Global X Funds NCSRS 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, 20^th floor		250 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: November 30, 2017

Date of reporting period: May 31, 2017

Item 1. Reports to Stockholders.

Global X MLP ETF (ticker: MLPA)

Global X Junior MLP ETF (ticker: MLPJ)

Semi-Annual Report

May 31, 2017

Table of Contents

Schedules of Investments

Global X MLP ETF	1

Global X Junior MLP ETF	2

Statements of Assets and Liabilities	4

Statements of Operations	5

Statements of Changes in Net Assets	6

Financial Highlights	7

Notes to Financial Statements	8

Disclosure of Fund Expenses	19

Supplemental Information	20

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 schedule 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

May 31, 2017 (Unaudited)

Global X MLP ETF

Sector Weightings †:

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

	Shares		Value
MASTER LIMITED PARTNERSHIPS — 99.9%
Oil & Gas — 99.9%
Antero Midstream Partners		439,590	$	15,227,398
Boardwalk Pipeline Partners		719,274		12,997,281
Buckeye Partners		445,018		28,481,152
DCP Midstream Partners		522,797		17,660,083
Enbridge Energy Partners		1,246,402		20,640,417
Energy Transfer Partners		2,400,533		52,235,598
EnLink Midstream Partners		933,796		15,846,518
Enterprise Products Partners		2,313,362		62,021,235
Equities Midstream Partners		338,648		24,978,676
Genesis Energy		605,705		18,891,939
Magellan Midstream Partners		672,398		48,809,371
MPLX		883,157		29,188,339
NuStar Energy		516,391		23,537,102
ONEOK Partners		594,225		29,063,545
Phillips 66 Partners		252,537		12,505,632
Plains All American Pipeline		1,569,446		41,558,930
Shell Midstream Partners		509,911		15,210,645
Spectra Energy Partners		417,921		18,029,112
Tallgrass Energy Partners		265,725		13,179,960
TC PipeLines		299,627		16,860,011
Tesoro Logistics		426,326		22,586,751
Western Gas Partners		473,423		26,383,864
Williams Partners		901,862		35,325,935
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $542,936,597)				601,219,494
TOTAL INVESTMENTS — 99.9%
(Cost $542,936,597)			$	601,219,494

Percentages are based on Net Assets of $601,898,696.

As of May 31, 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 May 31, 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.

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Junior MLP ETF

Sector Weightings †:

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

	Shares		Value
MASTER LIMITED PARTNERSHIPS — 99.9%
BERMUDA — 3.5%
Oil & Gas — 3.5%
Teekay LNG Partners		18,080	$	274,816
MONACO — 2.6%
Oil & Gas — 2.6%
GasLog Partners		9,293		203,517
UNITED KINGDOM — 6.0%
Oil & Gas — 6.0%
Golar LNG Partners		16,370		323,471
KNOT Offshore Partners		7,067		149,820
TOTAL UNITED KINGDOM				473,291
UNITED STATES — 87.8%
Basic Materials — 5.0%
Hi-Crush Partners ^*		20,767		271,010
Terra Nitrogen		1,544		125,929
				396,939
Oil & Gas — 82.8%
Alliance Holdings GP		10,291		291,338
Alliance Resource Partners		14,353		308,589
American Midstream Partners		12,363		148,974
Archrock Partners		12,174		188,575
Black Stone Minerals		23,962		391,299
Cheniere Energy Partners		12,447		400,171
Cone Midstream Partners		7,616		161,688
Crestwood Equity Partners		15,869		363,400
CVR Refining Partners		46,795		453,912
Delek Logistics Partners		2,929		88,749
Dominion Energy Midstream Partners		18,335		525,298
Holly Energy Partners		13,446		440,491
Martin Midstream Partners		10,576		192,483
Noble Midstream Partners		4,355		200,286
NuStar GP Holdings		11,336		294,169
Rice Midstream Partners		24,431		598,804
Suburban Propane Partners		20,509		484,833
Summit Midstream Partners		15,157		350,127
SunCoke Energy Partners		5,707		95,021
Teekay Offshore Partners		38,151		119,413

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Junior MLP ETF

	Shares		Value
MASTER LIMITED PARTNERSHIPS — continued
Oil & Gas — continued
Transmontaigne Partners		4,333	$	180,036
USA Compression Partners		9,571		147,106
Viper Energy Partners		5,086		86,564
Western Refining Logistics		1,507		37,223
				6,548,549
TOTAL UNITED STATES				6,945,488
TOTAL INVESTMENTS — 99.9%
(Cost $7,549,780)			$	7,897,112

Percentages are based on Net Assets of $7,907,594.

*	Non-income producing security.

As of May 31, 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 May 31, 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.

Statements of Assets and Liabilities

May 31, 2017 (Unaudited)

	Global X MLP ETF			Global X Junior MLP ETF
Assets:
Cost of Investments	$	542,936,597		$	7,549,780
Investments, at Value	$	601,219,494		$	7,897,112
Receivable for Investment Securities Sold		47,197,692			—
Receivable for Capital Shares Sold		4,463,198			—
Income Tax Receivable		1,262,519			20,390
Dividend and Interest Receivable		—			3,390
Total Assets		654,142,903			7,920,892
Liabilities:
Payable for Investment Securities Purchased		51,006,583			—
Due to Custodian		990,224			1,608
Payable due to Investment Adviser		218,467			5,264
Franchise Tax Payable		25,069			6,426
Overdraft Fees		3,864			—
Total Liabilities		52,244,207			13,298
Net Assets	$	601,898,696		$	7,907,594
Net Assets Consist of:
Paid-in Capital	$	611,186,590		$	12,719,011
Distributions in Excess of Net Investment Income, Net of Taxes		(9,602,348	)		(2,164,004	)
Accumulated Net Realized Loss on Investments, Net of Taxes		(70,805,409	)		(2,998,424	)
Net Unrealized Appreciation on Investments, Net of Taxes		71,119,863			351,011
Net Assets	$	601,898,696		$	7,907,594
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		54,950,000			1,000,000

Net Asset Value, Offering and Redemption Price Per Share	$	10.95		$	7.91

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

Statements of Operations

For the period ended May 31, 2017 (Unaudited)

	Global X MLP ETF			Global X Junior MLP ETF
Investment Income:
Dividend Income	$	—		$	9,534
Distributions from Master Limited Partnerships		17,293,306			308,003
Less: Return of Capital Distributions		(17,293,306	)		(312,890	)
Interest Income		349			10
Total Investment Income		349			4,657
Supervision and Administration Fees⁽¹⁾		1,085,326			32,206
Custodian Fees		11,933			—
Total Expenses		1,097,259			32,206
Net Investment Loss, Before Taxes		(1,096,910	)		(27,549	)
Tax Benefit/(Expense), Net of Valuation Allowance		—			—
Net Investment Loss, Net of Taxes		(1,096,910	)		(27,549	)
Net Realized Loss on:
Investments		(5,747,571	)		(100,051	)
Tax Benefit/(Expense), Net of Valuation Allowance		—			—
Net Realized Loss on Investments, Net of Taxes		(5,747,571	)		(100,051	)
Net Change in Unrealized Appreciation on:
Investments		3,753,714			207,655
Tax Benefit/(Expense), Net of Valuation Allowance		—			—
Net Change in Unrealized Appreciation on Investments, Net of Taxes		3,753,714			207,655
Net Realized and Unrealized Gain (Loss) on Investments, Net of Taxes		(1,993,857	)		107,604
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(3,090,767	)	$	80,055

⁽¹⁾

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

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

Statements of Changes in Net Assets

	Global X MLP ETF						Global X Junior MLP ETF
	Period Ended May 31, 2017 (Unaudited)			Year Ended November 30, 2016			Period Ended May 31, 2017 (Unaudited)			Year Ended November 30, 2016
Operations:
Net Investment Loss, Net of Taxes	$	(1,096,910	)	$	(1,905,781	)	$	(27,549	)	$	(57,556	)
Net Realized Loss on Investments, Net of Taxes		(5,747,571	)		(50,855,744	)		(100,051	)		(1,816,737	)
Net Change in Unrealized Appreciation on Investments, Net of Taxes		3,753,714			93,706,347			207,655			1,847,520
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,090,767	)		40,944,822			80,055			(26,773	)
Dividends and Distributions:
Net Investment Income		—			(429,219	)		—			—
Tax Return of Capital		(17,368,750	)		(21,600,606	)		(282,500	)		(557,000	)
Total Dividends and Distributions		(17,368,750	)		(22,029,825	)		(282,500	)		(557,000	)
Capital Share Transactions:
Issued		254,006,905			213,606,280			—			2,686,310
Redeemed		(5,214,260	)		(41,082,576	)		—			(386,506	)
Increase in Net Assets from Capital Share Transactions		248,792,645			172,523,704			—			2,299,804
Total Increase (Decrease) in Net Assets		228,333,128			191,438,701			(202,445	)		1,716,031
Net Assets:
Beginning of Year/Period		373,565,568			182,126,867			8,110,039			6,394,008
End of Year/Period	$	601,898,696		$	373,565,568		$	7,907,594		$	8,110,039
Distributions in Excess of Net Investment Income, Net of Taxes	$	(9,602,348	)	$	(8,505,438	)	$	(2,164,004	)	$	(2,136,455	)

Share Transactions:
Issued		22,150,000			20,400,000			—			350,000
Redeemed		(450,000	)		(4,400,000	)		—			(50,000	)
Net Increase in Shares Outstanding from Share Transactions		21,700,000			16,000,000			—			300,000

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

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Year/Period

																												Ratio of Expenses to Average Net Assets								Ratio of Investment Income/(Loss) to Average Net Assets
	Net Asset Value, Beginning of Period ($)		Net Investment Loss ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Return of Capital ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Before Net Deferred Tax Expense (%)		Net Tax Expense (%)			Total Expenses (%)			Before Net Tax Benefit (%)			Net Tax Benefit (%)			Net Investment Loss (%)			Portfolio Turnover (%)††
Global X MLP ETF
2017(Unaudited)		11.24		(0.03	)		0.14	^		0.11			—			(0.40	)		(0.40	)		10.95		0.81			601,899		0.45		—			0.45	†		(0.45	)		—			(0.45	)†		16.72
2016		10.56		(0.07	)		1.58			1.51			(0.02	)		(0.81	)		(0.83	)		11.24		15.34			373,566		0.47		0.03			0.50			(0.47	)		(0.23	)		(0.70	)		37.20
2015		16.45		(0.09	)		(4.83	)		(4.92	)		—			(0.97	)		(0.97	)		10.56		(31.08	)		182,127		0.45		(4.81	)		(4.36	)		(0.44	)		(0.18	)		(0.62	)		47.44
2014		16.11		(0.05	)		1.32			1.27			(0.60	)		(0.33	)		(0.93	)		16.45		7.95			142,279		0.47		3.52			3.99			(0.47	)		0.17			(0.30	)		30.65
2013		14.85		(0.05	)		2.22			2.17			(0.26	)		(0.65	)		(0.91	)		16.11		14.85			66,852		0.47		7.20			7.67			(0.47	)		0.18			(0.29	)		14.15
2012⁽¹⁾		14.96		(0.04	)		0.58			0.54			(0.02	)		(0.63	)		(0.65	)		14.85		3.74			16,330		0.45		3.07			3.52	†		(0.45	)		0.17			(0.28	)†		6.43
Global X Junior MLP ETF
2017(Unaudited)		8.11		(0.03	)		0.11			0.08			—			(0.28	)		(0.28	)		7.91		0.75			7,908		0.75		—			0.75	†		(0.64	)		—			(0.64	)†		26.22
2016		9.13		(0.07	)		(0.25	)^		(0.32	)		—			(0.70	)		(0.70	)		8.11		(2.47	)		8,110		0.88		—			0.88			(0.88	)		(0.03	)		(0.91	)		61.56
2015		15.42		(0.18	)		(5.06	)		(5.24	)		(0.46	)		(0.59	)		(1.05	)		9.13		(35.30	)		6,394		0.75		(6.30	)		(5.55	)		(0.73	)		(0.70	)		(1.43	)		57.32
2014		15.64		(0.07	)		0.85			0.78			(1.00	)		—			(1.00	)		15.42		4.75			16,964		0.75		2.03			2.78			(0.63	)		0.23			(0.40	)		70.42
2013⁽²⁾		15.09		(0.07	)		1.68			1.61			(0.75	)		(0.31	)		(1.06	)		15.64		10.86			14,073		0.81		4.30			5.11	†		(0.81	)		0.29			(0.52	)†		68.54

(1)	The Fund commenced operations on April 18, 2012.
(2)	The Fund commenced operations on January 14, 2013.
^	The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
*	Per share data calculated using average shares method.
**	Total Return is based on the change in net asset value of a share during the year/period and assumes reinvestment of dividends and distributions at net asset value. Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and has 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.

Notes to Financial Statements

May 31, 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 May 31, 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 MLP ETF (“MLP”) and Global X Junior MLP ETF (“Junior MLP”) (each a “Fund”, and collectively, the “Funds”). Each Fund has 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, and could have a material impact on the Funds.

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.

MLPs – The Funds invest in MLPs in addition to other exchange-traded securities. 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.

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.

Notes to Financial Statements (continued)

May 31, 2017 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security’s 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 May 31, 2017, there were no securities priced using the Fair Value Procedures.

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

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

Notes to Financial Statements (continued)

May 31, 2017 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (continued)

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 May 31, 2017, there have been no significant changes to the Funds’ fair valuation methodologies.

FEDERAL INCOME TAXES – The Funds are taxed as regular C-corporations for federal income tax purposes. Currently, the maximum marginal regular federal income tax rate for a corporation is 35 percent. The Funds may be subject to a 20 percent federal alternative minimum tax on their federal alternative taxable income to the extent that their alternative minimum tax liability exceeds their regular federal income tax liability. This differs from most investment companies, which elect to be treated as “regulated investment companies” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) in order to avoid paying entity-level income taxes. Under current law, the Funds are not eligible to elect treatment as regulated investment companies due to their investments primarily in MLPs invested in energy assets. As a result, the Funds will be obligated to pay applicable federal and state corporate income taxes on their taxable income as opposed to most other investment companies, which are not so obligated. The Funds expect that a portion of the distributions that are received from MLPs may be treated as a tax-deferred return of capital, thus reducing the Funds’ current tax liability. However, the amount of taxes currently paid by the Funds will vary depending on the amount of income and gains derived from investments and/or sales of MLP interests and such taxes have the potential to reduce an investor’s return from an investment in the Funds.

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

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits within the income tax expense line in the accompanying Statement of Operations. Accrued interest and penalties, if any, are included within the related tax liability line in the Statement of Assets and Liabilities. During the period ended May 31, 2017, the Funds did not incur any interest or penalties.

Notes to Financial Statements (continued)

May 31, 2017 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

FEDERAL INCOME TAXES (continued)

Since the Funds will be subject to taxation on their taxable income, the NAV of Fund shares will also be reduced by the accrual of any current and deferred tax liabilities.

