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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________

FORM N-CSR

________

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22209

Global X Funds

(Exact name of registrant as specified in charter)

________

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 Ave, 20th Floor

New York, NY 10022

(Name and address of agent for service)

With a copy to:

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

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

Date of fiscal year end: October 31, 2017

Date of reporting period: October 31, 2017

Item 1.

Reports to Stockholders.

Global X Silver Miners ETF (ticker: SIL)

Global X Gold Explorers ETF (ticker: GOEX)

Global X Copper Miners ETF (ticker: COPX)

Global X Uranium ETF (ticker: URA)

Global X Lithium & Battery Tech ETF

(formerly Global X Lithium ETF) (ticker: LIT)

Global X Fertilizers/Potash ETF (ticker: SOIL)

Annual Report

October 31, 2017

Table of Contents

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

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

Management Discussion of Fund Performance (unaudited)

Global X Silver Miners ETF

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

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

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund decreased 18.61%, while the Underlying Index decreased 18.17%. The Fund had a net asset value of $40.61 per share on October 31, 2016 and ended the reporting period with a net asset value of $31.96 on October 31, 2017.

During the reporting period, the highest returns came from Volcan Compania Minera SAA and Americas Silver, which returned 87.64% and 36.52%, respectively. The worst performers were Primero Mining and Tahoe Resources, which returned -95.12% and -59.98%, respectively.

Silver mining firms derive revenue from the price of silver and the amount that they produce. Given the high fixed costs associated with mining the precious metal, these firms can have earnings that are significantly leveraged to the price movements of silver. The reporting period has been volatile for the silver market, translating into volatility within the mining segment as well. Some miners reduced their output during the period while industrial demand increased. These events initially sparked a rally in the metal at the start of 2017. Later in the period, however, silver lost its gains, resulting in a selloff in the miners.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Silver Miners ETF		-18.61	%		-18.50	%		8.25	%		8.51	%		-14.76	%		-14.95	%		-3.19	%		-3.17	%
Solactive Global Silver Miners Total Return Index		-18.17	%		-18.17	%		8.72	%		8.72	%		-14.32	%		-14.32	%		-2.62	%		-2.62	%
MSCI ACWI Index		23.20	%		23.20	%		7.92	%		7.92	%		10.80	%		10.80	%		8.66	%		8.66	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		15.18	%		15.18	%		13.05	%		13.05	%

Growth of a $10,000 Investment

(at Net Asset Value)

*Fund commenced operations on April 19, 2010.

**As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI ACWI Index. The new benchmark is a more appropriate comparison for the Fund.

The MSCI ACWI (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

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

Management Discussion of Fund Performance (unaudited)

Global X Silver Miners ETF

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

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

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

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

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Gold Explorers ETF

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

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

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund decreased 13.61%, while the Underlying Index decreased 13.15%. The Fund had a net asset value of $34.95 per share on October 31, 2016 and ended the reporting period with a net asset value of $21.46 on October 31, 2017.

During the reporting period, the highest returns came from Teranga Gold Resources and Kirkland Lake Gold, which returned 230.54% and 90.92%, respectively. The worst performers were Primero Mining and Asanko Gold, which returned -92.87% and -74.80%, respectively.

Gold explorers are firms with minimal amounts of gold production, that instead seek to profit on finding and securing mining rights to new gold deposits. These companies’ stock prices tend to be driven by both the price of gold as well as the firms’ ability to successfully find such deposits. During the reporting period, gold prices were essentially flat. Although the US dollar weakened, inflation remained low, and geopolitical tensions intensified around the world, demand for gold fell overall as investors preferred risk-on assets like equities.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Gold Explorers ETF		-13.61	%		-12.29	%		20.48	%		21.22	%		-12.58	%		-12.75	%		-16.09	%		-16.02	%
Hybrid Solactive Global Gold Explorers Total Return Index/Solactive Global Gold Explorers & Developers Total Return Transition Index/Solactive Global Gold Explorers & Developers Total Return Index		-13.15	%		-13.15	%		21.40	%		21.40	%		-11.48	%		-11.48	%		-15.43	%		-15.43	%
MSCI EAFE Index		23.44	%		23.44	%		6.08	%		6.08	%		8.53	%		8.53	%		5.96	%		5.96	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		15.18	%		15.18	%		13.94	%		13.94	%

Growth of a $10,000 Investment

(at Net Asset Value)

*Fund commenced operations on November 3, 2010.

**Hybrid index performance reflects the performance of the Solactive Global Gold Explorers Total Return Index through November 30, 2016, the Solactive Global Gold Explorers & Developers Total Return Transition Index through April 30, 2017, and the Solactive Global Gold Explorers &

Management Discussion of Fund Performance (unaudited)

Global X Gold Explorers ETF

Developers Total Return Index thereafter. This change was due to planned migration to the new Underlying Index, in an effort to provide broader exposure to the local market.

***As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI EAFE Index. The new benchmark is a more appropriate comparison for the Fund.

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

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X Copper Miners ETF

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

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

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 46.38%, while the Underlying Index increased 47.79%. The Fund had a net asset value of $17.60 per share on October 31, 2016 and ended the reporting period with a net asset value of $25.61 on October 31, 2017.

During the reporting period, the highest returns came from KAZ Minerals and Lundin Mining, which returned 209.19% and 97.06%, respectively. The worst performers were CuDeco and SolGold, which returned -44.62% and -23.06%, respectively.

Copper mining firms derive revenue from the price of copper and the amount that they produce. Given the high fixed costs associated with mining the metal, these firms can have earnings that are significantly leveraged to the price movements of copper. In addition, many copper miners sell other metals and minerals that are a by-product of copper mining, and therefore can have exposure to the price movements of these materials as well. Copper is primarily used in an industrial capacity such as in electrical wiring and pipes. Demand for the metal is therefore closely tied to economic activity, particularly real estate and infrastructure development. During the reporting period, the metal benefitted from better than expected economic data out of China, which is the world’s largest consumer of copper. In addition, in the first half of 2017 there were disruptions and supply stoppages by major miners that reduced the total output. This supported higher prices for the metal during the period.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Copper Miners ETF		46.38	%		46.23	%		2.21	%		2.27	%		-6.48	%		-6.51	%		-4.77	%		-4.78	%
Solactive Global Copper Miners Total Return Index		47.79	%		47.79	%		3.03	%		3.03	%		-6.12	%		-6.12	%		-4.39	%		-4.39	%
MSCI EAFE Index		23.44	%		23.44	%		6.08	%		6.08	%		8.53	%		8.53	%		6.06	%		6.06	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		15.18	%		15.18	%		13.05	%		13.05	%

Growth of a $10,000 Investment

(at Net Asset Value)

*Fund commenced operations on April 19, 2010.

**As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI EAFE Index. The new benchmark is a more appropriate comparison for the Fund.

Management Discussion of Fund Performance (unaudited)

Global X Copper Miners ETF

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

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Uranium ETF

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

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

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 5.75%, while the Underlying Index increased 4.48%. The Fund had a net asset value of $12.08 per share on October 31, 2016 and ended the reporting period with a net asset value of $11.88 on October 31, 2017.

During the reporting period, the highest returns came from Energy Resources of Australia and Nexgen Energy, which returned 67.44% and 56.27%, respectively. The worst performers were Peninsula Energy and UEX, which returned -50.47% and -19.42%, respectively.

The uranium industry continued to face the challenges of an oversupplied market during the reporting period. These issues largely stemmed from the slow implementation of planned output cuts by major producers and contributions of secondary supply sources like decommissioned weapons. Despite supply-side challenges, nuclear energy generation continues to be a favored source for electricity in emerging markets like China, India, Saudi Arabia, and the UAE. Another positive during the period was Japan’s reactivation of five nuclear reactors, six years after the 2011 Fukushima episode.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Uranium ETF		5.75	%		5.62	%		-16.40	%		-16.02	%		-19.83	%		-19.95	%		-24.44	%		-24.42	%
Solactive Global Uranium Total Return Index		4.48	%		4.48	%		-15.39	%		-15.39	%		-19.17	%		-19.17	%		-24.17	%		-24.17	%
MSCI EAFE Index		23.44	%		23.44	%		6.08	%		6.08	%		8.53	%		8.53	%		5.53	%		5.53	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		15.18	%		15.18	%		13.64	%		13.64	%

Growth of a $10,000 Investment

(at Net Asset Value)

*Fund commenced operations on November 4, 2010.

**As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI EAFE Index. The new benchmark is a more appropriate comparison for the Fund.

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

Management Discussion of Fund Performance (unaudited)

Global X Uranium ETF

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

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

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

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

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Lithium & Battery Tech ETF

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

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

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 66.46%, while the Underlying Index increased 66.25%. The Fund had a net asset value of $24.02 per share on October 31, 2016 and ended the reporting period with a net asset value of $39.14 on October 31, 2017.

During the reporting period, the highest returns came from Lithium Americas and Samsung SDI, which returned 187.28% and 125.19%, respectively. The worst performers were Coslight Technology International Group and FDG Electric Vehicles, which returned -40.33% and -16.55%, respectively.

Lithium experienced a resurgence during the period due to the increased expectations for the adoption of electric vehicles (EVs). The vast majority of EVs run on lithium-ion batteries, which depend on the white metal for their battery chemistry. While EVs remain largely a niche product in the current automobile landscape, expectations for their adoption reached higher levels during the reporting period, forcing battery suppliers to aggressively lock up future supply. Excitement around EVs was driven by a combination of falling battery prices along with government regulations around the world that seek to eventually phase out internal combustion engines. Various governments including the United Kingdom, France, Norway, the Netherlands, China, and India have all laid out plans to promote EVs for their lower pollution output. In response to these new regulations, virtually all major automobile manufacturers have announced plans to electrify their vehicle fleets over the next few years with their fully electric vehicles or hybrid models.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Lithium & Battery Tech ETF		66.46	%		66.16	%		19.05	%		19.02	%		7.63	%		7.83	%		4.31	%		4.34	%
Solactive Global Lithium Index		66.25	%		66.25	%		19.19	%		19.19	%		8.45	%		8.45	%		5.02	%		5.02	%
MSCI ACWI Index		23.20	%		23.20	%		7.92	%		7.92	%		10.80	%		10.80	%		10.16	%		10.16	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		15.18	%		15.18	%		14.88	%		14.88	%

Growth of a $10,000 Investment

(at Net Asset Value)

*Fund commenced operations on July 22, 2010.

**As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI ACWI Index. The new benchmark is a more appropriate comparison for the Fund.

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

Management Discussion of Fund Performance (unaudited)

Global X Lithium & Battery Tech ETF

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

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

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

See definition of comparative indices on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Fertilizers/Potash ETF

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

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

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 23.99%, while the Underlying Index increased 24.42%. The Fund had a net asset value of $8.56 per share on October 31, 2016 and ended the reporting period with a net asset value of $10.28 on October 31, 2017.

During the reporting period, the highest returns came from Sociedad Quimica Y Minera De Chile ADR and OCI, which returned 112.97% and 71.08%, respectively. The worst performers were Sirius Minerals and Gubre Fabrikalari, which returned -68.32% and -24.52%, respectively.

The global fertilizer market struggled with low agricultural prices and feeble demand in a well-supplied market. Despite these headwinds, prices picked up toward the end of the reporting period on higher import demand from recovering economies like Brazil, supply outages, and limited exports from China. North America and Europe are the two major regions for potash and fertilizer production, while China, India, and Brazil are key importers. This dynamic makes the industry sensitive to exchange rate fluctuations, trade policies, and emerging market growth rates. Fortunately, the uptick in global growth and a strengthening emerging market economy drove additional demand.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Fertilizers/Potash ETF		23.99	%		23.51	%		1.17	%		1.33	%		-3.53	%		-3.49	%		-3.87	%		-3.84	%
Solactive Global Fertilizers/Potash Total Return Index		24.42	%		24.42	%		1.49	%		1.49	%		-3.31	%		-3.31	%		-3.59	%		-3.59	%
MSCI ACWI Index		23.20	%		23.20	%		7.92	%		7.92	%		10.80	%		10.80	%		8.37	%		8.37	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		15.18	%		15.18	%		13.31	%		13.31	%

Growth of a $10,000 Investment

(at Net Asset Value)

*Fund commenced operations on May 25, 2011.

**As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI ACWI Index. The new benchmark is a more appropriate comparison for the Fund.

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

Management Discussion of Fund Performance (unaudited)

Global X Fertilizers/Potash ETF

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

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

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

See definition of comparative indices on previous page.

Schedule of Investments

October 31, 2017

Global X Silver Miners ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.8%
CANADA— 21.4%
Basic Materials — 21.4%
Alamos Gold, Cl A		1,129,379	$	7,157,727
Alexco Resource ^{* (A)}		695,842		863,662
Americas Silver ^*		515,652		2,096,049
AuRico Metals ^*		1,896,501		1,912,537
Bear Creek Mining ^{* (A)}		1,131,672		1,711,861
Excellon Resources ^{* (A)}		759,990		990,445
First Majestic Silver ^{* (A)}		2,152,123		14,507,756
Fortuna Silver Mines ^*		2,072,986		8,731,917
Great Panther Silver ^{* (A)}		2,155,778		2,642,254
Klondex Mines ^*		2,117,047		6,125,658
MAG Silver ^*		916,538		9,776,121
Mandalay Resources		5,568,828		1,274,381
Primero Mining ^{* (A)}		1,796,559		118,461
Silvercorp Metals ^(A)		2,162,929		5,493,840
Tahoe Resources ^(A)		3,650,163		17,527,352
TOTAL CANADA				80,930,021
MEXICO— 11.2%
Basic Materials — 11.2%
Industrias Penoles		1,644,909		38,322,525
Minera Frisco ^*		6,791,140		4,000,792
TOTAL MEXICO				42,323,317
PERU— 4.1%
Basic Materials — 4.1%
Volcan Cia Minera SAA		31,868,700		15,700,317
SOUTH KOREA— 3.3%
Basic Materials — 3.3%
Korea Zinc		27,743		12,678,552
UNITED KINGDOM— 26.4%
Basic Materials — 26.4%
Fresnillo		2,567,335		44,389,012
Hochschild Mining		3,153,835		9,230,655
Polymetal International		4,003,277		46,489,772
TOTAL UNITED KINGDOM				100,109,439

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

Schedule of Investments

October 31, 2017

Global X Silver Miners ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
UNITED STATES— 33.4%
Basic Materials — 33.4%
Coeur d'Alene Mines ^*		2,162,578	$	16,413,967
Endeavour Silver ^{* (A)}		1,590,018		3,307,237
Hecla Mining		3,734,605		17,627,335
McEwen Mining ^(A)		3,195,182		6,198,653
Pan American Silver		1,119,011		18,273,450
SSR Mining ^*		1,545,443		14,836,253
Wheaton Precious Metals ^(A)		2,394,686		49,665,788
TOTAL UNITED STATES				126,322,683
TOTAL COMMON STOCK
(Cost $396,258,834)				378,064,329

REPURCHASE AGREEMENTS (B) — 5.0%
Barclays Bank
1.050%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $11,175,145 (collateralized by U.S Treasury Obligations, ranging in par value $0-$2,586,399, 0.000%-9.000%, 11/15/17-08/15/47, with a total market value of $11,398,315)	$	11,174,819		11,174,819
Deutsche Bank
1.040%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $7,637,631 (collateralized by U.S. Treasury Obligations, par value $7,403,706, 3.625%, 02/15/20 with a total market value of $7,784,353)		7,637,410		7,637,410
TOTAL REPURCHASE AGREEMENTS
(Cost $18,812,229)				18,812,229
TOTAL INVESTMENTS — 104.8%
(Cost $415,071,063)			$	396,876,558

Percentages are based on Net Assets of $378,656,412.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at October 31, 2017. The total value of securities on loan at October 31, 2017 was $17,545,584.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2017 was $18,812,229.

Cl — Class

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	378,064,329	$	—	$	—	$	378,064,329
Repurchase Agreements		—		18,812,229		—		18,812,229
Total Investments in Securities	$	378,064,329	$	18,812,229	$	—	$	396,876,558

For the year ended October 31, 2017, there have been no transfers between Level 1, Level 2 and Level 3 investments.

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

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

Schedule of Investments

October 31, 2017

Global X Gold Explorers ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA— 20.0%
Basic Materials — 20.0%
Beadell Resources ^*		1,489,849	$	205,621
Gold Road Resources ^*		965,531		510,820
Independence Group		581,200		1,786,991
Metals X		533,256		408,873
Perseus Mining ^*		1,221,816		299,784
Regis Resources		589,239		1,757,493
Resolute Mining		791,403		625,011
Saracen Mineral Holdings ^*		1,023,542		1,141,882
Silver Lake Resources ^*		606,867		169,839
St. Barbara		648,485		1,441,951
Westgold Resources ^*		344,302		494,986
TOTAL AUSTRALIA				8,843,251
CANADA— 57.5%
Basic Materials — 57.5%
Alacer Gold ^*		367,851		573,563
Alamos Gold, Cl A		268,808		1,703,639
Argonaut Gold ^*		211,344		381,996
Asanko Gold ^{* (A)}		250,757		233,425
B2Gold ^*		722,211		1,837,601
China Gold International Resources ^*		304,650		472,655
Continental Gold ^*		175,207		421,334
Dalradian Resources ^{* (A)}		318,354		301,289
Dundee Precious Metals ^*		179,032		358,314
Eldorado Gold		871,588		1,095,317
Guyana Goldfields ^*		211,102		753,292
Kirkland Lake Gold		233,759		2,743,599
Klondex Mines ^*		206,467		597,411
Lundin Gold ^{* (A)}		79,068		302,999
Mandalay Resources		357,178		81,737
New Gold ^*		520,096		1,722,760
OceanaGold		651,555		1,748,802
Osisko Mining ^*		206,608		631,476
Premier Gold Mines ^*		249,347		663,455
Pretium Resources ^{* (A)}		182,101		2,051,126
Primero Mining ^{* (A)}		221,300		14,592
Richmont Mines ^*		79,159		689,594

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

Schedule of Investments

October 31, 2017

Global X Gold Explorers ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Basic Materials — continued
Roxgold ^{* (A)}		424,302	$	362,061
Sabina Gold & Silver ^*		227,467		375,847
SEMAFO ^*		411,635		1,034,596
SSR Mining ^*		151,178		1,453,026
Tahoe Resources		210,000		1,008,378
Teranga Gold ^*		107,851		219,199
Torex Gold Resources ^*		100,661		1,389,155
Wesdome Gold Mines ^*		165,634		229,994
TOTAL CANADA				25,452,232
INDONESIA— 1.2%
Basic Materials — 1.2%
Aneka Tambang Persero ^*		10,647,300		506,360
PERU— 2.1%
Basic Materials — 2.1%
Hochschild Mining		314,900		921,650
TURKEY— 1.1%
Basic Materials — 1.1%
Koza Altin Isletmeleri ^*		57,974		502,083
UNITED KINGDOM— 5.1%
Basic Materials — 5.1%
Centamin		1,022,648		1,891,731
Highland Gold Mining		198,952		377,143
TOTAL UNITED KINGDOM				2,268,874
UNITED STATES— 12.8%
Basic Materials — 12.8%
Coeur d'Alene Mines ^*		267,666		2,031,585
Gold Resource		81,757		296,778
Golden Star Resources ^{* (A)}		518,099		404,117
McEwen Mining ^(A)		340,374		660,326
Novagold Resources ^*		345,386		1,405,721
Seabridge Gold ^{* (A)}		64,270		874,072
TOTAL UNITED STATES				5,672,599
TOTAL COMMON STOCK
(Cost $42,345,043)				44,167,049

REPURCHASE AGREEMENTS (B) — 6.2%
Barclays Bank
1.050%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $1,637,226 (collateralized by U.S Treasury Obligations, ranging in par value $0-$366,136, 0.000%-9.000%, 11/15/17-08/15/47, with a total market value of $1,669,922)	$	1,637,178		1,637,178

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

Schedule of Investments

October 31, 2017

Global X Gold Explorers ETF

	Face Amount		Value
REPURCHASE AGREEMENTS — continued
Deutsche Bank
1.040%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $1,118,958 (collateralized by U.S. Treasury Obligations, par value $1,084,687, 3.625%, 02/15/20 with a total market value of $1,140,454)	$	1,118,926	$	1,118,926
TOTAL REPURCHASE AGREEMENTS
(Cost $2,756,104)				2,756,104
TOTAL INVESTMENTS — 106.0%
(Cost $45,101,147)			$	46,923,153

Percentages are based on Net Assets of $44,255,790.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at October 31, 2017. The total value of securities on loan at October 31, 2017 was $2,577,054.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2017 was $2,756,104.

Cl — Class

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	44,167,049	$	—	$	—	$	44,167,049
Repurchase Agreements		—		2,756,104		—		2,756,104
Total Investments in Securities	$	44,167,049	$	2,756,104	$	—	$	46,923,153

For the year ended October 31, 2017, there have been no transfers between Level 1, Level 2 and Level 3 investments.

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

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

Schedule of Investments

October 31, 2017

Global X Copper Miners ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 100.0%
AUSTRALIA— 6.0%
Basic Materials — 6.0%
OZ Minerals		474,349	$	2,927,833
Sandfire Resources		241,186		1,061,492
TOTAL AUSTRALIA				3,989,325
CANADA— 28.8%
Basic Materials — 28.8%
Altius Minerals		71,585		662,485
Capstone Mining ^*		552,444		629,969
First Quantum Minerals		262,835		2,942,137
HudBay Minerals, Cl B		411,238		3,059,322
Ivanhoe Mines, Cl A ^*		851,278		3,083,910
Lundin Mining		424,357		3,239,216
Nevsun Resources		473,543		1,116,725
Northern Dynasty Minerals ^*		467,204		931,436
Taseko Mines ^*		335,448		736,419
Teck Resources, Cl B		134,281		2,745,828
TOTAL CANADA				19,147,447
HONG KONG— 12.1%
Basic Materials — 12.1%
Jiangxi Copper, Cl H		1,898,529		3,027,212
Jinchuan Group International Resources ^*		2,946,700		419,241
MMG ^*		3,361,900		1,521,124
Zijin Mining Group, Cl H		8,996,160		3,113,337
TOTAL HONG KONG				8,080,914
JAPAN— 1.0%
Basic Materials — 1.0%
Nittetsu Mining		9,000		664,525
MEXICO— 4.8%
Basic Materials — 4.8%
Grupo Mexico, Cl B		973,978		3,173,915
PHILIPPINES— 0.8%
Basic Materials — 0.8%
Philex Mining		3,667,700		540,653

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

Schedule of Investments

October 31, 2017

Global X Copper Miners ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
POLAND— 4.7%
Basic Materials — 4.7%
KGHM Polska Miedz		93,719	$	3,166,591
SWEDEN— 4.8%
Basic Materials — 4.8%
Boliden		91,100		3,188,359
UNITED KINGDOM— 23.0%
Basic Materials — 23.0%
Antofagasta		246,397		3,123,153
Central Asia Metals		212,078		682,951
Glencore		663,470		3,198,231
KAZ Minerals ^*		291,497		3,147,071
SolGold ^{* (A)}		1,005,956		444,174
Vedanta ADR		160,977		3,316,126
Vedanta Resources		118,177		1,393,567
TOTAL UNITED KINGDOM				15,305,273
UNITED STATES— 14.0%
Basic Materials — 14.0%
Freeport-McMoRan Copper & Gold ^*		219,933		3,074,663
Southern Copper		75,524		3,243,756
Turquoise Hill Resources ^*		980,152		3,009,067
TOTAL UNITED STATES				9,327,486
TOTAL COMMON STOCK
(Cost $62,888,525)				66,584,488

REPURCHASE AGREEMENTS (B) — 0.6%
Barclays Bank
1.050%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $221,609 (collateralized by U.S Treasury Obligations, ranging in par value $0-$73,904, 0.000%-9.000%, 11/15/17-08/15/47, with a total market value of $226,034)	$	221,602		221,602
Deutsche Bank
1.040%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $151,458 (collateralized by U.S. Treasury Obligations, par value $146,819, 3.625%, 02/15/20 with a total market value of $154,368)		151,454		151,454
TOTAL REPURCHASE AGREEMENTS
(Cost $373,056)				373,056
TOTAL INVESTMENTS — 100.6%
(Cost $63,261,581)			$	66,957,544

Percentages are based on Net Assets of $66,567,442.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at October 31, 2017. The total value of securities on loan at October 31, 2017 was $313,496.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2017 was $373,056.

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

Schedule of Investments

October 31, 2017

Global X Copper Miners ETF

ADR — American Depositary Receipt

Cl — Class

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	66,584,488	$	—	$	—	$	66,584,488
Repurchase Agreements		—		373,056		—		373,056
Total Investments in Securities	$	66,584,488	$	373,056	$	—	$	66,957,544

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

	Investments in
	Common Stock
Beginning Balance as of October 31, 2016	$	199,385
Net purchases		128,512
Net sales		(225,369	)
Realized gain/(loss)		(1,312,844	)
Change in unrealized appreciation/(depreciation)		1,210,316
Ending Balance as of October 31, 2017	$	-

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

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

Schedule of Investments

October 31, 2017

Global X Uranium ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 98.3%
AUSTRALIA— 14.5%
Basic Materials — 13.2%
Berkeley Energia ^{* (G)}		18,795,849	$	11,385,222
Energy Resources of Australia ^{* (A)}		18,692,785		8,097,947
Greenland Minerals & Energy ^{* (G)}		88,149,393		6,758,834
Paladin Energy ^{*(B) (C) (F)}		29,982,387		533,687
Peninsula Energy ^{* (A) (G)}		20,264,750		4,506,006
				31,281,696
Industrials — 1.3%
Silex Systems ^{* (G)}		13,127,049		3,019,540
TOTAL AUSTRALIA				34,301,236
CANADA— 61.2%
Basic Materials — 48.6%
Cameco ^(A)		6,772,733		55,060,307
Denison Mines ^{* (A)}		27,282,392		11,216,871
Energy Fuels ^{* (A) (G)}		7,373,981		10,182,054
Fission Uranium ^{* (A) (G)}		24,991,178		10,856,458
Laramide Resources ^{* (G)}		11,820,655		2,246,576
Mega Uranium ^{* (A) (G)}		32,758,903		3,684,773
Uex ^{* (A) (G)}		29,487,476		3,545,542
Uranium Participation ^{* (G)}		6,624,571		18,037,580
				114,830,161
Energy — 12.6%
NexGen Energy ^{* (A)}		15,870,393		29,793,151
TOTAL CANADA				144,623,312
CHINA— 5.7%
Utilities — 5.7%
CGN Power, Cl H ^(D)		45,679,200		13,407,851
HONG KONG— 8.7%
Industrials — 8.7%
CGN Mining		161,388,900		11,791,083
CNNC International ^*		19,246,200		8,634,123
TOTAL HONG KONG				20,425,206

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

Schedule of Investments

October 31, 2017

Global X Uranium ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
UNITED STATES— 8.2%
Basic Materials — 8.2%
Centrus Energy, Cl A ^{* (A) (G)}		663,497	$	2,647,353
Uranium Energy ^{* (A)}		7,560,720		8,014,363
Ur-Energy ^{* (A) (G)}		16,567,711		8,780,887
TOTAL UNITED STATES				19,442,603
TOTAL COMMON STOCK
(Cost $356,135,608)				232,200,208

REPURCHASE AGREEMENTS (E) — 16.2%
Barclays Bank
1.050%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $22,754,845 (collateralized by U.S Treasury Obligations, ranging in par value $0-$6,232,063, 0.000%-9.000%, 11/15/17-08/15/47, with a total market value of $23,209,265)	$	22,754,182		22,754,182
Deutsche Bank
1.040%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $15,551,755 (collateralized by U.S. Treasury Obligations, par value $15,075,436, 3.625%, 02/15/20 with a total market value of $15,850,510)		15,551,306		15,551,306
TOTAL REPURCHASE AGREEMENTS
(Cost $38,305,488)				38,305,488
TOTAL INVESTMENTS — 114.5%
(Cost $394,441,096)			$	270,505,696

Percentages are based on Net Assets of $236,218,206.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at October 31, 2017. The total value of securities on loan at October 31, 2017 was $34,989,365.
(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2017, was $533,687 and represents 0.2% of Net Assets.
(C)	Security considered illiquid. The total value of such securities as of October 31, 2017 was $533,687 and represented 0.2% of Net Assets.
(D)	Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of October 31, 2017 was $13,407,851 and represents 5.7% of Net Assets.
(E)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2017 was $38,305,488.
(F)	Level 3 security in accordance with fair value hierarchy.
(G)	Affiliated investment.

Cl — Class

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

Schedule of Investments

October 31, 2017

Global X Uranium ETF

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

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	231,666,521	$	—	$	533,687	$	232,200,208
Repurchase Agreements		—		38,305,488		—		38,305,488
Total Investments in Securities	$	231,666,521	$	38,305,488	$	533,687	$	270,505,696

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

For the year ended October 31, 2017, the transfers into Level 3 were due to change in the availability of observable inputs to determine to fair value.

The following is a summary of the transactions with affiliates for the year ended October 31, 2017:

							Changes in
							Unrealized
Value At		Purchases at		Proceeds from			Appreciation			Realized Gain			Value at		Dividend
10/31/2016		Cost		Sales			(Depreciation)			(Loss)			10/31/2017		Income
Global X Uranium ETF
Berkeley Energia
$	4,210,559	$	10,005,040	($	1,533,658	)	($	1,919,834	)	$	623,115		$	11,385,222	$	—
Centrus Energy
	1,194,857		2,837,249		(403,328	)		(1,054,123	)		72,698			2,647,353		—
Energy Fuels
	3,429,134		11,509,007		(1,341,196	)		(1,976,881	)		(1,438,010	)		10,182,054		—
Fission Uranium
	3,898,032		11,022,385		(1,541,097	)		(1,954,444	)		(568,418	)		10,856,458		—
Greenland Minerals & Energy
	2,742,170		5,900,412		(1,684,343	)		62,046			(261,451	)		6,758,834		—
Laramide Resources
	754,709		3,181,251		(428,122	)		(1,222,153	)		(39,109	)		2,246,576		—
Mega Uranium
	1,427,276		4,049,328		(661,899	)		(1,080,585	)		(49,347	)		3,684,773		—
Peninsula Energy
	3,758,629		6,960,917		(937,462	)		(4,626,614	)		(649,464	)		4,506,006		—
Silex Systems
	1,566,493		3,983,781		(730,586	)		(1,580,817	)		(219,331	)		3,019,540		—
Uex
	1,775,662		4,693,049		(722,185	)		(1,979,029	)		(221,955	)		3,545,542		—
Uranium Participation
	8,217,013		15,769,919		(3,607,590	)		(1,717,265	)		(624,497	)		18,037,580		—
Ur-Energy
	3,809,307		8,702,449		(1,662,175	)		(1,313,508	)		(755,186	)		8,780,887		—
Totals:
$	36,783,841	$	88,614,787	($	15,253,641	)	($	20,363,207	)	($	4,130,955	)	$	85,650,825	$	—

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

Schedule of Investments

October 31, 2017

Global X Lithium & Battery Tech ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 99.9%
AUSTRALIA— 9.2%
Basic Materials — 9.2%
Altura Mining ^*		16,092,538	$	4,380,315
Galaxy Resources ^{* (A)}		11,812,816		31,248,200
Lithium Australia NL ^*		4,788,020		770,953
Neometals ^*		5,027,665		1,657,629
Orocobre ^*		6,113,200		22,686,445
Pilbara Minerals ^{* (A)}		43,319,149		26,904,034
TOTAL AUSTRALIA				87,647,576
CANADA— 3.4%
Basic Materials — 3.3%
Lithium Americas ^{* (A)}		8,889,327		14,481,101
Millennial Lithium ^*		337,387		641,221
Nemaska Lithium ^{* (A)}		11,075,187		15,894,109
				31,016,431
Financials — 0.1%
Lithium X Energy ^*		579,792		908,525
TOTAL CANADA				31,924,956
CHILE— 9.1%
Basic Materials — 9.1%
Sociedad Quimica y Minera de Chile ADR		1,443,553		86,237,856
CHINA— 4.2%
Consumer Goods — 4.2%
BYD, Cl H		4,527,938		39,668,354
FRANCE— 0.4%
Industrials — 0.4%
Blue Solutions ^*		119,516		3,344,293
HONG KONG— 2.1%
Consumer Goods — 1.9%
FDG Electric Vehicles ^*		404,556,100		17,630,428

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

Schedule of Investments

October 31, 2017

Global X Lithium & Battery Tech ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 0.2%
Coslight Technology International Group ^*		4,307,973	$	1,899,488
TOTAL HONG KONG				19,529,916
JAPAN— 9.3%
Consumer Goods — 4.9%
Panasonic		3,140,220		46,994,140
Industrials — 4.4%
GS Yuasa		8,418,294		42,006,272
TOTAL JAPAN				89,000,412
SOUTH KOREA— 11.8%
Basic Materials — 5.2%
LG Chemical		136,898		49,304,541
Industrials — 6.6%
L&F		466,806		13,478,979
Samsung SDI		262,263		48,222,589
Vitzrocell ^{*(B) (C) (E)}		123,568		1,005,393
				62,706,961
TOTAL SOUTH KOREA				112,011,502
SWITZERLAND— 0.0%
Consumer Goods — 0.0%
Leclanche ^*		112,853		263,792
TAIWAN— 4.4%
Consumer Goods — 0.0%
SYNergy ScienTech		82,300		96,300
Industrials — 4.4%
Advanced Lithium Electrochemistry Cayman ^*		4,161,729		3,753,346
Changs Ascending Enterprise ^*		1,294,651		2,008,974
Dynapack International Technology		4,778,800		8,112,686
Simplo Technology		4,829,680		27,783,932
				41,658,938
TOTAL TAIWAN				41,755,238
UNITED KINGDOM— 0.3%
Basic Materials — 0.3%
Bacanora Minerals ^*		2,374,977		2,586,159
UNITED STATES— 45.7%
Basic Materials — 36.3%
Albemarle		1,290,772		181,856,867
FMC		1,756,619		163,119,641
				344,976,508
Consumer Goods — 4.4%
Tesla ^{* (A)}		126,684		41,999,546

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

Schedule of Investments

October 31, 2017

Global X Lithium & Battery Tech ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Industrials — 5.0%
CBAK Energy Technology ^{* (A)}		604,678	$	1,088,420
EnerSys		619,656		42,985,537
Highpower International ^*		222,219		1,255,537
Ultralife ^*		343,487		2,576,153
				47,905,647
TOTAL UNITED STATES				434,881,701
TOTAL COMMON STOCK
(Cost $807,001,075)				948,851,755

REPURCHASE AGREEMENTS (D) — 4.5%
Barclays Bank
1.050%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $25,502,427 (collateralized by U.S Treasury Obligations, ranging in par value $1-$4,457,772, 0.000%-9.000%, 11/15/17-08/15/47, with a total market value of $26,011,716)	$	25,501,683		25,501,683
Deutsche Bank
1.040%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $17,429,584 (collateralized by U.S. Treasury Obligations, par value $16,895,751, 3.625%, 02/15/20 with a total market value of $17,764,412)		17,429,080		17,429,080
TOTAL REPURCHASE AGREEMENTS
(Cost $42,930,763)				42,930,763
TOTAL INVESTMENTS — 104.4%
(Cost $849,931,838)			$	991,782,518

Percentages are based on Net Assets of $950,070,825.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at October 31, 2017. The total value of securities on loan at October 31, 2017 was $42,168,968.
(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2017, was $1,005,393 and represents 0.1% of Net Assets.
(C)	Security considered illiquid. The total value of such securities as of October 31, 2017 was $1,005,393 and represented 0.1% of Net Assets.
(D)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2017 was $42,930,763.
(E)	Level 3 security in accordance with fair value hierarchy.

ADR — American Depositary Receipt

Cl — Class

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

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	947,846,362	$	—	$	1,005,393	$	948,851,755
Repurchase Agreements		—		42,930,763		—		42,930,763
Total Investments in Securities	$	947,846,362	$	42,930,763	$	1,005,393	$	991,782,518

For the year ended October 31, 2017, the transfers into Level 3 were due to change in the availability of observable inputs to determine to fair value.

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

Schedule of Investments

October 31, 2017

Global X Fertilizers/Potash ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.6%
AUSTRALIA— 9.0%
Basic Materials — 9.0%
Incitec Pivot		253,301	$	741,912
Nufarm		93,463		650,696
TOTAL AUSTRALIA				1,392,608
BELGIUM— 4.4%
Basic Materials — 4.4%
Tessenderlo Group ^*		14,203		681,683
CANADA— 11.0%
Basic Materials — 11.0%
Agrium		7,826		852,658
Potash Corp of Saskatchewan		43,355		844,499
TOTAL CANADA				1,697,157
CHILE— 7.9%
Basic Materials — 7.9%
Sociedad Quimica y Minera de Chile ADR		20,468		1,222,758
GERMANY— 4.2%
Basic Materials — 4.2%
K+S		26,972		654,183
HONG KONG— 3.0%
Basic Materials — 3.0%
China BlueChemical		997,201		297,813
Sinofert Holdings		971,365		171,817
TOTAL HONG KONG				469,630
ISRAEL— 6.9%
Basic Materials — 6.9%
Israel Chemicals		164,609		686,397
The Israel Corp ^*		1,982		369,827
TOTAL ISRAEL				1,056,224
MALAYSIA— 4.7%
Basic Materials — 4.7%
Petronas Chemicals Group		411,800		716,893
NETHERLANDS— 4.5%
Basic Materials — 4.5%
OCI ^*		29,359		696,516

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

Schedule of Investments

October 31, 2017

Global X Fertilizers/Potash ETF

	Shares		Value
COMMON STOCK — continued
NORWAY— 5.5%
Basic Materials — 5.5%
Yara International		17,812	$	844,241
POLAND— 3.4%
Basic Materials — 3.4%
Grupa Azoty		25,798		517,541
RUSSIA— 3.9%
Basic Materials — 3.9%
PhosAgro PJSC GDR		43,956		604,395
SOUTH KOREA— 0.5%
Basic Materials — 0.5%
Namhae Chemical		8,949		72,528
TAIWAN— 3.4%
Basic Materials — 3.4%
Taiwan Fertilizer		398,197		520,200
TURKEY— 0.6%
Basic Materials — 0.6%
Bagfas Bandirma Gubre Fabrik		15,045		41,530
Gubre Fabrikalari		43,055		53,528
TOTAL TURKEY				95,058
UNITED KINGDOM— 4.7%
Basic Materials — 4.7%
Sirius Minerals ^*		2,036,200		724,665
UNITED STATES— 22.0%
Basic Materials — 22.0%
CF Industries Holdings		25,178		956,261
Compass Minerals International		10,223		670,629
CVR Partners ^(A)		31,684		112,795
Mosaic		30,257		675,941
Rentech Escrow Shares ^{*(B) (C) (D)}		7,168		—
Scotts Miracle-Gro, Cl A		7,884		785,404
Terra Nitrogen		2,554		195,892
TOTAL UNITED STATES				3,396,922
TOTAL COMMON STOCK
(Cost $16,370,255)				15,363,202

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

Schedule of Investments

October 31, 2017

Global X Fertilizers/Potash ETF

	Number Of Rights		Value
RIGHTS — 0.2%
Australia — 0.2%
Nufarm *
(Cost $–)		20,081	$	26,175
TOTAL INVESTMENTS — 99.8%
(Cost $16,370,255)			$	15,389,377

Percentages are based on Net Assets of $15,417,575.

*	Non-income producing security.
(A)	Security considered Master Limited Partnership. At October 31, 2017, these securities amounted to $308,687 or 2.0% of net assets.
(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2017, was $0 and represents –% of Net Assets.
(C)	Security considered illiquid. The total value of such securities as of October 31, 2017 was $0 and represented –% of Net Assets.
(D)	Level 3 security in accordance with fair value hierarchy.

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

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

PJSC — Public Joint Stock Company

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

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾			Total
Common Stock	$	15,363,202	$	—	$	—	⁽²⁾	$	15,363,202
Right		26,175		—		—			26,175
Total Investments in Securities	$	15,389,377	$	—	$	—		$	15,389,377

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

For the year ended October 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.

Statements of Assets and Liabilities

October 31, 2017

	Global X Silver Miners ETF			Global X Gold Explorers ETF			Global X Copper Miners ETF
Assets:
Cost of Investments	$	396,258,834		$	42,345,043		$	62,888,525
Cost of Repurchase Agreements		18,812,229			2,756,104			373,056
Cost of Foreign Currency		125,919			1			75
Investments, at Value	$	378,064,329	*	$	44,167,049	*	$	66,584,488	*
Repurchase Agreements, at Value		18,812,229			2,756,104			373,056
Cash		524,079			84,019			—
Foreign Currency, at Value		125,919			1			11
Receivable for Investment Securities Sold		10,641,523			4,781,215			12,131,305
Dividend and Interest Receivable		272,392			4,742			14,786
Reclaim Receivable		19,070			—			—
Unrealized Appreciation on Spot Contracts		5,250			541			216
Receivable for Capital Shares Sold		—			1,088,853			—
Total Assets		408,464,791			52,882,524			79,103,862
Liabilities:
Obligation to Return Securities Lending Collateral		18,812,229			2,756,104			373,056
Payable for Investment Securities Purchased		10,780,673			5,845,192			8,268,485
Payable due to Investment Adviser		211,723			25,438			34,649
Payable for Capital Shares Redeemed		—			—			3,847,906
Cash Overdraft		—			—			11,569
Unrealized Depreciation on Spot Contracts		3,754			—			755
Total Liabilities		29,808,379			8,626,734			12,536,420
Net Assets	$	378,656,412		$	44,255,790		$	66,567,442
Net Assets Consist of:
Paid-in Capital	$	688,768,977		$	109,954,852		$	88,721,340
Undistributed (Distributions in Excess of) Net Investment Income		(3,389,457	)		(3,848,873	)		510,601
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(288,520,139	)		(63,669,525	)		(26,370,561	)
Net Unrealized Appreciation (Depreciation) on Investments		(18,194,505	)		1,822,006			3,695,963
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(8,464	)		(2,670	)		10,099
Net Assets	$	378,656,412		$	44,255,790		$	66,567,442
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		11,847,318			2,062,054			2,599,374
Net Asset Value, Offering and Redemption Price Per Share	$	31.96		$	21.46		$	25.61
*Includes Market Value of Securities on Loan	$	17,545,584		$	2,577,054		$	313,496

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

Statements of Assets and Liabilities

October 31, 2017

	Global X Uranium ETF			Global X Lithium & Battery Tech ETF			Global X Fertilizers/Potash ETF
Assets:
Cost of Investments	$	214,157,385		$	807,001,075		$	16,370,255
Cost of Repurchase Agreements		38,305,488			42,930,763			—
Cost of Affiliated Investments		141,978,223			—			—
Cost of Foreign Currency		5			327,593			—
Investments, at Value	$	146,549,383	*	$	948,851,755	*	$	15,389,377
Repurchase Agreements, at Value		38,305,488			42,930,763			—
Affiliated Investments, at Value		85,650,825			—			—
Cash		3,597,733			2,869,155			8,018
Foreign Currency, at Value		6			327,599			—
Receivable for Investment Securities Sold		440,664			103,722,487			—
Dividend and Interest Receivable		152,205			456,122			12,878
Unrealized Appreciation on Spot Contracts		13			634			—
Receivable for Capital Shares Sold		—			11,710,509			—
Reclaim Receivable		—			—			16,288
Total Assets		274,696,317			1,110,869,024			15,426,561
Liabilities:
Obligation to Return Securities Lending Collateral		38,305,488			42,930,763			—
Payable due to Investment Adviser		147,648			548,037			8,699
Payable for Investment Securities Purchased		24,975			117,316,100			—
Unrealized Depreciation on Spot Contracts		—			3,299			—
Due to Broker		—			—			287
Total Liabilities		38,478,111			160,798,199			8,986
Net Assets	$	236,218,206		$	950,070,825		$	15,417,575
Net Assets Consist of:
Paid-in Capital	$	704,113,886		$	866,682,616		$	23,846,007
Undistributed (Distributions in Excess of) Net Investment Income		(2,023,138	)		1,268,358			(6,886	)
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(341,937,166	)		(59,728,570	)		(7,439,540	)
Net Unrealized Appreciation (Depreciation) on Investments		(123,935,400	)		141,850,680			(980,878	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		24			(2,259	)		(1,128	)
Net Assets	$	236,218,206		$	950,070,825		$	15,417,575
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		19,881,666			24,274,628			1,500,000
Net Asset Value, Offering and Redemption Price Per Share	$	11.88		$	39.14		$	10.28
*Includes Market Value of Securities on Loan	$	34,989,365		$	42,168,968		$	—

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

Statements of Operations

For the year ended October 31, 2017

	Global X Silver Miners ETF			Global X Gold Explorers ETF			Global X Copper Miners ETF
Investment Income:
Dividend Income	$	4,186,228		$	277,566		$	705,446
Interest Income		4,532			675			147
Security Lending Income		312,086			181,991			6,341
Less: Foreign Taxes Withheld		(219,200	)		(4,272	)		(35,646	)
Total Investment Income		4,283,646			455,960			676,288
Supervision and Administration Fees⁽¹⁾		2,294,867			306,855			285,663
Custodian Fees		7,268			4,245			342
Total Expenses		2,302,135			311,100			286,005
Net Investment Income		1,981,511			144,860			390,283
Net Realized Gain (Loss) on:
Investments ⁽²⁾		(21,799,629	)		(998,644	)		962,047
Foreign Currency Transactions		199,656			8,728			3,414
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(21,599,973	)		(989,916	)		965,461
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(62,677,118	)		(10,308,062	)		8,347,999
Foreign Currency Translations		(19,932	)		(2,674	)		10,893
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(62,697,050	)		(10,310,736	)		8,358,892
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(84,297,023	)		(11,300,652	)		9,324,353
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(82,315,512	)	$	(11,155,792	)	$	9,714,636

(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 year ended October 31, 2017

	Global X Uranium ETF			Global X Lithium & Battery Tech ETF			Global X Fertilizers/Potash ETF
Investment Income:
Dividend Income	$	2,330,536		$	4,497,277		$	332,127
Interest Income		6,008			2,254			—
Security Lending Income		2,456,925			839,826			—
Less: Foreign Taxes Withheld		(273,197	)		(532,609	)		(34,612	)
Total Investment Income		4,520,272			4,806,748			297,515
Supervision and Administration Fees⁽¹⁾		1,683,748			2,031,441			95,455
Custodian Fees		9,820			4,695			212
Total Expenses		1,693,568			2,036,136			95,667
Net Investment Income		2,826,704			2,770,612			201,848
Net Realized Gain (Loss) on:
Investments ⁽²⁾		(34,027,603	)		6,429,877			(961,950	)
Affiliated Investments ⁽²⁾		(4,130,955	)		—			—
Foreign Currency Transactions		181,491			(105,919	)		(5,756	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(37,977,067	)		6,323,958			(967,706	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		10,038,309			142,520,950			3,596,195
Affiliated Investments		(20,363,207	)		—			—
Foreign Currency Translations		25			(2,246	)		338
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(10,324,873	)		142,518,704			3,596,533
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(48,301,940	)		148,842,662			2,628,827
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(45,475,236	)	$	151,613,274		$	2,830,675

(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 Changes in Net Assets

	Global X Silver Miners ETF						Global X Gold Explorers ETF
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net Investment Income (Loss)	$	1,981,511		$	471,099		$	144,860		$	(118,964	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(21,599,973	)		(32,611,236	)		(989,916	)		1,204,342
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(62,697,050	)		168,065,426			(10,310,736	)		24,561,938
Net Increase (Decrease) in Net Assets Resulting from Operations		(82,315,512	)		135,925,289			(11,155,792	)		25,647,316
Dividends and Distributions from:
Net Investment Income		(9,132,632	)		(492,527	)		(15,400,105	)		(2,809,410	)
Return of Capital		(91,018	)		—			—			—
Total Dividends and Distributions		(9,223,650	)		(492,527	)		(15,400,105	)		(2,809,410	)
Capital Share Transactions:
Issued		137,114,616			145,373,948			4,463,722			23,235,210
Redeemed		(46,536,334	)		(44,945,232	)		(5,726,129	)		(3,092,103	)
Increase (Decrease) in Net Assets from Capital Share Transactions		90,578,282			100,428,716			(1,262,407	)		20,143,107
Total Increase (Decrease) in Net Assets		(960,880	)		235,861,478			(27,818,304	)		42,981,013
Net Assets:
Beginning of Year		379,617,292			143,755,814			72,074,094			29,093,081
End of Year	$	378,656,412		$	379,617,292		$	44,255,790		$	72,074,094
Undistributed (Distributions in Excess of) Net Investment Income	$	(3,389,457	)	$	269,857		$	(3,848,873	)	$	(938,905	)
Share Transactions:
Issued		3,850,000			3,550,000			200,000			700,000
Redeemed		(1,350,000	)		(1,102,682	)		(200,000	)		(100,325	)
Net Increase in Shares Outstanding from Share Transactions		2,500,000			2,447,318			—			599,675

⁽¹⁾

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

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

Statements of Changes in Net Assets

	Global X Copper Miners ETF						Global X Uranium ETF
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net Investment Income	$	390,283		$	117,560		$	2,826,704		$	840,773
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		965,461			(5,332,136	)		(37,977,067	)		(39,099,245	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		8,358,892			10,560,257			(10,324,873	)		14,843,464
Net Increase (Decrease) in Net Assets Resulting from Operations		9,714,636			5,345,681			(45,475,236	)		(23,415,008	)
Dividends and Distributions from:
Net Investment Income		(232,862	)		(205,898	)		(9,254,190	)		(2,421,696	)
Total Dividends and Distributions		(232,862	)		(205,898	)		(9,254,190	)		(2,421,696	)
Capital Share Transactions:
Issued		52,074,785			4,973,174			220,075,566			4,984,570
Redeemed		(20,492,970	)		(3,588,508	)		(31,564,623	)		(18,767,601	)
Increase (Decrease) in Net Assets from Capital Share Transactions		31,581,815			1,384,666			188,510,943			(13,783,031	)
Total Increase (Decrease) in Net Assets		41,063,589			6,524,449			133,781,517			(39,619,735	)
Net Assets:
Beginning of Year		25,503,853			18,979,404			102,436,689			142,056,424
End of Year	$	66,567,442		$	25,503,853		$	236,218,206		$	102,436,689
Undistributed (Distributions in Excess of) Net Investment Income	$	510,601		$	76,960		$	(2,023,138	)	$	2,129,397
Share Transactions:
Issued		2,100,000			433,333			13,800,000			350,000
Redeemed		(950,000	)		(250,626	)		(2,400,000	)		(1,375,870	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		1,150,000			182,707			11,400,000			(1,025,870	)

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

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

Statements of Changes in Net Assets

	Global X Lithium & Battery Tech ETF						Global X Fertilizers/Potash ETF
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net Investment Income	$	2,770,612		$	845,396		$	201,848		$	189,722
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		6,323,958			(2,510,956	)		(967,706	)		(2,765,323	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		142,518,704			8,280,377			3,596,533			1,328,868
Net Increase (Decrease) in Net Assets Resulting from Operations		151,613,274			6,614,817			2,830,675			(1,246,733	)
Dividends and Distributions from:
Net Investment Income		(2,450,314	)		(97,361	)		(403,740	)		(363,096	)
Total Dividends and Distributions		(2,450,314	)		(97,361	)		(403,740	)		(363,096	)
Capital Share Transactions:
Issued		717,180,556			77,405,685			2,812,869			2,166,918
Redeemed		(28,576,935	)		(12,349,856	)		(946,901	)		(915,034	)
Increase in Net Assets from Capital Share Transactions		688,603,621			65,055,829			1,865,968			1,251,884
Total Increase (Decrease) in Net Assets		837,766,581			71,573,285			4,292,903			(357,945	)
Net Assets:
Beginning of Year		112,304,244			40,730,959			11,124,672			11,482,617
End of Year	$	950,070,825		$	112,304,244		$	15,417,575		$	11,124,672
Undistributed (Distributions in Excess of) Net Investment Income	$	1,268,358		$	710,566		$	(6,886	)	$	195,160
Share Transactions:
Issued		20,500,000			3,200,000			300,000			250,000
Redeemed		(900,000	)		(500,372	)		(100,000	)		(100,000	)
Net Increase in Shares Outstanding from Share Transactions		19,600,000			2,699,628			200,000			150,000

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

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

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

																														Ratio of
						Net Realized																								Net
	Net					and															Net							Ratio of		Investment
	Asset					Unrealized															Asset							Expenses		Income
	Value,		Net			Gain (Loss)						Distribution									Value,					Net Assets		to		(Loss) to
	Beginning		Investment			on			Total from			from Net						Total from			End of		Total			End of		Average		Average			Portfolio
	of Period		Income			Investments			Operations			Investment			Return of			Distributions			Period		Return			Period		Net Assets		Net Assets			Turnover
	($)		(Loss) ($)*			($)			($)			Income ($)			Capital			($)			($)		(%)**			($)(000)		(%)		(%)			(%)††
Global X Silver Miners ETF
2017		40.61		0.20			(7.78	)		(7.58	)		(1.06	)		(0.01	)		(1.07	)		31.96		(18.61	)		378,656		0.65		0.56			24.46
2016		20.83		0.05			19.80			19.85			(0.07	)		—			(0.07	)		40.61		95.69			379,617		0.65		0.17			27.45
2015⁽¹⁾		26.16		0.06			(5.37	)		(5.31	)		(0.02	)		—			(0.02	)		20.83		(20.35	)		143,756		0.65		0.22			26.75
2014⁽¹⁾		38.64		0.09			(12.35	)		(12.26	)		(0.22	)		—			(0.22	)		26.16		(31.85	)		170,965		0.65		0.24			24.23
2013⁽¹⁾		74.94		0.34			(36.03	)		(35.69	)		(0.61	)		—			(0.61	)		38.64		(47.97	)		218,240		0.65		0.67			23.79
Global X Gold Explorers ETF
2017		34.95		0.07			(5.51	)		(5.44	)		(8.05	)		—			(8.05	)		21.46		(13.61	)		44,256		0.66		0.31			84.00
2016		19.89		(0.06	)		17.04			16.98			(1.92	)		—			(1.92	)		34.95		95.95			72,074		0.66		(0.22	)		17.06
2015⁽²⁾		19.28		0.14			0.50			0.64			(0.03	)		—			(0.03	)		19.89		3.36			29,093		0.65		0.70			57.53
2014⁽²⁾		26.96		0.01			(7.69	)		(7.68	)		—			—			—			19.28		28.49			27,714		0.65		0.02			29.94
2013⁽²⁾⁽³⁾		69.44		(0.25	)		(39.35	)		(39.60	)		(2.88	)		—			(2.88	)		26.96		(59.16	)		32,020		0.65		(0.65	)		31.73
Global X Copper Miners ETF
2017		17.60		0.20			7.93			8.13			(0.12	)		—			(0.12	)		25.61		46.38			66,567		0.65		0.89			43.58
2016		14.98		0.07			2.69			2.76			(0.14	)		—			(0.14	)		17.60		18.88			25,504		0.65		0.57			34.73
2015⁽¹⁾		24.96		0.21			(9.68	)		(9.47	)		(0.51	)		—			(0.51	)		14.98		(38.64	)		18,979		0.65		1.07			29.72
2014⁽¹⁾		29.40		0.45			(4.69	)		(4.24	)		(0.20	)		—			(0.20	)		24.96		(14.49	)		27,053		0.65		1.59			15.77
2013⁽¹⁾		38.79		0.52			(8.63	)		(8.11	)		(1.28	)		—			(1.28	)		29.40		(21.69	)		32,828		0.65		1.63			37.06
Global X Uranium ETF
2017		12.08		0.16			0.58			0.74			(0.94	)		—			(0.94	)		11.88		5.75			236,218		0.69		1.16			11.95
2016		14.94		0.09			(2.68	)		(2.59	)		(0.27	)		—			(0.27	)		12.08		(17.53	)		102,437		0.70		0.71			14.48
2015⁽²⁾		23.26		0.15			(7.50	)		(7.35	)		(0.97	)		—			(0.97	)		14.94		(33.01	)		142,056		0.69		0.74			22.37
2014⁽²⁾		28.94		0.09			(5.60	)		(5.51	)		(0.17	)		—			(0.17	)		23.26		(19.18	)		212,357		0.69		0.30			20.90
2013⁽²⁾⁽⁴⁾		42.06		0.18			(12.56	)		(12.38	)		(0.74	)		—			(0.74	)		28.94		(29.88	)		118,871		0.69		0.51			73.16
Global X Lithium & Battery Tech ETF
2017		24.02		0.33			15.31			15.64			(0.52	)		—			(0.52	)		39.14		66.46			950,071		0.75		1.02			68.13
2016		20.62		0.27			3.18			3.45			(0.05	)		—			(0.05	)		24.02		16.76			112,304		0.76		1.21			44.90
2015⁽²⁾		24.00		0.08			(3.22	)		(3.14	)		(0.24	)		—			(0.24	)		20.62		(13.18	)		40,731		0.75		0.35			31.14
2014⁽²⁾		25.88		0.20			(2.00	)		(1.80	)		(0.08	)		—			(0.08	)		24.00		(6.97	)		50,389		0.75		0.75			43.37
2013⁽²⁾		28.82		0.06			(2.31	)		(2.25	)		(0.69	)		—			(0.69	)		25.88		(8.00	)		51,105		0.75		0.21			38.46
Global X Fertilizers/Potash ETF
2017		8.56		0.14			1.87			2.01			(0.29	)		—			(0.29	)		10.28		23.99			15,418		0.69		1.46			23.56
2016		9.98		0.18	‡‡		(1.27	)		(1.09	)		(0.33	)		—			(0.33	)		8.56		(11.15	)		11,125		0.69		2.00	‡‡		25.38
2015		10.87		0.33			(0.97	)		(0.64	)		(0.25	)		—			(0.25	)		9.98		(6.01	)		11,483		0.69		2.97			30.64
2014		11.73		0.23			(0.90	)		(0.67	)		(0.19	)		—			(0.19	)		10.87		(5.79	)		15,761		0.69		1.98			18.79
2013		13.85		0.25			(2.21	)		(1.96	)		(0.16	)		—			(0.16	)		11.73		14.33			22,864		0.69		1.93			14.12

(1)	Per share amounts have been adjusted for a 1 for 3 reverse share split on November 18, 2015. For more information see Note 9 in the Notes to Financial Statements.
(2)	Per share amounts have been adjusted for a 1 for 2 reverse share split on November 18, 2015. For more information see Note 9 in the Notes to Financial Statements
(3)	Per share amounts have been adjusted for a 1 for 4 reverse share split on May 16, 2013. For more information see Note 9 in the Notes to Financial Statements
(4)	Per share amounts have been adjusted for a 1 for 3 reverse share split on May 16, 2013. For more information see Note 9 in the Notes to Financial Statements.
*	Per share data calculated using average shares method.
**	Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
††	Portfolio turnover rate is for the period indicated and has not been annualized. Excludes effect of in-kind transfers.
‡‡	Effective November 1, 2015, the Fund changed its method for estimating the characterization of amounts distributed by master limited partnerships, which correspondingly impacted the financial highlight ratios and per share disclosures to the extent that the fund recorded investment income that differed from amounts previously estimated.

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

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

Notes to Financial Statements

October 31, 2017

1. ORGANIZATION

The Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of October 31, 2017, the Trust had ninety-six portfolios, fifty-two of which were operational. The financial statements herein and the related notes pertain to the Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Copper Miners ETF, Global X Uranium ETF, Global X Lithium & Battery Tech ETF and Global X Fertilizers/Potash ETF (the “Funds”). Each Fund has elected non-diversified status.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies followed by the Funds.

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

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

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

For securities traded on NASDAQ, the NASDAQ official closing price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the 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 by the Funds are provided daily by recognized independent pricing agents. If a security price cannot

Notes to Financial Statements (continued)

October 31, 2017

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (continued)

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

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security's primary trading market is temporarily closed at a time, when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value a security if an event that may materially affect the value of the Funds’ security that traded outside of the United States (a “Significant Event”) has occurred between the time of the security's last close and the time that the Funds calculate their net asset values. 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 Funds’ investment adviser (the “Adviser”), becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate net asset value, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of October 31, 2017, there was $533,687, $1,005,393 and $0 of fair valued securities in Global X Uranium ETF, Global X Lithium & Battery Tech ETF and Global X Fertilizers/Potash ETF, respectively. There were no other securities priced using the Fair Value Procedures.

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

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

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

Notes to Financial Statements (continued)

October 31, 2017

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (concluded)

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

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For the year ended October 31, 2017 there have been no significant changes to the Funds’ fair valuation methodologies.

DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties at October 31, 2017. The Funds continuously monitor the credit standing of each broker or counterparty with whom they conduct business. In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.

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

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

Notes to Financial Statements (continued)

October 31, 2017

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

REPURCHASE AGREEMENTS (concluded)

At October 31, 2017, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

			Fair Value of Non-cash		Cash Collateral
	Repurchase Agreements		Collateral Received⁽¹⁾		Received		Net Amount ⁽²⁾
Global X Silver Miners ETF
Barclays	$	11,174,819	$	11,174,819	$	-	$	-
Deutsche Bank		7,637,410		7,637,410		-		-
Global X Gold Explorers ETF
Barclays		1,637,178		1,637,178		-		-
Deutsche Bank		1,118,926		1,118,926		-		-
Global X Copper Miners ETF
Barclays		221,602		221,602		-		-
Deutsche Bank		151,454		151,454		-		-
Global X Uranium ETF
Barclays		22,754,182		22,754,182		-		-
Deutsche Bank		15,551,306		15,551,306				-
Global X Lithium & Battery Tech ETF
Barclays		25,501,683		25,501,683		-		-
Deutsche Bank		17,429,080		17,429,080		-		-

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

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

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

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

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

As of and during the year ended October 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 year, the Funds did not incur any interest or penalties.

Notes to Financial Statements (continued)

October 31, 2017

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

CREATION UNITS — The Funds issue and redeem their shares (“Shares”) on a continuous basis at Net Asset Value (“NAV”) and only in large blocks of 50,000 Shares, referred to as “Creation Units”. Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day.

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

	Creation Unit Shares		Creation Fee		Value as of October 31, 2017		Redemption Fee
Global X Silver Miners ETF		50,000	$	500	$	1,598,000	$	500
Global X Gold Explorers ETF		50,000		1,000		1,073,000		1,000
Global X Copper Miners ETF		50,000		1,000		1,280,500		1,000
Global X Uranium ETF		50,000		1,000		594,000		1,000
Global X Lithium & Battery Tech ETF		50,000		1,000		1,957,000		1,000
Global X Fertilizers/Potash ETF		50,000		1,000		514,000		1,000

Notes to Financial Statements (continued)

October 31, 2017

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

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

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS

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

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

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

SEI Investments Distribution Co. (“SIDCO”) serves as each Funds’ underwriter and distributor of Creation Units pursuant to a distribution agreement. SIDCO has no obligation to sell any specific quantity of Fund Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (1) the costs of processing and maintaining records of creations of Creation Units; (2) all costs of maintaining the records required of a registered broker/dealer; (3) the expenses of maintaining its registration or qualification as a dealer or broker under Federal or state laws; (4) filing fees; and (5) all other expenses incurred in connection with the distribution services as

Notes to Financial Statements (continued)

October 31, 2017

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (concluded)

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

BBH serves as custodian of the Funds’ assets. As custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds, (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As compensation for these services, 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. BBH also serves as transfer agent. As transfer agent, BBH has agreed to (1) issue and redeem Shares of each Fund, (2) make dividend and other distributions to shareholders of each Fund, (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts, and (5) make periodic reports to the Funds. As compensation for these services, 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 year ended October 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 and Maturities
Global X Silver Miners ETF	$	86,392,141	$	90,979,376
Global X Gold Explorers ETF		40,309,331		55,579,988
Global X Copper Miners ETF		19,552,338		19,304,805
Global X Uranium ETF		28,157,062		38,037,793
Global X Lithium & Battery Tech ETF		324,884,812		196,061,962
Global X Fertilizers/Potash ETF		3,239,781		3,274,435

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

	Purchases		Sales and Maturities		Realized Gain (Loss)
Global X Silver Miners ETF	$	134,999,650	$	46,423,991	$	14,135,966
Global X Gold Explorers ETF		4,464,710		5,725,045		2,195,637
Global X Copper Miners ETF		51,988,692		20,442,081		5,518,062
Global X Uranium ETF		219,684,517		31,497,992		5,860,803
Global X Lithium & Battery Tech ETF		582,212,989		23,140,393		9,800,107
Global X Fertilizers/Potash ETF		2,566,977		860,231		181,966

Notes to Financial Statements (continued)

October 31, 2017

4. INVESTMENT TRANSACTIONS (concluded)

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

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

During the year ended October 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 following differences, primarily attributable to net operating losses, investment in MLPs, foreign currency, redemptions in-kind and sales of passive foreign investment companies have been reclassified to/from the following accounts during the fiscal year ended October 31, 2017.

