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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22209

Global X Funds

(Exact name of registrant as specified in charter)

600 Lexington Avenue, 20^th Floor

New York, NY 10022 (Address of principal executive offices) (Zip code)

Bruno del Ama

Global X Management Company LLC

600 Lexington Avenue, 20^th 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 NW, Suite 500
New York, NY 10022	Washington, DC 20036

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

Date of fiscal year end: October 31, 2017

Date of reporting period: April 30, 2017

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 & Battery Tech ETF (ticker: LIT)

Global X Fertilizers/Potash ETF (ticker: SOIL)

Semi-Annual Report

April 30, 2017

 

Table of Contents

Schedule of Investments
Global X Silver Miners ETF	1
Global X Gold Explorers ETF	3
Global X Copper Miners ETF	6
Global X Uranium ETF	9
Global X Lithium & Battery Tech ETF	12
Global X Fertilizers/Potash ETF	15
Statements of Assets and Liabilities	18
Statements of Operations	20
Statements of Changes in Net Assets	22
Financial Highlights	25
Notes to Financial Statements	26
Disclosure of Fund Expenses (unaudited)	42
Advisory Renewal (unaudited)	44
Supplemental Information (unaudited)	48

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.

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X Silver Miners ETF

Sector Weightings †:

† 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 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.7%
CANADA — 19.1%
Basic Materials — 19.1%
Alexco Resource * (A)		1,000,632	$	1,390,478
Americas Silver *		98,900		289,329
AuRico Metals *		1,038,915		843,411
AuRico Metals ^ *		533,199		428,532
Bear Creek Mining * (A)		1,004,727		1,690,099
Excellon Resources * (A)		639,542		701,611
First Majestic Silver * (A)		1,834,026		14,888,970
Fortuna Silver Mines *		1,746,016		8,006,670
Great Panther Silver * (A)		1,823,093		2,280,033
Klondex Mines *		1,972,496		7,039,992
Mandalay Resources		532,300		221,905
Primero Mining *		2,040,347		955,037
Silvercorp Metals (A)		1,861,412		5,826,220
Tahoe Resources		2,509,423		20,298,558
TOTAL CANADA				64,860,845
MEXICO — 12.9%
Basic Materials — 12.9%
Industrias Penoles		1,808,109		43,845,649
Minera Frisco *		187,930		119,228
TOTAL MEXICO				43,964,877
PERU — 0.2%
Basic Materials — 0.2%
Volcan Cia Minera SAA		2,000,000		530,128
UNITED KINGDOM — 25.7%
Basic Materials — 25.7%
Fresnillo		2,174,985		40,857,471
Hochschild Mining (A)		2,774,335		9,123,953
Polymetal International		2,848,782		37,408,807
TOTAL UNITED KINGDOM				87,390,231
UNITED STATES — 41.8%
Basic Materials — 41.8%
Alamos Gold, Cl A		2,142,403		15,339,606
Coeur d'Alene Mines *		1,796,037		16,272,095
Endeavour Silver * (A)		1,442,940		4,444,255

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

1

Schedule of Investments April 30, 2017 (Unaudited)

Global X Silver Miners ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Basic Materials — continued
Hecla Mining		3,127,536	$	17,045,071
MAG Silver *		806,326		9,853,304
McEwen Mining (A)		2,560,981		7,785,382
Pan American Silver		1,017,468		17,062,938
Silver Standard Resources * (A)		1,379,690		14,224,604
Silver Wheaton		2,010,599		40,151,662
TOTAL UNITED STATES				142,178,917
TOTAL COMMON STOCK
(Cost $335,470,577)				338,924,998
REPURCHASE AGREEMENTS (B) — 3.3%
Barclays Bank
0.800%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $6,796,400 (collateralized by U.S Treasury Obligations, ranging in par value $3-$2,006,364, 0.000%-6.375%, 5/4/17-08/15/40, with a total market value of $6,931,867)	$	6,795,947		6,795,947
Deutsche Bank
0.830%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $4,387,323 (collateralized by U.S. Treasury Obligations, par value $4,205,222, 3.625%, 02/15/20 with a total market value of $4,478,035)		4,387,020		4,387,020
TOTAL REPURCHASE AGREEMENTS
(Cost $11,182,967)				11,182,967
TOTAL INVESTMENTS — 103.0%
(Cost $346,653,544)			$	350,107,965

Percentages are based on Net Assets of $339,770,610.

*	Non-income producing security.
^	Traded on U.S. stock exchange
(A)	This security or a partial position of this security is on loan at April 30, 2017. The total value of securities on loan at April 30, 2017 was $12,021,536.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2017 was $11,182,967.

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	338,924,998	$	—	$	—	$	338,924,998
Repurchase Agreements		—		11,182,967		—		11,182,967
Total Investments in Securities	$	338,924,998	$	11,182,967	$	—	$	350,107,965

For the period ended April 30, 2017, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of April 30, 2017, there were no Level 3 investments.

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

2

Schedule of Investments April 30, 2017 (Unaudited)

Global X Gold Explorers ETF

Sector Weightings †:

 

† 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 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.9%
AUSTRALIA — 14.6%
Basic Materials — 14.6%
Beadell Resources *		1,560,849	$	262,638
Gold Road Resources *		1,095,683		536,710
Metals X *		469,206		257,908
Perseus Mining *		1,332,016		288,882
Regis Resources		639,039		1,562,746
Resolute Mining		857,503		779,158
Saracen Mineral Holdings *		1,021,142		710,203
Silver Lake Resources *		630,667		221,672
St. Barbara *		681,685		1,376,451
TOTAL AUSTRALIA				5,996,368
CANADA — 66.5%
Basic Materials — 66.5%
Alacer Gold *		399,180		630,607
Alamos Gold, Cl A		219,164		1,566,030
Argonaut Gold *		231,572		372,602
Asanko Gold *		274,278		663,980
Atac Resources *		428,672		178,705
B2Gold *		637,763		1,599,888
Chesapeake Gold *		252,317		727,074
China Gold International Resources *		330,505		490,693
Continental Gold *		175,738		395,870
Dalradian Resources * (A)		297,059		267,229
Dundee Precious Metals *		189,881		379,123
Eldorado Gold		463,720		1,692,359
Exeter Resource *		13,743		22,816
First Mining Finance *		287,052		130,163
Guyana Goldfields *		227,188		1,124,890
Integra Gold *		440,009		254,229
International Tower Hill Mines *		619,846		312,802
Kirkland Lake Gold		251,692		1,739,552
Klondex Mines *		239,886		856,172
Lundin Gold *		84,640		365,228
Lydian International *		1,039,406		258,464
Mandalay Resources		523,823		218,371
New Gold *		567,693		1,606,796

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

3

Schedule of Investments April 30, 2017 (Unaudited)

Global X Gold Explorers ETF

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
OceanaGold		565,183	$	1,839,439
Osisko Mining *		186,906		673,917
Premier Gold Mines *		269,736		544,483
Pretium Resources *		166,546		1,648,042
Primero Mining *		245,966		115,131
Richmont Mines *		85,135		642,575
Roxgold * (A)		613,713		561,063
Sabina Gold & Silver *		282,875		355,844
SEMAFO *		447,182		1,026,952
Silver Standard Resources *		164,704		1,696,067
Teranga Gold *		862,025		416,102
Torex Gold Resources *		94,697		1,601,254
Wesdome Gold Mines *		174,945		433,748
TOTAL CANADA				27,408,260
INDONESIA — 1.4%
Basic Materials — 1.4%
Aneka Tambang Persero *		10,629,200		554,227
MEXICO — 0.3%
Basic Materials — 0.3%
Minera Frisco *		151,942		96,396
TURKEY — 0.8%
Basic Materials — 0.8%
Koza Altin Isletmeleri *		63,074		342,725
UNITED KINGDOM — 5.5%
Basic Materials — 5.5%
Centamin		824,548		1,887,089
Highland Gold Mining		209,452		391,563
TOTAL UNITED KINGDOM				2,278,652
UNITED STATES — 10.8%
Basic Materials — 10.8%
Coeur d'Alene Mines *		108,799		985,719
Gold Resource		75,432		248,925
Golden Star Resources *		471,666		338,939
McEwen Mining (A)		307,449		934,645
Novagold Resources * (A)		322,605		1,348,489
Seabridge Gold *		58,052		597,936
TOTAL UNITED STATES				4,454,653
TOTAL COMMON STOCK
(Cost $38,223,337)				41,131,281

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

4

Schedule of Investments April 30, 2017 (Unaudited)

Global X Gold Explorers ETF

	Face Amount		Value
REPURCHASE AGREEMENTS (B) — 3.9%
Barclays Bank
0.800%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $986,764 (collateralized by U.S Treasury Obligations, ranging in par value $1-$331,792, 0.000%-6.375%, 5/4/17-08/15/40, with a total market value of $1,006,432)	$	986,698	$	986,698
Deutsche Bank
0.830%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $636,992 (collateralized by U.S. Treasury Obligations, par value $610,553, 3.625%, 02/15/20 with a total market value of $650,163)		636,948		636,948
TOTAL REPURCHASE AGREEMENTS
(Cost $1,623,646)				1,623,646
TOTAL INVESTMENTS — 103.8%
(Cost $39,846,983)			$	42,754,927

Percentages are based on Net Assets of $41,204,442.

* Non-income producing security.

(A) This security or a partial position of this security is on loan at April 30, 2017.  The total value of securities on loan at April 30, 2017 was $1,646,749.

(B) Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2017 was $1,623,646.

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	41,131,281	$	—	$	—	$	41,131,281
Repurchase Agreements		—		1,623,646		—		1,623,646
Total Investments in Securities	$	41,131,281	$	1,623,646	$	—	$	42,754,927

For the period ended April 30, 2017, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of April 30, 2017, there were no Level 3 investments.

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

5

Schedule of Investments April 30, 2017 (Unaudited)

Global X Copper Miners ETF

Sector Weightings †:

 

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

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA — 8.0%
Basic Materials — 8.0%
Cudeco * (A) (B)		934,367	$	247,398
OZ Minerals		345,849		1,831,189
Sandfire Resources		326,286		1,412,831
TOTAL AUSTRALIA				3,491,418
CANADA — 27.9%
Basic Materials — 27.9%
Altius Minerals		151,495		1,337,340
Capstone Mining *		1,101,694		854,089
First Quantum Minerals		198,979		1,893,305
HudBay Minerals, Cl B		395,532		2,357,629
Lundin Mining		402,756		2,144,419
Nevsun Resources		641,303		1,421,157
Taseko Mines *		247,000		276,392
Teck Resources, Cl B		95,473		1,977,470
TOTAL CANADA				12,261,801
CHINA — 3.7%
Basic Materials — 3.7%
Zijin Mining Group, Cl H		4,552,000		1,609,504
HONG KONG — 7.5%
Basic Materials — 7.5%
Jiangxi Copper, Cl H		1,296,729		2,024,068
Minmetals Resources *		3,775,700		1,291,327
TOTAL HONG KONG				3,315,395
JAPAN — 3.2%
Basic Materials — 3.2%
Nittetsu Mining		26,500		1,412,129
MEXICO — 4.7%
Basic Materials — 4.7%
Grupo Mexico, Cl B		716,114		2,075,769
PHILIPPINES — 0.1%
Basic Materials — 0.1%
Philex Mining		235,800		41,624
POLAND — 5.1%
Basic Materials — 5.1%
KGHM Polska Miedz		70,229		2,227,453

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

6

Schedule of Investments April 30, 2017 (Unaudited)

Global X Copper Miners ETF

	Shares		Value
COMMON STOCK — continued
UNITED KINGDOM— 20.8%
Basic Materials — 20.8%
Antofagasta		250,943	$	2,720,619
Central Asia Metals		61,487		180,973
Glencore		549,970		2,160,533
KAZ Minerals *		380,187		2,476,540
SolGold *		244,060		138,141
Vedanta Resources		160,077		1,432,088
TOTAL UNITED KINGDOM				9,108,894
UNITED STATES— 18.8%
Basic Materials — 18.8%
Freeport-McMoRan Copper & Gold *		165,739		2,113,173
Southern Copper		60,351		2,134,615
Turquoise Hill Resources *		722,859		1,973,405
Vedanta ADR		134,541		2,045,023
TOTAL UNITED STATES				8,266,216
TOTAL COMMON STOCK
(Cost $45,278,300)				43,810,203
TOTAL INVESTMENTS — 99.8%
(Cost $45,278,300)			$	43,810,203

Percentages are based on Net Assets of $43,883,508.

* Non-income producing security

(A) Security considered illiquid. The total value of such securities as of April 30, 2017 was $247,398 and represented 0.6% 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 April 30, 2017, was $247,398 and represents 0.6% of net assets.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	43,562,805	$	—	$	247,398	$	43,810,203
Total Investments in Securities	$	43,562,805	$	—	$	247,398	$	43,810,203

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

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

7

Schedule of Investments April 30, 2017 (Unaudited)

Global X Copper Miners ETF

	Common Stock
Beginning Balance as of October 31, 2016	$	199,385
Realized gain/(loss)		(491	)
Net purchases		128,512
Net sales		(39,941	)
Change in unrealized appreciation/(depreciation)		(40,067	)
Ending Balance as of April 30, 2017	$	247,398

For the period April 30, 2017, 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.

8

Schedule of Investments April 30, 2017 (Unaudited)

Global X Uranium ETF

Sector Weightings †:

 

† 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 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.5%
AUSTRALIA — 14.1%
Basic Materials — 12.4%
Berkeley Energia * (A)		16,955,758	$	8,812,830
Energy Resources of Australia * (B)		20,124,412		9,030,001
Greenland Minerals & Energy * (A)		98,077,102		6,527,863
Paladin Energy * (B) (C) (D)		82,620,817		4,865,791
Peninsula Energy * (A) (B)		18,884,248		4,872,279
				34,108,764
Industrials — 1.7%
Silex Systems * (A) (B)		13,829,444		4,602,334
TOTAL AUSTRALIA				38,711,098
CANADA — 57.2%
Basic Materials — 57.2%
Cameco		5,925,625		56,729,636
Denison Mines * (B)		27,129,235		13,889,025
Energy Fuels * (A) (B)		5,416,610		9,428,459
Fission Uranium *		21,594,514		9,791,998
Laramide Resources * (A) (B)		10,169,523		3,793,210
Mega Uranium * (A) (B)		33,848,348		4,208,454
NexGen Energy * (A) (B)		16,242,144		35,043,023
Uex * (A) (B)		27,781,360		4,673,234
Uranium Participation * (A)		6,724,633		19,279,281
TOTAL CANADA				156,836,320
CHINA — 4.7%
Utilities — 4.7%
CGN Power, Cl H (E)		42,776,100		12,924,872
FRANCE — 4.1%
Utilities — 4.1%
Areva *		2,427,501		11,292,669
HONG KONG — 8.7%
Industrials — 8.7%
CGN Mining *		173,056,600		15,130,534

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

9

Schedule of Investments April 30, 2017 (Unaudited)

Global X Uranium ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Industrials — continued
CNNC International *		20,297,000	$	8,872,949
TOTAL HONG KONG				24,003,483
UNITED STATES — 10.7%
Basic Materials — 10.7%
Centrus Energy, Cl A * (A)		698,077		3,623,020
Uranium Energy * (A) (B)		13,160,413		16,318,912
Ur-Energy * (A) (B)		17,284,360		9,506,398
TOTAL UNITED STATES				29,448,330
TOTAL COMMON STOCK
(Cost $391,205,700)				273,216,772
U.S. TREASURY OBLIGATION — 9.1%
United States Treasury Bill
0.680%, 05/25/17(F)
(Cost $24,988,667)	$	25,000,000		24,988,800
REPURCHASE AGREEMENTS (G) — 11.2%
Barclays Bank
0.800%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $18,617,597 (collateralized by U.S Treasury Obligations, ranging in par value $8-$5,182,032, 0.000%-6.375%, 5/4/17-08/15/40, with a total market value of $18,988,685)		18,616,356		18,616,356
Deutsche Bank
0.830%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $12,018,337 (collateralized by U.S. Treasury Obligations, par value $11,519,501, 3.625%, 02/15/20 with a total market value of $12,266,826)*		12,017,506		12,017,506
TOTAL REPURCHASE AGREEMENTS
(Cost $30,633,862)				30,633,862
TOTAL INVESTMENTS — 119.8%
(Cost $446,828,229)			$	328,839,434

Percentages are based on Net Assets of $274,400,437.

* Non-income producing security.

(A) Affiliated investment.

(B) This security or a partial position of this security is on loan at April 30, 2017.  The total value of securities on loan at April 30, 2017 was $26,674,856.

(C) Security considered illiquid. The total value of such securities as of April 30, 2017 was $4,865,791 and represented 1.8% of Net Assets.

(D) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2017, was $4,865,791 and represents 1.8% of net assets.

(E) 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 April 30, 2017 was $12,924,872 and represents 4.7% of Net Assets.

(F) The rate reported on the Schedule of Investments is the effective yield at time of purchase.

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

10

Schedule of Investments April 30, 2017 (Unaudited)

Global X Uranium ETF

(G) Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2017 was $30,633,862.

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	268,350,981	$	—	$	4,865,791	$	273,216,772
U.S. Treasury Obligation		—		24,988,800		—		24,988,800
Repurchase Agreements		—		30,633,862		—		30,633,862
Total Investments in Securities	$	268,350,981	$	55,622,662	$	4,865,791	$	328,839,434

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, 2016	$	-
Transfers into Level 3		4,865,791
Ending Balance as of April 30, 2017	$	4,865,791

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

11

Schedule of Investments April 30, 2017 (Unaudited)

Global X Lithium & Battery Tech ETF

Sector Weightings †:

 

† 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 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA — 6.9%
Basic Materials — 6.9%
Galaxy Resources *		16,630,282	$	5,285,693
Orocobre *		1,964,699		4,628,283
Pilbara Minerals * (A)		12,216,455		3,106,258
TOTAL AUSTRALIA				13,020,234
CANADA — 2.4%
Basic Materials — 2.4%
Lithium Americas *		2,686,976		1,906,214
Nemaska Lithium * (A)		3,110,120		2,684,079
TOTAL CANADA				4,590,293
CHINA — 3.5%
Consumer Goods — 3.5%
BYD, Cl H		1,118,238		6,592,206
FRANCE — 0.3%
Industrials — 0.3%
Blue Solutions *		33,243		610,691
HONG KONG — 3.5%
Consumer Goods — 3.5%
Coslight Technology International Group *		1,445,373		739,640
FDG Electric Vehicles *		128,814,100		5,962,427
TOTAL HONG KONG				6,702,067
JAPAN — 8.6%
Consumer Goods — 8.6%
GS Yuasa		1,718,594		7,955,454
Panasonic		691,820		8,257,527
TOTAL JAPAN				16,212,981
SOUTH KOREA — 11.9%
Basic Materials — 4.3%
LG Chemical		33,815		8,142,464

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

12

Schedule of Investments April 30, 2017 (Unaudited)

Global X Lithium & Battery Tech ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Industrials — 7.6%
L&F		171,481	$	2,629,707
Samsung SDI		87,786		10,607,764
Vitzrocell		102,974		1,049,740
				14,287,211
TOTAL SOUTH KOREA				22,429,675
TAIWAN — 6.0%
Consumer Goods — 0.6%
Advanced Lithium Electrochemistry Cayman *		1,311,429		1,121,437
Industrials — 5.4%
Changs Ascending Enterprise *		406,470		568,527
Dynapack International Technology		1,448,400		1,941,857
Simplo Technology		2,317,600		7,758,364
				10,268,748
TOTAL TAIWAN				11,390,185
UNITED KINGDOM — 0.4%
Basic Materials — 0.4%
Bacanora Minerals *		677,457		784,429
UNITED STATES — 56.3%
Basic Materials — 45.0%
Albemarle		87,954		9,579,070
FMC		649,252		47,544,724
Sociedad Quimica y Minera de Chile ADR		790,169		28,090,508
				85,214,302
Consumer Goods — 6.1%
Tesla Motors * (A)		36,758		11,544,585
Industrials — 5.2%
CBAK Energy Technology * (A)		155,786		233,679
EnerSys		108,287		8,999,733
Ultralife *		100,105		550,577
				9,783,989
TOTAL UNITED STATES				106,542,876
TOTAL COMMON STOCK
(Cost $163,599,588)				188,875,637
REPURCHASE AGREEMENTS (B) — 5.4%
Barclays Bank
0.800%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $6,196,479 (collateralized by U.S Treasury Obligations, ranging in par value $2-$1,851,971, 0.000%-6.375%, 5/4/17-08/15/40, with a total market value of $6,319,987)	$	6,196,066		6,196,066

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

13

Schedule of Investments April 30, 2017 (Unaudited)

Global X Lithium & Battery Tech ETF

	Face Amount		Value
REPURCHASE AGREEMENTS (B) — 5.4% — continued
Deutsche Bank
0.830%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $4,000,053 (collateralized by U.S. Treasury Obligations, par value $3,834,025, 3.625%, 02/15/20 with a total market value of $4,082,757)	$	3,999,776	$	3,999,776
TOTAL REPURCHASE AGREEMENTS
(Cost $10,195,842)				10,195,842
TOTAL INVESTMENTS — 105.2%
(Cost $173,795,430)			$	199,071,479

Percentages are based on Net Assets of $189,191,744.

* Non-income producing security.

(A) This security or a partial position of this security is on loan at April 30, 2017.  The total value of securities on loan at April 30, 2017 was $10,479,986.

(B) Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2017 was $10,195,842.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	184,719,639	$	4,155,998	$	—	$	188,875,637
Repurchase Agreements		—		10,195,842		—		10,195,842
Total Investments in Securities	$	184,719,639	$	14,351,840	$	—	$	199,071,479

For the period ended April 30, 2017, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2017, there were no Level 3 investments.

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

14

Schedule of Investments April 30, 2017 (Unaudited)

Global X Fertilizers/Potash ETF

Sector Weightings †:

 

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

	Shares		Value
COMMON STOCK — 99.9%
AUSTRALIA — 10.0%
Basic Materials — 10.0%
Incitec Pivot		250,001	$	708,589
Nufarm		95,863		729,097
TOTAL AUSTRALIA				1,437,686
BELGIUM — 4.7%
Basic Materials — 4.7%
Tessenderlo Chemie		16,483		675,962
CANADA — 8.2%
Basic Materials — 8.2%
Agrium		6,289		589,298
Potash Corp of Saskatchewan		34,864		586,974
TOTAL CANADA				1,176,272
GERMANY — 5.0%
Basic Materials — 5.0%
K+S		30,042		716,602
HONG KONG — 3.0%
Basic Materials — 3.0%
China BlueChemical		1,038,801		297,848
Sinofert Holdings		1,003,865		134,235
TOTAL HONG KONG				432,083
ISRAEL —7.7%
Basic Materials — 7.7%
Israel Chemicals		165,809		716,876
The Israel Corp *		2,141		385,584
TOTAL ISRAEL				1,102,460
MALAYSIA — 4.6%
Basic Materials — 4.6%
Petronas Chemicals Group		392,600		660,212
NETHERLANDS — 5.7%
Basic Materials — 5.7%
OCI *		42,259		821,877
NORWAY — 4.2%
Basic Materials — 4.2%
Yara International		16,222		604,455

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

15

Schedule of Investments April 30, 2017 (Unaudited)

Global X Fertilizers/Potash ETF

	Shares		Value
COMMON STOCK — continued
POLAND — 3.4%
Basic Materials — 3.4%
Grupa Azoty		27,488	$	484,574
RUSSIA — 4.8%
Basic Materials — 4.8%
PhosAgro PJSC GDR		47,215		696,421
SOUTH KOREA — 0.5%
Basic Materials — 0.5%
Namhae Chemical		9,749		78,650
SWITZERLAND — 5.2%
Basic Materials — 5.2%
Syngenta *		1,609		747,402
TAIWAN — 3.9%
Basic Materials — 3.9%
Taiwan Fertilizer		413,497		559,169
TURKEY — 0.8%
Basic Materials — 0.8%
Bagfas Bandirma Gubre Fabrik		15,545		47,067
Gubre Fabrikalari		44,455		61,045
TOTAL TURKEY				108,112
UNITED KINGDOM — 2.7%
Basic Materials — 2.7%
Sirius Minerals *		1,201,300		392,429
UNITED STATES — 25.5%
Basic Materials — 25.5%
CF Industries Holdings		22,283		595,847
Compass Minerals International		8,071		532,686
CVR Partners (A)		39,475		193,822
Mosaic		22,478		605,333
Rentech Escrow Shares *(B)(C)		7,168		—
Scotts Miracle-Gro, Cl A		6,941		670,501
Sociedad Quimica y Minera de Chile ADR		23,171		823,729
Terra Nitrogen		2,719		249,604
TOTAL UNITED STATES				3,671,522
TOTAL COMMON STOCK
(Cost $16,867,583)				14,365,888
TOTAL INVESTMENTS — 99.9%
(Cost $16,867,583)			$	14,365,888

Percentages are based on Net Assets of $14,382,608.

* Non-income producing security.

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

16

Schedule of Investments April 30, 2017 (Unaudited)

Global X Fertilizers/Potash ETF

(A) Security considered Master Limited Partnership.  At April 30, 2017, these securities amounted to $443,426 or 3.1% of net assets.

(B) Security considered illiquid. The total value of such securities as of April 30, 2017 was $0 and represented 0.0% of Net Assets.

(C) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2017, was $0 and represents 0.0% of net assets.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	14,365,888	$	—	$	—	$	14,365,888
Total Investments in Securities	$	14,365,888	$	—	$	—	$	14,365,888

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

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

For the period ended April 30, 2017, 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.

17

Statements of Assets and Liabilities

April 30, 2017 (Unaudited)

	Global X Silver Miners ETF			Global X Gold Explorers ETF			Global X Copper Miners ETF
Assets:
Cost of Investments	$	335,470,577		$	38,223,337		$	45,278,300
Cost of Repurchase Agreement		11,182,967			1,623,646			—
Cost of Foreign Currency		—			8,320			66
Investments, at Value	$	338,924,998	*	$	41,131,281	*	$	43,810,203
Repurchase Agreement, at Value		11,182,967			1,623,646			—
Foreign Currency, at Value		—			8,320			72
Cash held for securities on loan		713,710			103,623			—
Receivable for Investment Securities Sold		17,436,441			5,901,519			4,266,644
Dividend and Interest Receivable		543,551			29,492			38,287
Reclaim Receivable		21,391			292			71
Unrealized Appreciation on Spot Contracts		2,127			1,530			1,369
Total Assets		368,825,185			48,799,703			48,116,646
Liabilities:
Obligation to Return Securities Lending Collateral		11,896,677			1,727,269			—
Payable for Investment Securities Purchased		9,693,578			5,819,903			3,850,187
Payable for Capital Shares Redeemed		5,145,356			—			—
Cash Overdraft		2,119,315			24,011			358,051
Payable due to Investment Adviser		192,936			24,048			24,165
Unrealized Depreciation on Spot Contracts		6,713			30			735
Total Liabilities		29,054,575			7,595,261			4,233,138
Net Assets	$	339,770,610		$	41,204,442		$	43,883,508
Net Assets Consist of:
Paid-in Capital	$	610,684,394		$	106,029,447		$	67,808,728
Undistributed (Distributions in Excess of) Net Investment Income		(8,473,877	)		(16,232,915	)		39,370
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(265,870,191	)		(51,500,295	)		(22,494,853	)
Net Unrealized Appreciation (Depreciation) on Investments		3,454,421			2,907,944			(1,468,097	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(24,137	)		261			(1,640	)
Net Assets	$	339,770,610		$	41,204,442		$	43,883,508
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		9,747,318			1,862,054			2,049,374
Net Asset Value, Offering and Redemption Price Per Share	$	34.86		$	22.13		$	21.41
*Includes Market Value of Securities on Loan	$	12,021,536		$	1,646,749		$	—

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

18

Statements of Assets and Liabilities

April 30, 2017 (Unaudited)

	Global X Uranium ETF			Global X Lithium & Battery Tech ETF			Global X Fertilizers/Potash ETF
Assets:
Cost of Investments	$	248,227,095		$	163,599,588		$	16,867,583
Cost of Repurchase Agreement		30,633,862			10,195,842			—
Cost of Affiliated Investments		167,967,272			—			—
Cost of Foreign Currency		1,912			—			—
Investments, at Value	$	167,516,275	*	$	188,875,637	*	$	14,365,888
Affiliated Investments, at Value		130,689,297	*		—			—
Repurchase Agreement, at Value		30,633,862			10,195,842			—
Foreign Currency, at Value		1,856			—			—
Cash		—			265,451			2,424
Cash held for securities on loan		1,955,088			650,710			—
Receivable for Investment Securities Sold		8,835,260			—			—
Dividend and Interest Receivable		225,976			161,162			5,647
Reclaim Receivable		—			—			16,749
Total Assets		339,857,614			200,148,802			14,390,708
Liabilities:
Obligation to Return Securities Lending Collateral		32,588,950			10,846,552			—
Cash Overdraft		23,868,482			—			—
Payable for Capital Shares Redeemed		8,821,014			—			—
Payable due to Investment Adviser		178,731			110,362			8,100
Payable for Investment Securities Purchased		—			144			—
Total Liabilities		65,457,177			10,957,058			8,100
Net Assets	$	274,400,437		$	189,191,744		$	14,382,608
Net Assets Consist of:
Paid-in Capital	$	710,936,267		$	221,891,548		$	24,106,693
Distributions in Excess of Net Investment Income		(6,319,480	)		(1,225,388	)		(142,789	)
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(312,227,499	)		(56,749,974	)		(7,078,372	)
Net Unrealized Appreciation (Depreciation) on Investments		(117,988,795	)		25,276,049			(2,501,695	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(56	)		(491	)		(1,229	)
Net Assets	$	274,400,437		$	189,191,744		$	14,382,608
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		20,681,666			6,624,628			1,550,000
Net Asset Value, Offering and Redemption Price Per Share	$	13.27		$	28.56		$	9.28
*Includes Market Value of Securities on Loan	$	26,674,856		$	10,479,986		$	—

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

19

Statements of Operations

For the period endedApril 30, 2017 (Unaudited)

	Global X Silver Miners ETF			Global X Gold Explorers ETF			Global X Copper Miners ETF
Investment Income:
Dividend Income	$	1,573,414		$	128,571		$	356,523
Interest Income		1,891			483			—
Security Lending Income		137,100			144,170			2,067
Less: Foreign Taxes Withheld		(120,473	)		(1,699	)		(21,925	)
Total Investment Income		1,591,932			271,525			336,665
Supervision and Administration Fees(1)		1,106,324			161,404			141,368
Custodian Fees		5,692			4,026			25
Total Expenses		1,112,016			165,430			141,393
Net Expenses		1,112,016			165,430			141,393
Net Investment Income		479,916			106,095			195,272
Net Realized Gain (Loss) on:
Investments (2)		(8,814,526	)		(634,886	)		581,680
Foreign Currency Transactions		255,024			7,242			4,609
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(8,559,502	)		(627,644	)		586,289
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(41,028,192	)		(9,222,124	)		3,183,939
Foreign Currency Translations		(35,605	)		257			(846	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(41,063,797	)		(9,221,867	)		3,183,093
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(49,623,299	)		(9,849,511	)		3,769,382
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(49,143,383	)	$	(9,743,416	)	$	3,964,654

(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.

20

Statements of Operations

For the period ended April 30, 2017 (Unaudited)

	Global X Uranium ETF			Global X Lithium & Battery Tech ETF			Global X Fertilizers/Potash ETF
Investment Income:
Dividend Income	$	653,682		$	1,049,638		$	120,473
Interest Income		2,065			245			21
Security Lending Income		1,020,747			136,242			—
Less: Foreign Taxes Withheld		(98,052	)		(144,117	)		(8,870	)
Total Investment Income		1,578,442			1,042,008			111,624
Supervision and Administration Fees(1)		772,441			526,589			45,683
Custodian Fees		688			1,059			150
Total Expenses		773,129			527,648			45,833
Net Expenses		773,129			527,648			45,833
Net Investment Income		805,313			514,360			65,791
Net Realized Gain (Loss) on:
Investments (2)		(12,336,303	)		(351,743	)		(780,947	)
Affiliated Investments		(883,657	)		—			—
Foreign Currency Transactions		6,469			(8,926	)		(1,271	)
Net Realized Loss on Investments, Affiliated Investments and Foreign Currency Transactions		(13,213,491	)		(360,669	)		(782,218	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(2,332,985	)		25,946,319			2,075,378
Affiliated Investments		(2,045,308	)		—			—
Foreign Currency Translations		(55	)		(478	)		237
Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments and Foreign Currency Translations		(4,378,348	)		25,945,841			2,075,615
Net Realized and Unrealized Gain (Loss) on Investments, Affiliated Investments and Foreign Currency Transactions and Translations		(17,591,839	)		25,585,172			1,293,397
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(16,786,526	)	$	26,099,532		$	1,359,188

(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.

21

Statements of Changes in Net Assets

	Global X Silver Miners ETF						Global X Gold Explorers ETF
	Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
Operations:
Net Investment Income (Loss)	$	479,916		$	471,099		$	106,095		$	(118,964	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(8,559,502	)		(32,611,236	)(1)		(627,644	)		1,204,342	(1)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(41,063,797	)		168,065,426			(9,221,867	)		24,561,938
Net Increase (Decrease) in Net Assets Resulting from Operations		(49,143,383	)		135,925,289			(9,743,416	)		25,647,316
Dividends and Distributions from:
Net Investment Income		(9,223,650	)		(492,527	)		(15,400,105	)		(2,809,410	)
Total Dividends and Distributions		(9,223,650	)		(492,527	)		(15,400,105	)		(2,809,410	)
Capital Share Transactions:
Issued		60,205,252			145,373,948			—			23,235,210
Redeemed		(41,684,901	)		(44,945,232	)		(5,726,131	)		(3,092,103	)
Increase (Decrease) in Net Assets from Capital Share Transactions		18,520,351			100,428,716			(5,726,131	)		20,143,107
Total Increase (Decrease) in Net Assets		(39,846,682	)		235,861,478			(30,869,652	)		42,981,013
Net Assets:
Beginning of Period		379,617,292			143,755,814			72,074,094			29,093,081
End of Period	$	339,770,610		$	379,617,292		$	41,204,442		$	72,074,094
Undistributed (Distributions in Excess of) Net Investment Income	$	(8,473,877	)	$	269,857		$	(16,232,915	)	$	(938,905	)
Share Transactions:
Issued		1,600,000			3,550,000			—			700,000
Redeemed		(1,200,000	)		(1,102,682	)		(200,000	)		(100,325	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		400,000			2,447,318			(200,000	)		599,675

⁽¹⁾ Includes realized gain (loss) 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.

22

Statements of Changes in Net Assets

	Global X Copper Miners ETF						Global X Uranium ETF
	Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
Operations:
Net Investment Income	$	195,272		$	117,560		$	805,313		$	840,773
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions (1)		586,289			(5,332,136	)		(13,213,491	)		(39,099,245	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		3,183,093			10,560,257			(4,378,348	)		14,843,464
Net Increase (Decrease) in Net Assets Resulting from Operations		3,964,654			5,345,681			(16,786,526	)		(23,415,008	)
Dividends and Distributions from:
Net Investment Income		(232,862	)		(205,898	)		(9,254,190	)		(2,421,696	)
Total Dividends and Distributions		(232,862	)		(205,898	)		(9,254,190	)		(2,421,696	)
Capital Share Transactions:
Issued		22,262,412			4,973,174			206,825,479			4,984,570
Redeemed		(7,614,549	)		(3,588,508	)		(8,821,015	)		(18,767,601	)
Increase (Decrease) in Net Assets from Capital Share Transactions		14,647,863			1,384,666			198,004,464			(13,783,031	)
Total Increase (Decrease) in Net Assets		18,379,655			6,524,449			171,963,748			(39,619,735	)
Net Assets:
Beginning of Period		25,503,853			18,979,404			102,436,689			142,056,424
End of Period	$	43,883,508		$	25,503,853		$	274,400,437		$	102,436,689
Undistributed (Distributions in Excess of) Net Investment Income	$	39,370		$	(76,960	)	$	(6,319,480	)	$	2,129,397
Share Transactions:
Issued		950,000			433,333			12,850,000			350,000
Redeemed		(350,000	)		(250,626	)		(650,000	)		(1,375,870	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		600,000			182,707			12,200,000			(1,025,870	)

⁽¹⁾ Includes realized gain (loss) 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.

23

Statements of Changes in Net Assets

	Global X Lithium & Battery Tech ETF						Global X Fertilizers/Potash ETF
	Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
Operations:
Net Investment Income	$	514,360		$	845,396		$	65,791		$	189,722
Net Realized Loss on Investments and Foreign Currency Transactions (1)		(360,669	)		(2,510,956	)		(782,218	)		(2,765,323	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		25,945,841			8,280,377			2,075,615			1,328,868
Net Increase (Decrease) in Net Assets Resulting from Operations		26,099,532			6,614,817			1,359,188			(1,246,733	)
Dividends and Distributions from:
Net Investment Income		(2,450,314	)		(97,361	)		(403,740	)		(363,096	)
Total Dividends and Distributions		(2,450,314	)		(97,361	)		(403,740	)		(363,096	)
Capital Share Transactions:
Issued		63,708,720			77,405,685			2,302,488			2,166,918
Redeemed		(10,470,438	)		(12,349,856	)		—			(915,034	)
Increase in Net Assets from Capital Share Transactions		53,238,282			65,055,829			2,302,488			1,251,884
Total Increase (Decrease) in Net Assets		76,887,500			71,573,285			3,257,936			(357,945	)
Net Assets:
Beginning of Period		112,304,244			40,730,959			11,124,672			11,482,617
End of Period	$	189,191,744		$	112,304,244		$	14,382,608		$	11,124,672
Undistributed (Distributions in Excess of) Net Investment Income	$	(1,225,388	)	$	710,566		$	(142,789	)	$	195,160
Share Transactions:
Issued		2,350,000			3,200,000			250,000			250,000
Redeemed		(400,000	)		(500,372	)		—			(100,000	)
Net Increase in Shares Outstanding from Share Transactions		1,950,000			2,699,628			250,000			150,000

⁽¹⁾ Includes realized gain (loss) 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.

24

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
2017(Unaudited)		40.61		0.05			(4.73	)		(4.68	)		(1.07	)		—			(1.07	)		34.86		(11.24	)		339,771		0.65	†		0.28	†		13.31
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
2017(Unaudited)		34.95		0.05			(4.82	)		(4.77	)		(8.05	)		—			(8.05	)		22.13		(10.92	)		41,204		0.67	†		0.43	†		65.09
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 (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 (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
2017(Unaudited)		17.60		0.10			3.83			3.93			(0.12	)		—			(0.12	)		21.41		22.37			43,884		0.65	†		0.90	†		16.54
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
2017(Unaudited)		12.08		0.05			2.08			2.13			(0.94	)		—			(0.94	)		13.27		18.12			274,400		0.69	†		0.72	†		0.11
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 & Battery Tech ETF
2017(Unaudited)		24.02		0.10			4.96			5.06			(0.52	)		—			(0.52	)		28.56		21.46			189,192		0.75	†		0.73	†		7.33
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
2017(Unaudited)		8.56		0.05			0.96			1.01			(0.29	)		—			(0.29	)		9.28		11.93			14,383		0.69	†		0.99	†		10.96
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

* 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.

‡‡ See Note 8 in the Notes to Financial Statements.

(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 9 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.

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

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

25

Notes to Financial Statements

April 30, 2017 (Unaudited)

1. ORGANIZATION

The Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of April 30, 2017, the Trust had one hundred two portfolios, fifty-seven 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 & Battery Tech ETF and Global X Fertilizers/Potash ETF (the “Funds”). Each Fund has elected non-diversified status.

Prior to February 28, 2017, the Global X Lithium & Battery Tech ETF was known as the Global X Lithium ETF.

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

26

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (continued)

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 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 April 30, 2017, there was $247,398 of fair valued securities in the Global X Copper Miners ETF, $4,865,791 of fair valued securities in the Global X Uranium 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:

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

27

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

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 period ended April 30, 2017 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.

28

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

REPURCHASE AGREEMENTS (concluded)

At April 30, 2017, 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	$	6,795,947	$	6,795,947	$	-	$	-
Deutsche Bank		4,387,020		4,387,020		-		-
Global X Gold Explorers ETF
Barclays		986,698		986,698		-		-
Deutsche Bank		636,948		636,948		-		-
Global X Uranium ETF
Barclays		18,616,356		18,616,356		-		-
Deutsche Bank		12,017,506		12,017,506				-
Global X Lithium & Battery Tech ETF
Barclays		6,196,066		6,196,066		-		-
Deutsche Bank		3,999,776		3,999,776		-		-

⁽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 period ended April 30, 2017, 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.

29

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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, an additional variable fee may be charged. The following table discloses Creation Unit breakdown:

			Creation		Value as of
	Creation Unit Shares		Fee		April 30, 2017		Redemption Fee
Global X Silver Miners ETF		50,000	$	500	$	1,743,000	$	500
Global X Gold Explorers ETF		50,000		1,000		1,106,500		1,000
Global X Copper Miners ETF		50,000		1,000		1,070,500		1,000
Global X Uranium ETF		50,000		1,000		663,500		1,000
Global X Lithium & Battery Tech ETF		50,000		1,000		1,428,000		1,000
Global X Fertilizers/Potash ETF		50,000		1,000		464,000		1,000

30

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

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 & Battery Tech 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 contemplated in the distribution

31

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

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 transfer agent and Custodian of the Funds’ assets. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds, (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As compensation for these services, 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 April 30, 2017, Global X Uranium ETF owns 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
10/31/2016		Cost		Sales			(Depreciation)			(Loss)			04/30/2017		Income
Global X Uranium ETF
	Berkeley Energia
$	4,210,559	$	7,985,226	$	(707,717	)	$	(2,837,989	)	$	162,751		$	8,812,830	$	—
	Centrus Energy
$	1,194,857	$	2,837,249	$	(259,457	)	$	(187,732	)	$	38,103		$	3,623,020	$	—
	Energy Fuels
$	3,429,134	$	7,335,276	$	(605,433	)	$	657,231		$	(1,387,749	)	$	9,428,459	$	—
	Greenland Minerals & Energy
$	2,742,170	$	5,405,033	$	(381,414	)	$	(935,704	)	$	(302,222	)	$	6,527,863	$	—
	Laramide Resources
$	754,709	$	2,527,104	$	(196,142	)	$	804,966		$	(97,427	)	$	3,793,210	$	—
	Mega Uranium
$	1,427,276	$	3,728,123	$	(262,706	)	$	(621,248	)	$	(62,991	)	$	4,208,454	$	—
	NexGen Energy
$	8,619,583	$	25,524,111	$	(2,160,344	)	$	2,143,152		$	916,521		$	35,043,023	$	—

32

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (concluded)

							Changes in
							Unrealized
Value At		Purchases at		Proceeds from			Appreciation			Realized Gain			Value at		Dividend
10/31/2016		Cost		Sales			(Depreciation)			(Loss)			04/30/2017		Income
	Peninsula Energy
$	3,758,629	$	6,153,923	$	(505,736	)	$	(4,075,506	)	$	(459,031	)	$	4,872,279	$	—
	Silex Systems
$	1,566,493	$	3,764,761	$	(296,399	)	$	(279,978	)	$	(152,543	)	$	4,602,334	$	—
	Uex
$	1,775,662	$	4,002,687	$	(345,968	)	$	(530,445	)	$	(228,702	)	$	4,673,234	$	—
	Uranium Energy
$	5,133,246	$	12,542,634	$	(936,514	)	$	(221,224	)	$	(199,230	)	$	16,318,912	$	—
	Uranium Participation
$	8,217,013	$	13,667,141	$	(1,291,583	)	$	(872,815	)	$	(440,475	)	$	19,279,281	$	—
	Ur-Energy
$	3,809,307	$	7,946,656	$	(633,890	)	$	(1,172,493	)	$	(443,182	)	$	9,506,398	$	—
Totals:
$	46,638,638	$	103,419,924	$	(8,583,303	)	$	(8,129,785	)	$	(2,656,177	)	$	130,689,297	$	—

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2017, 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	$	45,647,994	$	53,948,466
Global X Gold Explorers ETF		32,974,240		48,265,649
Global X Copper Miners ETF		7,029,231		7,082,857
Global X Uranium ETF		244,064		9,539,631
Global X Lithium & Battery Tech ETF		17,926,914		10,460,314
Global X Fertilizers/Potash ETF		1,437,273		1,557,756

For the period ended April 30, 2017, in-kind transactions associated with creations and redemptions were:

	Purchases		Sales and Maturities		Realized Gain (Loss)
Global X Silver Miners ETF	$	60,189,527	$	41,684,302	$	12,913,710
Global X Gold Explorers ETF		-		5,725,045		2,195,637
Global X Copper Miners ETF		22,217,897		7,607,083		2,608,593
Global X Uranium ETF		206,567,583		8,835,260		2,407,432
Global X Lithium & Battery Tech ETF		52,148,585		8,490,050		2,620,398
Global X Fertilizers/Potash ETF		2,101,559		-		-

33

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

4. INVESTMENT TRANSACTIONS (concluded)

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 & Battery Tech ETF		61,343,177		9,484,973		2,721,848
Global X Fertilizers/Potash ETF		2,044,841		864,976		(66,175	)

During the period ended April 30, 2017, 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.

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 & Battery Tech 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

34

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

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	)		(9,167,784	)
Other Temporary Differences		–			1			(8	)
Total Accumulated Losses	$	(212,546,751	)	$	(39,681,484	)	$	(27,657,012	)

	Global X Funds
	Global X Uranium ETF			Global X Lithium & Battery Tech ETF			Global X Fertilizers/Potash 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	)	$	(10,673,533	)

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
							Lithium &
	Global X Silver		Global X Gold		Global X		Battery Tech
Expiration Date	Miners ETF		Explorers ETF		Uranium ETF		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

35

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

5. TAX INFORMATION (concluded)

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:

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 & Battery Tech 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 April 30, 2017 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	$	346,653,544	$	36,826,149	$	(33,371,728	)	$	3,454,421
Global X Gold Explorers ETF		39,846,983		5,353,591		(2,445,647	)		2,907,944
Global X Copper Miners ETF		45,278,300		3,617,720		(5,085,817	)		(1,468,097	)
Global X Uranium ETF		446,828,229		7,824,525		(125,813,320	)		(117,988,795	)
Global X Lithium & Battery Tech ETF		173,795,430		28,793,457		(3,517,408	)		25,276,049
Global X Fertilizers/Potash ETF		16,867,583		1,096,828		(3,598,523	)		(2,501,695	)

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

36

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

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 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

37

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

7. LOANS OF PORTFOLIO SECURITIES (continued)

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 April 30, 2017, the value of securities on loan was $12,021,536, $1,646,749, $26,674,856, and $10,479,986 for the Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Uranium ETF and Global X Lithium & Battery Tech ETF, respectively and the value of securities purchased with the cash collateral held from securities on loan was $11,182,967, $1,623,646, $30,633,862, and $10,195,842 for the Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Uranium ETF and Global X Lithium & Battery Tech ETF, respectively. The value of the cash collateral held from securities on loan was $713,710, $103,623, $1,955,088, and $650,710 for the Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Uranium ETF and Global X Lithium & Battery Tech ETF, respectively.

38

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

7. LOANS OF PORTFOLIO SECURITIES (concluded)

At April 30, 2017, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X Silver Miners ETF
Credit Suisse	$	1,144,235	$	1,174,283
Deutsche Bank Securities		5,506,872		5,429,962
Goldman Sachs & Co.		235,600		232,500
Jefferies		193,828		206,800
JPM organ		2,026,768		2,000,100
Merrill Lynch Pierce Fenner & Smith		411,581		401,732
Morgan Stanley		709,536		700,200
RBC Capital Markets		82,992		81,900
UBS Securities		1,710,124		1,669,200
Global X Gold Explorers ETF
Citigroup		751,115		746,732
Credit Suisse		36,883		41,000
Deutsche Bank Securities		17,866		19,220
Merrill Lynch Pierce Fenner & Smith		16,234		17,184
Morgan Stanley		689,554		715,133
UBS Securities		135,097		188,000
Global X Uranium ETF
Barclays Capital		197,555		340,600
BMO Capital Markets		748,155		898,080
Cantor Fitzgerald & Co.		286,688		462,400
Citigroup		110,770		201,400
Credit Suisse		4,943,993		6,124,885
Deutsche Bank Securities		9,063,349		10,663,762
Goldman Sachs & Co.		548,801		626,924
JPM organ		1,120,896		1,304,576
Merrill Lynch Pierce Fenner & Smith		340,793		462,137
Morgan Stanley		8,133,250		9,965,240
SG Americas Securities		10,725		19,500
UBS Securities		1,169,881		1,519,446
Global X Lithium & Battery Tech ETF
BMO Capital Markets		517,809		552,000
Credit Suisse		912,907		995,805
Deutsche Bank Securities		1,355,038		1,541,724
Merrill Lynch Pierce Fenner & Smith		30,206		32,200
M organ Stanley		534,387		553,227
Scotia Capital		332,721		351,750
UBS Securities		44,413		47,346
Wells Fargo Bank		6,752,505		6,772,500

39

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

8. CONTRACTUAL OBLIGATIONS

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these 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.

9. 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 & Battery Tech 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 & Battery Tech ETF	1:2

40

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

10. 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.

11. 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.

41

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 November 1, 2016 through April 30, 2017.

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.

42

Disclosure of Fund Expenses (unaudited) (continued)

	Beginning Account Value 11/1/2016		Ending Account Value 4/30/2017		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X Silver Miners ETF
Actual Fund Return	$	1,000.00	$	887.60		0.65	%	$	3.06
Hypothetical 5% Return		1,000.00		1,021.56		0.65			3.27
Global X Gold Explorers ETF
Actual Fund Return	$	1,000.00	$	890.80		0.67	%	$	3.12
Hypothetical 5% Return		1,000.00		1,021.49		0.67			3.34
Global X Copper Miners ETF
Actual Fund Return	$	1,000.00	$	1,223.70		0.65	%	$	3.58
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X Uranium ETF
Actual Fund Return	$	1,000.00	$	1,181.20		0.69	%	$	3.73
Hypothetical 5% Return		1,000.00		1,021.37		0.69			3.46
Global X Lithium & Battery Tech ETF
Actual Fund Return	$	1,000.00	$	1,214.60		0.75	%	$	4.12
Hypothetical 5% Return		1,000.00		1,021.07		0.75			3.76
Global X Fertilizers/Potash ETF
Actual Fund Return	$	1,000.00	$	1,119.30		0.69	%	$	3.63
Hypothetical 5% Return		1,000.00		1,021.36		0.69			3.47

⁽¹⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 181/365 (to reflect the one-half year period.)

