2,085 in Global X China Industrials ETF, Global X China Materials ETF, Global X Brazil Mid Cap ETF, Global X Brazil Consumer ETF, Global X MSCI Norway ETF and Global X FTSE Portugal 20 ETF, respectively. There were no other securities priced using the Fair Value Procedures.

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

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

121

Notes to Financial Statements (continued)

October 31, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For the year ended October 31, 2016, there have been no significant changes to the Funds’ fair valuation methodologies.

DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties at October 31, 2016. 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 are held by Citibank, N.A. and are designated as being held on each Fund’s behalf by its custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. It is the Funds’ policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Fund bears the risk of loss in the event that the other party to a repurchase agreement defaults on its obligations and the Fund is prevented from exercising its rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period. For financial statement purposes, the Funds record the securities lending collateral (included in Repurchase Agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities.

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

122

Notes to Financial Statements (continued)

October 31, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

At October 31, 2016, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

			Fair Value of Non-cash		Cash Collateral
	Repurchase Agreements		Collateral Received⁽¹⁾		Received		Net Amount ⁽²⁾
Global X China Consumer ETF
Barclays Bank	$	6,000,000	$	6,000,000	$	-	$	-
Deutsche Bank		1,484,669		1,484,669		-		-
Global X MSCI Greece ETF
Deutsche Bank		2,806,650		2,806,650		-		-
Global X MSCI Norway ETF
Barclays Bank		29,000,000		29,000,000		-		-
Deutsche Bank		2,508,904		2,508,904		-		-
Global X FTSE Nordic Region ETF
Deutsche Bank		3,124,587		3,124,587		-		-
Global X FTSE Portugal 20 ETF
Deutsche Bank		2,503,093		2,503,093		-		-

⁽¹⁾As of October 31, 2016, the value of the collateral received exceeded the market value of the Funds' holding in the repurchase agreement. Please refer to the Schedule of Investments for the market value of each Fund's collateral.

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

During the year ended October 31, 2016, the Global X Brazil Mid Cap ETF and Global X Brazil Consumer ETF incurred federal excise taxes in the amount of $89 and $23, respectively. No other provisions for Federal income taxes have been made in the financial statements.

If the Funds have 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.

The Funds did not record any tax provision 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), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

123

Notes to Financial Statements (continued)

October 31, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

CREATION UNITS — The Funds issue and redeem shares ("Shares") at Net Asset Value (“NAV”) and only in large blocks of Shares, (each block of Shares for a Fund is called a "Creation Unit" or multiples thereof). 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 investor 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 payable to Brown Brothers Harriman & Co. (“BBH”), the Fund’s custodian (“Custodian”), on the date of such redemption, regardless of the number of Creation Units redeemed that day.

124

Notes to Financial Statements (continued)

October 31, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

If a Creation Unit is purchased or redeemed for cash, a higher Transaction Fee will be charged. The following table discloses Creation Unit breakdown:

	Creation Unit		Creation		Value at		Redemption
	Shares		Fee		October 31, 2016		Fee
Global X China Consumer ETF		50,000	$	1,900	$	598,500	$	1,900
Global X China Energy ETF		50,000		1,900		528,000		1,900
Global X China Financials ETF		50,000		1,900		690,000		1,900
Global X China Industrials ETF		50,000		1,900		628,500		1,900
Global X China Materials ETF		50,000		1,900		671,000		1,900
Global X NASDAQ China Technology ETF		50,000		1,900		1,161,500		1,900
Global X Southeast Asia ETF		50,000		2,300		686,000		2,300
Global X FTSE Andean 40 ETF		50,000		2,300		407,000		2,300
Global X MSCI Colombia ETF		50,000		2,500		461,000		2,500
Global X Brazil Mid Cap ETF		50,000		1,900		499,000		1,900
Global X Brazil Consumer ETF		50,000		1,500		718,000		1,500
Global X MSCI Argentina ETF		50,000		1,000		1,184,500		1,000
Global X MSCI Greece ETF		50,000		1,000		367,500		1,000
Global X MSCI Norway ETF		50,000		1,400		553,500		1,400
Global X FTSE Nordic Region ETF		50,000		1,400		969,000		1,400
Global X MSCI Nigeria ETF		50,000		2,300		215,500		2,300
Global X Next Emerging & Frontier ETF		50,000		9,500		1,007,500		9,500
Global X FTSE Portugal 20 ETF		50,000		1,000		494,000		1,000
Global X MSCI Pakistan ETF		50,000		3,800		762,000		3,800

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board of Trustees, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution services agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an "all-in" fee structure. For its service to the Funds, under the Supervision and Administration Agreement, each Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the Fund). In addition, the Funds bear other expenses, directly and indirectly that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions and other transaction expenses, interest expenses, acquired fund fees and extraordinary expenses (such as litigation and indemnification expenses). In addition, the Global X MSCI Colombia ETF, Global X MSCI Argentina ETF, Global X MSCI Greece ETF, Global X MSCI Nigeria ETF, Global X Next Emerging & Frontier ETF, Global X FTSE Portugal 20 ETF and Global X MSCI Pakistan ETF pay

125

Notes to Financial Statements (continued)

October 31, 2016

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

custodial fees that are not covered by the Supervision and Administration Agreement. Pursuant to an agreement with the Custodian, the Global X MSCI Colombia ETF, Global X MSCI Argentina ETF, Global X MSCI Greece ETF, Global X MSCI Nigeria ETF, Global X Next Emerging & Frontier ETF, Global X FTSE Portugal 20 ETF and Global X MSCI Pakistan ETF may pay up to 0.16%, 0.01%, 0.07%, 0.42%, 0.07%, 0.06% and 0.23%, respectively, in Custody Fees (in addition to the Supervision and Administration Fee). The Adviser reimbursed custody fees paid by the Global X MSCI Colombia ETF and the Global X MSCI Nigeria ETF in the amounts of $21,507 and 15,742, respectively.

	Supervision
	and
	Administration
	Fee
Global X China Consumer ETF		0.65%
Global X China Energy ETF		0.65%
Global X China Financials ETF		0.65%
Global X China Industrials ETF		0.65%
Global X China Materials ETF		0.65%
Global X NASDAQ China Technology ETF		0.65%
Global X Southeast Asia ETF		0.65%
Global X FTSE Andean 40 ETF		0.72%
Global X MSCI Colombia ETF*		0.61%
Global X Brazil Mid Cap ETF		0.69%
Global X Brazil Consumer ETF		0.77%
Global X MSCI Argentina ETF		0.74%
Global X MSCI Greece ETF		0.55%
Global X MSCI Norway ETF		0.50%
Global X FTSE Nordic Region ETF		0.50%
Global X MSCI Nigeria ETF**		0.68%
Global X Next Emerging & Frontier ETF		0.49%
Global X FTSE Portugal 20 ETF		0.55%
Global X MSCI Pakistan ETF		0.68%

*Pursuant to an expense limitation agreement, the Adviser has agreed to waive or reimburse fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Global X MSCI Colombia ETF (the “Fund”) (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest and extraordinary expenses (such as litigation and indemnification expenses)) will not exceed 0.61% of the Fund’s average daily net assets per year until at least March 1, 2017. The Fund (at a later date) may reimburse the Adviser for the fees and expenses it waived or reimbursed and/or limited pursuant to the expense limitation agreement during any of the prior three fiscal years, provided that, among other things, any reimbursement made to the Adviser does not cause Total Annual Fund Operating Expenses to exceed the maximum permitted rate during the period in which it is paid and the Board of Trustees has approved such reimbursement to the Adviser. As of October 31, 2016, the amounts of waivers/reimbursements subject to recoupment for Global X MSCI Colombia ETF were $145,757 expiring 2019, $133,126 expiring in 2018, and $132,223 expiring in 2017. As of October 31, 2016, there had been no recoupment of previously waived and reimbursed fees.

**Efffective March 2, 2016, the Adviser discontinued an expense limitation agreements that had been in place with respect to the Global X MSCI Nigeria ETF. As of October 31, 2016, the amounts of waivers/reimbursements subject to recoupment for Global X MSCI Nigeria ETF were $15,742 expiring in 2019, $58,656 expiring in 2018, and $33,893 expiring in 2017. As of October 31, 2016, there had been no recoupment of previously waived and reimbursed fees.

126

Notes to Financial Statements (continued)

October 31, 2016

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

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

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

BBH, located at 50 Post Office Square, Boston, MA 02110, serves as Custodian of certain Funds’ assets. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Fund, (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As compensation for these services, the Custodian 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. BBH also serves as Transfer Agent. 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, the Transfer Agent 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.

127

Notes to Financial Statements (continued)

October 31, 2016

4. INVESTMENT TRANSACTIONS

For the year ended October 31, 2016, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government and short-term securities were:

			Sales and
	Purchases		Maturities
Global X China Consumer ETF	$	31,222,893	$	29,621,176
Global X China Energy ETF		338,660		352,186
Global X China Financials ETF		5,331,360		7,691,392
Global X China Industrials ETF		595,877		665,498
Global X China Materials ETF		327,567		342,250
Global X NASDAQ China Technology ETF		5,936,458		5,783,152
Global X Southeast Asia ETF		1,638,172		2,459,174
Global X FTSE Andean 40 ETF		620,047		506,311
Global X MSCI Colombia ETF		42,641,140		29,100,760
Global X Brazil Mid Cap ETF		1,686,927		1,412,569
Global X Brazil Consumer ETF		2,187,027		616,702
Global X MSCI Argentina ETF		12,879,490		11,359,417
Global X MSCI Greece ETF		190,343,039		189,309,174
Global X MSCI Norway ETF		15,859,387		15,238,215
Global X FTSE Nordic Region ETF		5,403,366		5,108,455
Global X MSCI Nigeria ETF		22,046,118		6,508,392
Global X Next Emerging & Frontier ETF		3,969,087		28,525,826
Global X FTSE Portugal 20 ETF		7,312,865		7,356,593
Global X MSCI Pakistan ETF		6,134,699		1,588,219

During the year ended October 31, 2016, there were no purchases or sales of long-term U.S. Government securities for the Funds.

128

Notes to Financial Statements (continued)

October 31, 2016

4. INVESTMENT TRANSACTIONS (continued)

For the year ended October 31, 2016, in-kind transactions associated with creations and redemptions were:

			Sales and		Realized
	Purchases		Maturities		Gain/(Loss)
Global X China Consumer ETF		8,335,368		20,544,683		(565,301	)
Global X China Energy ETF		-		-		-
Global X China Financials ETF		11,578,774		28,868,519		(8,507,920	)
Global X China Industrials ETF		-		2,574,819		(228,240	)
Global X China Materials ETF		-		-		-
Global X NASDAQ China Technology ETF		-		2,061,309		293,542
Global X Southeast Asia ETF		-		1,770,489		(504,981	)
Global X FTSE Andean 40 ETF		165,267		-		-
Global X MSCI Colombia ETF		6,492,950		1,635,821		422,324
Global X Brazil Mid Cap ETF		715,684		537,121		81,886
Global X Brazil Consumer ETF		350,985		-		-
Global X MSCI Argentina ETF		76,581,806		18,250,743		5,345,023
Global X MSCI Greece ETF		71,815,387		46,240,196		(977,470	)
Global X MSCI Norway ETF		54,480,759		12,411,440		264,023
Global X FTSE Nordic Region ETF		-		5,083,458		793,419
Global X MSCI Nigeria ETF		-		-		-
Global X Next Emerging & Frontier ETF		1,568,756		65,046,354		(19,651,937	)
Global X FTSE Portugal 20 ETF		5,189,524		13,500,567		(549,784	)
Global X MSCI Pakistan ETF		-		-		-

For the year ended October 31, 2015, in-kind transactions associated with creations and redemptions were:

			Sales and		Realized Gain
	Purchases		Maturities		(Loss)
Global X China Consumer ETF	$	1,135,345	$	41,029,893	$	(3,147,297	)
Global X China Energy ETF		-		2,122,033		219,731
Global X China Financials ETF		45,882,818		39,106,611		3,401,732
Global X China Industrials ETF		6,131,493		4,518,457		1,036,289
Global X China Materials ETF		4,885,323		5,808,257		(332,946	)
Global X NASDAQ China Technology ETF		1,415,138		6,938,264		1,274,116
Global X Southeast Asia ETF		1,207,349		8,031,728		(919,877	)
Global X FTSE Andean 40 ETF		234,771		2,109,859		(480,205	)
Global X MSCI Colombia ETF		15,101,015		9,743,616		(280,459	)
Global X Brazil Mid Cap ETF		-		892,420		(229,856	)
Global X Brazil Consumer ETF		-		513,276		(471,937	)
Global X MSCI Argentina ETF		4,124,088		7,272,609		164,299
Global X MSCI Greece ETF		334,382,731		79,994,697		(11,482,974	)
Global X MSCI Norway ETF		41,440,084		122,868,376		(20,092,704	)
Global X FTSE Nordic Region ETF		2,472,391		4,832,278		1,294,820
Global X MSCI Nigeria ETF		-		-		-
Global X Next Emerging & Frontier ETF		6,537,161		12,195,780		(829,169	)
Global X FTSE Portugal 20 ETF		25,105,756		18,233,849		(1,050,630	)
Global X MSCI Pakistan ETF		-		-		-

129

Notes to Financial Statements (continued)

October 31, 2016

5. TAX INFORMATION

The following differences, primarily attributable to redemptions in-kind, sales of passive foreign investment companies, and excise tax, have been reclassified to/from the following accounts during the fiscal period ended October 31, 2016.

Global X Funds	Paid-in Capital			Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)
Global X China Consumer ETF	$	(1,059,075	)	$	103,302		$	955,773
Global X China Energy ETF		–			14			(14	)
Global X China Financials ETF		(8,637,130	)		40,554			8,596,576
Global X China Industrials ETF		(244,244	)		(43	)		244,287
Global X China Materials ETF		(97,680	)		(6	)		97,686
Global X NASDAQ China Technology ETF		223,440			122			(223,562	)
Global X Southeast Asia ETF		(520,854	)		(4,588	)		525,442
Global X FTSE Andean 40 ETF		–			(2,549	)		2,549
Global X MSCI Colombia ETF		422,324			(190,771	)		(231,553	)
Global X Brazil Mid Cap ETF		81,797			(301	)		(81,496	)
Global X Brazil Consumer ETF		(23	)		601			(578	)
Global X MSCI Argentina ETF		5,234,413			4,724			(5,239,137	)
Global X MSCI Greece ETF		(8,647,419	)		155,607			8,491,812
Global X MSCI Norway ETF		128,938			(46,589	)		(82,349	)
Global X FTSE Nordic Region ETF		605,664			50,226			(655,890	)
Global X MSCI Nigeria ETF		–			(80,430	)		80,430
Global X Next Emerging & Frontier ETF		(19,680,955	)		32,723			19,648,232
Global X FTSE Portugal 20 ETF		(1,314,514	)		(6,147	)		1,320,661
Global X MSCI Pakistan ETF		–			(3,552	)		3,552

130

Notes to Financial Statements (continued)

October 31, 2016

5. TAX INFORMATION (continued)

The tax character of dividends and distributions declared during the periods ended October 31, 2016 and 2015 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X China Consumer ETF
2016	$	4,048,651	$	–	$	–	$	4,048,651
2015		2,353,761		–		–		2,353,761
Global X China Energy ETF
2016	$	49,338	$	–	$	–	$	49,338
2015		81,629		–		–		81,629
Global X China Financials ETF
2016	$	2,772,013	$	–	$	–	$	2,772,013
2015		617,666		–		–		617,666
Global X China Industrials ETF
2016	$	103,249	$	–	$	–	$	103,249
2015		44,362		–		–		44,362
Global X China Materials ETF
2016	$	70,832	$	–	$	–	$	70,832
2015		30,768		–		–		30,768
Global X NASDAQ China Technology ETF
2016	$	100,894	$	–	$	–	$	100,894
2015		64,823		–		–		64,823
Global X Southeast Asia ETF
2016	$	486,151	$	–	$	–	$	486,151
2015		689,799		–		–		689,799
Global X FTSE Andean 40 ETF
2016	$	85,704	$	–	$	–	$	85,704
2015		168,007		–		–		168,007
Global X MSCI Colombia ETF
2016	$	948,793	$	–	$	–	$	948,793
2015		2,318,237		–		–		2,318,237
Global X Brazil Mid Cap ETF
2016	$	80,368	$	–	$	–	$	80,368
2015		242,176		–		–		242,176
Global X Brazil Consumer ETF
2016	$	41,505	$	–	$	–	$	41,505
2015		240,598		–		–		240,598
Global X MSCI Argentina ETF
2016	$	213,754	$	–	$	–	$	213,754
2015		90,100		–		–		90,100
Global X MSCI Greece ETF
2016	$	3,840,043	$	–	$	–	$	3,840,043
2015		956,353		–		–		956,353
Global X MSCI Norway ETF
2016	$	2,212,531	$	–	$	–	$	2,212,531
2015		4,921,308		–		–		4,921,308
Global X FTSE Nordic Region ETF
2016	$	1,490,826	$	–	$	–	$	1,490,826
2015		2,045,741		–		–		2,045,741
Global X MSCI Nigeria ETF
2016	$	850,578	$	–	$	–	$	850,578
2015		505,208		–		–		505,208
Global X Next Emerging & Frontier ETF
2016	$	2,414,376	$	–	$	–	$	2,414,376
2015		2,316,518		–		–		2,316,518
Global X FTSE Portugal 20 ETF
2016	$	1,260,520	$	–	$	–	$	1,260,520
2015		575,663		–		–		575,663
Global X MSCI Pakistan ETF
2016	$	164,848	$	–	$	–	$	164,848
2015		–		–		–		–

131

Notes to Financial Statements (continued)

October 31, 2016

5. TAX INFORMATION (continued)

As of October 31, 2016, the components of tax basis distributable earnings (accumulated losses) were as follows:

	Global X Funds
	Global X China Consumer ETF			Global X China Energy ETF			Global X China Financials ETF
Undistributed Ordinary Income	$	943,798		$	32,232		$	528,235
Capital Loss Carryforwards		(39,596,948	)		(1,008,864	)		(3,406,332	)
Unrealized Depreciation on Investments and Foreign Currency		(13,006,502	)		(631,155	)		(3,720,715	)
Other Temporary Differences		(4	)		(2	)		(2	)
Total Accumulated Losses	$	(51,659,656	)	$	(1,607,789	)	$	(6,598,814	)

	Global X Funds
	Global X China Industrials ETF			Global X China Materials ETF			Global X NASDAQ China Technology ETF
Undistributed Ordinary Income	$	51,042		$	16,196		$	512,966
Capital Loss Carryforwards		(2,139,294	)		(1,109,924	)		(1,831,567	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(1,507,164	)		(849,252	)		201
Other Temporary Differences		(2	)		–			–
Total Accumulated Losses	$	(3,595,418	)	$	(1,942,980	)	$	(1,318,400	)

	Global X Funds
	Global X Southeast Asia ETF			Global X FTSE Andean 40 ETF			Global X MSCI Colombia ETF
Undistributed Ordinary Income	$	260,145		$	40,619		$	1,040,833
Capital Loss Carryforwards		(5,106,632	)		(3,031,751	)		(63,528,411	)
Unrealized Depreciation on Investments and Foreign Currency		(1,697,695	)		(1,574,667	)		(24,614,771	)
Other Temporary Differences		(2	)		3			(3	)
Total Accumulated Losses	$	(6,544,184	)	$	(4,565,796	)	$	(87,102,352	)

	Global X Funds
	Global X Brazil Mid Cap ETF			Global X Brazil Consumer ETF			Global X MSCI Argentina ETF
Undistributed Ordinary Income	$	38,894		$	31,229		$	209,518
Capital Loss Carryforwards		(7,281,355	)		(4,510,237	)		(2,740,135	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(179,369	)		74,864			6,846,329
Other Temporary Differences		–			1			(2	)
Total Distributable Earnings (Accumulated Losses)	$	(7,421,830	)	$	(4,404,143	)	$	4,315,710

132

Notes to Financial Statements (continued)

October 31, 2016

5. TAX INFORMATION (continued)

	Global X Funds
	Global X MSCI Greece ETF			Global X MSCI Norway ETF			Global X FTSE Nordic Region ETF
Undistributed Ordinary Income	$	4,017,794		$	2,752,961		$	1,335,960
Capital Loss Carryforwards		(115,436,458	)		(17,425,477	)		(3,148,918	)
Unrealized Depreciation on Investments and Foreign Currency		(124,139,672	)		(24,869,300	)		(6,013,359	)
Other Temporary Differences		(4	)		(6	)		(2	)
Total Accumulated Losses	$	(235,558,340	)	$	(39,541,822	)	$	(7,826,319	)

	Global X Funds
	Global X MSCI Nigeria ETF			Global X Next Emerging & Frontier ETF			Global X FTSE Portugal 20 ETF
Undistributed Ordinary Income	$	706,367		$	322,606		$	878,662
Capital Loss Carryforwards		(6,839,590	)		(21,101,218	)		(5,612,626	)
Unrealized Depreciation on Investments and Foreign Currency		(19,054,357	)		(2,200,917	)		(11,519,414	)
Other Temporary Differences		–			(2	)		–
Total Accumulated Losses	$	(25,187,580	)	$	(22,979,531	)	$	(16,253,378	)

	Global X Funds
	Global X MSCI Pakistan ETF
Undistributed Ordinary Income	$	292,242
Capital Loss Carryforwards		(96,696	)
Unrealized Depreciation on Investments and Foreign Currency		(26,618	)
Other Temporary Differences		1
Total Distributable Earnings	$	168,929

133

Notes to Financial Statements (continued)

October 31, 2016

5. TAX INFORMATION (continued)

					Global X		Global X		Global X
			Global X		China		China		China
	Global X China		China		Financials		Industrials		Materials
Expiration date	Consumer ETF		Energy ETF		ETF		ETF		ETF
October 2019	$	1,341,121	$	33,912	$	-	$	-	$	-
October 2018		173,208		-		551,954		94,810		-
	$	1,514,329	$	33,912	$	551,954	$	94,810	$	-

	Global X				Global X		Global X
	NASDAQ		Global X		FTSE		MSCI		Global X
	China		Southeast		Andean 40		Colombia		Brazil Mid
Expiration date	Technology		Asia ETF		ETF		ETF		Cap ETF
October 2019	$	236,466	$	-	$	120,886	$	8,249,654	$	918,379
October 2018		-		-		-		-		-
	$	236,466	$	-	$	120,886	$	8,249,654	$	918,379

			Global X
			MSCI		Global X		Global X		Global X
	Global X Brazil		Argentina		MSCI Greece		MSCI		FTSE Nordic
Expiration date	Consumer ETF		ETF		ETF		Norway ETF		Region ETF
October 2019	$	563,593	$	414,683	$	-	$	1,802,290	$	-
October 2018		-		-		-		-		-
	$	563,593	$	414,683	$	-	$	1,802,290	$	-

			Global X		Global X
			Next		FTSE		Global X
	Global X MSCI		Emerging &		Portugal 20		MSCI
Expiration date	Nigeria ETF		Frontier ETF		ETF		Pakistan ETF
October 2019	$	-	$	-	$	-	$	-
October 2018		-		-		-		-
	$	-	$	-	$	-	$	-

134

Notes to Financial Statements (continued)

October 31, 2016

5. TAX INFORMATION (continued)

	Short-Term Loss		Long-Term Loss		Total
Global X China Consumer ETF	$	3,567,366	$	34,515,253	$	38,082,619
Global X China Energy ETF		116,783		858,169		974,952
Global X China Financials ETF		1,802,696		1,051,682		2,854,378
Global X China Industrials ETF		274,601		1,769,883		2,044,484
Global X China Materials ETF		65,324		1,044,600		1,109,924
Global X NASDAQ China Technology ETF		1,595,101		–		1,595,101
Global X Southeast Asia ETF		1,759,826		3,346,806		5,106,632
Global X FTSE Andean 40 ETF		422,513		2,488,352		2,910,865
Global X MSCI Colombia ETF		20,421,461		34,857,296		55,278,757
Global X Brazil Mid Cap ETF		1,070,992		5,291,984		6,362,976
Global X Brazil Consumer ETF		1,227,376		2,719,268		3,946,644
Global X MSCI Argentina ETF		646,683		1,678,769		2,325,452
Global X MSCI Greece ETF		54,197,276		61,239,182		115,436,458
Global X MSCI Norway ETF		5,485,730		10,137,457		15,623,187
Global X FTSE Nordic Region ETF		1,085,662		2,063,256		3,148,918
Global X MSCI Nigeria ETF		3,869,879		2,969,711		6,839,590
Global X Next Emerging & Frontier ETF		4,889,604		16,211,614		21,101,218
Global X FTSE Portugal 20 ETF		3,150,668		2,461,958		5,612,626
Global X MSCI Pakistan ETF		39,866		56,830		96,696

During the year ended October 31, 2016 the Funds did not utilize capital loss carryforwards to offset capital gains.

135

Notes to Financial Statements (continued)

October 31, 2016

5. TAX INFORMATION (continued)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 31, 2016 were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global X China Consumer ETF	$	93,475,236	$	7,066,584	$	(20,073,091	)	$	(13,006,507	)
Global X China Energy ETF		2,213,810		51,795		(682,951	)		(631,156	)
Global X China Financials ETF		31,820,228		78,980		(3,799,699	)		(3,720,719	)
Global X China Industrials ETF		5,271,948		117,905		(1,625,069	)		(1,507,164	)
Global X China Materials ETF		2,189,536		27,716		(876,967	)		(849,251	)
Global X NASDAQ China Technology ETF		13,930,444		2,608,382		(2,608,181	)		201
Global X Southeast Asia ETF		14,016,536		580,787		(2,278,444	)		(1,697,657	)
Global X FTSE Andean 40 ETF		5,635,538		161,061		(1,728,864	)		(1,567,803	)
Global X MSCI Colombia ETF		114,700,308		2,047,801		(26,662,059	)		(24,614,258	)
Global X Brazil Mid Cap ETF		5,166,089		608,336		(788,005	)		(179,669	)
Global X Brazil Consumer ETF		7,091,968		1,094,243		(1,019,723	)		74,520
Global X MSCI Argentina ETF		83,661,146		11,269,463		(4,424,861	)		6,844,602
Global X MSCI Greece ETF		371,938,395		15,159,437		(139,299,064	)		(124,139,627	)
Global X MSCI Norway ETF		169,960,308		6,257,797		(31,127,657	)		(24,869,860	)
Global X FTSE Nordic Region ETF		49,872,464		2,165,764		(8,074,527	)		(5,908,763	)
Global X MSCI Nigeria ETF		48,446,106		123,304		(19,177,675	)		(19,054,371	)
Global X Next Emerging & Frontier ETF		17,271,064		971,487		(3,169,849	)		(2,198,362	)
Global X FTSE Portugal 20 ETF		39,629,171		941,027		(12,441,501	)		(11,500,474	)
Global X MSCI Pakistan ETF		10,663,780		851,695		(743,120	)		108,575

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

6. CONCENTRATION OF RISKS

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

Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations are issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information may be publicly available about emerging country issuers than is available about issuers in the United States.

136

Notes to Financial Statements (continued)

October 31, 2016

6. CONCENTRATION OF RISKS (continued)

The Funds may be subject to taxes imposed by countries in which it invests. 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 Funds (other than the Global X Next Emerging & Frontier ETF) use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the underlying index in approximately the same proportions as in the underlying index. The Funds (other than the Global X Next Emerging & Frontier ETF) may utilize a representative sampling strategy with respect to their 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 the Funds but not the underlying indexes).

Because of the practical difficulties and expense of purchasing all of the securities in its respective underlying indices, the Global X Next Emerging & Frontier ETF does not expect to purchase all of the securities in its underlying indices. Instead, the Adviser will utilize a “sampling” methodology in seeking to achieve the Fund’s objective. As such, the Fund may purchase a subset of the securities in its respective underlying index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the underlying index.

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

A more complete description of risks is included in each Fund’s prospectus and SAI.

7. LOANS OF PORTFOLIO SECURITIES

The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Security loans made pursuant to a securities lending agreement are required at all times to be secured by collateral equal to at least 102% of the value of domestic equity securities and 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 or U.S. Treasury obligations and is recognized in the Schedule of Investments and Statement of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statement of Assets and Liabilities. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. 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.

137

Notes to Financial Statements (continued)

October 31, 2016

7. LOANS OF PORTFOLIO SECURITIES (continued)

As of October 31, 2016, the value of the securities on loan was $7,072,381, $2,586,020, $24,195,714, $2,140,756 and $255,976 for the Global X China Consumer ETF, Global X MSCI Greece ETF, Global X MSCI Norway ETF, Global X FTSE Nordic Region ETF and Global X FTSE Portugal 20 ETF, respectively. The value of securities purchased with the cash collateral held from securities on loan was $7,484,669, $2,806,650, $31,508,904 , $3,124,587 and $2,503,093 for the Global X China Consumer ETF, Global X MSCI Greece ETF, Global X MSCI Norway ETF, Global X FTSE Nordic Region ETF and Global X FTSE Portugal 20 ETF, respectively.

At October 31, 2016, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X China Consumer ETF
Credit Suisse	$	228,817	$	241,800
Deutsche Bank		1,847,526		1,936,475
Goldman Sachs		1,469,958		1,566,500
Jefferies		408,183		452,200
Morgan Stanley		3,117,897		3,287,694
Global X MSCI Greece ETF
Credit Suisse		1,720,000		1,850,000
ML Pierce, Fenner & Smith		866,020		956,650
Global X MSCI Norway ETF
BMO Capital Markets		24,481		27,800
Citigroup		625,195		683,475
Credit Suisse		963,444		1,045,550
Deutsche Bank		82,602		92,507
Goldman Sachs		11,060,076		17,627,743
Jefferies		103,733		107,510
JPMorgan		638,605		682,403
ML Pierce, Fenner & Smith		109,717		112,213
SG Americas		11,928		13,080
UBS Securities		10,575,933		11,116,623
Global X FTSE Nordic Region ETF
Credit Suisse		1,313,466		1,393,500
Deutsche Bank		142,016		1,012,557
UBS Securities		685,274		718,530
Global X FTSE Portugal 20 ETF
Citigroup		869		1,981,637
Credit Suisse		170,041		185,426
JPMorgan		84,740		143,390
ML Pierce, Fenner & Smith		115		96,500
Morgan Stanley		211		96,140

138

Notes to Financial Statements (continued)

October 31, 2016

8. CHANGE IN ACCOUNTING ESTIMATE

Effective November 1, 2015, the Funds changed their method for estimating the characterization of amounts distributed by master limited partnerships, which correspondingly impacted the net investment income, cost of investments and appreciation (depreciation) on investments and the associated financial highlight ratios and per share disclosures to the extent that the fund recorded investment income that differed from amounts previously estimated. There is no impact to net assets, total return, or the expense ratio as a result of management’s change in methodology.

9. CONTRACTUAL OBLIGATIONS

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these arrangements 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.

10. REVERSE SHARE SPLIT

Effective May 16, 2013, the Global X China Materials ETF and the Global X MSCI Argentina ETF executed a 1-for-2 reverse share split for shareholders of record after the close of markets on May 15, 2013. The effect of this transaction was to divide the number of outstanding shares of the Funds by two, resulting in a corresponding increase in the net asset value per share. The per share data in the financial highlights for each of the years in the period then ended have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions.

11. REGULATORY MATTERS

12. SUBSEQUENT EVENTS

139

Notes to Financial Statements (concluded)

October 31, 2016

12. SUBSEQUENT EVENTS (continued)

New Series

Subsequent to October 31, 2016, the following investment series of the Trust was launched: Global X MSCI SuperDividend® EAFE ETF.

Name and Index Change for Global X FTSE Portugal 20 ETF

On or around December 6, 2016, the following changes took effect for the Global X FTSE Portugal 20 ETF.

	Old Fund Name and Underlying Index	New Fund Name and Underlying Index
*Name*	Global X FTSE Portugal 20 ETF	Global X MSCI Portugal ETF
*Index*	FTSE Portugal 20 Index	MSCI All Portugal Plus 25/50 Index
*Index Components*	20	20*
*Index Description*	The FTSE Portugal 20 Index is designed to reflect broad-based equity market performance in Portugal. The stocks are screened for liquidity and weighted according to modified free-float market capitalization. The index is comprised of the top 20 companies that are domiciled in, principally traded in or whose revenues are primarily from Portugal. A specific capping methodology is applied to facilitate compliance with the rules governing the listing of financial products on exchanges in the United States.	The MSCI All Portugal Plus 25/50 Index is designed to represent the performance of the Broad Portugal Equity Universe, while including constituents with minimum levels of liquidity. The Broad Portugal Equity Universe includes securities that are classified in Portugal according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Portugal and carry out the majority of their operations in Portugal. A specific capping methodology is applied to facilitate compliance with the rules governing the listing of financial products on exchanges in the United States.

The prior index is the FTSE Portugal 20 Index (the “Prior Index”). The Prior Index is designed to reflect broad-based equity market performance in Portugal. The stocks are screened for liquidity and weighted according to modified free-float market capitalization. The new index is the MSCI All Portugal Plus 25/50 Index (the “New Index”). The New Index is designed to represent the performance of the Broad Portugal Equity Universe, while including constituents with minimum levels of liquidity and applying a specific capping methodology to facilitate compliance with the rules governing the listing of financial products on exchanges in the United States.

On or around March 1, 2017, the Global X Next Emerging & Frontier ETF anticipates changing its diversification status from “non-diversified” to “diversified.”

140

Report of Independent Registered Public Accounting Firm

October 31, 2016

To the Board of Trustees and Shareholders of Global X Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Global X China Consumer ETF, Global X China Energy ETF, Global X China Financials ETF, Global X China Industrials ETF, Global X China Materials ETF, Global X NASDAQ China Technology ETF, Global X Southeast Asia ETF, Global X FTSE Andean 40 ETF, Global X MSCI Colombia ETF, Global X Brazil Mid Cap ETF, Global X Brazil Consumer ETF, Global X MSCI Argentina ETF, Global X MSCI Greece ETF, Global X MSCI Norway ETF, Global X FTSE Nordic Region ETF, Global X MSCI Nigeria ETF, Global X Next Emerging & Frontier ETF, Global X MSCI Portugal ETF and Global X MSCI Pakistan ETF (nineteen of the series constituting Global X Funds, hereafter referred to as the "Funds") as of October 31, 2016, the results of each of their operations, the changes in each of their net assets and each of their financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.The statements of changes in net assets for the year or period ended October 31, 2015 and the financial highlights for each of the years or periods ended on or prior to October 31, 2015 were audited by other auditors whose report dated December 30, 2015 expressed an unqualified opinion on those financial statements and financial highlights.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2016

141

Disclosure of Fund Expenses (unaudited)

The table on the next page illustrates your Fund’s costs in two ways:

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.

142

Disclosure of Fund Expenses (unaudited) (continued)

	Beginning Account Value 5/1/2016		Ending Account Value 10/31/2016		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X China Consumer ETF
Actual Fund Return	$	1,000.00	$	1,052.80		0.65	%	$	3.36
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.31
Global X China Energy ETF
Actual Fund Return	$	1,000.00	$	1,041.40		0.65	%	$	3.35
Hypothetical 5% Return		1,000.00		1,021.86		0.65			3.32
Global X China Financials ETF
Actual Fund Return	$	1,000.00	$	1,115.60		0.66	%	$	3.50
Hypothetical 5% Return		1,000.00		1,021.83		0.66			3.34
Global X China Industrials ETF
Actual Fund Return	$	1,000.00	$	1,017.80		0.66	%	$	3.33
Hypothetical 5% Return		1,000.00		1,021.83		0.66			3.34
Global X China Materials ETF
Actual Fund Return	$	1,000.00	$	1,057.50		0.65	%	$	3.37
Hypothetical 5% Return		1,000.00		1,021.86		0.65			3.31
Global X NASDAQ China Technology ETF
Actual Fund Return	$	1,000.00	$	1,095.80		0.65	%	$	3.43
Hypothetical 5% Return		1,000.00		1,021.86		0.65			3.31
Global X Southeast Asia ETF
Actual Fund Return	$	1,000.00	$	1,026.20		0.65	%	$	3.31
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.31
Global X FTSE Andean 40 ETF
Actual Fund Return	$	1,000.00	$	1,031.70		0.73	%	$	3.71
Hypothetical 5% Return		1,000.00		1,021.48		0.73			3.70
Global X MSCI Colombia ETF
Actual Fund Return	$	1,000.00	$	967.50		0.68	%	$	3.36
Hypothetical 5% Return		1,000.00		1,021.72		0.68			3.46
Global X Brazil Mid Cap ETF
Actual Fund Return	$	1,000.00	$	1,209.70		0.69	%	$	3.84
Hypothetical 5% Return		1,000.00		1,021.66		0.69			3.51
Global X Brazil Consumer ETF
Actual Fund Return	$	1,000.00	$	1,376.80		0.77	%	$	4.59
Hypothetical 5% Return		1,000.00		1,021.27		0.77			3.91
Global X MSCI Argentina ETF
Actual Fund Return	$	1,000.00	$	1,150.60		0.74	%	$	4.02
Hypothetical 5% Return		1,000.00		1,021.40		0.74			3.78
Global X MSCI Greece ETF
Actual Fund Return	$	1,000.00	$	936.30		0.64	%	$	3.10
Hypothetical 5% Return		1,000.00		1,021.94		0.64			3.24
Global X MSCI Norway ETF
Actual Fund Return	$	1,000.00	$	1,017.50		0.50	%	$	2.54
Hypothetical 5% Return		1,000.00		1,022.62		0.50			2.54
Global X FTSE Nordic Region ETF
Actual Fund Return	$	1,000.00	$	895.60		0.52	%	$	2.47
Hypothetical 5% Return		1,000.00		1,022.53		0.52			2.64
Global X MSCI Nigeria ETF
Actual Fund Return	$	1,000.00	$	706.60		1.25	%	$	5.35
Hypothetical 5% Return		1,000.00		1,018.87		1.25			6.33

143

Disclosure of Fund Expenses (unaudited) (concluded)

	Beginning Account Value 5/1/2016		Ending Account Value 10/31/2016		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X Next Emerging & Frontier ETF
Actual Fund Return	$	1,000.00	$	1,005.00		0.47	%	$	2.38
Hypothetical 5% Return		1,000.00		1,022.76		0.47			2.40
Global X FTSE Portugal 20 ETF
Actual Fund Return	$	1,000.00	$	960.20		0.60	%	$	2.98
Hypothetical 5% Return		1,000.00		1,022.10		0.60			3.07
Global X MSCI Pakistan ETF
Actual Fund Return	$	1,000.00	$	1,108.40		0.91	%	$	4.84
Hypothetical 5% Return		1,000.00		1,020.55		0.91			4.64

⁽¹⁾

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period.).

144

Supplemental Information (unaudited)

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

145

Trustees and Officers of the Trust (unaudited)

Set forth below are the names, addresses, year of birth, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of Funds in fund complex overseen by the Trustees, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust.

Name, Address (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Number of Funds in Trust Overseen by Trustee	Other Directorships Held by Trustees
Independent Trustees²
Sanjay Ram Bharwani 600 Lexington Ave, 20^th floor New York, NY 10022 (1974)	Trustee (since 2008)	CEO of Risk Advisors Inc. (since 2007) (consulting firm).	54³	None.
Scott R. Chichester¹ 600 Lexington Ave, 20^th floor New York, NY 10022 (1970)	Trustee (since 2008)	CFO, AdeptPros Inc. (app development, training and consulting) (since 2012); Founder, Madison Park Advisors LLC (advisory services) (since 2011); CFO, Sterling Seal & Supply Inc. (since 2011), President & Treasurer, Bayview Acquisition Corp (since 2010), CPA, Penda Aiken Inc. (2009-2011) (consultant); Founder and President, DirectPay USA LLC (since 2006) (payroll company); Proprietor, Scott R. Chichester CPA (since 2001) (CPA firm).	54³	Director of AdeptPros Inc. (since 2015); Director of Sterling Seal & Supply Inc. (since 2011); Director of Bayview Acquisition Corp. (since 2010); Trustee of ARK ETF Trust (since 2014).
Kartik Kiran Shah 600 Lexington Ave, 20^th floor New York, NY 10022 (1977)	Trustee (since 2008)	President and Chief Business Officer, Oxeia Biopharmaceuticals, Inc. (2015-present); Vice President, Business Development, Cynvenio Biosystems (2012-2014); Independent Consultant, Self-Employed (2011-2012) (non-financial services); Director, Wireless Generation (2008-2011) (software).	54³	Director of Oxeia Biopharmaceuticals, Inc. (2015-present).

