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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22209

Global X Funds

(Exact name of registrant as specified in charter)

600 Lexington Avenue, 20th Floor

New York, NY 10022

(Address of principal executive offices) (Zip code)

Bruno del Ama

Global X Management Company LLC

600 Lexington Avenue, 20th Floor

New York, NY 10022

(Name and address of agent for service)

With a copy to:

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

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

Date of fiscal year end: November 30, 2016

Date of reporting period: November 30, 2016

Item 1.     Reports to Stockholders.

Global X MLP ETF (ticker: MLPA)

Global X Junior MLP ETF (ticker: MLPJ)

Annual Report

November 30, 2016

TABLEOF CONTENTS

Management Discussion of Fund Performance (unaudited)	1
Schedules of Investments
Global X MLP ETF	5
Global X Junior MLP ETF	6
Statements of Assets and Liabilities	8
Statements of Operations	9
Statements of Changes in Net Assets	10
Financial Highlights	11
Notes to Financial Statements	12
Report of Independent Registered Public Accounting Firm	23
Disclosure of Fund Expenses (unaudited)	24
Approval of Investment Advisory Agreement (unaudited)	25
Supplemental Information (unaudited)	29
Trustees and Officers of the Trust (unaudited)	30

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

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

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

MANAGEMENT DISCUSSIONOF FUND PERFORMANCE (unaudited)

GLOBAL X MLP ETF

Global X MLP ETF

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

The Underlying Index is intended to give investors a means of tracking the performance of the energy infrastructure master limited partnership (“MLP”) asset class in the United States, which includes MLPs engaged in transportation, storage, and processing of natural resources.

For the 12-month period ended November 30, 2016 (the “reporting period”), the Fund increased 15.34%, while the Underlying Index increased 13.05%. The Fund had a net asset value of $10.56 per share on November 30, 2015 and ended the reporting period with a net asset value of $11.24 on November 30, 2016.

Over the period, the Fund outperformed its Underlying Index primarily because the Fund is structured as a C-Corp for tax purposes and therefore could use its deferred tax liability to offset losses.

During the reporting period, the highest returns came from DCP Midstream Partners LP and ONEOK Partners LP, which returned 52.26% and 51.41%, respectively. The worst performers were Targa Resources Partners LP and Shell Midstream Partners LP, which returned -50.57% and -18.51%, respectively.

The Fund invests in some of the largest and the most liquid midstream MLPs in the United States. Midstream MLPs operate toll road business models where they are compensated based on the volumes of natural gas or crude oil that they transport, store or process. As oil prices fell to the mid-$20 dollar per barrel range in Q1 2016, midstream MLPs sold off with the broader energy sector and experienced heightened volatility as the market became concerned about falling oil and natural gas output in the United States. However, as oil prices stabilized in the $40-50 per barrel range in Q2 to mid Q4, correlations between midstream MLPs and oil began to fall and midstream MLP volatility subsided. Despite the low oil price environment, many midstream MLPs were able to maintain or even grow their distributions over the reporting period given more consistent volume data and strong credit quality of counterparties.

	AVERAGE TOTAL RETURN FOR THE YEAR ENDED  NOVEMBER 30, 2016
	One Year Return		Three Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MLP ETF	15.34%	14.90%	-4.97%	-5.00%	0.48%	0.40%
Hybrid Solactive MLP Infrastructure Index/Solactive MLP Composite Index**	13.05%	13.05%	-6.15%	-6.15%	2.01%	2.01%
S&P 500 Index	8.06%	8.06%	9.07%	9.07%	12.92%	12.92%

Growth of a $10,000 Investment

(at Net Asset Value)

*The Fund commenced investment operations on April 18, 2012.

1

MANAGEMENT DISCUSSIONOF FUND PERFORMANCE (unaudited)

GLOBAL X MLP ETF

**Reflects performance of Solactive MLP Composite Index through March 31, 2015 and Solactive MLP Infrastructure Index thereafter.

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

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

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

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

Return shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above and on previous page.

2

MANAGEMENT DISCUSSIONOF FUND PERFORMANCE (unaudited)

GLOBAL X JUNIOR MLP ETF

Global X Junior MLP ETF

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

The Underlying Index is intended to give investors a means of tracking the overall performance of the small-capitalization segment of the master limited partnership (“MLP”) asset class in the United States, which includes MLPs engaged in transportation, storage, processing, refining, marketing, exploration, production, and mining of natural resources.

For the 12-month period ended November 30, 2016 (the “reporting period”), the Fund decreased 2.47%, while the Underlying Index decreased 2.04%. The Fund had a net asset value of $9.13 per share on November 30, 2015 and ended the reporting period with a net asset value of $8.11 on November 30, 2016.

During the reporting period, the highest returns came from TransMontaigne Partners LP and Enable Midstream Partners LP, which returned 89.78% and 87.59%, respectively. The worst performers were Calumet Specialty Products Partners LP and Foresight Energy LP, which returned -81.55% and -73.95%, respectively.

The Fund provides exposure to the small cap segment of the MLP market including those involved in upstream, midstream and downstream activities. Small cap MLPs tend to be more sensitive to changing prices in oil or natural gas than their mid and large cap counterparts, given less pricing power, greater counterparty risks, and higher costs of capital. While crude oil prices touched the mid-$20 dollar per barrel range during Q1 2016, oil’s stabilization in the $40-50 per barrel range in Q2 to mid Q4 brought greater stability to the junior MLP space. Over the reporting period, the Fund saw an average approximate allocation of 69.1% to Oil and Gas Storage and Transportation, 14.2% to Gas Utilities, and 9.9% to Oil and Gas Refining and Marketing.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR  ENDED NOVEMBER 30, 2016
	One Year Return		Three Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Junior MLP ETF	-2.47%	-2.36%	-12.89%	-12.81%	-7.70%	-7.65%
Solactive Junior MLP Composite Index	-2.04%	-2.04%	-13.49%	-13.49%	-6.60%	-6.60%
S&P 500 Index	8.06%	8.06%	9.07%	9.07%	13.31%	13.31%

Growth of a $10,000 Investment

(at Net Asset Value)

*The Fund commended investment operations on January 14, 2013.