Global X Funds	Paid-in Capital			Undistributed Net Investment Income			Accumulated Net Realized Loss
Global X Silver Miners ETF	$	6,117,670		$	3,491,807		$	(9,609,477	)
Global X Gold Explorers ETF		(538,319	)		12,345,277			(11,806,958	)
Global X Copper Miners ETF		3,978,660			276,220			(4,254,880	)
Global X Uranium ETF		2,671,140			2,274,951			(4,946,091	)
Global X Lithium & Battery Tech ETF		9,425,729			237,494			(9,663,223	)
Global X Fertilizers/Potash ETF		175,834			(154	)		(175,680	)

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

Notes to Financial Statements (continued)

October 31, 2017

5. TAX INFORMATION (continued)

The tax character of dividends and distributions declared during the years ended October 31, 2017 and 2016 were as follows:

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

Global X Silver Miners ETF
2017	$	9,132,632	$	–	$	91,018	$	9,223,650
2016		492,527		–		–		492,527
Global X Gold Explorers ETF
2017	$	15,400,105	$	–	$	–	$	15,400,105
2016		2,809,410		–		–		2,809,410
Global X Copper Miners ETF
2017	$	232,862	$	–	$	–	$	232,862
2016		205,898		–		–		205,898
Global X Uranium ETF
2017	$	9,254,190	$	–	$	–	$	9,254,190
2016		2,421,696		–		–		2,421,696
Global X Lithium & Battery Tech ETF
2017	$	2,450,314	$	–	$	–	$	2,450,314
2016		97,361		–		–		97,361
Global X Fertilizers/Potash ETF
2017	$	403,740	$	–	$	–	$	403,740
2016		363,096		–		–		363,096

As of October 31, 2017, the components of tax basis accumulated losses were as follows:

	Global X Funds
	Global X Silver Miners ETF			Global X Gold Explorers ETF			Global X Copper Miners ETF
Undistributed Ordinary Income	$	–		$	–		$	1,006,229
Capital Loss Carryforwards		(259,457,602	)		(61,985,019	)		(22,917,036	)
Unrealized Depreciation on Investments and Foreign Currency		(50,654,961	)		(3,714,043	)		(243,082	)
Other Temporary Differences		(2	)		–			(9	)
Total Accumulated Losses	$	(310,112,565	)	$	(65,699,062	)	$	(22,153,898	)

	Global X Funds
	Global X Uranium ETF			Global X Lithium & Battery Tech ETF			Global X Fertilizers/Potash ETF
Undistributed Ordinary Income	$	7,113,909		$	33,347,115		$	74,722
Capital Loss Carryforwards		(308,444,586	)		(51,501,238	)		(6,150,269	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(166,565,006	)		101,542,335			(2,352,879	)
Other Temporary Differences		3			(3	)		(6	)
Total Distributable Earnings (Accumulated Losses)	$	(467,895,680	)	$	83,388,209		$	(8,428,432	)

For Federal income tax purposes, capital losses incurred in taxable years beginning before December 22, 2010 may be carried forward for a maximum period of eight years and applied against future gains. As of October 31, 2017, the Funds that had capital loss carryforwards are listed below:

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

Notes to Financial Statements (continued)

October 31, 2017

5. TAX INFORMATION (concluded)

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

Global X Funds	Short-Term Loss		Long-Term Loss		Total
Global X Silver Miners ETF	$	39,119,969	$	211,904,168	$	251,024,137
Global X Gold Explorers ETF		12,391,860		49,462,183		61,854,043
Global X Copper Miners ETF		4,424,798		18,492,238		22,917,036
Global X Uranium ETF		57,023,884		238,714,904		295,738,788
Global X Lithium & Battery Tech ETF		10,233,343		33,938,587		44,171,930
Global X Fertilizers/Potash ETF		814,337		5,335,932		6,150,269

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 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 Silver Miners ETF	$	447,523,055	$	21,659,406	$	(72,305,903	)	$	(50,646,497	)
Global X Gold Explorers ETF		50,634,526		6,403,881		(10,115,254	)		(3,711,373	)
Global X Copper Miners ETF		67,210,725		6,493,179		(6,746,360	)		(253,181	)
Global X Uranium ETF		437,070,726		1,503,935		(168,068,965	)		(166,565,030	)
Global X Lithium & Battery Tech ETF		890,237,924		143,055,477		(41,510,883	)		101,544,594
Global X Fertilizers/Potash ETF		17,741,128		2,058,671		(4,410,422	)		(2,351,751	)

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

6. CONCENTRATION OF RISKS

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

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

Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations

Notes to Financial Statements (continued)

October 31, 2017

6. CONCENTRATION OF RISKS (concluded)

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. Each Fund may utilize a representative sampling strategy with respect to its underlying index when a replication strategy might be detrimental to their shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its underlying index, or, in certain instances, when securities in the underlying index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not the underlying indexes). Commodity related securities are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a great impact on these Funds.

A more complete description of risks is included is each Fund’s prospectus and statement of additional information (“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 initially required to be secured by collateral equal to at least 102% of the value of domestic equity securities and ADRs and 105% of the value of foreign equity securities (other than ADRs). Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements or U.S. Treasury obligations and is recognized in the Schedule of Investments and Statement of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statement of Assets and Liabilities. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. In the event the borrower may not provide additional collateral when required or may not return the securities when due, the agency agreement requires the lending agent to indemnify the Funds by replacing either the security or the security’s current market value to the fund. The Funds could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. The Funds could also experience delays and costs in gaining access to the

Notes to Financial Statements (continued)

October 31, 2017

7. LOANS OF PORTFOLIO SECURITIES (continued)

collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested.

As of October 31, 2017, the value of securities on loan was $17,545,584, $2,577,054, $313,496, $34,989,365 and $42,168,968 for the Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Copper Miners ETF, Global X Uranium ETF and Global X Lithium & Battery Tech ETF, respectively and the value of securities purchased with the cash collateral held from securities on loan was $18,812,229, $2,756,104, $373,056, $38,305,488 and $42,930,763 for the Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Copper Miners ETF, Global X Uranium ETF and Global X Lithium & Battery Tech ETF, respectively.

At October 31, 2017, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X Silver Miners ETF
BMO Capital Markets	$	160,168	$	174,518
Citigroup		399,152		441,370
Credit Suisse		336,010		358,627
Deutsche Bank Securities		8,776,617		9,323,327
Goldman Sachs & Co.		-		44,578
JPMorgan		3,113,567		3,246,861
Merrill Lynch Pierce Fenner & Smith		1,985,054		2,251,186
Morgan Stanley		2,744,695		2,927,452
Scotia Capital		30,321		44,310
Global X Gold Explorers ETF
Barclays Capital		129,627		133,550
Credit Suisse		1,358,801		1,440,811
Deutsche Bank Securities		176,312		194,188
JPMorgan		564,136		611,205
Morgan Stanley		258,400		261,250
UBS Securities		89,778		115,100
Global X Copper Miners ETF
Goldman Sachs & Co.		-		103,256
JPMorgan		176,617		152,000	⁽¹⁾
UBS Securities		136,879		117,800	⁽¹⁾

Notes to Financial Statements (continued)

October 31, 2017

7. LOANS OF PORTFOLIO SECURITIES (concluded)

	Market Value		Cash Collateral
Global X Uranium ETF
Barclays Capital	$	94,914	$	104,400
BNP Paribal		5,985		6,000
Credit Suisse		2,935,581		3,224,182
Deutsche Bank Securities		16,352,358		17,606,979
Goldman Sachs & Co.		668,204		678,041
JPMorgan		4,289,325		4,797,781
Merrill Lynch Pierce Fenner & Smith		183,484		234,092
Morgan Stanley		3,907,190		4,764,077
SG Americas Securities		5,546,880		5,811,126
UBS Securities		1,005,444		1,078,810
Global X Lithium & Battery Tech ETF
BMO Capital Markets		751,259		792,360
Citigroup		654,440		644,511	⁽¹⁾
Credit Suisse		5,804,077		6,143,390
Deutsche Bank Securities		3,483,666		3,763,350
JPMorgan		22,958,450		22,672,537	⁽¹⁾
Merrill Lynch Pierce Fenner & Smith		1,517,883		1,600,365
Morgan Stanley		6,450,221		6,735,294
UBS Securities		548,972		578,956

⁽¹⁾ It is the Funds' policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.

8. CONTRACTUAL OBLIGATIONS

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

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

9. REVERSE SHARE SPLIT

Effective May 16, 2013, each of the Global X Gold Explorers ETF and Global X Uranium ETF executed a reverse share split for shareholders of record after the close of markets on May 15, 2013. The effect of this transaction for each Fund was to divide the number of outstanding shares of the Fund by the applicable ratio below, resulting in a corresponding increase in the net asset value per share. The capital share activity presented in the statement of changes in net assets for each of the years in the period then ended, and per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect these reverse share splits. There

Notes to Financial Statements (concluded)

October 31, 2017

9. REVERSE SHARE SPLIT (concluded)

were no changes in net assets, results of operations or total return as a result of these transactions. The details of the reverse splits are as follows:

May 16, 2013:

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

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

November 18, 2015:

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

10. REGULATORY MATTERS

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, final rules) intended to modernize the reporting and disclosure of information by RICs. In part, the final rules amended Regulation S-X and require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. As of August 1, 2017, management has implemented the amendments to Regulation S-X, which did not have a material impact on the Funds’ financial statements and related disclosures or impact the Funds’ net assets or results of operations.

11. SUBSEQUENT EVENTS

The Funds have been evaluated regarding the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, please note the additional disclosure:

On November 1, 2017, the Trust entered into an agreement with BBH in which BBH will serve as the new securities lending agent for the Trust and each of its series.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Copper Miners ETF, Global X Uranium ETF, Global X Lithium & Battery Tech ETF and Global X Fertilizers/Potash ETF

The financial statements, as of and for the year ended October 31, 2015 and the financial highlights for each of the years ended on or prior to October 31, 2015 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 30, 2015 expressed an unqualified opinion on those financial statements and financial highlights.

PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 21, 2017

Disclosure of Fund Expenses (unaudited)

ETFs (such as the Funds) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, brokerage fees, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for brokerage fees as a result of the shareholder’s investment in a Fund.

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from May 1, 2017 through October 31, 2017.

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

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

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

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

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

Disclosure of Fund Expenses (unaudited) (concluded)

	Beginning Account Value 5/1/2017		Ending Account Value 10/31/2017		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X Silver Miners ETF
Actual Fund Return	$	1,000.00	$	916.90		0.65	%	$	3.14
Hypothetical 5% Return		1,000.00		1,021.92		0.65			3.32
Global X Gold Explorers ETF
Actual Fund Return	$	1,000.00	$	969.70		0.65	%	$	3.23
Hypothetical 5% Return		1,000.00		1,021.92		0.65			3.32
Global X Copper Miners ETF
Actual Fund Return	$	1,000.00	$	1,196.20		0.65	%	$	3.61
Hypothetical 5% Return		1,000.00		1,021.92		0.65			3.32
Global X Uranium ETF
Actual Fund Return	$	1,000.00	$	895.30		0.70	%	$	3.33
Hypothetical 5% Return		1,000.00		1,021.69		0.70			3.55
Global X Lithium & Battery Tech ETF
Actual Fund Return	$	1,000.00	$	1,370.40		0.75	%	$	4.49
Hypothetical 5% Return		1,000.00		1,021.42		0.75			3.83
Global X Fertilizers/Potash ETF
Actual Fund Return	$	1,000.00	$	1,107.80		0.69	%	$	3.67
Hypothetical 5% Return		1,000.00		1,021.72		0.69			3.52

⁽¹⁾

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 184/365 (to reflect the one-half year period.)

Supplemental Information (unaudited)

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

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

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

Trustees and Officers of the Trust (unaudited)

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

Name, Address (Year of Birth)	Position(s) Held with Trust	Principal Occupation(s) During the Past 5 Years	Number of Funds in Trust Overseen by Trustee	Other Directorships Held by Trustees
Independent Trustees²
Sanjay Ram Bharwani 600 Lexington Ave, 20^th floor New York, NY 10022 (1974)	Trustee (since 2008)	CEO of Risk Advisors Inc. (consulting firm) (since 2007).	52³	None.
Scott R. Chichester¹ 600 Lexington Ave, 20^th floor New York, NY 10022 (1970)	Trustee (since 2008)	CFO, AdeptPros Inc. (app development, training and consulting) (since 2012); Founder, Madison Park Advisors LLC (advisory services) (since 2011); CFO, Sterling Seal & Supply Inc. (since 2011); President & Treasurer, Bayview Acquisition Corp (2010-2012); Founder and President, DirectPay USA LLC (payroll company) (since 2006); Proprietor, Scott R. Chichester CPA (CPA firm) (since 2001).	52³	Director of AdeptPros Inc. (since 2015); Director of Sterling Seal & Supply Inc. (since 2011); Director of Bayview Acquisition Corp. (2010-2012); Trustee of ARK ETF Trust (since 2014).
Kartik Kiran Shah 600 Lexington Ave, 20^th floor New York, NY 10022 (1977)	Trustee (since 2008)	Chief Business Officer, Oxeia Biopharmaceuticals, Inc. (since 2014); Vice President, Business Development, Cynvenio Biosystems (2012-2014); Independent Consultant, Self-Employed (non-financial services) (2011-2012).	52³	Director of Oxeia Biopharmaceuticals, Inc. (since 2014).

Trustees and Officers of the Trust (unaudited)

The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-493-8631. The following chart lists Trustees and Officers as of October 31, 2017.

Name, Address (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustees During the Past 5 Years
Interested Trustees/Officers²
Bruno del Ama 600 Lexington Avenue, 20th Floor New York, NY 10022 (1976)	Trustee (since 2008); President, Chief Executive Officer (since 2008).	Chief Executive Officer, Global X Management Company ("GXMC") (since 2008); Chief Compliance Officer, GXMC (2008-2013).	None.
Luis Berruga 600 Lexington Avenue, 20th Floor New York, NY 10022 (1977)	Chief Operating Officer, Treasurer, Principal Accounting Officer and Chief Financial Officer (since 9/2015).	Chief Financial Officer, GXMC (since 2015) and Chief Operating Officer (since 2014); Investment Banker, Jefferies (2012-2014); Regional Product Specialist, Morgan Stanley (2005-2012).	None.
Daphne Tippens Chisolm 600 Lexington Avenue, 20th Floor New York, NY 10022 (1969)	Secretary (since 2012).	General Counsel, GXMC (since 2011); Chief Compliance Officer, GXMC (1/2014 - 5/2014 and 2/2015 - 9/2016).	None.
Joe Costello 600 Lexington Avenue, 20th Floor New York, NY 10022 (1974)	Chief Compliance Officer (since 9/2016).	Chief Compliance Officer, FlexShares Funds (2011-2015); Vice President, Northern Trust Investments (2003 - 2015).	None.
Lisa K. Whittaker⁴ One Freedom Valley Drive Oaks, PA 19456 (1978)	Assistant Secretary (since 2013).	Counsel at SEI Investments (since 2012); Associate Counsel and Compliance Officer at The Glendale Trust Company (2011-2012); Associate of Drinker Biddle & Reath LLP (2006-2011).	None.
Eric Kleinschmidt⁴ One Freedom Valley Drive Oaks, PA 19456 (1968)	Assistant Treasurer (since 2016).	Director, Fund Accounting, SEI Investments Global Funds Services (2004 to present), Manager, Fund Accounting (1999 to 2004).	None.

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

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

As of October 31, 2017, the Trust had ninety-six investment portfolios, fifty-two of which were operational.

⁴

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

Notice to Shareholders (unaudited)

For shareholders that do not have an October 31, 2017 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2017 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2017, the Funds have designated the following items with regard to distributions paid during the year.

	Return of Capital			Ordinary Income Distributions			Total Distributions			Qualifying for Corporate Dividends Received Deduction ⁽¹⁾			Qualifying Dividend Income ⁽²⁾			U.S. Government Interest ⁽³⁾			Interest Related Dividends ⁽⁴⁾			Short Term Capital Gain Dividends ⁽⁵⁾			Foreign Tax Credit
Global X Silver Miners ETF		0.99	%		99.01	%		100.00	%		6.78	%		22.06	%		0.00	%		0.01	%		0.00	%		0.00	%
Global X Gold Explorers ETF		0.00	%		100.00	%		100.00	%		0.00	%		0.29	%		0.00	%		0.00	%		0.00	%		0.00	%
Global X Copper Miners ETF		0.00	%		100.00	%		100.00	%		1.09	%		88.50	%		0.00	%		0.01	%		0.00	%		13.28	%
Global X Uranium ETF		0.00	%		100.00	%		100.00	%		0.00	%		7.08	%		0.02	%		0.01	%		0.00	%		1.36	%
Global X Lithium & Battery Tech ETF		0.00	%		100.00	%		100.00	%		11.52	%		30.61	%		0.00	%		0.01	%		0.00	%		17.86	%
Global X Fertilizers/Potash ETF		0.00	%		100.00	%		100.00	%		22.16	%		72.30	%		0.00	%		0.01	%		0.00	%		7.13	%

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

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

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

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

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

The Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended October 31, 2017, the total amount of foreign source income and foreign tax credit are as follows:

Fund Name	Foreign Source Income		Foreign Tax Credit Pass Through
Global X Copper Miners ETF	$	705,484	$	35,646
Global X Uranium ETF		2,330,135		127,640
Global X Lithium & Battery Tech ETF		4,497,272		532,609
Global X Fertilizers/Potash ETF		201,826		31,015

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2017. Complete information will be computed and reported in conjunction with your 2017 Form 1099-DIV.

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-AR-001-0900

Global X China Consumer ETF (ticker: CHIQ)

Global X China Energy ETF (ticker: CHIE)

Global X China Financials ETF (ticker: CHIX)

Global X China Industrials ETF (ticker: CHII)

Global X China Materials ETF (ticker: CHIM)

Global X NASDAQ China Technology ETF (ticker: QQQC)

Global X FTSE Southeast Asia ETF (ticker: ASEA)

(formerly Global X Southeast Asia ETF)

Global X MSCI Colombia ETF (ticker: GXG)

Global X MSCI Argentina ETF (ticker: ARGT)

Global X MSCI Greece ETF (ticker: GREK)

Global X MSCI Norway ETF (ticker: NORW)

Global X FTSE Nordic Region ETF (ticker: GXF)

Global X MSCI Nigeria ETF (ticker: NGE)

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

Global X MSCI Portugal ETF (ticker: PGAL)

Global X MSCI Pakistan ETF (ticker: PAK)

Annual Report

October 31, 2017

Table of Contents

Management Discussion of Fund Performance (unaudited)	1

Schedule of Investments	33

Global X China Consumer ETF	33
Global X China Energy ETF	36
Global X China Financials ETF	38
Global X China Industrials ETF	40
Global X China Materials ETF	42
Global X NASDAQ China Technology ETF	44
Global X FTSE Southeast Asia ETF	46
Global X MSCI Colombia ETF	49
Global X MSCI Argentina ETF	52
Global X MSCI Greece ETF	55
Global X MSCI Norway ETF	58
Global X FTSE Nordic Region ETF	61
Global X MSCI Nigeria ETF	64
Global X Next Emerging & Frontier ETF	66
Global X MSCI Portugal ETF	78
Global X MSCI Pakistan ETF	81

Statements of Assets and Liabilities	83

Statements of Operations	87

Statements of Changes in Net Assets	91

Financial Highlights	99

Notes to Financial Statements	102

Report of Independent Registered Public Accounting Firm	121

Disclosure of Fund Expenses (unaudited)	122

Supplemental Information (unaudited)	125

Trustees and Officers of the Trust (unaudited)	126

Notice to Shareholders (unaudited)	129

Management Discussion of Fund Performance (unaudited)

Global X China Consumer ETF

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

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

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 47.90%, while the Underlying Index increased 48.80%. The Fund had a net asset value of $11.97 per share on October 31, 2016 and ended the reporting period with a net asset value of $17.44 on October 31, 2017.

During the reporting period, the highest returns came from Geely Automobile Holdings and Brilliance China Automotive Holdings, which returned 202.44% and 113.89%, respectively. The worst performers were Vipshop Holdings and Skyworth Digital Holdings, which returned -42.21% and -26.52%, respectively.

China’s policy to transform the country from a manufacturing and exports-led economy to one driven more by consumption and services is supporting growth of the country’s consumer sector. During the first half of 2017, the economy grew 6.9% year-over-year, with consumption driving over 60% of that growth. A tight labor market and shrinking workforce are forcing wages upwards, leading to increasing disposable income. This, combined with high consumer confidence and urbanization, is helping to stimulate additional spending. In addition, the Chinese government’s increased spending on health, education, retirement benefits, and public transfer is increasing public consumption directly and private consumption indirectly, as people find it less necessary to engage in excessive precautionary savings.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X China Consumer ETF		47.90	%		48.42	%		11.07	%		11.14	%		6.67	%		6.59	%		2.90	%		2.90	%
Solactive China Consumer Total Return Index		48.80	%		48.80	%		11.90	%		11.90	%		7.39	%		7.39	%		3.50	%		3.50	%
MSCI Emerging Markets Index		26.45	%		26.45	%		5.70	%		5.70	%		4.83	%		4.83	%		4.53	%		4.53	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		15.18	%		15.18	%		13.75	%		13.75	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on November 30, 2009.

Management Discussion of Fund Performance (unaudited)

Global X China Consumer ETF

**As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI Emerging Markets Index. The new benchmark is a more appropriate comparison for the Fund.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance

of emerging markets.

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

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

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

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

See definition of comparative indices on above.

Management Discussion of Fund Performance (unaudited)

Global X China Energy ETF

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

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

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 13.13%, while the Underlying Index increased 14.10%. The Fund had a net asset value of $10.56 per share on October 31, 2016 and ended the reporting period with a net asset value of $11.69 on October 31, 2017.

During the reporting period, the highest returns came from China Gas Holdings and JinkoSolar Holding, which returned 102.28% and 72.81%, respectively. The worst performers were Shunfeng International Clean Energy and China Coal Energy, which returned -21.69% and -18.39%, respectively.

China’s recent movement to focus on more environmentally friendly growth has begun to impact the country’s energy sector, resulting in some underperformance versus other sectors of China’s market. China’s slowing long term economic growth, coupled with falling energy intensity (a measure of energy used per unit of GDP), and more environmentally friendly government policies can be attributed to slowing energy demand. Energy intensity slid 3.8% year-over-year in Q1 2017, faster than the government’s target. However, a near term pick-up in GDP growth during the period under review marginally improved the prospects for the energy sector, as GDP growth touched 6.9% year-over-year in the first half of 2017.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X China Energy ETF		13.13	%		13.45	%		-5.63	%		-5.71	%		-0.99	%		-0.96	%		-1.37	%		-1.44	%
Solactive China Energy Total Return Index		14.10	%		14.10	%		-4.92	%		-4.92	%		-0.20	%		-0.20	%		-0.56	%		-0.56	%
MSCI Emerging Markets Index		26.45	%		26.45	%		5.70	%		5.70	%		4.83	%		4.83	%		4.24	%		4.24	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		15.18	%		15.18	%		13.75	%		13.75	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 15, 2009.

**As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI Emerging Markets Index. The new benchmark is a more appropriate comparison for the Fund.

Management Discussion of Fund Performance (unaudited)

Global X China Energy ETF

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

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X China Financials ETF

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

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

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 30.32%, while the Underlying Index increased 31.51%. The Fund had a net asset value of $13.80 per share on October 31, 2016 and ended the reporting period with a net asset value of $17.63 on October 31, 2017.

During the reporting period, the highest returns came from Sunac China Holdings and China Evergrande Group, which returned 661.08% and 482.24%, respectively. The worst performers were I-Cable Communications and China Minsheng Banking Corporation, which returned -18.41% and -11.38%, respectively.

The Financials and Real Estate sectors in China experienced diminishing growth as the country’s broad economic growth slowed and the government continued to clamp down on an overheated property sector and reduce financial speculation. In Q2 2017, for example, GDP growth clocked in at 6.9%, but the Financials sector grew at just 3.2% during the quarter, while Real Estate grew 6.2%. However, the sector was able to shed some of its earlier vulnerabilities during the period due to better than expected economic growth in the first half (“HI”) of 2017, tight monetary conditions, and stricter regulations. Credit demand recovered with a pick-up in GDP growth, and higher interest rates helped reverse contracting net interest margin (NIM) of banks. Consequently, China’s big four banks reported faster profit growth and stronger NIM during H1 2017.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X China Financials ETF		30.32	%		30.61	%		12.29	%		12.46	%		10.43	%		10.63	%		3.97	%		3.97	%
Solactive China Financials Total Return Index		31.51	%		31.51	%		13.10	%		13.10	%		11.26	%		11.26	%		4.53	%		4.53	%
MSCI Emerging Markets Index		26.45	%		26.45	%		5.70	%		5.70	%		4.83	%		4.83	%		4.37	%		4.37	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		15.18	%		15.18	%		13.70	%		13.70	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 10, 2009.

**As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI Emerging Markets Index. The new benchmark is a more appropriate comparison for the Fund.

Management Discussion of Fund Performance (unaudited)

Global X China Financials ETF

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance

of emerging markets.

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X China Industrials ETF

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

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

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 29.88%, while the Underlying Index increased 26.69%. The Fund had a net asset value of $12.57 per share on October 31, 2016 and ended the reporting period with a net asset value of $16.06 on October 31, 2017.

During the reporting period, the highest returns came from Sunny Optical Technology Group and Yangzijiang Shipbuilding Holdings, which returned 201.10% and 123.13%, respectively. The worst performers were Noble Group and AviChina Industry & Technology, which returned -79.19% and -14.56%, respectively.

China’s industrial sector, which accounts for approximately one-third of the country’s gross domestic product (GDP), saw a resurgence during the period under review. Backed by solid infrastructure spending, resilience of the property market, and strong exports growth, value-added industrial output increased 6.7% year-over-year from January-October 2017, versus growth of just 6.1% and 6.0% in 2015 and 2016, respectively. High tech and equipment manufacturing contributed around 12% and 32%, respectively to the overall industrial output increase during the first three quarters of 2017. The sector broadly benefitted from an increase in global growth, which increased demand for Chinese exports from the Industrials sector.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X China Industrials ETF		29.88	%		30.28	%		9.31	%		8.78	%		8.79	%		8.63	%		1.66	%		1.53	%
Solactive China Industrials Total Return Index		26.69	%		26.69	%		10.68	%		10.68	%		9.94	%		9.94	%		2.57	%		2.57	%
MSCI Emerging Markets Index		26.45	%		26.45	%		5.70	%		5.70	%		4.83	%		4.83	%		4.53	%		4.53	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		15.18	%		15.18	%		13.75	%		13.75	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on November 30, 2009.

**As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI Emerging Markets Index. The new benchmark is a more appropriate comparison for the Fund.

Management Discussion of Fund Performance (unaudited)

Global X China Industrials ETF

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance

of emerging markets.

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X China Materials ETF

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

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

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 62.79%, while the Underlying Index increased 49.50%. The Fund had a net asset value of $13.42 per share on October 31, 2016 and ended the reporting period with a net asset value of $21.59 on October 31, 2017.

During the reporting period, the highest returns came from China Molybdenum and China Oriental Group, which returned 192.99% and 142.61%, respectively. The worst performers were Munsun Capital Group and Zhaojin Mining Industry, which returned -71.37 % and -18.16%, respectively.

During the period under review, China’s materials sector benefited from an increase in global commodity prices, which drove higher profitability for the firms in the sector. Higher commodity prices were supported by supply constraints following China’s policy to curb pollution and reduce dumping of excess materials. In addition, as a provider of raw materials for the Industrials sector, materials firms enjoyed a rebound in industrial output, which grew 6.7% year-over-year from January-October 2017.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X China Materials ETF		62.79	%		61.85	%		16.56	%		15.78	%		8.24	%		8.43	%		-2.56	%		-2.56	%
Solactive China Materials Total Return Index		49.50	%		49.50	%		14.73	%		14.73	%		8.21	%		8.21	%		-2.36	%		-2.36	%
MSCI Emerging Markets Index		26.45	%		26.45	%		5.70	%		5.70	%		4.83	%		4.83	%		3.66	%		3.66	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		15.18	%		15.18	%		13.41	%		13.41	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on January 12, 2010.

**As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI Emerging Markets Index. The new benchmark is a more appropriate comparison for the Fund.

Management Discussion of Fund Performance (unaudited)

Global X China Materials ETF

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance

of emerging markets.

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X NASDAQ China Technology ETF

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

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

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 31.56%, while the Underlying Index increased 33.86%. The Fund had a net asset value of $23.23 per share on October 31, 2016 and ended the reporting period with a net asset value of $29.24 on October 31, 2017.

During the reporting period, the highest returns came from BYD Electronic (International) and ZTE Corporation, which returned 244.22% and 151.75%, respectively. The worst performers were 500.com and Shanghai Potevio, which returned -44.45% and -30.30%, respectively.

China’s government has long supported the development of its domestic technology industry as a means for modernization and progress. For example, in 2006 the country set out on a 15 year National Medium- and Long-Term Program for Science and Technology Development to transform the economy into a major global innovation center by 2020. As this program comes to conclusion, the country has embarked on another broad plan, ‘Made in China 2025’ that seeks to upgrade the economy and its infrastructure to one that is technologically enabled. With support from the central government, as well as organic entrepreneurship, China’s technology companies have become among the fastest growing segments of its economy. While historically, growth in the sector was primarily driven by manufacturing electronics hardware components for export, China’s Technology sector is now becoming increasingly domestic focused. The country now has more than 730 million online users, of which over 90% have mobile internet. Increasingly, these internet users are buying items online, using social media, and playing interactive mobile games, helping to drive the sales growth of the country’s technology companies.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X NASDAQ China Technology ETF		31.56	%		33.52	%		9.53	%		9.90	%		17.65	%		17.99	%		10.07	%		10.19	%
Hybrid NASDAQ OMX China Technology Index/Solactive China Technology Index**		33.86	%		33.86	%		10.66	%		10.66	%		19.03	%		19.03	%		11.01	%		11.01	%
MSCI Emerging Markets Index		26.45	%		26.45	%		5.70	%		5.70	%		4.83	%		4.83	%		4.31	%		4.31	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		15.18	%		15.18	%		13.83	%		13.83	%

Growth of a $10,000 Investment

(At Net Asset Value)

Management Discussion of Fund Performance (unaudited)

Global X NASDAQ China Technology ETF

*Fund commenced operations on December 8, 2009.

** Reflects performance of Solactive China Technology Index through December 13, 2011 and NASDAQ OMX China Technology Index thereafter.

*** As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI Emerging Markets Index. The new benchmark is a more appropriate comparison for the Fund.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance

of emerging markets.

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Southeast Asia ETF

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

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

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 19.19%, while the Underlying Index increased 19.87%. The Fund had a net asset value of $13.72 per share on October 31, 2016 and ended the reporting period with a net asset value of $15.91 on October 31, 2017.

During the reporting period, the highest returns came from Airports of Thailand Public Company and DBS Group Holdings, which returned 67.36% and 59.93%, respectively. The worst performers were PT Telekomunikasi Indonesia and Petronas Gas, which returned -16.55% and -16.01%, respectively.

The Southeast Asia region includes many high growth and dynamic economies such as Singapore, Malaysia, Indonesia, the Philippines, and Thailand. During the period, Southeast Asia largely enjoyed robust economic growth, driven by strong domestic consumption and investment. Another positive driver was stronger than expected economic data out of China, which is a key trading partner for the region. Indonesia, the region’s largest economy, continued to expand, growing 5.0% year-over-year in the first half (“HI”) of 2017, backed by strong investments and exports. Malaysia’s economy grew at the fastest pace in two years, clocking 5.7% year-over-year over the same period. Although growth moderated in the Philippines, the country remained one of the fastest growing economies in the region, reporting 6.4% year-over-year growth in H1 2017. In Singapore, the 2.7% year-over-year growth in H1 was supported by an increase in global electronics trade, while a higher agriculture output facilitated 3.5% year-over-year growth in Thailand.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X FTSE Southeast Asia ETF		19.19	%		19.85	%		1.23	%		1.14	%		1.97	%		1.94	%		3.46	%		3.45	%
FTSE/ASEAN 40 Index		19.87	%		19.87	%		1.75	%		1.75	%		2.52	%		2.52	%		4.03	%		4.03	%
MSCI Emeerging Markets Index		26.45	%		26.45	%		5.70	%		5.70	%		4.83	%		4.83	%		2.65	%		2.65	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		15.18	%		15.18	%		12.63	%		12.63	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on February 16, 2011.

**As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the FTSE/ASEAN 40 Index. The new benchmark is a more appropriate comparison for the Fund.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Southeast Asia ETF

The FTSE/ASEAN 40 Index is designed to represent the performance of the largest companies in the ASEAN region's markets.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance

of emerging markets.

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Colombia ETF

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

The Underlying Index is designed to represent the performance of the broad Colombia equity universe, as defined by the index provider.

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 5.24%, while the Underlying Index increased 5.99%. The Fund had a net asset value of $9.22 per share on October 31, 2016 and ended the reporting period with a net asset value of $9.56 on October 31, 2017.

During the reporting period, the highest returns came from Empresas Copec and Enel Americas, which returned 60.63% and 38.19%, respectively. The worst performers were Corporacion Financiera Colombiana and Empresa de Telecomunicaciones de Bogota, which returned -22.86% and -17.25%, respectively.

Colombia’s economy, which relies heavily on oil exports, faced some challenges adjusting to an extended low oil price environment. As a consequence, economic growth was slow during the period under review, coming in at a 1.3% increase year-over-year in Q2 2017 following a 1.2% year-over-year increase in Q1. Private consumption increased moderately, but exports growth was weak. Investments experienced a revival during the period. Ambitious infrastructure projects and improved confidence following the peace deal with FARC rebels provided an improving business climate for attracting additional investment. Further, the mining sector experienced a recovery in Q2 2017 with improving commodity prices. Inflation also fell, which gave room for the central bank to ease monetary policy allowing for more economic stimulus.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X MSCI Colombia ETF		5.24	%		5.36	%		-16.42	%		-16.61	%		-13.16	%		-13.34	%		4.97	%		4.96	%
Hybrid MSCI All Colombia Select 25/50 Index/MSCI All Colombia Capped Index/FTSE Colombia 20 Index**		5.99	%		5.99	%		-15.67	%		-15.67	%		-12.47	%		-12.47	%		5.95	%		5.95	%
MSCI Emerging Markets Index		26.45	%		26.45	%		5.70	%		5.70	%		4.83	%		4.83	%		11.42	%		11.42	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		15.18	%		15.18	%		16.03	%		16.03	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on February 5, 2009.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Colombia ETF

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

***As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI Emerging Markets Index. The new benchmark is a more appropriate comparison for the Fund.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance

of emerging markets.

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

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. The Fund’s performace reflects contractual fee waivers in effect until at least March 1, 2018. Absent these waivers performance would be lower. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Argentina ETF

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

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

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 35.79%, while the Underlying Index increased 36.08%. The Fund had a net asset value of $23.69 per share on October 31, 2016 and ended the reporting period with a net asset value of $32.05 on October 31, 2017.

During the reporting period, the highest returns came from Transportadora de Gas del Sur and Pampa Energia, which returned 192.69% and 99.09%, respectively. The worst performers were Grupo Clarin and Petrobras Argentina, which returned -75.52% and -26.05%, respectively.

Argentina’s economy is in the midst of a major transition under the relatively new government led by Mauricio Macri, who came to power in 2015. Macri has implemented a series of ambitious reforms, including removing foreign exchange controls, floating the country’s currency, reestablishing access to the international capital markets, and eliminating export taxes and trade barriers. The economy has started to enjoy the benefits of these reforms, as it grew 2.7% year-over-year in the first half of 2017. Exports are strengthening and investments are ramping up with an improving business climate and greater access for foreign capital. While many believe the country is on the right path towards more sustainable long term growth, double-digit inflation remains an issue that needs to be tamed, as well as the nation’s large fiscal deficit. Changes required to tackle these issues, such as implementing austerity measures and reducing energy subsidies, are unpopular among the electorate and therefore politically difficult to put in place.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X MSCI Argentina ETF		35.79	%		35.16	%		15.46	%		15.45	%		14.50	%		14.58	%		2.00	%		1.99	%
Hybrid FTSE Argentina 20 Index/MSCI All Argentina 25/50 Index**		36.08	%		36.08	%		16.64	%		16.64	%		15.74	%		15.74	%		3.03	%		3.03	%
MSCI Emerging Markets Index		26.45	%		26.45	%		5.70	%		5.70	%		4.83	%		4.83	%		2.60	%		2.60	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		15.18	%		15.18	%		13.05	%		13.05	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on March 2, 2011.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Argentina ETF

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

***As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI Emerging Markets Index. The new benchmark is a more appropriate comparison for the Fund.

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

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Greece ETF

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

The Underlying Index is designed to represent the performance of the broad Greece equity universe, as defined by the index provider.

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 29.04%, while the Underlying Index increased 30.81%. The Fund had a net asset value of $7.35 per share on October 31, 2016 and ended the reporting period with a net asset value of $9.30 on October 31, 2017.

During the reporting period, the highest returns came from Motor Oil (Hellas) Corinth Refineries and Motor Oil (Hellas) Corinth Refineries Unsponsored ADR, which returned 111.09% and 108.18%, respectively. The worst performers were Aegean Marine Petroleum Network and Piraeus Bank, which returned -47.09% and -13.08%, respectively.

Greece continues to work its way through a crippling debt load that became exposed during the financial crisis and continues to hold back the country today. Despite achieving a 3.9% primary account surplus in 2016, the country’s debt to GDP level was 179% at year end. This high indebtedness continues to be a point of conflict for creditors. At the beginning of 2017, tensions flared again as the International Monetary Fund (IMF) warned Greece of its unsustainable debt and demanded a restructuring. Instead of a restructuring, the European Union (EU) granted an additional aid payment and set new economic targets for Greece. The country took a significant step forward, however, by successfully selling five-year bonds to raise capital outside of their bailout program. The country is targeting an exit of the program by the second half of 2018. After negligible growth in 2016, Greece’s economy has shown positive signs. In the first half of 2017, the economy expanded 0.8% due primarily to increasing exports and consumption.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X MSCI Greece ETF		29.04	%		30.09	%		-15.03	%		-14.80	%		-9.61	%		-9.66	%		-7.20	%		-7.20	%
Hybrid MSCI All Greece Select 25/50 Index/ FTSE/ATHEX Custom Capped Index**		30.81	%		30.81	%		-14.04	%		-14.04	%		-8.86	%		-8.86	%		-6.16	%		-6.16	%
MSCI Emerging Markets Index		26.45	%		26.45	%		5.70	%		5.70	%		4.83	%		4.83	%		5.18	%		5.18	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		15.18	%		15.18	%		15.28	%		15.28	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on December 7, 2011.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Greece ETF

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

***As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI Emerging Markets Index. The new benchmark is a more appropriate comparison for the Fund.

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

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Norway ETF

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

The Underlying Index is designed to represent the performance of the broad Norway equity universe, as defined by the index provider. The Underlying Index may include large-, mid- or small-capitalization companies.

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 25.53%, while the Underlying Index increased 25.69%. The Fund had a net asset value of $11.07 per share on October 31, 2016 and ended the reporting period with a net asset value of $13.50 on October 31, 2017.

During the reporting period, the highest returns came from Golden Ocean Group and Wallenius Wilhelmsen Logistics, which returned 121.13% and 81.22%, respectively. The worst performers were Seadrill and Avance Gas Holding, which returned -88.15% and -63.65%, respectively.

Norway’s economic growth gained momentum after a period of adjustment to lower oil incomes following the fall in crude prices which began in 2014. To facilitate this adjustment, the government adopted lower interest rates and expansionary fiscal policies to help stimulate the economy. In addition, various reform measures have been implemented such as reducing corporate tax rates, simplifying business regulations, improving education and skill development programs, restraining wages, and increasing labor force participation. These initiatives were aimed at improving the country’s competitiveness and productivity, as well as supporting economic growth in non-oil-related sectors.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X MSCI Norway ETF		25.53	%		26.23	%		1.30	%		1.27	%		1.46	%		1.57	%		1.75	%		1.81	%
Hybrid MSCI Norway IMI 25/50 Index/FTSE Norway 30 Index**		25.69	%		25.69	%		1.47	%		1.47	%		1.96	%		1.96	%		2.43	%		2.43	%
MSCI EAFE Index		23.44	%		23.44	%		6.08	%		6.08	%		8.53	%		8.53	%		5.57	%		5.57	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		15.18	%		15.18	%		13.76	%		13.76	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on November 9, 2010.

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

***As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI EAFE Index. The new benchmark is a more appropriate comparison for the Fund.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Norway ETF

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X FTSE Nordic Region ETF

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

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

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 27.97%, while the Underlying Index increased 26.75%. The Fund had a net asset value of $19.38 per share on October 31, 2016 and ended the reporting period with a net asset value of $23.89 on October 31, 2017.

During the reporting period, the highest returns came from Volvo and Sandvik, which returned 89.12% and 63.54%, respectively. The worst performers were Pandora and Nokia, which returned -18.35% and -17.09%, respectively.

Nordic economies witnessed robust economic growth during the period, supported broadly by improving domestic demand. Strong household consumption, backed by employment growth, and rising property investments facilitated growth in Sweden. Denmark also experienced consumption growth stemming from an improving labor market. Finland’s economy expanded during the period under review, assisted by a revival in exports due to increased foreign demand and improved competitiveness. In Norway, the uptick in global oil prices and a relatively weak currency supported growth and exports.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X FTSE Nordic Region ETF		27.97	%		28.25	%		2.82	%		2.76	%		8.36	%		8.44	%		8.90	%		8.91	%
FTSE Nordic 30 Index		26.75	%		26.75	%		1.99	%		1.99	%		7.70	%		7.70	%		8.54	%		8.54	%
MSCI EAFE Index		23.44	%		23.44	%		6.08	%		6.08	%		8.53	%		8.53	%		7.28	%		7.28	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		15.18	%		15.18	%		14.87	%		14.87	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on August 17, 2009.

**As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI EAFE Index. The new benchmark is a more appropriate comparison for the Fund.

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

Management Discussion of Fund Performance (unaudited)

Global X FTSE Nordic Region ETF

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

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

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

See definition of comparative indices on the previous page.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Nigeria ETF

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

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

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 27.52%, while the Underlying Index increased 30.15%. The Fund had a net asset value of $4.31 per share on October 31, 2016 and ended the reporting period with a net asset value of $21.43 on October 31, 2017.

During the reporting period, the highest returns came from Stanbic IBTC Holdings and United Bank for Africa, which returned 129.54% and 123.13%, respectively. The worst performers were Forte Oil and Unilever Nigeria, which returned -70.81% and -33.35%, respectively.

After five consecutive quarters of contraction, Nigeria’s economy recovered in Q2 2017. During the quarter, GDP grew approximately 3.2% quarter-over-quarter and 0.6% year-over-year. Higher oil production and prices, as well as progress in the farming sector enabled the economy to overcome its recession. Nigeria’s Purchasing Managers’ Index indicated robust growth in new export orders and output, as well as job additions. While encouraging signs are emerging throughout the economy, the country’s recovery remains fragile. Nigeria is exposed to the threat of military unrest in the oil-rich Delta region and remains heavily dependent on oil and gas revenues. In an attempt to diversify the economy the government has placed a renewed focus on implementing public and social investment projects, promoting growth in the private sector, encouraging job creation, and diversifying the economy.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X MSCI Nigeria ETF		27.52	%		17.92	%		-23.16	%		-24.43	%		-18.54	%		-18.57	%
Hybrid MSCI All Nigeria Select 25/50 Index/Solactive Nigeria Index**		30.15	%		30.15	%		-21.34	%		-21.34	%		-16.90	%		-16.90	%
MSCI Emerging Markets Index		26.45	%		26.45	%		5.70	%		5.70	%		4.40	%		4.40	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		13.74	%		13.74	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on April 2, 2013.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Nigeria ETF

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

***As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI Emerging Markets Index. The new benchmark is a more appropriate comparison for the Fund.

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

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

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. The Fund’s performance reflects contractual fee waivers in effect from its inception through February 29, 2016. Absent these waivers performance would be lower. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X Next Emerging & Frontier ETF

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

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

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 18.53%, while the Underlying Index increased 19.20%. The Fund had a net asset value of $20.15 per share on October 31, 2016 and ended the reporting period with a net asset value of $23.28 on October 31, 2017.

During the reporting period, the highest returns came from KAZ Minerals and Antofagasta, which returned 209.19% and 95.42%, respectively. The worst performers were Pacific Drilling and Lucara Diamond, which returned -51.42% and -36.34%, respectively.

Emerging and frontier market equities tend to have elevated sensitivities to commodities prices as well as the US dollar. Over the course of the reporting period, commodities generally strengthened and the dollar weakened versus international currencies. Both of these developments had a positive impact on emerging and frontier markets. In addition, the pickup in global demand driven by continued growth in the US and China as well as recoveries in Japan and Europe, helped contribute to greater export demand from these markets. Due in part to their attractive demographics, many emerging and frontier countries exhibit higher GDP growth rates than developed market averages. They also tend to exhibit greater risks, given less diversified economies and less stable government institutions.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Next Emerging & Frontier ETF		18.53	%		16.47	%		-0.81	%		-0.60	%		-0.10	%		-0.14	%
Solactive Next Emerging & Frontier Index		19.20	%		19.20	%		-0.17	%		-0.17	%		0.59	%		0.59	%
MSCI Emerging Markets Index		26.45	%		26.45	%		5.70	%		5.70	%		4.89	%		4.89	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		12.17	%		12.17	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on November 6, 2013.

**As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI Emerging Markets Index. The new benchmark is a more appropriate comparison for the Fund.

Management Discussion of Fund Performance (unaudited)

Global X Next Emerging & Frontier ETF

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

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Portugal ETF

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

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

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 31.88%, while the Hybrid Underlying Index increased 31.85%. The Fund had a net asset value of $9.88 per share on October 31, 2016 and ended the reporting period with a net asset value of $12.49 on October 31, 2017.

During the reporting period, the highest returns came from Caixa Economica Montepio Geral and Mota-Engil, which returned 160.36% and 115.80%, respectively. The worst performers were Cimpor-Cimentos de Portugal and Banco BPI, which returned -31.10% and -18.83%, respectively.

During the reporting period, Portugal’s economic recovery gained momentum. According to Portugal-based National Statistics Institute (INE), in Q1 2017, quarter-over-quarter GDP expanded 1%, improving the year-over-year growth to 2.8%. This was the fastest pace for the country since 2007. Although Portugal’s debt to GDP ratio remained above 125%, increased exports and structural reforms that cut public investment and spending, narrowed the deficit to 2% of GDP. In addition, the country benefitted from the unemployment rate falling below 10% and an upgrade of the country’s credit rating from junk to investment grade are indicators of a strong near-term outlook.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X MSCI Portugal ETF		31.88	%		32.01	%		3.20	%		3.18	%		-1.96	%		-1.93	%
Hybrid FTSE Portugal 20 Index/MSCI All Portugal Plus 25/50 Index**		31.85	%		31.85	%		3.22	%		3.22	%		-1.79	%		-1.79	%
MSCI EAFE Index		23.44	%		23.44	%		6.08	%		6.08	%		4.70	%		4.70	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		12.25	%		12.25	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on November 12, 2013.

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

***As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI EAFE Index. The new benchmark is a more appropriate comparison for the Fund.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Portugal ETF

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

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Pakistan ETF

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

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

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund decreased 8.25%, while the Underlying Index decreased 6.23%. The Fund had a net asset value of $15.23 per share on October 31, 2016 and ended the reporting period with a net asset value of $13.56 on October 31, 2017.

During the reporting period, the highest returns came from Pakistan Oilfields and Millat Tractors, which returned 59.99% and 39.40%, respectively. The worst performers were Ferozsons Laboratories and K-Electric, which returned -64.29% and -40.92%, respectively.

One of the largest drivers of Pakistan’s stock market performance during the period had little to do with the domestic economy. In June 2017, index provider MSCI added Pakistani equities to the MSCI Emerging Markets Index. Leading up to this addition, stocks hailing from Pakistan experienced periods of significant volume and volatility as the market adjusted to this change. Index changes aside, Pakistan’s economic outlook improved over the period as the country implemented significant economic reforms and the business climate improved. Economic growth was driven mainly by domestic consumption, which constitutes 80% of the GDP. Consumption increased by 8.6% in the country’s financial year ending June 2017.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X MSCI Pakistan ETF*		-8.25	%		-8.83	%		-2.29	%		-2.51	%
MSCI All Pakistan Select 25/50 Index		-6.23	%		-6.23	%		0.25	%		0.25	%
MSCI Emerging Markets Index		26.45	%		26.45	%		5.22	%		5.22	%
S&P 500 Index		23.63	%		23.63	%		10.54	%		10.54	%

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on April 22, 2015.

**As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI Emerging Markets Index. The new benchmark is a more appropriate comparison for the Fund.

Management Discussion of Fund Performance (unaudited)

Global X MSCI Pakistan ETF

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

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

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

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

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

See definition of comparative indices above.

Schedule of Investments

October 31, 2017

Global X China Consumer ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 100.0%
CHINA— 52.3%
Consumer Goods — 23.8%
ANTA Sports Products		885,996	$	3,963,350
BYD, Cl H ^{* (A)}		597,800		5,237,206
China Resources Beer Holdings		1,203,888		3,471,953
Dongfeng Motor Group, Cl H		2,473,046		3,391,729
Great Wall Motor, Cl H		2,684,697		3,382,626
Guangzhou Automobile Group, Cl H		1,737,117		4,319,525
Hengan International Group		581,149		5,728,211
Li Ning ^*		1,498,969		1,308,413
Tingyi Cayman Islands Holding		1,579,925		2,490,845
Tsingtao Brewery, Cl H		60,717		254,096
Want Want China Holdings		4,239,109		3,466,574
				37,014,528
Consumer Services — 28.5%
Air China, Cl H		1,472,428		1,402,258
Alibaba Group Holding ADR ^*		43,385		8,021,453
China Dongxiang Group		296,388		55,085
China Lodging Group ADR ^*		27,900		3,735,531
China Southern Airlines, Cl H		1,754,891		1,295,621
Ctrip.com International ADR ^*		139,269		6,669,593
GOME Electrical Appliances Holding ^(A)		9,114,305		1,168,231
JD.com ADR ^*		192,150		7,209,468
New Oriental Education & Technology Group ADR		83,656		6,963,525
TAL Education Group ADR ^*		216,900		5,964,750
Vipshop Holdings ADR ^*		263,868		2,084,557
				44,570,072
TOTAL CHINA				81,584,600
HONG KONG— 47.7%
Consumer Goods — 29.4%
BAIC Motor, Cl H ^(B)		911,400		1,066,559
Brilliance China Automotive Holdings		2,513,800		6,353,936
China Agri-Industries Holdings		1,740,056		849,754
China Foods		618,813		391,031
China Mengniu Dairy ^*		2,061,252		5,706,766
Geely Automobile Holdings		2,216,300		6,860,423

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

Schedule of Investments

October 31, 2017

Global X China Consumer ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Consumer Goods — continued
Health and Happiness H&H International Holdings ^*		157,700	$	823,691
Li & Fung		4,885,800		2,461,123
Shenzhou International Group Holdings		626,162		5,345,227
Skyworth Digital Holdings		1,594,787		733,842
Techtronic Industries		1,189,000		6,972,333
Uni-President China Holdings		1,097,543		917,222
WH Group ^(B)		7,416,600		7,509,952
				45,991,859
Consumer Services — 18.3%
China ZhengTong Auto Services Holdings		715,500		752,936
Chow Tai Fook Jewellery Group		919,379		960,411
Galaxy Entertainment Group ^*		1,124,800		7,655,526
Melco Crown Entertainment ADR		326,731		8,259,760
Melco International Development		543,000		1,485,945
MTR		1,311,000		7,595,324
Sun Art Retail Group		1,789,625		1,807,563
				28,517,465
TOTAL HONG KONG				74,509,324
TOTAL COMMON STOCK
(Cost $130,740,254)				156,093,924

REPURCHASE AGREEMENTS (C) — 3.9%
Barclays Bank
1.050%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $3,552,644 (collateralized by U.S Treasury Obligations, ranging in par value $0-$1,184,763, 0.000%-9.000%, 11/15/17-08/15/47, with a total market value of $3,623,591)	$	3,552,540		3,552,540
Deutsche Bank
1.040%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $2,428,047 (collateralized by U.S. Treasury Obligations, par value $2,353,681, 3.625%, 02/15/20 with a total market value of $2,474,691)		2,427,977		2,427,977
TOTAL REPURCHASE AGREEMENTS
(Cost $5,980,517)				5,980,517
TOTAL INVESTMENTS — 103.9%
(Cost $136,720,771)			$	162,074,441

Percentages are based on Net Assets of $156,049,577.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at October 31, 2017. The total value of securities on loan at October 31, 2017 was $5,626,645.
(B)	Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of October 31, 2017 was $8,576,511 and represents 5.5% of Net Assets.
(C)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2017 was $5,980,517.

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

Schedule of Investments

October 31, 2017

Global X China Consumer ETF

ADR — American Depositary Receipt

Cl — Class

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	156,093,924	$	—	$	—	$	156,093,924
Repurchase Agreements		—		5,980,517		—		5,980,517
Total Investments in Securities	$	156,093,924	$	5,980,517	$	—	$	162,074,441

For the year ended October 31, 2017, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

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

Schedule of Investments

October 31, 2017

Global X China Energy ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 43.5%
Energy — 8.0%
China Coal Energy, Cl H		34,341	$	15,714
China Shenhua Energy, Cl H		33,930		81,065
Honghua Group ^*		36,000		3,461
Tianneng Power International		10,815		10,424
Yanzhou Coal Mining, Cl H		29,125		29,043
				139,707
Oil & Gas — 23.3%
China Longyuan Power Group, Cl H		50,966		37,758
China Oilfield Services, Cl H		29,686		26,292
China Petroleum & Chemical, Cl H		235,297		172,813
Huaneng Renewables, Cl H		78,340		26,911
JA Solar Holdings ADR ^*		700		5,215
JinkoSolar Holding ADR ^*		322		8,575
Kunlun Energy		50,325		46,637
PetroChina, Cl H		128,763		84,007
				408,208
Utilities — 12.2%
CGN Power, Cl H ^(A)		166,360		48,830
Datang International Power Generation, Cl H ^*		46,512		15,679
ENN Energy Holdings		11,231		82,342
Huadian Fuxin Energy, Cl H		42,060		10,944
Huadian Power International, Cl H		26,701		11,089
Huaneng Power International, Cl H		69,451		46,468
				215,352
TOTAL CHINA				763,267

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

Schedule of Investments

October 31, 2017

Global X China Energy ETF

	Shares		Value
COMMON STOCK — continued
HONG KONG— 56.4%
Energy — 3.8%
Beijing Enterprises Holdings		7,863	$	46,714
Canvest Environmental Protection Group		16,000		8,921
Shougang Fushan Resources Group		47,715		10,275
				65,910
Oil & Gas — 19.2%
Beijing Gas Blue Sky Holdings ^*		80,000		5,435
China Gas Holdings		26,617		80,856
CNOOC		134,285		182,792
GCL-Poly Energy Holdings ^*		200,321		34,406
Panda Green Energy Group ^*		72,800		11,011
Shunfeng International Clean Energy ^*		42,700		2,846
Sinopec Kantons Holdings		14,100		9,127
Xinjiang Goldwind Science & Technology, Cl H		9,978		12,636
				339,109
Utilities — 33.4%
Beijing Jingneng Clean Energy, Cl H		30,300		8,466
China Power International Development		53,574		17,030
China Resources Gas Group		13,170		48,194
China Resources Power Holdings		29,201		56,143
China Suntien Green Energy, Cl H		26,500		7,506
CLP Holdings		17,070		173,614
Concord New Energy Group		74,590		3,633
Hong Kong & China Gas		92,163		174,597
Power Assets Holdings		9,480		82,141
Towngas China ^*		14,800		12,141
				583,465
TOTAL HONG KONG				988,484
TOTAL INVESTMENTS — 99.9%
(Cost $2,082,662)			$	1,751,751

Percentages are based on Net Assets of $1,753,491.

*	Non-income producing security.
(A)	Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of October 31, 2017 was $48,830 and represents 2.8% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

As of October 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 year ended October 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

October 31, 2017

Global X China Financials ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 52.1%
Financials — 52.1%
Agile Group Holdings		129,212	$	188,142
Agricultural Bank of China, Cl H		2,610,288		1,227,891
Bank of China, Cl H		4,612,334		2,299,723
Bank of Communications, Cl H		667,271		502,904
China Citic Bank, Cl H		857,922		552,022
China Construction Bank, Cl H		5,652,926		5,042,985
China Galaxy Securities, Cl H		338,700		295,209
China Life Insurance, Cl H		687,440		2,273,315
China Merchants Bank, Cl H		379,634		1,447,629
China Minsheng Banking, Cl H		551,055		533,270
China Pacific Insurance Group, Cl H		256,012		1,261,717
CITIC Securities, Cl H		204,996		455,091
Country Garden Holdings		687,197		1,088,692
Guangzhou R&F Properties		86,193		183,615
Industrial & Commercial Bank of China, Cl H		6,257,737		4,964,930
Longfor Properties		130,438		304,620
PICC Property & Casualty, Cl H		424,242		840,676
Ping An Insurance Group of China, Cl H		290,514		2,550,720
Sino-Ocean Group Holding		259,152		169,074
TOTAL CHINA				26,182,225
HONG KONG— 47.8%
Financials — 47.8%
AIA Group		644,800		4,851,414
BOC Hong Kong Holdings		331,200		1,577,082
China Cinda Asset Management, Cl H		980,000		380,604
China Everbright		79,641		188,849
China Evergrande Group ^*		201,161		774,807
China Overseas Land & Investment		452,566		1,467,600
China Resources Land		246,308		734,018
China Taiping Insurance Holdings		136,330		449,086
China Vanke, Cl H		120,900		430,026
CK Asset Holdings		233,650		1,921,178
CK Hutchison Holdings		186,950		2,373,478
Haitong Securities, Cl H		284,100		449,357
Hong Kong Exchanges & Clearing		84,930		2,364,428
KWG Property Holding		120,185		119,233
New China Life Insurance, Cl H		86,211		538,694

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

Schedule of Investments

October 31, 2017

Global X China Financials ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
New World Development		504,000	$	750,658
People's Insurance Group of China, Cl H		642,800		305,672
Shimao Property Holdings		98,804		206,934
Sun Hung Kai Properties		134,550		2,200,592
Sunac China Holdings		182,800		930,190
Wharf Holdings		108,450		986,250
TOTAL HONG KONG				24,000,150
TOTAL INVESTMENTS — 99.9%
(Cost $43,815,344)			$	50,182,375

Percentages are based on Net Assets of $50,251,319.

*	Non-income producing security.

Cl — Class

As of October 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 year ended October 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

October 31, 2017

Global X China Industrials ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.8%
CHINA— 55.6%
Industrials — 55.6%
Anhui Conch Cement, Cl H		47,877	$	204,658
BYD, Cl H ^*		19,214		168,330
China Communications Construction, Cl H		150,143		182,247
China COSCO Holdings, Cl H ^*		124,432		68,262
China Lesso Group Holdings		45,855		30,622
China National Building Material, Cl H		139,037		117,263
China Railway Construction, Cl H		90,801		113,940
China Railway Group, Cl H		187,198		150,444
China Shanshui Cement Group ^{*(A) (B) (C)}		243,752		312
China Shipping Container Lines, Cl H ^*		175,482		39,362
China Shipping Development, Cl H ^(C)		64,184		37,221
CRRC		201,553		198,665
Guangshen Railway, Cl H		68,848		40,064
Haitian International Holdings		31,226		93,456
Hollysys Automation Technologies		2,598		58,325
Jiangsu Expressway, Cl H		58,919		90,321
Metallurgical Corp of China, Cl H		138,201		45,702
Shanghai Electric Group, Cl H ^*		132,771		60,244
Sinotrans, Cl H		98,200		47,201
Weichai Power, Cl H		93,796		116,617
Yangzijiang Shipbuilding Holdings		109,273		126,325
Zhejiang Expressway, Cl H		70,140		86,756
Zhuzhou CRRC Times Electric, Cl H		26,423		154,606
TOTAL CHINA				2,230,943
HONG KONG— 44.2%
Industrials — 44.2%
AviChina Industry & Technology, Cl H		100,190		58,174
Beijing Capital International Airport, Cl H		68,731		112,763
Beijing Enterprises Water Group		224,330		188,336
China Everbright International		115,250		162,495
China High Speed Transmission Equipment Group		19,050		20,755

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

Schedule of Investments

October 31, 2017

Global X China Industrials ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
China International Marine Containers Group, Cl H		18,380	$	36,610
China Merchants Holdings International		58,431		182,742
China Resources Cement Holdings		83,821		56,620
China State Construction International Holdings		85,610		120,265
COSCO Pacific		80,330		93,079
Guangdong Investment		133,660		193,591
Lee & Man Paper Manufacturing		66,800		81,512
Noble Group ^*		49,680		10,575
Orient Overseas International		9,400		90,484
Shanghai Industrial Holdings		21,939		67,348
Shenzhen International Holdings		41,706		79,651
Sunny Optical Technology Group		12,804		187,420
Zoomlion Heavy Industry Science and Technology		68,500		33,189
TOTAL HONG KONG				1,775,609
TOTAL INVESTMENTS — 99.8%
(Cost $4,557,042)			$	4,006,552

Percentages are based on Net Assets of $4,015,019.

*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security considered illiquid. The total value of such securities as of October 31, 2017 was $312 and represented 0.0% of Net Assets.
(C)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2017, was $37,533 and represents 0.9% of Net Assets.

Cl — Class

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	3,969,019	$	—	$	37,533	$	4,006,552
Total Investments in Securities	$	3,969,019	$	—	$	37,533	$	4,006,552

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

	Investments in Common Stock

Beginning Balance as of October 31, 2016	$	7,931
Transfers into Level 3		37,221
Net sales		(20,846	)
Realized gain (loss)		68,397
Change in unrealized appreciation (depreciation)		(55,170	)
Ending Balance as of October 31, 2017	$	37,533

For the year ended October 31, 2017, the transfers in and out of Level 3 were due to changes in the availability of observable inputs to determine fair value. Transfers between levels are recognized at period end.

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

Schedule of Investments

October 31, 2017

Global X China Materials ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.0%
CHINA— 54.6%
Basic Materials — 54.6%
Aluminum Corp of China, Cl H ^*		281,339	$	226,462
Angang Steel, Cl H		256,424		224,484
BBMG, Cl H		499,740		249,172
China BlueChemical ^*		417,809		124,778
China Hongqiao Group		110,642		132,740
China Molybdenum, Cl H		426,154		276,936
Dongyue Group		250,000		181,689
Fosun International		106,340		263,608
Jiangxi Copper, Cl H		149,491		238,364
Maanshan Iron & Steel, Cl H ^*		408,425		191,601
Real Gold Mining ^{*(A) (B) (C)}		97,864		—
Sinofert Holdings ^*		414,230		73,270
Sinopec Shanghai Petrochemical, Cl H		409,450		244,039
Sinopec Yizheng Chemical Fibre, Cl H ^*		493,214		84,712
Zhaojin Mining Industry		236,884		194,625
Zijin Mining Group, Cl H		694,159		240,230
TOTAL CHINA				2,946,710
HONG KONG— 44.4%
Basic Materials — 44.4%
China Lumena New Materials ^{*(A) (B) (C)}		1,950		—
China Metal Resources Utilization ^{* (D)}		214,100		83,974
China Oriental Group		209,900		137,211
China Sanjiang Fine Chemicals		115,600		49,341
China Silver Group		258,900		89,267
Citic Pacific		169,340		247,874
CPMC Holdings		84,000		70,415
E-Commodities Holdings		719,800		70,118
Fufeng Group ^*		359,254		258,787
Hengxing Gold Holding		54,000		44,020
IRC ^*		828,100		27,066
Kingboard Chemical Holdings		45,000		266,765
Kingboard Laminates Holdings		153,300		257,406
MMG ^*		497,000		224,872
Mobile Internet China Holding ^*		105,000		30,147
Munsun Capital Group ^*		2,196,400		20,270
Nine Dragons Paper Holdings		119,670		219,651
TCC International Holdings ^{(A) (B) (C)}		421,540		194,512

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

Schedule of Investments

October 31, 2017

Global X China Materials ETF

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
West China Cement ^*		482,860	$	76,745
Xiwang Special Steel ^*		141,000		26,748
TOTAL HONG KONG				2,395,189
TOTAL INVESTMENTS — 99.0%
(Cost $4,961,881)			$	5,341,899

Percentages are based on Net Assets of $5,397,099.

*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security considered illiquid. The total value of such securities as of October 31, 2017 was $194,512 and represented 3.6% of Net Assets.
(C)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2017, was $194,512 and represents 3.6% of Net Assets.
(D)	Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of October 31, 2017 was $83,974 and represents 1.6% of Net Assets.

Cl — Class

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	5,147,387	$	—	$	194,512	$	5,341,899
Total Investments in Securities	$	5,147,387	$	—	$	194,512	$	5,341,899

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

	Investments in Common Stock

Beginning Balance as of October 31, 2016	$	5,448
Transfers out of Level 3		(181,689	)
Transfers into Level 3		194,512
Net purchases		182,701
Net sales		(38,415	)
Realized gain (loss)		(22,787	)
Change in unrealized appreciation (depreciation)		54,742
Ending Balance as of October 31, 2017	$	194,512

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

Schedule of Investments

October 31, 2017

Global X NASDAQ China Technology ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 100.9%
CHINA— 62.9%
Technology — 62.9%
21Vianet Group ADR ^*		12,670	$	95,152
500.com ADR, Cl A ^*		5,372		50,551
Autohome ADR ^*		10,768		619,268
Baidu ADR ^*		6,075		1,481,936
Baozun ADR ^*		10,298		323,254
China Communications Services, Cl H		635,953		385,559
Coolpad Group ^{* (A) (B) (C)}		777,435		35,873
Kingdee International Software Group ^*		518,989		278,061
Kingsoft		260,300		657,272
Lenovo Group		1,289,273		746,945
NetEase ADR		5,023		1,416,084
NQ Mobile ADR, Cl A ^*		24,038		88,460
O-Net Technologies Group ^*		112,600		81,400
SINA ^*		13,606		1,464,686
Sohu.com ^*		6,910		395,459
Tian Ge Interactive Holdings ^(D)		171,200		125,079
Travelsky Technology, Cl H		227,595		589,277
Weibo ADR ^*		15,142		1,402,906
YY ADR ^*		11,201		1,012,458
ZTE, Cl H ^*		203,383		705,159
TOTAL CHINA				11,954,839
HONG KONG— 38.0%
Technology — 38.0%
Alibaba Health Information Technology ^*		850,009		455,413
ASM Pacific Technology		57,033		829,712
BYD Electronic International		178,781		483,514
China Goldjoy Group		2,003,500		154,080
Chinasoft International ^*		564,256		329,073
Digital China Holdings ^*		208,448		126,109
FIH Mobile		812,909		255,278
HKBN		153,470		155,795
Legend Holdings, Cl H ^(D)		100,900		265,125
Meitu ^{* (D)}		457,600		674,511
Nanfang Communication Holdings		80,200		41,941
National Agricultural Holdings ^{*(A) (B) (C)}		204,200		14,016
PAX Global Technology		165,780		83,933
Semiconductor Manufacturing International ^*		750,121		1,149,920

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

Schedule of Investments

October 31, 2017

Global X NASDAQ China Technology ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
Sinosoft Technology Group		108,300	$	33,176
Tencent Holdings		33,525		1,503,120
VTech Holdings		34,180		485,857
Yangtze Optical Fibre and Cable Joint Stock, Cl H ^(D)		48,700		181,335
TOTAL HONG KONG				7,221,908
TOTAL COMMON STOCK
(Cost $14,687,525)				19,176,747

	Number Of Rights
RIGHTS — 0.0%

HONG KONG— 0.00% Tencent Holdings * ^{(A) (B) (C)} (Cost $–)		24		—
TOTAL INVESTMENTS — 100.9%
(Cost $14,687,525)			$	19,176,747

Percentages are based on Net Assets of $19,007,019.