146

Trustees and Officers of the Trust (unaudited)(continued)

Name, Address (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustees
Interested Trustee / Officers²
Bruno del Ama 600 Lexington Avenue, 20th Floor New York, NY 10022 (1976)	Trustee (since 2008); President, Chief Executive Officer (since 2008).	Chief Executive Officer, Global X Management Company ("GXMC") (since 2008); Chief Compliance Officer, GXMC (2008-2013).	None.
Luis Berruga 600 Lexington Avenue, 20th Floor New York, NY 10022 (1977)	Chief Operating Officer, Treasurer, Principal Accounting Officer and Chief Financial Officer (since 9/2015).	Chief Financial Officer, GXMC (since 9/2015) and Chief Operating Officer (since 2/2014); Investment Banker, Jefferies (2012-2014); Regional Product Specialist, Morgan Stanley (2005-2012).	None.
Daphne Tippens Chisolm 600 Lexington Avenue, 20th Floor New York, NY 10022 (1969)	Secretary (since 2012).	General Counsel, GXMC (since 2011); Chief Compliance Officer, GXMC (1/2014 - 5/2014 and 2/2015 - 9/2016).	None.
Joe Costello 600 Lexington Avenue, 20th Floor New York, NY 10022 (1974)	Chief Compliance Officer (since 9/2016).	Chief Compliance Officer, FlexShares Funds (2011-2015); Vice President, Northern Trust Investments (2003 - 2015).	None.

147

Trustees and Officers of the Trust (unaudited)(concluded)

Name, Address
(Year of Birth)

Position(s) Held
with Funds

Principal Occupation(s) During
the Past 5 Years

Other Directorships
Held
by Trustees

Lisa Whittaker⁴

One Freedom Valley Drive

Oaks, PA 19456

(1978)

Assistant Secretary (since 2013).

Counsel at SEI Investments (since 2012); Associate Counsel and Compliance Officer at The Glendale Trust Company (2011-2012); Associate of Drinker Biddle & Reath LLP (2006-2011).

None.

Eric Kleinschmidt⁴

One Freedom Valley Drive

Oaks, PA 19456

(1962)

Assistant Treasurer (since 2016).

Director, Fund Accounting, SEI Investments Global Funds Services (2004 to present.

None.

Each Trustee serves until his or her successor is duly elected or appointed and qualified.

As of October 31, 2016, the Trust had one hundred investment portfolios, fifty-four of which were operational.

⁴

These officers of the Trust also serve as officers of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor.

148

Notice to Shareholders (unaudited)

	Long-Term Capital Gain Distributions			Ordinary Income Distributions			Total Distributions			Qualifying for Corporate Dividends Received Deduction ⁽¹⁾			Qualifying Dividend Income ⁽²⁾			U.S. Government Interest ⁽³⁾			Interest Related Dividends ⁽⁴⁾			Short Term Capital Gain Dividends⁽⁵⁾			Foreign Tax Credit
Global X China Consumer ETF		0.00	%		100.00	%		100.00	%		0.00	%		27.06	%		0.00	%		0.00	%		0.00	%		0.86	%
Global X China Energy ETF		0.00	%		100.00	%		100.00	%		0.00	%		94.96	%		0.00	%		0.00	%		0.00	%		5.30	%
Global X China Financials ETF		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%		0.00	%		1.96	%
Global X China Industrials ETF		0.00	%		100.00	%		100.00	%		0.00	%		99.58	%		0.00	%		0.01	%		0.00	%		4.66	%
Global X China Materials ETF		0.00	%		100.00	%		100.00	%		0.00	%		82.26	%		0.00	%		0.00	%		0.00	%		1.27	%
Global X NASDAQ China Technology ETF		0.00	%		100.00	%		100.00	%		0.00	%		91.28	%		0.00	%		0.01	%		0.00	%		4.45	%
Global X Southeast Asia ETF		0.00	%		100.00	%		100.00	%		0.00	%		39.99	%		0.00	%		0.00	%		0.00	%		4.35	%
Global X FTSE Andean 40 ETF		0.00	%		100.00	%		100.00	%		0.36	%		91.51	%		0.00	%		0.00	%		0.00	%		12.95	%
Global X MSCI Colombia ETF		0.00	%		100.00	%		100.00	%		0.00	%		92.60	%		0.01	%		0.01	%		0.00	%		3.38	%
Global X Brazil Mid Cap ETF		0.00	%		100.00	%		100.00	%		0.00	%		66.23	%		0.00	%		2.16	%		0.00	%		0.00	%
Global X Brazil Consumer ETF		0.00	%		100.00	%		100.00	%		0.00	%		66.13	%		0.00	%		14.61	%		0.00	%		0.00	%
Global X MSCI Argentina ETF		0.00	%		100.00	%		100.00	%		3.28	%		100.00	%		0.00	%		0.01	%		0.00	%		31.49	%
Global X MSCI Greece ETF		0.00	%		100.00	%		100.00	%		0.64	%		100.00	%		0.02	%		0.00	%		0.00	%		10.50	%
Global X MSCI Norway ETF		0.00	%		100.00	%		100.00	%		0.00	%		40.53	%		0.00	%		0.00	%		0.00	%		20.03	%
Global X FTSE Nordic Region ETF		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%		0.00	%		10.93	%
Global X MSCI Nigeria ETF		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%		0.02	%		0.00	%		10.39	%
Global X Next Emerging & Frontier ETF		0.00	%		100.00	%		100.00	%		0.01	%		98.51	%		0.00	%		0.01	%		0.00	%		3.01	%
Global X FTSE Portugal 20 ETF		0.00	%		100.00	%		100.00	%		0.00	%		99.33	%		0.01	%		0.03	%		0.00	%		13.96	%
Global X MSCI Pakistan ETF		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%		0.02	%		0.00	%		0.00	%		23.95	%

⁽³⁾ “U.S. Government Interest” represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

149

Notice to Shareholders (unaudited)

The Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended October 31, 2016, the total amount of foreign source income and foreign tax credit are as follows:

Fund Name	Foreign Source Income		Foreign Tax Credit Pass Through
Global X China Consumer ETF	$	1,610,709	$	35,321
Global X China Energy ETF		46,019		2,763
Global X China Financials ETF		769,856		55,479
Global X China Industrials ETF		90,436		5,046
Global X China Materials ETF		25,460		913
Global X NASDAQ China Technology ETF		290,141		4,697
Global X Southeast Asia ETF		391,111		22,127
Global X FTSE Andean 40 ETF		81,808		12,752
Global X MSCI Colombia ETF		1,488,275		33,209
Global X Brazil Mid Cap ETF		-		-
Global X Brazil Consumer ETF		-		-
Global X MSCI Argentina ETF		213,930		98,233
Global X MSCI Greece ETF		5,116,045		450,738
Global X MSCI Norway ETF		4,117,633		554,317
Global X FTSE Nordic Region ETF		1,465,371		183,035
Global X MSCI Nigeria ETF		1,135,758		98,653
Global X Next Emerging & Frontier ETF		734,508		74,901
Global X FTSE Portugal 20 ETF		1,313,311		204,603
Global X MSCI Pakistan ETF		417,109		51,904

150

NOTES

600 Lexington Avenue, 20^th floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser and Administrator:

Global X Management Company LLC

600 Lexington Avenue, 20^th floor

New York, NY 10022

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

1250 Connecticut Avenue, N.W.

Suite 500

Washington, DC 20036

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

GLX-AR-002-0600

Global X SuperDividend^® ETF (ticker: SDIV)
Global X SuperDividend^® U.S. ETF (ticker: DIV)
Global X MSCI SuperDividend^® Emerging Markets ETF (formerly, Global X SuperDividend^® Emerging Markets ETF) (ticker: SDEM)
Global X SuperDividend^® REIT ETF (ticker: SRET)
Global X SuperIncome™ Preferred ETF (ticker: SPFF)
Global X Social Media Index ETF (ticker: SOCL)
Global X \| JPMorgan Efficiente Index ETF (ticker: EFFE)
Global X \| JPMorgan US Sector Rotator Index ETF (ticker: SCTO)
Global X Permanent ETF (ticker: PERM)
Global X Guru^® Index ETF (ticker: GURU)
Global X Guru^® Activist Index ETF (ticker: ACTX)
Global X Guru^® International Index ETF (ticker: GURI)
Global X Scientific Beta US ETF (ticker: SCIU)
Global X Scientific Beta Europe ETF (ticker: SCID)
Global X Scientific Beta Japan ETF (ticker: SCIJ)
Global X Scientific Beta Asia ex-Japan ETF (ticker: SCIX)
Global X YieldCo Index ETF (ticker: YLCO)
Global X S&P 500^® Catholic Values ETF (ticker: CATH)

Annual Report

October 31, 2016

Table of Contents

Management Discussion of Fund Performance (unaudited)	1
Schedule of Investments
Global X SuperDividend^® ETF	31
Global X SuperDividend^® U.S. ETF	37
Global X SuperDividend^® Emerging Markets ETF	40
Global X SuperDividend^® REIT ETF	44
Global X SuperIncome™ Preferred ETF	46
Global X Social Media Index ETF	50
Global X \| JPMorgan Efficiente Index ETF	53
Global X \| JPMorgan US Sector Rotator Index ETF	54
Global X Permanent ETF	55
Global X Guru^® Index ETF	60
Global X Guru^® Activist Index ETF	63
Global X Guru^® International Index ETF	66
Global X Scientific Beta US ETF	70
Global X Scientific Beta Europe ETF	82
Global X Scientific Beta Japan ETF	104
Global X Scientific Beta Asia ex-Japan ETF	112
Global X YieldCo Index ETF	119
Global X S&P 500^® Catholic Values ETF	121
Statements of Assets and Liabilities	134
Statements of Operations	139
Statements of Changes in Net Assets	144
Financial Highlights	153
Notes to Financial Statements	155
Report of Independent Registered Public Accounting Firm	175
Disclosure of Fund Expenses (unaudited)	176
Supplemental Information (unaudited)	179
Trustees and Officers of the Trust (unaudited)	180
Notice to Shareholders (unaudited)	182

A description of the policies and procedures that Global X Funds use 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-GXFund-1; and (ii) on the Commission’s website at http://www.sec.gov.

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® ETF

Global X SuperDividend^® ETF

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

The Underlying Index tracks the performance of 100 equally-weighted companies that rank among the highest dividend yielding equity securities in the world including emerging market countries, as defined by the index provider.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 6.23%, while the Underlying Index increased 5.00%. The Fund had a net asset value of $20.65 per share on October 31, 2015 and ended the reporting period with a net asset value of $20.43 on October 31, 2016.

During the reporting period, the highest returns came from ONEOK and Williams Companies, which returned 136.66% and 103.92%, respectively. The worst performers were United Development Funding IV and Costamare, which returned-90.64% and -48.21%, respectively.

Stocks held by the Fund have among the highest dividend yields in the world. High dividend investing is a value-oriented strategy that was positively impacted by the performance of value stocks versus their growth counterparts. Over the reporting period, the Fund had an average approximate exposure of 40.1% to stocks in the U.S., 18.5% to stocks in Australia, and 6.8% to stocks in Singapore. Over the reporting period, stocks in the Fund from these regions had total returns of approximately 15.4%, 15.6% and 8.2%, respectively.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X SuperDividend^® ETF		6.23	%		6.58	%		1.57	%		1.53	%		3.52	%		3.52	%
Solactive Global SuperDividend^® Index		5.00	%		5.00	%		1.10	%		1.10	%		2.95	%		2.95	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		12.23	%		12.23	%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on June 8, 2011.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® U.S. ETF

Global X SuperDividend^® U.S. ETF

The Global X SuperDividend^® U.S. ETF ("Fund") seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the INDXX SuperDividend^® U.S. Low Volatility Index ("Underlying Index").The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of 50 equally-weighted common stocks including master limited partnerships ("MLPs") and real estate investment trust ("REITs") that rank among the highest dividend yielding equity securities in the United States, as defined by the index provider. The Underlying Index is comprised of securities that the index provider determines to have lower relative volatility, as measured by the beta, a measure of a security's sensitivity to the movements of the broader market, of each security relative to the market benchmark.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 2.13%, while the Underlying Index increased 3.35%. The Fund had a net asset value of $25.23 per share on October 31, 2015 and ended the reporting period with a net asset value of $24.00 on October 31, 2016.

During the reporting period, the highest returns came from CONE Midstream Partners and Summit Midstream Partners, which returned 108.89% and 89.46%, respectively. The worst performers were Midcoast Energy Partners and Archrock Partners, which returned -65.27% and -61.31%, respectively.

The Fund invests in many of the highest yielding stocks in the US. High dividend investing is a value-oriented strategy that was positively impacted by the performance of value stocks versus their growth counterparts. Over the course of the reporting period, the high dividend strategy maintained significant exposures to the financials sector at an approximate average weight of 24.7%, utilities at 24.7%, and consumer discretionary at 15.1%.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X SuperDividend^® U.S. ETF		2.13	%		2.12	%		4.06	%		4.01	%		5.36	%		5.53	%
INDXX SuperDividend^® U.S. Low Volatility Index		3.35	%		3.35	%		4.66	%		4.66	%		5.94	%		5.94	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		11.24	%		11.24	%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on March 11, 2013.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® Emerging Markets ETF

Global X SuperDividend^® Emerging Markets ETF

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

The Underlying Index tracks the performance of 50 equally weighted companies that rank among the highest dividend yielding equity securities in emerging markets, as defined by the index provider. The Underlying Index may include components from the following countries: Brazil, Chile, Colombia, Mexico, Peru, Czech Republic, Egypt, Greece, Hungary, Poland, Qatar, Russia, South Africa, Turkey, United Arab Emirates, China, India, Indonesia, Malaysia, Philippines, and Thailand. The Underlying Index selects the publicly-listed securities in these markets with the highest dividend yield, subject to minimum market capitalization and liquidity requirements, and subject to maximum allocations to individual countries and sectors.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 15.58%, while the Underlying Index increased 16.91%. The Fund had a net asset value of $13.73 per share on October 31, 2015 and ended the reporting period with a net asset value of $14.96 on October 31, 2016.

During the reporting period, the highest returns came from Vedanta Limited and Banco do Brasil, which returned 186.97% and 179.08%, respectively. The worst performers were Bradespar and Vedanta Resources, which returned -59.62% and -54.66%, respectively.

During the reporting period, emerging markets experienced bouts of volatility given uncertainties around U.S. Federal Reserve rate hikes, Chinese economic growth, and rapidly changing oil prices. Stocks held by the Fund have among the highest dividend yields in the emerging markets. Over the reporting period, the Fund had an average approximate exposure of 20.1% to stocks in the China, 13.7% to stocks in Brazil, 13.3% to stocks in Russia. Materials, real estate, and telecommunication services stocks received the highest average allocation in the Fund at 19.2%, 14.4% and 12.7% respectively.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X SuperDividend^® Emerging Markets ETF		15.58	%		15.84	%		6.00	%		6.06	%
Indxx SuperDividend^®Emerging Markets Index		16.91	%		16.91	%		7.10	%		7.10	%
S&P 500		4.51	%		4.51	%		3.46	%		3.46	%

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® Emerging Markets ETF

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on March 16, 2015.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® REIT ETF

Global X SuperDividend^® REIT ETF

The Global X SuperDividend^® REIT ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global SuperDividend^® REIT Index (“Underlying Index”). The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of real estate investment trusts (“REITs”) that rank among the highest-yielding REITs globally, as determined by the index provider. The index provider screens the highest yielding REITs to exclude REITs that have historically exhibited the highest volatility, as determined by the index provider.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 21.01%, while the Underlying Index increased 18.96%. The Fund had a net asset value of $13.18 per share on October 31, 2015 and ended the reporting period with a net asset value of $14.60 on October 31, 2016.

During the reporting period, the highest returns came from RMR Group and Senior Housing Properties Trust, which returned 75.36% and 55.64%, respectively. The worst performers were Redefine Properties and Government Properties Income Trust, which returned -25.91% and -12.13%, respectively.

The Fund invests in among the highest dividend yielding REITs around the world. REITs performed well over the course of the reporting period as government yields fell in many places around the world and investors continued to seek income from alternative sources. During the reporting period, the Fund had an average approximate exposure of 83.4% to U.S. REITs, 10.8% to Canadian REITs and 2.8% to Australian REITs.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X SuperDividend^®REIT ETF		21.01	%		20.84	%		6.22	%		6.32	%
Solactive Global SuperDividend^® REIT Index		18.96	%		18.96	%		4.22	%		4.22	%
S&P 500		4.51	%		4.51	%		3.46	%		3.46	%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on March 16, 2015.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X SuperIncome™ Preferred ETF

Global X SuperIncome™ Preferred ETF

The Global X SuperIncome™ Preferred ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Enhanced Yield North American Preferred Stock Index (“Underlying Index”).The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of the highest-yielding preferred securities in the United States and Canada, as determined by the index provider. The Underlying Index is comprised of preferred stocks that meet certain criteria relating to size, liquidity, issuer concentration and rating, maturity and other requirements, as determined by the index provider. The Underlying Index does not seek to directly reflect the performance of the companies issuing the preferred stock.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 4.44%, while the Underlying Index increased 4.89%. The Fund had a net asset value of $13.49 per share on October 31, 2015 and ended the reporting period with a net asset value of $13.16 on October 31, 2016.

During the reporting period, the highest returns came from Northstar Realty Finance and Vereit, which returned 17.48% and 15.35%, respectively. The worst performers were ArcelorMittal and PartnerRe, which returned -38.57% and -13.69%, respectively

The Fund invests in among the highest dividend yielding preferred shares in the U.S. and Canada. Over the course of the reporting period, 10 year U.S. Treasury yields declined as inflation and growth expectations remained low. As a result, preferred shares benefitted as investors continued to seek income from asset classes that historically paid higher income than government and corporate bonds. During the reporting period, the Fund had an average approximate exposure of 78.4% in the financials sector, 8.3% in telecommunication services sector, and 6.3% in the energy sector.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X SuperIncome™ Preferred ETF		4.44	%		4.59	%		3.06	%		2.87	%		3.98	%		4.41	%
S&P Enhanced Yield North American Preferred Stock Index		4.89	%		4.89	%		3.83	%		3.83	%		4.68	%		4.68	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.47	%		13.47	%

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on July 16, 2012.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X Social Media Index ETF

Global X Social Media Index ETF

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

The Underlying Index tracks the equity performance of the largest and most liquid companies involved in the social media industry, including companies that provide social networking, file sharing, and other web-based media applications, as defined by the index provider.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 21.99%, while the Underlying Index increased 22.93%. The Fund had a net asset value of $19.29 per share on October 31, 2015 and ended the reporting period with a net asset value of $23.53 on October 31, 2016.

During the reporting period, the highest returns came from Weibo and DeNA, which returned 185.42% and 100.88%, respectively. The worst performers were Renren and Twitter, which returned -45.86% and -36.93%, respectively.

The social media industry experienced strong growth during the reporting period, and has been one of the faster growing industries within the technology sector. With the natural slowing of user growth due to high rates of social media penetration in developed markets, social media firms have begun to focus on monetizing users through advertising and data licensing. Social media companies have also focused on user growth in developing economies by sponsoring programs that connect more people to the internet. In addition, the social media industry has benefited from increasing attention from marketers, as young consumers have demonstrated a propensity to be more swayed by social media advertisements than more traditional channels.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Social Media Index ETF		21.99	%		21.75	%		6.70	%		6.58	%		9.80	%		9.79	%
Solactive Social Media Total Return Index		22.93	%		22.93	%		7.11	%		7.11	%		10.38	%		10.38	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		13.66	%		13.66	%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on November 14, 2011.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X | JPMorgan Efficiente Index ETF

Global X | JPMorgan Efficiente Index ETF

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

The Underlying Index tracks the total return performance of a portfolio of eleven exchange-traded funds (each, an "ETF") and two exchange-traded products (each an "ETP") (each ETP and ETF, a "Constituent" and together the "Constituents"), as defined by the index provider. The share prices of the ETFs and ETPs are expected to track the performance of equities or bonds in developed or emerging markets, real estate investments, U.S. Treasury bonds, U.S. Treasury Inflation Protected Securities, a single commodity or a portfolio of commodity futures contracts. The Underlying Index allocates index weights among the Constituents based on a proprietary methodology created by the index provider. On a monthly basis and subject to certain weighting constraints, the Underlying Index is rebalanced to reallocate index weights among the Constituents so that the resulting portfolio would have had the highest return during the previous six months and an annualized volatility level of 10% or less over the same period (subject to upward adjustment under limited circumstances). This methodology is informed by the “modern portfolio theory” approach to asset allocation, which suggests that an investor allocate assets in a manner that maximizes return for a given risk appetite. Since the index weights assigned to the Constituents at each monthly rebalancing are determined based on past performance, there is no guarantee that any monthly rebalancing will result in the Underlying Index achieving the highest possible returns for the relevant month.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 6.12%, while the Underlying Index increased 6.97%. The Fund had a net asset value of $23.72 per share on October 31, 2015 and ended the reporting period with a net asset value of $24.05 on October 31, 2016.

During the reporting period, the highest returns came from iShares 20+ Year Treasury Bond ETF and Vanguard FTSE Emerging Markets ETF, which returned 14.09% and 7.69%, respectively. The worst performers were iShares S&P GSCI Commodity Indexed Trust and Vanguard S&P 500 Index Fund, which returned -15.08% and -2.82%, respectively.

During the reporting period, the Fund’s highest average exposures includes an approximate average weighting of 17.0% in ETFs with exposure to REITs, 16.9% in ETFs with exposure to long term U.S. treasuries, 13.0% in ETFs with exposure to Emerging Market Bonds, and 10.7% in ETFs with exposure to short term U.S. treasuries.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X \| JPMorgan Efficiente Index ETF		6.12	%		6.17	%		0.74	%		0.72	%
JPMorgan ETF Efficiente 10 TR Series X Index		6.97	%		6.97	%		1.50	%		1.50	%
S&P 500 Index		4.51	%		4.51	%		7.21	%		7.21	%

Management Discussion of Fund Performance (unaudited)

Global X | JPMorgan Efficiente Index ETF

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on October 22, 2014.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X | JPMorgan US Sector Rotator Index ETF

Global X | JPMorgan US Sector Rotator Index ETF

The Global X | JPMorgan US Sector Rotator Index ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the JPMorgan US Sector Rotator TR Series X Index (“Underlying Index”), which is composed of underlying equity exchange-traded funds ("ETFs") and a fixed income ETF. The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index aims to participate in the best-performing U.S. sectors of the market while limiting its exposure to the market during periods of high volatility or market declines, as defined by the index provider. The Underlying Index rebalances monthly to reflect changing market conditions by tracking the performance of a portfolio that may include one U.S. Treasury Bond ETF and zero to five ETFs selected out of a pool of ten U.S. sector ETFs. The sectors represented by all the U.S. sector ETFs are: consumer discretionary, consumer staples, energy, financials, healthcare, industrial, utilities, materials, technology and real estate. On each monthly rebalancing date, the Underlying Index seeks to select up to five U.S. sector ETFs with the highest positive performance during the prior month. The Underlying Index will include an allocation to the U.S. Treasury Bond ETF if fewer than five U.S. sector ETFs have positive performance during the prior month. The U.S. sector ETFs selected for inclusion in the Underlying Index each month are equal-volatility weighted, based on each U.S. sector ETF’s realized volatility during the prior month, meaning that each U.S. sector ETF has the same amount of volatility contribution to the Underlying Index as of such monthly rebalancing date. If the overall realized volatility of the portfolio of selected U.S. sector ETFs exceeds 20%, based on each U.S. sector ETF’s realized volatility during the prior month, the weight assigned on a monthly rebalancing date to each U.S. sector ETF is adjusted down proportionally and the exposure is re-allocated to the U.S. Treasury Bond ETF in order to reduce the overall volatility of the Underlying Index to 20% as of such monthly rebalancing date. Since the index weights assigned to the U.S. Sector ETF and the U.S. Treasury Bond ETF are determined on past performance, there is no guarantee that any monthly rebalancing will result in the Underlying Index achieving the highest possible returns for the relevant month.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 2.60%, while the Underlying Index increased 3.64%. The Fund had a net asset value of $23.55 per share on October 31, 2015 and ended the reporting period with a net asset value of $23.79 on October 31, 2016.

During the reporting period, the highest returns came from Utilities Select Sector SPDR Fund and SPDR Dow Jones REIT ETF, which returned 18.31% and 7.38%, respectively. The worst performers were Financial Select Sector SPDR Fund and Health Care Select Sector SPDR Fund, which returned -7.4% and -6.4%, respectively.

The Fund seeks to participate in flat or rising markets through a sector rotation strategy while allocating exposure to a short term treasury ETF in periods of high volatility or declining markets. During the reporting period, the Fund had an approximate average weighting of 13.4% to short term treasury ETF as bouts of broad market volatility throughout the reporting period produced signals to reduce the Fund’s equity exposures. Among equity sectors, ETFs with exposure to the industrials sector had the highest average weighting with 12.0%, followed by ETFs with exposure to the information technology sector at 11.6% and ETFs with exposure to the materials sector at 11.0%.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X \| JPMorgan US Sector Rotator Index ETF		2.60	%		2.47	%		-1.51	%		-1.55	%
JPMorgan US Sector Rotator TR Series X Index		3.64	%		3.64	%		-0.55	%		-0.55	%
S&P 500 Index		4.51	%		4.51	%		7.21	%		7.21	%

Management Discussion of Fund Performance (unaudited)

Global X | JPMorgan US Sector Rotator Index ETF

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on October 22, 2014.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Permanent ETF

Global X Permanent ETF

The Global X Permanent ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Permanent Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund utilizes a "sampling" methodology to seek to achieve its investment objective.

The Underlying Index tracks the performance of four asset class categories that are designed to perform differently across different economic environments, as defined by the index provider. On each rebalance, the Underlying Index allocates 25% each to four asset class categories, as follows: stocks, U.S. Treasury Bonds (long-term), U.S. Treasury Bills and Bonds (short-term), and gold and silver.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 6.13%, while the Underlying Index increased 6.93%. The Fund had a net asset value of $23.94 per share on October 31, 2015 and ended the reporting period with a net asset value of $25.13 on October 31, 2016.

During the reporting period, the highest returns came from Glencore and Ventas, which returned 75.67% and 40.67%, respectively. The worst performers were Allergan and Gilead Sciences, which returned -32.27% and -30.48%, respectively.

The Fund seeks to provide generally equal exposure to equities, short term treasuries, long term treasuries, and precious metals. Over the reporting period, the Fund's exposures across asset classes with low correlations to each other resulted in an annualized volatility of approximately 6.2%, as measured by the annualized standard deviation of daily returns. Furthermore, due to the Fund’s allocation of approximately 25% of assets to gold and silver, the Fund benefited from the rebound of gold and silver prices during the reporting period.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Permanent ETF		6.13	%		4.87	%		2.71	%		2.23	%		1.09	%		0.96	%
Solactive Permanent Index		6.93	%		6.93	%		3.07	%		3.07	%		1.38	%		1.38	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		12.50	%		12.50	%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on February 7, 2012.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Guru^®Index ETF

Global X Guru^® Index ETF

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

The Underlying Index is comprised of the top U.S. listed equity positions reported on Form 13F by a select group of entities characterized as hedge funds, as defined by the index provider. Hedge funds are selected by the index provider from a pool of thousands of privately offered pooled investment vehicles based on the size of their reported equity holdings and the efficacy of replicating their publicly disclosed positions. Hedge funds must have minimum reported holdings of $500 million in their Form 13F to be considered for the Underlying Index. Additional filters are applied to eliminate hedge funds that have high turnover rates for equity holdings. Only hedge funds with a concentrated top holding are included in the selection process. Once the hedge fund pool has been determined, the index provider utilizes Form 13F filings to compile the top stock holding from each of these hedge funds. The stocks are screened for liquidity, equal weighted, and rebalanced quarterly following the Form 13F filing timeline.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund decreased 2.97%, while the Underlying Index decreased 2.81%. The Fund had a net asset value of $23.96 per share on October 31, 2015 and ended the reporting period with a net asset value of $23.14 on October 31, 2016.

During the reporting period, the highest returns came from Macquarie Infrastructure and Darling Ingredients, which returned 42.44% and 34.39%, respectively. The worst performers were Valeant Pharmaceuticals International and Houghton Mifflin Harcourt; which returned -71.08% and -35.43%, respectively.

The Fund invests in many of the top U.S. listed equity positions reported on Form 13F by major hedge funds. Over the course of the reporting period, the underperformance of hedge fund picks within the consumer discretionary sector weighed on the Fund's performance. These stocks generated returns of -17.8%, whereas the consumer discretionary stocks in the S&P 500 were only down approximately -1.8%. In addition, the Fund maintained a weight of 22.4% to consumer discretionary versus a 12.5% weighting for the sector in the S&P 500. The Fund’s exposures to the real estate sector contributed positive returns, as the Fund was overweight the sector 5.5% versus 2.9% in the S&P 500. real estate holdings in the Fund returned 14.8% versus returns of 3.6% for real estate holdings in the S&P 500.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Three Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Guru^® Index ETF		-2.97	%		-2.93	%		-0.66	%		-0.70	%		12.22	%		12.22	%
Solactive Guru Index		-2.81	%		-2.81	%		-0.32	%		-0.32	%		12.74	%		12.74	%
S&P 500 Index		4.51	%		4.51	%		8.84	%		8.84	%		14.64	%		14.64	%

Management Discussion of Fund Performance (unaudited)

Global X Guru^®Index ETF

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on June 4, 2012.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Guru^®Activist Index ETF

Global X Guru^® Activist Index ETF

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

The Underlying Index is comprised of US listed equity positions reported on Form 13F and Schedule 13D by a select group of entities characterized as premier activist investors, as defined by the index provider. Activist investors are defined by the index provider as investors that aim to buy securities to put public pressure on management to increase shareholder value. Once the pool of activist investors has been determined, the index provider utilizes Form13F filings and Schedule 13D filings to compile the top 50 aggregate stock holdings held by the pool of activist investors, after screening for certain liquidity and market capitalization requirements. The stocks are equal weighted and rebalanced quarterly following the Form 13F filing timeline. On a monthly basis, securities may be added to or removed from the Underlying Index as a result of Schedule 13D filings.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 0.37%, while the Underlying Index increased 0.69%. The Fund had a net asset value of $13.42 per share on October 31, 2015 and ended the reporting period with a net asset value of $13.35 on October 31, 2016.

During the reporting period, the highest returns came from CONSOL Energy and Baxter International, which returned 121.57% and 28.78%, respectively. The worst performers were Valeant Pharmaceuticals International and CVR Energy, which returned -80.97% and -67.29%, respectively.

The Fund invests in certain U.S. listed equity positions held by activist investors. Activist investors seek to unlock unrealized value for shareholders by effecting major changes in target companies. Traditionally, an activist investor will purchase a large number of shares in a company with the objective of accumulating enough voting power to swing company proxy votes. Through these proxy votes, an activist investor will seek to obtain seats on a company’s board of directors, allowing for considerable influence over the company’s strategy, governance, and policies. More recently, activist investors have incorporated highly public campaigns into their strategies via appearances on TV news outlets and social media to galvanize other investors to their cause and to increase pressure on the company’s senior management and board. During the reporting period, the Fund's exposures to information technology and consumer discretionary stocks contributed positive returns to the Fund, while its exposures within the health care and industrials sectors weighed negatively on Fund performance.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Guru^®Activist Index ETF		0.37	%		0.44	%		-7.10	%		-7.10	%
Solactive Guru Activist Index		0.69	%		0.69	%		-6.82	%		-6.82	%
S&P 500 Index		4.51	%		4.51	%		5.86	%		5.86	%

Management Discussion of Fund Performance (unaudited)

Global X Guru^®Activist Index ETF

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on April 28, 2015.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Guru^® International Index ETF

Global X Guru^® International Index ETF

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

The Underlying Index is comprised of international companies reported on Form 13F by hedge funds and other institutional investors, as defined by the index provider. Hedge funds are selected from a pool of thousands of privately offered pooled investment vehicles based on the size of their reported equity holdings and the efficacy of replicating their publicly disclosed positions. Institutional investors are selected by the index provider based on the qualitative factor of whether they have a strong management team with a track record of creating shareholder value. Additional filters are applied to exclude the holdings of hedge funds and institutional investors that report less than $500 million in holdings on their Form 13F or that have high turnover rates for equity holdings, as defined by the index provider. Once the pool of investors has been determined, the index provider utilizes Form 13F filings to compile 50 stocks that represent the top international positions from these investors. The stocks must meet minimum size and liquidity thresholds to be included in the Underlying Index. Stocks in the Underlying Index are equal weighted and rebalanced quarterly following the Form 13F filing timeline.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 7.51%, while the Underlying Index increased 8.62%. The Fund had a net asset value of $13.13 per share on October 31, 2015 and ended the reporting period with a net asset value of $13.88 on October 31, 2016.

During the reporting period, the highest returns came from Petroleo Brasileiro and Barrick Gold, which returned 233.43% and 130.21%, respectively. The worst performers were Ensco and Vipshop Holdings, which returned -52.19% and

-45.81%, respectively.

The Fund invests in international stocks reported on Form 13F by hedge funds and other institutional investors. During the reporting period, the Fund had a 21.7% average weighting to Canada and a 10.6% average weighting to Brazil, which contributed positively to the Fund's performance. These two countries both broadly benefited from the rebound in commodity prices, which helped contribute to their positive returns.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Guru^® International Index ETF		7.51	%		7.51	%		-1.57	%		-1.57	%
Solactive Guru International Index		8.62	%		8.62	%		-0.72	%		-0.72	%
S&P 500 Index		4.51	%		4.51	%		7.02	%		7.02	%

Management Discussion of Fund Performance (unaudited)

Global X Guru^® International Index ETF

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on March 10, 2014.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta US ETF

Global X Scientific Beta US ETF

The Global X Scientific Beta US ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Scientific Beta United States Multi-Beta Multi-Strategy Equal Risk Contribution Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index generally comprises approximately 500 or less U.S. listed common stocks selected based on a proprietary methodology developed by the index provider. The objective of the Underlying Index is to outperform traditional market capitalization-weighted indexes, with lower volatility. The Underlying Index’s components are selected by applying four factors that have been widely recognized by academic literature to outperform market capitalization weighted-indexes over the long run: Value, Size, Low-Volatility and Momentum. Each of these factors is applied by using the following metrics: price-to-book ratio for Value; free-float market capitalization for Size; historical volatility over the trailing 104 week period for Low-Volatility; and one-year-minus-one-month total returns for Momentum. Finally, components are weighted by employing a proprietary, multi-step process that combines multiple weighting methodologies to diversify the risks associated with any one weighting scheme.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 4.43%, while the Underlying Index increased 4.77%. The Fund had a net asset value of $24.67 per share on October 31, 2015 and ended the reporting period with a net asset value of $25.46 on October 31, 2016.

During the reporting period, the highest returns came from California Resources and NVIDIA, which returned 250% and 153.78%, respectively. The worst performers were Endo International and Alkermes, which returned -72.6% and -58.01%, respectively.

During the period, the Fund had an average of about 15.1% weighting to stocks in the financials sector, with other average large exposures of about 13.5% to consumer discretionary, and 12.5% to information technology stocks. The Fund had an average approximate exposure of 18% to low volatility stocks, 26% to mid cap stocks, 28% to value stocks, and 28% to momentum stocks, as defined by the index provider. Over the course of the reporting period, the value factor became one of the better performing factors in the US after years of underperformance versus its growth counterpart. In addition, the low volatility and momentum factors began to converge as low volatility had exhibited consistent outperformance. This led to the momentum selection methodology increasingly identifying low volatility stocks as recent high performers.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Scientific Beta US ETF		4.43	%		4.43	%		2.35	%		2.37	%
Scientific Beta US Multi-Beta Multi-Strategy Equal Risk Contribution Index		4.77	%		4.77	%		2.66	%		2.66	%
S&P 500 Index		4.51	%		4.51	%		3.05	%		3.05	%

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta US ETF

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on May 12, 2015.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta Europe ETF

Global X Scientific Beta Europe ETF

The Global X Scientific Beta Europe ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Scientific Beta Extended Developed Europe Multi-Beta Multi-Strategy Equal Risk Contribution Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index generally comprises approximately 600 or less European-listed common stocks selected based on a proprietary methodology developed by the index provider. The objective of the Underlying Index is to outperform traditional market capitalization-weighted indexes, with lower volatility. The components of the Underlying Index are selected from a universe of the 600 largest, as measured by free float market capitalization, and most liquid stocks that are ordinarily traded principally on a stock exchange in one of the following 16 developed European countries: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The Underlying Index’s components are selected by applying four factors that have been widely recognized by academic literature to outperform market capitalization weighted-indexes over the long run: Value, Size, Low-Volatility and Momentum. Each of these factors is applied by using the following metrics: price-to-book ratio for Value; free-float market capitalization for Size; historical volatility over the trailing 104 week period for Low-Volatility; and one-year-minus-one-month total returns for Momentum. Finally, components are weighted by employing a proprietary, multi-step process that combines multiple weighting methodologies to diversify the risks associated with any one weighting scheme.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund decreased 5.96%, while the Underlying Index decreased 5.62%. The Fund had a net asset value of $24.41 per share on October 31, 2015 and ended the reporting period with a net asset value of $22.63 on October 31, 2016.

During the reporting period, the highest returns came from adidas and Neste, which returned 84.45% and 81.97%, respectively. The worst performers were Saipem and Banca Monte dei Paschi di Siena, which returned -91.95% and -87.79%, respectively.

During the reporting period, the Fund had an average weighting of approximately 19.1% to the financials sector, with other notable sector exposures of approximately 18.7% to industrials and 11.4% to consumer discretionary stocks. The Fund had an average approximate exposure of 26% to low volatility stocks, 18% to mid cap stocks, 37% to value stocks, and 19% to momentum stocks, as defined by the index provider. The Fund benefited from its exposure to mid cap and value stocks, which performed well relative to the broader market over the reporting period.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Scientific Beta Europe ETF		-5.96	%		-5.19	%		-5.36	%		-4.97	%
Scientific Beta Extended Developed Europe Multi-Beta Multi-Strategy Equal Risk Contribution Index		-5.62	%		-5.62	%		-5.00	%		-5.00	%
S&P 500 Index		4.51	%		4.51	%		3.05	%		3.05	%

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta Europe ETF

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on May 12, 2015.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta Japan ETF

Global X Scientific Beta Japan ETF

The Global X Scientific Beta Japan ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Scientific Beta Japan Multi-Beta Multi-Strategy Equal Risk Contribution Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index generally comprises approximately 500 or less Japanese-listed common stocks selected based on a proprietary methodology developed by the index provider. The objective of the Underlying Index is to outperform traditional market capitalization-weighted indexes, with lower volatility The components of the Underlying Index are selected from a universe of the 500 largest, as measured by free float market capitalization, and most liquid stocks traded principally on a stock exchange in and incorporated or domiciled (i.e., maintain a principal place of business) in Japan. The Underlying Index’s components are selected by applying four factors that have been widely recognized by academic literature to outperform market capitalization weighted-indexes over the long run: Value, Size, Low-Volatility and Momentum. Each of these factors is applied by using the following metrics: price-to-book ratio for Value; free-float market capitalization for Size; historical volatility over the trailing 104 week period for Low-Volatility; and one-year-minus-one-month total returns for Momentum. Finally, components are weighted by employing a proprietary, multi-step process that combines multiple weighting methodologies to diversify the risks associated with any one weighting scheme.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 9.63%, while the Underlying Index increased 9.88%. The Fund had a net asset value of $25.19 per share on October 31, 2015 and ended the reporting period with a net asset value of $27.38 on October 31, 2016.

During the reporting period, the highest returns came from Miura and Konami Holdings, which returned 78.14% and 74.01%, respectively. The worst performers were Hokuhoku Financial Group and Toyo Tire & Rubber, which returned -48.49% and -47.34%, respectively.

During the reporting period, the Fund had an average weighting of approximately 21.1% to the industrials sector, with other notable sector exposures of approximately 15.6% to consumer discretionary, and 12.1% to consumer staples stocks. The Fund had an average approximate exposure of 18% to low volatility stocks, 19% to mid cap stocks, 44% to value stocks, and 19% to momentum stocks, as defined by the index provider. The Fund benefited from higher exposure to mid cap stocks which tend to be more domestically focused and less sensitive to an appreciating yen.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Scientific Beta Japan ETF		9.63	%		10.90	%		6.81	%		7.10	%
Scientific Beta Japan Multi-Beta Multi-Strategy Equal Risk Contribution Index		9.88	%		9.88	%		7.07	%		7.07	%
S&P 500 Index		4.51	%		4.51	%		3.05	%		3.05	%

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta Japan ETF

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on May 12, 2015.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta Asia ex-Japan ETF

Global X Scientific Beta Asia ex-Japan ETF

The Global X Scientific Beta Asia ex-Japan ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Scientific Beta Developed Asia-Pacific ex-Japan Multi-Beta Multi-Strategy Equal Risk Contribution Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index generally comprises approximately 400 or less Asian-listed common stocks selected based on a proprietary methodology developed by the index provider. The objective of the Underlying Index is to outperform traditional market capitalization-weighted indexes, with lower volatility. The components of the Underlying Index are selected from a universe of the 400 largest, as measured by free float market capitalization, and most liquid stocks traded principally on a stock exchange in and incorporated or domiciled (i.e., maintain a principal place of business) in developed markets in Asia, excluding Japan, but may include Hong Kong, New Zealand, Singapore, South Korea and Australia. The Underlying Index’s components are selected by applying four factors that have been widely recognized by academic literature to outperform market capitalization weighted-indexes over the long run: Value, Size, Low-Volatility and Momentum. Each of these factors is applied by using the following metrics: price-to-book ratio for Value; free-float market capitalization for Size; historical volatility over the trailing 104 week period for Low-Volatility; and one-year-minus-one-month total returns for Momentum. Finally, components are weighted by employing a proprietary, multi-step process that combines multiple weighting methodologies to diversify the risks associated with any one weighting scheme.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 9.29%, while the Underlying Index increased 9.39%. The Fund had a net asset value of $21.63 per share on October 31, 2015 and ended the reporting period with a net asset value of $22.96 on October 31, 2016.