3

MANAGEMENT DISCUSSIONOF FUND PERFORMANCE (unaudited)

GLOBAL X JUNIOR MLP ETF

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

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

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

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

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above and on previous page.

4

Schedule of Investments November 30, 2016

Global X MLP ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
MASTER LIMITED PARTNERSHIPS — 99.8%
Oil & Gas — 99.8%
Boardwalk Pipeline Partners		449,192	$	7,712,627
Buckeye Partners		343,318		22,089,080
DCP Midstream Partners		326,642		11,311,612
Enbridge Energy Partners		773,789		19,112,588
Energy Transfer Partners		877,247		30,808,915
EnLink Midstream Partners		560,219		9,815,037
Enterprise Products Partners		1,456,717		37,772,672
Equities Midstream Partners		211,597		15,495,248
Genesis Energy		361,835		12,642,515
Magellan Midstream Partners		437,751		30,314,257
MPLX		545,138		17,907,783
NuStar Energy		271,581		12,965,277
ONEOK Partners		436,517		18,246,411
Plains All American Pipeline		824,321		27,161,377
Shell Midstream Partners		318,444		8,782,686
Spectra Energy Partners		272,023		11,558,257
Sunoco Logistics Partners		649,723		15,391,938
Tallgrass Energy Partners		156,202		7,316,502
TC PipeLines		180,389		9,587,675
Tesoro Logistics		248,090		11,692,482
Western Gas Partners		283,162		16,160,055
Williams Partners		521,179		19,023,033
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $318,338,844)				372,868,027
TOTAL INVESTMENTS — 99.8% (Cost $318,338,844)			$	372,868,027

Percentages are based on Net Assets of $373,565,568.

As of November 30, 2016, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the year ended November 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

5

Schedule of Investments November 30, 2016

Global X Junior MLP ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
MASTER LIMITED PARTNERSHIPS — 99.7%
BERMUDA — 3.6%
Oil & Gas — 3.6%
Teekay LNG Partners		19,258	$	295,610
UNITED KINGDOM — 4.3%
Oil & Gas — 4.3%
Golar LNG Partners		15,640		348,459
UNITED STATES — 91.8%
Oil & Gas — 91.8%
Alliance Holdings GP		10,955		317,257
Alliance Resource Partners		15,222		360,761
Alon USA Partners		4,029		36,865
Archrock Partners		12,970		206,742
Black Stone Minerals		26,289		490,290
Cheniere Energy Partners		13,456		395,203
Columbia Pipeline Partners		19,079		327,205
Cone Midstream Partners		7,181		160,136
Crestwood Equity Partners		17,069		382,346
CVR Refining Partners		49,555		403,873
Delek Logistics Partners		3,228		82,475
Dominion Midstream Partners		7,197		184,243
Ferrellgas Partners		21,688		120,585
Global Partners		9,816		155,093
Holly Energy Partners		12,849		414,509
Martin Midstream Partners		10,333		175,661
NGL Energy Partners		28,435		527,469
NuStar GP Holdings		12,094		307,188
PBF Logistics		7,992		149,051
Rice Midstream Partners		18,494		398,546
Suburban Propane Partners		21,536		610,115
Summit Midstream Partners		13,040		292,748
SunCoke Energy Partners		6,077		120,325
Teekay Offshore Partners		38,567		210,961
Transmontaigne Partners		4,597		195,327
USA Compression Partners		8,298		148,783
Viper Energy Partners		5,002		78,531
Western Refining Logistics		9,160		188,696
TOTAL UNITED STATES				7,440,984
TOTAL INVESTMENTS — 99.7% (Cost $7,945,376)			$	8,085,053

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

6

Schedule of Investments November 30, 2016

Global X Junior MLP ETF

Percentages are based on Net Assets of $8,110,039.

As of November 30, 2016, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the year ended November 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

7

STATEMENTSOF ASSETSAND LIABILITIES

November 30, 2016

	Global X MLP   ETF			Global X Junior   MLP ETF
Assets:
Cost of Investments	$	318,338,844		$	7,945,376
Investments at Value	$	372,868,027		$	8,085,053
Cash		—			6,927
Receivable for Investment Securities Sold		13,570,703			—
Income Tax Receivable		1,237,799			26,453
Dividend and Interest Receivable		3,923			3,610
Prepaid Expenses		—			127
Total Assets		387,680,452			8,122,170
Liabilities:
Payable for Investment Securities Purchased		12,983,083			—
Due to Custodian		928,831			—
Payable due to Investment Adviser		138,766			4,904
Payable due to Broker		36,985			—
Franchise Tax Payable		25,869			7,227
Overdraft Fees		1,350			—
Total Liabilities		14,114,884			12,131
Net Assets	$	373,565,568		$	8,110,039
Net Assets Consist of:
Paid-in Capital	$	379,762,695		$	13,001,511
Distributions in Excess of Net Investment Income, Net of Taxes		(8,505,438	)		(2,136,455	)
Accumulated Net Realized Loss on Investments, Net of Taxes		(65,057,838	)		(2,898,373	)
Net Unrealized Appreciation on Investments, Net of Taxes		67,366,149			143,356
Net Assets	$	373,565,568		$	8,110,039
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		33,250,000			1,000,000
Net Asset Value, Offering and Redemption Price Per Share		$11.24			$8.11