43

Advisory Renewal (unaudited)

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

At a in person quarterly Board meeting held on November 15, 2016, and called for the purpose, the Board of Trustees (including the Trust’s Independent Trustees voting separately) considered and unanimously approved the continuation of (i) the Investment Advisory Agreement ("Renewal Investment Advisory Agreement") for each Fund included in this Annual Report (each, a “Renewal Fund”) and (ii) the Supervision and Administration Agreement between the Trust ("Renewal Supervision and Administration Agreement"), on behalf of each Renewal Fund, and Global X Management Company LLC ("Global X Management"). The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the "Renewal Agreements."

In advance of the Board meeting, the Board (including the Trust’s Independent Trustees) and the Independent Trustees’ independent legal counsel requested (in writing) detailed information from Global X Management in connection with their consideration of the Renewal Agreements and received and reviewed written responses from Global X Management and supporting materials relating to those requests for information. In the course of their consideration of the Renewal Agreements, the Trust’s Independent Trustees were advised by their counsel and, in addition to meeting with management of Global X Management, they met separately in executive session with their counsel.

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

Nature, Extent and Quality of Services

With respect to this factor, the Board considered:

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

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

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

44

Advisory Renewal (unaudited) (continued)

that are required to be filed by the Trust with the SEC and other regulatory and governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including Creation Units) of the Renewal Funds by shareholders and new investors;

• the nature, extent and quality of all of the services (including advisory, administrative and compliance services) that have been provided by Global X Management or made available to the Renewal Funds and the adequacy of Global X Management’s personnel resources that would continue to be made available to the Renewal Funds; and

• Global X Management’s experience and the professional qualifications of Global X Management’s key personnel.

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

Performance

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

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

Cost of Services and Profitability

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

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

45

Advisory Renewal (unaudited) (continued)

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

Comparison of Fees and Services

With respect to this factor, the Board considered:

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

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

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

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

Economies of Scale

With respect to this factor, the Board considered:

• the extent to which economies of scale would be realized as the Renewal Funds grow and whether the unitary Management Fee for the Renewal Funds reflected these economies of scale;

• the significant investment of time, personnel and other resources that Global X Management has made and intends to continue to make in the Renewal Funds in order to seek to assure that the Renewal Funds are attractive to investors; and

• that the unitary Management Fee would provide a high level of certainty as to the total level of expenses for the Renewal Funds and their shareholders.

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

46

Advisory Renewal (unaudited) (concluded)

Other Benefits

In considering the Renewal Agreements, in addition to the categories discussed above, The Board considered any other benefits realized by Global X Management as a result of its relationships with the Renewal Funds and concluded that all information it considered supported approval of the continuation of the Renewal Agreements.

Conclusion

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

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

47

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.

48

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-SA-001-0900

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 FTSE 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 (ticker: PGAL)

Global X MSCI Pakistan ETF (ticker: PAK)

Semi-Annual Report

April 30, 2017

 

Table of Contents

Schedule of Investments
Global X China Consumer ETF	1
Global X China Energy ETF	4
Global X China Financials ETF	6
Global X China Industrials ETF	8
Global X China Materials ETF	10
Global X NASDAQ China Technology ETF	12
Global X FTSE Southeast Asia ETF	14
Global X FTSE Andean 40 ETF	17
Global X MSCI Colombia ETF	20
Global X Brazil Mid Cap ETF	23
Global X Brazil Consumer ETF	26
Global X MSCI Argentina ETF	28
Global X MSCI Greece ETF	30
Global X MSCI Norway ETF	33
Global X FTSE Nordic Region ETF	36
Global X MSCI Nigeria ETF	39
Global X Next Emerging & Frontier ETF	41
Global X MSCI Portugal ETF	53
Global X MSCI Pakistan ETF	56
Statements of Assets and Liabilities	58
Statements of Operations	63
Statements of Changes in Net Assets	68
Financial Highlights	78
Notes to Financial Statements	81
Disclosure of Fund Expenses	100
Approval of Investment Advisory Agreement	103
Supplemental Information	107

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

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “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.

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X China Consumer ETF

Sector Weightings †:

 

† 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 — 55.9%
Consumer Goods — 28.1%
ANTA Sports Products		555,496	$	1,560,593
Belle International Holdings, Cl A (A)		2,940,896		2,296,815
BYD, Cl H		377,400		2,224,838
China Resources Beer Holdings		851,788		2,050,192
China Yurun Food Group *		536,088		80,645
Dongfeng Motor Group, Cl H		1,561,146		1,641,928
Great Wall Motor, Cl H (B)		1,694,897		1,839,259
Guangzhou Automobile Group, Cl H		1,096,217		1,705,450
Hengan International Group		367,949		2,753,390
Li Ning *		852,369		561,119
Tingyi Cayman Islands Holding (B)		997,425		1,281,159
Tsingtao Brewery, Cl H		192,417		865,902
Want Want China Holdings		2,678,009		1,928,223
				20,789,513
Consumer Services — 27.8%
Air China, Cl H		930,528		824,339
Alibaba Group Holding ADR *		31,069		3,588,469
China Dongxiang Group		1,721,388		327,565
China Southern Airlines, Cl H		960,391		639,639
Ctrip.com International ADR *		70,737		3,572,926
GOME Electrical Appliances Holding		5,984,605		815,640
Intime Retail Group		826,484		1,046,714
JD.com ADR *		105,082		3,685,226
New Oriental Education & Technology Group ADR *		57,818		3,731,574
Vipshop Holdings ADR *		166,785		2,313,308
				20,545,400
TOTAL CHINA				41,334,913
HONG KONG — 44.1%
Consumer Goods — 28.9%
BAIC Motor, Cl H (C)		453,900		437,118
Biostime International Holdings		98,100		318,484
Brilliance China Automotive Holdings		1,582,900		2,653,923
China Agri-Industries Holdings *		1,099,856		544,444

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

1 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X China Consumer ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Consumer Goods — continued
China Foods		415,013	$	160,081
China Mengniu Dairy		1,461,652		2,830,259
Geely Automobile Holdings		2,491,500		3,363,624
Li & Fung		3,055,400		1,280,687
Shenzhou International Group Holdings		307,562		2,024,696
Skyworth Digital Holdings		1,006,587		584,988
Techtronic Industries		749,600		3,219,091
Uni-President China Holdings		692,743		486,320
WH Group (C)		3,922,100		3,504,779
				21,408,494
Consumer Services — 15.2%
Chow Tai Fook Jewellery Group		581,179		638,153
Galaxy Entertainment Group		614,000		3,418,326
Melco Crown Entertainment ADR		117,360		2,576,052
MTR		596,200		3,434,212
Sun Art Retail Group		1,130,325		1,165,561
				11,232,304
TOTAL HONG KONG				32,640,798
TOTAL COMMON STOCK
(Cost $75,637,032)				73,975,711
REPURCHASE AGREEMENTS (D) — 2.7%
Barclays Bank
0.800%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $1,214,237 (collateralized by U.S Treasury Obligations, ranging in par value $1-$571,255, 0.000%-6.375%, 5/4/17-08/15/40, with a total market value of $1,238,439)	$	1,214,156		1,214,156
Deutsche Bank
0.830%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $783,834 (collateralized by U.S. Treasury Obligation, par value $751,300, 3.625%, 02/15/20 with a total market value of $800,040)		783,780		783,780
TOTAL REPURCHASE AGREEMENTS
(Cost $1,997,936)				1,997,936
TOTAL INVESTMENTS — 102.7%
(Cost $77,634,968)			$	75,973,647

Percentages are based on Net Assets of $74,006,177.

* 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 April 30, 2017, was $2,296,815 and represents 3.1% of Net Assets.

(B) This security or a partial position of this security is on loan at April 30, 2017.  The total value of securities on loan at April 30, 2017 was $2,012,237.

(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 April 30, 2017 was $3,941,897 and represents 5.4% of Net Assets.

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

2 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X China Consumer ETF

(D) Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2017 was $1,997,936.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	71,678,896	$	2,296,815	$	—	$	73,975,711
Repurchase Agreements		—		1,997,936		—		1,997,936
Total Investments in Securities	$	71,678,896	$	4,294,751	$	—	$	75,973,647

For the period ended April 30, 2017, the transfers between Level 1 and Level 2 in the amount of $2,296,815, were due to changes in the availability of observable inputs to determine fair value. Transfers between levels are recognized at period end.

For the period ended April 30, 2017, there have been no transfers between Level 2 or Level 3 investments.

As of April 30, 2017, there were no Level 3 investments.

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

3 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X China Energy ETF

Sector Weightings†:

 

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

	Shares		Value
COMMON STOCK — 99.9%
CHINA — 47.2%
Basic Materials — 7.2%
China Coal Energy, Cl H		31,041	$	15,086
China Shenhua Energy, Cl H		33,430		77,971
Yanzhou Coal Mining, Cl H		26,425		22,866
				115,923
Energy — 0.5%
Tianneng Power International		9,715		8,506
Oil & Gas — 28.2%
China Longyuan Power Group, Cl H		46,066		35,479
China Oilfield Services, Cl H		26,886		24,820
China Petroleum & Chemical, Cl H		199,897		161,921
Huaneng Renewables, Cl H		58,040		20,298
JA Solar Holdings ADR *		629		4,410
JinkoSolar Holding ADR *		289		5,011
Kunlun Energy		45,525		41,149
PetroChina, Cl H		225,263		158,719
				451,807
Utilities — 11.3%
CGN Power, Cl H (A)		150,660		45,522
Datang International Power Generation, Cl H		42,012		12,532
ENN Energy Holdings		11,191		60,721
Huadian Fuxin Energy, Cl H		38,460		8,901
Huadian Power International, Cl H		24,101		10,164
Huaneng Power International, Cl H		62,851		43,395
				181,235
TOTAL CHINA				757,471
HONG KONG — 52.7%
Basic Materials — 0.5%
Shougang Fushan Resources Group		43,815		8,056
Consumer Services — 0.3%
NewOcean Energy Holdings		12,600		3,807
Energy — 2.8%
Beijing Enterprises Holdings		7,163		34,997

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

4 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X China Energy ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
Canvest Environmental Protection Group		15,000	$	8,563
				43,560
Oil & Gas — 15.4%
China Gas Holdings		23,717		37,203
CNOOC		135,285		157,766
GCL-Poly Energy Holdings *		181,021		21,878
Shunfeng International Clean Energy *		42,700		2,635
Sinopec Kantons Holdings		12,700		6,483
United Photovoltaics Group *		76,000		11,726
Xinjiang Goldwind Science & Technology, Cl H		7,060		10,294
				247,985
Utilities — 33.7%
Beijing Jingneng Clean Energy, Cl H		30,300		9,194
China Power International Development		48,374		18,037
China Power New Energy Development		5,920		3,616
China Resources Gas Group		11,970		40,400
China Resources Power Holdings		26,401		47,591
China Suntien Green Energy, Cl H		23,100		4,901
CLP Holdings		15,560		164,152
Concord New Energy Group		74,590		3,549
Hong Kong & China Gas		80,876		161,595
Power Assets Holdings		8,840		79,562
Towngas China		14,200		8,490
				541,087
TOTAL HONG KONG				844,495
TOTAL INVESTMENTS — 99.9%
(Cost $2,120,427)			$	1,601,966

Percentages are based on Net Assets of $1,603,878.

*	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 April 30, 2017 was $45,522 and represents 2.8% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

As of April 30, 2017, 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 April 30, 2017, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2017, there were no Level 3 investments.

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

5 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X China Financials ETF

Sector Weightings†:

 

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

	Shares		Value
COMMON STOCK — 99.9%
CHINA — 53.6%
Financials — 53.6%
Agile Group Holdings		90,012	$	80,550
Agricultural Bank of China, Cl H		1,783,788		823,370
Bank of China, Cl H		2,779,734		1,347,416
Bank of Communications, Cl H		569,371		438,510
China Citic Bank, Cl H		746,822		473,392
China Construction Bank, Cl H		3,486,626		2,833,216
China Galaxy Securities, Cl H		225,000		205,399
China Life Insurance, Cl H		444,540		1,351,759
China Merchants Bank, Cl H		264,934		688,091
China Minsheng Banking, Cl H		364,755		359,242
China Pacific Insurance Group, Cl H		178,712		660,616
Chongqing Rural Commercial Bank, Cl H		160,367		110,313
CITIC Securities, Cl H		143,096		300,265
Country Garden Holdings		483,197		459,741
Guangzhou R&F Properties		60,693		102,227
Industrial & Commercial Bank of China, Cl H		4,327,037		2,826,256
Longfor Properties		86,138		149,294
PICC Property & Casualty, Cl H		295,942		476,396
Ping An Insurance Group of China, Cl H		242,614		1,366,303
Sino-Ocean Group Holding		181,352		88,606
				15,140,962
TOTAL CHINA				15,140,962
HONG KONG — 46.3%
Financials — 46.3%
AIA Group		435,800		3,017,381
BOC Hong Kong Holdings		231,200		951,251
Cheung Kong Property Holdings		168,350		1,207,826
China Everbright		54,441		124,596
China Evergrande Group		228,961		244,636
China Overseas Land & Investment		316,566		919,877
China Resources Land		172,408		478,816
China Taiping Insurance Holdings *		93,130		232,299
CK Hutchison Holdings		107,950		1,348,412
Haitong Securities, Cl H		191,600		316,313
Hong Kong Exchanges & Clearing		52,840		1,301,714
KWG Property Holding		74,785		56,539

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

6 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X China Financials ETF

	Shares/Number of Rights		Value
COMMON STOCK — continued
Financials — continued
New China Life Insurance, Cl H		60,111	$	297,172
People's Insurance Group of China, Cl H		519,300		214,329
Poly Property Group		127,707		52,380
Shenzhen Investment		188,718		85,654
Shimao Property Holdings		69,104		111,063
Sun Hung Kai Properties		87,600		1,314,414
Sunac China Holdings		113,700		148,237
Wharf Holdings		76,000		649,330
				13,072,239
TOTAL HONG KONG				13,072,239
TOTAL COMMON STOCK
(Cost $28,704,235)				28,213,201
RIGHT — 0.0%
Hong Kong — 0.0%
Bank of Communications Ltd.(A) (B)*#		1,298		—
TOTAL RIGHT (Cost $–)**				—
TOTAL INVESTMENTS — 99.9%
(Cost $28,704,235)			$	28,213,201

Percentages are based on Net Assets of $28,244,988.

*	Non-income producing security.
**	Amounts designated as “—“ are $0 or have been rounded to $0.
#	Expiration date unavailable.
(A)	Security considered illiquid. The total value of such securities as of April 30, 2017 was $– and represented –% 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 April 30, 2017, was $– and represents –% of Net Assets.

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	28,213,201	$	—	$	—	$	28,213,201
Right		—		—		—		—
Total Investments in Securities	$	28,213,201	$	—	$	—	$	28,213,201

⁽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 period ended April 30, 2017, 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.

7 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X China Industrials ETF

Sector Weightings†:

 

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

	Shares		Value
COMMON STOCK — 100.0%
CHINA — 56.4%
Consumer Goods — 4.8%
BYD, Cl H		28,844	$	170,040
Industrials — 51.6%
Anhui Conch Cement, Cl H		47,717		167,185
China Communications Construction, Cl H		119,393		164,256
China COSCO Holdings, Cl H *		121,332		53,041
China Lesso Group Holdings		45,855		36,554
China National Building Material, Cl H		135,647		90,344
China Railway Construction, Cl H		88,951		124,433
China Railway Group, Cl H		182,748		155,079
China Shanshui Cement Group (A) (B)		195,552		4,744
China Shipping Container Lines, Cl H *		171,382		37,240
China Shipping Development, Cl H		60,784		33,215
CRRC		174,303		170,100
Dongfang Electric, Cl H		15,793		13,930
Guangshen Railway, Cl H		67,148		36,434
Haitian International Holdings		29,806		73,044
Harbin Power Equipment, Cl H		29,211		17,877
Hollysys Automation Technologies		2,298		36,860
Jiangsu Expressway, Cl H		57,599		85,019
Metallurgical Corp of China, Cl H		135,001		49,991
Shanghai Electric Group, Cl H		129,671		61,188
Sinotrans, Cl H		94,500		42,526
Weichai Power, Cl H		45,708		74,166
Yangzijiang Shipbuilding Holdings		100,203		82,445
Zhejiang Expressway, Cl H		67,510		84,023
Zhuzhou CRRC Times Electric, Cl H		25,823		132,974
				1,826,668
TOTAL CHINA				1,996,708
HONG KONG — 43.6%
Industrials — 43.6%
AviChina Industry & Technology, Cl H		97,880		65,316
Beijing Capital International Airport, Cl H		67,441		95,210
Beijing Enterprises Water Group		202,510		155,185
China Everbright International		112,500		152,169
China High Speed Transmission Equipment Group		19,050		18,517
China International Marine Containers Group, Cl H		18,380		31,667

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

8 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X China Industrials ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
China Merchants Holdings International		58,241	$	166,616
China Resources Cement Holdings		81,721		44,761
China State Construction International Holdings		78,360		142,261
COSCO Pacific		77,700		85,117
Guangdong Investment		113,100		175,084
Noble Group		496,800		50,828
Shanghai Industrial Holdings		21,439		67,811
Shenzhen International Holdings		37,806		63,484
Sunny Optical Technology Group		24,214		199,252
Zoomlion Heavy Industry Science and Technology		65,100		30,886
				1,544,164
TOTAL HONG KONG				1,544,164
TOTAL INVESTMENTS — 100.0%
(Cost $4,304,380)			$	3,540,872

Percentages are based on Net Assets of $3,540,702.

*	Non-income producing security.
(A)	Security considered illiquid. The total value of such securities as of April 30, 2017 was $4,744 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 April 30, 2017, was $4,744 and represents 0.1% of Net Assets.

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	3,536,128	$	—	$	4,744	$	3,540,872
Total Investments in Securities	$	3,536,128	$	—	$	4,744	$	3,540,872

⁽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 period ended April 30, 2017, 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.

9 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X China Materials ETF

Sector Weightings†:

 

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

	Shares		Value
COMMON STOCK — 100.0%
CHINA — 52.8%
Basic Materials — 52.8%
Aluminum Corp of China, Cl H *		309,739	$	152,529
Angang Steel, Cl H		203,124		136,590
BBMG, Cl H		267,640		143,498
China BlueChemical		331,009		94,908
China Hongqiao Group (A) (B)		110,642		95,077
China Molybdenum, Cl H		458,754		139,793
Dongyue Group * (A) (B)		104,857		2,393
Fosun International		104,340		158,035
Jiangxi Copper, Cl H		95,491		149,052
Maanshan Iron & Steel, Cl H *		323,925		109,536
Real Gold Mining * (A) (B)		97,864		1
Sinofert Holdings		328,230		43,890
Sinopec Shanghai Petrochemical, Cl H		269,950		150,984
Sinopec Yizheng Chemical Fibre, Cl H *		391,414		68,443
Zhaojin Mining Industry		168,984		146,876
Zijin Mining Group, Cl H		401,359		141,913
				1,733,518
TOTAL CHINA				1,733,518
HONG KONG — 47.2%
Basic Materials — 47.2%
China Lumena New Materials * (A) (B)		1,950		3
China Metal Resources Utilization * (C)		110,900		42,492
China Oriental Group *		163,900		48,258
China Sanjiang Fine Chemicals		91,700		29,830
China Silver Group		172,600		31,735
Citic Pacific		110,540		160,319
E-Commodities Holdings *		561,700		73,665
Fufeng Group		198,354		134,913
IRC *		657,400		25,358
Kingboard Chemical Holdings		42,800		154,360
Kingboard Laminates Holdings		127,500		153,769
Minmetals Resources *		392,200		134,136
Munsun Capital Group *		1,430,700		13,796
Nine Dragons Paper Holdings		140,270		151,496
TCC International Holdings		397,740		182,057
West China Cement		383,660		57,715
Yingde Gases		203,379		155,851
				1,549,753

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

10 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X China Materials ETF

	Value
COMMON STOCK — continued
TOTAL HONG KONG	$	1,549,753
TOTAL INVESTMENTS — 100.0%
(Cost $3,557,907)	$	3,283,271

Percentages are based on Net Assets of $3,284,478.

*	Non-income producing security.
(A)	Security considered illiquid. The total value of such securities as of April 30, 2017 was $97,474 and represented 3.0% 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 April 30, 2017, was $97,474 and represents 3.0% 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 April 30, 2017 was $42,492 and represents 1.3% of Net Assets.

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	3,185,797	$	—	$	97,474	$	3,283,271
Total Investments in Securities	$	3,185,797	$	—	$	97,474	$	3,283,271

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, 2016	$	5,448
Transfers into Level 3		95,077
Change in unrealized appreciation (depreciation)		(3,051	)
Ending Balance as of April 30, 2017	$	97,474

For the period ended April 30, 2017, 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.

Net change in unrealized appreciation (depreciation) from investments (Level 3) still held as of April 30, 2017 is $(3,051).

For the period ended April 30, 2017, there have been no transfers between Level 1 and Level 2 investments.

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

11 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X NASDAQ China Technology ETF

Sector Weightings†:

 

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

	Shares		Value
COMMON STOCK — 99.9%
CHINA — 60.9%
Technology — 60.9%
21Vianet Group ADR *		11,836	$	64,033
500.com ADR, Cl A *		5,484		71,347
Autohome ADR *		9,911		342,920
Baidu ADR *		5,584		1,006,404
Baozun ADR *		6,654		101,606
China Communications Services, Cl H		518,153		295,134
Coolpad Group (A) (B)		777,435		68,372
Kingdee International Software Group		402,489		170,258
Kingsoft		220,700		629,959
Lenovo Group		1,589,373		1,017,683
NetEase ADR		3,187		845,798
NQ Mobile ADR, Cl A *		21,285		80,245
O-Net Technologies Group		75,700		51,293
SINA *		13,360		1,026,182
Sohu.com *		6,873		266,672
Tian Ge Interactive Holdings (C)		103,500		75,454
Travelsky Technology, Cl H		204,495		539,006
Weibo ADR *		9,609		536,759
YY ADR *		8,402		411,446
ZTE, Cl H		150,483		290,226
TOTAL CHINA				7,890,797
HONG KONG — 39.0%
Technology — 39.0%
Alibaba Health Information Technology *		725,009		282,451
ASM Pacific Technology		39,033		581,162
BYD Electronic International		154,781		236,424
China Goldjoy Group		1,736,400		136,187
Chinasoft International *		523,356		314,920
Digital China Holdings		136,548		112,363
FIH Mobile		706,909		242,679
HKBN		132,970		143,783
Legend Holdings, Cl H (C)		87,600		261,306
Meitu * (C)		344,100		517,640
Nanfang Communication Holdings *		67,800		14,384
National Agricultural Holdings * (A) (B)		204,200		28,119
PAX Global Technology		132,680		82,226
Semiconductor Manufacturing International *		373,121		473,025
Sinosoft Technology Group		91,100		28,815

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

12 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X NASDAQ China Technology ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
Tencent Holdings		36,465	$	1,141,179
VTech Holdings		29,680		376,078
Yangtze Optical Fibre and Cable Joint Stock, Cl H * (C)		43,000		89,897
TOTAL HONG KONG				5,062,638
TOTAL INVESTMENTS — 99.9%
(Cost $11,161,966)			$	12,953,435

Percentages are based on Net Assets of $12,970,379.

*	Non-income producing security.
(A)	Security considered illiquid. The total value of such securities as of April 30, 2017 was $96,491 and represented 0.7% 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 April 30, 2017, was $96,491 and represents 0.7% 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 April 30, 2017 was $944,297 and represents 7.3% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	12,856,944	$	—	$	96,491	$	12,953,435
Total Investments in Securities	$	12,856,944	$	—	$	96,491	$	12,953,435

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, 2016	$	—
Transfers into Level 3		96,491
Ending Balance as of April 30, 2017	$	96,491

For the period ended April 30, 2017, 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.

Net change in unrealized appreciation (depreciation) from investments (Level 3) still held as of April 30, 2017 is $0.

For the period ended April 30, 2017, there have been no transfers between Level 1 and Level 2 investments.

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

13 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X FTSE Southeast Asia ETF

Sector Weightings†:

 

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

	Shares		Value
COMMON STOCK — 99.7%
INDONESIA — 20.6%
Consumer Goods — 6.2%
Astra International		649,581	$	436,173
Gudang Garam		14,730		73,379
Hanjaya Mandala Sampoerna		299,700		85,892
Unilever Indonesia		36,976		123,447
				718,891
Financials — 9.8%
Bank Central Asia		395,806		527,088
Bank Mandiri		301,590		264,731
Bank Rakyat Indonesia Persero		347,440		336,258
				1,128,077
Telecommunications — 4.6%
Telekomunikasi Indonesia ADR		16,277		533,072
TOTAL INDONESIA				2,380,040
MALAYSIA — 22.1%
Basic Materials — 1.4%
Petronas Chemicals Group		93,124		156,601
Financials — 9.6%
CIMB Group Holdings		183,675		242,869
Malayan Banking		181,231		399,952
Public Bank		100,359		461,453
				1,104,274
Health Care — 1.1%
IHH Healthcare		90,280		128,526
Industrials — 2.1%
Sime Darby		114,196		245,438
Oil & Gas — 0.9%
Petronas Gas		25,579		108,892

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

14 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X FTSE Southeast Asia ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 3.8%
Axiata Group		147,188	$	174,618
DiGi.Com		120,600		142,798
Maxis		84,806		124,640
				442,056
Utilities — 3.2%
Tenaga Nasional		115,105		369,630
TOTAL MALAYSIA				2,555,417
PHILIPPINES — 5.4%
Consumer Goods — 1.5%
JG Summit Holdings		99,620		167,878
Consumer Services — 1.9%
SM Investments		15,440		224,964
Financials — 2.0%
Ayala Land		75,360		53,241
SM Prime Holdings		299,000		178,329
				231,570
TOTAL PHILIPPINES				624,412
SINGAPORE — 30.0%
Consumer Goods — 1.5%
Wilmar International		68,051		172,842
Consumer Services — 2.2%
Jardine Cycle & Carriage		3,558		120,229
Singapore Airlines		16,443		120,584
				240,813
Financials — 20.7%
CapitaLand		82,118		220,908
DBS Group Holdings		58,263		806,603
Oversea-Chinese Banking		106,866		749,293
United Overseas Bank		39,597		617,597
				2,394,401
Telecommunications — 5.6%
Singapore Telecommunications		242,504		648,898
TOTAL SINGAPORE				3,456,954
THAILAND — 21.6%
Consumer Services — 2.6%
CP ALL NVDR		168,473		297,105
Financials — 6.7%
Bangkok Bank NVDR		15,211		78,935
Kasikornbank NVDR		64,648		345,761
Siam Commercial Bank NVDR		77,841		351,061
				775,757

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

15 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X FTSE Southeast Asia ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 5.0%
Airports of Thailand NVDR		138,500	$	161,163
Siam Cement NVDR		27,156		420,804
				581,967
Oil & Gas — 5.6%
PTT NVDR		45,894		516,125
PTT Exploration & Production NVDR		44,910		126,265
				642,390
Telecommunications — 1.7%
Advanced Info Service NVDR		38,401		194,281
TOTAL THAILAND				2,491,500
TOTAL INVESTMENTS — 99.7%
(Cost $12,003,268)			$	11,508,323

Percentages are based on Net Assets of $11,539,984.

ADR — American Depositary Receipt

NVDR  — Non-Voting Depositary Receipt

As of April 30, 2017, 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 April 30, 2017, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2017, there were no Level 3 investments.

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

16 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X FTSE Andean 40 ETF

Sector Weightings †:

 

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

	Shares		Value
COMMON STOCK — 94.3%
CHILE — 46.4%
Basic Materials — 5.8%
CAP		3,594	$	37,569
Empresas CMPC		53,760		125,539
Sociedad Quimica y Minera de Chile ADR		4,410		156,776
				319,884
Consumer Goods — 2.4%
Cia Cervecerias Unidas ADR		3,559		91,715
Vina Concha y Toro		26,920		43,565
				135,280
Consumer Services — 10.6%
Cencosud		54,550		155,525
Latam Airlines Group ADR		16,047		203,316
Ripley		53,880		39,205
SACI Falabella		23,474		187,871
				585,917
Financials — 10.8%
Banco de Chile		8,024		969
Banco de Chile ADR		1,931		141,484
Banco de Credito e Inversiones		2,379		132,146
Banco Santander Chile ADR		7,497		177,154
Itau CorpBanca ADR		5,681		77,943
Parque Arauco		26,934		70,562
				600,258
Oil & Gas — 3.7%
Empresas COPEC		18,180		203,531
Technology — 0.7%
Sonda		22,594		38,557

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

17 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X FTSE Andean 40 ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 1.4%
ENTEL Chile *		6,671	$	80,141
Utilities — 14.2%
AES Gener		116,371		44,248
Aguas Andinas, Cl A		147,319		83,367
Colbun		338,695		75,017
Empresa Nacional de Electricidad ADR		5,402		124,138
Enersis ADR		28,348		280,929
Enersis Chile ADR		18,926		103,336
Engie Energia Chile		25,312		46,387
Inversiones Aguas Metropolitanas		21,110		33,399
				790,821
TOTAL CHILE				2,754,389
COLOMBIA — 27.8%
Consumer Goods — 2.4%
Grupo Nutresa		16,348		135,193
Consumer Services — 1.6%
Almacenes Exito		17,711		91,406
Financials — 13.5%
BanColombia ADR		8,965		354,028
Financiera Colombiana		8,558		81,843
Grupo Aval Acciones y Valores ADR		8,623		68,812
Grupo de Inversiones Suramericana		18,524		244,023
				748,706
Industrials — 5.2%
Cementos Argos		30,865		124,382
Grupo Argos		23,408		161,711
				286,093
Oil & Gas — 3.2%
Ecopetrol ADR		19,486		178,102
Utilities — 1.9%
Interconexion Electrica		26,297		103,836
TOTAL COLOMBIA				1,543,336
PERU — 12.6%
Basic Materials — 3.3%
Cia de Minas Buenaventura ADR		15,044		180,678
Financials — 9.3%
Credicorp		1,056		161,304
Credicorp Ltd.		2,318		356,184
				517,488
TOTAL PERU				698,166

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

18 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X FTSE Andean 40 ETF

	Shares		Value
COMMON STOCK — continued
UNITED STATES — 4.3%
Basic Materials — 4.3%
Southern Copper		6,723	$	237,793
TOTAL UNITED STATES				237,793
TOTAL COMMON STOCK
(Cost $6,033,212)				5,233,684
PREFERRED STOCK — 5.2%
CHILE — 0.8%
Consumer Goods — 0.8%
Embotelladora Andina		11,370		47,349
COLOMBIA — 4.4%
Financials — 2.6%
Banco Davivienda		8,518		89,422
Grupo Aval Acciones y Valores		134,171		52,933
				142,355
Industrials — 1.8%
Grupo Argos		15,354		99,312
TOTAL COLOMBIA				241,667
TOTAL PREFERRED STOCK
(Cost $326,216)				289,016
TOTAL INVESTMENTS — 99.5%
(Cost $6,359,428)			$	5,522,700

Percentages are based on Net Assets of $5,550,507.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

Ltd. — Limited

As of April 30, 2017, 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 April 30, 2017, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of April 30, 2017, there were no Level 3 investments.

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

19 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI Colombia ETF

Sector Weightings †:

 

† 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 — 86.4%
CHILE — 4.1%
Oil & Gas — 2.1%
Empresas COPEC		182,200	$	2,039,789
Utilities — 2.0%
Enersis		10,151,599		2,010,056
TOTAL CHILE				4,049,845
COLOMBIA — 82.3%
Consumer Goods — 4.4%
Grupo Nutresa		534,178		4,417,505
Consumer Services — 4.2%
Almacenes Exito		806,616		4,162,911
Financials — 41.5%
Banco de Bogota		172,517		3,522,854
Bancolombia		546,500		5,004,287
BanColombia ADR		338,639		13,372,854
Celsia ESP		1,904,635		2,889,583
Financiera Colombiana		375,542		3,591,440
Grupo Aval Acciones y Valores ADR		479,520		3,826,570
Grupo de Inversiones Suramericana		682,550		8,991,444
				41,199,032
Industrials — 13.0%
Cementos Argos		976,911		3,936,836
Cementos Argos GDR		121,200		450,661
Cemex Latam Holdings *		823,436		2,994,881
Grupo Argos		793,705		5,483,207
				12,865,585
Oil & Gas — 8.6%
Canacol Energy *		747,574		2,230,748

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

20 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI Colombia ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Oil & Gas — continued
Ecopetrol ADR (A)		691,998	$	6,324,862
				8,555,610
Telecommunications — 1.5%
Empresa de Telecomunicaciones de Bogota *		7,036,700		1,525,086
Utilities — 9.1%
Empresa de Energia de Bogota		7,017,026		4,384,245
Interconexion Electrica		1,189,133		4,695,419
				9,079,664
TOTAL COLOMBIA				81,805,393
TOTAL COMMON STOCK
(Cost $88,610,323)				85,855,238
PREFERRED STOCK — 13.1%
COLOMBIA — 13.1%
Consumer Services — 2.1%
Avianca Holdings		2,285,731		2,058,980
Financials — 8.5%
Banco Davivienda		425,790		4,469,949
Grupo Aval Acciones y Valores		1,431,941		564,932
Grupo de Inversiones Suramericana		270,043		3,443,964
				8,478,845
Industrials — 2.5%
Grupo Argos		380,488		2,461,046
TOTAL COLOMBIA				12,998,871
TOTAL PREFERRED STOCK
(Cost $12,178,640)				12,998,871
REPURCHASE AGREEMENTS (B) — 3.3%
Barclays Bank
0.800%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $1,976,220 (collateralized by U.S Treasury Obligations, ranging in par value $2-$929,741, 0.000%-6.375%, 5/4/17-08/15/40, with a total market value of $2,015,610)	$	1,976,088		1,976,088
Deutsche Bank
0.830%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $1,275,723 (collateralized by U.S. Treasury Obligation, par value $1,222,771, 3.625%, 02/15/20 with a total market value of $1,302,098)		1,275,634		1,275,634
TOTAL REPURCHASE AGREEMENTS
(Cost $3,251,722)				3,251,722
TOTAL INVESTMENTS — 102.8%
(Cost $104,040,685)			$	102,105,831

Percentages are based on Net Assets of $99,322,937.

* Non-income producing security.

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

21 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI Colombia ETF

(A)	This security or a partial position of this security is on loan at April 30, 2017.  The total value of securities on loan at April 30, 2017 was $3,338,842.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2017 was $3,251,722.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	85,855,238	$	—	$	—	$	85,855,238
Preferred Stock		12,998,871		—		—		12,998,871
Repurchase Agreements		—		3,251,722		—		3,251,722
Total Investments in Securities	$	98,854,109	$	3,251,722	$	—	$	102,105,831

For the period ended April 30, 2017, there have been no transfers between Level 1, Level 2, and Level 3 investments.

As of April 30, 2017, there were no Level 3 investments.

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

22 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X Brazil Mid Cap ETF

Sector Weightings†:

 

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

	Shares		Value
COMMON STOCK — 91.2%
BRAZIL — 91.2%
Basic Materials — 5.1%
Cia Siderurgica Nacional ADR *		21,737	$	52,386
Fibria Celulose ADR *		8,476		77,810
Gerdau ADR		32,137		98,018
				228,214
Consumer Goods — 10.3%
Cosan Industria e Comercio		5,813		67,002
Hypermarcas		14,260		133,782
JBS		28,880		92,541
M Dias Branco		4,698		71,598
Natura Cosmeticos		7,029		67,021
Sao Martinho		5,322		29,265
				461,209
Consumer Services — 18.6%
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR *		5,405		121,883
Kroton Educacional		56,939		267,358
Localiza Rent a Car		5,622		82,938
Lojas Renner		20,560		189,609
Raia Drogasil		8,129		170,798
				832,586
Financials — 14.7%
BM&F Bovespa		74,267		439,501
BR Malls Participacoes *		22,615		99,968
Grupo BTG Pactual		4,801		27,826
Multiplan Empreendimentos Imobiliarios		2,958		62,816
Porto Seguro		3,506		31,489
				661,600
Industrials — 15.0%
CCR		32,505		179,251
Embraer ADR		6,104		117,197

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

23 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X Brazil Mid Cap ETF

	Shares/Face Amount			Value
COMMON STOCK — continued
Industrials — continued
Klabin		35,754		$	176,266
Rumo *		29,800			81,515
WEG		21,642			119,617
					673,846
Telecommunications — 2.1%
Tim Participacoes ADR		5,813			93,647
Utilities — 25.4%
Cia de Saneamento Basico do Estado de Sao Paulo ADR		12,837			118,100
Cia Energetica de Minas Gerais ADR		29,679			81,024
CPFL Energia ADR		8,248			134,030
EDP - Energias do Brasil		11,354			47,882
Energisa		13,098			92,539
Engie Brasil Energia		7,582			81,490
Equatorial Energia		7,465			134,187
Transmissora Alianca de Energia Eletrica		12,871			94,396
Ultrapar Participacoes ADR		16,070			356,432
					1,140,080
TOTAL BRAZIL					4,091,182
TOTAL COMMON STOCK
(Cost $3,953,801)					4,091,182
PREFERRED STOCK — 8.5%
BRAZIL — 8.5%
Preferred Stock — 6.9%
Braskem		6,300			67,179
Cia de Transmissao de Energia Eletrica Paulista		1,680			32,541
Lojas Americanas		21,223			111,131
Suzano Papel e Celulose*		24,105			100,450
					311,301
Utilities — 1.6%
Centrais Eletricas Brasileiras		9,834			69,018
TOTAL BRAZIL			��		380,319
TOTAL PREFERRED STOCK
(Cost $343,039)					380,319
CORPORATE OBLIGATION — 0.1%
Hypermarcas
11.300%, 10/15/18(A)(B)
(Cost $8,843)	$	14,727			4,680
TOTAL INVESTMENTS — 99.8%
(Cost $4,305,683)				$	4,476,181

Percentages are based on Net Assets of $4,486,194.

* Non-income producing security.

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

24 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X Brazil Mid Cap ETF

(A)	Security considered illiquid. The total value of such securities as of April 30, 2017 was $4,680 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 April 30, 2017, was $4,680 and represents 0.1% of Net Assets.

ADR — American Depositary Receipt

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	4,091,182	$	—	$	—	$	4,091,182
Preferred Stock		380,319		—		—		380,319
Corporate Obligation		—		—		4,680		4,680
Total Investments in Securities	$	4,471,501	$	—	$	4,680	$	4,476,181

⁽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 period ended April 30, 2017, 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.

25 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X Brazil Consumer ETF

Sector Weightings †:

 

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

	Shares		Value
COMMON STOCK — 93.2%
BRAZIL — 93.2%
Consumer Goods — 47.4%
AMBEV ADR		43,783	$	250,876
Arezzo Industria e Comercio		7,782		81,669
BRF ADR		14,643		182,159
Cia Hering		25,753		177,762
Cosan, Cl A		29,164		224,271
Cosan Industria e Comercio		21,117		243,399
Grendene		15,277		116,387
Hypermarcas		30,750		288,485
JBS		80,156		256,846
M Dias Branco		18,504		282,003
Marfrig Alimentos *		44,216		98,141
Minerva		27,565		87,293
Natura Cosmeticos		29,766		283,814
Sao Martinho		26,501		145,727
SLC Agricola		8,306		50,504
				2,769,336
Consumer Services — 45.8%
B2W Cia Digital *		23,984		100,321
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR *		13,796		311,100
CVC Brasil Operadora e Agencia de Viagens		24,320		233,712
Estacio Participacoes		48,140		266,374
Kroton Educacional		52,058		244,439
Localiza Rent a Car		21,951		323,830
Lojas Renner		32,825		302,719
Multiplus		8,202		100,128
Raia Drogasil		11,722		246,291
Smiles		11,161		242,110
Via Varejo		78,634		292,776
				2,663,800
TOTAL BRAZIL				5,433,136
TOTAL COMMON STOCK
(Cost $4,591,150)				5,433,136

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

26 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X Brazil Consumer ETF

	Shares/Face Amount		Value
PREFERRED STOCK — 6.6%
BRAZIL — 6.6%
Consumer Goods — 2.6%
Alpargatas		35,727	$	148,993
Consumer Services — 4.0%
Lojas Americanas		44,782		234,494
TOTAL BRAZIL				383,487
TOTAL PREFERRED STOCK
(Cost $294,315)				383,487
CORPORATE OBLIGATION — 0.1%
Hypermarcas
11.300%, 10/15/18(A) (B)
(Cost $12,590)	$	20,968		6,663
TOTAL INVESTMENTS — 99.9%
(Cost $4,898,055)			$	5,823,286

Percentages are based on Net Assets of $5,830,678.

*	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 April 30, 2017, was $6,663 and represents 0.1% of Net Assets.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2017 was $6,663 and represented 0.1% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	5,433,136	$	—	$	—	$	5,433,136
Preferred Stock		383,487		—		—		383,487
Corporate Obligation		—		—		6,663		6,663
Total Investments in Securities	$	5,816,623	$	—	$	6,663	$	5,823,286

⁽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 period ended April 30, 2017, 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.

27 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI Argentina ETF

Sector Weightings †:

 

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

	Shares		Value
COMMON STOCK — 100.0%
ARGENTINA — 87.5%
Basic Materials — 15.8%
Tenaris ADR		730,478	$	22,812,828
Consumer Goods — 5.5%
Adecoagro *		397,732		4,410,848
Cresud SACIF y A ADR *		163,672		3,440,385
				7,851,233
Consumer Services — 25.9%
Arcos Dorados Holdings, Cl A *		577,072		4,731,990
Grupo Clarin GDR, Cl B		143,831		4,523,485
MercadoLibre		122,868		28,125,714
				37,381,189
Financials — 15.4%
Banco Macro ADR		74,559		6,391,197
BBVA Banco Frances ADR		188,416		3,448,013
Grupo Financiero Galicia ADR		176,096		6,880,071
Grupo Supervielle ADR *		153,221		2,603,225
IRSA Inversiones y Representaciones ADR *		114,876		2,897,173
				22,219,679
Oil & Gas — 13.3%
Transportadora de Gas del Sur ADR *		373,531		5,558,141
YPF ADR		522,382		13,493,127
				19,051,268
Technoloy — 2.8%
Globant *		106,237		4,025,320
Telecommunications — 4.0%
Telecom Argentina ADR		256,824		5,819,632
Utilities — 4.8%
Empresa Distribuidora Y Comercializadora Norte ADR *		39,282		1,357,586

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

28 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI Argentina ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Pampa Energia ADR *		101,133	$	5,515,794
				6,873,380
TOTAL ARGENTINA				126,034,529
CANADA — 4.1%
Basic Materials — 2.7%
Pan American Silver		122,579		2,052,098
Silver Standard Resources *		186,789		1,923,491
				3,975,589
Industrials — 1.4%
Finning International		106,222		2,016,765
TOTAL CANADA				5,992,354
CHILE — 4.7%
Consumer Goods — 3.3%
Cia Cervecerias Unidas ADR		92,016		2,371,252
Embotelladora Andina ADR, Cl B		94,999		2,414,875
				4,786,127
Consumer Services — 1.4%
Cencosud		710,850		2,026,675
TOTAL CHILE				6,812,802
MEXICO — 2.1%
Consumer Goods — 2.1%
Arca Continental		406,737		2,966,874
SPAIN — 1.6%
Industrials — 1.6%
Prosegur Cia de Seguridad		346,520		2,260,274
TOTAL INVESTMENTS — 100.0%
(Cost $114,933,787)			$	144,066,833

Percentages are based on Net Assets of $144,092,713.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

As of April 30, 2017, 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 April 30, 2017, 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.

29 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI Greece ETF

Sector Weightings †:

 

† 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 — 99.8%
Basic Materials — 3.2%
Mytilineos Holdings *		609,926	$	4,589,455
Mytilineos Holdings ADR *		626,200		4,711,905
				9,301,360
Consumer Goods — 6.7%
JUMBO		901,297		14,221,397
JUMBO ADR		340,000		5,364,792
				19,586,189
Consumer Services — 14.8%
Aegean Airlines		631,724		5,434,511
FF Group *		308,102		6,555,790
FF Group ADR *		200,300		4,261,983
OPAP		2,088,858		20,699,329
OPAP ADR (A)		1,404,900		6,827,814
				43,779,427
Financials — 31.6%
Alpha Bank AE *		17,638,634		37,454,630
Eurobank Ergasias *		19,548,966		15,710,359
Hellenic Exchanges - Athens Stock Exchange		1,056,051		5,588,910
National Bank of Greece *		65,949,430		20,539,177
Piraeus Bank *		64,212,602		13,635,179
				92,928,255
Industrials — 20.6%
Aegean Marine Petroleum Network (A)		518,839		5,785,055
Capital Product Partners (B)		1,809,597		6,315,494
Dorian LPG *		495,081		4,500,286
Ellaktor *		2,557,737		4,094,296

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

30 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI Greece ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Industrials — continued
GasLog (A)		674,958	$	9,449,412
GasLog Partners (A) (B)		362,004		8,633,795
Metka Industrial - Construction		389,922		2,972,225
Metka Industrial - Construction ADR		130,000		990,938
Titan Cement		266,805		6,969,958
Titan Cement ADR		439,800		5,744,624
Tsakos Energy Navigation		1,092,755		5,015,745
				60,471,828
Oil & Gas — 6.5%
Hellenic Petroleum		1,095,588		6,311,156
Motor Oil Hellas Corinth Refineries		390,908		6,627,796
Motor Oil Hellas Corinth Refineries ADR		768,300		6,513,186
				19,452,138
Real Estate Investment Trusts — 2.2%
Grivalia Properties		711,303		6,614,827
Telecommunications — 10.2%
Hellenic Telecommunications Organization		3,095,882		30,105,221
Utilities — 4.0%
Athens Water Supply & Sewage		800,534		4,628,926
Public Power		1,947,005		7,166,213
				11,795,139
TOTAL GREECE				294,034,384
TOTAL COMMON STOCK
(Cost $279,017,944)				294,034,384
REPURCHASE AGREEMENTS (C) — 2.2%
Barclays Bank
0.800%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $4,013,182 (collateralized by U.S Treasury Obligations, ranging in par value $4-$1,888,060, 0.000%-6.375%, 5/4/17-08/15/40, with a total market value of $4,093,172)	$	4,012,914		4,012,914
Deutsche Bank
0.830%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $2,590,655 (collateralized by U.S. Treasury Obligation, par value $2,483,126, 3.625%, 02/15/20 with a total market value of $2,644,219)		2,590,476		2,590,476
TOTAL REPURCHASE AGREEMENTS
(Cost $6,603,390)				6,603,390
TOTAL INVESTMENTS — 102.0%
(Cost $285,621,334)			$	300,637,774

Percentages are based on Net Assets of $294,658,867.

* Non-income producing security.

(A) This security or a partial position of this security is on loan at April 30, 2017.  The total value of securities on loan at April 30, 2017 was $6,667,101.

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

31 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI Greece ETF

(B) Security considered Master Limited Partnership.  At April 30, 2017, these securities amounted to $14,949,289 or 5.1% of net assets.

(C) Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2017 was $6,603,390.

ADR — American Depositary Receipt

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	294,034,384	$	—	$	—	$	294,034,384
Repurchase Agreements		—		6,603,390		—		6,603,390
Total Investments in Securities	$	294,034,384	$	6,603,390	$	—	$	300,637,774

For the period ended April 30, 2017, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2017, there were no Level 3 investments.

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

32 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI Norway ETF

Sector Weightings †:

 

† 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 — 99.2%
NORWAY — 99.2%
Basic Materials — 11.6%
Borregaard		121,217	$	1,365,486
Norsk Hydro		1,212,690		6,936,533
Yara International		141,183		5,260,680
				13,562,699
Consumer Goods — 14.2%
Austevoll Seafood		109,118		878,905
Bakkafrost P		43,445		1,475,806
Kongsberg Automotive Holding *		615,993		452,296
Leroy Seafood Group		33,670		1,696,372
Marine Harvest		304,917		5,082,840
Norway Royal Salmon		12,143		223,965
Orkla		599,824		5,444,034
Salmar		57,063		1,356,883
				16,611,101
Consumer Services — 5.6%
Europris (A)		136,840		638,954
Norwegian Air Shuttle *		32,501		924,589
Schibsted, Cl A		74,800		1,864,215
Schibsted, Cl B		88,216		1,982,324
XXL (A)		110,304		1,191,049
				6,601,131
Financials — 24.0%
Aker, Cl A		30,270		1,151,931
B2Holding *		174,295		295,019
DnB * (B)		953,792		14,930,661
Entra (A)		108,542		1,248,046
Gjensidige Forsikring		212,108		3,265,866

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

33 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI Norway ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Norwegian Property		270,600	$	319,041
Protector Forsikring		77,409		646,092
Selvaag Bolig		79,958		331,350
Skandiabanken * (A)		61,805		553,731
Sparebank 1 Nord Norge		129,939		860,799
SpareBank 1 SMN		150,800		1,258,647
Storebrand		491,288		3,246,005
				28,107,188
Industrials — 4.7%
BW LPG (A)		100,150		442,032
Frontline		98,264		656,126
Golden Ocean Group * (B)		108,160		836,467
Hexagon Composites *		133,300		424,805
Hoegh LNG Holdings		60,518		621,676
IDEX * (B)		516,307		515,915
Ocean Yield		77,807		585,834
Stolt-Nielsen		36,740		568,266
Thin Film Electronics *		1,114,969		506,301
Wallenius Wilhelmsen Logistics, Cl B		97,827		496,758
				5,654,180
Oil & Gas — 27.0%
Akastor		267,095		395,973
Aker BP		111,172		1,890,826
Aker Solutions		182,166		1,041,981
BW Offshore *		85,398		220,311
DNO International * (B)		794,084		672,976
Petroleum Geo-Services		378,490		893,372
REC Silicon *		2,697,994		336,993
Scatec Solar (A) (B)		94,310		428,257
Seadrill *		392,038		269,322
Statoil		1,103,476		18,252,793
Subsea 7		282,224		4,678,201
TGS Nopec Geophysical		113,770		2,491,479
				31,572,484
Technology — 2.0%
Atea		97,211		1,180,172
Nordic Semiconductor *		153,544		616,578
Opera Software		136,720		619,242
				2,415,992
Telecommunications — 10.1%
Telenor		728,966		11,811,181
TOTAL COMMON STOCK
(Cost $127,939,857)			$	116,335,956

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

34 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI Norway ETF

	Face Amount		Value
REPURCHASE AGREEMENTS (C) — 8.7%
Barclays Bank
0.800%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $6,174,023 (collateralized by U.S Treasury Obligations, ranging in par value $6-$2,904,659, 0.000%-6.375%, 5/4/17-08/15/40, with a total market value of $6,297,084)	$	6,173,611	$	6,173,611
Deutsche Bank
0.830%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $3,985,557  (collateralized by U.S. Treasury Obligation, par value $3,820,131, 3.625%, 02/15/20 with a total market value of $4,067,961)		3,985,281		3,985,281
TOTAL REPURCHASE AGREEMENTS
(Cost $10,158,892)				10,158,892
TOTAL INVESTMENTS — 107.9%
(Cost $138,098,749)			$	126,494,848

Percentages are based on Net Assets of $117,226,392.