During the reporting period, the highest returns came from Fortescue Metals Group and South32, which returned 191.47% and 162.2%, respectively. The worst performers were Santos and United Energy Group, which returned -86.23% and

-67.16%, respectively.

During the period, the Fund had an average of approximately 26.4% weighting to stocks in the real estate sector, with other large average exposures of 15.3% to industrials, and 14.6% to consumer discretionary stocks. The Fund had an average approximate exposure of 25% to low volatility stocks, 22% to mid cap stocks, 27% to value stocks, and 25% to momentum stocks, as defined by the index provider.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Scientific Beta Asia ex-Japan ETF		9.29	%		9.43	%		-3.45	%		-3.21	%
Scientific Beta Developed Asia-Pacific ex-Japan Multi-Beta Multi-Strategy Equal Risk Contribution Index		9.39	%		9.39	%		-4.13	%		-4.13	%
S&P 500 Index		4.51	%		4.51	%		3.05	%		3.05	%

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta Asia ex-Japan ETF

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on May 12, 2015.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X YieldCo Index ETF

Global X YieldCo Index ETF

The Global X YieldCo Index ETF (“Fund”) seeks to track, before fees and expenses, the price and yield performance of the INDXX Global Yieldco Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index comprises publicly traded companies that are formed to own operating assets that produce defined cash flows (“Yieldcos”), as well as companies that have publicly announced plans to spin-off a YieldCo in an initial public offering, as determined by the index provider. The components of the Underlying Index are YieldCos selected from the universe of global publicly listed equities, which have a minimum market capitalization of $500 million and an Average Daily Value Traded (“ADVT”) over the last three months greater than $1 million. If less than 20 securities satisfy this criteria, the market capitalization and ADVT requirements are lowered. If there are still fewer than 20 securities, the parent companies of proposed YieldCos with the nearest anticipated listing dates will be included in the Underlying Index until there are 20 Underlying Index constituents. If a parent company is a part of the Underlying Index, and its corresponding YieldCo becomes publicly listed, the listed YieldCo will replace the parent entity in the index during the subsequent index rebalance. Underlying Index constituents are ranked by market capitalization. The remaining securities are weighted based on their market capitalization, with a cap of 4.75% on any of the securities falling outside of the top five by market capitalization. If any parent companies of YieldCos are Underlying Index constituents, they are each capped at a 4.75% weighting. Companies that are structured as partnerships are capped at a 25% weighting in the aggregate.

For the 12-month period ended October 31, 2016 (the “reporting period”), the Fund increased 7.25% and the Underlying Index increased 7.25%. The Fund had a net asset value of $11.06 per share on October 31, 2015 and ended the reporting period with a net asset value of $11.16 on October 31, 2016.

During the reporting period, the highest returns came from Capstone Infrastructure and TransAlta Renewables, which returned 55.48% and 53.63%, respectively. The worst performers were TerraForm Global and TerraForm Power, which returned -44.99% and -28.66%, respectively.

YieldCos are typically holding companies that own a portfolio of solar, wind, and hydro projects, which deliver electricity to customers. During the beginning of the reporting period, YieldCos suffered from the broader sell off in energy prices. Despite the fact that many of the solar, wind, and hydro projects held by many YieldCos have long term contracts to deliver power to customers, many market participants became worried that renewable energy sources would fall out of favor with the abundance of cheap fossil fuels.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2016
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X YieldCo Index ETF		7.25	%		7.78	%		-15.26	%		-14.76	%
Indxx Global YieldCo Index		7.25	%		7.25	%		-15.08	%		-15.08	%
S&P 500 Index		4.51	%		4.51	%		2.23	%		2.23	%

Management Discussion of Fund Performance (unaudited)

Global X YieldCo Index ETF

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on May 27, 2015.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X S&P 500^® Catholic Values ETF

The Global X S&P 500^® Catholic Values ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P 500^® Catholic Values Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The S&P 500^® Catholic Values Index is designed to provide exposure to U.S. equity securities included in the S&P 500^® Index while maintaining alignment with the moral and social teachings of the Catholic Church. The Underlying Index is based on the S&P 500^®Index, and generally comprises approximately 500 or less U.S. listed common stocks. All index constituents are members of the S&P 500^® Index and follow the eligibility criteria for that index. From this starting universe, constituents are screened to exclude companies involved in activities which are perceived to be inconsistent with Catholic values as outlined in the Socially Responsible Investment Guidelines of the United States Conference of Catholic Bishops (“USCCB”). The Underlying Index then reweights the remaining constituents so that the Underlying Index’s sector exposures matches the sector exposures of the S&P 500^® Index.

For the period from the Fund's commencement date on April 18, 2016 through October 31, 2016 (the “reporting period”), the Fund increased 2.39%, while the Underlying Index increased 2.56%. The Fund had a net asset value of $25.14 per share on April 18, 2016 and ended the reporting period with a net asset value of $25.74 on October 31, 2016.

During the reporting period, the highest returns came from NVIDIA and Newmont Mining, which returned 153.78% and 91.02%, respectively. The worst performers were CF Industries Holdings and Signet Jewelers, which returned -50.75% and -45.6%, respectively.

The Global X S&P 500^® Catholic Values ETF provides exposure to the companies within the S&P 500^® whose business practices align with the core values of the Catholic faith as determined by the U.S. Conference of Catholic Bishops. The Underlying Index also seeks to have a low tracking difference relative to the S&P 500 by equalizing the sector allocations to that of the S&P 500 Index. Over the reporting period, the Fund had a tracking difference of approximately 0.25% versus the S&P 500.

	AVERAGE TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2016
	Cumulative Inception to Date*
	Net Asset Value			Market Price
Global X S&P 500^®Catholic Values ETF		2.39	%		2.70	%
S&P 500 Catholic Values Index		2.56	%		2.56	%
S&P 500 Index		2.64	%		2.64	%

Management Discussion of Fund Performance (unaudited)

Global X S&P 500^® Catholic Values ETF

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on April 18, 2016. Total return is for the period indicated and has not been annualized.

The S&P 500 Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

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

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

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

See definition of comparative indices above and on previous page.

Schedule of Investments

October 31, 2016

Global X SuperDividend^® ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 98.9%
AUSTRALIA— 17.2%
Consumer Services — 2.0%
Seven West Media		11,269,993	$	5,831,598
Southern Cross Media Group		9,065,848		9,934,042
				15,765,640
Financials — 6.9%
ASX		232,672		8,344,429
Bank of Queensland		877,317		6,983,020
Bendigo and Adelaide Bank		1,163,889		9,857,386
Commonwealth Bank of Australia		129,710		7,243,783
IOOF Holdings		1,314,716		8,203,532
National Australia Bank		383,929		8,180,202
Westpac Banking		325,954		7,557,599
				56,369,951
Industrials — 0.9%
Sydney Airport		1,481,793		7,058,573
Oil & Gas — 0.8%
APA Group		1,094,191		6,627,676
Real Estate Investment Trust — 3.6%
Abacus Property Group		3,275,817		6,979,635
Charter Hall Retail		2,301,288		7,267,317
Cromwell Property Group		9,959,254		6,896,413
Stockland		2,212,336		7,440,951
				28,584,316

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

Schedule of Investments

October 31, 2016

Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 0.9%
Telstra		1,910,252	$	7,238,942
Utilities — 2.1%
DUET Group		4,299,271		7,786,223
Spark Infrastructure Group		5,191,635		8,770,254
				16,556,477
TOTAL AUSTRALIA				138,201,575
CANADA— 4.7%
Consumer Services — 2.2%
Corus Entertainment ^(A)		877,961		7,251,653
Parkland Fuel ^(A)		457,329		10,690,630
				17,942,283
Oil & Gas — 1.5%
Veresen ^(A)		1,273,134		11,541,562
Real Estate Investment Trust — 1.0%
Dream Global		1,167,836		7,946,775
TOTAL CANADA				37,430,620
FINLAND— 4.2%
Basic Materials — 1.2%
UPM-Kymmene		404,520		9,400,842
Health Care — 1.1%
Orion, Cl B		207,368		8,817,641
Telecommunications — 0.8%
Elisa		192,899		6,491,712
Utilities — 1.1%
Fortum		540,124		8,993,777
TOTAL FINLAND				33,703,972
FRANCE— 4.4%
Financials — 0.9%
Euler Hermes		82,930		7,186,285
Industrials — 0.8%
Bouygues		184,909		6,021,137
Oil & Gas — 0.9%
Total		155,940		7,473,578
Real Estate Investment Trust — 0.9%
Fonciere Des Regions		86,558		7,555,702
Utilities — 0.9%
Electricite de France ^(A)		627,157		7,019,285
TOTAL FRANCE				35,255,987

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

Schedule of Investments

October 31, 2016

Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
GERMANY— 0.9%
Telecommunications — 0.9%
Freenet		239,919	$	6,865,612
GREECE— 0.8%
Industrials — 0.8%
Costamare		1,039,845		6,758,993
HONG KONG— 2.6%
Consumer Goods — 0.8%
Pacific Textiles Holdings		4,882,600		6,157,673
Industrials — 0.9%
Seaspan, Cl A ^(A)		584,569		7,231,118
Real Estate Investment Trust — 0.9%
China Evergrande Group		11,138,100		7,368,093
TOTAL HONG KONG				20,756,884
ISRAEL— 0.7%
Telecommunications — 0.7%
Bezeq The Israeli Telecommunication		3,252,576		5,902,688
PORTUGAL— 0.9%
Utilities — 0.9%
Energias de Portugal		2,217,551		7,319,396
SINGAPORE— 6.6%
Industrials — 2.0%
Hutchison Port Holdings Trust		15,760,373		7,013,366
Venture		1,262,261		8,615,187
				15,628,553
Real Estate Investment Trust — 3.7%
Ascendas		4,157,149		7,078,413
Mapletree Industrial Trust		6,349,500		7,846,210
Mapletree Logistics Trust		10,189,163		7,576,539
Suntec Real Estate Investment Trust		6,112,185		7,377,305
				29,878,467
Telecommunications — 0.9%
StarHub		2,915,506		7,079,826
TOTAL SINGAPORE				52,586,847
SOUTH AFRICA— 1.1%
Real Estate Investment Trust — 1.1%
Redefine Properties		10,382,650		8,917,566
SWEDEN— 0.7%
Telecommunications — 0.7%
Telia		1,506,817		6,029,606

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

Schedule of Investments

October 31, 2016

Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
UNITED KINGDOM— 4.0%
Financials — 2.3%
Intermediate Capital Group		891,296	$	6,588,933
Phoenix Group Holdings		618,527		5,516,427
Standard Life		1,519,893		6,268,327
				18,373,687
Health Care — 0.8%
AstraZeneca		119,045		6,668,276
Utilities — 0.9%
SSE		353,353		6,863,694
TOTAL UNITED KINGDOM				31,905,657
UNITED STATES— 50.1%
Consumer Goods — 0.9%
Vector Group ^(A)		330,976		6,930,637
Financials — 6.9%
AGNC Investment		392,226		7,868,054
Artisan Partners Asset Management, Cl A		256,900		6,679,400
Ashford Hospitality Trust		1,283,438		7,456,775
BGC Partners, Cl A		802,431		6,892,882
MTGE Investment		533,745		9,100,352
TPG Specialty Lending		459,519		8,234,580
Washington Prime Group		920,401		9,655,006
				55,887,049
Industrials — 2.3%
Donnelley Financial Solutions ^*		64,810		1,390,175
LSC Communications		64,810		1,570,995
Nordic American Tankers ^(A)		531,350		4,341,130
RR Donnelley & Sons		173,487		3,079,394
Ship Finance International ^(A)		601,682		7,611,277
				17,992,971
Oil & Gas — 3.8%
Pattern Energy Group, Cl A		379,497		8,481,758
SemGroup, Cl A		263,236		8,489,361
Targa Resources		314,972		13,827,271
				30,798,390
Real Estate Investment Trust — 32.4%
Altisource Residential		751,011		7,562,681
Annaly Capital Management		1,281,562		13,276,982
Apollo Commercial Real Estate Finance		434,917		7,358,796
Blackstone Mortgage Trust, Cl A		300,196		9,065,919
Capstead Mortgage		746,362		7,097,903
CBL & Associates Properties		676,025		7,233,467

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

Schedule of Investments

October 31, 2016

Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trust — continued
Chimera Investment		575,373	$	9,016,095
Colony Capital		461,155		8,766,556
CYS Investments		942,203		8,121,790
Franklin Street Properties		764,319		8,843,171
Gaming and Leisure Properties		254,283		8,348,111
GEO Group		249,803		5,985,280
Government Properties Income Trust ^(A)		524,533		10,039,562
Hospitality Properties Trust		295,353		8,080,858
Invesco Mortgage Capital		687,276		10,261,031
Investors Real Estate Trust ^(A)		1,113,576		6,759,406
Lexington Realty Trust		891,486		9,039,668
Medical Properties Trust		639,036		8,908,162
MFA Financial		1,076,488		7,869,127
New Residential Investment		667,403		9,316,946
New York Mortgage Trust ^(A)		1,512,981		8,941,718
Omega Healthcare Investors ^(A)		230,076		7,323,319
PennyMac Mortgage Investment Trust		609,587		9,277,914
Redwood Trust		695,874		9,783,988
Sabra Health Care		388,743		9,057,712
Select Income		352,146		8,712,092
Senior Housing Properties Trust		480,963		10,230,083
Starwood Property Trust		398,108		8,853,922
Two Harbors Investment		944,674		7,869,135
VEREIT		902,633		8,484,750
				259,486,144
Telecommunications — 1.8%
Consolidated Communications Holdings		334,089		7,994,750
Frontier Communications ^(A)		1,573,236		6,324,409
				14,319,159
Utilities — 2.0%
ONEOK		329,673		15,966,063
TOTAL UNITED STATES				401,380,413
TOTAL COMMON STOCK
(Cost $834,523,055)				793,015,815

RIGHTS — 0.1%
United Kingdom — 0.1%
Phoenix Group Holdings, 11/11/16*
(Cost $-)		360,807		977,928

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

Schedule of Investments

October 31, 2016

Global X SuperDividend^® ETF

	Face Amount		Value
REPURCHASE AGREEMENTS — 7.2%
Barclays Bank
0.320%, dated 10/31/16, to be repurchased on 11/01/16 repurchase price $56,000,498 (collateralized by U.S Treasury Obligations, ranging in par value $1-$17,286,279, 0.000%-4.750%, 11/15/16-05/15/46, with a total market value of $57,120,000)^(B)	$	56,000,000	$	56,000,000
Deutsche Bank
0.350%, dated 10/31/16, to be repurchased on 11/01/16 repurchase price $1,413,253 (collateralized by U.S. Treasury Obligations, par value $1,314,235, 3.000%, 05/15/45 with a total market value of $1,447,747)^(B)		1,413,239		1,413,239
TOTAL REPURCHASE AGREEMENTS
(Cost $57,413,239)				57,413,239
TOTAL INVESTMENTS — 106.2%
(Cost $891,936,294)			$	851,406,982

Percentages are based on Net Assets of $801,816,025.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan as of October 31, 2016. The total value of securities on loan as of October 31, 2016 was $54,773,970.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2016 was $57,413,239.

Cl — Class

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	793,015,815	$	—	$	—	$	793,015,815
Rights		977,928		—		—		977,928
Repurchase Agreements		—		57,413,239		—		57,413,239
Total Investments in Securities	$	793,993,743	$	57,413,239	$	—	$	851,406,982

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2016, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X SuperDividend^® U.S. ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 78.2%
UNITED STATES— 78.2%
Consumer Goods — 12.3%
Altria Group		109,974	$	7,271,481
B&G Foods		178,292		7,559,581
Mattel		206,624		6,514,855
Philip Morris International		72,132		6,956,410
Universal		121,344		6,576,844
Vector Group		319,934		6,699,418
				41,578,589
Consumer Services — 14.5%
ClubCorp Holdings		619,462		7,154,786
DineEquity		78,954		6,245,261
Guess?		341,592		4,611,492
National CineMedia		454,149		6,299,047
Regal Entertainment Group, Cl A ^(A)		344,545		7,411,163
SeaWorld Entertainment ^(A)		350,621		4,912,200
Six Flags Entertainment		127,904		7,117,858
Staples		715,107		5,291,792
				49,043,599
Financials — 5.0%
AGNC Investment		381,991		7,662,740
MTGE Investment		180,528		3,078,002
New York Community Bancorp		428,798		6,157,539
				16,898,281
Industrials — 4.1%
Covanta Holding		504,793		7,571,895
McGrath RentCorp		205,367		6,181,547
				13,753,442

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

Schedule of Investments

October 31, 2016

Global X SuperDividend^® U.S. ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — 19.8%
Annaly Capital Management		705,653	$	7,310,565
Apollo Commercial Real Estate Finance		426,447		7,215,483
Chimera Investment		573,779		8,991,117
Colony Capital		420,778		7,998,990
CYS Investments		927,132		7,991,878
Invesco Mortgage Capital		674,260		10,066,702
PennyMac Mortgage Investment Trust		591,053		8,995,826
Starwood Property Trust		382,974		8,517,342
				67,087,903
Telecommunications — 3.8%
AT&T		181,614		6,681,579
Verizon Communications		130,663		6,284,890
				12,966,469
Utilities — 18.7%
Ameren		145,611		7,273,270
Avista		176,428		7,304,119
Consolidated Edison		93,235		7,043,904
Duke Energy		89,324		7,147,707
Empire District Electric		198,876		6,807,525
Entergy		90,380		6,659,198
Northwest Natural Gas		127,335		7,487,298
PPL		187,468		6,437,651
Southern		136,215		7,024,608
				63,185,280
TOTAL COMMON STOCK
(Cost $258,084,372)				264,513,563

MASTER LIMITED PARTNERSHIPS — 21.5%
UNITED STATES— 21.5%
Consumer Services — 7.9%
CrossAmerica Partners		332,498		8,495,324
Stonemor Partners		248,189		3,266,167
Suburban Propane Partners		271,303		8,733,244
Sunoco		222,057		6,326,404
				26,821,139
Financials — 3.9%
Ellington Financial		405,326		6,428,470
Icahn Enterprises		141,177		6,759,555
				13,188,025
Oil & Gas — 8.7%
Cone Midstream Partners		653,789		13,801,486
Delek Logistics Partners		252,853		6,270,754
Summit Midstream Partners		415,358		9,220,948
				29,293,188

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

Schedule of Investments

October 31, 2016

Global X SuperDividend^® U.S. ETF

	Shares/Face Amount		Value
MASTER LIMITED PARTNERSHIPS — continued
Utilities — 1.0%
Ferrellgas Partners		376,270	$	3,284,837
TOTAL MASTER LIMITED PARTNERSHIP
(Cost $70,139,515)				72,587,189

REPURCHASE AGREEMENT — 2.2%
Deutsche Bank
0.350%, dated 10/31/16, to be repurchased on 11/01/16 repurchase price $7,571,299 (collateralized by U.S. Treasury Obligations, par value $7,040,823, 3.000%, 05/15/45 with a total market value of $7,759,098)^(B)
(Cost $7,571,225)	$	7,571,225		7,571,225
TOTAL INVESTMENTS — 101.9%
(Cost $335,795,112)			$	344,671,977

Percentages are based on Net Assets of $338,396,614.

(A)	This security or a partial position of this security is on loan as of October 31, 2016. The total value of securities on loan as of October 31, 2016 was $7,287,261.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2016 was $7,571,225.

Cl — Class

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	264,513,563	$	—	$	—	$	264,513,563
Master Limited Partnerships		72,587,189		—		—		72,587,189
Repurchase Agreement		—		7,571,225		—		7,571,225
Total Investments in Securities	$	337,100,752	$	7,571,225	$	—	$	344,671,977

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2016, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X SuperDividend^®Emerging Markets ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 95.5%
BRAZIL— 13.9%
Consumer Services — 2.7%
Multiplus		7,340	$	100,715
Financials — 11.2%
Banco do Brasil		16,910		156,716
Banco Santander Brasil ADR		16,954		138,684
Itau Unibanco Holding		10,233		122,080
				417,480
TOTAL BRAZIL				518,195
CHINA— 10.4%
Consumer Goods — 1.3%
Belle International Holdings, Cl A		83,100		50,365
Consumer Services — 1.5%
Intime Retail Group		71,570		56,205
Financials — 3.8%
Agricultural Bank of China, Cl H		158,500		66,835
Country Garden Holdings		143,300		74,654
				141,489
Oil & Gas — 2.2%
China Oilfield Services, Cl H		84,000		81,239
Utilities — 1.6%
Datang International Power Generation, Cl H		221,500		59,696
TOTAL CHINA				388,994
CZECH REPUBLIC— 1.8%
Utilities — 1.8%
CEZ		3,520		66,250

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

Schedule of Investments

October 31, 2016

Global X SuperDividend^®Emerging Markets ETF

	Shares		Value
COMMON STOCK — continued
GREECE— 1.8%
Consumer Services — 1.8%
OPAP		7,860	$	66,948
HONG KONG— 11.7%
Basic Materials — 2.5%
China Hongqiao Group		104,433		93,460
Financials — 3.0%
China Evergrande Group		88,488		58,537
KWG Property Holding		96,728		56,130
				114,667
Industrials — 4.1%
China Resources Cement Holdings		223,300		90,416
China South City Holdings		295,300		65,496
				155,912
Oil & Gas — 2.1%
CNOOC		61,280		77,994
TOTAL HONG KONG				442,033
INDIA— 9.3%
Basic Materials — 7.1%
NMDC		49,670		98,877
Vedanta		54,600		165,590
				264,467
Financials — 2.2%
Power Finance		45,000		83,887
TOTAL INDIA				348,354
INDONESIA— 3.3%
Industrials — 3.3%
Indocement Tunggal Prakarsa		38,200		48,160
United Tractors		44,650		74,000
TOTAL INDONESIA				122,160
MALAYSIA— 4.3%
Consumer Goods — 1.3%
British American Tobacco Malaysia		4,100		48,399
Consumer Services — 1.6%
Astro Malaysia Holdings		88,500		60,124
Financials — 1.4%
Malayan Banking		27,520		51,826
TOTAL MALAYSIA				160,349

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

Schedule of Investments

October 31, 2016

Global X SuperDividend^®Emerging Markets ETF

	Shares		Value
COMMON STOCK — continued
PHILIPPINES— 1.5%
Telecommunications — 1.5%
Globe Telecom		1,480	$	54,404
POLAND— 2.3%
Telecommunications — 1.4%
Orange Polska		36,050		51,292
Utilities — 0.9%
Energa		16,500		33,706
TOTAL POLAND				84,998
RUSSIA— 10.6%
Basic Materials — 8.7%
MMC Norilsk Nickel PJSC ADR		4,698		70,846
Novolipetsk Steel PJSC GDR		6,560		106,272
PhosAgro PJSC GDR		4,700		58,280
Severstal PJSC		6,580		92,156
				327,554
Oil & Gas — 1.9%
Gazprom PJSC ADR		16,331		70,550
TOTAL RUSSIA				398,104
SOUTH AFRICA— 8.1%
Consumer Services — 2.2%
Foschini Group		7,870		81,020
Real Estate Investment Trusts — 4.2%
Growthpoint Properties		40,030		74,642
Redefine Properties		97,400		83,656
				158,298
Telecommunications — 1.7%
MTN Group		7,160		61,799
TOTAL SOUTH AFRICA				301,117
THAILAND— 10.4%
Basic Materials — 3.1%
Banpu PCL NVDR		223,250		116,736
Financials — 1.5%
BTS Group Holdings PCL NVDR		231,200		56,483
Technology — 1.5%
Intouch Holdings PCL NVDR		36,280		54,942
Telecommunications — 2.8%
Advanced Info Service NVDR		12,050		52,852

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

Schedule of Investments

October 31, 2016

Global X SuperDividend^®Emerging Markets ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — continued
Total Access Communication NVDR		59,600	$	53,218
				106,070
Utilities — 1.5%
Glow Energy PCL NVDR		25,050		55,114
TOTAL THAILAND				389,345
TURKEY— 6.1%
Basic Materials — 2.0%
Eregli Demir ve Celik Fabrikalari		54,300		73,650
Consumer Goods — 1.6%
Tofas Turk Otomobil Fabrikasi		7,990		60,121
Industrials — 1.0%
TAV Havalimanlari Holding		9,400		38,613
Telecommunications — 1.5%
Turk Telekomunikasyon		30,900		57,079
TOTAL TURKEY				229,463
TOTAL COMMON STOCK
(Cost $2,987,815)				3,570,714

PREFERRED STOCK — 4.3%
BRAZIL— 3.0%
Utilities — 3.0%
Cia de Transmissao de Energia Eletrica Paulista ^(A)		5,200		113,811
RUSSIA— 1.3%
Oil & Gas — 1.3%
Surgutneftegas PJSC ^(A)		109,800		49,843
TOTAL PREFERRED STOCK
(Cost $126,025)				163,654
TOTAL INVESTMENTS — 99.8%
(Cost $3,113,840)			$	3,734,368

Percentages are based on Net Assets of $3,740,433.

(A)

Interest rate unavailable

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

NVDR — Non-Voting Depositary Receipt

As of October 31, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X SuperDividend^®REIT ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.5%
CANADA— 9.2%
Real Estate Investment Trusts — 9.2%
Artis Real Estate Investment Trust		112,032	$	979,679
Cominar Real Estate Investment Trust		88,709		983,560
H&R Real Estate Investment Trust		69,734		1,186,818
TOTAL CANADA				3,150,057
SINGAPORE— 3.0%
Real Estate Investment Trusts — 3.0%
Ascendas Real Estate Investment Trust		610,104		1,038,829
UNITED STATES— 87.3%
Real Estate Investment Trusts — 87.3%
AGNC Investment		56,387		1,131,123
Annaly Capital Management		183,910		1,905,307
Apollo Commercial Real Estate Finance		60,268		1,019,735
Blackstone Mortgage Trust, Cl A		38,285		1,156,207
Capstead Mortgage		114,619		1,090,027
Chimera Investment		102,056		1,599,218
CYS Investments		145,249		1,252,046
EPR Properties		16,082		1,169,483
Gaming and Leisure Properties		36,191		1,188,151
Gramercy Property Trust		128,351		1,183,396
HCP		24,964		855,017
Invesco Mortgage Capital		83,997		1,254,075
Iron Mountain		35,942		1,212,324
Lexington Realty Trust		129,491		1,313,039
Liberty Property Trust		32,038		1,295,296
MFA Financial		157,220		1,149,278
MTGE Investment		73,695		1,256,500
Omega Healthcare Investors		26,583		846,137
Select Income		49,481		1,224,160
Senior Housing Properties Trust		61,528		1,308,701
Spirit Realty Capital		93,728		1,116,300
STAG Industrial		54,105		1,248,202
Starwood Property Trust		51,701		1,149,830
Two Harbors Investment		125,872		1,048,514
WP Carey		16,096		977,671
				29,949,737

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

Schedule of Investments

October 31, 2016

Global X SuperDividend^®REIT ETF

	Value
COMMON STOCK — continued
TOTAL COMMON STOCK
(Cost $34,636,504)	$	34,138,623
TOTAL INVESTMENTS — 99.5%
(Cost $34,636,504)	$	34,138,623

Percentages are based on Net Assets of $34,302,323.

Cl — Class

As of October 31, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X SuperIncome^™Preferred ETF

Sector Weightings (unaudited)†:

	Shares		Value
PREFERRED STOCK — 99.7%
BERMUDA— 0.6%
Financials — 0.6%
PartnerRe, Ser E, 7.250%		58,560	$	1,480,983
GERMANY— 5.0%
Financials — 5.0%
Deutsche Bank Contingent Capital Trust II, 6.550%		95,124		2,193,560
Deutsche Bank Contingent Capital Trust III, 7.600%		228,510		5,550,508
Deutsche Bank Contingent Capital Trust V, 8.050%^(A)		160,063		3,958,358
TOTAL GERMANY				11,702,426
NETHERLANDS— 9.3%
Financials — 9.3%
Aegon, 8.000%		127,945		3,400,778
Aegon, 6.375%		249,281		6,346,694
ING Groep, 7.200%		233,159		6,031,823
ING Groep, 6.375%		222,996		5,753,297
TOTAL NETHERLANDS				21,532,592
UNITED KINGDOM— 12.0%
Financials — 12.0%
Barclays Bank, Ser 3, 7.100%^(A)		154,518		3,985,019
Barclays Bank, Ser 5, 8.125%		299,519		7,799,475
HSBC Holdings, 8.125%^(A)		162,849		4,369,239
HSBC Holdings, Ser 2, 8.000%		283,360		7,384,362
Royal Bank of Scotland Group, Ser S, 6.600%		161,578		4,108,928
TOTAL UNITED KINGDOM				27,647,023

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

Schedule of Investments

October 31, 2016

Global X SuperIncome^™Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Basic Materials — 3.1%
Alcoa, Ser 1, 5.375%		148,932	$	4,601,999
NuStar Logistics, 7.625%^(B)		98,424		2,520,638
				7,122,637
Consumer Goods — 3.1%
CHS, Ser 3, 6.750%^{(A) (B)}		120,702		3,391,726
CHS, Ser 4, 7.500%		129,606		3,790,976
				7,182,702
Financials — 41.4%
AmTrust Financial Services, 6.950%		69,877		1,764,394
Annaly Capital Management, 7.625%		69,249		1,748,537
Ares Management, 7.000%		62,626		1,623,892
Aviva, 8.250%		94,462		2,421,061
Axis Capital Holdings, 6.875%		97,368		2,497,489
Capital One Financial, Ser C, 6.250%		122,311		3,248,580
Capital One Financial, Ser D, 6.700%^(A)		121,353		3,408,806
Citigroup, Ser J, 7.125%^(B)		111,300		3,174,276
Citigroup, Ser L, 6.875%		56,202		1,519,702
Citigroup Capital XIII, 7.875%^(B)		264,854		6,888,852
Colony Capital, 7.125%		66,863		1,703,669
Countrywide Capital V, 7.000%		367,163		9,458,119
Discover Financial Services, Ser B, 6.500%		142,895		3,742,420
GMAC Capital Trust I, Ser 2, 6.411%^(B)		463,180		11,824,986
Hartford Financial Services Group, 7.875%^(B)		145,685		4,557,027
JPMorgan Chase, Ser T, 6.700%^(A)		227,898		6,248,963
KeyCorp, 8.625%^(B)		84,886		2,215,525
Morgan Stanley, Ser E, 7.125%^(B)		157,523		4,596,521
Morgan Stanley, Ser F, 6.875%^{(A) (B)}		154,953		4,502,934
Morgan Stanley, Ser G, 6.625%^(A)		92,068		2,518,060
Navient, 6.000%		65,937		1,507,979
Regions Financial, Ser A, 6.375%		127,877		3,322,244
Wells Fargo, Ser J, 8.000%		436,900		11,857,466
				96,351,502
Health Care — 4.6%
Allergan, 5.500%^*		13,878		10,672,182
Industrials — 1.0%
Stericycle, 5.250%^*		33,159		2,237,238
Oil & Gas — 6.3%
Kinder Morgan, Ser A, 9.750%^(A)		200,196		9,219,026
Southwestern Energy, Ser B, 6.250%		211,088		5,291,976
				14,511,002
Real Estate Investment Trusts — 7.6%
Annaly Capital Management, Ser D, 7.500%		45,077		1,131,433
CBL & Associates Properties, Ser D, 7.375%		88,762		2,241,241

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

Schedule of Investments

October 31, 2016

Global X SuperIncome^™Preferred ETF

	Shares/Face Amount		Value
PREFERRED STOCK — continued
Real Estate Investment Trusts — continued
CHS, Ser B, 7.875%^(A)		127,185	$	3,988,521
Digital Realty Trust, Ser H, 7.375%		88,929		2,466,001
NorthStar Realty Finance, Ser B, 8.250%		28,363		715,315
Vereit, Ser F, 6.700%^(A)		264,349		7,089,840
				17,632,351
Techhnology — 0.8%
Belden, 6.750%^*		20,367		1,966,434
Telecommunications — 4.9%
Frontier Communications, Ser A, 11.125%		115,154		9,616,511
Qwest, 7.500%^(A)		70,748		1,798,414
				11,414,925
TOTAL UNITED STATES				169,090,973
TOTAL PREFERRED STOCK
(Cost $240,199,021)				231,453,997

REPURCHASE AGREEMENTS — 6.0%
Barclays Bank
0.320%, dated 10/31/16, to be repurchased on 11/01/16, repurchase price $13,000,116 (collateralized by U.S Treasury Obligations, ranging in par value $1-$7,016,919, 0.000%-4.750%, 11/15/16-05/15/46, with a total market value of $13,260,000)^(C)	$	13,000,000		13,000,000
Deutsche Bank
0.350%, dated 10/31/16, to be repurchased on 11/01/16, repurchase price $991,010 (collateralized by U.S. Treasury Obligations, par value $921,576, 3.000%, 05/15/45 with a total market value of $1,015,198)^(C)		991,000		991,000
TOTAL REPURCHASE AGREEMENTS
(Cost $13,991,000)				13,991,000
TOTAL INVESTMENTS — 105.7%
(Cost $254,190,021)			$	245,444,997

Percentages are based on Net Assets of $232,206,248

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan as of October 31, 2016. The total value of securities on loan as of October 31, 2016 was $13,600,406.
(B)	Floating rate security - Rate disclosed is the rate in effect on October 31, 2016.
(C)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2016 was $13,991,000.

Ser — Series

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

Schedule of Investments

October 31, 2016

Global X SuperIncome^™Preferred ETF

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Preferred Stock	$	231,453,997	$	—	$	—	$	231,453,997
Repurchase Agreements		—		13,991,000		—		13,991,000
Total Investments in Securities	$	231,453,997	$	13,991,000	$	—	$	245,444,997

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2016, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X Social Media Index ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 12.8%
Technology — 12.8%
Changyou.com ADR ^*		8,101	$	214,272
NetEase ADR		24,553		6,309,875
Renren ADR ^*		251,537		493,013
SINA ^*		70,259		5,068,484
Weibo ADR ^{* (A)}		94,967		4,369,432
YY ADR ^*		16,332		785,079
				17,240,155
TOTAL CHINA				17,240,155
GERMANY— 5.1%
Technology — 5.1%
United Internet		150,620		6,173,465
XING		3,205		651,547
				6,825,012
TOTAL GERMANY				6,825,012
HONG KONG— 9.9%
Technology — 9.9%
Tencent Holdings		501,745		13,315,425
JAPAN— 9.3%
Consumer Goods — 2.7%
Nexon ^(A)		209,472		3,568,110
Technology — 6.6%
Dena		131,681		4,235,445
Gree		125,735		697,564
LINE ^{* (A)}		50,070		2,051,210
Mixi		50,670		1,863,630
				8,847,849
TOTAL JAPAN				12,415,959
RUSSIA— 5.8%
Technology — 5.8%
Mail.ru Group GDR ^*		94,921		1,553,857

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

Schedule of Investments

October 31, 2016

Global X Social Media Index ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Technology — continued
Yandex, Cl A ^*		318,099	$	6,263,369
				7,817,226
TOTAL RUSSIA				7,817,226
TAIWAN— 0.8%
Consumer Services — 0.8%
PChome Online		98,346		1,068,927
UNITED STATES— 56.2%
Consumer Goods — 0.9%
Nutrisystem		35,094		1,112,480
Consumer Services — 6.1%
Angie's List ^*		46,586		358,712
Groupon, Cl A ^{* (A)}		506,035		2,019,080
Pandora Media ^{* (A)}		262,965		2,979,394
Yelp, Cl A ^*		84,862		2,771,593
				8,128,779
Technology — 49.2%
Alphabet, Cl A ^*		7,946		6,435,465
Facebook, Cl A ^*		105,875		13,868,566
IAC		88,685		5,714,861
Jive Software ^*		74,936		295,997
LinkedIn, Cl A ^*		70,900		13,442,640
Match Group ^{* (A)}		49,072		886,240
MeetMe ^*		59,333		290,138
Momo ADR ^*		149,506		3,600,105
Twitter ^{* (A)}		703,279		12,623,858
Yahoo! ^*		153,403		6,373,895
Zynga, Cl A ^*		904,600		2,541,926
				66,073,691
TOTAL UNITED STATES				75,314,950
TOTAL COMMON STOCK
(Cost $133,295,620)				133,997,654

REPURCHASE AGREEMENTS — 12.8%
Barclays Bank
0.320%, dated 10/31/16, to be repurchased on 11/01/16 repurchase price $16,000,142 (collateralized by U.S Treasury Obligations, ranging in par value $1-$7,877,993, 0.000%-4.750%, 11/15/16-05/15/46, with a total market value of $16,320,000)^(B)	$	16,000,000		16,000,000

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

Schedule of Investments

October 31, 2016

Global X Social Media Index ETF

	Face Amount		Value
REPURCHASE AGREEMENTS — continued

Deutsche Bank
0.350%, dated 10/31/16, to be repurchased on 11/01/16 repurchase price $1,121,608 (collateralized by U.S. Treasury Obligations, par value $1,043,024, 3.000%, 05/15/45 with a total market value of $1,148,984)^(B)	$	1,121,597	$	1,121,597
TOTAL REPURCHASE AGREEMENTS
(Cost $17,121,597)				17,121,597
TOTAL INVESTMENTS — 112.7%
(Cost $150,417,217)			$	151,119,251

Percentages are based on Net Assets of $134,110,738.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan as of October 31, 2016. The total value of securities on loan as of October 31, 2016 was $16,161,795.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2016 was $17,121,597.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	133,997,654	$	—	$	—	$	133,997,654
Repurchase Agreements		—		17,121,597		—		17,121,597
Total Investments in Securities	$	133,997,654	$	17,121,597	$	—	$	151,119,251

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2016, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X | JPMorgan Efficiente Index ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
EXCHANGE TRADED FUNDS — 90.1%
iShares Core S&P Small-Capital ETF		11,915	$	1,413,953
iShares JP Morgan USD Emerging Markets Bond ETF		12,579		1,442,686
iShares S&P GSCI Commodity Indexed Trust		24,580		357,885
SPDR Bloomberg Barclays High Yield Bond ETF		40,341		1,462,765
Vanguard FTSE Emerging Markets ETF		38,933		1,469,720
Vanguard REIT ETF		4,298		351,404
TOTAL EXCHANGE TRADED FUNDS
(Cost $6,472,711)				6,498,413

EXCHANGE TRADED COMMODITY — 9.9%
ETFS Physical Gold
(Cost $735,184)		5,811		712,923

TOTAL INVESTMENTS — 100.0%
(Cost $7,207,895)			$	7,211,336

Percentages are based on Net Assets of $7,214,656.

ETF — Exchange Traded Fund

FTSE — Financial Times and Stock Exchange

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipts

S&P — Standard & Poor's

USD — U.S. Dollar

As of October 31, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X | JPMorgan US Sector Rotator Index ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
EXCHANGE TRADED FUNDS — 99.9%
Energy Select Sector SPDR Fund		22,567	$	1,548,548
iShares 1-3 Year Treasury Bond ETF, Cl 3		50,413		4,282,584
Technology Select Sector SPDR Fund		59,173		2,805,984
Utilities Select Sector SPDR Fund		41,680		2,060,242

TOTAL INVESTMENTS — 99.9%
(Cost $10,618,473)			$	10,697,358

Percentages are based on Net Assets of $10,706,274.