*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security considered illiquid. The total value of such securities as of October 31, 2017 was $49,889 and represented 0.3% of Net Assets.
(C)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2017, was $49,889 and represents 0.3% of Net Assets.
(D)	Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of October 31, 2017 was $1,246,050 and represents 6.6% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

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

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

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾			Total
Common Stock	$	19,126,858	$	—	$	49,889		$	19,176,747
Rights		—		—		—	⁽²⁾		—
Total Investments in Securities	$	19,126,858	$	—	$	49,889		$	19,176,747

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

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

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

For the year ended October 31, 2017, the transfers into Level 3 were due to changes in the availability of observable inputs to determine fair value. Transfers between levels are recognized at period end.

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

Schedule of Investments

October 31, 2017

Global X FTSE Southeast Asia ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.8%
INDONESIA— 18.4%
Consumer Goods — 5.4%
Astra International		744,981	$	439,436
Gudang Garam		16,900		87,226
Hanjaya Mandala Sampoerna		317,800		93,260
Unilever Indonesia		42,176		154,244
				774,166
Financials — 9.4%
Bank Central Asia		355,296		547,516
Bank Mandiri		681,380		354,192
Bank Rakyat Indonesia Persero		389,640		448,176
				1,349,884
Telecommunications — 3.6%
Telekomunikasi Indonesia Persero		1,732,400		514,770
TOTAL INDONESIA				2,638,820
MALAYSIA— 21.7%
Basic Materials — 1.3%
Petronas Chemicals Group		104,724		182,312
Financials — 9.4%
CIMB Group Holdings		234,675		340,358
Malayan Banking		211,431		461,967
Public Bank		113,559		548,817
				1,351,142
Health Care — 0.9%
IHH Healthcare		101,680		135,461
Industrials — 2.0%
Sime Darby		129,796		282,065
Oil & Gas — 0.9%
Petronas Gas		28,779		122,635

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

Schedule of Investments

October 31, 2017

Global X FTSE Southeast Asia ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 3.5%
Axiata Group		160,888	$	204,839
DiGi.com		135,600		160,151
Maxis		100,006		140,554
				505,544
Utilities — 3.7%
Tenaga Nasional		150,145		531,989
TOTAL MALAYSIA				3,111,148
PHILIPPINES— 6.6%
Consumer Goods — 1.2%
JG Summit Holdings		112,020		166,864
Consumer Services — 2.3%
SM Investments		17,740		328,168
Financials — 3.1%
Ayala Land		253,060		211,761
SM Prime Holdings		329,600		236,227
				447,988
TOTAL PHILIPPINES				943,020
SINGAPORE— 31.0%
Consumer Goods — 1.2%
Wilmar International		71,051		176,793
Consumer Services — 1.7%
Jardine Cycle & Carriage		3,618		104,604
Singapore Airlines		18,643		140,534
				245,138
Financials — 22.8%
CapitaLand		92,318		248,684
DBS Group Holdings		65,963		1,102,934
Oversea-Chinese Banking		120,666		1,053,968
United Overseas Bank		46,997		849,285
				3,254,871
Telecommunications — 5.3%
Singapore Telecommunications		274,404		755,296
TOTAL SINGAPORE				4,432,098
THAILAND— 22.1%
Consumer Services — 2.8%
CP ALL NVDR		192,173		404,940
Financials — 6.8%
Bangkok Bank NVDR		17,611		102,316
Kasikornbank NVDR		74,108		490,781
Siam Commercial Bank NVDR		88,341		389,583
				982,680

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

Schedule of Investments

October 31, 2017

Global X FTSE Southeast Asia ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 5.2%
Airports of Thailand NVDR		157,300	$	281,739
Siam Cement NVDR		31,006		457,343
				739,082
Oil & Gas — 5.6%
PTT NVDR		52,744		666,842
PTT Exploration & Production NVDR		50,510		131,140
				797,982
Telecommunications — 1.7%
Advanced Info Service NVDR		40,851		239,179
TOTAL THAILAND				3,163,863
TOTAL INVESTMENTS — 99.8%
(Cost $13,727,666)			$	14,288,949

Percentages are based on Net Assets of $14,319,818.

NVDR — Non-Voting Depositary Receipt

As of October 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 year ended October 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

October 31, 2017

Global X MSCI Colombia ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 86.0%
CHILE— 4.8%
Oil & Gas — 2.6%
Empresas COPEC		157,500	$	2,429,447
Utilities — 2.2%
Enersis		9,228,499		1,987,192
TOTAL CHILE				4,416,639
COLOMBIA— 81.2%
Consumer Goods — 4.6%
Grupo Nutresa		484,758		4,304,351
Consumer Services — 3.9%
Almacenes Exito		673,916		3,618,721
Financials — 41.9%
Banco de Bogota		133,277		2,811,820
BanColombia		655,770		6,077,123
BanColombia ADR		328,629		12,405,745
Celsia ESP		1,573,349		2,321,500
Financiera Colombiana		333,942		3,138,589
Grupo Aval Acciones y Valores ADR		431,464		3,589,781
Grupo de Inversiones Suramericana		676,300		8,583,195
				38,927,753
Industrials — 12.7%
Cementos Argos		953,981		3,479,846
Cementos Argos GDR		167,420		536,425
Cemex Latam Holdings ^*		687,696		2,436,198
Grupo Argos		826,518		5,388,791
				11,841,260
Oil & Gas — 8.0%
Canacol Energy ^*		668,040		2,124,710

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

Schedule of Investments

October 31, 2017

Global X MSCI Colombia ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Oil & Gas — continued
Ecopetrol ADR ^(A)		479,680	$	5,319,651
				7,444,361
Telecommunications — 0.9%
Empresa de Telecomunicaciones de Bogota ^*		5,256,280		855,029
Utilities — 9.2%
Empresa de Energia de Bogota		6,505,426		4,264,970
Interconexion Electrica		977,703		4,279,653
				8,544,623
TOTAL COLOMBIA				75,536,098
TOTAL COMMON STOCK
(Cost $79,522,851)				79,952,737

PREFERRED STOCK — 13.7%
COLOMBIA— 13.7%
Consumer Services — 1.7%
Avianca Holdings		1,836,131		1,611,062
Financials — 8.8%
Banco Davivienda		370,590		3,651,091
Grupo Aval Acciones y Valores		1,431,941		595,269
Grupo de Inversiones Suramericana		317,023		3,913,034
				8,159,394
Industrials — 3.2%
Grupo Argos		492,729		2,979,362
TOTAL PREFERRED STOCK
(Cost $12,750,660)				12,749,818

REPURCHASE AGREEMENTS (B) — 3.5%
Barclays Bank
1.050%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $1,931,316 (collateralized by U.S Treasury Obligations, ranging in par value $0-$644,070, 0.000%-9.000%, 11/15/17-08/15/47, with a total market value of $1,969,884)	$	1,931,259		1,931,259
Deutsche Bank
1.040%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $1,319,954 (collateralized by U.S. Treasury Obligations, par value $1,279,526, 3.625%, 02/15/20 with a total market value of $1,345,311)		1,319,916		1,319,916
TOTAL REPURCHASE AGREEMENTS
(Cost $3,251,175)				3,251,175
TOTAL INVESTMENTS — 103.2%
(Cost $95,524,686)			$	95,953,730

Percentages are based on Net Assets of $92,984,369.

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

Schedule of Investments

October 31, 2017

Global X MSCI Colombia ETF

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at October 31, 2017. The total value of securities on loan at October 31, 2017 was $3,173,958.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2017 was $3,251,175.

ADR — American Depositary Receipt

Cl — Class

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	79,952,737	$	—	$	—	$	79,952,737
Preferred Stock		12,749,818		—		—		12,749,818
Repurchase Agreements		—		3,251,175		—		3,251,175
Total Investments in Securities	$	92,702,555	$	3,251,175	$	—	$	95,953,730

For the year ended October 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

October 31, 2017

Global X MSCI Argentina ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 98.1%
ARGENTINA— 87.6%
Basic Materials — 12.3%
Tenaris		1,644,876	$	22,515,224
Consumer Goods — 4.5%
Adecoagro ^*		436,289		4,432,696
Cresud SACIF y A ADR ^*		179,036		3,881,500
				8,314,196
Consumer Services — 22.2%
Arcos Dorados Holdings, Cl A ^*		561,889		5,618,890
MercadoLibre		146,014		35,088,624
				40,707,514
Financials — 28.5%
Banco Macro ADR		157,930		19,886,546
BBVA Banco Frances ADR		313,782		6,915,755
Cablevision Holding GDR ^*		145,330		3,487,920
Grupo Financiero Galicia ADR		193,761		10,637,479
Grupo Supervielle ADR		283,847		7,609,938
IRSA Inversiones y Representaciones ADR ^*		125,005		3,640,146
				52,177,784
Oil & Gas — 8.8%
Transportadora de Gas del Sur ADR ^*		332,878		7,063,671
YPF ADR		364,930		8,962,681
				16,026,352
Technology — 2.5%
Globant ^*		121,735		4,591,844
Telecommunications — 4.1%
Telecom Argentina ADR ^*		233,436		7,612,348
Utilities — 4.7%
Empresa Distribuidora Y Comercializadora Norte ADR ^*		47,694		2,055,612

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

Schedule of Investments

October 31, 2017

Global X MSCI Argentina ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Pampa Energia ADR ^*		98,147	$	6,657,311
				8,712,923
TOTAL ARGENTINA				160,658,185
CANADA— 4.5%
Basic Materials — 2.8%
Pan American Silver		154,973		2,534,195
SSR Mining ^*		265,449		2,551,325
				5,085,520
Industrials — 1.7%
Finning International		131,150		3,200,666
TOTAL CANADA				8,286,186
CHILE— 3.1%
Consumer Goods — 1.6%
Cia Cervecerias Unidas		198,398		2,865,695
Consumer Services — 1.5%
Cencosud		924,750		2,770,665
TOTAL CHILE				5,636,360
MEXICO— 1.2%
Consumer Goods — 1.2%
Arca Continental		358,137		2,284,147
SPAIN— 1.7%
Industrials — 1.7%
Prosegur Cia de Seguridad		413,720		3,156,843
TOTAL COMMON STOCK
(Cost $149,100,289)				180,021,721

PREFERRED STOCK — 1.7%
CHILE— 1.7%
Consumer Goods — 1.7%
Embotelladora Andina		604,004		3,099,456
(Cost $2,846,396)
TOTAL INVESTMENTS — 99.8%
(Cost $151,946,685)			$	183,121,177

Percentages are based on Net Assets of $183,467,707.

*	Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

As of October 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.

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

Schedule of Investments

October 31, 2017

Global X MSCI Argentina ETF

For the year ended October 31, 2017, there have been no transfers between Level 1, Level 2 and Level 3 investments.

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

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

Schedule of Investments

October 31, 2017

Global X MSCI Greece ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.9%
GREECE— 99.9%
Basic Materials — 5.0%
Mytilineos Holdings ^*		1,029,195	$	10,778,606
Mytilineos Holdings ADR ^*		626,200		6,558,130
				17,336,736
Consumer Goods — 4.8%
JUMBO		696,493		11,196,985
JUMBO ADR		340,000		5,465,908
				16,662,893
Consumer Services — 16.2%
Aegean Airlines		664,410		6,044,946
FF Group ^*		371,502		7,781,370
FF Group ADR ^*		200,300		4,310,857
OPAP		2,732,008		30,616,974
OPAP ADR ^(A)		1,404,900		7,822,483
				56,576,630
Financials — 31.6%
Alpha Bank AE ^*		21,100,839		42,034,034
Eurobank Ergasias ^*		16,341,913		13,345,232
Grivalia Properties		777,752		8,109,039
Hellenic Exchanges - Athens Stock Exchange		1,170,951		6,547,646
LAMDA Development ^*		497,989		3,741,835
National Bank of Greece ^*		84,800,513		28,055,761
Piraeus Bank ^*		3,031,461		8,722,765
				110,556,312
Industrials — 18.4%
Aegean Marine Petroleum Network ^(A)		644,880		2,901,960
Capital Product Partners		2,034,083		6,956,564
Dorian LPG ^*		552,981		3,953,814

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

Schedule of Investments

October 31, 2017

Global X MSCI Greece ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Industrials — continued
Ellaktor ^*		2,652,629	$	5,036,970
GasLog ^(A)		768,975		13,264,819
GasLog Partners		492,439		11,695,427
Titan Cement		413,209		9,973,894
Titan Cement ADR		439,800		5,307,858
Tsakos Energy Navigation ^(A)		1,221,064		5,482,577
				64,573,883
Oil & Gas — 8.1%
Hellenic Petroleum		1,105,897		9,765,379
Motor Oil Hellas Corinth Refineries		384,600		9,207,174
Motor Oil Hellas Corinth Refineries ADR		768,300		9,196,397
				28,168,950
Telecommunications — 12.7%
Hellenic Telecommunications Organization		3,735,771		44,390,051
Utilities — 3.1%
Athens Water Supply & Sewage		531,595		3,808,564
Public Power ^*		2,176,030		4,715,015
Terna Energy		496,978		2,414,229
				10,937,808
TOTAL COMMON STOCK
(Cost $332,617,845)				349,203,263

REPURCHASE AGREEMENTS (B) — 1.6%
Barclays Bank
1.050%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $3,368,463 (collateralized by U.S Treasury Obligations, ranging in par value $0-$1,123,441, 0.000%-9.000%, 11/15/17-08/15/47, with a total market value of $3,435,732)	$	3,368,365		3,368,365
Deutsche Bank
1.040%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $2,302,170 (collateralized by U.S. Treasury Obligations, par value $2,231,659, 3.625%, 02/15/20 with a total market value of $2,346,395)		2,302,103		2,302,103
TOTAL REPURCHASE AGREEMENTS
(Cost $5,670,468)				5,670,468
TOTAL INVESTMENTS — 101.5%
(Cost $338,288,313)			$	354,873,731

Percentages are based on Net Assets of $349,788,473.

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

Schedule of Investments

October 31, 2017

Global X MSCI Greece ETF

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at October 31, 2017. The total value of securities on loan at October 31, 2017 was $5,402,172.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2017 was $5,670,468.

ADR — American Depositary Receipt

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	349,203,263	$	—	$	—	$	349,203,263
Repurchase Agreements		—		5,670,468		—		5,670,468
Total Investments in Securities	$	349,203,263	$	5,670,468	$	—	$	354,873,731

For the year ended October 31, 2017, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

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

Schedule of Investments

October 31, 2017

Global X MSCI Norway ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.7%
NORWAY— 99.7%
Basic Materials — 12.0%
Borregaard		145,417	$	1,399,625
Norsk Hydro		1,307,790		10,093,858
Yara International		175,043		8,296,566
				19,790,049
Consumer Goods — 14.3%
Austevoll Seafood		130,818		1,307,077
Bakkafrost P		51,905		2,314,882
Grieg Seafood		54,600		517,512
Kongsberg Automotive Holding ^*		738,193		867,040
Leroy Seafood Group		406,100		2,435,042
Marine Harvest ^*		363,457		7,085,321
Norway Royal Salmon		14,437		279,674
Orkla ^(A)		692,724		6,769,000
Salmar		68,293		2,034,125
				23,609,673
Consumer Services — 4.9%
Europris ^(B)		177,400		806,571
Norwegian Air Shuttle ^{* (A)}		38,761		1,094,341
Schibsted, Cl A		89,720		2,309,370
Schibsted, Cl B		105,336		2,465,423
XXL ^(B)		131,604		1,415,460
				8,091,165
Financials — 25.5%
Aker, Cl A		36,170		1,635,671
B2Holding		212,615		478,143

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

Schedule of Investments

October 31, 2017

Global X MSCI Norway ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
DnB		1,095,182	$	21,082,043
Entra ^(B)		129,242		1,777,060
Gjensidige Forsikring		252,808		4,749,091
Norwegian Finance Holding ^*		126,600		1,578,264
Norwegian Property		317,400		389,869
Protector Forsikring		93,209		1,013,897
Selvaag Bolig		94,358		343,669
Skandiabanken ^(B)		82,605		835,450
Sparebank 1 Nord Norge		155,839		1,228,518
SpareBank 1 SMN		179,300		1,857,231
Storebrand		587,988		5,026,920
				41,995,826
Health Care — 0.3%
Nordic Nanovector ^*		44,100		450,599
Industrials — 4.1%
BW LPG ^{* (B)}		118,150		442,888
Frontline		117,864		720,273
Gaming Innovation Group ^{* (A)}		347,300		217,330
Golden Ocean Group ^{* (A)}		158,960		1,282,265
Hexagon Composites ^*		162,400		545,839
Hoegh LNG Holdings		72,488		573,656
IDEX ^*		623,607		366,608
Ocean Yield		94,107		836,760
Stolt-Nielsen		44,740		628,839
Thin Film Electronics ^{* (A)}		1,340,469		398,115
Wallenius Wilhelmsen Logistics, Cl B ^*		118,027		676,550
				6,689,123
Oil & Gas — 26.1%
Akastor ^*		320,785		737,085
Aker BP		133,312		3,059,924
Aker Solutions ^*		217,666		1,192,362
BW Offshore ^*		99,798		326,891
DNO International ^*		949,424		1,148,792
Petroleum Geo-Services ^{* (A)}		453,890		741,699
REC Silicon ^{* (A)}		3,185,694		416,614
Scatec Solar ^(B)		124,310		714,085
Statoil ^(A)		1,286,696		26,011,014
Subsea 7 ^*		336,524		5,647,190
TGS Nopec Geophysical		136,030		3,117,323
				43,112,979
Technology — 1.8%
Atea		116,911		1,471,765
Nordic Semiconductor ^{* (A)}		185,904		929,304

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

Schedule of Investments

October 31, 2017

Global X MSCI Norway ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Technology — continued
Opera Software ^*		164,420	$	470,237
				2,871,306
Telecommunications — 10.7%
Telenor ^(A)		834,466		17,695,138
TOTAL COMMON STOCK
(Cost $158,477,571)				164,305,858

REPURCHASE AGREEMENTS (C) — 29.9%
Barclays Bank
1.050%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $29,262,915 (collateralized by U.S Treasury Obligations, ranging in par value $1-$9,758,819, 0.000%-9.000%, 11/15/17-08/15/47, with a total market value of $29,847,303)	$	29,262,061		29,262,061
Deutsche Bank
1.040%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $19,999,683 (collateralized by U.S. Treasury Obligations, par value $19,387,132, 3.625%, 02/15/20 with a total market value of $20,383,883)		19,999,105		19,999,105
TOTAL REPURCHASE AGREEMENTS
(Cost $49,261,166)				49,261,166
TOTAL INVESTMENTS — 129.6%
(Cost $207,738,737)			$	213,567,024

Percentages are based on Net Assets of $164,736,114.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at October 31, 2017. The total value of securities on loan at October 31, 2017 was $46,316,939.
(B)	Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of October 31, 2017 was $5,991,514 and represents 3.6% of Net Assets.
(C)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2017 was $49,261,166.

Cl — Class

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	164,305,858	$	—	$	—	$	164,305,858
Repurchase Agreements		—		49,261,166		—		49,261,166
Total Investments in Securities	$	164,305,858	$	49,261,166	$	—	$	213,567,024

For the year ended October 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

October 31, 2017

Global X FTSE Nordic Region ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 100.0%
DENMARK— 29.5%
Consumer Goods — 1.9%
Carlsberg, Cl B		6,295	$	718,924
Financials — 4.2%
Danske Bank		42,197		1,609,902
Health Care — 17.3%
Coloplast, Cl B		7,870		692,426
Novo Nordisk, Cl B		105,425		5,245,173
Novozymes, Cl B		13,000		718,016
				6,655,615
Industrials — 1.9%
A P Moller - Maersk, Cl B		388		745,313
Oil & Gas — 2.8%
Vestas Wind Systems		12,437		1,097,165
Utilities — 1.4%
Orsted ^(A)		9,592		537,594
TOTAL DENMARK				11,364,513
FINLAND— 12.8%
Financials — 3.8%
Sampo, Cl A		28,042		1,469,378
Industrials — 3.2%
Kone, Cl B		22,790		1,233,736
Technology — 4.4%
Nokia		338,832		1,664,142
Utilities — 1.4%
Fortum		25,671		545,173

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

Schedule of Investments

October 31, 2017

Global X FTSE Nordic Region ETF

	Shares		Value
COMMON STOCK — continued
TOTAL FINLAND			$	4,912,429
NORWAY— 9.8%
Basic Materials — 1.3%
Yara International		10,426		494,164
Financials — 3.2%
DnB		64,328		1,238,302
Oil & Gas — 3.0%
Statoil ^(B)		57,655		1,165,516
Telecommunications — 2.3%
Telenor		40,565		860,195
TOTAL NORWAY				3,758,177
SWEDEN— 47.9%
Consumer Goods — 2.7%
Essity, Cl B ^*		35,286		1,054,981
Consumer Services — 3.7%
Hennes & Mauritz, Cl B		56,431		1,416,875
Financials — 19.5%
Investor, Cl B		27,143		1,345,186
Nordea Bank		190,131		2,298,342
Skandinaviska Enskilda Banken, Cl A		85,299		1,051,489
Svenska Handelsbanken, Cl A		87,274		1,250,971
Swedbank, Cl A		62,700		1,556,303
				7,502,291
Industrials — 15.2%
Assa Abloy, Cl B		55,861		1,179,034
Atlas Copco, Cl A		37,652		1,651,475
Sandvik		64,152		1,171,653
Volvo, Cl B		93,321		1,849,298
				5,851,460
Technology — 4.9%
Hexagon, Cl B		14,929		765,549
Telefonaktiebolaget LM Ericsson, Cl B		176,780		1,112,820
				1,878,369
Telecommunications — 1.9%
Telia ^(B)		153,750		711,652
TOTAL SWEDEN				18,415,628
TOTAL COMMON STOCK
(Cost $36,517,157)				38,450,747

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

Schedule of Investments

October 31, 2017

Global X FTSE Nordic Region ETF

	Face Amount		Value
REPURCHASE AGREEMENTS (C) — 4.4%
Barclays Bank
1.050%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $1,017,965 (collateralized by U.S Treasury Obligations, ranging in par value $0-$339,479, 0.000%-9.000%, 11/15/17-08/15/47, with a total market value of $1,038,294)	$	1,017,935	$	1,017,935
Deutsche Bank
1.040%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $695,726 (collateralized by U.S. Treasury Obligations, par value $674,417, 3.625%, 02/15/20 with a total market value of $709,091)		695,706		695,706
TOTAL REPURCHASE AGREEMENTS
(Cost $1,713,641)				1,713,641
TOTAL INVESTMENTS — 104.4%
(Cost $38,230,798)			$	40,164,388

Percentages are based on Net Assets of $38,463,568.

*	Non-income producing security.
(A)	Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of October 31, 2017 was $537,594 and represents 1.4% of Net Assets.
(B)	This security or a partial position of this security is on loan at October 31, 2017. The total value of securities on loan at October 31, 2017 was $1,620,128.
(C)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2017 was $1,713,641.

Cl — Class

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	38,450,747	$	—	$	—	$	38,450,747
Repurchase Agreements		—		1,713,641		—		1,713,641
Total Investments in Securities	$	38,450,747	$	1,713,641	$	—	$	40,164,388

For the year ended October 31, 2017, there have been no transfers between Level 1, Level 2 and Level 3 investments.

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

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

Schedule of Investments

October 31, 2017

Global X MSCI Nigeria ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.9%
NIGERIA— 99.9%
Consumer Goods — 34.4%
Flour Mills of Nigeria		22,350,667	$	1,955,683
Guinness Nigeria		9,617,514		2,671,532
Nestle Nigeria		909,130		3,161,752
Nigerian Breweries		24,699,683		10,291,534
PZ Cussons Nigeria		18,123,020		1,157,860
Unilever Nigeria		25,663,442		2,936,325
				22,174,686
Financials — 55.1%
Access Bank		110,166,014		2,998,964
Diamond Bank ^*		252,862,595		709,420
Ecobank Transnational		61,616,232		2,909,655
FBN Holdings		171,685,815		2,956,811
Guaranty Trust Bank		90,313,203		10,536,540
Stanbic IBTC Holdings		27,727,112		3,361,142
Transnational Corp of Nigeria ^*		358,563,448		1,434,254
UAC of Nigeria		23,420,209		1,222,405
United Bank for Africa		111,089,162		2,962,378
Zenith Bank		92,049,012		6,517,582
				35,609,151
Industrials — 7.7%
Dangote Cement		4,969,830		3,092,339
Lafarge Africa		13,256,563		1,839,348
				4,931,687
Oil & Gas — 2.7%
Forte Oil ^*		5,914,493		657,166
Oando ^*		66,355,205		1,104,077
				1,761,243
TOTAL INVESTMENTS — 99.9%
(Cost $59,019,542)			$	64,476,767

Percentages are based on Net Assets of $64,559,308.

*	Non-income producing security.

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

Schedule of Investments

October 31, 2017

Global X MSCI Nigeria ETF

As of October 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 year ended October 31, 2017, there have been no transfers between Level 1, Level 2 and Level 3 investments.

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

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

Schedule of Investments

October 31, 2017

Global X Next Emerging & Frontier ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.3%
ARGENTINA— 3.6%
Basic Materials — 0.3%
Tenaris ADR		1,867	$	50,876
Consumer Services — 1.3%
MercadoLibre		862		207,147
Financials — 0.8%
Banco Macro ADR		986		124,157
Oil & Gas — 1.2%
YPF ADR		8,189		201,122
TOTAL ARGENTINA				583,302
AUSTRALIA— 1.9%
Basic Materials — 0.4%
St. Barbara		30,900		68,708
Oil & Gas — 1.5%
Oil Search		28,947		163,800
Santos ^*		23,850		82,291
				246,091
TOTAL AUSTRALIA				314,799
CANADA— 2.5%
Basic Materials — 2.5%
B2Gold ^*		34,239		87,118
Barrick Gold		3,690		53,320
Endeavour Mining ^*		3,611		64,231
First Quantum Minerals		10,406		116,483

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

Schedule of Investments

October 31, 2017

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Basic Materials —continued
Lucara Diamond		6,573	$	11,473
Turquoise Hill Resources ^*		25,477		77,868
TOTAL CANADA				410,493
CHILE— 4.6%
Basic Materials — 0.2%
Empresas CMPC		11,200		35,741
Consumer Goods — 0.3%
Cia Cervecerias Unidas ADR		1,977		56,305
Consumer Services — 2.0%
Cencosud		8,000		23,969
Latam Airlines Group		9,580		132,204
SACI Falabella		16,660		159,283
				315,456
Financials — 0.5%
Banco de Chile		253,161		38,871
Banco Santander Chile		551,340		43,389
				82,260
Oil & Gas — 0.2%
Empresas COPEC		2,380		36,711
Utilities — 1.4%
Empresa Nacional de Electricidad		111,649		97,431
Enersis		501,953		108,086
Enersis Chile		203,800		23,779
				229,296
TOTAL CHILE				755,769
COLOMBIA— 0.5%
Consumer Services — 0.0%
Almacenes Exito		1,540		8,269
Financials — 0.1%
Grupo de Inversiones Suramericana		1,261		16,004
Industrials — 0.1%
Cementos Argos		5,046		18,406
Oil & Gas — 0.3%
Ecopetrol		74,748		40,899
TOTAL COLOMBIA				83,578
CZECH REPUBLIC— 1.1%
Financials — 0.2%
Komercni Banka		705		30,309
Utilities — 0.9%
CEZ		6,621		145,182
TOTAL CZECH REPUBLIC				175,491

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

Schedule of Investments

October 31, 2017

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
EGYPT— 0.4%
Financials — 0.3%
Commercial International Bank Egypt SAE		7,475	$	33,411
Talaat Moustafa Group		20,000		10,886
				44,297
Telecommunications — 0.1%
Global Telecom Holding SAE ^*		32,103		12,341
TOTAL EGYPT				56,638
GEORGIA— 0.6%
Financials — 0.6%
Bank of Georgia Holdings		1,884		89,066
GHANA— 0.3%
Oil & Gas — 0.3%
Tullow Oil ^*		23,040		55,685
HONG KONG— 0.4%
Consumer Services — 0.4%
NagaCorp		82,383		66,525
HUNGARY— 1.6%
Financials — 1.1%
OTP Bank		4,420		178,213
Health Care — 0.3%
Richter Gedeon Nyrt		1,916		47,655
Oil & Gas — 0.2%
MOL Hungarian Oil & Gas		3,088		36,971
TOTAL HUNGARY				262,839
INDONESIA— 9.9%
Basic Materials — 0.2%
Chandra Asri Petrochemical		12,000		25,128
Consumer Goods — 2.3%
Astra International		291,697		172,061
Gudang Garam		10,254		52,924
Hanjaya Mandala Sampoerna		94,100		27,614
Indofood CBP Sukses Makmur TBK		55,000		35,687
Indofood Sukses Makmur		55,800		33,737
Unilever Indonesia		12,969		47,429
				369,452
Financials — 4.1%
Bank Central Asia		179,458		276,547
Bank Mandiri		476,236		247,555
Bank Rakyat Indonesia Persero		129,200		148,610
				672,712

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

Schedule of Investments

October 31, 2017

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 0.2%
Kalbe Farma		289,600	$	34,165
Industrials — 1.2%
Indocement Tunggal Prakarsa		20,100		33,272
Semen Indonesia Persero		145,505		116,940
United Tractors		16,500		42,185
				192,397
Telecommunications — 1.6%
Telekomunikasi Indonesia Persero		902,405		268,143
Utilities — 0.3%
Perusahaan Gas Negara		385,839		52,346
TOTAL INDONESIA				1,614,343
ITALY— 0.5%
Oil & Gas — 0.5%
Saipem ^*		19,060		80,111
JAPAN— 0.8%
Industrials — 0.3%
Namura Shipbuilding		9,340		57,538
Oil & Gas — 0.5%
Inpex		7,200		76,321
TOTAL JAPAN				133,859
KENYA— 0.4%
Telecommunications — 0.4%
Safaricom		233,000		57,240
KUWAIT— 1.2%
Financials — 0.9%
Kuwait Finance House		50,465		98,562
National Bank of Kuwait SAK		16,842		42,689
				141,251
Telecommunications — 0.3%
Mobile Telecommunications KSC		38,800		59,752
TOTAL KUWAIT				201,003
MALAYSIA— 8.2%
Basic Materials — 0.2%
Petronas Chemicals Group		16,390		28,533
Consumer Goods — 0.4%
IOI		21,600		22,756
Kuala Lumpur Kepong		3,730		21,674
PPB Group		5,600		22,196
				66,626

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

Schedule of Investments

October 31, 2017

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — 0.3%
Genting		11,200	$	23,942
Genting Malaysia		24,500		29,110
				53,052
Financials — 2.1%
CIMB Group Holdings		39,700		57,578
Malayan Banking		61,026		133,339
Public Bank		31,130		150,448
				341,365
Health Care — 0.2%
IHH Healthcare		26,272		35,000
Industrials — 1.0%
MISC		16,600		27,252
Sime Darby		61,989		134,711
				161,963
Oil & Gas — 0.2%
Petronas Dagangan		2,800		15,847
Petronas Gas		3,789		16,146
				31,993
Telecommunications — 2.5%
Axiata Group		82,067		104,486
DiGi.com		124,802		147,398
Maxis		83,996		118,053
Telekom Malaysia		24,185		36,276
				406,213
Utilities — 1.3%
Tenaga Nasional		61,753		218,801
TOTAL MALAYSIA				1,343,546
MEXICO— 8.6%
Basic Materials — 2.9%
Fresnillo		10,151		175,510
Grupo Mexico, Cl B		52,788		172,021
Industrias Penoles		1,224		28,516
Mexichem		39,760		102,589
				478,636
Consumer Goods — 1.0%
Arca Continental		5,638		35,958
Becle ^*		17,100		27,451
Fomento Economico Mexicano		3,300		28,872
Gruma, Cl B		3,160		41,482
Grupo Bimbo, Ser A		10,560		24,465
				158,228

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

Schedule of Investments

October 31, 2017

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — 1.5%
Grupo Elektra		710	$	28,537
Grupo Televisa		12,821		56,249
Wal-Mart de Mexico		72,680		162,759
				247,545
Financials — 0.8%
Grupo Financiero Banorte, Cl O		13,524		80,436
Grupo Financiero Inbursa, Cl O		33,200		57,184
				137,620
Industrials — 1.2%
Alfa, Cl A		65,170		68,235
Cemex ^*		72,679		59,191
Grupo Aeroportuario del Pacifico, Cl B		3,000		28,515
Grupo Aeroportuario del Sureste, Cl B		1,570		28,061
				184,002
Telecommunications — 0.9%
America Movil		162,367		140,382
Utilities — 0.3%
Infraestructura Energetica Nova		9,440		48,305
TOTAL MEXICO				1,394,718
OMAN— 0.3%
Financials — 0.0%
BankMuscat SAOG		4,433		4,537
Telecommunications — 0.3%
Oman Telecommunications SAOG		13,110		40,187
TOTAL OMAN				44,724
PAKISTAN— 0.6%
Financials — 0.1%
United Bank		9,500		16,152
Oil & Gas — 0.5%
Oil & Gas Development		12,300		16,773
Pakistan Petroleum		36,000		61,429
				78,202
TOTAL PAKISTAN				94,354
PANAMA— 1.5%
Consumer Services — 1.5%
Copa Holdings, Cl A		2,010		247,612
PERU— 1.0%
Basic Materials — 0.2%
Hochschild Mining		8,400		24,585
Financials — 0.8%
Credicorp		635		132,994

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

Schedule of Investments

October 31, 2017

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
TOTAL PERU			$	157,579
PHILIPPINES— 4.3%
Consumer Goods — 0.4%
JG Summit Holdings		23,149		34,483
Universal Robina		11,737		32,511
				66,994
Consumer Services — 1.6%
Jollibee Foods		5,200		25,081
SM Investments		12,226		226,166
				251,247
Financials — 0.8%
Ayala Land		43,500		36,401
GT Capital Holdings		1,300		29,714
SM Prime Holdings		93,197		66,795
				132,910
Industrials — 0.4%
Aboitiz Equity Ventures		9,600		13,928
Ayala		2,150		42,938
International Container Terminal Services		11,000		22,565
				79,431
Telecommunications — 0.7%
Globe Telecom		400		15,822
PLDT		2,814		93,209
				109,031
Utilities — 0.4%
Aboitiz Power		33,458		27,544
Manila Electric		5,220		29,505
				57,049
TOTAL PHILIPPINES				696,662
POLAND— 5.4%
Basic Materials — 0.9%
KGHM Polska Miedz		4,316		145,830
Consumer Goods — 0.1%
LPP ^*		9		21,206
Financials — 1.4%
Bank Pekao		1,274		41,628
Bank Zachodni		247		24,796
Powszechna Kasa Oszczednosci Bank Polski ^*		6,581		70,081
Powszechny Zaklad Ubezpieczen		6,760		87,276
				223,781

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

Schedule of Investments

October 31, 2017

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 2.4%
Polski Koncern Naftowy Orlen S.A.		10,136	$	358,493
Polskie Gornictwo Naftowe i Gazownictwo		18,700		34,380
				392,873
Utilities — 0.6%
PGE ^*		28,390		101,815
TOTAL POLAND				885,505
QATAR— 1.3%
Financials — 0.5%
Qatar National Bank		2,330		77,757
Industrials — 0.6%
Industries Qatar QSC		3,866		101,409
Telecommunications — 0.2%
Ooredoo QPSC		1,510		35,627
TOTAL QATAR				214,793
SOUTH AFRICA— 8.4%
Basic Materials — 2.0%
Anglo American Platinum ^*		1,955		54,400
AngloGold Ashanti		5,260		48,478
Gold Fields ADR		36,933		146,624
Mondi		1,600		38,691
Sasol		1,823		53,328
				341,521
Consumer Goods — 0.8%
Remgro		3,700		55,992
Tiger Brands		2,913		79,513
				135,505
Consumer Services — 3.1%
Naspers, Cl N		1,559		379,794
Shoprite Holdings		5,074		72,609
Woolworths Holdings		12,618		50,280
				502,683
Financials — 1.2%
FirstRand		26,180		94,881
Standard Bank Group		7,555		87,617
				182,498
Health Care — 0.5%
Aspen Pharmacare Holdings		3,301		74,569
Industrials — 0.0%
Novus Holdings		539		267

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

Schedule of Investments

October 31, 2017

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 0.8%
MTN Group		4,803	$	41,698
Vodacom Group		8,210		89,176
				130,874
TOTAL SOUTH AFRICA				1,367,917
SOUTH KOREA— 0.3%
Consumer Goods — 0.3%
Youngone		1,430		43,908
THAILAND— 12.5%
Basic Materials — 0.3%
Indorama Ventures NVDR		33,400		46,249
Consumer Goods — 2.2%
Carabao Group NVDR		31,800		100,990
Charoen Pokphand Foods NVDR		121,457		95,060
Thai Beverage		211,907		152,429
				348,479
Consumer Services — 1.2%
CP ALL NVDR		74,822		157,662
Minor International NVDR		24,600		32,027
				189,689
Financials — 0.7%
Kasikornbank NVDR		6,130		40,596
Siam Commercial Bank NVDR		18,070		79,689
				120,285
Health Care — 0.3%
Bangkok Dusit Medical Services NVDR		72,300		46,140
Industrials — 3.7%
Airports of Thailand NVDR		134,940		241,690
Berli Jucker NVDR		43,300		69,734
CH Karnchang NVDR		116,000		95,153
Siam Cement NVDR		13,220		194,997
				601,574
Oil & Gas — 2.8%
PTT NVDR		18,091		228,724
PTT Exploration & Production NVDR		33,060		85,835
PTT Global Chemical NVDR		40,931		98,570
Thai Oil NVDR		16,800		51,583
				464,712
Technology — 0.4%
Intouch Holdings PCL NVDR		38,670		67,515

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

Schedule of Investments

October 31, 2017

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 0.9%
Advanced Info Service NVDR		23,154	$	135,565
True NVDR ^*		125,520		23,237
				158,802
TOTAL THAILAND				2,043,445
TURKEY— 8.8%
Basic Materials — 2.3%
Eregli Demir ve Celik Fabrikalari		159,573		374,076
Consumer Services — 1.1%
Arcelik		4,500		24,559
BIM Birlesik Magazalar		7,919		161,340
				185,899
Financials — 1.1%
Akbank Turk		21,050		55,500
Turkiye Garanti Bankasi		21,525		59,134
Turkiye Is Bankasi, Cl C		31,844		59,888
				174,522
Industrials — 0.2%
Enka Insaat ve Sanayi		17,841		27,021
Oil & Gas — 2.8%
KOC Holding		34,446		153,878
Tupras Turkiye Petrol Rafinerileri		8,533		306,793
				460,671
Technology — 0.5%
Aselsan Elektronik Sanayi Ve Ticaret		9,500		84,927
Telecommunications — 0.8%
Turk Telekomunikasyon ^*		11,236		19,089
Turkcell Iletisim Hizmetleri		29,200		108,984
				128,073
TOTAL TURKEY				1,435,189
UKRAINE— 0.5%
Consumer Goods — 0.5%
Kernel Holding		5,651		75,940
UNITED ARAB EMIRATES— 2.9%
Financials — 1.8%
Emaar Properties PJSC		102,571		231,526
National Bank of Abu Dhabi PJSC		24,380		68,706
				300,232
Industrials — 0.6%
DP World		4,272		101,460
Telecommunications — 0.5%
Emirates Telecommunications Group PJSC		16,000		77,764

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

Schedule of Investments

October 31, 2017

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
TOTAL UNITED ARAB EMIRATES			$	479,456
UNITED KINGDOM— 1.5%
Basic Materials — 1.1%
Antofagasta		4,950		62,743
KAZ Minerals ^*		11,210		121,026
				183,769
Health Care — 0.4%
Mediclinic International		7,098		54,858
TOTAL UNITED KINGDOM				238,627
UNITED STATES— 1.8%
Basic Materials — 0.3%
Southern Copper		1,137		48,834
Oil & Gas — 1.1%
Kosmos Energy ^*		8,338		64,036
Occidental Petroleum		912		58,888
Seadrill Partners		15,136		57,971
				180,895
Telecommunications — 0.4%
VEON ADR		17,953		70,196
TOTAL UNITED STATES				299,925
VIETNAM— 1.1%
Consumer Goods — 0.5%
Vietnam Dairy Products JSC		11,200		74,461
Financials — 0.1%
Bank for Foreign Trade of Vietnam JSC		10,800		19,686
Industrials — 0.5%
Hoa Phat Group JSC ^*		52,600		85,689
TOTAL VIETNAM				179,836
TOTAL COMMON STOCK
(Cost $15,760,780)				16,184,477

PREFERRED STOCK — 0.3%
CHILE— 0.3%
Basic Materials — 0.3%
Sociedad Quimica y Minera de Chile
(Cost $28,869)		870		52,012

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

Schedule of Investments

October 31, 2017

Global X Next Emerging & Frontier ETF

	Face Amount		Value
CORPORATE OBLIGATION — 0.1%
Bank Muscat SAOG
0.035%, 03/19/18
(Cost $–)	$	22,009	$	5,946
TOTAL INVESTMENTS — 99.7%
(Cost $15,789,649)			$	16,242,435

Percentages are based on Net Assets of $16,293,934.

*	Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint Stock Company

Ser — Series

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	16,184,477	$	—	$	—	$	16,184,477
Preferred Stock		52,012		—		—		52,012
Corporate Obligation		—		5,946		—		5,946
Total Investments in Securities	$	16,236,489	$	5,946	$	—	$	16,242,435

For the year ended October 31, 2017, there have been no transfers between Level 1, Level 2 and Level 3 investments.

For the year ended October 31, 2017, there were no Level 3 investments.

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

Schedule of Investments	October 31, 2017

Global X MSCI Portugal ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 100.0%
NETHERLANDS— 1.7%
Telecommunications — 1.7%
Altice ^*		56,650	$	1,068,775
PORTUGAL— 98.3%
Basic Materials — 10.7%
Altri		309,431		1,977,178
Navigator		561,452		2,864,130
Semapa-Sociedade de Investimento e Gestao		98,017		1,959,974
				6,801,282
Consumer Services — 13.7%
Ibersol SGPS		72,696		1,054,351
Jeronimo Martins		142,295		2,585,946
NOS SGPS		434,578		2,604,197
Sonae		2,048,724		2,453,476
				8,697,970
Financials — 6.5%
Banco Comercial Portugues, Cl R ^*		10,242,947		3,060,677
Banco Espirito Santo ^{*(A) (B) (C)}		2,085,614		—
BANIF - Banco Internacional do Funchal ^{*(A) (B) (C) (D)}		55,479,410		646
Sonae Capital		1,073,902		1,065,883
				4,127,206
Industrials — 11.0%
Corticeira Amorim SGPS		125,873		1,755,222
CTT-Correios de Portugal		354,709		2,089,222
Mota-Engil		530,332		2,130,200
Teixeira Duarte		2,889,447		1,067,036
				7,041,680
Oil & Gas — 24.6%
Galp Energia		844,587		15,702,996

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

Schedule of Investments	October 31, 2017

Global X MSCI Portugal ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Telecommunications — 3.6%
Pharol SGPS ^*		3,034,773	$	1,506,056
Sonaecom		275,555		739,277
				2,245,333
Utilities — 28.2%
EDP Renovaveis		342,257		2,830,844
Energias de Portugal		3,677,420		13,121,862
REN - Redes Energeticas Nacionais ^(D)		640,895		2,035,998
				17,988,704
TOTAL PORTUGAL				62,605,171
TOTAL COMMON STOCK
(Cost $61,661,435)				63,673,946

REPURCHASE AGREEMENTS (E) — 2.1%
Barclays Bank
1.050%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $805,563 (collateralized by U.S Treasury Obligations, ranging in par value $0-$268,645, 0.000%-9.000%, 11/15/17-08/15/47, with a total market value of $821,650)	$	805,539		805,539
Deutsche Bank
1.040%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $550,561 (collateralized by U.S. Treasury Obligations, par value $533,698, 3.625%, 02/15/20 with a total market value of $561,137)		550,545		550,545
TOTAL REPURCHASE AGREEMENTS
(Cost $1,356,084)				1,356,084
TOTAL INVESTMENTS — 102.1%
(Cost $63,017,519)			$	65,030,030

Percentages are based on Net Assets of $63,704,542.

Non-income producing security.

(A)

Level 3 security in accordance with fair value hierarchy.

(B)

Security considered illiquid. The total value of such securities as of October 31, 2017 was $646 and represented 0.0% of Net Assets.

(C)

Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2017, was $646 and represents 0.0% of Net Assets.

(D)

This security or a partial position of this security is on loan at October 31, 2017. The total value of securities on loan at October 31, 2017 was $1,185,710.

(E)

Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2017 was $1,356,084.

Cl — Class

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

Schedule of Investments	October 31, 2017

Global X MSCI Portugal ETF

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

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	63,673,300	$	—	$	646	$	63,673,946
Repurchase Agreements		—		1,356,084		—		1,356,084
Total Investments in Securities	$	63,673,300	$	1,356,084	$	646	$	65,030,030

For the year ended October 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	October 31, 2017

Global X MSCI Pakistan ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.9%
PAKISTAN— 99.9%
Basic Materials — 12.9%
Dawood Hercules		135,100	$	146,957
Engro		1,083,990		2,861,071
Engro Fertilizers		2,010,800		1,240,631
Fauji Fertilizer		2,458,100		1,868,749
Fauji Fertilizer Bin Qasim		1,465,000		460,077
International Steels		316,900		319,292
				6,896,777
Consumer Goods — 7.5%
Honda Atlas Cars Pakistan		107,100		526,253
Indus Motor		79,090		1,277,100
Nishat Mills		886,200		1,093,963
Pak Elektron		1,096,400		614,009
PAK Suzuki Motor		117,350		568,585
				4,079,910
Financials — 28.6%
Askari Bank		855,500		156,262
Bank Al Habib		4,011,700		2,097,350
Bank Alfalah ^*		2,017,200		764,673
Habib Bank		2,657,450		4,048,930
MCB Bank		1,920,940		3,625,048
National Bank of Pakistan		2,163,900		906,769
United Bank		2,181,590		3,709,128
				15,308,160
Health Care — 2.6%
Ferozsons Laboratories		75,530		194,585
Searle		404,687		1,174,047
				1,368,632
Industrials — 15.4%
DG Khan Cement		845,260		1,094,220
Fauji Cement		3,168,200		837,354

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

Schedule of Investments	October 31, 2017

Global X MSCI Pakistan ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Kohat Cement		151,200	$	209,787
Lucky Cement ^*		592,010		2,736,110
Maple Leaf Cement Factory		1,361,999		872,140
Millat Tractors		81,880		868,572
Packages		162,530		809,016
Pakistan International Bulk Terminal ^*		1,838,442		297,928
Thal		108,400		523,111
				8,248,238
Oil & Gas — 23.5%
Attock Petroleum		39,100		226,430
Byco Petroleum Pakistan ^*		1,050,000		146,832
National Refinery		126,700		708,418
Oil & Gas Development		2,836,640		3,868,182
Pakistan Oilfields		390,120		2,185,835
Pakistan Petroleum		1,599,700		2,729,673
Pakistan State Oil		777,036		2,507,008
Shell Pakistan		62,500		196,753
				12,569,131
Telecommunications — 0.6%
Pakistan Telecommunication		2,732,380		342,407
Utilities — 8.8%
Hub Power		2,449,642		2,386,270
K-Electric ^*		8,642,800		454,560
Kot Addu Power		1,417,500		862,867
SUI Northern Gas Pipeline		689,600		749,994
SUI Southern Gas ^*		889,800		254,180
				4,707,871
TOTAL INVESTMENTS — 99.9%
(Cost $65,434,211)			$	53,521,126

Percentages are based on Net Assets of $53,576,287.

Non-income producing security.

As of October 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 October 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

October 31, 2017

	Global X China Consumer ETF			Global X China Energy ETF			Global X China Financials ETF			Global X China Industrials ETF
Assets:
Cost of Investments	$	130,740,254		$	2,082,662		$	43,815,344		$	4,557,042
Cost of Repurchase Agreement		5,980,517			—			—			—
Cost of Foreign Currency		9,670			445			2			3

Investments, at Value	$	156,093,924	*	$	1,751,751		$	50,182,375		$	4,006,552
Repurchase Agreement, at Value		5,980,517			—			—			—
Cash		326,962			5,233			82,262			—
Foreign Currency, at Value		8,384			445			2			3
Receivable for Investment Securities Sold		19,021,825			102,638			2,881,037			309,118
Unrealized Appreciation on Foreign Spot Currency Contracts		8,797			444			—			—
Dividend and Interest Receivable		10,051			—			18,780			13,665
Total Assets		181,450,460			1,860,511			53,164,456			4,329,338
Liabilities:
Obligation to Return Securities Lending Collateral		5,980,517			—			—			—
Payable for Investment Securities Purchased		19,325,174			105,615			2,885,346			309,854
Payable due to Investment Adviser		86,395			961			27,791			2,229
Cash Overdraft		—			—			—			2,236
Unrealized Depreciation on Foreign Spot Currency Contracts		8,797			444			—			—
Total Liabilities		25,400,883			107,020			2,913,137			314,319
Net Assets	$	156,049,577		$	1,753,491		$	50,251,319		$	4,015,019
Net Assets Consist of:
Paid-in Capital	$	173,318,389		$	3,191,064		$	47,199,959		$	6,723,151
Undistributed Net Investment Income		1,448,596			61,750			917,566			54,165
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(44,071,077	)		(1,168,412	)		(4,233,255	)		(2,211,817	)
Net Unrealized Appreciation (Depreciation) on Investments		25,353,670			(330,911	)		6,367,031			(550,490	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(1	)		—			18			10
Net Assets	$	156,049,577		$	1,753,491		$	50,251,319		$	4,015,019
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		8,950,000			150,000			2,850,000			250,000
Net Asset Value, Offering and Redemption Price Per Share	$	17.44		$	11.69		$	17.63		$	16.06
*Includes Market Value of Securities on Loan	$	5,626,645		$	—		$	—		$	—

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

Statements of Assets and Liabilities

October 31, 2017

	Global X China Materials ETF			Global X NASDAQ China Technology ETF			Global X FTSE Southeast Asia ETF			Global X MSCI Colombia ETF
Assets:
Cost of Investments	$	4,961,881		$	14,687,525		$	13,727,666		$	92,273,511
Cost of Repurchase Agreement		—			—			—			3,251,175
Cost of Foreign Currency		3,133			2			2			130,045

Investments, at Value	$	5,341,899		$	19,176,747		$	14,288,949		$	92,702,555	*
Repurchase Agreement, at Value		—			—			—			3,251,175
Cash		57,423			21,630			18,113			191,169
Foreign Currency, at Value		3,133			2			2			23,230
Receivable for Investment Securities Sold		649,307			110,803			—			—
Dividend and Interest Receivable		9,581			—			20,593			137,332
Unrealized Appreciation on Foreign Spot Currency Contracts		3,132			—			—			—
Total Assets		6,064,475			19,309,182			14,327,657			96,305,461
Liabilities:
Obligation to Return Securities Lending Collateral		—			—			—			3,251,175
Payable for Investment Securities Purchased		661,754			292,345			—			—
Payable due to Investment Adviser		2,490			9,818			7,839			40,947
Unrealized Depreciation on Foreign Spot Currency Contracts		3,132			—			—			—
Payable due to Custodian		—			—			—			28,970
Total Liabilities		667,376			302,163			7,839			3,321,092
Net Assets	$	5,397,099		$	19,007,019		$	14,319,818		$	92,984,369
Net Assets Consist of:
Paid-in Capital	$	6,428,064		$	17,478,186		$	19,001,433		$	176,741,626
Undistributed Net Investment Income		58,996			37,241			241,638			1,219,909
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(1,469,976	)		(2,997,630	)		(5,484,475	)		(85,406,054	)
Net Unrealized Appreciation (Depreciation) on Investments		380,018			4,489,222			561,283			429,044
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(3	)		—			(61	)		(156	)
Net Assets	$	5,397,099		$	19,007,019		$	14,319,818		$	92,984,369
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		249,971			650,000			900,000			9,730,000
Net Asset Value, Offering and Redemption Price Per Share	$	21.59		$	29.24		$	15.91		$	9.56
*Includes Market Value of Securities on Loan	$	—		$	—		$	—		$	3,173,958

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

Statements of Assets and Liabilities

October 31, 2017

	Global X MSCI Argentina ETF			Global X MSCI Greece ETF			Global X MSCI Norway ETF			Global X FTSE Nordic Region ETF
Assets:
Cost of Investments	$	151,946,685		$	332,617,845		$	158,477,571		$	36,517,157
Cost of Repurchase Agreement		—			5,670,468			49,261,166			1,713,641
Cost of Foreign Currency		—			—			1			—

Investments, at Value	$	183,121,177		$	349,203,263	*	$	164,305,858	*	$	38,450,747	*
Repurchase Agreement, at Value		—			5,670,468			49,261,166			1,713,641
Cash		289,686			806,043			246,751			—
Foreign Currency, at Value		—			—			1			—
Receivable for Investment Securities Sold		122,736			—			—			—
Dividend and Interest Receivable		93,857			5,567			728,013			49,756
Reclaim Receivable		2,808			—			—			724,039
Unrealized Appreciation on Foreign Spot Currency Contracts		48			—			—			—
Total Assets		183,630,312			355,685,341			214,541,789			40,938,183
Liabilities:
Obligation to Return Securities Lending Collateral		—			5,670,468			49,261,166			1,713,641
Payable due to Investment Adviser		85,839			162,909			70,472			16,735
Payable for Investment Securities Purchased		75,138			—			473,733			—
Cash Overdraft		24			10			—			744,239
Unrealized Depreciation on Foreign Spot Currency Contracts		—			—			304			—
Payable due to Custodian		1,261			33,664			—			—
Due to Broker		343			—			—			—
Foreign Tax Payable		—			29,817			—			—
Total Liabilities		162,605			5,896,868			49,805,675			2,474,615
Net Assets	$	183,467,707		$	349,788,473		$	164,736,114		$	38,463,568
Net Assets Consist of:
Paid-in Capital	$	157,550,187		$	524,276,029		$	186,821,131		$	39,829,596
Undistributed Net Investment Income		202,378			4,452,163			3,614,177			743,838
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(5,459,268	)		(195,525,147	)		(31,525,898	)		(3,983,260	)
Net Unrealized Appreciation (Depreciation) on Investments		31,174,492			16,585,418			5,828,287			1,933,590
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(82	)		10			(1,583	)		(60,196	)
Net Assets	$	183,467,707		$	349,788,473		$	164,736,114		$	38,463,568
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		5,724,975			37,600,000			12,200,000			1,610,000
Net Asset Value, Offering and Redemption Price Per Share	$	32.05		$	9.30		$	13.50		$	23.89
*Includes Market Value of Securities on Loan	$	—		$	5,402,172		$	46,316,939		$	1,620,128

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

Statements of Assets and Liabilities

October 31, 2017

	Global X MSCI Nigeria ETF			Global X Next Emerging & Frontier ETF			Global X MSCI Portugal ETF			Global X MSCI Pakistan ETF
Assets:
Cost of Investments	$	59,175,831		$	15,789,649		$	61,661,435		$	65,434,211
Cost of Repurchase Agreement		—			—			1,356,084			—
Cost of Foreign Currency		61,475			4,029			—			234,618

Investments, at Value	$	64,476,767		$	16,242,435		$	63,673,946	*	$	53,521,126
Repurchase Agreement, at Value		—			—			1,356,084			—
Cash		89,231			47,839			—			—
Foreign Currency, at Value		11,552			234			—			2,155
Dividend and Interest Receivable		49,994			13,068			575			860,936
Receivable for Investment Securities Sold		11,548			519			—			—
Reclaim Receivable		131			3,513			86,468			—
Unrealized Appreciation on Foreign Spot Currency Contracts		—			2			—			—
Receivable for Capital Shares Sold		—			90			—			—
Total Assets		64,639,223			16,307,700			65,117,073			54,384,217
Liabilities:
Obligation to Return Securities Lending Collateral		—			—			1,356,084			—
Payable due to Investment Adviser		37,427			6,785			29,028			30,895
Payable for Investment Securities Purchased		11,548			609			—			—
Cash Overdraft		—			—			27,064			653,955
Payable due to Custodian		30,940			4,965			—			18,673
Accrued Foreign Capital Gains Tax on Appreciated Securities		—			1,407			—			104,407
Due to Broker		—			—			355			—
Total Liabilities		79,915			13,766			1,412,531			807,930
Net Assets	$	64,559,308		$	16,293,934		$	63,704,542		$	53,576,287
Net Assets Consist of:
Paid-in Capital	$	75,723,326		$	37,165,021		$	71,529,018		$	62,544,568
Undistributed Net Investment Income		1,360,193			260,778			1,153,141			1,352,980
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(17,825,204	)		(21,584,101	)		(10,992,520	)		1,696,018
Net Unrealized Appreciation (Depreciation) on Investments		5,300,936			452,786			2,012,511			(11,913,085	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		57			857			2,392			213
Foreign Capital Gains Tax on Appreciated Securities		—			(1,407	)		—			(104,407	)
Net Assets	$	64,559,308		$	16,293,934		$	63,704,542		$	53,576,287
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		3,012,135			700,000			5,100,000			3,950,000
Net Asset Value, Offering and Redemption Price Per Share	$	21.43		$	23.28		$	12.49		$	13.56
*Includes Market Value of Securities on Loan	$	—		$	—		$	1,185,710		$	—

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

Statements of Operations

For the year ended October 31, 2017

	Global X China Consumer ETF			Global X China Energy ETF			Global X China Financials ETF			Global X China Industrials ETF
Investment Income:
Dividend Income	$	2,076,724		$	76,647		$	1,235,303		$	91,920
Interest Income		260			19			118			16
Security Lending Income		64,330			—			—			—
Less: Foreign Taxes Withheld		(34,229	)		(4,224	)		(84,197	)		(4,827	)
Total Investment Income		2,107,085			72,442			1,151,224			87,109
Supervision and Administration Fees⁽¹⁾		588,116			10,510			231,632			24,287
Custodian Fees		6,043			117			830			45
Total Expenses		594,159			10,627			232,462			24,332
Net Investment Income		1,512,926			61,815			918,762			62,777
Net Realized Gain on:
Investments		(2,023,884	)⁽²⁾		(155,541	)		(152,691	)⁽²⁾		(4,019	)⁽²⁾
Foreign Currency Transactions		(4,816	)		(63	)		(1,190	)		(130	)
Net Realized Loss on Investments and Foreign Currency Transactions		(2,028,700	)		(155,604	)		(153,881	)		(4,149	)
Net Change in Unrealized Appreciation on:
Investments		37,454,176			296,239			9,449,169			934,580
Foreign Currency Translations		(6	)		(1	)		14			9
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		37,454,170			296,238			9,449,183			934,589
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		35,425,470			140,634			9,295,302			930,440
Net Increase in Net Assets Resulting from Operations	$	36,938,396		$	202,449		$	10,214,064		$	993,217

(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 transactions. (See Note 4 in Notes to Financial Statements).