*	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 April 30, 2017 was $4,502,069 and represents 3.8% of Net Assets.
(B)	This security or a partial position of this security is on loan at April 30, 2017.  The total value of securities on loan at April 30, 2017 was $10,380,383.
(C)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2017 was $10,158,892.

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	116,335,956	$	—	$	—	$	116,335,956
Repurchase Agreements		—		10,158,892		—		10,158,892
Total Investments in Securities	$	116,335,956	$	10,158,892	$	—	$	126,494,848

For the period ended April 30, 2017, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of April 31, 2017, there were no Level 3 investments.

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

35 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X FTSE Nordic Region ETF

Sector Weightings †:

 

† 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 — 99.4%
DENMARK — 28.3%
Consumer Goods — 3.8%
Carlsberg, Cl B		5,957	$	594,409
Pandora		6,150		664,544
				1,258,953
Financials — 4.5%
Danske Bank		41,123		1,493,236
Health Care — 15.0%
Coloplast, Cl B		5,641		482,762
Novo Nordisk ADR		104,097		4,026,472
Novozymes, Cl B		12,270		529,979
				5,039,213
Industrials — 1.8%
AP Moller - Maersk, Cl B		348		601,757
Oil & Gas — 3.2%
Vestas Wind Systems		12,481		1,074,530
TOTAL DENMARK				9,467,689
FINLAND — 13.3%
Financials — 3.8%
Sampo, Cl A (A)		26,521		1,270,427
Industrials — 2.9%
Kone, Cl B		21,394		979,867
Technology — 5.5%
Nokia ADR		322,261		1,846,555
Utilities — 1.1%
Fortum		24,739		359,911

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

36 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X FTSE Nordic Region ETF

	Shares		Value
COMMON STOCK — continued
TOTAL FINLAND			$	4,456,760
NORWAY — 8.5%
Basic Materials — 1.1%
Yara International		9,837		366,541
Financials — 2.8%
DnB * (A)		60,566		948,100
Oil & Gas — 2.7%
Statoil ADR		54,698		898,688
Telecommunications — 1.9%
Telenor		39,086		633,297
TOTAL NORWAY				2,846,626
SWEDEN — 49.3%
Consumer Goods — 3.3%
Svenska Cellulosa, Cl B		33,633		1,114,415
Consumer Services — 4.0%
Hennes & Mauritz, Cl B		53,515		1,325,969
Financials — 20.6%
Investor, Cl B		25,491		1,165,617
Nordea Bank		179,125		2,204,976
Skandinaviska Enskilda Banken, Cl A		80,885		931,729
Svenska Handelsbanken, Cl A		82,571		1,172,152
Swedbank, Cl A		59,455		1,409,361
				6,883,835
Industrials — 14.5%
Assa Abloy, Cl B (A)		52,917		1,146,810
Atlas Copco, Cl A		34,903		1,305,492
Sandvik		60,771		975,927
Volvo, Cl B		87,043		1,424,372
				4,852,601
Technology — 5.1%
Ericsson ADR		167,954		1,090,021
Hexagon, Cl B		14,420		628,111
				1,718,132
Telecommunications — 1.8%
Telia		146,221		596,126
TOTAL SWEDEN				16,491,078
TOTAL COMMON STOCK
(Cost $34,587,057)				33,262,153

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

37 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X FTSE Nordic Region ETF

	Face Amount		Value
REPURCHASE AGREEMENTS (B) — 5.9%
Barclays Bank
0.800%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $1,194,572 (collateralized by U.S Treasury Obligations, ranging in par value $1-$562,004, 0.000%-6.375%, 5/4/17-08/15/40, with a total market value of $1,218,383)	$	1,194,493	$	1,194,493
Deutsche Bank
0.830%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $771,140  (collateralized by U.S. Treasury Obligation, par value $739,133, 3.625%, 02/15/20 with a total market value of  787,084)		771,087		771,087
TOTAL REPURCHASE AGREEMENTS
(Cost $1,965,580)				1,965,580
TOTAL INVESTMENTS �� 105.3%
(Cost $36,552,637)			$	35,227,733

Percentages are based on Net Assets of $33,460,199.

* Non-income producing security.

(A) This security or a partial position of this security is on loan at April 30, 2017.  The total value of securities on loan at April 30, 2017 was $1,949,701.

(B) Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2017 was $1,965,580.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	33,262,153	$	—	$	—	$	33,262,153
Repurchase Agreements		—		1,965,580		—		1,965,580
Total Investments in Securities	$	33,262,153	$	1,965,580	$	—	$	35,227,733

For the period ended April 30, 2017, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of April 30, 2017, there were no Level 3 investments.

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

38 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI Nigeria ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 98.6%
NIGERIA — 98.6%
Consumer Goods — 34.8%
Flour Mills of Nigeria		18,069,367	$	1,064,469
Guinness Nigeria		5,404,704		1,061,484
Nestle Nigeria		869,930		2,069,839
Nigerian Breweries		20,359,383		8,196,392
PZ Cussons Nigeria		14,524,717		709,242
Unilever Nigeria		12,549,501		1,306,495
				14,407,921
Financials — 51.8%
Access Bank		78,636,614		1,711,450
Diamond Bank		166,950,895		431,652
Ecobank Transnational		49,352,932		1,245,331
FBN Holdings		139,863,715		1,451,049
Guaranty Trust Bank		74,372,303		6,481,867
Stanbic IBTC Holdings		31,618,812		2,716,393
Transnational Corp of Nigeria *		287,252,448		827,302
UAC of Nigeria		17,676,885		837,128
United Bank for Africa		107,565,062		2,048,858
Zenith Bank		76,317,612		3,721,592
				21,472,622
Industrials — 8.0%
Dangote Cement		3,085,481		1,605,601
Lafarge Africa		10,254,374		1,708,895
				3,314,496
Oil & Gas — 4.0%
Forte Oil *		3,345,951		491,681
Oando *		62,010,077		1,173,026
				1,664,707
TOTAL INVESTMENTS — 98.6%
(Cost $53,005,335)			$	40,859,746

Percentages are based on Net Assets of $41,430,188.

* Non-income producing security.

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

39 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI Nigeria ETF

As of April 30, 2017, 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 April 30, 2017, 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.

40 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X Next Emerging & Frontier ETF

Sector Weightings †:

 

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

	Shares		Value
COMMON STOCK — 99.5%
ARGENTINA — 4.2%
Consumer Services — 2.2%
MercadoLibre		1,409	$	322,534
Financials — 0.6%
Banco Macro ADR		1,018		87,263
Oil & Gas — 1.4%
YPF ADR		8,189		211,522
TOTAL ARGENTINA				621,319
AUSTRALIA — 1.9%
Basic Materials — 0.4%
St. Barbara *		30,900		62,393
Oil & Gas — 1.5%
Oil Search		28,947		156,298
Santos		23,850		62,070
				218,368
TOTAL AUSTRALIA				280,761
CANADA — 2.6%
Basic Materials — 2.6%
B2Gold *		34,239		85,892
Barrick Gold		3,690		61,697
Endeavour Mining *		3,611		59,474
First Quantum Minerals		10,406		99,014
Lucara Diamond		6,573		15,143
Turquoise Hill Resources *		25,477		69,315
TOTAL CANADA				390,535

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

41 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
CHILE — 4.3%
Basic Materials — 0.2%
Empresas CMPC		11,200	$	26,154
Consumer Goods — 0.3%
Cia Cervecerias Unidas ADR		1,977		50,947
Consumer Services — 1.9%
Cencosud		8,000		22,808
Latam Airlines Group *		9,580		120,969
SACI Falabella		16,660		133,337
				277,114
Financials — 0.4%
Banco de Chile		246,606		29,772
Banco Santander Chile		551,340		32,710
				62,482
Oil & Gas — 0.2%
Empresas COPEC		2,380		26,645
Utilities — 1.3%
AES Gener		27,500		10,456
Empresa Nacional de Electricidad		106,949		81,935
Enersis		491,053		97,230
				189,621
TOTAL CHILE				632,963
COLOMBIA — 0.5%
Consumer Services — 0.1%
Almacenes Exito		1,540		7,948
Financials — 0.1%
Grupo de Inversiones Suramericana		1,261		16,611
Industrials — 0.1%
Cementos Argos		5,046		20,335
Oil & Gas — 0.2%
Ecopetrol		74,748		34,426
TOTAL COLOMBIA				79,320
CZECH REPUBLIC — 1.0%
Financials — 0.2%
Komercni Banka		815		31,581
Utilities — 0.8%
CEZ		6,621		115,574
TOTAL CZECH REPUBLIC				147,155

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

42 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
EGYPT — 0.4%
Financials — 0.3%
Commercial International Bank Egypt SAE		8,575	$	35,108
Talaat Moustafa Group		30,000		13,462
				48,570
Telecommunications — 0.1%
Global Telecom Holding SAE *		32,103		12,521
TOTAL EGYPT				61,091
FRANCE — 0.1%
Oil & Gas — 0.1%
Etablissements Maurel et Prom		3,601		13,607
GEORGIA — 0.6%
Basic Materials — 0.6%
Bank of Georgia Holdings		1,974		91,939
GHANA — 0.4%
Oil & Gas — 0.4%
Tullow Oil *		23,040		62,567
HONG KONG — 0.3%
Consumer Services — 0.3%
NagaCorp		82,383		45,653
HUNGARY — 1.3%
Financials — 0.8%
OTP Bank		4,430		124,661
Health Care — 0.3%
Richter Gedeon Nyrt		1,916		46,416
Oil & Gas — 0.2%
MOL Hungarian Oil & Gas		386		29,080
TOTAL HUNGARY				200,157
INDONESIA — 10.3%
Consumer Goods — 2.6%
Astra International		288,497		193,717
Gudang Garam		10,254		51,082
Hanjaya Mandala Sampoerna		94,100		26,968
Indofood CBP Sukses Makmur TBK		55,000		36,208
Indofood Sukses Makmur		55,800		35,061
Unilever Indonesia		12,969		43,298
				386,334
Consumer Services — 0.1%
Matahari Department Store		18,500		20,264
Financials — 3.9%
Bank Central Asia		179,458		238,981
Bank CIMB Niaga *		6,233		594

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

43 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Bank Mandiri		242,218	$	212,616
Bank Rakyat Indonesia Persero		132,600		128,332
				580,523
Health Care — 0.2%
Kalbe Farma		289,600		34,437
Industrials — 1.0%
Indocement Tunggal Prakarsa		20,100		25,560
Semen Indonesia Persero		140,805		93,226
United Tractors		16,500		33,300
				152,086
Telecommunications — 2.0%
Telekomunikasi Indonesia Persero		882,905		289,466
Utilities — 0.5%
Perusahaan Gas Negara *		374,439		68,264
TOTAL INDONESIA				1,531,374
ITALY — 0.6%
Oil & Gas — 0.6%
Saipem		190,600		82,108
JAPAN — 0.8%
Basic Materials — 0.4%
Kyoei Steel		3,300		53,347
Industrials — 0.4%
Namura Shipbuilding		9,340		60,245
TOTAL JAPAN				113,592
KAZAKHSTAN — 0.5%
Basic Materials — 0.5%
KAZ Minerals *		10,440		68,006
KUWAIT — 0.8%
Financials — 0.8%
Kuwait Finance House		51,165		83,243
National Bank of Kuwait SAK		18,442		41,218
TOTAL KUWAIT				124,461
MALAYSIA — 9.1%
Basic Materials — 0.4%
HAP Seng Consolidated		10,700		21,864
Petronas Chemicals Group		16,390		27,562
				49,426
Consumer Goods — 0.3%
IOI		21,600		22,839
Kuala Lumpur Kepong		3,730		21,069
				43,908

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

44 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — 0.4%
Genting		11,200	$	25,388
Genting Malaysia		24,500		33,129
				58,517
Financials — 2.2%
CIMB Group Holdings		39,700		52,494
Malayan Banking		60,426		133,352
Public Bank		31,930		146,815
				332,661
Health Care — 0.3%
IHH Healthcare		26,272		37,402
Industrials — 1.2%
MISC		16,600		28,030
Sime Darby		61,989		133,231
Westports Holdings		19,300		17,784
				179,045
Oil & Gas — 0.2%
Petronas Dagangan		2,800		15,519
Petronas Gas		3,789		16,130
				31,649
Telecommunications — 2.7%
Axiata Group		82,067		97,361
DiGi.com		121,602		143,984
Maxis		83,996		123,450
Telekom Malaysia		24,185		35,990
				400,785
Utilities — 1.4%
Tenaga Nasional		60,953		195,735
YTL		56,600		19,166
				214,901
TOTAL MALAYSIA				1,348,294
MEXICO — 9.8%
Basic Materials — 3.2%
Fresnillo		10,011		188,058
Grupo Mexico, Cl B		52,788		153,015
Industrias Penoles		1,224		29,681
Mexichem		39,760		108,337
				479,091
Consumer Goods — 1.2%
Arca Continental		5,638		41,125
Coca-Cola Femsa		2,800		20,206
Fomento Economico Mexicano		3,300		29,446
Gruma, Cl B		3,160		41,803

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

45 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Grupo Bimbo, Ser A		10,560	$	25,657
Grupo Lala, Cl B		10,581		19,068
				177,305
Consumer Services — 1.5%
Grupo Televisa		12,821		61,714
Wal-Mart de Mexico		69,780		155,902
				217,616
Financials — 0.9%
Grupo Financiero Banorte, Cl O		14,124		80,854
Grupo Financiero Inbursa, Cl O		35,500		59,299
				140,153
Industrials — 1.9%
Alfa, Cl A		65,170		88,632
Cemex, Cl Preference *		69,884		63,816
Grupo Aeroportuario del Pacifico, Cl B		3,000		30,666
Grupo Aeroportuario del Sureste, Cl B		1,570		29,511
Promotora y Operadora de Infraestructura		6,353		67,006
				279,631
Telecommunications — 0.8%
America Movil		162,367		123,800
Utilities — 0.3%
Infraestructura Energetica Nova		9,440		43,659
TOTAL MEXICO				1,461,255
OMAN — 0.4%
Financials — 0.1%
BankMuscat SAOG		8,033		8,388
Telecommunications — 0.3%
Oman Telecommunications SAOG		13,110		44,778
TOTAL OMAN				53,166
PAKISTAN — 0.7%
Financials — 0.2%
United Bank		11,200		26,530
Oil & Gas — 0.4%
Oil & Gas Development		12,300		18,127
Pakistan Petroleum		34,600		52,444
				70,571
Utilities — 0.1%
K-Electric *		170,800		13,125
TOTAL PAKISTAN				110,226

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

46 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
PANAMA — 1.6%
Consumer Services — 1.6%
Copa Holdings, Cl A		1,993	$	232,025
PERU — 0.8%
Basic Materials — 0.2%
Hochschild Mining		8,400		27,625
Financials — 0.6%
Credicorp Ltd.		639		98,189
TOTAL PERU				125,814
PHILIPPINES — 4.0%
Consumer Goods — 0.6%
JG Summit Holdings		23,149		39,010
Universal Robina		11,737		40,404
				79,414
Consumer Services — 1.3%
Jollibee Foods		5,200		21,855
SM Investments		12,226		178,136
				199,991
Financials — 0.6%
Ayala Land		48,000		33,912
SM Prime Holdings		93,197		55,584
				89,496
Industrials — 0.4%
Aboitiz Equity Ventures		12,600		19,367
Ayala		2,430		42,141
				61,508
Telecommunications — 0.7%
Globe Telecom		400		16,636
PLDT		2,714		96,143
				112,779
Utilities — 0.4%
Aboitiz Power		33,458		28,459
Manila Electric		5,220		29,252
				57,711
TOTAL PHILIPPINES				600,899
POLAND — 5.7%
Basic Materials — 0.9%
KGHM Polska Miedz		4,316		136,890
Consumer Goods — 0.1%
LPP *		9		16,093
Financials — 1.5%
Bank Pekao		1,424		51,567

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

47 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Bank Zachodni		287	$	26,340
Powszechna Kasa Oszczednosci Bank Polski		7,051		64,112
Powszechny Zaklad Ubezpieczen		7,090		78,185
				220,204
Oil & Gas — 2.5%
Polski Koncern Naftowy Orlen S.A.		11,436		341,795
Polskie Gornictwo Naftowe i Gazownictwo		18,700		31,896
				373,691
Telecommunications — 0.1%
Orange Polska		12,500		14,912
Utilities — 0.6%
PGE		28,390		84,339
TOTAL POLAND				846,129
QATAR — 1.7%
Financials — 0.7%
Qatar National Bank		2,440		96,359
Industrials — 0.7%
Industries Qatar QSC		3,866		110,736
Telecommunications — 0.3%
Ooredoo QSC		1,510		43,045
TOTAL QATAR				250,140
SOUTH AFRICA — 9.0%
Basic Materials — 2.2%
Anglo American Platinum *		1,955		48,212
AngloGold Ashanti		5,260		59,420
Gold Fields ADR		36,391		118,271
Mondi		1,600		41,421
Sasol		1,823		55,846
				323,170
Consumer Goods — 0.6%
Tiger Brands		2,913		87,920
Consumer Services — 3.0%
Naspers, Cl N		1,659		314,669
Shoprite Holdings		5,074		79,539
Woolworths Holdings		12,618		68,352
				462,560
Financials — 1.3%
FirstRand		26,680		99,374
Standard Bank Group		7,555		83,748
				183,122
Health Care — 1.0%
Aspen Pharmacare Holdings		3,301		68,377

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

48 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Mediclinic International		7,098	$	74,789
				143,166
Telecommunications — 0.9%
MTN Group		4,803		45,397
Vodacom Group		8,210		92,757
				138,154
TOTAL SOUTH AFRICA				1,338,092
SOUTH KOREA — 0.3%
Consumer Goods — 0.3%
Youngone		1,430		42,602
TAIWAN—0.6%
Consumer Goods — 0.6%
Taiwan Paiho		27,400		91,270
THAILAND — 11.3%
Basic Materials — 0.2%
Indorama Ventures NVDR		33,400		35,485
Consumer Goods — 1.7%
Carabao Group NVDR		13,700		26,041
Charoen Pokphand Foods NVDR		116,657		90,216
Thai Beverage		211,907		140,240
				256,497
Consumer Services — 1.1%
CP ALL NVDR		73,622		129,834
Minor International NVDR		24,600		26,492
				156,326
Financials — 0.8%
Kasikornbank NVDR		6,130		32,785
Siam Commercial Bank NVDR		18,400		82,984
				115,769
Health Care — 0.4%
Bangkok Dusit Medical Services NVDR		72,300		42,431
Bumrungrad Hospital NVDR		4,200		21,310
				63,741
Industrials — 2.9%
Airports of Thailand NVDR		134,940		157,020
CH Karnchang NVDR		116,000		91,385
Siam Cement NVDR		12,770		197,881
				446,286
Oil & Gas — 2.8%
PTT NVDR		17,791		200,078
PTT Exploration & Production NVDR		33,060		92,948
PTT Global Chemical NVDR		39,331		85,280

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

49 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — continued
Thai Oil NVDR		16,800	$	37,884
				416,190
Technology — 0.4%
Intouch Holdings PCL NVDR		37,470		57,954
Telecommunications — 1.0%
Advanced Info Service NVDR		22,754		115,119
True NVDR *		125,520		23,769
				138,888
TOTAL THAILAND				1,687,136
TURKEY — 8.0%
Basic Materials — 2.0%
Eregli Demir ve Celik Fabrikalari		159,573		292,317
Consumer Goods — 0.3%
Ford Otomotiv Sanayi		1,820		20,229
Tofas Turk Otomobil Fabrikasi		3,400		28,300
				48,529
Consumer Services — 1.1%
Arcelik		4,500		30,010
BIM Birlesik Magazalar		7,919		129,356
				159,366
Financials — 1.2%
Akbank		21,050		56,331
Turkiye Garanti Bankasi		21,525		58,086
Turkiye Is Bankasi, Cl C		32,344		63,801
				178,218
Industrials — 0.2%
Enka Insaat ve Sanayi		17,841		27,412
Oil & Gas — 2.4%
KOC Holding		33,736		158,534
Tupras Turkiye Petrol Rafinerileri		8,533		214,901
				373,435
Telecommunications — 0.8%
Turk Telekomunikasyon		11,236		20,172
Turkcell Iletisim Hizmetleri		28,100		98,128
				118,300
TOTAL TURKEY				1,197,577
UKRAINE — 0.7%
Consumer Goods — 0.7%
Kernel Holding		5,651		100,464
UNITED ARAB EMIRATES — 3.0%
Financials — 2.4%
Emaar Properties PJSC		103,071		201,484

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

50 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Financials — continued
National Bank of Abu Dhabi PJSC		53,980	$	161,661
				363,145
Industrials — 0.6%
DP World *		4,172		85,275
TOTAL UNITED ARAB EMIRATES				448,420
UNITED KINGDOM— 0.5%
Basic Materials — 0.4%
Antofagasta		4,950		53,666
Oil & Gas — 0.1%
Premier Oil *		20,673		16,649
TOTAL UNITED KINGDOM				70,315
UNITED STATES— 1.7%
Basic Materials — 0.3%
Southern Copper		1,137		40,216
Oil & Gas — 1.0%
Kosmos Energy *		8,338		50,111
Occidental Petroleum		912		56,125
Pacific Drilling *		727		1,236
Seadrill Partners (A)		15,136		46,316
				153,788
Telecommunications — 0.4%
VEON ADR		12,665		52,306
TOTAL UNITED STATES				246,310
TOTAL COMMON STOCK
(Cost $15,741,120)				14,796,742
CORPORATE OBLIGATION — 0.0%
Bank Muscat SAOG
0.035%, 03/19/18
(Cost $–)	$	22,009		6,060
TOTAL INVESTMENTS — 99.5%
(Cost $15,741,120)			$	14,802,802

Percentages are based on Net Assets of $14,875,034.

* Non-income producing security.

(A) Security considered Master Limited Partnership.  At April 30, 2017, these securities amounted to $46,316 or 0.3% of net assets.

ADR — American Depositary Receipt

Cl — Class

Ltd. — Limited

NVDR  — Non-Voting Depositary Receipt

Ser — Series

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

51 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X Next Emerging & Frontier ETF

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	14,796,742	$	—	$	—	$	14,796,742
Corporate Obligation		—		—		6,060		6,060
Total Investments in Securities	$	14,796,742	$	—	$	6,060	$	14,802,802

⁽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 period ended April 30, 2017, 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.

52 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI Portugal ETF

Sector Weightings †:

 

† 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%
NETHERLANDS — 2.0%
Consumer Services — 2.0%
Altice *		25,340	$	629,278
PORTUGAL — 97.9%
Basic Materials — 9.8%
Altri		172,231		803,652
Navigator		342,452		1,449,134
Semapa-Sociedade de Investimento e Gestao		54,817		859,575
				3,112,361
Consumer Services — 14.0%
Ibersol SGPS		30,272		477,327
Jeronimo Martins		75,425		1,383,952
NOS SGPS		227,478		1,302,465
Sonae *		1,238,524		1,270,461
				4,434,205
Financials — 9.1%
Banco Comercial Portugues, Cl R *		8,240,464		1,837,755
Banco Espirito Santo *(A) (B)		2,085,614		—
BANIF - Banco Internacional do Funchal *(A) (B) (C)		55,479,410		1,208
Caixa Economica Montepio Geral *		1,046,441		467,202
Sonae Capital *		602,102		557,308
				2,863,473
Industrials — 10.5%
Corticeira Amorim SGPS		71,273		853,736
CTT-Correios de Portugal		194,509		1,109,670
Mota-Engil		308,932		785,181
Teixeira Duarte		1,893,655		569,136
				3,317,723

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

53 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI Portugal ETF

	Shares/ Face Amount		Value
COMMON STOCK — continued
Oil & Gas — 21.8%
Galp Energia		443,987	$	6,899,223
Telecommunications — 2.5%
Pharol SGPS		1,695,273		435,670
Sonaecom		126,037		363,568
				799,238
Utilities — 30.2%
EDP Renovaveis		194,535		1,481,806
Energias de Portugal		2,129,429		7,026,058
REN - Redes Energeticas Nacionais *		355,695		1,045,410
				9,553,274
TOTAL PORTUGAL				30,979,497
TOTAL COMMON STOCK
(Cost $35,257,919)				31,608,775
U.S. TREASURY OBLIGATION — 3.2%
United States Treasury Bill
0.680%, 05/25/17(D)
(Cost $999,546)	$	1,000,000		999,552
REPURCHASE AGREEMENTS (E) — 0.5%
Barclays Bank
0.800%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $100,626 (collateralized by U.S Treasury Obligations, ranging in par value $23-$47,341, 0.000%-6.375%, 5/4/17-08/15/40, with a total market value of $102,632)		100,619		100,619
Deutsche Bank
0.830%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $64,958 (collateralized by U.S. Treasury Obligation, par value $62,262, 3.625%, 02/15/20 with a total market value of $66,301)		64,953		64,953
TOTAL REPURCHASE AGREEMENTS
(Cost $165,572)				165,572
TOTAL INVESTMENTS — 103.6%
(Cost $36,423,037)			$	32,773,899

Percentages are based on Net Assets of $31,630,331.

* 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 April 30, 2017, was $1,208 and represents 0.0% of Net Assets.

(B) Security considered illiquid. The total value of such securities as of April 30, 2017 was $1,208 and represented 0.0% of Net Assets.

(C) This security or a partial position of this security is on loan at April 30, 2017.  The total value of securities on loan at April 30, 2017 was $288.

(D) The rate reported on the Schedule of Investments is the effective yield at time of purchase.

(E) Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2017 was $165,572.

Cl — Class

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

54 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI Portugal ETF

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	31,607,567	$	—	$	1,208	$	31,608,775
U.S. Treasury Obligation		—		999,552		—		999,552
Repurchase Agreements		—		165,572		—		165,572
Total Investments in Securities	$	31,607,567	$	1,165,124	$	1,208	$	32,773,899

⁽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 period ended April 30, 2017, 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.

55 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI Pakistan ETF

Sector Weightings †:

 

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

	Shares		Value
COMMON STOCK — 100.1%
PAKISTAN — 100.1%
Basic Materials — 10.2%
Dawood Hercules		65,600	$	82,542
Engro		515,090		1,733,620
Fatima Fertilizer		799,700		259,480
Fauji Fertilizer		1,268,500		1,163,089
Fauji Fertilizer Bin Qasim		739,900		354,499
				3,593,230
Consumer Goods — 9.1%
Honda Atlas Cars Pakistan		53,500		471,258
Indus Motor		44,790		874,079
Nishat Mills		449,400		674,776
Pak Elektron		560,500		617,243
PAK Suzuki Motor		66,650		549,800
				3,187,156
Financials — 32.4%
Askari Bank		430,400		82,419
Bank Al Habib		2,017,100		1,031,320
Bank Alfalah *		1,019,100		378,533
Habib Bank		1,346,150		3,541,458
IGI Insurance *		66,000		234,168
MCB Bank		1,258,940		2,612,461
National Bank of Pakistan		1,442,500		877,852
United Bank		1,104,290		2,615,804
				11,374,015
Health Care — 3.5%
Ferozsons Laboratories		37,930		195,644
Searle		175,995		1,043,854
				1,239,498
Industrials — 19.7%
DG Khan Cement		201,260		459,178

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

56 

 

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI Pakistan ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Fauji Cement		1,880,300	$	786,009
Kohat Cement		77,100		193,429
Lucky Cement *		407,360		3,429,787
Maple Leaf Cement Factory		643,200		755,716
Millat Tractors		25,030		351,232
Packages		89,630		718,999
Pakistan International Bulk Terminal *		928,042		256,827
				6,951,177
Oil & Gas — 17.1%
Attock Petroleum		19,600		122,487
Byco Petroleum Pakistan *		531,300		112,189
National Refinery		64,300		488,835
Oil & Gas Development		1,435,940		2,116,180
Pakistan Oilfields		196,720		855,217
Pakistan Petroleum		448,800		680,258
Pakistan State Oil		349,430		1,451,124
Shell Pakistan		31,300		187,624
				6,013,914
Telecommunications — 0.7%
Pakistan Telecommunication		1,605,680		246,627
Utilities — 7.4%
Hub Power		1,162,842		1,440,079
K-Electric *		4,365,900		335,502
Kot Addu Power		777,600		574,320
SUI Southern Gas *		621,200		259,083
				2,608,984
TOTAL INVESTMENTS — 100.1%
(Cost $33,806,331)			$	35,214,601

Percentages are based on Net Assets of $35,175,672.

* Non-income producing security.

As of April 30, 2017, 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 April 30, 2017, 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.

57 

 

Statements of Assets and Liabilities

April 30, 2017 (Unaudited)

	Global X China Consumer ETF			Global X China Energy ETF			Global X China Financials ETF			Global X China Industrials ETF
Assets:
Cost of Investments	$	75,637,032		$	2,120,427		$	28,704,235		$	4,304,380
Cost of Repurchase Agreement		1,997,936			—			—			—
Cost of Foreign Currency		28,869			—			—			—
Investments, at Value	$	73,975,711	*	$	1,601,966		$	28,213,201		$	3,540,872
Repurchase Agreement, at Value		1,997,936			—			—			—
Foreign Currency, at Value		28,869			—			—			—
Cash		23,622			1,788			7,002			1,981
Cash held for securities on loan		127,510			—			—			—
Receivable for Investment Securities Sold		8,315,547			47,582			3,439,542			426,469
Dividend and Interest Receivable		6,638			—			12,548			—
Total Assets		84,475,833			1,651,336			31,672,293			3,969,322
Liabilities:
Payable for Investment Securities Purchased		4,904,709			46,589			3,412,379			426,716
Payable for Capital Shares Redeemed		3,398,617			—			—			—
Obligation to Return Securities Lending Collateral		2,125,446			—			—			—
Payable due to Investment Adviser		40,867			869			14,926			1,904
Unrealized Depreciation on Spot Contracts		17			—			—			—
Total Liabilities		10,469,656			47,458			3,427,305			428,620
Net Assets	$	74,006,177		$	1,603,878		$	28,244,988		$	3,540,702
Net Assets Consist of:
Paid-in Capital	$	116,447,704		$	3,191,064		$	33,492,793		$	6,676,906
Undistributed (Distributions in Excess of) Net Investment Income		120,586			3,578			(76,227	)		(17,747	)
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(40,900,774	)		(1,072,303	)		(4,680,543	)		(2,354,950	)
Net Unrealized (Depreciation) on Investments		(1,661,321	)		(518,461	)		(491,034	)		(763,508	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(18	)		—			(1	)		1
Net Assets	$	74,006,177		$	1,603,878		$	28,244,988		$	3,540,702
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		5,450,000			150,000			1,950,000			250,000
Net Asset Value, Offering and Redemption Price Per Share	$	13.58		$	10.69		$	14.48		$	14.16
*Includes Market Value of Securities on Loan	$	2,012,237		$	—		$	—		$	—

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

58 

 

Statements of Assets and Liabilities

April 30, 2017 (Unaudited)

	Global X China Materials ETF			Global X NASDAQ China Technology ETF			Global X FTSE Southeast Asia ETF			Global X FTSE Andean 40 ETF
Assets:
Cost of Investments	$	3,557,907		$	11,161,966		$	12,003,268		$	6,359,428
Cost of Foreign Currency		—			—			25,658			518
Investments, at Value	$	3,283,271		$	12,953,435		$	11,508,323		$	5,522,700
Cash		30,234			23,734			8,419			12,076
Foreign Currency, at Value		—			—			25,655			516
Receivable for Investment Securities Sold		521,229			—			—			—
Dividend and Interest Receivable		2,831			—			37,622			24,320
Unrealized Appreciation on Spot Contracts		—			—			13			1
Total Assets		3,837,565			12,977,169			11,580,032			5,559,613
Liabilities:
Payable for Investment Securities Purchased		551,293			—			33,855			—
Payable due to Investment Adviser		1,794			6,790			6,106			3,360
Unrealized Depreciation on Spot Contracts		—			—			87			—
Payable for Foreign Capital Gains Tax on Appreciated Securities		—			—			—			5,746
Total Liabilities		553,087			6,790			40,048			9,106
Net Assets	$	3,284,478		$	12,970,379		$	11,539,984		$	5,550,507
Net Assets Consist of:
Paid-in Capital	$	4,977,673		$	14,143,710		$	17,564,926		$	9,887,640
Undistributed (Distributions in Excess of) Net Investment Income		(2,685	)		(260,664	)		68,906			42,001
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(1,415,874	)		(2,704,136	)		(5,598,802	)		(3,536,632	)
Net Unrealized Appreciation (Depreciation) on Investments		(274,636	)		1,791,469			(494,945	)		(836,728	)
Net Unrealized (Depreciation) on Foreign Currency Translations		—			—			(101	)		(5,774	)
Net Assets	$	3,284,478		$	12,970,379		$	11,539,984		$	5,550,507
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		199,971			550,000			800,000			650,000
Net Asset Value, Offering and Redemption Price Per Share	$	16.42		$	23.58		$	14.42		$	8.54

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

59 

 

Statements of Assets and Liabilities

April 30, 2017 (Unaudited)

	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	$	100,788,963		$	4,305,683		$	4,898,055		$	114,933,787
Cost of Repurchase Agreement		3,251,722			—			—			—
Cost of Foreign Currency		8,049			90,658			6,176			113
Investments, at Value	$	98,854,109	*	$	4,476,181		$	5,823,286		$	144,066,833
Repurchase Agreement, at Value		3,251,722			—			—			—
Cash		324,736			—			—			90,709
Foreign Currency, at Value		7,897			87,037			6,176			111
Cash held for securities on loan		207,528			—			—			—
Dividend and Interest Receivable		196,406			15,041			9,491			19,798
Unrealized Appreciation on Spot Contracts		—			27			39			—
Reclaim Receivable		—			—			—			2,594
Total Assets		102,842,398			4,578,286			5,838,992			144,180,045
Liabilities:
Obligation to Return Securities Lending Collateral		3,459,250			—			—			—
Payable due to Investment Adviser		40,476			2,550			3,568			86,301
Cash Overdraft		—			89,542			4,746			—
Payable due to Custodian		19,735			—			—			1,031
Total Liabilities		3,519,461			92,092			8,314			87,332
Net Assets	$	99,322,937		$	4,486,194		$	5,830,678		$	144,092,713
Net Assets Consist of:
Paid-in Capital	$	184,873,579		$	11,970,013		$	10,331,629		$	119,146,529
Undistributed (Distributions in Excess of) Net Investment Income		374,637			16,089			26,630			(223,060	)
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(83,988,963	)		(7,668,462	)		(5,452,854	)		(3,963,807	)
Net Unrealized Appreciation (Depreciation) on Investments		(1,934,854	)		170,498			925,231			29,133,046
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(1,462	)		(1,944	)		42			5
Net Assets	$	99,322,937		$	4,486,194		$	5,830,678		$	144,092,713
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		10,530,000			450,000			400,000			5,024,975
Net Asset Value, Offering and Redemption Price Per Share	$	9.43		$	9.97		$	14.58		$	28.68
*Includes Market Value of Securities on Loan	$	3,338,842		$	—		$	—		$	—

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

60 

 

Statements of Assets and Liabilities

April 30, 2017 (Unaudited)

	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	$	279,017,944		$	127,939,857		$	34,587,057		$	53,005,335
Cost of Repurchase Agreement		6,603,390			10,158,892			1,965,580			—
Cost of Foreign Currency		3,501			1			56,832			480,210
Investments, at Value	$	294,034,384	*	$	116,335,956	*	$	33,262,153	*	$	40,859,746
Repurchase Agreement, at Value		6,603,390			10,158,892			1,965,580			—
Cash		772,423			60,493			—			—
Foreign Currency, at Value		3,597			1			57,946			482,096
Cash held for securities on loan		421,435			648,352			125,445			—
Dividend and Interest Receivable		3,540			877,999			138,740			154,458
Reclaim Receivable		—			—			674,020			122
Total Assets		301,838,769			128,081,693			36,223,884			41,496,422
Liabilities:
Obligation to Return Securities Lending Collateral		7,024,825			10,807,244			2,091,025			—
Payable due to Investment Adviser		126,553			48,057			13,130			22,370
Cash Overdraft		—			—			659,530			15,940
Payable due to Custodian		28,524			—			—			27,924
Total Liabilities		7,179,902			10,855,301			2,763,685			66,234
Net Assets	$	294,658,867		$	117,226,392		$	33,460,199		$	41,430,188
Net Assets Consist of:
Paid-in Capital	$	489,648,153		$	154,761,060		$	38,187,458		$	66,482,351
Undistributed (Distributions in Excess of ) Net Investment Income		(33,767	)		1,564,376			459,882			1,010,052
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(209,972,055	)		(27,498,979	)		(3,766,468	)		(13,922,640	)
Net Unrealized Appreciation (Depreciation) on Investments		15,016,440			(11,603,901	)		(1,324,904	)		(12,145,589	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		96			3,836			(95,769	)		6,014
Net Assets	$	294,658,867		$	117,226,392		$	33,460,199		$	41,430,188
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		34,350,000			10,400,000			1,560,000			2,462,135
Net Asset Value, Offering and Redemption Price Per Share	$	8.58		$	11.27		$	21.45		$	16.83
*Includes Market Value of Securities on Loan	$	6,667,101		$	10,380,383		$	1,949,701		$	—

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

61 

 

Statements of Assets and Liabilities

April 30, 2017 (Unaudited)

	Global X Next Emerging & Frontier ETF			Global X MSCI Portugal ETF			Global X MSCI Pakistan ETF
Assets:
Cost of Investments	$	15,741,120		$	36,257,465		$	33,806,331
Cost of Repurchase Agreement		—			165,572			—
Cost of Foreign Currency		18,954			—			175,571
Investments, at Value	$	14,802,802		$	32,608,327	*	$	35,214,601
Repurchase Agreement, at Value		—			165,572			—
Cash		31,235			—			—
Foreign Currency, at Value		18,957			—			175,642
Cash held for securities on loan		—			10,568			—
Dividend and Interest Receivable		27,660			1,135			190,854
Reclaim Receivable		3,655			154,698			—
Unrealized Appreciation on Spot Contracts		9			—			—
Receivable for Capital Shares Sold		—			—			1,759,400
Total Assets		14,884,318			32,940,300			37,340,497
Liabilities:
Payable due to Investment Adviser		5,932			13,315			18,350
Unrealized Depreciation on Spot Contracts		2			—			—
Payable for Investment Securities Purchased		—			—			1,694,945
Obligation to Return Securities Lending Collateral		—			176,140			—
Cash Overdraft		—			1,117,468			240,200
Payable due to Custodian		1,337			2,714			9,281
Payable for Foreign Capital Gains Tax on Appreciated Securities		2,013			—			202,049
Due to Broker		—			332			—
Total Liabilities		9,284			1,309,969			2,164,825
Net Assets	$	14,875,034		$	31,630,331		$	35,175,672
Net Assets Consist of:
Paid-in Capital	$	37,161,038		$	46,896,703		$	33,662,368
Undistributed (Distributions in Excess of) Net Investment Income		138,873			(37,817	)		348,808
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(21,485,319	)		(11,561,125	)		(41,946	)
Net Unrealized Appreciation (Depreciation) on Investments		(938,318	)		(3,649,138	)		1,408,270
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(1,240	)		(18,292	)		(201,828	)
Net Assets	$	14,875,034		$	31,630,331		$	35,175,672
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		700,000			3,050,000			2,000,000
Net Asset Value, Offering and Redemption Price Per Share	$	21.25		$	10.37		$	17.59
*Includes Market Value of Securities on Loan	$	—		$	288		$	—

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

62 

 

Statements of Operations

For the period endedApril 30, 2017 (Unaudited)

	Global X China Consumer ETF				Global X China Energy ETF			Global X China Financials ETF				Global X China Industrials ETF
Investment Income:
Dividend Income	$	390,239			$	8,669		$	13,168			$	3,196
Interest Income		96				5			63				6
Security Lending Income		41,187				—			—				—
Less: Foreign Taxes Withheld		(175	)			—			—				(173	)
Total Investment Income		431,347				8,674			13,231				3,029
Supervision and Administration Fees(1)		233,813				5,074			89,451				12,127
Custodian Fees		527				20			1				2
Total Expenses		234,340				5,094			89,452				12,129
Net Investment Income (Loss)		197,007				3,580			(76,221	)			(9,100	)
Net Realized Gain (Loss) on:
Investments		(418,697	)	(2)		(59,433	)		(635,571	)	(2)		(193,565	)(2)
Foreign Currency Transactions		(402	)			1			(60	)			2
Net Realized Loss on Investments and Foreign Currency Transactions		(419,099	)			(59,432	)		(635,631	)			(193,563	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		10,439,185				108,689			2,591,104				721,562
Foreign Currency Translations		(23	)			(1	)		(5	)			—
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		10,439,162				108,688			2,591,099				721,562
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		10,020,063				49,256			1,955,468				527,999
Net Increase in Net Assets Resulting from Operations	$	10,217,070			$	52,836		$	1,879,247			$	518,899

(1) The Supervision and Administration fees include 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.

63 

 

Statements of Operations

For the period endedApril 30, 2017 (Unaudited)

	Global X China Materials ETF			Global X NASDAQ China Technology ETF			Global X FTSE Southeast Asia ETF			Global X FTSE Andean 40 ETF
Investment Income:
Dividend Income	$	4,300		$	31,531		$	139,464		$	70,587
Interest Income		2			47			31			11
Less: Foreign Taxes Withheld		(315	)		—			(10,052	)		(9,152	)
Total Investment Income		3,987			31,578			129,443			61,446
Supervision and Administration Fees(1)		6,670			41,262			35,724			16,220
Tax Expense		—			—			—			32
Custodian Fees		1			86			37			73
Total Expenses		6,671			41,348			35,761			16,325
Net Investment Income (Loss)		(2,684	)		(9,770	)		93,682			45,121
Net Realized Gain (Loss) on:
Investments		(273,775	)		(630,388	)(2)		(366,780	)(2)		(103,014	)
Foreign Currency Transactions		19			(4	)		(2,346	)		(1,594	)
Net Realized Loss on Investments and Foreign Currency Transactions		(273,756	)		(630,392	)		(369,126	)		(104,608	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		542,421			1,313,529			1,079,671			330,766
Foreign Capital Gains Tax on Appreciated Securities		—			—			—			1,116
Foreign Currency Translations		1			—			(63	)		(26	)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		542,422			1,313,529			1,079,608			331,856
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		268,666			683,137			710,482			227,248
Net Increase in Net Assets Resulting from Operations	$	265,982		$	673,367		$	804,164		$	272,369

(1) The Supervision and Administration fees include 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.

64 

 

Statements of Operations

For the period endedApril 30, 2017 (Unaudited)

	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	$	1,202,902		$	52,088		$	96,259		$	302,643
Interest Income		295			280			399			190
Security Lending Income		1,248			—			—			—
Less: Foreign Taxes Withheld		(3,088	)		(869	)		(552	)		(31,580	)
Total Investment Income		1,201,357			51,499			96,106			271,253
Supervision and Administration Fees(1)		309,316			15,145			21,829			392,670
Tax Expense		—			134			—			—
Custodian Fees		62,385			220			26			2,197
Other Fees		—			—			—			149
Total Expenses		371,701			15,499			21,855			395,016
Waiver of Supervision and Administration Fees		(86,633	)		–			–			–
Net Expenses		285,068			15,499			21,855			395,016
Net Investment Income (Loss)		916,289			36,000			74,251			(123,763	)
Net Realized Gain (Loss) on:
Investments (2)		(7,054,094	)		(317,515	)		(501,284	)		1,387,551
Foreign Currency Transactions		45,808			3,883			3,072			3,335
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(7,008,286	)		(313,632	)		(498,212	)		1,390,886
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		8,910,318			272,125			406,306			19,673,888
Foreign Currency Translations		(949	)		(2,244	)		(302	)		(1,721	)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		8,909,369			269,881			406,004			19,672,167
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		1,901,083			(43,751	)		(92,208	)		21,063,053
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,817,372		$	(7,751	)	$	(17,957	)	$	20,939,290

(1) The Supervision and Administration fees include 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.

65 

 

Statements of Operations

For the period endedApril 30, 2017 (Unaudited)

	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	$	2,063,812		$	2,851,519		$	818,367		$	1,331,412
Interest Income		894			353			43			338
Security Lending Income		34,672			240,871			24,127			—
Less: Foreign Taxes Withheld		(130,681	)		(542,490	)		(63,547	)		(132,649	)
Total Investment Income		1,968,697			2,550,253			778,990			1,199,101
Supervision and Administration Fees(1)		730,526			297,114			83,712			108,595
Custodian Fees		92,976			126			7,108			80,448
Total Expenses		823,502			297,240			90,820			189,043
Net Investment Income		1,145,195			2,253,013			688,170			1,010,058
Net Realized Gain (Loss) on:
Investments		(7,033,782	)(2)		(2,768,292	)(2)		(44,222	)(2)		(3,741,428	)
Foreign Currency Transactions		(10,757	)		(36,312	)		(3,540	)		124,066
Net Realized Loss on Investments and Foreign Currency Transactions		(7,044,539	)		(2,804,604	)		(47,762	)		(3,617,362	)
Net Change in Unrealized Appreciation on:
Investments		51,665,014			5,938,444			3,785,786			3,443,095
Foreign Currency Translations		142			3,275			8,828			6,000
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		51,665,156			5,941,719			3,794,614			3,449,095
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		44,620,617			3,137,115			3,746,852			(168,267	)
Net Increase in Net Assets Resulting from Operations	$	45,765,812		$	5,390,128		$	4,435,022		$	841,791

(1) The Supervision and Administration fees include 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.

66 

 

Statements of Operations

For the period endedApril 30, 2017 (Unaudited)

	Global X Next Emerging & Frontier ETF			Global X MSCI Portugal ETF			Global X MSCI Pakistan ETF
Investment Income:
Dividend Income	$	204,332		$	18,647		$	630,688
Interest Income		7,067			143			—
Security Lending Income		—			26,498			—
Less: Foreign Taxes Withheld		(18,594	)		(2,797	)		(77,255	)
Total Investment Income		192,805			42,491			553,433
Supervision and Administration Fees(1)		34,016			61,909			74,397
Custodian Fees		5,009			8,594			25,131
Total Expenses		39,025			70,503			99,528
Net Investment Income (Loss)		153,780			(28,012	)		453,905
Net Realized Gain (Loss) on:
Investments		(125,273	) (2)		(4,178,827	)(2)		120,212
Foreign Currency Transactions		(3,470	)		(12,439	)		(888	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(128,743	)		(4,191,266	)		119,324
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		1,004,277			6,084,302			1,201,437
Foreign Capital Gains Tax on Appreciated Securities		(570	)		—			(67,025	)
Foreign Currency Translations		1,886			647			390
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		1,005,593			6,084,949			1,134,802
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		876,850			1,893,683			1,254,126
Net Increase in Net Assets Resulting from Operations	$	1,030,630		$	1,865,671		$	1,708,031

(1)	The Supervision and Administration fees include 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.

67 

 

Statements of Changes in Net Assets

	Global X China Consumer ETF						Global X China Energy ETF
	Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
Operations:
Net Investment Income	$	197,007		$	1,327,430		$	3,580		$	33,354
Net Realized Loss on Investments and Foreign Currency Transactions		(419,099	)(1)		(13,185,592	)(1)		(59,432	)		(254,864	)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		10,439,162			2,818,911			108,688			113,320
Net Increase (Decrease) in Net Assets Resulting from Operations		10,217,070			(9,039,251	)		52,836			(108,190	)
Dividends and Distributions from:
Net Investment Income		(998,941	)		(4,048,651	)		(32,233	)		(49,338	)
Total Dividends and Distributions		(998,941	)		(4,048,651	)		(32,233	)		(49,338	)
Capital Share Transactions:
Issued		610,841			12,709,523			—			—
Redeemed		(8,845,429	)		(20,549,924	)		—			—
Decrease in Net Assets from Capital Share Transactions		(8,234,588	)		(7,840,401	)		—			—
Total Increase (Decrease) in Net Assets		983,541			(20,928,303	)		20,603			(157,528	)
Net Assets:
Beginning of Period		73,022,636			93,950,939			1,583,275			1,740,803
End of Period	$	74,006,177		$	73,022,636		$	1,603,878		$	1,583,275
Undistributed Net Investment Income	$	120,586		$	922,520		$	3,578		$	32,231
Share Transactions:
Issued		50,000			1,200,000			—			—
Redeemed		(700,000	)		(1,950,000	)		—			—
Net Decrease in Shares Outstanding from Share Transactions		(650,000	)		(750,000	)		—			—

⁽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.