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

8

STATEMENTSOF OPERATIONS

For the year ended November 30, 2016

	Global X   MLP ETF			Global X   Junior MLP   ETF
Investment Income:
Dividend Income	$	—		$	1
Distributions from Master Limited Partnerships		22,608,327			527,847
Less: Return of Capital Distributions		(22,608,327	)		(527,847	)
Interest Income		816			1
Total Investment Income		816			2
Supervision and Administration Fees(1)		1,230,833			47,360
Franchise Tax Expense		30,000			4,000
Custodian Fees		15,103			4,433
Total Expenses		1,275,936			55,793
Net Investment Loss, Before Taxes		(1,275,120	)		(55,791	)
Tax Benefit/(Expense), Net of Valuation Allowance		(630,661	)		(1,765	)
Net Investment Loss, Net of Taxes		(1,905,781	)		(57,556	)
Net Realized Loss on:
Investments		(38,492,703	)		(1,776,308	)
Tax Benefit/(Expense), Net of Valuation Allowance		(12,363,041	)		(40,429	)
Net Realized Loss on Investments, Net of Taxes		(50,855,744	)		(1,816,737	)
Net Change in Unrealized Appreciation on:
Investments		80,806,201			1,805,326
Tax Benefit/(Expense), Net of Valuation Allowance		12,900,146			42,194
Net Change in Unrealized Appreciation on Investments, Net of Taxes		93,706,347			1,847,520
Net Realized and Unrealized Gain on Investments, Net of Taxes		42,850,603			30,783
Net Increase (Decrease) in Net Assets Resulting from Operations	$	40,944,822		$	(26,773	)

⁽¹⁾  The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

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

9

STATEMENTSOF CHANGESIN NET ASSETS

	Global X MLP ETF						Global X Junior MLP ETF
	Year Ended   November 30,   2016			Year Ended   November 30,   2015			Year Ended   November 30,   2016			Year Ended   November 30,   2015
Operations:
Net Investment Loss, Net of Taxes	$	(1,905,781	)	$	(952,812	)	$	(57,556	)	$	(142,069	)
Net Realized Loss on Investments, Net of Taxes		(50,855,744	)		(15,959,328	)		(1,816,737	)		(2,721,562	)
Net Change in Unrealized Appreciation (Depreciation) on Investments, Net of Taxes		93,706,347			(37,791,394	)		1,847,520			(1,420,421	)
Net Increase (Decrease) in Net Assets Resulting from Operations		40,944,822			(54,703,534	)		(26,773	)		(4,284,052	)
Dividends and Distributions:
Net Investment Income		(429,219	)		—			—			(356,435	)
Tax Return of Capital		(21,600,606	)		(10,717,500	)		(557,000	)		(455,065	)
Total Dividends and Distributions		(22,029,825	)		(10,717,500	)		(557,000	)		(811,500	)
Capital Share Transactions:
Issued		213,606,280			157,345,198			2,686,310			—
Redeemed		(41,082,576	)		(52,075,865	)		(386,506	)		(5,474,719	)
Increase (Decrease) in Net Assets from Capital Share Transactions		172,523,704			105,269,333			2,299,804			(5,474,719	)
Total Increase (Decrease) in Net Assets		191,438,701			39,848,299			1,716,031			(10,570,271	)
Net Assets:
Beginning of Year		182,126,867			142,278,568			6,394,008			16,964,279
End of Year	$	373,565,568		$	182,126,867		$	8,110,039		$	6,394,008
Distributions in Excess of Net Investment Income, Net of Taxes	$	(8,505,438	)	$	(6,170,438	)	$	(2,136,455	)	$	(2,078,899	)
Share Transactions:
Issued		20,400,000			11,950,000			350,000			—
Redeemed		(4,400,000	)		(3,350,000	)		(50,000	)		(400,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		16,000,000			8,600,000			300,000			(400,000	)

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

10

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Year/Period

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

(1) The Fund commenced operations on April 18, 2012.

(2) The Fund commenced operations on January 14, 2013.

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

* Per share data calculated using average shares method.

** Total Return is based on the change in net asset value of a share during the year/period and assumes reinvestment of dividends and distributions at net asset value. Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

† Annualized.

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

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

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

11

NOTESTO FINANCIAL STATEMENTS

November 30, 2016

1. ORGANIZATION

The Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of November 30, 2016, the Trust had one hundred portfolios, fifty five of which were operational. The financial statements herein and the related notes pertain to the Global X MLP ETF and Global X Junior MLP ETF (each a “Fund”, and collectively, the “Funds”). Each Fund has elected non-diversification status.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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NOTESTO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security’s price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value their securities if an event that may materially affect the value of the Funds’ securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Funds calculate their net asset value. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC (the “Adviser”) becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate net asset value, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of November 30, 2016, 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

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NOTESTO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (continued)

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

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

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

For the year ended November 30, 2016, there have been no significant changes to the Funds’ fair valuation methodologies.

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

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

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits within the income tax expense line in the accompanying Statement of Operations. Accrued interest and penalties, if any, are included within the related tax liability line in the Statement of Assets and Liabilities. During the year ended November 30, 2016, Global X MLP ETF incurred $37,599 of interest or penalties while Global X Junior MLP ETF incurred $4 of interest or penalties.