The Funds’ income tax expense/(benefit) consists of the following:

For the period ended May 31, 2017

	Current				Deferred						Total
	MLP		Junior MLP		MLP			Junior MLP			MLP			Junior MLP
Federal	$	-	$	-	$	(1,102,036	)	$	28,150		$	(1,102,036	)	$	28,150
State		-		-		(61,084	)		2,641			(61,084	)		2,641
Valuation allowance		-		-		1,163,120			(30,791	)		1,163,120			(30,791	)
Total tax expense (benefit)	$	-	$	-	$	-		$	-		$	-		$	-

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

Components of the Funds’ deferred tax assets and liabilities are as follows:

For the period ended May 31, 2017

	MLP			Junior MLP
Deferred tax assets:
Net operating loss carryforward	$	7,970,998		$	197,578
Capital loss carryforward		7,330,217			983,675
Other		138,848			39,216
Less Valuation Allowance		(1,698,260	)		(1,139,213	)
Less Deferred tax liabilities:
Net unrealized gain on investment securities		(13,741,803	)		(81,256	)
Net Deferred Tax Asset	$	-		$	-

Each Fund reviews the recoverability of its deferred tax assets based upon the weight of available evidence. When assessing the recoverability of its deferred tax assets, significant weight was given to the effects of potential future realized and unrealized gains on investments and the period over which these deferred tax assets can be realized. Currently, any capital losses that may be generated by the Funds are eligible to be carried back up to three years and can be carried forward for five years to offset capital gains recognized by the Fund in those years. Net operating losses that may be generated by the Funds are eligible to be carried back up to two years and can be carried forward for 20 years to offset income generated by the Fund in those years.

Notes to Financial Statements (continued)

May 31, 2017 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

FEDERAL INCOME TAXES (continued)

The Funds have estimated net operating loss carryforwards for federal tax income purposes as follows:

Year Ended

Amount

Expiration

MLP

11/30/2016

3,371,920

11/30/2036

MLP

11/30/2017

18,206,311

11/30/2037

Junior MLP

11/30/2015

62,479

11/30/2035

Junior MLP

11/30/2016

301,459

11/30/2036

Junior MLP

11/30/2017

167,328

11/30/2037

The Funds have estimated capital loss carryforwards for federal tax income purposes as follows:

Year Ended

Amount

Expiration

MLP

11/30/2016

19,843,576

11/30/2021

Junior MLP

11/30/2015

354,711

11/30/2020

Junior MLP

11/30/2016

2,088,923

11/30/2021

Junior MLP

11/30/2017

201,364

11/30/2022

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

Total income tax expense/(benefit) (current and deferred) differs from the amount computed by applying the federal statutory income tax rate of 35% for Global X MLP ETF and 34% for Global X Junior MLP ETF to net investment and realized and unrealized gain/(losses) on investment before taxes as follows:

For the period ended May 31, 2017

	MLP					Junior MLP
Income tax expense at statutory rate	$	(1,081,767	)	-35.00	%	$	27,219		34.00	%
State income taxes (net of federal benefit)		(59,961	)	-1.94	%		1,685		2.10	%
Permanent differences, net		(19,145	)	-0.62	%		577		0.72	%
Other adjustments		(2,247	)	-0.07	%		1,311		1.64	%
Change in valuation allowance		1,163,120		37.63	%		(30,792	)	-38.46	%
	$	-		0.00	%	$	-		0.00	%

The difference in federal statutory rates between the two Funds relates to the progressive nature of the federal corporate income tax brackets and management’s expectation of what rates to which the Funds will be subject.

Notes to Financial Statements (continued)

May 31, 2017 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

FEDERAL INCOME TAXES (continued)

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions, and have concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state tax returns filed since inception of the Funds. No U.S. federal or state income tax returns are currently under examination. The tax years ended November 30, 2016, 2015, 2014 and 2013 remain subject to examination by tax authorities in the U.S. Due to the nature of the Funds’ investments, the Funds may be required to file income tax returns in several states. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Funds have accrued a state franchise tax liability for the period ended May 31, 2017. State franchise taxes are separate and distinct from state income taxes. State franchise taxes are imposed on a corporation for the right to conduct business in the state and typically are based off the net worth or capital apportioned to a state. Due to the nature of the Funds’ investments, the Funds may be required to file franchise state returns in several states.

The adjusted cost basis of investment and gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation
Global X MLP ETF	$	564,019,160	$	47,814,206	$	(10,613,872	)	$	37,200,334
Global X Junior MLP ETF		7,678,622		764,588		(546,098	)		218,490

The difference between cost amounts for financial statement purposes and tax purposes is due primarily to the recognition of return of capital, differing cost relief methodologies, and wash sales adjustments from the Funds’ investments in MLPs.

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.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS – The Funds intend to declare and make quarterly distributions; however, the Board may determine to make distributions at its own discretion. Distributions from net investment income are determined in accordance with income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Funds, timing differences and differing characterization of distributions made by the Funds.

The Funds also expect that a portion of the distributions they receive from MLPs may be treated as a tax deferred return of capital, thus reducing the Funds’ current tax liability. Return of capital distributions are not taxable income to the shareholder, but reduce the shareholder’s tax basis in the shareholder’s Fund shares. Such a reduction in tax basis will result in larger taxable gains and/or lower tax losses on a subsequent sale of Fund shares. Shareholders who periodically receive the payment of dividends or other distributions consisting of a return of capital may be under the impression that they are receiving net profits from the Funds when, in fact, they are not. Shareholders should not assume that the source of the distributions is from the net profits of the Funds.

Notes to Financial Statements (continued)

May 31, 2017 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

For the period ended May 31, 2017, the Funds made the following tax basis distributions from MLP distributions received.

	MLP		Junior MLP
Net investment income	$	-	$	-
Return of capital		17,368,750		282,500
Total	$	17,368,750	$	282,500

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 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. The creation fee may be waived for a Fund until it reaches a certain asset size. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to the 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 the Creation Unit breakdown:

	Creation Unit Shares		Creation Fee		Value at May 31, 2017		Redemption Fee
Global X MLP ETF		50,000	$	250	$	547,500	$	250
Global X Junior MLP ETF		50,000		250		395,500		250

CASH OVERDRAFT CHARGES – Per the terms of the 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 PARTY 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, if any, (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 (stated as a percentage of the average daily net assets of the Fund). In addition, the Funds bear other expenses 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, 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:

Notes to Financial Statements (continued)

May 31, 2017 (Unaudited)

3. RELATED PARTY TRANSACTIONS (concluded)

	Supervision and
	Administration Fee
Global X MLP ETF		0.45	%
Global X Junior MLP ETF		0.75	%

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.

Cohen & Company, Ltd. (“Cohen”) prepares Federal form 1120 and state tax returns for the Funds. In addition, among other things, Cohen has been engaged to assist the Funds in the calculation of the current and deferred tax provisions for financial statement purposes for the Funds’ period ended May 31, 2017.

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

Brown Brothers Harriman & Co. (“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. As transfer agent, BBH has agreed to (1) issue and redeem shares of each Fund, (2) make dividend and other distributions to shareholders of each Fund, (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts, and (5) make periodic reports to the Funds. As compensation for these services, BBH receives certain out of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

4. INVESTMENT TRANSACTIONS

For the period ended May 31, 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
Global X MLP ETF	$	82,734,445	$	106,562,284
Global X Junior MLP ETF		2,232,334		2,537,176

Notes to Financial Statements (continued)

May 31, 2017 (Unaudited)

4. INVESTMENT TRANSACTIONS (concluded)

For the year or period ended November 30, 2016 and May 31 2017, in-kind transactions associated with creations and redemptions were, respectively:

			Sales and		Realized
2016	Purchases		Maturities		Gain/(Loss)
Global X M LP ETF	$	213,710,271	$	-	$	-
Global X Junior M LP ETF		2,683,645		-		-

			Sales and		Realized
2017	Purchases		Maturities		Gain/(Loss)
Global X M LP ETF	$	254,173,162	$	-	$	-
Global X Junior M LP ETF		-		-		-

For the period ended May 31, 2017, there were no purchases or sales of long term U.S. Government securities for the Funds.

5. CONCENTRATION OF RISKS

The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of an underlying index in approximately the same proportions as 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 its 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 their 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 their underlying indices). A more complete description of risks is included in each Fund’s prospectus and SAI.

Under normal circumstances, the Funds invest at least 80% of their total assets in securities of their Underlying Index, which are subject to certain risks, such as supply and demand risk, depletion and exploration risk, and the risk associated with the hazards inherent in midstream energy industry activities. A substantial portion of the cash flow received by the Funds is derived from investment in equity securities of MLPs. The amount of cash that an MLP has available for distributions and the tax character of such distributions are dependent upon the amount of cash generated by the MLP’s operations.

MLPs operating in the energy sector are subject to risks that are specific to the industry they serve.

Midstream - Midstream MLPs that provide crude oil, refined product and natural gas services are subject to supply and demand fluctuations in the markets they serve which may be impacted by a wide range of factors including fluctuating commodity prices, weather, increased conservation or use of alternative fuel sources, increased governmental or environmental regulation, depletion, rising interest rates, declines in domestic or foreign production, accidents or catastrophic events, increasing operating expenses and economic conditions, among others.

Exploration and production - Exploration and production MLPs produce energy resources, including natural gas and crude oil. Exploration and production MLPs that own oil and gas reserves are particularly vulnerable to declines in the demand for and prices of crude oil and natural gas. Substantial downward adjustments in reserve estimates could have a material adverse effect on the value of such reserves and the financial condition of an MLP. Exploration and production MLPs seek to reduce cash flow volatility associated with commodity prices by executing multi-year hedging strategies that fix the price of gas and oil produced. There can be no assurance that the hedging strategies currently employed by these MLPs are currently effective or will remain effective.

Notes to Financial Statements (continued)

May 31, 2017 (Unaudited)

5. CONCENTRATION OF RISKS (concluded)

Marine shipping - Marine shipping MLPs are primarily marine transporters of natural gas, crude oil or refined petroleum products. Marine shipping companies are exposed to many of the same risks as other energy companies. The highly cyclical nature of the marine transportation industry may lead to volatile changes in charter rates and vessel values, which may adversely affect the revenues, profitability and cash flows of MLPs with marine transportation assets.

Propane - Propane MLPs are distributors of propane to homeowners for space and water heating. MLPs with propane assets are subject to earnings variability based upon weather conditions in the markets they serve, fluctuating commodity prices, customer conservation and increased use of alternative fuels, increased governmental or environmental regulation, and accidents or catastrophic events, among others.

Natural Resource - MLPs with coal, timber, fertilizer and other mineral assets are subject to supply and demand fluctuations in the markets they serve, which will be impacted by a wide range of domestic and foreign factors including fluctuating commodity prices, the level of their customers’ coal stockpiles, weather, increased conservation or use of alternative fuel sources, increased governmental or environmental regulation, depletion, declines in production, mining accidents or catastrophic events, health claims and economic conditions, among others.

6. 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% for U.S.-based securities and 105% for foreign based securities. 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 May 31, 2017, the Funds had no securities on loan.

7. CONTRACTUAL OBLIGATIONS

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

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

Notes to Financial Statements (concluded)

May 31, 2017 (Unaudited)

8. 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.

9. SUBSEQUENT EVENTS

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

Disclosure of Fund Expenses (Unaudited)

All Exchange Traded Funds (“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 any brokerage fees as a result of his or her investment in the Fund, which is not reflected in the table below.

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 six-month period shown and held for the entire period (December 1, 2016 to May 31, 2017).

The table below 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.

	Beginning Account Value 12/1/2016		Ending Account Value 5/31/2017		Annualized Expense Ratios⁽²⁾			Expenses Paid During Period⁽¹⁾
Global X MLP ETF
Actual Fund Return	$	1,000.00	$	1,008.10		0.45	%	$	2.25
Hypothetical 5% Return		1,000.00		1,022.69		0.45			2.27
Global X Junior MLP ETF
Actual Fund Return	$	1,000.00	$	1,007.50		0.75	%	$	3.75
Hypothetical 5% Return		1,000.00		1,021.19		0.75			3.78

⁽¹⁾

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

⁽²⁾

During the period ended May 31, 2017 the Funds had a tax benefit. During periods/years when the Funds have a tax expense, expenses could be higher.

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 each Fund’s 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.

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-005-0500

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

Global X SuperDividend^® Alternatives ETF (ticker: ALTY)

Semi-Annual Report

May 31, 2017

Table of Contents

Schedules of Investments

Global X MLP & Energy Infrastructure ETF	1

Global X SuperDividend^®Alternatives ETF	3

Statements of Assets and Liabilities	6

Statements of Operations	7

Statements of Changes in Net Assets	8

Financial Highlights	9

Notes to Financial Statements	10

Disclosure of Fund Expenses	21

Supplemental Information	22

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

May 31, 2017 (Unaudited)

Global X MLP & Energy Infrastructure ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments. Approximately 76% of the securities are Common Stock and 24% are Master Limited Partnerships.

	Shares		Value
COMMON STOCK — 76.0%
Oil & Gas — 76.0%
Archrock		442,438	$	4,645,599
Cheniere Energy ^*		371,174		18,083,597
Cheniere Energy Partners Holdings		244,405		6,562,274
Enbridge^		701,263		27,005,638
Enbridge Energy Management ^*		493,042		7,928,115
EnLink Midstream		429,106		7,316,257
EQT		225,333		12,454,155
Kinder Morgan		1,286,433		24,133,483
ONEOK		392,101		19,479,578
Plains GP Holdings, Cl A		454,563		12,123,195
SemGroup, Cl A		386,966		11,995,946
Tallgrass Energy GP, Cl A		396,189		10,209,791
TransCanada^		551,918		25,636,591
Williams		741,011		21,192,915

TOTAL COMMON STOCK
(Cost $216,527,674)				208,767,134

MASTER LIMITED PARTNERSHIPS — 23.8%
Oil & Gas — 23.8%
Antero Midstream Partners		29,586		1,024,859
Boardwalk Pipeline Partners		48,384		874,299
Buckeye Partners		54,871		3,511,744
DCP Midstream Partners		35,235		1,190,238
Dominion Midstream Partners		21,273		609,471
Enable Midstream Partners		33,337		514,390
Energy Transfer Partners		399,382		8,690,552
EnLink Midstream Partners		62,930		1,067,922
Enterprise Products Partners		475,662		12,752,498
Equities Midstream Partners		22,890		1,688,367
Genesis Energy		40,891		1,275,390
Holly Energy Partners		17,381		569,402
Magellan Midstream Partners		89,306		6,482,722
MPLX		107,025		3,537,176
NuStar Energy		34,282		1,562,574
ONEOK Partners		67,204		3,286,948
Phillips 66 Partners		17,513		867,244
Plains All American Pipeline		148,523		3,932,889

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X MLP & Energy Infrastructure ETF

	Shares		Value
MASTER LIMITED PARTNERSHIPS — continued
Oil & Gas — continued
Shell Midstream Partners		34,414	$	1,026,570
Spectra Energy Partners		28,233		1,217,972
Tallgrass Energy Partners		17,892		887,443
TC PipeLines		20,169		1,134,910
Tesoro Logistics		28,766		1,524,023
Valero Energy Partners		9,442		426,873
Western Gas Partners		32,056		1,786,481
Williams Partners		99,302		3,889,659

TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $62,429,030)				65,332,616
TOTAL INVESTMENTS — 99.8%
(Cost $278,956,704)			$	274,099,750

Percentages are based on Net Assets of $274,696,265.

^	Canadian security listed on the New York Stock Exchange and Toronto Stock Exchange.
*	Non-income producing security.

Cl — Class

As of May 31, 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 May 31, 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.