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

Statements of Operations

For the year ended October 31, 2017

	Global X China Materials ETF			Global X NASDAQ China Technology ETF			Global X FTSE Southeast Asia ETF			Global X MSCI Colombia ETF
Investment Income:
Dividend Income	$	79,191		$	248,250		$	366,942		$	2,265,379
Interest Income		24			88			72			884
Security Lending Income		—			—			—			11,261
Less: Foreign Taxes Withheld		(2,367	)		(1,969	)		(19,325	)		1,102
Total Investment Income		76,848			246,369			347,689			2,278,626
Supervision and Administration Fees⁽¹⁾		17,603			89,548			78,306			632,803
Custodian Fees		26			107			98			121,756
Total Expenses		17,629			89,655			78,404			754,559
Waiver of Supervision and Administration Fees		–			–			–			(178,804	)
Net Expenses		17,629			89,655			78,404			575,755
Net Investment Income		59,219			156,714			269,285			1,702,871
Net Realized Gain on:
Investments ⁽²⁾		(222,726	)		(291,265	)		(361,378	)		(9,568,250	)
Foreign Currency Transactions		(222	)		(62	)		(2,871	)		58,690
Net Realized Loss on Investments and Foreign Currency Transactions		(222,948	)		(291,327	)		(364,249	)		(9,509,560	)
Net Change in Unrealized Appreciation on:
Investments		1,197,075			4,011,282			2,135,899			11,274,216
Foreign Currency Translations		(2	)		—			(23	)		357
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		1,197,073			4,011,282			2,135,876			11,274,573
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		974,125			3,719,955			1,771,627			1,765,013
Net Increase in Net Assets Resulting from Operations	$	1,033,344		$	3,876,669		$	2,040,912		$	3,467,884

(1)

(2)

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

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

Statements of Operations

For the year ended October 31, 2017

	Global X MSCI Argentina ETF			Global X MSCI Greece ETF			Global X MSCI Norway ETF			Global X FTSE Nordic Region ETF
Investment Income:
Dividend Income	$	1,280,349		$	8,406,327		$	5,477,708		$	1,123,730
Interest Income		552			3,856			648			—
Security Lending Income		—			70,735			534,993			33,845
Less: Foreign Taxes Withheld		(67,027	)		(841,920	)		(1,118,216	)		(116,370	)
Total Investment Income		1,213,874			7,638,998			4,895,133			1,041,205
Supervision and Administration Fees⁽¹⁾		1,003,635			1,824,157			626,007			178,465
Custodian Fees		5,962			195,853			448			17,557
Other Fees		149			—			—			—
Total Expenses		1,009,746			2,020,010			626,455			196,022
Waiver of Supervision and Administration Fees		(123,845	)		–			–			–
Net Expenses		885,901			2,020,010			626,455			196,022
Net Investment Income		327,973			5,618,988			4,268,678			845,183
Net Realized Gain on:
Investments ⁽²⁾		15,416,126			12,512,923			(83,802	)		441,850
Foreign Currency Transactions		(26,298	)		11,861			(18,293	)		984
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		15,389,828			12,524,784			(102,095	)		442,834
Net Change in Unrealized Appreciation on:
Investments		21,715,334			53,233,992			23,370,632			7,044,280
Foreign Currency Translations		(1,808	)		56			(2,144	)		44,401
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		21,713,526			53,234,048			23,368,488			7,088,681
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		37,103,354			65,758,832			23,266,393			7,531,515
Net Increase in Net Assets Resulting from Operations	$	37,431,327		$	71,377,820		$	27,535,071		$	8,376,698

(1)

(2)

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

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

Statements of Operations

For the year ended October 31, 2017

	Global X MSCI Nigeria ETF			Global X Next Emerging & Frontier ETF			Global X MSCI Portugal ETF			Global X MSCI Pakistan ETF
Investment Income:
Dividend Income	$	2,021,309		$	393,904		$	1,594,788		$	2,005,999
Interest Income		2,114			7,418			142			7
Security Lending Income		—			—			46,415			—
Less: Foreign Taxes Withheld		(184,647	)		(36,657	)		(239,090	)		(248,547	)
Total Investment Income		1,838,776			364,665			1,402,255			1,757,459
Supervision and Administration Fees⁽¹⁾		307,534			72,854			197,014			216,083
Custodian Fees		178,697			11,056			17,820			67,359
Total Expenses		486,231			83,910			214,834			283,442
Net Investment Income		1,352,545			280,755			1,187,421			1,474,017
Net Realized Gain on:
Investments		(7,519,926	)		(223,131	)⁽²⁾		(3,175,778	)⁽²⁾		1,893,477
Foreign Currency Transactions		7,654			(5,480	)		(34,276	)		(52,129	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(7,512,272	)		(228,611	)		(3,210,054	)		1,841,348
Net Change in Unrealized Appreciation on:
Investments		20,889,620			2,395,381			11,745,951			(12,119,918	)
Foreign Capital Gains Tax on Appreciated Securities		—			37			—			30,617
Foreign Currency Translations		43			1,969			21,331			382
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		20,889,663			2,397,387			11,767,282			(12,088,919	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		13,377,391			2,168,776			8,557,228			(10,247,571	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	14,729,936		$	2,449,531		$	9,744,649		$	(8,773,554	)

(1)

(2)

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

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

Statements of Changes in Net Assets

	Global X China Consumer ETF						Global X China Energy ETF
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net Investment Income	$	1,512,926		$	1,327,430		$	61,815		$	33,354
Net Realized Loss on Investments and Foreign Currency Transactions		(2,028,700	)⁽¹⁾		(13,185,592	)⁽¹⁾		(155,604	)		(254,864	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		37,454,170			2,818,911			296,238			113,320
Net Increase (Decrease) in Net Assets Resulting from Operations		36,938,396			(9,039,251	)		202,449			(108,190	)
Dividends and Distributions from:
Net Investment Income		(998,941	)		(4,048,651	)		(32,233	)		(49,338	)
Total Dividends and Distributions		(998,941	)		(4,048,651	)		(32,233	)		(49,338	)
Capital Share Transactions:
Issued		59,493,386			12,709,523			—			—
Redeemed		(12,405,900	)		(20,549,924	)		—			—
Increase (Decrease) in Net Assets from Capital Share Transactions		47,087,486			(7,840,401	)		—			—
Total Increase (Decrease) in Net Assets		83,026,941			(20,928,303	)		170,216			(157,528	)
Net Assets:
Beginning of Year		73,022,636			93,950,939			1,583,275			1,740,803
End of Year	$	156,049,577		$	73,022,636		$	1,753,491		$	1,583,275
Undistributed Net Investment Income	$	1,448,596		$	922,520		$	61,750		$	32,231
Share Transactions:
Issued		3,800,000			1,200,000			—			—
Redeemed		(950,000	)		(1,950,000	)		—			—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		2,850,000			(750,000	)		—			—

⁽¹⁾

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

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

Statements of Changes in Net Assets

	Global X China Financials ETF						Global X China Industrials ETF
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net Investment Income	$	918,762		$	533,098		$	62,777		$	59,170
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(153,881	)		(10,834,154	)		(4,149	)		(790,050	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		9,449,183			1,268,196			934,589			(1,350	)
Net Increase (Decrease) in Net Assets Resulting from Operations		10,214,064			(9,032,860	)		993,217			(732,230	)
Dividends and Distributions from:
Net Investment Income		(528,238	)		(2,772,013	)		(59,685	)		(103,249	)
Total Dividends and Distributions		(528,238	)		(2,772,013	)		(59,685	)		(103,249	)
Capital Share Transactions:
Issued		13,671,514			11,582,475			—			—
Redeemed		(1,394,630	)		(28,846,647	)		(688,805	)		(2,616,503	)
Increase (Decrease) in Net Assets from Capital Share Transactions		12,276,884			(17,264,172	)		(688,805	)		(2,616,503	)
Total Increase (Decrease) in Net Assets		21,962,710			(29,069,045	)		244,727			(3,451,982	)
Net Assets:
Beginning of Year		28,288,609			57,357,654			3,770,292			7,222,274
End of Year	$	50,251,319		$	28,288,609		$	4,015,019		$	3,770,292
Undistributed Net Investment Income	$	917,566		$	528,232		$	54,165		$	51,038
Share Transactions:
Issued		900,000			800,000			—			—
Redeemed		(100,000	)		(2,600,000	)		(50,000	)		(200,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		800,000			(1,800,000	)		(50,000	)		(200,000	)

⁽¹⁾

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

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

Statements of Changes in Net Assets

	Global X China Materials ETF						Global X NASDAQ China Technology ETF
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net Investment Income	$	59,219		$	16,403		$	156,714		$	286,431
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(222,948	)		(241,694	)		(291,327	)		118,539
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		1,197,073			309,175			4,011,282			331,619
Net Increase in Net Assets Resulting from Operations		1,033,344			83,884			3,876,669			736,589
Dividends and Distributions from:
Net Investment Income		(16,197	)		(70,832	)		(528,298	)		(100,894	)
Total Dividends and Distributions		(16,197	)		(70,832	)		(528,298	)		(100,894	)
Capital Share Transactions:
Issued		3,862,280			—			4,112,680			—
Redeemed		(823,898	)		—			(2,394,276	)		(2,099,886	)
Increase (Decrease) in Net Assets from Capital Share Transactions		3,038,382			—			1,718,404			(2,099,886	)
Total Increase (Decrease) in Net Assets		4,055,529			13,052			5,066,775			(1,464,191	)
Net Assets:
Beginning of Year		1,341,570			1,328,518			13,940,244			15,404,435
End of Year	$	5,397,099		$	1,341,570		$	19,007,019		$	13,940,244
Undistributed Net Investment Income	$	58,996		$	16,196		$	37,241		$	277,404
Share Transactions:
Issued		200,000			—			150,000			—
Redeemed		(50,000	)		—			(100,000	)		(100,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		150,000			—			50,000			(100,000	)

⁽¹⁾

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

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

Statements of Changes in Net Assets

	Global X FTSE Southeast Asia ETF						Global X MSCI Colombia ETF
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net Investment Income	$	269,285		$	302,964		$	1,702,871		$	1,372,278
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(364,249	)		(1,810,378	)		(9,509,560	)		(18,116,087	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		2,135,876			2,385,847			11,274,573			23,181,270
Net Increase in Net Assets Resulting from Operations		2,040,912			878,433			3,467,884			6,437,461
Dividends and Distributions from:
Net Investment Income		(284,922	)		(486,151	)		(1,265,662	)		(948,793	)
Total Dividends and Distributions		(284,922	)		(486,151	)		(1,265,662	)		(948,793	)
Capital Share Transactions:
Issued		1,545,296			—			23,943,306			22,093,246
Redeemed		(1,330,835	)		(2,418,748	)		(21,921,654	)		(5,437,401	)
Increase (Decrease) in Net Assets from Capital Share Transactions		214,461			(2,418,748	)		2,021,652			16,655,845
Total Increase (Decrease) in Net Assets		1,970,451			(2,026,466	)		4,223,874			22,144,513
Net Assets:
Beginning of Year		12,349,367			14,375,833			88,760,495			66,615,982
End of Year	$	14,319,818		$	12,349,367		$	92,984,369		$	88,760,495
Undistributed Net Investment Income	$	241,638		$	260,146		$	1,219,909		$	724,010
Share Transactions:
Issued		100,000			—			2,450,000			2,650,000
Redeemed		(100,000	)		(200,000	)		(2,350,000	)		(600,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		—			(200,000	)		100,000			2,050,000

⁽¹⁾

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

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

Statements of Changes in Net Assets

	Global X MSCI Argentina ETF						Global X MSCI Greece ETF
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net Investment Income	$	327,973		$	374,182		$	5,618,988		$	4,178,333
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		15,389,828			3,129,729			12,524,784			(134,815,500	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		21,713,526			12,204,462			53,234,048			39,582,204
Net Increase (Decrease) in Net Assets Resulting from Operations		37,431,327			15,708,373			71,377,820			(91,054,963	)
Dividends and Distributions from:
Net Investment Income		(308,816	)		(213,754	)		(5,196,758	)		(3,840,043	)
Total Dividends and Distributions		(308,816	)		(213,754	)		(5,196,758	)		(3,840,043	)
Capital Share Transactions:
Issued		107,177,896			78,356,541			116,402,043			71,752,872
Redeemed		(51,434,300	)		(18,604,618	)		(78,355,928	)		(46,203,761	)
Increase in Net Assets from Capital Share Transactions		55,743,596			59,751,923			38,046,115			25,549,111
Total Increase (Decrease) in Net Assets		92,866,107			75,246,542			104,227,177			(69,345,895	)
Net Assets:
Beginning of Year		90,601,600			15,355,058			245,561,296			314,907,191
End of Year	$	183,467,707		$	90,601,600		$	349,788,473		$	245,561,296
Undistributed Net Investment Income	$	202,378		$	209,519		$	4,452,163		$	4,017,796
Share Transactions:
Issued		3,700,000			3,900,000			12,400,000			8,850,000
Redeemed		(1,800,000	)		(850,000	)		(8,200,000	)		(5,700,000	)
Net Increase in Shares Outstanding from Share Transactions		1,900,000			3,050,000			4,200,000			3,150,000

⁽¹⁾

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

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

Statements of Changes in Net Assets

	Global X MSCI Norway ETF						Global X FTSE Nordic Region ETF
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net Investment Income	$	4,268,678		$	3,062,802		$	845,183		$	1,412,597
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(102,095	)		(13,126,251	)		442,834			(480,279	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		23,368,488			19,197,278			7,088,681			(6,052,917	)
Net Increase (Decrease) in Net Assets Resulting from Operations		27,535,071			9,133,829			8,376,698			(5,120,599	)
Dividends and Distributions from:
Net Investment Income		(3,382,974	)		(2,212,531	)		(1,335,962	)		(1,490,826	)
Total Dividends and Distributions		(3,382,974	)		(2,212,531	)		(1,335,962	)		(1,490,826	)
Capital Share Transactions:
Issued		67,394,304			54,452,738			3,497,127			—
Redeemed		(40,807,392	)		(12,400,772	)		(12,972,942	)		(5,085,717	)
Increase (Decrease) in Net Assets from Capital Share Transactions		26,586,912			42,051,966			(9,475,815	)		(5,085,717	)
Total Increase (Decrease) in Net Assets		50,739,009			48,973,264			(2,435,079	)		(11,697,142	)
Net Assets:
Beginning of Year		113,997,105			65,023,841			40,898,647			52,595,789
End of Year	$	164,736,114		$	113,997,105		$	38,463,568		$	40,898,647
Undistributed Net Investment Income	$	3,614,177		$	2,694,337		$	743,838		$	1,107,674
Share Transactions:
Issued		5,150,000			5,450,000			150,000			—
Redeemed		(3,250,000	)		(1,200,000	)		(650,000	)		(250,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		1,900,000			4,250,000			(500,000	)		(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.

Statements of Changes in Net Assets

	Global X MSCI Nigeria ETF						Global X Next Emerging & Frontier ETF
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net Investment Income	$	1,352,545		$	817,156		$	280,755		$	461,590
Net Realized Loss on Investments and Foreign Currency Transactions		(7,512,272	)		(4,864,663	)		(228,611	)⁽¹⁾		(30,843,618	)⁽¹⁾
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		20,889,663			(7,935,087	)		2,397,387			27,364,278
Net Increase (Decrease) in Net Assets Resulting from Operations		14,729,936			(11,982,594	)		2,449,531			(3,017,750	)
Dividends and Distributions from:
Net Investment Income		(706,374	)		(850,578	)		(337,103	)		(2,414,376	)
Total Dividends and Distributions		(706,374	)		(850,578	)		(337,103	)		(2,414,376	)
Capital Share Transactions:
Issued		25,280,343			18,433,905			—			2,018,082
Redeemed		(2,753,139	)		(2,215,314	)		(930,290	)		(88,399,190	)
Increase (Decrease) in Net Assets from Capital Share Transactions		22,527,204			16,218,591			(930,290	)		(86,381,108	)
Total Increase (Decrease) in Net Assets		36,550,766			3,385,419			1,182,138			(91,813,234	)
Net Assets:
Beginning of Year		28,008,542			24,623,123			15,111,796			106,925,030
End of Year	$	64,559,308		$	28,008,542		$	16,293,934		$	15,111,796
Undistributed Net Investment Income	$	1,360,193		$	706,368		$	260,778		$	322,196
Share Transactions:
Issued		1,537,500	⁽²⁾		925,000	⁽²⁾		—			100,000
Redeemed		(150,365	)⁽²⁾		(75,000	)⁽²⁾		(50,000	)		(4,900,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		1,387,135			850,000			(50,000	)		(4,800,000	)

⁽¹⁾

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

⁽²⁾

Adjusted to reflect the effect of a 1 for 4 reverse share split on March 16, 2017. (See Note 9 in Notes to Financial Statements).

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

Statements of Changes in Net Assets

	Global X MSCI Portugal ETF						Global X MSCI Pakistan ETF
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net Investment Income	$	1,187,421		$	1,131,946		$	1,474,017		$	297,924
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(3,210,054	)⁽¹⁾		(3,363,618	)⁽¹⁾		1,841,348	⁽¹⁾		(137,610	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		11,767,282			74,482			(12,088,919	)		554,585
Net Increase (Decrease) in Net Assets Resulting from Operations		9,744,649			(2,157,190	)		(8,773,554	)		714,899
Dividends and Distributions from:
Net Investment Income		(878,665	)		(1,260,520	)		(363,656	)		(146,008	)
Net Realized Gains		—			—			—			(18,840	)
Total Dividends and Distributions		(878,665	)		(1,260,520	)		(363,656	)		(164,848	)
Capital Share Transactions:
Issued		36,796,138			5,179,446			69,427,851			4,446,623
Redeemed		(7,651,145	)		(13,516,694	)		(17,377,887	)		—
Increase (Decrease) in Net Assets from Capital Share Transactions		29,144,993			(8,337,248	)		52,049,964			4,446,623
Total Increase (Decrease) in Net Assets		38,010,977			(11,754,958	)		42,912,754			4,996,674
Net Assets:
Beginning of Year		25,693,565			37,448,523			10,663,533			5,666,859
End of Year	$	63,704,542		$	25,693,565		$	53,576,287		$	10,663,533
Undistributed Net Investment Income	$	1,153,141		$	868,860		$	1,352,980		$	258,559
Share Transactions:
Issued		3,250,000			500,000			4,200,000			300,000
Redeemed		(750,000	)		(1,350,000	)		(950,000	)		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		2,500,000			(850,000	)		3,250,000			300,000

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

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

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)		Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)		Ratio of Net Investment Income to Average Net Assets (%)		Portfolio Turnover (%)††
Global X China Consumer ETF
2017		11.97		0.24		5.40			5.64			(0.17	)		—		(0.17	)		17.44		47.90			156,050		0.65		1.67		34.72
2016		13.72		0.20		(1.36	)		(1.16	)		(0.59	)		—		(0.59	)		11.97		(8.57	)		73,023		0.65		1.71		38.13
2015		13.82		0.53		(0.37	)		0.16			(0.26	)		—		(0.26	)		13.72		1.34			93,951		0.65		3.86		24.57
2014		15.87		0.17		(2.07	)		(1.90	)		(0.15	)		—		(0.15	)		13.82		(12.09	)		134,014		0.65		1.18		18.89
2013		14.00		0.16		1.88			2.04			(0.17	)		—		(0.17	)		15.87		14.66			170,554		0.65		1.11		27.76
Global X China Energy ETF
2017		10.56		0.41		0.93			1.34			(0.21	)		—		(0.21	)		11.69		13.13			1,753		0.65		3.82		11.85
2016		11.61		0.22		(0.94	)		(0.72	)		(0.33	)		—		(0.33	)		10.56		(6.11	)		1,583		0.65		2.19		22.19
2015		15.03		0.22		(3.31	)		(3.09	)		(0.33	)		—		(0.33	)		11.61		(20.89	)		1,741		0.65		1.66		15.62
2014		15.11		0.29		(0.09	)		0.20			(0.28	)		—		(0.28	)		15.03		1.34			4,509		0.65		1.90		12.65
2013		13.76		0.26		1.34			1.60			(0.25	)		—		(0.25	)		15.11		11.72			4,534		0.65		1.82		24.41
Global X China Financials ETF
2017		13.80		0.39		3.70			4.09			(0.26	)		—		(0.26	)		17.63		30.32			50,251		0.65		2.58		19.12
2016		14.90		0.25		(0.62	)		(0.37	)		(0.73	)		—		(0.73	)		13.80		(2.56	)		28,289		0.65		1.92		18.43
2015		13.50		0.54		1.02			1.56			(0.16	)		—		(0.16	)		14.90		11.50			57,358		0.65		3.34		15.88
2014		13.29		0.23		0.05	^		0.28			(0.07	)		—		(0.07	)		13.50		2.08			48,585		0.65		1.76		6.90
2013		12.03		0.27		1.36			1.63			(0.37	)		—		(0.37	)		13.29		13.61			42,518		0.65		2.09		33.49
Global X China Industrials ETF
2017		12.57		0.24		3.45			3.69			(0.20	)		—		(0.20	)		16.06		29.88			4,015		0.65		1.68		21.53
2016		14.44		0.18		(1.71	)		(1.53	)		(0.34	)		—		(0.34	)		12.57		(10.60	)		3,770		0.65		1.47		14.08
2015		12.93		0.21		1.40			1.61			(0.10	)		—		(0.10	)		14.44		12.49			7,222		0.65		1.38		23.87
2014		12.14		0.15		0.83			0.98			(0.19	)		—		(0.19	)		12.93		8.13			5,821		0.65		1.24		10.61
2013		11.40		0.15		0.75			0.90			(0.16	)		—		(0.16	)		12.14		7.89			4,248		0.65		1.28		19.01
Global X China Materials ETF
2017		13.42		0.38		7.95			8.33			(0.16	)		—		(0.16	)		21.59		62.79			5,397		0.65		2.19		49.80
2016		13.29		0.16		0.68			0.84			(0.71	)		—		(0.71	)		13.42		6.84			1,342		0.65		1.31		26.33
2015		14.80		0.40		(1.70	)		(1.30	)		(0.21	)		—		(0.21	)		13.29		(8.95	)		1,329		0.65		2.39		28.59
2014		15.13		0.19		(0.27	)		(0.08	)		(0.25	)		—		(0.25	)		14.80		(0.57	)		2,959		0.65		1.26		13.51
2013⁽¹⁾		16.28		0.17		(1.05	)		(0.88	)		(0.27	)		—		(0.27	)		15.13		(5.63	)		2,269		0.65		1.65		31.07
Global X NASDAQ China Technology ETF
2017		23.23		0.28		6.69			6.97			(0.96	)		—		(0.96	)		29.24		31.56			19,007		0.65		1.14		42.59
2016		22.01		0.45		0.91			1.36			(0.14	)		—		(0.14	)		23.23		6.20			13,940		0.65		2.09		42.02
2015		23.48		0.12		(1.52	)		(1.40	)		(0.07	)		—		(0.07	)		22.01		(5.94	)		15,404		0.65		0.52		44.95
2014		20.63		0.06		2.80			2.86			(0.01	)		—		(0.01	)		23.48		13.85			22,307		0.65		0.29		64.79
2013		13.77		0.02		6.92			6.94			(0.08	)		—		(0.08	)		20.63		50.68			10,317		0.65		0.14		57.24

(1)

Per share amounts have been restated for a 1 for 2 reverse share split on May 16, 2013. See Note 9 in the Notes to Financial Statements.

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

Per share data calculated using average shares method.

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

††

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

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

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

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution From Capital Gains ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)		Portfolio Turnover (%)††
Global X FTSE Southeast Asia ETF
2017		13.72		0.32		2.23			2.55			(0.36	)		—			(0.36	)		15.91		19.19			14,320		0.65			2.23		7.78
2016		13.07		0.31		0.78			1.09			(0.44	)		—			(0.44	)		13.72		8.75			12,349		0.65			2.40		12.94
2015		16.76		0.34		(3.61	)		(3.27	)		(0.42	)		—			(0.42	)		13.07		(19.97	)		14,376		0.65			2.26		24.06
2014		17.12		0.39		(0.16	)		0.23			(0.59	)		—			(0.59	)		16.76		1.68			29,336		0.65			2.36		8.36
2013		16.75		0.47		0.28	^		0.75			(0.38	)		—			(0.38	)		17.12		4.50			49,634		0.65			2.73		24.07
Global X MSCI Colombia ETF
2017		9.22		0.18		0.29			0.47			(0.13	)		—			(0.13	)		9.56		5.24			92,984		0.62	@		1.83		40.93
2016		8.79		0.16		0.39			0.55			(0.12	)		—			(0.12	)		9.22		6.55			88,760		0.65	@		1.82		37.60
2015		17.42		0.31		(8.53	)		(8.22	)		(0.41	)		—			(0.41	)		8.79		(47.93	)		66,616		0.61	@		2.80		66.93
2014		20.55		0.40		(2.78	)		(2.38	)		(0.75	)		—			(0.75	)		17.42		(11.73	)		100,688		0.66	@		2.12		47.57
2013		21.89		0.42		(1.31	)		(0.89	)		(0.45	)		—			(0.45	)		20.55		(4.21	)		149,625		0.75	@		2.05		52.06
Global X MSCI Argentina ETF
2017		23.69		0.07		8.37			8.44			(0.08	)		—			(0.08	)		32.05		35.79			183,468		0.65	‡		0.24		24.45
2016		19.81		0.15		3.89			4.04			(0.16	)		—			(0.16	)		23.69		20.65			90,602		0.74			0.69		20.88
2015		21.18		0.11		(1.39	)		(1.28	)		(0.09	)		—			(0.09	)		19.81		(6.04	)		15,355		0.74			0.58		26.88
2014		20.29		0.10		0.91	^		1.01			(0.12	)		—			(0.12	)		21.18		5.03			20,652		0.74			0.49		95.29
2013⁽¹⁾		16.84		0.10		3.53			3.63			(0.18	)		—			(0.18	)		20.29		21.73			6,595		0.74			0.57		26.52
Global X MSCI Greece ETF
2017		7.35		0.15		1.95			2.10			(0.15	)		—			(0.15	)		9.30		29.04			349,788		0.61			1.69		21.59
2016		10.41		0.13		(3.07	)		(2.94	)		(0.12	)		—			(0.12	)		7.35		(28.33	)		245,561		0.62			1.71		76.19
2015		15.84		0.18		(5.48	)		(5.30	)		(0.13	)		—			(0.13	)		10.41		(33.66	)		314,907		0.62			1.61		29.35
2014		22.60		0.08		(6.83	)		(6.75	)		(0.01	)		—			(0.01	)		15.84		(29.83	)		140,201		0.62			0.38		64.19
2013		16.16		0.15		6.32			6.47			(0.02	)		(0.01	)		(0.03	)		22.60		40.14			94,938		0.61			0.84		77.29
Global X MSCI Norway ETF
2017		11.07		0.41		2.34			2.75			(0.32	)		—			(0.32	)		13.50		25.53			164,736		0.50			3.41		9.53
2016		10.75		0.35		0.34			0.69			(0.37	)		—			(0.37	)		11.07		6.86			113,997		0.50			3.39		16.62
2015		14.82		0.34		(3.58	)		(3.24	)		(0.83	)		—			(0.83	)		10.75		(22.50	)		65,024		0.50			2.76		16.05
2014		16.76		0.63		(2.18	)		(1.55	)		(0.39	)		—			(0.39	)		14.82		(9.46	)		183,038		0.50			3.76		26.50
2013		15.09		0.50		1.60			2.10			(0.43	)		—			(0.43	)		16.76		14.21			80,465		0.50			3.23		11.01
Global X FTSE Nordic Region ETF
2017		19.38		0.51		4.72			5.23			(0.72	)		—			(0.72	)		23.89		27.97			38,464		0.55			2.37		6.79
2016		22.29		0.63		(2.91	)		(2.28	)		(0.63	)		—			(0.63	)		19.38		(10.54	)		40,899		0.51			3.01		10.90
2015		24.36		0.59		(1.81	)		(1.22	)		(0.85	)		—			(0.85	)		22.29		(5.05	)		52,596		0.50			2.53		7.76
2014		23.74		0.79		0.46			1.25			(0.63	)		—			(0.63	)		24.36		5.30			59,927		0.50			3.16		6.05
2013		18.65		0.62		4.97			5.59			(0.50	)		—			(0.50	)		23.74		30.54			56,015		0.50			2.92		8.95

(1)

Per share amounts have been restated for a 1 for 2 reverse share split on May 16, 2013. See Note 9 in the Notes to Financial Statements.

Per share data calculated using average shares method.

††

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

The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.81%, 0.84%, 0.79%, 0.78% and 0.80% for the years ended October 31, 2017, 2016, 2015, 2014 and 2013, respectively.

‡

The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.74% for the year ended October 31, 2017.

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

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

100

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)			Portfolio Turnover (%)††
Global X MSCI Nigeria ETF
2017⁽¹⁾		17.24		0.54		4.07			4.61			(0.42	)		—			(0.42	)		21.43		27.52			64,559		1.07			2.99			21.07
2016⁽¹⁾		31.76		0.86		(14.16	)		(13.30	)		(1.22	)		—			(1.22	)		17.24		(43.30	)		28,009		1.02	@		3.80			29.61
2015⁽¹⁾		52.08		1.37		(20.47	)		(19.10	)		(1.22	)		—			(1.22	)		31.76		(37.25	)		24,623		0.68	@		3.72			34.00
2014⁽¹⁾		59.68		1.88		(8.65	)		(6.77	)		(0.68	)		(0.15	)		(0.83	)		52.08		(11.55	)		16,924		0.68	@		3.14			54.75
2013⁽¹⁾⁽²⁾		61.24		1.21		(2.77	)		(1.56	)		—			—			—			59.68		(2.55	)		5,970		0.68	@†		3.54	†		5.44
Global X Next Emerging & Frontier ETF
2017		20.15		0.40		3.21			3.61			(0.48	)		—			(0.48	)		23.28		18.53			16,294		0.56			1.89			7.93
2016		19.27		0.20		1.14	^		1.34			(0.46	)		—			(0.46	)		20.15		7.33			15,112		0.56			1.13			9.35
2015		25.55		0.49		(6.37	)		(5.88	)		(0.40	)		—			(0.40	)		19.27		(23.29	)		106,925		0.58			2.22			19.72
2014⁽³⁾		25.08		0.51		0.01			0.52			(0.05	)		—			(0.05	)		25.55		2.07			152,027		0.58	†‡		2.00	†		24.14
Global X MSCI Portugal ETF
2017		9.88		0.36		2.65			3.01			(0.40	)		—			(0.40	)		12.49		31.88			63,705		0.60			3.31			25.31
2016		10.85		0.42		(0.93	)		(0.51	)		(0.46	)		—			(0.46	)		9.88		(4.86	)		25,694		0.61			4.26			27.20
2015		12.65		0.30		(1.87	)		(1.57	)		(0.23	)		—			(0.23	)		10.85		(12.39	)		37,449		0.61			2.68			35.26
2014⁽⁴⁾		15.04		0.38		(2.77	)		(2.39	)		—			—			—			12.65		(15.89	)		36,692		0.61	†		2.58	†		53.58
Global X MSCI Pakistan ETF
2017		15.23		0.75		(1.90	)		(1.15	)		(0.52	)		—			(0.52	)		13.56		(8.25	)		53,576		0.89			4.64			65.51
2016		14.17		0.58		0.90			1.48			(0.37	)		(0.05	)		(0.42	)		15.23		10.87			10,664		0.91			4.01			21.22
2015⁽⁵⁾		15.28		0.35		(1.46	)		(1.11	)		—			—			—			14.17		(7.26	)		5,667		0.90	†		4.43	†		19.31

(1)

Per share amounts have been adjusted for a 1 for 4 reverse share split on March 16, 2017 (See Note 9 in the Notes to Financial Statements).

(2)

The Fund commenced operations on April 2,2013.

(3)

The Fund commenced operations on November 6, 2013.

(4)

The Fund commenced operations on November 12, 2013.

(5)

The Fund commenced operations on April 22, 2015.

Per share data calculated using average shares method.

†

Annualized.

††

Portfolio turnover rate is for the period indicated and has not been annualized. Excludes effect of in-kind transfers.

The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 1.10%, 0.92%, 0.92% and 0.92% for the years and or period ended October 31, 2016, 2015 ,2014, and 2013, respectively.

‡

The ratio of Expenses to Average Net Assets includes the effect of income taxes. If these expenses were excluded, the ratio would have been 0.58% for the Global X Next Emerging & Frontier ETF.

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

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

101

Notes to Financial Statements

October 31, 2017

1. ORGANIZATION

The Global X Funds (the "Trust") is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of October 31, 2017, the Trust had ninety-six portfolios, fifty-two of which were operational. The financial statements herein and the related notes pertain to the Global X China Consumer ETF, Global X China Energy ETF, Global X China Financials ETF, Global X China Industrials ETF, Global X China Materials ETF, Global X NASDAQ China Technology ETF, Global X MSCI Greece ETF, Global X MSCI Norway ETF, Global X FTSE Nordic Region ETF, Global X FTSE Southeast Asia ETF, Global X MSCI Argentina ETF, Global X MSCI Colombia ETF, Global X MSCI Nigeria ETF, Global X MSCI Pakistan ETF, Global X MSCI Portugal ETF and Global X Next Emerging & Frontier ETF (each a “Fund”, and collectively, the “Funds”). Each Fund (except for the Global X Next Emerging & Frontier ETF) had elected non-diversification status.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

For securities traded on NASDAQ and the Nigerian Stock Exchange, the Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations,

102

Notes to Financial Statements (continued)

October 31, 2017

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 appr- oximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held by the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

Securities for which market prices are not "readily available" are valued in accordance with Fair Value Procedures 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 the Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security's primary trading market is temporarily closed at a time when, under normal conditions, it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value a security if an event that may materially affect the value of the Funds’ security that traded outside of the United States (a “Significant Event”) has occurred between the time of the security's last close and the time that the Funds calculate their net asset values. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disaster, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC, the Funds investment adviser (the “Adviser”) becomes aware of a Significant Event that has occurred with respect to a security or group of security 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 values, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of October 31, 2017, there were securities valued using Fair Value Procedures of $312, $194,512, $49,889 and $646 in Global X China Industrials ETF, Global X China Materials ETF, Global X NASDAQ China Technology ETF and Global X MSCI Portugal ETF, respectively. There were no other securities priced using the Fair Value Procedures.

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

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

103

Notes to Financial Statements (continued)

October 31, 2017

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For the year ended October 31, 2017, there have been no significant changes to the Funds’ fair valuation methodologies.

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of October 31, 2017. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

Global X China Materials ETF

Assets

Fair Value at 10/31/17

Valuation Technique(s)

Unobservable Input

Discount Percentage

Common Stock

194,512

Discount from the Last Traded Price

Last Traded Price Comparability Adjustment %

0.6

Global X China Industrials

Assets	Fair Value at 10/31/17		Valuation Technique(s)	Unobservable Input	Discount Percentage
Common Stock	$	312	Discount from the Last Traded Price	Last Traded Price Comparability Adjustment %		99.8	%
Common Stock	$	37,221	Discount from the Last Traded Price	Last Traded Price Comparability Adjustment %		1.0	%

104

Notes to Financial Statements (continued)

October 31, 2017

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

At October 31, 2017, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

			Fair Value of Non-cash		Cash Collateral
	Repurchase Agreements		Collateral Received		Received		Net Amount⁽²⁾
Global X China Consumer ETF
Barclays Bank	$	3,552,540	$	3,552,540	$	-	$	-
Deutsche Bank		2,427,977		2,427,977		-		-
Global X MSCI Colombia ETF⁽¹⁾
Barclays Bank		1,931,259		1,931,259		-		-
Deutsche Bank		1,319,916		1,319,916		-		-
Global X MSCI Greece ETF
Barclays Bank		3,368,365		3,368,365		-		-
Deutsche Bank		2,302,103		2,302,103		-		-
Global X MSCI Norway ETF
Barclays Bank		29,262,061		29,262,061		-		-
Deutsche Bank		19,999,105		19,999,105		-		-
Global X FTSE Nordic Region ETF
Barclays Bank		1,017,935		1,017,935		-		-
Deutsche Bank		695,706		695,706		-		-
Global X MSCI Portugal ETF
Barclays Bank		805,539		805,539		-		-
Deutsche Bank		550,545		550,545		-		-

⁽¹⁾Net Amount represents the net amount receivable due from the counterparty in the event of default.

105

Notes to Financial Statements (continued)

October 31, 2017

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year.

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

The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), and on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the year ended October 31, 2017, the Funds did not have a liability for any unrecognized tax benefits as income tax expense in the Statement of Operations. During the year, the Funds did not incur any interest or penalties.

106

Notes to Financial Statements (continued)

October 31, 2017

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day.

	Creation Unit		Creation		Value at		Redemption
	Shares		Fee		October 31, 2017		Fee
Global X China Consumer ETF		50,000	$	1,600	$	872,000	$	1,600
Global X China Energy ETF		50,000		1,600		584,500		1,600
Global X China Financials ETF		50,000		1,600		881,500		1,600
Global X China Industrials ETF		50,000		1,600		803,000		1,600
Global X China Materials ETF		50,000		1,600		1,079,500		1,600
Global X NASDAQ China Technology ETF		50,000		1,600		1,462,000		1,600
Global X FTSE Southeast Asia ETF		50,000		2,300		795,500		2,300
Global X MSCI Colombia ETF		50,000		2,500		478,000		2,500
Global X MSCI Argentina ETF		50,000		500		1,602,500		500
Global X MSCI Greece ETF		50,000		1,000		465,000		1,000
Global X MSCI Norway ETF		50,000		2,300		675,000		2,300
Global X FTSE Nordic Region ETF		50,000		1,300		1,194,500		1,300
Global X MSCI Nigeria ETF		50,000		2,300		1,071,500		2,300
Global X Next Emerging & Frontier ETF		50,000		9,500		1,164,000		9,500
Global X MSCI Portugal ETF		50,000		1,000		624,500		1,000
Global X MSCI Pakistan ETF		50,000		3,800		678,000		3,800

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS

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

107

Notes to Financial Statements (continued)

October 31, 2017

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

(such as litigation and indemnification expenses). In addition, the Global X MSCI Colombia ETF, Global X MSCI Argentina ETF, Global X MSCI Greece ETF, Global X MSCI Nigeria ETF, Global X Next Emerging & Frontier ETF, Global X MSCI Portugal ETF and Global X MSCI Pakistan ETF pay custodial fees that are not covered by the Supervision and Administration Agreement. Pursuant to an agreement with the Custodian, the Global X MSCI Colombia ETF, Global X MSCI Argentina ETF, Global X MSCI Greece ETF, Global X MSCI Nigeria ETF, Global X Next Emerging & Frontier ETF, Global X MSCI Portugal ETF and Global X MSCI Pakistan ETF may pay up to 0.16%, 0.01%, 0.07%, 0.42%, 0.07%, 0.06% and 0.23%, respectively, in Custody Fees (in addition to the Supervision and Administration Fee).

		Supervision
		and
		Administration
		Fee
Global X China Consumer ETF		0.65%
Global X China Energy ETF		0.65%
Global X China Financials ETF		0.65%
Global X China Industrials ETF		0.65%
Global X China Materials ETF		0.65%
Global X NASDAQ China Technology ETF		0.65%
Global X FTSE Southeast Asia ETF		0.65%
Global X MSCI Colombia ETF*		0.61%
Global X MSCI Argentina ETF**		0.59%
Global X MSCI Greece ETF		0.55%
Global X MSCI Norway ETF		0.50%
Global X FTSE Nordic Region ETF		0.50%
Global X MSCI Nigeria ETF***		0.68%
Global X Next Emerging & Frontier ETF		0.49%
Global X MSCI Portugal ETF		0.55%
Global X MSCI Pakistan ETF		0.68%

*Pursuant to an expense limitation agreement, the Adviser has agreed to waive or reimburse fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Global X MSCI Colombia ETF (the “Fund”) (exclusive of taxes, brokerage fees, commissions, and other transaction expenses and extraordinary expenses (such as litigation and indemnification expenses)) will not exceed 0.61% of the Fund’s average daily net assets per year until at least March 1, 2018. The Fund (at a later date) may reimburse the Adviser for the fees and expenses it waived or reimbursed and/or limited pursuant to the expense limitation agreement during any of the prior three fiscal years, provided that, among other things, any reimbursement made to the Adviser does not cause Total Annual Fund Operating Expenses to exceed the maximum permitted rate during the period in which it is paid and the Board has approved such reimbursement to the Adviser. As of October 31, 2017, the amounts of waivers/reimbursements subject to recoupment for Global X MSCI Colombia ETF were $178,804 expiring 2020, $145,757 expiring 2019, and $133,125 expiring in 2018. As of October 31, 2017, there had been no recoupment of previously waived and reimbursed fees.

**Pursuant to an Expense Limitation Agreement, the Adviser has contractually agreed to waive or reimburse fees and/or limit Fund expenses to the extent necessary to assure that the operating expenses of the Global X MSCI Argentina ETF (the "Fund") (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest and extraordinary expenses (such as

108

Notes to Financial Statements (continued)

October 31, 2017

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

litigation and indemnification expenses)) will not exceed 0.59% of the Fund’s average daily net assets per year until at least May 1, 2018. Pursuant to the Expense Limitation Agreement, the Fund (at a later date) may reimburse the Adviser for the fees and expenses it waived or reimbursed and/or limited pursuant to the Expense Limitation Agreement during any of the prior three fiscal years, provided that, among other things, any reimbursement made to the Adviser does not cause Total Annual Fund Operating Expenses of the Fund to exceed 0.59% during the period in which it is paid and the Board has approved such reimbursement to the Adviser. As of October 31, 2017, the amounts of waivers/reimbursements subject to recoupment for Global X MSCI Argentina ETF were $123,845 expiring 2020. As of October 31, 2017, there had been no recoupment of previously waived and reimbursed fees.

***Effective March 1, 2016, the Adviser discontinued an expense limitation agreement that had been in place with respect to the Global X MSCI Nigeria ETF. As of October 31, 2017, the amounts of waivers/reimbursements subject to recoupment for Global X MSCI Nigeria ETF were $15,742 expiring in 2019 and $58,656 expiring in 2018. As of October 31, 2017, there had been no recoupment of previously waived and reimbursed fees.

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

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

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

109

Notes to Financial Statements (continued)

October 31, 2017

4. INVESTMENT TRANSACTIONS

For the year ended October 31, 2017, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government and short-term securities were:

			Sales and
	Purchases		Maturities
Global X China Consumer ETF	$	32,167,146	$	31,512,765
Global X China Energy ETF		220,951		191,468
Global X China Financials ETF		7,417,722		6,872,064
Global X China Industrials ETF		819,885		798,599
Global X China Materials ETF		1,451,910		1,384,229
Global X NASDAQ China Technology ETF		5,982,414		6,189,049
Global X FTSE Southeast Asia ETF		959,956		937,974
Global X MSCI Colombia ETF		37,961,958		38,055,294
Global X MSCI Argentina ETF		34,191,789		32,826,011
Global X MSCI Greece ETF		71,308,151		70,378,762
Global X MSCI Norway ETF		12,583,102		11,890,371
Global X FTSE Nordic Region ETF		2,420,271		2,864,052
Global X MSCI Nigeria ETF		33,151,591		9,436,327
Global X Next Emerging & Frontier ETF		1,177,330		1,465,515
Global X MSCI Portugal ETF		9,636,853		9,254,705
Global X MSCI Pakistan ETF		73,491,935		20,792,773

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

110

Notes to Financial Statements (continued)

October 31, 2017

4. INVESTMENT TRANSACTIONS (continued)

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

			Sales and		Realized
	Purchases		Maturities		Gain/(Loss)
Global X China Consumer ETF	$	59,418,280	$	12,389,046	$	1,868,852
Global X China Financials ETF		13,636,459		1,395,729		100,070
Global X China Industrials ETF		-		685,305		55,110
Global X China Materials ETF		3,783,954		822,939		105,132
Global X NASDAQ China Technology ETF		4,096,896		2,363,171		597,429
Global X FTSE Southeast Asia ETF		1,203,176		1,030,597		(95,948	)
Global X MSCI Colombia ETF		7,104,849		6,100,974		853,890
Global X MSCI Argentina ETF		104,228,654		50,146,596		17,011,676
Global X MSCI Greece ETF		115,144,814		77,641,139		24,189,607
Global X MSCI Norway ETF		67,332,225		40,587,472		9,009,777
Global X FTSE Nordic Region ETF		3,499,734		12,958,926		983,586
Global X Next Emerging & Frontier ETF		-		721,337		4,312
Global X MSCI Portugal ETF		36,748,356		7,652,313		835,739

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

			Sales and		Realized
	Purchases		Maturities		Gain/(Loss)
Global X China Consumer ETF		8,335,368		20,544,683		(565,301	)
Global X China Financials ETF		11,578,774		28,868,519		(8,507,920	)
Global X China Industrials ETF		-		2,574,819		(228,240	)
Global X NASDAQ China Technology ETF		-		2,061,309		293,542
Global X Southeast Asia ETF		-		1,770,489		(504,981	)
Global X MSCI Colombia ETF		6,492,950		1,635,821		422,324
Global X MSCI Argentina ETF		76,581,806		18,250,743		5,345,023
Global X MSCI Greece ETF		71,815,387		46,240,196		(977,470	)
Global X MSCI Norway ETF		54,480,759		12,411,440		264,023
Global X FTSE Nordic Region ETF		-		5,083,458		793,419
Global X Next Emerging & Frontier ETF		1,568,756		65,046,354		(19,651,937	)
Global X MSCI Portugal ETF		5,189,524		13,500,567		(549,784	)

111

Notes to Financial Statements (continued)

October 31, 2017

5. TAX INFORMATION

The following differences, primarily attributable to redemptions in-kind, sales of passive foreign investment companies, and foreign currency, have been reclassified to/from the following accounts during the fiscal period ended October 31, 2017.

Global X Funds	Paid-in Capital			Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain/(Loss)
Global X China Consumer ETF	$	1,548,611		$	12,091		$	(1,560,702	)
Global X China Energy ETF		–			(63	)		63
Global X China Financials ETF		35,652			(1,190	)		(34,462	)
Global X China Industrials ETF		46,246			35			(46,281	)
Global X China Materials ETF		105,132			(222	)		(104,910	)
Global X NASDAQ China Technology ETF		501,138			131,421			(632,559	)
Global X FTSE Southeast Asia ETF		(106,579	)		(2,871	)		109,450
Global X MSCI Colombia ETF		(1,142,873	)		58,690			1,084,183
Global X MSCI Argentina ETF		15,520,701			(26,298	)		(15,494,403	)
Global X MSCI Greece ETF		5,110,278			12,137			(5,122,415	)
Global X MSCI Norway ETF		6,695,292			34,136			(6,729,428	)
Global X FTSE Nordic Region ETF		580,445			126,943			(707,388	)
Global X MSCI Nigeria ETF		–			7,654			(7,654	)
Global X Next Emerging & Frontier ETF		3,984			(5,070	)		1,086
Global X MSCI Portugal ETF		437,082			(24,475	)		(412,607	)
Global X MSCI Pakistan ETF		–			(15,940	)		15,940

112

Notes to Financial Statements (continued)

October 31, 2017

5. TAX INFORMATION (continued)

The tax character of dividends and distributions declared during the periods ended October 31, 2017 and 2016 were as follows:

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

Global X China Consumer ETF
2017	$	998,941	$	–	$	–	$	998,941
2016		4,048,651		–		–		4,048,651
Global X China Energy ETF
2017	$	32,233	$	–	$	–	$	32,233
2016		49,338		–		–		49,338
Global X China Financials ETF
2017	$	528,238	$	–	$	–	$	528,238
2016		2,772,013		–		–		2,772,013
Global X China Industrials ETF
2017	$	59,685	$	–	$	–	$	59,685
2016		103,249		–		–		103,249
Global X China Materials ETF
2017	$	16,197	$	–	$	–	$	16,197
2016		70,832		–		–		70,832
Global X NASDAQ China Technology ETF
2017	$	528,298	$	–	$	–	$	528,298
2016		100,894		–		–		100,894
Global X FTSE Southeast Asia ETF
2017	$	284,922	$	–	$	–	$	284,922
2016		486,151		–		–		486,151
Global X MSCI Colombia ETF
2017	$	1,265,662	$	–	$	–	$	1,265,662
2016		948,793		–		–		948,793
Global X MSCI Argentina ETF
2017	$	308,816	$	–	$	–	$	308,816
2016		213,754		–		–		213,754
Global X MSCI Greece ETF
2017	$	5,196,758	$	–	$	–	$	5,196,758
2016		3,840,043		–		–		3,840,043
Global X MSCI Norway ETF
2017	$	3,382,974	$	–	$	–	$	3,382,974
2016		2,212,531		–		–		2,212,531
Global X FTSE Nordic Region ETF
2017	$	1,335,962	$	–	$	–	$	1,335,962
2016		1,490,826		–		–		1,490,826
Global X MSCI Nigeria ETF
2017	$	706,374	$	–	$	–	$	706,374
2016		850,578		–		–		850,578
Global X Next Emerging & Frontier ETF
2017	$	337,103	$	–	$	–	$	337,103
2016		2,414,376		–		–		2,414,376
Global X MSCI Portugal ETF
2017	$	878,665	$	–	$	–	$	878,665
2016		1,260,520		–		–		1,260,520
Global X MSCI Pakistan ETF
2017	$	363,656	$	–	$	–	$	363,656
2016		164,848		–		–		164,848

113

Notes to Financial Statements (continued)

October 31, 2017

5. TAX INFORMATION (continued)

As of October 31, 2017, the components of tax basis distributable earnings (accumulated losses) were as follows:

	Global X Funds
	Global X China Consumer ETF			Global X China Energy ETF			Global X China Financials ETF			Global X China Industrials ETF
Undistributed Ordinary Income	$	1,451,473		$	61,751		$	927,639		$	79,368
Capital Loss Carryforwards		(41,709,640	)		(1,163,324	)		(3,247,017	)		(2,199,662	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		22,989,360			(335,999	)		5,370,741			(587,835	)
Other Temporary Differences		(5	)		(1	)		(3	)		(3	)
Total Distributable Earnings (Accumulated Losses)	$	(17,268,812	)	$	(1,437,573	)	$	3,051,360		$	(2,708,132	)

	Global X Funds
	Global X China Materials ETF			Global X NASDAQ China Technology ETF			Global X FTSE Southeast Asia ETF			Global X MSCI Colombia ETF
Undistributed Ordinary Income	$	58,997		$	570,365		$	241,636		$	1,536,733
Capital Loss Carryforwards		(1,396,891	)		(2,744,099	)		(5,365,479	)		(76,235,695	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		306,930			3,702,567			442,229			(9,058,290	)
Other Temporary Differences		(1	)		–			(1	)		(5	)
Total Distributable Earnings (Accumulated Losses)	$	(1,030,965	)	$	1,528,833		$	(4,681,615	)	$	(83,757,257	)

	Global X Funds
	Global X MSCI Argentina ETF			Global X MSCI Greece ETF			Global X MSCI Norway ETF			Global X FTSE Nordic Region ETF
Undistributed Ordinary Income	$	202,378		$	5,474,984		$	3,690,668		$	1,186,859
Capital Loss Carryforwards		(3,830,730	)		(123,424,920	)		(26,147,824	)		(3,737,366	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		29,545,874			(56,537,616	)		372,148			1,184,480
Other Temporary Differences		(2	)		(4	)		(9	)		(1	)
Total Distributable Earnings (Accumulated Losses)	$	25,917,520		$	(174,487,556	)	$	(22,085,017	)	$	(1,366,028	)

	Global X Funds
	Global X MSCI Nigeria ETF			Global X Next Emerging & Frontier ETF			Global X MSCI Portugal ETF			Global X MSCI Pakistan ETF
Undistributed Ordinary Income	$	1,360,192		$	265,938		$	1,558,589		$	2,393,635
Undistributed Long-Term Capital Gain		–			–			–			1,522,378
Capital Loss Carryforwards		(7,772,704	)		(21,337,408	)		(9,561,140	)		–
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(4,751,507	)		200,385			178,076			(12,884,295	)
Other Temporary Differences		1			(2	)		(1	)		1
Total Accumulated Losses	$	(11,164,018	)	$	(20,871,087	)	$	(7,824,476	)	$	(8,968,281	)

114

Notes to Financial Statements (continued)

October 31, 2017

5. TAX INFORMATION (continued)

					Global X		Global X		Global X
			Global X		China		China		China
	Global X China		China		Financials		Industrials		Materials
Expiration date	Consumer ETF		Energy ETF		ETF		ETF		ETF
October 2019	$	1,341,121	$	33,912	$	-	$	-	$	-
October 2018		173,208		-		551,954		94,810		-
	$	1,514,329	$	33,912	$	551,954	$	94,810	$	-

			Global X		Global X		Global X
	Global X		FTSE		MSCI		MSCI		Global X
	NASDAQ China		Southeast		Colombia		Argentina		MSCI
Expiration date	Technology ETF		Asia ETF		ETF		ETF		Greece ETF
October 2019	$	236,466	$	-	$	8,249,654	$	414,683	$	-
October 2018		-		-		-		-		-
	$	236,466	$	-	$	8,249,654	$	414,683	$	-

							Global X		Global X
			Global X		Global X		Next		MSCI
	Global X MSCI		FTSE Nordic		MSCI		Emerging &		Portugal
Expiration date	Norway ETF		Region ETF		Nigeria ETF		Frontier ETF		ETF
October 2019	$	1,802,290	$	-	$	-	$	-	$	-
October 2018		-		-		-		-		-
	$	1,802,290	$	-	$	-	$	-	$	-

Global X MSCI

Expiration date

Pakistan ETF

October 2019

October 2018

115

Notes to Financial Statements (continued)

October 31, 2017

5. TAX INFORMATION (continued)

	Short-Term Loss		Long-Term Loss		Total
Global X China Consumer ETF	$	717,059	$	39,478,252	$	40,195,311
Global X China Energy ETF		118,470		1,010,942		1,129,412
Global X China Financials ETF		1,775,586		919,477		2,695,063
Global X China Industrials ETF		276,432		1,828,420		2,104,852
Global X China Materials ETF		83,468		1,313,423		1,396,891
Global X NASDAQ China Technology ETF		1,738,729		768,904		2,507,633
Global X FTSE Southeast Asia ETF		1,770,485		3,594,994		5,365,479
Global X MSCI Colombia ETF		20,917,808		47,068,233		67,986,041
Global X MSCI Argentina ETF		1,289,644		2,126,403		3,416,047
Global X MSCI Greece ETF		58,340,484		65,084,436		123,424,920
Global X MSCI Norway ETF		6,513,435		17,832,099		24,345,534
Global X FTSE Nordic Region ETF		1,247,107		2,490,259		3,737,366
Global X MSCI Nigeria ETF		3,935,372		3,837,332		7,772,704
Global X Next Emerging & Frontier ETF		4,903,800		16,433,608		21,337,408
Global X MSCI Portugal ETF		2,637,641		6,923,499		9,561,140

During the year ended October 31, 2017, Global X MSCI Pakistan ETF utilized capital loss carryforwards to offset capital gains in the amount of $96,696.

116

Notes to Financial Statements (continued)

October 31, 2017

5. TAX INFORMATION (continued)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 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 China Consumer ETF	$	139,085,080	$	30,435,614	$	(7,446,253	)	$	22,989,361
Global X China Energy ETF		2,087,750		132,223		(468,222	)		(335,999	)
Global X China Financials ETF		44,811,652		6,706,370		(1,335,647	)		5,370,723
Global X China Industrials ETF		4,594,397		378,677		(966,522	)		(587,845	)
Global X China Materials ETF		5,034,966		683,846		(376,913	)		306,933
Global X NASDAQ China Technology ETF		15,474,180		5,399,153		(1,696,586	)		3,702,567
Global X FTSE Southeast Asia ETF		13,846,659		1,473,875		(1,031,585	)		442,290
Global X MSCI Colombia ETF		105,011,864		4,894,279		(13,952,413	)		(9,058,134	)
Global X MSCI Argentina ETF		153,575,221		34,135,299		(4,589,343	)		29,545,956
Global X MSCI Greece ETF		411,411,357		46,823,126		(103,360,752	)		(56,537,626	)
Global X MSCI Norway ETF		213,193,293		15,255,647		(14,881,916	)		373,731
Global X FTSE Nordic Region ETF		38,919,712		5,314,935		(4,070,259	)		1,244,676
Global X MSCI Nigeria ETF		69,228,330		9,955,236		(14,706,799	)		(4,751,563	)
Global X Next Emerging & Frontier ETF		16,041,500		2,441,704		(2,240,769	)		200,935
Global X MSCI Portugal ETF		64,854,346		6,197,626		(6,021,942	)		175,684
Global X MSCI Pakistan ETF		66,301,227		572,333		(13,352,434	)		(12,780,101	)

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

6. CONCENTRATION OF RISKS

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

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

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

117

Notes to Financial Statements (CONTINUED)

October 31, 2017

6. CONCENTRATION OF RISKS (continued)

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

The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the underlying index in approximately the same proportions as the underlying index. The Funds may utilize a representative sampling strategy with respect to their underlying index when a replication strategy might be detrimental to its shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its underlying index, or, in certain instances, when securities in the underlying index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not the underlying indexes).

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

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

7. LOANS OF PORTFOLIO SECURITIES

118

Notes to Financial Statements (CONTINUED)

October 31, 2017

7. LOANS OF PORTFOLIO SECURITIES (continued)

As of October 31, 2017, the value of the securities on loan was $5,626,645, $3,173,958, $5,402,172, $46,316,939, $1,620,128 and $1,185,710 for the Global X China Consumer ETF, Global X MSCI Colombia ETF, Global X MSCI Greece ETF, Global X MSCI Norway ETF, Global X FTSE Nordic Region ETF and Global X MSCI Portugal ETF, respectively. The value of securities purchased with the cash collateral held from securities on loan was $5,980,517, $3,251,175, $5,670,468, $49,261,166, $1,713,641 and $1,356,084 for the Global X China Consumer ETF, Global X MSCI Colombia ETF, Global X MSCI Greece ETF, Global X MSCI Norway ETF, Global X FTSE Nordic Region ETF and Global X MSCI Portugal ETF, respectively.

At October 31, 2017, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X China Consumer ETF
Credit Suisse	$	864,545	$	938,098
Goldman Sachs		2,566,639		2,700,427
JPMorgan		1,103,861		1,160,460
Morgan Stanley		1,091,600		1,181,532
Global X MSCI Colombia ETF
BMO Capital Markets		44,360		48,000
Credit Suisse		77,630		78,750
Goldman Sachs		1,791,035		1,816,875
ML Pierce, Fenner & Smith		1,260,933		1,307,550
Global X MSCI Greece ETF
Barclays		527,229		557,759
BNP Paribas		67,500		75,000
Deutsche Bank		1,555,143		1,637,509
ML Pierce, Fenner & Smith		3,252,301		3,400,200
Global X MSCI Norway ETF
Citigroup		936,246		962,095
Credit Suisse		179,750		181,500
Deutsche Bank		119,187		139,986
JPMorgan		3,519,289		3,716,765
ML Pierce, Fenner & Smith		3,716,663		3,973,920
Morgan Stanley		465,415		499,981
Scotia Capital		399,907		432,000
SG Americas Securities		19,825,359		21,330,399
UBS Securities		17,155,123		18,024,520
Global X FTSE Nordic Region ETF
Deutsche Bank		571,173		592,320
ML Pierce, Fenner & Smith		1,048,954		1,121,321
Global X MSCI Portugal ETF
Jefferies		1,185,574		1,239,014
ML Pierce, Fenner & Smith		61		52,500
Morgan Stanley		75		64,570

119

Notes to Financial Statements (CONCLUDED)

October 31, 2017

8. CONTRACTUAL OBLIGATIONS

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

9. REVERSE SHARE SPLIT

Effective May 16, 2013, each of the Global X China Materials ETF and the Global X MSCI Argentina ETF executed a 1-for-2 reverse share split for shareholders of record after the close of markets on May 15, 2013. The effect of this transaction for each Fund was to divide the number of outstanding shares of the Funds by two, resulting in a corresponding increase in the net asset value per share. The per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions.

Effective March 16, 2017, the Global X MSCI Nigeria ETF executed a 1-for-4 reverse share split for shareholders of record after the close of markets on March 15, 2017. The effect of this transaction was to divide the number of outstanding shares of the Fund by four, resulting in a corresponding increase in the net asset value per share. The per share data in the financial highlights for each of the years in the period then ended have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions.

10. REGULATORY MATTERS

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, final rules) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amended Regulation S-X and require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. As of August 1, 2017, management has implemented the amendments to Regulation S-X, which did not have a material impact on the Fund’s financial statements and related disclosures nor impact the Fund’s net assets or results of operations.

11. SUBSEQUENT EVENTS

The Funds have been evaluated regarding the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, please note the additional disclosure:

On November 1, 2017, the Trust entered into an agreement with BBH in which BBH will serve as the new securities lending agent for the Trust and each of its series.

120

Report of Independent Registered Public Accounting Firm

October 31, 2017

To the Board of Trustees and Shareholders of Global X China Consumer ETF, Global X China Energy ETF, Global X China Financials ETF, Global X China Industrials ETF, Global X China Materials ETF, Global X NASDAQ China Technology ETF, Global X FTSE Southeast Asia ETF, Global X MSCI Colombia ETF, Global X MSCI Argentina ETF, Global X MSCI Greece ETF, Global X MSCI Norway ETF, Global X FTSE Nordic Region ETF, Global X MSCI Nigeria ETF, Global X Next Emerging & Frontier ETF, Global X MSCI Portugal ETF and Global X MSCI Pakistan ETF.

The financial statements, as of and for the year or period ended October 31, 2015 and the financial highlights for each of the years or periods ended on or prior to October 31, 2015 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 30, 2015 expressed an unqualified opinion on those financial statements and financial highlights.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 21, 2017

121

Disclosure of Fund Expenses (UNAUDITED)

ETFs such as the Funds have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, brokerage fees, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for brokerage fees incurred in the purchase or sale of share of the Fund on the secondary market.

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

The table on the next page illustrates the Funds’ costs in two ways:

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

Hypothetical 5% Return. This section helps you compare a Fund’s costs with those of other funds. It assumes that the Funds had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the 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.

122

Disclosure of Fund Expenses (UNAUDITED) (CONTINUED)

	Beginning Account Value 5/1/2017		Ending Account Value 10/31/2017		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X China Consumer ETF
Actual Fund Return	$	1,000.00	$	1,283.50		0.65	%	$	3.80
Hypothetical 5% Return		1,000.00		1,021.88		0.65			3.36
Global X China Energy ETF
Actual Fund Return	$	1,000.00	$	1,093.50		0.65	%	$	3.49
Hypothetical 5% Return		1,000.00		1,021.87		0.65			3.37
Global X China Financials ETF
Actual Fund Return	$	1,000.00	$	1,217.50		0.65	%	$	3.65
Hypothetical 5% Return		1,000.00		1,021.91		0.65			3.33
Global X China Industrials ETF
Actual Fund Return	$	1,000.00	$	1,134.20		0.65	%	$	3.51
Hypothetical 5% Return		1,000.00		1,021.92		0.65			3.32
Global X China Materials ETF
Actual Fund Return	$	1,000.00	$	1,314.30		0.65	%	$	3.80
Hypothetical 5% Return		1,000.00		1,021.92		0.65			3.32
Global X NASDAQ China Technology ETF
Actual Fund Return	$	1,000.00	$	1,240.00		0.65	%	$	3.67
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3.31
Global X FTSE Southeast Asia ETF
Actual Fund Return	$	1,000.00	$	1,103.30		0.65	%	$	3.45
Hypothetical 5% Return		1,000.00		1,021.92		0.65			3.32
Global X MSCI Colombia ETF
Actual Fund Return	$	1,000.00	$	1,013.80		0.61	%	$	3.10
Hypothetical 5% Return		1,000.00		1,022.13		0.61			3.11
Global X MSCI Argentina ETF
Actual Fund Return	$	1,000.00	$	1,117.50		0.59	%	$	3.17
Hypothetical 5% Return		1,000.00		1,022.21		0.59			3.03
Global X MSCI Greece ETF
Actual Fund Return	$	1,000.00	$	1,083.90		0.60	%	$	3.16
Hypothetical 5% Return		1,000.00		1,022.17		0.60			3.07
Global X MSCI Norway ETF
Actual Fund Return	$	1,000.00	$	1,197.90		0.50	%	$	2.77
Hypothetical 5% Return		1,000.00		1,022.68		0.50			2.55
Global X FTSE Nordic Region ETF
Actual Fund Return	$	1,000.00	$	1,113.80		0.56	%	$	2.96
Hypothetical 5% Return		1,000.00		1,022.13		0.56			2.83
Global X MSCI Nigeria ETF
Actual Fund Return	$	1,000.00	$	1,273.30		1.02	%	$	5.82
Hypothetical 5% Return		1,000.00		1,020.08		1.02			5.17
Global X Next Emerging & Frontier ETF
Actual Fund Return	$	1,000.00	$	1,095.50		0.57	%	$	2.99
Hypothetical 5% Return		1,000.00		1,022.35		0.57			2.89
Global X MSCI Portugal ETF
Actual Fund Return	$	1,000.00	$	1,204.10		0.60	%	$	3.32
Hypothetical 5% Return		1,000.00		1,022.24		0.60			3.05
Global X MSCI Pakistan ETF
Actual Fund Return	$	1,000.00	$	770.90		0.88	%	$	3.94
Hypothetical 5% Return		1,000.00		1,020.75		0.88			4.50

123

Disclosure of Fund Expenses (UNAUDITED) (CONCLUDED)

⁽¹⁾

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period.).

124

Supplemental Information (UNAUDITED)

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

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

125

Trustees and Officers of the Trust (UNAUDITED)

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

Name, Address (Year of Birth)	Position(s) Held with Trust	Principal Occupation(s) During the Past 5 Years	Number of Funds in Trust Overseen by Trustee	Other Directorships Held by Trustees
Independent Trustees²
Sanjay Ram Bharwani 600 Lexington Ave, 20^th floor New York, NY 10022 (1974)	Trustee (since 2008)	CEO of Risk Advisors Inc. (consulting firm) (since 2007).	52³	None.
Scott R. Chichester¹ 600 Lexington Ave, 20^th floor New York, NY 10022 (1970)	Trustee (since 2008)	CFO, AdeptPros Inc. (app development, training and consulting) (since 2012); Founder, Madison Park Advisors LLC (advisory services) (since 2011); CFO, Sterling Seal & Supply Inc. (since 2011); President & Treasurer, Bayview Acquisition Corp (2010-2012); Founder and President, DirectPay USA LLC (payroll company) (since 2006); Proprietor, Scott R. Chichester CPA (CPA firm) (since 2001).	52³	Director of AdeptPros Inc. (since 2015); Director of Sterling Seal & Supply Inc. (since 2011); Director of Bayview Acquisition Corp. (2010-2012); Trustee of ARK ETF Trust (since 2014).
Kartik Kiran Shah 600 Lexington Ave, 20^th floor New York, NY 10022 (1977)	Trustee (since 2008)	Chief Business Officer, Oxeia Biopharmaceuticals, Inc. (since 2014); Vice President, Business Development, Cynvenio Biosystems (2012-2014); Independent Consultant, Self-Employed (non-financial services) (2011-2012).	52³	Director of Oxeia Biopharmaceuticals, Inc. (since 2014).

126

Trustees and Officers of the Trust (UNAUDITED)(CONTINUED)

Name, Address (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustees
Interested Trustee / Officers²
Bruno del Ama 600 Lexington Avenue, 20th Floor New York, NY 10022 (1976)	Trustee (since 2008); President, Chief Executive Officer (since 2008).	Chief Executive Officer, Global X Management Company ("GXMC") (since 2008); Chief Compliance Officer, GXMC (2008-2013).	None.
Luis Berruga 600 Lexington Avenue, 20th Floor New York, NY 10022 (1977)	Chief Operating Officer, Treasurer, Principal Accounting Officer and Chief Financial Officer (since 9/2015).	Chief Financial Officer, GXMC (since 9/2015) and Chief Operating Officer (since 2/2014); Investment Banker, Jefferies (2012-2014); Regional Product Specialist, Morgan Stanley (2005-2012).	None.
Daphne Tippens Chisolm 600 Lexington Avenue, 20th Floor New York, NY 10022 (1969)	Secretary (since 2012).	General Counsel, GXMC (since 2011); Chief Compliance Officer, GXMC (1/2014 - 5/2014 and 2/2015 - 9/2016).	None.
Joe Costello 600 Lexington Avenue, 20th Floor New York, NY 10022 (1974)	Chief Compliance Officer (since 9/2016).	Chief Compliance Officer, FlexShares Funds (2011-2015); Vice President, Northern Trust Investments (2003 - 2015).	None.

127

Trustees and Officers of the Trust (UNAUDITED)(CONCLUDED)

Name, Address

(Year of Birth)

Position(s) Held

with Funds

Principal Occupation(s) During

the Past 5 Years

Other Directorships

Held

by Trustees

Lisa Whittaker⁴

One Freedom Valley Drive

Oaks, PA 19456

(1978)

Assistant Secretary (since 2013).

Counsel at SEI Investments (since 2012); Associate Counsel and Compliance Officer at The Glendale Trust Company (2011-2012); Associate of Drinker Biddle & Reath LLP (2006-2011).

None.

Eric Kleinschmidt⁴

One Freedom Valley Drive

Oaks, PA 19456

(1962)

Assistant Treasurer (since 2016).

Director, Fund Accounting, SEI Investments Global Funds Services (2004 to present).

None.

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

As of October 31, 2017, the Trust had ninety-six investment portfolios, fifty-two of which were operational.

