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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________

FORM N-CSRS

________

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22209

Global X Funds

(Exact name of registrant as specified in charter)

________

600 Lexington Avenue, 20^th Floor

New York, NY 10022

(Address of principal executive offices) (Zip code)

Luis Berruga

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:

Lisa Whittaker

Global X Management Company LLC

600 Lexington Ave, 20th Floor

New York, NY 10022

Eric S. Purple, Esq.

Stradley Ronon Stevens & Young, LLP

1250 Connecticut Avenue, N.W.,

Washington, DC 20036-2652

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

Date of fiscal year end: November 30, 2018

Date of reporting period: May 31, 2018

Item 1. Reports to Stockholders.

The registrant’s schedules as of the close of the reporting period, as set forth in §§ 210.12-12 through 210.12-14 of Regulation S-X [17 CFR §§ 210-12.12-12.14], are attached hereto.

Global X MLP ETF (ticker: MLPA)

Semi-Annual Report

May 31, 2018

Table of Contents

Schedules of Investments

Global X MLP ETF	1

Statement of Assets and Liabilities	2

Statement of Operations	3

Statements of Changes in Net Assets	4

Financial Highlights	5

Notes to Financial Statements	6

Disclosure of Fund Expenses	17

Supplemental Information	18

Shareholder Voting Results	19

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

The Fund files its complete schedule of Fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Fund’s Form N-Q is 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 Fund voted proxies relating to Fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-888-GXFund-1; and (ii) on the Commission’s website at http://www.sec.gov.

Schedule of Investments

May 31, 2018 (Unaudited)

Global X MLP ETF

Sector Weightings†:

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

	Shares		Value
MASTER LIMITED PARTNERSHIPS — 101.7%
UNITED STATES — 101.7%
Oil & Gas — 101.7%
Andeavor Logistics		943,852	$	40,491,251
Antero Midstream Partners		1,109,388		33,558,987
Buckeye Partners		1,068,974		38,536,513
DCP Midstream		1,031,906		43,247,180
Enbridge Energy Partners		2,738,783		26,977,013
Energy Transfer Partners		4,326,128		82,153,171
EnLink Midstream Partners		2,099,679		35,904,511
Enterprise Products Partners		3,277,076		94,707,496
Equities Midstream Partners		742,063		41,429,377
Genesis Energy		1,361,384		29,895,993
Magellan Midstream Partners		1,051,530		73,501,947
MPLX		1,642,583		58,985,155
NuStar Energy		1,003,345		24,521,752
Phillips 66 Partners		671,390		35,113,697
Plains All American Pipeline		2,451,412		57,608,182
Shell Midstream Partners		1,594,398		35,698,571
Spectra Energy Partners		1,038,593		31,303,193
Tallgrass Energy Partners		433,262		18,920,552
TC PipeLines		310,024		7,539,784
Western Gas Partners		846,257		43,726,099
Williams Partners		1,143,999		45,531,160

TOTAL MASTER LIMITED PARTNERSHIPS				899,351,584
(Cost $849,690,492)
TOTAL INVESTMENTS — 101.7%
(Cost $849,690,492)			$	899,351,584

Percentages are based on Net Assets of $884,553,833.

As of May 31, 2018, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2018, 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.

Statement Of Assets And Liabilities

May 31, 2018 (Unaudited)

	Global X MLP ETF
Assets:
Cost of Investments	$	849,690,492
Investments, at Value	$	899,351,584
Cash		1,360,732
Receivable for Investment Securities Sold		35,910,644
Receivable for Capital Shares Sold		463,964
Prepaid Expenses		9,769
Prepaid Tax Asset		609
Total Assets		937,097,302
Liabilities:
Payable for Investment Securities Purchased		52,186,113
Payable due to Investment Adviser		337,611
Franchise Tax Payable		3,450
Other Accrued Expenses		16,295
Total Liabilities		52,543,469
Net Assets	$	884,553,833
Net Assets Consist of:
Paid-in Capital	$	952,300,811
Distributions in Excess of Net Investment Income, Net of Taxes		(12,714,893	)
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions, Net of Taxes		(104,849,087	)
Net Unrealized Appreciation (Depreciation) on Investments, Net of Taxes		49,817,002
Net Assets	$	884,553,833
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		95,100,000
Net Asset Value, Offering and Redemption Price Per Share	$	9.30

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

Statement Of Operations

For the period ended May 31, 2018 (Unaudited)

	Global X MLP ETF
Investment Income:
Distributions From Master Limited Partnership	$	34,372,524
Less: Return of Capital Distributions		(34,372,524	)
Interest Income		7,025
Total Investment Income		7,025
Supervision and Administration Fees⁽¹⁾		1,852,232
Custodian Fees		11,934
Total Expenses		1,864,166
Net Expenses		1,864,166
Net Investment Loss, Before Taxes		(1,857,141	)
Tax Benefit/(Expense), Net of Valuation Allowance		(8,363	)
Net Investment Loss, Net of Taxes		(1,865,504	)
Net Realized Loss on:
Investments		(42,346,896	)
Tax Benefit/(Expense), Net of Valuation Allowance		(163,081	)
Net Realized Loss on Investments		(42,509,977	)
Net Change in Unrealized Appreciation on:
Investments		55,590,042
Tax Benefit/(Expense), Net of Valuation Allowance		171,444
Net Change in Unrealized Appreciation on Investments		55,761,486
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations		13,251,509
Net Increase in Net Assets Resulting from Operations	$	11,386,005

⁽¹⁾

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

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

Statements of Changes in Net Assets

	Global X MLP ETF
	Period Ended May 31, 2018 (Unaudited)			Year Ended November 30, 2017
Operations:
Net Investment Loss, Net of Taxes	$	(1,865,504	)	$	(1,909,552	)
Net Realized Loss on Investments, Net of Taxes		(42,509,977	)		2,653,996
Net Change in Unrealized Appreciation on Investments, Net of Taxes		55,761,486			(73,245,901	)
Net Increase (Decrease) in Net Assets Resulting from Operations		11,386,005			(72,501,457	)
Dividends and Distributions:
Net Investment Income		-			(434,399	)
Return of Capital		(35,851,425	)		(41,617,826	)
Total Dividends and Distributions		(35,851,425	)		(42,052,225	)
Capital Share Transactions:
Issued		326,658,651			469,721,783
Redeemed		(110,593,260	)		(35,779,807	)
Increase in Net Assets from Capital Share Transactions		216,065,391			433,941,976
Total Increase (Decrease) in Net Assets		191,599,971			319,388,294
Net Assets:
Beginning of Period		692,953,862			373,565,568
End of Period	$	884,553,833		$	692,953,862
Distributions in Excess of Net Investment Income, Net of Taxes	$	(12,714,893	)	$	(10,849,389	)

Share Transactions:
Issued		34,150,000			43,800,000
Redeemed		(12,650,000	)		(3,450,000	)
Net Increase in Shares Outstanding from Share Transactions		21,500,000			40,350,000

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

Financial Highlights

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Year and Period

																												Ratio of								Ratio of Investment Income/(Loss) to
																												Expenses to Average Net Assets								Average Net Assets
	Net Asset Value, Beginning of Period ($)		Net Investment Loss ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Return of Capital ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Before Net Deferred Tax Expense (%)		Net Tax Expense (%)			Total Expenses (%)			Before Net Tax Benefit (%)			Net Tax Benefit (%)			Net Investment Loss (%)			Portfolio Turnover (%)†
Global X MLP ETF
2018(Unaudited)		9.42		(0.02	)		0.29			0.27			(0.00	)		(0.39	)		(0.39	)		9.30		2.90			884,554		0.46@		(0.00	)		0.46@			(0.46)@			—			(0.45)@			11.74
2017		11.24		(0.05	)		(0.98	)		(1.03	)		(0.00	)		(0.79	)		(0.79	)		9.42		(9.85	)		692,954		0.46		(0.11	)		0.35			(0.46	)		—			(0.46	)		35.11
2016		10.56		(0.07	)		1.58			1.51			(0.02	)		(0.81	)		(0.83	)		11.24		15.34			373,566		0.47		0.03			0.50			(0.47	)		(0.23	)		(0.70	)		37.20
2015		16.45		(0.09	)		(4.83	)		(4.92	)		—			(0.97	)		(0.97	)		10.56		(31.08	)		182,127		0.45		(4.81	)		(4.36	)		(0.44	)		(0.18	)		(0.62	)		47.44
2014		16.11		(0.05	)		1.32			1.27			(0.60	)		(0.33	)		(0.93	)		16.45		7.95			142,279		0.47		3.52			3.99			(0.47	)		0.17			(0.30	)		30.65
2013		14.85		(0.05	)		2.22			2.17			(0.26	)		(0.65	)		(0.91	)		16.11		14.85			66,852		0.47		7.20			7.67			(0.47	)		0.18			(0.29	)		14.15

*	Per share data calculated using average shares method.
**	Total Return is based on the change in net asset value of a share during the year/period and assumes reinvestment of dividends and distributions at net asset value. Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Portfolio turnover rate is for the period indicated and has not been annualized. Excludes effect of in-kind transfers.
@	Annualized

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

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

Notes To Financial Statements

May 31, 2018 (Unaudited)

1. ORGANIZATION

The Global X Funds (the "Trust") is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of May 31, 2018, the Trust had eighty-nine portfolios, fifty-four of which were operational. The financial statements herein and the related notes pertain to the Global X MLP ETF (“MLP”) (the “Fund”). The Fund has elected non-diversified status.

2. SIGNIFICANT ACCOUNTING POLICIES

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

USE OF ESTIMATES – The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the Reporting Period. Actual results could differ from those estimates, and could have a material impact on the Fund.

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

MLPs – The Fund invests in MLPs in addition to other exchange-traded securities. MLPs are publicly-traded partnerships engaged in the transportation, storage and processing of minerals and natural resources. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity-level taxation. To qualify as an MLP, and to not be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). These qualifying sources include natural resource-based activities, such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly-traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.

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

Notes to Financial Statements (continued)

May 31, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less will be valued at their market value. Prices for most securities held in the Fund are provided daily by recognized independent pricing agents. If a security’s price cannot be obtained from an independent, third-party pricing agent, the Fund seeks 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 Fund’s 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 Fund may fair value its securities if an event that may materially affect the value of the Fund’s securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the security's last close and the time that the Fund calculates its net asset value. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC (the “Adviser”) becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its net asset value, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of May 31, 2018, there were no securities priced using the Fair Value Procedures.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Fund discloses the fair value of its 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 Fund has the ability to access at the measurement date;

Notes to Financial Statements (continued)

May 31, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (continued)

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

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

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

For the period ended May 31, 2018, there have been no significant changes to the Fund’s fair valuation methodology.

FEDERAL INCOME TAXES – The Fund is taxed as a regular C-corporation for federal income tax purposes and as such is obligated to pay federal and applicable state corporate income tax. Currently, the federal income tax rate for a corporation is 21 percent. For tax years beginning prior to December 31, 2017, the Fund may be subject to a 20 percent federal alternative minimum tax on their federal alternative taxable income to the extent its alternative minimum tax liability exceeds its regular federal income tax liability. This differs from most investment companies, which elect to be treated as “regulated investment companies” under Subchapter M of the Code in order to avoid paying entity-level income taxes. Under current law, the Fund is not eligible to elect treatment as a regulated investment company due to its investments primarily in MLPs invested in energy assets. As a result, the Fund will be obligated to pay applicable federal and state corporate income taxes on its taxable income as opposed to most other investment companies, which are not so obligated. The Fund expects that a portion of the distributions that are received from MLPs may be treated as a tax-deferred return of capital, thus reducing the Fund’s current tax liability. However, the amount of taxes currently paid by the Fund will vary depending on the amount of income and gains derived from investments and/or sales of MLP interests and such taxes have the potential to reduce an investor’s return from an investment in the Fund.

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

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits within the income tax expense line in the accompanying Statement of Operations. Accrued interest and penalties, if any, are included within the related tax liability line in the Statement of Assets and Liabilities. For the period ended May 31, 2018, the Fund did not incur any interest or penalties.

Notes to Financial Statements (continued)

May 31, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

FEDERAL INCOME TAXES (continued)

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

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

For the period ended May 31, 2018:

	Current		Deferred			Total
	MLP		MLP			MLP
Federal	$	-	$	12,529,796		$	12,529,796
State		-		(66,150	)		(66,150	)
Valuation allowance		-		(12,463,646	)		(12,463,646	)
Total tax expense (benefit)	$	-	$	-		$	-

For the period ended May 31, 2018, the Fund’s blended state income tax rate increased from 2.05% to 2.49% due to anticipated change in state apportionment of income and gains and a reduction of the federal tax benefit associated with state tax expenses due to the new lower corporate tax rates.

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

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

For the period ended May 31, 2018:

	MLP
Deferred tax assets:
Net operating loss carryforward	$	9,637,225
Capital loss carryforward		6,527,485
Other		74,260
Less valuation allowance		(14,884,510	)

Less Deferred tax liabilities:
Net unrealized gain on investment securities		(1,354,460	)

Net Deferred Tax Asset	$	-

The Fund reviews the recoverability of its deferred tax assets based upon the weight of available evidence. When assessing the recoverability of its deferred tax assets, significant weight was given to the effects of potential future realized and unrealized gains on investments and the period over which these deferred tax assets can be realized. Currently, any capital losses that may be generated by the Fund are eligible to be carried back up to three years and can be carried forward for five years to offset capital gains recognized by the Fund in those years. The Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017 and eliminated the net operating loss carryback ability and replaced the 20 year carryforward period with an indefinite carryforward period for any net operating losses arising in tax years ending after December 31, 2017. Therefore, net operating losses that may be generated by the Fund in the future are eligible to be carried forward indefinitely to offset income generated by the Fund in those years but are no longer eligible to be carried back. The TCJA also established a limitation for any net operating losses generated in tax years beginning after December 31, 2017 to the lesser of the aggregate of available net operating losses or 80% of taxable income before any net operating loss utilization.

Notes to Financial Statements (continued)

May 31, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

FEDERAL INCOME TAXES (continued)

The Fund has estimated net operating loss carryforwards for federal income tax purposes as follows:

Year Ended

Amount

Expiration

Global X MLP ETF

11/30/2016

3,371,920

11/30/2036

11/30/2017

7,685,725

11/30/2037

11/30/2018

29,969,281

Indefinite

The Fund has estimated capital loss carryforwards for federal income tax purposes as follows:

Year Ended

Amount

Expiration

Global X MLP ETF

11/30/2016

14,027,424

11/30/2021

11/30/2018

13,760,934

11/30/2023

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

Total income tax expense/(benefit) (current and deferred) during the period ended May 31, 2018, differs from the amount computed by applying the federal statutory income tax rate of 21% for the Global X MLP ETF to net investment and realized and unrealized gain/(losses) on investment before taxes as follows:

For the period ended May 31, 2018:

	MLP
Income tax (benefit) at statutory rate	$	2,391,061			21.00	%
State income taxes (net of federal benefit)		283,512			2.49	%
Permanent differences, net		(190,114	)		-1.67	%
Effect of tax rate change*		9,993,477			87.77	%
Other adjustments		(14,290	)	��	-0.13	%
Change in valuation allowance		(12,463,646	)		-109.46	%
	$	-			0.00	%

* The tax rate change listed in the table above is reflective of the change in deferred tax assets and liabilities due to the federal corporate tax rate change enacted by the TCJA as of December 22, 2017 (date of enactment). Prior to enactment, the highest marginal federal income tax rate was 35%. For tax years beginning after December 31, 2017, corporations will be taxed at a flat rate of 21% and no longer subject to the 20% alternative minimum tax.

Notes to Financial Statements (continued)

May 31, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

FEDERAL INCOME TAXES (continued)

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state tax returns filed since inception of the Fund. No U.S. federal or state income tax returns are currently under examination. The tax years ended November 30, 2017, 2016, 2015, and 2014 remain subject to examination by tax authorities in the United States Due to the nature of the Fund’s investments, the Fund may be required to file income tax returns in several states. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund has accrued a state franchise tax liability for the period ended May 31, 2018. State franchise taxes are separate and distinct from state income taxes. State franchise taxes are imposed on a corporation for the right to conduct business in the state and typically are based off the net worth or capital apportioned to a state. Due to the nature of the Fund’s investments, the Fund may be required to file franchise state tax returns in several states.

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

Global X Funds		Federal Tax Cost				Aggregated Gross Unrealized Appreciation				Aggregated Gross Unrealized Depreciation				Net Unrealized Appreciation
Global X MLP ETF		$	893,585,469			$	75,666,005			$	(69,899,890	)		$	5,766,115

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

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

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS – The Fund intends to declare and make quarterly distributions; however, the Board may determine to make distributions at its own discretion.

The Fund also expects that a portion of the distributions it receives from MLPs may be treated as a tax deferred return of capital, thus reducing the Fund’s current tax liability. The Fund’s quarterly distributions are in an amount that is approximately equal to the distributions the Fund receives from its investments, including the MLPs in which it invests, less the actual, estimated or anticipated expenses of the Fund, including taxes imposed on the Fund (if any). Based on its investment objective and strategies, the Fund’s distributions normally will be comprised of ordinary income, tax-deferred returns of capital, and/or capital gains for U.S. federal income tax purposes. If the fund pays return of capital distributions to shareholders, such distributions are not taxable income to the shareholder, but reduce the shareholder’s tax basis in the shareholder’s Fund shares. Such a reduction in tax basis will result in larger taxable gains and/or lower tax losses on a subsequent sale of Fund shares. Shareholders who periodically receive the payment of dividends or other distributions consisting of a return of capital may be under the impression that they are receiving net profits from the Fund when, in fact, they are not. Shareholders should not assume that the source of the distributions is from the net profits of the Fund.

Notes to Financial Statements (continued)

May 31, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

For the year ended November 30, 2017, the Fund made the following tax basis distributions from MLP distributions received:

	MLP
Net investment income	$	(434,399	)
Return of capital		(41,617,826	)
Total	$	(42,052,225	)

CREATION UNITS –The Fund issues and redeems its 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 Fund’s custodian, on the date of such redemption, regardless of the number of Creation Units redeemed that day.

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

		Creation Unit Shares				Creation Fee				Value at May 31, 2018				Redemption Fee
Global X MLP ETF			50,000			$	250			$	465,000			$	250

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

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS

The Adviser serves as the investment adviser and the administrator for the Fund. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Fund and the Fund’s 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 Fund, including certain distribution services, if any (provided pursuant to a separate Distribution Agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an "all-in" fee structure, respectively. For its Adviser’s services to the Fund, under the Supervision and Administration Agreement, the 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 Fund bears other expenses that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Fund, such as taxes, brokerage fees, commissions, acquired fund fees, other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses). The following table discloses the rate of supervision and administration fees paid by the Fund pursuant to the Supervision and Administration Agreement:

Notes to Financial Statements (continued)

May 31, 2018 (Unaudited)

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (concluded)

	Supervision and
	Administration Fee
Global X MLP ETF		0.45	%

SEI Investments Global Funds Services (“SEIGFS”) serves as sub-administrator to the Fund. As sub-administrator, SEIGFS provides the Fund with required general administrative services, including, without limitation: office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and assistance with the preparation and filing of reports, registration statements, proxy statements and other materials required to be filed or furnished by the Fund 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.

Cohen & Company, Ltd. (“Cohen”) prepares Federal Form 1120 and state tax returns for the Fund. In addition, among other things, Cohen has been engaged to assist the Fund in the calculation of the current and deferred tax provisions for financial statement purposes for the Fund’s year ended November 30, 2017.

SEI Investments Distribution Co. (“SIDCO”) serves as the 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 from the Fund 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 Fund’s 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 Fund’s portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties, and (4) make periodic reports to the Fund concerning the Fund’s 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 the Fund, (2) make dividend and other distributions to shareholders of the Fund, (3) respond to correspondence by shareholders and others relating to its duties, (4) maintain shareholder accounts, and (5) make periodic reports to the Fund. As compensation for these services, BBH receives certain out-of pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

4. INVESTMENT TRANSACTIONS

For the period ended May 31, 2018, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government, and short-term securities, were:

2018		Purchases				Sales and
Global X MLP ETF		$	95,821,709			$	228,996,733

Notes to Financial Statements (continued)

May 31, 2018 (Unaudited)

4. INVESTMENT TRANSACTIONS (concluded)

For the period or year ended May 31, 2018 and November 30, 2017, in-kind transactions associated with creations and redemptions were, respectively:

			Sales and
2018	Purchases		Maturities		Realized Gain
Global X MLP ETF	$	327,203,848	$	-	$	-

			Sales and
2017	Purchases		Maturities		Realized Gain
Global X MLP ETF	$	469,517,457	$	-	$	-

For the period ended May 31, 2018, there were no purchases or sales of long term U.S. Government securities by the Fund.

5. CONCENTRATION OF RISKS

The Fund uses 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 Fund may utilize a representative sampling strategy with respect to its underlying index when a replication strategy might be detrimental to its shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow their underlying indices, or, in certain instances, when securities in its underlying index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Fund but not its underlying index). A more complete description of risks is included in the Fund’s Prospectus and Statement of Additional Information.

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

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

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

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

Notes to Financial Statements (continued)

May 31, 2018 (Unaudited)

5. CONCENTRATION OF RISKS (concluded)

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

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

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

6. LOANS OF PORTFOLIO SECURITIES

The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Security loans made pursuant to a securities lending agreement are required at all times to be secured by collateral equal to at least 102% for U.S.-based securities and 105% for foreign based securities. Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements or U.S. Treasury obligations and is recognized in the Schedule of Investments and Statement of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statement of Assets and Liabilities. It is the Fund’s 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 Fund if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. As of May 31, 2018, the Fund had no securities on loan.

7. CONTRACTUAL OBLIGATIONS

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

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

Notes to Financial Statements (Concluded)

May 31, 2018 (Unaudited)

8. SUBSEQUENT EVENTS

The Fund has 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 February 12, 2018, Global X Management Company LLC ("Global X"), the Fund’s current investment adviser, entered into an agreement and plan of merger (the "Acquisition Agreement") pursuant to which MAGI Merger Sub LLC, a direct, wholly-owned subsidiary of Horizons ETFs Management (USA) LLC ("Horizons") and an indirect, wholly-owned subsidiary of Mirae Asset Global Investments Co., Ltd. ("Mirae"), would be merged with and into Global X (the "Transaction"), subject to certain conditions. Pursuant to the Acquisition Agreement, Horizons acquired all of the equity interests of Global X, and Global X became a direct, wholly-owned subsidiary of Horizons and an indirect, wholly-owned subsidiary of Mirae. In this manner, Global X is ultimately controlled by Mirae. The Transaction closed on July 2, 2018 (such closing date being the "Effective Date").

Under the Investment Company Act of 1940, as amended (the "1940 Act"), the closing of the Transaction resulted in a change of control of Global X, and the assignment and automatic termination of the Investment Advisory Agreements between the Trust, on behalf of the Fund, and Global X (together, the "Current Advisory Agreements").

As of July 20, 2018, the shareholders of the Fund have approved a new Investment Advisory Agreement between the Trust and Global X.

Disclosure of Fund Expenses (Unaudited)

All exchange traded funds (“ETFs”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, commissions, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for any brokerage fees as a result of his or her investment in the Fund, which is not reflected in the table below.

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the six-month period shown and held for the entire period (December 1, 2017 to May 31, 2018).