Schedule of Investments

May 31, 2017 (Unaudited)

Global X SuperDividend^® Alternatives ETF

Sector Weightings †:

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

	Shares		Value
REGISTERED INVESTMENT COMPANIES — 33.5%
BlackRock Global Opportunities Equity Trust		22,390	$	296,668
BlackRock Income Trust		41,955		264,736
Eaton Vance Risk-Managed Diversified Equity Income Fund		29,246		271,988
Eaton Vance Tax Managed Global Buy Write Opportunities Fund		24,975		287,962
Morgan Stanley Emerging Markets Domestic Debt Fund		33,620		272,658
Nuveen Mortgage Opportunity Term Fund		11,313		285,540
Stone Harbor Emerging Markets Income Fund		17,924		299,330
Templeton Emerging Markets Income Fund		24,309		276,393
Voya Global Equity Dividend and Premium Opportunity Fund		38,348		290,678
Western Asset Emerging Markets Debt Fund		16,892		266,725
Western Asset Mortgage Defined Opportunity Fund		11,662		293,299
TOTAL REGISTERED INVESTMENT COMPANIES
(Cost $2,934,046)				3,105,977

COMMON STOCK — 29.3%
Financials — 18.8%
Ares Capital		8,055		134,116
BlackRock Capital Investment		15,018		116,690
Fifth Street Finance		21,651		88,553
Goldman Sachs BDC		5,698		127,122
Golub Capital BDC		6,728		136,780
Hercules Capital		9,196		119,824
Main Street Capital		3,657		139,405
Medley Capital		16,517		100,589
New Mountain Finance		9,057		131,779
PennantPark Investment		16,664		124,647
Prospect Capital		15,479		123,522
Solar Capital		6,043		130,589
TCP Capital		7,578		127,992
TPG Specialty Lending		6,854		141,741
				1,743,349
Industrials — 1.2%
Macquarie Infrastructure		1,410		109,839

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X SuperDividend^® Alternatives ETF

	Shares		Value
COMMON STOCK — continued
Utilities — 9.3%
Avangrid		2,722	$	123,660
CenterPoint Energy		5,016		143,508
Duke Energy		1,451		124,322
Entergy		1,521		120,250
FirstEnergy		3,527		103,129
PPL		3,292		131,384
Southern		2,270		114,885
				861,138
TOTAL COMMON STOCK
(Cost $2,679,846)				2,714,326

EXCHANGE TRADED FUNDS — 26.4%
AllianzGI NFJ Dividend Interest & Premium Strategy Fund		21,349		283,728
Global X SuperDividend^® REIT ETF ^(A)		143,616		2,168,602
TOTAL EXCHANGE TRADED FUNDS
(Cost $2,361,111)				2,452,330

MASTER LIMITED PARTNERSHIPS — 10.5%
Financials — 1.9%
Apollo Global Management, Cl A		6,623		179,020
Industrials — 1.3%
Icahn Enterprises		2,420		115,434
Oil & Gas — 5.8%
CVR Refining		12,690		123,093
DCP Midstream Partners		3,330		112,487
Enbridge Energy Partners		4,641		76,855
Martin Midstream Partners		5,920		107,744
Sunoco		4,075		121,517
				541,696
Utilities — 1.5%
Ferrellgas Partners		9,984		55,611
Suburban Propane Partners		3,544		83,780
				139,391
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $1,054,261)				975,541

TOTAL INVESTMENTS — 99.7%
(Cost $9,029,264)			$	9,248,174

Percentages are based on Net Assets of $9,279,411.

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X SuperDividend^® Alternatives ETF

(A)

Affiliated security (see Note 3 in Notes to Financial Statements).

ETF — Exchange Traded Fund

REIT — Real Estate Investment Trust

As of May 31, 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 May 31, 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.

Statements of Assets and Liabilities

May 31, 2017 (Unaudited)

	Global X MLP & Energy Infrastructure ETF			Global X SuperDividend^® Alternatives ETF
Assets:
Cost of Investments	$	278,956,704		$	6,935,034
Cost of Affiliated Investments		—			2,094,230

Investments, at Value	$	274,099,750		$	7,079,572
Affiliated Investments, at Value		—			2,168,602
Cash		130,435			16,570
Receivable for Investment Securities Sold		28,052,529			—
Receivable for Capital Shares Sold		1,363,198			—
Dividend and Interest Receivable		397,115			20,574
Reclaim Receivable		77,662			—
Total Assets		304,120,689			9,285,318
Liabilities:
Payable for Investment Securities Purchased		29,319,563			—
Payable due to Investment Adviser		104,861			5,907
Total Liabilities		29,424,424			5,907
Net Assets	$	274,696,265		$	9,279,411
Net Assets Consist of:
Paid-in Capital	$	330,355,675		$	9,111,364
Distributions in Excess of Net Investment Income		(2,542,902	)		(57,740	)
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(48,259,554	)		6,877
Net Unrealized Appreciation (Depreciation) on Investments and Affiliated Investments		(4,856,954	)		218,910
Net Assets	$	274,696,265		$	9,279,411
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		20,150,000			600,000
Net Asset Value, Offering and Redemption Price Per Share	$	13.63		$	15.47

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

Statements of Operations

For the period ended May 31, 2017 (Unaudited)

	Global X MLP & Energy Infrastructure ETF			Global X SuperDividend^® Alternatives ETF
Investment Income:
Dividend Income	$	2,444,699		$	206,801
Dividend Income, from Affiliated Investments		—			66,449
Interest Income		312			—
Security Lending Income		6,486			—
Less: Foreign Taxes Withheld		(140,138	)		—
Total Investment Income		2,311,359			273,250
Supervision and Administration Fees⁽¹⁾		449,629			28,317
Custodian Fees		8			109
Total Expenses		449,637			28,426
Net Investment Income		1,861,722			244,824
Net Realized Loss on:
Investments		(7,419,504	)		(5,266	)
Affiliated Investments		—			(138	)
Foreign Currency Transactions		(21	)		—
Net Realized Loss on Investments and Foreign Currency Transactions		(7,419,525	)		(5,404	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(8,790,897	)		296,694
Affiliated Investments		—			88,042
Net Change in Unrealized Appreciation (Depreciation) on Investments		(8,790,897	)		384,736
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		(16,210,422	)		379,332
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(14,348,700	)	$	624,156

⁽¹⁾

The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Fund for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

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

Statements of Changes in Net Assets

	Global X MLP & Energy Infrastructure ETF						Global X SuperDividend^® Alternatives ETF
	Period Ended May 31, 2017 (Unaudited)			Year Ended November 30, 2016			Period Ended May 31, 2017 (Unaudited)			Year Ended November 30, 2016
Operations:
Net Investment Income	$	1,861,722		$	2,533,589		$	244,824		$	158,010
Net Realized Gain (Loss) on Investments, Affiliated Investments and Foreign Currency Transactions		(7,419,525	)		(20,081,531	)⁽¹⁾		(5,404	)		1,568
Net Change in Unrealized Appreciation (Depreciation) on Investments and Affiliated Investments		(8,790,897	)		29,248,244			384,736			(104,583	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(14,348,700	)		11,700,302			624,156			54,995
Dividends and Distributions from:
Net Investment Income		(6,260,034	)		(4,335,500	)		(283,031	)		(167,364	)
Return of Capital		—			—			—			(21,650	)
Total Dividends and Distributions		(6,260,034	)		(4,335,500	)		(283,031	)		(189,014	)
Capital Share Transactions:
Issued		164,854,065			50,083,651			3,811,683			3,817,357
Redeemed		—			(24,679,663	)		—			—
Increase in Net Assets from Capital Share Transactions		164,854,065			25,403,988			3,811,683			3,817,357
Total Increase in Net Assets		144,245,331			32,768,790			4,152,808			3,683,338
Net Assets:
Beginning of Year/Period		130,450,934			97,682,144			5,126,603			1,443,265
End of Year/Period	$	274,696,265		$	130,450,934		$	9,279,411		$	5,126,603
Undistributed (Distributions in Excess of) Net Investment Income	$	(2,542,902	)	$	1,855,410		$	(57,740	)	$	(19,533	)
Share Transactions:
Issued		11,350,000			3,700,000			250,000			250,000
Redeemed		—			(2,150,000	)		—			—
Net Increase in Shares Outstanding from Share Transactions		11,350,000			1,550,000			250,000			250,000

⁽¹⁾

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

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

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Year/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 ($)			Return of Capital ($)			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 MLP & Energy Infrastructure ETF
2017 (Unaudited)		14.82		0.14			(0.82	)		(0.68	)		(0.51	)		—			(0.51	)		13.63		(4.77	)		274,696		0.45	†		1.86	†		23.42
2016		13.47		0.36			1.59			1.95			(0.60	)		—			(0.60	)		14.82		15.45			130,451		0.45			2.79			56.14
2015		18.92		0.27			(5.15	)		(4.88	)		(0.33	)		(0.24	)		(0.57	)		13.47		(26.30	)		97,682		0.45			1.56			33.36
2014		15.56		0.26			3.51			3.77			(0.35	)		(0.06	)		(0.41	)		18.92		24.38			179,736		0.45			1.37			28.99
2013⁽¹⁾		15.06		0.12			0.47			0.59			(0.05	)		(0.04	)		(0.09	)		15.56		3.92			21,778		0.45	†		2.42	†		—
Global X SuperDividend^®Alternatives ETF
2017 (Unaudited)		14.65		0.49			0.92			1.41			(0.59	)		—			(0.59	)		15.47		9.80			9,279		0.75	†		6.48	†		6.52
2016		14.43		0.99	#		0.53	^		1.52			(1.15	)		(0.15	)		(1.30	)		14.65		11.04			5,127		0.75			6.78	#		30.80
2015⁽²⁾		15.04		0.45			(0.76	)		(0.31	)		(0.30	)		—			(0.30	)		14.43		(2.02	)		1,443		0.75	†		8.04	†		21.50

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and has not been annualized. Excludes effect of in-kind transfers.
^	The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
#	See Note 8 in the Notes to Financial Statements.
(1)	The Fund commenced operations on August 6, 2013.
(2)	The Fund commenced operations on July 13, 2015.

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

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

Notes to Financial Statements

May 31, 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 May 31, 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 MLP & Energy Infrastructure ETF and the Global X SuperDividend^® Alternatives ETF (each a “Fund” and collectively, the “Funds”). Each Fund has 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, and could have a material impact on the Funds.

MASTER LIMITED PARTNERSHIPS (“MLPs”) – The Funds invest in MLPs in addition to other exchange-traded securities. 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.

Notes to Financial Statements (continued)

May 31, 2017 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Notes to Financial Statements (continued)

May 31, 2017 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (continued)

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 Fund may fair value its securities if an event that may materially affect the value of the Fund’s 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 their 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 May 31, 2017, there were no securities priced using the Fair Value Procedures.

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

Level 2 – Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments and fair value of investments for which the Fund has 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 Fund’s own assumptions in determining the fair value of investments, and fair value of investments for which the Fund does not have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term)

Notes to Financial Statements (continued)

May 31, 2017 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (concluded)

For the period ended May 31, 2017, there have been no significant changes to the Funds’ fair valuation methodologies.

FEDERAL INCOME TAXES – It is each Fund’s intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the 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 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.

As of and during the period ended May 31, 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.

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

Notes to Financial Statements (continued)

May 31, 2017 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

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 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. The creation fee may be waived for a Fund until it reaches certain asset size. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to the 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 Unit Shares		Creation Fee		Value at May 31, 2017		Redemption Fee
Global X MLP & Energy Infrastructure ETF		50,000	$	250	$	681,500	$	250
Global X SuperDividend^® Alternatives ETF		50,000	$	250	$	773,500	$	250

3. RELATED PARTY 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, if any (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, the Funds pay 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 MLP & Energy Infrastructure ETF		0.45	%
Global X SuperDividend^® Alternatives ETF		0.75	%

Notes to Financial Statements (continued)

May 31, 2017 (Unaudited)

3. RELATED PARTY TRANSACTIONS (continued)

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

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

Brown Brothers Harriman & Co. (“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. As transfer agent, BBH has agreed to (1) issue and redeem shares of the Funds, (2) make dividend and other distributions to shareholders of the Funds, (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.

The Global X SuperDividend^® Alternatives ETF may invest in affiliated securities. The following is a summary of transactions with affiliates for the period ended May 31, 2017:

Value at 11/30/2016		Purchases at Cost		Proceeds from Sales			Changes in Unrealized Appreciation		Realized Loss			Value at 5/31/2017		Dividend Income
Global X SuperDividend^® Alternatives ETF
Global X SuperDividend^® REIT ETF
$	1,205,242	$	878,718	$	(3,262	)	$	88,042	$	(138	)	$	2,168,602	$	66,449

Notes to Financial Statements (continued)

May 31, 2017 (Unaudited)

4. INVESTMENT TRANSACTIONS

For the period ended May 31, 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
Global X MLP & Energy Infrastructure ETF	$	46,260,187	$	50,784,916
Global X SuperDividend^® Alternatives ETF		497,360		548,203

For the year or period ended November 30, 2016, and May 31, 2017 in-kind transactions associated with creations and redemptions were, respectively:

			Sales and		Realized
2016	Purchases		Maturities		Gain/(Loss)
Global X MLP & Energy Infrastructure ETF	$	50,027,890	$	18,583,762	$	691,843
Global X SuperDividend^®Alternatives ETF		3,812,390		-		-

			Sales and		Realized
2017	Purchases		Maturities		Gain/(Loss)
Global X MLP & Energy Infrastructure ETF	$	164,727,967	$	-	$	-
Global X SuperDividend^®Alternatives ETF		3,808,921		-		-

During the period ended May 31, 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 or periods ended November 30, 2016 and November 30, 2015 were as follows:

	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals

Global X MLP & Energy Infrastructure ETF
2016	$	4,335,500	$	—	$	—	$	4,335,500
2015		2,675,966		—		2,003,930		4,679,896
Global X SuperDividend^® Alternatives ETF
2016		165,795		1,569		21,650		189,014
2015		29,850		—		—		29,850

Notes to Financial Statements (continued)

May 31, 2017 (Unaudited)

5. TAX INFORMATION (continued)

As of November 30, 2016, the components of tax basis distributable earnings (accumulated losses) were as follows:

	Global X Funds
	Global X MLP & Energy Infrastructure ETF			Global X SuperDividend^® Alternatives ETF
Undistributed Ordinary Income	$	1,855,412		$	—
Capital Loss Carryforwards		(22,767,687	)		—
Unrealized Depreciation on Investments and Foreign Currency		(14,138,395	)		(173,075	)
Other Temporary Differences		(6	)		(3	)
Total Accumulated Losses	$	(35,050,676	)	$	(173,078	)

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. Losses carried forward under these new provisions are as follows:

		Short-Term Loss				Long-Term Loss				Total
Global X MLP & Energy Infrastructure ETF		$	6,444,310			$	16,323,377			$	22,767,687

During the fiscal year ended November 31, 2016, Global X SuperDividend^® Alternatives ETF utilized $4,678 of capital loss carryforwards to offset capital gains.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at May 31, 2017, were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global X MLP & Energy Infrastructure ETF	$	278,956,704	$	11,535,725	$	(16,392,679	)	$	(4,856,954	)
Global X SuperDividend^® Alternatives ETF		9,029,264		484,319		(265,409	)		218,910

The preceding differences between book and tax cost are primarily due to MLP adjustments and wash sales.

Notes to Financial Statements (continued)

May 31, 2017 (Unaudited)

6. CONCENTRATION OF RISKS

The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of an underlying Index in approximately the same proportions as 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 Index).

Under normal circumstances, the MLP & Energy Infrastructure ETF intends to invest up to 25% of its total assets in securities that have economic characteristics of the MLP asset class, which are subject to certain risks, such as supply and demand risk, depletion and exploration risk, and the risk associated with the hazards inherent in midstream energy industry activities. A substantial portion of the cash flow received by the Fund is derived from investment in equity securities of MLPs. The amount of cash that an MLP has available for distributions and the tax character of such distributions are dependent upon the amount of cash generated by the MLP’s operations.