68 

 

Statements of Changes in Net Assets

	Global X China Financials ETF						Global X China Industrials ETF
	Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
Operations:
Net Investment Income (Loss)	$	(76,221	)	$	533,098		$	(9,100	)	$	59,170
Net Realized Loss on Investments and Foreign Currency Transactions(1)		(635,631	)		(10,834,154	)		(193,563	)		(790,050	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		2,591,099			1,268,196			721,562			(1,350	)
Net Increase (Decrease) in Net Assets Resulting from Operations		1,879,247			(9,032,860	)		518,899			(732,230	)
Dividends and Distributions from:
Net Investment Income		(528,238	)		(2,772,013	)		(59,685	)		(103,249	)
Total Dividends and Distributions		(528,238	)		(2,772,013	)		(59,685	)		(103,249	)
Capital Share Transactions:
Issued		—			11,582,475			—			—
Redeemed		(1,394,630	)		(28,846,647	)		(688,804	)		(2,616,503	)
Decrease in Net Assets from Capital Share Transactions		(1,394,630	)		(17,264,172	)		(688,804	)		(2,616,503	)
Total Decrease in Net Assets		(43,621	)		(29,069,045	)		(229,590	)		(3,451,982	)
Net Assets:
Beginning of Period		28,288,609			57,357,654			3,770,292			7,222,274
End of Period	$	28,244,988		$	28,288,609		$	3,540,702		$	3,770,292
Undistributed (Distributions in Excess of) Net Investment Income	$	(76,227	)	$	528,232		$	(17,747	)	$	51,038
Share Transactions:
Issued		—			800,000			—			—
Redeemed		(100,000	)		(2,600,000	)		(50,000	)		(200,000	)
Net Decrease in Shares Outstanding from Share Transactions		(100,000	)		(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.

69 

 

Statements of Changes in Net Assets

	Global X China Materials ETF						Global X NASDAQ China Technology ETF
	Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
Operations:
Net Investment Income (Loss)	$	(2,684	)	$	16,403		$	(9,770	)	$	286,431
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(273,756	)		(241,694	)		(630,392	)(1)		118,539	(1)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		542,422			309,175			1,313,529			331,619
Net Increase in Net Assets Resulting from Operations		265,982			83,884			673,367			736,589
Dividends and Distributions from:
Net Investment Income		(16,197	)		(70,832	)		(528,298	)		(100,894	)
Total Dividends and Distributions		(16,197	)		(70,832	)		(528,298	)		(100,894	)
Capital Share Transactions:
Issued		1,693,123			—			—			—
Redeemed		—			—			(1,114,934	)		(2,099,886	)
Increase (Decrease) in Net Assets from Capital Share Transactions		1,693,123			—			(1,114,934	)		(2,099,886	)
Total Increase (Decrease) in Net Assets		1,942,908			13,052			(969,865	)		(1,464,191	)
Net Assets:
Beginning of Period		1,341,570			1,328,518			13,940,244			15,404,435
End of Period	$	3,284,478		$	1,341,570		$	12,970,379		$	13,940,244
Undistributed (Distributions in Excess of) Net Investment Income	$	(2,685	)	$	16,196		$	(260,664	)	$	277,404
Share Transactions:
Issued		100,000			—			—			—
Redeemed		—			—			(50,000	)		(100,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		100,000			—			(50,000	)		(100,000	)

⁽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.

70 

 

Statements of Changes in Net Assets

	Global X FTSE Southeast Asia ETF						Global X FTSE Andean 40 ETF
	Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
Operations:
Net Investment Income	$	93,682		$	302,964		$	45,121		$	48,055
Net Realized Loss on Investments and Foreign Currency Transactions		(369,126	)(1)		(1,810,378	)(1)		(104,608	)		(721,628	)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		1,079,608			2,385,847			331,856			1,255,698
Net Increase in Net Assets Resulting from Operations		804,164			878,433			272,369			582,125
Dividends and Distributions from:
Net Investment Income		(284,922	)		(486,151	)		(43,706	)		(85,704	)
Total Dividends and Distributions		(284,922	)		(486,151	)		(43,706	)		(85,704	)
Capital Share Transactions:
Issued		—			—			1,254,002			318,633
Redeemed		(1,328,625	)		(2,418,748	)		—			—
Increase (Decrease) in Net Assets from Capital Share Transactions		(1,328,625	)		(2,418,748	)		1,254,002			318,633
Total Increase (Decrease) in Net Assets		(809,383	)		(2,026,466	)		1,482,665			815,054
Net Assets:
Beginning of Period		12,349,367			14,375,833			4,067,842			3,252,788
End of Period	$	11,539,984		$	12,349,367		$	5,550,507		$	4,067,842
Undistributed Net Investment Income	$	68,906		$	260,146		$	42,001		$	40,586
Share Transactions:
Issued		—			—			150,000			50,000
Redeemed		(100,000	)		(200,000	)		—			—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(100,000	)		(200,000	)		150,000			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.

71 

 

Statements of Changes in Net Assets

	Global X MSCI Colombia ETF						Global X Brazil Mid Cap ETF
	Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
Operations:
Net Investment Income	$	916,289		$	1,372,278		$	36,000		$	59,667
Net Realized Loss on Investments and Foreign Currency Transactions(1)		(7,008,286	)		(18,116,087	)		(313,632	)		(325,012	)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		8,909,369			23,181,270			269,881			1,793,704
Net Increase (Decrease) in Net Assets Resulting from Operations		2,817,372			6,437,461			(7,751	)		1,528,359
Dividends and Distributions from:
Net Investment Income		(1,265,662	)		(948,793	)		(54,238	)		(80,368	)
Total Dividends and Distributions		(1,265,662	)		(948,793	)		(54,238	)		(80,368	)
Capital Share Transactions:
Issued		14,537,050			22,093,246			—			1,877,362
Redeemed		(5,526,318	)		(5,437,401	)		(440,172	)		(1,426,319	)
Increase (Decrease) in Net Assets from Capital Share Transactions		9,010,732			16,655,845			(440,172	)		451,043
Total Increase (Decrease) in Net Assets		10,562,442			22,144,513			(502,161	)		1,899,034
Net Assets:
Beginning of Period		88,760,495			66,615,982			4,988,355			3,089,321
End of Period	$	99,322,937		$	88,760,495		$	4,486,194		$	4,988,355
Undistributed Net Investment Income	$	374,637		$	724,010		$	16,089		$	34,327
Share Transactions:
Issued		1,550,000			2,650,000			—			200,000
Redeemed		(650,000	)		(600,000	)		(50,000	)		(150,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		900,000			2,050,000			(50,000	)		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.

72 

 

Statements of Changes in Net Assets

	Global X Brazil Consumer ETF						Global X MSCI Argentina ETF
	Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
Operations:
Net Investment Income (Loss)	$	74,251		$	35,913		$	(123,763	)	$	374,182
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(498,212	)(1)		(729,179	)		1,390,886	(1)		3,129,729	(1)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		406,004			3,024,184			19,672,167			12,204,462
Net Increase (Decrease) in Net Assets Resulting from Operations		(17,957	)		2,330,918			20,939,290			15,708,373
Dividends and Distributions from:
Net Investment Income		(78,851	)		(41,505	)		(308,816	)		(213,754	)
Total Dividends and Distributions		(78,851	)		(41,505	)		(308,816	)		(213,754	)
Capital Share Transactions:
Issued		—			1,921,732			41,104,533			78,356,541
Redeemed		(1,254,291	)		—			(8,243,894	)		(18,604,618	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(1,254,291	)		1,921,732			32,860,639			59,751,923
Total Increase (Decrease) in Net Assets		(1,351,099	)		4,211,145			53,491,113			75,246,542
Net Assets:
Beginning of Period		7,181,777			2,970,632			90,601,600			15,355,058
End of Period	$	5,830,678		$	7,181,777		$	144,092,713		$	90,601,600
Undistributed (Distributions in Excess of) Net Investment Income	$	26,630		$	31,230		$	(223,060	)	$	209,519
Share Transactions:
Issued		—			150,000			1,550,000			3,900,000
Redeemed		(100,000	)		—			(350,000	)		(850,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(100,000	)		150,000			1,200,000			3,050,000

⁽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.

73 

 

Statements of Changes in Net Assets

	Global X MSCI Greece ETF						Global X MSCI Norway ETF
	Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
Operations:
Net Investment Income	$	1,145,195		$	4,178,333		$	2,253,013		$	3,062,802
Net Realized Loss on Investments and Foreign Currency Transactions(1)		(7,044,539	)		(134,815,500	)		(2,804,604	)		(13,126,251	)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		51,665,156			39,582,204			5,941,719			19,197,278
Net Increase (Decrease) in Net Assets Resulting from Operations		45,765,812			(91,054,963	)		5,390,128			9,133,829
Dividends and Distributions from:
Net Investment Income		(5,196,758	)		(3,840,043	)		(3,382,974	)		(2,212,531	)
Total Dividends and Distributions		(5,196,758	)		(3,840,043	)		(3,382,974	)		(2,212,531	)
Capital Share Transactions:
Issued		20,548,119			71,752,872			11,497,663			54,452,738
Redeemed		(12,019,602	)		(46,203,761	)		(10,275,530	)		(12,400,772	)
Increase in Net Assets from Capital Share Transactions		8,528,517			25,549,111			1,222,133			42,051,966
Total Increase (Decrease) in Net Assets		49,097,571			(69,345,895	)		3,229,287			48,973,264
Net Assets:
Beginning of Period		245,561,296			314,907,191			113,997,105			65,023,841
End of Period	$	294,658,867		$	245,561,296		$	117,226,392		$	113,997,105
Undistributed (Distributions in Excess of) Net Investment Income	$	(33,767	)	$	4,017,796		$	1,564,376		$	2,694,337
Share Transactions:
Issued		2,550,000			8,850,000			1,000,000			5,450,000
Redeemed		(1,600,000	)		(5,700,000	)		(900,000	)		(1,200,000	)
Net Increase in Shares Outstanding from Share Transactions		950,000			3,150,000			100,000			4,250,000

⁽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.

74 

 

Statements of Changes in Net Assets

	Global X FTSE Nordic Region ETF						Global X MSCI Nigeria ETF
	Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
Operations:
Net Investment Income	$	688,170		$	1,412,597		$	1,010,058		$	817,156
Net Realized Loss on Investments and Foreign Currency Transactions		(47,762	)(1)		(480,279	)(1)		(3,617,362	)		(4,864,663	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		3,794,614			(6,052,917	)		3,449,095			(7,935,087	)
Net Increase (Decrease) in Net Assets Resulting from Operations		4,435,022			(5,120,599	)		841,791			(11,982,594	)
Dividends and Distributions from:
Net Investment Income		(1,335,962	)		(1,490,826	)		(706,374	)		(850,578	)
Total Dividends and Distributions		(1,335,962	)		(1,490,826	)		(706,374	)		(850,578	)
Capital Share Transactions:
Issued		—			—			13,292,059			18,433,905
Redeemed		(10,537,508	)		(5,085,717	)		(5,830	)		(2,215,314	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(10,537,508	)		(5,085,717	)		13,286,229			16,218,591
Total Increase (Decrease) in Net Assets		(7,438,448	)		(11,697,142	)		13,421,646			3,385,419
Net Assets:
Beginning of Period		40,898,647			52,595,789			28,008,542			24,623,123
End of Period	$	33,460,199		$	40,898,647		$	41,430,188		$	28,008,542
Undistributed Net Investment Income	$	459,882		$	1,107,674		$	1,010,052		$	706,368
Share Transactions:
Issued		—			—			837,500	(2)		925,000	(2)
Redeemed		(550,000	)		(250,000	)		(365	)(2)		(75,000	)(2)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(550,000	)		(250,000	)		837,135			850,000

⁽¹⁾ Includes realized gains/(losses) 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 4 reverse share split on March 16, 2017. (See Note 9 in Notes to Financial Statements).

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

75 

 

Statements of Changes in Net Assets

	Global X Next Emerging & Frontier ETF						Global X MSCI Portugal ETF
	Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
Operations:
Net Investment Income (Loss)	$	153,780		$	461,590		$	(28,012	)	$	1,131,946
Net Realized Loss on Investments and Foreign Currency Transactions(1)		(128,743	)		(30,843,618	)		(4,191,266	)		(3,363,618	)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		1,005,593			27,364,278			6,084,949			74,482
Net Increase (Decrease) in Net Assets Resulting from Operations		1,030,630			(3,017,750	)		1,865,671			(2,157,190	)
Dividends and Distributions from:
Net Investment Income		(337,103	)		(2,414,376	)		(878,665	)		(1,260,520	)
Total Dividends and Distributions		(337,103	)		(2,414,376	)		(878,665	)		(1,260,520	)
Capital Share Transactions:
Issued		—			2,018,082			8,658,456			5,179,446
Redeemed		(930,289	)		(88,399,190	)		(3,708,696	)		(13,516,694	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(930,289	)		(86,381,108	)		4,949,760			(8,337,248	)
Total Increase (Decrease) in Net Assets		(236,762	)		(91,813,234	)		5,936,766			(11,754,958	)
Net Assets:
Beginning of Period		15,111,796			106,925,030			25,693,565			37,448,523
End of Period	$	14,875,034		$	15,111,796		$	31,630,331		$	25,693,565
Undistributed (Distributions in Excess of) Net Investment Income	$	138,873		$	322,196		$	(37,817	)	$	868,860
Share Transactions:
Issued		—			100,000			850,000			500,000
Redeemed		(50,000	)		(4,900,000	)		(400,000	)		(1,350,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(50,000	)		(4,800,000	)		450,000			(850,000	)

⁽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.

76 

 

Statements of Changes in Net Assets

	Global X MSCI Pakistan ETF
	Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
Operations:
Net Investment Income	$	453,905		$	297,924
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		119,324			(137,610	)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		1,134,802			554,585
Net Increase in Net Assets Resulting from Operations		1,708,031			714,899
Dividends and Distributions from:
Net Investment Income		(363,656	)		(146,008	)
Net Realized Gains		—			(18,840	)
Total Dividends and Distributions		(363,656	)		(164,848	)
Capital Share Transactions:
Issued		23,167,764			4,446,623
Total Increase in Net Assets		24,512,139			4,996,674
Net Assets:
Beginning of Period		10,663,533			5,666,859
End of Period	$	35,175,672		$	10,663,533
Undistributed Net Investment Income	$	348,808		$	258,559
Share Transactions:
Issued		1,300,000			300,000
Net Increase in Shares Outstanding from Share Transactions		1,300,000			300,000

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

77 

 

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 ($)			Total from Distributions ($)			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 China Consumer ETF
2017(Unaudited)		11.97		0.03			1.75			1.78			(0.17	)		(0.17	)		13.58		15.16			74,006		0.65	†		0.55	†		10.31
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
2017(Unaudited)		10.56		0.02			0.32			0.34			(0.21	)		(0.21	)		10.69		3.45			1,604		0.65	†		0.46	†		3.72
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
2017(Unaudited)		13.80		(0.04	)		0.98			0.94			(0.26	)		(0.26	)		14.48		7.04			28,245		0.65	†		(0.55	)†		12.74
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
2017(Unaudited)		12.57		(0.03	)		1.82			1.79			(0.20	)		(0.20	)		14.16		14.52			3,541		0.65	†		(0.49	)†		11.57
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
2017(Unaudited)		13.42		(0.02	)		3.18			3.16			(0.16	)		(0.16	)		16.42		23.81			3,284		0.65	†		(0.26	)†		25.31
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
2017(Unaudited)		23.23		(0.02	)		1.33			1.31			(0.96	)		(0.96	)		23.58		6.10			12,970		0.65	†		(0.15	)†		28.35
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 adjusted for a 1 for 2 reverse share split on May 16, 2013. For more information see Note 9 in the Notes to Financial Statements

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

* 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.

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

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

78 

 

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Total from Distributions ($)			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 FTSE Southeast Asia ETF
2017(Unaudited)		13.72		0.11			0.95			1.06			(0.36	)		(0.36	)		14.42		8.03			11,540		0.65	†		1.70	†		1.83
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
2017(Unaudited)		8.14		0.08			0.41			0.49			(0.09	)		(0.09	)		8.54		6.10			5,551		0.72	†		2.00	†		7.17
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
2017(Unaudited)		9.22		0.09			0.25			0.34			(0.13	)		(0.13	)		9.43		3.81			99,323		0.63	@†		2.01	†		21.74
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
2017(Unaudited)		9.98		0.08			0.03			0.11			(0.12	)		(0.12	)		9.97		1.25			4,486		0.71	†		1.64	†		17.51
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
2017(Unaudited)		14.36		0.17			0.23			0.40			(0.18	)		(0.18	)		14.58		2.99			5,831		0.77	†		2.62	†		7.12
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
2017(Unaudited)		23.69		(0.03	)		5.10			5.07			(0.08	)		(0.08	)		28.68		21.51			144,093		0.74	†		(0.23	)†		14.69
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 adjusted for a 1 for 2 reverse share split on May 16, 2013. For more information see Note 9 in the Notes to Financial Statements

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

* 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 0.82%, 0.84%, 0.79%, 0.78%, 0.80%, and 0.83% for the period ended April 30, 2017 and 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.

79 

 

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 MSCI Greece ETF
2017(Unaudited)		7.35		0.03			1.35			1.38			(0.15	)		—			(0.15	)		8.58		19.05			294,659		0.62	†		0.86	†		4.62
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
2017(Unaudited)		11.07		0.21			0.31			0.52			(0.32	)		—			(0.32	)		11.27		4.79			117,226		0.50	†		3.79	†		5.00
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
2017(Unaudited)		19.38		0.40			2.39			2.79			(0.72	)		—			(0.72	)		21.45		14.90			33,460		0.54	†		4.11	†		2.07
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
2017(Unaudited) (2)		17.24		0.50			(0.49	)		0.01			(0.42	)		—			(0.42	)		16.83		0.14			41,430		1.18	@†		6.32	†		11.59
2016(2)		31.76		0.86			(14.16	)		(13.30	)		(1.22	)		—			(1.22	)		17.24		(43.30	)		28,009		1.02	@		3.80			29.61
2015(2)		52.08		1.37			(20.47	)		(19.10	)		(1.22	)		—			(1.22	)		31.76		(37.25	)		24,623		0.68	@		3.72			34.00
2014(2)		59.68		1.88			(8.65	)		(6.77	)		(0.68	)		(0.15	)		(0.83	)		52.08		(11.55	)		16,924		0.68	@		3.14			54.75
2013(2) (3)		61.24		1.21			(2.77	)		(1.56	)		—			—			—			59.68		(2.55	)		5,970		0.68@†			3.54	†		5.44
Global X Next Emerging & Frontier ETF
2017(Unaudited)		20.15		0.22			1.36			1.58			(0.48	)		—			(0.48	)		21.25		8.20			14,875		0.56	†		2.21	†		0.52
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(4)		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 MSCI Portugal ETF
2017(Unaudited)		9.88		(0.01	)		0.90			0.89			(0.40	)		—			(0.40	)		10.37		9.50			31,630		0.63	†		(0.25	)†		19.65
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(5)		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
2017(Unaudited)		15.23		0.36			2.52			2.88			(0.52	)		—			(0.52	)		17.59		19.02			35,176		0.91	†		4.15	†		6.86
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(6)		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) Per share amounts have been adjusted for a 1 for 4 reverse share split on March 16, 2017 (See Note 10 in the Notes to Financial Statements).

(3) The Fund commenced operations on April 2, 2013.

(4) The Fund commenced operations on November 6, 2013.

(5) The Fund commenced operations on November 12, 2013.

(6) The Fund commenced operations on April 22, 2015.

* 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.

@ 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 ended October 31, 2016, 2015, 2014 and 2013, respectively.

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

† 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 Net Assets excludes the effect of fees paid indirectly. If these expense offsets were included, 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.

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Notes to Financial Statements

April 30, 2017 (Unaudited)

1. ORGANIZATION

The Global X Funds (the "Trust") is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of April 30, 2017, the Trust had 102 portfolios, fifty-seven 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 FTSE 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 (each a “Fund”, and collectively, the “Funds”). Each Fund (except the Global X Next Emerging & Frontier ETF) 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 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 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

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Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

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 April 30, 2017, there were securities valued using Fair Value Procedures of $2,296,815, $4,744, $97,474, $96,491, $4,680, $6,663 and $1,208 in Global X China Consumer ETF, Global X China Industrials ETF, Global X China Materials ETF, Global X NASDAQ China Technology ETF, Global X Brazil Mid Cap ETF, Global X Brazil Consumer ETF and Global X MSCI Portugal ETF, respectively. There were no other securities priced using the Fair Value Procedures.

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

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

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

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Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

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 period ended April 30, 2017, 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 April 30, 2017. 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.

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Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

At April 30, 2017, 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	$	1,214,156	$	1,214,156	$	-	$	-
Deutsche Bank		783,780		783,780		-		-
Global X MSCI Colombia ETF
Barclays Bank		1,976,088		1,976,088		-		-
Deutsche Bank		1,275,634		1,275,634		-		-
Global X MSCI Greece ETF
Barclays Bank		4,012,914		4,012,914		-		-
Deutsche Bank		2,590,476		2,590,476		-		-
Global X MSCI Norway ETF
Barclays Bank		6,173,611		6,173,611		-		-
Deutsche Bank		3,985,281		3,985,281		-		-
Global X FTSE Nordic Region ETF
Barclays Bank		1,194,493		1,194,493		-		-
Deutsche Bank		771,087		771,087		-		-
Global X MSCI Portugal ETF
Barclays Bank		100,619		100,619		-		-
Deutsche Bank		64,953		64,953		-		-

⁽¹⁾As of April 30, 2017, 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.

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.

During the period ended April 30, 2017, the Global X FTSE Andean 40 ETF and Global X Brazil Mid Cap ETF incurred federal excise taxes in the amount of $32 and $134, respectively. 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.

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.

84 

 

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

As of and during the period ended April 30, 2017, 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.

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 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.

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Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

	Creation Unit		Creation		Value at		Redemption
	Shares		Fee		April 30, 2017		Fee
Global X China Consumer ETF		50,000	$	1,600	$	679,000	$	1,600
Global X China Energy ETF		50,000		1,600		534,500		1,600
Global X China Financials ETF		50,000		1,600		724,000		1,600
Global X China Industrials ETF		50,000		1,600		708,000		1,600
Global X China Materials ETF		50,000		1,600		821,000		1,600
Global X NASDAQ China Technology ETF		50,000		1,600		1,179,000		1,600
Global X FTSE Southeast Asia ETF		50,000		2,300		721,000		2,300
Global X FTSE Andean 40 ETF		50,000		2,300		427,000		2,300
Global X MSCI Colombia ETF		50,000		2,500		471,500		2,500
Global X Brazil Mid Cap ETF		50,000		1,900		498,500		1,900
Global X Brazil Consumer ETF		50,000		1,500		729,000		1,500
Global X MSCI Argentina ETF		50,000		500		1,434,000		500
Global X MSCI Greece ETF		50,000		1,000		429,000		1,000
Global X MSCI Norway ETF		50,000		2,300		563,500		2,300
Global X FTSE Nordic Region ETF		50,000		1,300		1,072,500		1,300
Global X MSCI Nigeria ETF		50,000		2,300		841,500		2,300
Global X Next Emerging & Frontier ETF		50,000		9,500		1,062,500		9,500
Global X MSCI Portugal ETF		50,000		1,000		518,500		1,000
Global X MSCI Pakistan ETF		50,000		3,800		879,500		3,800

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 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

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Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

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 MSCI Portugal ETF and Global X MSCI Pakistan ETF pay 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 MSCI Portugal 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).

	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 FTSE 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 MSCI Portugal 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 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, 2018. 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 April 30, 2017, the amounts of waivers/reimbursements subject to recoupment for Global X MSCI Colombia ETF were $86,633 expiring 2020, $145,757 expiring 2019, $133,126 expiring in 2018, and $56,689 expiring in 2017. As of April 30, 2017, there had been no recoupment of previously waived and reimbursed fees.

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Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

**Effective 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 April 30, 2017, 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 $23,286 expiring in 2017. As of April 30, 2017, there had been no recoupment of previously waived and reimbursed fees.

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: (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 transfer agent and 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.

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Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2017, 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	$	7,499,584	$	8,305,900
Global X China Energy ETF		58,376		88,367
Global X China Financials ETF		3,544,915		3,991,027
Global X China Industrials ETF		426,716		489,393
Global X China Materials ETF		551,293		539,980
Global X NASDAQ China Technology ETF		3,659,403		4,228,214
Global X FTSE Southeast Asia ETF		205,320		698,171
Global X FTSE Andean 40 ETF		917,646		348,070
Global X MSCI Colombia ETF		24,105,703		20,073,786
Global X Brazil Mid Cap ETF		783,068		1,120,885
Global X Brazil Consumer ETF		415,711		1,439,975
Global X MSCI Argentina ETF		7,839,694		7,716,975
Global X MSCI Greece ETF		12,383,960		16,286,946
Global X MSCI Norway ETF		5,904,696		7,588,348
Global X FTSE Nordic Region ETF		701,116		1,494,227
Global X MSCI Nigeria ETF		17,530,692		3,764,421
Global X Next Emerging & Frontier ETF		73,292		504,183
Global X MSCI Portugal ETF		4,563,357		5,441,496
Global X MSCI Pakistan ETF		24,650,493		1,545,242

During the period ended April 30, 2017, there were no purchases or sales of long-term U.S. Government securities for the Funds.

89 

 

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

4. INVESTMENT TRANSACTIONS (continued)

For the period ended April 30, 2017, in-kind transactions associated with creations and redemptions were:

			Sales and		Realized
	Purchases		Maturities		Gain/(Loss)
Global X China Consumer ETF	$	611,203	$	8,833,724	$	986,951
Global X China Financials ETF		-		1,395,729		100,070
Global X China Industrials ETF		-		689,232		(13,287	)
Global X China Materials ETF		1,663,027		-		-
Global X NASDAQ China Technology ETF		-		1,091,535		220,961
Global X FTSE Southeast Asia ETF		-		1,030,597		(95,948	)
Global X FTSE Andean 40 ETF		657,637		-		-
Global X MSCI Colombia ETF		4,637,937		1,758,019		170,288
Global X Brazil Mid Cap ETF		-		125,644		10,564
Global X Brazil Consumer ETF		-		225,935		55,048
Global X MSCI Argentina ETF		40,477,138		8,100,208		2,066,336
Global X MSCI Greece ETF		20,575,602		12,020,993		1,968,058
Global X MSCI Norway ETF		11,548,531		10,280,619		1,584,226
Global X FTSE Nordic Region ETF		-		10,525,413		378,537
Global X Next Emerging & Frontier ETF		-		721,337		4,312
Global X MSCI Portugal ETF		8,666,077		3,710,236		(26,216	)

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 Financials ETF		11,578,774		28,868,519		(8,507,920	)
Global X China Industrials ETF		-		2,574,819		(228,240	)
Global X NASDAQ China Technology ETF		-		2,061,309		293,542
Global X FTSE 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 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	)

90 

 

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

5. TAX INFORMATION

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

The tax character of dividends and distributions declared during the periods ended October 31, 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 FTSE 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

91 

 

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

5. TAX INFORMATION (continued)

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
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 MSCI Portugal ETF
2016	$	1,260,520	$	–	$	–	$	1,260,520
2015		575,663		–		–		575,663
Global X MSCI Pakistan ETF
2016	$	164,848	$	–	$	–	$	164,848
2015		–		–		–		–

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 FTSE 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

92 

 

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

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 MSCI Portugal 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

93 

 

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

5. TAX INFORMATION (continued)

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		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
	Global X		FTSE		FTSE		MS CI		Global X
	NAS DAQ China		Southeast		Andean 40		Colombia		Brazil Mid
Expiration date	Technology ETF		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	$	-

			Next		Global X		Global X
	Global X MSCI		Emerging &		MSCI		MSCI
Expiration date	Nigeria ETF		Frontier ETF		Portugal ETF		Pakistan ETF
October 2019	$	-	$	-	$	-	$	-
October 2018		-		-		-		-
	$	-	$	-	$	-	$	-

94 

 

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

5. TAX INFORMATION (continued)

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:

	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 FTSE 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 MSCI Portugal 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.

95 

 

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

5. TAX INFORMATION (continued)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at April 30, 2017 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	$	77,634,968	$	10,718,953	$	(12,380,274	)	$	(1,661,321	)
Global X China Energy ETF		2,120,427		65,578		(584,039	)		(518,461	)
Global X China Financials ETF		28,704,235		870,229		(1,361,263	)		(491,034	)
Global X China Industrials ETF		4,304,380		241,982		(1,005,490	)		(763,508	)
Global X China Materials ETF		3,557,907		166,069		(440,705	)		(274,636	)
Global X NASDAQ China Technology ETF		11,161,966		3,086,632		(1,295,163	)		1,791,469
Global X FTSE Southeast Asia ETF		12,003,268		713,523		(1,208,468	)		(494,945	)
Global X FTSE Andean 40 ETF		6,359,428		242,730		(1,079,458	)		(836,728	)
Global X MSCI Colombia ETF		104,040,685		6,041,597		(7,976,451	)		(1,934,854	)
Global X Brazil Mid Cap ETF		4,305,683		174,660		(345,158	)		170,498
Global X Brazil Consumer ETF		4,898,055		1,256,135		(2,181,366	)		925,231
Global X MSCI Argentina ETF		114,933,787		29,648,690		(515,644	)		29,133,046
Global X MSCI Greece ETF		285,621,334		34,937,075		(19,920,635	)		15,016,440
Global X MSCI Norway ETF		138,098,749		7,818,343		(19,422,244	)		(11,603,901	)
Global X FTSE Nordic Region ETF		36,552,637		2,752,895		(4,077,799	)		(1,324,904	)
Global X MSCI Nigeria ETF		53,005,335		796,948		(12,942,537	)		(12,145,589	)
Global X Next Emerging & Frontier ETF		15,741,120		1,418,986		(2,357,304	)		(938,318	)
Global X MSCI Portugal ETF		36,423,037		1,664,002		(5,313,140	)		(3,649,138	)
Global X MSCI Pakistan ETF		33,806,331		2,410,794		(1,002,524	)		1,408,270

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

6. CONCENTRATION OF RISKS

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

The securities markets of emerging 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 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.

96 

 

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

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 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 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).

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.

As of April 30, 2017, the value of the securities on loan was $2,012,237, $3,338,842, $6,667,101, $10,380,383, $1,949,701 and $288 for the Global X China Consumer ETF, Global X MSCI Colombia ETF, Global X MSCI Greece ETF, Global X MSCI Norway ETF, Global X FTSE Nordic Region ETF and Global X MSCI Portugal ETF, respectively. The value of securities purchased with the cash collateral held from securities on loan was $1,997,936, $3,251,722, $6,603,390, $10,158,892 , $1,965,580 and $165,572 for the Global X China Consumer ETF, Global X MSCI Colombia ETF, Global X MSCI Greece ETF, Global X MSCI Norway ETF, Global X FTSE Nordic Region ETF and Global X MSCI Portugal ETF, respectively. The value of the cash collateral held from securities on loan was $127,510, $207,528, $421,435, $648,352 , $125,445 and $10,568 for the

97 

 

Notes to Financial Statements (continued)

April 30, 2017 (Unaudited)

7. LOANS OF PORTFOLIO SECURITIES (continued)

Global X China Consumer ETF, Global X MSCI Colombia ETF, Global X MSCI Greece ETF, Global X MSCI Norway ETF, Global X FTSE Nordic Region ETF and Global X MSCI Portugal ETF, respectively.

At April 30, 2017, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X China Consumer ETF
Credit Suisse	$	802,682	$	843,635
Deutsche Bank		1,209,555		1,281,811
Global X MSCI Colombia ETF
ML Pierce, Fenner & Smith		2,099,458		2,182,150
Morgan Stanley		961,528		973,100
Pershing		277,856		304,000
Global X MSCI Greece ETF
Deutsche Bank		698,325		728,925
JPMorgan		258,680		278,400
ML Pierce, Fenner & Smith		5,710,096		6,017,500
Global X MSCI Norway ETF
BMO Capital Markets		9,141,937		9,513,360
Credit Suisse		428,056		448,335
Morgan Stanley		810,390		845,549
Global X FTSE Nordic Region ETF
BMO Capital Markets		547,890		570,150
Deutsche Bank		672,738		713,966
Morgan Stanley		10,533		11,159
UBS Securities		718,540		795,750
Global X MSCI Portugal ETF
ML Pierce, Fenner & Smith		115		96,500
Morgan Stanley		173		79,640

8. CONTRACTUAL OBLIGATIONS

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these 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.

98 

 

Notes to Financial Statements (concluded)

April 30, 2017 (Unaudited)

9. 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.

Effective March 16, 2017, the Global X MSCI Nigeria ETF executed a 1-for-4 reverse share split for shareholders of record after the close of markets on March 15, 2017. The effect of this transaction was to divide the number of outstanding shares of the Funds by four, 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.

10. 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.

11. 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:

Effective May 1, 2017, the Adviser to the Global X MSCI Argentina ETF (the “Fund”), entered into a voluntary Expense Limitation Agreement with the Fund to assure that the Fund’s total operating expenses (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest and extraordinary expenses (such as litigation and indemnification expenses)) will not exceed 0.59% of the Fund’s average daily net assets per year until at least May 1, 2018 and is annually renewable thereafter.

99 

 

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 November 1, 2016 through April 30, 2017.

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.

100 

 

Disclosure of Fund Expenses (unaudited) (continued)

	Beginning Account Value 11/1/2016		Ending Account Value 4/30/2017		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X China Consumer ETF
Actual Fund Return	$	1,000.00	$	1,151.60		0.65	%	$	3.47
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X China Energy ETF
Actual Fund Return	$	1,000.00	$	1,034.50		0.65	%	$	3.29
Hypothetical 5% Return		1,000.00		1,021.56		0.65			3.27
Global X China Financials ETF
Actual Fund Return	$	1,000.00	$	1,070.40		0.65	%	$	3.33
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X China Industrials ETF
Actual Fund Return	$	1,000.00	$	1,145.20		0.65	%	$	3.45
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X China Materials ETF
Actual Fund Return	$	1,000.00	$	1,238.10		0.65	%	$	3.61
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X NASDAQ China Technology ETF
Actual Fund Return	$	1,000.00	$	1,061.00		0.65	%	$	3.33
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X FTSE Southeast Asia ETF
Actual Fund Return	$	1,000.00	$	1,080.30		0.65	%	$	3.35
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X FTSE Andean 40 ETF
Actual Fund Return	$	1,000.00	$	1,061.00		0.72	%	$	3.70
Hypothetical 5% Return		1,000.00		1,021.20		0.72			3.63
Global X MSCI Colombia ETF
Actual Fund Return	$	1,000.00	$	1,038.10		0.63	%	$	3.16
Hypothetical 5% Return		1,000.00		1,021.69		0.63			3.14
Global X Brazil Mid Cap ETF
Actual Fund Return	$	1,000.00	$	1,012.50		0.71	%	$	3.52
Hypothetical 5% Return		1,000.00		1,021.30		0.71			3.54
Global X Brazil Consumer ETF
Actual Fund Return	$	1,000.00	$	1,029.90		0.77	%	$	3.88
Hypothetical 5% Return		1,000.00		1,020.98		0.77			3.86
Global X MSCI Argentina ETF
Actual Fund Return	$	1,000.00	$	1,215.10		0.74	%	$	4.09
Hypothetical 5% Return		1,000.00		1,021.11		0.74			3.73
Global X MSCI Greece ETF
Actual Fund Return	$	1,000.00	$	1,190.50		0.62	%	$	3.36
Hypothetical 5% Return		1,000.00		1,021.72		0.62			3.11
Global X MSCI Norway ETF
Actual Fund Return	$	1,000.00	$	1,047.90		0.50	%	$	2.54
Hypothetical 5% Return		1,000.00		1,022.32		0.50			2.51
Global X FTSE Nordic Region ETF
Actual Fund Return	$	1,000.00	$	1,149.00		0.54	%	$	2.89
Hypothetical 5% Return		1,000.00		1,022.11		0.54			2.72
Global X MSCI Nigeria ETF
Actual Fund Return	$	1,000.00	$	1,001.40		1.18	%	$	5.87
Hypothetical 5% Return		1,000.00		1,018.93		1.18			5.92

101 

 

Disclosure of Fund Expenses (unaudited) (concluded)

	Beginning Account Value 11/1/2016		Ending Account Value 4/30/2017		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X Next Emerging & Frontier ETF
Actual Fund Return	$	1,000.00	$	1,082.00		0.56	%	$	2.90
Hypothetical 5% Return		1,000.00		1,022.01		0.56			2.82
Global X MSCI Portugal ETF
Actual Fund Return	$	1,000.00	$	1,095.00		0.63	%	$	3.25
Hypothetical 5% Return		1,000.00		1,021.69		0.63			3.14
Global X MSCI Pakistan ETF
Actual Fund Return	$	1,000.00	$	1,190.20		0.91	%	$	4.94
Hypothetical 5% Return		1,000.00		1,020.29		0.91			4.55

⁽¹⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period.).

102 

 

approval of investment advisory agreement (unaudited)

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

At a in person quarterly Board meeting held on November 15, 2016, and called for the purpose, the Board of Trustees (including the Trust’s Independent Trustees voting separately) considered and unanimously approved the continuation of (i) the Investment Advisory Agreement ("Renewal Investment Advisory Agreement") for each Fund included in this Annual Report (each, a “Renewal Fund”) and (ii) the Supervision and Administration Agreement between the Trust ("Renewal Supervision and Administration Agreement"), on behalf of each Renewal Fund, and Global X Management Company LLC ("Global X Management"). The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the "Renewal Agreements."

In advance of the Board meeting, the Board (including the Trust’s Independent Trustees) and the Independent Trustees’ independent legal counsel requested (in writing) detailed information from Global X Management in connection with their consideration of the Renewal Agreements and received and reviewed written responses from Global X Management and supporting materials relating to those requests for information. In the course of their consideration of the Renewal Agreements, the Trust’s Independent Trustees were advised by their counsel and, in addition to meeting with management of Global X Management, they met separately in executive session with their counsel.

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

Nature, Extent and Quality of Services

With respect to this factor, the Board considered:

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

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

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

103 

 

approval of investment advisory agreement (unaudited) (continued)

	that are required to be filed by the Trust with the SEC and other regulatory and governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including Creation Units) of the Renewal Funds by shareholders and new investors;
•	the nature, extent and quality of all of the services (including advisory, administrative and compliance services) that have been provided by Global X Management or made available to the Renewal Funds and the adequacy of Global X Management’s personnel resources that would continue to be made available to the Renewal Funds; and

• Global X Management’s experience and the professional qualifications of Global X Management’s key personnel.

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

Performance

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

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

Cost of Services and Profitability

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

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

104 

 

approval of investment advisory agreement (unaudited) (continued)

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

Comparison of Fees and Services

With respect to this factor, the Board considered:

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

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

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

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

Economies of Scale

With respect to this factor, the Board considered:

• the extent to which economies of scale would be realized as the Renewal Funds grow and whether the unitary Management Fee for the Renewal Funds reflected these economies of scale;

• the significant investment of time, personnel and other resources that Global X Management has made and intends to continue to make in the Renewal Funds in order to seek to assure that the Renewal Funds are attractive to investors; and

• that the unitary Management Fee would provide a high level of certainty as to the total level of expenses for the Renewal Funds and their shareholders.

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

105 

 

approval of investment advisory agreement (unaudited) (concluded)

Other Benefits

In considering the Renewal Agreements, in addition to the categories discussed above, The Board considered any other benefits realized by Global X Management as a result of its relationships with the Renewal Funds and concluded that all information it considered supported approval of the continuation of the Renewal Agreements.

Conclusion

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

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

106 

 

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 their NAV, as well as market supply and demand.

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

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

107 

 

Notes

108 

 

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-SA-002-0600

109 

 

Global X SuperDividend^® ETF (ticker: SDIV)

Global X SuperDividend^® U.S. ETF (ticker: DIV)

Global X MSCI SuperDividend^® EAFE ETF (tickler: EFAS)

Global X MSCI SuperDividend^® Emerging Markets ETF (ticker: SDEM)

Global X SuperDividend^® REIT ETF (ticker: SRET)

Global X SuperIncome™ Preferred ETF (ticker: SPFF)

Global X Social Media 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)

Semi-Annual Report

April 30, 2017

 

Table of Contents

Schedule of Investments
Global X SuperDividend® ETF	1
Global X SuperDividend® U.S. ETF	7
Global X MSCI SuperDividend ® EAFE ETF	10
Global X MSCI SuperDividend® Emerging Markets ETF	14
Global X SuperDividend® REIT ETF	19
Global X SuperIncome™ Preferred ETF	21
Global X Social Media ETF	24
Global X | JPMorgan Efficiente Index ETF	27
Global X | JPMorgan US Sector Rotator Index ETF	28
Global X Permanent ETF	29
Global X Guru® Index ETF	34
Global X Guru® Activist Index ETF	38
Global X Guru® International Index ETF	41
Global X Scientific Beta US ETF	45
Global X Scientific Beta Europe ETF	57
Global X Scientific Beta Japan ETF	77
Global X Scientific Beta Asia ex-Japan ETF	85
Global X YieldCo Index ETF	92
Global X S&P 500® Catholic Values ETF	94
Statements of Assets and Liabilities	107
Statements of Operations	112
Statements of Changes in Net Assets	117
Financial Highlights	127
Notes to Financial Statements	129
Disclosure of Fund Expenses	147
Approval of Investment Advisory Agreement	150
Supplemental Information	157

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 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.

Schedule of Investments April 30, 2017 (Unaudited)

Global X SuperDividend^® ETF

Sector Weightings †:

† 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 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.4%
AUSTRALIA — 12.1%
Consumer Services — 1.2%
Nine Entertainment Holdings		11,616,313	$	10,685,302
Financials — 7.1%
Bank of Queensland		997,778		8,931,851
Bendigo and Adelaide Bank		934,989		8,614,510
Commonwealth Bank of Australia		133,600		8,732,353
Genworth Mortgage Insurance Australia		4,131,114		10,164,276
IOOF Holdings (A)		1,357,316		8,952,884
National Australia Bank		359,229		9,134,056
Westpac Banking		336,584		8,825,082
				63,355,012
Health Care — 1.0%
Estia Health (A)		4,073,328		9,321,465
Industrials — 1.1%
Spotless Group Holdings		12,343,824		9,969,809
Real Estate Investment Trusts — 0.9%
Cromwell Property Group		11,259,854		8,168,040
Telecommunications — 0.8%
Telstra		2,377,852		7,504,308
TOTAL AUSTRALIA				109,003,936
BRAZIL — 2.9%
Consumer Services — 1.1%
Estacio Participacoes		1,746,100		9,661,739

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

1

Schedule of Investments April 30, 2017 (Unaudited)

Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
Utilities — 1.8%
AES Tiete Energia		1,751,800	$	7,349,367
Transmissora Alianca de Energia Eletrica		1,237,500		9,075,825
				16,425,192
TOTAL BRAZIL				26,086,931
CANADA — 2.8%
Consumer Services — 1.0%
Corus Entertainment, Cl Common Subscription Receipt (A)		894,723		8,768,586
Real Estate Investment Trusts — 1.8%
Cominar		776,253		8,033,336
Dream Global		1,168,161		8,458,125
				16,491,461
TOTAL CANADA				25,260,047
CHINA — 3.2%
Financials — 1.3%
Guangzhou R&F Properties		6,533,700		11,004,940
Utilities — 1.9%
Huadian Power International, Cl H		19,923,000		8,402,060
Huaneng Power International, Cl H		12,772,700		8,818,895
				17,220,955
TOTAL CHINA				28,225,895
FRANCE — 1.9%
Consumer Goods — 1.0%
Kaufman & Broad		232,106		9,099,024
Utilities — 0.9%
Electricite de France		980,650		8,186,322
TOTAL FRANCE				17,285,346
GREECE — 2.2%
Consumer Services — 1.1%
OPAP		979,211		9,703,393
Industrials — 1.1%
Costamare (A)		1,441,095		9,712,980
TOTAL GREECE				19,416,373
HONG KONG — 6.1%
Consumer Goods — 2.0%
Pacific Textiles Holdings (A)		7,890,700		8,755,552
Texwinca Holdings		13,268,700		8,905,454
				17,661,006
Consumer Services — 1.0%
NagaCorp		15,965,500		8,847,427

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

2

Schedule of Investments April 30, 2017 (Unaudited)

Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
Financials — 1.4%
China Evergrande Group* (A)		11,640,200	$	12,437,086
Industrials — 0.8%
Seaspan, Cl A (A)		1,085,670		7,643,117
Utilities — 0.9%
China Power International Development		22,931,500		8,550,424
TOTAL HONG KONG				55,139,060
ITALY — 1.2%
Oil & Gas — 1.2%
Saras		5,337,200		11,147,258
MEXICO — 1.1%
Real Estate Investment Trusts — 1.1%
Concentradora Hipotecaria SAPI		8,041,519		9,711,984
NEW ZEALAND — 1.1%
Consumer Services — 1.1%
Air New Zealand		5,720,000		10,014,006
NORWAY — 1.9%
Industrials — 1.9%
BW LPG* (B)		1,781,805		7,864,361
Ocean Yield		1,194,819		8,996,186
TOTAL NORWAY				16,860,547
SINGAPORE — 5.2%
Financials — 1.1%
Mapletree Industrial Trust		7,516,700		9,626,453
Industrials — 1.0%
Hutchison Port Holdings Trust		23,169,760		9,383,753
Real Estate Investment Trusts — 2.1%
Ascendas		5,026,349		9,206,162
Mapletree Logistics Trust		11,639,563		9,410,250
				18,616,412
Telecommunications — 1.0%
StarHub		4,437,306		8,857,468
TOTAL SINGAPORE				46,484,086
SOUTH AFRICA — 1.9%
Real Estate Investment Trusts — 1.9%
Emira Property Fund		7,909,274		8,273,454
Redefine Properties		10,212,350		8,393,451
TOTAL SOUTH AFRICA				16,666,905

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

3

Schedule of Investments April 30, 2017 (Unaudited)

Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
TAIWAN — 2.0%
Industrials — 1.0%
Casetek Holdings		2,879,700	$	8,542,413
Real Estate Investment Trusts — 1.0%
Highwealth Construction		5,524,500		9,320,111
TOTAL TAIWAN				17,862,524
TURKEY — 1.0%
Consumer Services — 1.0%
Dogus Otomotiv Servis ve Ticaret *		3,568,185		9,136,963
UNITED KINGDOM — 4.2%
Consumer Services — 1.0%
Pearson		1,095,400		9,055,704
Industrials — 1.1%
Carillion		3,258,700		9,380,435
Telecommunications — 2.1%
MegaFon PJSC GDR		775,819		8,293,505
TalkTalk Telecom Group (A)		4,413,445		11,031,471
				19,324,976
TOTAL UNITED KINGDOM				37,761,115
UNITED STATES — 48.6%
Consumer Goods — 0.9%
Vector Group		387,761		8,422,169
Consumer Services — 0.9%
New Media Investment Group		586,905		7,723,670
Financials — 1.9%
Artisan Partners Asset Management, Cl A		289,091		8,470,366
Waddell & Reed Financial, Cl A (A)		460,016		8,275,688
				16,746,054
Industrials — 2.7%
Nordic American Tankers (A)		1,061,956		8,814,235
RR Donnelley & Sons		481,578		6,053,435
Ship Finance International (A)		604,232		8,489,459
				23,357,129
Oil & Gas — 2.8%
CVR Energy (A)		369,621		8,091,004
Pattern Energy Group, Cl A		418,655		9,218,783
Targa Resources		150,538		8,299,160
				25,608,947
Real Estate Investment Trusts — 37.1%
Annaly Capital Management		825,439		9,748,435
Anworth Mortgage Asset		1,646,075		9,645,999

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

4

Schedule of Investments April 30, 2017 (Unaudited)

Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
Apollo Commercial Real Estate Finance		490,606	$	9,463,790
Ashford Hospitality Trust		1,161,247		7,257,794
AGNC Investment		450,832		9,499,030
Armour Residential		402,081		9,678,090
Blackstone Mortgage Trust, Cl A		287,301		8,871,855
Capstead Mortgage		846,743		9,432,717
Care Capital Properties		350,843		9,427,151
CBL & Associates Properties		837,762		7,749,298
Chimera Investment		477,278		9,717,380
CYS Investments		1,131,940		9,655,448
Franklin Street Properties		710,075		8,613,210
Gaming and Leisure Properties		272,762		9,492,118
Global Net Lease		357,982		8,459,115
Government Properties Income Trust (A)		443,173		9,448,448
Hospitality Properties Trust		272,752		8,681,696
Invesco Mortgage Capital		562,671		9,177,164
Ladder Capital, Cl A		631,506		9,238,933
Lexington Realty Trust		777,789		7,910,114
Medical Properties Trust		660,093		8,627,416
MFA Financial		1,097,995		9,124,338
MTGE Investment		550,223		9,904,014
New Residential Investment		533,400		8,891,778
New Senior Investment Group		847,887		8,834,983
New York Mortgage Trust		1,352,628		8,670,345
Omega Healthcare Investors (A)		275,671		9,097,143
PennyMac Mortgage Investment Trust		517,035		9,244,586
Redwood Trust		518,237		8,846,306
Sabra Health Care		339,597		9,233,642
Select Income		336,572		8,434,494
Senior Housing Properties Trust		439,836		9,465,271
Starwood Property Trust		383,675		8,705,586
Two Harbors Investment		951,998		9,510,460
Uniti Group		329,237		9,040,848
VEREIT		992,738		8,309,217
Washington Prime Group		935,500		8,232,400
				333,340,612
Telecommunications — 2.3%
CenturyLink (A)		356,872		9,160,904
Frontier Communications (A)		2,651,721		4,985,236
Windstream Holdings (A)		1,223,070		6,751,346
				20,897,486

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

5

Schedule of Investments April 30, 2017 (Unaudited)

Global X SuperDividend^® ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
TOTAL UNITED STATES			$	436,096,067
TOTAL COMMON STOCK
(Cost $896,727,208)				892,159,043
REPURCHASE AGREEMENTS — 7.0%
Barclays Bank
0.800%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $38,006,609 (collateralized by U.S. Treasury Obligations, ranging in par value $12-$12,216,826, 0.000%-6.375%, 5/4/17-08/15/40, with a total market value of $38,764,161) (C)	$	38,004,075		38,004,075
Deutsche Bank
0.830%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $24,534,651 (collateralized by U.S. Treasury Obligation, par value $23,516,308, 3.625%, 2/15/20 with a total market value of $25,041,925) (C)		24,532,954		24,532,954
TOTAL REPURCHASE AGREEMENTS
(Cost $62,537,029)				62,537,029
TOTAL INVESTMENTS — 106.4%
(Cost $959,264,237)			$	954,696,072

Percentages are based on Net Assets of $897,596,932.

* Non-income producing security.

(A) This security or a partial position of this security is on loan at April 30, 2017.  The total value of securities on loan at April 30, 2017 was $63,164,012.

(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 April 30, 2017 was $7,864,361 and represents 0.9% of Net Assets.

(C) Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2017 was $62,537,029.

Cl — Class

GDR — Global Deposit Receipt

PJSC — Private Joint Stock Company

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	892,159,043	$	—	$	—	$	892,159,043
Repurchase Agreements		—		62,537,029		—		62,537,029
Total Investments in Securities	$	892,159,043	$	62,537,029	$	—	$	954,696,072

For the period ended April 30, 2017, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2017, there were no Level 3 investments.