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

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

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

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

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

	Beginning Account Value 12/1/2017		Ending Account Value 5/31/2018		Annualized Expense Ratios⁽²⁾			Expenses Paid During Period⁽¹⁾
Global X MLP ETF
Actual Fund Return	$	1,000.00	$	1,029.20		0.46	%	$	2.33
Hypothetical 5% Return		1,000.00		1,022.64		0.46			2.32

⁽¹⁾

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

⁽²⁾

During the period ended May 31, 2018 the Fund had a tax benefit. During periods/years when the Fund had a tax expense, expenses could be higher.

Supplemental Information (Unaudited)

Net asset value, or “NAV”, is the price per Share at which the Fund issues and redeems Shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of the Fund generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. The Fund’s Market Price may be at, above or below its NAV. The NAV of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Market Price of the Fund 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 Fund on a given day, generally at the time NAV is calculated. A premium is the amount that the Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Fund is trading below the reported NAV, expressed as a percentage of the NAV.

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

Shareholder Voting Results (Unaudited)

On May 11, 2018, a special Meeting of Shareholders of the Trust was held to elect the following four nominees to serve as members of the Board. Shares were voted as follows:

		Number of Shares Voted		% of Shares Voted			% of Total Outstanding Shares
Charles A. Baker	For		372,438,195		97.28	%		68.98	%
	Withheld		10,414,231		2.72	%		1.93	%

Luis Berruga	For		359,303,234		93.85	%		66.55	%
	Withheld		23,552,191		6.15	%		4.36	%

Sanjay Ram Bharwani	For		358,443,432		93.62	%		66.39	%
	Withheld		24,412,956		6.38	%		4.48	%

Clifford J. Weber	For		372,088,624		97.19	%		68.92	%
	Withheld		10,759,838		2.81	%		1.99	%

On May 11, 2018, a special Meeting of Shareholders of the Fund was held to approve a new investment advisory agreement for the Fund. Shares were voted as follows:

		Number of Shares Voted		% of Shares Voted			% of Total Outstanding Shares
Global X MLP ETF	For		58,814,115		69.58	%		63.45	%
	Against		246,676		0.29	%		0.27	%
	Abstain		220,659		0.26	%		0.24	%
	Broker Non-Vote		25,249,679		29.87	%		27.24	%

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 Fund described.

GLX-SA-005-0600

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

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

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

Semi-Annual Report

May 31, 2018

Table of Contents

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

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

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X MLP & Energy Infrastructure ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 74.8%
Oil & Gas — 74.8%
Antero Midstream GP ^(A)		772,755	$	14,875,534
Archrock		827,344		9,555,824
Cheniere Energy ^*		470,490		31,344,044
Cheniere Energy Partners Holdings ^(A)		212,291		6,417,557
Enbridge ^ ^(A)		1,250,234		38,844,770
Enbridge Energy Management ^*		805,609		7,653,285
EnLink Midstream		623,754		10,915,695
Kinder Morgan		2,492,911		41,581,755
ONEOK		545,226		37,162,604
Plains GP Holdings, Cl A ^(B)		829,941		20,391,650
SemGroup, Cl A		785,035		19,861,386
Tallgrass Energy GP, Cl A		570,114		12,263,152
Targa Resources		420,520		20,449,888
TransCanada ^		955,665		39,975,467
Williams		1,161,653		31,202,000
TOTAL COMMON STOCK
(Cost $347,122,286)				342,494,611

MASTER LIMITED PARTNERSHIPS — 23.9%
Oil & Gas — 23.9%
Andeavor Logistics		67,012		2,874,815
Antero Midstream Partners		65,743		1,988,726
Boardwalk Pipeline Partners		92,819		982,953
Buckeye Partners		110,590		3,986,770
Crestwood Equity Partners		36,284		1,219,142
DCP Midstream		68,313		2,862,998
Enable Midstream Partners		64,197		1,061,818
Energy Transfer Partners		859,056		16,313,474
EnLink Midstream Partners		122,283		2,091,039
Enterprise Products Partners		724,336		20,933,310
Equities Midstream Partners		44,213		2,468,412
Genesis Energy		80,504		1,767,868
Holly Energy Partners		33,756		991,751
Magellan Midstream Partners		172,659		12,068,864

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X MLP & Energy Infrastructure ETF

	Shares / Face Amount		Value
MASTER LIMITED PARTNERSHIPS — continued
Oil & Gas — continued
MPLX		217,769	$	7,820,085
NuStar Energy		58,207		1,422,579
Phillips 66 Partners		39,800		2,081,540
Plains All American Pipeline		330,645		7,770,158
Shell Midstream Partners		93,232		2,087,465
Spectra Energy Partners		61,528		1,854,454
Tallgrass Energy Partners		34,793		1,519,410
TC PipeLines		39,273		955,119
Valero Energy Partners		16,472		675,187
Western Gas Partners		75,918		3,922,683
Williams Partners		193,358		7,695,648

TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $105,012,680)				109,416,268


SHORT-TERM INVESTMENT(B)(C) — 0.2%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 1.680%
(Cost $750,138)		750,138		750,138


REPURCHASE AGREEMENTS(B) — 4.2%
Chase Securities
1.700%, dated 05/31/18, to be repurchased on 06/01/18, repurchase price $6,243,077 (collateralized by U.S. Treasury Obligations, ranging in par value $205,429 - $2,455,769, 1.875%, 1/31/2022, with a total market value of $6,551,974)	$	6,242,782		6,242,782

Royal Bank of Canada
1.760%, dated 05/31/18, to be repurchased on 06/01/18, repurchase price $12,888,290 (collateralized by U.S. Treasury Obligations, ranging in par value $1,268,146 - $2,323,903, 1.625%, 5/15/2026, with a total market value of $14,294,219)		12,887,660		12,887,660

TOTAL REPURCHASE AGREEMENTS
(Cost $19,130,442)				19,130,442
TOTAL INVESTMENTS — 103.1%
(Cost $472,015,546)			$	471,791,459

Percentages are based on Net Assets of $457,411,037.

*	Non-income producing security.
^	Canadian security listed on the New York Stock Exchange and Toronto Stock Exchange.
(A)	This security or a partial position of this security is on loan at May 31, 2018. The total value of securities on loan at May 31, 2018 was $19,605,404.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2018, was $19,880,580.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2018.

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X MLP & Energy Infrastructure ETF

Cl — Class

The following is a summary of the level of inputs used as of May 31, 2018, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	342,494,611	$	—	$	—	$	342,494,611
Master Limited Partnerships		109,416,268		—		—		109,416,268
Short-Term Investment		750,138		—		—		750,138
Repurchase Agreements		—		19,130,442		—		19,130,442
Total Investments in Securities	$	452,661,017	$	19,130,442	$	—	$	471,791,459

For the period ended May 31, 2018, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X SuperDividend^® Alternatives ETF

Sector Weightings †:

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

	Shares		Value
CLOSED-END FUNDS — 32.5%
AllianzGI NFJ Dividend Interest & Premium Strategy Fund		26,344	$	341,155
BlackRock Income Trust		56,260		326,871
Brookfield Real Assets Income Fund		15,235		347,663
Eaton Vance Risk-Managed Diversified Equity Income Fund		38,066		354,775
Eaton Vance Tax Managed Global Buy Write Opportunities Fund		30,301		351,492
Eaton Vance Tax-Managed Buy-Write Opportunities Fund		23,431		360,134
Morgan Stanley Emerging Markets Domestic Debt Fund		44,040		310,042
Nuveen Mortgage Opportunity Term Fund		15,139		352,890
Stone Harbor Emerging Markets Income Fund		21,803		305,024
Templeton Emerging Markets Income Fund		30,943		325,211
Voya Global Equity Dividend and Premium Opportunity Fund		44,505		322,216
Western Asset Emerging Markets Debt Fund		22,876		310,427
Western Asset Mortgage Defined Opportunity Fund		14,386		351,306
TOTAL CLOSED-END FUNDS
(Cost $4,373,967)				4,359,206

COMMON STOCK — 31.7%
Financials — 22.6%
Apollo Investment		43,407		246,986
Ares Capital		16,066		271,194
BlackRock Capital Investment		35,285		220,178
Hercules Capital		21,068		261,033
Main Street Capital		6,671		256,300
New Mountain Finance		18,479		256,858
PennantPark Floating Rate Capital		18,383		250,560
PennantPark Investment		35,296		256,602
Prospect Capital		39,761		268,784
Solar Capital		12,164		262,864
TCP Capital		16,073		236,755
TPG Specialty Lending		12,675		236,516
				3,024,630

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X SuperDividend^® Alternatives ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 0.7%
Macquarie Infrastructure		2,357	$	91,216
Utilities — 8.4%
Avangrid		3,475		184,488
CenterPoint Energy		5,798		151,502
Duke Energy		2,017		155,632
Entergy		2,217		179,377
FirstEnergy		5,423		186,659
PPL		4,356		119,006
Southern		3,445		154,681
				1,131,345
TOTAL COMMON STOCK
(Cost $4,432,883)				4,247,191

EXCHANGE TRADED FUND — 19.7%
Global X SuperDividend^® REIT ETF ^(A) (Cost $2,569,281)		175,135		2,645,414

MASTER LIMITED PARTNERSHIPS — 10.1%
Industrials — 1.6%
Icahn Enterprises		3,183		218,959
Oil & Gas — 7.4%
DCP Midstream		4,934		206,783
Enable Midstream Partners		10,650		176,151
Energy Transfer Partners		9,547		181,298
EnLink Midstream Partners		10,232		174,967
Genesis Energy		6,464		141,949
NuStar Energy		4,308		105,288
				986,436
Utilities — 1.1%
Suburban Propane Partners		6,566		153,710

TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $1,239,313)				1,359,105

BUSINESS DEVELOPMENT COMPANIES — 5.6%
Goldman Sachs BDC		11,534		236,332
Golub Capital BDC		13,944		258,103
TCG BDC		14,093		256,211

TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $782,995)				750,646

TOTAL INVESTMENTS — 99.6%
(Cost $13,398,439)			$	13,361,562

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X SuperDividend^® Alternatives ETF

Percentages are based on Net Assets of $13,413,094.

(A)

Affiliated investment.

ETF — Exchange Traded Fund

REIT — Real Estate Investment Trust

As of May 31, 2018, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2018, there have been no transfers between Level 1, Level 2 or Level 3 investments.

The following is a summary of the Fund’s transactions with affiliates for the period ended May 31, 2018:

Value at 11/30/2017		Purchases at Cost		Proceeds from Sales			Changes in Unrealized Appreciation			Realized Gain			Value at 5/31/2018		Dividend Income
Global X SuperDividend^® REIT ETF
$	2,253,799	$	449,431	$	(2,051	)	$	(55,614	)	$	(151	)	$	2,645,414	$	117,894

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X U.S. Preferred ETF

Sector Weightings †:

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

	Shares		Value
PREFERRED STOCK — 99.5%
BERMUDA— 1.3%
Financials — 1.3%
Aspen Insurance Holdings, 5.950%, VAR ICE LIBOR USD 3 Month+4.060%		5,792	$	150,360
Aspen Insurance Holdings, 5.625%		4,375		106,881
Axis Capital Holdings, 5.500%		11,523		283,005
PartnerRe, 7.250%		6,178		172,366
RenaissanceRe Holdings, 5.375%		5,795		143,137
TOTAL BERMUDA				855,749
GERMANY— 1.6%
Financials — 1.6%
Deutsche Bank Contingent Capital Trust II, 6.550%^(A)		16,728		410,672
Deutsche Bank Contingent Capital Trust V, 8.050%^(A)		28,909		734,867
TOTAL GERMANY				1,145,539
NETHERLANDS— 2.7%
Financials — 2.7%
Aegon, 6.500%		10,478		269,075
Aegon, 6.375%		20,890		537,918
Aegon, 4.000%, VAR ICE LIBOR USD 3 Month+0.875%		4,875		118,024
ING Groep, 6.375%		20,890		536,037
ING Groep, 6.125%		14,643		377,497
TOTAL NETHERLANDS				1,838,551
UNITED KINGDOM— 3.6%
Financials — 3.6%
Barclays Bank, Ser 5, 8.125%		52,127		1,360,515

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
HSBC Holdings, 6.200%		27,241	$	701,456
Prudential, 6.500%		6,310		166,395
Royal Bank of Scotland Group, Ser S, 6.600%		13,835		352,239
TOTAL UNITED KINGDOM				2,580,605
UNITED STATES— 90.3%
Consumer Goods — 2.3%
Becton Dickinson and, 6.125%		25,799		1,502,018
Dillard's Capital Trust I, 7.500%		3,886		99,326
				1,601,344
Consumer Services — 0.6%
eBay, 6.000%		15,683		411,522
Financials — 58.8%
Allstate, 6.750%		8,083		209,026
Allstate, 5.100%, VAR ICE LIBOR USD 3 Month+3.165%		10,477		272,402
Allstate, Ser E, 6.625%		15,630		410,131
Apollo Global Management, 6.375%^(A)		5,794		144,502
Arch Capital Group, 5.450%		6,942		168,830
Arch Capital Group, 5.250%		9,442		225,192
Ares Management, 7.000%^(A)		6,518		175,269
Argo Group US, 6.500%		2,791		70,054
Axis Capital Holdings, 5.500%		4,370		106,453
Bank of America, 7.250%		1,547		1,958,502
Bank of America, 6.625%		20,130		523,179
Bank of America, 6.500%		22,137		585,302
Bank of America, 6.375%		13,172		338,784
Bank of America, 6.204%		13,197		334,544
Bank of America, 6.200%		20,130		523,581
Bank of America, 6.000%		18,124		466,874
Bank of America, 4.000%, VAR ICE LIBOR USD 3 Month+0.500%		12,226		279,975
Bank of America, 4.000%, VAR ICE LIBOR USD 3 Month+0.750%		7,881		190,326
Bank of America, 4.000%, VAR ICE LIBOR USD 3 Month+0.350%		9,849		234,111
Bank of America, 3.000%, VAR ICE LIBOR USD 3 Month+0.650%		10,638		235,844
Bank of New York Mellon, 5.200%		11,894		303,059
BB&T, 5.850%		12,039		308,680
BB&T, 5.625%		9,747		253,714
BB&T, 5.625%		24,014		609,475
BB&T, 5.200%		9,439		235,031
BB&T, 5.200%		10,480		260,114
Capital One Financial, 6.200%		10,477		272,611
Capital One Financial, 6.000%		10,478		269,704
Capital One Financial, 5.200%		12,565		301,434

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Capital One Financial, Ser B, 6.000%		18,289	$	462,529
Capital One Financial, Ser C, 6.250%		10,478		270,018
Capital One Financial, Ser D, 6.700%		10,476		276,776
Carlyle Group, 5.875%		8,400		196,728
Charles Schwab, 6.000%		12,559		328,167
Charles Schwab, 5.950%		15,683		406,817
Citigroup, 6.875%, VAR ICE LIBOR USD 3 Month+4.130%		31,195		846,632
Citigroup, 6.300%		18,806		491,401
Citigroup, 5.800%		12,040		302,686
Citigroup, Ser J, 7.125%, VAR ICE LIBOR USD 3 Month+4.040%		19,843		559,176
Citigroup, Ser L, 6.875%		10,061		259,574
Fifth Third Bancorp, 6.625%, VAR ICE LIBOR USD 3 Month+3.710%		9,433		258,370
First Republic Bank, 5.500%		3,690		94,612
First Republic Bank, 5.125%		3,887		97,369
Goldman Sachs Group, 6.375%, VAR ICE LIBOR USD 3 Month+3.550%		14,639		396,863
Goldman Sachs Group, 6.300%		14,120		371,780
Goldman Sachs Group, 6.200%		2,892		74,903
Goldman Sachs Group, 5.500%, VAR ICE LIBOR USD 3 Month+3.640%		20,889		542,696
Goldman Sachs Group, 4.000%, VAR ICE LIBOR USD 3 Month+0.670%		15,693		357,016
Goldman Sachs Group, 4.000%, VAR ICE LIBOR USD 3 Month+0.750%		3,824		88,602
Goldman Sachs Group, 3.750%, VAR ICE LIBOR USD 3 Month+0.750%		14,652		329,963
Hartford Financial Services Group, 7.875%, VAR ICE LIBOR USD 3 Month+5.596%		12,552		369,531
Huntington Bancshares, 6.250%		12,559		331,683
JPMorgan Chase, 6.300%		18,389		481,792
JPMorgan Chase, 6.150%		24,011		635,811
JPMorgan Chase, 6.125%		29,844		776,541
JPMorgan Chase, 6.100%		27,137		713,160
JPMorgan Chase, 5.450%		18,808		477,535
JPMorgan Chase, Ser T, 6.700%		19,328		510,066
KeyCorp, 6.125%, VAR ICE LIBOR USD 3 Month+3.892%		10,475		280,940
KKR, 6.750%^(A)		7,248		194,609
KKR, 6.500%		3,000		79,260
Legg Mason, 6.375%		5,269		138,786
Legg Mason, 5.450%		10,481		257,728
MB Financial, 6.000%		3,871		98,556
Merrill Lynch Capital Trust I, 6.450%		21,134		547,582
MetLife, 4.000%, VAR ICE LIBOR USD 3 Month+1.000%		12,707		318,183
Morgan Stanley, 6.375%, VAR ICE LIBOR USD 3 Month+3.708%		20,886		564,966
Morgan Stanley, 5.850%, VAR ICE LIBOR USD 3 Month+3.491%		20,889		538,727
Morgan Stanley, 4.000%, VAR ICE LIBOR USD 3 Month+0.700%		22,980		523,944
Morgan Stanley, Ser E, 7.125%, VAR ICE LIBOR USD 3 Month+4.320%		18,019		514,623
Morgan Stanley, Ser F, 6.875%, VAR ICE LIBOR USD 3 Month+3.940%		17,762		489,698

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Morgan Stanley, Ser G, 6.625%		10,477	$	274,707
Navient, 6.000%		5,359		122,185
New York Community Bancorp, 6.375%, VAR ICE LIBOR USD 3 Month+3.821%		10,785		298,421
New York Community Capital Trust V, 6.000%		1,392		68,208
Northern Trust, 5.850%		8,392		224,654
People's United Financial, 5.625%, VAR ICE LIBOR USD 3 Month+4.020%		5,271		133,514
PNC Financial Services Group, 6.125%, VAR ICE LIBOR USD 3 Month+4.067%		31,299		857,593
PNC Financial Services Group, 5.375%		9,439		237,108
Prudential Financial, 5.750%		12,040		302,565
Prudential Financial, 5.700%		14,853		375,335
Regions Financial, Ser A, 6.375%		10,479		267,424
Regions Financial, Ser B, 6.375%, VAR ICE LIBOR USD 3 Month+3.536%		10,476		279,500
Reinsurance Group of America, 6.200%, VAR ICE LIBOR USD 3 Month+4.370%		8,390		228,376
Reinsurance Group of America, 5.750%, VAR ICE LIBOR USD 3 Month+4.040%		8,394		213,795
State Street, 6.000%		15,683		410,111
State Street, 5.900%, VAR ICE LIBOR USD 3 Month+3.108%		15,683		410,267
State Street, 5.350%, VAR ICE LIBOR USD 3 Month+3.709%		10,478		269,075
State Street, 5.250%		10,480		262,838
Stifel Financial, 5.200%		4,342		104,816
TCF Financial, 5.700%		3,417		82,008
Torchmark, 6.125%		6,311		165,727
US Bancorp, 6.500%, VAR ICE LIBOR USD 3 Month+4.468%		22,967		642,157
US Bancorp, 4.500%		10,479		265,538
US Bancorp, 3.500%, VAR ICE LIBOR USD 3 Month+0.600%		20,898		476,892
Validus Holdings, 5.875%		2,892		73,457
Validus Holdings, 5.800%		4,871		121,872
Virtus Investment Partners, 7.250%		573		60,526
Webster Financial, 5.250%		2,892		68,222
Wells Fargo, 7.500%		1,808		2,272,656
Wells Fargo, 6.625%, VAR ICE LIBOR USD 3 Month+3.690%		15,361		421,967
Wells Fargo, 6.000%		16,457		425,084
Wells Fargo, 6.000%		14,635		375,827
Wells Fargo, 5.850%, VAR ICE LIBOR USD 3 Month+3.090%		31,483		813,206
Wells Fargo, 5.700%		16,002		402,610
Wells Fargo, 5.625%		12,634		315,597
Wells Fargo, 5.500%		18,280		453,527
Wells Fargo, 5.250%		11,450		283,159
Wells Fargo, 5.200%		13,727		337,821
Wells Fargo, 5.125%		11,907		293,269

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Wells Fargo, Ser J, 8.000%		39,231	$	1,005,883
WR Berkley, 5.750%		6,108		149,890
WR Berkley, 5.625%		7,357		177,524
Zions Bancorporation, 6.300%, VAR ICE LIBOR USD 3 Month+4.240%		2,686		70,884
				41,218,897
Industrials — 1.9%
Belden, 6.750%		2,715		213,344
Rexnord, 5.750%		4,218		264,764
Stanley Black & Decker, 5.750%		15,684		401,981
Stanley Black & Decker, 5.375%		3,920		417,284
				1,297,373
Oil & Gas — 0.7%
Chesapeake Energy, 4.500%^*		1,239		67,203
NuStar Energy, 9.000%, VAR ICE LIBOR USD 3 Month+6.880%		3,345		78,240
NuStar Energy, 8.500%, VAR ICE LIBOR USD 3 Month+6.766%^(A)		4,408		101,913
NuStar Energy, 7.625%, VAR ICE LIBOR USD 3 Month+5.643%		8,096		174,469
Targa Resources Partners, 9.000%, VAR ICE LIBOR USD 1 Month+7.710%		2,434		65,353
				487,178
Real Estate Investment Trust — 10.4%
American Homes 4 Rent, 5.875%		2,976		70,531
American Homes 4 Rent, 5.875%		2,256		52,339
Braemar Hotels & Resorts, 5.500%		2,406		48,120
CBL & Associates Properties, 6.625%		3,340		54,709
CBL & Associates Properties, Ser D, 7.375%		9,541		175,077
Crown Castle International, 6.875%		861		898,264
DDR, 6.375%		3,419		79,970
Digital Realty Trust, 6.350%		5,269		136,151
Digital Realty Trust, 5.875%		4,876		122,826
Digital Realty Trust, 5.250%		3,891		91,828
Digital Realty Trust, Ser H, 7.375%		7,665		199,827
EPR Properties, 5.750%		2,891		66,204
Federal Realty Investment Trust, 5.000%		2,909		64,085
Government Properties Income Trust, 5.875%		6,520		166,782
Kimco Realty, 5.500%		4,370		99,898
Kimco Realty, 5.250%		5,135		112,405
Kimco Realty, 5.125%		4,365		95,201
National Retail Properties, 5.700%		6,058		142,242
National Retail Properties, 5.200%		7,260		161,462
PS Business Parks, 5.750%		4,467		111,318
PS Business Parks, 5.250%		3,891		89,298
PS Business Parks, 5.200%		3,710		84,365
PS Business Parks, 5.200%		3,870		87,346