Cl — Class

ETF — Exchange Traded Fund

SPDR — Standard & Poor’s Depositary Receipts

As of October 31, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X Permanent ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Face Amount/Shares		Value
U.S. TREASURY OBLIGATIONS — 49.1%
U.S. Treasury Bonds
4.625%, 02/15/40	$	376,000	$	521,230
4.375%, 11/15/39		391,800		525,211
3.875%, 08/15/40		18		23
3.125%, 02/15/42		468,400		521,369
3.125%, 11/15/41		471,700		524,563
U.S. Treasury Notes
3.125%, 05/15/19		525,300		553,904
1.500%, 08/31/18		551,100		557,429
1.375%, 09/30/18		552,400		557,493
0.750%, 02/28/18		559,900		559,747

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $4,287,327)				4,320,969

EXCHANGE TRADED COMMODITIES — 24.6%
ETFS Physical Gold		7,056		865,665
ETFS Physical Silver		21,514		366,383
ETFS Physical Silver (GBP shares)		3,802		64,638
Gold Bullion Securities		7,147		864,644
TOTAL EXCHANGE TRADED COMMODITIES
(Cost $2,958,687)				2,161,330

COMMON STOCK — 19.1%
AUSTRALIA— 0.4%
Basic Materials — 0.4%
BHP Billiton ADR		1,048		36,701
FRANCE— 0.3%
Oil & Gas — 0.3%
Total		592		28,372

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

Schedule of Investments

October 31, 2016

Global X Permanent ETF

	Shares		Value
COMMON STOCK — continued
NETHERLANDS — 0.3%
Oil & Gas — 0.3%
Royal Dutch Shell ADR, Cl A		529	$	26,349
PERU — 0.4%
Basic Materials — 0.4%
Southern Copper		1,109		31,485
RUSSIA— 0.4%
Basic Materials — 0.4%
MMC Norilsk Nickel PJSC ADR		2,250		33,930
SWITZERLAND— 0.4%
Basic Materials — 0.4%
Syngenta ADR		390		31,364
UNITED KINGDOM— 1.2%
Basic Materials — 0.9%
Glencore		14,680		44,807
Rio Tinto ADR		938		32,689
				77,496
Oil & Gas — 0.3%
BP		5,090		30,059
TOTAL UNITED KINGDOM				107,555
UNITED STATES— 15.7%
Basic Materials — 0.0%
AdvanSix ^*		5		79
Consumer Goods — 2.1%
Altria Group		237		15,670
Archer-Daniels-Midland		683		29,758
Coca-Cola		354		15,010
Kraft Heinz		182		16,189
Monsanto		291		29,324
PepsiCo		159		17,045
Philip Morris International		154		14,852
Procter & Gamble		189		16,405
Tyson Foods, Cl A		461		32,662
				186,915
Consumer Services — 1.6%
Amazon.com ^*		22		17,376
Comcast, Cl A		246		15,208
CVS Health		167		14,045
Home Depot		122		14,885
McDonald's		129		14,521
Starbucks		280		14,860
Walgreens Boots Alliance		194		16,050

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

Schedule of Investments

October 31, 2016

Global X Permanent ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Wal-Mart Stores		210	$	14,704
Walt Disney		158		14,645
				136,294
Financials — 1.4%
Bank of America		1,117		18,431
Berkshire Hathaway, Cl B ^*		108		15,584
Citigroup		353		17,350
JPMorgan Chase		245		16,969
Mastercard, Cl A		184		19,692
Visa, Cl A		201		16,584
Wells Fargo		327		15,045
				119,655
Health Care — 1.8%
AbbVie		256		14,280
Allergan ^*		67		13,999
Amgen		106		14,963
Bristol-Myers Squibb		225		11,455
Eli Lilly		212		15,654
Gilead Sciences		188		13,842
Johnson & Johnson		134		15,543
Medtronic		183		15,010
Merck		260		15,267
Pfizer		445		14,111
UnitedHealth Group		113		15,970
				160,094
Industrials — 1.2%
3M		90		14,877
Boeing		117		16,664
Deere		369		32,583
General Electric		503		14,637
Honeywell International		134		14,697
United Technologies		153		15,637
				109,095
Oil & Gas — 0.8%
Chevron		285		29,854
Exxon Mobil		318		26,496
Schlumberger		197		15,411
				71,761
Real Estate Investment Trust — 4.7%
American Tower, Cl A		393		46,056
AvalonBay Communities		251		42,966
Crown Castle International		456		41,492
Equinix		114		40,730

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

Schedule of Investments

October 31, 2016

Global X Permanent ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trust — continued
Equity Residential		664	$	41,002
General Growth Properties		1,512		37,724
ProLogis		915		47,726
Public Storage		182		38,897
Simon Property Group		210		39,052
Welltower		600		41,118
				416,763
Technology — 1.8%
Alphabet, Cl A ^*		22		17,818
Apple		163		18,507
Cisco Systems		541		16,598
Facebook, Cl A ^*		136		17,814
Intel		487		16,982
International Business Machines		101		15,523
Microsoft		302		18,096
Oracle		384		14,753
QUALCOMM		282		19,379
				155,470
Telecommunications — 0.3%
AT&T		375		13,796
Verizon Communications		287		13,805
				27,601
TOTAL UNITED STATES				1,383,727
TOTAL COMMON STOCK
(Cost $1,562,871)				1,679,483

EXCHANGE TRADED FUNDS — 6.3%
Vanguard FTSE All-World ex-US ETF, Cl U		6,287		280,777
Vanguard Small-Cap ETF		2,330		273,123
TOTAL EXCHANGE TRADED FUNDS
(Cost $528,152)				553,900

TOTAL INVESTMENTS — 99.1%
(Cost $9,337,037)			$	8,715,682

Percentages are based on Net Assets of $8,795,921.

Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

FTSE — Financial Times and Stock Exchange

GBP — British Pound Sterling

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

Schedule of Investments

October 31, 2016

Global X Permanent ETF

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Treasury Obligations	$	—	$	4,320,969	$	—	$	4,320,969
Exchange Traded Commodities		2,161,330		—		—		2,161,330
Common Stock		1,679,483		—		—		1,679,483
Exchange Traded Funds		553,900		—		—		553,900
Total Investments in Securities	$	4,394,713	$	4,320,969	$	—	$	8,715,682

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2016, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X Guru^® Index ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 97.9%
CHINA— 2.1%
Technology — 2.1%
Baidu ADR ^*		7,001	$	1,238,197
IRELAND— 1.5%
Health Care — 1.5%
Horizon Pharma ^*		53,087		887,614
UNITED STATES— 94.3%
Basic Materials — 4.3%
Celanese, Cl A		18,366		1,339,249
Ferro ^*		91,447		1,185,153
				2,524,402
Consumer Goods — 9.9%
Constellation Brands, Cl A		7,371		1,231,842
Darling Ingredients ^*		85,332		1,160,515
Mondelez International, Cl A		28,397		1,276,161
NIKE, Cl B		21,356		1,071,644
NVR ^*		713		1,085,899
				5,826,061
Consumer Services — 22.1%
Amazon.com ^*		1,589		1,255,024
CBS, Cl B		23,501		1,330,627
Charter Communications, Cl A ^*		4,713		1,177,732
GrubHub ^*		32,667		1,244,939
Houghton Mifflin Harcourt ^*		80,311		1,015,934
Netflix ^*		12,752		1,592,342
Pandora Media ^{* (A)}		92,502		1,048,048

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

Schedule of Investments

October 31, 2016

Global X Guru^® Index ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Restaurant Brands International		25,634	$	1,139,944
Signet Jewelers ^(A)		13,112		1,065,481
Tribune Media, Cl A		31,269		1,019,369
Yum! Brands		13,505		1,165,211
				13,054,651
Financials — 14.8%
American International Group		20,440		1,261,148
Aon		11,109		1,231,210
Bank of New York Mellon		30,319		1,311,903
Berkshire Hathaway, Cl B ^*		8,233		1,188,022
Investors Bancorp		107,409		1,316,835
JPMorgan Chase		18,458		1,278,401
Western Union		58,218		1,168,435
				8,755,954
Health Care — 7.8%
Allergan ^*		4,789		1,000,614
Cigna		9,194		1,092,523
Humana		6,746		1,157,141
Incyte ^*		15,575		1,354,558
				4,604,836
Industrials — 8.4%
Dycom Industries ^*		14,226		1,094,406
FleetCor Technologies ^*		7,216		1,264,965
Macquarie Infrastructure		15,132		1,237,949
Spirit Aerosystems Holdings, Cl A		27,078		1,363,648
				4,960,968
Oil & Gas — 3.8%
Cheniere Energy ^*		27,424		1,033,885
Pioneer Natural Resources		6,785		1,214,651
				2,248,536
Real Estate Investment Trusts — 4.1%
American Tower, Cl A		10,623		1,244,909
Crown Castle International		12,793		1,164,035
				2,408,944
Technology — 16.9%
Alphabet, Cl A ^*		1,511		1,223,759
Apple		11,083		1,258,364
Autodesk ^*		19,358		1,399,196
Broadcom		7,034		1,197,749
CDK Global		20,787		1,135,178
Facebook, Cl A ^*		9,836		1,288,418
Microsoft		21,107		1,264,732

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

Schedule of Investments

October 31, 2016

Global X Guru^® Index ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
Yahoo! ^*		28,533	$	1,185,546
				9,952,942
Utilities — 2.2%
FirstEnergy		37,399		1,282,412
TOTAL UNITED STATES				55,619,706
TOTAL COMMON STOCK
(Cost $59,328,977)				57,745,517

MASTER LIMITED PARTNERSHIP — 1.7%
UNITED STATES— 1.7%
Oil & Gas — 1.7%
Energy Transfer Partners
(Cost $1,056,644)		29,423		1,029,217

REPURCHASE AGREEMENT — 2.3%
Deutsche Bank
0.350%, dated 10/31/16, to be repurchased on 11/01/16 repurchase price $1,336,013 (collateralized by U.S. Treasury Obligations, par value $1,242,407, 3.000%, 05/15/45 with a total market value of $1,368,662)^(B) (Cost $1,336,000)	$	1,336,000		1,336,000
TOTAL INVESTMENTS — 101.9%
(Cost $61,721,621)			$	60,110,734

Percentages are based on Net Assets of $59,013,432.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan as of October 31, 2016. The total value of securities on loan as of October 31, 2016 was $1,290,225.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2016 was $1,336,000.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	57,745,517	$	—	$	—	$	57,745,517
Master Limited Partnership		1,029,217		—		—		1,029,217
Repurchase Agreement		—		1,336,000		—		1,336,000
Total Investments in Securities	$	58,774,734	$	1,336,000	$	—	$	60,110,734

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of October 31, 2016, there were no Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X Guru^® Activist Index ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.7%
CANADA— 1.4%
Health Care — 1.4%
Valeant Pharmaceuticals International ^*		1,061	$	18,928
UNITED STATES— 98.3%
Basic Materials — 12.2%
Air Products & Chemicals		185		24,683
Alcoa		914		26,250
CONSOL Energy		1,580		26,781
Dow Chemical		539		29,004
EI du Pont de Nemours		415		28,548
Freeport-McMoRan Copper & Gold		2,335		26,105
Versum Materials ^*		92		2,088
				163,459
Consumer Goods — 6.4%
ConAgra Foods		616		29,679
Herbalife ^*		434		26,335
Mondelez International, Cl A		661		29,705
				85,719
Consumer Services — 25.4%
Charter Communications, Cl A ^*		110		27,488
Chipotle Mexican Grill, Cl A ^*		56		20,203
Comcast, Cl A		419		25,903
Cracker Barrel Old Country Store		176		24,288
Hertz Global Holdings ^*		565		18,730
Restaurant Brands International		596		26,504
Scripps Networks Interactive, Cl A		444		28,575
Sysco		542		26,081
Time Warner		349		31,057
Twenty-First Century Fox, Cl B		1,080		28,501
Walgreens Boots Alliance		341		28,211

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

Schedule of Investments

October 31, 2016

Global X Guru^® Activist Index ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Wynn Resorts		278	$	26,285
Yum! Brands		314		27,092
				338,918
Financials — 12.9%
American International Group		476		29,369
Bank of New York Mellon		706		30,549
CBRE Group, Cl A ^*		960		24,730
Liberty Broadband, Cl C ^*		414		27,593
Morgan Stanley		933		31,320
Willis Towers Watson		232		29,209
				172,770
Health Care — 5.8%
Allergan ^*		111		23,192
Baxter International		586		27,888
Zoetis, Cl A		542		25,908
				76,988
Industrials — 14.4%
Alliance Data Systems		133		27,195
FedEx		169		29,460
General Electric		905		26,336
PayPal Holdings ^*		735		30,619
Pentair		425		23,430
United Technologies		258		26,368
Xerox		2,882		28,157
				191,565
Oil & Gas — 10.2%
Baker Hughes		551		30,525
Cheniere Energy ^*		638		24,053
CVR Energy		1,956		25,937
Hess		498		23,889
Williams		1,073		31,331
				135,735
Technology — 8.6%
Alphabet, Cl C ^*		36		28,244
Apple		258		29,293
Microsoft		491		29,421
Yahoo! ^*		664		27,589
				114,547
Telecommunications — 2.4%
Level 3 Communications ^*		579		32,511

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

Schedule of Investments

October 31, 2016

Global X Guru^® Activist Index ETF

	Value
COMMON STOCK — continued
TOTAL UNITED STATES	$	1,312,212
TOTAL COMMON STOCK
(Cost $1,360,719)		1,331,140
TOTAL INVESTMENTS — 99.7%
(Cost $1,360,719)	$	1,331,140

Percentages are based on Net Assets of $1,334,780.

Non-income producing security.

Cl — Class

As of October 31, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X Guru^® International Index ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.8%
ARGENTINA— 2.0%
Oil & Gas — 2.0%
YPF ADR		779	$	13,835
BRAZIL— 13.7%
Consumer Goods — 2.0%
AMBEV ADR		2,290		13,511
Financials — 4.7%
Banco Bradesco ADR		1,559		16,229
Itau Unibanco Holding ADR		1,366		16,296
				32,525
Industrials — 2.4%
Embraer ADR		779		16,663
Oil & Gas — 2.5%
Petroleo Brasileiro ADR ^*		1,492		17,412
Telecommunications — 2.1%
Tim Participacoes ADR		1,074		14,875
TOTAL BRAZIL				94,986
CANADA— 23.0%
Basic Materials — 7.6%
Barrick Gold		677		11,909
Franco-Nevada		179		11,717
Kinross Gold ^*		2,788		10,762
Teck Resources, Cl B		854		18,429
				52,817
Consumer Goods — 3.9%
Gildan Activewear, Cl A		475		12,193
Magna International		349		14,327
				26,520

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

Schedule of Investments

October 31, 2016

Global X Guru^® International Index ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — 1.9%
Restaurant Brands International		295	$	13,119
Industrials — 1.9%
Canadian Pacific Railway		93		13,295
Oil & Gas — 6.0%
Canadian Natural Resources		430		13,635
Suncor Energy		494		14,830
TransCanada		296		13,403
				41,868
Technology — 1.7%
BlackBerry ^*		1,726		12,168
TOTAL CANADA				159,787
CHINA— 11.6%
Consumer Services — 5.7%
Alibaba Group Holding ADR ^*		146		14,847
China Lodging Group ADR		331		14,236
Fang Holdings ADR ^*		3,299		10,986
				40,069
Oil & Gas — 1.6%
JinkoSolar Holding ADR ^*		711		10,957
Technology — 4.3%
Baidu ADR ^*		81		14,325
SINA ^*		198		14,284
Weibo ADR ^*		19		874
				29,483
TOTAL CHINA				80,509
DENMARK— 1.5%
Health Care — 1.5%
Novo Nordisk ADR		302		10,733
HONG KONG— 2.3%
Consumer Services — 2.3%
Melco Crown Entertainment ADR		962		16,104
INDIA— 1.9%
Technology — 1.9%
Infosys ADR		887		13,536
IRELAND— 3.9%
Health Care — 1.7%
Shire ADR		71		11,973
Industrials — 2.2%
AerCap Holdings ^*		364		14,964
TOTAL IRELAND				26,937

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

Schedule of Investments

October 31, 2016

Global X Guru^® International Index ETF

	Shares		Value
COMMON STOCK — continued
ISRAEL— 7.8%
Health Care — 1.7%
Teva Pharmaceutical Industries ADR		267	$	11,411
Industrials — 1.9%
Orbotech ^*		490		13,426
Technology — 4.2%
Mellanox Technologies ^*		335		14,539
Tower Semiconductor ^*		932		14,493
				29,032
TOTAL ISRAEL				53,869
LUXEMBOURG— 1.7%
Financials — 1.7%
Altisource Portfolio Solutions ^*		449		11,562
MEXICO— 4.1%
Consumer Goods — 1.9%
Coca-Cola Femsa ADR		173		12,977
Telecommunications — 2.2%
America Movil ADR, Ser L, Cl L		1,155		15,176
TOTAL MEXICO				28,153
NETHERLANDS— 6.2%
Basic Materials — 2.1%
ArcelorMittal		2,150		14,469
Industrials — 2.1%
Koninklijke Philips		491		14,745
Oil & Gas — 2.0%
Royal Dutch Shell ADR, Cl A		276		13,748
TOTAL NETHERLANDS				42,962
PERU— 3.6%
Basic Materials — 1.7%
Cia de Minas Buenaventura ADR		864		11,483
Financials — 1.9%
Credicorp Ltd.		90		13,381
TOTAL PERU				24,864
SOUTH AFRICA— 1.4%
Basic Materials — 1.4%
AngloGold Ashanti ADR ^*		712		9,783
SOUTH KOREA— 1.9%
Telecommunications — 1.9%
SK Telecom ADR		613		13,394

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

Schedule of Investments

October 31, 2016

Global X Guru^® International Index ETF

	Shares		Value
COMMON STOCK — continued
SPAIN— 1.8%
Health Care — 1.8%
Grifols ADR		859	$	12,275
SWITZERLAND— 2.1%
Financials — 2.1%
UBS Group		1,038		14,605
TAIWAN— 2.2%
Technology — 2.2%
Taiwan Semiconductor Manufacturing ADR		483		15,021
UNITED KINGDOM— 7.1%
Basic Materials — 2.2%
Rio Tinto ADR		432		15,055
Health Care — 2.8%
GW Pharmaceuticals ADR ^*		169		19,839
Oil & Gas — 2.1%
BP ADR		409		14,540
TOTAL UNITED KINGDOM				49,434
TOTAL COMMON STOCK
(Cost $716,398)				692,349
TOTAL INVESTMENTS — 99.8%
(Cost $716,398)			$	692,349

Percentages are based on Net Assets of $693,777.

Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

Ltd. — Limited

As of October 31, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta US ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.7%
UNITED STATES— 99.7%
Basic Materials — 3.0%
Albemarle		1,071	$	89,482
Alcoa		4,379		125,765
Ashland Global Holdings		1,508		168,489
Celanese, Cl A		2,338		170,487
Dow Chemical		1,365		73,451
Eastman Chemical		1,237		88,953
Ecolab		720		82,202
International Flavors & Fragrances		1,354		177,076
International Paper		965		43,454
Mosaic		4,617		108,638
Newmont Mining		20,601		763,061
Nucor		1,152		56,275
Praxair		443		51,857
				1,999,190
Consumer Goods — 13.8%
Activision Blizzard		4,420		190,811
Altria Group		2,062		136,339
Archer-Daniels-Midland		1,191		51,892
Autoliv		2,004		193,947
BorgWarner		1,769		63,401
Brown-Forman, Cl B		2,634		121,612
Bunge		4,746		294,300
Campbell Soup		4,651		252,735
Church & Dwight		5,170		249,504
Clorox		3,459		415,149
Coach		5,944		213,330

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Coca-Cola		3,586	$	152,046
Colgate-Palmolive		1,684		120,170
ConAgra Foods		7,549		363,711
Constellation Brands, Cl A		735		122,833
DR Horton		4,451		128,322
Dr Pepper Snapple Group		2,260		198,405
Electronic Arts ^*		957		75,144
Estee Lauder, Cl A		2,260		196,914
Ford Motor		6,471		75,969
General Mills		1,684		104,374
General Motors		1,285		40,606
Genuine Parts		1,140		103,273
Goodyear Tire & Rubber		2,154		62,531
Hanesbrands		3,248		83,474
Harley-Davidson		713		40,655
Hasbro		1,638		136,626
Hershey		1,251		128,177
Hormel Foods		4,897		188,535
Ingredion		771		101,132
JM Smucker		2,017		264,852
Kellogg		2,689		202,025
Kimberly-Clark		777		88,897
Kraft Heinz		971		86,370
Lear		934		114,676
Lennar, Cl A		1,460		60,868
LKQ ^*		3,648		117,757
Mattel		7,250		228,592
McCormick		3,165		303,429
Michael Kors Holdings ^*		4,031		204,694
Mohawk Industries ^*		798		147,072
Molson Coors Brewing, Cl B		2,154		223,607
Mondelez International, Cl A		3,076		138,235
Monsanto		835		84,143
Monster Beverage ^*		475		68,562
Newell Brands		1,660		79,713
NIKE, Cl B		2,383		119,579
PepsiCo		1,136		121,779
Philip Morris International		1,367		131,834
Procter & Gamble		1,485		128,898
PVH		2,366		253,115
Reynolds American		2,986		164,469
Snap-On		772		118,965
Stanley Black & Decker		2,832		322,395
Tesla Motors ^*		316		62,483

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Tyson Foods, Cl A		7,029	$	498,005
VF		872		47,271
Whirlpool		510		76,408
WhiteWave Foods, Cl A ^*		671		36,563
				9,101,173
Consumer Services — 11.5%
Advance Auto Parts		1,023		143,302
Alaska Air Group		1,175		84,859
Amazon.com ^*		124		97,938
AmerisourceBergen, Cl A		877		61,671
AutoZone ^*		256		189,993
Bed Bath & Beyond		3,689		149,109
Best Buy		8,961		348,672
Cardinal Health		879		60,379
CarMax ^*		723		36,107
Carnival		2,535		124,468
Charter Communications, Cl A ^*		167		41,732
Chipotle Mexican Grill, Cl A ^*		319		115,082
Comcast, Cl A		3,208		198,319
Costco Wholesale		723		106,910
CVS Health		1,736		145,998
Darden Restaurants		2,277		147,527
Delta Air Lines		2,918		121,885
DISH Network, Cl A ^*		1,562		91,471
Dollar General		1,143		78,970
Dollar Tree ^*		2,038		153,971
Expedia		1,436		185,574
Foot Locker		2,032		135,677
Hilton Worldwide Holdings		2,121		47,935
Home Depot		561		68,448
Interpublic Group		4,883		109,330
Kohl's		5,829		255,019
Kroger		4,044		125,283
L Brands		1,810		130,664
Liberty Global, Cl A ^*		5,732		186,863
Liberty Interactive, Cl A ^*		2,915		53,898
Lowe's		826		55,053
Macy's		2,538		92,611
Marriott International, Cl A		1,074		73,784
McDonald's		1,980		222,889
McKesson		326		41,457
MGM Resorts International ^*		6,709		175,575
Netflix ^*		627		78,294
Nielsen Holdings		4,558		205,201

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Omnicom Group		868	$	69,284
O'Reilly Automotive ^*		162		42,839
priceline.com ^*		52		76,660
Rite Aid ^*		12,629		84,741
Ross Stores		857		53,597
Royal Caribbean Cruises		1,644		126,374
Sirius XM Holdings		42,131		175,686
Southwest Airlines		3,349		134,127
Starbucks		2,281		121,053
Sysco		2,963		142,579
Target		4,419		303,718
Tiffany		1,290		94,712
Time Warner		1,589		141,405
TJX		2,066		152,367
Tractor Supply		883		55,302
TripAdvisor ^*		834		53,776
Ulta Salon Cosmetics & Fragrance ^*		810		197,105
United Continental Holdings ^*		1,656		93,117
Walgreens Boots Alliance		2,587		214,022
Wal-Mart Stores		2,417		169,238
Walt Disney		1,902		176,296
Whole Foods Market		1,623		45,915
Wyndham Worldwide		1,200		79,008
Yum! Brands		809		69,800
				7,614,639
Financials — 16.4%
Aflac		2,283		157,230
Alexandria Real Estate Equities		730		78,701
Alleghany ^*		369		190,482
Allstate		1,881		127,720
Ally Financial		5,121		92,537
American Express		667		44,302
American International Group		2,208		136,234
Ameriprise Financial		443		39,157
Aon		1,322		146,517
Arch Capital Group ^*		6,705		522,789
Arthur J Gallagher		4,180		201,601
Bank of America		6,095		100,567
Bank of New York Mellon		3,742		161,916
BB&T		4,569		179,105
Berkshire Hathaway, Cl B ^*		894		129,004
BlackRock, Cl A		129		44,020
Brixmor Property Group		2,941		74,760
Capital One Financial		929		68,783

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
CBRE Group, Cl A ^*		1,255	$	32,329
Charles Schwab		2,546		80,708
Chubb		1,485		188,595
Cincinnati Financial		3,545		250,915
CIT Group		6,030		219,070
Citigroup		1,027		50,477
Citizens Financial Group		3,615		95,219
CME Group, Cl A		4,580		458,458
Comerica		4,577		238,416
Discover Financial Services		2,071		116,659
Duke Realty		2,776		72,593
ETRADE Financial ^		2,399		67,556
Equifax		1,408		174,550
Everest Re Group		1,090		221,837
Fifth Third Bancorp		10,088		219,515
First Republic Bank		3,337		248,373
FNF Group		4,712		169,208
Franklin Resources		1,964		66,108
Goldman Sachs Group		647		115,321
Hartford Financial Services Group		4,306		189,938
Huntington Bancshares		29,783		315,700
IHS Markit ^*		1,011		37,194
Intercontinental Exchange		1,061		286,884
Invesco		2,735		76,826
JPMorgan Chase		2,452		169,826
KeyCorp		11,938		168,565
Lincoln National		1,826		89,638
Loews		4,470		192,344
M&T Bank		2,577		316,275
Markel ^*		492		431,696
Marsh & McLennan		1,359		86,147
Mastercard, Cl A		701		75,021
MetLife		1,015		47,664
Moody's		612		61,518
Morgan Stanley		1,650		55,391
Nasdaq		2,687		171,888
New York Community Bancorp		17,843		256,225
Northern Trust		2,519		182,426
PNC Financial Services Group		1,567		149,805
Principal Financial Group		1,908		104,177
Progressive		8,048		253,592
Prudential Financial		596		50,535
Regions Financial		17,972		192,480
S&P Global		446		54,345

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
State Street		719	$	50,481
SunTrust Banks		1,737		78,564
TD Ameritrade Holding		2,254		77,110
Travelers		1,441		155,887
Unum Group		4,048		143,299
US Bancorp		2,529		113,198
Visa, Cl A		1,004		82,840
Wells Fargo		2,251		103,569
Western Union		2,964		59,488
Willis Towers Watson		1,816		228,634
XL Group		5,348		185,576
				10,876,078
Health Care — 10.1%
Abbott Laboratories		2,300		90,252
Aetna		2,658		285,336
Allergan ^*		304		63,518
Anthem		1,518		184,983
Baxter International		4,708		224,054
Becton Dickinson		1,071		179,832
BioMarin Pharmaceutical ^*		609		49,036
Boston Scientific ^*		3,227		70,994
Bristol-Myers Squibb		1,618		82,372
Centene ^*		890		55,607
Cigna		1,697		201,655
Cooper		583		102,631
CR Bard		947		205,196
DaVita ^*		2,869		168,181
DENTSPLY SIRONA		3,423		197,062
Edwards Lifesciences ^*		772		73,510
Eli Lilly		2,374		175,296
Express Scripts Holding ^*		3,028		204,087
Henry Schein ^*		852		127,118
Hologic ^*		2,737		98,559
Humana		877		150,432
IDEXX Laboratories ^*		332		35,571
Incyte ^*		772		67,141
Intuitive Surgical ^*		252		169,364
Johnson & Johnson		885		102,651
Laboratory Corp of America Holdings ^*		2,887		361,857
Mallinckrodt ^*		1,554		92,090
Medtronic		1,660		136,153
Merck		3,911		229,654
Perrigo		925		76,951
Pfizer		8,541		270,835

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Quest Diagnostics		5,772	$	470,072
ResMed		2,393		143,030
Stryker		763		88,012
Thermo Fisher Scientific		1,105		162,468
UnitedHealth Group		1,888		266,831
Universal Health Services, Cl B		2,659		320,968
Varian Medical Systems ^*		2,217		201,148
Waters ^*		1,710		237,929
Zimmer Biomet Holdings		1,050		110,670
Zoetis, Cl A		3,513		167,922
				6,701,028
Industrials — 12.5%
3M		456		75,377
Accenture, Cl A		562		65,327
Acuity Brands		311		69,530
Agilent Technologies		1,444		62,915
Alliance Data Systems		207		42,325
AMETEK		1,535		67,693
Amphenol, Cl A		2,151		141,816
Automatic Data Processing		787		68,516
Ball		1,752		135,027
Boeing		821		116,935
Broadridge Financial Solutions		723		46,749
Caterpillar		540		45,068
CH Robinson Worldwide		4,862		331,199
Cintas		431		45,975
CSX		1,398		42,653
Cummins		442		56,497
Danaher		2,275		178,701
Deere		2,897		255,805
Dover		1,272		85,084
Eaton		675		43,045
Expeditors International of Washington		4,819		248,034
Fastenal		2,802		109,222
FedEx		503		87,683
Fidelity National Information Services		1,763		130,321
Fiserv ^*		645		63,520
FleetCor Technologies ^*		726		127,268
Fluor		1,502		78,089
Fortune Brands Home & Security		1,544		84,349
General Dynamics		498		75,068
General Electric		5,297		154,143
Global Payments		1,614		117,047
Honeywell International		574		62,956

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Illinois Tool Works		681	$	77,341
Ingersoll-Rand		1,238		83,305
JB Hunt Transport Services		1,090		88,955
Kansas City Southern		977		85,741
L-3 Communications Holdings, Cl 3		1,690		231,429
Lockheed Martin		402		99,045
Martin Marietta Materials		1,240		229,871
Masco		3,970		122,593
Mettler-Toledo International ^*		354		143,044
Norfolk Southern		597		55,521
Northrop Grumman		317		72,593
Parker-Hannifin		769		94,395
Paychex		2,537		140,042
PayPal Holdings ^*		1,284		53,492
Pentair		939		51,767
Raytheon		662		90,436
Republic Services, Cl A		7,947		418,251
Rockwell Automation		404		48,367
Rockwell Collins		1,408		118,722
Roper Technologies		1,338		231,889
Sealed Air		2,149		98,059
Sherwin-Williams		348		85,211
Stericycle ^*		726		58,145
TE Connectivity		1,346		84,623
Textron		2,061		82,605
Total System Services		2,908		145,051
TransDigm Group		1,172		319,323
United Parcel Service, Cl B		454		48,923
Valspar		1,214		120,915
Vantiv, Cl A ^*		3,456		201,692
Verisk Analytics, Cl A ^*		3,121		254,518
Vulcan Materials		2,828		320,130
Waste Management		1,858		121,996
Westrock		1,389		64,158
WW Grainger		552		114,882
Xerox		17,967		175,538
Xylem		2,913		140,785
				8,287,290
Oil & Gas — 4.2%
Anadarko Petroleum		836		49,692
Baker Hughes		1,397		77,394
Cabot Oil & Gas		3,667		76,567
Chevron		934		97,836
Cimarex Energy		854		110,277

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — continued
Concho Resources ^*		3,217	$	408,366
ConocoPhillips		1,134		49,272
Devon Energy		1,139		43,157
EOG Resources		813		73,511
EQT		1,900		125,400
Exxon Mobil		2,766		230,463
Halliburton		1,356		62,376
Kinder Morgan		2,686		54,875
Marathon Oil		4,903		64,621
Marathon Petroleum		2,152		93,806
National Oilwell Varco		2,592		83,203
Newfield Exploration ^*		844		34,258
Occidental Petroleum		2,727		198,826
Phillips 66		1,610		130,651
Pioneer Natural Resources		1,087		194,595
Schlumberger		877		68,608
Spectra Energy		1,870		78,185
Tesoro		1,924		163,482
Valero Energy		2,819		166,998
				2,736,419
Real Estate Investment Trusts — 8.1%
American Tower, Cl A		821		96,213
Annaly Capital Management		60,004		621,641
AvalonBay Communities		1,624		277,996
Boston Properties		615		74,095
Crown Castle International		1,779		161,871
Digital Realty Trust		3,428		320,278
Equinix		256		91,464
Equity Residential		3,417		211,000
Essex Property Trust		1,108		237,212
Extra Space Storage		1,668		122,014
Federal Realty Investment Trust		1,084		157,429
General Growth Properties		6,060		151,197
HCP		3,214		110,080
Host Hotels & Resorts		4,572		70,775
Kimco Realty		5,452		145,078
Macerich		3,579		253,322
ProLogis		2,358		122,993
Public Storage		393		83,992
Realty Income		7,350		435,414
Simon Property Group		403		74,942
SL Green Realty		1,238		121,596
UDR		6,158		215,345
Ventas		4,748		321,677

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
VEREIT		42,886	$	403,128
Vornado Realty Trust		778		72,183
Welltower		4,650		318,665
Weyerhaeuser		3,152		94,339
				5,365,939
Technology — 8.0%
Adobe Systems ^*		467		50,207
Akamai Technologies ^*		1,355		94,132
Alphabet, Cl A ^*		69		55,883
Amdocs		7,668		448,194
ANSYS ^*		986		90,071
Autodesk ^*		1,862		134,585
Broadcom		370		63,004
CA		3,520		108,205
Cerner ^*		875		51,258
Check Point Software Technologies ^*		2,875		243,110
Cisco Systems		4,043		124,039
Citrix Systems ^*		2,421		205,301
Corning		2,525		57,343
F5 Networks ^*		818		113,056
Facebook, Cl A ^*		661		86,584
Gartner ^*		1,091		93,870
Harris		1,948		173,781
Hewlett Packard Enterprise		1,821		40,918
Intel		2,336		81,456
International Business Machines		597		91,753
Intuit		825		89,710
Juniper Networks		8,495		223,758
KLA-Tencor		1,197		89,907
Lam Research		1,014		98,216
Linear Technology		1,746		104,865
Maxim Integrated Products		4,406		174,610
Microchip Technology		957		57,946
Micron Technology ^*		6,794		116,585
Microsoft		806		48,295
Motorola Solutions		3,284		238,353
NetApp		6,460		219,252
NVIDIA		937		66,677
Palo Alto Networks ^*		599		92,144
Qorvo ^*		898		49,974
QUALCOMM		769		52,846
Red Hat ^*		775		60,024
salesforce.com ^*		710		53,364
ServiceNow ^*		927		81,493

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
Skyworks Solutions		1,178	$	90,635
Symantec		8,050		201,491
Synopsys ^*		1,534		90,982
Texas Instruments		1,051		74,463
Twitter ^*		4,033		72,392
VeriSign ^*		1,550		130,231
Western Digital		891		52,070
Workday, Cl A ^*		889		77,059
Xilinx		2,019		102,706
Yahoo! ^*		2,399		99,679
				5,316,477
Telecommunications — 1.9%
AT&T		10,231		376,398
CenturyLink		3,627		96,406
Level 3 Communications ^*		2,170		121,846
SBA Communications, Cl A ^*		1,958		221,802
T-Mobile US ^*		6,400		318,272
Verizon Communications		2,418		116,306
				1,251,030
Utilities — 10.2%
Alliant Energy		4,221		160,609
Ameren		4,696		234,565
American Electric Power		2,787		180,709
American Water Works		7,566		560,187
CenterPoint Energy		12,301		280,463
CMS Energy		6,904		291,004
Consolidated Edison		5,068		382,887
Dominion Resources		1,258		94,602
DTE Energy		2,749		263,931
Duke Energy		4,929		394,419
Edison International		3,970		291,716
Entergy		3,564		262,595
Eversource Energy		4,667		256,965
Exelon		9,786		333,409
FirstEnergy		5,785		198,368
NextEra Energy		1,222		156,416
NiSource		5,562		129,372
ONEOK		1,689		81,798
PG&E		3,758		233,447
Pinnacle West Capital		2,151		163,756
PPL		4,022		138,115
Public Service Enterprise Group		4,046		170,256
SCANA		2,668		195,724
Sempra Energy		885		94,784

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Southern		7,835	$	404,051
WEC Energy Group		5,783		345,361
Westar Energy, Cl A		3,189		182,793
Xcel Energy		6,970		289,603
				6,771,905
TOTAL COMMON STOCK
(Cost $64,718,233)				66,021,168
TOTAL INVESTMENTS — 99.7%
(Cost $64,718,233)			$	66,021,168

Percentages are based on Net Assets of $66,201,777.

Non-income producing security.