MLPs operating in the energy sector are subject to risks that are specific to the industry they serve.

Midstream - Midstream MLPs that provide crude oil, refined product and natural gas services are subject to supply and demand fluctuations in the markets they serve which may be impacted by a wide range of factors including fluctuating commodity prices, weather, increased conservation or use of alternative fuel sources, increased governmental or environmental regulation, depletion, rising interest rates, declines in domestic or foreign production, accidents or catastrophic events, increasing operating expenses and economic conditions, among others.

Notes to Financial Statements (continued)

May 31, 2017 (Unaudited)

6. CONCENTRATION OF RISKS (continued)

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% for U.S.-based securities and 105% for foreign-based securities. 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 May 31, 2017, the Funds had no securities on loan.

8. CHANGE IN ACCOUNTING ESTIMATE

Effective December 1, 2015, the Global X SuperDividend^® Alternatives ETF changed its 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.

Notes to Financial Statements (concluded)

May 31, 2017 (Unaudited)

10. REGULATORY MATTERS

11. SUBSEQUENT EVENTS

Disclosure of Fund Expenses (Unaudited)

The table below illustrates your Fund’s costs in two ways:

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

	Beginning Account Value 12/1/2016		Ending Account Value 5/31/2017		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X MLP & Energy Infrastructure ETF
Actual Fund Return	$	1,000.00	$	952.30		0.45	%	$	2.19
Hypothetical 5% Return		1,000.00		1,022.69		0.45			2.27
Global X SuperDividend® Alternatives ETF
Actual Fund Return	$	1,000.00	$	1,098.00		0.75	%	$	3.92
Hypothetical 5% Return		1,000.00		1,021.19		0.75			3.78

⁽¹⁾

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

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 Fund’s 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.

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

Notes

600 Lexington Avenue, 20^th Floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser and Administrator:

Global X Management Company LLC

600 Lexington Avenue, 20^th Floor

New York, NY 10022

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

Stradley Ronon Stevens & Young, LLP

1250 Connecticut Avenue, N.W.

Suite 500

Washington, DC 20036

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

GLX-SA-006-0400

Global X FinTech ETF (ticker: FINX)

(formerly, Global X FinTech Thematic ETF)

Global X Internet of Things ETF (ticker: SNSR)

(formerly, Global X Internet of Things Thematic ETF)

Global X Robotics & Artificial Intelligence ETF (ticker: BOTZ)

(formerly, Global X Robotics & Artificial Intelligence Thematic ETF)

Global X Health & Wellness Thematic ETF (ticker: BFIT)

Global X Longevity Thematic ETF (ticker: LNGR)

Global X Millennials Thematic ETF (ticker: MILN)

Global X U.S. Infrastructure Development ETF (ticker: PAVE)

Global X Conscious Companies ETF (ticker: KRMA)

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

Semi-Annual Report

May 31, 2017

Table of Contents

Schedules of Investments

Global X FinTech ETF	1

Global X Internet of Things ETF	3

Global X Robotics & Artificial Intelligence ETF	6

Global X Health & Wellness Thematic ETF	8

Global X Longevity Thematic ETF	12

Global X Millennials Thematic ETF	17

Global X U.S. Infrastructure Development ETF	20

Global X Conscious Companies ETF	24

Global X Founder-Run Companies ETF	29

Statements of Assets and Liabilities	33

Statements of Operations	36

Statements of Changes in Net Assets	39

Financial Highlights	43

Notes to Financial Statements	44

Disclosure of Fund Expenses	53

Approval of Investment Advisory Agreement	55

Supplemental Information	59

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.

Schedule of Investments

May 31, 2017 (Unaudited)

Global X FinTech ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
AUSTRALIA— 4.7%
Technology — 4.7%
IRESS		11,340	$	101,305
MYOB Group		41,145		108,738
TOTAL AUSTRALIA				210,043

DENMARK— 4.0%
Technology — 4.0%
SimCorp		2,920		181,620

GERMANY— 8.8%
Financials — 1.4%
Hypoport ^*		435		64,569

Technology — 7.4%
GFT Technologies		1,852		42,027
Wirecard		4,370		291,553
				333,580
TOTAL GERMANY				398,149

ISLE OF MAN— 4.4%
Technology — 4.4%
Paysafe Group ^*		31,105		200,977

SWITZERLAND— 7.9%
Financials — 1.2%
Leonteq		1,125		53,893
Technology — 6.7%
Temenos Group		3,247		302,367
TOTAL SWITZERLAND				356,260

UNITED STATES— 70.1%
Consumer Services — 1.5%
Bankrate ^*		6,354		66,399

Financials — 17.6%
Black Knight Financial Services, Cl A ^*		4,302		171,434
HealthEquity ^*		4,082		186,955

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X FinTech ETF

	Shares		Value
COMMON STOCK — continued

Financials — continued
LendingClub ^*		26,810	$	147,455
LendingTree ^*		835		129,926
On Deck Capital ^*		4,974		17,608
Virtu Financial, Cl A		2,690		43,847
Yirendai ADR ^*		4,114		95,363
				792,588

Technology — 51.0%
Bottomline Technologies ^*		2,877		71,954
Ellie Mae ^*		1,765		193,373
Envestnet ^*		3,002		107,622
Fidelity National Information Services		2,600		223,262
First Data, Cl A ^*		17,290		296,177
Fiserv ^*		1,759		220,368
Guidewire Software ^*		3,098		205,769
Intuit		1,714		241,057
Mitek Systems ^*		2,267		17,683
PayPal Holdings ^*		5,247		273,946
Square, Cl A ^*		8,313		191,115
SS&C Technologies Holdings		6,817		256,183
				2,298,509
TOTAL UNITED STATES				3,157,496

TOTAL INVESTMENTS — 99.9%
(Cost $4,059,102)			$	4,504,545

Percentages are based on Net Assets of $4,507,683.

*	Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

As of May 31, 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 May 31, 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.

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Internet of Things ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.8%
AUSTRIA— 3.7%
Technology — 3.7%
AMS		27,348	$	1,790,601
CANADA— 0.6%
Technology — 0.6%
Sierra Wireless ^*		11,793		319,643
FRANCE— 4.0%
Industrials — 4.0%
Legrand		14,356		985,232
Schneider Electric		12,553		967,787
TOTAL FRANCE				1,953,019
HONG KONG— 0.4%
Industrials — 0.4%
Wasion Group Holdings		374,060		175,210
JAPAN— 0.8%
Industrials — 0.5%
Nippon Ceramic		9,720		232,046
Technology — 0.3%
JIG-SAW ^*		2,376		136,220
TOTAL JAPAN				368,266
NETHERLANDS— 2.1%
Technology — 2.1%
NXP Semiconductors ^*		9,442		1,037,676
NORWAY— 0.5%
Technology — 0.5%
Nordic Semiconductor ^*		60,372		259,483
SWITZERLAND— 13.3%
Industrials — 1.9%
ABB		37,692		947,803
Technology — 11.4%
STMicroelectronics		339,153		5,600,554
TOTAL SWITZERLAND				6,548,357

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Internet of Things ETF

	Shares		Value
COMMON STOCK — continued
TAIWAN— 4.6%
Technology — 4.6%
Advantech		235,429	$	1,909,793
eMemory Technology		27,972		364,541
TOTAL TAIWAN				2,274,334
UNITED KINGDOM— 0.4%
Technology — 0.4%
Telit Communications		42,390		182,093
UNITED STATES— 69.4%
Health Care — 3.8%
DexCom ^*		27,996		1,871,253
Industrials — 20.2%
Ambarella ^*		12,216		715,125
Badger Meter		10,729		420,577
Belden		15,647		1,110,937
Emerson Electric		14,177		838,144
Honeywell International		6,358		845,550
Itron ^*		14,223		962,186
Johnson Controls International		33,314		1,391,193
Rockwell Automation		6,439		1,021,998
Sensata Technologies Holding ^*		63,484		2,566,657
				9,872,367
Technology — 45.4%
Alarm.com Holdings ^*		16,832		547,881
Analog Devices		13,059		1,119,940
Brocade Communications Systems		174,062		2,198,402
Cisco Systems		25,777		812,749
Cypress Semiconductor		116,000		1,622,840
Garmin		52,361		2,724,866
Fitbit, Cl A ^*		57,291		299,632
Impinj ^*		7,781		339,641
Intel		22,543		814,028
InterDigital		12,855		1,041,255
International Business Machines		4,868		743,003
Mobileye ^*		48,143		2,980,051
NETGEAR ^*		12,005		503,610
QUALCOMM		13,802		790,441
Rambus ^*		40,659		481,403
Sigma Designs ^*		17,118		106,988

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Internet of Things ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
Silicon Laboratories ^*		15,530	$	1,161,644
Silver Spring Networks ^*		18,792		191,303
Skyworks Solutions		35,104		3,736,118
				22,215,795
TOTAL UNITED STATES				33,959,415
TOTAL INVESTMENTS — 99.8%
(Cost $45,764,543)			$	48,868,097

Percentages are based on Net Assets of $48,979,082.

*	Non-income producing security.

Cl — Class

As of May 31, 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 May 31, 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.

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Robotics & Artificial Intelligence ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
CANADA— 2.8%
Industrials — 2.8%
ATS Automation Tooling Systems ^*		116,147	$	1,111,854
MacDonald Dettwiler & Associates		47,109		2,186,817
TOTAL CANADA				3,298,671
FINLAND— 3.6%
Industrials — 3.6%
Cargotec, Cl B		70,610		4,208,270
FRANCE— 0.4%
Technology — 0.4%
Parrot ^*		37,846		459,627
GERMANY— 3.7%
Industrials — 3.7%
KUKA		36,254		4,321,388
JAPAN— 46.2%
Health Care — 2.0%
CYBERDYNE ^*		172,212		2,379,526
Industrials — 44.2%
Daifuku		155,666		4,750,850
FANUC		42,094		8,286,715
Keyence		20,165		9,173,949
Mitsubishi Electric		575,511		7,946,876
Omron		133,134		5,574,087
SMC		27,955		8,850,246
Toshiba Machine		209,423		924,162
Yaskawa Electric		331,597		6,611,850
				52,118,735
TOTAL JAPAN				54,498,261
SWITZERLAND— 9.7%
Health Care — 2.3%
Tecan Group		14,478		2,739,829
Industrials — 7.4%
ABB		346,263		8,707,125
TOTAL SWITZERLAND				11,446,954

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Robotics & Artificial Intelligence ETF

	Shares		Value
COMMON STOCK — continued
UNITED KINGDOM— 6.3%
Industrials — 6.3%
QinetiQ Group		753,458	$	3,036,709
Renishaw		92,838		4,436,837
TOTAL UNITED KINGDOM				7,473,546
UNITED STATES— 27.2%
Consumer Goods — 2.7%
iRobot ^*		34,601		3,208,205
Health Care — 8.3%
Accuray ^*		101,803		417,392
Intuitive Surgical ^*		10,275		9,398,338
				9,815,730
Industrials — 9.2%
Aerovironment ^*		31,590		980,554
FARO Technologies ^*		22,888		795,358
John Bean Technologies		37,566		3,241,946
Trimble Navigation ^*		160,744		5,793,214
				10,811,072
Technology — 7.0%
Brooks Automation		88,777		2,445,806
Mobileye ^*		92,891		5,749,953
TransEnterix ^*		222,327		105,383
				8,301,142
TOTAL UNITED STATES				32,136,149
TOTAL INVESTMENTS — 99.9%
(Cost $110,389,779)			$	117,842,866

Percentages are based on Net Assets of $117,943,693.

*	Non-income producing security.

Cl — Class

As of May 31, 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 May 31, 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.

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Health & Wellness Thematic ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.7%
AUSTRALIA— 0.7%
Consumer Goods — 0.7%
Blackmores		227	$	17,240
CANADA— 3.2%
Consumer Goods — 3.2%
Gildan Activewear		2,528		73,200
CHINA— 4.5%
Consumer Goods — 4.2%
ANTA Sports Products		24,041		71,113
Li Ning ^*		28,470		19,546
Xtep International Holdings		16,644		6,194
				96,853
Health Care — 0.3%
iKang Healthcare Group ADR ^*		463		7,098
TOTAL CHINA				103,951
FINLAND— 1.6%
Consumer Goods — 1.6%
Amer Sports		1,563		36,294
FRANCE— 3.2%
Consumer Goods — 3.2%
Danone		996		74,010
GERMANY— 6.2%
Consumer Goods — 6.2%
adidas		362		69,304
Puma		189		74,674
TOTAL GERMANY				143,978
HONG KONG— 2.9%
Consumer Goods — 2.9%
Yue Yuen Industrial Holdings		16,749		66,739
IRELAND— 3.0%
Consumer Goods — 3.0%
Glanbia		3,481		70,851

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Health & Wellness Thematic ETF

	Shares		Value
COMMON STOCK — continued
ITALY— 0.9%
Consumer Goods — 0.9%
Technogym ^(A)		2,650	$	22,022
JAPAN— 15.3%
Consumer Goods — 13.2%
ABC-Mart		1,086		63,539
Ariake Japan		429		30,802
Asics		2,659		44,627
Goldwin		129		7,337
Shimano		461		71,702
Yakult Honsha		1,169		82,771
Yonex		630		5,743
				306,521
Consumer Services — 0.6%
Tosho		160		7,943
Xebio Holdings		417		6,780
				14,723
Health Care — 1.5%
Tsumura		932		34,091
TOTAL JAPAN				355,335
NETHERLANDS— 0.4%
Consumer Goods — 0.4%
Wessanen		530		8,910
SOUTH KOREA— 1.1%
Consumer Goods — 0.8%
Youngone		579		19,031
Consumer Services — 0.3%
Fila Korea		112		7,673
TOTAL SOUTH KOREA				26,704
TAIWAN— 7.3%
Consumer Goods — 7.3%
Feng TAY Enterprise		8,774		34,129
Giant Manufacturing		4,856		28,494
Merida Industry		3,928		21,221
Pou Chen		38,826		53,568
Standard Foods		11,640		31,307
TOTAL TAIWAN				168,719
UNITED KINGDOM— 4.2%
Consumer Services — 4.2%
JD Sports Fashion		12,065		70,262

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Health & Wellness Thematic ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Sports Direct International ^*		7,407	$	28,466
TOTAL UNITED KINGDOM				98,728
UNITED STATES— 45.2%
Consumer Goods — 25.9%
Calavo Growers		230		15,571
Cal-Maine Foods		576		21,427
Columbia Sportswear		915		49,666
Fitbit, Cl A ^*		1,233		6,449
Hain Celestial Group ^*		1,361		47,540
Herbalife ^*		1,163		83,480
Lululemon Athletica ^*		1,309		63,185
Medifast		155		6,450
Nautilus ^*		396		7,187
NIKE, Cl B		1,226		64,966
Nu Skin Enterprises, Cl A		694		38,087
Nutrisystem		392		20,404
Sanderson Farms		299		35,491
SunOpta ^*		993		9,235
Under Armour, Cl A ^*		2,414		46,252
USANA Health Sciences ^*		321		20,672
VF		1,238		66,604
				602,666
Consumer Services — 14.2%
Dick's Sporting Goods		1,157		47,587
Finish Line, Cl A		467		6,589
Foot Locker		939		55,786
GNC Holdings, Cl A		931		7,057
Hibbett Sports ^*		235		5,452
Planet Fitness, Cl A		950		20,758
Sprouts Farmers Market ^*		1,793		42,960
United Natural Foods ^*		665		26,560
Vitamin Shoppe ^*		353		4,095
WebMD Health, Cl A ^*		500		27,990
Weight Watchers International ^*		398		10,467
Whole Foods Market		1,997		69,875
Zumiez ^*		384		5,472
				330,648
Health Care — 4.8%
DexCom ^*		888		59,354
Prestige Brands Holdings ^*		696		35,064
Tivity Health ^*		513		17,416
				111,834

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Health & Wellness Thematic ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 0.3%
MINDBODY, Cl A ^*		253	$	7,097
TOTAL UNITED STATES				1,052,245
TOTAL INVESTMENTS — 99.7%
(Cost $2,298,598)			$	2,318,926

Percentages are based on Net Assets of $2,326,166.