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

6

Schedule of Investments April 30, 2017 (Unaudited)

Global X SuperDividend^® U.S. ETF

Sector Weightings †:

† 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 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 80.4%
UNITED STATES — 80.4%
Consumer Goods — 14.1%
Altria Group		105,185	$	7,550,180
B&G Foods		163,975		6,886,950
Coca-Cola		186,153		8,032,502
Philip Morris International		74,045		8,207,148
Sturm Ruger (A)		154,429		9,335,233
Universal		113,707		8,351,779
Vector Group		339,657		7,377,350
				55,741,142
Consumer Services — 15.6%
DineEquity		127,631		7,216,257
DSW, Cl A		357,646		7,374,661
Fortress Transportation & Infrastructure Investors		508,732		7,656,417
H&R Block		374,203		9,276,492
Regal Entertainment Group, Cl A (A)		358,535		7,912,867
Six Flags Entertainment		124,471		7,793,129
Student Transportation		1,384,079		8,235,270
Target		116,651		6,514,958
				61,980,051
Health Care — 2.0%
Pfizer		228,273		7,743,020
Oil & Gas — 1.9%
ExxonMobil		93,861		7,663,751

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

7

Schedule of Investments April 30, 2017 (Unaudited)

Global X SuperDividend^® U.S. ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — 23.0%
AGNC Investment		393,796	$	8,297,282
Annaly Capital Management		709,528		8,379,526
Apollo Commercial Real Estate Finance		431,275		8,319,295
Armour Residential		353,572		8,510,478
Chimera Investment		410,535		8,358,493
CYS Investments		984,319		8,396,241
MFA Financial		961,995		7,994,178
MTGE Investment		479,825		8,636,850
New York Mortgage Trust		1,177,436		7,547,365
PennyMac Mortgage Investment Trust		453,129		8,101,946
Two Harbors Investment		840,847		8,400,061
				90,941,715
Telecommunications — 3.7%
AT&T		185,040		7,333,135
Verizon Communications		156,038		7,163,705
				14,496,840
Utilities — 20.1%
Ameren		143,814		7,865,187
Avangrid		187,629		8,161,861
Avista		195,073		7,869,245
Consolidated Edison		104,418		8,278,259
Duke Energy		97,941		8,080,133
Entergy		104,342		7,957,121
FirstEnergy		247,485		7,409,701
Northwest Natural Gas		130,297		7,765,701
PPL		215,425		8,209,847
Southern		160,565		7,996,137
				79,593,192
TOTAL COMMON STOCK
(Cost $291,271,438)				318,159,711
MASTER LIMITED PARTNERSHIPS — 19.2%
UNITED STATES — 19.2%
Consumer Services — 1.9%
Cedar Fair		115,449		8,274,230
CrossAmerica Partners		286,447		7,484,860
Financials — 2.0%
Ellington Financial		478,131		7,879,599
Oil & Gas — 9.3%
AmeriGas Partners		157,854		7,106,587
Delek Logistics Partners		234,301		7,591,352
Phillips 66 Partners		136,526		7,192,190

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

8

Schedule of Investments April 30, 2017 (Unaudited)

Global X SuperDividend^® U.S. ETF

	Shares/Face Amount		Value
MASTER LIMITED PARTNERSHIPS — continued
Oil & Gas — continued
PBF Logistics		366,315	$	7,582,720
Transmontaigne Partners		176,715		7,775,460
Valero Energy Partners		153,170		7,275,575
				36,941,164
Utilities — 2.0%
Brookfield Renewable Partners		261,336		7,962,908
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $70,092,097)				76,125,481
REPURCHASE AGREEMENTS — 1.6%
Barclays Bank
0.800%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $3,863,858 (collateralized by U.S. Treasury Obligations, ranging in par value $4-$1,817,836, 0.000%-6.375%, 5/4/17-08/15/40, with a total market value of $3,940,933) (B)	$	3,863,660		3,863,660
Deutsche Bank
0.830%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $2,494,300 (collateralized by U.S. Treasury Obligation, par value $2,390,770, 3.625%, 2/15/20 with a total market value of $2,545,871) (B)		2,494,127		2,494,127
TOTAL REPURCHASE AGREEMENTS
(Cost $6,357,787)				6,357,787
TOTAL INVESTMENTS — 101.2%
(Cost $367,721,322)			$	400,642,979

Percentages are based on Net Assets of $395,942,205.

* Non-income producing security.

(A) This security or a partial position of this security is on loan at April 30, 2017.  The total value of securities on loan at April 30, 2017 was $6,675,597.

(B) Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2017 was $6,357,787.

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	318,159,711	$	—	$	—	$	318,159,711
Master Limited Partnerships		76,125,481		—		—		76,125,481
Repurchase Agreements		—		6,357,787		—		6,357,787
Total Investments in Securities	$	394,285,192	$	6,357,787	$	—	$	400,642,979

For the period ended April 30, 2017, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2017, there were no Level 3 investments.

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

9

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI SuperDividend^® EAFE ETF†

Sector Weightings †:

 

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

	Shares		Value
COMMON STOCK — 100.6%
AUSTRALIA — 17.1%
Basic Materials — 4.8%
Alumina		28,744	$	39,553
Rio Tinto		920		41,584
				81,137
Financials — 6.4%
Bank of Queensland		3,537		31,662
Bendigo and Adelaide Bank		4,052		37,333
National Australia Bank		1,501		38,166
				107,161
Industrials — 2.0%
Aurizon Holdings		8,831		34,012
Telecommunications — 1.4%
Telstra		7,326		23,120
Utilities — 2.5%
DUET Group		18,133		40,953
TOTAL AUSTRALIA				286,383
FINLAND — 1.7%
Utilities — 1.7%
Fortum		2,017		29,344
FRANCE — 14.9%
Consumer Services — 8.5%
Casino Guichard Perrachon		508		30,591
Lagardere SCA		1,279		39,164
SES, Cl A		1,971		43,087

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

10

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI SuperDividend^® EAFE ETF†

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Vivendi		1,525	$	30,249
				143,091
Financials — 2.7%
Credit Agricole		3,036		45,127
Oil & Gas — 1.9%
Total		629		32,309
Utilities — 1.8%
Engie		2,127		29,995
TOTAL FRANCE				250,522
GERMANY — 4.8%
Consumer Goods — 2.1%
HUGO BOSS		471		35,815
Utilities — 2.7%
E.ON		5,830		45,437
TOTAL GERMANY				81,252
HONG KONG — 3.9%
Consumer Services — 2.1%
Sands China		7,672		34,821
Utilities — 1.8%
HK Electric Investments & HK Electric Investments Ltd. (A)		33,640		29,758
TOTAL HONG KONG				64,579
ISRAEL — 1.9%
Basic Materials — 1.9%
Israel Chemicals		7,208		31,164
ITALY — 4.8%
Financials — 2.1%
Intesa Sanpaolo		12,974		35,461
Utilities — 2.7%
Snam		10,148		44,844
TOTAL ITALY				80,305
NETHERLANDS — 2.4%
Financials — 2.4%
ING Groep		2,435		39,628
NEW ZEALAND — 1.8%
Telecommunications — 1.8%
Spark New Zealand		11,756		29,823
PORTUGAL — 1.8%
Utilities — 1.8%
Energias de Portugal		9,077		29,949

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

11

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI SuperDividend^® EAFE ETF†

	Shares		Value
COMMON STOCK — continued
SINGAPORE — 3.4%
Real Estate Investment Trusts — 2.0%
Ascendas		18,550	$	33,976
Telecommunications — 1.4%
StarHub		11,576		23,107
TOTAL SINGAPORE				57,083
SPAIN — 4.2%
Financials — 2.2%
Banco Bilbao Vizcaya Argentaria		4,700		37,613
Telecommunications — 2.0%
Telefonica		3,011		33,296
TOTAL SPAIN				70,909
SWEDEN — 9.9%
Financials — 4.5%
Nordea Bank		3,125		38,468
Skandinaviska Enskilda Banken, Cl A		3,164		36,447
				74,915
Technology — 1.5%
Telefonaktiebolaget LM Ericsson, Cl B		3,963		25,555
Telecommunications — 3.9%
Tele2, Cl B		3,888		39,166
Telia		6,465		26,357
				65,523
TOTAL SWEDEN				165,993
SWITZERLAND — 2.1%
Financials — 2.1%
Zurich Insurance Group		125		34,582
UNITED KINGDOM — 25.9%
Basic Materials — 2.5%
Rio Tinto		1,072		42,467
Consumer Goods — 1.6%
Berkeley Group Holdings		642		27,060
Consumer Services — 3.8%
ITV		16,355		44,434
Pearson		2,476		20,469
				64,903
Financials — 7.0%
Aberdeen Asset Management		7,447		26,880
Admiral Group		1,058		27,526
Direct Line Insurance Group		5,537		25,015

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

12

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI SuperDividend^® EAFE ETF†

	Shares		Value
COMMON STOCK — continued
Financials — continued
HSBC Holdings		4,705	$	38,744
				118,165
Industrials — 1.8%
Cobham		17,175		29,442
Oil & Gas — 7.7%
BP		5,873		33,622
Petrofac		2,633		27,746
Royal Dutch Shell, Cl A		1,274		33,006
Royal Dutch Shell, Cl B		1,253		33,272
				127,646
Utilities — 1.5%
SSE		1,358		24,439
TOTAL UNITED KINGDOM				434,122
TOTAL COMMON STOCK
(Cost $1,523,302)				1,685,638
RIGHT — 0.3%
		Number Of Rights
United Kingdom — 0.3%
Cobham, 5/4/17 *		6,640		4,896
(Cost $–)
TOTAL INVESTMENTS — 100.9%
(Cost $1,523,302)			$	1,690,534

Percentages are based on Net Assets of $1,675,915.

* Non-income producing security.

† Fund commenced operations on November 14. 2016.

(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 April 30, 2017 was $29,758 and represents 1.8% of Net Assets.

Cl — Class

Ltd. — Limited

As of April 30, 2017, 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 April 30, 2017, 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.

13

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI SuperDividend^® Emerging Markets ETF

Sector Weightings †:

 

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

	Shares		Value
COMMON STOCK — 97.1%
BRAZIL — 8.5%
Basic Materials — 1.9%
Fibria Celulose		22,390	$	204,385
Financials — 5.1%
Banco Santander Brasil		39,430		336,761
BB Seguridade Participacoes		25,220		234,949
				571,710
Utilities — 1.5%
AES Tiete Energia		38,610		161,981
TOTAL BRAZIL				938,076
CHINA — 9.2%
Consumer Goods — 1.7%
Chongqing Changan Automobile, Cl B		138,500		183,419
Financials — 5.4%
Bank of Communications, Cl H		259,210		199,635
China Everbright Bank, Cl H		443,120		207,955
Guangzhou R&F Properties		117,600		198,078
				605,668
Utilities — 2.1%
Huaneng Power International, Cl H		328,900		227,089
TOTAL CHINA				1,016,176
CZECH REPUBLIC — 5.5%
Financials — 1.7%
Komercni Banka		4,830		187,161

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

14

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI SuperDividend^® Emerging Markets ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 2.1%
Telefonica Czech Republic		19,710	$	232,727
Utilities — 1.7%
CEZ		10,500		183,284
TOTAL CZECH REPUBLIC				603,172
HONG KONG — 3.8%
Utilities — 3.8%
China Power International Development		529,810		197,549
China Resources Power Holdings		121,530		219,073
TOTAL HONG KONG				416,622
INDIA—5.0%
Financials — 3.5%
Power Finance		156,610		389,516
Oil & Gas — 1.5%
Coal India		37,200		159,978
TOTAL INDIA				549,494
MALAYSIA — 4.7%
Consumer Goods — 1.5%
British American Tobacco Malaysia		15,740		164,761
Utilities — 3.2%
YTL		480,900		162,848
YTL Power International		543,500		189,054
				351,902
TOTAL MALAYSIA				516,663
QATAR — 1.9%
Real Estate Investment Trusts — 1.9%
Barwa Real Estate		22,930		214,105
RUSSIA — 7.9%
Basic Materials — 2.0%
PhosAgro PJSC GDR		14,939		220,350
Financials — 1.9%
Moscow Exchange MICEX-RTS PJSC		102,250		206,408
Oil & Gas — 2.1%
Lukoil PJSC		4,860		240,301
Telecommunications — 1.9%
Rostelecom		159,050		207,906
TOTAL RUSSIA				874,965
SOUTH AFRICA — 16.9%
Consumer Services — 2.3%
Truworths International		38,850		251,177

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

15

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI SuperDividend^® Emerging Markets ETF

	Shares		Value
COMMON STOCK — continued
Financials — 6.0%
Barclays Africa Group		20,710	$	227,468
Liberty Holdings		24,780		199,036
MMI Holdings		133,170		231,938
				658,442
Real Estate Investment Trusts — 6.5%
Fortress Income Fund, Cl A		189,610		248,351
Growthpoint Properties		114,710		219,585
Redefine Properties		301,190		247,545
				715,481
Telecommunications — 2.1%
MTN Group		24,500		231,568
TOTAL SOUTH AFRICA				1,856,668
SOUTH KOREA — 1.8%
Utilities — 1.8%
Korea Electric Power *		4,910		195,684
TAIWAN—16.8%
Financials — 2.1%
Mega Financial Holding		293,360		235,789
Industrials — 4.1%
Casetek Holdings		75,860		225,033
Zhen Ding Technology Holding		98,330		230,092
				455,125
Real Estate Investment Trusts — 2.0%
Highwealth Construction		128,750		217,208
Technology — 8.6%
Nanya Technology		169,160		269,962
Novatek Microelectronics		57,370		220,573
Pegatron		82,790		243,943
Siliconware Precision Industries		134,070		217,296
				951,774
TOTAL TAIWAN				1,859,896
THAILAND — 3.6%
Financials — 1.7%
BTS Group Holdings PCL NVDR		749,280		184,125
Telecommunications — 1.9%
Advanced Info Service NVDR		41,320		209,049
TOTAL THAILAND				393,174
TURKEY — 5.5%
Basic Materials — 1.6%
Petkim Petrokimya Holding		129,020		178,259

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

16

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI SuperDividend^® Emerging Markets ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 2.0%
TAV Havalimanlari Holding		51,190	$	213,187
Oil & Gas — 1.9%
Tupras Turkiye Petrol Rafinerileri		8,460		213,062
TOTAL TURKEY				604,508
UNITED ARAB EMIRATES — 6.0%
Financials — 6.0%
Abu Dhabi Commercial Bank PJSC		117,330		221,052
Dubai Islamic Bank PJSC		137,000		218,946
National Bank of Abu Dhabi PJSC		73,722		220,785
TOTAL UNITED ARAB EMIRATES				660,783
TOTAL COMMON STOCK
(Cost $10,378,861)				10,699,986
PREFERRED STOCK — 2.6%
BRAZIL — 2.6%
Basic Materials — 2.6%
Braskem (C)
(Cost $256,703)		26,740		285,139
RIGHT — 0.0%
		Number Of Rights
Hong Kong — 0.0%
Bank of Communications CO Ltd.(A) (B)*#		518		—
TOTAL RIGHT (Cost $–)**				—
TOTAL INVESTMENTS — 99.7%
(Cost $10,635,564)			$	10,985,125

Percentages are based on Net Assets of $11,012,662.

* Non-income producing security.

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

# Expiration date is unavailable.

(A) Security considered illiquid. The total value of such securities as of April 30, 2017 was $– and represented –% 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 April 30, 2017, was $– and represents –% of net assets.

(C) Interest rate unavailable.

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

17

Schedule of Investments April 30, 2017 (Unaudited)

Global X MSCI SuperDividend^® Emerging Markets ETF

GDR — Global Depositary Receipt

Ltd. — Limited

NVDR  — Non-Voting Depositary Receipt

PCL — Provision for Credit Losses

PJSC — Private Joint Stock Company

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	9,597,827	$	1,102,159	$	—	$	10,699,986
Preferred Stock		285,139		—		—		285,139
Right		—		—		—		—
Total Investments in Securities	$	9,882,966	$	1,102,159	$	—	$	10,985,125

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

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

For the period ended April 30, 2017, there have been transfers of $1,102,159 from Level 1 to Level 2 and no transfers between Level 3 investments.

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

18

Schedule of Investments April 30, 2017 (Unaudited)

Global X SuperDividend^® REIT ETF

Sector Weightings †:

 

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

	Shares		Value
COMMON STOCK — 99.3%
AUSTRALIA — 6.4%
Real Estate Investment Trusts — 6.4%
Charter Hall Retail		339,586	$	1,135,195
Vicinity Centres		496,700		1,069,794
TOTAL AUSTRALIA				2,204,989
CANADA — 12.5%
Real Estate Investment Trusts — 12.5%
Artis		115,488		1,147,024
Cominar		97,321		1,007,162
Dream Office		74,366		1,056,777
H&R		63,215		1,070,767
TOTAL CANADA				4,281,730
NETHERLANDS — 3.4%
Real Estate Investment Trusts — 3.4%
Wereldhave *		25,020		1,151,936
SINGAPORE — 13.7%
Real Estate Investment Trusts — 13.7%
Ascendas		655,204		1,200,060
CapitaLand Commercial Trust		1,017,900		1,183,435
CapitaLand Mall Trust		791,600		1,115,727
Suntec		925,100		1,171,515
TOTAL SINGAPORE				4,670,737
UNITED STATES — 63.3%
Real Estate Investment Trusts — 63.3%
AGNC Investment		56,633		1,193,257
Annaly Capital Management		107,178		1,265,773
Apollo Commercial Real Estate Finance		63,242		1,219,938
Apple Hospitality		54,085		1,013,012
Armour Residential		50,161		1,207,375
Blackstone Mortgage Trust, Cl A		34,690		1,071,227
Capstead Mortgage		99,741		1,111,115
Chesapeake Lodging Trust		41,952		977,901
Chimera Investment		61,733		1,256,884
Gaming and Leisure Properties *		34,911		1,214,903
Hospitality Properties Trust		34,377		1,094,220
MFA Financial		138,997		1,155,065

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

19

Schedule of Investments April 30, 2017 (Unaudited)

Global X SuperDividend^® REIT ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
MTGE Investment		67,257	$	1,210,626
New Residential Investment		68,118		1,135,527
Orchid Island Capital, Cl A		91,884		973,970
PennyMac Mortgage Investment Trust		63,515		1,135,648
Starwood Property Trust		47,983		1,088,734
Two Harbors Investment		126,025		1,258,991
WP Carey		17,397		1,089,052
TOTAL UNITED STATES				21,673,218
TOTAL COMMON STOCK
(Cost $32,828,241)				33,982,610
TOTAL INVESTMENTS — 99.3%
(Cost $32,828,241)			$	33,982,610

Percentages are based on Net Assets of $34,212,087.

* Non-income producing security.

Cl — Class

As of April 30, 2017, 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 April 30, 2017, 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.

20

Schedule of Investments April 30, 2017 (Unaudited)

Global X SuperIncome^TM Preferred ETF

Sector Weightings †:

 

† 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 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
PREFERRED STOCK — 99.7%
GERMANY — 5.0%
Financials — 5.0%
Deutsche Bank Contingent Capital Trust II, 6.550%		88,848	$	2,237,193
Deutsche Bank Contingent Capital Trust III, 7.600%		217,014		5,674,916
Deutsche Bank Contingent Capital Trust V, 8.050%		154,367		4,104,619
TOTAL GERMANY				12,016,728
NETHERLANDS — 7.2%
Financials — 7.2%
Aegon, 8.000%		136,050		3,493,764
Aegon, 6.375%		257,355		6,634,612
ING Groep, 6.375%		268,672		6,972,038
TOTAL NETHERLANDS				17,100,414
UNITED KINGDOM — 11.9%
Financials — 11.9%
Barclays Bank, Ser 5, 8.125%		453,469		11,849,145
HSBC Holdings, 8.125%		162,202		4,407,028
HSBC Holdings, Ser 2, 8.000%		281,157		7,554,689
Royal Bank of Scotland Group, Ser S, 6.600%		170,639		4,342,763
TOTAL UNITED KINGDOM				28,153,625
UNITED STATES — 75.6%
Consumer Goods — 2.5%
CHS, Ser 3, 6.750%(A)		74,656		2,026,164
CHS, Ser 4, 7.500%		135,174		3,906,528
				5,932,692
Financials — 48.5%
Allstate, 6.625%		89,533		2,465,739
AmTrust Financial Services, 6.950%		70,631		1,561,651
Annaly Capital Management, 7.625%		74,038		1,899,075
Annaly Capital Management, Ser C, 7.625%		59,469		1,524,191

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

21

Schedule of Investments April 30, 2017 (Unaudited)

Global X SuperIncome^TM Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Annaly Capital Management, Ser D, 7.500%		118,331	$	3,022,174
Apollo Global Management, 6.375%(B)		70,668		1,794,260
Ares Management, 7.000%		80,594		2,111,563
Bank of America, 6.625%		136,636		3,686,439
Capital One Financial, Ser C, 6.250%		128,995		3,413,208
Capital One Financial, Ser D, 6.700%		129,395		3,558,363
CBL & Associates Properties, Ser D, 7.375%		119,724		2,795,555
Chimera Investment, 8.000%* (A) (B)		77,690		1,998,187
Citigroup, Ser J, 7.125%(A)		114,082		3,343,744
Citigroup, Ser L, 6.875%		56,092		1,536,360
Citigroup Capital XIII, 7.875%(A)		273,451		7,175,354
Countrywide Capital V, 7.000%		186,235		4,786,240
Digital Realty Trust, Ser H, 7.375%		96,193		2,687,632
Discover Financial Services, Ser B, 6.500%		149,251		3,861,123
GMAC Capital Trust I, Ser 2, 6.411%(A)		468,477		11,927,424
Hartford Financial Services Group, 7.875%(A)		155,558		4,812,965
Huntington Bancshares, 6.250%		108,263		2,933,927
JPMorgan Chase, Ser T, 6.700%		241,026		6,572,779
Merrill Lynch Capital Trust I, 6.450%(A)		130,882		3,378,064
Morgan Stanley, Ser E, 7.125%(A)		166,049		4,873,538
Morgan Stanley, Ser F, 6.875%(A)		158,540		4,597,660
Morgan Stanley, Ser G, 6.625%		94,018		2,530,024
Regions Financial, Ser A, 6.375%		77,024		1,997,232
Vereit, Ser F, 6.700%		274,607		7,065,638
Wells Fargo, 7.500%*		6,354		8,069,580
Wells Fargo, Ser J, 8.000%		141,839		3,724,692
				115,704,381
Health Care — 5.3%
Allergan, 5.500%*		14,455		12,514,850
Industrials — 4.5%
Arconic, 5.375%*		164,492		6,984,330
Stericycle, 5.250%* (B)		49,932		3,695,467
				10,679,797
Oil & Gas — 11.0%
Great Plains Energy, 7.000%* (B)		110,106		5,956,735
Hess, 8.000%*		74,803		4,461,999
Kinder Morgan, Ser A, 9.750%* (B)		217,844		10,031,716
NuStar Energy, 8.500%(A)		61,770		1,654,201
Southwestern Energy, Ser B, 6.250%*		223,407		4,128,561
				26,233,212
Technology — 1.4%
Belden, 6.750%*		34,922		3,462,342

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

22

Schedule of Investments April 30, 2017 (Unaudited)

Global X SuperIncome^TM Preferred ETF

	Shares/Face Amount		Value
PREFERRED STOCK — continued
Telecommunications — 2.4%
Frontier Communications, Ser A, 11.125%		129,346	$	5,735,202
TOTAL UNITED STATES				180,262,476
TOTAL PREFERRED STOCK
(Cost $247,302,846)				237,533,243
REPURCHASE AGREEMENTS — 2.3%
Barclays Bank
0.800%, dated 04/28/17, to be repurchased on 5/1/2017, repurchase price $3,331,969 (collateralized by U.S Treasury Obligations, ranging in par value $3-$1,567,573, 0.000%-6.375%, 5/4/17-08/15/40, with a total market value of $3,398,382) (C)	$	3,331,747		3,331,747
Deutsche Bank
0.830%, dated 04/28/17, to be repurchased on 5/1/2017, repurchase price $2,150,907 (collateralized by U.S. Treasury Obligation, par value $2,061,631, 3.625%, 2/15/20 with a total market value of $2,195,379) (C)		2,150,758		2,150,758
TOTAL REPURCHASE AGREEMENTS
(Cost $5,482,505)				5,482,505
TOTAL INVESTMENTS — 102.0%
(Cost $252,785,351)			$	243,015,748

Percentages are based on Net Assets of $238,140,190

* Non-income producing security.

(A) Floating rate security - Rate disclosed is the rate in effect on April 30, 2017.

(B) This security or a partial position of this security is on loan at April 30, 2017.  The total value of securities on loan at April 30, 2017 was $5,680,030.

(C) Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2017 was $5,482,505.

Ser — Series

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Preferred Stock	$	237,533,243	$	—	$	—	$	237,533,243
Repurchase Agreements		—		5,482,505		—		5,482,505
Total Investments in Securities	$	237,533,243	$	5,482,205	$	—	$	243,015,748

For the period ended April 30, 2017, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2017, there were no Level 3 investments.

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

23

Schedule of Investments April 30, 2017 (Unaudited)

Global X Social Medial ETF

Sector Weightings †:

 

† 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 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.8%
CHINA — 13.1%
Technology — 13.1%
Changyou.com ADR *		5,848	$	190,937
NetEase ADR		15,801		4,193,427
SINA *		51,619		3,964,855
Weibo ADR * (A)		67,166		3,751,893
YY ADR *		11,814		578,532
TOTAL CHINA				12,679,644
GERMANY — 5.2%
Technology — 5.2%
United Internet		98,260		4,521,274
XING		2,341		547,700
TOTAL GERMANY				5,068,974
HONG KONG — 9.8%
Technology — 9.8%
Tencent Holdings		302,015		9,451,621
JAPAN — 9.3%
Consumer Goods — 2.9%
Nexon *		163,772		2,784,139
Technology — 6.4%
Dena		94,851		2,031,123
Gree *		96,935		778,298
LINE * (A)		39,210		1,359,528
Mixi		37,330		2,069,610
				6,238,559
TOTAL JAPAN				9,022,698
RUSSIA — 7.6%
Technology — 7.6%
Mail.ru Group GDR *		85,157		2,243,887
Yandex, Cl A		186,075		5,072,404
TOTAL RUSSIA				7,316,291

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

24

Schedule of Investments April 30, 2017 (Unaudited)

Global X Social Medial ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
TAIWAN — 0.6%
Consumer Services — 0.6%
PChome Online		71,846	$	614,374
UNITED STATES — 54.2%
Consumer Goods — 3.4%
Nutrisystem		26,135		1,396,916
Zynga, Cl A *		681,331		1,969,047
				3,365,963
Consumer Services — 6.3%
Angie's List *		33,499		196,974
Groupon, Cl A *		367,480		1,440,522
Pandora Media * (A)		196,143		2,128,152
Yelp, Cl A *		66,718		2,362,484
				6,128,132
Technology — 44.5%
Alphabet, Cl A *		5,052		4,670,675
Facebook, Cl A *		64,312		9,662,878
Glu Mobile *		74,471		172,028
IAC *		57,024		4,733,562
Jive Software *		59,068		298,293
Match Group * (A)		39,480		735,512
Meet Group *		56,793		338,486
Momo ADR *		109,664		4,165,039
Renren ADR * (A)		37,819		279,104
Snap, Cl A * (A)		212,260		4,786,463
Twitter *		536,093		8,834,813
Yahoo! *		91,004		4,387,303
				43,064,156
TOTAL UNITED STATES				52,558,251
TOTAL COMMON STOCK
(Cost $94,715,973)				96,711,853
REPURCHASE AGREEMENTS — 4.6%
Barclays Bank
0.800%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $2,714,413 (collateralized by U.S Treasury Obligations, ranging in par value $1-$1,061,783, 0.000%-6.375%, 5/4/17-08/15/40, with a total market value of $2,768,517) (B)	$	2,714,232		2,714,232
Deutsche Bank
0.830%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $1,752,252 (collateralized by U.S. Treasury Obligation, par value $1,679,523, 3.625%, 2/15/20  with a total market value of $1,788,482) (B)		1,752,131		1,752,131

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

25

Schedule of Investments April 30, 2017 (Unaudited)

Global X Social Medial ETF

	Value
REPURCHASE AGREEMENTS — continued
TOTAL REPURCHASE AGREEMENTS
(Cost $4,466,363)	$	4,466,363
TOTAL INVESTMENTS — 104.4%
(Cost $99,182,336)	$	101,178,216

Percentages are based on Net Assets of $96,906,687.

* Non-income producing security.

(A) This security or a partial position of this security is on loan at April 30, 2017.  The total value of securities on loan at April 30, 2017 was $4,540,616.

(B) Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2017 was $4,466,363.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	96,711,853	$	—	$	—	$	96,711,853
Repurchase Agreements		—		4,466,363		—		4,466,363
Total Investments in Securities	$	96,711,853	$	4,466,363	$	—	$	101,178,216

For the period ended April 30, 2017, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2017, there were no Level 3 investments.

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

26

Schedule of Investments April 30, 2017 (Unaudited)

Global X | JPMorgan Efficiente Index ETF

Sector Weightings †:

 

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

	Shares		Value
EXCHANGE TRADED FUNDS — 100.0%
iShares Core S&P Small-Capital ETF		18,405	$	1,284,485
SPDR Bloomberg Barclays High Yield Bond ETF		34,051		1,264,654
Vanguard FTSE Developed Markets ETF		15,930		639,908
Vanguard FTSE Emerging Markets ETF		31,286		1,262,077
Vanguard REIT ETF		7,520		622,581
Vanguard S&P 500 ETF		5,785		1,264,601
TOTAL EXCHANGE TRADED FUNDS
(Cost $5,840,120)				6,338,306
TOTAL INVESTMENTS — 100.0%
(Cost $5,840,120)			$	6,338,306

Percentages are based on Net Assets of $6,340,404.

ETF — Exchange Traded Fund

FTSE  — Financial Times and Stock Exchange

REIT — Real Estate Investment Trust

S&P — Standard & Poor's

SPDR — Standard & Poor’s Depositary Receipts

As of April 30, 2017, 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 April 30, 2017, 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.

27

Schedule of Investments April 30, 2017 (Unaudited)

Global X | JPMorgan US Sector Rotator Index ETF

Sector Weightings †:

 

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

	Shares		Value
EXCHANGE TRADED FUNDS — 100.0%
Consumer Discretionary Select Sector SPDR Fund		20,945	$	1,886,307
iShares 1-3 Year Treasury Bond ETF, Cl 3		35,107		2,970,754
Materials Select Sector SPDR Fund		19,796		1,050,574
Technology Select Sector SPDR Fund		29,758		1,618,240
TOTAL EXCHANGE TRADED FUNDS
(Cost $7,288,698)				7,525,875
TOTAL INVESTMENTS — 100.0%
(Cost $7,288,698)			$	7,525,875

Percentages are based on Net Assets of $7,526,044.

Cl — Class

ETF — Exchange Traded Fund

SPDR — Standard & Poor’s Depositary Receipts

As of April 30, 2017, 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 April 30, 2017, 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.

28

Schedule of Investments April 30, 2017 (Unaudited)

Global X Permanent ETF

Sector Weightings †:

 

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

	Face Amount/Shares		Value
U.S. TREASURY OBLIGATIONS — 47.4%
U.S. Treasury Bonds
4.625%, 02/15/40	$	322,000	$	418,688
4.375%, 11/15/39		335,800		422,098
3.875%, 08/15/40		18		21
3.125%, 11/15/41		402,700		417,550
3.125%, 02/15/42		401,400		416,076
U.S. Treasury Notes
3.125%, 05/15/19		450,300		466,870
1.500%, 08/31/18		473,100		474,966
1.375%, 09/30/18		474,400		475,493
0.750%, 02/28/18		480,900		479,472
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $3,635,800)				3,571,234
EXCHANGE TRADED FUNDS — 31.0%
ETFS Physical Gold *		5,956		726,334
ETFS Physical Silver*		17,628		289,276
ETFS Physical Silver * (GBP shares)		3,802		62,378
Gold Bullion Securities *		6,038		726,009
Vanguard FTSE All-World ex-US ETF, Cl U		5,359		261,680
Vanguard Small-Cap ETF		1,980		266,152
TOTAL EXCHANGE TRADED FUNDS
(Cost $2,765,571)				2,331,829
COMMON STOCK — 20.9%
AUSTRALIA — 0.4%
Basic Materials — 0.4%
BHP Billiton ADR		899		32,004

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

29

Schedule of Investments April 30, 2017 (Unaudited)

Global X Permanent ETF

	Shares		Value
COMMON STOCK — continued
FRANCE — 0.4%
Oil & Gas — 0.4%
Total		537	$	27,583
NETHERLANDS — 0.3%
Oil & Gas — 0.3%
Royal Dutch Shell ADR, Cl A		478		24,947
RUSSIA — 0.4%
Basic Materials — 0.4%
MMC Norilsk Nickel PJSC ADR		1,922		29,570
SWITZERLAND — 0.4%
Basic Materials — 0.4%
Syngenta ADR *		335		31,165
UNITED KINGDOM — 1.4%
Basic Materials — 1.1%
Glencore		12,276		48,226
Rio Tinto ADR		803		31,976
				80,202
Oil & Gas — 0.3%
BP		4,190		23,987
TOTAL UNITED KINGDOM				104,189
UNITED STATES — 17.6%
Basic Materials — 0.5%
AdvanSix *		4		109
Southern Copper		952		33,672
				33,781
Consumer Goods — 2.2%
Altria Group		204		14,643
Archer-Daniels-Midland		582		26,626
Coca-Cola		303		13,075
Kraft Heinz		156		14,101
Monsanto		250		29,153
PepsiCo		137		15,519
Philip Morris International		131		14,520
Procter & Gamble		162		14,147
Tyson Foods, Cl A		377		24,226
				166,010
Consumer Services — 1.8%
Amazon.com *		19		17,575
Comcast, Cl A		422		16,538
CVS Health		143		11,789
Home Depot		104		16,234
McDonald's		110		15,392

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

30

Schedule of Investments April 30, 2017 (Unaudited)

Global X Permanent ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Starbucks		240	$	14,415
Walgreens Boots Alliance		166		14,366
Wal-Mart Stores		179		13,457
Walt Disney		136		15,722
				135,488
Financials — 2.1%
Bank of America		1,048		24,460
Berkshire Hathaway, Cl B *		92		15,199
Citigroup		329		19,450
GGP *		1,295		27,985
JPMorgan Chase		225		19,575
Mastercard, Cl A		158		18,379
Visa, Cl A		187		17,058
Wells Fargo		278		14,968
				157,074
Health Care — 2.0%
AbbVie		219		14,441
Allergan		57		13,900
Amgen		91		14,862
Bristol-Myers Squibb		194		10,874
Eli Lilly		183		15,017
Gilead Sciences		162		11,105
Johnson & Johnson		115		14,199
Medtronic		156		12,962
Merck		242		15,084
Pfizer		378		12,822
UnitedHealth Group		97		16,963
				152,229
Industrials — 1.5%
3M		77		15,079
Boeing		99		18,298
Deere		317		35,380
General Electric		430		12,466
Honeywell International		114		14,950
United Technologies		131		15,588
				111,761
Oil & Gas — 0.8%
Chevron		244		26,035
ExxonMobil		271		22,127
Schlumberger		168		12,195
				60,357
Real Estate Investment Trusts — 4.5%
American Tower, Cl A		337		42,442

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

31

Schedule of Investments April 30, 2017 (Unaudited)

Global X Permanent ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
AvalonBay Communities		216	$	41,005
Crown Castle International		377		35,664
Equinix		98		40,935
Equity Residential		568		36,681
ProLogis		785		42,712
Public Storage		149		31,198
Simon Property Group		179		29,582
Welltower		514		36,720
				336,939
Technology — 1.9%
Alphabet, Cl A *		19		17,566
Apple		139		19,967
Cisco Systems		459		15,638
Facebook, Cl A		116		17,429
Intel		417		15,075
International Business Machines		86		13,785
Microsoft		257		17,594
Oracle		328		14,747
QUALCOMM		260		13,972
				145,773
Telecommunications — 0.3%
AT&T		321		12,721
Verizon Communications		244		11,202
				23,923
TOTAL UNITED STATES				1,323,335
TOTAL COMMON STOCK
(Cost $1,408,673)				1,572,793
TOTAL INVESTMENTS — 99.3%
(Cost $7,810,044)			$	7,475,856

Percentages are based on Net Assets of $7,527,565.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

FTSE  — Financial Times and Stock Exchange

GBP — British Pound Sterling

PJSC — Private Joint Stock Company

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

32

Schedule of Investments April 30, 2017 (Unaudited)

Global X Permanent ETF

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Treasury Obligations	$	—	$	3,571,234	$	—	$	3,571,234
Exchange Traded Funds		2,331,829		—		—		2,331,829
Common Stock		1,572,793		—		—		1,572,793
Total Investments in Securities	$	3,904,622	$	3,571,234	$	—	$	7,475,856

For the period ended April 30, 2017, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2017, there were no Level 3 investments.

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

33

Schedule of Investments April 30, 2017 (Unaudited)

Global X Guru^® Index ETF

Sector Weightings †:

 

† 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 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.9%
CANADA — 1.8%
Consumer Services — 1.8%
Restaurant Brands International		18,074	$	1,015,217
CHINA — 1.7%
Technology — 1.7%
Baidu ADR *		5,398		972,881
IRELAND — 1.5%
Health Care — 1.5%
Horizon Pharma *		57,173		879,321
NETHERLANDS — 1.8%
Technology — 1.8%
NXP Semiconductors *		9,661		1,021,651
UNITED STATES — 93.1%
Basic Materials — 3.2%
Celanese, Cl A		11,131		968,842
LyondellBasell Industries, Cl A		10,728		909,305
				1,878,147
Consumer Goods — 14.3%
Adient		15,544		1,143,417
Constellation Brands, Cl A		6,345		1,094,766
Cooper-Standard Holding *		9,074		1,025,997
Herbalife * (A)		16,053		1,015,513
Kraft Heinz		10,930		987,963
Molson Coors Brewing, Cl B		10,036		962,352
Mondelez International, Cl A		21,910		986,607

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

34

Schedule of Investments April 30, 2017 (Unaudited)

Global X Guru^® Index ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Reynolds American		16,498	$	1,064,121
				8,280,736
Consumer Services — 24.4%
Amazon.com *		1,176		1,087,788
AutoNation *		20,889		877,338
CBS, Cl B		15,220		1,013,043
Charter Communications, Cl A *		3,048		1,052,048
Delta Air Lines		19,363		879,855
Extended Stay America		56,160		979,430
GrubHub * (A)		26,709		1,147,953
Home Depot		7,000		1,092,700
Marriott International, Cl A		11,078		1,045,985
Netflix *		6,966		1,060,225
Sotheby's *		23,543		1,114,996
Southwest Airlines		17,318		973,618
United Continental Holdings *		13,081		918,417
Yum! Brands		14,482		952,191
				14,195,587
Financials — 10.1%
Aon		8,503		1,018,999
Bank of America		40,400		942,936
Berkshire Hathaway, Cl B *		5,924		978,704
Investors Bancorp		66,687		923,615
JPMorgan Chase		10,983		955,521
Western Union		50,896		1,010,795
				5,830,570
Health Care — 8.9%
Allergan		3,984		971,538
Cigna		6,762		1,057,374
DENTSPLY SIRONA		16,432		1,039,160
Humana		4,833		1,072,829
Incyte *		8,196		1,018,599
				5,159,500
Industrials — 9.2%
Dycom Industries *		12,129		1,281,550
First Data, Cl A *		61,169		955,460
Macquarie Infrastructure		12,739		1,036,572
Sherwin-Williams		3,198		1,070,307
Spirit Aerosystems Holdings, Cl A		17,205		983,438
				5,327,327
Oil & Gas — 4.8%
Cheniere Energy *		20,781		942,418
Hess		19,484		951,404

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

35

Schedule of Investments April 30, 2017 (Unaudited)

Global X Guru^® Index ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Oil & Gas — continued
Pioneer Natural Resources		5,013	$	867,199
				2,761,021
Real Estate Investment Trusts — 3.8%
American Tower, Cl A		9,287		1,169,605
Crown Castle International		11,090		1,049,114
				2,218,719
Technology — 12.7%
Apple		7,314		1,050,656
Autodesk *		11,748		1,058,142
Broadcom, Cl A		4,833		1,067,175
CDK Global		15,274		992,963
Facebook, Cl A *		7,427		1,115,907
Microsoft		15,358		1,051,409
Yahoo! *		21,710		1,046,639
				7,382,891
Telecommunications — 1.7%
Sprint *		108,652		981,128
TOTAL UNITED STATES				54,015,626
TOTAL COMMON STOCK
(Cost $52,148,522)				57,904,696
REPURCHASE AGREEMENTS — 1.7%
Barclays Bank
0.800%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $613,989 (collateralized by U.S Treasury Obligations, ranging in par value $1-$288,860, 0.000%-6.375%, 5/4/17-08/15/40, with a total market value of $626,227) (B)	$	613,948		613,948
Deutsche Bank
0.830%, dated 04/28/17, to be repurchased on 05/01/17 repurchase price $396,352 (collateralized by U.S. Treasury Obligation, par value $379,901, 3.625%, 2/15/20 with a total market value of $404,547) (B)		396,325		396,325
TOTAL REPURCHASE AGREEMENTS
(Cost $1,010,273)				1,010,273
TOTAL INVESTMENTS — 101.6%
(Cost $53,158,795)			$	58,914,969

Percentages are based on Net Assets of $57,966,665.

* Non-income producing security.

(A) This security or a partial position of this security is on loan at April 30, 2017.  The total value of securities on loan at April 30, 2017 was $1,054,530.

(B) Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2017 was $1,010,273.

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

36

Schedule of Investments April 30, 2017 (Unaudited)

Global X Guru^® Index ETF

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	57,904,696	$	—	$	—	$	57,904,696
Repurchase Agreements		—		1,010,273		—		1,010,273
Total Investments in Securities	$	57,904,696	$	1,010,273	$	—	$	58,914,969

For the period ended April 30, 2017, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2017, there were no Level 3 investments.

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

37

Schedule of Investments April 30, 2017 (Unaudited)

Global X Guru^® Activist Index ETF

Sector Weightings †:

 

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

	Shares		Value
COMMON STOCK — 99.7%
CANADA — 2.0%
Consumer Services — 2.0%
Restaurant Brands International		543	$	30,500
UNITED STATES — 97.7%
Basic Materials — 11.5%
Arconic		1,021		27,904
CONSOL Energy *		1,748		26,535
Dow Chemical		488		30,646
EI du Pont de Nemours		383		30,544
Freeport-McMoRan Copper & Gold *		1,947		24,824
Platform Specialty Products *		2,293		32,492
				172,945
Consumer Goods — 7.3%
ConAgra Foods		747		28,969
Herbalife *		483		30,555
Mondelez International, Cl A		658		29,629
Navistar International *		756		20,344
				109,497
Consumer Services — 24.3%
Charter Communications, Cl A *		92		31,755
Chipotle Mexican Grill, Cl A *		71		33,687
Comcast, Cl A		779		30,529
Cracker Barrel Old Country Store		179		28,674
Scripps Networks Interactive, Cl A		388		28,991
Sysco		566		29,925
Time Warner		310		30,774
Twenty-First Century Fox, Cl B		984		29,382
Wendy's		2,080		30,659
Whole Foods Market		620		22,549

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

38

Schedule of Investments April 30, 2017 (Unaudited)

Global X Guru^® Activist Index ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Wynn Resorts		299	$	36,781
Yum! Brands		435		28,601
				362,307
Financials — 13.8%
American International Group		490		29,846
Bank of America		1,214		28,335
Bank of New York Mellon		629		29,600
CBRE Group, Cl A *		842		30,152
JPMorgan Chase		329		28,623
Morgan Stanley		642		27,844
Willis Towers Watson		238		31,564
				205,964
Health Care — 5.9%
Allergan		120		29,263
Baxter International		603		33,575
Perrigo		351		25,953
				88,791
Industrials — 14.5%
Alliance Data Systems		130		32,452
FedEx		153		29,024
General Electric		983		28,497
PayPal Holdings *		713		34,025
Pentair		504		32,513
United Technologies		267		31,770
Xerox		3,994		28,717
				216,998
Oil & Gas — 7.7%
Baker Hughes		485		28,794
Cheniere Energy *		626		28,389
CVR Energy		1,386		30,340
Hess		584		28,517
				116,040
Technology — 10.6%
Alphabet, Cl C *		37		33,521
Apple		220		31,603
Dell Technologies, Cl V *		458		30,736
Microsoft		463		31,697
Yahoo! *		654		31,529
				159,086
Telecommunications — 2.1%
Level 3 Communications *		519		31,534

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

39

Schedule of Investments April 30, 2017 (Unaudited)

Global X Guru^® Activist Index ETF

	Shares	Value
COMMON STOCK — continued
TOTAL UNITED STATES		$	1,463,162
TOTAL COMMON STOCK
(Cost $1,305,316)			1,493,662
TOTAL INVESTMENTS — 99.7%
(Cost $1,305,316)		$	1,493,662

Percentages are based on Net Assets of $1,497,553.

* Non-income producing security.

Cl — Class

As of April 30, 2017, 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 April 30, 2017, 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.

40

Schedule of Investments April 30, 2017 (Unaudited)

Global X Guru^® International Index ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.7%
ARGENTINA — 4.8%
Oil & Gas — 2.4%
YPF ADR		1,370	$	35,387
Utilities — 2.4%
Pampa Energia ADR *		628		34,251
TOTAL ARGENTINA				69,638
BRAZIL—9.2%
Consumer Goods — 2.0%
AMBEV ADR		5,101		29,229
Financials — 1.9%
Itau Unibanco Holding ADR		2,226		27,380
Industrials — 1.6%
Embraer ADR		1,248		23,962
Oil & Gas — 1.7%
Petroleo Brasileiro ADR *		2,709		24,408
Telecommunications — 2.0%
Tim Participacoes ADR		1,840		29,642
TOTAL BRAZIL				134,621
CANADA — 19.8%
Basic Materials — 3.2%
Barrick Gold		1,467		24,528
Turquoise Hill Resources *		8,409		22,957
				47,485
Consumer Goods — 2.3%
Gildan Activewear, Cl A		1,183		33,171

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

41

Schedule of Investments April 30, 2017 (Unaudited)

Global X Guru^® International Index ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — 2.1%
Restaurant Brands International		549	$	30,837
Financials — 1.8%
Toronto-Dominion Bank		550		25,900
Industrials — 2.0%
Canadian Pacific Railway		195		29,884
Oil & Gas — 5.9%
Canadian Natural Resources		982		31,296
Gran Tierra Energy *		10,647		26,830
Suncor Energy		924		28,977
				87,103
Technology — 2.5%
BlackBerry *		3,895		36,379
TOTAL CANADA				290,759
CHINA — 8.5%
Consumer Services — 4.6%
Alibaba Group Holding ADR *		290		33,495
Vipshop Holdings ADR *		2,400		33,288
				66,783
Technology — 3.9%
Baidu ADR *		158		28,476
SINA *		386		29,649
				58,125
TOTAL CHINA				124,908
HONG KONG — 4.5%
Consumer Services — 2.6%
Melco Crown Entertainment ADR		1,717		37,688
Telecommunications — 1.9%
China Mobile ADR		520		27,727
TOTAL HONG KONG				65,415
INDIA — 4.1%
Industrials — 2.1%
Tata Motors ADR		872		31,104
Technology — 2.0%
Infosys ADR		1,961		28,552
TOTAL INDIA				59,656
IRELAND — 3.9%
Health Care — 1.9%
Shire ADR		161		28,491
Industrials — 2.0%
AerCap Holdings *		625		28,756

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

42

Schedule of Investments April 30, 2017 (Unaudited)

Global X Guru^® International Index ETF

	Shares		Value
COMMON STOCK — continued
TOTAL IRELAND			$	57,247
ISRAEL — 7.6%
Health Care — 1.8%
Teva Pharmaceutical Industries ADR		846		26,717
Technology — 5.8%
Mellanox Technologies *		595		28,084
NICE Systems ADR		423		28,531
Tower Semiconductor *		1,290		27,761
				84,376
TOTAL ISRAEL				111,093
LUXEMBOURG — 1.9%
Financials — 1.9%
Altisource Portfolio Solutions *		1,275		28,165
MEXICO — 4.6%
Industrials — 2.1%
Cemex ADR *		3,361		30,988
Telecommunications — 2.5%
America Movil ADR, Ser L, Cl L		2,328		35,828
TOTAL MEXICO				66,816
NETHERLANDS — 3.7%
Basic Materials — 1.7%
ArcelorMittal		3,203		24,984
Oil & Gas — 2.0%
Royal Dutch Shell ADR, Cl A		559		29,174
TOTAL NETHERLANDS				54,158
PERU — 3.7%
Basic Materials — 1.8%
Cia de Minas Buenaventura ADR		2,222		26,686
Financials — 1.9%
Credicorp Ltd.		181		27,813
TOTAL PERU				54,499
SOUTH KOREA — 2.1%
Telecommunications — 2.1%
SK Telecom ADR		1,334		31,469
SWITZERLAND — 4.1%
Basic Materials — 2.2%
Syngenta ADR *		342		31,816
Financials — 1.9%
Credit Suisse Group ADR		1,892		28,872

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

43

Schedule of Investments April 30, 2017 (Unaudited)

Global X Guru^® International Index ETF

	Shares		Value
COMMON STOCK — continued
TOTAL SWITZERLAND			$	60,688
TAIWAN — 2.0%
Technology — 2.0%
Taiwan Semiconductor Manufacturing ADR		905		29,928
UNITED KINGDOM — 3.6%
Basic Materials — 1.7%
Rio Tinto ADR		641		25,525
Health Care — 1.9%
GW Pharmaceuticals ADR *		228		27,070
TOTAL UNITED KINGDOM				52,595
UNITED STATES — 11.6%
Basic Materials — 1.8%
Methanex		584		26,806
Financials — 3.6%
Bank of Nova Scotia		467		25,979
Royal Bank of Canada		386		26,433
				52,412
Oil & Gas — 2.0%
TransCanada		623		28,932
Technology — 2.2%
LINE ADR *		940		32,279
Telecommunications — 2.0%
VEON ADR		7,121		29,410
TOTAL UNITED STATES				169,839
TOTAL COMMON STOCK
(Cost $1,396,742)				1,461,494
TOTAL INVESTMENTS — 99.7%
(Cost $1,396,742)			$	1,461,494

Percentages are based on Net Assets of $1,465,797.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

Ltd. — Limited

Ser — Series

As of April 30, 2017, 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 April 30, 2017, 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.