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NOTESTO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

For the year ended November 30, 2016

	Current					Deferred					Total
	MLP			Junior MLP		MLP			Junior MLP		MLP			Junior MLP
Federal	$	96,750		$	-	$	14,235,469		$	11,609	$	14,332,219		$	11,609
State		(3,194	)		-		821,032			(4,993)		817,838			(4,993)
Valuation allowance		-			-		(15,056,501	)		(6,616)		(15,056,501	)		(6,616)
Total tax expense (benefit)	$	93,556		$	-	$	-		$	-	$	93,556		$	-

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

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

For the year ended November 30, 2016

	MLP			Junior MLP
Deferred tax assets:
Net unrealized loss on investment securities	$	-		$	87,392
Net operating loss carryforward		-			143,271
Capital loss carryforward		8,036,965			899,803
Other		133,194			39,538
Less Valuation Allowance		(535,140	)		(1,170,004	)
Less Deferred tax liabilities:
Net unrealized gain on investment securities		(7,635,019	)		-
Net Deferred Tax Asset	$	-		$	-

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

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NOTESTO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

	Year Ended		Amount		Expiration
Junior MLP		11/30/2015		62,479		11/30/2035
Junior MLP		11/30/2016		322,763		11/30/2036
The Funds have estimated capital loss carryforwards for federal tax income purposes as follows:
	Year Ended		Amount		Expiration
MLP		11/30/2016	$	21,756,808		11/30/2021
Junior MLP		11/30/2015		354,711		11/30/2020
Junior MLP		11/30/2016		2,064,766		11/30/2021

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

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

For the year ended November 30, 2016

	MLP				Junior MLP
Income tax (benefit) at statutory rate	$	14,363,432		35.00%	$	(9,103	)	-34.00%
State income taxes (net of federal benefit)		796,145		1.94%		(854	)	-3.19%
Change in estimated state rate		27,460		0.07%		(4,285	)	-16.00%
Permanent differences, net		(32,051	)	-0.08%		(1,047	)	-3.91%
Other adjustments		(4,929	)	-0.01%		21,905		81.81%
Change in valuation allowance		(15,056,501	)	-36.69%		(6,616	)	-24.71%
	$	93,556		0.23%	$	-		0.00%

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

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

16

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The Funds have accrued a state franchise tax liability for the year ended November 30, 2016. State franchise taxes are separate and distinct from state income taxes. State franchise taxes are imposed on a corporation for the right to conduct business in the state and typically are based off the net worth or capital apportioned to a state. Due to the nature of the Funds’ investments, the Funds may be required to file franchise state returns in several states.

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

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global X MLP ETF		$352,199,326		$ 27,090,140		$(6,421,439	)		$20,668,701
Global X Junior MLP ETF		8,320,036		630,524		(865,507	)		(234,983	)

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

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

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

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

For the year ended November 30, 2016, the Funds made the following tax basis distributions from MLP distributions received.

	MLP		Junior MLP
Net investment income	$	429,219	$	-
Return of capital		21,600,606		557,000
Total	$	22,029,825	$	557,000

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NOTESTO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

CREATION UNITS – The Funds issue and redeem shares (“Shares”) at Net Asset Value (“NAV”) and only in large blocks of Shares (each block of Shares for a Fund is called a “Creation Unit” or multiples thereof). Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an investor on the same day. The creation fee may be waived for a Fund until it reaches a certain asset size. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to the custodian on the date of such redemption, regardless of the number of Creation Units redeemed that day.

If a Creation Unit is purchased or redeemed for cash, a higher transaction fee will be charged. The following table discloses the Creation Unit breakdown:

	Creation   Unit Shares	Creation Fee	Value at November 30, 2016	Redemption   Fee
Global X MLP ETF	50,000	$  500	$562,000	$  500
Global X Junior MLP ETF	50,000	500	405,500	500

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

3. RELATED PARTY TRANSACTIONS

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

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

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NOTESTO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2016

3. RELATED PARTY TRANSACTIONS (concluded)

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

Cohen & Company, Ltd. (“Cohen”) prepares Federal form 1120 and state tax returns for the Funds. In addition, among other things, Cohen has been engaged to assist the Funds in the calculation of the current and deferred tax provisions for financial statement purposes for the Funds’ year ended November 30, 2016.

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

Brown Brothers Harriman & Co. (“BBH”), located at 50 Post Office Square, Boston, MA 02110, serves as Custodian of the Funds’ assets. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds, (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As compensation for these services, the Custodian receives certain out-of-pocket costs, transaction fees and asset-based fees, which are accrued daily and paid monthly by the Adviser from its fees. BBH also serves as Transfer Agent. As Transfer Agent, BBH has agreed to (1) issue and redeem shares of each Fund, (2) make dividend and other distributions to shareholders of each Fund, (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts, and (5) make periodic reports to the Funds. As compensation for these services, the Transfer Agent receives certain out of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

4. INVESTMENT TRANSACTIONS

For the year ended November 30, 2016, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government and short-term securities were:

	Purchases		Sales
Global X MLP ETF	$	103,848,931	$	168,496,003
Global X Junior MLP ETF		3,944,989		4,709,852

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NOTESTO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2016

4. INVESTMENT TRANSACTIONS (concluded)

For the years ended November 30, 2015 and November 30, 2016, in-kind transactions associated with creations and redemptions were, respectively:

2015	Purchases		Sales and Maturities		Realized Gain/(Loss)
Global X MLP ETF	$	157,123,773	$	-	$	-
Global X Junior MLP ETF		-		-		-
2016	Purchases		Sales and Maturities		Realized Gain/(Loss)
Global X MLP ETF	$	213,710,271	$	-	$	-
Global X Junior MLP ETF		2,683,645		-		-

For the year ended November 30, 2016, there were no purchases or sales of long term U.S. Government securities for the Funds.