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Real Estate Investment Trust — continued
Public Storage, 6.375%		6,000	$	155,880
Public Storage, 6.000%		6,051		157,447
Public Storage, 5.875%		3,690		94,427
Public Storage, 5.625%		6,054		151,895
Public Storage, 5.400%		6,312		160,009
Public Storage, 5.375%		10,377		255,378
Public Storage, 5.200%		10,483		252,011
Public Storage, 5.150%		5,901		142,686
Public Storage, 5.125%		3,871		95,498
Public Storage, 5.050%		6,316		152,721
Public Storage, 4.950%		6,838		164,317
Public Storage, 4.900%		7,358		175,856
RLJ Lodging Trust, 1.950%		6,770		173,177
Senior Housing Properties Trust, 6.250%		5,270		136,229
Senior Housing Properties Trust, 5.625%		7,355		183,434
SL Green Realty, 6.500%		4,466		113,526
Spirit Realty Capital, 6.000%		3,344		72,598
Sutherland Asset Management, 7.000%		2,239		57,296
VEREIT, Ser F, 6.700%		22,367		565,885
Vornado Realty Trust, 5.400%		6,319		145,527
Vornado Realty Trust, 5.250%		6,729		149,384
Wells Fargo Real Estate Investment, 6.375%		4,698		123,041
Welltower, 6.500%^*		7,510		435,280
				7,323,750
Techhnology — 0.3%
Pitney Bowes, 6.700%		8,920		214,972
Telecommunications — 5.1%
AT&T, 5.350%		27,609		691,881
Qwest, 7.500%		3,167		80,442
Qwest, 7.000%		4,559		111,969
Qwest, 7.000%		8,399		201,744
Qwest, 6.875%		10,487		237,531
Qwest, 6.750%		13,820		308,601
Qwest, 6.625%		8,404		185,140
Qwest, 6.500%		20,434		438,309
Qwest, 6.125%		16,220		332,023
Qwest, Ser 52, 7.000%		11,004		258,484
United States Cellular, 7.250%		6,311		160,678
United States Cellular, 7.250%		5,792		148,507
United States Cellular, 6.950%		7,187		183,556
Verizon Communications, 5.900%		10,478		271,171
				3,610,036

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Utilities — 10.2%
Alabama Power, 5.000%		4,876	$	123,753
Dominion Energy, 6.750%		14,616		643,835
Dominion Energy, 5.250%		16,728		413,349
DTE Energy, 6.500%^*		7,061		363,500
DTE Energy, 6.000%		5,895		154,272
DTE Energy, 5.375%		6,314		155,514
DTE Energy, 5.250%		3,886		95,285
DTE Energy, 5.250%		8,397		203,795
Duke Energy, 5.125%		10,479		263,966
Entergy Arkansas, 4.875%		8,605		211,683
Entergy Louisiana, 4.875%		5,691		137,950
Entergy Mississippi, 4.900%		5,482		133,706
Entergy New Orleans, 5.500%		2,130		55,316
Georgia Power, 5.000%		5,691		140,511
NextEra Energy, 6.123%^*		15,648		885,677
NextEra Energy Capital Holdings, 5.250%		10,480		259,799
NextEra Energy Capital Holdings, 5.125%		10,481		259,510
NextEra Energy Capital Holdings, 5.000%		9,440		231,280
Pacific Gas & Electric, 6.000%		2,024		51,715
PPL Capital Funding, Ser B, 5.900%		9,438		238,876
SCE Trust II, 5.100%		8,400		198,324
SCE Trust III, 5.750%, VAR ICE LIBOR USD 3 Month+2.990%		5,791		152,245
SCE Trust IV, 5.375%, VAR ICE LIBOR USD 3 Month+3.132%		6,834		173,857
SCE Trust V, 5.450%, VAR ICE LIBOR USD 3 Month+3.790%^(A)		6,312		161,713
SCE Trust VI, 5.000%		9,965		227,202
Southern, 6.250%		20,888		548,728
Southern, 5.250%		9,441		229,888
Southern, 5.250%		16,727		416,168
				7,131,417
TOTAL UNITED STATES				63,296,489
TOTAL PREFERRED STOCK
(Cost $70,632,160)				69,716,933
TOTAL INVESTMENTS — 99.5%
(Cost $70,632,160)			$	69,716,933

Percentages are based on Net Assets of $70,081,229

(A)

Security considered Master Limited Partnership. At May 31, 2018, these securities amounted to $1,728,936 or 2.50% of net assets.

ETF — Exchange Traded Fund

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

USD — United States Dollar

VAR —Variable Rate

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X U.S. Preferred ETF

As of May 31, 2018, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2018, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Statements of Assets and Liabilities

May 31, 2018 (Unaudited)

	Global X MLP & Energy Infrastructure ETF			Global X SuperDividend^® Alternatives ETF			Global X U.S. Preferred ETF
Assets:
Cost of Investments	$	452,885,104		$	10,829,158		$	70,632,160
Cost of Repurchase Agreement		19,130,442			—			—
Cost of Affiliated Investments		—			2,569,281			—

Investments, at Value	$	452,661,017	*	$	10,716,148		$	69,716,933
Affiliated Investments, at Value		—			2,645,414			—
Repurchase Agreement, at Value		19,130,442			—			—
Cash		811,502			32,057			467,510
Receivable for Investment Securities Sold		19,804,897			—			4,152,382
Dividend and Interest Receivable		567,657			27,916			377,505
Reclaim Receivable		1,485			—			—
Total Assets		492,977,000			13,421,535			74,714,330
Liabilities:
Obligation to Return Securities Lending Collateral		19,880,580			—			—
Payable for Investment Securities Purchased		15,511,307			—			4,627,620
Payable due to Investment Adviser		174,076			8,441			5,481
Total Liabilities		35,565,963			8,441			4,633,101
Net Assets	$	457,411,037		$	13,413,094		$	70,081,229
Net Assets Consist of:
Paid-in Capital	$	527,068,898		$	13,596,370		$	70,980,119
Undistributed (Distributions in Excess of) Net Investment Income		(6,288,469	)		(258,280	)		290,810
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(63,145,305	)		111,881			(274,479	)
Net Unrealized Depreciation on Investments		(224,087	)		(36,877	)		(915,227	)
Net Assets	$	457,411,037		$	13,413,094		$	70,081,229
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		35,000,000			900,000			2,900,000
Net Asset Value, Offering and Redemption Price Per Share	$	13.07		$	14.90		$	24.17
*Includes Market Value of Securities on Loan	$	19,605,404		$	—		$	—

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

Statements of Operations

For the period ended May 31, 2018 (Unaudited)

	Global X MLP & Energy Infrastructure ETF			Global X SuperDividend^® Alternatives ETF			Global X U.S. Preferred ETF
Investment Income:
Dividend Income	$	5,629,824		$	273,980		$	1,003,125
Dividend Income, from Affiliated Investments		—			117,894			—
Security Lending Income		47,571			—			—
Less: Foreign Taxes Withheld		(295,452	)		—			(187	)
Total Investment Income		5,381,943			391,874			1,002,938
Supervision and Administration Fees⁽¹⁾		889,050			47,506			32,395
Tax Expense		—			—			85
Custodian Fees		5,886			50			61
Total Expenses		894,936			47,556			32,541
Net Expenses		894,936			47,556			32,541
Net Investment Income		4,487,007			344,318			970,397
Net Realized Gain (Loss) on:
Investments⁽²⁾		(5,351,807	)		34,454			(267,852	)
Affiliated Investments		—			(151	)		—
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(5,351,807	)		34,303			(267,852	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		17,859,946			(217,773	)		(900,730	)
Affiliated Investments		—			(55,614	)		—
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		17,859,946			(273,387	)		(900,730	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		12,508,139			(239,084	)		(1,168,852	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	16,995,146		$	105,234		$	(198,185	)

⁽¹⁾

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

⁽²⁾

Includes realized gains/(losses) as a result of in-kind transactions. (For detail by Fund, 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 MLP & Energy Infrastructure ETF						Global X SuperDividend^® Alternatives ETF
	Period Ended May 31, 2018 (Unaudited)			Year Ended November 30, 2017			Period Ended May 31, 2018 (Unaudited)			Year Ended November 30, 2017
Operations:
Net Investment Income	$	4,487,007		$	5,479,213		$	344,318		$	497,992
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(5,351,807	)		(10,546,533	)		34,303			10,165
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		17,859,946			(22,017,976	)		(273,387	)		402,336
Net Increase (Decrease) in Net Assets Resulting from Operations		16,995,146			(27,085,296	)		105,234			910,493
Dividends and Distributions from:
Net Investment Income		(10,775,475	)		(11,328,219	)		(495,720	)		(566,361	)
Return of Capital		—			(1,167,465	)		—			(74,271	)
Total Dividends and Distributions		(10,775,475	)		(12,495,684	)		(495,720	)		(640,632	)
Capital Share Transactions:
Issued		177,564,736			230,097,521			2,254,817			6,152,299
Redeemed		(32,353,258	)		(14,987,587	)		—			—
Increase in Net Assets from Capital Share Transactions		145,211,478			215,109,934			2,254,817			6,152,299
Total Increase in Net Assets		151,431,149			175,528,954			1,864,331			6,422,160
Net Assets:
Beginning of Period		305,979,888			130,450,934			11,548,763			5,126,603
End of Period	$	457,411,037		$	305,979,888		$	13,413,094		$	11,548,763
Distributions in Excess of Net Investment Income	$	(6,288,469	)	$	(1	)	$	(258,280	)	$	(106,878	)
Share Transactions:
Issued		13,600,000			16,200,000			150,000			400,000
Redeemed		(2,500,000	)		(1,100,000	)		—			—
Net Increase in Shares Outstanding from Share Transactions		11,100,000			15,100,000			150,000			400,000

⁽¹⁾

Includes realized gains/(losses) as a result of in-kind transactions. (For detail by Fund, 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 U.S. Preferred ETF
	Period Ended May 31, 2018 (Unaudited)			Period Ended November 30, 2017⁽¹⁾ (Audited)
Operations:
Net Investment Income	$	970,397		$	168,167
Net Realized Loss on Investments and Foreign Currency Transactions⁽²⁾		(267,852	)		(6,165	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(900,730	)		(14,497	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(198,185	)		147,505
Dividends and Distributions from:
Net Investment Income		(818,760	)		(29,450	)
Total Dividends and Distributions		(818,760	)		(29,450	)
Capital Share Transactions:
Issued		60,469,910			26,158,170
Redeemed		(15,647,961	)		—
Increase in Net Assets from Capital Share Transactions		44,821,949			26,158,170
Total Increase in Net Assets		43,805,004			26,276,225
Net Assets:
Beginning of Period		26,276,225			—
End of Period	$	70,081,229		$	26,276,225
Undistributed Net Investment Income	$	290,810		$	139,173
Share Transactions:
Issued		2,500,000			1,050,000
Redeemed		(650,000	)		—
Net Increase in Shares Outstanding from Share Transactions		1,850,000			1,050,000

⁽¹⁾

Fund Commenced Operations on September 11, 2017.

⁽²⁾

Includes realized gains/(losses) as a result of in-kind transactions. (For detail by Fund, 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 ($)			Return of Capital ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)			Portfolio Turnover (%)††
Global X MLP & Energy Infrastructure ETF
2018 (Unaudited)		12.80		0.15		0.44			0.59			(0.32	)		—			(0.32	)		13.07		4.68			457,411		0.45	†		2.27	†		13.10
2017		14.82		0.31		(1.54	)		(1.23	)		(0.72	)		(0.07	)		(0.79	)		12.80		(8.71	)		305,980		0.45			2.20			40.42
2016		13.47		0.36		1.59			1.95			(0.60	)		—			(0.60	)		14.82		15.45			130,451		0.45			2.79			56.14
2015		18.92		0.27		(5.15	)		(4.88	)		(0.33	)		(0.24	)		(0.57	)		13.47		(26.30	)		97,682		0.45			1.56			33.36
2014		15.56		0.26		3.51			3.77			(0.35	)		(0.06	)		(0.41	)		18.92		24.38			179,736		0.45			1.37			28.99
2013 (1)		15.06		0.12		0.47			0.59			(0.05	)		(0.04	)		(0.09	)		15.56		3.92			21,778		0.45	†		2.42	†		—
Global X SuperDividend® Alternatives ETF
2018 (Unaudited)		15.40		0.40		(0.31	)		0.09			(0.59	)		—			(0.59	)		14.90		0.69			13,413		0.75	†		5.44	†		0.77
2017		14.65		1.04		0.85			1.89			(1.14	)		—			(1.14	)		15.40		13.24			11,549		0.75			6.75			34.84
2016		14.43		0.99#		0.53^			1.52			(1.30	)		—			(1.30	)		14.65		11.04			5,127		0.75			6.78			30.80
2015 (2)		15.04		0.45		(0.76	)		(0.31	)		(0.30	)		—			(0.30	)		14.43		(2.02	)		1,443		0.75	†		8.04	†		21.50
Global X U.S. Preferred ETF
2018 (Unaudited)		25.03		0.84		(0.98	)		(0.14	)		(0.72	)		—			(0.72	)		24.17		(0.56	)		70,081		0.23	†		6.93	†		27.36
2017 (3)		25.08		0.44		(0.25	)		0.19			(0.24	)		—			(0.24	)		25.03		0.75			26,276		0.23	†		8.01	†		3.82

*	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.
#	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.
^	The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1)	The Fund commenced operations on August 6, 2013.
(2)	The Fund commenced operations on July 13, 2015.
(3)	The Fund commenced operations on September 11, 2017.

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

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

Notes to Financial Statements

May 31, 2018 (Unaudited)

1. ORGANIZATION

The Global X Funds (the "Trust") is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of May 31, 2018, the Trust had eighty-nine portfolios, fifty-four of which were operational. The financial statements herein and the related notes pertain to the Global X MLP & Energy Infrastructure ETF, the Global X SuperDividend^® Alternatives ETF, and the Global X U.S. Preferred ETF (each a “Fund” and collectively, 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 differ from those estimates, and could have a material impact on the Funds.

RETURN OF CAPITAL ESTIMATES – Distributions received by the Funds from underlying master limited partnership (“MLP”) investments generally are comprised of income and return of capital. The Funds record investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from the MLPs and other industry sources. These estimates may subsequently be revised based on information received from the MLPs after their tax reporting periods are concluded. For the Global X SuperDividend^® Alternatives ETF, this was effective from December 1, 2015 (see Note 8 below).

MLPs – Certain Funds may invest in MLPs in addition to other exchange-traded securities. MLPs are publicly traded partnerships engaged in the transportation, storage and processing of minerals and natural resources. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity-level taxation. To qualify as an MLP, and to not be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). These qualifying sources include natural resource-based activities, such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly-traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.

Notes to Financial Statements (continued)

May 31, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 will be valued at their market value. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security’s price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

Notes to Financial Statements (continued)

May 31, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Securities for which market prices are not "readily available" are valued in accordance with Fair Value Procedures established by the Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a fair value committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using 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 their securities if an event that may materially affect the value of the Funds’ securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the securities’ 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 “Adviser”) becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate their net asset 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 May 31, 2018, there were no securities priced using the Fair Value Procedures.

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

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

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

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

Notes to Financial Statements (continued)

May 31, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

For the period ended May 31, 2018, there have been no significant changes to the Funds’ fair valuation methodologies.

REPURCHASE AGREEMENTS - Securities pledged as collateral for repurchase agreements by Chase Securities Inc. and Royal Bank of Canada are held by Brown Brothers Harriman & Co (“BBH”) 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.

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

At May 31, 2018, the open repurchase agreements by counterparty which are subject to an 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 MLP & Energy Infrastructure ETF
Chase Securities	$	6,242,782	$	6,242,782	$	-	$	-
Royal Bank of Canada		12,887,660		12,887,660		-		-

⁽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 the Fund.

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

Notes to Financial Statements (continued)

May 31, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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 BBH, the Funds’ custodian, on the date of such redemption, regardless of the number of Creation Units redeemed that day.

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

	Creation Unit Shares		Creation Fee		Value at May 31, 2018		Redemption Fee
Global X MLP & Energy Infrastructure ETF		50,000	$	250	$	653,500	$	250
Global X SuperDividend^® Alternatives ETF		50,000	$	500	$	745,000	$	500
Global X U.S. Preferred ETF		50,000	$	650	$	1,028,500	$	650

Notes to Financial Statements (continued)

May 31, 2018 (Unaudited)

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, if any (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an "all-in" fee structure. For the Adviser’s services to the respective Funds, under the Supervision and Administration Agreement, the Funds pay a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the respective Fund). In addition, the Funds bear other expenses, directly and indirectly, that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, acquired fund fees and expenses, and other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses), respectively. The following table discloses the rate of supervision and administration fees paid by the Funds pursuant to the Supervision and Administration Agreement:

	Supervision and Administration Fee
Global X MLP & Energy Infrastructure ETF		0.45	%
Global X SuperDividend^® Alternatives ETF		0.75	%
Global X U.S. Preferred ETF		0.23	%

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

SEI Investments Distribution Co. (“SIDCO”) serves as the Funds’ underwriter and distributor of Creation Units pursuant to a Distribution Agreement. 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 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.

Notes to Financial Statements (continued)

May 31, 2018 (Unaudited)

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS

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 Funds’ 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 period ended May 31, 2018, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government, and short-term securities, were:

			Sales and
2018	Purchases		Maturities
Global X MLP & Energy Infrastructure ETF	$	50,822,445	$	70,862,445
Global X SuperDividend^® Alternatives ETF		97,099		201,941
Global X U.S. Preferred ETF		9,340,237		9,713,831

For the period or year ended May 31, 2018, and November 30, 2017, in-kind transactions associated with creations and redemptions were, respectively:

			Sales and
2018	Purchases		Maturities		Realized Gain
Global X MLP & Energy Infrastructure ETF	$	177,326,403	$	24,633,814	$	4,224,823
Global X SuperDividend^® Alternatives ETF		2,252,502		-		-
Global X U.S. Preferred ETF		60,369,973		15,601,458		(99,142	)

			Sales and
2017	Purchases		Maturities		Realized Gain
Global X MLP & Energy Infrastructure ETF	$	229,885,154	$	11,071,545	$	2,420,683
Global X SuperDividend^® Alternatives ETF		6,146,563		-		-
Global X U.S. Preferred ETF		26,081,130		-		-

During the period ended May 31, 2018, there were no purchases or sales of long-term U.S. Government securities by the Funds.

Notes to Financial Statements (continued)

May 31, 2018 (Unaudited)

5. TAX INFORMATION

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

The tax character of dividends and distributions declared during the years or periods ended November 30, 2017 and November 30, 2016 were as follows:

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

Global X MLP & Energy Infrastructure ETF
2017	$	11,328,219	$	–	$	1,167,465	$	12,495,684
2016		4,335,500		–		–		4,335,500
Global X SuperDividend® Alternatives ETF
2017	$	566,361	$	–	$	74,271	$	640,632
2016		165,795		1,569		21,650		189,014
Global X U.S. Preferred ETF
2017	$	29,450	$	–	$	–	$	29,450

As of November 30, 2017, the components of tax basis distributable earnings (accumulated losses) were as follows:

	Global X Funds
	Global X MLP & Energy Infrastructure ETF			Global X SuperDividend^® Alternatives ETF			Global X U.S. Preferred ETF
Undistributed Ordinary Income	$	–		$	–		$	147,299
Capital Loss Carryforwards		(30,753,194	)		–			(951	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(45,124,328	)		207,214			26,252
Post-October Losses		–			–			(4,891	)
Other Temporary Differences		(10	)		(4	)		(49,654	)
Total Distributable Earnings (Accumulated Losses)	$	(75,877,532	)	$	207,210		$	118,055

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

	Short-Term Loss			Long-Term Loss			Total
Global X MLP & Energy Infrastructure ETF	$	(10,797,362	)	$	(19,955,832	)	$	(30,753,194	)
Global X SuperDividend^® Alternatives ETF		—			—			—
Global X U.S. Preferred ETF		(951	)		—			(951	)

Notes to Financial Statements (continued)

May 31, 2018 (Unaudited)

5. TAX INFORMATION (continued)

The federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at May 31, 2018, were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Depreciation
Global X MLP & Energy Infrastructure ETF	$	499,055,842	$	30,668,310	$	(57,932,693	)	$	(27,264,383	)
Global X SuperDividend^® Alternatives ETF		13,427,735		424,456		(490,629	)		(66,173	)
Global X U.S. Preferred ETF		70,591,410		35,637		(910,114	)		(874,477	)

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

6. CONCENTRATION OF RISKS

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

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

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

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

Notes to Financial Statements (continued)

May 31, 2018 (Unaudited)

6. CONCENTRATION OF RISKS (continued)

seek to reduce cash flow volatility associated with commodity prices by executing multi-year hedging strategies that fix the price of gas and oil produced. There can be no assurance that the hedging strategies currently employed by these MLPs are currently effective or will remain effective.

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

7. LOANS OF PORTFOLIO SECURITIES

The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Security loans made pursuant to a securities lending agreement are required at all times to be secured by collateral equal to at least 102% for U.S.-based securities and 105% for foreign-based securities. Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements, short-term investments or U.S. Treasury obligations and is recognized in the Schedule of Investments and Statement of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statement of Assets and Liabilities. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. As of May 31, 2018, the Global X MLP & Energy Infrastructure ETF had securities on loan.

Notes to Financial Statements (continued)

May 31, 2018 (Unaudited)

7. LOANS OF PORTFOLIO SECURITIES (continued)

As of May 31, 2018 the value of securities on loan was $19,605,404, for the Global X MLP & Energy Infrastructure ETF and the value of securities purchased with the cash collateral held from securities on loan was $19,880,580 for the Global X MLP & Energy Infrastructure ETF.

As of May 31, 2018, the following Fund had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X MLP & Energy Infrastructure ETF
Citigroup	$	8,824,200	$	8,847,120
Goldman Sachs & Co.		226,725		231,000
UBS Securities LLC		10,554,479		10,802,460

8. CHANGE IN ACCOUNTING ESTIMATE

Effective December 1, 2015, the Global X SuperDividend^® Alternatives ETF changed its method for estimating the characterization of amounts distributed by MLPs, which correspondingly impacted the net investment income, cost of investments and appreciation (depreciation) on investments and the associated financial highlight ratios and per share disclosures to the extent that the Fund recorded investment income that differed from amounts previously estimated. There is no impact to net assets, total return or the expense ratio as a result of management’s change in methodology.

9. CONTRACTUAL OBLIGATIONS

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

Notes to Financial Statements (Concluded)

May 31, 2018 (Unaudited)

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 February 12, 2018, Global X Management Company LLC ("Global X"), the Funds current investment adviser, entered into an agreement and plan of merger (the "Acquisition Agreement") pursuant to which MAGI Merger Sub LLC, a direct, wholly-owned subsidiary of Horizons ETFs Management (USA) LLC ("Horizons") and an indirect, wholly-owned subsidiary of Mirae Asset Global Investments Co., Ltd. ("Mirae"), would be merged with and into Global X (the "Transaction"), subject to certain conditions. Pursuant to the Acquisition Agreement, Horizons acquired all of the equity interests of Global X, and Global X became a direct, wholly-owned subsidiary of Horizons and an indirect, wholly-owned subsidiary of Mirae. In this manner, Global X is ultimately controlled by Mirae. The Transaction closed on July 2, 2018 (such closing date being the "Effective Date").

As of July 20, 2018, the shareholders of the Funds have approved a new Investment Advisory Agreement between the Trust and Global X.