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 May 31, 2017 was $22,022 and represents 0.9% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

As of May 31, 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 May 31, 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.

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Longevity Thematic ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.7%
AUSTRALIA— 1.1%
Health Care — 1.1%
Cochlear		197	$	21,498
Regis Healthcare		2,263		7,093
TOTAL AUSTRALIA				28,591
BELGIUM— 0.3%
Health Care — 0.3%
Ion Beam Applications		136		8,260
CHINA— 0.3%
Health Care — 0.3%
Luye Pharma Group		12,247		7,371
DENMARK— 7.6%
Health Care — 7.6%
Genmab ^*		210		44,851
GN Store Nord		322		9,831
H Lundbeck		682		36,420
Novo Nordisk, Cl B		2,091		88,938
William Demant Holding ^*		923		24,233
TOTAL DENMARK				204,273
FRANCE— 2.2%
Health Care — 2.2%
BioMerieux		136		28,675
Korian		237		7,971
Orpea		208		23,624
TOTAL FRANCE				60,270
GERMANY— 3.2%
Health Care — 3.2%
Fresenius Medical Care & KGaA		902		86,378
ITALY— 0.3%
Health Care — 0.3%
Amplifon		625		8,912

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Longevity Thematic ETF

	Shares		Value
COMMON STOCK — continued
JAPAN— 3.3%
Health Care — 3.3%
Kissei Pharmaceutical		293	$	7,530
Miraca Holdings		162		6,819
Mochida Pharmaceutical		100		7,081
Nipro		535		7,479
Terumo		1,308		53,226
Toho Holdings		366		7,434
TOTAL JAPAN				89,569
NEW ZEALAND— 0.3%
Health Care — 0.3%
Ryman Healthcare		1,214		7,177
SOUTH KOREA— 1.7%
Health Care — 1.7%
Celltrion ^*		425		36,290
ViroMed ^*		93		8,373
TOTAL SOUTH KOREA				44,663
SWEDEN— 0.6%
Health Care — 0.6%
Attendo ^(A)		773		9,107
Elekta, Cl B		777		7,797
TOTAL SWEDEN				16,904
SWITZERLAND— 2.8%
Health Care — 2.8%
Sonova Holding		225		37,300
Straumann Holding		54		29,943
Ypsomed Holding		40		8,640
TOTAL SWITZERLAND				75,883
TAIWAN— 0.3%
Health Care — 0.3%
OBI Pharma ^*		834		7,112
UNITED KINGDOM— 2.5%
Consumer Goods — 0.3%
McCarthy & Stone ^(A)		3,147		7,597
Health Care — 2.2%
Smith & Nephew		3,019		52,771
Vectura Group ^*		3,910		5,941
				58,712
TOTAL UNITED KINGDOM				66,309
UNITED STATES— 73.2%
Consumer Services — 0.3%
Diplomat Pharmacy ^*		511		8,759

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Longevity Thematic ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 62.2%
AbbVie		1,178	$	77,772
ABIOMED ^*		150		20,615
ACADIA Pharmaceuticals ^*		417		10,721
Align Technology ^*		279		40,511
Alkermes ^*		527		30,440
Amedisys ^*		147		8,808
Amgen		465		72,187
Array BioPharma ^*		902		6,837
Axovant Sciences ^*		381		8,150
Becton Dickinson		414		78,341
BeiGene ADR ^*		198		7,277
Biogen Idec ^*		282		69,871
Bluebird Bio ^*		90		6,782
Blueprint Medicines ^*		176		6,315
Boston Scientific ^*		3,092		83,578
Brookdale Senior Living ^*		582		7,997
Celgene ^*		606		69,332
Clovis Oncology ^*		140		7,232
DaVita Healthcare Partners ^*		670		44,394
DENTSPLY SIRONA		791		50,244
DexCom ^*		297		19,851
Eagle Pharmaceuticals ^*		87		6,347
Edwards Lifesciences ^*		728		83,772
Ensign Group		396		7,278
Exact Sciences ^*		325		11,853
Exelixis ^*		1,001		18,729
FibroGen ^*		307		8,074
Glaukos ^*		157		6,391
Halozyme Therapeutics ^*		608		7,174
Incyte ^*		549		71,002
Inogen ^*		99		8,775
Insulet ^*		181		7,597
Integra LifeSciences Holdings ^*		184		9,264
Ionis Pharmaceuticals ^*		426		19,507
Juno Therapeutics ^*		318		7,387
Kite Pharma ^*		189		13,668
Lexicon Pharmaceuticals ^*		510		7,064
LivaNova ^*		148		8,412
Medtronic		945		79,645
Merit Medical Systems ^*		265		9,408
Myriad Genetics ^*		419		8,527

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Longevity Thematic ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Natus Medical ^*		194	$	6,577
NuVasive ^*		105		7,878
Puma Biotechnology ^*		211		16,142
Quest Diagnostics		473		51,448
Radius Health ^*		212		7,339
Regeneron Pharmaceuticals ^*		207		95,024
Sage Therapeutics ^*		105		6,942
Seattle Genetics ^*		491		31,414
Spectranetics ^*		268		7,236
Stryker		582		83,203
TESARO ^*		185		27,622
Varian Medical Systems ^*		322		31,884
Vertex Pharmaceuticals ^*		660		81,575
Wright Medical Group ^*		256		6,840
Zimmer Biomet Holdings		639		76,175
				1,664,428
Industrials — 0.3%
Integer Holdings ^*		190		7,543
Real Estate Investment Trusts — 10.4%
Care Capital Properties		275		7,230
HCP		1,624		50,896
LTC Properties		155		7,471
National Health Investors		105		7,930
Omega Healthcare Investors		677		21,204
Quality Care Properties ^*		394		6,666
Sabra Health Care		268		6,279
Senior Housing Properties Trust		819		17,314
Ventas		1,153		76,662
Welltower		1,044		75,732
				277,384
TOTAL UNITED STATES				1,958,114
TOTAL INVESTMENTS — 99.7%
(Cost $2,374,699)			$	2,669,786

Percentages are based on Net Assets of $2,676,669.

*	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 May 31, 2017 was $16,704 and represents 0.6% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Longevity Thematic ETF

As of May 31, 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 May 31, 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.

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Millennials Thematic 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%
Consumer Goods — 12.9%
Carter's		400	$	32,864
Columbia Sportswear		572		31,048
Fitbit, Cl A ^*		2,687		14,053
GoPro, Cl A ^*		1,694		13,925
Hasbro		1,030		108,418
Kate Spade ^*		1,052		19,378
Lululemon Athletica ^*		1,048		50,587
Michael Kors Holdings ^*		1,336		44,328
NIKE, Cl B		2,672		141,589
Under Armour, Cl A ^*		1,510		28,932
VF		2,698		145,153
Wayfair, Cl A ^*		416		26,187
Zynga, Cl A ^*		6,470		22,774
				679,236
Consumer Services — 50.2%
Amazon.com ^*		166		165,107
Avis Budget Group ^*		702		16,069
Bankrate ^*		1,521		15,894
Bed Bath & Beyond		1,203		41,395
Bright Horizons Family Solutions ^*		489		37,516
CarMax ^*		1,536		96,507
Chegg ^*		1,799		21,588
Children's Place Retail Stores		144		15,581
Chipotle Mexican Grill, Cl A ^*		237		113,132
Costco Wholesale		873		157,515
Dick's Sporting Goods		724		29,778
DSW, Cl A		744		12,522
eBay ^*		4,333		148,622
El Pollo Loco Holdings ^*		1,223		16,694
Etsy ^*		1,401		18,787
Expedia		1,149		165,204
Francesca's Holdings ^*		983		12,445
GNC Holdings, Cl A		2,026		15,357

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Millennials Thematic ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Groupon, Cl A ^*		4,608	$	13,870
GrubHub ^*		705		30,646
Home Depot		1,012		155,352
K12 ^*		791		14,895
L Brands		2,352		121,363
Liberty Expedia Holdings, Cl A ^*		444		23,163
Live Nation Entertainment ^*		1,675		57,771
Lowe's		1,814		142,889
Netflix ^*		1,032		168,289
Pandora Media ^*		1,930		17,177
Panera Bread, Cl A ^*		176		55,350
Pier 1 Imports		2,030		10,170
Planet Fitness, Cl A		789		17,240
priceline.com ^*		85		159,553
Sprouts Farmers Market ^*		1,121		26,859
Starbucks		2,579		164,050
TripAdvisor ^*		1,081		41,629
Trivago ADR ^*		1,129		21,248
TrueCar ^*		1,029		18,090
Vitamin Shoppe ^*		769		8,920
Walt Disney		1,311		141,509
WebMD Health, Cl A ^*		309		17,298
Whole Foods Market		2,625		91,849
Yelp, Cl A ^*		654		18,260
				2,637,153
Financials — 2.1%
LendingClub ^*		3,281		18,046
LendingTree ^*		122		18,983
Nelnet, Cl A		340		13,365
SLM ^*		3,530		36,677
Zillow Group, Cl A ^*		447		19,619
				106,690
Industrials — 6.8%
Fiserv ^*		1,282		160,609
MINDBODY, Cl A ^*		554		15,540
PayPal Holdings ^*		3,494		182,421
				358,570
Real Estate Investment Trusts — 10.0%
American Campus Communities		1,098		52,111
AvalonBay Communities		791		151,271
Camden Property Trust		746		62,149
Education Realty Trust		601		23,024
Equity Residential		2,340		152,311

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Millennials Thematic ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
UDR		2,202	$	85,019
				525,885
Technology — 17.8%
Alphabet, Cl A ^*		176		173,727
Apple		1,047		159,940
Blucora ^*		869		17,815
Facebook, Cl A ^*		1,064		161,153
IAC ^*		592		62,953
Instructure ^*		650		17,355
Intuit		1,258		176,925
Match Group ^*		848		16,519
Square, Cl A ^*		1,711		39,336
Twitter ^*		6,027		110,415
				936,138
TOTAL UNITED STATES				5,243,672
TOTAL INVESTMENTS — 99.8%
(Cost $4,853,786)			$	5,243,672

Percentages are based on Net Assets of $5,254,951.

*	Non-income producing security.

ADR –- American Depositary Receipt

Cl — Class

As of May 31, 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 May 31, 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.

Schedule of Investments

May 31, 2017 (Unaudited)

Global X U.S. Infrastructure Development ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.7%
NETHERLANDS— 0.5%
Industrials — 0.5%
Chicago Bridge & Iron		2,184	$	41,321
UNITED STATES— 99.2%
Basic Materials — 17.8%
AK Steel Holding ^*		6,849		41,779
Alcoa		3,988		131,365
Allegheny Technologies		2,376		36,661
Calgon Carbon		1,541		21,651
Century Aluminum ^*		1,590		22,928
Cliffs Natural Resources ^*		5,028		29,615
Commercial Metals		2,520		45,612
CSW Industrials ^*		671		23,686
Haynes International		594		21,265
Minerals Technologies		759		54,610
Nucor		4,208		244,485
Reliance Steel & Aluminum		1,584		115,553
RPM International		2,910		157,809
Ryerson Holding ^*		2,305		19,247
Steel Dynamics		5,319		180,793
United States Steel		3,758		78,354
Westlake Chemical		2,811		172,764
				1,398,177
Consumer Services — 0.6%
Herc Holdings ^*		495		18,726
Titan Machinery ^*		1,771		29,841
				48,567
Industrials — 77.1%
Acuity Brands		958		156,068
Advanced Drainage Systems		1,012		19,380
AECOM ^*		3,383		108,628
Aegion, Cl A ^*		1,051		20,799

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X U.S. Infrastructure Development ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Altra Industrial Motion		660	$	28,512
Anixter International ^*		721		54,435
Argan		330		19,486
Astec Industries		352		19,701
Atkore International Group ^*		913		19,045
Badger Meter		638		25,010
Columbus McKinnon		891		24,895
Crane		1,277		99,070
CSX		5,275		285,747
Eagle Materials		1,056		99,581
Eaton		3,455		267,348
EMCOR Group		1,320		83,186
Emerson Electric		4,165		246,235
Exponent		418		24,787
Fastenal		4,923		212,526
Fluor		3,037		136,240
Fortive		4,418		275,904
General Cable		1,205		19,943
Genesee & Wyoming, Cl A ^*		1,337		87,573
Global Brass & Copper Holdings		737		22,331
Gorman-Rupp		754		18,149
Granite Construction		864		40,487
H&E Equipment Services		946		18,816
HD Supply Holdings ^*		4,385		176,935
Hubbell, Cl B		1,210		140,251
Insteel Industries		660		20,962
Jacobs Engineering Group		2,635		138,127
Kansas City Southern		2,344		223,149
Lincoln Electric Holdings		1,441		128,797
Manitowoc		3,581		20,268
Martin Marietta Materials		1,067		239,115
MasTec ^*		1,794		76,066
MDU Resources Group		4,258		115,945
Mueller Industries		1,254		35,463
Mueller Water Products, Cl A		3,537		39,544
MYR Group ^*		638		18,732
Norfolk Southern		2,080		257,982
Powell Industries		638		21,009
Quanta Services ^*		3,152		96,640
RBC Bearings ^*		517		52,382
Rexnord ^*		2,255		51,414
Rockwell Automation		1,651		262,047
SPX *		979		23,584
Stantec		2,492		57,441

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X U.S. Infrastructure Development ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Industrials — continued
Summit Materials, Cl A ^*		2,344	$	62,960
Team ^*		726		18,622
Tetra Tech		1,249		57,392
TimkenSteel ^*		1,452		19,021
Trimble Navigation ^*		5,463		196,887
Tutor Perini ^*		825		21,409
Union Pacific		2,294		253,028
United Rentals ^*		1,837		199,737
US Concrete ^*		374		24,721
Valmont Industries		495		72,468
Vulcan Materials		1,904		237,334
Wabash National		1,386		27,706
Wabtec		1,942		158,758
WESCO International ^*		1,056		64,574
				6,044,352
Oil & Gas — 1.0%
MRC Global ^*		2,079		37,526
NOW ^*		2,343		38,683
				76,209
Technology — 1.3%
Calix ^*		3,394		22,231
Dycom Industries ^*		682		57,418
Silver Spring Networks ^*		1,914		19,484
				99,133
Utilities — 1.4%
Vectren		1,805		110,719
TOTAL UNITED STATES				7,777,157
TOTAL COMMON STOCK
(Cost $7,984,288)				7,818,478
CORPORATE OBLIGATION — 0.0%
Mueller Industries
6.000%, 03/01/27
(Cost $1,000)	$	1,000		1,017
TOTAL INVESTMENTS — 99.7%
(Cost $7,985,288)			$	7,819,495

Percentages are based on Net Assets of $7,840,056.