Cl — Class

S&P — Standard & Poor's

As of October 31, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta Europe ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.1%
AUSTRIA— 1.1%
Basic Materials — 0.1%
voestalpine		260	$	9,186
Financials — 0.5%
Erste Group Bank		1,000		31,362
IMMOFINANZ		8,719		18,762
				50,124
Industrials — 0.3%
ANDRITZ		333		17,394
Wienerberger		1,750		27,941
				45,335
Oil & Gas — 0.2%
OMV		1,115		34,804
TOTAL AUSTRIA				139,449
BELGIUM— 4.6%
Basic Materials — 0.3%
Solvay		151		17,306
Umicore		320		19,430
				36,736
Consumer Goods — 0.2%
Anheuser-Busch InBev		119		13,638
Ontex Group		465		14,041
				27,679
Consumer Services — 0.6%
Colruyt		839		45,034

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Telenet Group Holding ^*		356	$	19,030
				64,064
Financials — 1.6%
Ackermans & van Haaren		408		56,600
Ageas		644		23,491
Groupe Bruxelles Lambert		346		29,721
KBC Groep		266		16,186
Sofina		548		76,471
				202,469
Health Care — 0.6%
UCB		1,124		76,010
Industrials — 0.5%
bpost		2,223		59,057
Real Estate Investment Trusts — 0.6%
Cofinimmo		661		77,350
Telecommunications — 0.2%
Proximus		884		25,273
TOTAL BELGIUM				568,638
DENMARK— 4.3%
Consumer Goods — 0.4%
Carlsberg, Cl B		340		30,612
Pandora		55		7,148
Royal Unibrew		151		7,054
				44,814
Financials — 0.9%
Danske Bank		722		22,257
Jyske Bank		810		36,704
Sydbank		929		29,008
Tryg		1,522		29,695
				117,664
Health Care — 1.8%
Christian Hansen Holding		932		55,732
Coloplast, Cl B		511		35,602
Genmab ^*		96		15,816
GN Store Nord		716		14,497
H Lundbeck		382		12,300
Novo Nordisk, Cl B		608		21,717
Novozymes, Cl B		288		10,682

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
William Demant Holding ^*		3,492	$	64,941
				231,287
Industrials — 0.5%
A P Moller - Maersk, Cl B		10		15,325
Industrials — continued
DSV		494		23,906
ISS		497		19,510
				58,741
Oil & Gas — 0.1%
Vestas Wind Systems		83		6,647
Technology — 0.2%
SimCorp		424		23,399
Telecommunications — 0.4%
TDC		9,007		49,626
TOTAL DENMARK				532,178
FINLAND— 3.1%
Basic Materials — 0.3%
Stora Enso, Cl R		1,573		14,855
UPM-Kymmene		816		18,964
				33,819
Consumer Goods — 0.3%
Amer Sports		745		20,253
Nokian Renkaat		314		10,522
				30,775
Consumer Services — 0.3%
Kesko, Cl B		684		33,951
Financials — 0.3%
Sampo, Cl A		695		31,823
Health Care — 0.3%
Orion, Cl B		845		35,931
Industrials — 0.4%
Huhtamaki		898		36,206
Kone, Cl B		303		13,927
Metso		413		10,820
				60,953
Oil & Gas — 0.5%
Neste		1,627		70,145
Technology — 0.2%
Nokia		1,587		7,077

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
Tieto		245	$	6,712
				13,789
Telecommunications — 0.2%
Elisa		688		23,154
Utilities — 0.3%
Fortum		2,878		47,923
TOTAL FINLAND				382,263
FRANCE— 16.1%
Basic Materials — 0.5%
Air Liquide		57		5,791
Arkema		352		33,331
Imerys		362		25,143
				64,265
Consumer Goods — 2.5%
Christian Dior		43		8,284
Cie Generale des Etablissements Michelin, Cl B		255		27,570
Danone		292		20,191
Faurecia		323		11,865
Hermes International		82		33,178
L'Oreal		198		35,390
LVMH Moet Hennessy Louis Vuitton		110		19,962
Pernod Ricard		320		38,008
Peugeot ^*		991		14,823
Plastic Omnium		215		6,995
Renault		96		8,325
SEB		382		56,133
Societe BIC		199		27,552
UBISOFT Entertainment ^*		260		8,835
				317,111
Consumer Services — 2.3%
Carrefour		469		12,285
Casino Guichard Perrachon		254		12,621
Elior Group ^(A)		1,404		31,481
Eutelsat Communications		1,705		35,698
JCDecaux		414		12,641
Kering		256		56,700
Lagardere SCA		1,400		35,605
Publicis Groupe		317		21,719
Sodexo		148		17,165
Technicolor		2,045		11,939

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Vivendi		1,802	$	36,386
				284,240
Financials — 1.9%
Amundi ^(A)		190		9,299
AXA		856		19,269
BNP Paribas		211		12,221
CNP Assurances		1,135		19,640
Credit Agricole		1,089		11,737
Fonciere Des Regions		399		34,829
Natixis		3,312		16,719
Nexity		558		27,981
SCOR		1,508		48,749
Societe Generale		236		9,200
Wendel		230		26,423
				236,067
Health Care — 1.3%
BioMerieux		49		7,133
Essilor International		129		14,481
Ipsen		444		30,644
Orpea		680		56,533
Sanofi		597		46,438
				155,229
Industrials — 3.4%
Aeroports de Paris		593		59,811
Airbus Group		189		11,219
Alstom		1,219		32,699
Bollore		6,471		21,281
Bouygues		463		15,077
Bureau Veritas		986		18,602
Cie de Saint-Gobain		208		9,222
Eiffage		354		26,170
Eurazeo		372		21,380
Legrand		183		10,329
Rexel		1,812		25,097
Safran		246		16,889
Schneider Electric		158		10,590
Teleperformance		715		75,455
Thales		389		36,574
Vinci		320		23,145

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Zodiac Aerospace		330	$	8,020
				421,560
Oil & Gas — 0.4%
Technip		408		27,023
Total		573		27,462
				54,485
Real Estate Investment Trusts — 1.0%
Gecina		419		60,995
ICADE		624		44,790
Klepierre		463		18,914
				124,699
Technology — 1.5%
Atos		496		51,447
Capgemini		255		21,099
Dassault Systemes		387		30,604
Iliad		64		13,407
Ingenico Group		176		13,910
STMicroelectronics		5,949		56,651
				187,118
Telecommunications — 0.2%
Orange		1,677		26,380
Utilities — 1.1%
Electricite de France		1,493		16,710
Engie		1,138		16,386
Rubis SCA		574		52,276
Suez		1,616		25,553
Veolia Environnement		971		21,161
				132,086
TOTAL FRANCE				2,003,240
GERMANY— 10.8%
Basic Materials — 1.7%
Aurubis		627		32,572
BASF		191		16,813
Brenntag		186		9,929
Covestro ^(A)		152		8,971
Evonik Industries		719		22,431
K+S		1,079		21,799
LANXESS		455		29,093
Linde		165		27,185
Symrise		534		36,593
				205,386

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — 0.9%
adidas		44	$	7,206
Bayerische Motoren Werke		109		9,483
Beiersdorf		264		23,210
Continental		28		5,358
Daimler		133		9,464
HUGO BOSS		172		10,787
OSRAM Licht		635		35,953
Rheinmetall		345		23,867
				125,328
Consumer Services — 0.8%
Axel Springer		528		26,402
Deutsche Lufthansa		1,854		23,667
Fielmann		94		6,510
METRO		318		9,513
ProSiebenSat.1 Media		232		9,985
Zalando ^{* (A)}		219		9,600
				85,677
Financials — 2.3%
Aareal Bank		386		13,906
Allianz		148		23,037
Commerzbank		1,937		13,137
Deutsche Annington Immobilien		1,725		60,672
Deutsche Bank		479		6,907
Deutsche EuroShop		803		34,638
Deutsche Wohnen		867		28,246
Hannover Rueck		357		39,741
LEG Immobilien		469		39,505
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		165		31,942
				291,731
Health Care — 1.2%
Fresenius & KGaA		595		43,857
Fresenius Medical Care & KGaA		481		39,129
Gerresheimer		372		28,019
Merck KGaA		203		20,842
STADA Arzneimittel		229		11,448
				143,295
Industrials — 2.3%
Deutsche Post		197		6,096
Fraport Frankfurt Airport Services Worldwide		486		28,806
GEA Group		449		17,338

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
HeidelbergCement		168	$	15,867
HOCHTIEF		109		14,858
KION Group		774		46,682
Krones		121		12,316
MAN		588		60,047
MTU Aero Engines		544		56,699
Siemens		114		12,928
Wirecard		531		25,155
				296,792
Oil & Gas — 0.1%
Nordex ^*		245		6,434
Technology — 0.4%
SAP		248		21,814
Software		183		6,640
United Internet		577		23,650
				52,104
Telecommunications — 0.9%
Deutsche Telekom		2,083		33,897
Drillisch		137		6,247
Freenet		1,035		29,618
Telefonica Deutschland Holding		10,215		39,539
				109,301
Utilities — 0.2%
E.ON		1,412		10,327
RWE		1,211		19,196
				29,523
TOTAL GERMANY				1,345,571
IRELAND— 1.4%
Consumer Goods — 0.7%
Glanbia		3,117		50,706
Kerry Group, Cl A		317		22,983
				73,689
Consumer Services — 0.2%
Paddy Power Betfair		161		16,643
Ryanair Holdings ADR ^*		218		16,370
				33,013
Financials — 0.1%
Bank of Ireland ^*		55,502		11,864
Industrials — 0.4%
CRH		501		16,292

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Smurfit Kappa Group		1,620	$	35,446
				51,738
TOTAL IRELAND				170,304
ITALY— 4.5%
Basic Materials — 0.1%
Tenaris		1,071		15,122
Consumer Goods — 0.6%
Davide Campari-Milano		3,153		31,712
Fiat Chrysler Automobiles		2,151		15,727
Luxottica Group		419		20,830
Moncler		429		7,134
				75,403
Consumer Services — 0.3%
Mediaset		8,086		23,082
Yoox Net-A-Porter Group, Cl A ^*		500		14,360
				37,442
Financials — 1.3%
Assicurazioni Generali		1,323		17,070
Banca Popolare dell'Emilia Romagna SC		3,731		17,480
Banca Popolare di Milano Scarl		35,979		16,470
Banco Popolare SC		3,573		10,278
EXOR		629		26,691
Intesa Sanpaolo		4,091		9,462
Mediobanca		2,347		17,173
Poste Italiane ^(A)		1,690		11,236
UniCredit		4,193		10,388
Unione di Banche Italiane SCpA		5,037		13,870
UnipolSai		11,416		21,775
				171,893
Health Care — 0.2%
Recordati		735		20,771
Industrials — 0.6%
Atlantia		424		10,369
CNH Industrial		1,383		10,734
Finmeccanica ^*		2,808		34,167
Prysmian		441		10,959
				66,229
Oil & Gas — 0.2%
Eni		1,146		16,595

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — continued
Saipem		35,306	$	14,513
				31,108
Telecommunications — 0.2%
Telecom Italia		25,700		22,270
Utilities — 1.0%
A2A		15,291		20,802
Enel		5,180		22,260
Hera		11,661		29,784
Snam		7,092		37,332
Terna Rete Elettrica Nazionale		2,874		14,057
				124,235
TOTAL ITALY				564,473
LUXEMBOURG— 0.2%
Consumer Services — 0.0%
B&M European Value Retail		1,850		5,299
Health Care — 0.2%
Eurofins Scientific		36		16,334
TOTAL LUXEMBOURG				21,633
NETHERLANDS— 4.3%
Basic Materials — 0.6%
Akzo Nobel		229		14,780
ArcelorMittal		1,444		9,716
Koninklijke DSM		889		57,087
				81,583
Consumer Goods — 0.5%
Heineken		248		20,403
Heineken Holding		181		13,911
Unilever		619		25,907
				60,221
Consumer Services — 0.4%
Koninklijke Ahold Delhaize		1,080		24,619
RELX		941		15,860
Wolters Kluwer		436		16,850
				57,329
Financials — 0.8%
ABN AMRO Group ^(A)		452		10,418
Aegon		3,020		13,004
Delta Lloyd		2,393		14,454
Euronext ^(A)		258		10,310
ING Groep		753		9,901

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
NN Group		1,038	$	31,234
				89,321
Industrials — 0.8%
Aalberts Industries		535		16,876
Boskalis Westminster		586		18,883
Koninklijke Philips		1,000		30,102
Koninklijke Vopak		669		33,738
				99,599
Oil & Gas — 0.2%
SBM Offshore		1,819		26,091
Real Estate Investment Trusts — 0.6%
Unibail-Rodamco		93		22,122
Wereldhave		1,066		47,672
				69,794
Technology — 0.4%
ASM International		702		29,904
Gemalto		140		7,602
NXP Semiconductors ^*		92		9,200
				46,706
Telecommunications — 0.1%
Koninklijke KPN		3,553		11,571
TOTAL NETHERLANDS				542,215
NORWAY— 2.2%
Basic Materials — 0.3%
Norsk Hydro		2,475		11,083
Yara International		879		31,106
				42,189
Consumer Goods — 0.7%
Marine Harvest		1,174		21,327
Orkla		6,820		64,511
				85,838
Consumer Services — 0.1%
Schibsted, Cl A		264		6,338
Financials — 0.6%
DnB		735		10,644
Gjensidige Forsikring		3,610		64,794
				75,438
Oil & Gas — 0.5%
Statoil		1,422		23,334

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — continued
Subsea 7		3,867	$	43,443
				66,777
TOTAL NORWAY				276,580
PORTUGAL— 0.5%
Consumer Services — 0.2%
Jeronimo Martins		1,405		24,134
Oil & Gas — 0.2%
Galp Energia		1,878		25,425
Utilities — 0.1%
Energias de Portugal		4,996		16,490
TOTAL PORTUGAL				66,049
SPAIN— 4.5%
Basic Materials — 0.1%
Acerinox		705		8,671
Consumer Goods — 0.1%
Viscofan		326		15,343
Consumer Services — 0.2%
Industria de Diseno Textil		334		11,659
Mediaset Espana Comunicacion		1,102		12,292
				23,951
Financials — 1.1%
Banco Bilbao Vizcaya Argentaria		1,377		9,929
Banco de Sabadell		6,609		8,831
Banco Popular Espanol		8,831		9,671
Banco Santander		2,146		10,532
Bankia		23,009		20,228
Bankinter		5,791		44,273
Bolsas y Mercados Espanoles SHMSF		190		5,742
CaixaBank		7,123		21,528
Mapfre		5,238		15,543
				146,277
Health Care — 0.1%
Grifols		360		7,107
Industrials — 0.9%
Abertis Infraestructuras		1,285		19,051
Acciona		260		19,763
ACS Actividades de Construccion y Servicios		265		8,113
Aena SA ^(A)		64		9,384

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Amadeus IT Group, Cl A		280	$	13,198
Ferrovial		1,190		23,122
Zardoya Otis		1,604		13,521
				106,152
Oil & Gas — 0.2%
Gamesa Tecnologica		685		15,825
Repsol		854		11,950
				27,775
Real Estate Investment Trusts — 0.2%
Merlin Properties Socimi		2,410		27,053
Telecommunications — 0.1%
Cellnex Telecom SAU ^(A)		405		6,642
Telefonica		546		5,542
				12,184
Utilities — 1.5%
Enagas		757		21,701
Endesa		4,336		92,045
Gas Natural SDG		1,025		20,197
Iberdrola		4,450		30,288
Red Electrica		852		17,750
				181,981
TOTAL SPAIN				556,494
SWEDEN— 6.0%
Basic Materials — 0.4%
BillerudKorsnas		1,182		19,443
Boliden		776		18,003
Hexpol		1,363		11,218
				48,664
Consumer Goods — 0.7%
Husqvarna, Cl B		1,095		8,248
Svenska Cellulosa, Cl B		1,689		47,909
Swedish Match		768		26,756
				82,913
Consumer Services — 0.7%
Hennes & Mauritz, Cl B		284		7,999
ICA Gruppen		2,388		74,249
				82,248
Financials — 2.0%
Castellum		2,738		37,149
Fabege		1,986		33,593

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Fastighets Balder, Cl B ^*		608	$	13,829
Hufvudstaden, Cl A		673		10,429
Industrivarden, Cl C		1,652		29,519
Intrum Justitia		496		15,312
Investor, Cl B		461		16,408
Kinnevik		702		17,773
Nordea Bank		1,573		16,556
Skandinaviska Enskilda Banken, Cl A		1,780		17,984
Svenska Handelsbanken, Cl A		2,358		32,201
Swedbank, Cl A		919		21,555
				262,308
Health Care — 0.3%
Elekta, Cl B		3,734		32,429
Getinge, Cl B		436		7,153
Swedish Orphan Biovitrum ^*		587		6,022
				45,604
Industrials — 1.1%
Assa Abloy, Cl B		632		11,510
Fingerprint Cards, Cl B ^*		1,088		10,553
Nibe Industrier, Cl B		1,303		9,706
Saab, Cl B		407		14,437
Securitas, Cl B		2,033		31,459
Skanska, Cl B		610		13,266
Trelleborg, Cl B		1,446		25,276
Volvo, Cl B		772		8,301
				124,508
Oil & Gas — 0.2%
Lundin Petroleum ^*		1,267		22,822
Technology — 0.2%
Hexagon, Cl B		147		5,152
Telefonaktiebolaget LM Ericsson, Cl B		4,850		23,504
				28,656
Telecommunications — 0.4%
Tele2, Cl B		4,076		33,728
Telia		4,035		16,146
				49,874
TOTAL SWEDEN				747,597
SWITZERLAND— 11.6%
Basic Materials — 0.7%
Clariant		1,200		19,889
EMS-Chemie Holding		66		33,153

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
Givaudan		14	$	27,111
Syngenta ^*		39		15,602
				95,755
Consumer Goods — 1.7%
Aryzta		940		41,330
Barry Callebaut		41		51,079
Chocoladefabriken Lindt & Spruengli		4		20,791
Cie Financiere Richemont		265		17,057
Coca-Cola HBC		1,092		23,545
Nestle		424		30,763
Swatch Group		76		22,879
				207,444
Consumer Services — 0.2%
Dufry ^*		144		17,532
Galenica		15		15,047
				32,579
Financials — 4.4%
Baloise Holding		218		26,850
Cembra Money Bank		103		7,879
Credit Suisse Group		645		9,014
GAM Holding		1,387		13,451
Helvetia Holding		87		45,308
Julius Baer Group		691		28,027
Pargesa Holding		529		35,547
Partners Group Holding		92		46,610
PSP Swiss Property		892		79,828
Swiss Life Holding		154		40,801
Swiss Prime Site		1,167		96,827
Swiss Re		653		60,684
UBS Group		633		8,961
Zurich Insurance Group		150		39,271
				539,058
Health Care — 1.0%
Actelion		54		7,809
Lonza Group		102		19,267
Novartis		136		9,682
Roche Holding		64		14,723
Sonova Holding		180		24,154
Straumann Holding		115		43,202
				118,837

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 2.8%
ABB		346	$	7,138
DKSH Holding		439		30,454
Flughafen Zuerich		448		82,451
Geberit		77		32,602
Georg Fischer		25		22,184
Kaba Holding		50		34,761
Kuehne + Nagel International		200		27,141
LafargeHolcim		230		12,292
OC Oerlikon		2,996		28,206
Schindler Holding		127		23,617
SGS		10		20,285
Sika		2		9,619
Wolseley		236		12,248
				342,998
Technology — 0.6%
AMS		356		9,990
Logitech International		1,694		41,027
Temenos Group		452		29,184
				80,201
Telecommunications — 0.2%
Sunrise Communications Group ^(A)		179		12,236
Swisscom		37		16,938
				29,174
TOTAL SWITZERLAND				1,446,046
UNITED KINGDOM— 23.8%
Basic Materials — 1.6%
Anglo American		1,212		16,736
Antofagasta		1,882		12,477
BHP Billiton		637		9,601
Centamin		4,361		8,402
Croda International		484		20,670
Fresnillo		1,944		38,924
Glencore		3,496		10,671
Polymetal International		1,162		12,640
Randgold Resources		590		52,151
Rio Tinto		387		13,416
				195,688
Consumer Goods — 2.1%
Barratt Developments		2,554		14,147
Bellway		688		19,874
Berkeley Group Holdings		908		26,152

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
British American Tobacco		171	$	9,795
Britvic		1,291		8,748
Crest Nicholson Holdings		1,497		7,437
Diageo		511		13,597
Glanbia		54		880
Greencore Group		3,294		13,271
Imperial Tobacco Group		433		20,911
Kerry Group, Cl A		31		2,263
Persimmon		999		20,661
Reckitt Benckiser Group		221		19,732
Tate & Lyle		3,681		35,054
Taylor Wimpey		8,558		14,805
Unilever		556		23,202
				250,529
Consumer Services — 5.2%
ASOS ^*		179		11,489
Auto Trader Group ^(A)		1,787		8,175
Booker Group		4,944		10,829
Carnival		811		38,972
Compass Group		668		12,078
Daily Mail & General Trust, Cl A		966		8,845
Dixons Carphone		3,145		12,084
Domino's Pizza Group		3,773		15,667
easyJet		504		5,766
Firstgroup ^*		24,349		32,581
Greene King		3,429		30,624
GVC Holdings ^*		2,723		23,155
Inchcape		1,573		12,493
Informa		2,455		20,158
J Sainsbury		14,167		43,397
Just Eat ^*		1,043		7,156
Kingfisher		6,856		30,243
Marks & Spencer Group		1,753		7,288
Merlin Entertainments ^(A)		3,442		19,364
MoneySuperMarket.com		3,529		11,285
National Express Group		5,031		22,592
Next		237		13,935
Ocado Group ^*		2,353		7,900
Pearson		1,412		13,059
Playtech		1,104		12,508
RELX		884		15,768

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Rightmove		150	$	6,840
Saga		8,648		20,948
Sky		1,134		11,325
SSP Group		1,656		6,868
Tesco		9,167		23,587
UBM		2,115		18,553
WH Smith		1,463		26,310
William Hill		4,231		15,280
WM Morrison Supermarkets		21,573		59,656
WPP		467		10,137
				646,915
Financials — 5.9%
3i Group		1,889		15,475
Aberdeen Asset Management		3,142		12,283
Admiral Group		2,541		59,471
Aviva		2,316		12,521
Barclays		5,989		13,915
Beazley		10,756		47,800
Capital & Counties Properties		6,303		22,186
Close Brothers Group		2,290		37,100
Direct Line Insurance Group		17,483		73,874
Hargreaves Lansdown		512		7,251
Hiscox		6,558		81,747
HSBC Holdings		5,294		39,827
ICAP		1,133		6,702
IG Group Holdings		4,619		46,552
Intermediate Capital Group		2,736		20,226
Investec		1,982		12,293
Jardine Lloyd Thompson Group		2,084		26,156
Legal & General Group		5,526		14,128
Lloyds Banking Group		21,997		15,378
Man Group		8,794		13,389
Old Mutual		3,381		8,318
Phoenix Group Holdings		4,952		44,165
Provident Financial		784		28,237
Royal Bank of Scotland Group ^*		2,639		6,093
RSA Insurance Group		5,330		35,953
St. James's Place		770		8,884
Standard Chartered		1,766		15,349
Standard Life		1,895		7,815

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

Schedule of Investments

October 31, 2016

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Unite Group		2,667	$	18,023
				751,111
Health Care — 0.6%
AstraZeneca		249		13,948
BTG ^*		1,546		12,420
GlaxoSmithKline		1,126		22,250
Hikma Pharmaceuticals		705		15,097
Smith & Nephew		357		5,156
UDG Healthcare		877		6,997
				75,868
Industrials — 4.6%
Babcock International Group		369		4,456
BAE Systems		1,378		9,127
Balfour Beatty		7,458		24,676
BBA Aviation		15,941		50,330
Berendsen		1,548		18,257
Bunzl		520		13,961
Capita		688		4,922
Cobham		7,416		12,938
DCC		154		12,531
DS Smith		3,408		16,594
Experian		460		8,834
G4S		8,495		22,817
Halma		1,672		21,393
Hays		3,989		6,653
HomeServe		975		7,255
Howden Joinery Group		3,131		14,331
Intertek Group		653		27,250
Kingspan Group		675		16,501
Meggitt		4,268		22,683
Paysafe Group ^*		3,864		20,427
QinetiQ Group		12,879		36,196
Regus		2,061		6,263
Rentokil Initial		13,659		38,072
Rotork		3,031		7,549
Royal Mail		4,130		24,758
RPC Group		1,002		11,597
Serco Group		6,353		10,642
Smiths Group		762		13,192
Spectris		546		13,659

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

100

Schedule of Investments

October 31, 2016

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Spirax-Sarco Engineering		404	$	21,762
Travis Perkins		820		13,345
Weir Group		614		12,744
WS Atkins		1,303		24,053
				569,768
Oil & Gas — 0.7%
Amec Foster Wheeler		1,685		9,200
BP		3,619		21,372
John Wood Group		2,490		23,378
Petrofac		735		7,237
Royal Dutch Shell, Cl A		739		18,392
Tullow Oil		5,211		16,840
				96,419
Real Estate Investment Trusts — 1.4%
British Land		1,880		13,439
Derwent London		699		20,644
Great Portland Estates		3,553		25,767
Hammerson		2,497		16,798
Intu Properties		6,763		22,748
Land Securities Group		1,382		16,856
Segro		4,487		23,951
Shaftesbury		3,185		35,657
				175,860
Technology — 0.5%
Dialog Semiconductor ^*		473		18,537
Micro Focus International		1,141		29,825
Sage Group		1,981		17,450
				65,812
Telecommunications — 0.5%
BT Group, Cl A		2,002		9,189
Inmarsat		1,391		11,913
Vodafone Group		13,100		35,954
				57,056
Utilities — 0.7%
National Grid		1,432		18,620
Pennon Group		2,617		26,663
Severn Trent		651		18,503
SSE		649		12,606
United Utilities Group		999		11,465
				87,857
TOTAL UNITED KINGDOM				2,972,883
TOTAL COMMON STOCK
(Cost $12,570,028)				12,335,613

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

101

Schedule of Investments

October 31, 2016

Global X Scientific Beta Europe ETF

	Shares/Number
	of Rights		Value
PREFERRED STOCK — 0.6%
GERMANY— 0.6%
Basic Materials — 0.1%
FUCHS PETROLUB ^(D)		364	$	16,250
Consumer Goods — 0.2%
Henkel & KGaA ^(D)		108		13,840
Porsche Automobil Holding ^(D)		150		8,078
Volkswagen ^(D)		67		9,195
				31,113
Industrials — 0.3%
Sartorius ^(D)		316		24,792
TOTAL GERMANY				72,155
TOTAL PREFERRED STOCK
(Cost $65,587)				72,155

RIGHTS — 0.1%
Italy — 0.0%
EXOR, 11/11/16^{* (A) (B)}		629		—

Spain — 0.0%
Ferrovial^*#		1,190		509

Sweden — 0.0%
Tele2, 11/20/16^{* (A) (B)}		4,076		1,223

United Kingdom — 0.1%
Phoenix Group Holdings, 11/11/16^*		2,888		7,827

TOTAL RIGHTS
(Cost $–)				9,559
TOTAL INVESTMENTS — 99.8%
(Cost $12,635,615)			$	12,417,327

Percentages are based on Net Assets of $12,447,365.

*	Non-income producing security.
#	Expiration date is unavailable.
(A)	Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of October 31, 2016 was $147,116 and represents 1.2% of Net Assets.
(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2016, was $1,223 and represents 0.0% of Net Assets.
(C)	Security considered illiquid. The total value of such securities as of October 31, 2016 was $1,223 and represented 0.0% of Net Assets.
(D)	Interest rate unavailable

ADR — American Depositary Receipt

Cl — Class

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

102

Schedule of Investments

October 31, 2016

Global X Scientific Beta Europe ETF

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	12,335,613	$	—	$	—	$	12,335,613
Preferred Stock		72,155		—		—		72,155
Rights		8,336		—		1,223		9,559
Total Investments in Securities	$	12,416,104	$	—	$	1,223	$	12,417,327

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

103

Schedule of Investments

October 31, 2016

Global X Scientific Beta Japan ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.8%
JAPAN— 99.8%
Basic Materials — 8.5%
Air Water		2,702	$	50,577
Asahi Kasei		13,536		122,086
Daicel		6,063		79,851
JFE Holdings		2,799		40,127
JSR		3,302		50,213
Kaneka		10,279		85,100
Kansai Paint		394		8,474
Kobe Steel		4,538		37,484
Kuraray		5,929		89,935
Mitsubishi Chemical Holdings		8,132		53,473
Mitsui Chemicals		18,091		89,177
Nippon Steel & Sumitomo Metal		1,242		24,566
Nissan Chemical Industries		1,134		38,471
Oji Holdings		12,049		51,024
Shin-Etsu Chemical		862		65,385
Sumitomo Chemical		6,306		29,884
Sumitomo Metal Mining		3,994		51,670
Teijin		5,160		99,827
Toray Industries		3,610		33,625
Tosoh		7,999		52,294
				1,153,243
Consumer Goods — 18.9%
Aisin Seiki		1,899		83,398
Ajinomoto		1,011		22,479
Asahi Group Holdings		355		12,672
Bandai Namco Holdings		833		24,970

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

104

Schedule of Investments

October 31, 2016

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Bridgestone		2,792	$	104,017
Calbee		1,280		46,408
Casio Computer		3,429		47,837
Daiwa House Industry		500		13,732
Denso		1,720		74,719
Ezaki Glico		558		31,701
Honda Motor		1,842		55,110
Japan Tobacco		553		21,018
JTEKT		4,115		60,892
Kao		294		15,122
Kewpie		872		24,770
Kirin Holdings		2,073		35,656
Konami Holdings		2,076		81,886
Kose		179		16,335
Lion		2,066		33,796
Makita		525		36,321
Mazda Motor		1,446		23,771
MEIJI Holdings		95		9,474
Mitsubishi Motors		22,747		126,630
Nexon		1,140		19,419
NGK Spark Plug		4,092		80,839
NH Foods		7,938		189,905
Nichirei		6,223		136,144
Nikon		8,936		134,951
Nissan Motor		5,034		51,186
Nisshin Seifun Group		6,733		99,183
Nissin Foods Holdings		975		56,411
NSK		4,639		51,473
Panasonic		2,743		28,635
Pigeon		323		9,098
Rinnai		644		61,897
Sekisui Chemical		4,327		68,147
Sekisui House		2,585		42,716
Stanley Electric		3,441		94,731
Sumitomo Electric Industries		2,491		36,849
Sumitomo Rubber Industries		3,569		59,707
Suntory Beverage & Food		977		42,721
Suzuki Motor		1,147		40,713
Toyo Suisan Kaisha		1,096		44,378
Toyota Industries		917		42,017
Toyota Motor		986		57,039
Yamaha		515		18,402
Yamaha Motor		2,672		59,372
Yamazaki Baking		2,681		60,108
				2,588,755

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

105

Schedule of Investments

October 31, 2016

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — 13.3%
Aeon		7,608	$	105,195
ANA Holdings		30,850		86,662
Central Japan Railway		83		14,110
Dai Nippon Printing		4,424		44,373
Dentsu		694		34,606
East Japan Railway		179		15,768
FamilyMart UNY Holdings		1,411		88,351
Hakuhodo DY Holdings		1,884		22,644
Hankyu Hanshin Holdings		2,067		68,451
Isetan Mitsukoshi Holdings		3,790		38,302
J Front Retailing		3,822		52,628
Japan Airlines		1,271		37,446
Kakaku.com		2,771		46,541
Keihan Holdings		4,726		31,886
Keikyu		4,233		42,658
Keio		2,107		17,444
Keisei Electric Railway		1,087		26,243
Kintetsu Group Holdings		6,031		24,334
Lawson		635		48,221
M3		625		19,032
Marui Group		4,121		57,844
Nagoya Railroad		22,820		120,305
Nankai Electric Railway		10,396		47,189
Nitori Holdings		325		38,876
Odakyu Electric Railway		749		15,289
Oriental Land		488		28,499
Park24		2,252		69,541
Ryohin Keikaku		57		12,172
Seibu Holdings		1,889		32,644
Seven & i Holdings		377		15,724
Shimamura		271		34,686
Sotetsu Holdings		7,318		35,725
Start Today		1,479		25,953
Sundrug		381		29,984
Tobu Railway		13,794		67,733
Toho		950		28,522
Tokyu		1,958		14,664
Tsuruha Holdings		441		50,863
USS		878		14,855
West Japan Railway		1,182		72,797
Yamada Denki		28,577		147,664
				1,826,424
Financials — 8.2%
Acom ^*		4,475		20,611

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

106

Schedule of Investments

October 31, 2016

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Aozora Bank		25,944	$	85,669
Bank of Kyoto		4,911		36,032
Chiba Bank		7,383		45,667
Credit Saison		2,073		35,824
Dai-ichi Life Holdings		2,800		41,060
Daito Trust Construction		226		37,797
Daiwa Securities Group		4,304		25,709
Fukuoka Financial Group		12,374		53,577
Iida Group Holdings		2,327		44,930
Japan Exchange Group		561		8,344
Japan Post Bank		1,900		22,384
Japan Post Holdings		1,400		17,826
Mitsubishi UFJ Financial Group		4,946		25,633
Mitsubishi UFJ Lease & Finance		7,982		38,662
Mitsui Fudosan		1,035		23,544
Mizuho Financial Group		31,652		53,343
MS&AD Insurance Group Holdings		877		26,055
Nomura Holdings		5,965		29,886
Nomura Real Estate Master Fund		14		22,648
Orient ^*		8,229		15,348
ORIX		1,751		27,752
Resona Holdings		14,757		65,440
Shinsei Bank		40,217		65,061
Shizuoka Bank		4,420		37,308
Sompo Holdings		851		27,566
Sumitomo Mitsui Financial Group		781		27,149
Sumitomo Mitsui Trust Holdings		695		23,479
Suruga Bank		995		24,287
T&D Holdings		2,545		30,782
Tokio Marine Holdings		910		35,929
Tokyo Tatemono		2,668		33,920
Tokyu Fudosan Holdings		5,001		28,221
				1,137,443
Health Care — 9.2%
Alfresa Holdings		3,135		66,289
Asahi Intecc		403		17,449
Astellas Pharma		610		9,053
Chugai Pharmaceutical		487		16,591
Daiichi Sankyo		3,919		94,204
Eisai		366		23,328
Hisamitsu Pharmaceutical		672		35,875
Kobayashi Pharmaceutical		787		41,116
Kyowa Hakko Kirin		7,582		115,803
Medipal Holdings		3,161		53,994

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

107

Schedule of Investments

October 31, 2016

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Miraca Holdings		473	$	22,866
Mitsubishi Tanabe Pharma		9,008		175,384
Nippon Shinyaku		925		46,917
Olympus		433		15,452
Otsuka Holdings		2,324		101,665
Santen Pharmaceutical		1,431		20,889
Sawai Pharmaceutical		613		39,609
Sosei Group ^*		132		19,822
Sumitomo Dainippon Pharma		6,358		110,177
Suzuken		2,725		87,518
Taisho Pharmaceutical Holdings		910		88,761
Takeda Pharmaceutical		563		25,181
Terumo		505		19,535
				1,247,478
Industrials — 21.1%
Alps Electric		573		13,741
Amada Holdings		5,117		58,335
Asahi Glass		7,412		51,842
Daikin Industries		135		12,950
Disco		313		37,827
Fuji Electric		17,776		88,808
Hamamatsu Photonics		439		13,285
Haseko		1,245		12,120
Hino Motors		5,293		57,672
Hirose Electric		218		28,794
Hitachi		8,069		42,938
Hoshizaki		601		54,218
Hoya		387		16,149
IHI		26,055		68,680
Isuzu Motors		1,911		23,632
ITOCHU		2,045		25,853
JGC		4,547		80,438
Kajima		22,807		153,877
Kawasaki Heavy Industries		11,850		34,619
Komatsu		4,682		104,391
Kurita Water Industries		4,096		96,938
Kyocera		1,835		89,231
LIXIL Group		6,520		149,714
Mabuchi Motor		225		13,082
Marubeni		10,843		57,029
Minebea		8,667		88,579
MISUMI Group		1,132		20,650
Mitsubishi		1,377		30,021
Mitsubishi Electric		2,109		28,549

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

108

Schedule of Investments

October 31, 2016

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Mitsubishi Heavy Industries		6,020	$	25,745
Mitsubishi Materials		1,409		40,426
Mitsui		4,793		66,501
Mitsui OSK Lines		16,808		42,066
Nabtesco		679		20,289
Nidec		375		36,292
Nippon Express		13,550		66,922
Nippon Yusen		25,317		51,798
Obayashi		14,462		139,411
Secom		283		20,421
Shimadzu		1,303		18,959
Shimizu		12,793		113,705
SMC		56		16,248
Sohgo Security Services		381		17,367
Sojitz		21,263		55,846
Sumitomo		3,839		44,186
Sumitomo Heavy Industries		11,465		60,443
Taiheiyo Cement		42,837		122,700
Taisei		5,160		38,693
TDK		920		63,560
Temp Holdings		1,315		22,299
Toppan Printing		7,167		67,384
Toyo Seikan Group Holdings		2,549		47,058
Toyota Tsusho		1,416		33,458
Yaskawa Electric		710		11,331
Yokogawa Electric		7,380		103,728
				2,900,798
Oil & Gas — 1.9%
Inpex		8,508		79,797
JX Holdings		25,671		101,600
TonenGeneral Sekiyu		7,802		76,917
				258,314
Real Estate Investment Trusts — 4.8%
Activia Properties		14		67,945
Advance Residence Investment		32		89,346
Daiwa House Investment		6		16,187
GLP J-Reit		65		81,339
Japan Hotel Investment		74		49,927
Japan Prime Realty Investment		11		47,366
Japan Real Estate Investment		7		40,434
Japan Retail Fund Investment		16		36,222
Nippon Building Fund		4		23,714
Nippon Prologis		37		83,552
Orix		40		68,402

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

109

Schedule of Investments

October 31, 2016

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
United Urban Investment		33	$	55,552
				659,986
Technology — 7.6%
Brother Industries		3,145		57,761
Canon		3,033		87,078
FUJIFILM Holdings		1,671		63,208
Fujitsu		24,130		143,078
Konica Minolta		7,700		68,951
NEC		36,556		97,752
Nomura Research Institute		905		31,391
NTT Data		492		25,376
Obic		696		36,163
Otsuka		1,516		72,132
Ricoh		7,696		62,690
Rohm		1,499		78,884
Seiko Epson		5,018		101,854
Square Enix Holdings		1,104		36,560
Tokyo Electron		202		18,238
Trend Micro		1,024		36,055
Yahoo Japan		3,406		13,062
				1,030,233
Telecommunications — 1.0%
KDDI		600		18,225
Nippon Telegraph & Telephone		2,247		99,643
NTT DOCOMO		987		24,801
				142,669
Utilities — 5.3%
Chubu Electric Power		4,655		68,417
Chugoku Electric Power		6,052		70,722
Electric Power Development		4,472		104,135
Kansai Electric Power ^*		7,280		69,589
Kyushu Electric Power		7,462		67,672
Osaka Gas		15,936		66,225
Toho Gas		11,894		110,128
Tohoku Electric Power		4,477		54,746
Tokyo Electric Power Holdings ^*		8,777		34,077
Tokyo Gas		15,467		70,090
				715,801
TOTAL COMMON STOCK
(Cost $12,516,651)				13,661,144
TOTAL INVESTMENTS — 99.8%
(Cost $12,516,651)			$	13,661,144

Percentages are based on Net Assets of $13,688,439.

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

110

Schedule of Investments

October 31, 2016

Global X Scientific Beta Japan ETF

*	Non-income producing security.

As of October 31, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

111

Schedule of Investments

October 31, 2016

Global X Scientific Beta Asia ex-Japan ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.7%
AUSTRALIA— 36.4%
Basic Materials — 5.6%
Alumina		9,344	$	11,234
BHP Billiton		268		4,705
BlueScope Steel		3,047		18,085
Evolution Mining		7,247		12,463
Fortescue Metals Group		4,127		17,272
Incitec Pivot		2,109		4,734
Independence Group		1,710		5,530
Newcrest Mining		832		14,283
Northern Star Resources		3,105		9,829
South32		2,233		4,367
Washington H Soul Pattinson		2,090		25,287
				127,789
Consumer Goods — 1.1%
Blackmores		140		11,940
Coca-Cola Amatil		1,119		8,123
Treasury Wine Estates		696		5,688
				25,751
Consumer Services — 5.7%
Aristocrat Leisure		460		5,370
carsales.com		822		6,668
Domino's Pizza Enterprises		226		11,049
Fairfax Media		15,714		9,865
Harvey Norman Holdings		2,839		10,910
JB Hi-Fi		1,022		22,079
Metcash		8,440		12,781
Qantas Airways		3,316		7,721

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

112

Schedule of Investments

October 31, 2016

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Star Entertainment Grp		4,646	$	17,641
TABCORP Holdings		1,336		4,920
Tatts Group		2,656		8,206
Wesfarmers		379		11,827
				129,037
Financials — 4.9%
AMP		732		2,546
ASX		192		6,885
Australia & New Zealand Banking Group		203		4,302
Bank of Queensland		752		5,986
Bendigo and Adelaide Bank		912		7,724
Charter Hall Group		3,000		10,729
Charter Hall Retail		4,540		14,337
Lend Lease Group		399		4,105
Macquarie Group		68		4,129
Magellan Financial Group		436		7,064
National Australia Bank		194		4,133
Perpetual		90		3,098
QBE Insurance Group		538		4,090
REA Group		250		9,729
Stockland		3,632		12,216
Suncorp Group		477		4,345
Vicinity Centres		3,043		6,646
				112,064
Health Care — 3.7%
Ansell		469		7,741
Cochlear		172		16,748
CSL		157		12,008
Healthscope		4,705		7,912
Mayne Pharma Group ^*		2,000		2,496
nib holdings		2,088		7,658
Primary Health Care		4,275		12,492
Ramsay Health Care		117		6,531
Sonic Healthcare		802		12,505
				86,091
Industrials — 5.7%
Adelaide Brighton		1,646		6,701
ALS		886		4,200
Amcor		901		10,078
Aurizon Holdings		2,356		8,749
Boral		2,738		13,126
Brambles		857		7,519
CIMIC Group		259		5,832
CSR		2,335		6,503

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

113

Schedule of Investments

October 31, 2016

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Downer EDI		1,320	$	5,856
DuluxGroup		3,128		15,329
Macquarie Atlas Roads Group		2,636		9,468
Orora		4,154		9,167
SEEK		318		3,543
Sydney Airport		2,608		12,423
Transurban Group		1,188		9,393
				127,887
Oil & Gas — 0.8%
APA Group		922		5,585
Caltex Australia		249		5,823
Santos		1,022		2,776
Woodside Petroleum		213		4,598
				18,782
Real Estate Investment Trusts — 5.2%
BWP Trust		6,195		14,001
Dexus Property Group		1,711		11,640
Goodman Group		2,778		14,353
GPT Group		3,559		12,620
Investa Office Fund		6,813		21,981
Mirvac Group		7,994		12,714
Scentre Group		4,190		13,423
Shopping Centres Australasia Property Group		8,091		13,483
Westfield		1,233		8,350
				122,565
Telecommunications — 0.8%
Telstra		1,231		4,665
TPG Telecom		1,438		8,272
Vocus Communications		1,208		5,249
				18,186
Utilities — 2.9%
AGL Energy		1,769		25,818
AusNet Services		14,908		17,016
DUET Group		2,594		4,698
Spark Infrastructure Group		11,920		20,137
				67,669
TOTAL AUSTRALIA				835,821
HONG KONG— 30.1%
Consumer Goods — 7.5%
First Pacific		22,483		17,047
Li & Fung		12,909		6,359
PRADA		1,579		5,538
Shenzhou International Group Holdings		4,574		30,346

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

114

Schedule of Investments

October 31, 2016

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Techtronic Industries		6,014	$	22,645
Vitasoy International Holdings		16,664		34,854
Yue Yuen Industrial Holdings		14,669		55,897
				172,686
Consumer Services — 3.3%
Cathay Pacific Airways		8,864		11,682
Esprit Holdings		18,095		14,934
Kingston Financial Group		9,461		3,941
MTR		7,382		40,885
Wynn Macau		2,182		3,348
				74,790
Financials — 9.0%
AIA Group		580		3,661
Bank of East Asia		1,781		7,177
Cheung Kong Property Holdings		812		6,016
Dah Sing Financial Holdings		2,462		16,731
Haitong International Securities Group		20,946		13,451
Hang Lung Group		4,837		18,556
Hang Lung Properties		1,933		4,267
Hang Seng Bank		585		10,569
Henderson Land Development		699		4,142
Hopewell Holdings		7,462		26,173
Hysan Development		4,955		22,875
Kerry Properties		4,079		12,913
New World Development		3,853		4,805
Sino Land		4,608		7,844
Sun Hung Kai Properties		677		10,109
Swire Properties		5,375		15,456
Wharf Holdings		1,208		9,082
Wheelock		2,170		13,404
				207,231
Industrials — 2.8%
AAC Technologies Holdings		1,201		11,460
CK Hutchison Holdings		783		9,688
NWS Holdings		18,623		32,996
Swire Pacific, Cl A		776		8,070
				62,214
Oil & Gas — 0.0%
Hanergy Thin Film Power Group ^{*(A) (B)}		29,000		37
Real Estate Investment Trusts — 1.1%
Link		3,618		25,800
Technology — 1.3%
ASM Pacific Technology		1,006		9,710

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

115

Schedule of Investments

October 31, 2016

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
VTech Holdings		1,743	$	21,397
				31,107
Telecommunications — 1.6%
PCCW		59,801		35,627
Utilities — 3.5%
Cheung Kong Infrastructure Holdings		2,913		23,872
CLP Holdings		2,196		22,343
Hong Kong & China Gas		3,541		6,941
Power Assets Holdings		2,954		27,788
				80,944
TOTAL HONG KONG				690,436
NEW ZEALAND— 10.8%
Consumer Services — 1.1%
SKY Network Television		2,317		7,658
SKYCITY Entertainment Group		2,319		6,470
Trade Me Group		3,569		12,409
				26,537
Health Care — 1.5%
Fisher & Paykel Healthcare		2,227		14,116
Ryman Healthcare		3,433		21,809
				35,925
Industrials — 3.0%
Auckland International Airport		4,108		19,367
Fletcher Building		1,906		14,140
Infratil		16,661		35,520
				69,027
Oil & Gas — 0.5%
Z Energy		1,942		10,864
Real Estate Investment Trusts — 1.2%
Kiwi Property Group		25,249		26,462
Telecommunications — 0.3%
Spark New Zealand		2,500		6,546
Utilities — 3.2%
Contact Energy		8,688		29,523
Mercury NZ		15,735		34,334
Meridian Energy		4,924		9,053
				72,910
TOTAL NEW ZEALAND				248,271
SINGAPORE— 22.4%
Consumer Goods — 1.5%
Golden Agri-Resources		46,011		12,727
Thai Beverage		12,465		8,642

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

116

Schedule of Investments

October 31, 2016

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Wilmar International		4,923	$	11,707
				33,076
Consumer Services — 3.0%
ComfortDelGro		3,470		6,332
Dairy Farm International Holdings		2,362		16,699
Genting Singapore		22,515		12,051
Jardine Cycle & Carriage		110		3,337
Singapore Airlines		3,632		26,433
Singapore Press Holdings		2,003		5,353
				70,205
Financials — 6.2%
Ascendas Real Estate Investment Trust		11,038		18,795
CapitaLand		3,118		6,922
City Developments		1,361		8,301
DBS Group Holdings		637		6,865
Global Logistic Properties		4,888		6,233
Hongkong Land Holdings		2,315		15,510
Mapletree Industrial Trust		26,128		32,287
Oversea-Chinese Banking		1,263		7,695
Singapore Exchange		1,183		6,026
Suntec Real Estate Investment Trust		14,221		17,165
United Overseas Bank		599		8,082
UOL Group		2,674		10,893
				144,774
Industrials — 4.8%
Jardine Matheson Holdings		165		10,050
Jardine Strategic Holdings		243		8,527
SATS		8,748		30,419
Singapore Post		10,182		11,704
Singapore Technologies Engineering		3,245		7,297
Venture		6,133		41,859
				109,856
Oil & Gas — 0.3%
Keppel		822		3,118
Sembcorp Industries		2,865		5,208
				8,326
Real Estate Investment Trusts — 5.6%
CapitaLand Commercial Trust		14,075		15,927
CapitaLand Mall Trust		15,453		22,981
Fortune		28,994		35,369
Keppel		20,848		16,326
Mapletree Commercial Trust		17,953		19,734
Mapletree Greater China Commercial Trust		22,052		16,477
				126,814

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

117

Schedule of Investments

October 31, 2016

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 1.0%
Singapore Telecommunications		3,015	$	8,404
StarHub		5,637		13,689
				22,093
TOTAL SINGAPORE				515,144
TOTAL COMMON STOCK
(Cost $2,249,622)				2,289,672
TOTAL INVESTMENTS — 99.7%
(Cost $2,249,622)			$	2,289,672

Percentages are based on Net Assets of $2,295,886.