Disclosure of Fund Expenses (Unaudited)

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

Disclosure of Fund Expenses (Unaudited)

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

	Beginning Account Value 12/1/2017		Ending Account Value 5/31/2018		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X MLP & Energy Infrastructure ETF
Actual Fund Return	$	1,000.00	$	1,046.80		0.45	%	$	2.31
Hypothetical 5% Return		1,000.00		1,022.67		0.45			2.28
Global X SuperDividend® Alternatives ETF
Actual Fund Return	$	1,000.00	$	1,006.90		0.75	%	$	3.76
Hypothetical 5% Return		1,000.00		1,021.19		0.75			3.78
Global X U.S. Preferred ETF
Actual Fund Return	$	1,000.00	$	994.40		0.23	%	$	1.15
Hypothetical 5% Return		1,000.00		1,023.78		0.23			1.17

⁽¹⁾

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

Supplemental Information (Unaudited)

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

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

Shareholder Voting Results (Unaudited)

On May 11, 2018, a special Meeting of Shareholders of the Trust was held to elect the following four nominees to serve as members of the Board. Shares were voted as follows:

		Number of Shares Voted		% of Shares Voted			% of Total Outstanding Shares
Charles A. Baker	For		372,438,195		97.28	%		68.98	%
	Withheld		10,414,231		2.72	%		1.93	%

Luis Berruga	For		359,303,234		93.85	%		66.55	%
	Withheld		23,552,191		6.15	%		4.36	%

Sanjay Ram Bharwani	For		358,443,432		93.62	%		66.39	%
	Withheld		24,412,956		6.38	%		4.48	%

Clifford J. Weber	For		372,088,624		97.19	%		68.92	%
	Withheld		10,759,838		2.81	%		1.99	%

Notes

600 Lexington Avenue, 20^th Floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser and Administrator:

Global X Management Company LLC

600 Lexington Avenue, 20^th Floor

New York, NY 10022

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

Stradley Ronon Stevens & Young, LLP

1250 Connecticut Avenue, N.W.

Suite 500

Washington, DC 20036

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

GLX-SA-006-0500

Global X FinTech ETF (ticker: FINX)

Global X Future Analytics Tech ETF (ticker: AIQ)

Global X Internet of Things ETF (ticker: SNSR)

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

Global X Autonomous & Electric Vehicles ETF (ticker: DRIV)

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

Global X Longevity Thematic ETF (ticker: LNGR)

Global X Millennials Thematic ETF (ticker: MILN)

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

Global X Conscious Companies ETF (ticker: KRMA)

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

Global X Iconic U.S. Brands ETF (ticker: LOGO)

Semi-Annual Report

May 31, 2018

Table of Contents

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

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

Schedule of Investments	May 31, 2018 (Unaudited)

Global X FinTech ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.5%
AUSTRALIA— 3.7%
Financials — 1.2%
Afterpay Touch Group ^*		332,900	$	1,969,763
Technology — 2.5%
IRESS		269,180		2,108,029
MYOB Group		957,200		2,035,178
				4,143,207
TOTAL AUSTRALIA				6,112,970

CHINA— 1.3%
Financials — 1.3%
Yirendai ADR		92,291		2,165,146

DENMARK— 3.2%
Technology — 3.2%
SimCorp		63,950		5,169,916

GERMANY— 11.4%
Financials — 1.0%
Hypoport ^*		9,785		1,768,126
Technology — 10.4%
GFT Technologies		40,092		637,406
Wirecard		107,070		16,516,435
				17,153,841
TOTAL GERMANY				18,921,967

JAPAN— 0.4%
Technology — 0.4%
Metaps ^*		20,310		626,246

SWITZERLAND— 8.0%
Financials — 0.9%
Leonteq ^*		25,230		1,424,336
Technology — 7.1%
Temenos		79,501		11,806,679
TOTAL SWITZERLAND				13,231,015

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

Schedule of Investments	May 31, 2018 (Unaudited)

Global X FinTech ETF

	Shares		Value
COMMON STOCK — continued
UNITED KINGDOM— 1.2%
Technology — 1.2%
Alfa Financial Software Holdings ^{* (A)}		463,700	$	1,943,627

UNITED STATES— 70.3%
Financials — 13.7%
Black Knight ^*		110,245		5,578,397
HealthEquity ^*		94,641		7,032,773
LendingClub ^*		636,788		2,095,033
LendingTree ^*		18,837		4,876,899
On Deck Capital ^*		113,516		753,746
Virtu Financial, Cl A		64,016		1,987,697
				22,324,545
Technology — 56.6%
Blucora ^*		67,728		2,570,278
Bottomline Technologies ^*		63,858		3,037,086
Ellie Mae ^*		53,786		5,716,914
Envestnet ^*		69,147		3,657,876
Fidelity National Information Services		84,690		8,657,012
First Data, Cl A ^*		387,013		7,353,247
Fiserv ^*		110,082		7,991,953
Guidewire Software ^*		86,043		7,988,232
Intuit		51,332		10,348,531
Mitek Systems ^*		52,115		450,795
PayPal Holdings ^*		133,439		10,951,339
Square, Cl A ^*		250,002		14,562,617
SS&C Technologies Holdings		185,734		9,455,718
				92,741,598
TOTAL UNITED STATES				115,066,143
TOTAL COMMON STOCK
(Cost $144,968,845)				163,237,030

TOTAL INVESTMENTS — 99.5%
(Cost $144,968,845)			$	163,237,030

Percentages are based on Net Assets of $163,985,088.

*	Non-income producing security.
(A)	Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of May 31, 2018 was $1,943,627 and represents 1.2% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

As of May 31, 2018, 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	May 31, 2018 (Unaudited)

Global X FinTech ETF

For the period ended May 31, 2018, there have been no transfers between Level 1, Level 2 and Level 3 investments.

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

Schedule of Investments	May 31, 2018 (Unaudited)

Global X Future Analytics Tech ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA— 0.3%
Technology — 0.3%
Xero ^*		5,250	$	162,749
CANADA— 1.5%
Technology — 1.5%
Open Text		9,523		332,042
Thomson Reuters		12,676		492,597
TOTAL CANADA				824,639
CHINA— 6.2%
Consumer Services — 6.2%
Alibaba Group Holding ADR ^*		8,518		1,686,649
Baidu ADR ^*		6,561		1,591,436
TOTAL CHINA				3,278,085
GERMANY— 4.0%
Consumer Services — 0.9%
United Internet		7,700		490,755
Industrials — 2.8%
Siemens		11,473		1,493,252
Technology — 0.3%
Software		3,150		150,315
TOTAL GERMANY				2,134,322
HONG KONG— 2.9%
Consumer Services — 2.9%
Tencent Holdings		29,670		1,509,949
SOUTH KOREA— 1.1%
Technology — 1.1%
SK Hynix		6,446		558,520
TAIWAN— 0.9%
Technology — 0.9%
Global Unichip		18,200		154,899
Phison Electronics		16,100		148,042
Winbond Electronics		245,000		163,952
TOTAL TAIWAN				466,893

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

Schedule of Investments	May 31, 2018 (Unaudited)

Global X Future Analytics Tech ETF

	Shares		Value
COMMON STOCK — continued
UNITED KINGDOM— 1.6%
Consumer Services — 1.6%
Experian		35,000	$	857,640

UNITED STATES— 81.3%
Consumer Services — 15.8%
Amazon.com ^*		998		1,626,360
CoreLogic ^*		3,363		176,322
eBay ^*		36,155		1,363,767
FireEye ^*		8,263		137,909
Netflix ^*		4,653		1,635,995
Nielsen Holdings		14,916		450,016
Palo Alto Networks ^*		2,660		553,520
Shopify, Cl A ^*		3,220		476,850
Symantec		22,546		468,506
Trade Desk, Cl A ^*		2,800		239,484
Twilio, Cl A ^*		3,643		196,613
Verisk Analytics, Cl A ^*		5,673		602,699
Wix.com ^*		1,753		152,423
Yelp, Cl A ^*		3,430		146,975
				8,227,439
Industrials — 5.0%
Lockheed Martin		1,450		456,083
Northrop Grumman		1,432		468,622
Raytheon		6,711		1,405,955
Zebra Technologies, Cl A ^*		1,680		257,897
				2,588,557
Technology — 60.5%
Adobe Systems ^*		6,774		1,688,623
Advanced Micro Devices ^*		49,082		673,896
Alphabet, Cl A ^*		1,415		1,556,500
athenahealth ^*		1,260		189,592
Autodesk ^*		3,918		505,814
Blackbaud		1,543		150,396
CA		16,036		573,127
Convergys		6,373		150,658
Cornerstone OnDemand ^*		3,430		169,716
Cypress Semiconductor		13,093		215,511
Dell Technologies, Cl V ^*		7,283		587,447
Dun & Bradstreet		1,470		180,531
DXC Technology		10,229		942,193
Envestnet ^*		2,733		144,576
Facebook, Cl A ^*		9,174		1,759,390
Fair Isaac ^*		1,120		206,114

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

Schedule of Investments	May 31, 2018 (Unaudited)

Global X Future Analytics Tech ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
First Data, Cl A ^*		20,936	$	397,784
Genpact		7,563		227,117
Hewlett Packard Enterprise		55,418		844,570
Hortonworks ^*		8,333		148,161
HubSpot ^*		1,330		161,196
Intel		29,602		1,634,030
International Business Machines		10,528		1,487,712
Juniper Networks		14,913		397,282
LogMeIn		2,033		219,361
Micron Technology ^*		9,943		572,617
Microsoft		16,057		1,587,074
NetApp		7,353		502,357
Nuance Communications ^*		12,883		174,049
NVIDIA		6,650		1,677,064
Oracle		32,999		1,541,713
Pegasystems		2,450		151,532
PTC ^*		3,710		319,950
Pure Storage, Cl A ^*		7,350		157,731
QUALCOMM		29,653		1,723,432
salesforce.com ^*		12,420		1,606,279
Seagate Technology		9,733		548,455
ServiceNow ^*		5,742		1,019,837
Snap, Cl A ^*		29,199		332,577
Splunk ^*		4,620		511,942
Super Micro Computer ^*		8,683		209,260
Synopsys ^*		6,090		536,346
Tableau Software, Cl A ^*		2,170		214,548
Teradata ^*		4,480		178,618
Twitter ^*		22,196		770,201
Verint Systems ^*		3,640		153,608
VMware, Cl A ^*		3,500		481,180
Workday, Cl A ^*		4,697		615,119
Xilinx		10,713		729,662
Zendesk ^*		3,150		176,053
				31,702,501
TOTAL UNITED STATES				42,518,497
TOTAL COMMON STOCK
(Cost $52,439,707)				52,311,294
TOTAL INVESTMENTS — 99.8%
(Cost $52,439,707)			$	52,311,294

Percentages are based on Net Assets of $52,402,456.

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

Schedule of Investments	May 31, 2018 (Unaudited)

Global X Future Analytics Tech ETF

*	Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

As of May 31, 2018, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2018, there have been no transfers between Level 1, Level 2 and Level 3 investments.

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

Schedule of Investments	May 31, 2018 (Unaudited)

Global X Internet of Things ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
AUSTRIA— 5.5%
Technology — 5.5%
AMS		69,719	$	6,036,498
CANADA— 0.4%
Technology — 0.4%
Sierra Wireless ^*		26,199		430,389
FRANCE— 4.2%
Industrials — 4.2%
Legrand		30,740		2,315,870
Schneider Electric		26,951		2,321,106
TOTAL FRANCE				4,636,976
HONG KONG— 0.4%
Industrials — 0.4%
Wasion Group Holdings		816,960		478,044
JAPAN— 0.7%
Industrials — 0.5%
Nippon Ceramic		21,680		536,188
Technology — 0.2%
JIG-SAW ^*		5,426		165,310
TOTAL JAPAN				701,498
NETHERLANDS— 2.0%
Technology — 2.0%
NXP Semiconductors ^*		19,358		2,206,812
NORWAY— 0.8%
Technology — 0.8%
Nordic Semiconductor ^*		135,512		902,580
SOUTH KOREA— 0.4%
Consumer Goods — 0.4%
Motrex		10,900		383,237
SWEDEN— 0.2%
Industrials — 0.2%
Fingerprint Cards ^*, Cl B		250,150		179,858

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

Schedule of Investments	May 31, 2018 (Unaudited)

Global X Internet of Things ETF

	Shares		Value
COMMON STOCK — continued
SWITZERLAND— 12.8%
Industrials — 3.5%
ABB		83,832	$	1,900,738
Landis+Gyr Group ^*		28,114		2,057,575
				3,958,313
Technology — 9.3%
STMicroelectronics		425,703		10,117,329
TOTAL SWITZERLAND				14,075,642
TAIWAN— 6.6%
Technology — 6.6%
Advantech		574,243		3,890,704
eMemory Technology		62,362		755,550
MediaTek		238,200		2,476,488
TOTAL TAIWAN				7,122,742
UNITED KINGDOM— 0.2%
Technology — 0.2%
Telit Communications ^*		103,730		224,987
UNITED STATES— 65.7%
Health Care — 5.8%
DexCom ^*		71,328		6,276,151
Industrials — 19.4%
Badger Meter		24,113		1,054,944
Belden		34,800		1,923,048
Emerson Electric		36,079		2,555,836
Honeywell International		15,805		2,337,718
Itron ^*		31,824		1,817,150
Johnson Controls International		50,892		1,707,936
Rockwell Automation		13,198		2,315,061
Sensata Technologies Holding ^*		141,302		7,219,119
				20,930,812
Technology — 40.5%
Alarm.com Holdings ^*		38,324		1,702,735
Ambarella ^*		27,763		1,356,500
Analog Devices		26,056		2,532,122
Cisco Systems		66,522		2,841,155
Cypress Semiconductor		272,131		4,479,276
Fitbit, Cl A ^*		151,213		821,087
Garmin		124,055		7,454,464
Impinj ^*		16,662		298,250
Intel		61,672		3,404,294
InterDigital		28,557		2,251,719
International Business Machines		13,725		1,939,480
NETGEAR ^*		26,852		1,623,203

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

Schedule of Investments	May 31, 2018 (Unaudited)

Global X Internet of Things ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
QUALCOMM		37,519	$	2,180,604
Rambus ^*		92,501		1,245,063
Sigma Designs ^*		54,745		339,419
Silicon Laboratories ^*		34,870		3,682,272
Skyworks Solutions		61,752		6,089,365
				44,241,008
TOTAL UNITED STATES				71,447,971
TOTAL COMMON STOCK
(Cost $100,240,405)				108,827,234

TOTAL INVESTMENTS — 99.9%
(Cost $100,240,405)			$	108,827,234

Percentages are based on Net Assets of $108,978,859.

*	Non-income producing security.

Cl — Class

As of May 31, 2018, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2018, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Schedule of Investments	May 31, 2018 (Unaudited)

Global X Robotics & Artificial Intelligence ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 99.9%
CANADA— 2.4%
Industrials — 2.4%
ATS Automation Tooling Systems ^*		1,700,882	$	26,577,920
Maxar Technologies ^(A)		670,050		32,025,208
TOTAL CANADA				58,603,128
FINLAND— 2.1%
Industrials — 2.1%
Cargotec, Cl B		1,017,570		52,097,189
ISRAEL— 1.0%
Health Care — 1.0%
Mazor Robotics ADR ^{* (A)}		437,003		26,014,789
JAPAN— 46.8%
Health Care — 1.3%
CYBERDYNE ^*		2,523,184		32,444,089
Industrials — 45.5%
Daifuku		2,276,426		118,383,790
FANUC		826,575		177,038,983
Hirata		197,751		14,506,654
Keyence		355,755		218,832,958
Mitsubishi Electric		11,322,437		161,012,151
Omron		2,335,414		123,171,082
SMC		326,955		124,678,961
Toshiba Machine		2,770,261		15,528,455
Yaskawa Electric		4,656,269		188,573,645
				1,141,726,679
TOTAL JAPAN				1,174,170,768
SOUTH KOREA— 4.8%
Industrials — 4.8%
Hyundai Heavy Industries Holdings ^*		339,166		122,080,252

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

Schedule of Investments	May 31, 2018 (Unaudited)

Global X Robotics & Artificial Intelligence ETF

	Shares / Face Amount		Value
COMMON STOCK — continued
SWITZERLAND— 7.7%
Health Care — 2.0%
Tecan Group		214,159	$	50,756,838
Industrials — 5.7%
ABB		6,354,663		144,080,397
TOTAL SWITZERLAND				194,837,235
UNITED KINGDOM— 5.2%
Industrials — 5.2%
QinetiQ Group		10,414,158		36,625,753
Renishaw		1,337,878		95,599,591
TOTAL UNITED KINGDOM				132,225,344
UNITED STATES— 29.9%
Consumer Goods — 1.3%
iRobot ^{* (A)}		505,342		31,538,394
Health Care — 9.5%
Accuray ^*		1,519,348		6,685,131
Intuitive Surgical ^*		505,371		232,303,887
				238,989,018
Industrials — 7.3%
Aerovironment ^*		432,912		25,048,288
FARO Technologies ^*		307,562		16,500,701
John Bean Technologies ^(A)		580,847		51,288,790
Trimble ^{* (A)}		2,770,878		91,605,227
				184,443,006
Technology — 11.8%
Brooks Automation ^(A)		1,282,306		41,905,760
NVIDIA		1,014,966		255,964,276
				297,870,036
TOTAL UNITED STATES				752,840,454
TOTAL COMMON STOCK
(Cost $2,555,134,030)				2,512,869,159

U.S. TREASURY OBLIGATION(B) — 6.7%
U.S. Treasury Bill
1.725%, 06/28/18
(Cost $169,780,382)	$	170,000,000		169,779,105

SHORT-TERM INVESTMENT(C)(D) — 3.7%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 1.680%
(Cost $93,878,974)		93,878,974		93,878,974

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

Schedule of Investments	May 31, 2018 (Unaudited)

Global X Robotics & Artificial Intelligence ETF

	Face Amount		Value
REPURCHASE AGREEMENTS(C) — 2.8%
Chase Securities
1.700%, dated 05/31/18, to be repurchased on 06/01/18, repurchase price $23,305,637 (collateralized by U.S. Treasury Obligations, ranging in par value $766,875 - $9,167,477, 1.875%, 1/31/2022, with a total market value of $24,458,760)	$	23,304,536	$	23,304,536

Royal Bank of Canada
1.760%, dated 05/31/18, to be repurchased on 06/01/18, repurchase price $48,112,460 (collateralized by U.S. Treasury Obligations, ranging in par value $4,734,035 - $8,675,215, 1.625%, 5/15/2026, with a total market value of $53,360,845)		48,110,108		48,110,108
TOTAL REPURCHASE AGREEMENTS
(Cost $71,414,644)				71,414,644
TOTAL INVESTMENTS — 113.1%
(Cost $2,890,208,030)			$	2,847,941,882

Percentages are based on Net Assets of $2,517,630,488.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at May 31, 2018. The total value of securities on loan at May 31, 2018 was $158,826,557.
(B)	The rate reported on the Schedule of Investments is the effective yield at time of purchase.
(C)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2018, was $165,293,618.
(D)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2018.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of May 31, 2018, in valuing the Fund's investments carried at value:

Investments in Securities

Level 1

Level 2

Level 3

Total

Common Stock

2,512,869,159

—

2,512,869,159

U.S. Treasury Obligation

—

169,779,105

—

169,779,105

Short-Term Investment

93,878,974

—

93,878,974

Repurchase Agreements

—

71,414,644

—

71,414,644

Total Investments in Securities

2,606,748,133

241,193,749

—

2,847,941,882

For the period ended May 31, 2018, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Schedule of Investments	May 31, 2018 (Unaudited)

Global X Global X Autonomous & Electric Vehicles ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 97.4%
AUSTRALIA— 4.0%
Basic Materials — 4.0%
BHP Billiton		44,165	$	1,095,754
Mineral Resources		21,615		302,239
Pilbara Minerals ^*		394,185		274,398
TOTAL AUSTRALIA				1,672,391
BELGIUM— 1.0%
Basic Materials — 1.0%
Umicore		7,081		400,057
CANADA— 2.5%
Basic Materials — 1.2%
Lithium Americas ^*		41,951		222,173
Orocobre ^*		59,166		250,402
				472,575
Industrials — 0.6%
Ballard Power Systems ^*		88,412		263,764
Technology — 0.7%
BlackBerry ^*		25,533		302,056
TOTAL CANADA				1,038,395
CHINA— 2.6%
Basic Materials — 0.5%
China Molybdenum, Cl H		359,920		228,043
Consumer Services — 2.1%
Baidu ADR ^*		3,591		871,033
TOTAL CHINA				1,099,076
FRANCE— 1.8%
Consumer Goods — 1.8%
Faurecia		4,070		344,440
Renault		4,400		424,397
TOTAL FRANCE				768,837

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

Schedule of Investments	May 31, 2018 (Unaudited)

Global X Global X Autonomous & Electric Vehicles ETF

	Shares		Value
COMMON STOCK — continued
GERMANY— 4.7%
Consumer Goods — 4.7%
Bayerische Motoren Werke		5,830	$	581,040
Continental		2,090		529,648
Daimler		11,660		839,507
TOTAL GERMANY				1,950,195
HONG KONG— 0.4%
Industrials — 0.4%
FDG Electric Vehicles ^*		7,364,400		146,459
ITALY— 2.3%
Consumer Goods — 1.3%
Fiat Chrysler Automobiles ^*		23,375		529,340
Technology — 1.0%
STMicroelectronics		18,081		429,927
TOTAL ITALY				959,267
JAPAN— 8.2%
Consumer Goods — 8.2%
Denso		10,120		492,750
Honda Motor		25,960		823,637
Mazda Motor		26,840		338,449
Nissan Motor		49,940		496,665
Toyota Motor		19,525		1,243,799
TOTAL JAPAN				3,395,300
NETHERLANDS— 1.6%
Technology — 1.6%
NXP Semiconductors ^*		5,720		652,080
SOUTH KOREA— 6.3%
Basic Materials — 0.8%
LG Chemical		1,120		351,705
Consumer Goods — 1.7%
Hyundai Motor		3,135		404,253
LG Electronics		3,506		301,179
				705,432
Technology — 3.8%
Samsung Electronics		26,000		1,222,877
Samsung SDI		1,925		358,052
				1,580,929
TOTAL SOUTH KOREA				2,638,066
SPAIN— 0.8%
Consumer Goods — 0.8%
CIE Automotive		8,690		330,080

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

Schedule of Investments	May 31, 2018 (Unaudited)

Global X Global X Autonomous & Electric Vehicles ETF

	Shares		Value
COMMON STOCK — continued
UNITED KINGDOM— 4.2%
Basic Materials — 4.2%
Anglo American		19,965	$	477,453
Johnson Matthey		8,085		377,941
Rio Tinto		15,565		878,173
TOTAL UNITED KINGDOM				1,733,567
UNITED STATES— 57.0%
Basic Materials — 3.5%
Albemarle		3,740		349,578
Alcoa ^*		7,425		356,920
Carpenter Technology		5,900		353,646
FMC		4,472		389,466
				1,449,610
Consumer Goods — 10.9%
Aptiv ^*		5,555		541,613
Autoliv		2,622		387,977
BorgWarner		7,125		347,558
Dana		12,011		267,845
Ford Motor		60,549		699,341
General Motors		19,129		816,808
Lear		2,071		410,058
Modine Manufacturing ^*		12,406		223,308
Tesla ^*		1,835		522,480
Visteon ^*		2,567		320,772
				4,537,760
Industrials — 7.0%
Allison Transmission Holdings		8,250		340,807
EnerSys		4,235		338,419
Honeywell International		5,665		837,910
Hyster-Yale Materials Handling		3,960		264,132
ITT		6,157		317,824
Johnson Controls International		15,894		533,403
Plug Power ^*		144,608		270,417
				2,902,912
Technology — 35.6%
Advanced Micro Devices ^*		32,762		449,822
Alphabet, Cl A ^*		1,115		1,226,500
Ambarella ^*		5,444		265,994
Apple		7,177		1,341,166
Cisco Systems		28,272		1,207,497
Cree ^*		7,136		332,680
Cypress Semiconductor		17,808		293,120
HP		26,876		592,078
Intel		24,637		1,359,963

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

Schedule of Investments	May 31, 2018 (Unaudited)

Global X Global X Autonomous & Electric Vehicles ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
Maxim Integrated Products		6,142	$	360,228
Micron Technology ^*		14,680		845,421
Microsoft		13,634		1,347,585
NVIDIA		5,142		1,296,761
ON Semiconductor ^*		14,025		352,448
QUALCOMM		18,184		1,056,854
Rogers ^*		2,145		244,444
TE Connectivity		5,927		551,685
Texas Instruments		11,550		1,292,561
Xilinx		5,500		374,605
				14,791,412
TOTAL UNITED STATES				23,681,694
TOTAL COMMON STOCK
(Cost $40,695,586)				40,465,464

PREFERRED STOCK — 2.3%
GERMANY— 2.3%
Consumer Goods — 2.3%
Porsche Automobil Holding		4,895		360,434
Volkswagen		3,245		609,621
TOTAL GERMANY				970,055
TOTAL PREFERRED STOCK
(Cost $1,140,439)				970,055
TOTAL INVESTMENTS — 99.7%
(Cost $41,836,025)			$	41,435,519

Percentages are based on Net Assets of $41,542,651.