*	Non-income producing security.

Cl — Class

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X U.S. Infrastructure Development ETF

The following is a summary of the level of inputs used as of May 31, 2017, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	7,818,478	$	—	$	—	$	7,818,478
Corporate Obligation		—		1,017		—		1,017
Total Investments in Securities	$	7,818,478	$	1,017	$	—	$	7,819,495

For the period ended May 31, 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.

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Conscious Companies ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.6%
CANADA— 0.7%
Financials — 0.7%
Toronto-Dominion Bank		5,804	$	276,851
UNITED STATES— 98.9%
Basic Materials — 3.7%
Arconic		10,850		298,050
Compass Minerals International		4,210		270,072
Newmont Mining		8,264		282,215
Praxair		2,354		311,410
Westlake Chemical		4,387		269,625
				1,431,372
Consumer Goods — 17.3%
Campbell Soup		4,918		283,523
Clorox		2,101		285,169
Coca-Cola		6,549		297,783
Colgate-Palmolive		3,863		294,978
Dr Pepper Snapple Group		2,879		267,200
Estee Lauder, Cl A		3,311		311,698
Ford Motor		24,873		276,587
Gentex		14,104		267,694
Harley-Davidson		5,054		267,913
Hasbro		2,938		309,254
Hershey		2,654		305,926
Hormel Foods		8,131		273,446
JM Smucker		2,229		284,977
Kellogg		3,898		279,097
Kimberly-Clark		2,170		281,514
Molson Coors Brewing, Cl B		2,974		281,905

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
NIKE, Cl B		5,050	$	267,600
PepsiCo		2,487		290,656
Pool		2,372		282,576
Procter & Gamble		3,206		282,417
PVH		2,870		304,076
Tupperware Brands		4,393		315,901
VF		5,051		271,744
				6,583,634
Consumer Services — 15.0%
Alaska Air Group		3,165		275,513
Best Buy		5,571		330,862
Buffalo Wild Wings ^*		1,744		250,613
Chipotle Mexican Grill, Cl A ^*		588		280,682
Choice Hotels International		4,481		291,041
Copart ^*		9,328		290,940
Costco Wholesale		1,722		310,701
CVS Health		3,558		273,361
Delta Air Lines		6,195		304,361
Home Depot		1,881		288,752
Kohl's		7,036		270,393
Lowe's		3,379		266,164
Marriott International, Cl A		3,050		328,332
Nordstrom		5,923		247,581
priceline.com ^*		161		302,211
Starbucks		4,654		296,041
Target		5,149		283,968
Tiffany		3,076		267,489
Walt Disney		2,465		266,072
Whole Foods Market		7,899		276,386
				5,701,463
Financials — 12.6%
Allstate		3,538		305,471
American Express		3,544		272,675
Capital One Financial		3,412		262,451
CBRE Group, Cl A ^*		8,205		286,190
Erie Indemnity, Cl A		2,292		269,929
Jones Lang LaSalle		2,522		291,215
JPMorgan Chase		3,337		274,135
KeyCorp		15,541		271,501
Mastercard, Cl A		2,468		303,267
Moody's		2,453		290,558
PNC Financial Services Group		2,387		283,337
Progressive		7,163		303,926
Simon Property Group		1,640		252,970

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
T Rowe Price Group		3,928	$	276,688
Travelers		2,370		295,895
US Bancorp		5,584		284,170
Visa, Cl A		3,094		294,642
				4,819,020
Health Care — 10.8%
AbbVie		4,420		291,809
Amgen		1,758		272,912
Becton Dickinson		1,523		288,197
Biogen Idec ^*		1,034		256,194
Bristol-Myers Squibb		5,274		284,532
Celgene ^*		2,308		264,058
DaVita Healthcare Partners ^*		4,164		275,907
Eli Lilly		3,444		274,039
Johnson & Johnson		2,317		297,155
Merck		4,591		298,920
PAREXEL International ^*		4,488		362,720
Thermo Fisher Scientific		1,819		314,305
Varian Medical Systems ^*		3,169		313,795
Waters ^*		1,779		319,544
				4,114,087
Industrials — 16.0%
3M		1,473		301,184
Agilent Technologies		5,296		319,561
Ball		7,656		313,130
Boeing		1,564		293,453
CSX		5,555		300,914
Cummins		1,938		305,622
Expeditors International of Washington		4,993		266,526
FedEx		1,523		295,219
Fluor		5,577		250,184
General Electric		9,426		258,084
Honeywell International		2,220		295,238
IDEX		2,776		301,113
ManpowerGroup		2,811		286,357
Mettler-Toledo International ^*		575		335,115
Rockwell Automation		1,837		291,569
Sherwin-Williams		869		288,308
Sonoco Products		5,301		268,814
Union Pacific		2,600		286,780
United Parcel Service, Cl B		2,667		282,622
United Technologies		2,453		297,500
WW Grainger		1,445		248,945
				6,086,238

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 5.3%
Chevron		2,689	$	278,257
ConocoPhillips		5,908		264,029
EOG Resources		3,014		272,194
First Solar ^*		10,527		405,395
Hess		5,963		273,642
Occidental Petroleum		4,560		268,721
Schlumberger		3,769		262,285
				2,024,523
Technology — 14.5%
Alphabet, Cl A ^*		328		323,766
Apple		1,983		302,923
Applied Materials		7,089		325,243
Cerner ^*		4,783		312,569
Cisco Systems		8,595		271,000
Cognizant Technology Solutions, Cl A		4,891		327,257
Facebook, Cl A ^*		1,964		297,467
Intel		7,767		280,466
International Business Machines		1,759		268,476
Intuit		2,383		335,145
Microsoft		4,248		296,680
Motorola Solutions		3,370		281,631
NVIDIA		2,774		400,428
QUALCOMM		5,372		307,654
Teradata ^*		9,081		247,548
Teradyne		8,697		309,178
Western Digital		3,394		305,664
Xilinx		4,890		326,213
				5,519,308
Telecommunications — 1.4%
AT&T		7,064		272,176
Verizon Communications		5,970		278,441
				550,617
Utilities — 2.3%
Consolidated Edison		3,566		295,229
Entergy		3,691		291,810
WEC Energy Group		4,677		293,529
				880,568
TOTAL UNITED STATES				37,710,830
TOTAL INVESTMENTS — 99.6%
(Cost $34,421,051)			$	37,987,681

Percentages are based on Net Assets of $38,124,556.

*	Non-income producing security.

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

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Conscious Companies ETF

Cl — Class

As of May 31, 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 May 31, 2017, there have been no transfers between Level 1, Level 2 or Level 3 investments.

Schedule of Investments

May 31, 2017 (Unaudited)

Global X Founder-Run Companies 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 — 1.9%
Steel Dynamics		644	$	21,890
Westlake Chemical		374		22,986
				44,876
Consumer Goods — 5.9%
Gentex		1,128		21,409
Hain Celestial Group ^*		630		22,006
National Beverage		263		25,235
Skechers U.S.A., Cl A ^*		922		23,530
Tesla Motors ^*		74		25,235
Under Armour, Cl A ^*		1,084		20,769
				138,184
Consumer Services — 14.5%
Amazon.com ^*		25		24,865
Cheesecake Factory		363		21,410
Chipotle Mexican Grill, Cl A ^*		49		23,390
DISH Network, Cl A ^*		361		23,021
GrubHub ^*		542		23,561
L Brands		441		22,755
Las Vegas Sands		395		23,357
Netflix ^*		153		24,950
Pandora Media ^*		2,146		19,099
Panera Bread, Cl A ^*		74		23,272
TripAdvisor ^*		518		19,948
Urban Outfitters ^*		1,018		19,210
VCA Antech ^*		254		23,401
Whole Foods Market		640		22,394

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

Schedule of Investments	May 31, 2017 (Unaudited)

Global X Founder-Run Companies ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Wynn Resorts		189	$	24,324
				338,957
Financials — 9.9%
Athene Holding, Cl A ^*		437		21,535
BlackRock, Cl A		61		24,964
Capital One Financial		292		22,461
Essent Group ^*		629		22,814
Interactive Brokers Group, Cl A		669		23,335
Intercontinental Exchange		384		23,113
MarketAxess Holdings		121		23,060
SEI Investments		459		22,991
Signature Bank NY ^*		168		24,027
Wintrust Financial		329		22,622
				230,922
Health Care — 15.2%
Intercept Pharmaceuticals ^*		207		23,163
Ionis Pharmaceuticals ^*		483		22,116
Jazz Pharmaceuticals ^*		146		21,252
Juno Therapeutics ^*		934		21,697
Kite Pharma ^*		284		20,539
Masimo ^*		227		19,758
Medicines ^*		472		18,771
MEDNAX ^*		386		20,960
Neurocrine Biosciences ^*		436		18,953
PAREXEL International ^*		365		29,499
Regeneron Pharmaceuticals ^*		60		27,544
Seattle Genetics ^*		341		21,817
TESARO ^*		158		23,591
Ultragenyx Pharmaceutical ^*		362		19,494
United Therapeutics ^*		185		22,365
Universal Health Services, Cl B		193		21,936
				353,455
Industrials — 7.4%
Clean Harbors ^*		401		23,423
CoStar Group ^*		97		25,372
Euronet Worldwide ^*		282		24,599
FedEx		123		23,842
IPG Photonics ^*		184		25,583
Orbital ATK		235		23,890

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

Schedule of Investments	May 31, 2017 (Unaudited)

Global X Founder-Run Companies ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
TransDigm Group		94	$	25,200
				171,909
Oil & Gas — 4.6%
Antero Resources ^*		1,099		22,607
Continental Resources ^*		549		20,642
Laredo Petroleum ^*		1,823		21,420
Oasis Petroleum ^*		1,951		19,042
Parsley Energy, Cl A ^*		782		23,186
				106,897
Real Estate Investment Trusts — 12.8%
Acadia Realty Trust		801		21,747
Alexandria Real Estate Equities		207		24,153
American Campus Communities		491		23,303
American Homes 4 Rent, Cl A		1,011		22,717
Apartment Investment & Management, Cl A		533		22,876
Brandywine Realty Trust		1,373		23,931
Camden Property Trust		283		23,577
DiamondRock Hospitality		2,116		23,467
GEO Group		699		20,928
Healthcare Trust of America, Cl A		730		22,404
Medical Properties Trust		1,782		23,077
Starwood Property Trust		1,039		22,879
Vornado Realty Trust		242		22,312
				297,371
Technology — 26.8%
Akamai Technologies ^*		382		18,011
Alphabet, Cl A ^*		25		24,677
athenahealth ^*		238		31,887
Cavium ^*		338		24,664
Cerner ^*		360		23,526
Cognizant Technology Solutions, Cl A		387		25,894
EPAM Systems ^*		303		25,416
Facebook, Cl A ^*		155		23,476
Fortinet ^*		597		23,486
Medidata Solutions ^*		356		25,340
Monolithic Power Systems		255		25,041
NetScout Systems ^*		619		22,655
NVIDIA		223		32,190
Paycom Software ^*		387		25,325
salesforce.com ^*		270		24,203
Snap, Cl A ^*		1,033		21,910
Square, Cl A ^*		1,277		29,358
SS&C Technologies Holdings		634		23,826
Twitter ^*		1,402		25,685

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

Schedule of Investments	May 31, 2017 (Unaudited)

Global X Founder-Run Companies ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
Ubiquiti Networks ^*		452	$	21,316
Ultimate Software Group ^*		115		25,385
Veeva Systems, Cl A ^*		434		27,577
VeriSign ^*		262		23,622
ViaSat ^*		364		23,751
Workday, Cl A ^*		267		26,695
				624,916
Telecommunications — 0.9%
Zayo Group Holdings ^*		664		21,354
TOTAL INVESTMENTS — 99.9%
(Cost $2,299,879)			$	2,328,841

Percentages are based on Net Assets of $2,330,096.

*	Non-income producing security.

Cl — Class

As of May 31, 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 May 31, 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.

Statements of Assets and Liabilities

May 31, 2017 (Unaudited)

	Global X FinTech ETF			Global X Internet of Things ETF		Global X Robotics & Artificial Intelligence ETF
Assets:
Cost of Investments	$	4,059,102		$	45,764,543	$	110,389,779
Cost of Foreign Currency		—			—		148
Investments, at Value	$	4,504,545		$	48,868,097	$	117,842,866
Cash		3,760			78,209		19
Foreign Currency, at Value		—			—		148
Dividend and Interest Receivable		1,072			53,667		125,153
Reclaim Receivable		132			4,660		28,960
Receivable for Capital Shares Sold		—			—		2,769,832
Receivable for Investment Securities Sold		—			—		539,267
Total Assets		4,509,509			49,004,633		121,306,245
Liabilities:
Payable due to Investment Adviser		1,826			25,551		52,067
Payable for Investment Securities Purchased		—			—		3,310,485
Total Liabilities		1,826			25,551		3,362,552
Net Assets	$	4,507,683		$	48,979,082	$	117,943,693
Net Assets Consist of:
Paid-in Capital	$	4,063,286		$	45,750,315	$	110,328,465
Undistributed Net Investment Income (Accumulated Net Investment Loss)		(1,146	)		96,169		168,482
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		93			28,905		(7,934	)
Net Unrealized Appreciation on Investments		445,443			3,103,554		7,453,087
Net Unrealized Appreciation on Foreign Currency Translations		7			139		1,593
Net Assets	$	4,507,683		$	48,979,082	$	117,943,693
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		250,000			2,700,000		6,350,000
Net Asset Value, Offering and Redemption Price Per Share	$	18.03		$	18.14	$	18.57

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

Statements of Assets and Liabilities

May 31, 2017 (Unaudited)

	Global X Health & Wellness Thematic ETF		Global X Longevity Thematic ETF		Global X Millennials Thematic ETF
Assets:
Cost of Investments	$	2,298,598	$	2,374,699	$	4,853,786
Cost of Foreign Currency		401		1		—
Investments, at Value	$	2,318,926	$	2,669,786	$	5,243,672
Cash		3,195		6,517		10,505
Foreign Currency, at Value		401		1		—
Dividend and Interest Receivable		4,012		990		2,932
Reclaim Receivable		417		495		—
Total Assets		2,326,951		2,677,789		5,257,109
Liabilities:
Payable due to Investment Adviser		785		1,120		2,158
Total Liabilities		785		1,120		2,158
Net Assets	$	2,326,166	$	2,676,669	$	5,254,951
Net Assets Consist of:
Paid-in Capital	$	2,281,088	$	2,375,016	$	4,670,428
Undistributed Net Investment Income		5,099		3,087		2,555
Accumulated Net Realized Gain on Investments and Foreign Currency Transactions		19,623		3,469		192,082
Net Unrealized Appreciation on Investments		20,328		295,087		389,886
Net Unrealized Appreciation on Foreign Currency Translations		28		10		—
Net Assets	$	2,326,166	$	2,676,669	$	5,254,951
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		150,000		150,000		300,000
Net Asset Value, Offering and Redemption Price Per Share	$	15.51	$	17.84	$	17.52

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

Statements of Assets and Liabilities

May 31, 2017 (Unaudited)