⁴

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

128

Notice to Shareholders (UNAUDITED)

	Long-Term Capital Gain Distributions			Ordinary Income Distributions			Total Distributions			Qualifying for Corporate Dividends Received Deduction ⁽¹⁾			Qualifying Dividend Income ⁽²⁾			U.S. Government Interest⁽³⁾			Interest Related Dividends⁽⁴⁾			Short Term Capital Gain Dividends⁽⁵⁾			Foreign Tax Credit
Global X China Consumer ETF		0.00	%		100.00	%		100.00	%		0.00	%		80.50	%		0.00	%		0.01	%		0.00	%		2.79	%
Global X China Energy ETF		0.00	%		100.00	%		100.00	%		0.00	%		73.70	%		0.03	%		0.00	%		0.00	%		11.59	%
Global X China Financials ETF		0.00	%		100.00	%		100.00	%		0.00	%		98.40	%		0.00	%		0.01	%		0.00	%		13.75	%
Global X China Industrials ETF		0.00	%		100.00	%		100.00	%		0.00	%		87.53	%		0.00	%		0.01	%		0.00	%		7.48	%
Global X China Materials ETF		0.00	%		100.00	%		100.00	%		0.00	%		73.29	%		0.00	%		0.01	%		0.00	%		12.70	%
Global X NASDAQ China Technology ETF		0.00	%		100.00	%		100.00	%		0.00	%		17.32	%		0.00	%		0.00	%		0.00	%		0.00	%
Global X FTSE Southeast Asia ETF		0.00	%		100.00	%		100.00	%		0.00	%		43.23	%		0.00	%		0.01	%		0.00	%		6.35	%
Global X MSCI Colombia ETF		0.00	%		100.00	%		100.00	%		0.00	%		54.96	%		0.00	%		0.02	%		0.00	%		0.00	%
Global X MSCI Argentina ETF		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.03	%		0.00	%		17.83	%
Global X MSCI Greece ETF		0.00	%		100.00	%		100.00	%		4.32	%		100.00	%		0.00	%		0.03	%		0.00	%		13.94	%
Global X MSCI Norway ETF		0.00	%		100.00	%		100.00	%		0.00	%		48.68	%		0.00	%		0.00	%		0.00	%		13.83	%
Global X FTSE Nordic Region ETF		0.00	%		100.00	%		100.00	%		0.00	%		99.43	%		0.00	%		0.00	%		0.00	%		1.56	%
Global X MSCI Nigeria ETF		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.01	%		0.05	%		0.00	%		20.72	%
Global X Next Emerging & Frontier ETF		0.00	%		100.00	%		100.00	%		0.24	%		84.46	%		0.00	%		0.36	%		0.00	%		9.72	%
Global X MSCI Portugal ETF		0.00	%		100.00	%		100.00	%		0.00	%		89.78	%		0.01	%		0.08	%		0.00	%		21.39	%
Global X MSCI Pakistan ETF		0.00	%		100.00	%		100.00	%		0.00	%		84.32	%		0.00	%		0.00	%		0.00	%		40.60	%

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

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

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

129

Notice to Shareholders (UNAUDITED)

The Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended October 31, 2017, the total amount of foreign source income and foreign tax credit are as follows:

Fund Name	Foreign Source Income		Foreign Tax Credit Pass Through
Global X China Consumer ETF	$	2,076,724	$	28,687
Global X China Energy ETF		76,647		4,224
Global X China Financials ETF		1,235,303		84,197
Global X China Industrials ETF		91,921		4,827
Global X China Materials ETF		79,192		2,357
Global X FTSE Southeast Asia ETF		366,942		19,326
Global X MSCI Argentina ETF		1,280,349		66,997
Global X MSCI Greece ETF		8,570,927		841,920
Global X MSCI Norway ETF		5,477,708		542,825
Global X FTSE Nordic Region ETF		1,123,685		21,106
Global X MSCI Nigeria ETF		2,021,309		184,647
Global X Next Emerging & Frontier ETF		390,906		36,285
Global X MSCI Portugal ETF		1,594,639		239,090
Global X MSCI Pakistan ETF		2,006,006		248,547

130

Notes

131

Notes

132

600 Lexington Avenue, 20^th floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser and Administrator:

Global X Management Company LLC

600 Lexington Avenue, 20^th floor

New York, NY 10022

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

Stradley Ronon Stevens & Young, LLP

1250 Connecticut Avenue, N.W.

Suite 500

Washington, DC 20036

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

GLX-AR-002-0700

Global X SuperDividend^® ETF (ticker: SDIV)

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

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

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

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

Global X SuperIncome™ Preferred ETF (ticker: SPFF)

Global X Social Media ETF (ticker: SOCL)

(Formerly, Global X Social Media Index ETF)

Global X | JPMorgan Efficiente Index ETF (ticker: EFFE)

Global X | JPMorgan US Sector Rotator Index ETF (ticker: SCTO)

Global X Guru^® Index ETF (ticker: GURU)

Global X Scientific Beta US ETF (ticker: SCIU)

Global X Scientific Beta Europe ETF (ticker: SCID)

Global X Scientific Beta Japan ETF (ticker: SCIJ)

Global X Scientific Beta Asia ex-Japan ETF (ticker: SCIX)

Global X YieldCo Index ETF (ticker: YLCO)

Global X S&P 500^® Catholic Values ETF (ticker: CATH)

Annual Report

October 31, 2017

Table of Contents

Management Discussion of Fund Performance (unaudited)	1

Schedule of Investments

Global X SuperDividend^® ETF	33
Global X SuperDividend^® U.S. ETF	39
Global X MSCI SuperDividend^® EAFE ETF	43
Global X MSCI SuperDividend^® Emerging Markets ETF	47
Global X SuperDividend^® REIT ETF	52
Global X SuperIncome™ Preferred ETF	54
Global X Social Media ETF	58
Global X \| JPMorgan Efficiente Index ETF	61
Global X \| JPMorgan US Sector Rotator Index ETF	62
Global X Guru^® Index ETF	63
Global X Scientific Beta US ETF	67
Global X Scientific Beta Europe ETF	79
Global X Scientific Beta Japan ETF	99
Global X Scientific Beta Asia ex-Japan ETF	107
Global X YieldCo Index ETF	113
Global X S&P 500^® Catholic Values ETF	115

Statements of Assets and Liabilities	127

Statements of Operations	131

Statements of Changes in Net Assets	135

Financial Highlights	143

Notes to Financial Statements	145

Report of Independent Registered Public Accounting Firm	163

Disclosure of Fund Expenses (unaudited)	164

Supplemental Information (unaudited)	166

Trustees and Officers of the Trust (unaudited)	167

Notice to Shareholders (unaudited)	169

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

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® ETF

Global X SuperDividend^® ETF

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

The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of 100 equally-weighted companies that rank among the highest dividend yielding equity securities in the world, including emerging market countries, as defined by the index provider.

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 12.69%, while the Underlying Index increased 13.51%. The Fund had a net asset value of $20.43 per share on October 31, 2016 and ended the reporting period with a net asset value of $21.51 on October 31, 2017.

During the reporting period, the highest returns came from China Evergrande Group and GEO Group, which returned 177.05% and 97.63%, respectively. The worst performers were Carillion and Windstream Holdings, which returned -76.35% and -72.17%, respectively.

Stocks held by the Fund have among the highest dividend yields in the world. High dividend investing is a value-oriented strategy that was held back by the performance of value stocks versus the performance of the broader MSCI ACWI. Over the last four quarters, from Q4 2016 to Q3 2017, the Fund had an approximate average exposure of 47% US stocks, 14% to stocks in Australia, 7% to stocks in Singapore and 4% to stocks in Canada. Among the sectors, Real Estate Investment Trusts, Mortgage REITs and Financials received the highest average allocations of 30%, 20% and 12%, respectively.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X SuperDividend^®ETF		12.69	%		12.73	%		2.89	%		2.82	%		6.74	%		6.71	%		4.90	%		4.91	%
Solactive Global SuperDividend^®Index		13.51	%		13.51	%		2.76	%		2.76	%		6.57	%		6.57	%		4.54	%		4.54	%
MSCI ACWI **		23.20	%		23.20	%		7.92	%		7.92	%		10.80	%		10.80	%		8.55	%		8.55	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		15.18	%		15.18	%		13.94	%		13.94	%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on June 8, 2011.

** As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI ACWI. The new benchmark is a more appropriate comparison for the Fund.

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® ETF

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® U.S. ETF

Global X SuperDividend^® U.S. ETF

The Global X SuperDividend^® U.S. ETF ("Fund") seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the INDXX SuperDividend^® U.S. Low Volatility Index ("Underlying Index").The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of 50 equally-weighted common stocks including master limited partnerships ("MLPs") and real estate investment trusts ("REITs") that rank among the highest dividend yielding equity securities in the United States, as defined by the index provider. The Underlying Index is comprised of securities that the index provider determines to have lower relative volatility, as measured by the beta, a measure of a security's sensitivity to the movements of the broader market, of each security relative to the market benchmark.

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 11.64%, while the Underlying Index increased 13.29%. The Fund had a net asset value of $24.00 per share on October 31, 2016 and ended the reporting period with a net asset value of $25.18 on October 31, 2017.

During the reporting period, the highest returns came from ClubCorp Holdings and Delek Logistics Partners, which returned 43.69% and 35.62%, respectively. The worst performers were Icahn Enterprises and DineEquity, which returned

-88.59% and -35.10%, respectively.

The Fund invests in many of the highest yielding stocks in the U.S. High dividend investing is a value-oriented strategy that was held back by the performance of value stocks versus the performance of the broader S&P 500. Over the last four quarters, from Q4 2016 to Q3 2017, the Fund had an average exposure to the utilities sector of 24%. Mortgage REITs at 23%, consumer discretionary at 15% and MLPs at 12%. Given the income oriented nature of these sectors, they can be affected by changes in interest rates, particularly in the short term.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X SuperDividend^® U.S. ETF		11.64	%		11.62	%		1.36	%		1.28	%		6.69	%		6.81	%
INDXX SuperDividend^®U.S. Low Volatility Index		13.29	%		13.29	%		2.38	%		2.38	%		7.49	%		7.49	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		13.80	%		13.80	%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on March 11, 2013.

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

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® U.S. ETF

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI SuperDividend^® EAFE ETF

Global X MSCI SuperDividend^® EAFE ETF

The Global X MSCI SuperDividend^® EAFE ETF ("Fund") seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI EAFE Top 50 Dividend Index ("Underlying Index").The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of 50 equally-weighted companies that rank among the highest dividend yielding equity securities in Europe, Australasia, and the Far East, as defined by the index provider.

For the 10-month period ended October 31, 2017, the Fund increased 20.33%, while the Underlying Index increased 20.63%. The Fund had a net asset value of $14.87 per share on November 14, 2016 and ended the reporting period with a net asset value of $18.13 on October 31, 2017.

During the reporting period, the highest returns came from Berkeley Group Holdings and Credit Agricole, which returned 80.00% and 68.90%, respectively. The worst performers were Petrofac and Telstra Corporation, which returned -42.98% and -22.79%, respectively.

Stocks held by the Fund are among those with the highest dividend yields from international developed markets across Europe, Australasia, and the Far East. European economies grew at their fastest pace in almost a decade during the period, supported by stronger global growth, a fall in the unemployment rate, and the resilience of private consumption. Growth in Asian economies was largely driven by a revival in global trade, notably in Japan, Singapore, and Hong Kong. Strong commodity prices and higher resource exports provided further impetus to growth in Australia. During the period Q4 2016 to Q3 2017, the Fund had an average approximate exposure of 23% to stocks in Britain, 16% to stocks in Australia, and 12% to stocks in France. Financials, Consumer Discretionary, and Utilities stocks had the highest average allocation in the Fund at 32%, 16%, and 13% respectively.

	AVERAGE TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2017*
	Cumulative Inception to Date
	Net Asset Value			Market Price
Global X MSCI SuperDividend^® EAFE ETF		26.19	%		25.98	%
MSCI EAFE Top 50 Dividend Index		26.66	%		26.66	%
MSCI EAFE Index		26.19	%		26.19	%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on November 14, 2016.

Management Discussion of Fund Performance (unaudited)

Global X MSCI SuperDividend^® EAFE ETF

��

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X MSCI SuperDividend^® Emerging Markets ETF

Global X MSCI SuperDividend^® Emerging Markets ETF

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

The Underlying Index tracks the performance of 50 equally-weighted companies that rank among the highest dividend yielding equity securities in emerging markets, as defined by the index provider. The Underlying Index may include components from the following countries: Brazil, Chile, Colombia, Mexico, Peru, Czech Republic, Egypt, Greece, Hungary, Poland, Qatar, Russia, South Africa, Turkey, United Arab Emirates, China, India, Indonesia, Malaysia, Philippines, Thailand, Korea, and Taiwan.

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 11.95%, while the Underlying Index increased 14.67%. The Fund had a net asset value of $14.96 per share on October 31, 2016 and ended the reporting period with a net asset value of $15.94 on October 31, 2017.

During the reporting period, the highest returns came from Braskem and Turkiye Petrol Rafinerileri, which returned 101.02% and 84.88%, respectively. The worst performers were Multiplus and Telkom, which returned -23.28% and -22.44%, respectively.

Stocks held by the Fund are among those with the highest dividend yields in emerging markets. High dividend investing is a value-oriented strategy that was held back by the performance of value stocks versus the performance of the broader MSCI Emerging Market Index. During the reporting period, emerging markets witnessed strong performance, backed by a weak U.S. dollar, stabilization in oil prices, and higher-than-expected growth in China. From Q4 2016 to Q3 2017, the Fund had an average approximate exposure of 16% to stocks in South Africa, 13% to stocks in Brazil, and 13% to stocks in Taiwan. Financials, Utilities, and Materials stocks had the highest average allocations in the Fund at 29%, 17%, and 13% respectively.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X MSCI SuperDividend^® Emerging Markets ETF		11.95	%		12.26	%		8.23	%		8.38	%
Hybrid INDXX SuperDividend^® Emerging Markets Index/MSCI EM Top 50 Dividend Index**		14.67	%		14.67	%		9.92	%		9.92	%
MSCI Emerging Markets Index***		26.45	%		26.45	%		9.49	%		9.49	%
S&P 500 Index		23.63	%		23.63	%		10.71	%		10.71	%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on March 16, 2015.

Management Discussion of Fund Performance (unaudited)

Global X MSCI SuperDividend^® Emerging Markets ETF

** Hybrid Index performance reflects the performance of the INDXX SuperDividend^® Emerging Markets Index through November 15, 2016 and the MSCI Emerging Markets Top 50 Dividend Index thereafter. Effective November 16, 2016, the Fund’s Underlying Index changed from the INDXX SuperDividend^® Emerging Markets Index to the MSCI Emerging Markets Top 50 Dividend Index. This change was due to the planned migration to the new underlying Index, in an effort to provide broader exposure to the local market.

*** As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI Emerging Markets Index. The new benchmark is a more appropriate comparison for the fund.

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

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

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® REIT ETF

Global X SuperDividend^® REIT ETF

The Global X SuperDividend^® REIT ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global SuperDividend^® REIT Index (“Underlying Index”). The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of real estate investment trusts (“REITs”) that rank among the highest-yielding REITs globally, as determined by the index provider. The index provider screens the highest yielding REITs to exclude REITs that have historically exhibited the highest volatility, as determined by the index provider.

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 13.00%, while the Underlying Index increased 11.49%. The Fund had a net asset value of $14.60 per share on October 31, 2016 and ended the reporting period with a net asset value of $15.29 on October 31, 2017.

During the reporting period, the highest returns came from Two Harbors Investment and Chimera Investment, which returned 30.57% and 29.80%, respectively. The worst performers were Spirit Realty Capital and CYS Investments, which returned -11.60% and -9.33%, respectively.

The Fund invests in Real Estate Investment Trusts (“REITs”) that are among those with the highest dividend yields around the world. During the reporting period, many central banks continued their easy money policies that have kept interest rates around the world at record lows. Despite these dovish monetary policies, some investors maintained concerns over rates rising in the United States, the eventual tapering of Europe’s Quantitative Easing program, and stubbornly low inflation. As a result, longer duration bonds, like the 10 year treasuries maintained low yields relative to short term treasuries, resulting in flat yield curves. This particularly affected the mortgage REIT segment, which relies on steeper yield curves for income. During the period Q4 2016 to Q3 2017, the Fund had an average approximate exposure of 46% to mortgage REITs and 54% to equity REITs. Geographically, the Fund had an average approximate exposure of 69% to U.S. REITs, 11% to Singapore REITs, and 11% to Canadian REITs.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X SuperDividend^® REIT ETF		13.00	%		12.97	%		8.75	%		8.81	%
Solactive Global SuperDividend^® REIT Index		11.49	%		11.49	%		6.94	%		6.94	%
S&P 500 Index		23.63	%		23.63	%		10.71	%		10.71	%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on March 16, 2015.

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

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® REIT ETF

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X SuperIncome™ Preferred ETF

Global X SuperIncome™ Preferred ETF

The Global X SuperIncome™ Preferred ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Enhanced Yield North American Preferred Stock Index (“Underlying Index”).The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the performance of the highest-yielding preferred securities in the United States and Canada, as determined by the index provider. The Underlying Index is comprised of preferred stocks that meet certain criteria relating to size, liquidity, issuer concentration and rating, maturity and other requirements, as determined by the index provider. The Underlying Index does not seek to directly reflect the performance of the companies issuing the preferred stock.

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 1.31%, while the Underlying Index increased 1.99%. The Fund had a net asset value of $13.16 per share on October 31, 2016 and ended the reporting period with a net asset value of $12.44 on October 31, 2017.

During the reporting period, the highest returns came from Deutsche Bank Contingent Capital Trust II and Belden, which returned 19.49% and 18.58%, respectively. The worst performers were Frontier Communications and Southwestern Energy, which returned -67.95% and -41.67%, respectively.

The Fund invests in preferred shares that are among those with the highest dividend yields in the U.S. and Canada. Preferred shares have benefitted from low government bond yields in the U.S. and Canada. In addition, credit spreads have been tightening as economic conditions improve and investors hunt for higher yielding investments. During the period Q4 2016 to Q3 2017, the Fund had an average approximate exposure of 67% to the Financials sector, 8% to the Real Estate sector, and 8% to the Energy sector.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X SuperIncome™ Preferred ETF		1.31	%		0.83	%		1.24	%		0.98	%		3.11	%		3.02	%		3.47	%		3.72	%
S&P Enhanced Yield North American Preferred Stock Index		1.99	%		1.99	%		2.07	%		2.07	%		3.80	%		3.80	%		4.17	%		4.17	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		15.18	%		15.18	%		15.32	%		15.32	%

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on July 16, 2012.

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

Management Discussion of Fund Performance (unaudited)

Global X SuperIncome™ Preferred ETF

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X Social Media ETF

Global X Social Media ETF

The Global X Social Media ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Social Media Total Return Index (“Underlying Index”).

The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index tracks the equity performance of the largest and most liquid companies involved in the social media industry, including companies that provide social networking, file sharing, and other web-based media applications, as defined by the index provider.

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 39.09%, while the Underlying Index increased 39.71%. The Fund had a net asset value of $23.53 per share on October 31, 2016 and ended the reporting period with a net asset value of $32.67 on October 31, 2017.

During the reporting period, the highest returns came from Weibo and IAC, which returned 101.37% and 100.26%, respectively. The worst performers were PChome Online and Pandora Media, which returned -42.18% and -35.48%, respectively.

Social media has been one of the fastest growing industries in the technology sector, delivering strong growth during the reporting period. Over the course of the reporting period, major social media platforms succeeded in continuing to monetize their growing user bases through innovative advertising products. Such products include video advertising and hyper-targeted ads that are finding new ways to reach consumers and more accurate methods of targeting high value customers. This growth was not just witnessed in the US, where mobile penetration is very high, but also in foreign markets like China Japan, and Russia. Geographically, the Fund had an average exposure of 47% in the US, 29% in China, 9 % in Japan, and 8% in Russia.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Social Media ETF		39.09	%		39.36	%		19.27	%		19.27	%		20.82	%		21.10	%		14.25	%		14.28	%
Solactive Social Media Total Return Index		39.71	%		39.71	%		19.87	%		19.87	%		21.35	%		21.35	%		14.83	%		14.83	%
MSCI ACWI **		23.20	%		23.20	%		7.92	%		7.92	%		10.80	%		10.80	%		10.81	%		10.81	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		15.18	%		15.18	%		15.27	%		15.27	%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on November 14, 2011.

** As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI ACWI. The new benchmark is a more appropriate comparison for the fund.

The MSCI ACWI (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging market.

Management Discussion of Fund Performance (unaudited)

Global X Social Media ETF

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

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

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

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

See definition of comparative indices above.

Management Discussion of Fund Performance (unaudited)

Global X | JPMorgan Efficiente Index ETF

Global X | JPMorgan Efficiente Index ETF

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

The Underlying Index tracks the total return performance of a portfolio of eleven exchange-traded funds (each, an "ETF") and two exchange-traded products (each an "ETP") (each ETP and ETF, a "Constituent" and together the "Constituents"), as defined by the index provider. The share prices of the ETFs and ETPs are expected to track the performance of equities or bonds in developed or emerging markets, real estate investments, U.S. Treasury bonds, U.S. Treasury Inflation Protected Securities, a single commodity or a portfolio of commodity futures contracts. The Underlying Index allocates index weights among the Constituents based on a proprietary methodology created by the index provider. On a monthly basis and subject to certain weighting constraints, the Underlying Index is rebalanced to reallocate index weights among the Constituents so that the resulting portfolio would have had the highest return during the previous six months and an annualized volatility level of 10% or less over the same period (subject to upward adjustment under limited circumstances). This methodology is informed by the “modern portfolio theory” approach to asset allocation, which suggests that an investor allocate assets in a manner that maximizes return for a given risk appetite. Since the index weights assigned to the Constituents at each monthly rebalancing are determined based on past performance, there is no guarantee that any monthly rebalancing will result in the Underlying Index achieving the highest possible returns for the relevant month.

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 12.29%, while the Underlying Index increased 13.12%. The Fund had a net asset value of $24.05 per share on October 31, 2016 and ended the reporting period with a net asset value of $26.18 on October 31, 2017.

During the reporting period, the highest returns came from Vanguard FTSE Developed Markets ETF and Vanguard S&P 500 ETF, which returned 22.53% and 21.59%, respectively. The worst performers were iShares S&P GSCI Commodity Indexed Trust and iShares JP Morgan USD Emerging Markets Bond ETF, which returned -4.67% and -4.32%, respectively.

During the reporting period, the Fund’s five asset classes had an approximate average weighting of 44% in ETFs with exposure to developed market equities, 18% in ETFs with exposure to Bonds, 27% in ETFs with exposure to emerging markets, 8% in ETFs with exposure to Alternatives, and 3% in ETFs with exposure to Short Term US Treasuries or Inflation Protected Securities. The emerging market equities sub-asset class had, on average, 20% of the ETF’s exposure, followed by the U.S. Large Cap Equities at 18%, Developed Market Equities outside the U.S. at 14%, and U.S. Small Cap Equities at 13%.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X \| JPMorgan Efficiente Index ETF		12.29	%		12.34	%		3.72	%		3.72	%		4.42	%		4.42	%
JPMorgan ETF Efficiente 10 TR Series X Index		13.12	%		13.12	%		4.49	%		4.49	%		5.21	%		5.21	%
Bloomberg Barclays US Aggregate Bond Index		0.90	%		0.90	%		2.40	%		2.40	%		2.23	%		2.23	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		12.38	%		12.38	%

Management Discussion of Fund Performance (unaudited)

Global X | JPMorgan Efficiente Index ETF

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on October 22, 2014.

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

The Bloomberg Barclays US Aggregate Bond Index covers the USD-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The index includes bonds from the Treasury, Government-Related, Corporate, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS sectors.

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X | JPMorgan US Sector Rotator Index ETF

Global X | JPMorgan US Sector Rotator Index ETF

The Global X | JPMorgan US Sector Rotator Index ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the JPMorgan U.S. Sector Rotator TR Series X Index (“Underlying Index”), which is composed of underlying equity exchange-traded funds ("ETFs") and a fixed income ETF. The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index aims to participate in the best-performing U.S. sectors of the market while limiting its exposure to the market during periods of high volatility or market declines, as defined by the index provider. The Underlying Index rebalances monthly to reflect changing market conditions by tracking the performance of a portfolio that may include one U.S. Treasury Bond ETF and zero to five ETFs selected out of a pool of ten U.S. sector ETFs. The sectors represented by all the U.S. sector ETFs are: consumer discretionary, consumer staples, energy, financials, healthcare, industrial, utilities, materials, technology and real estate. On each monthly rebalancing date, the Underlying Index seeks to select up to five U.S. sector ETFs with the highest positive performance during the prior month. The Underlying Index will include an allocation to the U.S. Treasury Bond ETF if fewer than five U.S. sector ETFs have positive performance during the prior month. The U.S. sector ETFs selected for inclusion in the Underlying Index each month are equal-volatility weighted, based on each U.S. sector ETF’s realized volatility during the prior month, meaning that each U.S. sector ETF has the same amount of volatility contribution to the Underlying Index as of such monthly rebalancing date. If the overall realized volatility of the portfolio of selected U.S. sector ETFs exceeds 20%, based on each U.S. sector ETF’s realized volatility during the prior month, the weight assigned on a monthly rebalancing date to each U.S. sector ETF is adjusted down proportionally and the exposure is re-allocated to the U.S. Treasury Bond ETF in order to reduce the overall volatility of the Underlying Index to 20% as of such monthly rebalancing date. Since the index weights assigned to the U.S. sector ETF and the U.S. Treasury Bond ETF are determined on past performance, there is no guarantee that any monthly rebalancing will result in the Underlying Index achieving the highest possible returns for the relevant month.

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 9.65%, while the Underlying Index increased 10.56%. The Fund had a net asset value of $23.79 per share on October 31, 2016 and ended the reporting period with a net asset value of $25.51 on October 31, 2017.

During the reporting period, the highest returns came from Financial Select Sector SPDR Fund and Materials Select Sector SPDR Fund, which returned 15.63% and 15.53%, respectively. The worst performers were Utilities Select Sector SPDR Fund and Energy Select Sector SPDR Fund, which returned -5.78% and -2.81%, respectively.

The Fund seeks to participate in flat or rising markets through a sector-rotation strategy while allocating exposure to a short-term Treasury ETF during periods of high volatility or declining markets. During the period Q4 2016 to Q3 2017, the Fund had an approximate average weighting of just 5% to a short-term Treasury ETF, as equity performance was generally strong and volatility remained low. Among equity sectors, ETFs with exposure to the Consumer Discretionary sector and Information Technology sector had the highest average approximate weightings at 15%. This was followed by ETFs with exposure to Materials sector, which had an average approximate weighting of 14%.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X \| JPMorgan US Sector Rotator Index ETF		9.65	%		9.75	%		1.55	%		1.56	%		2.05	%		2.05	%
JPMorgan US Sector Rotator TR Series X Index		10.56	%		10.56	%		2.48	%		2.48	%		2.99	%		2.99	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		12.38	%		12.38	%

Management Discussion of Fund Performance (unaudited)

Global X | JPMorgan US Sector Rotator Index ETF

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on October 22, 2014.

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

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Guru^® Index ETF

Global X Guru^® Index ETF

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

The Underlying Index is comprised of the top U.S. listed equity positions reported on Form 13F by a select group of entities characterized as hedge funds, as defined by the index provider. Hedge funds are selected by the index provider from a pool of thousands of privately offered pooled investment vehicles based on the size of their reported equity holdings and the efficacy of replicating their publicly disclosed positions. Hedge funds must have minimum reported holdings of $500 million in their Form 13F to be considered for the Underlying Index. Additional filters are applied to eliminate hedge funds that have high turnover rates for equity holdings. Only hedge funds with a concentrated top holding are included in the selection process. Once the hedge fund pool has been determined, the index provider utilizes Form 13F filings to compile the top stock holding from each of these hedge funds. The stocks are screened for liquidity, equal weighted, and rebalanced quarterly following the Form 13F filing timeline.

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 24.30%, while the Underlying Index increased 24.61%. The Fund had a net asset value of $23.14 per share on October 31, 2016 and ended the reporting period with a net asset value of $28.70 on October 31, 2017.

During the reporting period, the highest returns came from GrubHub and Spirit AeroSystems Holdings, which returned 60.12% and 60.08%, respectively. The worst performers were Sprint and Buffalo Wild Wings, which returned -27.01% and -25.59%, respectively.

The Fund’s investments are among the top U.S. listed equity positions reported on Form 13F by major hedge funds. During the reporting period, hedge funds remained uniquely positioned to potentially generate alpha due to their deep talent pool and ability to make high conviction investments. Over the reporting period, the Fund indeed outperformed the benchmark S&P 500 index by approximately 67 basis points. The Fund rebalances quarterly, resulting in dynamic exposures that can change significantly throughout the year. Earlier in the period, the Fund benefitted from its exposure to biotech stocks that performed well due to a decreased likelihood of government intervention in drug pricing. Later in the period, the Fund took a larger position in energy companies as hedge funds looked for a potential rebound in oil prices.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Three Year Return						Five Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Guru^® Index ETF		24.30	%		24.17	%		3.55	%		3.53	%		12.43	%		12.42	%		14.36	%		14.34	%
Solactive Guru Index		24.61	%		24.61	%		3.82	%		3.82	%		12.91	%		12.91	%		14.85	%		14.85	%
S&P 500 Index		23.63	%		23.63	%		10.77	%		10.77	%		15.18	%		15.18	%		16.25	%		16.25	%

Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on June 4, 2012.

Management Discussion of Fund Performance (unaudited)

Global X Guru^® Index ETF

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

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta US ETF

Global X Scientific Beta US ETF

The Global X Scientific Beta US ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Scientific Beta United States Multi-Beta Multi-Strategy Equal Risk Contribution Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index generally comprises approximately 500 or less U.S. listed common stocks selected based on a proprietary methodology developed by the index provider. The objective of the Underlying Index is to outperform traditional market capitalization-weighted indexes, with lower volatility. The Underlying Index’s components are selected by applying four factors that have been widely recognized by academic literature to outperform market capitalization weighted-indexes over the long run: Value, Size, Low-Volatility and Momentum. Each of these factors is applied by using the following metrics: price-to-book ratio for Value; free-float market capitalization for Size; historical volatility over the trailing 104 week period for Low-Volatility; and one-year-minus-one-month total returns for Momentum. Finally, components are weighted by employing a proprietary, multi-step process that combines multiple weighting methodologies to diversify the risks associated with any one weighting scheme.

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 19.52%, while the Underlying Index increased 19.82%. The Fund had a net asset value of $25.46 per share on October 31, 2016 and ended the reporting period with a net asset value of $30.04 on October 31, 2017.

During the reporting period, the highest returns came from Nvidia and Micron Technology, which returned 191.98% and 158.22%, respectively. The worst performers were Foot Locker and Mattel, which returned -53.84% and -52.77%, respectively.

While the Fund demonstrated strong positive performance over the reporting period, it lagged the benchmark S&P 500. Factor investing proved challenging during the period as benchmark returns were driven by high growth names that tend to be underweighted in multi-factor strategies, particularly those that seek to deliver more diversified exposure than the S&P 500. During the reporting period, the Momentum factor was the best-performing factor and it outperformed the S&P 500 in the first three quarters of 2017. However, other factors tended to lag behind. During the same quarters, only Value in Q2 joined Momentum in outperforming the S&P 500. The Fund had an average approximate weighting of 20% to stocks in the financials sector, 12% to health care, 11% to consumer discretionary, and 11% to industrials.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Scientific Beta US ETF		19.52	%		19.59	%		8.99	%		9.03	%
Scientific Beta US Multi-Beta Multi-Strategy Equal Risk Contribution Index		19.82	%		19.82	%		9.29	%		9.29	%
S&P 500 Index		23.63	%		23.63	%		10.92	%		10.92	%

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta US ETF

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on May 12, 2015.

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

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta Europe ETF

Global X Scientific Beta Europe ETF

The Global X Scientific Beta Europe ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Scientific Beta Extended Developed Europe Multi-Beta Multi-Strategy Equal Risk Contribution Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index generally comprises approximately 600 or less European-listed common stocks selected based on a proprietary methodology developed by the index provider. The objective of the Underlying Index is to outperform traditional market capitalization-weighted indexes, with lower volatility. The components of the Underlying Index are selected from a universe of the 600 largest, as measured by free float market capitalization, and most liquid stocks that are ordinarily traded principally on a stock exchange in one of the following 16 developed European countries: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The Underlying Index’s components are selected by applying four factors that have been widely recognized by academic literature to outperform market capitalization weighted-indexes over the long run: Value, Size, Low-Volatility and Momentum. Each of these factors is applied by using the following metrics: price-to-book ratio for Value; free-float market capitalization for Size; historical volatility over the trailing 104 week period for Low-Volatility; and one-year-minus-one-month total returns for Momentum. Finally, components are weighted by employing a proprietary, multi-step process that combines multiple weighting methodologies to diversify the risks associated with any one weighting scheme.

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 29.54%, while the Underlying Index increased 29.82%. The Fund had a net asset value of $22.63 per share on October 31, 2016 and ended the reporting period with a net asset value of $28.43 on October 31, 2017.

During the reporting period, the highest returns came from Ams and Deutsche Lufthansa, which returned 226.81% and 157.64%, respectively. The worst performers were Banco Popular Espanol and Provident Financial, which returned -67.56% and -64.64%, respectively.

From Q4 2016 to Q3 2017, the Fund had an average weighting of approximately 22% to the Financials sector, with other notable sector exposures of approximately 18% to Industrials, and 11% to the Consumer Discretionary sector. The Fund had an average approximate exposure of 21% to Low-Volatility stocks, 18% to Mid Cap stocks, 43% to Value stocks, and 18% to Momentum stocks, as defined by the index provider. During the period, the Fund benefited primarily from the exposure to Value, which generated strong performance.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Scientific Beta Europe ETF		29.54	%		29.28	%		7.48	%		7.66	%
Scientific Beta Extended Developed Europe Multi-Beta Multi-Strategy Equal Risk Contribution Index		29.82	%		29.82	%		7.78	%		7.78	%
MSCI EAFE Index **		23.44	%		23.44	%		4.45	%		4.45	%
S&P 500 Index		23.63	%		23.63	%		10.92	%		10.92	%

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta Europe ETF

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on May 12, 2015.

** As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI EAFE Index. The new benchmark is a more appropriate comparison for the fund.

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

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta Japan ETF

Global X Scientific Beta Japan ETF

The Global X Scientific Beta Japan ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Scientific Beta Japan Multi-Beta Multi-Strategy Equal Risk Contribution Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index generally comprises approximately 500 or less Japanese-listed common stocks selected based on a proprietary methodology developed by the index provider. The objective of the Underlying Index is to outperform traditional market capitalization-weighted indexes, with lower volatility. The components of the Underlying Index are selected from a universe of the 500 largest, as measured by free float market capitalization, and most liquid stocks traded principally on a stock exchange in and incorporated or domiciled (i.e., maintain a principal place of business) in Japan. The Underlying Index’s components are selected by applying four factors that have been widely recognized by academic literature to outperform market capitalization weighted-indexes over the long run: Value, Size, Low-Volatility and Momentum. Each of these factors is applied by using the following metrics: price-to-book ratio for Value; free-float market capitalization for Size; historical volatility over the trailing 104 week period for Low-Volatility; and one-year-minus one month total returns for Momentum. Finally, components are weighted by employing a proprietary, multi-step process that combines multiple weighting methodologies to diversify the risks associated with any one weighting scheme.

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 18.17%, while the Underlying Index increased 18.59%. The Fund had a net asset value of $27.38 per share on October 31, 2016 and ended the reporting period with a net asset value of $31.47 on October 31, 2017.

During the reporting period, the highest returns came from Yaskawa Electric and Tokyo Electron, which returned 125.08 % and 99.35%, respectively. The worst performers were Toho Gas and Sosei Group, which returned -39.02% and -26.81%, respectively.

During the period Q4 2016 to Q3 2017, the Fund had an average weighting of approximately 25% to the Industrials sector, with other notable sector exposures of approximately 16% to Consumer Discretionary stocks, and 12% to the Materials sector. The Fund had an average approximate exposure of 13% to Low-Volatility stocks, 16% to Mid Cap stocks, 59% to Value stocks, and 12% to Momentum stocks, as defined by the index provider. The Fund benefited from the higher exposure to Value stocks, which was the best performing factor.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Scientific Beta Japan ETF		18.17	%		18.73	%		11.28	%		11.67	%
Scientific Beta Japan Multi-Beta Multi-Strategy Equal Risk Contribution Index		18.59	%		18.59	%		11.59	%		11.59	%
MSCI EAFE Index**		23.44	%		23.44	%		4.45	%		4.45	%
S&P 500 Index		23.63	%		23.63	%		10.92	%		10.92	%

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta Japan ETF

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on May 12, 2015.

** As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI EAFE Index. The new benchmark is a more appropriate comparison for the fund.

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

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta Asia ex-Japan ETF

Global X Scientific Beta Asia ex-Japan ETF

The Global X Scientific Beta Asia ex-Japan ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Scientific Beta Developed Asia-Pacific ex-Japan Multi-Beta Multi- Strategy Equal Risk Contribution Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index generally comprises approximately 400 or less Asian-listed common stocks selected based on a proprietary methodology developed by the index provider. The objective of the Underlying Index is to outperform traditional market capitalization-weighted indexes, with lower volatility. The components of the Underlying Index are selected from a universe of the 400 largest, as measured by free float market capitalization, and most liquid stocks traded principally on a stock exchange in and incorporated or domiciled (i.e., maintain a principal place of business) in developed markets in Asia, excluding Japan, but may include Hong Kong, New Zealand, Singapore, South Korea and Australia. The Underlying Index’s components are selected by applying four factors that have been widely recognized by academic literature to outperform market capitalization weighted-indexes over the long run: Value, Size, Low-Volatility and Momentum. Each of these factors is applied by using the following metrics: price-to-book ratio for Value; free-float market capitalization for Size; historical volatility over the trailing 104 week period for Low-Volatility; and one-year-minus- one month total returns for Momentum. Finally, components are weighted by employing a proprietary, multi-step process that combines multiple weighting methodologies to diversify the risks associated with any one weighting scheme.

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 17.43%, while the Underlying Index increased 17.93%. The Fund had a net asset value of $22.96 per share on October 31, 2016 and ended the reporting period with a net asset value of $25.71 on October 31, 2017.

During the reporting period, the highest returns came from Venture Corporation and Global Logistic Properties, which returned 117.94% and 94.60%, respectively. The worst performers were Downer EDI and Esprit Holdings, which returned -88.10% and -36.62%, respectively.

During the period Q4 2016 to Q3 2017, the Fund had an average weighting of approximately 26% to stocks in the Real Estate sector, with other large average exposures of approximately 17% to industrials sector, and 12% to consumer discretionary stocks. The Fund had an average approximate exposure of 22% to low-volatility stocks, 24% to mid cap stocks, 29% to value stocks, and 23% to momentum stocks, as defined by the index provider. The Fund benefited from the exposure to Value, which was the best performing factor.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X Scientific Beta Asia ex-Japan ETF		17.43	%		17.77	%		4.52	%		4.80	%
Scientific Beta Developed Asia-Pacific ex-Japan Multi-Beta Multi-Strategy Equal Risk Contribution Index		17.93	%		17.93	%		4.24	%		4.24	%
MSCI EAFE Index **		23.44	%		23.44	%		4.45	%		4.45	%
S&P 500 Index		23.63	%		23.63	%		10.92	%		10.92	%

Management Discussion of Fund Performance (unaudited)

Global X Scientific Beta Asia ex-Japan ETF

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on May 12, 2015.

** As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI EAFE Index. The new benchmark is a more appropriate comparison for the fund.

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

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X YieldCo Index ETF

Global X YieldCo Index ETF

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

The Underlying Index comprises publicly traded companies that are formed to own operating assets that produce defined cash flows (“Yieldcos”), as well as companies that have publicly announced plans to spin-off a YieldCo in an initial public offering, as determined by the index provider. The components of the Underlying Index are YieldCos selected from the universe of global publicly listed equities, which have a minimum market capitalization of $500 million and an Average Daily Value Traded (“ADVT”) over the last three months greater than $1 million. If less than 20 securities satisfy this criteria, the market capitalization and ADVT requirements are lowered. If there are still fewer than 20 securities, the parent companies of proposed YieldCos with the nearest anticipated listing dates will be included in the Underlying Index until there are 20 Underlying Index constituents. If a parent company is a part of the Underlying Index, and its corresponding YieldCo becomes publicly listed, the listed YieldCo will replace the parent entity in the index during the subsequent index rebalance. Underlying Index constituents are ranked by market capitalization. The remaining securities are weighted based on their market capitalization, with a cap of 4.75% on any of the securities falling outside of the top five by market capitalization. If any parent companies of YieldCos are Underlying Index constituents, they are each capped at a 4.75% weighting. Companies that are structured as partnerships are capped at a 25% weighting in the aggregate.

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 17.30%, while the Underlying Index increased 18.12%. The Fund had a net asset value of $11.16 per share on October 31, 2016 and ended the reporting period with a net asset value of $12.53 on October 31, 2017.

During the reporting period, the highest returns came from NextEra Energy Partners and TerraForm Global, which returned 50.30% and 33.33%, respectively. The worst performers were Innergex Renewable Energy and TransAlta Renewables, which returned -1.75% and 3.78%, respectively.

YieldCos are entities that generally consist of fully developed renewable energy assets such as solar and wind farms. These entities tend to enter into long-term contracts with customers to deliver electricity at pre-specified prices. Despite uncertainties related to the U.S. tax policy and the government’s commitment to fight climate change, renewable energy sources continued to grow in prominence around the world as they battled more entrenched fossil fuels for market share in the power generation space. Declining costs of solar and wind technologies as well as various government incentives led to the adoption of renewables by many municipalities, communities, and corporations. In 2017, renewable energy dominated new electrical generation in the US, amounting to over 60% of the total new generation capacity. Despite the growth of the solar and wind in electric generation, the YieldCo space itself shrunk as some companies delayed or abandoned plans to spinoff their YieldCos. In addition, some existing YieldCos were taken private.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X YieldCo Index ETF		17.30	%		16.04	%		-3.11	%		-3.21	%
INDXX Global YieldCo Index		18.12	%		18.12	%		-2.74	%		-2.74	%
MSCI ACWI **		23.20	%		23.20	%		7.36	%		7.36	%
S&P 500 Index		23.63	%		23.63	%		10.54	%		10.54	%

Management Discussion of Fund Performance (unaudited)

Global X YieldCo Index ETF

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on May 27, 2015.

** As of March 1, 2017, the Fund changed its broad based benchmark from the S&P 500 Index to the MSCI ACWI. The new benchmark is a more appropriate comparison for the fund.

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

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

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

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

See definition of comparative indices above and on previous page.

Management Discussion of Fund Performance (unaudited)

Global X S&P 500^® Catholic Values ETF

The Global X S&P 500^® Catholic Values ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P 500^®Catholic Values Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The S&P 500^® Catholic Values Index is designed to provide exposure to U.S. equity securities included in the S&P 500^® Index while maintaining alignment with the moral and social teachings of the Catholic Church. The Underlying Index is based on the S&P 500^® Index, and generally comprises approximately 500 or less U.S. listed common stocks. All index constituents are members of the S&P 500^® Index and follow the eligibility criteria for that index. From this starting universe, constituents are screened to exclude companies involved in activities which are perceived to be inconsistent with Catholic values as outlined in the Socially Responsible Investment Guidelines of the United States Conference of Catholic Bishops (“USCCB”). The Underlying Index then reweights the remaining constituents so that the Underlying Index’s sector exposures matches the sector exposures of the S&P 500^® Index.

For the 12-month period ended October 31, 2017 (the “reporting period”), the Fund increased 24.27%, while the Underlying Index increased 24.61%. The Fund had a net asset value of $25.74 per share on October 31, 2016 and ended the reporting period with a net asset value of $31.83 on October 31, 2017.

During the reporting period, the highest returns came from Nvidia and Micron Technology, which returned 191.98% and 158.22%, respectively. The worst performers were Under Armour, Class A and Under Armour, Class C, which returned -59.74% and -55.41%, respectively.

The Fund provides exposure to companies within the S&P 500 whose business practices align with the investment guidelines set by the USCCB. As of October 31, 2017, the Fund had 466 holdings compared with 505 holdings of the S&P 500. To mitigate the potential performance differences between the S&P 500 and the Fund, the Fund’s sector exposures are reweighted to align with those of the S&P 500 on a quarterly basis. Over the reporting period, the Fund had a tracking difference of 64 basis points with the S&P 500. Between Q4 2016 and Q3 2017, information technology had the highest average weighting of 22% in the Fund, followed by financials at 15%, and health care at 14%.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2017
	One Year Return						Annualized Inception to Date*
	Net Asset Value			Market Price			Net Asset Value			Market Price
Global X S&P 500^® Catholic Values ETF		24.27	%		23.92	%		17.01	%		17.03	%
S&P 500^® Catholic Values Index		24.61	%		24.61	%		17.31	%		17.31	%
S&P 500 Index		23.63	%		23.63	%		16.78	%		16.78	%

Management Discussion of Fund Performance (unaudited)

Global X S&P 500^® Catholic Values ETF

Growth of a $10,000 Investment

(at Net Asset Value)

* Fund commenced operations on April 18, 2016.

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

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

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

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

See definition of comparative indices above and on previous page.

Schedule of Investments

October 31, 2017

Global X SuperDividend^® ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 99.4%
AUSTRALIA— 14.3%
Consumer Services — 3.7%
G8 Education		4,196,947	$	14,674,077
Harvey Norman Holdings ^(A)		2,140,900		6,204,984
Nine Entertainment Holdings		13,418,113		15,432,461
				36,311,522
Financials — 8.9%
Bank of Queensland		1,108,978		11,360,093
Bendigo and Adelaide Bank		1,008,689		8,801,405
Commonwealth Bank of Australia		145,220		8,643,875
Genworth Mortgage Insurance Australia		4,608,114		10,034,461
IOOF Holdings		1,509,116		12,450,516
National Australia Bank		399,239		9,997,735
Platinum Asset Management ^(A)		3,326,359		18,618,490
Westpac Banking		374,034		9,461,192
				89,367,767
Real Estate Investment Trusts — 1.0%
Cromwell Property Group		12,509,854		9,591,902
Telecommunications — 0.7%
Telstra		2,581,652		7,007,344
TOTAL AUSTRALIA				142,278,535
BRAZIL— 2.5%
Consumer Services — 1.7%
Estacio Participacoes		1,903,700		17,068,037
Utilities — 0.8%
AES Tiete Energia		1,945,600		7,701,872
TOTAL BRAZIL				24,769,909

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

Schedule of Investments

October 31, 2017

Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
CANADA— 3.0%
Consumer Services — 0.9%
Corus Entertainment		992,955	$	9,220,131
Real Estate Investment Trusts — 2.1%
Cominar		862,428		9,259,176
Dream Global		1,296,951		11,217,907
				20,477,083
TOTAL CANADA				29,697,214
CHINA— 1.6%
Financials — 1.6%
Guangzhou R&F Properties		7,522,500		16,025,013
FRANCE— 2.6%
Consumer Goods — 1.2%
Kaufman & Broad		257,866		11,394,156
Utilities — 1.4%
Electricite de France ^(A)		1,091,050		14,286,183
TOTAL FRANCE				25,680,339
GREECE— 1.3%
Consumer Services — 1.3%
OPAP		1,119,961		12,551,141
HONG KONG— 3.2%
Consumer Goods — 3.2%
Li & Fung		27,101,200		13,651,685
Pacific Textiles Holdings		8,578,100		9,026,917
Texwinca Holdings		15,199,200		9,175,861
TOTAL HONG KONG				31,854,463
ITALY— 1.0%
Financials — 1.0%
Azimut Holding		517,770		10,229,819
MEXICO— 1.9%
Financials — 1.9%
Concentradora Hipotecaria SAPI		8,946,019		9,114,252
Grupo Financiero Santander Mexico		1,150,477		9,687,016
TOTAL MEXICO				18,801,268
NEW ZEALAND— 3.2%
Consumer Services — 2.2%
Air New Zealand		6,443,400		14,566,343
SKY Network Television		4,107,884		7,035,253
				21,601,596
Telecommunications — 1.0%
Spark New Zealand		4,017,612		10,128,318

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

Schedule of Investments

October 31, 2017

Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
TOTAL NEW ZEALAND			$	31,729,914
NORWAY— 1.2%
Industrials — 1.2%
Ocean Yield ^(A)		1,324,319		11,775,285
PORTUGAL— 1.0%
Industrials — 1.0%
CTT-Correios de Portugal		1,727,020		10,172,078
RUSSIA— 0.9%
Telecommunications — 0.9%
MegaFon PJSC GDR		868,512		9,075,950
SINGAPORE— 8.1%
Financials — 0.7%
CapitaLand Retail China Trust		5,787,300		7,051,467
Industrials — 1.1%
Hutchison Port Holdings Trust		25,182,290		10,828,385
Real Estate Investment Trusts — 4.7%
Ascendas		5,421,049		10,902,579
Mapletree Greater China Commercial Trust		13,665,000		11,785,360
Mapletree Industrial Trust		8,348,200		11,887,484
Mapletree Logistics Trust		13,083,409		12,196,073
				46,771,496
Telecommunications — 1.6%
M1		5,102,500		6,741,412
StarHub		4,934,706		9,526,040
				16,267,452
TOTAL SINGAPORE				80,918,800
SOUTH AFRICA— 1.7%
Real Estate Investment Trusts — 1.7%
Emira Property Fund		9,148,074		8,480,951
Redefine Properties		11,115,950		8,340,156
TOTAL SOUTH AFRICA				16,821,107
SPAIN— 1.0%
Utilities — 1.0%
Saeta Yield		937,427		10,471,671
TAIWAN— 0.9%
Industrials — 0.9%
Highwealth Construction		6,444,800		8,611,729
THAILAND— 0.8%
Financials — 0.8%
Sansiri NVDR		107,859,800		7,597,590

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

Schedule of Investments

October 31, 2017

Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
TURKEY— 1.0%
Health Care — 1.0%
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret		8,016,415	$	9,734,015
UNITED KINGDOM— 0.8%
Oil & Gas — 0.8%
BP ADR		198,387		8,068,399
UNITED STATES— 47.4%
Consumer Goods — 0.9%
Vector Group		452,223		9,397,194
Consumer Services — 2.3%
Gannett		814,032		7,082,078
New Media Investment Group		652,534		10,420,968
RR Donnelley & Sons		534,038		4,913,150
				22,416,196
Financials — 20.9%
AGNC Investment		500,776		10,080,621
Annaly Capital Management		910,242		10,431,373
Anworth Mortgage Asset		1,829,920		10,229,253
Apollo Commercial Real Estate Finance		545,293		9,853,445
Armour Residential		446,575		11,186,704
Artisan Partners Asset Management, Cl A		320,807		11,035,761
Blackstone Mortgage Trust, Cl A		319,137		10,158,131
Capstead Mortgage		940,568		8,295,810
Chimera Investment		524,172		9,592,348
CYS Investments		1,259,138		10,073,104
Invesco Mortgage Capital		625,469		10,770,576
Ladder Capital, Cl A		701,592		9,429,396
MFA Financial		1,220,359		10,055,758
MTGE Investment		611,473		11,067,661
New Residential Investment		593,240		10,458,821
New York Mortgage Trust		1,503,923		9,068,656
PennyMac Mortgage Investment Trust		574,278		9,222,905
Redwood Trust		575,484		9,040,854
Starwood Property Trust		426,263		9,168,917
Two Harbors Investment		1,058,304		10,371,379
Waddell & Reed Financial, Cl A ^(A)		511,007		9,550,721
				209,142,194
Industrials — 2.1%
Costamare ^(A)		1,599,869		9,935,186
Nordic American Offshore		47,777		62,588
Ship Finance International ^(A)		697,971		10,399,768
				20,397,542

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

Schedule of Investments

October 31, 2017

Global X SuperDividend^® ETF

	Shares / Face Amount		Value
COMMON STOCK — continued
Oil & Gas — 2.9%
CVR Energy ^(A)		410,216	$	11,260,429
Pattern Energy Group, Cl A		464,998		10,727,504
Targa Resources		167,073		6,933,530
				28,921,463
Real Estate Investment Trusts — 17.5%
Ashford Hospitality Trust		1,290,002		9,068,714
CBL & Associates Properties ^(A)		931,743		7,304,865
Franklin Street Properties		787,953		7,879,530
Gaming and Leisure Properties		303,030		11,072,716
Gladstone Commercial		318,510		6,898,926
Global Net Lease		397,551		8,587,102
Government Properties Income Trust		491,979		8,939,258
Hospitality Properties Trust		302,679		8,650,566
Independence Realty Trust		1,095,278		11,117,072
Lexington Realty Trust		863,712		8,740,765
Medical Properties Trust		733,205		9,700,302
New Senior Investment Group		942,782		8,428,471
Omega Healthcare Investors ^(A)		306,007		8,831,362
Sabra Health Care		814,464		16,224,123
Select Income		373,650		9,027,384
Senior Housing Properties Trust		488,176		8,982,438
Uniti Group		365,980		6,404,650
VEREIT		1,102,281		8,696,997
Washington Prime Group		1,038,877		8,134,407
				172,689,648
Telecommunications — 0.8%
CenturyLink ^(A)		392,845		7,460,126
TOTAL UNITED STATES				470,424,363
TOTAL COMMON STOCK
(Cost $977,631,036)				987,288,602

REPURCHASE AGREEMENTS (B) — 4.8%
Barclays Bank
1.050%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $28,047,636 (collateralized by U.S Treasury Obligations, ranging in par value $0-$5,979,809, 0.000%-9.000%, 11/15/17-8/15/47, with a total market value of $28,607,754)	$	28,046,818		28,046,818

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

Schedule of Investments

October 31, 2017

Global X SuperDividend^® ETF

	Face Amount		Value
REPURCHASE AGREEMENTS (B) — continued
Deutsche Bank
1.040%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $19,169,102 (collateralized by U.S. Treasury Obligations, par value $18,581,991, 3.625%, 02/15/20, with a total market value of $19,537,347)	$	19,168,548	$	19,168,548

TOTAL REPURCHASE AGREEMENTS
(Cost $47,215,366)				47,215,366
TOTAL INVESTMENTS — 104.2%
(Cost $1,024,846,402)			$	1,034,503,968

Percentages are based on Net Assets of $992,893,431.

(A)

This security or a partial position of this security is on loan at October 31, 2017. The total value of securities on loan at October 31, 2017 was $45,096,945.

(B)

Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2017 was $47,215,366.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

NVDR — Non-Voting Depositary Receipt

PJSC — Private Joint Stock Company

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	987,288,602	$	—	$	—	$	987,288,602
Repurchase Agreements		—		47,215,366		—		47,215,366
Total Investments in Securities	$	987,288,602	$	47,215,366	$	—	$	1,034,503,968

For the year ended October 31, 2017, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

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

Schedule of Investments

October 31, 2017

Global X SuperDividend^® U.S. ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 81.0%
UNITED STATES— 81.0%
Consumer Goods — 12.7%
Altria Group		113,081	$	7,262,062
B&G Foods ^(A)		178,807		5,686,063
Coca-Cola		200,397		9,214,254
Flowers Foods		440,340		8,379,670
Philip Morris International		79,773		8,347,447
Universal		122,236		7,010,234
Vector Group		389,235		8,088,303
				53,988,033
Consumer Services — 12.9%
DineEquity		139,317		6,632,882
DSW, Cl A		389,851		7,465,647
H&R Block		403,286		9,977,296
Regal Entertainment Group, Cl A ^(A)		390,850		6,390,397
Six Flags Entertainment		133,273		8,368,212
Student Transportation		1,509,506		8,845,705
Target		125,606		7,415,778
				55,095,917
Financials — 23.1%
AGNC Investment		437,052		8,797,857
Annaly Capital Management		796,791		9,131,225
Apollo Commercial Real Estate Finance		483,105		8,729,707
Armour Residential ^(A)		391,362		9,803,618
Chimera Investment		461,004		8,436,373
CYS Investments		1,120,149		8,961,192
MFA Financial		1,075,375		8,861,090

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

Schedule of Investments

October 31, 2017

Global X SuperDividend^® U.S. ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
MTGE Investment		538,211	$	9,741,619
New York Mortgage Trust		1,345,053		8,110,670
PennyMac Mortgage Investment Trust		510,509		8,198,775
Two Harbors Investment		945,673		9,267,595
				98,039,721
Health Care — 2.0%
Pfizer		245,222		8,597,484
Industrials — 2.4%
Fortress Transportation & Infrastructure Investors		569,679		10,385,248
Oil & Gas — 2.0%
ExxonMobil		100,407		8,368,924
Telecommunications — 3.5%
AT&T		201,677		6,786,431
Verizon Communications		170,068		8,141,155
				14,927,586
Utilities — 22.4%
Ameren		154,649		9,586,692
Avangrid		202,505		10,475,583
Avista		208,464		10,890,159
Consolidated Edison		111,623		9,605,159
Duke Energy		104,864		9,260,540
Entergy		111,852		9,648,353
FirstEnergy		267,047		8,799,199
Northwest Natural Gas		140,023		9,290,526
PPL		234,812		8,819,539
Southern		172,119		8,984,612
				95,360,362
TOTAL COMMON STOCK
(Cost $320,162,672)				344,763,275

MASTER LIMITED PARTNERSHIPS — 18.7%
CANADA— 2.2%
Utilities — 2.2%
Brookfield Renewable Partners		280,786		9,473,720
UNITED STATES— 16.5%
Consumer Services — 3.7%
Cedar Fair		125,877		7,879,900
CrossAmerica Partners		312,386		8,015,825
				15,895,725
Financials — 1.9%
Ellington Financial		532,519		8,136,890

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

Schedule of Investments

October 31, 2017

Global X SuperDividend^® U.S. ETF

	Shares / Face Amount		Value
MASTER LIMITED PARTNERSHIPS — continued
Oil & Gas — 9.0%
Delek Logistics Partners		255,458	$	7,842,561
PBF Logistics		399,435		7,868,869
Phillips 66 Partners		147,185		7,419,596
Transmontaigne Partners		192,702		8,008,695
Valero Energy Partners		164,481		7,066,104
				38,205,825
Utilities — 1.9%
AmeriGas Partners		172,110		7,787,977

TOTAL UNITED STATES				70,026,417
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $77,066,779)				79,500,137

REPURCHASE AGREEMENTS (B) — 1.8%
Barclays Bank
1.050%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $4,570,668 (collateralized by U.S Treasury Obligations, ranging in par value $0-$1,524,261, 0.000%-9.000%, 11/15/17-8/15/47, with a total market value of $4,661,945)	$	4,570,535		4,570,535
Deutsche Bank
1.040%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $3,123,796 (collateralized by U.S. Treasury Obligations, par value $3,028,183, 3.625%, 02/15/20, with a total market value of $3,183,824)		3,123,724		3,123,724

TOTAL REPURCHASE AGREEMENTS
(Cost $7,694,259)				7,694,259
TOTAL INVESTMENTS — 101.5%
(Cost $404,923,710)			$	431,957,671

Percentages are based on Net Assets of $425,579,275.

(A)	This security or a partial position of this security is on loan at October 31, 2017. The total value of securities on loan at October 31, 2017 was $7,507,034.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2017 was $7,694,259.

Cl — Class

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

Schedule of Investments

October 31, 2017

Global X SuperDividend^® U.S. ETF

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	344,763,275	$	—	$	—	$	344,763,275
Master Limited Partnerships		79,500,137		—		—		79,500,137
Repurchase Agreements		—		7,694,259		—		7,694,259
Total Investments in Securities	$	424,263,412	$	7,694,259	$	—	$	431,957,671

For the year ended October 31, 2017, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

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

Schedule of Investments

October 31, 2017

Global X MSCI SuperDividend^® EAFE ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 100.0%
AUSTRALIA— 13.7%
Basic Materials — 1.8%
Fortescue Metals Group		9,124	$	32,460
Consumer Services — 2.0%
Harvey Norman Holdings		12,517		36,278
Financials — 6.4%
Bank of Queensland		4,086		41,856
Bendigo and Adelaide Bank		3,973		34,667
National Australia Bank		1,573		39,391
				115,914
Industrials — 1.9%
Aurizon Holdings		8,769		34,828
Telecommunications — 1.6%
Telstra		10,788		29,282
TOTAL AUSTRALIA				248,762
FINLAND— 2.7%
Utilities — 2.7%
Fortum		2,276		48,335
FRANCE— 13.8%
Consumer Services — 5.3%
Casino Guichard Perrachon		595		33,988
Lagardere SCA		1,145		37,715
SES, Cl A		1,510		24,557
				96,260
Financials — 2.1%
Credit Agricole		2,220		38,741
Oil & Gas — 2.0%
Total		656		36,582

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

Schedule of Investments

October 31, 2017

Global X MSCI SuperDividend^® EAFE ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — 2.2%
ICADE		447	$	39,055
Utilities — 2.2%
Engie		2,357		39,841
TOTAL FRANCE				250,479
HONG KONG— 7.2%
Consumer Services — 2.1%
Sands China		8,172		38,494
Telecommunications — 3.1%
HKT Trust & HKT		27,440		33,518
PCCW		41,700		22,983
				56,501
Utilities — 2.0%
HK Electric Investments & HK Electric Investments ^(A)		38,921		35,819
TOTAL HONG KONG				130,814
ITALY— 8.3%
Financials — 6.2%
Intesa Sanpaolo		11,349		38,156
Intesa Sanpaolo		11,928		37,629
Poste Italiane ^(A)		4,992		36,492
				112,277
Utilities — 2.1%
Snam		7,323		37,416
TOTAL ITALY				149,693
LUXEMBOURG— 1.2%
Consumer Services — 1.2%
RTL Group		300		22,259
NETHERLANDS— 2.1%
Financials — 2.1%
ING Groep		2,106		38,910
NEW ZEALAND— 2.0%
Telecommunications — 2.0%
Spark New Zealand		14,186		35,763
NORWAY— 2.1%
Consumer Goods — 2.1%
Marine Harvest		1,926		37,546
PORTUGAL— 2.0%
Utilities — 2.0%
Energias de Portugal		10,264		36,624

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

Schedule of Investments

October 31, 2017

Global X MSCI SuperDividend^® EAFE ETF

	Shares		Value
COMMON STOCK — continued
SINGAPORE— 4.1%
Real Estate Investment Trusts — 2.2%
Ascendas		19,330	$	38,876
Telecommunications — 1.9%
StarHub		18,251		35,232
TOTAL SINGAPORE				74,108
SPAIN— 4.0%
Financials — 2.1%
Banco Bilbao Vizcaya Argentaria		4,286		37,512
Utilities — 1.9%
Endesa		1,496		34,245
TOTAL SPAIN				71,757
SWEDEN— 8.4%
Financials — 5.9%
Nordea Bank		2,709		32,747
Skandinaviska Enskilda Banken, Cl A		2,957		36,451
Swedbank, Cl A		1,509		37,456
				106,654
Telecommunications — 2.5%
Tele2, Cl B		3,597		45,758
TOTAL SWEDEN				152,412
SWITZERLAND— 2.0%
Financials — 2.0%
Zurich Insurance Group		121		36,963
UNITED KINGDOM— 26.4%
Consumer Goods — 5.9%
Berkeley Group Holdings		811		40,289
Persimmon		1,123		41,786
Taylor Wimpey		9,400		24,903
				106,978
Consumer Services — 3.6%
Next		440		28,753
Pearson		3,911		36,537
				65,290
Financials — 6.5%
Direct Line Insurance Group		7,767		38,338
HSBC Holdings		4,105		40,029
Legal & General Group		10,965		38,878
				117,245
Oil & Gas — 6.6%
BP		5,783		39,181
Royal Dutch Shell, Cl A		1,289		40,491

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

Schedule of Investments

October 31, 2017

Global X MSCI SuperDividend^® EAFE ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — continued
Royal Dutch Shell, Cl B		1,261	$	40,549
				120,221
Telecommunications — 2.0%
Vodafone Group		12,396		35,491
Utilities — 1.8%
SSE		1,809		33,199
TOTAL UNITED KINGDOM				478,424
TOTAL INVESTMENTS — 100.0%
(Cost $1,664,206)			$	1,812,849

Percentages are based on Net Assets of $1,813,210.

(A)

Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of October 31, 2017 was $72,311 and represents 4.0% of Net Assets.

Cl — Class

As of October 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 October 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

October 31, 2017

Global X MSCI SuperDividend^® Emerging Markets ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 89.6%
BRAZIL— 7.8%
Financials — 2.0%
Itausa - Investimentos Itau		79,300	$	254,043
Utilities — 5.8%
EDP - Energias do Brasil		62,854		276,675
Engie Brasil Energia		22,700		248,417
Transmissora Alianca de Energia Eletrica		34,620		216,947
				742,039
TOTAL BRAZIL				996,082
CHINA— 5.8%
Basic Materials — 2.0%
Sinopec Shanghai Petrochemical, Cl H		415,900		247,882
Consumer Goods — 1.9%
Chongqing Changan Automobile, Cl B		183,530		240,181
Financials — 1.9%
Bank of Communications, Cl H		328,280		247,416
TOTAL CHINA				735,479
CZECH REPUBLIC— 3.9%
Financials — 1.9%
Moneta Money Bank ^(A)		71,800		245,449
Telecommunications — 2.0%
O2 Czech Republic		21,170		257,859
TOTAL CZECH REPUBLIC				503,308

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

Schedule of Investments

October 31, 2017

Global X MSCI SuperDividend^® Emerging Markets ETF

	Shares		Value
COMMON STOCK — continued
EGYPT— 2.3%
Financials — 2.3%
Egyptian Financial Group-Hermes Holding		222,610	$	296,111
GREECE— 2.1%
Consumer Services — 2.1%
OPAP		23,620		264,704
HONG KONG— 1.9%
Utilities — 1.9%
China Resources Power Holdings		124,450		239,272
INDIA— 4.5%
Basic Materials — 2.8%
Vedanta		69,032		353,679
Financials — 1.7%
Power Finance		102,810		221,029
TOTAL INDIA				574,708
MALAYSIA— 3.4%
Utilities — 3.4%
YTL		717,631		215,281
YTL Power International		717,621		220,363
TOTAL MALAYSIA				435,644
MEXICO— 3.4%
Financials — 1.8%
Grupo Financiero Santander Mexico, Cl B		131,585		222,102
Real Estate Investment Trusts — 1.6%
Fibra Uno Administracion		132,800		209,437
TOTAL MEXICO				431,539
PAKISTAN— 4.9%
Basic Materials — 1.4%
Engro		69,430		183,253
Financials — 3.5%
MCB Bank		109,210		206,093
United Bank		136,000		231,226
				437,319
TOTAL PAKISTAN				620,572
QATAR— 3.4%
Financials — 3.4%
Barwa Real Estate		25,930		213,736
Doha Bank QPSC		28,366		219,713
TOTAL QATAR				433,449

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

Schedule of Investments

October 31, 2017

Global X MSCI SuperDividend^® Emerging Markets ETF

	Shares		Value
COMMON STOCK — continued
RUSSIA— 17.4%
Basic Materials — 8.9%
Alrosa PJSC		189,100	$	243,725
MMC Norilsk Nickel		1,643		298,268
Novolipetsk Steel PJSC		128,690		293,815
Severstal PJSC		19,068		293,575
				1,129,383
Financials — 2.2%
Moscow Exchange MICEX-RTS PJSC		137,270		277,666
Oil & Gas — 4.2%
Gazprom PJSC		127,700		275,555
Lukoil PJSC		4,920		261,070
				536,625
Telecommunications — 2.1%
Sistema PJSC FC GDR		61,760		272,130
TOTAL RUSSIA				2,215,804
SOUTH AFRICA— 14.8%
Consumer Services — 1.8%
Truworths International		43,690		232,828
Financials — 6.2%
Barclays Africa Group		36,620		362,905
Liberty Holdings		30,280		237,764
MMI Holdings		148,470		197,383
				798,052
Real Estate Investment Trusts — 5.3%
Fortress Income Fund, Cl A		190,370		227,912
Growthpoint Properties		129,370		224,228
Redefine Properties		297,460		223,180
				675,320
Telecommunications — 1.5%
Telkom SOC		49,500		185,381
TOTAL SOUTH AFRICA				1,891,581
TAIWAN— 5.1%
Financials — 1.8%
Mega Financial Holding		303,210		238,269
Industrials — 1.6%
Highwealth Construction		148,280		198,136
Technology — 1.7%
Pegatron		82,400		213,107
TOTAL TAIWAN				649,512

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

Schedule of Investments

October 31, 2017

Global X MSCI SuperDividend^® Emerging Markets ETF

	Shares		Value
COMMON STOCK — continued
TURKEY— 4.2%
Basic Materials — 2.2%
Petkim Petrokimya Holding		159,860	$	279,588
Telecommunications — 2.0%
Turkcell Iletisim Hizmetleri		68,100		254,172
TOTAL TURKEY				533,760
UNITED ARAB EMIRATES— 4.7%
Financials — 4.7%
DAMAC Properties Dubai PJSC		314,875		338,653
Dubai Islamic Bank PJSC		156,310		260,471
TOTAL UNITED ARAB EMIRATES				599,124
TOTAL COMMON STOCK
(Cost $11,402,399)				11,420,649

PREFERRED STOCK — 9.9%
BRAZIL— 9.9%
Basic Materials — 3.2%
Braskem^*(B)		25,750		412,145
Utilities — 6.7%
Centrais Eletricas Brasileiras^(B)		49,654		384,622
Cia Energetica de Minas Gerais^(B)		110,553		261,230
Cia Paranaense de Energia^(B)		27,100		207,018
				852,870
TOTAL BRAZIL				1,265,015
TOTAL PREFERRED STOCK
(Cost $1,034,103)				1,265,015

	Number Of Rights
RIGHT — 0.0%
Brazil — 0.0%
Cia Energetica de Minas Gerais, 11/29/17* (Cost $–)		17,564		6,282

TOTAL INVESTMENTS — 99.5%
(Cost $12,436,502)			$	12,691,946

Percentages are based on Net Assets of $12,748,327.