5. CONCENTRATION OF RISKS

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

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

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

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

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

20

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2016

5. CONCENTRATION OF RISKS (concluded)

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

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

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

6. LOANS OF PORTFOLIO SECURITIES

The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Security loans made pursuant to a securities lending agreement are required at all times to be secured by collateral equal to at least 102% for U.S.-based securities and 105% for foreign based securities. Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements or U.S. Treasury obligations and is recognized in the Schedule of Investments and Statement of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statement of Assets and Liabilities. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. As of November 30, 2016, the Funds had no securities on loan.

7. CONTRACTUAL OBLIGATIONS

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

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

21

NOTESTO FINANCIAL STATEMENTS (CONCLUDED)

November 30, 2016

8. REGULATORY MATTERS

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

9. SUBSEQUENT EVENTS

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

22

REPORTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of Global X Funds, as defined:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Global X MLP ETF and Global X Junior MLP ETF (two of the series constituting Global X Funds, hereafter referred to as the “Funds”) as of November 30, 2016, the results of each of their operations, the changes in each of their net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of November 30, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The statements of changes in net assets for the year ended November 30, 2015 and the financial highlights for each of the years or periods ended on or prior to November 30, 2015 were audited by other auditors whose report dated January 29, 2016 expressed an unqualified opinion on those financial statements and financial highlights.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

January 30, 2017

23

DISCLOSUREOF 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 (June 1, 2016 to November 30, 2016).

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 6/1/2016		Ending Account Value 11/30/2016		Annualized Expense Ratios(2)		Expenses Paid During Period(1)
Global X MLP ETF
Actual Fund Return		$1,000.00		$1,051.30		0.45%		$2.31
Hypothetical 5% Return		1,000.00		1,022.75		0.45		2.28
Global X Junior MLP ETF
Actual Fund Return		$1,000.00		$1,059.60		0.75%		$3.86
Hypothetical 5% Return		1,000.00		1,021.25		0.75		3.79

⁽¹⁾  Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period.)

⁽²⁾  During the year ended November 30, 2016 the Funds had a tax benefit. During periods/years when the Funds have a tax expense, expenses could be higher.

24

APPROVALOF INVESTMENT ADVISORY AGREEMENT (unaudited)

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

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

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

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

Nature, Extent and Quality of Services

With respect to this factor, the Board considered:

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

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

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

25

APPROVALOF INVESTMENT ADVISORY AGREEMENT (unaudited)

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

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

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

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

Performance

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

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

Cost of Services and Profitability

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

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

26

APPROVALOF INVESTMENT ADVISORY AGREEMENT (unaudited)

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

Comparison of Fees and Services

With respect to this factor, the Board considered:

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

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

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

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

Economies of Scale

With respect to this factor, the Board considered:

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

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

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

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

27

APPROVALOF INVESTMENT ADVISORY AGREEMENT (unaudited)

Other Benefits

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

Conclusion

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

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

28

SUPPLEMENTAL INFORMATION (unaudited)

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

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

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

29

TRUSTEESAND OFFICERSOFTHE TRUST (unaudited)

Set forth below are the names, addresses, year of birth, position with the Trust, term of office and length of time served, the principal occupations for the last five years, number of funds in fund complex overseen by the Trustees, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust.

Name,         Address         (Year of         Birth)	Position(s)         Held         with         Funds	Principal Occupation(s) During the Past 5 Years	Number of         Funds in         Trust         Overseen         by Trustee	Other Directorships Held         by Trustees
Independent Trustees2
Sanjay Ram Bharwani 600 Lexington Avenue, 20th Floor New York, NY 10022 (1974)	Trustee (since 2008)	CEO of Risk Advisors Inc. (since 2007) (consulting firm).	553	None.
Scott R. Chichester1 600 Lexington Avenue, 20th Floor New York, NY 10022 (1970)	Trustee (since 2008)	CFO, AdeptPros Inc. (app development, training and consulting) (since 2012); Founder, Madison Park Advisors LLC (advisory services) (since 2011); CFO, Sterling Seal & Supply Inc. (since 2011), President & Treasurer, Bayview Acquisition Corp (since 2010), CPA, Penda Aiken Inc. (2009-2011) (consultant); Founder and President, DirectPay USA LLC (since 2006) (payroll company); Proprietor, Scott R. Chichester CPA (since 2001) (CPA firm).	553	Director of AdeptPros Inc. (since 2015); Director of Sterling Seal & Supply Inc. (since 2011);Director of Bayview Acquisition Corp. (since 2010); Trustee of ARK ETF Trust (since 2014).
Kartik Kiran Shah 600 Lexington Avenue, 20th Floor New York, NY 10022 (1977)	Trustee (since 2008)	President and Chief Business Officer, Oxeia Biopharmaceuticals, Inc. (2015-Present); Vice President, Business Development, Cynvenio Biosystems (2012-2014); Independent Consultant, Self-Employed (2011-2012) (non-financial services); Director, Wireless Generation (2008-2011) (software).	553	Director of Oxeia Biopharmaceuticals, Inc. (2015-Present).

30

TRUSTEESAND OFFICERSOFTHE TRUST (unaudited)

The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-493-8631. The following chart lists Trustees and Officers as of November 30, 2016.