44

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta US ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.8%
UNITED STATES — 99.8%
Basic Materials — 3.0%
Air Products & Chemicals		369	$	51,844
Albemarle		1,716		186,889
Arconic		6,869		187,730
Celanese, Cl A		3,243		282,271
Dow Chemical		2,551		160,203
Eastman Chemical		2,232		178,002
Freeport-McMoRan Copper & Gold *		7,399		94,337
International Flavors & Fragrances		2,064		286,050
International Paper		2,739		147,824
Mosaic		8,559		230,494
Newmont Mining		23,960		810,088
Nucor		2,686		164,732
Praxair		626		78,237
Steel Dynamics		4,462		161,257
				3,019,958
Consumer Goods — 12.1%
Activision Blizzard		5,254		274,521
Altria Group		2,487		178,517
Archer-Daniels-Midland		2,793		127,780
Autoliv		2,030		203,386
BorgWarner		2,808		118,722
Brown-Forman, Cl B		2,265		107,180
Bunge		9,710		767,381
Campbell Soup		7,415		426,659
Church & Dwight		6,144		304,313

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

45

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Clorox		2,977	$	397,995
Coach		5,947		234,252
Coca-Cola		2,153		92,902
Colgate-Palmolive		2,058		148,258
ConAgra Foods		9,850		381,983
Constellation Brands, Cl A		1,106		190,829
Coty, Cl A		3,733		66,634
DR Horton		5,583		183,625
Dr Pepper Snapple Group		2,236		204,929
Electronic Arts *		1,708		161,953
Estee Lauder, Cl A		2,273		198,069
Ford Motor		4,939		56,650
General Mills		2,177		125,199
General Motors		1,791		62,040
Genuine Parts		1,016		93,492
Goodyear Tire & Rubber		3,820		138,399
Hanesbrands		6,258		136,487
Harley-Davidson		2,256		128,164
Hasbro		3,484		345,299
Hershey		3,688		399,042
Hormel Foods		6,026		211,392
Ingredion		1,325		164,062
JM Smucker		3,061		387,890
Kellogg		3,570		253,470
Kimberly-Clark		476		61,761
Kraft Heinz		1,345		121,575
Lear		878		125,255
Lennar, Cl A		3,430		173,215
LKQ *		3,652		114,089
Mattel		8,940		200,435
McCormick		3,455		345,154
Mohawk Industries *		1,080		253,573
Molson Coors Brewing, Cl B		3,484		334,081
Mondelez International, Cl A		3,018		135,901
Monsanto		1,413		164,770
Newell Brands		2,041		97,437
NIKE, Cl B		1,478		81,896
PepsiCo		1,576		178,529
Philip Morris International		1,601		177,455
Procter & Gamble		2,045		178,590
PVH		5,125		517,779
Reynolds American		3,762		242,649
Snap-On		675		113,083
Stanley Black & Decker		3,401		463,046

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

46

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Tesla Motors *		368	$	115,578
Tyson Foods, Cl A		8,048		517,164
VF		1,235		67,468
Whirlpool		650		120,692
				12,172,649
Consumer Services — 9.8%
Advance Auto Parts		662		94,097
Alaska Air Group		1,255		106,788
Amazon.com *		148		136,899
AmerisourceBergen, Cl A		1,621		133,003
AutoZone *		162		112,135
Best Buy		10,710		554,885
Cardinal Health		1,219		88,487
Carnival		2,925		180,677
CBS, Cl B		1,144		76,145
Charter Communications, Cl A *		851		293,731
Chipotle Mexican Grill, Cl A *		564		267,601
Comcast, Cl A		7,539		295,453
Costco Wholesale		343		60,889
CVS Health		2,892		238,416
Darden Restaurants		4,788		407,890
Delta Air Lines		2,452		111,419
DISH Network, Cl A *		1,344		86,607
Dollar Tree *		1,134		93,861
Expedia		560		74,883
Foot Locker		3,997		309,128
Hilton Worldwide Holdings		1,524		89,870
Interpublic Group		3,766		88,765
Kroger		2,403		71,249
L Brands		2,126		112,274
Las Vegas Sands		1,068		63,002
Liberty Interactive, Cl A *		6,700		141,906
Macy's		7,721		225,608
Marriott International, Cl A		1,364		128,789
McDonald's		1,129		157,981
McKesson		512		70,805
MGM Resorts International		7,403		227,346
Nielsen Holdings		3,602		148,150
Omnicom Group		1,208		99,201
O'Reilly Automotive *		341		84,619
priceline.com *		67		123,737
Ross Stores		1,005		65,325
Royal Caribbean Cruises		2,197		234,200
Sirius XM Holdings		50,311		249,040

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

47

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Southwest Airlines		2,715	$	152,637
Starbucks		1,340		80,481
Sysco		4,610		243,731
Target		4,396		245,516
Tiffany		2,848		261,019
Time Warner		3,267		324,315
TJX		2,859		224,832
Tractor Supply		857		53,057
Ulta Salon Cosmetics & Fragrance *		1,006		283,128
United Continental Holdings *		3,246		227,902
Walgreens Boots Alliance		1,984		171,695
Wal-Mart Stores		7,406		556,783
Walt Disney		1,832		211,779
Whole Foods Market		5,142		187,015
Wyndham Worldwide		1,771		168,794
Wynn Resorts		1,318		162,127
Yum! Brands		3,063		201,392
				9,861,064
Financials — 18.9%
Affiliated Managers Group		301		49,843
Aflac		3,156		236,321
Alleghany *		523		319,396
Allstate		2,603		211,598
Ally Financial		11,495		227,601
American Express		1,160		91,930
American International Group		3,685		224,453
Ameriprise Financial		603		77,094
Aon		1,497		179,401
Arch Capital Group *		8,787		852,075
Arthur J Gallagher		5,791		323,196
Bank of America		9,535		222,547
Bank of New York Mellon		5,355		252,006
BB&T		5,514		238,094
Berkshire Hathaway, Cl B *		1,182		195,278
BlackRock, Cl A		172		66,146
Capital One Financial		1,044		83,917
Charles Schwab		5,382		209,091
Chubb		2,043		280,402
Cincinnati Financial		4,447		320,584
CIT Group		6,533		302,543
Citigroup		1,232		72,836
Citizens Financial Group		10,178		373,634
CME Group, Cl A		5,122		595,125
Comerica		8,991		635,664

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

48

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Discover Financial Services		2,788	$	174,501
E*TRADE Financial *		5,627		194,413
Equifax		1,672		226,238
Everest Re Group		2,317		583,212
Fifth Third Bancorp		17,126		418,388
First Republic Bank		5,873		543,018
FNF Group		8,841		362,039
Franklin Resources		3,029		130,580
Goldman Sachs Group		891		199,406
Hartford Financial Services Group		4,620		223,423
Huntington Bancshares		40,674		523,068
IHS Markit *		4,265		185,101
Intercontinental Exchange		7,244		436,089
Invesco		3,784		124,645
JPMorgan Chase		3,245		282,315
KeyCorp		23,306		425,101
Liberty Broadband, Cl C *		3,161		288,157
Lincoln National		2,236		147,419
Loews		8,073		376,363
M&T Bank		2,959		459,858
Markel *		437		423,715
Marsh & McLennan		1,975		146,407
Mastercard, Cl A		1,323		153,891
MetLife		2,634		136,468
Moody's		513		60,698
Morgan Stanley		2,023		87,737
Nasdaq		4,995		344,006
New York Community Bancorp		26,651		354,192
Northern Trust		2,983		268,470
PNC Financial Services Group		2,623		314,104
Principal Financial Group		3,213		209,263
Progressive		10,109		401,530
Prudential Financial		736		78,774
Raymond James Financial		2,314		172,439
Regions Financial		29,688		408,210
S&P Global		492		66,021
SBA Communications, Cl A *		1,856		234,765
State Street		904		75,846
SunTrust Banks		2,560		145,434
SVB Financial Group *		493		86,738
Synchrony Financial		2,790		77,562
TD Ameritrade Holding		3,290		125,908
Torchmark		2,010		154,187
Travelers		1,323		160,956

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

49

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Unum Group		4,124	$	191,065
US Bancorp		3,500		179,480
Visa, Cl A		698		63,672
Wells Fargo		3,188		171,642
Western Union		3,238		64,307
Willis Towers Watson		2,225		295,080
XL Group		7,982		334,047
Zions Bancorporation		2,153		86,185
				19,016,908
Health Care — 11.4%
Abbott Laboratories		4,925		214,927
Aetna		4,180		564,593
Allergan		1,066		259,955
Anthem		2,150		382,463
Baxter International		7,653		426,119
Becton Dickinson		1,361		254,466
BioMarin Pharmaceutical *		1,656		158,711
Boston Scientific *		4,912		129,579
Centene *		3,093		230,119
Cigna		2,494		389,987
Cooper		2,252		451,143
CR Bard		1,358		417,558
DaVita Healthcare Partners *		3,277		226,146
DENTSPLY SIRONA		3,505		221,656
Edwards Lifesciences *		1,398		153,319
Eli Lilly		1,543		126,618
Express Scripts Holding *		3,867		237,202
HCA Holdings *		2,162		182,062
Henry Schein *		711		123,572
Hologic *		5,727		258,574
Humana		1,042		231,303
IDEXX Laboratories *		1,047		175,613
Incyte *		1,137		141,307
Intuitive Surgical *		314		262,463
Johnson & Johnson		1,414		174,587
Laboratory Corp of America Holdings *		2,633		369,015
Medtronic		3,267		271,455
Merck		6,055		377,408
Mylan *		3,015		112,610
Perrigo		2,019		149,285
Pfizer		8,687		294,663
Quest Diagnostics		5,511		581,466
Quintiles IMS Holdings *		1,469		123,807
ResMed		4,304		292,629

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

50

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Stryker		1,176	$	160,371
Thermo Fisher Scientific		1,531		253,120
UnitedHealth Group		1,579		276,135
Universal Health Services, Cl B		4,033		487,025
Varian Medical Systems *		4,359		395,536
Waters *		2,341		397,713
Zimmer Biomet Holdings		2,273		271,964
Zoetis, Cl A		5,062		284,029
				11,492,273
Industrials — 13.0%
3M		689		134,927
Accenture, Cl A		776		94,129
Agilent Technologies		3,408		187,610
Alliance Data Systems		408		101,849
AMETEK		2,124		121,493
Amphenol, Cl A		2,625		189,814
Automatic Data Processing		990		103,445
Ball		3,406		261,887
Boeing		517		95,557
Broadridge Financial Solutions		1,621		113,373
Caterpillar		1,233		126,087
CH Robinson Worldwide		6,400		465,280
Cintas		970		118,796
CSX		4,419		224,662
Cummins		1,375		207,542
Danaher		3,150		262,489
Deere		4,748		529,924
Dover		1,612		127,154
Eaton		1,666		126,016
Emerson Electric		847		51,057
Expeditors International of Washington		6,687		375,074
Fastenal		3,882		173,448
FedEx		961		182,302
Fidelity National Information Services		2,363		198,941
Fiserv *		899		107,107
FleetCor Technologies *		354		49,964
Fluor		2,082		106,848
Fortune Brands Home & Security		1,059		67,501
General Dynamics		759		147,087
General Electric		4,733		137,210
Global Payments		2,360		192,954
Honeywell International		794		104,125
Illinois Tool Works		878		121,243
Ingersoll-Rand		2,852		253,115

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

51

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
JB Hunt Transport Services		1,332	$	119,427
Johnson Controls International		2,316		96,276
Kansas City Southern		3,162		284,802
L3 Technologies		1,878		322,584
Lockheed Martin		774		208,554
Martin Marietta Materials		2,012		443,022
Masco		4,307		159,445
Mettler-Toledo International *		494		253,630
Norfolk Southern		935		109,853
Northrop Grumman		547		134,540
PACCAR		848		56,587
Parker-Hannifin		1,237		198,910
Paychex		2,983		176,832
PayPal Holdings *		1,563		74,586
Pentair		1,821		117,473
Raytheon		1,204		186,873
Republic Services, Cl A		8,707		548,454
Rockwell Automation		796		125,251
Rockwell Collins		1,173		122,098
Roper Technologies		1,309		286,278
Sealed Air		2,084		91,738
TE Connectivity		1,796		138,956
Textron		2,620		122,249
Total System Services		3,587		205,571
TransDigm Group *		1,386		341,968
Union Pacific		1,169		130,881
United Parcel Service, Cl B		634		68,129
United Rentals *		515		56,475
United Technologies		986		117,324
Valspar		2,159		242,758
Vantiv, Cl A *		4,683		290,533
Verisk Analytics, Cl A *		4,329		358,484
Vulcan Materials		3,281		396,608
Waste Management		2,266		164,919
Westrock		2,103		112,637
WW Grainger		1,092		210,428
Xylem		3,827		196,746
				13,131,889
Oil & Gas — 4.7%
Anadarko Petroleum		882		50,292
Apache		1,345		65,421
Baker Hughes		3,629		215,454
Cabot Oil & Gas		8,339		193,798
Cheniere Energy *		1,534		69,567

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

52

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — continued
Chevron		1,161	$	123,879
Cimarex Energy		685		79,926
Concho Resources *		2,931		371,240
ConocoPhillips		2,401		115,032
Devon Energy		1,746		68,949
Diamondback Energy *		933		93,151
EOG Resources		2,671		247,067
EQT		6,320		367,445
ExxonMobil		4,489		366,527
Halliburton		4,452		204,258
Hess		1,481		72,317
Kinder Morgan		6,443		132,919
Marathon Oil		8,884		132,105
Marathon Petroleum		2,309		117,620
National Oilwell Varco		6,201		216,849
Newfield Exploration *		2,443		84,577
Noble Energy		4,237		136,982
Occidental Petroleum		4,828		297,115
Phillips 66		789		62,773
Pioneer Natural Resources		1,360		235,266
Schlumberger		1,916		139,082
Targa Resources		2,383		131,375
Tesoro		2,525		201,268
Valero Energy		2,370		153,126
				4,745,380
Real Estate Investment Trusts — 6.9%
Alexandria Real Estate Equities		1,432		161,114
American Tower, Cl A		1,030		129,718
Annaly Capital Management		79,407		937,797
AvalonBay Communities		1,171		222,303
CBRE Group, Cl A *		1,585		56,759
Crown Castle International		2,085		197,241
Digital Realty Trust		3,108		356,923
Duke Realty		5,562		154,234
Equinix		329		137,423
Equity Residential		2,514		162,354
Essex Property Trust		1,309		320,011
Extra Space Storage		2,272		171,604
Federal Realty Investment Trust		935		122,382
GGP		6,055		130,849
HCP		5,000		156,750
Host Hotels & Resorts,		6,709		120,427
Kimco Realty		8,034		163,010
Macerich		4,649		290,237

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

53

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
Mid-America Apartment Communities		2,750	$	272,827
ProLogis		3,255		177,105
Public Storage		239		50,042
Realty Income,		10,889		635,373
SL Green Realty		1,712		179,640
UDR,		6,666		248,908
Ventas		5,359		343,030
VEREIT		52,431		438,847
Vornado Realty Trust		1,084		104,324
Welltower		5,590		399,350
Weyerhaeuser		4,337		146,894
				6,987,476
Technology — 7.9%
Adobe Systems *		743		99,369
Akamai Technologies *		3,953		240,896
Amdocs		8,405		514,722
Analog Devices		639		48,692
ANSYS *		1,263		139,132
Autodesk *		1,508		135,826
Broadcom, Cl A		510		112,613
CA		6,536		214,577
CDK Global		1,635		106,291
Cerner *		1,921		124,385
Check Point Software Technologies *		2,577		268,034
Cisco Systems		3,844		130,965
Citrix Systems *		2,195		177,663
Corning		6,997		201,863
F5 Networks *		1,872		241,731
Facebook, Cl A *		642		96,461
Gartner *		1,725		196,805
Harris		2,356		263,613
Hewlett Packard Enterprise		4,092		76,234
HP		6,127		115,310
Intel		2,248		81,265
International Business Machines		937		150,192
Intuit		991		124,083
Juniper Networks		8,711		261,940
KLA-Tencor		1,902		186,814
Lam Research		2,007		290,714
Maxim Integrated Products		5,665		250,110
Microchip Technology		1,642		124,102
Micron Technology *		11,775		325,814
Microsoft		940		64,353
Motorola Solutions		4,035		346,889

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

54

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
NetApp		6,700	$	266,995
NVIDIA		845		88,134
Palo Alto Networks *		939		101,797
QUALCOMM		2,247		120,754
Seagate Technology		2,188		92,180
ServiceNow *		1,407		132,933
Skyworks Solutions		1,009		100,638
Symantec		13,794		436,304
Synopsys *		3,047		224,564
Texas Instruments		1,313		103,963
Twitter *		8,271		136,306
VeriSign *		784		69,713
Western Digital		1,365		121,581
Workday, Cl A *		760		66,424
Xilinx		1,073		67,717
Yahoo! *		2,919		140,725
				7,982,186
Telecommunications — 1.3%
AT&T		9,383		371,848
CenturyLink		5,340		137,078
Level 3 Communications *		2,396		145,581
T-Mobile US *		7,762		522,150
Verizon Communications		2,873		131,899
				1,308,556
Utilities — 10.8%
Alliant Energy		9,063		356,357
Ameren		6,662		364,345
American Electric Power		4,844		328,569
American Water Works		8,233		656,664
CenterPoint Energy		14,489		413,371
CMS Energy		12,654		574,492
Consolidated Edison		8,306		658,500
Dominion Resources		1,977		153,079
DTE Energy		3,972		415,431
Duke Energy		7,947		655,628
Edison International		6,097		487,577
Entergy		4,448		339,204
Eversource Energy		7,076		420,314
Exelon		10,075		348,897
FirstEnergy		8,808		263,712
NextEra Energy		2,565		342,581
NiSource		9,565		231,951
ONEOK		2,100		110,481
PG&E		5,366		359,790

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

55

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Pinnacle West Capital		3,885	$	330,575
PPL		5,579		212,616
Public Service Enterprise Group		5,027		221,439
SCANA		5,667		375,779
Sempra Energy		1,082		122,288
Southern		11,157		555,619
WEC Energy Group		11,262		681,576
Westar Energy, Cl A		5,963		310,255
Xcel Energy		12,603		567,765
				10,858,855
TOTAL COMMON STOCK
(Cost $91,082,744)				100,577,194
TOTAL INVESTMENTS — 99.8%
(Cost $91,082,744)			$	100,577,194

Percentages are based on Net Assets of $100,822,876.

* Non-income producing security.

Cl — Class

S&P — Standard & Poor's

As of April 30, 2017, 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 April 30, 2017, 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.

56

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Europe ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.0%
AUSTRIA — 1.8%
Basic Materials — 0.1%
voestalpine		571	$	23,849
Financials — 0.8%
BUWOG		1,497		40,411
Erste Group Bank *		1,346		48,105
IMMOFINANZ		10,642		22,134
Raiffeisen Bank International		766		17,458
				128,108
Industrials — 0.3%
ANDRITZ		448		24,768
Wienerberger		1,784		41,768
				66,536
Oil & Gas — 0.5%
OMV		1,606		73,932
Technology — 0.1%
AMS		396		25,460
TOTAL AUSTRIA				317,885
BELGIUM — 4.1%
Basic Materials — 0.3%
Solvay		222		28,224
Umicore		436		25,519
				53,743
Consumer Goods — 0.1%
Ontex Group		417		13,909

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

57

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — 0.4%
Colruyt		962	$	49,387
Telenet Group Holding		401		24,349
				73,736
Financials — 1.7%
Ackermans & van Haaren		499		81,616
Ageas		765		31,322
Groupe Bruxelles Lambert		417		39,964
KBC Groep		444		32,046
Sofina		689		98,851
				283,799
Health Care — 0.6%
UCB		1,339		104,341
Industrials — 0.3%
bpost		2,537		60,778
Real Estate Investment Trusts — 0.5%
Cofinimmo		794		96,060
Telecommunications — 0.2%
Proximus		991		30,308
TOTAL BELGIUM				716,674
DENMARK — 4.3%
Consumer Goods — 0.4%
Carlsberg, Cl B		434		43,306
Pandora		116		12,534
Royal Unibrew		245		10,650
				66,490
Financials — 1.0%
Danske Bank		1,503		54,576
Jyske Bank		1,040		55,566
Sydbank		1,294		47,063
Tryg		2,036		39,052
				196,257
Health Care — 1.6%
Christian Hansen Holding		1,101		74,186
Coloplast, Cl B		331		28,327
Genmab *		97		19,287
GN Store Nord		1,395		36,275
H Lundbeck		585		29,979
Novo Nordisk, Cl B		408		15,872
Novozymes, Cl B		180		7,775
William Demant Holding		3,700		84,676
				296,377

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

58

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 0.5%
A P Moller - Maersk, Cl B		13	$	22,479
DSV		567		31,580
ISS		729		30,228
				84,287
Oil & Gas — 0.1%
Vestas Wind Systems		110		9,470
Technology — 0.1%
SimCorp		237		14,855
Telecommunications — 0.5%
TDC		15,387		82,570
Utilities — 0.1%
DONG Energy (A)		320		12,604
TOTAL DENMARK				762,910
FINLAND—3.0%
Basic Materials — 0.5%
Outokumpu		1,587		15,234
Stora Enso, Cl R		3,150		37,457
UPM-Kymmene		1,248		32,929
				85,620
Consumer Goods — 0.2%
Amer Sports *		562		12,454
Nokian Renkaat		404		17,377
				29,831
Consumer Services — 0.3%
Kesko, Cl B		978		45,816
Financials — 0.2%
Sampo, Cl A		788		37,747
Health Care — 0.3%
Orion, Cl B		884		50,682
Industrials — 0.4%
Huhtamaki		997		38,628
Kone, Cl B		373		17,084
Metso		701		25,137
				80,849
Oil & Gas — 0.5%
Neste		2,120		86,549
Technology — 0.2%
Nokia		3,650		20,867
Tieto		384		12,047
				32,914

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

59

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 0.1%
Elisa		594	$	20,226
Utilities — 0.3%
Fortum		4,165		60,594
TOTAL FINLAND				530,828
FRANCE—15.4%
Basic Materials — 0.6%
Air Liquide		101		12,164
Arkema		466		49,329
Imerys		525		45,158
				106,651
Consumer Goods — 2.3%
Christian Dior		86		23,595
Cie Generale des Etablissements Michelin, Cl B		312		40,753
Danone		283		19,778
Faurecia		413		20,157
Hermes International		88		42,087
L'Oreal		189		37,632
LVMH Moet Hennessy Louis Vuitton		102		25,158
Pernod Ricard		408		51,027
Peugeot		1,281		26,831
Plastic Omnium		333		13,022
Renault		123		11,467
SEB		410		66,077
Societe BIC		226		25,398
UBISOFT Entertainment		330		15,632
				418,614
Consumer Services — 2.4%
Carrefour		619		14,576
Casino Guichard Perrachon		471		28,363
Elior Group (A)		1,860		46,383
Eutelsat Communications		2,230		52,769
JCDecaux		382		13,471
Kering		283		87,691
Lagardere SCA		1,719		52,638
Publicis Groupe		442		31,897
Sodexo		163		20,714
Vivendi		2,072		41,098
				389,600
Financials — 1.9%
Amundi (A)		343		22,560
AXA		890		23,754
BNP Paribas		414		29,205
CNP Assurances		1,435		29,956

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

60

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Credit Agricole		1,389	$	20,646
Fonciere Des Regions		505		45,060
Natixis		4,002		27,835
Nexity		798		43,375
SCOR		1,254		49,596
Societe Generale		296		16,184
Wendel		294		41,187
				349,358
Health Care — 1.4%
BioMerieux		87		17,389
Essilor International		87		11,269
Ipsen		526		61,202
Orpea		864		88,214
Sanofi		709		66,868
				244,942
Industrials — 3.9%
Aeroports de Paris		605		80,672
Alstom		1,973		62,628
Bollore		8,271		33,640
Bouygues		768		32,277
Bureau Veritas		729		16,881
Cie de Saint-Gobain		415		22,392
Dassault Aviation		12		16,395
Edenred		576		14,743
Eiffage		490		41,491
Eurazeo		428		29,008
Legrand		237		15,338
Rexel		2,713		48,451
Safran		247		20,447
Schneider Electric *		280		22,105
Teleperformance		834		104,759
Thales		415		43,618
Vinci		514		43,715
Zodiac Aerospace		520		12,622
				661,182
Oil & Gas — 0.2%
Total		679		34,877
Real Estate Investment Trusts — 0.7%
Gecina		521		74,095
ICADE		749		55,601
Klepierre		691		27,119
				156,815

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

61

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Technology — 0.9%
Atos		550	$	72,050
Capgemini		230		23,017
Dassault Systemes		397		35,419
Iliad		69		16,748
Ingenico Group		132		11,956
				159,190
Telecommunications — 0.2%
Orange		2,603		40,250
Utilities — 0.9%
Electricite de France		2,803		23,399
Engie		1,438		20,278
Rubis SCA		642		65,212
Suez		1,755		28,830
Veolia Environnement		1,221		23,188
				160,907
TOTAL FRANCE				2,722,386
GERMANY — 10.8%
Basic Materials — 2.0%
Aurubis		809		56,540
BASF		352		34,291
Bayer		94		11,628
Brenntag		246		14,583
Covestro (A)		168		13,091
Evonik Industries		1,082		36,119
K+S		1,606		38,308
LANXESS		575		41,514
Linde		267		47,960
Symrise		518		36,253
				330,287
Consumer Goods — 1.0%
adidas		44		8,811
Bayerische Motoren Werke		167		15,939
Beiersdorf		244		24,269
Daimler		192		14,301
HUGO BOSS		184		13,992
OSRAM Licht		872		58,388
Rheinmetall		526		48,257
				183,957
Consumer Services — 0.6%
Axel Springer		449		25,185
Deutsche Lufthansa		2,284		39,396
Fielmann		166		12,686
METRO		466		15,330

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

62

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
ProSiebenSat.1 Media		150	$	6,369
TUI		440		6,393
Zalando (A)		343		15,121
				120,480
Financials — 2.2%
Aareal Bank		729		29,289
Allianz		170		32,359
Commerzbank		3,130		30,659
Deutsche Annington Immobilien		2,197		79,512
Deutsche Bank		692		12,456
Deutsche EuroShop		970		39,362
Deutsche Wohnen		1,015		34,695
Hannover Rueck		398		47,717
LEG Immobilien		555		47,660
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		226		43,302
				397,011
Health Care — 1.0%
Fresenius & KGaA		532		43,107
Fresenius Medical Care & KGaA		413		36,631
Gerresheimer		462		36,233
Merck KGaA		373		43,786
STADA Arzneimittel		193		13,667
				173,424
Industrials — 2.4%
Deutsche Post		428		15,380
Fraport Frankfurt Airport Services Worldwide		606		47,645
GEA Group		569		24,190
HeidelbergCement		251		23,233
HOCHTIEF		152		27,377
KION Group		1,077		72,935
MAN		653		68,577
MTU Aero Engines		521		74,690
Siemens		144		20,636
Wirecard		731		43,152
				417,815
Technology — 0.3%
SAP		265		26,569
Software		303		13,330
United Internet		520		23,927
				63,826
Telecommunications — 1.0%
Deutsche Telekom		2,490		43,655
Drillisch		425		22,772

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

63

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — continued
Freenet		1,473	$	46,212
Telefonica Deutschland Holding		13,179		63,863
				176,502
Utilities — 0.3%
E.ON		1,560		12,158
RWE *		2,001		33,131
				45,289
TOTAL GERMANY				1,908,591
IRELAND — 0.9%
Consumer Goods — 0.4%
Glanbia		2,544		49,644
Kerry Group, Cl A		220		17,972
				67,616
Financials — 0.1%
Bank of Ireland *		75,102		18,892
Industrials — 0.4%
CRH		631		23,001
Smurfit Kappa Group		1,949		52,189
				75,190
TOTAL IRELAND				161,698
ISLE OF MAN — 0.2%
Industrials — 0.2%
Paysafe Group *		6,414		37,665
ITALY — 4.5%
Basic Materials — 0.3%
Tenaris		2,753		43,109
Consumer Goods — 0.7%
Davide Campari-Milano		3,164		37,417
Ferrari		129		9,700
Fiat Chrysler Automobiles		2,751		31,125
Luxottica Group		466		26,996
Moncler		1,264		31,190
				136,428
Financials — 1.4%
Assicurazioni Generali		1,623		25,680
Banca Popolare dell'Emilia Romagna SC		4,601		25,151
Banco BPM		5,753		16,727
EXOR		733		41,147
Intesa Sanpaolo		5,291		15,407
Mediobanca		3,246		31,194
Poste Italiane (A)		1,669		11,432
UniCredit		977		15,895

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

64

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Unione di Banche Italiane SCpA		6,623	$	27,881
UnipolSai		17,072		39,226
				249,740
Health Care — 0.2%
Recordati		1,047		38,776
Industrials — 0.7%
Atlantia		711		18,024
CNH Industrial		3,321		36,634
Finmeccanica		3,266		51,320
Prysmian		454		13,106
				119,084
Oil & Gas — 0.2%
Eni		1,375		21,366
Saipem *		51,552		22,208
				43,574
Telecommunications — 0.2%
Telecom Italia *		35,740		31,719
Utilities — 0.8%
A2A		23,321		34,665
Enel		6,680		31,744
Snam		10,392		45,922
Terna Rete Elettrica Nazionale		3,774		19,028
				131,359
TOTAL ITALY				793,789
LUXEMBOURG — 0.2%
Consumer Services — 0.1%
B&M European Value Retail		3,376		14,719
Health Care — 0.1%
Eurofins Scientific		49		24,123
TOTAL LUXEMBOURG				38,842
NETHERLANDS — 4.4%
Basic Materials — 0.7%
Akzo Nobel		418		36,542
ArcelorMittal		2,608		20,570
Koninklijke DSM		1,108		79,235
				136,347
Consumer Goods — 0.4%
Heineken		281		25,045
Heineken Holding		193		16,164
Unilever		585		30,670
				71,879

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

65

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — 0.5%
Coca-Cola European Partners		260	$	9,833
Koninklijke Ahold Delhaize		1,339		27,733
RELX		962		18,600
Wolters Kluwer		455		19,318
				75,484
Financials — 0.5%
ABN AMRO Group (A)		749		19,656
Aegon		5,050		25,731
Euronext (A)		166		8,139
ING Groep		1,349		21,954
NN Group		1,022		33,877
				109,357
Health Care — 0.2%
Koninklijke Philips		1,171		40,575
Industrials — 0.7%
Aalberts Industries		685		27,167
Boskalis Westminster		833		30,628
Koninklijke Vopak		678		30,580
PostNL		1,991		9,858
				98,233
Oil & Gas — 0.2%
SBM Offshore		2,276		37,486
Real Estate Investment Trusts — 0.4%
Unibail-Rodamco		120		29,461
Wereldhave		1,315		60,544
				90,005
Technology — 0.7%
ASM International		995		59,863
Gemalto		211		11,815
NXP Semiconductors		431		45,578
				117,256
Telecommunications — 0.1%
Koninklijke KPN		3,221		9,312
TOTAL NETHERLANDS				785,934
NORWAY — 2.3%
Basic Materials — 0.4%
Norsk Hydro		4,212		24,092
Yara International		1,211		45,124
				69,216
Consumer Goods — 0.6%
Marine Harvest		1,604		26,738

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

66

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Orkla		8,031	$	72,891
				99,629
Financials — 0.6%
DnB		1,611		25,219
Gjensidige Forsikring		4,596		70,765
Storebrand		2,725		18,004
				113,988
Oil & Gas — 0.7%
Statoil		1,647		27,243
Subsea 7 *		5,507		91,285
				118,528
TOTAL NORWAY				401,361
PORTUGAL — 0.5%
Consumer Services — 0.2%
Jeronimo Martins		1,545		28,349
Oil & Gas — 0.2%
Galp Energia		2,180		33,875
Utilities — 0.1%
Energias de Portugal		5,668		18,702
TOTAL PORTUGAL				80,926
SPAIN — 4.5%
Basic Materials — 0.1%
Acerinox		1,182		16,501
Consumer Goods — 0.1%
Viscofan		416		24,888
Consumer Services — 0.2%
Industria de Diseno Textil		390		14,953
Mediaset Espana Comunicacion		1,519		20,933
				35,886
Financials — 1.6%
Banco Bilbao Vizcaya Argentaria		1,906		15,253
Banco de Sabadell		10,018		19,265
Banco Popular Espanol		11,531		8,086
Banco Santander		2,507		16,344
Bankia		30,205		36,641
Bankinter		9,767		85,970
Bolsas y Mercados Espanoles SHMSF		330		11,823
CaixaBank		9,774		44,372
Mapfre		9,395		32,779
				270,533
Industrials — 0.7%
Abertis Infraestructuras		2,016		35,454

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

67

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Acciona		274	$	22,599
ACS Actividades de Construccion y Servicios		345		12,785
Aena SA (A)		108		19,052
Amadeus IT Group, Cl A		370		19,944
Ferrovial		1,232		26,207
				136,041
Oil & Gas — 0.2%
Gamesa Tecnologica		969		20,930
Repsol		1,298		20,545
				41,475
Real Estate Investment Trusts — 0.2%
Merlin Properties Socimi		2,659		31,460
Telecommunications — 0.1%
Cellnex Telecom SAU (A)		525		9,275
Telefonica		510		5,640
				14,915
Utilities — 1.3%
Enagas		709		18,645
Endesa		5,269		124,133
Gas Natural SDG		1,125		25,433
Iberdrola		5,268		37,873
Red Electrica		1,011		19,707
				225,791
TOTAL SPAIN				797,490
SWEDEN — 6.2%
Basic Materials — 0.4%
BillerudKorsnas		1,672		26,813
Boliden		1,130		32,312
Hexpol		1,046		11,630
				70,755
Consumer Goods — 0.8%
Dometic Group (A)		1,820		13,566
Husqvarna, Cl B		1,703		16,934
Svenska Cellulosa, Cl B		2,034		67,396
Swedish Match		978		32,273
				130,169
Consumer Services — 0.6%
Hennes & Mauritz, Cl B		374		9,267
ICA Gruppen		2,549		87,051
				96,318
Financials — 2.0%
Castellum		3,099		42,453

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

68

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Fabege		2,478	$	42,705
Fastighets Balder, Cl B		1,060		23,678
Hufvudstaden, Cl A		992		15,550
Industrivarden, Cl C		1,957		45,528
Intrum Justitia		441		17,531
Investor, Cl B		657		30,042
Kinnevik		1,061		28,326
Nordea Bank		2,618		32,227
Skandinaviska Enskilda Banken, Cl A		2,723		31,367
Svenska Handelsbanken, Cl A		3,337		47,370
Swedbank, Cl A		1,405		33,305
				390,082
Health Care — 0.4%
Elekta, Cl B		4,183		43,673
Getinge, Cl B		659		12,883
Swedish Orphan Biovitrum		887		13,703
				70,259
Industrials — 1.1%
Atlas Copco, Cl A		259		9,687
Nibe Industrier, Cl B		971		8,608
Saab, Cl B		644		31,943
Sandvik		614		9,860
Securitas, Cl B		1,900		31,413
Skanska, Cl B		780		18,666
Trelleborg, Cl B		1,524		35,833
Volvo, Cl B		2,172		35,543
				181,553
Oil & Gas — 0.2%
Lundin Petroleum *		1,506		28,760
Technology — 0.3%
Hexagon, Cl B		259		11,282
Telefonaktiebolaget LM Ericsson, Cl B		5,827		37,575
				48,857
Telecommunications — 0.4%
Tele2, Cl B		5,378		54,176
Telia		5,966		24,323
				78,499
TOTAL SWEDEN				1,095,252
SWITZERLAND — 12.4%
Basic Materials — 0.9%
Clariant		1,716		34,735
EMS-Chemie Holding		82		51,362
Givaudan		16		30,812

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

69

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
Syngenta *		59	$	27,406
				144,315
Consumer Goods — 1.5%
Aryzta		1,435		46,577
Barry Callebaut *		45		61,751
Chocoladefabriken Lindt & Spruengli		3		16,862
Cie Financiere Richemont		379		31,658
Coca-Cola HBC		1,252		34,695
Nestle		455		35,035
Swatch Group		108		43,213
				269,791
Consumer Services — 0.4%
Dufry		297		48,632
Galenica		12		13,031
				61,663
Financials — 4.4%
Baloise Holding		393		57,601
Cembra Money Bank		187		15,949
Credit Suisse Group		1,243		18,893
GAM Holding		1,871		23,964
Helvetia Holding		111		61,608
Julius Baer Group		745		38,805
Pargesa Holding		796		59,453
Partners Group Holding		99		59,820
PSP Swiss Property		1,111		99,554
Swiss Life Holding		196		63,755
Swiss Prime Site		1,538		133,259
Swiss Re		760		66,117
UBS Group		1,172		20,015
Zurich Insurance Group		219		60,588
				779,381
Health Care — 1.0%
Lonza Group		112		22,896
Novartis		193		14,842
Roche Holding		81		21,181
Sonova Holding		316		46,696
Straumann Holding		131		69,089
				174,704
Industrials — 2.7%
ABB		800		19,577
DKSH Holding		592		47,606
Flughafen Zuerich		506		111,422
Geberit		86		39,153

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

70

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Georg Fischer		38	$	35,807
Kaba Holding		61		52,241
Kuehne + Nagel International		185		27,951
LafargeHolcim		363		20,567
OC Oerlikon		3,896		46,770
Schindler Holding		144		29,409
SGS		11		24,742
Sika		4		25,516
Wolseley		144		9,136
				489,897
Technology — 1.2%
Logitech International		1,684		56,249
STMicroelectronics		7,723		124,887
Temenos Group		449		38,858
				219,994
Telecommunications — 0.3%
Sunrise Communications Group (A)		471		34,990
Swisscom		43		18,747
				53,737
TOTAL SWITZERLAND				2,193,482
UNITED KINGDOM — 23.5%
Basic Materials — 1.9%
Anglo American		1,531		21,917
Antofagasta		2,682		29,077
BHP Billiton		1,186		18,029
Centamin		11,402		26,095
Croda International		556		27,075
Fresnillo		2,413		45,328
Glencore		5,971		23,457
Johnson Matthey		165		6,359
Polymetal International		1,732		22,744
Randgold Resources		955		84,077
Rio Tinto		668		26,462
Victrex		318		7,883
				338,503
Consumer Goods — 1.9%
Barratt Developments		3,701		27,747
Bellway		834		30,708
Berkeley Group Holdings		1,138		47,967
British American Tobacco		221		14,911
Britvic		1,591		13,688
Burberry Group		372		7,768
Diageo		562		16,334

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

71

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Imperial Tobacco Group		316	$	15,462
Kerry Group, Cl A		31		2,539
Persimmon		1,132		34,123
Reckitt Benckiser Group		260		23,920
Tate & Lyle		4,745		46,440
Taylor Wimpey		9,416		24,364
Unilever		533		27,390
				333,361
Consumer Services — 5.3%
ASOS		451		33,958
Auto Trader Group (A)		1,429		7,415
Booker Group		7,265		18,234
Carnival		1,276		78,677
Compass Group		885		17,839
Daily Mail & General Trust, Cl A		1,653		15,301
Dixons Carphone		4,715		20,466
Domino's Pizza Group		2,426		10,373
easyJet		903		13,645
Firstgroup *		30,949		54,655
Greene King		4,329		42,061
GVC Holdings		3,386		32,723
Inchcape		2,432		26,886
Informa		2,871		23,846
InterContinental Hotels Group		152		8,055
J Sainsbury		14,976		53,359
Just Eat		1,343		10,025
Kingfisher		9,436		41,665
Marks & Spencer Group		3,688		17,491
Merlin Entertainments (A)		3,127		20,450
MoneySuperMarket.com		1,902		8,512
National Express Group		8,406		38,857
Next		297		16,542
Pearson		2,502		20,684
Playtech		1,604		19,901
RELX		1,038		21,030
Saga		10,951		29,696
Sky *		800		10,267
SSP Group		2,703		15,558
Tesco *		15,284		36,235
UBM		2,715		24,957
WH Smith		1,091		24,969
William Hill		7,102		26,967
WM Morrison Supermarkets		25,889		80,351

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

72

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
WPP		607	$	12,981
				934,631
Financials — 5.7%
3i Group		2,852		29,278
Aberdeen Asset Management		4,655		16,802
Admiral Group		2,768		72,016
Aviva		1,897		12,872
Bank of Ireland *		20,847		5,278
Barclays		6,871		18,868
Beazley		12,521		71,243
Capital & Counties Properties		7,210		29,458
Close Brothers Group		2,922		63,963
CYBG		4,224		15,356
Direct Line Insurance Group		19,303		87,206
Hiscox		7,178		105,122
HSBC Holdings		6,853		56,432
IG Group Holdings		6,462		45,437
Intermediate Capital Group		3,300		33,343
Investec		2,582		19,091
Jardine Lloyd Thompson Group		2,525		35,836
Legal & General Group		6,637		21,132
Lloyds Banking Group		27,997		25,065
Man Group		13,659		27,161
NEX Group		1,604		12,773
Old Mutual		4,281		10,745
Phoenix Group Holdings		6,184		59,124
Provident Financial		613		25,410
Royal Bank of Scotland Group		4,774		16,392
RSA Insurance Group		6,830		52,664
Standard Chartered *		1,670		15,582
Standard Life		2,495		11,746
Unite Group		2,978		24,927
				1,020,322
Health Care — 0.7%
AstraZeneca		247		14,819
BTG *		2,246		19,774
GlaxoSmithKline		1,296		25,989
Hikma Pharmaceuticals		462		11,578
Indivior		3,964		17,180
Mediclinic International		1,319		14,010
UDG Healthcare		1,639		15,840
				119,190
Industrials — 4.4%
BAE Systems		1,558		12,638

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

73

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Balfour Beatty		11,125	$	41,999
BBA Aviation		22,572		90,907
Berendsen		1,470		15,956
Bunzl		294		9,159
Cobham		14,356		24,609
DS Smith		2,365		13,203
Electrocomponents		3,042		20,426
Experian		766		16,441
G4S		9,802		38,691
Halma		2,212		30,134
Hays		5,089		11,272
HomeServe		1,750		15,147
Howden Joinery Group		1,918		11,489
IMI		504		8,340
Intertek Group		676		35,560
Kingspan Group		410		14,258
Meggitt		6,979		41,759
Melrose Industries		5,438		16,639
QinetiQ Group		11,030		41,926
Rentokil Initial		15,275		49,207
Rolls-Royce Holdings		1,261		13,247
Rotork		2,957		9,407
Royal Mail		4,555		23,719
RPC Group		1,245		13,063
Smiths Group		1,097		23,276
Spectris		819		29,244
Spirax-Sarco Engineering		412		27,717
Travis Perkins		1,030		21,467
Weir Group		1,691		43,558
WS Atkins		1,313		36,470
				800,928
Oil & Gas — 0.7%
Amec Foster Wheeler		2,513		17,654
BP		4,318		24,720
John Wood Group		4,680		45,986
Petrofac		1,035		10,906
Royal Dutch Shell, Cl A		949		24,586
Tullow Oil *		9,524		25,863
				149,715
Real Estate Investment Trusts — 1.4%
British Land		1,930		16,392
Derwent London		684		26,052
Great Portland Estates		3,874		34,683
Hammerson		3,009		22,871

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

74

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
Intu Properties		8,563	$	30,543
Land Securities Group		1,482		21,206
Segro		5,709		35,873
Shaftesbury		3,562		42,949
				230,569
Technology — 0.6%
Dialog Semiconductor *		812		37,977
Micro Focus International		1,108		37,099
Sage Group		2,201		19,078
				94,154
Telecommunications — 0.4%
Inmarsat		1,691		17,885
Vodafone Group		19,018		48,975
				66,860
Utilities — 0.5%
National Grid		1,732		22,408
Pennon Group		2,793		30,968
Severn Trent		480		14,438
SSE		712		12,813
United Utilities Group		443		5,579
				86,206
TOTAL UNITED KINGDOM				4,174,439
TOTAL COMMON STOCK
(Cost $15,549,142)				17,520,152
PREFERRED STOCK — 0.6%
GERMANY — 0.6%
Basic Materials — 0.1%
FUCHS PETROLUB (B)		374		19,286
Consumer Goods — 0.2%
Henkel & KGaA(B)		180		24,501
Porsche Automobil Holding (B)		180		10,528
Volkswagen(B)		88		13,947
				48,976
Industrials — 0.3%
Sartorius (B)		371		33,961
TOTAL GERMANY				102,223
TOTAL PREFERRED STOCK
(Cost $83,970)				102,223
TOTAL INVESTMENTS — 99.6%
(Cost $15,633,112)			$	17,622,375

Percentages are based on Net Assets of $17,695,596.

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

75

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Europe ETF

* 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 April 30, 2017 was $253,734 and represents 1.4% of Net Assets.

(B) Interest rate unavailable

ADR — American Depositary Receipt

Cl — Class

As of April 30, 2017, 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 April 30, 2017, 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.