Non-income producing security.

(A)

(B)

There’s currently no stated interest rate.

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

Schedule of Investments

October 31, 2017

Global X MSCI SuperDividend^® Emerging Markets ETF

Cl — Class

GDR — Global Depositary Receipt

PJSC — Public Joint Stock Company

As of October 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 year ended October 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

October 31, 2017

Global X SuperDividend^® REIT ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.4%
AUSTRALIA— 9.5%
Real Estate Investment Trusts — 9.5%
Charter Hall Retail		508,994	$	1,584,496
Stockland		532,100		1,844,099
Vicinity Centres		744,702		1,513,146
TOTAL AUSTRALIA				4,941,741
CANADA— 9.7%
Real Estate Investment Trusts — 9.7%
Artis		174,631		1,884,351
Cominar		148,298		1,592,153
H&R		94,939		1,577,530
TOTAL CANADA				5,054,034
NETHERLANDS— 3.3%
Real Estate Investment Trusts — 3.3%
Wereldhave		37,900		1,722,567
SINGAPORE— 14.8%
Real Estate Investment Trusts — 14.8%
Ascendas		968,777		1,948,362
CapitaLand Commercial Trust		1,565,952		1,994,221
CapitaLand Mall Trust		1,189,092		1,763,040
Suntec		1,385,200		1,982,634
TOTAL SINGAPORE				7,688,257
UNITED STATES— 62.1%
Financials — 45.8%
AGNC Investment		86,305		1,737,320
Annaly Capital Management		162,691		1,864,439
Apollo Commercial Real Estate Finance		95,997		1,734,666
Armour Residential		75,938		1,902,247
Blackstone Mortgage Trust, Cl A		52,553		1,672,762
Capstead Mortgage		151,088		1,332,596
Chimera Investment		93,855		1,717,547
MFA Financial		209,393		1,725,398
MTGE Investment		101,973		1,845,711
New Residential Investment		104,210		1,837,222
Orchid Island Capital, Cl A		143,948		1,433,722
PennyMac Mortgage Investment Trust		96,640		1,552,038
Starwood Property Trust		72,733		1,564,487

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

Schedule of Investments

October 31, 2017

Global X SuperDividend^® REIT ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Two Harbors Investment		191,630	$	1,877,974
				23,798,129
Real Estate Investment Trusts — 16.3%
Apple Hospitality		80,518		1,525,011
Chesapeake Lodging Trust		63,298		1,766,014
Gaming and Leisure Properties		52,573		1,921,016
Hospitality Properties Trust		51,627		1,475,500
WP Carey		26,210		1,786,212
				8,473,753
TOTAL COMMON STOCK (Cost $50,362,335)				32,271,882
TOTAL INVESTMENTS — 99.4%
(Cost $50,362,335)			$	51,678,481

Percentages are based on Net Assets of $51,986,120.

Cl — Class

As of October 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 year ended October 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

October 31, 2017

Global X SuperIncome™ Preferred ETF

Sector Weightings (unaudited)†:

	Shares		Value
PREFERRED STOCK — 99.4%
GERMANY— 5.0%
Financials — 5.0%
Deutsche Bank Contingent Capital Trust II, 6.550%^(A)		87,308	$	2,247,308
Deutsche Bank Contingent Capital Trust III, 7.600%		216,405		5,635,186
Deutsche Bank Contingent Capital Trust V, 8.050%		152,049		4,009,532
TOTAL GERMANY				11,892,026
NETHERLANDS— 7.4%
Financials — 7.4%
Aegon, 8.000%		137,510		3,613,763
Aegon, 6.375%		267,275		6,922,423
ING Groep, 6.375%		278,164		7,148,815
TOTAL NETHERLANDS				17,685,001
UNITED KINGDOM— 12.1%
Financials — 12.1%
Barclays Bank, Ser 5, 8.125%		452,132		12,062,882
HSBC Holdings, 8.125%^(A)		163,246		4,445,188
HSBC Holdings, Ser 2, 8.000%^(A)		280,163		7,536,385
Royal Bank of Scotland Group, Ser S, 6.600%		174,970		4,487,980
TOTAL UNITED KINGDOM				28,532,435
UNITED STATES— 74.9%
Basic Materials — 0.1%
NuStar Logistics, 7.625%, VAR ICE LIBOR USD 3 Month+6.734%		7,279		182,848
Consumer Goods — 1.7%
CHS, Ser 4, 7.500%		138,639		3,972,007

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

Schedule of Investments

October 31, 2017

Global X SuperIncome™ Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — 47.5%
AGNC Investment, 7.000%, VAR ICE LIBOR USD 3 Month+5.111%^(A)		50,634	$	1,354,459
Allstate, Ser E, 6.625%		186,918		5,015,010
AmTrust Financial Services, 6.950%		77,773		1,796,556
Annaly Capital Management, 7.625%		67,393		1,711,108
Annaly Capital Management, 6.950%, VAR ICE LIBOR USD 3 Month+4.993%		164,994		4,355,842
Apollo Global Management, 6.375%^(A)		73,380		1,924,757
Ares Management, 7.000%		68,439		1,835,534
Bank of America, 6.625%		11,645		302,886
Bank of America, 6.625%		104,949		2,833,623
Capital One Financial, Ser B, 6.000%		28,101		713,484
Capital One Financial, Ser C, 6.250%		120,178		3,208,753
Capital One Financial, Ser D, 6.700%		132,732		3,590,401
Charles Schwab, 6.000%		17,294		438,922
Chimera Investment, 8.000%, VAR ICE LIBOR USD 3 Month+5.791%		87,294		2,256,550
Citigroup, 6.875%, VAR ICE LIBOR USD 3 Month+4.130%		31,540		911,191
Citigroup, Ser J, 7.125%, VAR ICE LIBOR USD 3 Month+4.040%		84,962		2,446,906
Citigroup, Ser L, 6.875%		46,122		1,244,833
Citigroup Capital XIII, 7.750%, VAR ICE LIBOR USD 3 Month+6.370%		222,879		6,066,766
Countrywide Capital V, 7.000%		235,901		6,057,938
Discover Financial Services, Ser B, 6.500%		151,864		3,857,346
GMAC Capital Trust I, Ser 2, 7.100%, VAR ICE LIBOR USD 3 Month+5.785%		450,752		11,836,747
Hartford Financial Services Group, 7.875%, VAR ICE LIBOR USD 3 Month+5.596%		161,479		4,833,066
Huntington Bancshares, 6.250%		160,347		4,451,233
Invesco Mortgage Capital, 7.500%, VAR ICE LIBOR USD 3 Month+5.289%		68,008		1,728,763
JPMorgan Chase, Ser T, 6.700%		243,762		6,520,633
Merrill Lynch Capital Trust I, 6.450%		158,044		4,093,340
Morgan Stanley, Ser E, 7.125%, VAR ICE LIBOR USD 3 Month+4.320%^(A)		192,597		5,575,683
Morgan Stanley, Ser F, 6.875%, VAR ICE LIBOR USD 3 Month+3.940%^(A)		190,847		5,448,682
Morgan Stanley, Ser G, 6.625%		90,818		2,432,106
Two Harbors Investment, 7.625%, VAR ICE LIBOR USD 3 Month+5.352%		48,939		1,299,820
Wells Fargo, 7.500%^*		6,364		8,336,840
Wells Fargo, Ser J, 8.000%		137,258		3,502,824
				111,982,602
Health Care — 4.4%
Allergan, 5.500%^*		15,994		10,295,178
Industrials — 1.2%
Stericycle, 5.250%^*		49,585		2,823,370
Oil & Gas — 7.3%
Hess, 8.000%^*		78,665		4,342,308
Kinder Morgan, Ser A, 9.750%^{* (A)}		214,403		8,061,553

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

Schedule of Investments

October 31, 2017

Global X SuperIncome™ Preferred ETF

	Shares/Face Amount		Value
PREFERRED STOCK — continued
Oil & Gas — continued
NuStar Energy, 8.500%, VAR ICE LIBOR USD 3 Month+6.766%		58,260	$	1,529,325
NuStar Energy, 7.625%, VAR ICE LIBOR USD 3 Month+5.643%		9,768		248,595
Southwestern Energy, 0.000%^*		116		644
Southwestern Energy, Ser B, 6.250%^*		240,600		3,062,838
				17,245,263
Real Estate Investment Trusts — 10.0%
Annaly Capital Management, Ser C, 7.625%		67,146		1,704,165
Annaly Capital Management, Ser D, 7.500%		118,623		3,013,024
CBL & Associates Properties, Ser D, 7.375%^(A)		119,278		2,943,781
Colony NorthStar, 7.150%		14,804		378,243
Colony NorthStar, 7.125%		71,896		1,831,191
Crown Castle International, 6.875%^*		3,654		4,007,707
Digital Realty Trust, Ser H, 7.375%		96,872		2,585,514
VEREIT, Ser F, 6.700%		285,498		7,300,184
				23,763,809
Techhnology — 1.7%
Belden, 6.750%^*		37,427		4,022,654
Telecommunications — 1.0%
Frontier Communications, Ser A, 11.125%^*		121,703		2,419,456
TOTAL UNITED STATES				176,707,187
TOTAL PREFERRED STOCK
(Cost $251,830,640)				234,816,649

REPURCHASE AGREEMENTS (B) — 5.0%
Barclays Bank
1.050%, dated 10/31/17, to be repurchased on 11/01/17, repurchase price $7,026,571 (collateralized by U.S Treasury Obligations, ranging in par value $0-$2,343,274, 0.000%-9.000%, 11/15/17-8/15/47, with a total market value of $7,166,893)	$	7,026,366		7,026,366
Deutsche Bank
1.040%, dated 10/31/17, to be repurchased on 11/01/17, repurchase price $4,802,297 (collateralized by U.S. Treasury Obligations, par value $4,655,212, 3.625%, 02/15/20, with a total market value of $4,894,550).		4,802,158		4,802,158
TOTAL REPURCHASE AGREEMENTS
(Cost $11,828,524)				11,828,524
TOTAL INVESTMENTS — 104.4%
(Cost $263,659,164)			$	246,645,173

Percentages are based on Net Assets of $236,330,507

Non-income producing security.

(A)

This security or a partial position of this security is on loan at October 31, 2017. The total value of securities on loan at October 31, 2017 was $11,553,181.

(B)

Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2017 was $11,828,524.

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

Schedule of Investments

October 31, 2017

Global X SuperIncome™ Preferred ETF

ICE —Intercontinental Exchange

LIBOR — London Interbank Offered Rate

Ser — Series

USD —United States Dollar

VAR —Variable Rate

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Preferred Stock	$	234,816,649	$	—	$	—	$	234,816,649
Repurchase Agreements		—		11,828,524		—		11,828,524
Total Investments in Securities	$	234,816,649	$	11,828,524	$	—	$	246,645,173

For the year ended October 31, 2017, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

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

Schedule of Investments

October 31, 2017

Global X Social Media ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 99.8%
CHINA— 18.4%
Consumer Goods — 0.5%
Changyou.com ADR ^*		21,309	$	825,511
Consumer Services — 0.1%
Renren ADR ^{* (A)}		21,558		238,216
Technology — 17.8%
Baidu ADR ^*		28,574		6,970,341
NetEase ADR		27,592		7,778,737
SINA ^*		67,800		7,298,670
Weibo ADR ^{* (A)}		36,466		3,378,575
YY ADR ^*		43,404		3,923,287
				29,349,610
TOTAL CHINA				30,413,337
GERMANY— 5.3%
Technology — 5.3%
United Internet		122,350		7,740,857
XING		3,300		980,685
TOTAL GERMANY				8,721,542
HONG KONG— 9.8%
Technology — 9.8%
Tencent Holdings		361,095		16,189,986
JAPAN— 9.3%
Consumer Goods — 4.2%
Nexon		258,902		6,926,534
Consumer Services — 2.5%
Dena		133,541		3,122,577
Gree		141,335		954,008
				4,076,585
Technology — 2.6%
LINE ^*		45,270		1,858,528
Mixi		51,740		2,513,463
				4,371,991

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

Schedule of Investments

October 31, 2017

Global X Social Media ETF

	Shares		Value
COMMON STOCK — continued
TOTAL JAPAN			$	15,375,110
RUSSIA— 7.6%
Technology — 7.6%
Mail.Ru Group GDR ^*		131,127		4,261,627
Yandex, Cl A ^*		244,514		8,271,909
TOTAL RUSSIA				12,533,536
TAIWAN— 0.4%
Consumer Services — 0.4%
PChome Online		110,644		640,176
UNITED STATES— 49.0%
Consumer Goods — 2.6%
Glu Mobile ^{* (A)}		132,470		531,205
Zynga, Cl A ^*		960,533		3,746,079
				4,277,284
Consumer Services — 6.1%
ANGI Homeservices ^*		61,867		773,337
Groupon, Cl A ^*		540,935		2,580,260
Pandora Media ^{* (A)}		287,286		2,100,061
Yelp, Cl A ^*		97,836		4,570,898
				10,024,556
Technology — 40.3%
Alphabet, Cl A ^*		7,726		7,981,267
Facebook, Cl A ^*		94,125		16,948,147
IAC ^*		62,469		8,061,624
Match Group ^{* (A)}		48,698		1,302,185
Meet Group ^*		85,256		289,018
Momo ADR ^*		177,400		5,405,378
Snap, Cl A ^{* (A)}		649,854		9,968,760
Twitter ^*		804,300		16,584,666
				66,541,045
TOTAL UNITED STATES				80,842,885
TOTAL COMMON STOCK
(Cost $143,072,574)				164,716,572

	Number Of Rights
RIGHT — 0.0%
Hong Kong — 0.0%
Tencent Holdings, 11/10/17 * ^(C) (Cost $–)		347	—

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

Schedule of Investments

October 31, 2017

Global X Social Media ETF

	Face Amount		Value
REPURCHASE AGREEMENTS (B) — 7.8%
Barclays Bank
1.050%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $7,639,913 (collateralized by U.S Treasury Obligations, ranging in par value $0-$2,547,816, 0.000%-9.000%, 11/15/17-8/15/47, with a total market value of $7,792,484)	$	7,639,690	$	7,639,690
Deutsche Bank
1.040%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $5,221,484 (collateralized by U.S. Treasury Obligations, par value $5,061,560, 3.625%, 02/15/20, with a total market value of $5,321,790)		5,221,333		5,221,333

TOTAL REPURCHASE AGREEMENTS
(Cost $12,861,023)				12,861,023
TOTAL INVESTMENTS — 107.6%
(Cost $155,933,597)			$	177,577,595

Percentages are based on Net Assets of $164,997,532.

Non-income producing security.

(A)

This security or a partial position of this security is on loan at October 31, 2017. The total value of securities on loan at October 31, 2017 was $12,668,197.

(B)

Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2017 was $12,861,023.

(C)

Level 3 security in accordance with fair value hierarchy.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

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

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾			Total
Common Stock	$	164,716,572	$	—	$	—		$	164,716,572
Right		—		—		—	⁽²⁾		—
Repurchase Agreements		—		12,861,023		—			12,861,023
Total Investments in Securities	$	164,716,572	$	12,861,023	$	—		$	177,577,595

⁽²⁾Amounts designated as "-" are $0 or have been rounded to $0

For the year ended October 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

October 31, 2017

Global X | JPMorgan Efficiente Index ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
EXCHANGE TRADED FUNDS — 100.0%
iShares Core S&P Small-Cap ETF		13,778	$	1,031,421
iShares iBoxx $ Investment Grade Corporate Bond ETF		4,284		518,964
iShares JP Morgan USD Emerging Markets Bond ETF		8,949		1,040,321
Vanguard FTSE Developed Markets ETF		23,914		1,056,521
Vanguard FTSE Emerging Markets ETF		23,777		1,061,167
Vanguard S&P 500 ETF		2,239		528,695

TOTAL INVESTMENTS — 100.0%
(Cost $4,901,666)			$	5,237,089

Percentages are based on Net Assets of $5,236,648.

ETF — Exchange Traded Fund

FTSE — Financial Times Stock Exchange

S&P — Standard & Poor's

USD — U.S. Dollar

As of October 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 year ended October 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

October 31, 2017

Global X | JPMorgan US Sector Rotator Index ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
EXCHANGE TRADED FUNDS — 100.0%
Consumer Discretionary Select Sector SPDR Fund		14,336	$	1,318,768
Energy Select Sector SPDR Fund		11,637		790,269
Financial Select Sector SPDR Fund		25,001		665,027
Industrial Select Sector SPDR Fund		18,081		1,293,334
Materials Select Sector SPDR Fund		17,527		1,034,093

TOTAL INVESTMENTS — 100.0%
(Cost $4,992,578)			$	5,101,491

Percentages are based on Net Assets of $5,102,108.

SPDR — Standard & Poor’s Depositary Receipts

As of October 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 year ended October 31, 2017, there have been no transfers between Level 1, Level 2 or Level 3 investment.

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

Schedule of Investments

October 31, 2017

Global X Guru^® Index ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 99.9%
CANADA— 1.8%
Consumer Services — 1.8%
Restaurant Brands International		15,405	$	995,009
CHINA— 1.8%
Technology — 1.8%
Baidu ADR ^*		4,087		996,983
IRELAND— 1.9%
Health Care — 1.9%
Horizon Pharma ^*		77,140		1,046,019
NETHERLANDS— 1.7%
Technology — 1.7%
NXP Semiconductors ^*		8,162		955,362
UNITED STATES— 92.7%
Basic Materials — 1.8%
Celanese, Cl A		9,399		980,410
Consumer Goods — 12.5%
Adient		13,952		1,176,991
Constellation Brands, Cl A		4,634		1,015,263
Cooper-Standard Holding ^*		9,146		1,019,596
Herbalife ^{* (A)}		14,748		1,071,000
Mondelez International, Cl A		20,996		869,864
Monsanto		7,831		948,334
Procter & Gamble		9,989		862,450
				6,963,498

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

Schedule of Investments

October 31, 2017

Global X Guru^® Index ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — 22.6%
AutoNation ^{* (A)}		22,059	$	1,045,597
Buffalo Wild Wings ^*		8,391		991,816
Charter Communications, Cl A ^*		2,316		773,938
Delta Air Lines		18,395		920,302
GrubHub ^{* (A)}		16,944		1,033,923
Hilton Worldwide Holdings		14,804		1,070,033
Home Depot		6,132		1,016,563
ILG		34,907		1,035,691
Marriott International, Cl A		9,172		1,095,871
MGM Resorts International		29,150		913,852
Netflix ^*		5,466		1,073,686
Time Warner		9,056		890,114
United Continental Holdings ^*		13,753		804,275
				12,665,661
Financials — 15.4%
Athene Holding, Cl A ^*		17,428		908,522
Bank of America		37,629		1,030,658
Berkshire Hathaway, Cl B ^*		5,190		970,218
CIT Group		19,753		920,885
Investors Bancorp		69,817		959,984
JPMorgan Chase		9,931		999,158
MetLife		19,273		1,032,647
Realogy Holdings		26,561		858,717
Western Union		47,860		950,500
				8,631,289
Health Care — 6.2%
Allergan		3,984		706,084
DENTSPLY SIRONA		17,130		1,046,129
HCA Healthcare ^*		11,620		879,053
Incyte ^*		7,287		825,253
				3,456,519
Industrials — 7.0%
First Data, Cl A ^*		51,476		916,788
Macquarie Infrastructure		12,657		880,294
Sherwin-Williams		2,769		1,094,170
Spirit Aerosystems Holdings, Cl A		13,100		1,049,310
				3,940,562
Oil & Gas — 10.6%
Baker Hughes a GE		26,839		843,550
Cheniere Energy ^*		21,817		1,019,727
ExxonMobil		11,801		983,613
Hess		22,625		999,120
Marathon Petroleum		17,745		1,060,086

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

Schedule of Investments

October 31, 2017

Global X Guru^® Index ETF

	Shares / Face Amount		Value
COMMON STOCK — continued
Oil & Gas — continued
Pioneer Natural Resources		6,887	$	1,030,777
				5,936,873
Real Estate Investment Trusts — 4.9%
American Tower, Cl A		6,593		947,216
Crown Castle International		8,936		956,867
VEREIT		108,598		856,838
				2,760,921
Technology — 7.1%
Apple		5,699		963,359
Dycom Industries ^*		11,291		991,689
Facebook, Cl A ^*		5,386		969,803
GoDaddy, Cl A ^*		22,090		1,031,603
				3,956,454
Telecommunications — 2.8%
CenturyLink ^(A)		44,811		850,961
Sprint ^{* (A)}		110,951		725,620
				1,576,581
Utilities — 1.8%
Vistra Energy		52,594		1,022,427
TOTAL UNITED STATES				51,891,195
TOTAL COMMON STOCK
(Cost $50,598,162)				55,884,568

REPURCHASE AGREEMENTS (B) — 3.6%
Barclays Bank
1.050%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $1,213,038 (collateralized by U.S Treasury Obligations, ranging in par value $0-$404,533, 0.000%-9.000%, 11/15/17-8/15/47, with a total market value of $1,237,262)	$	1,213,002		1,213,002
Deutsche Bank
1.040%, dated 10/31/17, to be repurchased on 11/01/17 repurchase price $829,049 (collateralized by U.S. Treasury Obligations, par value $803,656, 3.625%, 02/15/20, with a total market value of $844,975)		829,024		829,025

TOTAL REPURCHASE AGREEMENTS
(Cost $2,042,027)				2,042,027
TOTAL INVESTMENTS — 103.5%
(Cost $52,640,189)			$	57,926,595

Percentages are based on Net Assets of $55,955,789.

Non-income producing security.

(A)

This security or a partial position of this security is on loan at October 31, 2017. The total value of securities on loan at October 31, 2017 was $2,026,333.

(B)

Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2017 was $2,042,027.

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

Schedule of Investments

October 31, 2017

Global X Guru^® Index ETF

ADR — American Depositary Receipt

Cl — Class

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	55,884,568	$	—	$	—	$	55,884,568
Repurchase Agreements		—		2,042,027		—		2,042,027
Total Investments in Securities	$	55,884,568	$	2,042,027	$	—	$	57,926,595

For the year ended October 31, 2017, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta US ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.9%
UNITED STATES— 99.9%
Basic Materials — 2.9%
Air Products & Chemicals		514	$	81,947
Albemarle		2,268		319,539
Arconic		8,396		210,907
Celanese, Cl A		2,687		280,281
DowDuPont		6,670		482,308
Eastman Chemical		3,309		300,490
Ecolab		538		70,295
FMC		2,218		205,963
Freeport-McMoRan Copper & Gold ^*		19,318		270,066
International Flavors & Fragrances		2,028		298,968
International Paper		1,563		89,513
Mosaic		10,856		242,523
Newmont Mining		17,156		620,361
Nucor		2,784		160,999
Praxair		986		144,074
Steel Dynamics		5,444		202,571
				3,980,805
Consumer Goods — 9.8%
Activision Blizzard		1,679		109,958
Altria Group		4,617		296,504
Archer-Daniels-Midland		1,966		80,351
Autoliv		2,976		371,583
BorgWarner		6,151		324,281
Brown-Forman, Cl B		3,736		213,026
Bunge		6,301		433,383
Campbell Soup		6,495		307,668

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Church & Dwight		5,041	$	227,702
Clorox		3,559		450,320
Coca-Cola		3,411		156,838
Colgate-Palmolive		1,107		77,988
Conagra Brands		8,446		288,515
Constellation Brands, Cl A		2,020		442,562
Coty, Cl A		5,147		79,264
Delphi Automotive		694		68,970
DR Horton		7,739		342,141
Dr Pepper Snapple Group		3,327		284,991
Electronic Arts ^*		1,447		173,061
Estee Lauder, Cl A		3,281		366,848
Ford Motor		6,884		84,467
General Mills		1,656		85,980
General Motors		2,512		107,966
Genuine Parts		1,410		124,404
Goodyear Tire & Rubber		7,253		221,869
Hanesbrands		8,680		195,300
Harley-Davidson		3,113		147,369
Hasbro		3,841		355,638
Hershey		5,246		557,020
Hormel Foods		10,002		311,662
Ingredion		1,331		166,841
JM Smucker		3,775		400,339
Kellogg		2,574		160,952
Kimberly-Clark		647		72,794
Kraft Heinz		1,379		106,638
Lear		1,206		211,762
Lennar, Cl A		4,708		262,095
LKQ ^*		4,316		162,670
Mattel		6,009		84,847
McCormick		2,924		291,026
Mohawk Industries ^*		1,591		416,460
Molson Coors Brewing, Cl B		3,847		311,107
Mondelez International, Cl A		4,173		172,887
Monsanto		2,210		267,631
Newell Brands		2,803		114,306
NIKE, Cl B		1,990		109,430
PepsiCo		2,278		251,104
Philip Morris International		2,022		211,582
Procter & Gamble		1,387		119,754
PVH		3,745		474,904
Snap-On		936		147,682
Stanley Black & Decker		3,471		560,740

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Tapestry		3,019	$	123,628
Tesla ^*		353		117,030
Tyson Foods, Cl A		7,607		554,626
Whirlpool		899		147,373
				13,307,837
Consumer Services — 9.6%
Advance Auto Parts		912		74,547
Alaska Air Group		3,162		208,787
Amazon.com ^*		79		87,317
American Airlines Group		2,350		110,027
AutoZone ^*		246		145,017
Best Buy		12,048		674,447
Cardinal Health		1,692		104,735
CarMax ^*		1,081		81,183
Carnival		5,503		365,344
CBS, Cl B		1,575		88,389
Charter Communications, Cl A ^*		938		313,451
Chipotle Mexican Grill, Cl A ^*		850		231,115
Comcast, Cl A		10,396		374,568
Costco Wholesale		1,148		184,920
CVS Health		4,263		292,143
Darden Restaurants		6,022		495,430
Delta Air Lines		3,728		186,512
DISH Network, Cl A ^*		1,794		87,081
Dollar Tree ^*		1,885		172,006
eBay ^*		4,698		176,833
Expedia		1,378		171,782
Foot Locker		6,648		199,972
Hilton Worldwide Holdings		3,773		272,713
Interpublic Group		5,694		109,610
Kroger		5,504		113,933
L Brands		3,142		135,231
Las Vegas Sands		1,495		94,753
Liberty Interactive QVC Group, Cl A ^*		7,163		162,743
Macy's		12,438		233,337
Marriott International, Cl A		1,588		189,734
McDonald's		2,566		428,291
MercadoLibre		558		134,093
MGM Resorts International		7,352		230,485
Netflix ^*		596		117,072
Nielsen Holdings		3,755		139,198
Norwegian Cruise Line Holdings ^*		2,854		159,111
Ross Stores		2,175		138,091
Royal Caribbean Cruises		3,878		479,980

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Sirius XM Holdings		56,723	$	308,573
Southwest Airlines		2,239		120,592
Starbucks		2,184		119,771
Sysco		6,570		365,424
Target		7,361		434,593
Tiffany		5,911		553,388
Time Warner		4,914		482,997
TJX		1,965		137,157
Tractor Supply		1,168		70,384
Ulta Beauty ^*		1,137		229,435
United Continental Holdings ^*		3,895		227,780
Walgreens Boots Alliance		3,678		243,741
Wal-Mart Stores		7,646		667,572
Walt Disney		2,657		259,881
Wyndham Worldwide		1,904		203,442
Wynn Resorts		1,533		226,102
Yum! Brands		3,947		293,854
				12,908,667
Financials — 22.2%
Affiliated Managers Group		835		155,728
Aflac		3,159		265,008
Alleghany ^*		780		441,652
Allstate		4,879		457,943
Ally Financial		16,806		439,141
American Express		3,419		326,583
American International Group		5,535		357,616
Ameriprise Financial		1,243		194,579
Annaly Capital Management		78,299		897,307
Aon		2,237		320,853
Arch Capital Group ^*		9,144		911,108
Arthur J Gallagher		8,444		534,758
Bank of America		17,815		487,953
Bank of New York Mellon		7,374		379,392
BB&T		10,128		498,703
Berkshire Hathaway, Cl B ^*		1,639		306,395
BlackRock, Cl A		239		112,528
Capital One Financial		1,423		131,172
Cboe Global Markets		1,456		164,615
CBRE Group, Cl A ^*		3,896		153,191
Charles Schwab		9,039		405,309
Chubb		1,895		285,804
Cincinnati Financial		4,819		338,149
CIT Group		6,025		280,885
Citigroup		2,582		189,777

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Citizens Financial Group		18,697	$	710,673
CME Group, Cl A		6,026		826,587
Comerica		9,038		710,116
Discover Financial Services		3,824		254,410
ETRADE Financial ^		10,329		450,241
Equifax		1,265		137,290
Everest Re Group		2,735		649,426
Fifth Third Bancorp		22,933		662,764
First Republic Bank		6,741		656,573
FNF Group		21,874		818,525
Franklin Resources		4,184		176,272
Goldman Sachs Group		833		201,986
Hartford Financial Services Group		6,334		348,687
Huntington Bancshares		44,130		608,994
IHS Markit ^*		7,259		309,306
Intercontinental Exchange		9,031		596,949
Invesco		5,236		187,397
JPMorgan Chase		5,542		557,581
KeyCorp		43,711		797,726
Liberty Broadband, Cl C ^*		4,365		381,021
Lincoln National		3,774		285,994
Loews		10,714		530,450
M&T Bank		3,174		529,328
Markel ^*		518		561,667
Marsh & McLennan		2,732		221,101
Mastercard, Cl A		1,584		235,652
MetLife		4,256		228,036
Moody's		1,243		177,016
Morgan Stanley		3,847		192,350
MSCI, Cl A		1,272		149,282
Nasdaq		5,520		401,028
Northern Trust		4,970		464,794
PNC Financial Services Group		4,773		652,899
Principal Financial Group		3,956		260,503
Progressive		8,575		417,174
Prudential Financial		1,513		167,126
Raymond James Financial		4,505		381,934
Regions Financial		50,030		774,464
S&P Global		1,054		164,919
State Street		2,434		223,928
SunTrust Banks		4,767		287,021
SVB Financial Group ^*		922		202,176
Synchrony Financial		4,350		141,897
T Rowe Price Group		846		78,593

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
TD Ameritrade Holding		6,609	$	330,384
Torchmark		3,505		294,876
Travelers		1,821		241,191
Unum Group		6,921		360,169
US Bancorp		6,970		379,029
Visa, Cl A		974		107,120
Wells Fargo		4,388		246,342
Western Union		4,399		87,364
Willis Towers Watson		2,572		414,298
XL Group		12,490		505,470
Zions Bancorporation		4,549		211,346
				29,985,594
Health Care — 12.4%
Abbott Laboratories		6,809		369,252
Aetna		5,636		958,289
Alexion Pharmaceuticals ^*		648		77,540
Align Technology ^*		761		181,864
Allergan		1,523		269,921
Anthem		4,267		892,699
Baxter International		10,467		674,808
Becton Dickinson		1,701		354,948
BioMarin Pharmaceutical ^*		2,300		188,807
Boston Scientific ^*		6,724		189,213
Centene ^*		5,166		483,899
Cigna		3,661		722,023
Cooper		2,825		678,735
CR Bard		1,134		370,897
DaVita ^*		4,947		300,481
DENTSPLY SIRONA		3,498		213,623
Eli Lilly		2,427		198,868
Express Scripts Holding ^*		6,287		385,330
Henry Schein ^*		2,096		164,746
Hologic ^*		11,398		431,414
Humana		2,548		650,632
IDEXX Laboratories ^*		1,438		238,952
Illumina ^*		1,140		233,917
Incyte ^*		1,317		149,150
Intuitive Surgical ^*		1,137		426,784
Johnson & Johnson		861		120,032
Laboratory Corp of America Holdings ^*		3,517		540,598
Medtronic		3,180		256,054
Merck		4,789		263,826
Mylan ^*		6,102		217,903
Perrigo		3,398		275,204

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Pfizer		12,640	$	443,158
Quest Diagnostics		4,835		453,426
Quintiles IMS Holdings ^*		5,105		551,850
ResMed		5,359		451,121
Stryker		1,932		299,209
Thermo Fisher Scientific		1,407		272,719
UnitedHealth Group		2,170		456,177
Universal Health Services, Cl B		3,429		352,158
Varian Medical Systems ^*		3,968		413,426
Vertex Pharmaceuticals ^*		875		127,951
Waters ^*		2,524		494,830
Zimmer Biomet Holdings		3,762		457,534
Zoetis, Cl A		6,835		436,210
				16,690,178
Industrials — 12.8%
3M		925		212,926
Advanced Micro Devices ^*		9,131		100,304
Agilent Technologies		4,020		273,481
Alliance Data Systems		562		125,736
AMETEK		4,168		281,298
Amphenol, Cl A		3,640		316,680
Automatic Data Processing		1,551		180,319
Ball		6,500		279,045
Boeing		1,053		271,653
Broadridge Financial Solutions		1,808		155,343
Caterpillar		644		87,455
CH Robinson Worldwide		4,689		368,227
Cintas		1,762		262,608
CSX		1,758		88,656
Cummins		1,703		301,227
Danaher		4,403		406,265
Deere		1,257		167,030
Dover		2,363		225,643
Eaton		2,303		184,286
Emerson Electric		1,174		75,676
Expeditors International of Washington		7,428		433,647
Fastenal		2,170		101,925
FedEx		1,231		277,972
Fidelity National Information Services		3,253		301,748
Fiserv ^*		1,337		173,048
Fluor		2,890		124,530
Fortive		1,492		107,812
Fortune Brands Home & Security		1,446		95,523
General Dynamics		1,045		212,114

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
General Electric		7,059	$	142,310
Global Payments		1,072		111,434
Honeywell International		1,095		157,855
Huntington Ingalls Industries		798		185,798
Illinois Tool Works		964		150,885
Ingersoll-Rand		3,024		267,926
JB Hunt Transport Services		1,826		194,268
Kansas City Southern		3,000		312,660
L3 Technologies		2,584		483,673
Lockheed Martin		1,075		331,272
Martin Marietta Materials		2,537		550,148
Masco		4,198		167,164
Mettler-Toledo International ^*		619		422,548
Norfolk Southern		2,400		315,408
Northrop Grumman		882		260,658
PACCAR		1,331		95,473
Packaging Corp of America		874		101,620
Parker-Hannifin		986		180,054
Paychex		2,750		175,423
PayPal Holdings ^*		1,246		90,410
Pentair		2,519		177,489
Raytheon		1,849		333,190
Republic Services, Cl A		10,528		685,057
Rockwell Automation		963		193,390
Rockwell Collins		1,732		234,859
Roper Technologies		1,478		381,575
Sealed Air		3,175		140,430
Sherwin-Williams		209		82,586
TE Connectivity		2,966		269,817
Textron		3,580		188,809
Total System Services		4,973		358,305
TransDigm Group		633		175,658
Union Pacific		1,616		187,117
United Parcel Service, Cl B		972		114,239
United Rentals ^*		1,578		223,255
United Technologies		1,350		161,676
Vantiv, Cl A ^*		6,492		454,440
Verisk Analytics, Cl A ^*		3,734		317,577
Vulcan Materials		3,156		384,243
Waste Management		4,100		336,897
Westrock		4,236		259,794
WW Grainger		1,581		312,564
Xylem		5,527		367,711
				17,229,842

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 4.4%
Andeavor		3,226	$	342,730
Baker Hughes a GE		3,464		108,874
Cabot Oil & Gas		5,241		145,176
Cheniere Energy ^*		4,203		196,448
Chevron		1,591		184,381
Cimarex Energy		946		110,616
Concho Resources ^*		1,831		245,739
ConocoPhillips		3,343		170,994
Devon Energy		2,390		88,191
Diamondback Energy ^*		904		96,873
EOG Resources		4,722		471,586
EQT		5,806		363,107
ExxonMobil		4,950		412,582
Hess		3,437		151,778
Kinder Morgan		14,236		257,814
Marathon Oil		12,276		174,565
Marathon Petroleum		5,061		302,344
National Oilwell Varco		9,770		334,036
Noble Energy		5,849		163,012
Occidental Petroleum		7,282		470,199
Phillips 66		1,294		117,858
Pioneer Natural Resources		1,141		170,773
Schlumberger		2,886		184,704
Targa Resources		3,930		163,095
Valero Energy		5,823		459,376
Williams		3,489		99,436
				5,986,287
Real Estate Investment Trusts — 5.7%
Alexandria Real Estate Equities		2,603		322,668
American Tower, Cl A		1,184		170,105
AvalonBay Communities		1,152		208,892
Crown Castle International		1,624		173,898
Digital Realty Trust		4,722		559,274
Duke Realty		11,862		337,830
Equinix		540		250,290
Equity Residential		2,711		182,342
Essex Property Trust		1,873		491,531
Extra Space Storage		3,281		267,697
Federal Realty Investment Trust		1,398		168,487
GGP		9,352		181,990
HCP		7,265		187,728
Host Hotels & Resorts		14,249		278,710
Kimco Realty		9,068		164,675
Macerich		7,126		389,080

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
Mid-America Apartment Communities		3,019	$	308,995
ProLogis		4,746		306,497
Public Storage		380		78,755
Realty Income		10,820		580,709
Regency Centers		2,561		157,629
SBA Communications, Cl A ^*		2,795		439,318
SL Green Realty		2,340		223,891
UDR		9,574		371,376
Ventas		2,583		162,083
VEREIT		39,890		314,732
Vornado Realty Trust		2,062		154,361
Welltower		2,933		196,394
Weyerhaeuser		2,800		100,548
				7,730,485
Technology — 8.6%
Adobe Systems ^*		1,018		178,313
Akamai Technologies ^*		3,921		204,872
Amdocs		5,256		342,166
ANSYS ^*		2,680		366,383
Apple		596		100,748
Autodesk ^*		633		79,100
CA		6,819		220,799
Cadence Design Systems ^*		3,796		163,835
CDK Global		3,174		201,739
CDW		1,602		112,140
Cerner ^*		2,636		177,983
Check Point Software Technologies ^*		4,566		537,464
Cisco Systems		5,227		178,502
Citrix Systems ^*		1,870		154,481
Corning		8,434		264,069
F5 Networks ^*		2,070		251,029
Facebook, Cl A ^*		535		96,332
Gartner ^*		2,172		272,173
Harris		2,770		385,916
Hewlett Packard Enterprise		5,563		77,437
HP		5,586		120,378
Intel		3,152		143,385
International Business Machines		859		132,337
Intuit		1,058		159,779
Juniper Networks		13,309		330,462
KLA-Tencor		2,379		259,049
Lam Research		1,533		319,738
Maxim Integrated Products		5,486		288,234
Microchip Technology		1,829		173,389

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
Micron Technology ^*		9,687	$	429,231
Microsoft		1,845		153,467
Motorola Solutions		4,996		452,338
NetApp		9,699		430,829
NVIDIA		625		129,256
Oracle		1,420		72,278
Palo Alto Networks ^*		1,379		202,989
Qorvo ^*		2,591		196,424
QUALCOMM		1,725		87,992
Red Hat ^*		784		94,731
Seagate Technology		6,075		224,593
ServiceNow ^*		3,412		431,174
Skyworks Solutions		1,874		213,374
Symantec		11,249		365,592
Synopsys ^*		5,088		440,214
Texas Instruments		1,782		172,302
Twitter ^*		20,720		427,247
VeriSign ^*		1,067		114,724
Western Digital		3,625		323,604
Workday, Cl A ^*		1,009		111,989
Xilinx		2,639		194,468
				11,561,048
Telecommunications — 0.9%
AT&T		10,088		339,461
CenturyLink		8,459		160,637
T-Mobile US ^*		10,762		643,245
Verizon Communications		2,159		103,351
				1,246,694
Utilities — 10.6%
Alliant Energy		12,539		542,437
Ameren		10,659		660,751
American Electric Power		5,651		420,491
American Water Works		7,122		625,027
CenterPoint Energy		20,670		611,419
CMS Energy		14,957		723,470
Consolidated Edison		8,136		700,103
Dominion Energy		1,585		128,607
DTE Energy		6,849		756,541
Duke Energy		7,897		697,384
Edison International		9,328		745,774
Entergy		4,729		407,923
Eversource Energy		7,936		497,111
Exelon		10,024		403,065
FirstEnergy		12,172		401,067

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta US ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
NextEra Energy		4,922	$	763,254
NiSource		11,296		297,875
ONEOK		3,193		173,284
PG&E		8,387		484,517
Pinnacle West Capital		6,170		541,171
PPL		5,373		201,810
Public Service Enterprise Group		4,828		237,538
SCANA		7,307		315,224
Sempra Energy		1,495		175,662
Southern		12,178		635,692
WEC Energy Group		13,058		879,979
Westar Energy, Cl A		6,943		371,312
Xcel Energy		19,470		964,154
				14,362,642
TOTAL UNITED STATES				134,990,079
TOTAL INVESTMENTS — 99.9%
(Cost $120,872,101)			$	134,990,079

Percentages are based on Net Assets of $135,183,988.

Non-income producing security.

Cl — Class

S&P — Standard & Poor's

As of October 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 year ended October 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

October 31, 2017

Global X Scientific Beta Europe ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.1%
ARGENTINA— 0.3%
Basic Materials — 0.3%
Tenaris		5,253	$	71,904
AUSTRIA— 1.8%
Basic Materials — 0.2%
voestalpine		701		38,573
Financials — 0.8%
BUWOG		2,027		58,467
Erste Group Bank		908		39,021
IMMOFINANZ		11,008		27,840
Raiffeisen Bank International		1,346		46,899
				172,227
Industrials — 0.3%
ANDRITZ		424		23,976
Wienerberger		1,699		43,662
				67,638
Oil & Gas — 0.3%
OMV		1,154		69,342
Technology — 0.2%
AMS		484		44,161
TOTAL AUSTRIA				391,941
BELGIUM— 3.5%
Basic Materials — 0.4%
Solvay		254		37,742
Umicore		874		39,066
				76,808

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — 0.0%
Anheuser-Busch InBev		75	$	9,178
Ontex Group		297		10,447
				19,625
Consumer Services — 0.4%
Colruyt		626		32,022
Telenet Group Holding ^*		548		37,908
				69,930
Financials — 1.7%
Ackermans & van Haaren		529		90,620
Ageas		1,185		57,489
Groupe Bruxelles Lambert		468		50,256
KBC Group		783		65,046
Sofina		703		105,728
				369,139
Health Care — 0.3%
UCB		987		71,851
Industrials — 0.2%
bpost		1,134		31,989
Real Estate Investment Trusts — 0.4%
Cofinimmo		667		84,656
Telecommunications — 0.1%
Proximus		801		26,603
TOTAL BELGIUM				750,601
DENMARK— 4.5%
Consumer Goods — 0.4%
Carlsberg, Cl B		556		63,499
Royal Unibrew		428		24,644
				88,143
Financials — 1.2%
Danske Bank		2,027		77,334
Jyske Bank		1,600		90,425
Sydbank		1,606		62,655
Tryg		1,176		28,003
				258,417
Health Care — 1.5%
Christian Hansen Holding		738		64,585
Coloplast, Cl B		350		30,794
Genmab ^*		77		15,550
GN Store Nord		1,322		43,732
H Lundbeck		892		53,009
Novozymes, Cl B		540		29,825

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
William Demant Holding ^*		2,741	$	79,086
				316,581
Industrials — 0.7%
A P Moller - Maersk, Cl B		31		59,548
DSV		607		46,944
ISS		669		28,320
Nets ^{* (A)}		450		11,490
				146,302
Oil & Gas — 0.1%
Vestas Wind Systems		136		11,998
Technology — 0.1%
SimCorp		517		31,582
Telecommunications — 0.4%
TDC		14,927		88,264
Utilities — 0.1%
Orsted ^(A)		421		23,595
TOTAL DENMARK				964,882
FINLAND— 3.4%
Basic Materials — 0.7%
Outokumpu		3,277		30,998
Stora Enso, Cl R		4,330		67,745
UPM-Kymmene		1,570		47,187
				145,930
Consumer Goods — 0.2%
Amer Sports		682		16,978
Nokian Renkaat		594		27,243
				44,221
Consumer Services — 0.4%
Kesko, Cl B		1,590		81,222
Financials — 0.3%
Sampo, Cl A		1,024		53,657
Health Care — 0.2%
Orion, Cl B		1,070		43,876
Industrials — 0.4%
Huhtamaki		716		30,511
Kone, Cl B		300		16,240
Konecranes, Cl A		280		12,904
Metso		594		21,597
Wartsila Abp		140		9,019
				90,271
Oil & Gas — 0.5%
Neste		1,870		104,196

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Technology — 0.2%
Nokia		6,140	$	30,156
Tieto		884		27,094
				57,250
Telecommunications — 0.2%
Elisa		974		39,248
Utilities — 0.3%
Fortum		2,825		59,994
TOTAL FINLAND				719,865
FRANCE— 15.0%
Basic Materials — 0.4%
Air Liquide		181		23,046
Arkema		221		27,921
Imerys		525		47,821
				98,788
Consumer Goods — 2.0%
Christian Dior		61		20,945
Cie Generale des Etablissements Michelin, Cl B		346		50,061
Cie Plastic Omnium		323		13,471
Danone		130		10,622
Faurecia		602		43,768
Hermes International		88		45,676
L'Oreal		131		29,156
LVMH Moet Hennessy Louis Vuitton		69		20,586
Pernod Ricard		400		59,995
Peugeot		1,159		27,496
Renault		150		14,878
SEB		248		46,225
Societe BIC		295		31,159
Ubisoft Entertainment ^*		398		30,369
				444,407
Consumer Services — 2.0%
Air France-KLM ^*		2,360		36,978
Carrefour		843		16,970
Casino Guichard Perrachon		428		24,449
Elior Group ^(A)		2,540		72,139
Eutelsat Communications		2,560		64,148
JCDecaux		452		17,297
Lagardere SCA		2,409		79,350
Publicis Groupe		479		31,226
Sodexo		154		19,600
Vivendi		1,790		44,468
				406,625

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Financials — 1.9%
Amundi ^(A)		349	$	29,589
AXA		690		20,843
BNP Paribas		594		46,390
CNP Assurances		1,506		35,044
Credit Agricole		1,689		29,475
Natixis		5,148		40,373
Nexity		910		55,920
SCOR		1,453		60,335
Societe Generale		566		31,517
Wendel		381		64,269
				413,755
Health Care — 1.6%
BioMerieux		522		40,949
Essilor International		106		13,423
Eurofins Scientific		65		40,662
Ipsen		427		51,633
Orpea		1,001		119,934
Sanofi		649		61,460
				328,061
Industrials — 4.0%
Aeroports de Paris		249		41,944
Airbus		118		12,062
Alstom		2,995		121,208
Bollore		9,272		44,826
Bouygues		2,450		117,633
Bureau Veritas		399	��	10,688
Cie de Saint-Gobain		438		25,696
Dassault Aviation		27		42,116
Edenred		706		20,356
Eiffage		565		59,033
Eurazeo		533		49,555
Groupe Eurotunnel		1,290		16,215
Legrand		245		18,201
Rexel		2,076		37,062
Safran		182		19,173
Schneider Electric		301		26,456
SPIE		600		15,783
Teleperformance		212		30,970
Thales		438		45,657
Vinci		553		54,146
Zodiac Aerospace		1,490		42,613
				851,393
Oil & Gas — 0.3%
Total		1,099		61,287

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — 0.9%
Fonciere Des Regions		456	$	46,444
Gecina		367		59,556
ICADE		562		49,102
Klepierre		651		25,895
				180,997
Technology — 0.5%
Atos		134		20,824
Capgemini		249		30,269
Dassault Systemes		256		27,189
Iliad		61		15,232
Ingenico Group		160		15,534
				109,048
Telecommunications — 0.2%
Orange		3,465		56,855
Utilities — 1.2%
Electricite de France		1,466		19,196
Engie		2,098		35,463
Rubis SCA		1,676		105,198
Suez		1,855		32,631
Veolia Environnement		1,931		45,755
				238,243
TOTAL FRANCE				3,189,459
GERMANY— 12.1%
Basic Materials — 2.4%
Aurubis		822		67,270
BASF		570		62,165
Bayer		253		32,921
Brenntag		306		17,330
Covestro ^(A)		146		14,008
Evonik Industries		2,342		85,341
K+S		1,976		47,926
LANXESS		473		36,962
Linde		426		92,008
Symrise		445		34,634
				490,565
Consumer Goods — 1.3%
adidas		54		12,018
Bayerische Motoren Werke		205		20,897
Beiersdorf		299		33,543
Daimler		233		19,350
HUGO BOSS		410		36,701
OSRAM Licht		926		70,852

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Rheinmetall		667	$	78,674
				272,035
Consumer Services — 0.9%
Axel Springer		449		30,285
Deutsche Lufthansa		2,603		83,086
Fielmann		370		32,435
ProSiebenSat.1 Media		263		9,175
TUI		1,620		29,257
Zalando ^{* (A)}		474		23,719
				207,957
Financials — 2.5%
Aareal Bank		829		34,289
Allianz		252		58,522
Commerzbank		4,410		60,442
Deutsche Annington Immobilien		1,345		59,164
Deutsche Bank		2,016		32,762
Deutsche EuroShop		830		30,240
Deutsche Wohnen		2,005		85,406
Hannover Rueck		433		54,301
LEG Immobilien		630		63,997
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		301		67,342
				546,465
Health Care — 0.7%
Fresenius & KGaA		418		34,919
Fresenius Medical Care & KGaA		152		14,700
Gerresheimer		402		31,957
Merck KGaA		377		40,357
STADA Arzneimittel		217		20,868
				142,801
Industrials — 2.2%
Deutsche Post		418		19,147
Duerr		129		17,785
Fraport Frankfurt Airport Services Worldwide		637		60,449
GEA Group		1,089		52,515
HeidelbergCement		405		41,269
HOCHTIEF		166		29,297
KION Group		1,004		80,364
MAN		434		47,970
MTU Aero Engines		408		68,799
Siemens		131		18,694
Wirecard		346		34,080
				470,369

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Technology — 0.6%
Dialog Semiconductor ^*		1,312	$	65,187
SAP		226		25,711
Software		503		25,613
United Internet		437		27,648
				144,159
Telecommunications — 1.0%
Deutsche Telekom		1,610		29,334
Drillisch		565		39,755
Freenet		2,113		70,609
Telefonica Deutschland Holding		13,489		68,560
				208,258
Utilities — 0.5%
RWE		2,141		53,524
Uniper		1,430		40,181
				93,705
TOTAL GERMANY				2,576,314
IRELAND— 1.3%
Consumer Goods — 0.3%
Glanbia		2,234		43,175
Kerry Group, Cl A		277		27,897
				71,072
Consumer Services — 0.2%
Paddy Power Betfair		376		38,458
Financials — 0.2%
Bank of Ireland Group ^*		6,692		52,450
Industrials — 0.6%
CRH		961		36,239
Kingspan Group		390		16,392
Smurfit Kappa Group		2,286		68,188
				120,819
TOTAL IRELAND				282,799
ISLE OF MAN— 0.2%
Financials — 0.2%
Paysafe Group ^*		6,134		47,734
ITALY— 5.0%
Consumer Goods — 0.8%
Davide Campari-Milano		4,517		36,203
Ferrari		136		16,303
Fiat Chrysler Automobiles ^*		2,638		45,605
Luxottica Group		476		27,304
Moncler		1,534		43,568
				168,983

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Financials — 1.9%
Assicurazioni Generali		1,453	$	26,473
Azimut Holding		410		8,101
Banco BPM ^*		11,473		40,016
BPER Banca		6,311		30,761
EXOR		611		39,184
Intesa Sanpaolo		15,391		51,744
Mediobanca		5,556		60,906
Poste Italiane ^(A)		2,429		17,756
UniCredit		2,487		47,601
Unione di Banche Italiane SCpA		10,463		49,145
UnipolSai Assicurazioni		14,422		32,862
				404,549
Health Care — 0.3%
Recordati		1,507		70,065
Industrials — 0.5%
Atlantia		424		13,830
CNH Industrial		1,567		20,025
Leonardo		2,461		42,517
Prysmian		544		18,758
				95,130
Oil & Gas — 0.3%
Eni		2,845		46,532
Saipem ^*		7,000		29,422
				75,954
Telecommunications — 0.1%
Telecom Italia ^*		15,260		13,244
Utilities — 1.1%
A2A		31,481		54,094
Enel		6,592		40,892
Snam		20,582		105,163
Terna Rete Elettrica Nazionale		4,674		28,205
				228,354
TOTAL ITALY				1,056,279
LUXEMBOURG— 0.1%
Consumer Services — 0.1%
B&M European Value Retail		3,111		16,413
NETHERLANDS— 5.2%
Basic Materials — 0.6%
Akzo Nobel		582		52,708
ArcelorMittal		1,059		30,367
Koninklijke DSM		672		57,335
				140,410

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — 0.3%
Coca-Cola European Partners		358	$	14,687
Heineken		101		9,843
Heineken Holding		98		9,099
Unilever		529		30,754
				64,383
Consumer Services — 0.5%
Koninklijke Ahold Delhaize		3,599		67,732
RELX		1,182		26,699
Wolters Kluwer		479		23,481
				117,912
Financials — 1.3%
ABN AMRO Group ^(A)		909		28,078
Aegon		8,416		49,688
ASR Nederland		760		31,165
Euronext ^(A)		452		26,860
ING Groep		2,379		43,954
NN Group		2,324		97,355
				277,100
Health Care — 0.3%
Galapagos ^*		181		17,562
Koninklijke Philips		1,151		46,869
				64,431
Industrials — 0.7%
Aalberts Industries		689		33,988
Boskalis Westminster		1,245		44,526
Koninklijke Vopak		248		10,740
Philips Lighting ^(A)		780		29,554
PostNL		2,942		12,547
				131,355
Oil & Gas — 0.3%
SBM Offshore		3,041		54,273
Real Estate Investment Trusts — 0.3%
Unibail-Rodamco		115		28,783
Wereldhave		805		36,588
				65,371
Technology — 0.9%
ASM International		835		55,951
ASML Holding		56		10,099
Gemalto		711		28,145
NXP Semiconductors ^*		789		92,352
				186,547
Telecommunications — 0.0%
Altice ^*		410		7,735

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
TOTAL NETHERLANDS			$	1,109,517
NORWAY— 1.8%
Basic Materials — 0.5%
Norsk Hydro		4,442		34,284
Yara International		1,155		54,744
				89,028
Consumer Goods — 0.2%
Marine Harvest		996		19,416
Orkla		3,250		31,758
				51,174
Financials — 0.6%
DnB		2,135		41,098
Gjensidige Forsikring		3,466		65,110
Storebrand		3,325		28,427
				134,635
Oil & Gas — 0.5%
Statoil		1,597		32,284
Subsea 7		3,964		66,520
				98,804
TOTAL NORWAY				373,641
PORTUGAL— 0.4%
Consumer Services — 0.1%
Jeronimo Martins		838		15,229
Oil & Gas — 0.2%
Galp Energia		2,934		54,551
Utilities — 0.1%
Energias de Portugal		5,243		18,708
TOTAL PORTUGAL				88,488
SPAIN— 4.1%
Basic Materials — 0.1%
Acerinox		2,132		30,636
Consumer Goods — 0.1%
Viscofan		396		23,979
Consumer Services — 0.1%
Industria de Diseno Textil		480		17,947
Financials — 1.5%
Banco Bilbao Vizcaya Argentaria		3,126		27,359
Banco de Sabadell		9,438		18,900
Banco Santander		3,738		25,357
Bankia		7,907		37,757
Bankinter		8,230		77,687

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Bolsas y Mercados Espanoles SHMSF		980	$	33,673
CaixaBank		11,974		56,047
Mapfre		9,946		32,547
				309,327
Health Care — 0.1%
Grifols		850		26,612
Industrials — 0.7%
Abertis Infraestructuras		2,426		52,481
Acciona		231		19,136
Aena SME ^(A)		162		29,724
Amadeus IT Group, Cl A		393		26,668
Ferrovial		1,402		30,460
				158,469
Oil & Gas — 0.2%
Repsol		1,792		33,579
Real Estate Investment Trusts — 0.2%
Merlin Properties Socimi		2,972		39,227
Telecommunications — 0.1%
Cellnex Telecom ^(A)		796		19,765
Utilities — 1.0%
Enagas		569		16,392
Endesa		4,217		96,532
Gas Natural SDG		1,434		30,688
Iberdrola		6,468		52,277
Red Electrica		901		19,953
				215,842
TOTAL SPAIN				875,383
SWEDEN— 6.3%
Basic Materials — 0.6%
BillerudKorsnas		2,292		39,451
Boliden		1,300		45,498
Hexpol		1,346		13,618
Svenska Cellulosa, Cl B		2,800		26,288
				124,855
Consumer Goods — 0.3%
Dometic Group ^(A)		2,670		23,218
Husqvarna, Cl B		3,013		29,440
Swedish Match		558		21,022
				73,680
Consumer Services — 0.4%
Hennes & Mauritz, Cl B		984		24,706

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
ICA Gruppen		1,516	$	55,919
				80,625
Financials — 2.3%
Castellum		2,816		45,175
Fabege		2,111		44,581
Fastighets Balder, Cl B ^*		1,085		28,253
Hufvudstaden, Cl A		1,555		25,595
Industrivarden, Cl C		2,040		52,439
Intrum Justitia		627		21,974
Investor, Cl B		852		42,224
Kinnevik		917		30,089
L E Lundbergforetagen, Cl B		418		32,629
Nordea Bank		4,368		52,801
Skandinaviska Enskilda Banken, Cl A		4,043		49,838
Svenska Handelsbanken, Cl A		3,916		56,131
Swedbank, Cl A		1,475		36,612
				518,341
Health Care — 0.3%
Elekta, Cl B		3,774		36,290
Getinge, Cl B		679		13,366
Swedish Orphan Biovitrum ^*		870		12,886
				62,542
Industrials — 1.3%
Alfa Laval		560		14,188
Atlas Copco, Cl A		319		13,992
Saab, Cl B		944		48,239
Sandvik		772		14,100
Securitas, Cl B		903		15,845
Skanska, Cl B		1,490		32,695
SKF, Cl B		790		18,373
Trelleborg, Cl B		2,344		58,069
Volvo, Cl B		3,062		60,677
				276,178
Oil & Gas — 0.2%
Lundin Petroleum ^*		1,726		40,595
Technology — 0.3%
Hexagon, Cl B		259		13,281
Telefonaktiebolaget LM Ericsson, Cl B		6,880		43,309
				56,590
Telecommunications — 0.6%
Tele2, Cl B		6,559		83,439
Telia		7,540		34,900
				118,339

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
TOTAL SWEDEN			$	1,351,745
SWITZERLAND— 10.4%
Basic Materials — 0.8%
Clariant		2,202		55,448
EMS-Chemie Holding		87		57,081
Givaudan		15		33,527
				146,056
Consumer Goods — 1.1%
Aryzta		1,332		42,320
Barry Callebaut		35		54,670
Chocoladefabriken Lindt & Spruengli		4		23,174
Cie Financiere Richemont		465		42,917
Nestle		255		21,463
Swatch Group		122		47,855
				232,399
Consumer Services — 0.2%
Dufry ^*		356		53,036
Financials — 3.8%
Baloise Holding		461		72,748
Cembra Money Bank		408		36,592
Credit Suisse Group		3,043		48,020
GAM Holding		2,304		35,942
Helvetia Holding		110		59,204
Julius Baer Group		1,025		60,669
Pargesa Holding		710		59,511
Partners Group Holding		101		67,989
PSP Swiss Property		813		71,611
Swiss Life Holding		207		72,018
Swiss Prime Site		977		83,458
Swiss Re		536		50,465
UBS Group		1,762		30,015
Zurich Insurance Group		227		69,343
				817,585
Health Care — 1.2%
Lonza Group		122		32,434
Novartis		359		29,605
Roche Holding		97		22,430
Sonova Holding		284		51,313
Straumann Holding		131		91,534
Vifor Pharma		146		18,792
				246,108
Industrials — 2.4%
ABB		860		22,501
Adecco Group		236		18,739

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
DKSH Holding		564	$	47,330
dormakaba Holding		56		55,449
Flughafen Zurich		311		67,704
Geberit		94		42,587
Georg Fischer		33		40,687
Kuehne + Nagel International		193		33,729
LafargeHolcim		453		25,609
OC Oerlikon		3,656		58,684
Schindler Holding		124		28,126
SGS		5		12,360
Sika		8		59,269
				512,774
Technology — 0.7%
Logitech International		867		30,999
STMicroelectronics		3,767		88,645
Temenos Group		383		44,263
				163,907
Telecommunications — 0.2%
Sunrise Communications Group ^(A)		278		23,148
Swisscom		34		17,191
				40,339
TOTAL SWITZERLAND				2,212,204
UNITED KINGDOM— 23.7%
Basic Materials — 2.3%
Anglo American		2,931		55,270
Antofagasta		4,482		56,811
BHP Billiton		2,406		43,533
Centamin		21,242		39,294
Croda International		586		32,559
Fresnillo		2,022		34,960
Glencore		8,601		41,461
Polymetal International		2,063		23,957
Randgold Resources		741		72,767
Rio Tinto		1,068		50,327
Victrex		998		31,781
				482,720
Consumer Goods — 2.0%
Barratt Developments		3,795		32,984
Bellway		1,234		59,812
Berkeley Group Holdings		1,165		57,876
British American Tobacco		261		16,883
Britvic		1,891		19,009
Burberry Group		456		11,517

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Coca-Cola HBC		561	$	18,960
Diageo		754		25,753
Kerry Group, Cl A		161		16,216
Persimmon		1,132		42,121
Reckitt Benckiser Group		125		11,180
Tate & Lyle		5,988		51,408
Taylor Wimpey		9,536		25,263
Unilever		458		25,967
				414,949
Consumer Services — 5.3%
ASOS ^*		442		33,439
Booker Group		7,185		19,197
Carnival		1,767		116,408
Compass Group		1,149		25,222
Daily Mail & General Trust, Cl A		2,243		20,657
Dixons Carphone		7,695		17,719
Domino's Pizza Group		4,886		21,781
easyJet		1,152		20,484
Firstgroup ^*		25,861		37,776
Greene King		4,069		29,233
GVC Holdings ^*		6,396		79,627
Inchcape		4,559		47,313
Informa		3,724		34,468
J Sainsbury		7,471		24,059
Just Eat ^*		1,643		17,018
Kingfisher		15,546		64,534
Ladbrokes Coral Group		15,790		26,714
Marks & Spencer Group		8,358		38,192
Merlin Entertainments ^(A)		2,957		14,875
MoneySuperMarket.com		2,982		12,866
National Express Group		8,923		43,547
Pearson		5,932		55,418
Playtech		1,994		26,056
RELX		1,258		28,951
Saga		20,251		51,391
SSP Group		5,243		40,730
Tesco		14,894		35,878
UBM		3,315		30,969
WH Smith		1,151		31,288
Whitbread		240		11,770
William Hill		11,702		40,155
WM Morrison Supermarkets		13,555		40,357
				1,138,092

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Financials — 5.0%
3i Group		2,447	$	31,228
Admiral Group		1,365		34,875
Aviva		2,397		16,075
Barclays		5,781		14,275
Beazley		10,943		73,458
Capital & Counties Properties		5,090		17,973
Close Brothers Group		3,160		58,287
CYBG ^*		3,134		13,110
Direct Line Insurance Group		13,822		68,225
Hiscox		6,318		119,810
HSBC Holdings		7,907		77,102
IG Group Holdings		4,232		36,726
Intermediate Capital Group		3,491		45,107
Investec		3,378		23,124
Jardine Lloyd Thompson Group		2,568		44,435
Legal & General Group		5,367		19,029
Lloyds Banking Group		26,267		23,820
Man Group		20,692		53,197
Metro Bank ^*		180		8,502
NEX Group		3,334		28,092
Old Mutual		5,845		14,825
Phoenix Group Holdings		4,716		47,408
Provident Financial		743		9,191
Royal Bank of Scotland Group ^*		12,804		48,034
RSA Insurance Group		6,950		58,052
Standard Chartered		2,690		26,806
Standard Life Aberdeen		3,716		21,209
Unite Group		3,959		36,959
				1,068,934
Health Care — 1.0%
AstraZeneca		157		10,491
BTG ^*		2,846		28,496
ConvaTec Group ^(A)		4,800		12,487
GlaxoSmithKline		596		10,744
Hikma Pharmaceuticals		562		8,687
Indivior		6,745		33,285
Mediclinic International		1,119		8,648
NMC Health		480		18,434
Shire		590		29,154
Smith & Nephew		550		10,379
UDG Healthcare		3,229		39,643
				210,448
Industrials — 4.9%
Aggreko		2,420		30,112

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Ashtead Group		790	$	20,352
Babcock International Group		2,121		22,871
BAE Systems		4,748		37,421
Balfour Beatty		11,305		41,134
BBA Aviation		18,756		79,254
Bunzl		290		9,031
Cobham		11,486		21,201
DCC		160		15,171
DS Smith		4,405		30,476
Electrocomponents		3,622		33,404
Experian		946		19,924
Ferguson		247		17,269
G4S		5,579		20,818
Halma		1,760		27,626
Hays		6,289		15,567
HomeServe		2,563		29,134
Howden Joinery Group		1,718		9,356
IMI		1,096		17,785
Intertek Group		391		28,168
Kingspan Group		530		22,165
Meggitt		8,910		61,349
Melrose Industries		18,818		54,952
QinetiQ Group		9,420		30,535
Rentokil Initial		14,006		62,456
Rolls-Royce Holdings		2,104		27,186
Rotork		3,657		12,758
Royal Mail		8,545		42,484
RPC Group		963		12,053
Smiths Group		825		17,211
Spectris		1,526		51,877
Spirax-Sarco Engineering		368		27,611
Travis Perkins		860		17,359
Weir Group		3,231		83,795
				1,049,865
Oil & Gas — 1.0%
BP		9,939		67,338
John Wood Group		7,450		70,390
Royal Dutch Shell, Cl A		1,899		59,653
Tullow Oil ^*		13,445		32,495
				229,876
Real Estate Investment Trusts — 1.1%
British Land		1,680		13,408
Derwent London		586		20,824
Great Portland Estates		4,025		33,219

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
Hammerson		3,099	$	21,564
Intu Properties		8,023		23,013
Land Securities Group		1,493		19,152
Segro		5,944		42,861
Shaftesbury		3,568		46,908
				220,949
Technology — 0.1%
Micro Focus International		564		19,810
Telecommunications — 0.4%
BT Group, Cl A		5,390		18,632
Inmarsat		901		7,430
Vodafone Group		19,173		54,893
				80,955
Utilities — 0.6%
National Grid		5,791		69,673
Pennon Group		2,794		29,460
Severn Trent		280		7,849
SSE		662		12,149
United Utilities Group		763		8,440
				127,571
TOTAL UNITED KINGDOM				5,044,169
TOTAL COMMON STOCK
(Cost $18,614,426)				21,123,338

PREFERRED STOCK — 0.7%
GERMANY— 0.7%
Basic Materials — 0.2%
FUCHS PETROLUB ^(B)		624		35,034
Consumer Goods — 0.3%
Henkel & KGaA ^(B)		185		25,970
Porsche Automobil Holding ^(B)		390		28,308
Volkswagen ^(B)		149		27,061
				81,339
Industrials — 0.2%
Sartorius ^(B)		347	$	32,343

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta Europe ETF

	Number Of Rights		Value

PREFERRED STOCK — continued
TOTAL PREFERRED STOCK
(Cost $127,014)			$	148,716

RIGHTS — 0.0%
Banco Santander, 11/2/17 *		3,738		179
Ferrovial, 11/14/17 *		1,402		674

TOTAL RIGHTS (Cost $ –)				853
TOTAL INVESTMENTS — 99.8%
(Cost $18,741,440)			$	21,272,907

Percentages are based on Net Assets of $21,323,267.