*	Non-income producing security.

Cl — Class

As of May 31, 2018, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2018, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Schedule of Investments	May 31, 2018 (Unaudited)

Global X Health & Wellness Thematic ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
AUSTRALIA— 1.0%
Consumer Goods — 1.0%
Blackmores		560	$	64,613
CANADA— 3.2%
Consumer Goods — 2.9%
Gildan Activewear		6,342		183,582
Consumer Services — 0.3%
Jamieson Wellness		988		19,049
TOTAL CANADA				202,631
CHINA— 4.9%
Consumer Goods — 4.2%
ANTA Sports Products		32,341		186,357
Li Ning ^*		70,957		85,212
				271,569
Health Care — 0.7%
iKang Healthcare Group ADR ^*		2,203		44,897
TOTAL CHINA				316,466
FINLAND— 2.0%
Consumer Goods — 2.0%
Amer Sports		3,797		122,330
FRANCE— 2.8%
Consumer Goods — 2.8%
Danone		2,345		178,993
GERMANY— 5.8%
Consumer Goods — 5.8%
adidas		724		163,616
Puma ^*		352		213,251
TOTAL GERMANY				376,867
HONG KONG— 2.5%
Consumer Goods — 2.5%
Yue Yuen Industrial Holdings		51,759		160,012
IRELAND— 2.7%
Consumer Goods — 2.7%
Glanbia		9,481		175,304

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

Schedule of Investments	May 31, 2018 (Unaudited)

Global X Health & Wellness Thematic ETF

	Shares		Value
COMMON STOCK — continued
ITALY— 1.2%
Consumer Goods — 1.2%
Technogym ^(A)		6,582	$	76,985
JAPAN— 15.6%
Consumer Goods — 13.2%
ABC-Mart		2,696		166,259
Ariake Japan		1,071		93,156
Asics		6,539		109,299
Descente		1,170		22,550
Goldwin		778		64,520
Shimano		1,392		197,182
Yakult Honsha		2,552		168,184
Yonex		3,591		26,574
				847,724
Consumer Services — 1.0%
Tosho		1,244		46,030
Xebio Holdings		1,003		16,941
				62,971
Health Care — 1.4%
Tsumura		2,498		91,165
TOTAL JAPAN				1,001,860
NETHERLANDS— 1.7%
Consumer Goods — 0.8%
Wessanen		2,506		51,923
Consumer Services — 0.9%
Basic-Fit ^{* (A)}		1,780		57,347
TOTAL NETHERLANDS				109,270
SOUTH KOREA— 1.1%
Consumer Goods — 0.3%
Youngone		729		21,540
Consumer Services — 0.8%
Fila Korea		2,015		54,490
TOTAL SOUTH KOREA				76,030
TAIWAN— 5.6%
Consumer Goods — 5.6%
Feng TAY Enterprise		21,744		96,522
Giant Manufacturing		12,226		53,047
Merida Industry		9,688		41,389
Pou Chen		96,026		117,623
Standard Foods		29,775		60,819
TOTAL TAIWAN				369,400

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Health & Wellness Thematic ETF

	Shares		Value
COMMON STOCK — continued
UNITED KINGDOM— 4.1%
Consumer Goods — 0.1%
Glanbia ^		210	$	3,858
Consumer Services — 4.0%
JD Sports Fashion		31,735		160,762
Sports Direct International ^*		17,597		95,231
				255,993
TOTAL UNITED KINGDOM				259,851

UNITED STATES— 45.7%
Consumer Goods — 27.1%
Calavo Growers		570		50,160
Cal-Maine Foods ^*		1,426		68,519
Columbia Sportswear		2,281		198,698
Fitbit, Cl A ^*		3,494		18,972
Hain Celestial Group ^*		3,383		86,334
Herbalife Nutrition ^*		3,706		188,154
Lululemon Athletica ^*		2,037		213,986
Medifast		190		27,833
Nautilus ^*		1,367		20,437
NIKE, Cl B		2,765		198,527
Nu Skin Enterprises, Cl A		1,717		140,605
Nutrisystem		646		24,096
Sanderson Farms		743		72,725
SunOpta ^*		2,572		21,090
Under Armour, Cl A ^*		6,031		126,048
USANA Health Sciences ^*		787		92,079
VF		2,422		196,570
				1,744,833
Consumer Services — 12.5%
Dick's Sporting Goods		2,603		95,270
Finish Line, Cl A		1,378		18,755
Foot Locker		3,847		207,622
Hibbett Sports ^*		660		17,457
Planet Fitness, Cl A ^*		2,849		112,905
Sprouts Farmers Market ^*		4,359		94,591
United Natural Foods ^*		1,640		74,751
Weight Watchers International ^*		2,158		162,541
Zumiez ^*		748		18,139
				802,031
Health Care — 5.2%
DexCom ^*		2,588		227,718
Prestige Brands Holdings ^*		1,724		57,633
Tivity Health ^*		1,293		45,320
				330,671

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Health & Wellness Thematic ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 0.9%
MINDBODY, Cl A ^*		1,420	$	55,948
TOTAL UNITED STATES				2,933,483
TOTAL COMMON STOCK
(Cost $5,984,775)				6,424,095
TOTAL INVESTMENTS — 99.9%
(Cost $5,984,775)			$	6,424,095

Percentages are based on Net Assets of $6,432,750.

Non-income producing security.

Irish Security listed on the Irish Stock Exchange and London Stock Exchange.

(A)

Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of May 31, 2018 was $134,332 and represents 2.1% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

As of May 31, 2018, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2018, there have been no transfers between Level 1, Level 2 and Level 3 investments.

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Longevity Thematic ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.7%
AUSTRALIA— 1.1%
Health Care — 1.1%
Cochlear		754	$	111,906
Regis Healthcare		12,963		36,389
TOTAL AUSTRALIA				148,295
BELGIUM— 1.5%
Health Care — 1.5%
UCB		2,570		202,497
CANADA— 0.3%
Financials — 0.3%
Chartwell Retirement Residences		3,150		35,259
CHINA— 0.3%
Health Care — 0.3%
Luye Pharma Group		33,147		36,383
DENMARK— 6.5%
Health Care — 6.5%
Genmab ^*		809		121,543
GN Store Nord		1,922		73,274
H Lundbeck		2,622		184,667
Novo Nordisk, Cl B		7,622		361,524
William Demant Holding ^*		3,413		124,069
TOTAL DENMARK				865,077
FRANCE— 2.1%
Health Care — 2.1%
BioMerieux		1,558		136,944
Korian		1,127		38,019
Orpea		850		111,424
TOTAL FRANCE				286,387
GERMANY— 2.9%
Health Care — 2.9%
Fresenius Medical Care & KGaA		3,729		371,821

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Longevity Thematic ETF

	Shares		Value
COMMON STOCK — continued
ITALY— 0.3%
Health Care — 0.3%
Amplifon		1,985	$	35,729
JAPAN— 6.8%
Health Care — 6.8%
Chugai Pharmaceutical		7,300		413,228
Kissei Pharmaceutical		1,373		37,255
Miraca Holdings		982		31,997
Mochida Pharmaceutical		541		38,541
Nipro		2,675		32,550
Terumo		5,008		297,774
Toho Holdings		1,566		38,528
TOTAL JAPAN				889,873
NEW ZEALAND— 0.3%
Health Care �� 0.3%
Ryman Healthcare		4,714		37,706
SOUTH KOREA— 2.8%
Health Care — 2.8%
Celltrion ^*		1,363		335,708
ViroMed ^*		169		41,546
TOTAL SOUTH KOREA				377,254
SWEDEN— 0.6%
Health Care — 0.6%
Attendo ^(A)		4,047		37,621
Elekta, Cl B		3,477		42,322
TOTAL SWEDEN				79,943
SWITZERLAND— 2.5%
Health Care — 2.5%
Sonova Holding		857		149,938
Straumann Holding		211		139,400
Ypsomed Holding		257		34,141
TOTAL SWITZERLAND				323,479
TAIWAN— 0.2%
Health Care — 0.2%
OBI Pharma ^*		5,834		31,544
UNITED KINGDOM— 1.9%
Consumer Goods — 0.3%
McCarthy & Stone ^(A)		20,047		34,332
Health Care — 1.6%
Smith & Nephew		11,534		210,034
TOTAL UNITED KINGDOM				244,366

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Longevity Thematic ETF

	Shares		Value
COMMON STOCK — continued
UNITED STATES— 69.6%
Consumer Services — 0.3%
Diplomat Pharmacy ^*		1,913	$	45,032
Health Care — 61.6%
AbbVie		4,129		408,523
ABIOMED ^*		584		222,586
ACADIA Pharmaceuticals ^*		1,963		35,530
Agios Pharmaceuticals ^*		733		68,536
Align Technology ^*		1,057		350,871
Alkermes ^*		2,042		96,382
Amedisys ^*		574		43,825
Amgen		2,224		399,475
Array BioPharma ^*		2,433		39,780
Becton Dickinson		1,702		377,146
BeiGene ADR ^*		706		141,285
Biogen Idec ^*		1,422		418,011
Bluebird Bio ^*		659		117,994
Blueprint Medicines ^*		575		48,346
Boston Scientific ^*		13,475		409,505
Brookdale Senior Living ^*		5,836		45,929
Celgene ^*		4,239		333,525
Clovis Oncology ^*		617		28,974
DaVita ^*		2,400		160,417
DENTSPLY SIRONA		2,998		131,342
DexCom ^*		1,146		100,837
Edwards Lifesciences ^*		2,731		374,994
Ensign Group		1,369		50,119
Exact Sciences ^*		1,592		94,788
Exelixis ^*		3,902		80,888
FibroGen ^*		777		41,880
Foundation Medicine ^*		475		47,096
Glaukos ^*		1,234		46,608
Halozyme Therapeutics ^*		1,932		35,549
Incyte ^*		2,793		190,678
Inogen ^*		276		50,422
Insulet ^*		796		74,657
Integra LifeSciences Holdings ^*		1,039		67,057
Ionis Pharmaceuticals ^*		1,652		77,066
Lexicon Pharmaceuticals ^*		4,524		52,478
LivaNova ^*		441		41,476
Loxo Oncology ^*		300		53,199
Medtronic		4,765		411,315
Merit Medical Systems ^*		837		42,938
Myriad Genetics ^*		1,304		47,609
Natus Medical ^*		1,092		40,295

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Longevity Thematic ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Novocure ^*		1,730	$	54,409
NuVasive ^*		684		35,062
Puma Biotechnology ^*		564		29,864
Quest Diagnostics		1,791		190,796
Radius Health ^*		1,061		30,239
Regeneron Pharmaceuticals ^*		1,170		351,374
Sage Therapeutics ^*		603		92,072
Seattle Genetics ^*		2,084		126,061
Spectrum Pharmaceuticals ^*		1,847		35,629
Stryker		2,399		417,474
TESARO ^*		699		31,993
Varian Medical Systems ^*		1,204		141,915
Vertex Pharmaceuticals ^*		2,348		361,592
Wright Medical Group ^*		1,912		47,724
Zimmer Biomet Holdings		2,680		298,847
				8,144,982
Industrials — 0.3%
Integer Holdings ^*		665		43,890
Real Estate Investment Trusts — 7.4%
HCP		6,191		148,398
LTC Properties		1,040		42,786
National Health Investors		569		42,004
Omega Healthcare Investors		2,614		80,119
Quality Care Properties ^*		1,907		39,952
Sabra Health Care		2,213		45,875
Senior Housing Properties Trust		2,503		44,203
Ventas		4,700		256,902
Welltower		4,907		282,888
				983,127
TOTAL UNITED STATES				9,217,031
TOTAL COMMON STOCK
(Cost $12,020,010)				13,182,644

TOTAL INVESTMENTS — 99.7%
(Cost $12,020,010)			$	13,182,644

Percentages are based on Net Assets of $13,217,408.

Non-income producing security.

(A)

ADR — American Depositary Receipt

Cl — Class

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Longevity Thematic ETF

As of May 31, 2018, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2018, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Millennials Thematic ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
Consumer Goods — 12.8%
Carter's		1,332	$	145,201
Columbia Sportswear		1,921		167,338
Fitbit, Cl A ^*		10,671		57,944
GoPro, Cl A ^*		10,876		60,253
Lululemon Athletica ^*		3,503		367,990
Michael Kors Holdings ^*		4,229		242,702
NIKE, Cl B		8,428		605,131
Under Armour, Cl A ^*		5,140		107,426
VF		7,350		596,526
Wayfair, Cl A ^*		1,614		149,053
Zynga, Cl A ^*		21,625		95,150
				2,594,714
Consumer Services — 45.3%
Amazon.com ^*		395		643,700
Avis Budget Group ^*		2,299		89,638
Bed Bath & Beyond		3,986		72,386
Booking Holdings ^*		273		575,735
Bright Horizons Family Solutions ^*		1,649		166,878
Cargurus, Cl A ^{* (A)}		2,154		71,427
CarMax ^*		4,993		344,118
Carvana, Cl A ^*		2,449		70,654
Chegg ^*		3,042		85,085
Children's Place Retail Stores		455		58,581
Chipotle Mexican Grill, Cl A ^*		773		332,529
Costco Wholesale		3,025		599,676
Dick's Sporting Goods		2,213		80,996
DSW, Cl A		2,711		64,739
eBay ^*		14,092		531,551
Etsy ^*		3,372		109,050
Expedia Group		3,862		467,418
Groupon, Cl A ^*		15,482		74,468
GrubHub ^*		2,406		257,947
Home Depot		3,294		614,495
K12 ^*		4,383		70,742

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Millennials Thematic ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
L Brands		7,743	$	262,565
Laureate Education, Cl A ^*		4,065		65,975
Liberty Expedia Holdings, Cl A ^*		1,511		65,593
Live Nation Entertainment ^*		5,752		245,208
Lowe's		6,562		623,455
Netflix ^*		1,847		649,405
Pandora Media ^*		11,337		81,853
Planet Fitness, Cl A ^*		2,384		94,478
Sprouts Farmers Market ^*		3,768		81,766
Starbucks		9,610		544,599
TripAdvisor ^*		3,509		182,959
Trivago ADR ^*		8,322		38,614
TrueCar ^*		6,061		59,458
Walt Disney		5,690		565,984
Weight Watchers International ^*		1,837		138,363
Yelp, Cl A ^*		2,282		97,784
				9,179,872
Financials — 2.2%
LendingClub ^*		17,157		56,447
LendingTree ^*	��	338		87,508
Nelnet, Cl A		1,072		65,864
SLM ^*		12,022		137,411
Zillow Group, Cl A ^*		1,585		92,310
				439,540
Industrials — 6.2%
Fiserv ^*		8,047		584,212
MINDBODY, Cl A ^*		1,477		58,194
PayPal Holdings ^*		7,373		605,102
				1,247,508
Real Estate Investment Trusts — 11.0%
American Campus Communities		3,803		152,500
AvalonBay Communities		3,457		572,272
Camden Property Trust		2,655		233,640
Education Realty Trust		2,042		74,615
Equity Residential		9,294		594,722
Invitation Homes		14,454		318,133
UDR		7,459		272,030
				2,217,912
Technology — 22.4%
Alphabet, Cl A ^*		551		606,100
Apple		3,280		612,934
Blucora ^*		2,296		87,133
Facebook, Cl A ^*		3,486		668,545
IAC ^*		2,135		331,224

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Millennials Thematic ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
Instructure ^*		1,351	$	58,093
Intuit		3,289		663,062
Match Group ^*		1,783		73,370
Snap, Cl A ^*		24,658		280,855
Square, Cl A ^*		7,875		458,719
Twitter ^*		19,696		683,451
				4,523,486
TOTAL COMMON STOCK
(Cost $17,426,893)				20,203,032
TOTAL INVESTMENTS — 99.9%
(Cost $17,426,893)			$	20,203,032

Percentages are based on Net Assets of $20,226,004.

Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

As of May 31, 2018, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2018, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X U.S. Infrastructure Development ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.8%
Basic Materials — 19.5%
AK Steel Holding ^*		54,995	$	248,577
Alcoa ^*		45,330		2,179,013
Allegheny Technologies ^*		30,596		872,598
Century Aluminum ^*		15,226		269,805
Cleveland-Cliffs ^*		71,710		606,667
Commercial Metals		28,216		667,026
CSW Industrials ^*		7,208		350,309
Haynes International		9,346		397,953
Minerals Technologies		8,553		624,369
Nucor		50,890		3,266,629
Reliance Steel & Aluminum		17,863		1,671,441
RPM International		32,747		1,620,976
Ryerson Holding ^*		28,650		353,828
Steel Dynamics		57,984		2,866,149
United States Steel		42,505		1,567,159
Westlake Chemical		31,580		3,654,753
				21,217,252
Consumer Services — 0.5%
Herc Holdings ^*		5,098		278,606
Titan Machinery ^*		15,835		286,455
				565,061
Industrials — 76.4%
Acuity Brands		10,267		1,214,073
Advanced Drainage Systems		14,136		409,944
AECOM ^*		38,690		1,276,770
Aegion, Cl A ^*		13,646		350,702
Altra Industrial Motion		6,557		271,132
Anixter International ^*		8,039		492,389
Arconic		115,943		2,046,394
Argan		7,596		293,965
Astec Industries		5,507		322,215
Atkore International Group ^*		14,783		319,313

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X U.S. Infrastructure Development ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Badger Meter		6,951	$	304,106
Columbus McKinnon		8,020		332,269
Crane		14,432		1,199,444
CSX		61,463		3,973,583
Eagle Materials		11,843		1,283,544
Eaton		41,242		3,158,312
EMCOR Group		14,301		1,085,875
Emerson Electric		48,003		3,400,533
Exponent		4,711		463,091
Fastenal		64,513		3,434,027
Fluor		34,043		1,659,256
Forterra ^*		37,348		323,807
Fortive		46,761		3,399,057
General Cable		11,701		346,935
Genesee & Wyoming, Cl A ^*		15,017		1,172,978
Gibraltar Industries ^*		9,068		359,546
Global Brass & Copper Holdings		10,431		327,533
Gorman-Rupp		11,167		372,643
Granite Construction		9,625		547,374
Greenbrier		6,701		333,040
H&E Equipment Services		8,736		302,004
HD Supply Holdings ^*		45,477		1,852,278
Hubbell, Cl B		13,317		1,434,108
Insteel Industries		10,693		334,477
Jacobs Engineering Group		34,589		2,241,367
Kansas City Southern		25,337		2,714,860
Lincoln Electric Holdings		15,996		1,433,242
Manitowoc ^*		8,509		208,385
Martin Marietta Materials		15,169		3,380,715
MasTec ^*		20,152		940,091
MDU Resources Group		47,528		1,321,278
Mueller Industries		9,835		297,017
Mueller Water Products, Cl A		29,206		347,843
MYR Group ^*		10,052		392,430
Norfolk Southern		23,143		3,509,636
Powell Industries		10,830		366,162
Primoris Services		13,080		340,996
Quanta Services ^*		37,646		1,355,632
RBC Bearings ^*		5,934		745,963
Rexnord ^*		25,162		734,227
Rockwell Automation		17,151		3,008,457
SPX ^*		10,374		355,413
Stantec		27,569		694,739
Sterling Construction ^*		23,979		304,773

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X U.S. Infrastructure Development ETF

	Shares / Face Amount		Value
COMMON STOCK — continued
Industrials — continued
Summit Materials, Cl A ^*		26,773	$	760,889
Team ^*		19,303		410,189
Tetra Tech		13,700		752,815
TimkenSteel ^*		18,091		317,135
Trimble ^*		60,940		2,014,676
Trinity Industries		36,943		1,274,164
Tutor Perini ^*		13,128		259,934
Union Pacific		24,830		3,544,731
United Rentals ^*		18,887		3,013,799
US Concrete ^*		4,316		263,060
Valmont Industries		5,511		805,433
Vulcan Materials		26,025		3,324,433
Wabash National		14,904		298,229
Wabtec		23,501		2,291,582
WESCO International ^*		11,448		679,439
				83,100,451
Oil & Gas — 1.1%
Matrix Service ^*		18,298		354,981
MRC Global ^*		18,324		378,391
NOW ^*		27,281		383,571
				1,116,943
Technology — 1.0%
Calix ^*		56,358		383,234
Dycom Industries ^*		7,600		708,016
				1,091,250
Utilities — 1.3%
Vectren		20,199		1,427,261
TOTAL COMMON STOCK
(Cost $109,256,190)				108,518,218

CORPORATE OBLIGATION — 0.0%
Mueller Industries
6.000%, 03/01/27 (Cost $1,000)	$	1,000		983

TOTAL INVESTMENTS — 99.8%
(Cost $109,257,190)			$	108,519,201

Percentages are based on Net Assets of $108,758,177.

* Non-income producing security.