*	Non-income producing security.
(A)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2016, was $37 and represents 0.0% of Net Assets.
(B)	Security considered illiquid. The total value of such securities as of October 31, 2016 was $37 and represented 0.0% of Net Assets.

Cl — Class

The following is a summary of the level of inputs used as of October 31, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock
Australia	$	835,821	$	–	$	–	$	835,821
Hong Kong		690,399		–		37		690,436
New Zealand		248,271		–		–		248,271
Singapore		515,144		–		–		515,144
Total Investments in Securities	$	2,289,635	$	–	$	37	$	2,289,672

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

For the year ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

118

Schedule of Investments

October 31, 2016

Global X YieldCo Index ETF

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 86.5%
CANADA— 40.3%
Oil & Gas — 4.7%
Canadian Solar ^*		21,831	$	315,240
Utilities — 35.6%
Brookfield Renewable Partners		24,673		754,008
Innergex Renewable Energy		29,556		328,804
Northland Power		38,279		685,467
TransAlta Renewables		55,764		616,202
				2,384,481
TOTAL CANADA				2,699,721
GUERNSEY— 4.5%
Financials — 4.5%
Renewables Infrastructure Group		233,791		306,557
SPAIN— 4.4%
Utilities — 4.4%
Saeta Yield		30,711		296,593
UNITED STATES— 37.3%
Financials — 4.4%
NRG Yield, Cl A		19,773		291,256
Oil & Gas — 9.5%
8Point3 Energy Partners, Cl A		7,611		116,448
Pattern Energy Group, Cl A		23,315		521,090
				637,538
Real Estate Investment Trusts — 4.9%
Hannon Armstrong Sustainable Infrastructure Capital		14,383		328,795
Utilities — 18.5%
Atlantica Yield		25,201		453,114
NextEra Energy Partners		11,261		307,988
TerraForm Global, Cl A		44,092		165,345
TerraForm Power, Cl A		24,730		306,899
				1,233,346
TOTAL UNITED STATES				2,490,935

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

119

Schedule of Investments

October 31, 2016

Global X YieldCo Index ETF

	Shares		Value
COMMON STOCK — continued
TOTAL COMMON STOCK
(Cost $5,328,662)			$	5,793,806

EXCHANGE TRADED FUNDS — 13.2%
Bluefield Solar Income Fund		120,590		150,173
Foresight Solar Fund		105,660		134,482
Greencoat UK Wind		217,380		303,881
John Laing Environmental Assets Group		101,010		130,722
NextEnergy Solar Fund		124,990		164,808
TOTAL EXCHANGE TRADED FUNDS
(Cost $997,684)				884,066

TOTAL INVESTMENTS — 99.7%
(Cost $6,326,346)			$	6,677,872

Percentages are based on Net Assets of $6,695,442.

*	Non-income producing security.

Cl — Class

As of October 31, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

120

Schedule of Investments

October 31, 2016

Global X S&P 500^®Catholic Values ETF‡

Sector Weightings (unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.8%
UNITED STATES— 99.8%
Basic Materials — 2.2%
Air Products & Chemicals		470	$	62,707
Albemarle		243		20,303
Alcoa		959		27,542
Avery Dennison		186		12,981
CF Industries Holdings		509		12,221
Dow Chemical		2,462		132,480
Eastman Chemical		312		22,436
Ecolab		589		67,246
EI du Pont de Nemours		1,921		132,146
FMC		292		13,692
Freeport-McMoRan Copper & Gold		2,699		30,175
International Flavors & Fragrances		185		24,194
International Paper		897		40,392
LyondellBasell Industries, Cl A		744		59,185
Mosaic		773		18,189
Newmont Mining		1,159		42,929
Nucor		695		33,951
PPG Industries		589		54,854
Praxair		620		72,577
				880,200
Consumer Discretionary — 0.1%
PulteGroup		682		12,685
Under Armour, Cl C ^*		406		10,499
				23,184

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

121

Schedule of Investments

October 31, 2016

Global X S&P 500^® Catholic Values ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Goods — 10.7%
Activision Blizzard		1,477	$	63,762
Altria Group		4,252		281,142
Archer-Daniels-Midland		1,271		55,377
BorgWarner		452		16,200
Brown-Forman, Cl B		421		19,438
Campbell Soup		427		23,203
Clorox		279		33,486
Coach		589		21,139
Coca-Cola		8,462		358,788
Colgate-Palmolive		1,936		138,153
ConAgra Foods		918		44,229
Constellation Brands, Cl A		380		63,506
Delphi Automotive		589		38,326
DR Horton		726		20,931
Dr Pepper Snapple Group		403		35,379
Electronic Arts ^*		651		51,117
Estee Lauder, Cl A		494		43,042
Ford Motor		8,406		98,686
Garmin		248		11,993
General Mills		1,302		80,698
General Motors		3,071		97,044
Genuine Parts		310		28,083
Goodyear Tire & Rubber		558		16,199
Hanesbrands		808		20,766
Harley-Davidson		390		22,238
Harman International Industries		155		12,355
Hasbro		248		20,686
Hershey		310		31,763
Hormel Foods		589		22,677
JM Smucker		248		32,565
Kellogg		556		41,772
Kimberly-Clark		775		88,668
Kraft Heinz		1,303		115,902
Leggett & Platt		279		12,801
Lennar, Cl A		401		16,718
LKQ ^*		651		21,014
Mattel		742		23,395
McCormick		248		23,776
Mead Johnson Nutrition, Cl A		403		30,132
Michael Kors Holdings ^*		372		18,890
Mohawk Industries ^*		132		24,328
Molson Coors Brewing, Cl B		403		41,835
Mondelez International, Cl A		3,364		151,178
Monsanto		960		96,739

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

122

Schedule of Investments

October 31, 2016

Global X S&P 500^® Catholic Values ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Monster Beverage ^*		309	$	44,601
Newell Brands		1,051		50,468
NIKE, Cl B		2,916		146,325
PepsiCo		3,131		335,643
Philip Morris International		3,381		326,064
Procter & Gamble		5,821		505,262
PVH		186		19,898
Ralph Lauren, Cl A		124		12,164
Reynolds American		1,796		98,924
Snap-On		217		33,440
Stanley Black & Decker		543		61,815
Tyson Foods, Cl A		653		46,265
Under Armour, Cl A ^*		401		12,471
VF		713		38,652
Whirlpool		156		23,372
				4,265,483
Consumer Services — 14.2%
Adient ^*		205		9,334
Advance Auto Parts		155		21,712
Alaska Air Group		434		31,343
Amazon.com ^*		854		674,506
American Airlines Group		1,795		72,877
AmerisourceBergen, Cl A		774		54,428
AutoNation ^*		155		6,800
AutoZone ^*		62		46,014
Bed Bath & Beyond		341		13,783
Best Buy		605		23,541
Cardinal Health		1,364		93,693
CarMax ^*		403		20,126
Carnival		932		45,761
CBS, Cl B		886		50,165
Charter Communications, Cl A ^*		471		117,698
Chipotle Mexican Grill, Cl A ^*		62		22,367
Comcast, Cl A		5,194		321,094
Costco Wholesale		961		142,103
CVS Health		2,324		195,448
Darden Restaurants		261		16,910
Delta Air Lines		2,539		106,055
Discovery Communications, Cl C ^*		511		12,831
Discovery Communications, Cl A ^*		323		8,434
Dollar General		561		38,759
Dollar Tree ^*		496		37,473
Dun & Bradstreet		124		15,481
eBay ^*		2,296		65,459

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

123

Schedule of Investments

October 31, 2016

Global X S&P 500^® Catholic Values ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Expedia		248	$	32,049
Foot Locker		279		18,629
Gap		483		13,326
H&R Block		483		11,095
Home Depot		2,677		326,620
Interpublic Group		868		19,435
Kohl's		403		17,631
Kroger		2,064		63,943
L Brands		524		37,828
Lowe's		1,892		126,101
Macy's		664		24,229
Marriott International, Cl A		692		47,540
McDonald's		1,854		208,706
McKesson		960		122,083
Netflix ^*		930		116,129
News, Cl A		819		9,926
News		230		2,852
Nielsen Holdings		1,219		54,880
Nordstrom		266		13,832
Omnicom Group		510		40,708
O'Reilly Automotive ^*		211		55,797
priceline.com ^*		108		159,217
Robert Half International		465		17,400
Ross Stores		868		54,285
Royal Caribbean Cruises		372		28,596
Scripps Networks Interactive, Cl A		217		13,966
Signet Jewelers		157		12,758
Southwest Airlines		2,102		84,185
Staples		1,393		10,308
Starbucks		3,170		168,232
Sysco		1,132		54,472
Target		1,258		86,463
TEGNA		465		9,123
Tiffany		248		18,208
Time Warner		1,676		149,147
TJX		1,426		105,167
Tractor Supply		279		17,474
TripAdvisor ^*		248		15,991
Twenty-First Century Fox, Cl A		2,332		61,262
Twenty-First Century Fox, Cl B		1,049		27,683
Ulta Salon Cosmetics & Fragrance ^*		126		30,661
United Continental Holdings ^*		1,066		59,941
Urban Outfitters ^*		186		6,222
Viacom, Cl B		744		27,945

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

124

Schedule of Investments

October 31, 2016

Global X S&P 500^® Catholic Values ETF‡

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Walgreens Boots Alliance		1,861	$	153,961
Wal-Mart Stores		3,301		231,135
Walt Disney		3,196		296,237
Whole Foods Market		682		19,294
Wyndham Worldwide		248		16,328
Wynn Resorts		186		17,586
Yum! Brands		806		69,542
				5,650,323
Financials — 14.9%
Affiliated Managers Group ^*		124		16,450
Aflac		899		61,914
Allstate		806		54,727
American Express		1,679		111,518
American International Group		2,208		136,234
Ameriprise Financial		344		30,406
Aon		573		63,506
Arthur J Gallagher		372		17,942
Assurant		124		9,984
Bank of America		22,082		364,354
Bank of New York Mellon		2,323		100,516
BB&T		1,765		69,188
Berkshire Hathaway, Cl B ^*		4,114		593,649
BlackRock, Cl A		271		92,476
Capital One Financial		1,088		80,556
CBRE Group, Cl A ^*		633		16,306
Charles Schwab		2,587		82,008
Chubb		993		126,111
Cincinnati Financial		310		21,942
Citigroup		6,294		309,350
Citizens Financial Group		1,132		29,817
CME Group, Cl A		729		72,973
Comerica		372		19,377
Discover Financial Services		886		49,908
ETRADE Financial ^		589		16,586
Equifax		434		53,803
Fifth Third Bancorp		1,658		36,078
Franklin Resources		793		26,692
Goldman Sachs Group		813		144,910
Hartford Financial Services Group		837		36,920
Huntington Bancshares		2,370		25,122
Intercontinental Exchange		254		68,679
Invesco		899		25,253
JPMorgan Chase		7,819		541,545
KeyCorp		2,362		33,351

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

125

Schedule of Investments

October 31, 2016

Global X S&P 500^® Catholic Values ETF‡

	Shares		Value
COMMON STOCK — continued
Financials — continued
Legg Mason		204	$	5,859
Leucadia National		713		13,312
Lincoln National		514		25,232
Loews		587		25,259
M&T Bank		341		41,851
Marsh & McLennan		1,116		70,743
Mastercard, Cl A		2,107		225,491
MetLife		2,372		111,389
Moody's		372		37,393
Morgan Stanley		3,191		107,122
Nasdaq		248		15,865
Navient		702		8,972
Northern Trust		465		33,675
People's United Financial		680		11,043
PNC Financial Services Group		1,072		102,483
Principal Financial Group		589		32,159
Progressive		1,254		39,514
Prudential Financial		961		81,483
Regions Financial		2,730		29,238
S&P Global		558		67,992
State Street		801		56,238
SunTrust Banks		1,085		49,075
Synchrony Financial		1,713		48,975
T Rowe Price Group		527		33,733
Torchmark		248		15,726
Travelers		620		67,072
Unum Group		497		17,594
US Bancorp		3,473		155,451
Visa, Cl A		4,124		340,271
Wells Fargo		9,834		452,463
Western Union		1,056		21,194
Willis Towers Watson		281		35,378
XL Group		607		21,063
Zions Bancorporation		434		13,979
				5,954,438
Health Care — 12.8%
AbbVie		6,912		385,551
Aetna		1,488		159,737
Alexion Pharmaceuticals ^*		956		124,758
Anthem		1,115		135,874
Baxter International		2,085		99,225
Biogen Idec ^*		929		260,287
Boston Scientific ^*		5,737		126,214
Celgene ^*		3,282		335,355

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

126

Schedule of Investments

October 31, 2016

Global X S&P 500^® Catholic Values ETF‡

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Centene ^*		713	$	44,548
CR Bard		310		67,171
DaVita ^*		695		40,741
DENTSPLY SIRONA		992		57,109
Edwards Lifesciences ^*		899		85,603
Eli Lilly		4,123		304,443
Express Scripts Holding ^*		2,665		179,621
Gilead Sciences		5,611		413,138
Henry Schein ^*		341		50,877
Hologic ^*		1,172		42,204
Humana		627		107,549
Illumina ^*		620		84,407
Intuitive Surgical ^*		164		110,221
Laboratory Corp of America Holdings ^*		434		54,398
Mallinckrodt ^*		465		27,556
Medtronic		5,867		481,212
Patterson		341		14,564
Quest Diagnostics		589		47,968
Regeneron Pharmaceuticals ^*		317		109,371
St. Jude Medical		1,207		93,953
Stryker		1,332		153,646
UnitedHealth Group		4,039		570,832
Varian Medical Systems ^*		403		36,564
Vertex Pharmaceuticals ^*		1,055		80,032
Waters ^*		341		47,447
Zimmer Biomet Holdings		838		88,325
Zoetis, Cl A		2,098		100,284
				5,120,785
Industrials — 10.8%
3M		2,051		339,031
Accenture, Cl A		1,364		158,550
Acuity Brands		155		34,653
Allegion		341		21,769
Alliance Data Systems		124		25,354
AMETEK		837		36,912
Amphenol, Cl A		680		44,832
Automatic Data Processing		992		86,364
Ball		373		28,747
Caterpillar		1,981		165,333
CH Robinson Worldwide		525		35,763
Cintas		310		33,068
CSRA		308		7,728
CSX		3,207		97,846
Cummins		561		71,707

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

127

Schedule of Investments

October 31, 2016

Global X S&P 500^® Catholic Values ETF‡

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Deere		980	$	86,534
Dover		558		37,325
Eaton		1,541		98,270
Emerson Electric		2,182		110,583
Expeditors International of Washington		651		33,507
Fastenal		1,052		41,007
FedEx		828		144,337
Fidelity National Information Services		711		52,557
Fiserv ^*		484		47,664
FLIR Systems		310		10,205
Flowserve		465		19,693
Fortive		1,018		51,969
Fortune Brands Home & Security		520		28,408
Global Payments		340		24,657
Illinois Tool Works		1,083		122,996
Ingersoll-Rand		928		62,445
Jacobs Engineering Group ^*		434		22,385
JB Hunt Transport Services		310		25,299
Johnson Controls International		2,051		82,697
Kansas City Southern		401		35,192
Martin Marietta Materials		147		27,251
Masco		1,207		37,272
Mettler-Toledo International ^*		113		45,661
Norfolk Southern		995		92,535
Owens-Illinois ^*		354		6,832
PACCAR		1,269		69,693
Parker-Hannifin		453		55,606
Paychex		695		38,364
PayPal Holdings ^*		2,448		101,984
Pentair		613		33,795
Quanta Services ^*		558		16,043
Republic Services, Cl A		853		44,893
Rockwell Automation		465		55,670
Roper Technologies		343		59,445
Ryder System		186		12,907
Sealed Air		432		19,712
Sherwin-Williams		179		43,830
Stericycle ^*		310		24,828
TE Connectivity		777		48,851
Teradata ^*		279		7,522
Total System Services		372		18,555
TransDigm Group		186		50,678
Union Pacific		2,826		249,196
United Parcel Service, Cl B		2,345		252,697

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

128

Schedule of Investments

October 31, 2016

Global X S&P 500^® Catholic Values ETF‡

	Shares		Value
COMMON STOCK — continued
Industrials — continued
United Rentals ^*		310	$	23,455
United Technologies		2,640		269,808
Verisk Analytics, Cl A ^*		558		45,505
Vulcan Materials		279		31,583
Waste Management		1,379		90,545
Westrock		556		25,682
WW Grainger		209		43,497
Xerox		1,865		18,221
Xylem		649		31,366
				4,318,869
Oil & Gas — 7.2%
Anadarko Petroleum		1,199		71,269
Apache		820		48,774
Baker Hughes		946		52,408
Cabot Oil & Gas		1,006		21,005
Chesapeake Energy ^*		1,326		7,306
Chevron		4,109		430,418
Cimarex Energy		217		28,021
Concho Resources ^*		308		39,098
ConocoPhillips		2,678		116,359
Devon Energy		1,143		43,308
EOG Resources		1,205		108,956
EQT		373		24,618
Exxon Mobil		9,049		753,962
First Solar ^*		155		6,276
FMC Technologies ^*		496		16,006
Halliburton		1,871		86,066
Helmerich & Payne		246		15,525
Hess		571		27,391
Kinder Morgan		4,179		85,377
Marathon Oil		1,840		24,251
Marathon Petroleum		1,145		49,911
Murphy Oil		341		8,822
National Oilwell Varco		819		26,290
Newfield Exploration ^*		434		17,616
Noble Energy		930		32,057
Occidental Petroleum		1,657		120,812
Phillips 66		967		78,472
Pioneer Natural Resources		370		66,237
Range Resources		385		13,009
Schlumberger		3,021		236,333
Southwestern Energy ^*		1,037		10,774
Spectra Energy		1,523		63,677
Tesoro		248		21,073

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

129

Schedule of Investments

October 31, 2016

Global X S&P 500^® Catholic Values ETF‡

	Shares		Value
COMMON STOCK — continued
Oil & Gas — continued
Transocean		744	$	7,150
Valero Energy		1,008		59,714
Williams		1,486		43,391
				2,861,732
Real Estate Investment Trusts — 2.9%
American Tower, Cl A		925		108,401
Apartment Investment & Management, Cl A		341		15,028
AvalonBay Communities		304		52,039
Boston Properties		341		41,084
Crown Castle International		726		66,059
Digital Realty Trust		310		28,963
Equinix		155		55,378
Equity Residential		788		48,659
Essex Property Trust		148		31,685
Extra Space Storage		279		20,409
Federal Realty Investment Trust		155		22,511
General Growth Properties		1,254		31,287
HCP		1,005		34,421
Host Hotels & Resorts		1,612		24,954
Iron Mountain		528		17,809
Kimco Realty		897		23,869
Macerich		266		18,827
ProLogis		1,130		58,941
Public Storage		317		67,749
Realty Income		559		33,115
Simon Property Group		681		126,639
SL Green Realty		217		21,314
UDR		572		20,003
Ventas		766		51,897
Vornado Realty Trust		372		34,514
Welltower		776		53,179
Weyerhaeuser		1,616		48,367
				1,157,101
Technology — 18.0%
Adobe Systems ^*		1,085		116,648
Akamai Technologies ^*		372		25,843
Alphabet, Cl C ^*		648		508,382
Alphabet, Cl A ^*		647		524,005
Analog Devices		667		42,755
Apple		11,781		1,337,614
Applied Materials		2,360		68,629
Autodesk ^*		432		31,225
Broadcom		864		147,122
CA		664		20,411

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

130

Schedule of Investments

October 31, 2016

Global X S&P 500^® Catholic Values ETF‡

	Shares		Value
COMMON STOCK — continued
Technology — continued
Cerner ^*		1,271	$	74,455
Cisco Systems		10,995		337,326
Citrix Systems ^*		341		28,917
Cognizant Technology Solutions, Cl A ^*		1,316		67,577
F5 Networks ^*		155		21,423
Facebook, Cl A ^*		5,078		665,168
Hewlett Packard Enterprise		3,616		81,252
HP		3,733		54,091
Intel		10,342		360,625
International Business Machines		1,897		291,550
Intuit		532		57,850
Juniper Networks		799		21,046
KLA-Tencor		341		25,613
Lam Research		341		33,029
Linear Technology		527		31,652
Microchip Technology		465		28,156
Micron Technology ^*		2,246		38,541
Microsoft		17,028		1,020,318
Motorola Solutions		354		25,693
NetApp		620		21,043
NVIDIA		1,171		83,328
Oracle		6,580		252,804
Pitney Bowes		682		12,167
Qorvo ^*		279		15,526
QUALCOMM		3,208		220,454
Red Hat ^*		403		31,212
salesforce.com ^*		1,401		105,299
Seagate Technology		651		22,336
Skyworks Solutions		403		31,007
Symantec		1,331		33,315
Texas Instruments		2,183		154,666
VeriSign ^*		217		18,232
Western Digital		618		36,116
Xilinx		558		28,385
Yahoo! ^*		1,902		79,028
				7,231,834
Telecommunications — 2.5%
AT&T		13,302		489,381
CenturyLink		1,176		31,258
Frontier Communications		2,523		10,142
Level 3 Communications ^*		620		34,813
Verizon Communications		8,812		423,857
				989,451

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

131

Schedule of Investments

October 31, 2016

Global X S&P 500^® Catholic Values ETF‡

	Shares		Value
COMMON STOCK — continued
Utilities — 3.5%
AES		1,437	$	16,913
Alliant Energy		491		18,683
Ameren		527		26,324
American Electric Power		1,068		69,249
American Water Works		386		28,579
CenterPoint Energy		943		21,500
CMS Energy		618		26,049
Consolidated Edison		665		50,241
Dominion Resources		1,368		102,873
DTE Energy		401		38,500
Duke Energy		1,504		120,350
Edison International		711		52,244
Entergy		401		29,546
Eversource Energy		682		37,551
Exelon		2,011		68,515
FirstEnergy		928		31,821
NextEra Energy		1,017		130,176
NiSource		711		16,538
NRG Energy		682		7,250
ONEOK		463		22,423
PG&E		1,083		67,276
Pinnacle West Capital		248		18,880
PPL		1,484		50,961
Public Service Enterprise Group		1,114		46,877
SCANA		310		22,742
Sempra Energy		552		59,119
Southern		2,141		110,411
WEC Energy Group		682		40,729
Xcel Energy		1,114		46,287
				1,378,607
TOTAL UNITED STATES				39,832,007
TOTAL COMMON STOCK
(Cost $40,377,383)				39,832,007
TOTAL INVESTMENTS — 99.8%
(Cost $40,377,383)			$	39,832,007

Percentages are based on Net Assets of $39,898,957.

*	Non-income producing security.
‡	Fund commenced operations on April 18, 2016.

Cl — Class

S&P — Standard & Poor's

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

132

Schedule of Investments

October 31, 2016

Global X S&P 500^® Catholic Values ETF‡

As of October 31, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended October 31, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

133

Statements of Assets and Liabilities

October 31, 2016

	Global X SuperDividend^® ETF			Global X SuperDividend^® U.S. ETF			Global X SuperDividend^® Emerging Markets ETF			Global X SuperDividend^® REIT ETF
Assets:
Cost of Investments	$	834,523,055		$	328,223,887		$	3,113,840		$	34,636,504
Cost of Repurchase Agreement		57,413,239			7,571,225			—			—
Cost of Foreign Currency		312,324			—			234			4,942
Investments, at Value	$	793,993,743	*	$	337,100,752	*	$	3,734,368		$	34,138,623
Repurchase Agreement, at Value		57,413,239			7,571,225			—			—
Cash		3,637,015			821,899			3,854			66,459
Foreign Currency, at Value		312,968			—			242			4,912
Dividend and Interest Receivable		3,789,603			592,014			3,988			107,480
Reclaim Receivable		523,847			14,812			—			1,564
Receivable for Investment Securities Sold		53,733			—			—			4,760
Receivable for Capital Shares Sold		—			4,829,804			—			—
Total Assets		859,724,148			350,930,506			3,742,452			34,323,798
Liabilities:
Obligation to Return Securities Lending Collateral		57,413,239			7,571,225			—			—
Payable due to Investment Adviser		399,570			127,899			2,019			16,377
Payable for Investment Securities Purchased		53,826			4,828,619			—			4,764
Due to Broker		41,135			6,149			—			334
Unrealized Depreciation on Spot Contracts		353			—			—			—
Total Liabilities		57,908,123			12,533,892			2,019			21,475
Net Assets	$	801,816,025		$	338,396,614		$	3,740,433		$	34,302,323
Net Assets Consist of:
Paid-in Capital	$	948,151,507		$	384,562,501		$	3,884,738		$	35,022,853
Undistributed (Distributions in Excess of) Net Investment Income		(1,599,748	)		(1	)		1,635			(80,141	)
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(104,148,973	)		(55,042,751	)		(766,476	)		(142,440	)
Net Unrealized Appreciation (Depreciation) on Investments		(40,529,312	)		8,876,865			620,528			(497,881	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(57,449	)		—			8			(68	)
Net Assets	$	801,816,025		$	338,396,614		$	3,740,433		$	34,302,323
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		39,250,000			14,100,000			250,000			2,350,000
Net Asset Value, Offering and Redemption Price Per Share	$	20.43		$	24.00		$	14.96		$	14.60
*Includes Market Value of Securities on Loan	$	54,773,970		$	7,287,261		$	—		$	—

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

134

Statements of Assets and Liabilities

October 31, 2016

	Global X SuperIncome™ Preferred ETF			Global X Social Media Index ETF			Global X \| JPMorgan Efficiente Index ETF			Global X \| JPMorgan US Sector Rotator Index ETF
Assets:
Cost of Investments	$	240,199,021		$	133,295,620		$	7,207,895		$	10,618,473
Cost of Repurchase Agreement		13,991,000			17,121,597			—			—
Investments, at Value	$	231,453,997	*	$	133,997,654	*	$	7,211,336		$	10,697,358
Repurchase Agreement, at Value		13,991,000			17,121,597			—			—
Cash		2,104,422			60,297			7,587			15,163
Receivable for Investment Securities Sold		1,417,755			13,560,862			—			—
Dividend and Interest Receivable		428,545			40,410			—			—
Reclaim Receivable		—			5,794			—			—
Total Assets		249,395,719			164,786,614			7,218,923			10,712,521
Liabilities:
Obligation to Return Securities Lending Collateral		13,991,000			17,121,597			—			—
Payable for Investment Securities Purchased		3,083,024			13,478,120			—			—
Payable due to Investment Adviser		114,947			76,159			4,267			6,247
Due to Broker		500			—			—			—
Total Liabilities		17,189,471			30,675,876			4,267			6,247
Net Assets	$	232,206,248		$	134,110,738		$	7,214,656		$	10,706,274
Net Assets Consist of:
Paid-in Capital	$	262,707,243		$	153,131,160		$	8,981,592		$	12,860,351
Undistributed Net Investment Income		513,583			60,572			95,278			143,599
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(22,269,554	)		(19,781,544	)		(1,865,655	)		(2,376,561	)
Net Unrealized Appreciation (Depreciation) on Investments		(8,745,024	)		702,034			3,441			78,885
Net Unrealized Depreciation on Foreign Currency Translations		—			(1,484	)		—			—
Net Assets	$	232,206,248		$	134,110,738		$	7,214,656		$	10,706,274
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		17,650,000			5,700,000			300,000			450,000
Net Asset Value, Offering and Redemption Price Per Share	$	13.16		$	23.53		$	24.05		$	23.79
*Includes Market Value of Securities on Loan	$	13,600,406		$	16,161,795		$	—		$	—

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

135

Statements of Assets and Liabilities

October 31, 2016

	Global X Permanent ETF			Global X Guru^® Index ETF			Global X Guru^® Activist Index ETF			Global X Guru^® International Index ETF
Assets:
Cost of Investments	$	9,337,037		$	60,385,621		$	1,360,719		$	716,398
Cost of Repurchase Agreement		—			1,336,000			—			—
Cost of Foreign Currency		2			—			—			12
Investments, at Value	$	8,715,682		$	58,774,734	*	$	1,331,140		$	692,349
Cash		50,895			253,782			3,368			650
Foreign Currency, at Value		2			—			—			12
Repurchase Agreement, at Value		—			1,336,000			—			—
Dividend and Interest Receivable		32,934			28,278			1,127			603
Receivable for Investment Securities Sold		—			1,157,236			—			—
Reclaim Receivable		—			480			—			606
Total Assets		8,799,513			61,550,510			1,335,635			694,220
Liabilities:
Payable due to Investment Adviser		3,592			41,375			855			443
Obligation to Return Securities Lending Collateral		—			1,336,000			—			—
Payable for Capital Shares Redeemed		—			1,159,637			—			—
Due to Broker		—			66			—			—
Total Liabilities		3,592			2,537,078			855			443
Net Assets	$	8,795,921		$	59,013,432		$	1,334,780		$	693,777
Net Assets Consist of:
Paid-in Capital	$	9,654,662		$	93,565,365		$	1,649,538		$	973,328
Undistributed Net Investment Income		70,936			3			9,333			15,783
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(308,322	)		(32,941,049	)		(294,512	)		(271,285	)
Net Unrealized Depreciation on Investments		(621,355	)		(1,610,887	)		(29,579	)		(24,049	)
Net Assets	$	8,795,921		$	59,013,432		$	1,334,780		$	693,777
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		350,000			2,550,000			100,000			50,000
Net Asset Value, Offering and Redemption Price Per Share	$	25.13		$	23.14		$	13.35		$	13.88
*Includes Market Value of Securities on Loan	$	—		$	1,290,225		$	—		$	—

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

136

Statements of Assets and Liabilities

October 31, 2016

	Global X Scientific Beta US ETF			Global X Scientific Beta Europe ETF			Global X Scientific Beta Japan ETF			Global X Scientific Beta Asia ex-Japan ETF
Assets:
Cost of Investments	$	64,718,233		$	12,635,615		$	12,516,651		$	2,249,622
Cost of Foreign Currency		—			2,703			268			—
Investments, at Value	$	66,021,168		$	12,417,327		$	13,661,144		$	2,289,672
Cash		121,741			9,386			—			3,721
Foreign Currency, at Value		—			2,721			268			—
Dividend and Interest Receivable		69,420			9,820			89,578			3,244
Reclaim Receivable		136			15,509			—			—
Receivable for Investment Securities Sold		—			133			274			—
Total Assets		66,212,465			12,454,896			13,751,264			2,296,637
Liabilities:
Payable due to Investment Adviser		10,688			4,063			4,355			751
Payable for Investment Securities Purchased		—			134			273			—
Cash Overdraft		—			—			58,197			—
Due to Broker		—			3,328			—			—
Unrealized Depreciation on Spot Contracts		—			6			—			—
Total Liabilities		10,688			7,531			62,825			751
Net Assets	$	66,201,777		$	12,447,365		$	13,688,439		$	2,295,886
Net Assets Consist of:
Paid-in Capital	$	64,780,080		$	12,657,892		$	12,466,734		$	2,499,952
Undistributed Net Investment Income		622,202			296,809			281,015			76,164
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(503,440	)		(288,222	)		(200,074	)		(320,280	)
Net Unrealized Appreciation (Depreciation) on Investments		1,302,935			(218,288	)		1,144,493			40,050
Net Unrealized Depreciation on Foreign Currency Translations		—			(826	)		(3,729	)		—
Net Assets	$	66,201,777		$	12,447,365		$	13,688,439		$	2,295,886
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		2,600,000			550,000			500,000			100,000
Net Asset Value, Offering and Redemption Price Per Share	$	25.46		$	22.63		$	27.38		$	22.96

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

137

Statements of Assets and Liabilities

October 31, 2016

	Global X YieldCo Index ETF			Global X S&P 500^® Catholic Values ETF
Assets:
Cost of Investments	$	6,326,346		$	40,377,383
Cost of Foreign Currency		2,588			—
Investments, at Value	$	6,677,872		$	39,832,007
Cash		4,361			35,304
Foreign Currency, at Value		2,588			—
Dividend and Interest Receivable		13,775			41,219
Receivable for Investment Securities Sold		2,581			—
Reclaim Receivable		562			330
Total Assets		6,701,739			39,908,860
Liabilities:
Payable due to Investment Adviser		3,714			9,851
Payable for Investment Securities Purchased		2,583			52
Total Liabilities		6,297			9,903
Net Assets	$	6,695,442		$	39,898,957
Net Assets Consist of:
Paid-in Capital	$	7,411,901		$	40,314,242
Undistributed (Distributions in Excess of) Net Investment Income		(16	)		146,462
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(1,067,942	)		(16,371	)
Net Unrealized Appreciation (Depreciation) on Investments		351,526			(545,376	)
Net Unrealized Depreciation on Foreign Currency Translations		(27	)		—
Net Assets	$	6,695,442		$	39,898,957
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		600,000			1,550,000
Net Asset Value, Offering and Redemption Price Per Share	$	11.16		$	25.74

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

138

Statements of Operations

For the year ended October 31, 2016

	Global X SuperDividend^® ETF			Global X SuperDividend^®U.S. ETF			Global X SuperDividend^® Emerging Markets ETF			Global X SuperDividend^® REIT ETF
Investment Income:
Dividend Income	$	48,885,116		$	12,205,935		$	181,222		$	852,155
Interest Income		2,040			979			—			—
Security Lending Income		1,819,134			333,596			—			—
Less: Foreign Taxes Withheld		(1,537,048	)		—			(12,472	)		(19,174	)
Total Investment Income		49,169,242			12,540,510			168,750			832,981
Supervision and Administration Fees⁽¹⁾		4,565,595			1,338,851			21,355			69,127
Custodian Fees		7,009			3,610			56			76
Total Expenses		4,572,604			1,342,461			21,411			69,203
Net Investment Income		44,596,638			11,198,049			147,339			763,778
Net Realized Loss on:
Investments		(47,081,347	)⁽²⁾		(35,817,624	)⁽²⁾		(734,085	)		(104,970	)
Foreign Currency Transactions		(115,835	)		—			(5,254	)		(2,242	)
Net Realized Loss on Investments and Foreign Currency Transactions		(47,197,182	)		(35,817,624	)		(739,339	)		(107,212	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		42,752,428			29,835,507			1,090,020			(135,222	)
Foreign Currency Translations		(27,463	)		—			656			(81	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		42,724,965			29,835,507			1,090,676			(135,303	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(4,472,217	)		(5,982,117	)		351,337			(242,515	)
Net Increase in Net Assets Resulting from Operations	$	40,124,421		$	5,215,932		$	498,676		$	521,263

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

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

139

Statements of Operations

For the year ended October 31, 2016

	Global X SuperIncome™ Preferred ETF			Global X Social Media Index ETF			Global X \| JPMorgan Efficiente Index ETF			Global X \| JPMorgan US Sector Rotator Index ETF
Investment Income:
Dividend Income	$	15,618,881		$	632,869		$	208,133		$	304,684
Interest Income		1,310			129			36			148
Security Lending Income		331,801			35,567			—			—
Less: Foreign Taxes Withheld		—			(25,135	)		—			—
Total Investment Income		15,951,992			643,430			208,169			304,832
Supervision and Administration Fees⁽¹⁾		1,251,903			544,333			50,587			95,945
Custodian Fees		1,711			360			6			81
Total Expenses		1,253,614			544,693			50,593			96,026
Net Investment Income		14,698,378			98,737			157,576			208,806
Net Realized Gain (Loss) on:
Investments ⁽²⁾		(15,342,553	)		(9,516,754	)		264,481			397,550
Foreign Currency Transactions		—			(33,775	)		—			—
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(15,342,553	)		(9,550,529	)		264,481			397,550
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		8,059,993			15,463,320			(22,888	)		(106,031	)
Foreign Currency Translations		—			(1,429	)		—			—
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		8,059,993			15,461,891			(22,888	)		(106,031	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(7,282,560	)		5,911,362			241,593			291,519
Net Increase in Net Assets Resulting from Operations	$	7,415,818		$	6,010,099		$	399,169		$	500,325

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

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

140

Statements of Operations

For the year ended October 31, 2016

	Global X Permanent ETF			Global X Guru^® Index ETF			Global X Guru^® Activist Index ETF			Global X Guru^® International Index ETF
Investment Income:
Dividend Income	$	61,079		$	1,263,781		$	26,728		$	24,006
Interest Income		75,507			279			—			6
Security Lending Income		—			137,852			—			—
Less: Foreign Taxes Withheld		(765	)		(2,037	)		(269	)		(3,602	)
Total Investment Income		135,821			1,399,875			26,459			20,410
Supervision and Administration Fees⁽¹⁾		44,325			824,972			11,452			8,124
Custodian Fees		–			33			–			8
Total Expenses		44,325			825,005			11,452			8,132
Net Investment Income		91,496			574,870			15,007			12,278
Net Realized Gain (Loss) on:
Investments ⁽²⁾		153,489			(18,740,544	)		(129,919	)		(55,716	)
Foreign Currency Transactions		76			—			—			—
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		153,565			(18,740,544	)		(129,919	)		(55,716	)
Net Change in Unrealized Appreciation on:
Investments		235,914			8,344,218			27,944			124,765
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		235,914			8,344,218			27,944			124,765
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		389,479			(10,396,326	)		(101,975	)		69,049
Net Increase (Decrease) in Net Assets Resulting from Operations	$	480,975		$	(9,821,456	)	$	(86,968	)	$	81,327

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

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

141

Statements of Operations

For the year ended October 31, 2016

	Global X Scientific Beta US ETF			Global X Scientific Beta Europe ETF			Global X Scientific Beta Japan ETF			Global X Scientific Beta Asia ex-Japan ETF
Investment Income:
Dividend Income	$	685,769		$	379,480		$	261,316		$	91,164
Interest Income		2			—			—			—
Less: Foreign Taxes Withheld		(75	)		(31,977	)		(30,585	)		(3,239	)
Total Investment Income		685,696			347,503			230,731			87,925
Supervision and Administration Fees⁽¹⁾		118,569			40,414			41,185			8,370
Tax Expense		2			–			–			–
Custodian Fees		1			29			358			22
Total Expenses		118,572			40,443			41,543			8,392
Waiver of Supervision and Administration Fees		(50,604	)		–			–			–
Net Expenses		67,968			40,443			41,543			8,392
Net Investment Income		617,728			307,060			189,188			79,533
Net Realized Gains (Loss) on:
Investments ⁽²⁾		(471,109	)		(275,437	)		(108,584	)		(206,898	)
Foreign Currency Transactions		—			(5,291	)		8,793			117
Net Realized Loss on Investments and Foreign Currency Transactions		(471,109	)		(280,728	)		(99,791	)		(206,781	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		1,327,566			(153,533	)		1,146,251			322,729
Foreign Currency Translations		—			(820	)		(3,651	)		31
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		1,327,566			(154,353	)		1,142,600			322,760
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		856,457			(435,081	)		1,042,809			115,979
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,474,185		$	(128,021	)	$	1,231,997		$	195,512

(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.)