	Global X U.S. Infrastructure Development ETF			Global X Conscious Companies ETF		Global X Founder- Run Companies ETF
Assets:
Cost of Investments	$	7,985,288		$	34,421,051	$	2,299,879
Investments, at Value	$	7,819,495		$	37,987,681	$	2,328,841
Cash		11,130			61,205		1,958
Receivable for Capital Shares Sold		715,160			—		—
Dividend and Interest Receivable		11,990			89,021		651
Reclaim Receivable		11			232		—
Total Assets		8,557,786			38,138,139		2,331,450
Liabilities:
Payable for Investment Securities Purchased		715,027			—		—
Payable due to Investment Adviser		2,703			13,583		1,354
Total Liabilities		717,730			13,583		1,354
Net Assets	$	7,840,056		$	38,124,556	$	2,330,096
Net Assets Consist of:
Paid-in Capital	$	7,991,224		$	33,824,896	$	2,249,237
Undistributed Net Investment Income		14,625			248,470		1,157
Accumulated Net Realized Gain on Investments and Foreign Currency Transactions		—			484,560		50,740
Net Unrealized Appreciation (Depreciation) on Investments		(165,793	)		3,566,630		28,962
Net Assets	$	7,840,056		$	38,124,556	$	2,330,096
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		550,000			2,200,000		150,000
Net Asset Value, Offering and Redemption Price Per Share	$	14.25		$	17.33	$	15.53

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

Statements of Operations

For the period ended May 31, 2017 (Unaudited)

	Global X FinTech ETF			Global X Internet of Things ETF			Global X Robotics & Artificial Intelligence ETF
Investment Income:
Dividend Income	$	6,341		$	191,821		$	328,733
Interest Income		1			—			97
Less: Foreign Taxes Withheld		(319	)		(5,681	)		(46,984	)
Total Investment Income		6,023			186,140			281,846
Supervision and Administration Fees⁽¹⁾		6,496			82,671			112,707
Custodian Fees		17			165			656
Total Expenses		6,513			82,836			113,363
Net Expenses		6,513			82,836			113,363
Net Investment Income (Loss)		(490	)		103,304			168,483
Net Realized Gain (Loss) on:
Investments		80			30,749			(8,113	)
Foreign Currency Transactions		13			(1,252	)		179
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		93			29,497			(7,934	)
Net Change in Unrealized Appreciation on:
Investments		462,173			3,001,773			7,472,674
Foreign Currency Translations		7			139			1,953
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		462,180			3,001,912			7,474,627
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		462,273			3,031,409			7,466,693
Net Increase in Net Assets Resulting from Operations	$	461,783		$	3,134,713		$	7,635,176

(1)

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

Statements of Operations

For the period ended May 31, 2017 (Unaudited)

	Global X Health & Wellness Thematic ETF			Global X Longevity Thematic ETF			Global X Millennials Thematic ETF
Investment Income:
Dividend Income	$	10,954		$	10,493		$	17,357
Less: Foreign Taxes Withheld		(666	)		(369	)		—
Total Investment Income		10,288			10,124			17,357
Supervision and Administration Fees⁽¹⁾		5,254			6,486			14,428
Custodian Fees		—			1			—
Total Expenses		5,254			6,487			14,428
Waiver of Supervision and Administration Fees		(523	)		(785	)		(1,450	)
Net Expenses		4,731			5,702			12,978
Net Investment Income		5,557			4,422			4,379
Net Realized Gain (Loss) on:
Investments		20,077			12,513			192,082	⁽²⁾
Foreign Currency Transactions		(451	)		(680	)		—
Net Realized Gain on Investments and Foreign Currency Transactions		19,626			11,833			192,082
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		68,381			317,108			311,794
Foreign Currency Translations		78			60			—
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		68,459			317,168			311,794
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		88,085			329,001			503,876
Net Increase in Net Assets Resulting from Operations	$	93,642		$	333,423		$	508,255

(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.

Statements of Operations

For the period ended May 31, 2017 (Unaudited)

	Global X U.S. Infrastructure Development ETF⁽¹⁾			Global X Conscious Companies ETF			Global X Founder- Run Companies ETF⁽²⁾
Investment Income:
Dividend Income	$	19,513		$	355,040		$	5,703
Interest Income		14			—			—
Less: Foreign Taxes Withheld		(20	)		(454	)		—
Total Investment Income		19,507			354,586			5,703
Supervision and Administration Fees⁽³⁾		6,025			76,606			4,546
Total Expenses		6,025			76,606			4,546
Waiver of Supervision and Administration Fees		(1,143	)		–			–
Net Expenses		4,882			76,606			4,546
Net Investment Income		14,625			277,980			1,157
Net Realized Gain on:
Investments		—			544,296	⁽⁴⁾		50,740	⁽⁴⁾
Net Realized Gain on Investments		—			544,296			50,740
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(165,793	)		2,791,545			28,962
Net Change in Unrealized Appreciation (Depreciation) on Investments		(165,793	)		2,791,545			28,962
Net Realized and Unrealized Gain (Loss) on Investments		(165,793	)		3,335,841			79,702
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(151,168	)	$	3,613,821		$	80,859

(1)	The Fund commenced operations on March 6, 2017.
(2)	The Fund commenced operations on February 13, 2017.
(3)	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.)
(4)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)

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

Statements of Changes in Net Assets

	Global X FinTech ETF						Global X Internet of Things ETF
	Period Ended May 31, 2017 (Unaudited)			Period Ended November 30, 2016⁽¹⁾ (Audited)			Period Ended May 31, 2017 (Unaudited)			Period Ended November 30, 2016⁽¹⁾ (Audited)
Operations:
Net Investment Income (Loss)	$	(490	)	$	(656	)	$	103,304		$	14,558
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		93			—			29,497			(380	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		462,180			(16,730	)		3,001,912			101,781
Net Increase (Decrease) in Net Assets Resulting from Operations		461,783			(17,386	)		3,134,713			115,959
Dividends and Distributions from:
Net Investment Income		—			—			(21,905	)		—
Total Dividends and Distributions		—			—			(21,905	)		—
Capital Share Transactions:
Issued		2,555,285			1,508,001			41,985,544			3,764,771
Increase in Net Assets from Capital Share Transactions		2,555,285			1,508,001			41,985,544			3,764,771
Total Increase in Net Assets		3,017,068			1,490,615			45,098,352			3,880,730
Net Assets:
Beginning of Period		1,490,615			—			3,880,730			—
End of Period	$	4,507,683		$	1,490,615		$	48,979,082		$	3,880,730
Undistributed Net Investment Income (Accumulated Net Investment Loss)	$	(1,146	)	$	(656	)	$	96,169		$	14,770
Share Transactions:
Issued		150,000			100,000			2,450,000			250,000
Net Increase in Shares Outstanding from Share Transactions		150,000			100,000			2,450,000			250,000

(1)

The Fund commenced operations on September 12, 2016

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

Statements of Changes in Net Assets

	Global X Robotics & Artificial Intelligence ETF						Global X Health & Wellness Thematic ETF
	Period Ended May 31, 2017 (Unaudited)			Period Ended November 30, 2016⁽¹⁾ (Audited)			Period Ended May 31, 2017 (Unaudited)			Period Ended November 30, 2016⁽²⁾ (Audited)
Operations:
Net Investment Income	$	168,483		$	2,222		$	5,557		$	7,061
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(7,934	)		(90	)		19,626			(14	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		7,474,627			(19,947	)		68,459			(48,103	)
Net Increase (Decrease) in Net Assets Resulting from Operations		7,635,176			(17,815	)		93,642			(41,056	)
Dividends and Distributions from:
Net Investment Income		(2,133	)		—			(7,508	)		—
Total Dividends and Distributions		(2,133	)		—			(7,508	)		—
Capital Share Transactions:
Issued		107,337,179			2,991,286			767,843			1,513,245
Increase in Net Assets from Capital Share Transactions		107,337,179			2,991,286			767,843			1,513,245
Total Increase in Net Assets		114,970,222			2,973,471			853,977			1,472,189
Net Assets:
Beginning of Period		2,973,471			—			1,472,189			—
End of Period	$	117,943,693		$	2,973,471		$	2,326,166		$	1,472,189
Undistributed Net Investment Income	$	168,482		$	2,132		$	5,099		$	7,050
Share Transactions:
Issued		6,150,000			200,000			50,000			100,000
Net Increase in Shares Outstanding from Share Transactions		6,150,000			200,000			50,000			100,000

(1)	The Fund commenced operations on September 12, 2016
(2)	The Fund commenced operations on May 9, 2016

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

Statements of Changes in Net Assets

	Global X Longevity Thematic ETF						Global X Millennials Thematic ETF
	Period Ended May 31, 2017 (Unaudited)			Period Ended November 30, 2016⁽¹⁾ (Audited)			Period Ended May 31, 2017 (Unaudited)			Period Ended November 30, 2016⁽²⁾ (Audited)
Operations:
Net Investment Income	$	4,422		$	6,914		$	4,379		$	9,704
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		11,833			(486	)		192,082			884
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		317,168			(22,071	)		311,794			78,092
Net Increase (Decrease) in Net Assets Resulting from Operations		333,423			(15,643	)		508,255			88,680
Dividends and Distributions from:
Net Investment Income		(9,295	)		—			(12,412	)		—
Net Realized Gains		(6,832	)		—			—			—
Total Dividends and Distributions		(16,127	)		—			(12,412	)		—
Capital Share Transactions:
Issued		842,770			1,532,246			1,699,912			3,807,099
Redeemed		—			—			(836,583	)		—
Increase in Net Assets from Capital Share Transactions		842,770			1,532,246			863,329			3,807,099
Total Increase in Net Assets		1,160,066			1,516,603			1,359,172			3,895,779
Net Assets:
Beginning of Period		1,516,603			—			3,895,779			—
End of Period	$	2,676,669		$	1,516,603		$	5,254,951		$	3,895,779
Undistributed Net Investment Income	$	3,087		$	7,960		$	2,555		$	10,588
Share Transactions:
Issued		50,000			100,000			100,000			250,000
Redeemed		—			—			(50,000	)		—
Net Increase in Shares Outstanding from Share Transactions		50,000			100,000			50,000			250,000

(1)	The Fund commenced operations on May 9, 2016
(2)	The Fund commenced operations on May 4, 2016

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

Statements of Changes in Net Assets

	Global X U.S. Infrastructure Development ETF			Global X Conscious Companies ETF						Global X Founder-Run Companies ETF
	Period Ended May 31, 2017⁽¹⁾ (Unaudited)			Period Ended May 31, 2017 (Unaudited)			Period Ended November 30, 2016⁽²⁾ (Audited)			Period Ended May 31, 2017⁽³⁾ (Unaudited)
Operations:
Net Investment Income	$	14,625		$	277,980		$	298,406		$	1,157
Net Realized Gain (Loss) on Investments		—			544,296			(12,276	)		50,740
Net Change in Unrealized Appreciation (Depreciation) on Investments		(165,793	)		2,791,545			775,085			28,962
Net Increase (Decrease) in Net Assets Resulting from Operations		(151,168	)		3,613,821			1,061,215			80,859
Dividends and Distributions from:
Net Investment Income		—			(328,342	)		—			—
Total Dividends and Distributions		—			(328,342	)		—			—
Capital Share Transactions:
Issued		7,991,224			4,152,937			32,872,597			3,018,348
Redeemed		—			(2,476,623	)		(771,049	)		(769,111	)
Increase in Net Assets from Capital Share Transactions		7,991,224			1,676,314			32,101,548			2,249,237
Total Increase in Net Assets		7,840,056			4,961,793			33,162,763			2,330,096
Net Assets:
Beginning of Period		—			33,162,763			—			—
End of Period	$	7,840,056		$	38,124,556		$	33,162,763		$	2,330,096
Undistributed Net Investment Income	$	14,625		$	248,470		$	298,832		$	1,157
Share Transactions:
Issued		550,000			250,000			2,150,000			200,000
Redeemed		—			(150,000	)		(50,000	)		(50,000	)
Net Increase in Shares Outstanding from Share Transactions		550,000			100,000			2,100,000			150,000

(1)	The Fund commenced operations on March 6, 2017
(2)	The Fund commenced operations on July 11, 2016
(3)	The Fund commenced operations on February 13, 2017

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

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Net Realized Gain ($)			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 Expenses to Average Net Assets (Excluding Waivers) (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
Global X FinTech ETF
2017(Unaudited)		14.91		—			3.12			3.12			—			—			—			18.03		20.93			4,508		0.68	†		0.68	†		(0.05	)†		—
2016⁽¹⁾		15.08		(0.01	)		(0.16	)		(0.17	)		—			—			—			14.91		(1.13	)		1,491		0.68	†		0.68	†		(0.20	)†		—
Global X Internet of Things ETF
2017(Unaudited)		15.52		0.07			2.60			2.67			(0.05	)		—			(0.05	)		18.14		17.25			48,979		0.68	†		0.68	†		0.85	†		1.69
2016⁽¹⁾		15.04		0.09			0.39			0.48			—			—			—			15.52		3.19			3,881		0.68	†		0.68	†		2.75	†		0.39
Global X Robotics & Artificial Intelligence ETF
2017(Unaudited)		14.87		0.09			3.62			3.71			(0.01	)		—			(0.01	)		18.57		24.95			117,944		0.68	†		0.68	†		1.02	†		1.46
2016⁽¹⁾		14.84		0.02			0.01			0.03			—			—			—			14.87		0.20			2,974		0.68	†		0.68	†		0.62	†		—
Global X Health & Wellness Thematic ETF
2017(Unaudited)		14.72		0.05			0.82			0.87			(0.08	)		—			(0.08	)		15.51		5.92			2,326		0.61	†		0.68	†		0.72	†		13.23
2016⁽²⁾		15.13		0.07			(0.48	)		(0.41	)		—			—			—			14.72		(2.71	)		1,472		0.68	†		0.68	†		0.82	†		—
Global X Longevity Thematic ETF
2017(Unaudited)		15.17		0.04			2.79			2.83			(0.09	)		(0.07	)		(0.16	)		17.84		18.86			2,677		0.60	†		0.68	†		0.46	†		16.03
2016⁽²⁾		15.32		0.07			(0.22	)		(0.15	)		—			—			—			15.17		(0.98	)		1,517		0.68	†		0.68	†		0.78	†		2.76
Global X Millennials Thematic ETF
2017(Unaudited)		15.58		0.02			1.97			1.99			(0.05	)		—			(0.05	)		17.52		12.81			5,255		0.61	†		0.68	†		0.21	†		15.23
2016⁽³⁾		14.95		0.05			0.58			0.63			—			—			—			15.58		4.21			3,896		0.68	†		0.68	†		0.59	†		—
Global X U.S. Infrastructure Development ETF
2017⁽⁴⁾(Unaudited)		14.98		0.05			(0.78	)		(0.73	)		—			—			—			14.25		(4.87	)		7,840		0.47	†		0.58	†		1.41	†		—
Global X Conscious Companies ETF
2017(Unaudited)		15.79		0.13			1.56			1.69			(0.15	)		—			(0.15	)		17.33		10.80			38,125		0.43	†		0.43	†		1.56	†		6.77
2016⁽⁵⁾		15.09		0.15			0.55			0.70			—			—			—			15.79		4.64			33,163		0.43	†		0.43	†		2.57	†		37.35
Global X Founder-Run Companies ETF
2017⁽⁶⁾(Unaudited)		15.02		0.01			0.50			0.51			—			—			—			15.53		3.40			2,330		0.60	†		0.60	†		0.15	†		14.97

*	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.
(1)	The Fund commenced operations on September 12, 2016.
(2)	The Fund commenced operations on May 9, 2016.
(3)	The Fund commenced operations on May 4, 2016.
(4)	The Fund commenced operations on March 6, 2017.
(5)	The Fund commenced operations on July 11, 2016.
(6)	The Fund commenced operations on February 13, 2017.