CI — Class

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X U.S. Infrastructure Development ETF

The following is a summary of the level of inputs used as of May 31, 2018, in valuing the Fund's investments carried at value:

Investments in Securities

Level 1

Level 2

Level 3

Total

Common Stock

108,518,218

—

108,518,218

Corporate Obligation

—

983

—

983

Total Investments in Securities

108,518,218

983

—

108,519,201

For the period ended May 31, 2018, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Conscious Companies ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.7%
CANADA— 0.7%
Financials — 0.7%
Toronto-Dominion Bank		6,849	$	399,913
UNITED STATES— 99.0%
Basic Materials — 2.8%
Air Products & Chemicals		2,289		369,467
Ecolab		2,528		360,518
Newmont Mining		9,181		357,416
Praxair		2,507		391,745
				1,479,146
Consumer Goods — 14.1%
Campbell Soup		9,231		310,531
Clorox		3,284		396,806
Coca-Cola		8,572		368,596
Colgate-Palmolive		5,680		358,351
Dr Pepper Snapple Group		3,144		375,079
Estee Lauder, Cl A		2,548		380,773
Ford Motor		34,147		394,398
General Mills		8,460		357,773
Hasbro		4,377		379,705
Hershey		4,046		364,302
Hormel Foods		10,538		378,209
Kellogg		6,228		401,020
Kimberly-Clark		3,827		385,953
Molson Coors Brewing, Cl B		5,241		323,108
NIKE, Cl B		5,750		412,850
PepsiCo		3,675		368,419
Pool		2,698		385,598

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Procter & Gamble		5,164	$	377,850
PVH		2,353		376,480
VF		4,833		392,246
				7,488,047
Consumer Services — 16.2%
Alaska Air Group		5,455		331,719
Amazon.com ^*		249		405,775
Best Buy		5,096		347,802
Booking Holdings ^*		176		371,170
Cardinal Health		6,059		315,613
CarMax ^*		6,144		423,444
Choice Hotels International		4,683		376,279
Copart ^*		7,257		397,901
Costco Wholesale		1,950		386,568
CVS Health		5,739		363,796
Darden Restaurants		4,141		361,965
Delta Air Lines		6,891		372,459
eBay ^*		9,061		341,781
Home Depot		2,122		395,859
Kohl's		6,322		421,993
L Brands		10,833		367,347
Lowe's		4,469		424,600
Marriott International, Cl A		2,711		366,961
Nordstrom		7,729		378,953
Omnicom Group		5,200		374,816
Southwest Airlines		6,856		350,204
Starbucks		6,431		364,445
Walt Disney		3,764		374,405
				8,615,855
Financials — 12.8%
Aflac		8,322		374,989
Allstate		3,823		357,374
American Express		3,746		368,232
BlackRock, Cl A		725		387,317
Capital One Financial		3,867		363,498
CBRE Group, Cl A ^*		7,973		368,273
Discover Financial Services		5,142		379,788
Jones Lang LaSalle		2,170		355,359
JPMorgan Chase		3,384		362,122
KeyCorp		18,973		368,835
Mastercard, Cl A		2,149		408,568
Moody's		2,320		395,722
PNC Financial Services Group		2,596		372,292
Progressive		6,157		382,289

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
T Rowe Price Group		3,470	$	421,328
Travelers		2,747		353,044
US Bancorp		7,459		372,875
Visa, Cl A		3,029		395,951
				6,787,856
Health Care — 12.0%
Abbott Laboratories		6,339		390,039
AbbVie		4,046		400,311
Amgen		2,158		387,620
Becton Dickinson		1,639		363,186
Biogen Idec ^*		1,454		427,418
Bristol-Myers Squibb		7,406		389,704
Celgene ^*		4,213		331,479
Edwards Lifesciences ^*		2,748		377,328
Eli Lilly		4,641		394,670
Illumina ^*		1,533		417,651
IQVIA Holdings ^*		3,780		373,955
Johnson & Johnson		2,972		355,511
Merck		6,257		372,479
Regeneron Pharmaceuticals ^*		1,193		358,282
Thermo Fisher Scientific		1,742		362,806
Varian Medical Systems ^*		2,966		349,602
Waters ^*		1,825		351,532
				6,403,573
Industrials — 13.8%
3M		1,746		344,364
Agilent Technologies		5,538		342,913
Automatic Data Processing		3,237		420,875
Ball		9,311		344,041
Boeing		1,113		391,953
Cummins		2,230		317,530
Danaher		3,725		369,818
FedEx		1,515		377,417
Fluor		6,132		298,874
General Electric		25,962		365,545
ManpowerGroup		3,773		339,570
Mettler-Toledo International ^*		656		361,285
Raytheon		1,653		346,304
Rockwell Automation		2,228		390,813
Rockwell Collins		2,839		390,390
Sonoco Products		7,216		368,955
Union Pacific		2,771		395,588
United Parcel Service, Cl B		3,455		401,194
Waste Management		4,570		377,985

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
WW Grainger		1,317	$	406,940
				7,352,354
Oil & Gas — 5.2%
Chevron		3,022		375,635
ConocoPhillips		5,757		387,964
Devon Energy		10,640		442,305
EOG Resources		3,303		389,126
Hess		6,439		389,044
Occidental Petroleum		4,880		410,896
Schlumberger		5,470		375,625
				2,770,595
Technology — 17.2%
Adobe Systems ^*		1,673		417,045
Akamai Technologies ^*		5,259		396,423
Alphabet, Cl A ^*		352		387,200
Analog Devices		4,283		416,222
Apple		2,247		419,897
Applied Materials		7,512		381,459
Autodesk ^*		2,918		376,714
Cisco Systems		8,519		363,846
Cognizant Technology Solutions, Cl A		4,622		348,268
Facebook, Cl A ^*		2,273		435,916
Intel		7,378		407,266
Intuit		2,091		421,547
KLA-Tencor		3,732		422,574
Microsoft		3,953		390,715
NVIDIA		1,660		418,635
Oracle		8,231		384,552
QUALCOMM		7,460		433,576
salesforce.com ^*		3,092		399,888
Teradata ^*		9,283		370,113
Texas Instruments		3,843		430,071
VMware, Cl A ^*		2,792		383,844
Workday, Cl A ^*		2,904		380,308
Xilinx		5,917		403,007
				9,189,086
Telecommunications — 1.3%
AT&T		10,766		347,957
Verizon Communications		7,748		369,347
				717,304
Utilities — 3.6%
Entergy		4,757		384,889
Exelon		9,751		403,593
NextEra Energy		2,339		387,830

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Sempra Energy		3,449	$	367,422
WEC Energy Group		6,060		382,689
				1,926,423
TOTAL UNITED STATES				52,730,239
TOTAL COMMON STOCK
(Cost $47,530,133)				53,130,152
TOTAL INVESTMENTS — 99.7%
(Cost $47,530,133)			$	53,130,152

Percentages are based on Net Assets of $53,270,861.

Non-income producing security.

Cl — Class

As of May 31, 2018, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2018, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Founder-Run Companies ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
Basic Materials — 2.1%
Steel Dynamics		800	$	39,544
Westlake Chemical		339		39,232
				78,776
Consumer Goods — 6.1%
Hain Celestial Group ^*		1,198		30,573
National Beverage ^*		403		37,995
Skechers U.S.A., Cl A ^*		1,243		36,122
Tesla ^*		123		35,022
Under Armour, Cl A ^*		2,028		42,385
Wayfair, Cl A ^*		547		50,515
				232,612
Consumer Services — 12.0%
Amazon.com ^*		23		37,481
Cheesecake Factory		684		35,438
Chipotle Mexican Grill, Cl A ^*		85		36,565
DISH Network, Cl A ^*		1,040		30,732
GrubHub ^*		366		39,239
L Brands		1,025		34,758
Las Vegas Sands		503		40,547
Netflix ^*		117		41,137
Ollie's Bargain Outlet Holdings ^*		581		41,077
Texas Roadhouse, Cl A		563		34,889
TripAdvisor ^*		971		50,628
Urban Outfitters ^*		892		37,054
				459,545
Financials — 9.4%
Athene Holding, Cl A ^*		730		32,609
BlackRock, Cl A		69		36,862
Capital One Financial		394		37,036

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Founder-Run Companies ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Essent Group ^*		1,064	$	36,495
Interactive Brokers Group, Cl A		493		35,880
Intercontinental Exchange		497		35,232
MarketAxess Holdings		183		39,098
SEI Investments		570		36,355
Signature Bank NY ^*		278		35,442
Wintrust Financial		396		36,476
				361,485
Health Care — 13.5%
FibroGen ^*		781		42,096
Ionis Pharmaceuticals ^*		802		37,413
Jazz Pharmaceuticals ^*		235		39,715
Masimo ^*		397		39,323
MEDNAX ^*		777		35,625
Neurocrine Biosciences ^*		446		42,932
Penumbra ^*		286		46,017
Regeneron Pharmaceuticals ^*		117		35,137
Seattle Genetics ^*		701		42,404
TESARO ^*		688		31,490
Ultragenyx Pharmaceutical ^*		702		51,386
United Therapeutics ^*		334		35,598
Universal Health Services, Cl B		319		36,679
				515,815
Industrials — 7.0%
Clean Harbors ^*		760		40,280
CoStar Group ^*		99		37,741
Euronet Worldwide ^*		459		38,469
FedEx		146		36,372
IPG Photonics ^*		172		41,498
Orbital ATK		275		36,773
TransDigm Group ^*		113		37,754
				268,887
Oil & Gas — 6.5%
Antero Resources ^*		1,893		36,175
Continental Resources ^*		559		37,643
Laredo Petroleum ^*		3,381		31,376
Matador Resources ^*		1,114		31,270
Oasis Petroleum ^*		3,372		43,937
Parsley Energy, Cl A ^*		1,222		36,024
RSP Permian ^*		740		32,368
				248,793
Real Estate Investment Trusts — 12.7%
Alexandria Real Estate Equities		290		36,227
American Campus Communities		926		37,133

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Founder-Run Companies ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
American Homes 4 Rent, Cl A		1,808	$	36,015
Apartment Investment & Management, Cl A		883		36,053
Brandywine Realty Trust		2,233		36,309
Camden Property Trust		420		36,960
DiamondRock Hospitality		3,243		41,283
GEO Group		1,586		39,333
Healthcare Trust of America, Cl A		1,460		37,464
Macerich		628		34,936
Medical Properties Trust		2,822		38,294
Starwood Property Trust		1,721		37,363
Vornado Realty Trust		533		37,155
				484,525
Technology — 29.7%
2U ^*		454		43,039
Akamai Technologies ^*		509		38,368
Alphabet, Cl A ^*		35		38,500
athenahealth ^*		284		42,734
Cavium ^*		475		39,715
Cerner ^*		608		36,285
Cognizant Technology Solutions, Cl A		443		33,380
EPAM Systems ^*		317		39,048
Facebook, Cl A ^*		210		40,274
Fortinet ^*		663		40,562
Medidata Solutions ^*		511		39,429
Monolithic Power Systems		303		39,939
Nutanix, Cl A ^*		735		39,286
NVIDIA		160		40,350
Paycom Software ^*		321		33,856
Pegasystems		594		36,739
RealPage ^*		672		39,480
RingCentral, Cl A ^*		537		40,678
salesforce.com ^*		303		39,187
Snap, Cl A ^*		2,538		28,908
Square, Cl A ^*		766		44,620
SS&C Technologies Holdings		734		37,368
Twitter ^*		1,256		43,583
Ubiquiti Networks ^*		511		42,203
Ultimate Software Group ^*		150		39,322
Veeva Systems, Cl A ^*		514		39,763
VeriSign ^*		308		40,176
Workday, Cl A ^*		291		38,109
Zendesk ^*		746		41,694
				1,136,595

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Founder-Run Companies ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 0.9%
Zayo Group Holdings ^*		980	$	34,104

TOTAL COMMON STOCK
(Cost $3,688,812)				3,821,137
TOTAL INVESTMENTS — 99.9%
(Cost $3,688,812)			$	3,821,137

Percentages are based on Net Assets of $3,826,070.

Non-income producing security.

Cl — Class

As of May 31, 2018, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2018, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Iconic U.S. Brands ETF

Sector Weightings †:

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

	Shares		Value		��
COMMON STOCK — 99.7%
Consumer Goods — 20.3%
Activision Blizzard		926	$	65,663
Coca-Cola		464		19,952
Colgate-Palmolive		298		18,801
Constellation Brands, Cl A		99		22,085
Coty, Cl A		3,644		48,283
DR Horton		466		19,670
Estee Lauder, Cl A		155		23,163
Ford Motor		2,042		23,585
General Motors		1,599		68,277
Kimberly-Clark		186		18,758
Kraft Heinz		280		16,094
Lennar, Cl A		361		18,678
Molson Coors Brewing, Cl B		807		49,752
Mondelez International, Cl A		474		18,614
Newell Brands		2,416		56,969
NIKE, Cl B		972		69,790
PepsiCo		182		18,245
Procter & Gamble		257		18,805
Tesla ^*		63		17,938
Tyson Foods, Cl A		284		19,162
				632,284
Consumer Services — 34.1%
Amazon.com ^*		45		73,333
American Airlines Group		419		18,243
Best Buy		306		20,885
Booking Holdings ^*		35		73,812
CarMax ^*		323		22,261
Carnival		306		19,058
Charter Communications, Cl A ^*		56		14,618
Comcast, Cl A		531		16,557
Costco Wholesale		114		22,599

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Iconic U.S. Brands ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
CVS Health		854	$	54,135
Delta Air Lines		397		21,458
Dollar General		217		18,983
Dollar Tree ^*		198		16,353
Expedia Group		500		60,515
Home Depot		344		64,173
Kroger		732		17,810
Lowe's		641		60,901
Marriott International, Cl A		459		62,130
McDonald's		127		20,321
Netflix ^*		82		28,831
Ross Stores		814		64,208
Southwest Airlines		365		18,644
Starbucks		1,144		64,831
Target		294		21,430
Time Warner		659		62,051
TJX		274		24,748
Twenty-First Century Fox, Cl A		576		22,205
United Continental Holdings ^*		329		22,895
Walgreens Boots Alliance		300		18,717
Walmart		208		17,168
Walt Disney		199		19,795
				1,063,668
Financials — 14.5%
Allstate		219		20,472
Bank of America		688		19,980
BlackRock, Cl A		40		21,369
Capital One Financial		215		20,210
Charles Schwab		1,220		67,856
Citigroup		284		18,940
Goldman Sachs Group		84		18,974
JPMorgan Chase		578		61,852
MetLife		456		20,972
Morgan Stanley		398		19,956
Progressive		401		24,898
Prudential Financial		188		18,206
Synchrony Financial		565		19,566
US Bancorp		1,153		57,638
Visa, Cl A		179		23,399
Wells Fargo		358		19,328
				453,616
Health Care — 9.8%
Abbott Laboratories		356		21,905
AbbVie		190		18,798

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Iconic U.S. Brands ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Allergan		127	$	19,152
Anthem		90		19,928
Becton Dickinson		93		20,608
Bristol-Myers Squibb		1,033		54,356
Celgene ^*		223		17,546
Eli Lilly		814		69,223
Johnson & Johnson		160		19,139
Pfizer		601		21,594
UnitedHealth Group		95		22,943
				305,192
Industrials — 3.4%
Boeing		63		22,186
Deere		133		19,885
FedEx		84		20,926
PayPal Holdings ^*		279		22,898
United Parcel Service, Cl B		185		21,482
				107,377
Oil & Gas — 1.4%
Chevron		187		23,244
Exxon Mobil		262		21,285
				44,529
Technology — 12.5%
Adobe Systems ^*		109		27,171
Alphabet, Cl A ^*		59		64,900
Apple		133		24,854
Broadcom		92		23,190
Cisco Systems		537		22,935
Facebook, Cl A ^*		345		66,164
Intel		468		25,834
Microsoft		237		23,425
Oracle		433		20,230
salesforce.com ^*		193		24,961
Western Digital		773		64,553
				388,217
Telecommunications — 3.7%
AT&T		579		18,713
Sprint ^*		4,075		20,945
T-Mobile US ^*		1,017		56,647
Verizon Communications		419		19,974
				116,279
TOTAL COMMON STOCK
(Cost $3,188,016)				3,111,162
TOTAL INVESTMENTS — 99.7%
(Cost $3,188,016)			$	3,111,162

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

Schedule of Investments

May 31, 2018 (Unaudited)

Global X Iconic U.S. Brands ETF

Percentages are based on Net Assets of $3,120,033.

Non-income producing security.

Cl — Class

As of May 31, 2018, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended May 31, 2018, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

Statements of Assets and Liabilities

May 31, 2018 (Unaudited)

	Global X FinTech ETF			Global X Future Analytics Tech ETF			Global X Internet of Things ETF			Global X Robotics & Artificial Intelligence ETF
Assets:
Cost of Investments	$	144,968,845		$	52,439,707		$	100,240,405		$	2,818,793,386
Cost of Repurchase Agreement		—			—			—			71,414,644
Investments, at Value	$	163,237,030		$	52,311,294		$	108,827,234		$	2,776,527,238	*
Repurchase Agreement, at Value		—			—			—			71,414,644
Cash		195,457			58,099			33,743			—
Receivable for Capital Shares Sold		2,562,265			—			—			—
Receivable for Investment Securities Sold		595,258			—			—			—
Dividend and Interest Receivable		27,921			48,084			152,618			7,132,670
Reclaim Receivable		5,956			1,128			28,270			1,094,130
Total Assets		166,623,887			52,418,605			109,041,865			2,856,168,682
Liabilities:
Obligation to Return Securities Lending Collateral		—			—			—			165,293,618
Payable for Investment Securities Purchased		2,561,361			—			—			949,706
Unrealized loss on Foreign Currency Spot Contracts		—			—			—			1,852
Payable due to Investment Adviser		77,438			16,149			63,006			1,464,414
Due to Custodian		—			—			—			170,828,604
Total Liabilities		2,638,799			16,149			63,006			338,538,194
Net Assets	$	163,985,088		$	52,402,456		$	108,978,859		$	2,517,630,488
Net Assets Consist of:
Paid-in Capital	$	145,562,454		$	52,494,165		$	100,541,821		$	2,533,920,659
Undistributed (Distributions in Excess of) Net Investment Income		(80,947	)		38,596			210,742			7,805,210
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		235,692			(1,902	)		(360,069	)		18,341,007
Net Unrealized Appreciation (Depreciation) on Investments		18,268,185			(128,413	)		8,586,829			(42,266,148	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(296	)		10			(464	)		(170,240	)
Net Assets	$	163,985,088		$	52,402,456		$	108,978,859		$	2,517,630,488
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		6,400,000			3,500,002			5,450,000			108,200,000
Net Asset Value, Offering and Redemption Price Per Share	$	25.62		$	14.97		$	20.00		$	23.27
*Includes Market Value of Securities on Loan	$	—		$	—		$	—		$	158,826,557

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

Statements of Assets and Liabilities

May 31, 2018 (Unaudited)

	Global X Autonomous & Electric Vehicles ETF			Global X Health & Wellness Thematic ETF			Global X Longevity Thematic ETF			Global X Millennials Thematic ETF
Assets:
Cost of Investments	$	41,836,025		$	5,984,775		$	12,020,010		$	17,426,893
Cost of Foreign Currency		—			3,644			1			—
Investments, at Value	$	41,435,519		$	6,424,095		$	13,182,644		$	20,203,032
Foreign Currency, at Value		—			3,644			1			—
Cash		73,511			3,462			31,153			21,136
Receivable for Investment Securities Sold		5,280,256			—			—			—
Dividend and Interest Receivable		60,527			2,178			5,903			9,968
Reclaim Receivable		10,471			2,048			3,215			—
Unrealized gain on Foreign Currency Spot Contracts		864			—			—			—
Total Assets		46,861,148			6,435,427			13,222,916			20,234,136
Liabilities:
Payable for Capital Shares Redeemed		5,289,225			—			—			—
Payable due to Investment Adviser		29,272			2,677			5,508			8,132
Total Liabilities		5,318,497			2,677			5,508			8,132
Net Assets	$	41,542,651		$	6,432,750		$	13,217,408		$	20,226,004
Net Assets Consist of:
Paid-in Capital	$	41,903,253		$	5,812,073		$	12,140,374		$	17,542,185
Undistributed Net Investment Income		110,964			20,146			18,685			24,089
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(72,727	)		161,283			(104,147	)		(116,409	)
Net Unrealized Appreciation (Depreciation) on Investments		(400,506	)		439,320			1,162,634			2,776,139
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		1,667			(72	)		(138	)		—
Net Assets	$	41,542,651		$	6,432,750		$	13,217,408		$	20,226,004
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		2,750,002			350,000			650,000			950,000
Net Asset Value, Offering and Redemption Price Per Share	$	15.11		$	18.38		$	20.33		$	21.29

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

Statements of Assets and Liabilities

May 31, 2018 (Unaudited)

	Global X U.S. Infrastructure Development ETF			Global X Conscious Companies ETF		Global X Founder- Run Companies ETF			Global X Iconic U.S. Brands ETF
Assets:
Cost of Investments	$	109,257,190		$	47,530,133	$	3,688,812		$	3,188,016
Investments, at Value	$	108,519,201		$	53,130,152	$	3,821,137		$	3,111,162
Cash		110,466			51,634		6,230			4,135
Dividend and Interest Receivable		171,460			108,387		843			6,007
Reclaim Receivable		89			—		—			—
Total Assets		108,801,216			53,290,173		3,828,210			3,121,304
Liabilities:
Payable due to Investment Adviser		43,039			19,312		2,140			1,271
Total Liabilities		43,039			19,312		2,140			1,271
Net Assets	$	108,758,177		$	53,270,861	$	3,826,070		$	3,120,033
Net Assets Consist of:
Paid-in Capital	$	108,321,977		$	47,101,424	$	3,240,982		$	3,099,680
Undistributed (Distributions in Excess of) Net Investment Income		316,580			316,827		(1,613	)		18,234
Accumulated Net Realized Gain on Investments and Foreign Currency Transactions		857,609			252,591		454,376			78,973
Net Unrealized Appreciation (Depreciation) on Investments		(737,989	)		5,600,019		132,325			(76,854	)
Net Assets	$	108,758,177		$	53,270,861	$	3,826,070		$	3,120,033
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		6,600,000			2,700,000		200,000			200,000
Net Asset Value, Offering and Redemption Price Per Share	$	16.48		$	19.73	$	19.13		$	15.60

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

Statements of Operations

May 31, 2018 (Unaudited)

	Global X FinTech ETF			Global X Future Analytics Tech ETF⁽¹⁾			Global X Internet of Things ETF			Global X Robotics & Artificial Intelligence ETF
Investment Income:
Dividend Income	$	274,178		$	57,177		$	728,808		$	16,040,599
Interest Income		2,156			—			510			62,060
Security Lending Income		—			—			—			1,596,248
Less: Foreign Taxes Withheld		(11,618	)		(2,432	)		(8,419	)		(2,163,030	)
Total Investment Income		264,716			54,745			720,899			15,535,877
Supervision and Administration Fees⁽²⁾		318,997			16,149			345,999			7,493,888
Custodian Fees		6,711			—			5,017			236,747
Total Expenses		325,708			16,149			351,016			7,730,635
Net Expenses		325,708			16,149			351,016			7,730,635
Net Investment Income(Loss)		(60,992	)		38,596			369,883			7,805,242
Net Realized Gain (Loss) on:
Investments⁽³⁾		295,627			(1,902	)		(311,777	)		25,517,068
Foreign Currency Transactions		(30,256	)		—			(4,113	)		(86,908	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		265,371			(1,902	)		(315,890	)		25,430,160
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		15,080,651			(128,413	)		46,784			(172,506,941	)
Foreign Currency Translations		(327	)		10			(541	)		(199,650	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		15,080,324			(128,403	)		46,243			(172,706,591	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		15,345,695			(130,305	)		(269,647	)		(147,276,431	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	15,284,703		$	(91,709	)	$	100,236		$	(139,471,189	)

(1)

The Fund commenced operations on May 11, 2018.

(2)

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

(3)

Includes realized gains/(losses) as a result of in-kind transactions. (For detail by Fund, see Note 4 in Notes to Financial Statements.)