Non-income producing security.

(A)

(B)

There’s currently no stated interest rate.

ADR — American Depositary Receipt

Cl — Class

As of October 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 year ended October 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

October 31, 2017

Global X Scientific Beta Japan ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.9%
JAPAN— 99.9%
Basic Materials — 11.2%
Air Water		3,762	$	71,645
Asahi Kasei		18,906		227,778
Daicel		7,113		88,013
DIC		1,300		47,936
JFE Holdings		4,819		102,631
JSR		4,542		87,458
Kaneka		10,749		88,164
Kansai Paint		1,084		27,732
Kobe Steel		6,038		50,481
Kuraray		8,094		158,348
Mitsubishi Chemical Holdings		8,472		87,792
Mitsubishi Gas Chemical		2,510		60,944
Mitsui Chemicals		3,550		108,721
Nippon Steel & Sumitomo Metal		2,352		55,907
Nissan Chemical Industries		1,160		43,029
Nitto Denko		142		13,128
Oji Holdings		15,019		87,500
Shin-Etsu Chemical		274		28,719
Sumitomo Chemical		9,426		65,865
Sumitomo Metal Mining		3,327		130,468
Teijin		5,860		123,409
Toray Industries		6,840		68,833
Tosoh		5,569		119,486
				1,943,987
Consumer Goods — 18.6%
Aisin Seiki		2,669		137,173

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

Schedule of Investments

October 31, 2017

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Ajinomoto		591	$	11,840
Asahi Group Holdings		705		32,021
Bridgestone		3,254		154,352
Calbee		802		26,926
Casio Computer		1,909		28,023
Coca-Cola Bottlers Japan		890		30,938
Denso		2,180		118,794
Ezaki Glico		355		19,651
Honda Motor		2,642		81,913
Japan Tobacco		287		9,464
JTEKT		6,815		111,314
Kewpie		484		12,020
Kirin Holdings		1,739		41,390
Konami Holdings		1,335		64,617
Kose		84		10,150
Lion		2,047		39,200
Makita		888		37,120
Mazda Motor		2,426		34,630
Mitsubishi Motors		24,563		194,766
Nexon		851		22,767
NGK Spark Plug		5,572		125,484
NH Foods		8,081		231,842
Nichirei		2,210		56,636
Nikon		9,670		182,370
Nintendo		38		14,648
Nissan Motor		6,994		67,613
Nisshin Seifun Group		6,540		114,477
Nissin Foods Holdings		842		52,833
NSK		5,409		76,877
Panasonic		685		10,251
Pigeon		250		8,811
Rinnai		439		37,437
Sega Sammy Holdings		4,560		63,767
Sekisui Chemical		5,869		117,555
Sekisui House		2,735		50,810
Sharp ^*		600		18,930
Sony		320		12,428
Stanley Electric		4,310		157,978
Sumitomo Electric Industries		2,931		49,564
Sumitomo Rubber Industries		5,649		106,587
Suntory Beverage & Food		559		25,532
Suzuki Motor		265		14,401
Toyo Suisan Kaisha		817		31,312
Toyota Industries		1,237		75,224

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

100

Schedule of Investments

October 31, 2017

Global X Scientific Beta Japan ETF

		Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Toyota Motor			1,466	$	90,182
Yakult Honsha			340		27,947
Yamaha			825		32,236
Yamaha Motor			3,592		106,530
Yamazaki Baking			1,983		35,601
					3,214,932
Consumer Services — 10.3%
Aeon			8,218		126,600
ANA Holdings			3,121		119,369
Central Japan Railway			282		51,049
Dai Nippon Printing			3,012		71,702
Dena			680		15,900
Dentsu			794		33,715
FamilyMart UNY Holdings			1,202		68,124
Fast Retailing			55		18,204
Hakuhodo DY Holdings			1,334		18,326
Hankyu Hanshin Holdings			2,350		91,101
Isetan Mitsukoshi Holdings			6,420		69,381
J Front Retailing			4,922		72,251
Japan Airlines			2,061		70,193
Keihan Holdings			659		20,066
Keikyu			2,261		46,541
Keisei Electric Railway			814		24,428
Kintetsu Group Holdings			325		12,442
Lawson			385		25,073
Marui Group			4,691		71,213
Nagoya Railroad			5,004		112,032
Nankai Electric Railway			1,421		36,591
Nitori Holdings			300		43,444
Oriental Land			283		22,549
Park24			1,552		35,771
Seibu Holdings			2,279		40,494
Shimamura			173		19,214
Start Today			1,298		35,297
Tobu Railway			2,988		87,302
Toho			960		31,682
Tsuruha Holdings			302		37,288
USS	��		1,228		24,640
West Japan Railway			1,248		87,568
Yamada Denki			29,338		155,429
					1,794,979
Financials — 9.5%
Aozora Bank			2,424		94,397
Bank of Kyoto			1,184		61,685

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

101

Schedule of Investments

October 31, 2017

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Chiba Bank		10,233	$	77,628
Concordia Financial Group		6,400		33,512
Credit Saison		2,687		53,773
Dai-ichi Life Holdings		3,820		72,027
Daito Trust Construction		134		23,391
Daiwa Securities Group		6,004		37,288
Fukuoka Financial Group		16,264		83,159
Hachijuni Bank		7,460		46,350
Hiroshima Bank		5,070		42,566
Japan Post Bank		3,000		37,781
Japan Post Holdings		2,660		30,619
Kyushu Financial Group		5,760		36,345
Mitsubishi UFJ Financial Group		6,566		44,060
Mitsubishi UFJ Lease & Finance		10,422		54,481
Mitsui Fudosan		1,568		36,237
Mizuho Financial Group		46,122		83,168
MS&AD Insurance Group Holdings		1,287		43,436
Nomura Holdings		7,365		42,052
ORIX		2,261		38,572
Resona Holdings		17,517		93,759
Shinsei Bank		5,726		95,795
Shizuoka Bank		6,230		60,145
Sompo Holdings		1,091		43,580
Sumitomo Mitsui Financial Group		1,121		44,562
Sumitomo Mitsui Trust Holdings		1,195		46,746
Suruga Bank		1,008		22,780
T&D Holdings		3,105		47,779
Tokio Marine Holdings		1,050		44,863
Tokyo Tatemono		3,201		44,537
Tokyu Fudosan Holdings		7,321		47,677
				1,664,750
Health Care — 6.7%
Alfresa Holdings		3,505		66,658
Astellas Pharma		910		12,081
Daiichi Sankyo		4,769		109,121
Hisamitsu Pharmaceutical		432		23,685
Kobayashi Pharmaceutical		615		35,396
Kyowa Hakko Kirin		7,077		130,043
Medipal Holdings		3,282		60,597
Miraca Holdings		673		31,213
Mitsubishi Tanabe Pharma		9,313		204,406
Nippon Shinyaku		416		29,361
Otsuka Holdings		2,884		120,101
Santen Pharmaceutical		500		7,916

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

102

Schedule of Investments

October 31, 2017

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Sumitomo Dainippon Pharma		7,308	$	103,996
Suzuken		2,685		96,289
Taisho Pharmaceutical Holdings		978		74,105
Takeda Pharmaceutical		463		26,057
Terumo		287		11,884
				1,142,909
Industrials — 25.5%
Alps Electric		1,053		31,925
Amada Holdings		8,707		107,353
Asahi Glass		1,926		75,087
Disco		244		56,109
FANUC		130		30,169
Fuji Electric		22,846		164,263
Hamamatsu Photonics		1,029		33,099
Haseko		1,085		15,660
Hino Motors		7,493		95,682
Hirose Electric		203		30,353
Hitachi		11,979		94,563
Hoshizaki		479		45,147
Hoya		397		21,448
IHI		1,044		37,348
Isuzu Motors		3,341		48,470
ITOCHU		3,045		53,005
JGC		5,127		85,232
Kajima		22,681		234,136
Kawasaki Heavy Industries		1,615		55,856
Keyence		45		24,882
Komatsu		6,232		202,762
Kurita Water Industries		4,458		140,846
Kyocera		2,525		167,614
LIXIL Group		9,280		253,990
Mabuchi Motor		455		23,665
Marubeni		14,293		95,182
Minebea		2,764		50,157
MISUMI Group		963		26,272
Mitsubishi		2,457		57,268
Mitsubishi Electric		3,219		54,717
Mitsubishi Heavy Industries		857		33,328
Mitsubishi Materials		2,289		86,419
Mitsui		7,033		104,539
Mitsui OSK Lines		2,233		67,798
Murata Manufacturing		75		11,676
Nabtesco		1,069		42,241
Nidec		101		13,328

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

103

Schedule of Investments

October 31, 2017

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Nippon Express		1,589	$	100,265
Nippon Yusen		3,157		66,207
Obayashi		14,694		191,385
Omron		380		21,135
Persol Holdings		1,166		28,752
Recruit Holdings		1,190		29,072
Secom		155		11,700
Shimadzu		786		16,242
Shimizu		14,908		174,362
SMC		66		25,115
Sohgo Security Services		191		9,144
Sojitz		26,803		80,435
Sumitomo		5,399		77,614
Sumitomo Heavy Industries		2,875		119,929
Taiheiyo Cement		4,437		176,496
Taisei		810		44,695
TDK		1,550		118,265
THK		690		25,018
Toppan Printing		8,723		88,128
Toyo Seikan Group Holdings		3,499		61,370
Toyota Tsusho		1,746		62,999
Yamato Holdings		930		18,918
Yaskawa Electric		984		34,985
Yokogawa Electric		2,540		47,791
				4,401,611
Oil & Gas — 2.2%
Idemitsu Kosan		1,950		56,545
Inpex		13,538		143,505
JXTG Holdings		35,741		183,440
				383,490
Real Estate Investment Trusts — 2.7%
Activia Properties		10		39,162
Advance Residence Investment		22		51,752
Daiwa House, Cl A		5		11,661
GLP J-Reit		42		42,174
Japan Hotel Investment, Cl A		53		35,029
Japan Prime Realty Investment		9		28,949
Japan Real Estate Investment		5		23,409
Japan Retail Fund Investment		31		54,945
Nippon Building Fund		3		14,468
Nippon Prologis		26		54,641
Nomura Real Estate Master Fund		22		27,512
Orix JREIT		31		42,586

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

104

Schedule of Investments

October 31, 2017

Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
United Urban Investment		26	$	37,365
				463,653
Technology — 7.1%
Brother Industries		1,049		25,286
Canon		4,403		164,409
FUJIFILM Holdings		2,031		82,684
Fujitsu		3,029		23,415
Konica Minolta		11,600		100,861
NEC		5,833		159,133
Nomura Research Institute		685		28,846
NTT Data		1,455		16,864
Obic		467		30,700
Otsuka		1,046		70,881
Ricoh		10,236		94,226
Rohm		1,918		176,558
Seiko Epson		6,358		150,851
Square Enix Holdings		526		21,155
Tokyo Electron		77		13,387
Trend Micro		884		47,067
Yahoo Japan		3,200		14,278
				1,220,601
Telecommunications — 0.8%
Nippon Telegraph & Telephone		2,442		117,619
NTT DOCOMO		595		14,353
				131,972
Utilities — 5.3%
Chubu Electric Power		6,195		79,434
Chugoku Electric Power		8,182		90,799
Electric Power Development		5,452		136,504
Kansai Electric Power		10,530		143,406
Kyushu Electric Power		9,272		105,262
Osaka Gas		4,238		81,623
Toho Gas		2,345		65,317
Tohoku Electric Power		5,725		74,667
Tokyo Electric Power Holdings ^*		11,797		48,172
Tokyo Gas		3,979		98,766
				923,950
TOTAL COMMON STOCK
(Cost $15,014,971)				17,286,834
TOTAL INVESTMENTS — 99.9%
(Cost $15,014,971)			$	17,286,834

Percentages are based on Net Assets of $17,308,552.

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

105

Schedule of Investments

October 31, 2017

Global X Scientific Beta Japan ETF

Non-income producing security.

As of October 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 year ended October 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.

106

Schedule of Investments

October 31, 2017

Global X Scientific Beta Asia ex-Japan ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.7%
AUSTRALIA— 35.9%
Basic Materials — 7.1%
Alumina		25,084	$	45,005
BHP Billiton		848		17,256
BlueScope Steel		4,703		46,302
Fortescue Metals Group		7,521		26,758
Iluka Resources		2,530		18,215
Incitec Pivot		7,339		21,496
Newcrest Mining		1,449		24,898
Northern Star Resources		4,270		17,090
Orica		1,195		19,122
Rio Tinto		189		10,064
South32		8,415		21,744
				267,950
Consumer Goods — 1.0%
Coca-Cola Amatil		2,264		14,148
Treasury Wine Estates		2,187		26,243
				40,391
Consumer Services — 3.9%
Aristocrat Leisure		646		11,665
Crown Resorts		1,490		13,264
Domino's Pizza Enterprises		333		11,896
Qantas Airways		3,790		17,872
Star Entertainment Grp		8,276		36,486
TABCORP Holdings		3,492		12,022
Tatts Group		5,967		19,079
Wesfarmers		600		19,230

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

107

Schedule of Investments

October 31, 2017

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Woolworths		490	$	9,723
				151,237
Financials — 5.1%
ASX		402		16,638
Australia & New Zealand Banking Group		692		15,875
Bank of Queensland		1,722		17,640
Bendigo and Adelaide Bank		2,792		24,362
Challenger		1,385		14,124
Lend Lease Group		1,339		16,642
Macquarie Group		263		19,833
Magellan Financial Group		524		9,751
National Australia Bank		664		16,628
QBE Insurance Group		1,068		8,746
REA Group		460		25,493
Suncorp Group		937		9,756
				195,488
Health Care — 3.0%
Ansell		1,664		30,621
Cochlear		307		41,410
CSL		142		15,126
Healthscope		9,515		14,299
Sonic Healthcare		829		13,838
				115,294
Industrials — 5.8%
ALS		3,236		19,428
Amcor		761		9,243
Aurizon Holdings		9,736		38,669
Boral		4,468		24,495
CIMIC Group		319		11,826
Computershare		1,930		23,056
Downer EDI		5,290		28,352
Macquarie Atlas Roads Group		3,946		18,032
Orora		8,024		20,918
SEEK		638		8,986
Sydney Airport		3,148		17,162
Transurban Group		1,218		11,328
				231,495
Oil & Gas — 1.0%
Santos		5,312		18,328
Woodside Petroleum		743		17,507
				35,835
Real Estate Investment Trusts — 5.5%
Dexus		3,831		28,699

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

108

Schedule of Investments

October 31, 2017

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
Goodman Group		6,308	$	40,434
GPT Group		5,819		22,710
Mirvac Group		18,044		33,343
Scentre Group		7,120		21,946
Stockland		9,002		31,198
Vicinity Centres		6,643		13,498
Westfield		2,813		16,759
				208,587
Telecommunications — 0.2%
Telstra		2,352		6,384
Utilities — 3.3%
AGL Energy		2,046		39,643
AusNet Services		32,398		43,969
Origin Energy ^*		2,486		15,135
Spark Infrastructure Group		15,510		30,206
				128,953
TOTAL AUSTRALIA				1,381,614
HONG KONG— 31.3%
Consumer Goods — 6.1%
Li & Fung		53,109		26,753
Samsonite International		6,220		25,951
Shenzhou International Group Holdings		7,604		64,910
Techtronic Industries		5,684		33,331
WH Group ^(A)		17,500		17,720
Yue Yuen Industrial Holdings		16,248		62,270
				230,935
Consumer Services — 3.5%
Galaxy Entertainment Group		1,600		10,890
MTR		16,188		93,786
Sands China		2,690		12,671
Wynn Macau		7,733		19,824
				137,171
Financials — 9.3%
AIA Group		2,647		19,916
Bank of East Asia		1,918		8,408
CK Asset Holdings		1,032		8,486
Hang Lung Group		8,407		29,525
Hang Lung Properties		8,643		19,852
Hang Seng Bank		430		10,180
Henderson Land Development		1,521		9,913
Hopewell Holdings		14,299		54,892
Hysan Development		7,705		37,232
New World Development		11,993		17,862

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

109

Schedule of Investments

October 31, 2017

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Sino Land		13,438	$	23,149
Sun Hung Kai Properties		1,647		26,937
Swire Properties		14,354		48,481
Wharf Holdings		1,938		17,624
Wheelock		3,950		27,492
				359,949
Health Care — 0.6%
CSPC Pharmaceutical Group		14,400		25,028
Industrials — 3.3%
CK Hutchison Holdings		2,533		32,158
NWS Holdings		32,997		66,740
Swire Pacific, Cl A		2,846		28,107
				127,005
Oil & Gas — 0.0%
Hanergy Thin Film Power Group ^*(B)		29,000		37
Real Estate Investment Trusts — 1.6%
Link		7,445		62,552
Technology — 2.3%
ASM Pacific Technology		3,260		47,426
VTech Holdings		3,113		44,250
				91,676
Telecommunications — 1.0%
PCCW		69,145		38,110
Utilities — 3.6%
CK Infrastructure Holdings		3,093		26,919
CLP Holdings		4,443		45,189
Hong Kong & China Gas		7,248		13,731
Power Assets Holdings		5,844		50,636
				136,475
TOTAL HONG KONG				1,208,938
NEW ZEALAND— 4.8%
Health Care — 1.6%
Fisher & Paykel Healthcare		3,399		30,852
Ryman Healthcare		4,783		30,472
				61,324
Industrials — 1.1%
Auckland International Airport		5,148		21,971
Fletcher Building		4,096		20,652
				42,623
Telecommunications — 0.2%
Spark New Zealand		3,648		9,197

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

110

Schedule of Investments

October 31, 2017

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Utilities — 1.9%
Contact Energy		14,388	$	56,675
Meridian Energy		7,349		14,348
				71,023
TOTAL NEW ZEALAND				184,167
SINGAPORE— 27.7%
Consumer Goods — 0.5%
Thai Beverage		28,605		20,576
Consumer Services — 5.2%
ComfortDelGro		12,970		19,230
Dairy Farm International Holdings		4,444		36,352
Genting Singapore		55,705		49,883
Jardine Cycle & Carriage		500		14,456
Singapore Airlines		8,012		60,396
Singapore Press Holdings		8,913		17,664
				197,981
Financials — 7.3%
CapitaLand		8,648		23,296
City Developments		4,877		46,322
DBS Group Holdings		1,837		30,716
Global Logistic Properties		11,118		27,093
Hongkong Land Holdings		5,873		42,579
Oversea-Chinese Banking		2,373		20,727
Singapore Exchange		2,800		15,763
United Overseas Bank		1,764		31,877
UOL Group		6,204		41,166
				279,539
Industrials — 8.2%
Jardine Matheson Holdings		615		39,397
Jardine Strategic Holdings		967		40,556
SATS		15,988		55,155
Singapore Technologies Engineering		9,925		25,352
Venture		9,207		131,712
Wilmar International		10,313		25,661
				317,833
Oil & Gas — 0.5%
Keppel		3,202		17,627
Real Estate Investment Trusts — 5.8%
Ascendas		23,538		47,339
CapitaLand Commercial Trust		39,665		50,512
CapitaLand Mall Trust		38,433		56,983
Mapletree Commercial Trust		27,153		30,992
Suntec		29,511		42,239
				228,065

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

111

Schedule of Investments

October 31, 2017

Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 0.2%
Singapore Telecommunications		2,615	$	7,198
TOTAL SINGAPORE				1,068,819
TOTAL COMMON STOCK
(Cost $3,421,334)				3,843,538
TOTAL INVESTMENTS — 99.7%
(Cost $3,421,334)			$	3,843,538

Percentages are based on Net Assets of $3,856,842.

Non-income producing security.

(A)

(B)

Level 3 security in accordance with fair value hierarchy.

Cl — Class

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

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock
Australia	$	1,381,614	$	–	$	–	$	1,381,614
Hong Kong		1,208,901		–		37		1,208,938
New Zealand		184,167		–		–		184,167
Singapore		1,068,819		–		–		1,068,819
Total Investments in Securities	$	3,843,501	$	–	$	37	$	3,843,538

For the year ended October 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.

112

Schedule of Investments

October 31, 2017

Global X YieldCo Index ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 89.1%
CANADA— 26.3%
Utilities — 26.3%
Canadian Solar ^*		52,270	$	920,475
Innergex Renewable Energy		79,863		872,911
Northland Power		104,158		1,993,311
TransAlta Renewables		136,539		1,473,321
				5,260,018
TOTAL CANADA				5,260,018
SPAIN— 4.1%
Utilities — 4.1%
Saeta Yield		73,806		824,461
UNITED KINGDOM— 21.3%
Financials — 21.3%
Bluefield Solar Income Fund		339,092		522,345
Foresight Solar Fund		374,242		544,188
Greencoat UK Wind		599,580		959,436
John Laing Environmental Assets Group		342,198		497,592
NextEnergy Solar Fund		516,917		768,813
Renewables Infrastructure Group		673,331		973,730
				4,266,104
TOTAL UNITED KINGDOM				4,266,104
UNITED STATES— 37.4%
Financials — 9.3%
NRG Yield, Cl A		102,198		1,875,333
Real Estate Investment Trusts — 4.9%
Hannon Armstrong Sustainable Infrastructure Capital		41,024		987,037
Utilities — 23.2%
8Point3 Energy Partners, Cl A ^(A)		25,713		389,295
Atlantica Yield		44,264		990,628
NextEra Energy Partners		33,894		1,333,390
Pattern Energy Group, Cl A		38,215		881,620
TerraForm Power, Cl A		78,837		1,058,781
				4,653,714
TOTAL UNITED STATES				7,516,084
TOTAL COMMON STOCK
(Cost $16,523,633)				17,866,667

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

113

Schedule of Investments

October 31, 2017

Global X YieldCo Index ETF

	Shares		Value
MASTER LIMITED PARTNERSHIP — 10.2%
CANADA — 10.2%
Utilities — 10.2%
Brookfield Renewable Partners		60,682	$	2,047,411
TOTAL MASTER LIMITED PARTNERSHIP
(Cost $1,802,764)				2,047,411

PREFERRED STOCK — 0.3%
CANADA— 0.3%
Utilities — 0.3%
Brookfield Renewable Partners, 5.75%, VAR Canadian Govt Bonds 5 Year Note+5.010%
(Cost $57,497)		2,867		57,336
TOTAL PREFERRED STOCK
(Cost $57,497)				57,336

TOTAL INVESTMENTS — 99.6%
(Cost $18,383,894)			$	19,971,414

Percentages are based on Net Assets of $20,046,395.

Non-income producing security.

Cl — Class

VAR — Variable Rate

As of October 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 October 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.

114

Schedule of Investments

October 31, 2017

Global X S&P 500^® Catholic Values ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.9%
UNITED STATES— 99.9%
Basic Materials — 2.4%
Air Products & Chemicals		1,123	$	179,040
Albemarle		587		82,702
Arconic		2,991		75,134
Avery Dennison		444		47,139
CF Industries Holdings		1,210		45,956
DowDuPont		12,134		877,411
Eastman Chemical		746		67,744
Ecolab		1,384		180,833
FMC		685		63,609
Freeport-McMoRan Copper & Gold ^*		7,255		101,425
International Flavors & Fragrances		423		62,359
International Paper		2,152		123,246
LyondellBasell Industries, Cl A		1,746		180,763
Mosaic		1,848		41,284
Newmont Mining		2,770		100,163
Nucor		1,657		95,824
PPG Industries		1,327		154,250
Praxair		1,484		216,842
				2,695,724
Consumer Goods — 8.6%
Activision Blizzard		3,952		258,817
Altria Group		11,117		713,934
Archer-Daniels-Midland		3,034		124,000
BorgWarner		1,055		55,620
Brown-Forman, Cl B		984		56,108
Campbell Soup		1,029		48,744

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

115

Schedule of Investments

October 31, 2017

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Clorox		666	$	84,269
Coca-Cola		22,268		1,023,882
Colgate-Palmolive		5,088		358,450
Conagra Brands		2,203		75,254
Constellation Brands, Cl A		933		204,411
Coty, Cl A		2,305		35,497
Delphi Automotive		1,409		140,026
DR Horton		1,766		78,075
Dr Pepper Snapple Group		962		82,405
Electronic Arts ^*		1,642		196,383
Estee Lauder, Cl A		1,182		132,159
Ford Motor		20,465		251,106
General Mills		3,104		161,160
General Motors		6,870		295,272
Genuine Parts		760		67,054
Goodyear Tire & Rubber		1,332		40,746
Hanesbrands		1,967		44,258
Harley-Davidson		933		44,168
Hasbro		592		54,813
Hershey		740		78,573
Hormel Foods		1,410		43,936
JM Smucker		592		62,782
Kellogg		1,330		83,165
Kimberly-Clark		2,033		228,733
Kraft Heinz		3,439		265,937
Leggett & Platt		676		31,948
Lennar, Cl A		999		55,614
Leucadia National		1,702		43,061
LKQ ^*		1,601		60,342
Mattel		1,785		25,204
McCormick		596		59,320
Michael Kors Holdings ^*		880		42,953
Mohawk Industries ^*		342		89,522
Molson Coors Brewing, Cl B		962		77,797
Mondelez International, Cl A		8,706		360,689
Monsanto		2,297		278,167
Monster Beverage ^*		2,134		123,623
NIKE, Cl B		6,935		381,355
Philip Morris International		9,008		942,597
Procter & Gamble		14,800		1,277,832
PulteGroup		1,597		48,277
PVH		444		56,304
Ralph Lauren, Cl A		296		26,471
Snap-On		461		72,737

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

116

Schedule of Investments

October 31, 2017

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Stanley Black & Decker		1,230	$	198,706
Tapestry		1,453		59,500
Under Armour, Cl A ^*		964		12,069
Under Armour, Cl C ^*		969		11,173
VF		1,708		118,962
Whirlpool		399		65,408
				9,909,368
Consumer Services — 13.4%
Advance Auto Parts		370		30,244
Alaska Air Group		1,016		67,086
Amazon.com ^*		2,096		2,316,666
American Airlines Group		3,366		157,596
AmerisourceBergen, Cl A		1,714		131,892
AutoZone ^*		148		87,246
Best Buy		1,422		79,604
Cardinal Health		3,280		203,032
CarMax ^*		964		72,396
Carnival		2,231		148,116
CBS, Cl B		2,035		114,204
Charter Communications, Cl A ^*		1,056		352,884
Chipotle Mexican Grill, Cl A ^*		148		40,241
Comcast, Cl A		24,694		889,726
Costco Wholesale		2,535		408,338
CVS Health		5,878		402,819
Darden Restaurants		648		53,311
Delta Air Lines		5,187		259,505
Discovery Communications, Cl A ^*		796		15,028
Discovery Communications, Cl C ^*		1,188		21,158
DISH Network, Cl A ^*		1,200		58,248
Dollar General		1,339		108,245
Dollar Tree ^*		1,227		111,964
eBay ^*		5,260		197,986
Expedia		665		82,899
Foot Locker		701		21,086
Gap		1,144		29,733
H&R Block		1,131		27,981
Hilton Worldwide Holdings		1,064		76,906
Home Depot		6,234		1,033,473
Interpublic Group		2,080		40,040
Kohl's		936		39,087
Kroger		4,931		102,072
L Brands		1,259		54,187
Lowe's		4,490		358,976
Macy's		1,610		30,204

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

117

Schedule of Investments

October 31, 2017

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Marriott International, Cl A		1,670	$	199,532
McDonald's		4,265		711,870
McKesson		2,290		315,746
Netflix ^*		2,274		446,682
News		584		8,118
News, Cl A		1,988		27,156
Nielsen Holdings		2,725		101,016
Nordstrom		614		24,345
Omnicom Group		1,241		83,383
O'Reilly Automotive ^*		497		104,842
priceline.com ^*		259		495,198
Ross Stores		2,072		131,551
Royal Caribbean Cruises		892		110,403
Scripps Networks Interactive, Cl A		518		43,139
Signet Jewelers		368		24,130
Southwest Airlines		4,289		231,006
Starbucks		7,580		415,687
Sysco		2,674		148,728
Target		2,936		173,341
Tiffany		588		55,049
Time Warner		4,063		399,352
TJX		3,408		237,878
Tractor Supply		666		40,133
TripAdvisor ^*		592		22,200
Twenty-First Century Fox, Cl A		5,568		145,603
Twenty-First Century Fox, Cl B		2,511		63,905
Ulta Beauty ^*		298		60,133
United Continental Holdings ^*		1,997		116,785
Viacom, Cl B		1,801		43,278
Walgreens Boots Alliance		5,315		352,225
Wal-Mart Stores		8,482		740,563
Walt Disney		8,109		793,141
Wyndham Worldwide		593		63,362
Wynn Resorts		444		65,486
Yum! Brands		1,819		135,425
				15,354,570
Financials — 16.6%
Affiliated Managers Group		296		55,204
Aflac		2,021		169,542
Allstate		1,924		180,587
American Express		3,884		370,999
American International Group		4,545		293,652
Ameriprise Financial		817		127,893
Aon		1,303		186,889

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

118

Schedule of Investments

October 31, 2017

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Arthur J Gallagher		916	$	58,010
Assurant		296		29,792
Bank of America		50,806		1,391,576
Bank of New York Mellon		5,385		277,058
BB&T		4,225		208,039
Berkshire Hathaway, Cl B ^*		10,012		1,871,644
BlackRock, Cl A		644		303,215
Brighthouse Financial ^*		494		30,717
Capital One Financial		2,520		232,294
Cboe Global Markets		488		55,173
CBRE Group, Cl A ^*		1,544		60,710
Charles Schwab		6,126		274,690
Chubb		2,420		364,985
Cincinnati Financial		783		54,943
Citigroup		14,216		1,044,876
Citizens Financial Group		2,697		102,513
CME Group, Cl A		1,767		242,379
Comerica		894		70,242
Discover Financial Services		1,894		126,008
ETRADE Financial ^		1,416		61,723
Equifax		968		105,057
Everest Re Group		211		50,102
Fifth Third Bancorp		3,956		114,328
Franklin Resources		1,852		78,025
Goldman Sachs Group		1,895		459,500
Hartford Financial Services Group		1,992		109,660
Huntington Bancshares		5,671		78,260
IHS Markit ^*		2,818		120,075
Intercontinental Exchange		3,080		203,588
Invesco		2,146		76,805
JPMorgan Chase		18,229		1,834,019
KeyCorp		5,655		103,204
Lincoln National		1,202		91,088
Loews		1,424		70,502
M&T Bank		814		135,751
Marsh & McLennan		2,684		217,216
Mastercard, Cl A		4,891		727,634
MetLife		5,592		299,619
Moody's		888		126,460
Morgan Stanley		7,287		364,350
Nasdaq		592		43,009
Navient		1,612		20,086
Northern Trust		1,114		104,181
People's United Financial		1,656		30,901

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

119

Schedule of Investments

October 31, 2017

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
PNC Financial Services Group		2,537	$	347,036
Principal Financial Group		1,406		92,585
Progressive		3,025		147,166
Prudential Financial		2,242		247,651
Raymond James Financial		667		56,548
Regions Financial		6,477		100,264
S&P Global		1,351		211,391
State Street		1,838		169,096
SunTrust Banks		2,590		155,944
Synchrony Financial		4,094		133,546
T Rowe Price Group		1,265		117,519
Torchmark		592		49,805
Travelers		1,480		196,026
Unum Group		1,192		62,032
US Bancorp		8,339		453,475
Visa, Cl A		9,631		1,059,218
Wells Fargo		23,229		1,304,076
Western Union		2,542		50,484
Willis Towers Watson		672		108,246
XL Group		1,424		57,629
Zions Bancorporation		1,044		48,504
				18,977,014
Health Care — 12.9%
AbbVie		16,967		1,531,271
Aetna		3,578		608,366
Alexion Pharmaceuticals ^*		2,351		281,321
Align Technology ^*		757		180,908
Anthem		2,786		582,859
Baxter International		5,303		341,884
Biogen Idec ^*		2,247		700,300
Boston Scientific ^*		14,770		415,628
Celgene ^*		8,322		840,272
Centene ^*		1,753		164,204
Cigna		2,671		526,775
CR Bard		744		243,340
DaVita ^*		1,621		98,460
DENTSPLY SIRONA		2,382		145,469
Edwards Lifesciences ^*		2,234		228,382
Eli Lilly		10,300		843,982
Express Scripts Holding ^*		6,230		381,837
Gilead Sciences		13,891		1,041,269
Henry Schein ^*		1,636		128,590
Hologic ^*		2,840		107,494
Humana		1,560		398,346

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

120

Schedule of Investments

October 31, 2017

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
IDEXX Laboratories ^*		904	$	150,218
Illumina ^*		1,530		313,941
Incyte ^*		1,750		198,188
Intuitive Surgical ^*		1,205		452,309
Laboratory Corp of America Holdings ^*		1,040		159,858
Medtronic		14,409		1,160,212
Patterson		850		31,450
Quest Diagnostics		1,414		132,605
Quintiles IMS Holdings ^*		1,592		172,095
Regeneron Pharmaceuticals ^*		835		336,188
ResMed		1,485		125,007
Stryker		3,413		528,571
Varian Medical Systems ^*		966		100,648
Vertex Pharmaceuticals ^*		2,734		399,793
Waters ^*		818		160,369
Zimmer Biomet Holdings		2,110		256,618
Zoetis, Cl A		5,154		328,928
				14,797,955
Industrials — 11.5%
3M		4,655		1,071,534
Accenture, Cl A		3,244		461,817
Acuity Brands		370		61,864
Advanced Micro Devices ^*		4,089		44,918
Allegion		799		66,629
Alliance Data Systems		242		54,143
AMETEK		1,871		126,274
Amphenol, Cl A		1,626		141,462
AO Smith		1,114		65,949
Automatic Data Processing		2,369		275,420
Ball		1,785		76,630
Caterpillar		4,636		629,568
CH Robinson Worldwide		1,144		89,838
Cintas		697		103,881
CSX		7,178		361,987
Cummins		1,203		212,787
Deere		2,494		331,403
Dover		1,259		120,222
Eaton		3,371		269,747
Emerson Electric		5,016		323,332
Expeditors International of Washington		1,469		85,760
Fastenal		2,348		110,286
FedEx		1,927		435,136
Fidelity National Information Services		1,710		158,620
Fiserv ^*		1,147		148,456

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

121

Schedule of Investments

October 31, 2017

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
FLIR Systems		740	$	34,647
Flowserve		1,067		47,023
Fortive		2,437		176,098
Fortune Brands Home & Security		1,251		82,641
Global Payments		813		84,511
Illinois Tool Works		2,421		378,934
Ingersoll-Rand		1,992		176,491
Jacobs Engineering Group		993		57,802
JB Hunt Transport Services		729		77,558
Johnson Controls International		7,302		302,229
Kansas City Southern		875		91,193
Martin Marietta Materials		323		70,043
Masco		2,651		105,563
Mettler-Toledo International ^*		278		189,771
Norfolk Southern		2,253		296,089
PACCAR		2,732		195,966
Packaging Corp of America		468		54,414
Parker-Hannifin		1,034		188,819
Paychex		1,684		107,422
PayPal Holdings ^*		5,906		428,539
Pentair		1,346		94,839
Quanta Services ^*		1,275		48,106
Republic Services, Cl A		1,867		121,486
Robert Half International		1,067		55,239
Rockwell Automation		1,039		208,652
Roper Technologies		816		210,667
Sealed Air		1,034		45,734
Sherwin-Williams		428		169,124
Stericycle ^*		697		49,382
TE Connectivity		1,858		169,022
Total System Services		888		63,980
TransDigm Group		379		105,173
Union Pacific		6,266		725,540
United Parcel Service, Cl B		5,346		628,316
United Rentals ^*		676		95,640
United Technologies		5,784		692,691
Verisk Analytics, Cl A ^*		1,261		107,248
Vulcan Materials		670		81,572
Waste Management		3,162		259,822
Westrock		1,330		81,569
WW Grainger		444		87,779
Xerox		1,122		34,008
Xylem		1,461		97,200
				13,206,205

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

122

Schedule of Investments

October 31, 2017

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 5.8%
Anadarko Petroleum		2,928	$	144,555
Andeavor		739		78,511
Apache		1,985		82,119
Baker Hughes a GE		2,244		70,529
Cabot Oil & Gas		2,427		67,228
Chesapeake Energy ^*		3,658		14,266
Chevron		9,789		1,134,447
Cimarex Energy		502		58,699
Concho Resources ^*		784		105,221
ConocoPhillips		6,401		327,411
Devon Energy		2,742		101,180
EOG Resources		3,026		302,207
EQT		895		55,973
ExxonMobil		21,893		1,824,782
Halliburton		4,512		192,843
Helmerich & Payne		590		32,043
Hess		1,394		61,559
Kinder Morgan		10,028		181,607
Marathon Oil		4,428		62,966
Marathon Petroleum		2,738		163,568
National Oilwell Varco		1,981		67,730
Newfield Exploration ^*		1,036		31,898
Noble Energy		2,252		62,763
Occidental Petroleum		3,986		257,376
Phillips 66		2,303		209,757
Pioneer Natural Resources		886		132,608
Range Resources		960		17,386
Schlumberger		7,199		460,736
TechnipFMC		2,439		66,804
Valero Energy		2,359		186,102
Williams		4,267		121,610
				6,676,484
Real Estate Investment Trusts — 2.9%
Alexandria Real Estate Equities		469		58,137
American Tower, Cl A		2,219		318,803
Apartment Investment & Management, Cl A		814		35,800
AvalonBay Communities		734		133,096
Boston Properties		814		98,641
Crown Castle International		1,967		210,626
Digital Realty Trust		1,057		125,191
Duke Realty		1,761		50,153
Equinix		416		192,816
Equity Residential		1,910		128,467
Essex Property Trust		351		92,113

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

123

Schedule of Investments

October 31, 2017

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
Extra Space Storage		666	$	54,339
Federal Realty Investment Trust		370		44,592
GGP		3,035		59,061
HCP		2,432		62,843
Host Hotels & Resorts		3,862		75,541
Iron Mountain		1,271		50,840
Kimco Realty		2,191		39,789
Macerich		640		34,944
Mid-America Apartment Communities		559		57,214
ProLogis		2,732		176,433
Public Storage		781		161,862
Realty Income		1,433		76,909
Regency Centers		763		46,963
SBA Communications, Cl A ^*		608		95,565
Simon Property Group		1,617		251,168
SL Green Realty		518		49,562
UDR		1,389		53,879
Ventas		1,845		115,774
Vornado Realty Trust		888		66,476
Welltower		1,883		126,086
Weyerhaeuser		3,904		140,193
				3,283,876
Technology — 20.5%
Adobe Systems ^*		2,588		453,314
Akamai Technologies ^*		896		46,816
Alphabet, Cl A ^*		1,552		1,603,278
Alphabet, Cl C ^*		1,586		1,612,391
Analog Devices		1,913		174,657
ANSYS ^*		443		60,563
Apple		27,037		4,570,334
Applied Materials		5,677		320,353
Autodesk ^*		1,042		130,208
Broadcom		2,103		555,003
CA		1,616		52,326
Cadence Design Systems ^*		1,409		60,812
Cerner ^*		3,412		230,378
Cisco Systems		26,084		890,769
Citrix Systems ^*		814		67,245
Cognizant Technology Solutions, Cl A		3,167		239,647
DXC Technology		1,475		134,992
F5 Networks ^*		351		42,566
Facebook, Cl A ^*		12,401		2,232,925
Garmin		592		33,513
Gartner ^*		471		59,021

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

124

Schedule of Investments

October 31, 2017

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
Hewlett Packard Enterprise		8,717	$	121,341
HP		8,969		193,282
Intel		24,567		1,117,553
International Business Machines		4,477		689,727
Intuit		1,271		191,946
Juniper Networks		1,968		48,865
KLA-Tencor		814		88,636
Lam Research		844		176,033
Microchip Technology		1,252		118,690
Micron Technology ^*		5,457		241,800
Microsoft		40,309		3,352,903
Motorola Solutions		870		78,770
NetApp		1,478		65,653
NVIDIA		3,116		644,420
Oracle		15,678		798,010
Qorvo ^*		666		50,489
QUALCOMM		7,869		401,398
Red Hat ^*		962		116,238
salesforce.com ^*		3,503		358,497
Seagate Technology		1,554		57,451
Skyworks Solutions		962		109,533
Symantec		3,233		105,073
Synopsys ^*		797		68,956
Texas Instruments		5,213		504,045
VeriSign ^*		493		53,007
Western Digital		1,581		141,136
Xilinx		1,332		98,155
				23,562,718
Telecommunications — 2.0%
AT&T		32,883		1,106,514
CenturyLink		5,082		96,507
Verizon Communications		21,843		1,045,624
				2,248,645
Utilities — 3.3%
AES		3,440		36,567
Alliant Energy		1,183		51,177
Ameren		1,264		78,355
American Electric Power		2,577		191,755
American Water Works		945		82,933
CenterPoint Energy		2,243		66,348
CMS Energy		1,478		71,491
Consolidated Edison		1,589		136,733
Dominion Energy		3,275		265,733
DTE Energy		960		106,042

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

125

Schedule of Investments

October 31, 2017

Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Duke Energy		3,692	$	326,041
Edison International		1,706		136,395
Entergy		960		82,810
Eversource Energy		1,638		102,604
Exelon		4,829		194,174
FirstEnergy		2,236		73,676
NextEra Energy		2,426		376,200
NiSource		1,704		44,934
NRG Energy		1,631		40,775
ONEOK		2,012		109,191
PG&E		2,734		157,943
Pinnacle West Capital		592		51,924
PPL		3,556		133,563
Public Service Enterprise Group		2,668		131,266
SCANA		740		31,924
Sempra Energy		1,326		155,805
Southern		5,223		272,641
WEC Energy Group		1,636		110,250
Xcel Energy		2,666		132,020
				3,751,270
TOTAL COMMON STOCK (COST $102,641,702)				114,463,829
TOTAL INVESTMENTS — 99.9%
(Cost $102,641,702)			$	114,463,829

Percentages are based on Net Assets of $114,580,740.

Non-income producing security.

Cl — Class

S&P — Standard & Poor's

As of October 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 October 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.

126

Statements of Assets and Liabilities

October 31, 2017

	Global X SuperDividend^® ETF			Global X SuperDividend^® U.S. ETF			Global X MSCI SuperDividend^® EAFE ETF		Global X MSCI SuperDividend^® Emerging Markets ETF
Assets:
Cost of Investments	$	977,631,036		$	397,229,451		$	1,664,206	$	12,436,502
Cost of Repurchase Agreement		47,215,366			7,694,259			—		—
Cost of Foreign Currency		41,491			—			1		9,223
Investments, at Value	$	987,288,602	*	$	424,263,412	*	$	1,812,849	$	12,691,946
Repurchase Agreement, at Value		47,215,366			7,694,259			—		—
Cash		2,829,564			824,629			—		23,138
Foreign Currency, at Value		41,533			—			1		9,404
Dividend and Interest Receivable		2,838,732			622,252			1,939		29,175
Reclaim Receivable		364,260			20,348			3,153		—
Unrealized Appreciation on Spot Contracts		156			—			—		6
Due from Broker		28,003			12,073			—		18,142
Total Assets		1,040,606,216			433,436,973			1,817,942		12,771,811
Liabilities:
Obligation to Return Securities Lending Collateral		47,215,366			7,694,259			—		—
Payable due to Investment Adviser		497,419			163,439			851		7,081
Cash Overdraft		—			—			3,881		—
Accrued Foreign Capital Gains Tax on Appreciated Securities		—			—			—		16,403
Total Liabilities		47,712,785			7,857,698			4,732		23,484
Net Assets	$	992,893,431		$	425,579,275		$	1,813,210	$	12,748,327
Net Assets Consist of:
Paid-in Capital	$	1,090,047,715		$	451,980,900		$	1,629,030	$	12,661,951
Undistributed (Distributions in Excess of) Net Investment Income		(5,559,018	)		—			21,675		78,164
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(101,230,049	)		(53,435,586	)		13,684		(230,768	)
Net Unrealized Appreciation on Investments		9,657,566			27,033,961			148,643		255,444
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(22,783	)		—			178		(61	)
Foreign Capital Gains Tax on Appreciated Securities		—			—			—		(16,403	)
Net Assets	$	992,893,431		$	425,579,275		$	1,813,210	$	12,748,327
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		46,150,000			16,900,000			100,000		800,000
Net Asset Value, Offering and Redemption Price Per Share	$	21.51		$	25.18		$	18.13	$	15.94
*Includes Market Value of Securities on Loan	$	45,096,945		$	7,507,034		$	—	$	—

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

127

Statements of Assets and Liabilities

October 31, 2017

	Global X SuperDividend^® REIT ETF			Global X SuperIncome™ Preferred ETF			Global X Social Media ETF			Global X \| JPMorgan Efficiente Index ETF
Assets:
Cost of Investments	$	50,362,335		$	251,830,640		$	143,072,574		$	4,901,666
Cost of Repurchase Agreement		—			11,828,524			12,861,023			—
Cost of Foreign Currency		6,776			—			—			—
Investments, at Value	$	51,678,481		$	234,816,649	*	$	164,716,572	*	$	5,237,089
Repurchase Agreement, at Value		—			11,828,524			12,861,023			—
Cash		220,098			971,299			326,921			2,618
Foreign Currency, at Value		6,776			—			—			—
Dividend and Interest Receivable		103,070			438,728			42,489			—
Reclaim Receivable		2,312			—			13,811			—
Unrealized Appreciation on Foreign Spot Currency Contracts		27			—			—			—
Receivable for Capital Shares Sold		—			—			1,633,567			—
Receivable for Investment Securities Sold		—			4,304,435			19,074,124			—
Total Assets		52,010,764			252,359,635			198,668,507			5,239,707
Liabilities:
Obligation to Return Securities Lending Collateral		—			11,828,524			12,861,023			—
Payable due to Investment Adviser		24,644			118,602			88,710			3,059
Payable for Investment Securities Purchased		—			1,594,298			20,720,773			—
Payable for Capital Shares Redeemed		—			2,487,704			—			—
Unrealized Depreciation on Foreign Spot Currency Contracts		—			—			469			—
Total Liabilities		24,644			16,029,128			33,670,975			3,059
Net Assets	$	51,986,120		$	236,330,507		$	164,997,532		$	5,236,648
Net Assets Consist of:
Paid-in Capital	$	51,065,309		$	279,818,000		$	158,344,392		$	6,661,861
Undistributed (Distributions in Excess of) Net Investment Income		(654,976	)		199,762			605,595			105,750
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		259,675			(26,673,264	)		(15,599,056	)		(1,866,386	)
Net Unrealized Appreciation (Depreciation) on Investments		1,316,146			(17,013,991	)		21,643,998			335,423
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(34	)		—			2,603			—
Net Assets	$	51,986,120		$	236,330,507		$	164,997,532		$	5,236,648
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		3,400,000			19,000,000			5,050,000			200,000
Net Asset Value, Offering and Redemption Price Per Share	$	15.29		$	12.44		$	32.67		$	26.18
*Includes Market Value of Securities on Loan	$	—		$	11,553,181		$	12,668,197		$	—

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

128

Statements of Assets and Liabilities

October 31, 2017

	Global X \| JPMorgan US Sector Rotator Index ETF			Global X Guru^® Index ETF			Global X Scientific Beta US ETF			Global X Scientific Beta Europe ETF
Assets:
Cost of Investments	$	4,992,578		$	50,598,162		$	120,872,101		$	18,741,440
Cost of Repurchase Agreement		—			2,042,027			—			—
Cost of Foreign Currency		—			—			—			1,602
Investments, at Value	$	5,101,491		$	55,884,568	*	$	134,990,079		$	21,272,907
Repurchase Agreement, at Value		—			2,042,027			—			—
Cash		3,860			84,672			137,762			5,630
Foreign Currency, at Value		—			—			—			1,600
Dividend and Interest Receivable		—			21,324			78,070			17,974
Reclaim Receivable		—			767			—			35,709
Total Assets		5,105,351			58,033,358			135,205,911			21,333,820
Liabilities:
Obligation to Return Securities Lending Collateral		—			2,042,027			—			—
Payable due to Investment Adviser		3,243			35,542			21,709			6,943
Unrealized Depreciation on Foreign Spot Currency Contracts		—			—			—			2
Due to Broker		—			—			214			3,608
Total Liabilities		3,243			2,077,569			21,923			10,553
Net Assets	$	5,102,108		$	55,955,789		$	135,183,988		$	21,323,267
Net Assets Consist of:
Paid-in Capital	$	6,839,154		$	80,140,265		$	120,925,967		$	19,025,354
Undistributed Net Investment Income		53,269			135,050			1,398,110			369,916
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(1,899,228	)		(29,605,932	)		(1,258,067	)		(604,289	)
Net Unrealized Appreciation on Investments		108,913			5,286,406			14,117,978			2,531,467
Net Unrealized Appreciation on Foreign Currency Translations		—			—			—			819
Net Assets	$	5,102,108		$	55,955,789		$	135,183,988		$	21,323,267
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		200,000			1,950,000			4,500,000			750,000
Net Asset Value, Offering and Redemption Price Per Share	$	25.51		$	28.70		$	30.04		$	28.43
*Includes Market Value of Securities on Loan	$	—		$	2,026,333		$	—		$	—

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

129

Statements of Assets and Liabilities

October 31, 2017

	Global X Scientific Beta Japan ETF			Global X Scientific Beta Asia ex-Japan ETF			Global X YieldCo Index ETF			Global X S&P 500^® Catholic Values ETF
Assets:
Cost of Investments	$	15,014,971		$	3,421,334		$	18,383,894		$	102,641,702
Cost of Foreign Currency		182			—			6,110			—
Investments, at Value	$	17,286,834		$	3,843,538		$	19,971,414		$	114,463,829
Foreign Currency, at Value		182			—			6,176			—
Cash		—			10,230			3,234			52,463
Dividend and Interest Receivable		134,308			4,288			19,702			93,411
Unrealized Appreciation on Foreign Spot Currency Contracts		1			—			23			—
Receivable for Investment Securities Sold		—			—			54,356			—
Reclaim Receivable		—			36			1,557			863
Total Assets		17,421,325			3,858,092			20,056,462			114,610,566
Liabilities:
Cash Overdraft		107,151			—			—			—
Payable due to Investment Adviser		5,622			1,250			9,298			27,419
Payable for Foreign Capital Gains Tax on Appreciated Securities		—			—			769			—
Due to Broker		—			—			—			2,407
Total Liabilities		112,773			1,250			10,067			29,826
Net Assets	$	17,308,552		$	3,856,842		$	20,046,395		$	114,580,740
Net Assets Consist of:
Paid-in Capital	$	15,201,991		$	3,676,889		$	19,593,533		$	101,601,149
Undistributed (Distributions in Excess of) Net Investment Income		177,696			108,830			(62,978	)		1,275,311
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(341,633	)		(351,081	)		(1,071,671	)		(117,847	)
Net Unrealized Appreciation on Investments		2,271,863			422,204			1,587,520			11,822,127
Net Unrealized Depreciation on Foreign Currency Translations		(1,365	)		—			(9	)		—
Net Assets	$	17,308,552		$	3,856,842		$	20,046,395		$	114,580,740
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		550,000			150,000			1,600,000			3,600,000
Net Asset Value, Offering and Redemption Price Per Share	$	31.47		$	25.71		$	12.53		$	31.83

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

130

Statements of Operations

For the year ended October 31, 2017

	Global X SuperDividend^® ETF			Global X SuperDividend^® U.S. ETF			Global X MSCI SuperDividend^® EAFE ETF⁽¹⁾			Global X MSCI SuperDividend^® Emerging Markets ETF
Investment Income:
Dividend Income	$	51,376,251		$	13,956,823		$	95,256		$	620,955
Interest Income		5,205			1,867			—			—
Security Lending Income		1,226,099			190,339			—			—
Less: Foreign Taxes Withheld		(2,073,167	)		(90,452	)		(6,547	)		(71,966	)
Total Investment Income		50,534,388			14,058,577			88,709			548,989
Supervision and Administration Fees⁽²⁾		5,186,440			1,754,120			8,914			60,380
Custodian Fees		23,798			9,027			77			1,150
Total Expenses		5,210,238			1,763,147			8,991			61,530
Waiver of Supervision and Administration Fees		–			–			–			(181	)
Net Expenses		5,210,238			1,763,147			8,991			61,349
Net Investment Income		45,324,150			12,295,430			79,718			487,640
Net Realized Gain (Loss) on:
Investments ⁽³⁾		7,673,679			9,835,037			156,918			733,195
Affiliated Investments		—			—			—			(41,279	)
Foreign Currency Transactions		(496,299	)		—			369			(4,554	)
Net Realized Gain on Investments and Foreign Currency Transactions		7,177,380			9,835,037			157,287			687,362
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		50,186,878			18,157,096			148,643			(365,084	)
Foreign Capital Gains Tax on Appreciated Securities		—			—			—			(16,403	)
Foreign Currency Translations		34,666			—			178			(69	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		50,221,544			18,157,096			148,821			(381,556	)
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		57,398,924			27,992,133			306,108			305,806
Net Increase in Net Assets Resulting from Operations	$	102,723,074		$	40,287,563		$	385,826		$	793,446

(1)

The Fund commenced operations on November 14, 2016.

(2)

(3)

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

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

131

Statements of Operations

For the year ended October 31, 2017

	Global X SuperDividend^® REIT ETF			Global X SuperIncome™ Preferred ETF			Global X Social Media ETF			Global X \| JPMorgan Efficiente Index ETF
Investment Income:
Dividend Income	$	2,591,277		$	15,991,881		$	806,186		$	149,517
Interest Income		129			3,632			1,234			82
Security Lending Income		—			299,972			361,036			—
Less: Foreign Taxes Withheld		(72,074	)		—			(29,145	)		—
Total Investment Income		2,519,332			16,295,485			1,139,311			149,599
Supervision and Administration Fees⁽¹⁾		230,986			1,354,687			740,547			43,750
Tax Expense		—			—			—			4,565
Custodian Fees		1,412			819			437			97
Total Expenses		232,398			1,355,506			740,984			48,412
Net Expenses		232,398			1,355,506			740,984			48,412
Net Investment Income		2,286,934			14,939,979			398,327			101,187
Net Realized Gain (Loss) on:
Investments ⁽²⁾		474,972			(3,935,918	)		16,529,319			302,416
Foreign Currency Transactions		13,124			—			8,238			—
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		488,096			(3,935,918	)		16,537,557			302,416
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		1,814,027			(8,268,967	)		20,941,964			331,982
Foreign Currency Translations		34			—			4,087			—
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		1,814,061			(8,268,967	)		20,946,051			331,982
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		2,302,157			(12,204,885	)		37,483,608			634,398
Net Increase in Net Assets Resulting from Operations	$	4,589,091		$	2,735,094		$	37,881,935		$	735,585

(1)

(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.

132

Statements of Operations

For the year ended October 31, 2017

	Global X \| JPMorgan US Sector Rotator Index ETF		Global X Guru^® Index ETF			Global X Scientific Beta US ETF			Global X Scientific Beta Europe ETF
Investment Income:
Dividend Income	$	156,103	$	721,613		$	1,912,113		$	521,642
Interest Income		143		340			1			—
Security Lending Income		—		11,114			—			—
Less: Foreign Taxes Withheld		—		(2,228	)		—			(45,935	)
Total Investment Income		156,246		730,839			1,912,114			475,707
Supervision and Administration Fees⁽¹⁾		49,672		424,964			355,867			64,722
Custodian Fees		84		359			54			75
Total Expenses		49,756		425,323			355,921			64,797
Waiver of Supervision and Administration Fees		–		–			(162,684	)		–
Net Expenses		49,756		425,323			193,237			64,797
Net Investment Income		106,490		305,516			1,718,877			410,910
Net Realized Gain (Loss) on:
Investments ⁽²⁾		592,175		5,169,392			2,455,435			1,272,321
Foreign Currency Transactions		—		—			—			(2,455	)
Net Realized Gain on Investments and Foreign Currency Transactions		592,175		5,169,392			2,455,435			1,269,866
Net Change in Unrealized Appreciation on:
Investments		30,028		6,897,293			12,815,043			2,749,755
Foreign Currency Translations		—		—			—			1,645
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		30,028		6,897,293			12,815,043			2,751,400
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		622,203		12,066,685			15,270,478			4,021,266
Net Increase in Net Assets Resulting from Operations	$	728,693	$	12,372,201		$	16,989,355		$	4,432,176

(1)

(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.

133

Statements of Operations

For the year ended October 31, 2017

	Global X Scientific Beta Japan ETF			Global X Scientific Beta Asia ex-Japan ETF			Global X YieldCo Index ETF			Global X S&P 500^® Catholic Values ETF
Investment Income:
Dividend Income	$	371,335		$	129,032		$	353,281		$	1,711,140
Interest Income		—			—			18			—
Less: Foreign Taxes Withheld		(39,982	)		(3,352	)		(26,184	)		—
Total Investment Income		331,353			125,680			327,115			1,711,140
Supervision and Administration Fees⁽¹⁾		62,034			11,269			70,197			344,787
Custodian Fees		1,091			44			394			89
Total Expenses		63,125			11,313			70,591			344,876
Waiver of Supervision and Administration Fees		–			–			–			(88,406	)
Net Expenses		63,125			11,313			70,591			256,470
Net Investment Income		268,228			114,367			256,524			1,454,670
Net Realized Gain (Loss) on:
Investments ⁽²⁾		1,343,255			(10,700	)		268,165			3,679,540
Foreign Currency Transactions		(9,018	)		(88	)		380			—
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		1,334,237			(10,788	)		268,545			3,679,540
Net Change in Unrealized Appreciation on:
Investments		1,127,370			382,154			1,235,994			12,367,503
Foreign Currency Translations		2,364			—			18			—
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		1,129,734			382,154			1,236,012			12,367,503
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		2,463,971			371,366			1,504,557			16,047,043
Net Increase in Net Assets Resulting from Operations	$	2,732,199		$	485,733		$	1,761,081		$	17,501,713

(1)

(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.

134

Statements of Changes in Net Assets

	Global X SuperDividend^®ETF						Global X SuperDividend^®U.S. ETF
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net Investment Income	$	45,324,150		$	44,596,638		$	12,295,430		$	11,198,049
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		7,177,380			(47,197,182	)		9,835,037			(35,817,624	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		50,221,544			42,724,965			18,157,096			29,835,507
Net Increase in Net Assets Resulting from Operations		102,723,074			40,124,421			40,287,563			5,215,932
Dividends and Distributions from:
Net Investment Income		(50,713,102	)		(50,746,230	)		(14,750,888	)		(12,821,203	)
Return of Capital		(9,476,648	)		(5,683,920	)		(9,099,887	)		(8,107,347	)
Total Dividends and Distributions		(60,189,750	)		(56,430,150	)		(23,850,775	)		(20,928,550	)
Capital Share Transactions:
Issued		169,457,269			49,804,205			100,563,759			127,291,547
Redeemed		(20,913,187	)		(112,348,453	)		(29,817,886	)		(48,180,940	)
Increase (Decrease) in Net Assets from Capital Share Transactions		148,544,082			(62,544,248	)		70,745,873			79,110,607
Total Increase (Decrease) in Net Assets		191,077,406			(78,849,977	)		87,182,661			63,397,989
Net Assets:
Beginning of Year		801,816,025			880,666,002			338,396,614			274,998,625
End of Year	$	992,893,431		$	801,816,025		$	425,579,275		$	338,396,614
Distributions in Excess of Net Investment Income	$	(5,559,018	)	$	(1,599,748	)	$	—		$	(1	)
Share Transactions:
Issued		7,900,000			2,400,000			4,000,000			5,200,000
Redeemed		(1,000,000	)		(5,800,000	)		(1,200,000	)		(2,000,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		6,900,000			(3,400,000	)		2,800,000			3,200,000

(1)

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

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

135

Statements of Changes in Net Assets

	Global X MSCI SuperDividend^® EAFE ETF			Global X MSCI SuperDividend^® Emerging Markets ETF
	Period Ended October 31, 2017⁽¹⁾			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net Investment Income	$	79,718		$	487,640		$	147,339
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽²⁾		157,287			687,362			(739,339	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		148,821			(381,556	)		1,090,676
Net Increase in Net Assets Resulting from Operations		385,826			793,446			498,676
Dividends and Distributions from:
Net Investment Income		(58,777	)		(411,165	)		(191,294	)
Total Dividends and Distributions		(58,777	)		(411,165	)		(191,294	)
Capital Share Transactions:
Issued		2,351,238			9,447,157			—
Redeemed		(865,077	)		(821,544	)		—
Increase in Net Assets from Capital Share Transactions		1,486,161			8,625,613			—
Total Increase in Net Assets		1,813,210			9,007,894			307,382
Net Assets:
Beginning of Year		—			3,740,433			3,433,051
End of Year	$	1,813,210		$	12,748,327		$	3,740,433
Undistributed Net Investment Income	$	21,675		$	78,164		$	1,635
Share Transactions:
Issued		150,000			600,000			—
Redeemed		(50,000	)		(50,000	)		—
Net Increase in Shares Outstanding from Share Transactions		100,000			550,000			—

(1)

The Fund commenced operations on November 14, 2016.