76

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Japan ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
JAPAN — 99.9%
Basic Materials — 9.5%
Air Water		3,512	$	67,612
Asahi Kasei		17,506		166,863
Daicel		6,333		72,664
DIC		680		24,188
JFE Holdings		3,339		56,928
JSR		3,902		71,270
Kaneka		11,549		90,966
Kansai Paint		924		20,458
Kobe Steel		5,038		44,744
Kuraray		7,879		127,087
Mitsubishi Chemical Holdings		8,872		69,427
Mitsubishi Gas Chemical		2,540		54,277
Mitsui Chemicals		20,501		104,832
Nippon Steel & Sumitomo Metal		1,422		32,026
Nissan Chemical Industries		1,354		41,967
Oji Holdings		15,019		72,623
Shin-Etsu Chemical		1,060		92,088
Sumitomo Chemical		7,726		43,596
Sumitomo Metal Mining		5,294		71,785
Teijin		6,070		117,566
Toray Industries		4,540		40,162
Tosoh		11,079		104,061
				1,587,190
Consumer Goods — 19.6%
Aisin Seiki		2,479		121,203

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

77

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Ajinomoto		1,271	$	24,731
Asahi Group Holdings		615		23,200
Bandai Namco Holdings		1,093		34,270
Bridgestone		3,292		137,268
Calbee		1,020		35,595
Casio Computer		2,179		30,710
Denso		2,000		86,104
Ezaki Glico		678		35,703
Honda Motor		2,222		64,425
Japan Tobacco		723		24,037
JTEKT		5,815		91,500
Kewpie		1,102		28,017
Kirin Holdings		2,583		50,191
Konami Holdings		2,306		95,886
Lion		2,616		47,218
Makita		1,250		44,575
Mazda Motor		1,646		24,128
MEIJI Holdings		129		10,948
Mitsubishi Motors		24,177		154,645
Nexon		1,220		20,740
NGK Spark Plug		4,492		97,158
NH Foods		9,498		270,105
Nichirei		8,683		216,160
Nikon		11,086		158,129
Nissan Motor		6,194		58,817
Nisshin Seifun Group		7,263		111,353
Nissin Foods Holdings		1,105		63,245
NSK		4,709		64,212
Panasonic		3,223		38,470
Pigeon		330		10,214
Rinnai		876		72,771
Sega Sammy Holdings		3,470		46,601
Sekisui Chemical		5,617		94,230
Sekisui House		2,895		48,034
Sharp *		5,400		19,474
Shiseido		400		10,823
Stanley Electric		4,231		123,738
Sumitomo Electric Industries		3,121		50,859
Sumitomo Rubber Industries		5,399		97,063
Suntory Beverage & Food		1,217		54,425
Suzuki Motor		1,497		62,475
Toyo Suisan Kaisha		1,316		49,349
Toyota Industries		1,037		51,538

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

78

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Toyota Motor		1,236	$	66,917
Yakult Honsha		220		12,513
Yamaha		615		17,048
Yamaha Motor		2,972		70,414
Yamazaki Baking		3,221		67,876
				3,289,105
Consumer Services — 11.3%
Aeon		7,618		113,002
ANA Holdings		38,100		114,672
Dai Nippon Printing		5,734		63,785
Dentsu		724		40,789
Don Quijote Holdings		260		9,481
FamilyMart UNY Holdings		1,911		108,005
Hakuhodo DY Holdings		2,284		27,805
Hankyu Hanshin Holdings		2,677		88,377
Isetan Mitsukoshi Holdings		4,020		43,889
J Front Retailing		3,842		55,319
Japan Airlines		731		23,084
Keihan Holdings		3,706		23,306
Keikyu		4,623		53,044
Keio		2,507		20,061
Keisei Electric Railway		1,287		30,608
Kintetsu Group Holdings		7,231		26,402
Lawson		355		23,567
M3		695		17,763
Marui Group		4,481		61,344
Nagoya Railroad		27,920		128,241
Nankai Electric Railway		7,466		36,704
Nitori Holdings		343		44,648
Odakyu Electric Railway		909		17,630
Oriental Land		608		34,908
Park24		2,772		71,495
Ryohin Keikaku		69		15,562
Seibu Holdings		2,309		40,310
Shimamura		359		49,146
Start Today		1,579		33,713
THK		310		7,984
Tobu Railway		17,134		86,846
Toho		1,060		30,382
Tsuruha Holdings		527		53,423
USS		1,488		26,297
West Japan Railway		1,252		83,609

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

79

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Yamada Denki		34,877	$	183,037
				1,888,238
Financials — 8.8%
Aozora Bank		23,574		85,862
Bank of Kyoto		5,321		42,102
Chiba Bank		8,333		55,768
Concordia Financial Group		4,800		22,056
Credit Saison		2,713		49,383
Dai-ichi Life Holdings		2,900		49,326
Daito Trust Construction		282		41,489
Daiwa Securities Group		5,104		31,012
Fukuoka Financial Group		13,364		60,903
Hachijuni Bank		5,960		35,182
Hiroshima Bank		7,440		32,104
Hulic		950		8,949
Japan Hotel		65		44,259
Japan Post Bank		2,900		36,084
Japan Post Holdings		2,240		27,751
Kyushu Financial Group		4,860		30,258
Mitsubishi UFJ Financial Group		5,166		32,867
Mitsubishi UFJ Lease & Finance		8,952		46,740
Mitsui Fudosan		1,405		30,874
Mizuho Financial Group		35,722		65,246
MS&AD Insurance Group Holdings		1,017		33,137
Nomura Holdings		5,765		34,600
Nomura Real Estate Master Fund		24		34,599
ORIX		2,061		31,450
Resona Holdings		16,317		90,726
Shinsei Bank		51,267		95,664
Shizuoka Bank		4,980		41,995
Sompo Holdings		931		35,129
Sumitomo Mitsui Financial Group		821		30,374
Sumitomo Mitsui Trust Holdings		865		29,620
Suruga Bank		1,455		30,400
T&D Holdings		2,465		36,565
Tokio Marine Holdings		1,010		42,513
Tokyo Tatemono		3,168		43,227
Tokyu Fudosan Holdings		6,721		36,659
				1,474,873
Health Care — 7.5%
Alfresa Holdings		4,065		73,336
Astellas Pharma		810		10,667

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

80

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Daiichi Sankyo		5,259	$	116,673
Hisamitsu Pharmaceutical		762		38,965
Kobayashi Pharmaceutical		857		44,899
Kyowa Hakko Kirin		8,472		145,317
Medipal Holdings		3,441		56,923
Miraca Holdings		703		32,416
Mitsubishi Tanabe Pharma		10,868		220,539
Nippon Shinyaku		985		52,312
Otsuka Holdings		2,834		130,348
Santen Pharmaceutical		851		11,963
Shionogi		210		10,800
Sumitomo Dainippon Pharma		7,368		120,828
Suzuken		2,695		89,092
Taisho Pharmaceutical Holdings		1,076		88,420
Takeda Pharmaceutical		283		13,562
Terumo		635		23,157
				1,280,217
Industrials — 23.6%
Alps Electric		613		18,010
Amada Holdings		7,707		91,541
Asahi Glass		9,132		79,138
Daikin Industries		161		15,635
Disco		361		57,063
Fuji Electric		21,716		119,031
Hamamatsu Photonics		759		22,300
Haseko		1,285		14,663
Hino Motors		6,573		82,376
Hirose Electric		248		33,305
Hitachi		9,179		50,650
Hoshizaki		805		67,089
Hoya		357		17,051
IHI		32,145		109,005
Isuzu Motors		2,941		39,892
ITOCHU		3,125		44,182
JGC		4,827		84,225
Kajima		28,247		191,827
Kawasaki Heavy Industries		14,250		43,081
Keyence		24		9,646
Komatsu		5,662		150,960
Kurita Water Industries		5,286		136,382
Kyocera		2,105		119,158
LIXIL Group		8,120		202,727
Mabuchi Motor		235		13,261

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

81

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Marubeni		11,953	$	73,603
Minebea		10,097		145,925
MISUMI Group		1,332		25,225
Mitsubishi		1,897		40,903
Mitsubishi Electric		3,099		43,203
Mitsubishi Heavy Industries		6,970		27,888
Mitsubishi Materials		1,689		50,229
Mitsui		6,023		84,993
Mitsui OSK Lines		19,348		59,188
Nabtesco		1,079		30,588
Nidec		449		41,166
Nippon Express		16,500		90,589
Nippon Yusen		29,577		59,435
Obayashi		17,802		172,638
Recruit Holdings		370		18,688
Secom		343		24,881
Shimadzu		953		16,158
Shimizu		15,933		152,798
SMC		62		17,459
Sohgo Security Services		271		11,828
Sojitz		25,003		63,478
Sumitomo		5,089		67,955
Sumitomo Heavy Industries		13,875		96,715
Taiheiyo Cement		50,597		168,399
Taisei		6,360		48,497
TDK		1,370		84,803
Temp Holdings		1,695		31,901
Toppan Printing		9,087		91,383
Toyo Seikan Group Holdings		2,749		45,993
Toyota Tsusho		1,556		49,066
Yamato Holdings		750		16,205
Yaskawa Electric		1,320		25,211
Yokogawa Electric		8,770		135,402
				3,924,591
Oil & Gas — 1.5%
Idemitsu Kosan		780		24,946
Inpex		10,138		97,178
JX Holdings		29,341		132,425
				254,549
Real Estate Investment Trusts — 4.4%
Activia Properties		19		90,509
Advance Residence Investment		41		107,989
Daiwa House		9		22,752

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

82

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
GLP J-Reit		83	$	93,596
Japan Prime Realty Investment		14		52,561
Japan Real Estate Investment		9		47,394
Japan Retail Fund Investment		20		39,078
Nippon Building Fund		5		26,599
Nippon Prologis		48		101,495
Orix JREIT		54		85,648
United Urban Investment		41		61,976
				729,597
Technology — 7.6%
Brother Industries		3,505		72,037
Canon		3,883		128,748
Dena		360		7,709
FUJIFILM Holdings		1,811		67,163
Fujitsu		29,430		183,440
Konica Minolta		10,300		91,016
NEC		51,036		126,823
Nomura Research Institute		796		27,707
NTT Data		622		28,848
Obic		536		28,947
Otsuka		1,636		87,619
Ricoh		9,556		79,555
Rohm		1,869		131,117
Seiko Epson		6,228		127,387
Square Enix Holdings		1,324		38,127
Tokyo Electron		233		27,100
Trend Micro		754		33,144
				1,286,487
Telecommunications — 1.0%
KDDI		770		20,416
Nippon Telegraph & Telephone		2,817		120,519
NTT DOCOMO		1,287		31,035
				171,970
Utilities — 5.1%
Chubu Electric Power		5,495		73,820
Chugoku Electric Power		7,852		85,585
Electric Power Development		5,372		124,577
Kansai Electric Power		8,130		109,913
Kyushu Electric Power		8,272		89,198
Osaka Gas		22,126		82,831
Toho Gas		13,534		96,767
Tohoku Electric Power		5,357		71,414
Tokyo Electric Power Holdings *		9,637		37,434

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

83

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Tokyo Gas		17,297	$	80,301
				851,840
TOTAL COMMON STOCK
(Cost $15,010,712)				16,738,657
TOTAL INVESTMENTS — 99.9%
(Cost $15,010,712)			$	16,738,657

Percentages are based on Net Assets of $16,748,792.

* Non-income producing security.

As of April 30, 2017, 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 April 30, 2017, 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.

84

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Asia ex-Japan ETF

Sector Weightings †:

 

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

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA — 35.5%
Basic Materials — 5.8%
Alumina		9,984	$	13,738
BHP Billiton		328		5,818
BlueScope Steel		3,515		30,756
Evolution Mining		9,227		15,802
Fortescue Metals Group		4,367		17,342
Incitec Pivot		1,859		5,269
Independence Group		2,030		4,949
Newcrest Mining		1,019		16,125
Northern Star Resources		3,950		12,643
Orica		405		5,612
OZ Minerals		797		4,220
South32		2,695		5,603
				137,877
Consumer Goods — 0.7%
Coca-Cola Amatil		1,069		7,491
Treasury Wine Estates		877		7,870
				15,361
Consumer Services — 5.3%
Aristocrat Leisure		496		7,285
carsales.com		446		3,916
Domino's Pizza Enterprises		276		12,616
Fairfax Media		17,404		13,796
Harvey Norman Holdings		3,489		10,933
JB Hi-Fi		1,114		20,569

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

85

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Metcash		8,720	$	14,021
Star Entertainment Grp		5,026		20,936
TABCORP Holdings		1,532		5,442
Tatts Group		1,137		3,656
Wesfarmers		380		12,220
				125,390
Financials — 3.0%
ASX		202		7,662
Australia & New Zealand Banking Group		192		4,704
Bank of Queensland		752		6,732
Bendigo and Adelaide Bank		972		8,955
Challenger		465		4,597
IOOF Holdings		470		3,100
Macquarie Group		68		4,730
Magellan Financial Group		224		3,950
National Australia Bank		174		4,424
Perpetual		90		3,552
QBE Insurance Group		508		4,889
REA Group		134		6,162
Suncorp Group		447		4,613
				68,070
Health Care — 3.5%
Ansell		486		8,650
Cochlear		178		18,621
CSL		77		7,633
Healthscope		1,905		3,148
Mayne Pharma Group		2,650		2,666
nib holdings		2,298		10,312
Primary Health Care		4,375		11,092
Ramsay Health Care		127		6,810
Sonic Healthcare		892		14,736
				83,668
Industrials — 6.3%
Adelaide Brighton		1,916		8,483
ALS		1,216		5,683
Amcor		991		11,643
Aurizon Holdings		2,356		9,074
Boral		2,918		13,442
Brambles		907		7,014
CIMIC Group		279		7,726
CSR		2,755		10,096
Downer EDI		1,540		6,772
DuluxGroup		2,098		10,622
Link Administration Holdings		540		3,122

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

86

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Macquarie Atlas Roads Group		3,456	$	13,801
Orora		4,834		10,881
Qube Holdings		1,790		3,521
SEEK		368		4,690
Sydney Airport		1,588		8,182
Transurban Group		1,338		12,208
				146,960
Oil & Gas — 0.5%
Santos *		1,142		2,972
Woodside Petroleum		193		4,645
WorleyParsons *		610		5,164
				12,781
Real Estate Investment Trusts — 6.2%
Dexus Property Group		1,881		14,348
Goodman Group		2,838		17,213
GPT Group		3,999		15,701
Investa Office Fund *		7,563		26,865
Lend Lease Group		359		4,304
Mirvac Group		8,054		13,673
Scentre Group		4,360		14,053
Shopping Centres Australasia Property Group		8,891		15,359
Stockland		3,972		14,407
Vicinity Centres		3,203		6,899
Westfield		663		4,502
				147,324
Telecommunications — 0.3%
Telstra		1,062		3,352
TPG Telecom		738		3,256
				6,608
Utilities — 3.9%
AGL Energy		1,966		39,344
AusNet Services		15,388		20,139
DUET Group		2,103		4,750
Origin Energy*		756		4,059
Spark Infrastructure Group		12,110		22,550
				90,842
TOTAL AUSTRALIA				834,881
CHINA — 0.1%
Industrials — 0.1%
Yangzijiang Shipbuilding Holdings		4,240		3,489
HONG KONG — 30.3%
Consumer Goods — 7.3%
First Pacific		27,193		20,943

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

87

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Li & Fung		12,909	$	5,411
PRADA		1,659		7,786
Shenzhou International Group Holdings		5,034		33,139
Techtronic Industries		2,874		12,342
Vitasoy International Holdings		16,478		32,585
Yue Yuen Industrial Holdings		14,788		58,466
				170,672
Consumer Services — 3.5%
Cathay Pacific Airways		9,974		14,363
Esprit Holdings *		17,635		13,695
Kingston Financial Group		10,972		3,795
MTR		7,398		42,614
Wynn Macau		2,833		6,229
				80,696
Financials — 3.4%
AIA Group		490		3,393
Bank of East Asia		1,621		6,711
Dah Sing Financial Holdings		2,932		22,242
Haitong International Securities Group		23,256		12,618
Hang Seng Bank		220		4,461
Hopewell Holdings		8,419		32,149
				81,574
Industrials — 3.4%
AAC Technologies Holdings		1,701		24,976
CK Hutchison Holdings		773		9,656
NWS Holdings		20,447		38,436
Swire Pacific, Cl A		746		7,184
				80,252
Oil & Gas — 0.0%
Hanergy Thin Film Power Group(A) (B)		29,000		37
Real Estate Investment Trusts — 7.4%
Cheung Kong Property Holdings		732		5,252
Hang Lung Group		4,237		17,677
Hang Lung Properties		1,713		4,493
Henderson Land Development		629		3,987
Hysan Development		5,555		26,211
Kerry Properties		4,469		16,721
Link		3,955		28,451
New World Development		4,983		6,208
Sino Land		4,278		7,250
Sun Hung Kai Properties		747		11,209
Swire Properties		5,115		17,165
Wharf Holdings		1,338		11,432

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

88

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
Wheelock		2,250	$	17,546
				173,602
Technology — 1.6%
ASM Pacific Technology		1,160		17,272
VTech Holdings		1,743		22,086
				39,358
Telecommunications — 1.0%
PCCW		42,645		24,071
Utilities — 2.7%
Cheung Kong Infrastructure Holdings		1,333		11,680
CLP Holdings		2,403		25,351
Hong Kong & China Gas		3,171		6,336
Power Assets Holdings		2,104		18,937
				62,304
TOTAL HONG KONG				712,566
NEW ZEALAND — 9.4%
Consumer Services — 0.8%
SKYCITY Entertainment Group		1,329		3,978
Trade Me Group		4,189		15,243
				19,221
Health Care — 1.6%
Fisher & Paykel Healthcare		2,087		14,429
Ryman Healthcare		3,923		23,243
				37,672
Industrials — 1.4%
Auckland International Airport		4,618		21,876
Fletcher Building		2,006		11,775
				33,651
Oil & Gas — 0.5%
Z Energy		2,322		11,877
Real Estate Investment Trusts — 1.2%
Kiwi Property Group		29,429		28,791
Telecommunications — 0.3%
Spark New Zealand		3,240		8,219
Utilities — 3.6%
Contact Energy		8,868		31,720
Mercury NZ		18,200		40,173
Meridian Energy		5,300		10,079
				81,972
TOTAL NEW ZEALAND				221,403

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

89

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
SINGAPORE—24.3%
Consumer Goods — 1.5%
Golden Agri-Resources		44,231	$	11,392
Thai Beverage		17,205		11,386
Wilmar International		4,613		11,717
				34,495
Consumer Services — 3.2%
ComfortDelGro		3,170		6,214
Dairy Farm International Holdings		2,382		21,200
Genting Singapore		21,605		17,235
Jardine Cycle & Carriage		170		5,745
Singapore Airlines		2,912		21,355
Singapore Press Holdings		1,813		4,501
				76,250
Financials — 1.0%
DBS Group Holdings		587		8,127
Oversea-Chinese Banking		1,173		8,225
United Overseas Bank		544		8,485
				24,837
Industrials — 5.8%
Hutchison Port Holdings Trust		10,699		4,333
Jardine Matheson Holdings		163		10,518
Jardine Strategic Holdings		254		10,737
SATS		9,888		36,009
Singapore Post		9,352		9,234
Singapore Technologies Engineering		2,925		7,931
Venture		6,747		58,892
				137,654
Oil & Gas — 0.5%
Keppel		822		3,829
Sembcorp Industries		3,075		6,666
				10,495
Real Estate Investment Trusts — 11.7%
Ascendas		8,438		15,455
CapitaLand		2,848		7,662
CapitaLand Commercial Trust		16,475		19,154
CapitaLand Mall Trust		18,503		26,079
City Developments		1,477		11,401
Fortune		29,404		34,252
Global Logistic Properties		4,618		9,516
Hongkong Land Holdings		1,975		15,226
Keppel		24,538		18,609
Mapletree Commercial Trust		20,053		22,884

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

90

Schedule of Investments April 30, 2017 (Unaudited)

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
Mapletree Greater China Commercial Trust		25,852	$	19,791
Mapletree Industrial Trust		31,646		40,529
Suntec		14,611		18,503
UOL Group		2,404		12,453
				271,514
Telecommunications — 0.6%
Singapore Telecommunications		1,315		3,519
StarHub		5,897		11,771
				15,290
TOTAL SINGAPORE				570,535
UNITED STATES — 0.2%
Industrials — 0.2%
Sims Metal Management		480		4,415
TOTAL COMMON STOCK
(Cost $2,125,479)				2,347,289
RIGHT — 0.0%
		Number Of Rights
Australia — 0.0%
TPG Telecom Ltd, 5/22/17 *		66		32
(Cost $–)
TOTAL INVESTMENTS — 99.8%
(Cost $2,125,479)			$	2,347,321

Percentages are based on Net Assets of $2,352,263.

* 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 April 30, 2017, was $37 and represents 1.7% of net assets.

(B) Security considered illiquid. The total value of such securities as of April 30, 2017 was $37 and represented 0.0% of Net Assets.

Cl — Class

Ltd. — Limited

The following is a summary of the level of inputs used as of April 30, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	2,347,252	$	—	$	37	$	2,347,289
Right		—		—		32		32
Total Investments in Securities	$	3,347,252	$	—	$	69	$	2,347,321

⁽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 period ended April 30, 2017, 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.

91

Schedule of Investments April 30, 2017 (Unaudited)

Global X YieldCo Index ETF

Sector Weightings †:

 

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

	Shares		Value
COMMON STOCK — 84.4%
CANADA — 36.1%
Oil & Gas — 3.6%
Canadian Solar *		22,345	$	297,189
Utilities — 32.5%
Brookfield Renewable Partners		29,756		906,664
Innergex Renewable Energy		35,381		360,719
Northland Power		43,139		761,314
TransAlta Renewables		56,310		642,048
				2,670,745
TOTAL CANADA				2,967,934
GUERNSEY — 4.8%
Financials — 4.8%
Renewables Infrastructure Group		281,891		395,694
SPAIN — 3.8%
Utilities — 3.8%
Saeta Yield		31,576		311,868
UNITED STATES — 39.7%
Financials — 9.2%
NRG Yield, Cl A		43,161		748,412
Oil & Gas — 6.7%
8Point3 Energy Partners, Cl A		10,822		133,760
Pattern Energy Group, Cl A		18,724		412,302
				546,062
Real Estate Investment Trusts — 5.0%
Hannon Armstrong Sustainable Infrastructure Capital		18,531		406,200
Utilities — 18.8%
Atlantica Yield		26,149		544,945
NextEra Energy Partners		11,971		414,795
TerraForm Global, Cl A *		43,646		207,319
TerraForm Power, Cl A *		28,988		364,959
				1,532,018
TOTAL UNITED STATES				3,232,692

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

92

Schedule of Investments April 30, 2017 (Unaudited)

Global X YieldCo Index ETF

	Shares		Value
COMMON STOCK — continued
TOTAL COMMON STOCK
(Cost $6,053,001)			$	6,908,188
EXCHANGE TRADED FUNDS — 15.3%
Bluefield Solar Income Fund		142,772		212,417
Foresight Solar Fund		131,582		185,980
Greencoat UK Wind		252,780		410,427
John Laing Environmental Assets Group		131,030		186,683
NextEnergy Solar Fund		176,257		259,956
TOTAL EXCHANGE TRADED FUNDS
(Cost $1,212,671)				1,255,463
TOTAL INVESTMENTS — 99.7%
(Cost $7,265,672)			$	8,163,651

Percentages are based on Net Assets of $8,191,292.

* Non-income producing security.

Cl — Class

As of April 30, 2017, 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 April 30, 2017, 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.

93

Schedule of Investments April 30, 2017 (Unaudited)

Global X S&P 500^® Catholic Values ETF

Sector Weightings †:

 

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

	Shares		Value
COMMON STOCK — 99.9%
UNITED STATES — 99.9%
Basic Materials — 2.2%
Air Products & Chemicals		965	$	135,583
Albemarle		507		55,217
Arconic		3,096		84,614
Avery Dennison		384		31,953
CF Industries Holdings		1,040		27,810
Dow Chemical		5,069		318,334
Eastman Chemical		642		51,200
Ecolab		1,194		154,133
EI du Pont de Nemours		3,915		312,221
FMC		588		43,059
Freeport-McMoRan Copper & Gold		6,300		80,325
International Flavors & Fragrances		363		50,308
International Paper		1,854		100,060
LyondellBasell Industries, Cl A		1,512		128,157
Mosaic		1,598		43,034
Newmont Mining		2,386		80,671
Nucor		1,427		87,518
PPG Industries		1,216		133,565
Praxair		1,280		159,974
				2,077,736
Consumer Goods — 9.9%
Activision Blizzard		3,182		166,259
Altria Group		8,870		636,689
Archer-Daniels-Midland		2,624		120,048

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

94

Schedule of Investments April 30, 2017 (Unaudited)

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
BorgWarner		914	$	38,644
Brown-Forman, Cl B		850		40,222
Campbell Soup		889		51,153
Clorox		576		77,005
Coach		1,249		49,198
Coca-Cola		17,680		762,892
Colgate-Palmolive		4,015		289,241
ConAgra Foods		1,907		73,953
Constellation Brands, Cl A		809		139,585
Coty, Cl A		1,965		35,075
Delphi Automotive		1,216		97,766
DR Horton		1,518		49,927
Dr Pepper Snapple Group		832		76,253
Electronic Arts *		1,418		134,455
Estee Lauder, Cl A		1,022		89,057
Ford Motor		17,485		200,553
General Mills		2,687		154,529
General Motors		6,253		216,604
Genuine Parts		650		59,813
Goodyear Tire & Rubber		1,152		41,737
Hanesbrands		1,699		37,055
Harley-Davidson		807		45,846
Hasbro		512		50,744
Hershey		640		69,248
Hormel Foods		1,216		42,657
JM Smucker		512		64,881
Kellogg		1,150		81,650
Kimberly-Clark		1,613		209,287
Kraft Heinz		2,692		243,330
Leggett & Platt		576		30,263
Lennar, Cl A		849		42,875
LKQ *		1,377		43,017
Mattel		1,535		34,415
McCormick		512		51,149
Mead Johnson Nutrition, Cl A		832		73,815
Michael Kors Holdings		768		28,669
Mohawk Industries *		292		68,559
Molson Coors Brewing, Cl B		832		79,780
Mondelez International, Cl A		7,051		317,507
Monsanto		1,983		231,238
Monster Beverage		1,840		83,499
NIKE, Cl B		6,040		334,677
PepsiCo		6,526		739,265

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

95

Schedule of Investments April 30, 2017 (Unaudited)

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Philip Morris International		7,110	$	788,072
Procter & Gamble		11,716		1,023,158
PulteGroup		1,391		31,534
PVH		384		38,796
Ralph Lauren, Cl A		256		20,664
Reynolds American		3,743		241,424
Snap-On		401		67,180
Stanley Black & Decker		1,060		144,319
Tyson Foods, Cl A		1,346		86,494
Under Armour, Cl A *		830		17,837
Under Armour, Cl C *		835		16,207
VF		1,472		80,415
Whirlpool		349		64,802
				9,224,986
Consumer Services — 14.4%
Advance Auto Parts		320		45,485
Alaska Air Group		882		75,049
Amazon.com *		1,804		1,668,682
American Airlines Group		3,638		155,052
AmerisourceBergen, Cl A		1,479		121,352
AutoNation		320		13,440
AutoZone *		128		88,600
Bed Bath & Beyond		704		27,280
Best Buy		1,232		63,830
Cardinal Health		2,820		204,704
CarMax *		832		48,672
Carnival		1,929		119,154
CBS, Cl B		1,765		117,478
Charter Communications, Cl A		983		339,292
Chipotle Mexican Grill, Cl A *		128		60,732
Comcast, Cl A		21,493		842,312
Costco Wholesale		2,014		357,525
CVS Health		4,691		386,726
Darden Restaurants		558		47,536
Delta Air Lines		5,171		234,970
Discovery Communications, Cl A		686		19,743
Discovery Communications, Cl C		1,039		29,071
DISH Network, Cl A		1,036		66,760
Dollar General		1,155		83,980
Dollar Tree *		1,057		87,488
eBay *		4,745		158,530
Expedia		575		76,889
Foot Locker		609		47,100

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

96

Schedule of Investments April 30, 2017 (Unaudited)

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Gap		984	$	25,781
H&R Block		981		24,319
Home Depot		5,548		866,042
Interpublic Group		1,792		42,237
Kohl's		814		31,770
Kroger		4,275		126,754
L Brands		1,085		57,299
Lowe's		3,918		332,560
Macy's		1,390		40,616
Marriott International, Cl A		1,444		136,342
McDonald's		3,744		523,899
McKesson		1,883		260,400
Netflix		1,960		298,312
News, Cl A		1,710		21,751
News		494		6,422
Nielsen Holdings		2,358		96,985
Nordstrom		530		25,583
Omnicom Group		1,071		87,951
O'Reilly Automotive *		431		106,953
priceline.com *		226		417,381
Robert Half International		927		42,688
Ross Stores		1,792		116,480
Royal Caribbean Cruises		768		81,869
Scripps Networks Interactive, Cl A		448		33,475
Signet Jewelers		322		21,200
Southwest Airlines		4,340		243,995
Staples		2,912		28,450
Starbucks		6,715		403,303
Sysco		2,320		122,658
Target		2,536		141,636
TEGNA		960		24,461
Tiffany		512		46,925
Time Warner		3,527		350,125
TJX		2,945		231,595
Tractor Supply		576		35,660
TripAdvisor *		512		23,045
Twenty-First Century Fox, Cl A		4,807		146,806
Twenty-First Century Fox, Cl B		2,171		64,826
Ulta Salon Cosmetics & Fragrance		258		72,612
United Continental Holdings *		2,030		142,526
Viacom, Cl B		1,547		65,840
Walgreens Boots Alliance		3,874		335,256
Wal-Mart Stores		6,910		519,494

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

97

Schedule of Investments April 30, 2017 (Unaudited)

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Walt Disney		6,600	$	762,960
Whole Foods Market		1,441		52,409
Wyndham Worldwide		513		48,894
Wynn Resorts		384		47,236
Yum! Brands		1,575		103,556
				13,426,769
Financials — 15.7%
Affiliated Managers Group		256		42,391
Aflac		1,856		138,977
Allstate		1,664		135,267
American Express		3,476		275,473
American International Group		4,226		257,406
Ameriprise Financial		707		90,390
Aon		1,200		143,808
Arthur J Gallagher		786		43,867
Assurant		256		24,637
Bank of America		45,565		1,063,487
Bank of New York Mellon		4,791		225,464
BB&T		3,645		157,391
Berkshire Hathaway, Cl B *		8,649		1,428,900
BlackRock, Cl A		554		213,052
Capital One Financial		2,172		174,585
CBOE Holdings		414		34,118
Charles Schwab		5,513		214,180
Chubb		2,103		288,637
Cincinnati Financial		673		48,517
Citigroup		12,618		745,976
Citizens Financial Group		2,335		85,718
CME Group, Cl A		1,521		176,725
Comerica		767		54,227
Discover Financial Services		1,778		111,285
E*TRADE Financial *		1,216		42,013
Equifax		838		113,390
Fifth Third Bancorp		3,422		83,599
Franklin Resources		1,609		69,364
Goldman Sachs Group		1,687		377,550
Hartford Financial Services Group		1,728		83,566
Huntington Bancshares		4,889		62,873
Intercontinental Exchange		2,656		159,891
Invesco		1,856		61,137
JPMorgan Chase		16,236		1,412,532
KeyCorp		4,873		88,884
Leucadia National		1,472		37,374

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

98

Schedule of Investments April 30, 2017 (Unaudited)

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Lincoln National		1,042	$	68,699
Loews		1,224		57,063
M&T Bank		704		109,409
Marsh & McLennan		2,314		171,537
Mastercard, Cl A		4,351		506,108
MetLife		5,014		259,775
Moody's		768		90,870
Morgan Stanley		6,502		281,991
Nasdaq		512		35,261
Navient		1,410		21,432
Northern Trust		960		86,400
People's United Financial		1,408		24,598
PNC Financial Services Group		2,187		261,893
Principal Financial Group		1,216		79,198
Progressive		2,607		103,550
Prudential Financial		1,932		206,782
Raymond James Financial		577		42,998
Regency Cernters Corp		659		41,636
Regions Financial		5,616		77,220
S&P Global		1,167		156,600
State Street		1,659		139,190
SunTrust Banks		2,240		127,254
Synchrony Financial		3,546		98,579
T Rowe Price Group		1,095		77,625
Torchmark		512		39,276
Travelers		1,280		155,725
Unum Group		1,032		47,813
US Bancorp		7,201		369,267
Visa, Cl A		8,547		779,657
Wells Fargo		20,527		1,105,174
Western Union		2,203		43,752
Willis Towers Watson		578		76,654
XL Group		1,234		51,643
Zions Bancorporation		896		35,867
				14,597,147
Health Care — 13.2%
AbbVie		14,168		934,237
Aetna		2,947		398,051
Alexion Pharmaceuticals *		2,029		259,266
Anthem		2,349		417,864
Baxter International		4,332		241,206
Biogen Idec		1,919		520,452
Boston Scientific *		12,206		321,994

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

99

Schedule of Investments April 30, 2017 (Unaudited)

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Celgene *		6,915	$	857,805
Centene		1,505		111,972
CR Bard		640		196,787
DaVita Healthcare Partners		1,397		96,407
DENTSPLY SIRONA		2,048		129,516
Edwards Lifesciences *		1,930		211,663
Eli Lilly		8,630		708,178
Express Scripts Holding		5,382		330,132
Gilead Sciences		11,618		796,414
Henry Schein *		704		122,355
Hologic *		2,438		110,076
Humana		1,350		299,673
IDEXX Laboratories		780		130,829
Illumina *		1,322		244,384
Incyte		1,502		186,669
Intuitive Surgical		332		277,509
Laboratory Corp of America Holdings		896		125,574
Mallinckrodt		960		45,043
Medtronic		12,168		1,011,038
Patterson		736		32,745
Quest Diagnostics		1,216		128,300
Regeneron Pharmaceuticals		687		266,893
Stryker		2,750		375,018
UnitedHealth Group		8,553		1,495,749
Varian Medical Systems		832		75,496
Vertex Pharmaceuticals		2,246		265,702
Waters *		704		119,603
Zimmer Biomet Holdings		1,818		217,524
Zoetis, Cl A		4,447		249,521
				12,311,645
Industrials — 11.1%
3M		4,157		814,066
Accenture, Cl A		2,864		347,404
Acuity Brands		320		56,352
Advanced Micro Devices *		3,519		46,803
Allegion		699		54,969
Alliance Data Systems		256		63,905
AMETEK		1,621		92,721
Amphenol, Cl A		1,406		101,668
Automatic Data Processing		2,048		213,996
Ball		769		59,128
Caterpillar		4,096		418,856
CH Robinson Worldwide		994		72,264

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

100

Schedule of Investments April 30, 2017 (Unaudited)

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Cintas		607	$	74,339
CSX		6,441		327,460
Cummins		1,084		163,619
Deere		2,034		227,015
Dover		1,089		85,900
Eaton		3,186		240,989
Emerson Electric		4,519		272,405
Expeditors International of Washington		1,267		71,066
Fastenal		2,032		90,789
FedEx		1,719		326,094
Fidelity National Information Services		1,470		123,759
Fiserv *		997		118,783
FLIR Systems		640		23,507
Flowserve		927		47,156
Fortive		2,107		133,289
Fortune Brands Home & Security		1,081		68,903
Global Payments		703		57,477
Illinois Tool Works		2,172		299,931
Ingersoll-Rand		1,810		160,638
Jacobs Engineering Group		863		47,396
JB Hunt Transport Services		639		57,293
Johnson Controls International		6,596		274,196
Kansas City Southern		757		68,183
Martin Marietta Materials		279		61,433
Masco		2,301		85,183
Mettler-Toledo International *		238		122,194
Norfolk Southern		2,051		240,972
PACCAR		2,464		164,423
Parker-Hannifin		947		152,278
Paychex		1,454		86,193
PayPal Holdings		5,088		242,799
Pentair		1,166		75,219
Quanta Services *		1,116		39,551
Republic Services, Cl A		1,617		101,855
Rockwell Automation		899		141,458
Roper Technologies		706		154,402
Ryder System		384		26,077
Sealed Air		894		39,354
Sherwin-Williams		368		123,162
Stericycle *		607		51,801
TE Connectivity		1,601		123,869
Total System Services		768		44,014
TransDigm Group *		355		87,589

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

101

Schedule of Investments April 30, 2017 (Unaudited)

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Union Pacific		5,674	$	635,262
United Parcel Service, Cl B		4,842		520,321
United Rentals *		586		64,261
United Technologies		5,225		621,723
Verisk Analytics, Cl A		1,091		90,346
Vulcan Materials		576		69,627
Waste Management		2,859		208,079
Westrock		1,150		61,594
WW Grainger		384		73,997
Xerox		3,870		27,825
Xylem		1,261		64,828
				10,304,008
Oil & Gas — 6.2%
Anadarko Petroleum		2,524		143,918
Apache		1,711		83,223
Baker Hughes		1,936		114,940
Cabot Oil & Gas		2,095		48,688
Chesapeake Energy *		3,066		16,127
Chevron		8,629		920,714
Cimarex Energy		432		50,406
Concho Resources		674		85,369
ConocoPhillips		5,559		266,332
Devon Energy		2,364		93,354
EOG Resources		2,612		241,610
EQT		769		44,710
ExxonMobil		18,883		1,541,797
Halliburton		3,884		178,198
Helmerich & Payne		510		30,926
Hess		1,198		58,498
Kinder Morgan		8,644		178,326
Marathon Oil		3,820		56,803
Marathon Petroleum		2,366		120,524
Murphy Oil		704		18,431
National Oilwell Varco		1,710		59,799
Newfield Exploration *		896		31,020
Noble Energy		1,920		62,074
Occidental Petroleum		3,439		211,636
Phillips 66		1,990		158,324
Pioneer Natural Resources		766		132,510
Range Resources		814		21,563
Schlumberger		6,356		461,382
TechnipFMC		2,109		63,544
Tesoro		512		40,812

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

102

Schedule of Investments April 30, 2017 (Unaudited)

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — continued
Transocean		1,621	$	17,880
Valero Energy		2,039		131,740
Williams		3,669		112,381
				5,797,559
Real Estate Investment Trusts — 2.8%
Alexandria Real Estate Equities		401		45,117
American Tower, Cl A		1,915		241,174
Apartment Investment & Management, Cl A		704		30,793
AvalonBay Communities		634		120,359
Boston Properties		704		89,126
CBRE Group, Cl A		1,326		47,484
Crown Castle International		1,616		152,874
Digital Realty Trust		707		81,192
Equinix		356		148,701
Equity Residential		1,646		106,299
Essex Property Trust		301		73,585
Extra Space Storage		576		43,505
Federal Realty Investment Trust		320		41,885
GGP		2,606		56,315
HCP		2,094		65,647
Host Hotels & Resorts		3,328		59,738
Iron Mountain		1,089		37,854
Kimco Realty		1,887		38,287
Macerich		554		34,586
Mid-America Apartment Communities		479		47,522
ProLogis		2,351		127,918
Public Storage		671		140,494
Realty Income		1,235		72,062
Simon Property Group		1,456		240,618
SL Green Realty		448		47,009
UDR		1,199		44,771
Ventas		1,591		101,840
Vornado Realty Trust		768		73,912
Welltower		1,619		115,661
Weyerhaeuser		3,365		113,973
				2,640,301
Technology — 18.9%
Adobe Systems *		2,285		305,596
Akamai Technologies		768		46,802
Alphabet, Cl A *		1,367		1,263,819
Alphabet, Cl C *		1,356		1,228,482
Analog Devices		1,645		125,349
Apple		24,082		3,459,379

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

103

Schedule of Investments April 30, 2017 (Unaudited)

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
Applied Materials		4,900	$	198,989
Autodesk *		894		80,523
Broadcom, Cl A		1,845		407,394
CA		1,389		45,601
Cerner *		2,649		171,523
Cisco Systems		23,038		784,905
Citrix Systems *		704		56,982
Cognizant Technology Solutions, Cl A		2,735		164,729
F5 Networks *		301		38,868
Facebook, Cl A *		10,835		1,627,960
Garmin		512		26,030
Hewlett Packard Enterprise		7,520		140,098
HP		7,750		145,855
Intel		21,750		786,262
International Business Machines		3,937		631,061
Intuit		1,093		136,855
Juniper Networks		1,690		50,818
KLA-Tencor		704		69,147
Lam Research		772		111,824
Microchip Technology		960		72,557
Micron Technology *		4,686		129,662
Microsoft		35,469		2,428,207
Motorola Solutions		750		64,478
NetApp		1,280		51,008
NVIDIA		2,710		282,653
Oracle		13,789		619,952
Qorvo *		576		39,185
QUALCOMM		6,795		365,163
Red Hat *		832		73,283
salesforce.com *		3,013		259,480
Seagate Technology		1,344		56,623
Skyworks Solutions		832		82,984
Symantec		2,790		88,248
Synopsys *		687		50,632
Teradata		576		16,808
Texas Instruments		4,599		364,149
VeriSign *		433		38,502
Western Digital		1,278		113,831
Xilinx		1,152		72,703
Yahoo! *		3,959		190,863
				17,565,822
Telecommunications — 2.3%
AT&T		27,914		1,106,232

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

104

Schedule of Investments April 30, 2017 (Unaudited)

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — continued
CenturyLink		2,447	$	62,814
Level 3 Communications		1,305		79,292
Verizon Communications		18,532		850,804
				2,099,142
Utilities — 3.2%
AES		2,966		33,546
Alliant Energy		1,019		40,067
Ameren		1,088		59,503
American Electric Power		2,223		150,786
American Water Works		815		65,004
CenterPoint Energy		1,933		55,148
CMS Energy		1,278		58,021
Consolidated Edison		1,369		108,534
Dominion Resources		2,820		218,353
DTE Energy		830		86,810
Duke Energy		3,186		262,845
Edison International		1,470		117,556
Entergy		830		63,296
Eversource Energy		1,408		83,635
Exelon		4,156		143,922
FirstEnergy		1,919		57,455
NextEra Energy		2,106		281,278
NiSource		1,470		35,648
NRG Energy		1,408		23,795
ONEOK		958		50,400
PG&E		2,256		151,265
Pinnacle West Capital		512		43,566
PPL		3,068		116,921
Public Service Enterprise Group		2,302		101,403
SCANA		640		42,438
Sempra Energy		1,146		129,521
Southern		4,512		224,698
WEC Energy Group		1,408		85,212
Xcel Energy		2,302		103,705
				2,994,331
TOTAL COMMON STOCK
(Cost $87,019,977)				93,039,446
TOTAL INVESTMENTS — 99.9%
(Cost $87,019,977)			$	93,039,446

Percentages are based on Net Assets of $93,150,802.

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

105

Schedule of Investments April 30, 2017 (Unaudited)

Global X S&P 500^® Catholic Values ETF

* Non-income producing security.

Cl — Class

S&P — Standard & Poor's

As of April 30, 2017, 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 April 30, 2017, 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.

106

Statements of Assets and Liabilities

April 30, 2017 (Unaudited)

	Global X SuperDividend® ETF			Global X SuperDividend® U.S. ETF			Global X MSCI SuperDividend® EAFE ETF(1)		Global X MSCI SuperDividend® Emerging Markets ETF
Assets:
Cost of Investments	$	896,727,208		$	361,363,535		$	1,523,302	$	10,635,564
Cost of Repurchase Agreement		62,537,029			6,357,787			—		—
Cost of Foreign Currency		—			—			2,379		4,571
Investments, at Value	$	892,159,043	*	$	394,285,192	*	$	1,690,534	$	10,985,125
Repurchase Agreement, at Value		62,537,029			6,357,787			—		—
Cash		2,125,941			990,936			1,946		25,003
Foreign Currency, at Value		—			—			2,382		4,553
Cash held for securities on loan		3,991,183			405,760			—		—
Dividend and Interest Receivable		3,400,484			789,093			6,182		8,135
Receivable for Capital Shares Sold		2,160,310			1,282,293			—		—
Reclaim Receivable		360,682			19,872			1,351		2,310
Unrealized Appreciation on Spot Contracts		49			—			—		—
Total Assets		966,734,721			404,130,933			1,702,395		11,025,126
Liabilities:
Obligation to Return Securities Lending Collateral		66,528,212			6,763,547			—		—
Payable for Investment Securities Purchased		2,188,112			1,281,739			25,737		—
Payable due to Investment Adviser		421,465			143,442			743		5,827
Accrued Foreign Capital Gains Tax on Depreciated Securities		—			—			—		6,637
Total Liabilities		69,137,789			8,188,728			26,480		12,464
Net Assets	$	897,596,932		$	395,942,205		$	1,675,915	$	11,012,662
Net Assets Consist of:
Paid-in Capital	$	997,132,318		$	419,869,527		$	1,487,000	$	10,910,904
Undistributed (Distributions in Excess of) Net Investment Income		(12,368,506	)		(6,100,404	)		12,366		4,186
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(82,566,014	)		(50,748,575	)		9,232		(245,446	)
Net Unrealized Appreciation (Depreciation) on Investments		(4,568,165	)		32,921,657			167,232		349,561
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(32,701	)		—			85		94
Foreign Capital Gains Tax on Depreciated Securities		—			—			—		(6,637	)
Net Assets	$	897,596,932		$	395,942,205		$	1,675,915	$	11,012,662
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		41,550,000			15,500,000			100,000		700,000
Net Asset Value, Offering and Redemption Price Per Share	$	21.60		$	25.54		$	16.76	$	15.73
*Includes Market Value of Securities on Loan	$	63,164,012		$	6,675,597		$	—	$	—

(1) Fund commenced operations on November 14, 2016.

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

107

Statements of Assets and Liabilities

April 30, 2017 (Unaudited)

	Global X SuperDividend® REIT ETF			Global X SuperIncome™ Preferred ETF			Global X Social Media ETF			Global X | JPMorgan Efficiente Index ETF
Assets:
Cost of Investments	$	32,828,241		$	247,302,846		$	94,715,973		$	5,840,120
Cost of Repurchase Agreement		—			5,482,505			4,466,363			—
Cost of Foreign Currency		21,697			—			—			—
Investments, at Value	$	33,982,610		$	237,533,243	*	$	96,711,853	*	$	6,338,306
Repurchase Agreement, at Value		—			5,482,505			4,466,363			—
Cash		141,773			379,694			124,238			6,059
Foreign Currency, at Value		21,734			—			—			—
Cash held for securities on loan		—			349,901			285,048			—
Dividend and Interest Receivable		79,144			333,159			45,889			—
Reclaim Receivable		2,844			—			5,733			—
Unrealized Appreciation on Spot Contracts		8			—			—			—
Receivable for Capital Shares Sold		—			1,297,813			—			—
Receivable for Investment Securities Sold		—			6,521,294			5,365,442			—
Total Assets		34,228,113			251,897,609			107,004,566			6,344,365
Liabilities:
Obligation to Return Securities Lending Collateral		—			5,832,406			4,751,411			—
Payable due to Investment Adviser		16,011			111,087			47,529			3,961
Unrealized Depreciation on Spot Contracts		15			—			—			—
Payable for Investment Securities Purchased		—			7,813,926			5,298,939			—
Total Liabilities		16,026			13,757,419			10,097,879			3,961
Net Assets	$	34,212,087		$	238,140,190		$	96,906,687		$	6,340,404
Net Assets Consist of:
Paid-in Capital	$	33,525,008		$	271,928,160		$	106,453,195		$	7,738,202
Undistributed (Distributions in Excess of) Net Investment Income		(484,318	)		457,943			(229,408	)		35,244
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		17,168			(24,476,310	)		(11,312,646	)		(1,931,228	)
Net Unrealized Appreciation (Depreciation) on Investments		1,154,369			(9,769,603	)		1,995,880			498,186
Net Unrealized Depreciation on Foreign Currency Translations		(140	)		—			(334	)		—
Net Assets	$	34,212,087		$	238,140,190		$	96,906,687		$	6,340,404
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		2,250,000			18,350,000			3,650,000			250,000
Net Asset Value, Offering and Redemption Price Per Share	$	15.21		$	12.98		$	26.55		$	25.36
*Includes Market Value of Securities on Loan	$	—		$	5,680,030		$	4,540,616		$	—

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

108

Statements of Assets and Liabilities

April 30, 2017 (Unaudited)

	Global X | JPMorgan US Sector Rotator Index ETF			Global X Permanent ETF			Global X Guru® Index ETF			Global X Guru® Activist Index ETF
Assets:
Cost of Investments	$	7,288,698		$	7,810,044		$	52,148,522		$	1,305,316
Cost of Repurchase Agreement		—			—			1,010,273			—
Cost of Foreign Currency		—			4			—			—
Investments, at Value	$	7,525,875		$	7,475,856		$	57,904,696	*	$	1,493,662
Repurchase Agreement, at Value		—			—			1,010,273			—
Cash		4,384			26,556			84,184			3,885
Foreign Currency, at Value		—			4			—			—
Cash held for securities on loan		—			—			64,477			—
Dividend and Interest Receivable		—			28,090			12,816			908
Reclaim Receivable		—			30			—			—
Total Assets		7,530,259			7,530,536			59,076,446			1,498,455
Liabilities:
Obligation to Return Securities Lending Collateral		—			—			1,074,750			—
Payable due to Investment Adviser		4,215			2,971			35,031			902
Total Liabilities		4,215			2,971			1,109,781			902
Net Assets	$	7,526,044		$	7,527,565		$	57,966,665		$	1,497,553
Net Assets Consist of:
Paid-in Capital	$	9,250,458		$	8,377,229		$	85,012,433		$	1,649,538
Undistributed (Distributions in Excess of) Net Investment Income		13,848			(3,956	)		132,533			3,695
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(1,975,439	)		(511,520	)		(32,934,475	)		(344,026	)
Net Unrealized Appreciation (Depreciation) on Investments		237,177			(334,188	)		5,756,174			188,346
Net Assets	$	7,526,044		$	7,527,565		$	57,966,665		$	1,497,553
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		300,000			300,000			2,200,000			100,000
Net Asset Value, Offering and Redemption Price Per Share	$	25.09		$	25.09		$	26.35		$	14.98
*Includes Market Value of Securities on Loan	$	—		$	—		$	1,054,530		$	—

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

109

Statements of Assets and Liabilities

April 30, 2017 (Unaudited)

	Global X Guru® International Index ETF			Global X Scientific Beta US ETF			Global X Scientific  Beta Europe ETF			Global X Scientific  Beta Japan ETF
Assets:
Cost of Investments	$	1,396,742		$	91,082,744		$	15,633,112		$	15,010,712
Cost of Foreign Currency		—			—			7,912			534
Investments, at Value	$	1,461,494		$	100,577,194		$	17,622,375		$	16,738,657
Cash		3,344			194,415			—			—
Foreign Currency, at Value		1			—			7,911			534
Dividend and Interest Receivable		1,232			66,666			47,094			129,316
Reclaim Receivable		639			188			28,084			—
Unrealized Appreciation on Spot Contracts		—			—			6			1
Total Assets		1,466,710			100,838,463			17,705,470			16,868,508
Liabilities:
Payable due to Investment Adviser		913			15,587			5,159			5,175
Cash Overdraft		—			—			4,704			114,541
Unrealized Depreciation on Spot Contracts		—			—			11			—
Total Liabilities		913			15,587			9,874			119,716
Net Assets	$	1,465,797		$	100,822,876		$	17,695,596		$	16,748,792
Net Assets Consist of:
Paid-in Capital	$	1,657,925		$	91,740,711		$	16,118,715		$	15,267,306
Undistributed Net Investment Income		233			405,603			95,347			38,256
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(257,114	)		(817,888	)		(507,830	)		(284,274	)
Net Unrealized Appreciation on Investments		64,752			9,494,450			1,989,263			1,727,945
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		1			—			101			(441	)
Net Assets	$	1,465,797		$	100,822,876		$	17,695,596		$	16,748,792
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		100,000			3,600,000			700,000			600,000
Net Asset Value, Offering and Redemption Price Per Share	$	14.66		$	28.01		$	25.28		$	27.91

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

110

Statements of Assets and Liabilities

April 30, 2017 (Unaudited)

	Global X Scientific Beta Asia ex-Japan ETF			Global X YieldCo Index ETF			Global X S&P 500®  Catholic Values  ETF
Assets:
Cost of Investments	$	2,125,479		$	7,265,672		$	87,019,977
Cost of Foreign Currency		306			2,265			—
Investments, at Value	$	2,347,321		$	8,163,651		$	93,039,446
Cash		213			21,779			53,472
Foreign Currency, at Value		306			2,265			—
Dividend and Interest Receivable		5,155			7,033			79,194
Unrealized Appreciation on Spot Contracts		—			3			—
Receivable for Capital Shares Sold		—			—			1,458,155
Reclaim Receivable		—			888			671
Total Assets		2,352,995			8,195,619			94,630,938
Liabilities:
Payable due to Investment Adviser		732			4,327			21,442
Payable for Investment Securities Purchased		—			—			1,458,694
Total Liabilities		732			4,327			1,480,136
Net Assets	$	2,352,263		$	8,191,292		$	93,150,802
Net Assets Consist of:
Paid-in Capital	$	2,499,952		$	8,489,679		$	85,652,625
Undistributed (Distributions in Excess of) Net Investment Income		7,537			(48,986	)		417,654
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(377,058	)		(1,147,409	)		1,061,054
Net Unrealized Appreciation on Investments		221,842			897,979			6,019,469
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(10	)		29			—
Net Assets	$	2,352,263		$	8,191,292		$	93,150,802
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		100,000			700,000			3,200,000
Net Asset Value, Offering and Redemption Price Per Share	$	23.52		$	11.70		$	29.11

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

111

Statements of Operations

For the period ended April 30, 2017 (Unaudited)

	Global X SuperDividend® ETF			Global X SuperDividend® U.S. ETF			Global X MSCI SuperDividend® EAFE ETF(3)			Global X MSCI SuperDividend® Emerging Markets ETF
Investment Income:
Dividend Income	$	20,380,470		$	6,468,152		$	38,863		$	190,900
Interest Income		1,452			865			—			—
Security Lending Income		466,440			65,005			—			—
Less: Foreign Taxes Withheld		(637,923	)		(15,921	)		(2,229	)		(15,530	)
Total Investment Income		20,210,439			6,518,101			36,634			175,370
Supervision and Administration Fees(1)		2,392,162			814,502			3,961			20,617
Custodian Fees		16,485			3,927			20			812
Total Expenses		2,408,647			818,429			3,981			21,429
Net Investment Income		17,801,792			5,699,672			32,653			153,941
Net Realized Gain on:
Investments (2)		21,990,258			4,294,176			9,190			522,809
Foreign Currency Transactions		(407,299	)		—			42			(1,779	)
Net Realized Gain  on Investments and Foreign Currency Transactions		21,582,959			4,294,176			9,232			521,030
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		35,961,147			24,044,792			167,232			(270,967	)
Foreign Capital Gains Tax on Depreciated Securities		—			—			—			(6,637	)
Foreign Currency Translations		24,748			—			85			86
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		35,985,895			24,044,792			167,317			(277,518	)
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		57,568,854			28,338,968			176,549			243,512
Net Increase in Net Assets Resulting from Operations	$	75,370,646		$	34,038,640		$	209,202		$	397,453

(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 November 14, 2016.