Name, Address         (Year of Birth)	Position(s) Held     with Funds	Principal Occupation(s) During the Past 5 Years	Number of Funds     in Trust Overseen by Trustee	Other Directorships Held by Trustees
Interested Trustee / Officers2
Bruno del Ama 600 Lexington Avenue, 20th Floor New York, NY 10022 (1976)	Trustee (since 2008), President, Chief Executive Officer (since 2008)	Chief Executive Officer, Global X Management Company (“GXMC”) (since 2008); Chief Compliance Officer, GXMC (2008-2013).	553	None.
Luis Berruga 600 Lexington Avenue, 20th Floor New York, NY 10022 (1977)	Chief Operating Officer, Treasurer, Principal Accounting Officer and Chief Financial Officer (since 9/2015).	Chief Financial Officer, GXMC (since 9/2015) and Chief Operating Officer (since 2/2014); Investment Banker, Jefferies (2012-2014); Regional Product Specialist, Morgan Stanley (2005 - 2012).	N/A	N/A
Daphne Tippens Chisolm 600 Lexington Avenue, 20th Floor New York, NY 10022 (1969)	Secretary (since 2012)	General Counsel, GXMC (since 2011); Chief Compliance Officer, GXMC (1/2014 - 5/2014 and 2/2015-9/2016)	N/A	N/A
Joe Costello 600 Lexington Avenue, 20th Floor New York, NY 10022 (1974)	Chief Compliance Officer (since 9/2016).	Chief Compliance Officer, FlexShares Funds (2011-2015); Vice President, Northern Trust Investments (2003 - 2015).	N/A	N/A

31

TRUSTEESAND OFFICERSOFTHE TRUST (unaudited)

Name, Address (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Other Directorships       Held by Trustees
Lisa Whittaker4 One Freedom Valley Drive Oaks, PA 19456 (1978)	Assistant Secretary (since 2013)	Counsel at SEI Investments (since 2012); Associate Counsel and Compliance Officer at The Glendale Trust Company (2011-2012); Associate of Drinker Biddle & Reath LLP (2006-2011).	N/A
Eric Kleinschmidt 4 One Freedom Valley Drive Oaks, PA 19456 (1968)	Assistant Treasurer (since 2016)	Director, Fund Accounting, SEI Investments Global Funds Services (2004 to present).	N/A

¹  Mr. Chichester is currently married to a sister of Mr. del Ama’s wife. While an “immediate family member” (as defined in Section 2(a)(19) of the 1940 Act) of Mr. del Ama would be considered an Interested Person, Mr. Chichester is not considered an immediate family member for this purpose. Although this fact was taken into consideration in determining whether Mr. Chichester should be considered to be an Independent Trustee for purposes of the Section 2(a)(19) of the 1940 Act, it was determined that this relationship was not one that should disqualify Mr. Chichester from serving as an Independent Trustee of the Trust.

²  Each Trustee serves until his or her successor is duly elected or appointed and qualified.

³  As of November 30, 2016, the Trust had one hundred investment portfolios, fifty-five of which were operational.

⁴  These officers of the Trust also serve as officers of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor.

32

600 Lexington Avenue, 20^th Floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser and Administrator:

Global X Management Company LLC

600 Lexington Avenue, 20^th Floor

New York, NY 10022

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

Stradley Ronon Stevens & Young, LLP

1250 Connecticut Avenue, N.W.

Suite 500

Washington, DC 20036

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

GLX-AR-005-0500

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

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

Annual Report

November 30, 2016

TABLEOF CONTENTS

Management Discussion of Fund Performance (unaudited)	1
Schedules of Investments
Global X MLP  & Energy Infrastructure ETF	5
Global X SuperDividend® Alternatives ETF	7
Statements of Assets and Liabilities	10
Statements of Operations	11
Statements of Changes in Net Assets	12
Financial Highlights	13
Notes to Financial Statements	14
Report of Independent Registered Public Accounting Firm	25
Disclosure of Fund Expenses (unaudited)	26
Approval of Investment Advisory Agreement (unaudited)	27
Supplemental Information (unaudited)	31
Trustees and Officers of the Trust (unaudited)	32
Notice to Shareholders (unaudited)	35

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.

MANAGEMENT DISCUSSIONOF FUND PERFORMANCE (unaudited)

Global X MLP & Energy Infrastructure ETF

Global X MLP & Energy Infrastructure ETF

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

The Underlying Index tracks the performance of master limited partnerships (“MLPs”) and energy infrastructure corporations. Energy infrastructure MLPs and corporations principally own and operate assets used in energy logistics, including, but not limited to, pipelines, storage facilities and other assets used in transporting, storing, gathering, and processing natural gas, natural gas liquids, crude oil or refined products.

For the 12-month period ended November 30, 2016 (the “reporting period”), the Fund increased 15.45%, while the Underlying Index increased 16.93%. The Fund had a net asset value of $13.47 per share on November 30, 2015 and ended the reporting period with a net asset value of $14.82 on November 30, 2016.

During the reporting period, the highest returns came from ONEOK and Spectra Energy, which returned 99.58% and 64.05%, respectively. The worst performers were Targa Resources Partners LP and Marathon Petroleum, which returned -50.57% and -40.77%, respectively.

The Fund provides tax efficient exposure to midstream MLPs, the general partners of midstream MLPs and energy infrastructure corporations. Midstream MLPs operate toll road business models where they are compensated based on the volumes of natural gas or crude oil that they transport, store, or process. As oil prices fell to the mid-$20 dollar per barrel range in Q1 2016, midstream MLPs sold off with the broader energy sector and experienced heighted volatility as the market became concerned about falling oil and natural gas output in the United States. However, as oil prices stabilized in the $40-50 per barrel range in Q2 to mid-Q4, correlations between midstream MLPs and oil began to fall and midstream MLP volatility subsided. Despite the low oil price environment, many midstream MLPs were able to maintain or even grow their distributions over the reporting period given more consistent volume data and strong credit quality of counterparties.