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

142

Statements of Operations

For the year or period ended October 31, 2016

	Global X YieldCo Index ETF				Global X S&P 500^® Catholic Values ETF⁽³⁾
Investment Income:
Dividend Income	$	232,633			$	169,651
Interest Income		10				1
Less: Foreign Taxes Withheld		(12,791	)			(41	)
Total Investment Income		219,852				169,611
Supervision and Administration Fees⁽¹⁾		32,239		��		32,365
Custodian Fees		390				2
Total Expenses		32,629				32,367
Waiver of Supervision and Administration Fees		–				(8,298	)
Net Expenses		32,629				24,069
Net Investment Income		187,223				145,542
Net Realized Gain (Loss) on:
Investments		(878,444	)⁽²⁾			(15,451	)
Foreign Currency Transactions		316				—
Net Realized Loss on Investments and Foreign Currency Transactions		(878,128	)			(15,451	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		1,238,969				(545,376	)
Foreign Currency Translations		(27	)			—
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		1,238,942				(545,376	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		360,814				(560,827	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	548,037			$	(415,285	)

(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)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)
(3)	Fund commenced operations on April 18, 2016.

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

143

Statements of Changes in Net Assets

	Global X SuperDividend^® ETF						Global X SuperDividend^® U.S. ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Operations:
Net Investment Income	$	44,596,638		$	55,764,634		$	11,198,049		$	18,390,959
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(47,197,182	)		(38,152,069	)		(35,817,624	)		(14,851,179	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		42,724,965			(115,526,605	)		29,835,507			(32,039,760	)
Net Increase (Decrease) in Net Assets Resulting from Operations		40,124,421			(97,914,040	)		5,215,932			(28,499,980	)
Dividends and Distributions from:
Net Investment Income		(50,746,230	)		(63,792,372	)		(12,821,203	)		(13,048,101	)
Net Realized Gains		—			(1,980,385	)		—			—
Return of Capital		(5,683,920	)		—			(8,107,347	)		(7,048,014	)
Total Dividends and Distributions		(56,430,150	)		(65,772,757	)		(20,928,550	)		(20,096,115	)
Capital Share Transactions:
Issued		49,804,205			105,826,823			127,291,547			113,535,136
Redeemed		(112,348,453	)		(99,050,071	)		(48,180,940	)		(66,655,050	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(62,544,248	)		6,776,752			79,110,607			46,880,086
Total Increase (Decrease) in Net Assets		(78,849,977	)		(156,910,045	)		63,397,989			(1,716,009	)
Net Assets:
Beginning of Year		880,666,002			1,037,576,047			274,998,625			276,714,634
End of Year	$	801,816,025		$	880,666,002		$	338,396,614		$	274,998,625
Distributions in Excess of Net Investment Income	$	(1,599,748	)	$	(5,638,231	)	$	(1	)	$	—
Share Transactions:
Issued		2,400,000			4,550,000			5,200,000			3,950,000
Redeemed		(5,800,000	)		(4,700,000	)		(2,000,000	)		(2,400,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(3,400,000	)		(150,000	)		3,200,000			1,550,000

(1)

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

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

144

Statements of Changes in Net Assets

	Global X SuperDividend^®Emerging Markets ETF						Global X SuperDividend^® REIT ETF
	Year Ended October 31, 2016			Period Ended October 31, 2015⁽¹⁾			Year Ended October 31, 2016			Period Ended October 31, 2015⁽¹⁾
Operations:
Net Investment Income	$	147,339		$	141,924		$	763,778		$	115,415
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(739,339	)		(12,896	)		(107,212	)		11,788
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		1,090,676			(470,140	)		(135,303	)		(362,646	)
Net Increase (Decrease) in Net Assets Resulting from Operations		498,676			(341,112	)		521,263			(235,443	)
Dividends and Distributions from:
Net Investment Income		(191,294	)		(110,575	)		(892,500	)		(113,850	)
Total Dividends and Distributions		(191,294	)		(110,575	)		(892,500	)		(113,850	)
Capital Share Transactions:
Issued		—			3,884,738			30,719,755			4,303,098
Increase in Net Assets from Capital Share Transactions		—			3,884,738			30,719,755			4,303,098
Total Increase in Net Assets		307,382			3,433,051			30,348,518			3,953,805
Net Assets:
Beginning of Year/Period		3,433,051			—			3,953,805			—
End of Year/Period	$	3,740,433		$	3,433,051		$	34,302,323		$	3,953,805
Undistributed (Distributions in Excess of) Net Investment Income	$	1,635		$	26,374		$	(80,141	)	$	18,276
Share Transactions:
Issued		—			250,000			2,050,000			300,000
Net Increase in Shares Outstanding from Share Transactions		—			250,000			2,050,000			300,000

(1)

The Fund commenced operations on March 16, 2015.

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

145

Statements of Changes in Net Assets

	Global X SuperIncome™ Preferred ETF						Global X Social Media Index ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Operations:
Net Investment Income	$	14,698,378		$	16,395,904		$	98,737		$	43,682
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(15,342,553	)		(6,016,791	)		(9,550,529	)		3,402,707
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		8,059,993			(16,410,848	)		15,461,891			(3,954,102	)
Net Increase (Decrease) in Net Assets Resulting from Operations		7,415,818			(6,031,735	)		6,010,099			(507,713	)
Dividends and Distributions from:
Net Investment Income		(14,776,181	)		(16,693,614	)		(6,875	)		(57,330	)
Total Dividends and Distributions		(14,776,181	)		(16,693,614	)		(6,875	)		(57,330	)
Capital Share Transactions:
Issued		37,190,345			143,668,838			94,491,559			47,160,234
Redeemed		(33,050,541	)		(48,391,387	)		(43,528,797	)		(95,868,254	)
Increase (Decrease) in Net Assets from Capital Share Transactions		4,139,804			95,277,451			50,962,762			(48,708,020	)
Total Increase (Decrease) in Net Assets		(3,220,559	)		72,552,102			56,965,986			(49,273,063	)
Net Assets:
Beginning of Year		235,426,807			162,874,705			77,144,752			126,417,815
End of Year	$	232,206,248		$	235,426,807		$	134,110,738		$	77,144,752
Undistributed (Distributions in Excess of) Net Investment Income	$	513,583		$	267,725		$	60,572		$	(32,203	)
Share Transactions:
Issued		2,750,000			9,850,000			4,150,000			2,500,000
Redeemed		(2,550,000	)		(3,450,000	)		(2,450,000	)		(5,050,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		200,000			6,400,000			1,700,000			(2,550,000	)

(1)

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

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

146

Statements of Changes in Net Assets

	Global X \| JPMorgan Efficiente Index ETF						Global X \| JPMorgan US Sector Rotator Index ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Operations:
Net Investment Income	$	157,576		$	234,522		$	208,806		$	164,481
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		264,481			(1,998,124	)		397,550			(2,764,955	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(22,888	)		(28,134	)		(106,031	)		149,664
Net Increase (Decrease) in Net Assets Resulting from Operations		399,169			(1,791,736	)		500,325			(2,450,810	)
Dividends and Distributions from:
Net Investment Income		(312,783	)		(15,956	)		(197,183	)		(32,505	)
Net Realized Gains		—			—			—			(3,065	)
Total Dividends and Distributions		(312,783	)		(15,956	)		(197,183	)		(35,570	)
Capital Share Transactions:
Issued		1,121,897			23,733,266			3,404,929			28,365,035
Redeemed		(2,296,047	)		(16,172,237	)		(7,129,086	)		(14,292,683	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(1,174,150	)		7,561,029			(3,724,157	)		14,072,352
Total Increase (Decrease) in Net Assets		(1,087,764	)		5,753,337			(3,421,015	)		11,585,972
Net Assets:
Beginning of Year		8,302,420			2,549,083			14,127,289			2,541,317
End of Year	$	7,214,656		$	8,302,420		$	10,706,274		$	14,127,289
Undistributed Net Investment Income	$	95,278		$	256,863		$	143,599		$	131,976
Share Transactions:
Issued		50,000			900,000			150,000			1,100,000
Redeemed		(100,000	)		(650,000	)		(300,000	)		(600,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(50,000	)		250,000			(150,000	)		500,000

(1)

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

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

147

Statements of Changes in Net Assets

	Global X Permanent ETF						Global X Guru^® Index ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Operations:
Net Investment Income	$	91,496		$	104,740		$	574,870		$	1,193,648
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		153,565			36,454			(18,740,544	)		10,809,860
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		235,914			(97,856	)		8,344,218			(28,388,415	)
Net Increase (Decrease) in Net Assets Resulting from Operations		480,975			43,338			(9,821,456	)		(16,384,907	)
Dividends and Distributions from:
Net Investment Income		(114,717	)		(105,609	)		(635,053	)		(4,215,674	)
Return of Capital		—			—			(125,403	)		—
Total Dividends and Distributions		(114,717	)		(105,609	)		(760,456	)		(4,215,674	)
Capital Share Transactions:
Issued		—			3,655,316			10,209,709			11,909,461
Redeemed		(2,344,051	)		(1,258,291	)		(125,119,219	)		(243,390,062	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(2,344,051	)		2,397,025			(114,909,510	)		(231,480,601	)
Total Increase (Decrease) in Net Assets		(1,977,793	)		2,334,754			(125,491,422	)		(252,081,182	)
Net Assets:
Beginning of Year		10,773,714			8,438,960			184,504,854			436,586,036
End of Year	$	8,795,921		$	10,773,714		$	59,013,432		$	184,504,854
Undistributed Net Investment Income	$	70,936		$	91,967		$	3		$	578,659
Share Transactions:
Issued		—			150,000			450,000			450,000
Redeemed		(100,000	)		(50,000	)		(5,600,000	)		(9,350,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(100,000	)		100,000			(5,150,000	)		(8,900,000	)

(1)

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

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

148

Statements of Changes in Net Assets

	Global X Guru^® Activist Index ETF						Global X Guru^® International Index ETF
	Year Ended October 31, 2016			Period Ended October 31, 2015⁽¹⁾			Year Ended October 31, 2016			Year Ended October 31, 2015
Operations:
Net Investment Income	$	15,007		$	11,721		$	12,278		$	15,468
Net Realized Loss on Investments and Foreign Currency Transactions		(129,919	)⁽²⁾		(268,719	)		(55,716	)⁽²⁾		(92,603	)⁽²⁾
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		27,944			(57,523	)		124,765			(177,481	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(86,968	)		(314,521	)		81,327			(254,616	)
Dividends and Distributions from:
Net Investment Income		(17,395	)		—			(21,629	)		(16,359	)
Total Dividends and Distributions		(17,395	)		—			(21,629	)		(16,359	)
Capital Share Transactions:
Issued		—			2,997,667			—			—
Redeemed		(1,244,003	)		—			(678,888	)		(759,471	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(1,244,003	)		2,997,667			(678,888	)		(759,471	)
Total Increase (Decrease) in Net Assets		(1,348,366	)		2,683,146			(619,190	)		(1,030,446	)
Net Assets:
Beginning of Year/Period		2,683,146			—			1,312,967			2,343,413
End of Year/Period	$	1,334,780		$	2,683,146		$	693,777		$	1,312,967
Undistributed Net Investment Income	$	9,333		$	11,721		$	15,783		$	9,574
Share Transactions:
Issued		—			200,000			—			—
Redeemed		(100,000	)		—			(50,000	)		(50,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(100,000	)		200,000			(50,000	)		(50,000	)

(1)	The Fund commenced operations on April 28, 2015.
(2)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)

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

149

Statements of Changes in Net Assets

	Global X Scientific Beta US ETF						Global X Scientific Beta Europe ETF
	Year Ended October 31, 2016			Period Ended October 31, 2015⁽¹⁾			Year Ended October 31, 2016			Period Ended October 31, 2015⁽¹⁾
Operations:
Net Investment Income	$	617,728		$	17,850		$	307,060		$	25,313
Net Realized Loss on Investments and Foreign Currency Transactions		(471,109	)		(16,707	)		(280,728	)		(8,762	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		1,327,566			(24,631	)		(154,353	)		(64,761	)
Net Increase (Decrease) in Net Assets Resulting from Operations		1,474,185			(23,488	)		(128,021	)		(48,210	)
Dividends and Distributions from:
Net Investment Income		(29,000	)		—			(34,296	)		—
Total Dividends and Distributions		(29,000	)		—			(34,296	)		—
Capital Share Transactions:
Issued		62,290,080			2,490,000			10,168,892			2,489,000
Increase in Net Assets from Capital Share Transactions		62,290,080			2,490,000			10,168,892			2,489,000
Total Increase in Net Assets		63,735,265			2,466,512			10,006,575			2,440,790
Net Assets:
Beginning of Year/Period		2,466,512			—			2,440,790			—
End of Year/Period	$	66,201,777		$	2,466,512		$	12,447,365		$	2,440,790
Undistributed Net Investment Income	$	622,202		$	18,288		$	296,809		$	26,121
Share Transactions:
Issued		2,500,000			100,000			450,000			100,000
Net Increase in Shares Outstanding from Share Transactions		2,500,000			100,000			450,000			100,000

(1)

The Fund commenced operations on May 12, 2015.

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

150

Statements of Changes in Net Assets

	Global X Scientific Beta Japan ETF						Global X Scientific Beta Asia ex-Japan ETF
	Year Ended October 31, 2016			Period Ended October 31, 2015⁽¹⁾			Year Ended October 31, 2016			Period Ended October 31, 2015⁽¹⁾
Operations:
Net Investment Income	$	189,188		$	11,905		$	79,533		$	43,448
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(99,791	)		1,472			(206,781	)		(97,899	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		1,142,600			(1,836	)		322,760			(282,710	)
Net Increase (Decrease) in Net Assets Resulting from Operations		1,231,997			11,541			195,512			(337,161	)
Dividends and Distributions from:
Net Investment Income		(20,668	)		—			(62,417	)		—
Net Realized Gains		(1,165	)		—			—			—
Total Dividends and Distributions		(21,833	)		—			(62,417	)		—
Capital Share Transactions:
Issued		9,959,734			2,507,000			—			2,499,952
Increase in Net Assets from Capital Share Transactions		9,959,734			2,507,000			—			2,499,952
Total Increase in Net Assets		11,169,898			2,518,541			133,095			2,162,791
Net Assets:
Beginning of Year/Period		2,518,541			—			2,162,791			—
End of Year/Period	$	13,688,439		$	2,518,541		$	2,295,886		$	2,162,791
Undistributed Net Investment Income	$	281,015		$	12,102		$	76,164		$	46,987
Share Transactions:
Issued		400,000			100,000			—			100,000
Net Increase in Shares Outstanding from Share Transactions		400,000			100,000			—			100,000

(1)

The Fund commenced operations on May 12, 2015.

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

151

Statements of Changes in Net Assets

	Global X YieldCo Index ETF						Global X S&P 500^® Catholic Values ETF
	Year Ended October 31, 2016			Period Ended October 31, 2015⁽¹⁾			Period Ended October 31, 2016⁽²⁾
Operations:
Net Investment Income	$	187,223		$	50,554		$	145,542
Net Realized Loss on Investments and Foreign Currency Transactions		(878,128	)⁽³⁾		(161,801	)		(15,451	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		1,238,942			(887,443	)		(545,376	)
Net Increase (Decrease) in Net Assets Resulting from Operations		548,037			(998,690	)		(415,285	)
Dividends and Distributions from:
Net Investment Income		(199,159	)		(33,750	)		—
Return of Capital		(76,200	)		—			—
Total Dividends and Distributions		(275,359	)		(33,750	)		—
Capital Share Transactions:
Issued		4,187,034			4,351,749			40,314,242
Redeemed		(1,083,579	)		—			—
Increase in Net Assets from Capital Share Transactions		3,103,455			4,351,749			40,314,242
Total Increase in Net Assets		3,376,133			3,319,309			39,898,957
Net Assets:
Beginning of Year/Period		3,319,309			—			—
End of Year/Period	$	6,695,442		$	3,319,309		$	39,898,957
Undistributed (Distributions in Excess of) Net Investment Income	$	(16	)	$	10,723		$	146,462
Share Transactions:
Issued		400,000			300,000			1,550,000
Redeemed		(100,000	)		—			—
Net Increase in Shares Outstanding from Share Transactions		300,000			300,000			1,550,000

(1)	The Fund commenced operations on May 27, 2015.
(2)	The Fund commenced operations on April 18, 2016.
(3)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)

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

152

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 ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
Global X SuperDividend^® ETF
2016		20.65		1.15		0.08			1.23			(1.30	)		—			(0.15	)		(1.45	)		20.43		6.23			801,816		0.58			5.67			39.06
2015		24.24		1.26		(3.36	)		(2.10	)		(1.44	)		(0.05	)		—			(1.49	)		20.65		(9.01	)		880,666		0.58			5.58			26.12
2014		23.74		1.40		0.56			1.96			(1.46	)		—			—			(1.46	)		24.24		8.41			1,037,576		0.58			5.71			33.63
2013		21.86		1.34		2.27			3.61			(1.73	)		—			—			(1.73	)		23.74		17.34			775,238		0.58			5.93			43.64
2012		21.76		1.62		0.09			1.71			(1.61	)		—			—			(1.61	)		21.86		8.34			162,828		0.58			7.53			34.03
Global X SuperDividend^® U.S. ETF
2016		25.23		0.92#		(0.40	)		0.52			(1.07	)		—			(0.68	)		(1.75	)		24.00		2.13			338,397		0.45			3.77	#		53.45
2015		29.60		1.71		(4.19	)		(2.48	)		(1.23	)		—			(0.66	)		(1.89	)		25.23		(8.67	)		274,999		0.45			6.25			42.51
2014		25.94		1.78		3.45			5.23			(1.41	)		—			(0.16	)		(1.57	)		29.60		20.80			276,715		0.45			6.32			40.04
2013⁽¹⁾		25.15		0.98		0.82			1.80			(0.91	)		—			(0.10	)		(1.01	)		25.94		7.32			51,879		0.45	†		6.02	†		20.36
Global X SuperDividend^® Emerging Markets ETF
2016		13.73		0.59		1.41			2.00			(0.77	)		—			—			(0.77	)		14.96		15.58			3,740		0.65			4.49			64.83
2015⁽²⁾		14.90		0.66		(1.34	)		(0.68	)		(0.49	)		—			—			(0.49	)		13.73		(4.89	)		3,433		0.65	†		6.72	†		1.25
Global X SuperDividend^® REIT ETF
2016		13.18		0.91		1.72			2.63			(1.21	)		—			—			(1.21	)		14.60		21.01			34,302		0.56			6.23			16.87
2015⁽²⁾		15.12		0.63		(1.95	)		(1.32	)		(0.62	)		—			—			(0.62	)		13.18		(8.86	)		3,954		0.54	†		7.20	†		1.45
Global X SuperIncome™ Preferred ETF
2016		13.49		0.91		(0.33	)		0.58			(0.91	)		—			—			(0.91	)		13.16		4.44			232,206		0.58			6.81			47.62
2015		14.74		0.95		(1.21	)		(0.26	)		(0.99	)		—			—			(0.99	)		13.49		(1.95	)		235,427		0.58			6.68			76.54
2014		14.81		1.01		(0.02	)		0.99			(1.06	)		—			—			(1.06	)		14.74		6.89			162,875		0.58			6.78			85.07
2013^		14.65		0.31		0.18			0.49			(0.33	)		—			—			(0.33	)		14.81		3.38			59,965		0.58			6.34			61.86
2013⁽³⁾		15.02		1.13		(0.47	)		0.66			(1.02	)		(0.01	)		—			(1.03	)		14.65		4.46			35,169		0.58	†		7.84	†		91.98
Global X Social Media Index ETF
2016		19.29		0.02		4.22			4.24			—			—			—			***			23.53		21.99			134,111		0.65			0.12			39.89
2015		19.30		0.01		(0.01	)		—			(0.01	)		—			—			(0.01	)		19.29		—			77,145		0.65			0.04			26.51
2014		19.38		—		(0.08	)		(0.08	)		—			—			—			—			19.30		(0.41	)		126,418		0.65			(0.01	)		26.52
2013		12.83		—		6.66			6.66			(0.11	)		—			—			(0.11	)		19.38		52.34			95,948		0.65			(0.01	)		55.96
2012⁽⁴⁾		14.93		0.12		(2.22	)		(2.10	)		—			—			—			—			12.83		(14.07	)		13,471		0.65	†		0.88	†		91.78
Global X \| JPMorgan Efficiente Index ETF
2016		23.72		0.51		0.86			1.37			(1.04	)		—			—			(1.04	)		24.05		6.12			7,215		0.69			2.15			387.39
2015		25.49		0.43		(2.04	)		(1.61	)		(0.16	)		—			—			(0.16	)		23.72		(6.37	)		8,302		0.69			1.70			311.58
2014⁽⁵⁾		24.95		—		0.54			0.54			—			—			—			—			25.49		2.16			2,549		0.69	†		(0.69	)†		—
Global X \| JPMorgan US Sector Rotator Index ETF
2016		23.55		0.35		0.25			0.60			(0.36	)		—			—			(0.36	)		23.79		2.60			10,706		0.69			1.50			839.83
2015		25.41		0.20		(1.94	)		(1.74	)		(0.11	)		(0.01	)		—			(0.12	)		23.55		(6.90	)		14,127		0.69			0.82			907.92
2014⁽⁵⁾		25.03		—		0.38			0.38			—			—			—			—			25.41		1.52			2,541		0.69	†		(0.69	)†		63.35
Global X Permanent ETF
2016		23.94		0.24		1.20			1.44			(0.25	)		—			—			(0.25	)		25.13		6.13			8,796		0.48			0.99			42.12
2015		24.11		0.25		(0.19	)		0.06			(0.23	)		—			—			(0.23	)		23.94		0.25			10,774		0.48			1.03			31.10
2014		24.13		0.24		0.18			0.42			(0.36	)		(0.08	)		—			(0.44	)		24.11		1.84			8,439		0.48			1.02			24.63
2013^		23.15		0.07		0.91			0.98			—			—			—			—			24.13		4.23			14,477		0.48	†		0.90	†		3.08
2013		24.77		0.25		(1.66	)		(1.41	)		(0.21	)		—			—			(0.21	)		23.15		(5.77	)		15,048		0.48			0.98			44.44
2012⁽⁶⁾		25.04		0.09		(0.36	)		(0.27	)		—			—			—			—			24.77		(1.08	)		14,859		0.48	†		0.92	†		14.89

*	Per share data calculated using average shares method.
**	Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have 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 rounds to less than $0.00.
†	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.
^	For the period July 1, 2013 to October 31, 2013. Effective July 1, 2013 the Global X Permanent ETF, Global X Guru^® Index ETF (formerly Global X Top Guru Holdings Index ETF) and Global X SuperIncome™ Preferred ETF each changed their fiscal year end to October 31.
#	See Note 8 in the Notes to Financial Statements.
(1)	The Fund commenced operations on March 11, 2013.
(2)	The Fund commenced operations on March 16, 2015.
(3)	The Fund commenced operations on July 16, 2012.
(4)	The Fund commenced operations on November 14, 2011.
(5)	The Fund commenced operations on October 22, 2014.
(6)	The Fund commenced operations on February 7, 2012.

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

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

153

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 ($)			Total from Distributions ($)			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 (%)††
Global X Guru^® Index ETF
2016		23.96		0.12#		(0.83	)		(0.71	)		(0.09	)		—			(0.02	)		(0.11	)		23.14		(2.97	)		59,013		0.75			0.52#			102.07
2015		26.30		0.10		(2.16	)		(2.06	)		(0.28	)		—			—			(0.28	)		23.96		(7.94	)		184,505		0.75			0.39			129.71
2014		23.99		0.22		2.12			2.34			(0.03	)		—			—			(0.03	)		26.30		9.76			436,586		0.75			0.88			128.37
2013^		20.68		0.01		3.30			3.31			—			—			—			—			23.99		16.01			241,060		0.75	†		0.10	†		24.89
2013		15.83		0.17		5.66			5.83			(0.20	)		(0.78	)		—			(0.98	)		20.68		38.08			52,740		0.75			0.85			77.25
2012⁽¹⁾		14.96		0.02		0.85			0.87			—			—			—			—			15.83		5.82			5,539		0.75	†		1.90	†		1.90
Global X Guru^® Activist Index ETF
2016		13.42		0.13		(0.08	)		0.05			(0.12	)		—			—			(0.12	)		13.35		0.37			1,335		0.75			0.98			82.02
2015⁽²⁾		15.05		0.06		(1.69	)		(1.63	)		—			—			—			—			13.42		(10.83	)		2,683		0.75	†		0.84	†		50.29
Global X Guru^® International Index ETF
2016		13.13		0.14		0.83			0.97			(0.22	)		—			—			(0.22	)		13.88		7.51			694		0.75			1.13			116.22
2015		15.62		0.12		(2.50	)		(2.38	)		(0.11	)		—			—			(0.11	)		13.13		(15.31	)		1,313		0.75			0.85			118.14
2014⁽³⁾		14.83		0.09		0.70			0.79			—			—			—			—			15.62		5.33			2,343		0.75	†		0.89	†		62.71
Global X Scientific Beta US ETF
2016		24.67		0.46		0.62			1.08			(0.29	)		—			—			(0.29	)		25.46		4.43			66,202		0.20	@		1.82			32.54
2015⁽⁴⁾		24.90		0.18		(0.41	)		(0.23	)		—			—			—			—			24.67		(0.92	)		2,467		0.35	†		1.55	†		20.90
Global X Scientific Beta Europe ETF
2016		24.41		0.66		(2.10	)		(1.44	)		(0.34	)		—			—			(0.34	)		22.63		(5.96	)		12,447		0.38			2.89			35.72
2015⁽⁴⁾		24.89		0.25		(0.73	)		(0.48	)		—			—			—			—			24.41		(1.93	)		2,441		0.38	†		2.22	†		17.53
Global X Scientific Beta Japan ETF
2016		25.19		0.44		1.97			2.41			(0.21	)		(0.01	)		—			(0.22	)		27.38		9.63			13,688		0.38			1.75			82.57
2015⁽⁴⁾		25.07		0.12		—			0.12			—			—			—			—			25.19		0.48			2,519		0.38	†		1.02	†		20.31
Global X Scientific Beta Asia ex-Japan ETF
2016		21.63		0.80		1.15			1.95			(0.62	)		—			—			(0.62	)		22.96		9.29			2,296		0.38			3.61			74.44
2015⁽⁴⁾		24.89		0.44		(3.70	)		(3.26	)		—			—			—			—			21.63		(13.10	)		2,163		0.38	†		4.17	†		59.21
Global X YieldCo Index ETF
2016		11.06		0.41#		0.35			0.76			(0.48	)		—			(0.18	)		(0.66	)		11.16		7.25			6,695		0.66			3.78#			40.25
2015⁽⁵⁾		15.19		0.20		(4.19	)		(3.99	)		(0.14	)		—			—			(0.14	)		11.06		(26.39	)		3,319		0.65	†		3.72	†		22.97
Global X S&P 500^® Catholic Values ETF
2016⁽⁶⁾		25.14		0.24		0.36			0.60			—			—			—			—			25.74		2.39			39,899		0.29	†@		1.75	†		2.80

*	Per share data calculated using average shares method.
**	Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
@	The ratio of expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.35% and 0.39%, for the Global X Scientific Beta US ETF and the Global X S&P 500^®Catholic Values ETF, respectively.
^	For the period July 1, 2013 to October 31, 2013. Effective July 1, 2013 the Global X Permanent ETF, Global X Guru^® Index ETF (formerly Global X Top Guru Holdings Index ETF) and Global X SuperIncome™ Preferred ETF each changed their fiscal year end to October 31.
#	See Note 8 in the Notes to Financial Statements.
(1)	The Fund commenced operations on June 4, 2012.
(2)	The Fund commenced operations on April 28, 2015.
(3)	The Fund commenced operations on March 10, 2014.
(4)	The Fund commenced operations on May 12, 2015.
(5)	The Fund commenced operations on May 27, 2015.
(6)	The Fund commenced operations on April 18, 2016.

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

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

154

Notes to Financial Statements

October 31, 2016

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, as an open-end management investment company. As of October 31, 2016, the Trust had one hundred portfolios, fifty-four of which were operational. The financial statements herein and the related notes pertain to the Global X SuperDividend^® ETF, Global X SuperDividend^® U.S. ETF, Global X MSCI SuperDividend^® Emerging Markets ETF, Global X SuperDividend^® REIT ETF, Global X SuperIncome™ Preferred ETF, Global X Social Media Index ETF, Global X| JPMorgan Efficiente Index ETF, Global X | JPMorgan US Sector Rotator Index ETF, | Global X Permanent ETF, Global X Guru^® Index ETF, Global X Guru^® Activist Index ETF, Global X Guru^® International Index ETF, Global X Scientific Beta US ETF, Global X Scientific Beta Europe ETF, Global X Scientific Beta Japan ETF, Global X Scientific Beta Asia ex-Japan ETF, Global X YieldCo Index ETF and Global X S&P 500^® Catholic Values ETF (each a “Fund” collectively, the “Funds”). Each Fund had elected non-diversification status.

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”) 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 and other industry sources. These estimates may subsequently be revised based on information received from the MLPs after their tax reporting periods are concluded.

MASTER LIMITED PARTNERSHIPS (“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 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.

155

Notes to Financial Statements (continued)

October 31, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

MASTER LIMITED PARTNERSHIPS (“MLPs”) (concluded)

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 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 EST 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 (absent both bid and asked prices on such exchange, the bid price may be used).

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

Securities for which market prices are not "readily available" are valued in accordance with fair value procedures established by the Board of Trustees (the “Board”). The Funds’ fair value procedures are implemented through a fair value committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security's trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or, trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value their securities if an event that may materially affect the value of the Funds’ securities that traded outside of

156

Notes to Financial Statements (continued)

October 31, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (concluded)

the United States (a “Significant Event”) has occurred between the time of the security's last close and the time that the Funds calculate their net asset value. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC (the “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 net asset value, 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 October 31, 2016, there were $1,223 and $37 of fair valued securities in the Global X Scientific Beta Europe ETF and Global X Scientific Beta Asia ex-Japan ETF, respectively. There were no other securities priced using the Fair Value Procedures.

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

For the year or period ended October 31, 2016, there have been no significant changes to the Funds’ fair valuation methodologies.

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

157

Notes to Financial Statements (continued)

October 31, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

DUE TO/FROM BROKERS – Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties at October 31, 2016. 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 are held by Citibank, N.A. and are designated as being held on each Fund’s behalf by its custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest.

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

At October 31, 2016, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

			Fair Value of Non-cash		Cash Collateral
	Repurchase Agreements		Collateral Received⁽¹⁾		Received		Net Amount⁽²⁾
Global X SuperDividend^® ETF
Barclays Bank	$	56,000,000	$	56,000,000	$	-	$	-
Deutsche Bank		1,413,239		1,413,239		-		-
Global X SuperDividend^® U.S. ETF
Deutsche Bank		7,571,225		7,571,225		-		-
Global X SuperIncome^TM Preferred ETF
Barclays Bank		13,000,000		13,000,000		-		-
Deutsche Bank		991,000		991,000		-		-
Global X Social Media Index ETF
Barclays Bank		16,000,000		16,000,000		-		-
Deutsche Bank		1,121,597		1,121,597		-		-
Global X Guru^® Index ETF
Deutsche Bank		1,336,000		1,336,000		-		-

⁽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.

158

Notes to Financial Statements (continued)

October 31, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

During the year ended October 31, 2016, the Global X Scientific Beta US ETF incurred federal excise tax in the amount of $2. No other provisions for Federal income taxes have been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provisions 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), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

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

As of and during the year or period ended October 31, 2016, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Funds did not incur any interest or penalties.

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

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

159

Notes to Financial Statements (continued)

October 31, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

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 ex-dividend date.

INVESTMENTS IN REITs – With respect to the Funds, dividend income is recorded based on the income included in distributions received from real estate investment trust (“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.

CREATION UNITS – The Funds issue and redeem shares (“Shares”) at Net Asset Value (“NAV”) and only in large blocks of Shares, (each block of Shares for a Fund is called a “Creation Unit” or multiples thereof). 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 investor 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 Brown Brothers Harriman & Co. (“BBH”), the Funds’ custodian (“Custodian”), 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, a higher transaction fee will be charged. The following table discloses Creation Unit breakdown:

			Creation		Value at October
	Creation Unit Shares		Fee		31, 2016		Redemption Fee
Global X SuperDividend^® ETF		50,000	$	3,800	$	1,021,500	$	3,800
Global X SuperDividend^® U.S. ETF		50,000		750		1,200,000		750
Global X SuperDividend^® Emerging Markets ETF		50,000		3,000		748,000		3,000
Global X SuperDividend^® REIT ETF		50,000		750		730,000		750
Global X SuperIncome^TM Preferred ETF		50,000		500		658,000		500
Global X Social Media Index ETF		50,000		1,000		1,176,500		1,000
Global X \| JPMorgan Efficiente Index ETF		50,000		500		1,202,500		500
Global X \| JPMorgan US Sector Rotator Index ETF		50,000		500		1,189,500		500
Global X Permanent ETF		50,000		1,000		1,256,500		1,000
Global X Guru^® Index ETF		50,000		750		1,157,000		750
Global X Guru^® Activist Index ETF		50,000		750		667,500		750
Global X Guru^® International Index ETF		50,000		750		694,000		750
Global X Scientific Beta US ETF		50,000		2,500		1,273,000		2,500
Global X Scientific Beta Europe ETF		50,000		10,500		1,131,500		10,500
Global X Scientific Beta Japan ETF		50,000		5,500		1,369,000		5,500
Global X Scientific Beta Asia ex-Japan ETF		50,000		11,000		1,148,000		11,000
Global X YieldCo Index ETF		50,000		500		558,000		500
Global X S&P 500^® Catholic Values ETF		50,000		2,300		1,287,000		2,300

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

160

Notes to Financial Statements (continued)

October 31, 2016

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board of Trustees, 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 its service to the Funds, under the Supervision and Administration Agreement, each Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the Fund). In addition, the Funds bear other expenses, directly and indirectly, that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, acquired fund fees, and other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses).

The following table discloses supervision and administration fees pursuant to the agreement:

	Supervision and
	Administration Fee
Global X SuperDividend^® ETF		0.58	%
Global X SuperDividend^® U.S. ETF		0.45	%
Global X SuperDividend^® Emerging Markets ETF		0.65	%
Global X SuperDividend^®REIT ETF		0.58	%
Global X SuperIncome^TM Preferred ETF		0.58	%
Global X Social Media Index ETF		0.65	%
Global X \| JPMorgan Efficiente Index ETF		0.69	%
Global X \| JPMorgan US Sector Rotator Index ETF		0.69	%
Global X Permanent ETF		0.48	%
Global X Guru^® Index ETF		0.75	%
Global X Guru^® Activist Index ETF		0.75	%
Global X Guru^® International Index ETF		0.75	%
Global X Scientific Beta US ETF*		0.19	%
Global X Scientific Beta Europe ETF		0.38	%
Global X Scientific Beta Japan ETF		0.38	%
Global X Scientific Beta Asia ex-Japan ETF		0.38	%
Global X YieldCo Index ETF		0.65	%
Global X S&P 500^®Catholic Values ETF**		0.29	%

161

Notes to Financial Statements (continued)

October 31, 2016

3. RELATED PARTY TRANSACTIONS (concluded)

*Effective March 1, 2016, pursuant to an expense limitation agreement, the Adviser has contractually agreed to reimburse or waive fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Global X Scientific Beta US ETF (the “Fund) (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) will not exceed 0.19% of the Fund’s average daily net assets per year until at least March 1, 2017. The Fund (at a later date) may reimburse the Adviser for the fees it reimbursed or waived and/or limited pursuant to the expense limitation agreement during any of the prior three fiscal years, provided that, among other things, reimbursement to be made to the Adviser does not cause Total Annual Fund Operating Expenses of the Fund to exceed 0.19% during the year in which it is paid and the Board of Trustees has approved such reimbursement to the Adviser.

**Pursuant to an expense limitation agreement, the Adviser has contractually agreed to waive or reimburse fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Global X S&P 500^® Catholic Values ETF (the “Fund) (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest and extraordinary expenses (such as litigation and indemnification expenses)) will not exceed 0.29% of the Fund’s average daily net assets per year until at least March 1, 2017. The Fund (at a later date) may reimburse the Adviser for the fees and expenses it waived or reimbursed and/or limited pursuant to the expense limitation agreement during any of the prior three fiscal years, provided that, among other things, any reimbursement made to the Adviser does not cause Total Annual Fund Operating Expenses of the Fund to exceed 0.29% during the period in which it is paid and the Board of Trustees has approved such reimbursement to the Adviser.

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

SEI Investments Distribution Co. (“SIDCO”) serves as each Fund’s underwriter and distributor of Creation Units pursuant to a distribution agreement. SIDCO has no obligation to sell any specific quantity of Fund Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (1) the costs of processing and maintaining records of creations of Creation Units; (2) all costs of maintaining the records required of a registered broker/dealer; (3) the expenses of maintaining its registration or qualification as a dealer or broker under Federal or state laws; (4) filing fees; and (5) all other expenses incurred in connection with the distribution services as contemplated in the distribution agreement. SIDCO receives no fee from the Funds for its distribution services under the distribution agreement, rather the Adviser compensates SIDCO for certain expenses, out-of-pocket costs, and transaction fees.

BBH, located at 50 Post Office Square, Boston, MA 02110, serves as Custodian of the Funds’ assets. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds, (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. BBH also serves as the Fund’s transfer agent. 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.