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

112

Statements of Operations

For the period ended April 30, 2017 (Unaudited)

	Global X SuperDividend® REIT ETF			Global X SuperIncome™ Preferred ETF			Global X Social Media ETF			Global X | JPMorgan Efficiente Index ETF
Investment Income:
Dividend Income	$	1,174,360		$	8,416,542		$	83,414		$	93,253
Interest Income		—			1,217			478			63
Security Lending Income		—			110,847			33,460			—
Less: Foreign Taxes Withheld		(25,941	)		—			(5,712	)		—
Total Investment Income		1,148,419			8,528,606			111,640			93,316
Supervision and Administration Fees(1)		104,442			652,150			275,014			24,988
Tax Expense		—			—			—			499
Custodian Fees		1,004			390			246			51
Total Expenses		105,446			652,540			275,260			25,538
Net Investment Income(Loss)		1,042,973			7,876,066			(163,620	)		67,778
Net Realized Gain (Loss) on:
Investments (2)		142,630			(2,206,756	)		8,473,932			(65,573	)
Foreign Currency Transactions		16,978			—			(5,034	)		—
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		159,608			(2,206,756	)		8,468,898			(65,573	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		1,652,250			(1,024,579	)		1,293,846			494,745
Foreign Currency Translations		(72	)		—			1,150			—
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		1,652,178			(1,024,579	)		1,294,996			494,745
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		1,811,786			(3,231,335	)		9,763,894			429,172
Net Increase in Net Assets Resulting from Operations	$	2,854,759		$	4,644,731		$	9,600,274		$	496,950

(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.

113

Statements of Operations

For the period ended April 30, 2017 (Unaudited)

	Global X | JPMorgan US Sector Rotator Index ETF		Global X Permanent ETF			Global X Guru® Index ETF			Global X Guru® Activist Index ETF
Investment Income:
Dividend Income	$	88,257	$	21,323		$	467,560		$	11,596
Interest Income		123		33,476			122			—
Security Lending Income		—		—			1,985			—
Less: Foreign Taxes Withheld		—		(247	)		(1,249	)		(16	)
Total Investment Income		88,380		54,552			468,418			11,580
Supervision and Administration Fees(1)		27,881		20,012			213,436			5,356
Custodian Fees		74		13			85			—
Total Expenses		27,955		20,025			213,521			5,356
Net Investment Income		60,425		34,527			254,897			6,224
Net Realized Gain on:
Investments (2)		401,122		(202,805	)		6,574			(49,514	)
Foreign Currency Transactions		—		(393	)		—			—
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		401,122		(203,198	)		6,574			(49,514	)
Net Change in Unrealized Appreciation on:
Investments		158,292		287,167			7,367,061			217,925
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		158,292		287,167			7,367,061			217,925
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		559,414		83,969			7,373,635			168,411
Net Increase in Net Assets Resulting from Operations	$	619,839	$	118,496		$	7,628,532		$	174,635

(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.

114

Statements of Operations

For the period ended April 30, 2017 (Unaudited)

	Global X Guru® International  Index ETF			Global X Scientific Beta US ETF			Global X Scientific Beta Europe ETF			Global X Scientific Beta Japan ETF
Investment Income:
Dividend Income	$	13,378		$	805,097		$	216,878		$	177,400
Interest Income		3			—			—			—
Less: Foreign Taxes Withheld		(1,241	)		(206	)		(18,401	)		(20,699	)
Total Investment Income		12,140			804,891			198,477			156,701
Supervision and Administration Fees(1)		4,885			144,644			26,428			26,825
Custodian Fees		2			—			8			276
Total Expenses		4,887			144,644			26,436			27,101
Waiver of Supervision and Administration Fees		–			(66,124	)		–			–
Net Expenses		4,887			78,520			26,436			27,101
Net Investment Income		7,253			726,371			172,041			129,600
Net Realized Gain (Loss) on:
Investments (2)		14,171			(314,448	)		(215,973	)		(75,327	)
Foreign Currency Transactions		—			—			(3,635	)		(8,873	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		14,171			(314,448	)		(219,608	)		(84,200	)
Net Change in Unrealized Appreciation on:
Investments		88,801			8,191,515			2,207,551			583,452
Foreign Currency Translations		1			—			927			3,288
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		88,802			8,191,515			2,208,478			586,740
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		102,973			7,877,067			1,988,870			502,540
Net Increase in Net Assets Resulting from Operations	$	110,226		$	8,603,438		$	2,160,911		$	632,140

(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.

115

Statements of Operations

For the period ended April 30, 2017 (Unaudited)

	Global X Scientific Beta Asia ex-Japan ETF			Global X YieldCo Index ETF			Global X S&P 500® Catholic Values ETF
Investment Income:
Dividend Income	$	38,895		$	146,189		$	703,461
Interest Income		—			18			—
Less: Foreign Taxes Withheld		(1,555	)		(8,859	)		—
Total Investment Income		37,340			137,348			703,461
Supervision and Administration Fees(1)		4,244			23,610			143,154
Custodian Fees		9			208			—
Total Expenses		4,253			23,818			143,154
Waiver of Supervision and Administration Fees		–			–			(36,706	)
Net Expenses		4,253			23,818			106,448
Net Investment Income		33,087			113,530			597,013
Net Realized Gain (Loss) on:
Investments (2)		(56,686	)		(79,471	)		1,081,737
Foreign Currency Transactions		(92	)		4			—
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(56,778	)		(79,467	)		1,081,737
Net Change in Unrealized Appreciation on:
Investments		181,792			546,453			6,564,845
Foreign Currency Translations		(10	)		56			—
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		181,782			546,509			6,564,845
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		125,004			467,042			7,646,582
Net Increase in Net Assets Resulting from Operations	$	158,091		$	580,572		$	8,243,595

(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.

116

Statements of Changes in Net Assets

	Global X SuperDividend® ETF						Global X SuperDividend® U.S. ETF
	Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016 (Audited)			Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016 (Audited)
Operations:
Net Investment Income	$	17,801,792		$	44,596,638		$	5,699,672		$	11,198,049
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions (1)		21,582,959			(47,197,182	)		4,294,176			(35,817,624	)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		35,985,895			42,724,965			24,044,792			29,835,507
Net Increase in Net Assets Resulting from Operations		75,370,646			40,124,421			34,038,640			5,215,932
Dividends and Distributions from:
Net Investment Income		(28,570,550	)		(50,746,230	)		(11,800,075	)		(12,821,203	)
Return of Capital		—			(5,683,920	)		—			(8,107,347	)
Total Dividends and Distributions		(28,570,550	)		(56,430,150	)		(11,800,075	)		(20,928,550	)
Capital Share Transactions:
Issued		64,403,809			49,804,205			54,916,333			127,291,547
Redeemed		(15,422,998	)		(112,348,453	)		(19,609,307	)		(48,180,940	)
Increase (Decrease) in Net Assets from Capital Share Transactions		48,980,811			(62,544,248	)		35,307,026			79,110,607
Total Increase (Decrease) in Net Assets		95,780,907			(78,849,977	)		57,545,591			63,397,989
Net Assets:
Beginning of Period		801,816,025			880,666,002			338,396,614			274,998,625
End of Period	$	897,596,932		$	801,816,025		$	395,942,205		$	338,396,614
Distributions in Excess of Net Investment Income	$	(12,368,506	)	$	(1,599,748	)	$	(6,100,404	)	$	(1	)
Share Transactions:
Issued		3,050,000			2,400,000			2,200,000			5,200,000
Redeemed		(750,000	)		(5,800,000	)		(800,000	)		(2,000,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		2,300,000			(3,400,000	)		1,400,000			3,200,000

(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.

117

Statements of Changes in Net Assets

	Global X MSCI SuperDividend® EAFE ETF			Global X MSCI SuperDividend® Emerging Markets ETF
	Period Ended April 30, 2017(1) (Unaudited)			Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016 (Audited)
Operations:
Net Investment Income	$	32,653		$	153,941		$	147,339
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		9,232			521,030			(739,339	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		167,317			(277,518	)		1,090,676
Net Increase in Net Assets Resulting from Operations		209,202			397,453			498,676
Dividends and Distributions from:
Net Investment Income		(20,287	)		(151,390	)		(191,294	)
Total Dividends and Distributions		(20,287	)		(151,390	)		(191,294	)
Capital Share Transactions:
Issued		1,487,000			7,026,166			—
Increase in Net Assets from Capital Share Transactions		1,487,000			7,026,166			—
Total Increase in Net Assets		1,675,915			7,272,229			307,382
Net Assets:
Beginning of Period		—			3,740,433			3,433,051
End of Period	$	1,675,915		$	11,012,662		$	3,740,433
Undistributed Net Investment Income	$	12,366		$	4,186		$	1,635
Share Transactions:
Issued		100,000			450,000			—
Net Increase in Shares Outstanding from Share Transactions		100,000			450,000			—

(1) The Fund commenced operations on November 14, 2016.

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

118

Statements of Changes in Net Assets

	Global X SuperDividend® REIT ETF						Global X SuperIncome™ Preferred ETF
	Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016 (Audited)			Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016 (Audited)
Operations:
Net Investment Income	$	1,042,973		$	763,778		$	7,876,066		$	14,698,378
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions(1)		159,608			(107,212	)		(2,206,756	)		(15,342,553	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		1,652,178			(135,303	)		(1,024,579	)		8,059,993
Net Increase in Net Assets Resulting from Operations		2,854,759			521,263			4,644,731			7,415,818
Dividends and Distributions from:
Net Investment Income		(1,447,150	)		(892,500	)		(7,931,706	)		(14,776,181	)
Total Dividends and Distributions		(1,447,150	)		(892,500	)		(7,931,706	)		(14,776,181	)
Capital Share Transactions:
Issued		7,942,176			30,719,755			21,497,680			37,190,345
Redeemed		(9,440,021	)		—			(12,276,763	)		(33,050,541	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(1,497,845	)		30,719,755			9,220,917			4,139,804
Total Increase (Decrease) in Net Assets		(90,236	)		30,348,518			5,933,942			(3,220,559	)
Net Assets:
Beginning of Period		34,302,323			3,953,805			232,206,248			235,426,807
End of Period	$	34,212,087		$	34,302,323		$	238,140,190		$	232,206,248
Undistributed (Distributions in Excess of) Net Investment Income	$	(484,318	)	$	(80,141	)	$	457,943		$	513,583
Share Transactions:
Issued		550,000			2,050,000			1,650,000			2,750,000
Redeemed		(650,000	)		—			(950,000	)		(2,550,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(100,000	)		2,050,000			700,000			200,000

(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.

119

Statements of Changes in Net Assets

	Global X Social Media ETF						Global X | JPMorgan Efficiente Index ETF
	Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016 (Audited)			Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016 (Audited)
Operations:
Net Investment Income (Loss)	$	(163,620	)	$	98,737		$	67,778		$	157,576
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions (1)		8,468,898			(9,550,529	)		(65,573	)		264,481
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		1,294,996			15,461,891			494,745			(22,888	)
Net Increase in Net Assets Resulting from Operations		9,600,274			6,010,099			496,950			399,169
Dividends and Distributions from:
Net Investment Income		(126,360	)		(6,875	)		(127,812	)		(312,783	)
Total Dividends and Distributions		(126,360	)		(6,875	)		(127,812	)		(312,783	)
Capital Share Transactions:
Issued		19,107,982			94,491,559			—			1,121,897
Redeemed		(65,785,947	)		(43,528,797	)		(1,243,390	)		(2,296,047	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(46,677,965	)		50,962,762			(1,243,390	)		(1,174,150	)
Total Increase (Decrease) in Net Assets		(37,204,051	)		56,965,986			(874,252	)		(1,087,764	)
Net Assets:
Beginning of Period		134,110,738			77,144,752			7,214,656			8,302,420
End of Period	$	96,906,687		$	134,110,738		$	6,340,404		$	7,214,656
Undistributed (Distributions in Excess of) Net Investment Income	$	(229,408	)	$	60,572		$	35,244		$	95,278
Share Transactions:
Issued		800,000			4,150,000			—			50,000
Redeemed		(2,850,000	)		(2,450,000	)		(50,000	)		(100,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(2,050,000	)		1,700,000			(50,000	)		(50,000	)

(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.

120

Statements of Changes in Net Assets

	Global X | JPMorgan US Sector Rotator Index ETF						Global X Permanent ETF
	Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016 (Audited)			Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016 (Audited)
Operations:
Net Investment Income	$	60,425		$	208,806		$	34,527		$	91,496
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions (1)		401,122			397,550			(203,198	)		153,565
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		158,292			(106,031	)		287,167			235,914
Net Increase in Net Assets Resulting from Operations		619,839			500,325			118,496			480,975
Dividends and Distributions from:
Net Investment Income		(190,176	)		(197,183	)		(109,419	)		(114,717	)
Total Dividends and Distributions		(190,176	)		(197,183	)		(109,419	)		(114,717	)
Capital Share Transactions:
Issued		—			3,404,929			1,222,099			—
Redeemed		(3,609,893	)		(7,129,086	)		(2,499,532	)		(2,344,051	)
Decrease in Net Assets from Capital Share Transactions		(3,609,893	)		(3,724,157	)		(1,277,433	)		(2,344,051	)
Total Decrease in Net Assets		(3,180,230	)		(3,421,015	)		(1,268,356	)		(1,977,793	)
Net Assets:
Beginning of Period		10,706,274			14,127,289			8,795,921			10,773,714
End of Period	$	7,526,044		$	10,706,274		$	7,527,565		$	8,795,921
Undistributed (Distributions in Excess of) Net Investment Income	$	13,848		$	143,599		$	(3,956	)	$	70,936
Share Transactions:
Issued		—			150,000			50,000			—
Redeemed		(150,000	)		(300,000	)		(100,000	)		(100,000	)
Net Decrease in Shares Outstanding from Share Transactions		(150,000	)		(150,000	)		(50,000	)		(100,000	)

(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.

121

Statements of Changes in Net Assets

	Global X Guru® Index ETF						Global X Guru® Activist Index ETF
	Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016 (Audited)			Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016 (Audited)
Operations:
Net Investment Income	$	254,897		$	574,870		$	6,224		$	15,007
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions (1)		6,574			(18,740,544	)		(49,514	)		(129,919	)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		7,367,061			8,344,218			217,925			27,944
Net Increase (Decrease) in Net Assets Resulting from Operations		7,628,532			(9,821,456	)		174,635			(86,968	)
Dividends and Distributions from:
Net Investment Income		(122,367	)		(635,053	)		(11,862	)		(17,395	)
Return of Capital		—			(125,403	)		—			—
Total Dividends and Distributions		(122,367	)		(760,456	)		(11,862	)		(17,395	)
Capital Share Transactions:
Issued		—			10,209,709			—			—
Redeemed		(8,552,932	)		(125,119,219	)		—			(1,244,003	)
Decrease in Net Assets from Capital Share Transactions		(8,552,932	)		(114,909,510	)		—			(1,244,003	)
Total Increase (Decrease) in Net Assets		(1,046,767	)		(125,491,422	)		162,773			(1,348,366	)
Net Assets:
Beginning of Period		59,013,432			184,504,854			1,334,780			2,683,146
End of Period	$	57,966,665		$	59,013,432		$	1,497,553		$	1,334,780
Undistributed Net Investment Income	$	132,533		$	3		$	3,695		$	9,333
Share Transactions:
Issued		—			450,000			—			—
Redeemed		(350,000	)		(5,600,000	)		—			(100,000	)
Net Decrease in Shares Outstanding from Share Transactions		(350,000	)		(5,150,000	)		—			(100,000	)

(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.

122

Statements of Changes in Net Assets

	Global X Guru® International Index ETF						Global X Scientific Beta US ETF
	Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016 (Audited)			Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016 (Audited)
Operations:
Net Investment Income	$	7,253		$	12,278		$	726,371		$	617,728
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions (1)		14,171			(55,716	)		(314,448	)		(471,109	)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		88,802			124,765			8,191,515			1,327,566
Net Increase in Net Assets Resulting from Operations		110,226			81,327			8,603,438			1,474,185
Dividends and Distributions from:
Net Investment Income		(22,803	)		(21,629	)		(942,970	)		(29,000	)
Total Dividends and Distributions		(22,803	)		(21,629	)		(942,970	)		(29,000	)
Capital Share Transactions:
Issued		684,597			—			26,960,631			62,290,080
Redeemed		—			(678,888	)		—			—
Increase (Decrease) in Net Assets from Capital Share Transactions		684,597			(678,888	)		26,960,631			62,290,080
Total Increase (Decrease) in Net Assets		772,020			(619,190	)		34,621,099			63,735,265
Net Assets:
Beginning of Period		693,777			1,312,967			66,201,777			2,466,512
End of Period	$	1,465,797		$	693,777		$	100,822,876		$	66,201,777
Undistributed Net Investment Income	$	233		$	15,783		$	405,603		$	622,202
Share Transactions:
Issued		50,000			—			1,000,000			2,500,000
Redeemed		—			(50,000	)		—			—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		50,000			(50,000	)		1,000,000			2,500,000

(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.

123

Statements of Changes in Net Assets

	Global X Scientific Beta Europe ETF						Global X Scientific Beta Japan ETF
	Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016 (Audited)			Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016 (Audited)
Operations:
Net Investment Income	$	172,041		$	307,060		$	129,600		$	189,188
Net Realized Loss on Investments and Foreign Currency Transactions		(219,608	)		(280,728	)		(84,200	)		(99,791	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		2,208,478			(154,353	)		586,740			1,142,600
Net Increase (Decrease) in Net Assets Resulting from Operations		2,160,911			(128,021	)		632,140			1,231,997
Dividends and Distributions from:
Net Investment Income		(373,503	)		(34,296	)		(372,359	)		(20,668	)
Net Realized Gains		—			—			—			(1,165	)
Total Dividends and Distributions		(373,503	)		(34,296	)		(372,359	)		(21,833	)
Capital Share Transactions:
Issued		3,460,823			10,168,892			2,800,572			9,959,734
Increase in Net Assets from Capital Share Transactions		3,460,823			10,168,892			2,800,572			9,959,734
Total Increase in Net Assets		5,248,231			10,006,575			3,060,353			11,169,898
Net Assets:
Beginning of Period		12,447,365			2,440,790			13,688,439			2,518,541
End of Period	$	17,695,596		$	12,447,365		$	16,748,792		$	13,688,439
Undistributed Net Investment Income	$	95,347		$	296,809		$	38,256		$	281,015
Share Transactions:
Issued		150,000			450,000			100,000			400,000
Net Increase in Shares Outstanding from Share Transactions		150,000			450,000			100,000			400,000

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

124

Statements of Changes in Net Assets

	Global X Scientific Beta Asia ex-Japan ETF						Global X YieldCo Index ETF
	Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016 (Audited)			Period Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016 (Audited)
Operations:
Net Investment Income	$	33,087		$	79,533		$	113,530		$	187,223
Net Realized Loss on Investments and Foreign Currency Transactions (1)		(56,778	)		(206,781	)		(79,467	)		(878,128	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		181,782			322,760			546,509			1,238,942
Net Increase in Net Assets Resulting from Operations		158,091			195,512			580,572			548,037
Dividends and Distributions from:
Net Investment Income		(101,714	)		(62,417	)		(162,500	)		(199,159	)
Return of Capital		—			—			—			(76,200	)
Total Dividends and Distributions		(101,714	)		(62,417	)		(162,500	)		(275,359	)
Capital Share Transactions:
Issued		—			—			1,077,778			4,187,034
Redeemed		—			—			—			(1,083,579	)
Increase in Net Assets from Capital Share Transactions		—			—			1,077,778			3,103,455
Total Increase in Net Assets		56,377			133,095			1,495,850			3,376,133
Net Assets:
Beginning of Period		2,295,886			2,162,791			6,695,442			3,319,309
End of Period	$	2,352,263		$	2,295,886		$	8,191,292		$	6,695,442
Undistributed (Distributions in Excess of) Net Investment Income	$	7,537		$	76,164		$	(48,986	)	$	(16	)
Share Transactions:
Issued		—			—			100,000			400,000
Redeemed		—			—			—			(100,000	)
Net Increase in Shares Outstanding from Share Transactions		—			—			100,000			300,000

(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.

125

Statements of Changes in Net Assets

	Global X S&P 500® Catholic Values ETF
	Period Ended April 30, 2017 (Unaudited)			Period Ended October 31, 2016(1) (Audited)
Operations:
Net Investment Income	$	597,013		$	145,542
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions (2)		1,081,737			(15,451	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		6,564,845			(545,376	)
Net Increase (Decrease) in Net Assets Resulting from Operations		8,243,595			(415,285	)
Dividends and Distributions from:
Net Investment Income		(325,821	)		—
Net Realized Gains		(4,312	)		—
Total Dividends and Distributions		(330,133	)		—
Capital Share Transactions:
Issued		53,767,945			40,314,242
Redeemed		(8,429,562	)		—
Increase in Net Assets from Capital Share Transactions		45,338,383			40,314,242
Total Increase in Net Assets		53,251,845			39,898,957
Net Assets:
Beginning of Period		39,898,957			—
End of Period	$	93,150,802		$	39,898,957
Undistributed Net Investment Income	$	417,654		$	146,462
Share Transactions:
Issued		1,950,000			1,550,000
Redeemed		(300,000	)		—
Net Increase in Shares Outstanding from Share Transactions		1,650,000			1,550,000

(1) The Fund commenced operations on April 18, 2016.

(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.

126

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Return of Capital ($)			Total from Distributions ($)			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
2017(Unaudited)		20.43		0.45			1.44			1.89			(0.72	)		—			—			(0.72	)		21.60		9.46			897,597		0.58	†		4.31	†		52.83
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
2017(Unaudited)		24.00		0.39			1.96			2.35			(0.81	)		—			—			(0.81	)		25.54		9.98			395,942		0.45	†		3.15	†		58.93
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 MSCI SuperDividend® EAFE ETF
2017(2)(Unaudited)		14.87		0.33			1.76			2.09			(0.20	)		—			—			(0.20	)		16.76		14.15			1,676		0.55	†		4.50	†		11.96
Global X MSCI SuperDividend® Emerging Markets ETF
2017(Unaudited)		14.96		0.37			0.81			1.18			(0.41	)		—			—			(0.41	)		15.73		8.08			11,013		0.68	†		4.85	†		58.83
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(3)		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
2017(Unaudited)		14.60		0.42			0.77			1.19			(0.58	)		—			—			(0.58	)		15.21		8.46			34,212		0.59	†		5.79	†		77.89
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(3)		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
2017(Unaudited)		13.16		0.45			(0.18	)		0.27			(0.45	)		—			—			(0.45	)		12.98		2.13			238,140		0.58	†		7.00	†		33.38
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
2012(4)		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 ETF
2017(Unaudited)		23.53		(0.05	)		3.11			3.06			(0.04	)		—			—			(0.04	)		26.55		13.04			96,907		0.65	†		(0.39	)†		45.31
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(5)		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
2017(Unaudited)		24.05		0.23			1.51			1.74			(0.43	)		—			—			(0.43	)		25.36		7.31			6,340		0.70	†		1.87	†		94.71
2016		23.72		0.51			0.86			1.37			(1.04	)		—			—			(1.04	)		24.05		6.12			7,215		0.69			2.15			387.40
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(6)		24.95		—			0.54			0.54			—			—			—			—			25.49		2.16			2,549		0.69	†		(0.69	)†		—
Global X | JPMorgan US Sector Rotator Index ETF
2017(Unaudited)		23.79		0.18			1.66			1.84			(0.54	)		—			—			(0.54	)		25.09		7.85			7,526		0.69	†		1.49	†		415.34
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(6)		25.03		—			0.38			0.38			—			—			—			—			25.41		1.52			2,541		0.69	†		(0.69	)†		63.35

*	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 November 14, 2016.
(3)	The Fund commenced operations on March 16, 2015.
(4)	The Fund commenced operations on July 16, 2012.
(5)	The Fund commenced operations on November 14, 2011.
(6)	The Fund commenced operations on October 22, 2014.

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

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

127

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 Permanent ETF
2017(Unaudited)		25.13		0.10			0.17			0.27			(0.31	)		—			—			(0.31	)		25.09		1.15			7,528		0.48	†		0.83	†		14.29
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(1)		25.04		0.09			(0.36	)		(0.27	)		—			—			—			—			24.77		(1.08	)		14,859		0.48	†		0.92	†		14.89
Global X Guru® Index ETF
2017(Unaudited)		23.14		0.11			3.15			3.26			(0.05	)		—			—			(0.05	)		26.35		14.12			57,967		0.75	†		0.89	†		48.51
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(2)		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
2017(Unaudited)		13.35		0.06			1.69			1.75			(0.12	)		—			—			(0.12	)		14.98		13.14			1,498		0.75	†		0.87	†		43.25
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(3)		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
2017(Unaudited)		13.88		0.08			0.93			1.01			(0.23	)		—			—			(0.23	)		14.66		7.43			1,466		0.75	†		1.11	†		41.10
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(4)		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
2017(Unaudited)		25.46		0.24			2.65			2.89			(0.34	)		—			—			(0.34	)		28.01		11.45			100,823		0.19	†		1.76	†		17.85
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(5)		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
2017(Unaudited)		22.63		0.28			3.05			3.33			(0.68	)		—			—			(0.68	)		25.28		15.19			17,696		0.38	†		2.47	†		12.64
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(5)		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
2017(Unaudited)		27.38		0.25			1.02			1.27			(0.74	)		—			—			(0.74	)		27.91		4.80			16,749		0.38	†		1.83	†		10.47
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(5)		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
2017(Unaudited)		22.96		0.33			1.25			1.58			(1.02	)		—			—			(1.02	)		23.52		7.43			2,352		0.38	†		2.96	†		13.67
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(5)		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
2017(Unaudited)		11.16		0.17			0.62			0.79			(0.25	)		—			—			(0.25	)		11.70		7.26			8,191		0.66	†		3.12	†		9.67
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(6)		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
2017(Unaudited)		25.74		0.23			3.27			3.50			(0.13	)		##			—			(0.13	)		29.11		13.65			93,151		0.29	†@		1.63	†		14.35
2016(7)		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.
##	Amount rounds to less than 0.01.
(1)	The Fund commenced operations on February 7, 2012.
(2)	The Fund commenced operations on June 4, 2012.
(3)	The Fund commenced operations on April 28, 2015.
(4)	The Fund commenced operations on March 10, 2014.
(5)	The Fund commenced operations on May 12, 2015.
(6)	The Fund commenced operations on May 27, 2015.
(7)	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.

128

Notes to Financial Statements

April 30, 2017 (Unaudited)

1. ORGANIZATION

The Global X Funds (the "Trust") is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of April 30, 2017, the Trust had one hundred two portfolios, fifty-seven 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^® EAFE ETF, Global X MSCI SuperDividend^® Emerging Markets ETF, Global X SuperDividend^® REIT ETF, Global X SuperIncome™ Preferred ETF, Global X Social Media 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 (except the 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, and Global X S&P 500^® Catholic Values ETF) 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.

129

Notes to Financial Statements(continued)

April 30, 2017 (Unaudited)

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

130

Notes to Financial Statements(continued)

April 30, 2017 (Unaudited)

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 April 30, 2017, there were $0 and $37 of fair valued securities in the Global X MSCI SuperDividend^® Emerging Markets ETF and Global X Scientific Beta Asia ex-Japan ETF, respectively. There were no other securities priced using the Fair Value Procedures.

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

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

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 or period ended April 30, 2017, 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.

131

Notes to Financial Statements(continued)

April 30, 2017 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

At April 30, 2017, 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	$	38,004,080	$	38,004,075	$	-	$	-
Deutsche Bank		24,532,954		24,532,954		-		-
Global X SuperDividend® U.S. ETF
Barclays Bank		3,863,660		3,863,660		-		-
Deutsche Bank		2,494,127		2,494,127		-		-
Global X SuperIncome™ Preferred ETF
Barclays Bank		3,331,747		3,331,747		-		-
Deutsche Bank		2,150,758		2,150,758		-		-
Global X Social Media ETF
Barclays Bank		2,714,232		2,714,232		-		-
Deutsche Bank		1,752,131		1,752,131		-		-
Global X Guru® Index ETF
Barclays Bank		613,948		613,948		-		-
Deutsche Bank		396,325		396,325		-		-

⁽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.

132

Notes to Financial Statements(continued)

April 30, 2017 (Unaudited)

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 April 30, 2017, 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.

133

Notes to Financial Statements(continued)

April 30, 2017 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS – The Funds distribute their net investment income on a pro rata basis. Any net investment income and net realized capital gains are distributed at least annually. All distributions are recorded on 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, an additional variable fee may be charged. The following table discloses Creation Unit breakdown:

			Creation		Value at April 30,
	Creation Unit Shares		Fee		2017		Redemption Fee
Global X SuperDividend® ETF		50,000	$	3,800	$	1,080,000	$	3,800
Global X SuperDividend® U.S. ETF		50,000		500		1,277,000		500
Global X MSCI SuperDividend® EAFE ETF		50,000		1,200		838,000		1,200
Global X MSCI SuperDividend® Emerging Markets ETF		50,000		3,000		786,500		3,000
Global X SuperDividend® REIT ETF		50,000		500		760,500		500
Global X SuperIncomePreferred ETF		50,000		500		649,000		500
Global X Social Media ETF		50,000		300		1,327,500		300
Global X | JPMorgan Efficiente Index ETF		50,000		500		1,268,000		500
Global X | JPMorgan US Sector Rotator Index ETF		50,000		500		1,254,500		500
Global X Permanent ETF		50,000		1,000		1,254,500		1,000
Global X Guru® Index ETF		50,000		300		1,317,500		300
Global X Guru® Activist Index ETF		50,000		500		749,000		500
Global X Guru® International Index ETF		50,000		500		733,000		500
Global X Scientific Beta US ETF		50,000		2,300		1,400,500		2,300
Global X Scientific Beta Europe ETF		50,000		10,500		1,264,000		10,500
Global X Scientific Beta Japan ETF		50,000		4,500		1,395,500		4,500
Global X Scientific Beta Asia ex-Japan ETF		50,000		6,500		1,176,000		6,500
Global X YieldCo Index ETF		50,000		500		585,000		500
Global X S&P 500® Catholic Values ETF		50,000		2,300		1,455,500		2,300

134

Notes to Financial Statements(continued)

April 30, 2017 (Unaudited)

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 Statement of Operations.

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 MSCI SuperDividend® EAFE ETF	0.55%
Global X MSCI SuperDividend® Emerging Markets ETF	0.65%
Global X SuperDividend® REIT ETF	0.58%
Global X SuperIncomeTM Preferred ETF	0.58%
Global X Social Media 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%

135

Notes to Financial Statements(continued)

April 30, 2017 (Unaudited)

3. RELATED PARTY TRANSACTIONS (concluded)

*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, 2018. 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, 2018. 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 transfer agent and Custodian of the Funds’ assets. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds, (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. 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.

136

Notes to Financial Statements(continued)

April 30, 2017 (Unaudited)

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2017, 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	$	422,856,876	$	424,766,445
Global X SuperDividend® U.S. ETF		194,570,275		199,673,396
Global X MSCI SuperDividend® EAFE ETF		218,070		190,515
Global X MSCI SuperDividend® Emerging Markets ETF		7,329,260		3,937,268
Global X SuperDividend® REIT ETF		20,194,470		20,349,570
Global X SuperIncomeTM Preferred ETF		64,311,755		63,977,324
Global X Social Media ETF		21,507,041		22,159,830
Global X | JPMorgan Efficiente Index ETF		6,826,755		6,885,380
Global X | JPMorgan US Sector Rotator Index ETF		34,659,551		34,769,139
Global X Permanent ETF		322,136		687,886
Global X Guru® Index ETF		27,743,122		27,342,476
Global X Guru® Activist Index ETF		620,010		625,828
Global X Guru® International Index ETF		524,074		540,526
Global X Scientific Beta US ETF		14,620,605		14,815,788
Global X Scientific Beta Europe ETF		1,563,462		1,796,941
Global X Scientific Beta Japan ETF		1,281,078		1,508,634
Global X Scientific Beta Asia ex-Japan ETF		308,557		375,654
Global X YieldCo Index ETF		681,759		714,897
Global X S&P 500® Catholic Values ETF		2,137,616		1,847,654

For the period ended April 30, 2017, the purchases and sales of long-term U.S. Government securities were:

			Sales and
	Purchases		Maturities
Global X Permanent ETF	$	587,601	$	1,185,583

For the period ended April 30, 2017, in-kind transactions associated with creations and redemptions were:

			Sales and
	Purchases		Maturities		Realized Gain
Global X SuperDividend® ETF	$	62,554,690	$	15,390,905	$	2,083,055
Global X SuperDividend® U.S. ETF		54,923,374		15,656,606		2,018,314
Global X MSCI SuperDividend® EAFE ETF		1,486,642		-		-
Global X MSCI SuperDividend® Emerging Markets ETF		3,590,063		-		-
Global X SuperDividend® REIT ETF		7,870,042		9,432,919		431,276
Global X SuperIncomeTM Preferred ETF		21,477,586		12,255,466		219,811
Global X Social Media ETF		18,989,803		65,390,587		9,640,669
Global X | JPMorgan Efficiente Index ETF		-		1,243,577		88,724
Global X | JPMorgan US Sector Rotator Index ETF		-		3,621,292		50,288
Global X Permanent ETF		318,259		652,653		153,291
Global X Guru® Index ETF		-		8,552,222		677,775
Global X Guru® Activist Index ETF		-		-		-
Global X Guru® International Index ETF		682,667		-		-
Global X Scientific Beta US ETF		26,935,978		-		-
Global X Scientific Beta Europe ETF		3,447,036		-		-
Global X Scientific Beta Japan ETF		2,797,184		-		-
Global X Scientific Beta Asia ex-Japan ETF		-		-		-
Global X YieldCo Index ETF		1,077,161		-		-
Global X S&P 500® Catholic Values ETF		53,700,741		8,421,060		1,139,514

137

Notes to Financial Statements(continued)

April 30, 2017 (Unaudited)

4. INVESTMENT TRANSACTIONS (concluded)

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 MSCI SuperDividend® Emerging Markets ETF		-		-		-
Global X SuperDividend® REIT ETF		30,674,729		-		-
Global X SuperIncomeTM Preferred ETF		37,158,930		33,003,074		(2,067,492	)
Global X Social Media 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		-		-

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 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.

138

Notes to Financial Statements(continued)

April 30, 2017 (Unaudited)

5. TAX INFORMATION (continued)

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 MSCI 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
2015		113,850		–		–		113,850
Global X SuperIncome™ Preferred ETF
2016	$	14,776,181	$	–	$	–	$	14,776,181
2015		16,693,614		–		–		16,693,614
Global X Social Media 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.

139

Notes to Financial Statements(continued)

April 30, 2017 (Unaudited)

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 MSCI 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 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.

140

Notes to Financial Statements(continued)

April 30, 2017 (Unaudited)

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	)

141

Notes to Financial Statements(continued)

April 30, 2017 (Unaudited)

5. TAX INFORMATION (continued)

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:

	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 MSCI SuperDividend® Emerging Markets ETF		760,140		-		760,140
Global X SuperIncomeTM Preferred ETF		8,632,180		12,067,197		20,699,377
Global X Social Media 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

142

Notes to Financial Statements(continued)

April 30, 2017 (Unaudited)

5. TAX INFORMATION (concluded)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at April 30, 2017 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	$	959,264,237	$	57,757,100	$	(62,325,265	)	$	(4,568,165	)
Global X SuperDividend® U.S. ETF		373,357,205		34,143,827		(6,858,053	)		27,285,774
Global X MSCI SuperDividend® EAFE ETF		1,523,302		915,271		(748,039	)		167,232
Global X MSCI SuperDividend® Emerging Markets ETF		10,635,564		550,591		(201,030	)		349,561
Global X SuperDividend® REIT ETF		32,828,241		1,838,157		(683,788	)		1,154,369
Global X SuperIncome™ Preferred ETF		252,785,351		4,149,375		(13,918,978	)		(9,769,603	)
Global X Social Media ETF		99,182,336		11,350,211		(9,354,331	)		1,995,880
Global X | JPMorgan Efficiente Index ETF		5,840,120		498,525		(339	)		498,186
Global X | JPMorgan US Sector Rotator Index ETF		7,288,698		237,177		–			237,177
Global X Permanent ETF		7,810,044		330,981		(665,169	)		(334,188	)
Global X Guru® Index ETF		53,186,120		7,749,617		(2,020,768	)		5,728,849
Global X Guru® Activist Index ETF		1,305,316		213,682		(25,336	)		188,346
Global X Guru® International Index ETF		1,396,742		123,941		(59,189	)		64,752
Global X Scientific Beta US ETF		91,082,744		10,877,691		(1,383,241	)		9,494,450
Global X Scientific Beta Europe ETF		15,633,112		2,372,181		(382,918	)		1,989,263
Global X Scientific Beta Japan ETF		15,010,712		1,893,397		(165,452	)		1,727,945
Global X Scientific Beta Asia ex-Japan ETF		2,125,479		298,502		(76,660	)		221,842
Global X YieldCo Index ETF		7,320,008		894,247		(50,604	)		843,643
Global X S&P 500® Catholic Values ETF		87,019,977		7,569,150		(1,549,681	)		6,019,469

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 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 market 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.

143

Notes to Financial Statements(continued)

April 30, 2017 (Unaudited)

6. CONCENTRATION OF RISKS (concluded)

The Funds (other than the Global X Permanent ETF and Global X|JPMorgan Efficiente 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 and Global X|JPMorgan Efficiente 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 their respective underlying indices, the Global X Permanent ETF, Global X SuperIncome^TM Preferred ETF and Global X|JPMorgan Efficiente 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 April 30, 2017 the value of securities on loan was $63,164,012, $6,675,597, $5,680,030, $4,540,616 and $1,054,530 for the Global X SuperDividend^® ETF, Global X SuperDividend^® U.S. ETF, Global X SuperIncome™ Preferred ETF, Global X Social Media ETF and Global X Guru^® Index ETF, respectively and the value of securities purchased with the cash collateral held from securities on loan was $62,537,029, $6,357,787, $5,482,505, $4,466,363 and $1,010,273 for the Global X SuperDividend^® ETF, Global X SuperDividend^® U.S. ETF, Global X SuperIncome™ Preferred ETF, Global X Social Media ETF and Global X Guru^® Index ETF, respectively.

144

Notes to Financial Statements(continued)

April 30, 2017 (Unaudited)

7. LOANS OF PORTFOLIO SECURITIES (concluded)

The value of the cash collateral held from securities on loan was $3,991,183 $405,760, $349,901, $285,048 and $64,477 for the Global X SuperDividend^® ETF, Global X SuperDividend^® U.S. ETF, Global X SuperIncome™ Preferred ETF, Global X Social Media ETF and Global X Guru^® Index ETF, respectively.

As of April 30, 2017, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X SuperDividend® ETF
Barclays Bank	$	7,663,538	$	8,057,275
Citigroup		407,530		422,260
Credit Suisse		3,161,762		3,288,827
Deutsche Bank		6,120,242		6,544,092
Goldman Sachs & Co.		15,306,100		16,010,405
ING Financial Markets		271,584		295,200
Jefferies		4,877,300		5,130,000
JPMorgan		6,656,344		7,099,698
Merrill Lynch Pierce Fenner & Smith		5,757,871		6,060,694
Morgan Stanley		9,655,821		10,181,286
National Financial Services		802,736		827,175
SG Americas Securities		424,880		452,000
UBS Securities LLC		2,058,304		2,159,300
Global X SuperDividend® U.S. ETF
Barclays Bank		145,080		145,800
Goldman Sachs & Co.		1,094,672		1,153,200
Merrill Lynch Pierce Fenner & Smith		417,105		420,900
Morgan Stanley		5,018,740		5,043,647
Global X SuperIncome™ Preferred ETF
Cantor Fitzgerald & Co.		273,837		281,200
Citigroup		24,794		25,427
Credit Suisse		3,826,603		3,927,431
Deutsche Bank		207,225		212,625
Goldman Sachs & Co.		940,554		968,895
Merrill Lynch Pierce Fenner & Smith		5,144		5,300
Morgan Stanley		401,873		411,528
Global X Social Media ETF
Barclays Bank		1,240,250		1,237,500
Deutsche Bank		821,142		830,550
JPMorgan		761,419		800,881
Merrill Lynch Pierce Fenner & Smith		430,353		462,000
Morgan Stanley		61,402		64,480
Pershing		1,226,050		1,356,000
Global X Guru® Index ETF
BNP Prime Brokerage		459,886		470,800
UBS Securities LLC		594,644		603,950

145

Notes to Financial Statements(conCLUDED)

April 30, 2017 (Unaudited)

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.

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.

10. 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.

11. 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.

146

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 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 (November 1, 2016 through April 30, 2017).

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 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.

147

Disclosure of Fund Expenses(unaudited) (continued)

	Beginning Account Value 11/1/2016		Ending Account Value 4/30/2017		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X SuperDividend® ETF
Actual Fund Return	$	1,000.00	$	1,094.60		0.58	%	$	3.03
Hypothetical 5% Return		1,000.00		1,021.90		0.58			2.93
Global X SuperDividend® U.S. ETF
Actual Fund Return	$	1,000.00	$	1,099.80		0.45	%	$	2.35
Hypothetical 5% Return		1,000.00		1,022.55		0.45			2.27
Global X MSCI SuperDividend® EAFE ETF(2)
Actual Fund Return	$	1,000.00	$	1,141.50		0.55	%	$	2.92
Hypothetical 5% Return		1,000.00		1,022.07		0.55			2.75
Global X MSCI SuperDividend® Emerging Markets ETF
Actual Fund Return	$	1,000.00	$	1,080.80		0.68	%	$	3.48
Hypothetical 5% Return		1,000.00		1,021.45		0.68			3.38
Global X SuperDividend® REIT ETF
Actual Fund Return	$	1,000.00	$	1,084.60		0.59	%	$	3.02
Hypothetical 5% Return		1,000.00		1,021.89		0.59			2.93
Global X SuperIncome™ Preferred ETF
Actual Fund Return	$	1,000.00	$	1,021.30		0.58	%	$	2.91
Hypothetical 5% Return		1,000.00		1,021.92		0.58			2.91
Global X Social Media ETF
Actual Fund Return	$	1,000.00	$	1,130.40		0.65	%	$	3.43
Hypothetical 5% Return		1,000.00		1,021.57		0.65			3.26
Global X | JPMorgan Efficiente Index ETF
Actual Fund Return	$	1,000.00	$	1,073.10		0.70	%	$	3.62
Hypothetical 5% Return		1,000.00		1,021.30		0.70			3.53
Global X | JPMorgan US Sector Rotator Index ETF
Actual Fund Return	$	1,000.00	$	1,078.50		0.69	%	$	3.56
Hypothetical 5% Return		1,000.00		1,021.37		0.69			3.46
Global X Permanent ETF
Actual Fund Return	$	1,000.00	$	1,011.50		0.48	%	$	2.39
Hypothetical 5% Return		1,000.00		1,022.41		0.48			2.41
Global X Guru® Index ETF
Actual Fund Return	$	1,000.00	$	1,141.20		0.75	%	$	3.98
Hypothetical 5% Return		1,000.00		1,021.08		0.75			3.76
Global X Guru® Activist Index ETF
Actual Fund Return	$	1,000.00	$	1,131.40		0.75	%	$	3.96
Hypothetical 5% Return		1,000.00		1,021.08		0.75			3.75
Global X Guru® International Index ETF
Actual Fund Return	$	1,000.00	$	1,074.30		0.75	%	$	3.86
Hypothetical 5% Return		1,000.00		1,021.08		0.75			3.76
Global X Scientific Beta US ETF
Actual Fund Return	$	1,000.00	$	1,114.50		0.19	%	$	1.00
Hypothetical 5% Return		1,000.00		1,023.85		0.19			0.95
Global X Scientific Beta Europe ETF
Actual Fund Return	$	1,000.00	$	1,151.90		0.38	%	$	2.03
Hypothetical 5% Return		1,000.00		1,022.91		0.38			1.91
Global X Scientific Beta Japan ETF
Actual Fund Return	$	1,000.00	$	1,048.00		0.38	%	$	1.95
Hypothetical 5% Return		1,000.00		1,022.89		0.38			1.92

148

Disclosure of Fund Expenses(unaudited) (concluded)

	Beginning Account Value 11/1/2016		Ending Account Value 4/30/2017		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X Scientific Beta Asia ex-Japan ETF
Actual Fund Return	$	1,000.00	$	1,074.30		0.38	%	$	1.96
Hypothetical 5% Return		1,000.00		1,022.91		0.38			1.91
Global X YieldCo Index ETF
Actual Fund Return	$	1,000.00	$	1,072.60		0.66	%	$	3.37
Hypothetical 5% Return		1,000.00		1,021.55		0.66			3.28
Global X S&P 500® Catholic Values ETF
Actual Fund Return	$	1,000.00	$	1,136.50		0.29	%	$	1.54
Hypothetical 5% Return		1,000.00		1,023.36		0.29			1.45

⁽¹⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 181/365 (to reflect the one-half year period), unless otherwise noted.

⁽²⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 168/365 (to reflect the period from inception to date).

149

Approval of Investment Advisory Agreement (Unaudited)

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

At an in person quarterly Board meeting held on November 15, 2016, and called for the purpose, the Board of Trustees (including the Trust’s Independent Trustees voting separately) considered and unanimously approved the continuation of (i) the Investment Advisory Agreement ("Renewal Investment Advisory Agreement") for each Fund included in this Annual Report (each, a “Renewal Fund”) and (ii) the Supervision and Administration Agreement between the Trust ("Renewal Supervision and Administration Agreement"), on behalf of each Renewal Fund, and Global X Management Company LLC ("Global X Management"). The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the "Renewal Agreements."

On September 9, 2016, the Board of Trustees (including the Trust’s Independent Trustees voting separately) also initially considered and unanimously approved (i) the initial Investment Advisory Agreement (“New Investment Advisory Agreement”), for the Global X MSCI SuperDividend^® EAFE ETF (the “New Fund”) and (ii) the Supervision and Administration Agreement between the Trust (“New Supervision and Administration Agreement”), on behalf the fund, and Global X Management. The New Advisory Agreement and the New Supervision and Administration Agreement are referred to collectively as the “New Fund Agreements.”

In advance of the Board meeting, the Board (including the Trust’s Independent Trustees) and the Independent Trustees’ independent legal counsel requested (in writing) detailed information from Global X Management in connection with their consideration of the New Fund Agreements and Renewal Agreements and received and reviewed written responses from Global X Management and supporting materials relating to those requests for information. In the course of their consideration of the New Fund Agreements and Renewal Agreements, the Trust’s Independent Trustees were advised by their counsel and, in addition to meeting with management of Global X Management, they met separately in executive session with their counsel.

In determining to approve the New Fund Agreements for the New Fund and continuation of the Renewal Agreements for each Renewal Fund, the Board considered a variety of factors, including the factors discussed at greater detail below.

150

Approval of Investment Advisory Agreement(Unaudited) (continued)

NEW FUND AGREEMENTS

Nature, Extent and Quality of Services

With respect to this factor, the Board considered:

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

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

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

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

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

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

151

Approval of Investment Advisory Agreement(Unaudited) (continued)

Performance

The Board determined that, because the New Fund had not yet been operational for one calendar year, meaningful data relating to investment performance of the New Fund was not available and, therefore, could not be a factor in approving the New Fund Agreements.

Cost of Services and Profitability

With respect to this factor, the Board considered:

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

• The unitary fee (including the proposed investment advisory fee) ("Management Fee") that was proposed to be borne by the New Fund under the New Fund Agreements for the investment advisory, supervisory and administrative services that the New Fund requires under a unitary fee structure (including the types of fees and expenses that are not included within the unitary fee and would be borne by the New Fund); and

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

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

Comparison of Fees and Services

With respect to this factor, the Board considered:

• comparative information with respect to the proposed Management Fee to be paid to Global X Management by the New Fund. In connection with this consideration, Global X Management provided the Board with comparative expense data for the New Fund, including fees and expenses paid by unaffiliated comparable specialized and/or focused exchange -traded funds, and/or other comparable registered funds;

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

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

152

Approval of Investment Advisory Agreement(Unaudited) (continued)

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

Economies of Scale

With respect to this factor, the Board considered:

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

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

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

Based on these considerations, the Board concluded that approval of the proposed unitary Management

Fee for the New Fund appropriately addressed economies of scale.

Other Benefits

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

Conclusion

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

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

153

Approval of Investment Advisory Agreement(Unaudited) (continued)

RENEWAL AGREEMENTS

Nature, Extent and Quality of Services

With respect to this factor, the Board considered:

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

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

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

• the nature, extent and quality of all of the services (including advisory, administrative and compliance services) that have been provided by Global X Management or made available to the Renewal Funds and the adequacy of Global X Management’s personnel resources that would continue to be made available to the Renewal Funds; and

• Global X Management’s experience and the professional qualifications of Global X Management’s key personnel.

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

Performance

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

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

154

Approval of Investment Advisory Agreement(Unaudited) (continued)

Cost of Services and Profitability

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

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

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

Comparison of Fees and Services

With respect to this factor, the Board considered:

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

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

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

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

155

Approval of Investment Advisory Agreement(Unaudited) (concluded)

Economies of Scale

With respect to this factor, the Board considered:

• the extent to which economies of scale would be realized as the Renewal Funds grow and whether the unitary Management Fee for the Renewal Funds reflected these economies of scale;

• the significant investment of time, personnel and other resources that Global X Management has made and intends to continue to make in the Renewal Funds in order to seek to assure that the Renewal Funds are attractive to investors; and

• that the unitary Management Fee would provide a high level of certainty as to the total level of expenses for the Renewal Funds and their shareholders.

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

Other Benefits

In considering the Renewal Agreements, in addition to the categories discussed above, The Board considered any other benefits realized by Global X Management as a result of its relationships with the Renewal Funds and concluded that all information it considered supported approval of the continuation of the Renewal Agreements.

Conclusion

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

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

156

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

157

NOTES

158

NOTES

159

NOTES

160

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-SA-003-0600

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable 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.

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 registrant’s internal control over financial reporting.

Items 12. Exhibits.

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

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

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

SIGNATURES

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

(Registrant)	Global X Funds
By (Signature and Title)*	/s/ Bruno del Ama
	Bruno del Ama
	President
Date:  July 07, 2017

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: July 07, 2017
By (Signature and Title)*	/s/ Luis Berruga
	Luis Berruga
	Chief Financial Officer
Date: July 07, 2017

* Print the name and title of each signing officer under his or her signature.