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

Statements of Operations

May 31, 2018 (Unaudited)

	Global X Autonomous & Electric Vehicles ETF⁽¹⁾			Global X Health & Wellness Thematic ETF			Global X Longevity Thematic ETF			Global X Millennials Thematic ETF
Investment Income:
Dividend Income	$	165,432		$	33,407		$	72,491		$	76,059
Interest Income		—			27			96			—
Less: Foreign Taxes Withheld		(13,420	)		(3,123	)		(3,451	)		—
Total Investment Income		152,012			30,311			69,136			76,059
Supervision and Administration Fees⁽²⁾		41,048			12,364			36,415			56,955
Custodian Fees		—			34			5			—
Total Expenses		41,048			12,398			36,420			56,955
Waiver of Supervision and Administration Fees		–			(3,273	)		(9,639	)		(15,076	)
Net Expenses		41,048			9,125			26,781			41,879
Net Investment Income		110,964			21,186			42,355			34,180
Net Realized Gain (Loss) on:
Investments⁽³⁾		(62,071	)		167,036			(102,707	)		(11,070	)
Foreign Currency Transactions		(10,656	)		850			1,456			—
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(72,727	)		167,886			(101,251	)		(11,070	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(400,506	)		271,910			672,499			1,929,344
Foreign Currency Translations		1,667			(87	)		(176	)		—
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(398,839	)		271,823			672,323			1,929,344
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(471,566	)		439,709			571,072			1,918,274
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(360,602	)	$	460,895		$	613,427		$	1,952,454

(1)	The Fund commenced operations on April 13, 2018.
(2)	The Supervision and Administration fees include fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)
(3)	Includes realized gains/(losses) as a result of in-kind transactions. (For detail by Fund, see Note 4 in Notes to Financial Statements.)

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

Statements of Operations

May 31, 2018 (Unaudited)

	Global X U.S. Infrastructure Development ETF			Global X Conscious Companies ETF			Global X Founder- Run Companies ETF			Global X Iconic U.S. Brands ETF
Investment Income:
Dividend Income	$	495,624		$	472,950		$	12,526		$	26,414
Interest Income		—			298			22			—
Less: Foreign Taxes Withheld		(492	)		(927	)		—			—
Total Investment Income		495,132			472,321			12,548			26,414
Supervision and Administration Fees⁽¹⁾		208,764			110,323			11,834			7,078
Custodian Fees		—			1			—			5
Total Expenses		208,764			110,324			11,834			7,083
Waiver of Supervision and Administration Fees		(39,593	)		–			–			–
Net Expenses		169,171			110,324			11,834			7,083
Net Investment Income		325,961			361,997			714			19,331
Net Realized Gain on:
Investments⁽²⁾		857,609			985,272			454,377			78,993
Net Realized Gain on Investments and Foreign Currency Transactions		857,609			985,272			454,377			78,993
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(2,501,774	)		512,488			(50,228	)		(149,668	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(2,501,774	)		512,488			(50,228	)		(149,668	)
Net Realized and Unrealized Gain (Loss) on Investments		(1,644,165	)		1,497,760			404,149			(70,675	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,318,204	)	$	1,859,757		$	404,863		$	(51,344	)

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

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

Statements of Changes in Net Assets

	Global X FinTech ETF						Global X Future Analytics Tech ETF
	Period Ended May 31, 2018 (Unaudited)			Year Ended November 30, 2017			Period Ended May 31, 2018⁽¹⁾ (Unaudited)
Operations:
Net Investment Income (Loss)	$	(60,992	)	$	(13,503	)	$	38,596
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		265,371			27,535			(1,902	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		15,080,324			3,204,295			(128,403	)
Net Increase (Decrease) in Net Assets Resulting from Operations		15,284,703			3,218,327			(91,709	)
Dividends and Distributions from:
Net Investment Income		(5,722	)		—			—
Net Realized Gains		(57,288	)		—			—
Total Dividends and Distributions		(63,010	)		—			—
Capital Share Transactions:
Issued		98,657,799			45,396,654			52,494,165
Increase in Net Assets from Capital Share Transactions		98,657,799			45,396,654			52,494,165
Total Increase in Net Assets		113,879,492			48,614,981			52,402,456
Net Assets:
Beginning of Period		50,105,596			1,490,615			—
End of Period	$	163,985,088		$	50,105,596		$	52,402,456
Undistributed (Distributions in Excess of) Net Investment Income	$	(80,947	)	$	(14,233	)	$	38,596
Share Transactions:
Issued		4,100,000			2,200,000			3,500,002
Net Increase in Shares Outstanding from Share Transactions		4,100,000			2,200,000			3,500,002

(1)

The Fund commenced operations on May 11, 2018

(2)

Includes realized gains/(losses) as a result of in-kind transactions. (For detail by Fund, 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 Internet of Things ETF						Global X Robotics & Artificial Intelligence ETF
	Period Ended May 31, 2018 (Unaudited)			Year Ended November 30, 2017			Period Ended May 31, 2018 (Unaudited)			Year Ended November 30, 2017
Operations:
Net Investment Income	$	369,883		$	351,193		$	7,805,242		$	156,305
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(315,890	)		457,171			25,430,160			11,669,749
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		46,243			8,438,341			(172,706,591	)		130,290,150
Net Increase (Decrease) in Net Assets Resulting from Operations		100,236			9,246,705			(139,471,189	)		142,116,204
Dividends and Distributions from:
Net Investment Income		(492,137	)		(21,905	)		(97,549	)		(2,133	)
Net Realized Gains		(511,820	)		—			(24,022	)		—
Total Dividends and Distributions		(1,003,957	)		(21,905	)		(121,571	)		(2,133	)
Capital Share Transactions:
Issued		24,361,581			72,415,469			1,366,565,911			1,342,568,190
Redeemed		—			—			(121,932,117	)		(75,066,278	)
Increase in Net Assets from Capital Share Transactions		24,361,581			72,415,469			1,244,633,794			1,267,501,912
Total Increase in Net Assets		23,457,860			81,640,269			1,105,041,034			1,409,615,983
Net Assets:
Beginning of Period		85,520,999			3,880,730			1,412,589,454			2,973,471
End of Period	$	108,978,859		$	85,520,999		$	2,517,630,488		$	1,412,589,454
Undistributed Net Investment Income	$	210,742		$	332,996		$	7,805,210		$	97,517
Share Transactions:
Issued		1,200,000			4,000,000			54,250,000			62,100,000
Redeemed		—			—			(5,000,000	)		(3,350,000	)
Net Increase in Shares Outstanding from Share Transactions		1,200,000			4,000,000			49,250,000			58,750,000

(1)

Includes realized gains/(losses) as a result of in-kind transactions. (For detail by Fund, 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 Autonomous & Electric Vehicles ETF			Global X Health & Wellness Thematic ETF
	Period Ended May 31, 2018⁽¹⁾ (Unaudited)			Period Ended May 31, 2018 (Unaudited)			Year Ended November 30, 2017
Operations:
Net Investment Income	$	110,964		$	21,186		$	21,272
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽²⁾		(72,727	)		167,886			42,696
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(398,839	)		271,823			215,530
Net Increase (Decrease) in Net Assets Resulting from Operations		(360,602	)		460,895			279,498
Dividends and Distributions from:
Net Investment Income		—			(21,759	)		(7,508	)
Net Realized Gains		—			(49,391	)		—
Total Dividends and Distributions		—			(71,150	)		(7,508	)
Capital Share Transactions:
Issued		58,453,896			4,416,166			767,845
Redeemed		(16,550,643	)		(885,185	)		—
Increase in Net Assets from Capital Share Transactions		41,903,253			3,530,981			767,845
Total Increase in Net Assets		41,542,651			3,920,726			1,039,835
Net Assets:
Beginning of Period		—			2,512,024			1,472,189
End of Period	$	41,542,651		$	6,432,750		$	2,512,024
Undistributed Net Investment Income	$	110,964		$	20,146		$	20,719
Share Transactions:
Issued		3,850,002			250,000			50,000
Redeemed		(1,100,000	)		(50,000	)		—
Net Increase in Shares Outstanding from Share Transactions		2,750,002			200,000			50,000

(1)

The Fund commenced operations on April 13, 2018

(2)

Includes realized gains/(losses) as a result of in-kind transactions. (For detail by Fund, 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 Longevity Thematic ETF						Global X Millennials Thematic ETF
	Period Ended May 31, 2018 (Unaudited)			Year Ended November 30, 2017			Period Ended May 31, 2018 (Unaudited)			Year Ended November 30, 2017
Operations:
Net Investment Income	$	42,355		$	17,575		$	34,180		$	25,053
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(101,251	)		268,319			(11,070	)		501,828
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		672,323			512,244			1,929,344			768,703
Net Increase in Net Assets Resulting from Operations		613,427			798,138			1,952,454			1,295,584
Dividends and Distributions from:
Net Investment Income		(39,081	)		(9,295	)		(33,320	)		(12,412	)
Net Realized Gains		(51,555	)		(6,832	)		(86,900	)		—
Total Dividends and Distributions		(90,636	)		(16,127	)		(120,220	)		(12,412	)
Capital Share Transactions:
Issued		4,853,937			6,509,793			6,926,491			8,050,051
Redeemed		—			(967,727	)		—			(1,761,723	)
Increase in Net Assets from Capital Share Transactions		4,853,937			5,542,066			6,926,491			6,288,328
Total Increase in Net Assets		5,376,728			6,324,077			8,758,725			7,571,500
Net Assets:
Beginning of Period		7,840,680			1,516,603			11,467,279			3,895,779
End of Period	$	13,217,408		$	7,840,680		$	20,226,004		$	11,467,279
Undistributed Net Investment Income	$	18,685		$	15,411		$	24,089		$	23,229
Share Transactions:
Issued		250,000			350,000			350,000			450,000
Redeemed		—			(50,000	)		—			(100,000	)
Net Increase in Shares Outstanding from Share Transactions		250,000			300,000			350,000			350,000

(1)

Includes realized gains/(losses) as a result of in-kind transactions. (For detail by Fund, 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 U.S. Infrastructure Development ETF					Global X Conscious Companies ETF
	Period Ended May 31, 2018 (Unaudited)			Period Ended November 30, 2017⁽¹⁾		Period Ended May 31, 2018 (Unaudited)			Year Ended November 30, 2017
Operations:
Net Investment Income	$	325,961		$	71,540	$	361,997		$	582,777
Net Realized Gain on Investments⁽²⁾		857,609			9		985,272			3,166,365
Net Change in Unrealized Appreciation (Depreciation) on Investments		(2,501,774	)		1,763,785		512,488			4,312,446
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,318,204	)		1,835,334		1,859,757			8,061,588
Dividends and Distributions from:
Net Investment Income		(80,930	)		—		(598,437	)		(328,342	)
Total Dividends and Distributions		(80,930	)		—		(598,437	)		(328,342	)
Capital Share Transactions:
Issued		93,404,186			18,367,884		6,966,951			23,402,689
Redeemed		(3,450,093	)		—		(3,022,143	)		(16,233,965	)
Increase in Net Assets from Capital Share Transactions		89,954,093			18,367,884		3,944,808			7,168,724
Total Increase in Net Assets		88,554,959			20,203,218		5,206,128			14,901,970
Net Assets:
Beginning of Period		20,203,218			—		48,064,733			33,162,763
End of Period	$	108,758,177		$	20,203,218	$	53,270,861		$	48,064,733
Undistributed Net Investment Income	$	316,580		$	71,549	$	316,827		$	553,267
Share Transactions:
Issued		5,550,000			1,250,000		350,000			1,300,000
Redeemed		(200,000	)		—		(150,000	)		(900,000	)
Net Increase in Shares Outstanding from Share Transactions		5,350,000			1,250,000		200,000			400,000

(1)

The Fund commenced operations on March 6, 2017

(2)

Includes realized gains/(losses) as a result of in-kind transactions. (For detail by Fund, 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 Founder-Run Companies ETF						Global X Iconic U.S. Brands ETF
	Period Ended May 31, 2018 (Unaudited)			Period Ended November 30, 2017⁽¹⁾			Period Ended May 31, 2018 (Unaudited)			Period Ended November 30, 2017⁽²⁾
Operations:
Net Investment Income	$	714		$	5,657		$	19,331		$	4,420
Net Realized Gain (Loss) on Investments⁽³⁾		454,377			182,209			78,993			(20	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(50,228	)		182,553			(149,668	)		72,814
Net Increase (Decrease) in Net Assets Resulting from Operations		404,863			370,419			(51,344	)		77,214
Dividends and Distributions from:
Net Investment Income		(7,984	)		—			(5,517	)		—
Net Realized Gains		(46,039	)		—			—			—
Total Dividends and Distributions		(54,023	)		—			(5,517	)		—
Capital Share Transactions:
Issued		943,377			4,692,223			1,630,095			2,244,131
Redeemed		(950,797	)		(1,579,992	)		(774,546	)		—
Increase (Decrease) in Net Assets from Capital Share Transactions		(7,420	)		3,112,231			855,549			2,244,131
Total Increase in Net Assets		343,420			3,482,650			798,688			2,321,345
Net Assets:
Beginning of Period		3,482,650			—			2,321,345			—
End of Period	$	3,826,070		$	3,482,650		$	3,120,033		$	2,321,345
Undistributed (Distributions in Excess of) Net Investment Income	$	(1,613	)	$	5,657		$	18,234		$	4,420
Share Transactions:
Issued		50,000			300,000			100,000			150,000
Redeemed		(50,000	)		(100,000	)		(50,000	)		—
Net Increase in Shares Outstanding from Share Transactions		—			200,000			50,000			150,000

(1)

The Fund commenced operations on February 13, 2017

(2)

The Fund commenced operations on October 16, 2017

(3)

Includes realized gains/(losses) as a result of in-kind transactions. (For detail by Fund, 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 ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
Global X FinTech ETF
2018(Unaudited)		21.79		(0.02	)		3.87			3.85			***			(0.02	)		(0.02	)		25.62		17.71			163,985		0.69	†		(0.13	)†		9.11
2017		14.91		(0.03	)		6.91			6.88			—			—			—			21.79		46.14			50,106		0.68			(0.13	)		11.65
2016⁽¹⁾		15.08		(0.01	)		(0.16	)		(0.17	)		—			—			—			14.91		(1.13	)		1,491		0.68	†		(0.20	)†		—
Global X Future Analytics Tech ETF
2018⁽²⁾(Unaudited)		15.00		0.01			(0.04	)		(0.03	)		—			—			—			14.97		(0.20	)		52,402		0.68	†		1.61	†		—
Global X Internet of Things ETF
2018(Unaudited)		20.12		0.07			0.03			0.10			(0.11	)		(0.11	)		(0.22	)		20.00		0.52			108,979		0.69	†		0.73	†		3.67
2017		15.52		0.16			4.49			4.65			(0.05	)		—			(0.05	)		20.12		30.04			85,521		0.70			0.85			24.90
2016⁽¹⁾		15.04		0.09			0.39			0.48			—			—			—			15.52		3.19			3,881		0.68	†		2.75	†		0.39
Global X Robotics & Artificial Intelligence ETF
2018(Unaudited)		23.96		0.09			(0.78	)		(0.69	)		***			***			***			23.27		(2.87	)		2,517,630		0.70	†		0.71	†		3.39
2017		14.87		0.01			9.09			9.10			(0.01	)		—			(0.01	)		23.96		61.22			1,412,589		0.69			0.05			15.29
2016⁽¹⁾		14.84		0.02			0.01			0.03			—			—			—			14.87		0.20			2,974		0.68	†		0.62	†		—
Global X Autonomous & Electric Vehicles ETF
2018⁽³⁾(Unaudited)		15.00		0.04			0.07			0.11			—			—			—			15.11		0.73			41,543		0.68	†		1.84	†		2.91
Global X Health & Wellness Thematic ETF
2018(Unaudited)		16.75		0.10			2.01			2.11			(0.15	)		(0.33	)		(0.48	)		18.38		12.87			6,433		0.50	†^		1.17	†		24.64
2017		14.72		0.17			1.94			2.11			(0.08	)		—			(0.08	)		16.75		14.38			2,512		0.54	^		1.08			16.73
2016⁽⁴⁾		15.13		0.07			(0.48	)		(0.41	)		—			—			—			14.72		(2.71	)		1,472		0.68	†		0.82	†		—
Global X Longevity Thematic ETF
2018(Unaudited)		19.60		0.08			0.85			0.93			(0.09	)		(0.11	)		(0.20	)		20.33		4.80			13,217		0.50	†^		0.61	†		15.99
2017		15.17		0.08			4.51			4.59			(0.09	)		(0.07	)		(0.16	)		19.60		30.58			7,841		0.52	^		0.44			10.20
2016⁽⁴⁾		15.32		0.07			(0.22	)		(0.15	)		—			—			—			15.17		(0.98	)		1,517		0.68	†		0.78	†		2.76
Global X Millennials Thematic ETF
2018(Unaudited)		19.11		0.04			2.31			2.35			(0.05	)		(0.12	)		(0.17	)		21.29		12.40			20,226		0.50	†^		0.41	†		7.99
2017		15.58		0.07			3.51			3.58			(0.05	)		—			(0.05	)		19.11		23.05			11,467		0.54	^		0.40			20.97
2016⁽⁵⁾		14.95		0.05			0.58			0.63			—			—			—			15.58		4.21			3,896		0.68	†		0.59	†		—
Global X U.S. Infrastructure Development ETF
2018(Unaudited)		16.16		0.07			0.30			0.37			(0.05	)		—			(0.05	)		16.48		2.29			108,758		0.47	†‡		0.91	†		8.15
2017⁽⁶⁾		14.98		0.10			1.08			1.18			—			—			—			16.16		7.88			20,203		0.47	†‡		0.91	†		—
Global X Conscious Companies ETF
2018(Unaudited)		19.23		0.14			0.59			0.73			(0.23	)		—			(0.23	)		19.73		3.84			53,271		0.43	†		1.41	†		6.88
2017		15.79		0.26			3.33			3.59			(0.15	)		—			(0.15	)		19.23		22.95			48,065		0.43			1.50			41.77
2016⁽⁷⁾		15.09		0.15			0.55			0.70			—			—			—			15.79		4.64			33,163		0.43	†		2.57	†		37.35
Global X Founder-Run Companies ETF
2018(Unaudited)		17.41		0.01			1.98			1.99			(0.04	)		(0.23	)		(0.27	)		19.13		11.59			3,826		0.65	†		0.04	†		19.81
2017⁽⁸⁾		15.02		0.04			2.35			2.39			—			—			—			17.41		15.91			3,483		0.65	†		0.28	†		21.61
Global X Iconic U.S. Brands ETF
2018(Unaudited)		15.48		0.10			0.06			0.16			(0.04	)		—			(0.04	)		15.60		1.01			3,120		0.48	†		1.31	†		1.62
2017⁽⁹⁾		14.96		0.03			0.49			0.52			—			—			—			15.48		3.48			2,321		0.48	†		1.74	†		—

*	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.
***	Amonts 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 Global X Health & Wellness Thematic ETF, Global X Longevity Thematic ETF, and Global X Millennials Thematic ETF ratio of Expenses to Average to Net Asset would have been 0.68% without the waiver.
‡	The Global X U.S. Infrastucture Development ETF Ratio of Expenses to Average to Net Asset would have been 0.58% without the waiver.
(1)	The Fund commenced operations on September 12, 2016.
(2)	The Fund commenced operations on May 11, 2018.
(3)	The Fund commenced operations on April 13, 2018.
(4)	The Fund commenced operations on May 9, 2016.
(5)	The Fund commenced operations on May 4, 2016.
(6)	The Fund commenced operations on March 6, 2017.
(7)	The Fund commenced operations on July 11, 2016.
(8)	The Fund commenced operations on February 13, 2017.
(9)	The Fund commenced operations on October 16, 2017.

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

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

Notes to financial statements

May 31, 2018 (Unaudited)

1. ORGANIZATION

The Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of May 31, 2018, the Trust had eighty-nine portfolios, fifty-four of which were operational. The financial statements herein and the related notes pertain to the Global X FinTech ETF, Global X Future Analytics Tech ETF, Global X Internet of Things ETF, Global X Robotics & Artificial Intelligence ETF, Global X Autonomous & Electric Vehicles ETF, Global X Health & Wellness Thematic ETF, Global X Longevity Thematic ETF, Global X Millennials Thematic ETF, Global X U.S. Infrastructure Development ETF, Global X Conscious Companies ETF, Global X Founder-Run Companies ETF, and Global X Iconic U.S. Brands ETF (each a “Fund” and collectively, the “Funds”). Each Fund, other than the Global X Conscious Companies ETF, has elected non-diversified status.

The Global X Future Analytics Tech ETF commenced operations on May 11, 2018.

The Global X Autonomous & Electric Vehicles ETF commenced operations on April 13, 2018.

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 and could have a material impact on the Funds.

RETURN OF CAPITAL ESTIMATES – Distributions received by the Funds from underlying master limited partnerships (“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. The general partner typically controls the operations and management of the MLP through anup to 2% equity interest in the MLP plus, in many cases, ownership of common units andsubordinated units.

Notes to financial statements (continued)

May 31, 2018 (Unaudited)

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 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 will be valued at their market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates as of reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

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 their securities if an event that may materially affect the value of the Funds’ securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the security's last close and the time that the Funds calculate their net asset 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 “Adviser”) becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate their net asset 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 May 31, 2018, there were no securities priced using the Fair Value Procedures.

Notes to financial statements (continued)

May 31, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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); and

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

For the period ended May 31, 2018, there have been no significant changes to the Funds’ fair valuation methodologies.

REPURCHASE AGREEMENTS – Securities pledged as collateral for repurchase agreements by Chase Securities and Royal Bank of Canada are held by Brown Brothers Harriman & Co (“BBH”) 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 an 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)

May 31, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

At May 31, 2018, the open repurchase agreements by counterparty which are subject to an 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 Robotics & Artificial Intelligence ETF
Chase Securities	$	23,304,536	$	23,304,536	$	-	$	-
Royal Bank of Canada		48,110,108		48,110,108		-		-

⁽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 Code. Accordingly, no provisions for federal income taxes have been made in the financial statements except as described below.

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

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

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.

Notes to financial statements (continued)

May 31, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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.