162

Notes to Financial Statements (continued)

October 31, 2016

4. INVESTMENT TRANSACTIONS

For the year or period ended October 31, 2016, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government and short-term securities were:

			Sales and
	Purchases		Maturities
Global X SuperDividend^® ETF	$	308,276,906	$	314,608,353
Global X SuperDividend^® U.S. ETF		159,479,427		168,833,933
Global X SuperDividend^® Emerging Markets ETF		2,142,847		2,187,481
Global X SuperDividend^® REIT ETF		2,198,909		2,294,995
Global X SuperIncome^TM Preferred ETF		103,388,055		103,248,077
Global X Social Media Index ETF		34,728,015		34,547,874
Global X \| JPMorgan Efficiente Index ETF		28,382,156		28,525,661
Global X \| JPMorgan US Sector Rotator Index ETF		116,272,196		116,249,992
Global X Permanent ETF		353,649		319,781
Global X Guru^® Index ETF		112,932,779		112,693,777
Global X Guru^® Activist Index ETF		1,277,273		1,280,593
Global X Guru^® International Index ETF		1,258,879		1,279,960
Global X Scientific Beta US ETF		11,634,883		11,172,143
Global X Scientific Beta Europe ETF		3,787,098		3,643,451
Global X Scientific Beta Japan ETF		8,759,879		8,620,385
Global X Scientific Beta Asia ex-Japan ETF		1,657,900		1,639,935
Global X YieldCo Index ETF		1,996,057		2,231,043
Global X S&P 500^® Catholic Values ETF		602,324		513,376

For the year ended October 31, 2016, the purchases and sales of long-term U.S. Government securities were:

			Sales and
	Purchases		Maturities
Global X Permanent ETF	$	3,377,574	$	3,932,473

For the year or periods ended October 31, 2016 in-kind transactions associated with creations and redemptions were:

			Sales and
	Purchases		Maturities		Realized Gain
Global X SuperDividend^® ETF	$	49,567,614	$	110,361,789	$	1,670,902
Global X SuperDividend^® U.S. ETF		127,157,535		38,867,485		4,168,310
Global X SuperDividend^® Emerging Markets ETF		-		-		-
Global X SuperDividend^® REIT ETF		30,674,729		-		-
Global X SuperIncome^TM Preferred ETF		37,158,930		33,003,074		(2,067,492	)
Global X Social Media Index ETF		93,518,723		43,082,274		700,608
Global X \| JPMorgan Efficiente Index ETF		1,122,106		2,290,750		7,626
Global X \| JPMorgan US Sector Rotator Index ETF		3,399,243		7,134,820		(12,025	)
Global X Permanent ETF		-		1,107,409		9,615
Global X Guru^® Index ETF		10,236,109		125,096,107		891,469
Global X Guru^® Activist Index ETF		-		1,242,332		(95,155	)
Global X Guru^® International Index ETF		-		664,197		44,537
Global X Scientific Beta US ETF		62,260,200		-		-
Global X Scientific Beta Europe ETF		10,270,697		-		-
Global X Scientific Beta Japan ETF		9,969,557		-		-
Global X Scientific Beta Asia ex-Japan ETF		-		-		-
Global X YieldCo Index ETF		4,183,988		911,080		29,597
Global X S&P 500^® Catholic Values ETF		40,304,954		-		-

163

Notes to Financial Statements (continued)

October 31, 2016

4. INVESTMENT TRANSACTIONS (concluded)

For the year or periods ended October 31, 2015, in-kind transactions associated with creations and redemptions were:

			Sales and
	Purchases		Maturities		Realized Gain
Global X SuperDividend^® ETF	$	101,430,555	$	95,779,030	$	7,033,898
Global X SuperDividend^® U.S. ETF		113,364,881		51,541,836		5,510,557
Global X SuperDividend^® Emerging Markets ETF		2,727,482		-		-
Global X SuperDividend^® REIT ETF		4,298,312		-		-
Global X SuperIncome^TM Preferred ETF		143,517,095		48,396,514		598,502
Global X Social Media Index ETF		45,438,519		94,218,207		7,918,432
Global X \| JPMorgan Efficiente Index ETF		23,753,014		16,203,931		95,084
Global X \| JPMorgan US Sector Rotator Index ETF		28,317,222		14,354,708		21,181
Global X Permanent ETF		1,731,998		597,499		80,850
Global X Guru^® Index ETF		11,925,032		243,540,847		17,920,882
Global X Guru^® Activist Index ETF		2,997,065		-		-
Global X Guru^® International Index ETF		-		758,840		34,757
Global X Scientific Beta US ETF		2,489,675		-		-
Global X Scientific Beta Europe ETF		2,481,275		-		-
Global X Scientific Beta Japan ETF		2,496,883		-		-
Global X Scientific Beta Asia ex-Japan ETF		1,903,496		-		-
Global X YieldCo Index ETF		4,344,899		-		-

5. TAX INFORMATION

The Global X SuperDividend^®REIT ETF has a tax year that ends on December 31. The following tax disclosures are representative as of October 31, 2016. Accordingly, the disclosures are for informational use by shareholders and are subject to change attributable to activity through the end of the tax year ending December 31, 2016.

The following differences, primarily attributable to preferred stock interest, foreign currency, redemptions in-kind, REIT adjustments, MLP dividends, return of capital distribution and sales of passive foreign investment companies have been reclassified to/from the following accounts during the fiscal year ended October 31, 2016:

Global X Funds	Paid-in Capital			Undistributed Net Investment Income		Accumulated Net Realized Loss
Global X SuperDividend^® ETF	$	(3,791,515	)	$	10,188,075	$	(6,396,560	)
Global X SuperDividend^® U.S. ETF		2,684,520			1,623,153		(4,307,673	)
Global X SuperDividend^® Emerging Markets ETF		–			19,216		(19,216	)
Global X SuperDividend^® REIT ETF		–			30,305		(30,305	)
Global X SuperIncome™ Preferred ETF		(2,318,454	)		323,661		1,994,793
Global X Social Media Index ETF		(761,019	)		913		760,106

164

Notes to Financial Statements (continued)

October 31, 2016

5. TAX INFORMATION (continued)

Global X Funds	Paid-in Capital			Undistributed Net Investment Income			Accumulated Net Realized Loss
Global X \| JPMorgan Efficiente Index ETF	$	8,610		$	(6,378	)	$	(2,232	)
Global X \| JPMorgan US Sector Rotator Index ETF		(12,025	)		–			12,025
Global X Permanent ETF		(1,340	)		2,190			(850	)
Global X Guru^® Index ETF		144,093			(518,473	)		374,380
Global X Guru^® Activist Index ETF		(104,126	)		–			104,126
Global X Guru^® International Index ETF		43,356			15,560			(58,916	)
Global X Scientific Beta US ETF		–			15,186			(15,186	)
Global X Scientific Beta Europe ETF		–			(2,076	)		2,076
Global X Scientific Beta Japan ETF		–			100,393			(100,393	)
Global X Scientific Beta Asia ex-Japan ETF		–			12,061			(12,061	)
Global X YieldCo Index ETF		32,897			1,197			(34,094	)
Global X S&P 500^® Catholic Values ETF		–			920			(920	)

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

The tax character of dividends and distributions declared during the years or periods ended October 31, 2016 and October 31, 2015 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals

Global X SuperDividend^® ETF
2016	$	50,746,230	$	–	$	5,683,920	$	56,430,150
2015		63,792,396		1,980,361		–		65,772,757
Global X SuperDividend^® U.S. ETF
2016	$	12,821,203	$	–	$	8,107,347	$	20,928,550
2015		13,048,101		–		7,048,014		20,096,115
Global X SuperDividend^® Emerging Markets ETF
2016	$	191,294	$	–	$	–	$	191,294
2015		110,575		–		–		110,575
Global X SuperDividend^® REIT ETF⁽¹⁾
2016	$	210,363	$	10,512	$	–	$	220,875
Global X SuperIncome™ Preferred ETF
2016	$	14,776,181	$	–	$	–	$	14,776,181
2015		16,693,614		–		–		16,693,614
Global X Social Media Index ETF
2016	$	6,875	$	–	$	–	$	6,875
2015		57,330		–		–		57,330
Global X \| JPMorgan Efficiente Index ETF
2016	$	312,783	$	–	$	–	$	312,783
2015		15,956		–		–		15,956
Global X \| JPMorgan US Sector Rotator Index ETF
2016	$	197,183	$	–	$	–	$	197,183
2015		35,570		–		–		35,570
Global X Permanent ETF
2016	$	114,717	$	–	$	–	$	114,717
2015		105,609		–		–		105,609
Global X Guru^® Index ETF
2016	$	635,053	$	–	$	125,403	$	760,456
2015		4,215,674		–		–		4,215,674
Global X Guru^® Activist Index ETF
2016	$	17,395	$	–	$	–	$	17,395
2015		–		–		–		–

(1)

The Global X SuperDividend® REIT ETF has a tax year that ends on December 31.

165

Notes to Financial Statements (continued)

October 31, 2016

5. TAX INFORMATION (continued)

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals

Global X Guru^® International Index ETF
2016	$	21,629	$	–	$	–	$	21,629
2015		16,359		–		–		16,359
Global X Scientific Beta US ETF
2016	$	29,000	$	–	$	–	$	29,000
2015		–		–		–		–
Global X Scientific Beta Europe ETF
2016	$	34,296	$	–	$	–	$	34,296
2015		–		–		–		–
Global X Scientific Beta Japan ETF
2016	$	21,833	$	–	$	–	$	21,833
2015		–		–		–		–
Global X Scientific Beta Asia ex-Japan ETF
2016	$	62,417	$	–	$	–	$	62,417
2015		–		–		–		–
Global X YieldCo Index ETF
2016	$	199,159	$	–	$	76,200	$	275,359
2015		33,750		–		–		33,750
Global X S&P 500^® Catholic Values ETF
2016	$	–	$	–	$	–	$	–

As of October 31, 2016, the components of tax basis distributable earnings (accumulated losses) were as follows:

	Global X Funds
	Global X SuperDividend^®ETF			Global X SuperDividend^®U.S. ETF			Global X SuperDividend^® Emerging Markets ETF
Undistributed Ordinary Income	$	–		$	–		$	35,389
Capital Loss Carryforwards		(101,362,848	)		(52,964,186	)		(760,140	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(44,972,636	)		6,916,391			580,447
Other Temporary Differences					(118,092	)		(1	)
Total Accumulated Losses	$	(146,335,484	)	$	(46,165,887	)	$	(144,305	)

	Global X Funds
	Global X SuperDividend^® REIT ETF⁽¹⁾			Global X SuperIncome™ Preferred ETF			Global X Social Media Index ETF
Undistributed Ordinary Income	$	–		$	533,528		$	126,357
Undistributed Long-Term Capital Gain		–			–			–
Capital Loss Carryforwards		–			(20,699,377	)		(17,330,355	)
Unrealized Depreciation on Investments and Foreign Currency		(520,829	)		(9,939,632	)		(1,816,427	)
Other Temporary Differences		(16,808	)		(395,514	)		3
Total Accumulated Losses	$	(537,637	)	$	(30,500,995	)	$	(19,020,422	)

^{(1) The Global X SuperDividend® REIT ETF has a tax year that ends on December 31.}

166

Notes to Financial Statements (continued)

October 31, 2016

5. TAX INFORMATION (continued)

	Global X Funds
	Global X \| JPMorgan Efficiente Index ETF			Global X \| JPMorgan US Sector Rotator Index ETF			Global X Permanent ETF
Undistributed Ordinary Income	$	95,278		$	143,598		$	94,485
Capital Loss Carryforwards		(1,847,731	)		(2,319,937	)		(294,088	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(14,484	)		22,261			(659,138	)
Other Temporary Differences		1			1			–
Total Accumulated Losses	$	(1,766,936	)	$	(2,154,077	)	$	(858,741	)

	Global X Funds
	Global X Guru^® Index ETF			Global X Guru^® Activist Index ETF			Global X Guru^® International Index ETF
Undistributed Ordinary Income	$	–		$	9,333		$	21,599
Capital Loss Carryforwards		(32,723,455	)		(289,935	)		(267,687	)
Unrealized Depreciation on Investments and Foreign Currency		(1,828,478	)		(34,156	)		(33,460	)
Other Temporary Differences		–			–			(3	)
Total Accumulated Losses	$	(34,551,933	)	$	(314,758	)	$	(279,551	)

	Global X Funds
	Global X Scientific Beta US ETF			Global X Scientific Beta Europe ETF			Global X Scientific Beta Japan ETF
Undistributed Ordinary Income	$	622,201		$	352,082		$	356,381
Capital Loss Carryforwards		(294,899	)		(252,277	)		(185,460	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		1,094,393			(310,331	)		1,050,786
Other Temporary Differences		2			(1	)		(2	)
Total Distributable Earnings (Accumulated Losses)	$	1,421,697		$	(210,527	)	$	1,221,705

	Global X Funds
	Global X Scientific Beta Asia ex- Japan ETF			Global X YieldCo Index ETF			Global X S&P 500^® Catholic Values ETF
Undistributed Ordinary Income	$	90,845		$	–		$	150,770
Capital Loss Carryforwards		(318,379	)		(918,246	)		–
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		23,467			201,788			(566,056	)
Other Temporary Differences		1			(1	)		1
Total Accumulated Losses	$	(204,066	)	$	(716,459	)	$	(415,285	)

167

Notes to Financial Statements (continued)

October 31, 2016

5. TAX INFORMATION (continued)

	Short-Term		Long-Term
Global X Funds	Loss		Loss		Total
Global X SuperDividend^® ETF	$	37,746,451	$	63,616,397	$	101,362,848
Global X SuperDividend^® U.S. ETF		40,787,399		12,176,787		52,964,186
Global X SuperDividend^® Emerging Markets ETF		760,140		-		760,140
Global X SuperIncome^TM Preferred ETF		8,632,180		12,067,197		20,699,377
Global X Social Media Index ETF		4,551,994		12,778,361		17,330,355
Global X \| JPMorgan Efficiente Index ETF		1,847,731		-		1,847,731
Global X \| JPMorgan US Sector Rotator Index ETF		2,319,937		-		2,319,937
Global X Permanent ETF		294,088		-		294,088
Global X Guru^® Index ETF		28,756,602		3,966,853		32,723,455
Global X Guru^® Activist Index ETF		278,556		11,379		289,935
Global X Guru^® International Index ETF		247,601		20,086		267,687
Global X Scientific Beta US ETF		281,709		13,190		294,899
Global X Scientific Beta Europe ETF		206,933		45,344		252,277
Global X Scientific Beta Japan ETF		180,515		4,945		185,460
Global X Scientific Beta Asia ex-Japan ETF		262,554		55,825		318,379
Global X YieldCo Index ETF		550,784		367,462		918,246
Global X S&P 500^® Catholic Values ETF		-		-		-

During the year ended October 31, 2016 the following funds utilized capital loss carryforwards to offset capital gains amounting to:


Global X Funds
Global X JPMorgan Efficiente Index ETF	$	264,676
Global X JPMorgan US Sector Rotator Index ETF		199,720
Global X Permanent ETF		133,583

168

Notes to Financial Statements (continued)

October 31, 2016

5. TAX INFORMATION (continued)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 31, 2016 were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global X SuperDividend^® ETF	$	896,322,169	$	54,987,295	$	(99,902,482	)	$	(44,915,187	)
Global X SuperDividend^® U.S. ETF		337,755,586		32,278,645		(25,362,254	)		6,916,391
Global X SuperDividend^® Emerging Markets ETF		3,153,930		868,506		(288,068	)		580,438
Global X SuperDividend^® REIT ETF		34,671,160		519,964		(1,052,501	)		(532,537	)
Global X SuperIncome™ Preferred ETF		255,384,628		4,235,979		(14,175,611	)		(9,939,632	)
Global X Social Media Index ETF		152,934,194		12,262,050		(14,076,993	)		(1,814,943	)
Global X \| JPMorgan Efficiente Index ETF		7,225,820		100,620		(115,104	)		(14,484	)
Global X \| JPMorgan US Sector Rotator Index ETF		10,675,097		90,453		(68,192	)		22,261
Global X Permanent ETF		9,374,820		352,119		(1,011,257	)		(659,138	)
Global X Guru^® Index ETF		61,939,212		4,156,330		(5,984,808	)		(1,828,478	)
Global X Guru^® Activist Index ETF		1,365,296		94,831		(128,987	)		(34,156	)
Global X Guru^® International Index ETF		725,809		74,858		(108,318	)		(33,460	)
Global X Scientific Beta US ETF		64,926,775		2,979,761		(1,885,368	)		1,094,393
Global X Scientific Beta Europe ETF		12,726,832		830,498		(1,140,003	)		(309,505	)
Global X Scientific Beta Japan ETF		12,606,629		1,330,269		(275,754	)		1,054,515
Global X Scientific Beta Asia ex-Japan ETF		2,266,205		149,764		(126,297	)		23,467
Global X YieldCo Index ETF		6,476,057		534,562		(332,747	)		201,815
Global X S&P 500^®Catholic Values ETF		40,398,063		915,271		(1,481,327	)		(566,056	)

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

6. CONCENTRATION OF RISKS

The securities markets of emerging countries are less liquid, subject to greater price volatility, and have a smaller market capitalization than those of U.S. securities markets. In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issuers or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations as are issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information may be publicly available about emerging country issuers than is available about issuers in the United States.

The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income 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.

169

Notes to Financial Statements (continued)

October 31, 2016

6. CONCENTRATION OF RISKS (concluded)

The Funds (other than the Global X Permanent ETF, Global X SuperIncome Preferred ETF and Global X|JP Morgan Efficient Index 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. The Funds (other than the Global X Permanent ETF, Global X SuperIncome Preferred ETF and Global X|JP Morgan Efficient Index ETF) may utilize a representative sampling strategy with respect to their underlying indices when a replication strategy might be detrimental to their shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow their underlying indices, or, in certain instances, when securities in the underlying indices become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not the underlying indices).

Because of the practical difficulties and expense of purchasing all of the securities in its respective underlying indices, the Global X Permanent ETF, Global X SuperIncome Preferred ETF and Global X|JP Morgan Efficient Index ETF does not expect to purchase all of the securities in its underlying indices. Instead, the Adviser will utilize a “sampling” methodology in seeking to achieve the Funds’ objective. As such, the Funds may purchase a subset of the securities in its respective underlying index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the underlying index.

7. LOANS OF PORTFOLIO SECURITIES

The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Security loans made pursuant to a securities lending agreement are required at all times to be secured by collateral equal to at least 102% of the value of domestic equity securities and 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 or U.S. Treasury obligations and is recognized in the Schedule of Investments and Statement of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statement of Assets and Liabilities. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. 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 October 31, 2016 the value of securities on loan was $54,773,970, $7,287,261, $13,600,406, $16,161,795 and $1,290,225 for the Global X SuperDividend^® ETF, Global X SuperDividend^® U.S. ETF, Global X SuperIncome™ Preferred ETF, Global X Social Media Index ETF and Global X Guru^® Index ETF, respectively and the value of securities purchased with the cash collateral held from securities on loan was $57,413,239, $7,571,225, $13,991,000, $17,121,597 and $1,336,000 for the Global X SuperDividend^® ETF, Global X SuperDividend^® U.S. ETF, Global X SuperIncome™ Preferred ETF, Global X Social Media Index ETF and Global X Guru^® Index ETF, respectively.

170

Notes to Financial Statements (continued)

October 31, 2016

7. LOANS OF PORTFOLIO SECURITIES (concluded)

As of October 31, 2016, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X SuperDividend^® ETF
Barclays Bank	$	5,987,843	$	6,393,250
BNP Prime Brokerage		18,336,829		19,214,276
Credit Suisse		436,098		441,015
Deutsche Bank		3,641,142		3,829,332
Goldman Sachs & Co.		16,513,264		16,989,550
ING Financial Markets		462,300		575,000
JPMorgan		1,062,100		1,170,000
Morgan Stanley		6,103,354		6,439,740
National Financial Services		2,231,040		2,361,076
Global X SuperDividend^® U.S. ETF
Barclays Bank		486,147		511,825
BM O Capital Markets Corp.		3,306,087		3,381,400
Goldman Sachs & Co.		1,075,500		1,087,500
JPMorgan		65,847		70,500
Morgan Stanley		2,353,680		2,520,000
Global X SuperIncome^TM Preferred ETF
Goldman Sachs & Co.		442,899		454,075
JPMorgan		4,201,562		4,312,000
Morgan Stanley		1,271,086		1,305,900
National Financial Services		414,580		424,375
Wells Fargo Bank NA		7,270,279		7,494,650
Global X Social Media Index ETF
Citigroup		1,373,167		1,439,641
Deutsche Bank		7,269,750		7,391,250
JPM organ		5,650,615		6,081,496
M errill Lynch Pierce Fenner & Smith		395,514		416,100
Morgan Stanley		242,004		254,600
National Financial Services		18,782		19,760
Pershing		1,211,963		1,518,750
Global X Guru^® Index ETF
Deutsche Bank		650,080		658,000
Morgan Stanley		640,145		678,000

171

Notes to Financial Statements (continued)

October 31, 2016

8. CHANGE IN ACCOUNTING ESTIMATE

Effective November 1, 2015, the Funds changed their method for estimating the characterization of amounts distributed by master limited partnerships, which correspondingly impacted the net investment income, cost of investments and appreciation (depreciation) on investments and the associated financial highlight ratios and per share disclosures to the extent that the fund recorded investment income that differed from amounts previously estimated. There is no impact to net assets, total return or the expense ratio as a result of management’s change in methodology.

9. CONTRACTUAL OBLIGATIONS

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these arrangements 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.

10. REGULATORY MATTERS

172

Notes to Financial Statements (continued)

October 31, 2016

11. SUBSEQUENT EVENTS

New Series

Subsequent to October 31, 2016, the following investment series of the Trust was launched: Global X MSCI SuperDividend^® EAFE ETF.

Name and Index Change for Global X SuperDividend^® Emerging Markets ETF

On or around November 16, 2016, the following changes took effect for Global X SuperDividend^® Emerging Markets ETF.

	Prior Fund Name and Underlying Index	New Fund Name and Underlying Index
*Fund Name*	Global X SuperDividend^® Emerging Markets ETF	Global X MSCI SuperDividend^® Emerging Markets ETF
*Index Name*	INDXX SuperDividend^® Emerging Markets Index	MSCI Emerging Markets Top 50 Dividend Index
*Index Components*	50	50*
*Index Description*	The INDXX SuperDividend^® Emerging Markets Index tracks the performance of 50 equally weighted companies that rank among the highest dividend yielding equity securities in emerging markets, as defined by INDXX, LLC. The Underlying Index may include components from the following countries: Brazil, Chile, Colombia, Mexico, Peru, Czech Republic, Egypt, Greece, Hungary, Poland, Qatar, Russia, South Africa, Turkey, United Arab Emirates, China, India, Indonesia, Malaysia, Philippines, Thailand. The index selects the publicly-listed securities in these markets with the highest dividend yield, subject to minimum market capitalization and liquidity requirements, and subject to maximum allocations to individual countries and sectors. The components of the Underlying Index must also have paid dividends consistently over the last 2 years.	The MSCI Emerging Markets Top 50 Dividend Index tracks the performance of 50 equally-weighted companies that rank among the highest dividend yielding equity securities in Emerging Markets, as defined by MSCI. The Underlying Index may include components from the following countries: Brazil, Chile, Colombia, Mexico, Peru, Czech Republic, Egypt, Greece, Hungary, Poland, Qatar, Russia, South Africa, Turkey, United Arab Emirates, China, India, Indonesia, Malaysia, Philippines, Thailand, Korea and Taiwan. The MSCI Emerging Markets Top 50 Dividend Index begins with the MSCI Emerging Markets Index, which is a capitalization-weighted index, as its starting universe, and then follows a rules-based methodology that is designed to select among the highest dividend yielding equity securities of the MSCI Emerging Markets Index. The MSCI Emerging Markets Top 50 Dividend Index is equal weighted and rebalanced annually.

173

Notes to Financial Statements (concluded)

October 31, 2016

11. SUBSEQUENT EVENTS (concluded)

*Index constituents for the MSCI Emerging Markets Top 50 Dividend Index are as of August 24, 2016. The number of index constituents may change by the effective date (on or around November 16, 2016).

The prior index is the INDXX SuperDividend^® Emerging Markets Index (the “Prior Index”). The Prior Index is designed to reflect performance of 50 equally weighted companies that rank among the highest dividend yielding equity securities in emerging markets. The new index is the MSCI Emerging Markets Top 50 Dividend Index (the “New Index”). The New Index tracks the performance of 50 equally-weighted companies that rank among the highest dividend yielding equity securities in emerging markets, using the MSCI Emerging Markets Index as its starting universe. The New Index follows a rules-based methodology that is designed to select among the highest dividend yielding equity securities of the MSCI Emerging Markets Index, while screening for dividend stability and applying sector and country capping to limit concentration.

On or around March 1, 2017, the following Funds anticipate changing their diversification status from “non-diversified” to “diversified”:

Global X SuperDividend^® ETF

Global X SuperDividend^® U.S. ETF

Global X Guru^® Index ETF

Global X Scientific Beta US ETF

Global X Scientific Beta Europe ETF

Global X Scientific Beta Japan ETF

Global X Scientific Beta Asia ex-Japan ETF

Global X S&P 500^® Catholic Values ETF

174

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

October 31, 2016

To the Board of Trustees and Shareholders of Global X Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Global X SuperDividend ETF, Global X SuperDividend U.S. ETF, Global X MSCI SuperDividend Emerging Markets ETF, Global X SuperDividend REIT ETF, Global X SuperIncome Preferred ETF, Global X Social Media Index ETF, Global X JPMorgan Efficiente Index ETF, Global X JPMorgan US Sector Rotator Index ETF, Global X Permanent ETF, Global X Guru Index ETF, Global X Guru Activist Index ETF, Global X Guru International Index ETF, Global X Scientific Beta US ETF, Global X Scientific Beta Europe ETF, Global X Scientific Beta Japan ETF, Global X Scientific Beta Asia ex-Japan ETF, Global X YieldCo Index ETF and Global X S&P 500 Catholic Values ETF (eighteen of the series constituting Global X Funds, hereafter referred to as the "Funds") as of October 31, 2016, the results of each of their operations, the changes in each of their net assets and each of their financial highlights for the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.The statements of changes in net assets for the year ended October 31, 2015 and the financial highlights for each of the years or periods ended on or prior to October 31, 2015 were audited by other auditors whose report dated December 30, 2015 expressed an unqualified opinion on those financial statements and financial highlights.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2016

175

Disclosure of Fund Expenses (Unaudited)

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

Operating expenses such as these are deducted from an ETF’s gross income and directly reduce its final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.

The table on the next page illustrates your Fund’s costs in two ways:

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

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

176

Disclosure of Fund Expenses (Unaudited) (Continued)

	Beginning Account Value 5/1/2016		Ending Account Value 10/31/2016		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X SuperDividend® ETF
Actual Fund Return	$	1,000.00	$	1,021.50		0.58	%	$	2.95
Hypothetical 5% Return		1,000.00		1,022.21		0.58			2.96
Global X SuperDividend® U.S. ETF
Actual Fund Return	$	1,000.00	$	997.60		0.45	%	$	2.27
Hypothetical 5% Return		1,000.00		1,022.86		0.45			2.30
Global X SuperDividend® Emerging Markets ETF
Actual Fund Return	$	1,000.00	$	1,108.50		0.65	%	$	3.46
Hypothetical 5% Return		1,000.00		1,021.86		0.65			3.32
Global X SuperDividend® REIT ETF
Actual Fund Return	$	1,000.00	$	1,083.00		0.57	%	$	2.98
Hypothetical 5% Return		1,000.00		1,022.28		0.57			2.89
Global X SuperIncome™ Preferred ETF
Actual Fund Return	$	1,000.00	$	1,005.90		0.58	%	$	2.93
Hypothetical 5% Return		1,000.00		1,022.21		0.58			2.95
Global X Social Media Index ETF
Actual Fund Return	$	1,000.00	$	1,251.60		0.65	%	$	3.67
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.30
Global X \| JPMorgan Efficiente Index ETF
Actual Fund Return	$	1,000.00	$	1,036.20		0.69	%	$	3.53
Hypothetical 5% Return		1,000.00		1,021.67		0.69			3.51
Global X \| JPMorgan US Sector Rotator Index ETF
Actual Fund Return	$	1,000.00	$	1,011.90		0.69	%	$	3.50
Hypothetical 5% Return		1,000.00		1,021.66		0.69			3.52
Global X Permanent ETF
Actual Fund Return	$	1,000.00	$	1,008.40		0.48	%	$	2.42
Hypothetical 5% Return		1,000.00		1,022.72		0.48			2.44
Global X Guru® Index ETF
Actual Fund Return	$	1,000.00	$	1,043.80		0.75	%	$	3.86
Hypothetical 5% Return		1,000.00		1,021.36		0.75			3.82
Global X Guru® Activist Index ETF
Actual Fund Return	$	1,000.00	$	1,016.00		0.75	%	$	3.80
Hypothetical 5% Return		1,000.00		1,021.37		0.75			3.81
Global X Guru® International Index ETF
Actual Fund Return	$	1,000.00	$	1,057.90		0.75	%	$	3.89
Hypothetical 5% Return		1,000.00		1,021.36		0.75			3.82
Global X Scientific Beta US ETF
Actual Fund Return	$	1,000.00	$	1,029.50		0.19	%	$	0.97
Hypothetical 5% Return		1,000.00		1,024.18		0.19			0.97
Global X Scientific Beta Europe ETF
Actual Fund Return	$	1,000.00	$	962.20		0.38	%	$	1.88
Hypothetical 5% Return		1,000.00		1,023.22		0.38			1.93
Global X Scientific Beta Japan ETF
Actual Fund Return	$	1,000.00	$	1,053.50		0.39	%	$	1.99
Hypothetical 5% Return		1,000.00		1,023.20		0.39			1.96
Global X Scientific Beta Asia ex-Japan ETF
Actual Fund Return	$	1,000.00	$	1,025.50		0.38	%	$	1.94
Hypothetical 5% Return		1,000.00		1,023.22		0.38			1.94

177

Disclosure of Fund Expenses (Unaudited) (Concluded)

	Beginning Account Value 5/1/2016		Ending Account Value 10/31/2016		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X YieldCo Index ETF
Actual Fund Return	$	1,000.00	$	1,038.10		0.66	%	$	3.39
Hypothetical 5% Return		1,000.00		1,021.81		0.66			3.36
Global X S&P 500® Catholic Values ETF
Actual Fund Return	$	1,000.00	$	1,038.70		0.29	%	$	1.48
Hypothetical 5% Return		1,000.00		1,023.69		0.29			1.46

⁽¹⁾

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 184/366 (to reflect the one-half year period), unless otherwise noted.

178

Supplemental Information (Unaudited)

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

179

Trustees and Officers of the Trust (Unaudited)

Set forth below are the names, addresses, year of birth, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of Funds in fund complex overseen by Trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust.

Name, Address (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Number of Funds in Trust Overseen by Trustee	Other Directorships Held by Trustees
Independent Trustees²
Sanjay Ram Bharwani 600 Lexington Avenue, 20^th Floor New York, NY 10022 (1974)	Trustee (since 2008)	CEO of Risk Advisors Inc. (since 2007) (consulting firm).	54³	None.
Scott R. Chichester¹ 600 Lexington Avenue, 20th Floor New York, NY 10022 (1970)	Trustee (since 2008)	CFO, AdeptPros Inc. (app development, training and consulting) (since 2012); Founder, Madison Park Advisors LLC (advisory services) (since 2011); CFO, Sterling Seal & Supply Inc. (since 2011), President & Treasurer, Bayview Acquisition Corp (since 2010), CPA, Penda Aiken Inc. (2009-2011) (consultant); Founder and President, DirectPay USA LLC (since 2006) (payroll company); Proprietor, Scott R. Chichester CPA (since 2001) (CPA firm).	54³	Director of AdeptPros Inc. (since 2015); Director of Sterling Seal & Supply Inc. (since 2011);Director of Bayview Acquisition Corp. (since 2010); Trustee of ARK ETF Trust (since 2014).
Kartik Kiran Shah 600 Lexington Avenue, 20th Floor New York, NY 10022 (1977)	Trustee (since 2008)	President and Chief Business Officer, Oxeia Biopharmaceuticals, Inc. (2015-Present); Vice President, Business Development, Cynvenio Biosystems (2012-2014); Independent Consultant, Self-Employed (2011-2012) (non-financial services); Director, Wireless Generation (2008-2011) (software).	54³	Director of Oxeia Biopharmaceuticals, Inc. (2015-Present).

180

Trustees and Officers of the Trust (unaudited) (Concluded)

Name, Address (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustees During the Past 5 Years
Interested Trustee / Officers²
Bruno del Ama 600 Lexington Avenue, 20th floor New York, NY 10022 (1976)	Trustee (since 2008); President, Chief Executive Officer (since 2008).	Chief Executive Officer, Global X Management Company ("GXMC") (since 2008); Chief Compliance Officer, GXMC (2008-2013).	None.
Luis Berruga 600 Lexington Avenue, 20th Floor New York, NY 10022 (1977)	Chief Operating Officer, Treasurer, Principal Accounting Officer and Chief Financial Officer (since 9/2015).	Chief Financial Officer, GXMC (since 9/2015) and Chief Operating Officer (since 2/2014); Investment Banker, Jefferies (2012-2014); Regional Product Specialist, Morgan Stanley (2005-2012).	None.
Daphne Tippens Chisolm 600 Lexington Avenue, 20th Floor New York, NY 10022 (1969)	Secretary (since 2012).	General Counsel, GXMC (since 2011); Chief Compliance Officer, GXMC (1/2014 - 5/2014 and 2/2015 - 9/2016).	None.
Joe Costello 600 Lexington Avenue, 20th Floor New York, NY 10022 (1974)	Chief Compliance Officer (since 9/2016).	Chief Compliance Officer, FlexShares Funds (2011-2015); Vice President, Northern Trust Investments (2003 - 2015).	None.
Lisa K. Whittaker⁴ One Freedom Valley Drive Oaks, PA 19456 (1978)	Assistant Secretary (since 2013).	Counsel at SEI Investments (since 2012); Associate Counsel and Compliance Officer at The Glendale Trust Company (2011-2012); Associate of Drinker Biddle & Reath LLP (2006-2011).	None.
Eric Kleinschmidt⁴ One Freedom Valley Drive Oaks, PA 19456 (1968)	Assistant Treasurer (since 2016).	Director, Fund Accounting, SEI Investments Global Funds Services (2004 to present).	None.

Each Trustee serves until his or her successor is duly elected or appointed and qualified.

As of October 31, 2016, the Trust had one hundred investment portfolios, fifty-four of which were operational.

⁴

These officers of the Trust also serve as officers of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor.

181

Notice to Shareholders (Unaudited)

For shareholders that do not have an October 31, 2016 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2016 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2016, the Funds are designating the following items with regard to distributions paid during the year.

	Return of Capital			Long-Term Capital Gain Distributions			Ordinary Income Distributions			Total Distributions			Qualifying for Corporate Dividends Received Deduction ⁽¹⁾			Qualifying Dividend Income ⁽²⁾			U.S. Government Interest ⁽³⁾			Interest Related Dividends ⁽⁴⁾			Short Term Capital Gain Dividends ⁽⁵⁾			Foreign Tax Credit
Global X SuperDividend^®ETF		0.00	%		0.00	%		100.00	%		100.00	%		8.15	%		45.10	%		0.00	%		0.00	%		0.00	%		0.00	%
Global X SuperDividend^®U.S. ETF		38.74	%		0.00	%		61.26	%		100.00	%		67.87	%		67.67	%		0.00	%		1.58	%		0.00	%		0.00	%
Global X SuperDividend^®Emerging Markets ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.55	%		69.02	%		0.00	%		0.00	%		0.00	%		6.12	%
Global X SuperDividend^®REIT ETF		0.00	%		5.97	%		94.03	%		100.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Global X SuperIncome™ Preferred ETF		0.00	%		0.00	%		100.00	%		100.00	%		52.17	%		68.08	%		0.00	%		26.64	%		0.00	%		0.00	%
Global X Social Media Index ETF		0.00	%		0.00	%		100.00	%		100.00	%		97.34	%		96.83	%		0.00	%		0.00	%		0.00	%		0.00	%
Global X \| JPMorgan Efficiente Index ETF		0.00	%		0.00	%		100.00	%		100.00	%		4.43	%		4.95	%		8.06	%		0.01	%		0.00	%		0.00	%
Global X \| JPMorgan US Sector Rotator Index ETF		0.00	%		0.00	%		100.00	%		100.00	%		35.48	%		23.84	%		4.91	%		0.03	%		0.00	%		0.00	%
Global X Permanent ETF		0.00	%		0.00	%		100.00	%		100.00	%		29.27	%		39.20	%		47.43	%		60.53	%		0.00	%		0.00	%
Global X Guru^®Index ETF		16.49	%		0.00	%		83.51	%		100.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Global X Guru^®Activist Index ETF		0.00	%		0.00	%		100.00	%		100.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Global X Guru^®International Index ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.10	%		90.42	%		0.00	%		0.00	%		0.00	%		14.28	%
Global X Scientific Beta US ETF		0.00	%		0.00	%		100.00	%		100.00	%		93.31	%		92.73	%		0.00	%		0.00	%		0.00	%		0.00	%
Global X Scientific Beta Europe ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.10	%		93.14	%		0.00	%		0.00	%		0.00	%		38.60	%
Global X Scientific Beta Japan ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		64.56	%		0.00	%		0.00	%		0.00	%		58.33	%
Global X Scientific Beta Asia ex-Japan ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.04	%		38.06	%		0.00	%		0.00	%		0.00	%		4.89	%
Global X YieldCo Index ETF		27.67	%		0.00	%		72.33	%		100.00	%		45.97	%		99.87	%		0.00	%		0.00	%		0.00	%		0.00	%
Global X S&P 500^®Catholic Values ETF		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

⁽²⁾ The percentage in this column represents the amount of "Qualifying Dividend Income" as created by the Jobs and Growth Relief Reconciliation Act of 2003 and its reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.

⁽⁴⁾ The percentage in this column represents the amount of "Qualifying Interest Income" as created by the American Jobs Creation Act of 2004 and is a percentage of net investment income that is exempt from U.S. withholding tax when paid for foreign investors.

182

Notice to Shareholders (Unaudited)

The Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended October 31, 2016, the total amount of foreign source income and foreign tax credit are as follows:

	Foreign		Foreign Tax
	Source		Credit Pass
Global X Funds	Income		through
Global X SuperDividend^® Emerging Markets ETF	$	183,605	$	12,472
Global X Guru^® International Index ETF		3,625		3,602
Global X Scientific Beta Europe ETF		382,983		21,561
Global X Scientific Beta Japan ETF		261,201		30,565
Global X Scientific Beta Asia ex-Japan ETF		93,237		3,209

183

Notes

184

600 Lexington Avenue, 20th Floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser and Administrator:

Global X Management Company LLC

600 Lexington Avenue, 20th Floor

New York, NY 10022

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

1250 Connecticut Avenue, N.W.

Suite 500

Washington, DC 2006

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

Philadelphia, PA 19103

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

GLX-AR-003-0600

Item 2.

Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

Item 3.

Audit Committee Financial Expert.

(a)(1) The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The audit committee financial expert is Scott Chichester and is independent as defined in Form N-CSR Item 3(a)(2).

Item 4.

Principal Accountant Fees and Services.

Fees billed by Pricewaterhouse Coopers LLP in 2016 and Ernst & Young, LLP in 2015 related to the registrant.

In 2016 and 2015, Pricewaterhouse Coopers LLP and Ernst & Young, LLP, respectively, billed the registrant aggregate fees for services rendered to the registrant for the last two fiscal years as follows:

		2016						2015
		All fees and services to the Trust that were pre- approved		All fees and services to service affiliates that were pre- approved		All other fees and services to service affiliates that did not require pre- approval		All fees and services to the Trust that were pre- approved		All fees and services to service affiliates that were pre- approved		All other fees and services to service affiliates that did not require pre- approval
(a)	Audit Fees	$	532,690	$	0	$	0	$	575,582	$	0	$	0
(b)	Audit-Related Fees	$	0	$	0	$	0	$	0	$	0	$	0
(c)	Tax Fees	$	201,260	$	0	$	0	$	192,855	$	0	$	0
(d)	All Other Fees	$	0	$	0	$	0	$	0	$	0	$	0

(e)(1) Not applicable.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows for Pricewaterhouse Coopers LLP in 2016 and Ernst & Young, LLP 2015:

	2016			2015
Audit-Related Fees		0	%		0	%
Tax Fees		0	%		0	%
All Other Fees		0	%		0	%

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by Pricewaterhouse Coopers LLP in 2016 and Ernst & Young, LLP in 2015 for the last two fiscal years were $201,260 and $192,855, respectively.

(h) During the past fiscal year, all non-audit services provided by registrant’s principal accountant to either registrant’s investment adviser or to any entity controlling, controlled by, or under common control with registrant’s investment adviser that provides ongoing services to registrant were pre-approved by the audit committee of registrant’s Board of Trustees. Included in the audit committee’s pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

Item 5.

Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6.

Schedule of Investments.

Not applicable.

Item 7.

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

Not applicable to open-end management investment companies.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies. Effective for closed-end management investment companies for fiscal years ending on or after December 31, 2005.

Item 9.

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

Not applicable to open-end management investment companies.

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no material changes.

Item 11.

Controls and Procedures.

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

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

Items 12.

Exhibits.

(a)(1) Code of Ethics attached hereto.

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

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

SIGNATURES

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

(Registrant)	Global X Funds

By (Signature and Title)*	/s/ Bruno del Ama
	Bruno del Ama
	President

Date: December 30, 2016

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/ Bruno del Ama
	Bruno del Ama
	President

Date: December 30, 2016

By (Signature and Title)*	/s/ Luis Berruga
	Luis Berruga
	Chief Financial Officer

Date: December 30, 2016

* Print the name and title of each signing officer under his or her signature.

Global X Funds N-CSRCertified annual shareholder report (management investment company)