General partners of MLPs and energy infrastructure corporations generally have more flexibility in their distribution policies than MLPs and over the reporting period we saw some of these entities take advantage of this flexibility. In some cases, the general partners of midstream MLPs cut their distributions and used the additional available cash flow to invest in their associated MLPs or to exempt their associated MLPs from making required distributions to the general partner via incentive distribution rights. In addition, some energy infrastructure companies reduced their distributions in order to free up additional cash flows that could be used to reduce debt and fund organic growth opportunities.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2016
	One Year Return		Three year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X MLP & Energy Infrastructure ETF	15.45%	15.61%	1.91%	1.97%	2.91%	3.07%
Solactive MLP & Energy Infrastructure Index	16.93%	16.93%	2.60%	2.60%	3.58%	3.58%
S&P 500 Index	8.06%	8.06%	9.07%	9.07%	10.44%	10.44%

Growth of a $10,000 Investment

(at Net Asset Value)

*The Fund commenced investment operations on August 6, 2013.

1

MANAGEMENT DISCUSSIONOF FUND PERFORMANCE (unaudited)

Global X MLP & Energy Infrastructure ETF

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

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

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

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

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above and on previous page.

2

MANAGEMENT DISCUSSIONOF FUND PERFORMANCE (unaudited)

Global X SuperDividend^® Alternatives ETF

Global X SuperDividend^® Alternatives ETF

The Global X SuperDividend^® Alternatives ETF (“Fund”) seeks to track, before fees and expenses, the price and yield performance of the Index SuperDividend^® Alternatives Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is comprised of securities that rank among the highest dividend-yielding securities in each eligible category of alternative income investments, at the time of Underlying Index reconstitution, as defined by the index provider. Alternative income investments that are eligible for inclusion in the Underlying Index fall into one of four classes: Master Limited Partnerships (“MLPs”) and Infrastructure, Real Estate, Institutional Managers, and Fixed Income and Derivative Strategies. The MLPs and Infrastructure categories primarily consist of units of MLPs and shares of infrastructure companies. The Real Estate category provides exposure to global Real Estate Investment Trusts (“REITs”), and gains this exposure through investing directly in the Global X SuperDividend^® REIT ETF. The Institutional Managers category primarily consists of shares of business development companies and publicly listed private equity companies. The Fixed Income and Derivative Strategies category includes exposure to emerging market debt, mortgage and asset backed securities, and option-writing primarily through the purchase of publicly traded closed-end funds. Each of the Underlying Index components is selected from a universe of securities that are publicly traded in the U.S. The Underlying Index assigns weights to each of the four categories in a method that seeks to equalize the volatility contribution of each category, which assigns less weight to higher volatility categories and more weight to lower volatility categories. The Underlying Index is reconstituted annually, but may rebalance quarterly if any one category deviates more than 3% from its target weight.

For the 12-month period ended November 30, 2016 (the “reporting period”), the Fund increased 11.04%, while the Underlying Index increased 11.92%. The Fund had a net asset value of $14.43 per share on November 30, 2015 and ended the reporting period with a net asset value of $14.65 on November 30, 2016.

During the reporting period, the highest returns came from Empire District Electric and DCP Midstream Partners, which returned 53.46% and 52.26%, respectively. The worst performers were Ferrellgas Partners and CVR Refining, which returned -70.52% and -62.37%, respectively.

The Fund seeks to provide exposure to the highest yielding securities from a variety of alternative income-generating asset classes including real estate, master limited partnerships & infrastructure, business development companies, and fixed income & derivative strategies. The Fund benefited from the stable interest rate environment which only saw one rate increase of the Federal Funds Rate during the reporting period. Over the reporting period, the Fund had an average approximate exposure of 33.3% to fixed income and derivative strategies, 31.0% to REITs, 19.7% to business development companies, and 14.7% to MLPs and Infrastructure.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2016
	One Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X SuperDividend® Alternatives ETF	11.04%	12.30%	6.29%	7.11%
Index SuperDividend® Alternatives Index	11.92%	11.92%	7.16%	7.16%
S&P 500 Index	8.06%	8.06%	5.69%	5.69%

Growth of a $10,000 Investment

(at Net Asset Value)

*The Fund commenced investment operations on July 13, 2015.

3

MANAGEMENT DISCUSSIONOF FUND PERFORMANCE (unaudited)

Global X SuperDividend^® Alternatives ETF

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

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

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

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

Returns shown do not reflect the deduction of taxes that a shareholder would, pay on Fund distributions or the redemption of Fund shares.

See definition, of comparative indices above and on previous page.