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

	Creation Unit Shares		Creation Fee		Value at May 31, 2018		Redemption Fee
Global X FinTech ETF		50,000	$	500	$	1,281,000	$	500
Global X Future Analytics Tech ETF		50,000		800		748,500		800
Global X Internet of Things ETF		50,000		750		1,000,000		750
Global X Robotics & Artificial Intelligence ETF		50,000		750		1,163,500		750
Global X Autonomous & Electric Vehicles ETF		50,000		1,100		755,500		1,100
Global X Health & Wellness Thematic ETF		50,000		1,000		919,000		1,000
Global X Longevity Thematic ETF		50,000		1,000		1,016,500		1,000
Global X Millennials Thematic ETF		50,000		750		1,064,500		750
Global X U.S. Infrastructure Development ETF		50,000		750		824,000		750
Global X Conscious Companies ETF		50,000		750		986,500		750
Global X Founder-Run Companies ETF		50,000		750		956,500		750
Global X Iconic U.S. Brands ETF		50,000		300		780,000		300

Notes to financial statements (continued)

May 31, 2018 (Unaudited)

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 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 Advisor’s services 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 respective Fund). In addition, the Funds bear other expenses, directly and indirectly, that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, acquired fund fees and expenses, and other transaction expenses, interest expenses, and extraordinary expenses (such as litigation and indemnification expenses), respectively. The following table discloses the rates of supervision and administration fees paid by the Funds:

		Supervision and Administration Fee
Global X FinTech ETF		0.68%
Global X Future Analytics Tech ETF		0.68%
Global X Internet of Things ETF		0.68%
Global X Robotics & Artificial Intelligence ETF		0.68%
Global X Autonomous & Electric Vehicles ETF		0.68%
Global X Health & Wellness Thematic ETF*		0.68%
Global X Longevity Thematic ETF*		0.68%
Global X Millennials Thematic ETF*		0.68%
Global X U.S. Infrastructure Development ETF*		0.58%
Global X Conscious Companies ETF		0.43%
Global X Founder-Run Companies ETF		0.65%
Global X Iconic U.S. Brands ETF		0.48%

*Pursuant to an expense limitation agreement, the Adviser has agreed to waive or reimburse fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Global X U.S. Infrastructure Development ETF (the “Fund”) (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) will not exceed 0.47% of the Fund’s average daily net assets per year until April 1, 2019. Pursuant to an expense limitation agreement, the Adviser has agreed to waive or reimburse fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Global X Health & Wellness Thematic ETF, Global X Longevity Thematic ETF and the Global X Millennials Thematic ETF (the “Funds”) (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) will not exceed 0.50% of the Funds’ average daily net assets per year until April 1, 2019. Each 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 May 31, 2018, the amounts of waivers/reimbursements subject to recoupment for the Global X Health & Wellness Thematic ETF, Global X Longevity Thematic ETF, Global X Millennials Thematic ETF and Global X U.S. Infrastructure Development ETF were $2,692 expiring 2020, $3,273 expiring 2021, $6,251 expiring 2020, $9,639 expiring 2021, $8,858 expiring 2020, $15,076 expiring 2021, $8,619 expiring 2020, and $39,593 expiring 2021, respectively.

Notes to financial statements (continued)

May 31, 2018 (Unaudited)

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)

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

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

BBH 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.

Notes to financial statements (continued)

May 31, 2018 (Unaudited)

4. INVESTMENT TRANSACTIONS

For the period ended May 31, 2018, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government, and short-term securities, were:

			Sales and
2018	Purchases		Maturities
Global X Fintech ETF	$	8,850,805	$	9,596,752
Global X Future Analytics Tech ETF		2,753,634		-
Global X Internet of Things ETF		4,676,073		3,681,890
Global X Robotics & Artificial Intelligence ETF		170,615,783		73,900,879
Global X Autonomous & Electric Vehicles ETF		4,745,039		1,340,593
Global X Health & Wellness Thematic ETF		1,049,254		892,982
Global X Longevity Thematic ETF		1,870,349		1,700,693
Global X Millennials Thematic ETF		1,319,884		1,390,163
Global X U.S. Infrastructure Development ETF		6,010,314		5,915,256
Global X Conscious Companies ETF		3,535,242		3,816,487
Global X Founder-Run Companies ETF		716,140		766,530
Global X Iconic U.S. Brands ETF		48,897		47,530

For each of the period ended May 31, 2018, and year ended November 30, 2017, in-kind transactions associated with creations and redemptions were:

			Sales and
2018	Purchases		Maturities		Realized Gain
Global X Fintech ETF	$	98,616,764	$	-	$	-
Global X Future Analytics Tech ETF		49,686,072		-		-
Global X Internet of Things ETF		22,636,282		-		-
Global X Robotics & Artificial Intelligence ETF		1,299,904,374		116,077,911		31,157,596
Global X Autonomous & Electric Vehicles ETF		53,758,775		15,265,125		6,550
Global X Health & Wellness Thematic ETF		4,082,377		760,428		191,142
Global X Longevity Thematic ETF		4,625,104		-		-
Global X Millennials Thematic ETF		6,919,388		-		-
Global X U.S. Infrastructure Development ETF		93,382,968		3,451,687		1,111,994
Global X Conscious Companies ETF		6,965,287		3,018,762		951,770
Global X Founder-Run Companies ETF		943,697		954,000		420,114
Global X Iconic U.S. Brands ETF		1,628,386		763,689		84,558

			Sales and
2017	Purchases		Maturities		Realized Gain
Global X FinTech ETF	$	45,393,262	$	-	$	-
Global X Internet of Things ETF		68,280,878		-		-
Global X Robotics & Artificial Intelligence ETF		1,321,223,760		75,881,515		18,793,667
Global X Health & Wellness Thematic ETF		703,240		-		-
Global X Longevity Thematic ETF		6,359,421		929,928		212,212
Global X Millennials Thematic ETF		8,047,486		1,764,759		520,267
Global X U.S. Infrastructure Development ETF		18,354,759		-		-
Global X Conscious Companies ETF		23,377,949		15,880,134		3,840,956
Global X Founder-Run Companies ETF		4,681,158		1,579,943		136,171
Global X Iconic U.S. Brands ETF		2,242,999		-		-

For the period ended May 31, 2018, there were no purchases or sales of long-term U.S. Government securities by the Funds.

Notes to financial statements (continued)

May 31, 2018 (Unaudited)

5. TAX INFORMATION

The tax character of dividends and distributions declared during the years or periods ended November 30, 2017 and November 30, 2016 were as follows:

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

Global X FinTech ETF
2017	$	–	$	–	$	–	$	–
2016		–		–		–		–
Global X Internet of Things ETF
2017	$	21,905	$	–	$	–	$	21,905
2016		–		–		–		–
Global X Robotics & Artificial Intelligence ETF
2017	$	2,133	$	–	$	–	$	2,133
2016		–		–		–		–
Global X Health & Wellness Thematic ETF
2017	$	7,508	$	–	$	–	$	7,508
2016		–		–		–		–
Global X Longevity Thematic ETF
2017	$	16,127	$	–	$	–	$	16,127
2016		–		–		–		–
Global X Millennials Thematic ETF
2017	$	12,412	$	–	$	–	$	12,412
2016		–		–		–		–
Global X U.S. Infrastructure Development ETF
2017	$	–	$	–	$	–	$	–
Global X Conscious Companies ETF
2017	$	328,342	$	–	$	–	$	328,342
2016		–		–		–		–
Global X Founder-Run Companies ETF
2017	$	–	$	–	$	–	$	–
Global X Iconic U.S. Brands ETF
2017	$	–	$	–	$	–	$	–

Notes to financial statements (continued)

May 31, 2018 (Unaudited)

5. TAX INFORMATION (continued)

As of November 30, 2017, the components of tax basis distributable earnings (accumulated losses) were as follows:

	Global X Funds
	Global X FinTech ETF		Global X Internet of Things ETF			Global X Robotics & Artificial Intelligence ETF
Undistributed Ordinary Income	$	47,894	$	837,387		$	97,517
Undistributed Long-Term Capital Gain		15,111		79,852			–
Capital Loss Carry Forawards		–		–			(3,825,057	)
Other Temporary Differences		1		(1	)		1
Unrealized Appreciation on Investments and Foreign Currency		3,137,935		8,423,521			127,030,128
Total Distributable Earnings	$	3,200,941	$	9,340,759		$	123,302,589

	Global X Funds
	Global X Health & Wellness Thematic ETF		Global X Longevity Thematic ETF			Global X Millennials Thematic ETF
Undistributed Ordinary Income	$	53,435	$	67,653		$	89,226
Undistributed Long-Term Capital Gain		16,672		14,947			20,902
Other Temporary Differences		1		–			–
Unrealized Appreciation on Investments and Foreign Currency		160,826		471,643			741,457
Total Distributable Earnings	$	230,934	$	554,243		$	851,585

	Global X Funds
	Global X U.S. Infrastructure Development ETF		Global X Conscious Companies ETF			Global X Founder-Run Companies ETF
Undistributed Ordinary Income	$	71,549	$	553,267		$	50,519
Undistributed Long-Term Capital Gain		–		–			1,176
Capital Loss Carry Forwards		–		(387,669	)		–
Unrealized Appreciation on Investments and Foreign Currency		1,763,785		4,742,519			182,553
Total Distributable Earnings	$	1,835,334	$	4,908,117		$	234,248

	Global X Funds
	Global X Iconic U.S. Brands ETF
Undistributed Ordinary Income	$	4,420
Post-October Losses		(20	)
Unrealized Appreciation on Investments and Foreign Currency		72,814
Total Distributable Earnings	$	77,214

Notes to financial statements (continued)

May 31, 2018 (Unaudited)

5. TAX INFORMATION (continued)

During the year ended November 30, 2017 the following funds utilized capital loss carryforwards to offset capital gains amounting to:

Global X Funds	Short-Term Loss			Long-Term Loss			Total
Global X Internet of Things ETF	$	592		$	-		$	592
Global X Longevity Thematic ETF		1,532			-			1,532
Global X Conscious Companies ETF		3,751			-			3,751

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

Global X Funds	Short-Term Loss			Long-Term Loss			Total
Global X Robotics & Artificial Intelligence ETF	$	(3,825,057	)	$	-		$	(3,825,057	)
Global X Conscious Companies ETF		(48,815	)		(338,854	)		(387,669	)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at May 31, 2018, were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Global X FinTech ETF	$	144,998,520	$	22,571,951	$	(4,333,441	)	$	18,238,510
Global X Future Analytics Tech ETF		52,439,707		875,603		(1,004,016	)		(128,413	)
Global X Internet of Things ETF		100,357,006		12,274,091		(3,803,863	)		8,470,228
Global X Robotics & Artificial Intelligence ETF		2,893,448,104		22,571,951		(68,078,173	)		(45,506,222	)
Global X Autonomous & Electric Vehicles ETF		41,836,025		1,137,474		(1,537,980	)		(400,506	)
Global X Health & Wellness Thematic ETF		5,991,376		611,758		(179,039	)		432,719
Global X Longevity Thematic ETF		12,022,905		1,803,720		(643,981	)		1,159,739
Global X Millennials Thematic ETF		17,532,231		3,263,919		(593,118	)		2,670,801
Global X U.S. Infrastructure Development ETF		109,257,190		4,228,541		(4,966,530	)		(737,989	)
Global X Conscious Companies ETF		47,875,145		7,406,027		(2,151,020	)		5,255,007
Global X Founder-Run Companies ETF		3,688,812		317,631		(185,306	)		132,325
Global X Iconic U.S. Brands ETF		3,188,016		134,721		(211,575	)		(76,854	)

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

Notes to financial statements (continued)

May 31, 2018 (Unaudited)

6. CONCENTRATION OF RISKS

The Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries. The securities markets of emerging countries are less liquid and subject to greater price volatility, and have a smaller market capitalization, than the U.S. securities markets. In certain countries, there may befewer publicly traded securities and the market may be dominated by a few issues or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations as are issuers and securities markets in the United States. In particular, the assets and profits appearing on the financial statements of emerging country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information may be publicly available about emerging country issuers than is available about issuers in the United States.

The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the underlying index in approximately the same proportions as in the underlying index.

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

A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.

Notes to financial statements (continued)

May 31, 2018 (Unaudited)

7. LOANS OF PORTFOLIO SECURITIES

Lending securities entails a risk of loss to the Funds if and to the extent that the market values of the securities loaned were to increase and the borrower did not increase the collateral accordingly and the borrower failed to return the securities. The Funds could also experience delays and costs gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. As of May 31, 2018, the Global X Robotics & Artificial Intelligence ETF had 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 securities or the securities’ current market value to the Funds. 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 collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested.

As of May 31, 2018 the value of securities on loan was $158,826,557, for the Global X Robotics & Artificial Intelligence ETF, and the value of securities purchased with the cash collateral held from securities on loan was $165,293,618 for the Global X Robotics & Artificial Intelligence ETF.

Notes to financial statements (continued)

May 31, 2018 (Unaudited)

7. LOANS OF PORTFOLIO SECURITIES (continued)

As of May 31, 2018, the following Fund had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X Robotics & Artificial Intelligence ETF
Citigroup	$	810,168	$	848,731
Credit Suisse		17,076,591		17,806,543
Deutsche Bank		4,976,708		5,078,700
Goldman Sachs & Co.		47,441,900		49,468,173
JPMorgan		964,379		1,011,000
Merrill Lynch Pierce Fenner & Smith		7,604,224		8,403,713
Morgan Stanley		19,977,850		20,942,938
MS Securities Services		6,274,462		6,403,050
Natl Financial Services Corp		2,951,920		3,069,080
UBS AG London Branch		49,117,233		50,597,140
UBS Securities LLC		1,631,122		1,664,550

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.

9. 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 February 12, 2018, Global X Management Company LLC ("Global X"), the Funds’ current investment adviser, entered into an agreement and plan of merger (the "Acquisition Agreement") pursuant to which MAGI Merger Sub LLC, a direct, wholly-owned subsidiary of Horizons ETFs Management (USA) LLC ("Horizons") and an indirect, wholly-owned subsidiary of Mirae Asset Global Investments Co., Ltd. ("Mirae"), would be merged with and into Global X (the "Transaction"), subject to certain conditions. Pursuant to the Acquisition Agreement, Horizons acquired all of the equity interests of Global X, and Global X became a direct, wholly-owned subsidiary of Horizons and an indirect, whollyowned subsidiary of Mirae. In this manner, Global X is ultimately controlled by Mirae. The Transaction closed on July 2, 2018 (such closing date being the "Effective Date").

Notes to financial statements (concluded)

May 31, 2018 (Unaudited)

9. SUBSEQUENT EVENTS (continued)

Under the Investment Company Act of 1940, as amended (the "1940 Act"), the closing of the Transaction resulted in a change of control of Global X, and the assignment and automatic termination of the Investment Advisory Agreements between the Trust, on behalf of the Funds, and Global X (together, the "Current Advisory Agreements").

As of July 27, 2018, the shareholders of the Funds have approved a new Investment Advisory Agreement between the Trust and Global X.

Disclosure of Fund Expenses (Unaudited)

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (December 1, 2017 to May 31, 2018).

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

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

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

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

Disclosure of Fund Expenses (Unaudited) (concluded)

	Beginning Account Value 12/1/2017		Ending Account Value 5/31/2018		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X FinTech ETF
Actual Fund Return	$	1,000.00	$	1,177.10		0.69	%	$	3.77
Hypothetical 5% Return		1,000.00		1,021.47		0.69			3.50
Global X Future Analytics Tech ETF*
Actual Fund Return	$	1,000.00	$	998.00		0.68	%	$	3.35	⁽²⁾
Hypothetical 5% Return		1,000.00		1,021.57		0.68			3.39
Global X Internet of Things ETF
Actual Fund Return	$	1,000.00	$	1,005.20		0.69	%	$	3.45
Hypothetical 5% Return		1,000.00		1,021.49		0.69			3.48
Global X Robotics & Artificial Intelligence ETF
Actual Fund Return	$	1,000.00	$	971.30		0.70	%	$	3.45
Hypothetical 5% Return		1,000.00		1,021.43		0.70			3.54
Global X Autonomous & Electric Vehicles ETF**
Actual Fund Return	$	1,000.00	$	1,007.30		0.68	%	$	3.41	⁽³⁾
Hypothetical 5% Return		1,000.00		1,021.53		0.68			3.43
Global X Health & Wellness Thematic ETF
Actual Fund Return	$	1,000.00	$	1,128.70		0.50	%	$	2.66
Hypothetical 5% Return		1,000.00		1,022.43		0.50			2.53
Global X Longevity Thematic ETF
Actual Fund Return	$	1,000.00	$	1,048.00		0.50	%	$	2.55
Hypothetical 5% Return		1,000.00		1,022.44		0.50			2.52
Global X Millennials Thematic ETF
Actual Fund Return	$	1,000.00	$	1,124.00		0.50	%	$	2.65
Hypothetical 5% Return		1,000.00		1,022.44		0.50			2.52
Global X U.S. Infrastructure Development ETF
Actual Fund Return	$	1,000.00	$	1,022.90		0.47	%	$	2.37
Hypothetical 5% Return		1,000.00		1,022.59		0.47			2.37
Global X Conscious Companies ETF
Actual Fund Return	$	1,000.00	$	1,038.40		0.43	%	$	2.19
Hypothetical 5% Return		1,000.00		1,022.79		0.43			2.17
Global X Founder-Run Companies ETF
Actual Fund Return	$	1,000.00	$	1,115.90		0.65	%	$	3.43
Hypothetical 5% Return		1,000.00		1,021.69		0.65			3.28
Global X Iconic U.S. Brands ETF*
Actual Fund Return	$	1,000.00	$	1,010.10		0.48	%	$	0.26
Hypothetical 5% Return		1,000.00		1,022.54		0.48			2.42

The Fund commenced operations on May 11, 2018.

^**

The Fund commenced operations on April 13, 2018.

⁽¹⁾

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

⁽²⁾

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 20/365 (to reflect the period from inception to date.)

⁽³⁾

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 48/365 (to reflect the period from inception to date.)

Approval of investment Advisory Agreement (Unaudited)

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

Approval of the Initial Investment Advisory and Supervision and Administration Agreements

On February 23, 2018, at an in person quarterly meeting (the “February Board Meeting”) of the Board of Trustees (the “Board”) of Global X Funds (the “Trust”) called for the purpose, the Board (including the Independent Trustees of the Trust, voting separately) considered and unanimously approved, (i) the initial approval of the Investment Advisory Agreement (each a “New Fund Investment Advisory Agreement”) for each of the Global X Future Analytics Tech ETF and the Global X Autonomous & Electric Vehicles ETF (each, a “New Fund”), and (ii) the initial approval of the Supervision and Administration Agreement between the Trust (each a “New Fund Supervision and Administration Agreement”), on behalf the each New Fund, and Global X Management, LLC (“Global X Management”). Each New Fund Investment Advisory Agreement and each New Fund Supervision and Administration Agreement are referred to herein, collectively, as the “New Fund Agreements.”

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

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

Nature, Extent and Quality of Services

With respect to this factor, the Board considered:

•

the terms of the New Fund Agreements and the range of services proposed to be provided to the New Funds in accordance with the New Fund Agreements;

•

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

•

Global X Management’s responsibilities under the New Fund Agreements to, among other things, (i) manage the investment operations of the New Funds and the composition of the New Funds’

Approval of investment Advisory Agreement (Continued) (Unaudited)

assets, including the purchase, retention and disposition of the New Funds’ holdings, (ii) provide quarterly reports to the Trust’s officers and the Board and other reports as the Board deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise all other rights appertaining to securities and assets held by the New Funds, (iv) select broker-dealers to execute portfolio transactions for the New Funds when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of the New Funds, and the periodic updating of the registration statement, prospectuses, statements of additional information, and other reports and documents for the New Funds that are required to be filed by the Trust with the Securities and Exchange Commission ("SEC") and other regulatory or governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including Creation Units) of the New Funds by shareholders and new investors;

•

the nature, extent and quality of all of the services (including advisory, administrative and compliance services) that are proposed to be provided by Global X Management or made available to the New Funds; and

•

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

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

Performance

The Board determined that, because the New Funds had not yet begun investment operations as of the date of the February Board Meeting, meaningful data relating to the investment performance of the New Funds was not available and, therefore, could not be a factor in approving the New Fund Agreements.

Cost of Services and Profitability

With respect to this factor, the Board considered:

•

Global X Management’s expected costs to provide investment management, supervision and administrative and related services to each New Fund;

•

the unitary fee (including the proposed investment advisory fee) ("Management Fee") that was proposed to be borne by each New Fund under the respective New Fund Agreements for the various investment advisory, supervisory and administrative services that the New Fund requires under a unitary fee structure (including the types of fees and expenses that are not included within the unitary fee and would be borne by the New Funds); and

•

the expected profitability to Global X Management, if any, from all of the services proposed to be provided to the New Funds by Global X Management and all aspects of the relationship between Global X Management and the New Funds.Based on these considerations, the Board concluded that the proposed Management Fee to be paid by the New Fund to Global X Management, in light

Approval of investment Advisory Agreement (Continued) (Unaudited)

of the nature, extent and quality of the services to be provided, was reasonable and in the best interests of the New Fund’s shareholders.

Based on these considerations, the Board concluded that the proposed Management Fee to be paid by each New Fund to Global X Management, in light of the nature, extent and quality of the services to be provided, was reasonable and in the best interests of the New Fund’s shareholders.

Comparison of Fees and Services

With respect to this factor, the Board considered:

•

comparative information with respect to the proposed Management Fee to be paid to Global X Management by each New Fund. In connection with this consideration, Global X Management provided the Board with comparative expense data for the New Funds, including fees and expenses paid by unaffiliated, similar specialized and/or focused ETFs and/or other comparable registered funds. The Board considered Global X Management’s detailed explanation of the proposed fee structures of any New Fund that was above the average and median for the New Fund’s peer group;

•

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

•

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

Based on these considerations, the Board concluded, at the February Board Meeting, that the services to be received and the fees to be charged under the applicable New Fund Agreements were reasonable on a comparative basis.

Economies of Scale

With respect to this factor, the Board considered:

•

the extent to which economies of scale would be realized as each New Fund grows and whether the proposed unitary Management Fee for the New Fund reflected these economies of scale;

Approval of investment Advisory Agreement (Concluded) (Unaudited)

•

the significant investment of time, personnel and other resources that Global X Management intends to make in the New Funds in order to seek to assure that each New Fund is attractive to investors; and

•

that the proposed unitary Management Fee would provide a high level of certainty as to the total level of expenses for each New Fund and its shareholders.

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

Other Benefits

In considering each New Fund Agreement, in addition to the factors discussed above, the Board considered at the February Board Meeting any other benefits that may be realized by Global X Management as a result of its relationships with the New Funds. As a result, the Board concluded that, in the case of each New Fund, in the exercise of the Board’s business judgement, all information the Board considered supported approval of the applicable New Fund Agreements.

Conclusion

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

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

Supplemental Information (Unaudited)

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

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

Shareholder Voting Results (Unaudited)

On May 11, 2018, a special Meeting of Shareholders of the Trust was held to elect the following four nominees to serve as members of the Board. Shares were voted as follows:

		Number of Shares Voted		% of Shares Voted			% of Total Outstanding Shares
Charles A. Baker	For		372,438,195		97.28	%		68.98	%
	Withheld		10,414,231		2.72	%		1.93	%

Luis Berruga	For		359,303,234		93.85	%		66.55	%
	Withheld		23,552,191		6.15	%		4.36	%

Sanjay Ram Bharwani	For		358,443,432		93.62	%		66.39	%
	Withheld		24,412,956		6.38	%		4.48	%

Clifford J. Weber	For		372,088,624		97.19	%		68.92	%
	Withheld		10,759,838		2.81	%		1.99	%

Notes

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1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser and Administrator:

Global X Management Company LLC

600 Lexington Avenue, 20^th Floor

New York, NY 10022

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

Stradley Ronon Stevens & Young, LLP

1250 Connecticut Avenue, N.W.

Suite 500

Washington, DC 20036

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

GLX-SA-007-0300

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual report.

Item 6. Schedule of Investments.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes.

Item 11. Controls and Procedures.

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

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

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

Not applicable to open-end management investment companies.

Items 13. Exhibits.

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

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

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

SIGNATURES

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

(Registrant)	Global X Funds


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

Date: August 3, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

Date: August 3, 2018


By (Signature and Title)*	/s/ Chang Kim
	Chang Kim
	Chief Financial Officer

Date: August 3, 2018

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

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