(2)

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

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

136

Statements of Changes in Net Assets

	Global X SuperDividend^® REIT ETF						Global X SuperIncome™ Preferred ETF
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net Investment Income	$	2,286,934		$	763,778		$	14,939,979		$	14,698,378
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		488,096			(107,212	)		(3,935,918	)		(15,342,553	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		1,814,061			(135,303	)		(8,268,967	)		8,059,993
Net Increase in Net Assets Resulting from Operations		4,589,091			521,263			2,735,094			7,415,818
Dividends and Distributions from:
Net Investment Income		(2,947,750	)		(892,500	)		(15,532,201	)		(14,776,181	)
Return of Capital		—			—			(716,030	)		—
Total Dividends and Distributions		(2,947,750	)		(892,500	)		(16,248,231	)		(14,776,181	)
Capital Share Transactions:
Issued		25,482,477			30,719,755			40,670,341			37,190,345
Redeemed		(9,440,021	)		—			(23,032,945	)		(33,050,541	)
Increase in Net Assets from Capital Share Transactions		16,042,456			30,719,755			17,637,396			4,139,804
Total Increase (Decrease) in Net Assets		17,683,797			30,348,518			4,124,259			(3,220,559	)
Net Assets:
Beginning of Year		34,302,323			3,953,805			232,206,248			235,426,807
End of Year	$	51,986,120		$	34,302,323		$	236,330,507		$	232,206,248
Undistributed (Distributions in Excess of) Net Investment Income	$	(654,976	)	$	(80,141	)	$	199,762		$	513,583
Share Transactions:
Issued		1,700,000			2,050,000			3,150,000			2,750,000
Redeemed		(650,000	)		—			(1,800,000	)		(2,550,000	)
Net Increase in Shares Outstanding from Share Transactions		1,050,000			2,050,000			1,350,000			200,000

(1)

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

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

137

Statements of Changes in Net Assets

	Global X Social Media ETF						Global X \| JPMorgan Efficiente Index ETF
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net Investment Income	$	398,327		$	98,737		$	101,187		$	157,576
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		16,537,557			(9,550,529	)		302,416			264,481
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		20,946,051			15,461,891			331,982			(22,888	)
Net Increase in Net Assets Resulting from Operations		37,881,935			6,010,099			735,585			399,169
Dividends and Distributions from:
Net Investment Income		(126,360	)		(6,875	)		(198,988	)		(312,783	)
Total Dividends and Distributions		(126,360	)		(6,875	)		(198,988	)		(312,783	)
Capital Share Transactions:
Issued		68,430,889			94,491,559			—			1,121,897
Redeemed		(75,299,670	)		(43,528,797	)		(2,514,605	)		(2,296,047	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(6,868,781	)		50,962,762			(2,514,605	)		(1,174,150	)
Total Increase (Decrease) in Net Assets		30,886,794			56,965,986			(1,978,008	)		(1,087,764	)
Net Assets:
Beginning of Year		134,110,738			77,144,752			7,214,656			8,302,420
End of Year	$	164,997,532		$	134,110,738		$	5,236,648		$	7,214,656
Undistributed Net Investment Income	$	605,595		$	60,572		$	105,750		$	95,278
Share Transactions:
Issued		2,500,000			4,150,000			—			50,000
Redeemed		(3,150,000	)		(2,450,000	)		(100,000	)		(100,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(650,000	)		1,700,000			(100,000	)		(50,000	)

(1)

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

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

138

Statements of Changes in Net Assets

	Global X \| JPMorgan US Sector Rotator Index ETF						Global X Guru^® Index ETF
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net Investment Income	$	106,490		$	208,806		$	305,516		$	574,870
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		592,175			397,550			5,169,392			(18,740,544	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		30,028			(106,031	)		6,897,293			8,344,218
Net Increase (Decrease) in Net Assets Resulting from Operations		728,693			500,325			12,372,201			(9,821,456	)
Dividends and Distributions from:
Net Investment Income		(190,176	)		(197,183	)		(122,367	)		(635,053	)
Return of Capital		—			—			—			(125,403	)
Total Dividends and Distributions		(190,176	)		(197,183	)		(122,367	)		(760,456	)
Capital Share Transactions:
Issued		—			3,404,929			—			10,209,709
Redeemed		(6,142,683	)		(7,129,086	)		(15,307,477	)		(125,119,219	)
Decrease in Net Assets from Capital Share Transactions		(6,142,683	)		(3,724,157	)		(15,307,477	)		(114,909,510	)
Total Decrease in Net Assets		(5,604,166	)		(3,421,015	)		(3,057,643	)		(125,491,422	)
Net Assets:
Beginning of Year		10,706,274			14,127,289			59,013,432			184,504,854
End of Year	$	5,102,108		$	10,706,274		$	55,955,789		$	59,013,432
Undistributed Net Investment Income	$	53,269		$	143,599		$	135,050		$	3
Share Transactions:
Issued		—			150,000			—			450,000
Redeemed		(250,000	)		(300,000	)		(600,000	)		(5,600,000	)
Net Decrease in Shares Outstanding from Share Transactions		(250,000	)		(150,000	)		(600,000	)		(5,150,000	)

(1)

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

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

139

Statements of Changes in Net Assets

	Global X Scientific Beta US ETF						Global X Scientific Beta Europe ETF
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net Investment Income	$	1,718,877		$	617,728		$	410,910		$	307,060
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		2,455,435			(471,109	)		1,269,866			(280,728	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		12,815,043			1,327,566			2,751,400			(154,353	)
Net Increase (Decrease) in Net Assets Resulting from Operations		16,989,355			1,474,185			4,432,176			(128,021	)
Dividends and Distributions from:
Net Investment Income		(942,969	)		(29,000	)		(373,503	)		(34,296	)
Total Dividends and Distributions		(942,969	)		(29,000	)		(373,503	)		(34,296	)
Capital Share Transactions:
Issued		64,474,236			62,290,080			10,288,569			10,168,892
Redeemed		(11,538,411	)		—			(5,471,340	)		—
Increase in Net Assets from Capital Share Transactions		52,935,825			62,290,080			4,817,229			10,168,892
Total Increase in Net Assets		68,982,211			63,735,265			8,875,902			10,006,575
Net Assets:
Beginning of Year		66,201,777			2,466,512			12,447,365			2,440,790
End of Year	$	135,183,988		$	66,201,777		$	21,323,267		$	12,447,365
Undistributed Net Investment Income	$	1,398,110		$	622,202		$	369,916		$	296,809
Share Transactions:
Issued		2,300,000			2,500,000			400,000			450,000
Redeemed		(400,000	)		—			(200,000	)		—
Net Increase in Shares Outstanding from Share Transactions		1,900,000			2,500,000			200,000			450,000

(1)

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

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

140

Statements of Changes in Net Assets

	Global X Scientific Beta Japan ETF						Global X Scientific Beta Asia ex-Japan ETF
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net Investment Income	$	268,228		$	189,188		$	114,367		$	79,533
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		1,334,237			(99,791	)		(10,788	)		(206,781	)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		1,129,734			1,142,600			382,154			322,760
Net Increase in Net Assets Resulting from Operations		2,732,199			1,231,997			485,733			195,512
Dividends and Distributions from:
Net Investment Income		(372,358	)		(20,668	)		(101,714	)		(62,417	)
Net Realized Gains		—			(1,165	)		—			—
Total Dividends and Distributions		(372,358	)		(21,833	)		(101,714	)		(62,417	)
Capital Share Transactions:
Issued		7,230,845			9,959,734			1,176,937			—
Redeemed		(5,970,573	)		—			—			—
Increase in Net Assets from Capital Share Transactions		1,260,272			9,959,734			1,176,937			—
Total Increase in Net Assets		3,620,113			11,169,898			1,560,956			133,095
Net Assets:
Beginning of Year		13,688,439			2,518,541			2,295,886			2,162,791
End of Year	$	17,308,552		$	13,688,439		$	3,856,842		$	2,295,886
Undistributed Net Investment Income	$	177,696		$	281,015		$	108,830		$	76,164
Share Transactions:
Issued		250,000			400,000			50,000			—
Redeemed		(200,000	)		—			—			—
Net Increase in Shares Outstanding from Share Transactions		50,000			400,000			50,000			—

(1)

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

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

141

Statements of Changes in Net Assets

	Global X YieldCo Index ETF						Global X S&P 500^®Catholic Values ETF
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Period Ended October 31, 2016⁽¹⁾
Operations:
Net Investment Income	$	256,524		$	187,223		$	1,454,670		$	145,542
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽²⁾		268,545			(878,128	)		3,679,540			(15,451	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		1,236,012			1,238,942			12,367,503			(545,376	)
Net Increase (Decrease) in Net Assets Resulting from Operations		1,761,081			548,037			17,501,713			(415,285	)
Dividends and Distributions from:
Net Investment Income		(421,625	)		(199,159	)		(325,821	)		—
Net Realized Gains		—			—			(4,312	)		—
Return of Capital		—			(76,200	)		—			—
Total Dividends and Distributions		(421,625	)		(275,359	)		(330,133	)		—
Capital Share Transactions:
Issued		13,196,907			4,187,034			80,954,875			40,314,242
Redeemed		(1,185,410	)		(1,083,579	)		(23,444,672	)		—
Increase in Net Assets from Capital Share Transactions		12,011,497			3,103,455			57,510,203			40,314,242
Total Increase in Net Assets		13,350,953			3,376,133			74,681,783			39,898,957
Net Assets:
Beginning of Year		6,695,442			3,319,309			39,898,957			—
End of Year	$	20,046,395		$	6,695,442		$	114,580,740		$	39,898,957
Undistributed (Distributions in Excess of) Net Investment Income	$	(62,978	)	$	(16	)	$	1,275,311		$	146,462
Share Transactions:
Issued		1,100,000			400,000			2,850,000			1,550,000
Redeemed		(100,000	)		(100,000	)		(800,000	)		—
Net Increase in Shares Outstanding from Share Transactions		1,000,000			300,000			2,050,000			1,550,000

(1)

The Fund commenced operations on April 18, 2016.

(2)

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

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

142

Financial Highlights

	Selected Per Share Data & Ratios
	For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Return of Capital ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
Global X SuperDividend^® ETF
2017		20.43		1.08			1.45			2.53			(1.22	)		—			(0.23	)		(1.45	)		21.51		12.69			992,893		0.58			5.07			67.38
2016		20.65		1.15			0.08			1.23			(1.30	)		—			(0.15	)		(1.45	)		20.43		6.23			801,816		0.58			5.67			39.06
2015		24.24		1.26			(3.36	)		(2.10	)		(1.44	)		(0.05	)		—			(1.49	)		20.65		(9.01	)		880,666		0.58			5.58			26.12
2014		23.74		1.40			0.56			1.96			(1.46	)		—			—			(1.46	)		24.24		8.41			1,037,576		0.58			5.71			33.63
2013		21.86		1.34			2.27			3.61			(1.73	)		—			—			(1.73	)		23.74		17.34			775,238		0.58			5.93			43.64
Global X SuperDividend^® U.S. ETF
2017		24.00		0.79	#		1.94			2.73			(0.96	)		—			(0.59	)		(1.55	)		25.18		11.64			425,579		0.45			3.15#			53.01
2016		25.23		0.92	#		(0.40	)		0.52			(1.07	)		—			(0.68	)		(1.75	)		24.00		2.13			338,397		0.45			3.77#			53.45
2015		29.60		1.71			(4.19	)		(2.48	)		(1.23	)		—			(0.66	)		(1.89	)		25.23		(8.67	)		274,999		0.45			6.25			42.51
2014		25.94		1.78			3.45			5.23			(1.41	)		—			(0.16	)		(1.57	)		29.60		20.80			276,715		0.45			6.32			40.04
2013⁽¹⁾		25.15		0.98			0.82			1.80			(0.91	)		—			(0.10	)		(1.01	)		25.94		7.32			51,879		0.45	†		6.02	†		20.36
Global X MSCI SuperDividend^® EAFE ETF
2017⁽²⁾		14.87		0.81			3.04			3.85			(0.59	)		—			—			(0.59	)		18.13		26.19			1,813		0.56	†		4.97	†		45.40
Global X MSCI SuperDividend^® Emerging Markets ETF
2017		14.96		0.83			0.91			1.74			(0.76	)		—			—			(0.76	)		15.94		11.95			12,748		0.66			5.25			122.32
2016		13.73		0.59			1.41			2.00			(0.77	)		—			—			(0.77	)		14.96		15.58			3,740		0.65			4.49			64.83
2015⁽³⁾		14.90		0.66			(1.34	)		(0.68	)		(0.49	)		—			—			(0.49	)		13.73		(4.89	)		3,433		0.65	†		6.72	†		1.25
Global X SuperDividend^® REIT ETF
2017		14.60		0.86			0.96			1.82			(1.13	)		—			—			(1.13	)		15.29		13.00			51,986		0.58			5.74			54.96
2016		13.18		0.91			1.72			2.63			(1.21	)		—			—			(1.21	)		14.60		21.01			34,302		0.56			6.23			16.87
2015⁽³⁾		15.12		0.63			(1.95	)		(1.32	)		(0.62	)		—			—			(0.62	)		13.18		(8.86	)		3,954		0.54	†		7.20	†		1.45
Global X SuperIncome™ Preferred ETF
2017		13.16		0.82			(0.65	)		0.17			(0.85	)		—			(0.04	)		(0.89	)		12.44		1.31			236,331		0.58			6.39			45.12
2016		13.49		0.91			(0.33	)		0.58			(0.91	)		—			—			(0.91	)		13.16		4.44			232,206		0.58			6.81			47.62
2015		14.74		0.95			(1.21	)		(0.26	)		(0.99	)		—			—			(0.99	)		13.49		(1.95	)		235,427		0.58			6.68			76.54
2014		14.81		1.01			(0.02	)		0.99			(1.06	)		—			—			(1.06	)		14.74		6.89			162,875		0.58			6.78			85.07
2013^		14.65		0.31			0.18			0.49			(0.33	)		—			—			(0.33	)		14.81		3.38			59,965		0.58			6.34			61.86
2013⁽⁴⁾		15.02		1.13			(0.47	)		0.66			(1.02	)		(0.01	)		—			(1.03	)		14.65		4.46			35,169		0.58	†		7.84	†		91.98
Global X Social Media ETF
2017		23.53		0.10			9.08			9.18			(0.04	)		—			—			(0.04	)		32.67		39.09			164,998		0.65			0.35			41.40
2016		19.29		0.02			4.22			4.24			—			—			—			* **			23.53		21.99			134,111		0.65			0.12			39.89
2015		19.30		0.01			(0.01	)		—			(0.01	)		—			—			(0.01	)		19.29		—			77,145		0.65			0.04			26.51
2014		19.38		—			(0.08	)		(0.08	)		—			—			—			—			19.30		(0.41	)		126,418		0.65			(0.01	)		26.52
2013		12.83		—			6.66			6.66			(0.11	)		—			—			(0.11	)		19.38		52.34			95,948		0.65			(0.01	)		55.96
Global X \| JPMorgan Efficiente Index ETF
2017		24.05		0.40			2.51			2.91			(0.78	)		—			—			(0.78	)		26.18		12.29			5,237		0.76			1.60			232.58
2016		23.72		0.51			0.86			1.37			(1.04	)		—			—			(1.04	)		24.05		6.12			7,215		0.69			2.15			387.39
2015		25.49		0.43			(2.04	)		(1.61	)		(0.16	)		—			—			(0.16	)		23.72		(6.37	)		8,302		0.69			1.70			311.58
2014⁽⁵⁾		24.95		—			0.54			0.54			—			—			—			—			25.49		2.16			2,549		0.69	†		(0.69	)†		—
Global X \| JPMorgan US Sector Rotator Index ETF
2017		23.79		0.37			1.89			2.26			(0.54	)		—			—			(0.54	)		25.51		9.65			5,102		0.69			1.48			815.61
2016		23.55		0.35			0.25			0.60			(0.36	)		—			—			(0.36	)		23.79		2.60			10,706		0.69			1.50			839.83
2015		25.41		0.20			(1.94	)		(1.74	)		(0.11	)		(0.01	)		—			(0.12	)		23.55		(6.90	)		14,127		0.69			0.82			907.92
2014⁽⁵⁾		25.03		—			0.38			0.38			—			—			—			—			25.41		1.52			2,541		0.69	†		(0.69	)†		63.35

Per share data calculated using average shares method.

Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

***

Amount rounds to less than $0.00.

†

Annualized.

††

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

Effective November 1, 2015, the Fund changed its method for estimating the characterization of amounts distributed by master limited partnerships, which correspondingly impacted the financial highlight ratios and per share disclosures to the extent that the fund recorded investment income that differed from amounts previously estimated.

For the period July 1, 2013 to October 31, 2013. Effective July 1, 2013 the Global X Guru^® Index ETF (formerly Global X Top Guru Holdings Index ETF) and Global X SuperIncome™ Preferred ETF each changed their fiscal year end to October 31.

(1)

The Fund commenced operations on March 11, 2013.

(2)

The Fund commenced operations on November 14, 2016.

(3)

The Fund commenced operations on March 16, 2015.

(4)

The Fund commenced operations on July 16, 2012.

(5)

The Fund commenced operations on October 22, 2014.

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

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

143

Financial Highlights

	Selected Per Share Data & Ratios
	For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Return of Capital ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)			Portfolio Turnover (%)††
Global X Guru^® Index ETF
2017		23.14		0.14#			5.47			5.61			(0.05	)		—			—			(0.05	)		28.70		24.30			55,956		0.75			0.54	#		94.71
2016		23.96		0.12#			(0.83	)		(0.71	)		(0.09	)		—			(0.02	)		(0.11	)		23.14		(2.97	)		59,013		0.75			0.52	#		102.07
2015		26.30		0.10			(2.16	)		(2.06	)		(0.28	)		—			—			(0.28	)		23.96		(7.94	)		184,505		0.75			0.39			129.71
2014		23.99		0.22			2.12			2.34			(0.03	)		—			—			(0.03	)		26.30		9.76			436,586		0.75			0.88			128.37
2013^		20.68		0.01			3.30			3.31			—			—			—			—			23.99		16.01			241,060		0.75	†		0.10	†		24.89
2013		15.83		0.17			5.66			5.83			(0.20	)		(0.78	)		—			(0.98	)		20.68		38.08			52,740		0.75			0.85			77.25
Global X Scientific Beta US ETF
2017		25.46		0.48			4.44			4.92			(0.34	)		—			—			(0.34	)		30.04		19.52			135,184		0.19	@		1.69			28.46
2016		24.67		0.46			0.62			1.08			(0.29	)		—			—			(0.29	)		25.46		4.43			66,202		0.20	@		1.82			32.54
2015⁽¹⁾		24.90		0.18			(0.41	)		(0.23	)		—			—			—			—			24.67		(0.92	)		2,467		0.35	†		1.55	†		20.90
Global X Scientific Beta Europe ETF
2017		22.63		0.61			5.87			6.48			(0.68	)		—			—			(0.68	)		28.43		29.54			21,323		0.38			2.41			26.52
2016		24.41		0.66			(2.10	)		(1.44	)		(0.34	)		—			—			(0.34	)		22.63		(5.96	)		12,447		0.38			2.89			35.72
2015⁽¹⁾		24.89		0.25			(0.73	)		(0.48	)		—			—			—			—			24.41		(1.93	)		2,441		0.38	†		2.22	†		17.53
Global X Scientific Beta Japan ETF
2017		27.38		0.47			4.36			4.83			(0.74	)		—			—			(0.74	)		31.47		18.17			17,309		0.39			1.64			17.80
2016		25.19		0.44			1.97			2.41			(0.21	)		(0.01	)		—			(0.22	)		27.38		9.63			13,688		0.38			1.75			82.57
2015⁽¹⁾		25.07		0.12			—			0.12			—			—			—			—			25.19		0.48			2,519		0.38	†		1.02	†		20.31
Global X Scientific Beta Asia ex-Japan ETF
2017		22.96		0.92			2.85			3.77			(1.02	)		—			—			(1.02	)		25.71		17.43			3,857		0.38			3.86			53.22
2016		21.63		0.80			1.15			1.95			(0.62	)		—			—			(0.62	)		22.96		9.29			2,296		0.38			3.61			74.44
2015⁽¹⁾		24.89		0.44			(3.70	)		(3.26	)		—			—			—			—			21.63		(13.10	)		2,163		0.38	†		4.17	†		59.21
Global X YieldCo Index ETF
2017		11.16		0.28	#		1.59			1.87			(0.50	)		—			—			(0.50	)		12.53		17.30			20,046		0.65			2.37#			25.99
2016		11.06		0.41	#		0.35			0.76			(0.48	)		—			(0.18	)		(0.66	)		11.16		7.25			6,695		0.66			3.78#			40.25
2015⁽²⁾		15.19		0.20			(4.19	)		(3.99	)		(0.14	)		—			—			(0.14	)		11.06		(26.39	)		3,319		0.65	†		3.72	†		22.97
Global X S&P 500^® Catholic Values ETF
2017		25.74		0.48			5.74			6.22			(0.13	)		** *			—			(0.13	)		31.83		24.27			114,581		0.29@			1.64			6.09
2016⁽³⁾		25.14		0.24			0.36			0.60			—			—			—			—			25.74		2.39			39,899		0.29@†			1.75	†		2.80

Per share data calculated using average shares method.

***

Amount rounds to less than $0.00.

†

Annualized.

††

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

The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.35% and 0.39%, for the Global X Scientific Beta US ETF and the Global X S&P 500^® Catholic Values ETF, respectively.

For the period July 1, 2013 to October 31, 2013. Effective July 1, 2013 the Global X Guru® Index ETF (formerly Global X Top Guru Holdings Index ETF) changed its fiscal year end to October 31.

(1)

The Fund commenced operations on May 12, 2015.

(2)

The Fund commenced operations on May 27, 2015.

(3)

The Fund commenced operations on April 18, 2016.

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

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

144

Notes to Financial Statements

October 31, 2017

1. ORGANIZATION

The Global X Funds (the "Trust") is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of October 31, 2017, the Trust had ninety-six portfolios, fifty-two of which were operational. The financial statements herein and the related notes pertain to the Global X SuperDividend^® ETF, Global X SuperDividend^® U.S. ETF, Global X MSCI SuperDividend^® EAFE ETF, Global X MSCI SuperDividend^® Emerging Markets ETF, Global X SuperDividend^® REIT ETF, Global X SuperIncome™ Preferred ETF, Global X Social Media ETF, Global X | JPMorgan Efficiente Index ETF, Global X | JPMorgan US Sector Rotator Index ETF , Global X Guru^® Index ETF, Global X Scientific Beta US ETF, Global X Scientific Beta Europe ETF, Global X Scientific Beta Japan ETF, Global X Scientific Beta Asia ex-Japan ETF, Global X YieldCo Index ETF and Global X S&P 500^® Catholic Values ETF (each a “Fund” collectively, the “Funds”). Each Fund (except the Global X SuperDividend^® ETF, Global X SuperDividend^®U.S. ETF, Global X Guru^®Index ETF, Global X Scientific Beta US ETF, Global X Scientific Beta Europe ETF, Global X Scientific Beta Japan ETF, Global X Scientific Beta Asia ex-Japan ETF, and Global X S&P 500^®Catholic Values ETF) had elected non-diversification status.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies followed by the Funds.

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

RETURN OF CAPITAL ESTIMATES – Distributions received by the Funds from underlying 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 – Certain funds may invest in MLPs. MLPs are publicly traded partnerships engaged in the transportation, storage and processing of minerals and natural resources. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity level taxation. To qualify as an MLP and to not be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). These qualifying sources include natural resource-based activities such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners: the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity.

145

Notes to Financial Statements (Continued)

October 31, 2017

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.

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

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

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

Securities for which market prices are not "readily available" are valued in accordance with fair value procedures established by the Board. 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

146

Notes to Financial Statements (Continued)

October 31, 2017

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

source is not able or willing to provide a price; or, trading of the security is subject to local government-imposed restrictions.time; the security's primary pricing source is not able or willing to provide a price; or, trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value a security if an event that may materially affect the value of the Funds’ security that traded outside 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 values. 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 Fund’s investment advisor (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 values, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of October 31, 2017, there were two funds, Global X Scientific Beta Europe ETF and Global X Scientific Bet Asia ex-Japan ETF, with fair valued securities valued at $0 and $37, respectively. There were no other securities priced using the Fair Value Procedures.

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

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

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

147

Notes to Financial Statements (Continued)

October 31, 2017

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

DUE TO/FROM BROKERS – Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties at October 31, 2017. The Funds continuously monitor the credit standing of each broker or counterparty with whom they conduct business. In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.

REPURCHASE AGREEMENTS - Securities pledged as collateral for repurchase agreements by Deutsche Bank are held by Citibank N.A. whereas the collateral for repurchase agreements by Barclays Bank are held by BNY Mellon and are designated as being held on each Fund’s behalf by its custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest.

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

148

Notes to Financial Statements (Continued)

October 31, 2017

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

At October 31, 2017, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

			Fair Value of Non-cash		Cash Collateral
	Repurchase Agreements		Collateral Received⁽¹⁾		Received		Net Amount ⁽²⁾
Global X SuperDividend^® ETF
Barclays Bank	$	28,046,818	$	28,046,818	$	-	$	-
Deutsche Bank		19,168,548		19,168,548		-		-
Global X SuperDividend^® U.S. ETF
Barclays Bank		4,570,535		4,570,535		-		-
Deutsche Bank		3,123,724		3,123,724		-		-
Global X SuperIncome™ Preferred ETF
Barclays Bank		7,026,366		7,026,366		-		-
Deutsche Bank		4,802,158		4,802,158		-		-
Global X Social Media ETF
Barclays Bank		7,639,690		7,639,690		-		-
Deutsche Bank		5,221,333		5,221,333		-		-
Global X Guru^® Index ETF
Barclays Bank		1,213,002		1,213,002		-		-
Deutsche Bank		829,025		829,025		-		-

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

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

FEDERAL INCOME TAXES – It is each Fund’s intention to qualify, or continue to qualify, as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, no provisions for Federal income taxes have been made in the financial statements 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 three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof. As of December 31, 2017, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations is from inception forward.

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

As of and during the reporting period ended October 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 reporting period, the Funds did not incur any interest or penalties.

149

Notes to Financial Statements (Continued)

October 31, 2017

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

CREATION UNITS – The Funds issue and redeem their shares (“Shares”) on a continuous basis at Net Asset Value (“NAV”) and only in large blocks of 50,000 Shares, referred to as “Creation Units”. Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day.

150

Notes to Financial Statements (Continued)

October 31, 2017

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

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 October
	Creation Unit Shares		Fee		31, 2017		Redemption Fee
Global X SuperDividend^® ETF		50,000	$	3,800	$	1,075,500	$	3,800
Global X SuperDividend^® U.S. ETF		50,000		500		1,259,000		750
Global X MSCI SuperDividend^® EAFE ETF		50,000		1,200		906,500		3,000
Global X MSCI SuperDividend^® Emerging Markets ETF		50,000		3,000		797,000		3,000
Global X SuperDividend^® REIT ETF		50,000		500		764,500		750
Global X SuperIncome™ Preferred ETF		50,000		500		622,000		500
Global X Social Media ETF		50,000		300		1,633,500		1,000
Global X \| JPMorgan Efficiente Index ETF		50,000		500		1,309,000		500
Global X \| JPMorgan US Sector Rotator Index ETF		50,000		500		1,275,500		500
Global X Guru^® Index ETF		50,000		300		1,435,000		750
Global X Scientific Beta US ETF		50,000		2,300		1,502,000		2,500
Global X Scientific Beta Europe ETF		50,000		10,500		1,421,500		10,500
Global X Scientific Beta Japan ETF		50,000		4,500		1,573,500		5,500
Global X Scientific Beta Asia ex-Japan ETF		50,000		6,500		1,285,500		11,000
Global X YieldCo Index ETF		50,000		500		626,500		500
Global X S&P 500^® Catholic Values ETF		50,000		2,300		1,591,500		2,300

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

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS

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

151

Notes to Financial Statements (Continued)

October 31, 2017

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)

The following table discloses supervision and administration fees pursuant to the agreement:

	Supervision and
	Administration Fee
Global X SuperDividend^® ETF		0.58	%
Global X SuperDividend^® U.S. ETF		0.45	%
Global X MSCI SuperDividend^® EAFE ETF		0.55	%
Global X MSCI SuperDividend^® Emerging Markets ETF		0.65	%
Global X SuperDividend^®REIT ETF		0.58	%
Global X SuperIncome^TM Preferred ETF		0.58	%
Global X Social Media ETF		0.65	%
Global X \| JPMorgan Efficiente Index ETF		0.69	%
Global X \| JPMorgan US Sector Rotator Index ETF		0.69	%
Global X Guru^® Index ETF		0.75	%
Global X Scientific Beta US ETF*		0.19	%
Global X Scientific Beta Europe ETF		0.38	%
Global X Scientific Beta Japan ETF		0.38	%
Global X Scientific Beta Asia ex-Japan ETF		0.38	%
Global X YieldCo Index ETF		0.65	%
Global X S&P 500^®Catholic Values ETF**		0.29	%

*Effective March 1, 2016, pursuant to an expense limitation agreement, the Adviser has contractually agreed to reimburse or waive fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Global X Scientific Beta US ETF (the “Fund) (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) will not exceed 0.19% of the Fund’s average daily net assets per year until at least March 1, 2018. The Fund (at a later date) may reimburse the Adviser for the fees it reimbursed or waived and/or limited pursuant to the expense limitation agreement during any of the prior three fiscal years, provided that, among other things, reimbursement to be made to the Adviser does not cause Total Annual Fund Operating Expenses of the Fund to exceed 0.19% during the year in which it is paid and the Board of Trustees has approved such reimbursement to the Adviser. As of October 31, 2017, the amounts of waivers/reimbursements subject to recoupment for Global X Scientific Beta US ETF were $162,684 expiring 2020 and $50,604 expiring 2019. As of October 31, 2017, there had been no recoupment of previously waived and reimbursed fees.

**Pursuant to an expense limitation agreement, the Adviser has contractually agreed to waive or reimburse fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Global X S&P 500^® Catholic Values ETF (the “Fund) (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest and extraordinary expenses (such as litigation and indemnification expenses)) will not exceed 0.29% of the Fund’s average daily net assets per year until at least March 1, 2018. The Fund (at a later date) may reimburse the Adviser for the fees and expenses it waived or reimbursed and/or limited pursuant to the expense limitation agreement during any of the prior three fiscal years, provided that, among other things, any reimbursement made to the Adviser does not cause Total Annual Fund Operating Expenses of the Fund to exceed 0.29% during the period in which it is paid and the Board of Trustees has approved such reimbursement to the Adviser. As of October 31, 2017, the amounts of waivers/reimbursements subject to recoupment for Global X S&P 500^® Catholic Values ETF were $88,406 expiring 2020 and $8,298 expiring 2019. As of October 31, 2017, there had been no recoupment of previously waived and reimbursed fees.

SEI Investments Global Funds Services (“SEIGFS”) serves as sub-administrator to the Funds. As sub-administrator, SEIGFS provides the Funds with the required general administrative services, including, without limitation: office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and assistance with the preparation and filing of reports, registration statements, proxy statements, and other materials required to be filed or furnished by the Funds under federal and state securities laws. As compensation for these services, the SEIGFS receives certain out-of-pocket costs, transaction fees, and asset-based fees which are accrued daily and paid monthly by the Adviser. SEI Investments Distribution Co. (“SIDCO”) serves as each Fund’s underwriter and distributor of Creation Units pursuant to a distribution agreement. SIDCO has no obligation to sell any specific quantity of Fund Shares.

152

Notes to Financial Statements (Continued)

October 31, 2017

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (concluded)

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

4. INVESTMENT TRANSACTIONS

For the year or period ended October 31, 2017, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government and short-term securities were:

			Sales and
	Purchases		Maturities
Global X SuperDividend^® ETF	$	601,694,876	$	600,441,563
Global X SuperDividend^® U.S. ETF		206,078,864		213,555,895
Global X MSCI SuperDividend^® EAFE ETF		832,833		798,524
Global X MSCI SuperDividend^® Emerging Markets ETF		15,938,809		11,314,006
Global X SuperDividend^® REIT ETF		22,007,947		22,320,223
Global X SuperIncome™ Preferred ETF		105,282,856		106,610,093
Global X Social Media ETF		48,194,558		48,075,575
Global X \| JPMorgan Efficiente Index ETF		14,822,870		14,900,282
Global X \| JPMorgan US Sector Rotator Index ETF		59,540,662		59,604,419
Global X Guru^® Index ETF		54,009,877		53,456,785
Global X Scientific Beta US ETF		29,524,828		28,652,722
Global X Scientific Beta Europe ETF		4,552,615		4,513,715
Global X Scientific Beta Japan ETF		2,892,182		2,971,820
Global X Scientific Beta Asia ex-Japan ETF		1,560,864		1,557,634
Global X YieldCo Index ETF		2,859,729		3,149,350
Global X S&P 500^® Catholic Values ETF		6,307,032		5,274,227

153

Notes to Financial Statements (Continued)

October 31, 2017

4. INVESTMENT TRANSACTIONS (concluded)

For the year ended October 31, 2017, there were no purchases and sales of long-term U.S. Government securities.

For the year or periods ended October 31, 2017 in-kind transactions associated with creations and redemptions were:

			Sales and
	Purchases		Maturities		Realized Gain
Global X SuperDividend^® ETF	$	163,240,027	$	20,590,005	$	2,861,114
Global X SuperDividend^® U.S. ETF		100,539,399		23,933,355		3,420,825
Global X MSCI SuperDividend^® EAFE ETF		2,345,995		872,903		142,869
Global X MSCI SuperDividend^® Emerging Markets ETF		4,822,071		813,727		152,182
Global X SuperDividend^® REIT ETF		25,401,109		9,432,919		431,276
Global X SuperIncome™ Preferred ETF		40,625,775		23,004,344		557,950
Global X Social Media ETF		67,999,034		74,870,376		13,127,991
Global X \| JPMorgan Efficiente Index ETF		-		2,515,599		199,439
Global X \| JPMorgan US Sector Rotator Index ETF		-		6,154,295		121,486
Global X Guru^® Index ETF		-		15,308,084		1,594,422
Global X Scientific Beta US ETF		64,441,946		11,532,295		3,237,833
Global X Scientific Beta Europe ETF		10,268,569		5,472,878		1,599,139
Global X Scientific Beta Japan ETF		7,186,396		5,950,909		1,488,551
Global X Scientific Beta Asia ex-Japan ETF		1,180,298		-		-
Global X YieldCo Index ETF		13,132,948		945,833		259,096
Global X S&P 500^® Catholic Values ETF		80,897,365		23,330,073		3,783,252

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

			Sales and
	Purchases		Maturities		Realized Gain
Global X SuperDividend^® ETF	$	49,567,614	$	110,361,789	$	1,670,902
Global X SuperDividend^® U.S. ETF		127,157,535		38,867,485		4,168,310
Global X MSCI SuperDividend^® Emerging Markets ETF		-		-		-
Global X SuperDividend^® REIT ETF		30,674,729		-		-
Global X SuperIncome™ Preferred ETF		37,158,930		33,003,074		(2,067,492	)
Global X Social Media ETF		93,518,723		43,082,274		700,608
Global X \| JPMorgan Efficiente Index ETF		1,122,106		2,290,750		7,626
Global X \| JPMorgan US Sector Rotator Index ETF		3,399,243		7,134,820		(12,025	)
Global X Guru^® Index ETF		10,236,109		125,096,107		891,469
Global X Scientific Beta US ETF		62,260,200		-		-
Global X Scientific Beta Europe ETF		10,270,697		-		-
Global X Scientific Beta Japan ETF		9,969,557		-		-
Global X Scientific Beta Asia ex-Japan ETF		-		-		-
Global X YieldCo Index ETF		4,183,988		911,080		29,597
Global X S&P 500^® Catholic Values ETF		40,304,954		-		-

5. TAX INFORMATION

The Global X SuperDividend^®REIT ETF has a tax year that ends on December 31. The following tax disclosures are representative as of October 31, 2017. Accordingly, the disclosures are for informational use by shareholders and are subject to change attributable to activity through the end of the tax year ending December 31, 2017.

154

Notes to Financial Statements (Continued)

October 31, 2017

5. TAX INFORMATION (continued)

The following differences, primarily attributable to preferred stock interest, foreign currency, redemptions in-kind, REIT adjustments, MLP adjustments, non-deductible excise tax paid, sale of RIC shares, net operating loss, return of capital distribution and sales of passive foreign investment companies have been reclassified to/from the following accounts during the fiscal year ended October 31, 2017:

Global X Funds	Paid-in Capital		Undistributed Net Investment Income			Accumulated Net Realized Loss
Global X SuperDividend^® ETF	$	2,828,774	$	1,429,682		$	(4,258,456	)
Global X SuperDividend^® U.S. ETF		5,772,413		2,455,459			(8,227,872	)
Global X MSCI SuperDividend^® EAFE ETF		142,869		734			(143,603	)
Global X MSCI SuperDividend^® Emerging Markets ETF		151,600		54			(151,654	)
Global X SuperDividend^® REIT ETF		–		85,981			(85,981	)
Global X SuperIncome™ Preferred ETF		189,391		278,401			(467,792	)
Global X Social Media ETF		12,082,013		273,056			(12,355,069	)
Global X \| JPMorgan Efficiente Index ETF		194,874		108,273			(303,147	)
Global X \| JPMorgan US Sector Rotator Index ETF		121,486		(6,644	)		(114,842	)
Global X Guru^® Index ETF		1,882,377		(48,102	)		(1,834,275	)
Global X Scientific Beta US ETF		3,210,062		–			(3,210,062	)
Global X Scientific Beta Europe ETF		1,550,233		35,700			(1,585,933	)
Global X Scientific Beta Japan ETF		1,474,985		811			(1,475,796	)
Global X Scientific Beta Asia ex-Japan ETF		–		20,013			(20,013	)
Global X YieldCo Index ETF		170,135		102,139			(272,274	)
Global X S&P 500^® Catholic Values ETF		3,776,704		–			(3,776,704	)

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

155

Notes to Financial Statements (Continued)

October 31, 2017

5. TAX INFORMATION (continued)

The tax character of dividends and distributions declared during the years or periods ended October 31, 2017 and October 31, 2016 were as follows:

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

Global X SuperDividend^® ETF
2017	$	50,713,102	$	–	$	9,476,648	$	60,189,750
2016		50,746,230		–		5,683,920		56,430,150
Global X SuperDividend^® U.S. ETF
2017	$	14,750,888	$	–	$	9,099,887	$	23,850,775
2016		12,821,203		–		8,107,347		20,928,550
Global X MSCI SuperDividend^® EAFE ETF
2017	$	58,664	$	113	$	–	$	58,777
Global X MSCI SuperDividend^® Emerging Markets ETF
2017	$	411,165	$	–	$	–	$	411,165
2016		191,294		–		–		191,294
Global X SuperDividend^® REIT ETF⁽¹⁾
2017	$	1,512,300	$	–	$	–	$	1,512,300
2016		210,363		10,512		–		220,875
Global X SuperIncome™ Preferred ETF
2017	$	15,532,201	$	–	$	716,030	$	16,248,231
2016		14,776,181		–		–		14,776,181
Global X Social Media ETF
2017	$	126,360	$	–	$	–	$	126,360
2016		6,875		–		–		6,875
Global X \| JPMorgan Efficiente Index ETF
2017	$	198,988	$	–	$	–	$	198,988
2016		312,783		–		–		312,783
Global X \| JPMorgan US Sector Rotator Index ETF
2017	$	190,176	$	–	$	–	$	190,176
2016		197,183		–		–		197,183
Global X Guru^® Index ETF
2017	$	122,367	$	–	$	–	$	122,367
2016		635,053		–		125,403		760,456
Global X Scientific Beta US ETF
2017	$	942,969	$	–	$	–	$	942,969
2016		29,000		–		–		29,000
Global X Scientific Beta Europe ETF
2017	$	373,503	$	–	$	–	$	373,503
2016		34,296		–		–		34,296
Global X Scientific Beta Japan ETF
2017	$	372,358	$	–	$	–	$	372,358
2016		21,833		–		–		21,833
Global X Scientific Beta Asia ex-Japan ETF
2017	$	101,714	$	–	$	–	$	101,714
2016		62,417		–		–		62,417
Global X YieldCo Index ETF
2017	$	421,625	$	–	$	–	$	421,625
2016		199,159		–		76,200		275,359
Global X S&P 500^® Catholic Values ETF
2017	$	330,133	$	–	$	–	$	330,133
2016		–		–		–		–

(1) The Global X SuperDividend® REIT ETF has a tax year that ends on December 31.

156

Notes to Financial Statements (Continued)

October 31, 2017

5. TAX INFORMATION (continued)

As of October 31, 2017, the components of tax basis distributable earnings (accumulated losses) were as follows:

	Global X Funds
	Global X SuperDividend^® ETF			Global X SuperDividend^® U.S. ETF			Global X MSCI SuperDividend^® EAFE ETF
Undistributed Ordinary Income	$	–		$	–		$	41,494
Capital Loss Carryforwards		(97,650,388	)		(51,441,041	)		–
Unrealized Appreciation on Investments and Foreign Currency		496,107			25,039,414			142,688
Other Temporary Differences		(3	)		2			(2	)
Total Distributable Earnings (Accumulated Losses)	$	(97,154,284	)	$	(26,401,625	)	$	184,180

	Global X Funds
	Global X MSCI SuperDividend^® Emerging Markets ETF			Global X SuperDividend^® REIT ETF⁽¹⁾			Global X SuperIncome™ Preferred ETF
Undistributed Ordinary Income	$	138,432		$	204,179		$	–
Capital Loss Carryforwards		(163,583	)		(192,181	)		(24,532,422	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		111,529			(1,092,871	)		(18,653,485	)
Other Temporary Differences		(2	)		(287,375	)		(301,586	)
Total Distributable Earnings (Accumulated Losses)	$	86,376		$	(1,368,248	)	$	(43,487,493	)

	Global X Funds
	Global X Social Media ETF			Global X \| JPMorgan Efficiente Index ETF			Global X \| JPMorgan US Sector Rotator Index ETF
Undistributed Ordinary Income	$	2,573,540		$	105,750		$	53,268
Capital Loss Carryforwards		(13,992,387	)		(1,864,221	)		(1,838,450	)
Unrealized Appreciation on Investments and Foreign Currency		18,071,984			333,255			48,134
Other Temporary Differences		3			3			2
Total Distributable Earnings (Accumulated Losses)	$	6,653,140		$	(1,425,213	)	$	(1,737,046	)

	Global X Funds
	Global X Guru^® Index ETF			Global X Scientific Beta US ETF			Global X Scientific Beta Europe ETF
Undistributed Ordinary Income	$	135,049		$	1,398,111		$	483,063
Capital Loss Carryforwards		(29,492,154	)		(695,864	)		(456,013	)
Unrealized Appreciation on Investments and Foreign Currency		5,172,631			13,555,773			2,270,867
Other Temporary Differences		(2	)		1			(4	)
Total Distributable Earnings (Accumulated Losses)	$	(24,184,476	)	$	14,258,021		$	2,297,913

^{(1) The Global X SuperDividend® REIT ETF has a tax year that ends on December 31.}

157

Notes to Financial Statements (Continued)

October 31, 2017

5. TAX INFORMATION (continued)

	Global X Funds
	Global X Scientific Beta Japan ETF			Global X Scientific Beta Asia ex- Japan ETF			Global X YieldCo Index ETF
Undistributed Ordinary Income	$	325,459		$	149,279		$	10,704
Capital Loss Carryforwards		(264,637	)		(345,285	)		(900,338	)
Unrealized Appreciation on Investments and Foreign Currency		2,045,744			375,960			1,342,493
Other Temporary Differences		(5	)		(1	)		3
Total Distributable Earnings	$	2,106,561		$	179,953		$	452,862

	Global X Funds
	Global X S&P 500^® Catholic Values ETF
Undistributed Ordinary Income	$	1,291,701
Undistributed Long-Term Capital Gain		21,227
Unrealized Appreciation on Investments and Foreign Currency		11,666,661
Other Temporary Differences		2
Total Distributable Earnings	$	12,979,591

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

	Short-Term			Long-Term
Global X Funds	Loss			Loss			Total
Global X SuperDividend^® ETF	$	(53,093,160	)	$	(44,557,228	)	$	(97,650,388	)
Global X SuperDividend^® U.S. ETF		(40,060,305	)		(11,380,736	)		(51,441,041	)
Global X MSCI SuperDividend^® Emerging Markets ETF		(54,187	)		(109,396	)		(163,583	)
Global X SuperDividend^® REIT ETF		(192,181	)		-			(192,181	)
Global X SuperIncome™ Preferred ETF		(9,454,764	)		(15,077,658	)		(24,532,422	)
Global X Social Media ETF		(1,303,796	)		(12,688,591	)		(13,992,387	)
Global X \| JPMorgan Efficiente Index ETF		(1,864,221	)		-			(1,864,221	)
Global X \| JPMorgan US Sector Rotator Index ETF		(1,838,450	)		-			(1,838,450	)
Global X Guru^® Index ETF		(27,599,901	)		(1,892,253	)		(29,492,154	)
Global X Scientific Beta US ETF		(695,864	)		-			(695,864	)
Global X Scientific Beta Europe ETF		(355,376	)		(100,637	)		(456,013	)
Global X Scientific Beta Japan ETF		(264,637	)		-			(264,637	)
Global X Scientific Beta Asia ex-Japan ETF		(275,129	)		(70,156	)		(345,285	)
Global X YieldCo Index ETF		(509,745	)		(390,593	)		(900,338	)

158

Notes to Financial Statements (Continued)

October 31, 2017

5. TAX INFORMATION (concluded)

During the year ended October 31, 2017 the following funds utilized capital loss carryforwards to offset capital gains amounting to:

	Short-Term		Long-Term
Global X Funds	Loss		Loss		Total
Global X SuperDividend^® ETF	$	-	$	3,712,459	$	3,712,459
Global X MSCI SuperDividend^® Emerging Markets ETF		705,953		-		705,953
Global X \| JPMorgan Efficiente Index ETF		87,218		-		87,218
Global X \| JPMorgan US Sector Rotator Index ETF		474,843		-		474,843
Global X Guru^® Index ETF		1,359,833		2,140,221		3,500,054
Global X YieldCo Index ETF		11,855		-		11,855

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 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 SuperDividend^® ETF	$	1,033,985,078	$	76,388,568	$	(75,869,678	)	$	518,890
Global X SuperDividend^® U.S. ETF		406,918,258		34,584,191		(9,544,778	)		25,039,413
Global X MSCI SuperDividend^® EAFE ETF		1,670,339		173,488		(30,978	)		142,510
Global X MSCI SuperDividend^® Emerging Markets ETF		12,563,955		550,591		(422,600	)		127,991
Global X SuperDividend^® REIT ETF		50,462,544		2,301,203		(1,085,266	)		1,215,937
Global X SuperIncome™ Preferred ETF		265,298,659		3,155,644		(21,809,130	)		(18,653,486	)
Global X Social Media ETF		159,508,213		28,370,266		(10,300,884	)		18,069,382
Global X \| JPMorgan Efficiente Index ETF		4,903,833		343,547		(10,291	)		333,256
Global X \| JPMorgan US Sector Rotator Index ETF		5,053,356		115,372		(67,237	)		48,135
Global X Guru^® Index ETF		52,753,965		7,749,617		(2,576,987	)		5,172,630
Global X Scientific Beta US ETF		121,434,306		17,297,059		(3,741,286	)		13,555,773
Global X Scientific Beta Europe ETF		19,002,859		2,890,791		(620,743	)		2,270,048
Global X Scientific Beta Japan ETF		15,239,726		2,438,074		(390,966	)		2,047,108
Global X Scientific Beta Asia ex-Japan ETF		3,467,579		492,560		(116,601	)		375,959
Global X YieldCo Index ETF		18,628,912		1,504,979		(162,477	)		1,342,502
Global X S&P 500^® Catholic Values ETF		102,797,168		14,869,746		(3,203,085	)		11,666,661

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

6. CONCENTRATION OF RISKS

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

159

Notes to Financial Statements (Continued)

October 31, 2017

6. CONCENTRATION OF RISKS (concluded)

The securities markets of emerging countries are less liquid, subject to greater price volatility, and have a smaller market capitalization than those of U.S. securities markets. In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issuers or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations as are issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information may be publicly available about emerging country issuers than is available about issuers in the United States.

The Funds 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 their shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow their underlying indices, or, in certain instances, when securities in the underlying indices become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not the underlying indices).

7. LOANS OF PORTFOLIO SECURITIES

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. In the event the borrower may not provide additional collateral when required or may not return the securities when due, the agency agreement requires the lending agent to indemnify the Funds by replacing either the security or the security’s current market value to the fund. The Funds could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. The Funds could also experience

160

Notes to Financial Statements (Continued)

October 31, 2017

7. LOANS OF PORTFOLIO SECURITIES (continued)

delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested.

As of October 31, 2017 the value of securities on loan was $45,096,945, $7,507,034, $11,553,181, $12,668,197 and $2,026,333 for the Global X SuperDividend^® ETF, Global X SuperDividend^® U.S. ETF, Global X SuperIncome™ Preferred ETF, Global X Social Media ETF and Global X Guru^® Index ETF, respectively and the value of securities purchased with the cash collateral held from securities on loan was $47,215,366, $7,694,259, $11,828,524, $12,861,023 and $2,042,027 for the Global X SuperDividend^® ETF, Global X SuperDividend^® U.S. ETF, Global X SuperIncome™ Preferred ETF, Global X Social Media ETF and Global X Guru^® Index ETF, respectively.

As of October 31, 2017, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X Super Dividend^® ETF
Barclays Bank	$	3,964,774	$	4,172,116
BNP Prime Brokerage		613,107		639,678
Citigroup		378,189		395,850
Credit Suisse		1,956,265		2,065,813
Deutsche Bank		279,863		295,000
Goldman Sachs & Co.		14,673,933		15,387,376
JPMorgan		6,381,119		6,656,439
Merrill Lynch Pierce Fenner & Smith		3,067,192		3,224,310
Morgan Stanley		3,188,137		3,355,000
National Financial Services		3,294,000		3,360,000
Scotia Capital		664,126		699,484
SG Americas Securties		6,636,241		6,964,300
Global X Super Dividend^® U.S. ETF
Barclays Bank		140,610		141,900
Citigroup		3,265,860		3,399,370
Credit Suisse		1,906,500		1,936,450
Deutsche Bank		2,194,064		2,216,539
Global X SuperIncome™ Preferred ETF
Credit Suisse		4,738,690		4,852,117
Deutsche Bank		509,465		523,800
Goldman Sachs & Co.		208,650		212,550
JPMorgan		5,453,784		5,582,457
Merrill Lynch Pierce Fenner & Smith		57,706		59,400
National Financial Services		584,886		598,200
Global X Social Media ETF
Barclays Bank		1,776,970		1,849,285
BNP Prime Brokerage		743,990		776,000
Credit Suisse		136,434		135,817	⁽¹⁾
Deutsche Bank		7,006,157		6.995,921	⁽¹⁾
JPMorgan		2,106,182		2,196,800
Merrill Lynch Pierce Fenner & Smith		898,464		907,200

161

Notes to Financial Statements (Concluded)

October 31, 2017

7. LOANS OF PORTFOLIO SECURITIES (concluded)

	Market Value		Cash Collateral
Global X Guru^® Index ETF
Barclays Bank		642,542		654,752
Credit Suisse		209,224		215,183
Goldman Sachs & Co.		113,940		114,000
JPMorgan		824,663		822,205	⁽¹⁾
Merrill Lynch Pierce Fenner & Smith		235,964		235,887	⁽¹⁾

8. CONTRACTUAL OBLIGATIONS

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

9. REGULATORY MATTERS

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, final rules) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amended Regulation S-X and require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. As of August 1, 2017, management has implemented the amendments to Regulation S-X, which did not have a material impact on the Fund’s financial statements and related disclosures or impact the Fund’s net assets or results of operations.

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, please note the additional disclosure:

On November 1, 2017, the Trust entered into an agreement with BBH in which BBH will serve as the new securities lending agent for the Trust and each of its series.

162

Report of Independent Registered Public Accounting Firm

October 31, 2017

To the Board of Trustees and Shareholders of Global X SuperDividend^®ETF, Global X SuperDividend^® U.S. ETF, Global X MSCI SuperDividend^® EAFE ETF, Global X MSCI SuperDividend^® Emerging Markets ETF, Global X SuperDividend^® REIT ETF, Global X SuperIncome™ Preferred ETF, Global X Social Media ETF, Global X | JPMorgan Efficiente Index ETF, Global X | JPMorgan US Sector Rotator Index ETF, Global X Guru^® Index ETF, Global X Scientific Beta US ETF, Global X Scientific Beta Europe ETF, Global X Scientific Beta Japan ETF, Global X Scientific Beta Asia ex-Japan ETF, Global X YieldCo Index ETF and Global X S&P 500^® Catholic Values ETF

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Global X SuperDividend^® ETF, Global X SuperDividend^® U.S. ETF, Global X MSCI SuperDividend^® EAFE ETF, Global X MSCI SuperDividend^® Emerging Markets ETF, Global X SuperDividend^® REIT ETF, Global X SuperIncome™ Preferred ETF, Global X Social Media ETF, Global X | JPMorgan Efficiente Index ETF, Global X | JPMorgan US Sector Rotator Index ETF, Global X Guru^® Index ETF, Global X Scientific Beta US ETF, Global X Scientific Beta Europe ETF, Global X Scientific Beta Japan ETF, Global X Scientific Beta Asia ex-Japan ETF, Global X YieldCo Index ETF and Global X S&P 500^® Catholic Values ETF (sixteen series of Global X Funds, hereafter referred to as the "Funds") as of October 31, 2017, the results of operations for the year then ended, and the changes in net assets and the financial highlights for each of the two years in the period then ended for Global X SuperDividend^® ETF, Global X SuperDividend^® U.S. ETF, Global X MSCI SuperDividend^® Emerging Markets ETF, Global X SuperDividend^® REIT ETF, Global X SuperIncome™ Preferred ETF, Global X Social Media ETF, Global X | JPMorgan Efficiente Index ETF, Global X | JPMorgan US Sector Rotator Index ETF, Global X Guru^® Index ETF, Global X Scientific Beta US ETF, Global X Scientific Beta Europe ETF, Global X Scientific Beta Japan ETF, Global X Scientific Beta Asia ex-Japan ETF and Global X YieldCo Index ETF, the results of operations, the changes in net assets and the financial highlights for the period November 14, 2016 (commencement of operations) through October 31, 2017 for Global X MSCI SuperDividend^® EAFE ETF, the results of operations for the year then ended, and the changes in net assets and the financial highlights for the year then ended and for the period April 18, 2016 (commencement of operations) through October 31, 2016 for Global X S&P 500^® Catholic Values ETF, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the custodian and brokers and the application of alternative auditing procedures where confirmations of securities purchased had not been received, provide a reasonable basis for the opinions expressed above.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 21, 2017

163

Disclosure of Fund Expenses (unaudited)

All ETFs (such as the Funds) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, commissions, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for brokerage fees as a result of their investment in a Fund.

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

The table on the next page illustrates the Funds’ costs in two ways:

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

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

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

164

Disclosure of Fund Expenses (unaudited) (continued)

	Beginning Account Value 5/1/2017		Ending Account Value 10/31/2017		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X SuperDividend^® ETF
Actual Fund Return	$	1,000.00	$	1,029.40		0.58	%	$	2.97
Hypothetical 5% Return		1,000.00		1,022.28		0.58			2.96
Global X SuperDividend^® U.S. ETF
Actual Fund Return	$	1,000.00	$	1,015.10		0.45	%	$	2.29
Hypothetical 5% Return		1,000.00		1,022.94		0.45			2.29
Global X MSCI SuperDividend^® EAFE ETF
Actual Fund Return	$	1,000.00	$	1,105.50		0.56	%	$	2.97
Hypothetical 5% Return		1,000.00		1,022.38		0.56			2.85
Global X MSCI SuperDividend^® Emerging Markets ETF
Actual Fund Return	$	1,000.00	$	1,035.80		0.65	%	$	3.34
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3.31
Global X SuperDividend® REIT ETF
Actual Fund Return	$	1,000.00	$	1,041.80		0.58	%	$	2.98
Hypothetical 5% Return		1,000.00		1,022.28		0.58			2.96
Global X SuperIncome™ Preferred ETF
Actual Fund Return	$	1,000.00	$	992.00		0.58	%	$	2.91
Hypothetical 5% Return		1,000.00		1,022.28		0.58			2.96
Global X Social Media ETF
Actual Fund Return	$	1,000.00	$	1,230.50		0.65	%	$	3.65
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3.31
Global X \| JPMorgan Efficiente Index ETF
Actual Fund Return	$	1,000.00	$	1,046.40		0.84	%	$	4.33
Hypothetical 5% Return		1,000.00		1,020.97		0.84			4.28
Global X \| JPMorgan US Sector Rotator Index ETF
Actual Fund Return	$	1,000.00	$	1,016.70		0.69	%	$	3.51
Hypothetical 5% Return		1,000.00		1,021.73		0.69			3.52
Global X Guru^® Index ETF
Actual Fund Return	$	1,000.00	$	1,089.20		0.75	%	$	3.95
Hypothetical 5% Return		1,000.00		1,021.42		0.75			3.82
Global X Scientific Beta US ETF
Actual Fund Return	$	1,000.00	$	1,072.50		0.19	%	$	0.99
Hypothetical 5% Return		1,000.00		1,024.25		0.19			0.97
Global X Scientific Beta Europe ETF
Actual Fund Return	$	1,000.00	$	1,124.60		0.38	%	$	2.03
Hypothetical 5% Return		1,000.00		1,023.29		0.38			1.94
Global X Scientific Beta Japan ETF
Actual Fund Return	$	1,000.00	$	1,127.60		0.39	%	$	2.09
Hypothetical 5% Return		1,000.00		1,023.24		0.39			1.99
Global X Scientific Beta Asia ex-Japan ETF
Actual Fund Return	$	1,000.00	$	1,093.10		0.38	%	$	2.00
Hypothetical 5% Return		1,000.00		1,023.29		0.38			1.94
Global X YieldCo Index ETF
Actual Fund Return	$	1,000.00	$	1,093.60		0.65	%	$	3.43
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3.31
Global X S&P 500^® Catholic Values ETF
Actual Fund Return	$	1,000.00	$	1,093.40		0.29	%	$	1.53
Hypothetical 5% Return		1,000.00		1,023.74		0.29			1.48

⁽¹⁾

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 184/365 (to reflect the one-half year period), unless otherwise noted.

165

Supplemental Information (unaudited)

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

166

Trustees and Officers of the Trust (unaudited)

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

Name, Address (Year of Birth)	Position(s) Held with Trust	Principal Occupation(s) During the Past 5 Years	Number of Funds in Trust Overseen by Trustee	Other Directorships Held by Trustees
Independent Trustees²
Sanjay Ram Bharwani 600 Lexington Avenue, 20^th Floor New York, NY 10022 (1974)	Trustee (since 2008)	CEO of Risk Advisors Inc. (consulting firm) (since 2007).	52³	None.
Scott R. Chichester¹ 600 Lexington Avenue, 20th Floor New York, NY 10022 (1970)	Trustee (since 2008)	CFO, AdeptPros Inc. (app development, training and consulting) (since 2012); Founder, Madison Park Advisors LLC (advisory services) (since 2011); CFO, Sterling Seal & Supply Inc. (since 2011); President & Treasurer, Bayview Acquisition Corp (2010-2012); Founder and President, DirectPay USA LLC (payroll company) (since 2006); Proprietor, Scott R. Chichester CPA (CPA firm) (since 2001).	52³	Director of AdeptPros Inc. (since 2015); Director of Sterling Seal & Supply Inc. (since 2011);Director of Bayview Acquisition Corp. (2010-2012); Trustee of ARK ETF Trust (since 2014).
Kartik Kiran Shah 600 Lexington Avenue, 20th Floor New York, NY 10022 (1977)	Trustee (since 2008)	Chief Business Officer, Oxeia Biopharmaceuticals, Inc. (since 2014); Vice President, Business Development, Cynvenio Biosystems (2012-2014); Independent Consultant, Self-Employed (non-financial services) (2011-2012).	52³	Director of Oxeia Biopharmaceuticals, Inc. (since 2014).

167

Trustees and Officers of the Trust (unaudited)(concluded)

Name, Address (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustees During the Past 5 Years
Interested Trustee / Officers²
Bruno del Ama 600 Lexington Avenue, 20th floor New York, NY 10022 (1976)	Trustee (since 2008); President, Chief Executive Officer (since 2008).	Chief Executive Officer, Global X Management Company ("GXMC") (since 2008); Chief Compliance Officer, GXMC (2008-2013).	None.
Luis Berruga 600 Lexington Avenue, 20th Floor New York, NY 10022 (1977)	Chief Operating Officer, Treasurer, Principal Accounting Officer and Chief Financial Officer (since 9/2015).	Chief Financial Officer, GXMC (since 9/2015) and Chief Operating Officer (since 2/2014); Investment Banker, Jefferies (2012-2014); Regional Product Specialist, Morgan Stanley (2005-2012).	None.
Daphne Tippens Chisolm 600 Lexington Avenue, 20th Floor New York, NY 10022 (1969)	Secretary (since 2012).	General Counsel, GXMC (since 2011); Chief Compliance Officer, GXMC (1/2014 - 5/2014 and 2/2015 - 9/2016).	None.
Joe Costello 600 Lexington Avenue, 20th Floor New York, NY 10022 (1974)	Chief Compliance Officer (since 9/2016).	Chief Compliance Officer, FlexShares Funds (2011-2015); Vice President, Northern Trust Investments (2003 - 2015).	None.
Lisa K. Whittaker⁴ One Freedom Valley Drive Oaks, PA 19456 (1978)	Assistant Secretary (since 2013).	Counsel at SEI Investments (since 2012); Associate Counsel and Compliance Officer at The Glendale Trust Company (2011-2012); Associate of Drinker Biddle & Reath LLP (2006-2011).	None.
Eric Kleinschmidt⁴ One Freedom Valley Drive Oaks, PA 19456 (1968)	Assistant Treasurer (since 2016).	Director, Fund Accounting, SEI Investments Global Funds Services (2004 to present).	None.

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

As of October 31, 2017, the Trust had ninety-six investment portfolios, fifty-two of which were operational.

⁴

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

168

NOTICE TO SHAREHOLDERS (unaudited)

For shareholders that do not have an October 31, 2017 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2017 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2017, the Funds are designating the following items with regard to distributions paid during the year.

	Return of Capital			Long-Term Capital Gain Distributions			Ordinary Income Distributions			Total Distributions			Qualifying for Corporate Dividends Received Deduction ⁽¹⁾			Qualifying Dividend Income ⁽²⁾			U.S. Government Interest ⁽³⁾			Interest Related Dividends ⁽⁴⁾			Short Term Capital Gain Dividends ⁽⁵⁾			Foreign Tax Credit
Global X SuperDividend^®ETF		15.74	%		0.00	%		84.26	%		100.00	%		10.11	%		44.12	%		0.00	%		0.01	%		0.00	%		0.00	%
Global X SuperDividend^®U.S. ETF		38.15	%		0.00	%		61.85	%		100.00	%		12.66	%		12.66	%		0.00	%		2.99	%		0.00	%		0.00	%
Global X MSCI SuperDividend^®EAFE ETF		0.00	%		0.18	%		99.82	%		100.00	%		0.00	%		78.74	%		0.00	%		0.00	%		0.00	%		6.55	%
Global X MSCI SuperDividend^®Emerging Markets ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.05	%		59.93	%		0.00	%		0.00	%		0.00	%		14.90	%
Global X SuperDividend^®REIT ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Global X SuperIncome™ Preferred ETF		4.41	%		0.00	%		95.59	%		100.00	%		9.88	%		14.56	%		0.00	%		19.10	%		0.00	%		0.00	%
Global X Social Media ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%		0.02	%		0.00	%		0.00	%
Global X \| JPMorgan Efficiente Index ETF		0.00	%		0.00	%		100.00	%		100.00	%		6.38	%		16.91	%		0.00	%		0.02	%		0.00	%		0.00	%
Global X \| JPMorgan US Sector Rotator Index ETF		0.00	%		0.00	%		100.00	%		100.00	%		46.14	%		39.90	%		0.00	%		0.06	%		0.00	%		0.00	%
Global X Guru^®Index ETF		0.00	%		0.00	%		100.00	%		100.00	%		100.00	%		100.00	%		0.00	%		0.69	%		0.00	%		0.00	%
Global X Scientific Beta US ETF		0.00	%		0.00	%		100.00	%		100.00	%		90.90	%		91.83	%		0.00	%		0.00	%		0.00	%		0.00	%
Global X Scientific Beta Europe ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.24	%		91.66	%		0.00	%		0.00	%		0.00	%		7.91	%
Global X Scientific Beta Japan ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		61.32	%		0.00	%		0.00	%		0.00	%		9.70	%
Global X Scientific Beta Asia ex-Japan ETF		0.00	%		0.00	%		100.00	%		100.00	%		0.15	%		32.71	%		0.00	%		0.00	%		0.00	%		3.19	%
Global X YieldCo Index ETF		0.00	%		0.00	%		100.00	%		100.00	%		25.53	%		68.39	%		0.00	%		0.68	%		0.00	%		0.00	%
Global X S&P 500^®Catholic Values ETF		0.00	%		0.00	%		100.00	%		100.00	%		91.26	%		91.66	%		0.00	%		0.00	%		100.00	%		0.00	%

⁽¹⁾

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

⁽²⁾

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

⁽³⁾

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

⁽⁴⁾

The percentage in this column represents the amount of "Qualifying Interest Income" as created by the American Jobs Creation Act of 2004 and is a percentage of net investment income that is exempt from U.S. withholding tax when paid for foreign investors.

⁽⁵⁾

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

169

NOTICE TO SHAREHOLDERS (unaudited)

The Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended October 31, 2017, the total amount of foreign source income and foreign tax credit are as follows:

	Foreign		Foreign Tax
	Source		Credit Pass
	Income		through
Global X MSCI SuperDividend^® EAFE ETF		95,617		4,123
Global X MSCI SuperDividend^® Emerging Markets ETF		623,018		71,966
Global X Scientific Beta Europe ETF		522,113		32,094
Global X Scientific Beta Japan ETF		369,501		39,982
Global X Scientific Beta Asia ex-Japan ETF		129,925		3,353

170

NOTES

171

NOTES

172

600 Lexington Avenue, 20th Floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser and Administrator:

Global X Management Company LLC

600 Lexington Avenue, 20th Floor

New York, NY 10022

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

Stradley Ronon Stevens & Young, LLP

1250 Connecticut Avenue, N.W.

Suite 500

Washington, DC 2006

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

Philadelphia, PA 19103

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

GLX-AR-003-0700

Item 2.

Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

Item 3.

Audit Committee Financial Expert.

(a)(1) The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The audit committee financial expert is Scott Chichester and is independent as defined in Form N-CSR Item 3(a)(2).

Item 4.

Principal Accountant Fees and Services.

Fees billed by Pricewaterhouse Coopers LLP in 2017 and 2016 related to the registrant.

In 2017 and 2016, Pricewaterhouse Coopers LLP billed the registrant aggregate fees for services rendered to the registrant for the last two fiscal years as follows:

		2017			2016
		All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees	$~~570,650~~	$0	$0	$532,690	$0	$0
(b)	Audit-Related Fees	$0	$0	$0	$0	$0	$0
(c)	Tax Fees	$182,990	$0	$0	$201,260	$0	$0
(d)	All Other Fees	$0	$0	$0	$0	$0	$0

(e)(1) Not applicable.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows for Pricewaterhouse Coopers LLP in 2017 and 2016:

	2017	2016
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by Pricewaterhouse Coopers LLP in 2017 and 2016 for the last two fiscal years were $0 and $0, respectively.

(h) During the past fiscal year, all non-audit services provided by registrant’s principal accountant to either registrant’s investment adviser or to any entity controlling, controlled by, or under common control with registrant’s investment adviser that provides ongoing services to registrant were pre-approved by the audit committee of registrant’s Board of Trustees. Included in the audit committee’s pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

Item 5.

Audit Committee of Listed Registrants.

The Registrant has a separately-designated standing Audit Committee, which is composed of the Registrant's Independent Trustees, Scott R. Chichester, Sanjay Ram Bharwani and Kartik Kiran Shah.

Item 6.

Schedule of Investments.

Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies. Effective for closed-end management investment companies for fiscal years ending on or after December 31, 2005.

Item 9.

Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no material changes.

Item 11.

Controls and Procedures.

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

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

Items 12.

Exhibits.

(a)(1) Code of Ethics attached hereto.

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

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

SIGNATURES

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

(Registrant)	Global X Funds


By (Signature and Title)*	/s/ Bruno del Ama
	Bruno del Ama
	President

Date: December 29, 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: December 29, 2017


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

Date: December 29, 2017

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

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