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

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

Notes to financial statements

May 31, 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 May 31, 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 FinTech ETF (formerly, Global X FinTech Thematic ETF), Global X Internet of Things ETF (formerly, Global X Internet of Things Thematic ETF), Global X Robotics & Artificial Intelligence ETF (formerly, Global X Robotics & Artificial Intelligence Thematic ETF), Global X Health & Wellness Thematic ETF, Global X Longevity Thematic ETF, Global X Millennials Thematic ETF, Global X U.S. Infrastructure Development ETF, Global X Conscious Companies ETF and Global X Founder-Run Companies ETF (the “Funds”). Each Fund, other than the Global X Conscious Companies ETF, had elected non-diversified status.

The Global X Founder-Run Companies ETF commenced operations on February 13, 2017. The Global X U.S. Infrastructure Development ETF commenced operations on March 6, 2017.

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.

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

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

Notes to financial statements (continued)

May 31, 2017 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (continued)

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 May 31, 2017, there were no securities priced using the Fair Value Procedures.

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

Notes to financial statements (continued)

May 31, 2017 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (continued)

For the period ended May 31, 2017 there have been no significant changes to the Funds’ fair valuation methodologies.

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.

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 tax year end, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

Any foreign tax filings that have not been made, will be filed within the prescribed period.

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.

Notes to financial statements (continued)

May 31, 2017 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Funds distribute their net investment income on a pro rata basis. Any net realized capital gains are distributed 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 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. The creation fee may be waived for a Fund until it reaches a certain asset size.

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 at
	Creation Unit Shares		Fee		May 31, 2017		Redemption Fee
Global X FinTech ETF		50,000	$	500	$	901,500	$	500
Global X Internet of Things ETF		50,000		750		907,000		750
Global X Robotics & Artificial Intelligence ETF		50,000		750		928,500		750
Global X Health & Wellness Thematic ETF		50,000		1,000		775,500		1,000
Global X Longevity Thematic ETF		50,000		1,000		892,000		1,000
Global X Millennials Thematic ETF		50,000		750		876,000		750
Global X U.S. Infrastructure Development ETF		50,000		750		712,500		750
Global X Conscious Companies ETF		50,000		750		866,500		750
Global X Founder-Run Companies ETF		50,000		750		776,500		750

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

Notes to financial statements (continued)

May 31, 2017 (Unaudited)

3. RELATED PARTY TRANSACTIONS (continued)

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 FinTech ETF		0.68	%
Global X Internet of Things ETF		0.68	%
Global X Robotics & Artificial Intelligence ETF		0.68	%
Global X Health & Wellness Thematic ETF*		0.68	%
Global X Longevity Thematic ETF*		0.68	%
Global X Millennials Thematic ETF*		0.68	%
Global X U.S. Infrastructure Development ETF*		0.58	%
Global X Conscious Companies ETF		0.43	%
Global X Founder-Run Companies ETF		0.65	%

*Effective March 1, 2017, 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 U.S. Infrastructure Development 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 0.47% of the Fund’s average daily net assets per year until March 1, 2018. Effective April 1, 2017, 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 Health & Wellness Thematic ETF, Global X Longevity Thematic ETF and the Global X Millenials Thematic ETF (the “Funds”) (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) will not exceed 0.50% of the Funds average daily net assets per year until April 1, 2018. The Fund’s (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 May 31, 2017, the amounts of waivers/reimbursements subject to recoupment for the Global X Health & Wellness Thematic ETF, Global X Longevity Thematic ETF, Global X Millenials Thematic ETF and Global X U.S. Infrastructure Development ETF were $523 expiring 2020, $785 expiring 2020, $1,450 expiring 2020 and $1,143 expiring 2020.

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.

Notes to financial statements (continued)

May 31, 2017 (Unaudited)

3. RELATED PARTY TRANSACTIONS (concluded)

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 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. 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. As transfer agent, BBH has agreed to (1) issue and redeem shares of each Fund, (2) make dividend and other distributions to shareholders of each Fund, (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts, and (5) make periodic reports to the Funds. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

4. INVESTMENT TRANSACTIONS

For the period ended May 31, 2017, in-kind transactions associated with creations and redemptions were:

			Sales and		Realized
	Purchases		Maturities		Gain/(Loss)
Global X Fintech ETF	$	2,553,761	$	-	$	-
Global X Internet of Things ETF		39,862,435		-		-
Global X Robotics & Artificial Intelligence ETF		107,295,063		-		-
Global X Health & Wellness Thematic ETF		703,240		-		-
Global X Longevity Thematic ETF		823,557		-		-
Global X Millennials Thematic ETF		1,699,785		836,462		195,902
Global X U.S. Infrastructure Development ETF		7,984,288		-		-
Global X Conscious Companies ETF		4,151,080		2,180,765		538,127
Global X Founder-Run Companies ETF		3,008,274		768,634		44,271

During the period ended May 31, 2017, there were no purchases or sales of long-term U.S. Government securities for the Funds.

Notes to financial statements (continued)

May 31, 2017 (Unaudited)

5. TAX INFORMATION

As of November 30, 2016, the components of tax basis distributable earnings (accumulated losses) were as follows:

	Global X Funds
	Global X FinTech ETF			Global X Internet of Things ETF			Global X Robotics & Artificial Intelligence ETF			Global X Health & Wellness Thematic ETF
Undistributed Ordinary Income	$	–		$	14,974		$	2,132		$	7,402
Capital Loss Carryforwards		–			(592	)		–			(2	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(16,730	)		101,577			(19,947	)		(48,456	)
Late Year Loss Deferral		(656	)		–			–			–
Total Distributable Earnings (Accumulated Losses)	$	(17,386	)	$	115,959		$	(17,815	)	$	(41,056	)

	Global X Funds
	Global X Longevity Thematic ETF			Global X Millennials Thematic ETF		Global X Conscious Companies ETF
Undistributed Ordinary Income	$	8,119		$	10,588	$	298,832
Capital Loss Carryforwards		(1,532	)		–		(52,567	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(22,230	)		78,092		767,916
Total Distributable Earnings (Accumulated Losses)	$	(15,643	)	$	88,680	$	1,014,181

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at May 31, 2017, were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global X FinTech ETF	$	4,059,102	$	462,587	$	(17,144	)	$	445,443
Global X Internet of Things ETF		45,764,543		4,006,019		(902,465	)		3,103,554
Global X Robotics & Artificial Intelligence ETF		110,389,779		8,324,651		(871,564	)		7,453,087
Global X Health & Wellness Thematic ETF		2,298,598		161,070		(140,742	)		20,328
Global X Longevity Thematic ETF		2,374,699		329,963		(34,876	)		295,087
Global X Millennials Thematic ETF		4,853,786		578,815		(188,929	)		389,886
Global X U.S. Infrastructure Development ETF		7,985,288		165,738		(331,531	)		(165,793	)
Global X Conscious Companies ETF		34,421,051		4,594,786		(1,028,156	)		3,566,630
Global X Founder-Run Companies ETF		2,299,879		145,837		(116,875	)		28,962

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

Notes to financial statements (continued)

May 31, 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 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 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% for U.S.-based securities and 105% for foreign-based securities. Such collateral will be cash securities issued or guaranteed by the U.S. Government or any agencies. Cash collateral received in connection with these loans can be invested in repurchase agreements or U.S. Treasury obligations and is recognized in the Schedule of Investments and Statement of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statement of Assets and Liabilities. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly,

Notes to financial statements (concluded)

May 31, 2017 (Unaudited)

7. LOANS OF PORTFOLIO SECURITIES (concluded)

and the borrower fails to return the securities. The Funds could also experience delays and costs gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. As of May 31, 2017, the Funds had no securities on loan.

8. CONTRACTUAL OBLIGATIONS

9. REGULATORY MATTERS

10. 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.

Disclosure of Fund Expenses (Unaudited)

All Exchange Traded Funds (“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 the Fund.

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 (December 1, 2016 to May 31, 2017).

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

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

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

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

Disclosure of Fund Expenses (Unaudited) (concluded)

	Beginning Account Value 12/1/2016		Ending Account Value 5/31/2017		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X FinTech ETF
Actual Fund Return	$	1,000.00	$	1,209.30		0.68	%	$	1.77
Hypothetical 5% Return		1,000.00		1,021.53		0.68			3.43
Global X Internet of Things ETF
Actual Fund Return	$	1,000.00	$	1,172.50		0.68	%	$	1.74
Hypothetical 5% Return		1,000.00		1,021.53		0.68			3.43
Global X Robotics & Artificial Intelligence ETF
Actual Fund Return	$	1,000.00	$	1,249.50		0.68	%	$	1.81
Hypothetical 5% Return		1,000.00		1,021.52		0.68			3.45
Global X Health & Wellness Thematic ETF
Actual Fund Return	$	1,000.00	$	1,059.20		0.61	%	$	3.14
Hypothetical 5% Return		1,000.00		1,021.88		0.61			3.09
Global X Longevity Thematic ETF
Actual Fund Return	$	1,000.00	$	1,188.60		0.60	%	$	3.26
Hypothetical 5% Return		1,000.00		1,021.95		0.60			3.01
Global X Millennials Thematic ETF
Actual Fund Return	$	1,000.00	$	1,128.10		0.61	%	$	3.24
Hypothetical 5% Return		1,000.00		1,021.88		0.61			3.08
Global X U.S. Infrastructure Development ETF
Actual Fund Return⁽²⁾	$	1,000.00	$	951.30		0.47	%	$	1.08
Hypothetical 5% Return		1,000.00		1,022.59		0.47			2.37
Global X Conscious Companies ETF
Actual Fund Return	$	1,000.00	$	1,108.00		0.43	%	$	1.33
Hypothetical 5% Return		1,000.00		1,022.79		0.43			2.17
Global X Founder-Run Companies ETF
Actual Fund Return⁽³⁾	$	1,000.00	$	1,034.00		0.60	%	$	1.78
Hypothetical 5% Return		1,000.00		1,021.95		0.60			3.01

⁽¹⁾

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

⁽²⁾

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 86/365 (to reflect the period from inception to date.)

⁽³⁾

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 107/365 (to reflect the period from inception to date.)

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.

On September 9, 2016, the Board of Trustees (including the Trust’s Independent Trustees voting separately) initially considered and unanimously approved (i) the initial Investment Advisory Agreement (“FR New Investment Advisory Agreement”), for the Global X Founder-Run Companies ETF (the “FR New Fund”) and (ii) the Supervision and Administration Agreement between the Trust (“FR New Supervision and Administration Agreement”), on behalf the fund, and Global X Management.”

On February 24, 2017, the Board of Trustees (including the Trust’s Independent Trustees voting separately) initially considered and unanimously approved (i) the initial Investment Advisory Agreement (“IFD New Investment Advisory Agreement”), for the Global X U.S. Infrastructure Development ETF (the “IFD New Fund”) and (ii) the Supervision and Administration Agreement between the Trust (“IFD New Supervision and Administration Agreement”), on behalf the fund, and Global X Management.

The FR New Advisory Agreement, FR New Supervision and Administration Agreement, IFD New Advisory Agreement and the IFD New Supervision and Administration Agreement are referred to collectively as the “New Fund Agreements.” The FR New Fund and the IFD New Fund are referred to collectively as the “New Funds.” The September 9, 2016 meeting is referred to as the “September Meeting,” and the February 24, 2017 meeting is referred to as the “February Meeting,” and together with the September Meeting is referred to as the “Board Meetings.”

In advance of each of the February Meeting and September 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 respective New Fund Agreements to be considered at each meeting, 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, the Trust’s Independent Trustees were advised by their counsel at each Board Meeting 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 Funds, the Board considered a variety of factors at each Board Meeting, including the factors discussed at greater detail below.

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 Funds in accordance with the New Fund Agreements;

Approval of investment Advisory Agreement (Unaudited)

•

Global X Management’s key personnel and the portfolio managers who would provide investment advisory services to the New Funds;

•

Global X Management’s responsibilities under the New Fund Agreements to, among other things, (i) manage the investment operations of the New Funds and the composition of the New Funds’ 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 Funds, (iv) select broker-dealers to execute portfolio transactions for the New Funds when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of the New Funds, and the periodic updating of the registration statement, prospectuses, statement of additional information, and other reports and documents for the New Funds 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 Funds 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 Funds; and

•

the quality of Global X Management’s resources and personnel that would be made available to the New Funds, including Global X Management’s experience and the professional qualifications of Global X Management’s key personnel.

Based on these considerations, the Board concluded at each Board Meeting that it was satisfied with the nature, extent and quality of the services to be provided to the applicable New Funds by Global X Management.

Performance

The Board determined at each Board Meeting that, because the New Funds had not yet been operational for one calendar year, meaningful data relating to investment performance of the applicable New Funds 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 Funds;

•

The unitary fee (including the proposed investment advisory fee) ("Management Fee") that was proposed to be borne by the New Funds under the New Fund Agreements for the investment advisory, supervisory and administrative services that the New Funds 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 Funds); and

Approval of investment Advisory Agreement (Unaudited)

•

the expected profitability to Global X Management, if any, from all services to be provided to the New Funds and all aspects of the relationship between Global X Management and the New Funds.

Based on these considerations, the Board concluded at each Board Meeting that the proposed Management Fee to be paid by the applicable New Funds 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 Ne w 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 Funds. In connection with this consideration, Global X Management provided the Board with comparative expense data for the New Funds, 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 Funds) and the expected total expense ratios for the New Funds. In this regard, the Board took into consideration that the purpose of adopting a unitary Management Fee structure for the New 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 New Funds and that the proposed Management Fee for the New Funds was set at a competitive level to make the New Funds 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 Funds, including the costs of various third-party services required by the New Funds, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that the New 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 at each Board Meeting that the services to be received and the Fees to be charged under the applicable 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 each New Fund grows and whether the proposed unitary Management Fee for each New Fund reflected these economies of scale;

Approval of investment Advisory Agreement (Unaudited)

•

the significant investment of time, personnel and other resources that Global X Management intends to make in each New Fund in order to seek to assure that each 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 each New Fund and its shareholders.

Based on these considerations, the Board concluded at each Board Meeting that approval of the proposed unitary Management Fee for the New Funds appropriately addressed economies of scale.

Other Benefits

In considering the New Fund Agreements, in addition to the categories discussed above, the Board considered at each Board Meeting any other benefits that may be realized by Global X Management as a result of its relationships with the New Funds. As a result, the Board concluded in each case that, in the exercise of its business judgement, all information it considered supported approval of the applicable 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 at their September Meeting, in the exercise of their business judgement, that the FR New Advisory Agreement and FR New Supervision and Administration Agreement were fair and reasonable and in the best interest of the FR New Fund. Similarly, 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 at their Feburary Meeting, in the exercise of their business judgment that the IFD New Advisory Agreement and the IFD New Supervision and Administration Agreement were fair and reasonable and in the best interest of the IFD New Fund.

In reaching these decisions, the Board did not assign relative weights to the factors discussed above 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.

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.

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

Notes

600 Lexington Avenue, 20^th Floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser and Administrator:

Global X Management Company LLC

600 Lexington Avenue, 20^th Floor

New York, NY 10022

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

Stradley Ronon Stevens & Young, LLP

1250 Connecticut Avenue, N.W.

Suite 500

Washington, DC 20036

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

GLX-SA-007-0200

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: August 7, 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: August 7, 2017

By (Signature and Title)*	/s/ Luis Berruga
	Luis Berruga
	Chief Financial Officer

Date: August 7, 2017

* Print the name and title of each signing officer under his or her signature.

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