4

Schedule of Investments November 30, 2016

Global X MLP & Energy Infrastructure ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 76.3%
Oil & Gas — 76.3%
Cheniere Energy*		152,864	$	6,246,023
Cheniere Energy Partners Holdings		116,929		2,567,761
Enbridge^		274,610		11,544,604
Enbridge Energy Management *		183,812		4,591,624
EnLink Midstream		155,782		2,850,810
EQT		119,622		8,383,110
Kinder Morgan		532,834		11,828,915
ONEOK		114,103		6,267,678
Plains GP Holdings, Cl A		167,286		5,881,776
SemGroup, Cl A		166,517		6,002,938
Spectra Energy		250,078		10,240,694
Tallgrass Energy GP, Cl A		118,711		2,872,806
TransCanada^		254,180		11,394,889
Williams		291,244		8,941,191
TOTAL COMMON STOCK (Cost $97,466,071)				99,614,819
MASTER LIMITED PARTNERSHIPS — 23.5%
Oil & Gas — 23.5%
Antero Midstream Partners		13,548		381,647
Boardwalk Pipeline Partners		24,536		421,283
Buckeye Partners		27,785		1,787,687
DCP Midstream Partners		18,029		624,344
Enable Midstream Partners		14,888		232,551
Energy Transfer Partners		107,348		3,770,062
EnLink Midstream Partners		30,621		536,480
Enterprise Products Partners		225,071		5,836,091
Equities Midstream Partners		11,473		840,168
Genesis Energy		19,814		692,301
Magellan Midstream Partners		45,170		3,128,022
MPLX		51,607		1,695,290
NuStar Energy		14,765		704,881
ONEOK Partners		34,009		1,421,576
Phillips 66 Partners		7,684		346,779
Plains All American Pipeline		81,034		2,670,070
Shell Midstream Partners		17,415		480,306
Spectra Energy Partners		14,905		633,313

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

5

Schedule of Investments November 30, 2016

Global X MLP & Energy Infrastructure ETF

	Shares		Value
MASTER LIMITED PARTNERSHIPS — continued
Oil & Gas — continued
Tallgrass Energy Partners		8,528	$	399,452
TC PipeLines		9,815		521,667
Tesoro Logistics		13,462		634,464
Valero Energy Partners		4,156		167,986
Western Gas Partners		15,450		881,732
Williams Partners		49,446		1,804,779
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $28,827,736)				30,612,931
TOTAL INVESTMENTS — 99.8% (Cost $126,293,807)			$	130,227,750

Percentages are based on Net Assets of $130,450,934.

^ Canadian security listed on the New York Stock Exchange and Toronto Stock Exchange.

* Non-income producing security.

Cl — Class

As of November 30, 2016, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the year ended November 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

6

Schedule of Investments November 30, 2016

Global X SuperDividend^® Alternatives ETF

Sector Weightings (unaudited)†:

 

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

	Shares		Value
REGISTERED INVESTMENT COMPANIES — 32.8%
BlackRock Global Opportunities Equity Trust		10,406	$	118,837
BlackRock Income Trust		19,733		123,134
Brookfield Mortgage Opportunity Income Fund		8,499		124,170
Brookfield Total Return Fund		5,686		120,998
Eaton Vance Risk-Managed Diversified Equity Income Fund		13,570		120,909
Eaton Vance Tax Managed Global Buy Write Opportunities Fund		11,578		120,527
Morgan Stanley Emerging Markets Domestic Debt Fund		15,876		112,402
Nuveen Mortgage Opportunity Term Fund		5,272		126,897
Stone Harbor Emerging Markets Income Fund		8,058		113,860
Templeton Emerging Markets Income Fund		11,588		123,296
Voya Global Equity Dividend and Premium Opportunity Fund		17,775		121,759
Western Asset Emerging Markets Debt Fund		7,839		114,136
Western Asset Emerging Markets Income Fund		11,075		117,838
Western Asset Mortgage Defined Opportunity Fund		5,337		121,630
TOTAL REGISTERED INVESTMENT COMPANIES (Cost $1,775,338)				1,680,393
COMMON STOCK — 31.4%
Financials — 21.4%
American Capital *		4,308		74,658
Ares Capital		4,728		75,837
BlackRock Capital Investment		8,765		64,949
Fifth Street Finance		12,493		67,087
Goldman Sachs BDC		3,334		76,715
Golub Capital BDC		3,921		72,342
Hercules Capital		5,353		73,122
Main Street Capital		2,141		77,976
Medley Capital		9,573		74,957
New Mountain Finance		5,303		75,303
PennantPark Investment		9,735		72,428
Prospect Capital		8,961		72,136

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

7

Schedule of Investments November 30, 2016

Global X SuperDividend^® Alternatives ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Solar Capital		3,537	$	71,624
TCP Capital		4,431		74,840
TPG Specialty Lending		4,011		73,522
				1,097,496
Industrials — 1.3%
Macquarie Infrastructure		827		67,764
Utilities — 8.7%
Avangrid		1,629		58,921
CenterPoint Energy		2,930		69,910
Duke Energy		846		62,409
Entergy		887		60,964
FirstEnergy		2,058		64,395
PPL		1,969		65,882
Southern		1,327		62,130
				444,611
TOTAL COMMON STOCK (Cost $1,606,108)				1,609,871
EXCHANGE TRADED FUNDS — 26.0%
AllianzGI NFJ Dividend Interest & Premium Strategy Fund		10,142		128,296
Global X SuperDividend REIT ETF (A)		83,989		1,205,242
TOTAL EXCHANGE TRADED FUNDS (Cost $1,345,195)				1,333,538
MASTER LIMITED PARTNERSHIPS — 9.3%
Industrials — 1.5%
Icahn Enterprises		1,347		77,870
Oil & Gas — 6.1%
CVR Refining		7,764		63,277
DCP Midstream Partners		1,928		66,766
Enbridge Energy Partners		2,678		66,146
Martin Midstream Partners		3,432		58,344
Sunoco		2,347		56,563
				311,096
Utilities — 1.7%
Ferrellgas Partners		5,846		32,504
Suburban Propane Partners		2,045		57,935
				90,439
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $542,392)				479,405
TOTAL INVESTMENTS — 99.5% (Cost $5,269,033)			$	5,103,207

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

8

Schedule of Investments November 30, 2016

Global X SuperDividend^® Alternatives ETF

Percentages are based on Net Assets of $5,126,603.

* Non-income producing security.

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

ETF — Exchange Traded Fund

REIT — Real Estate Investment Trust

As of November 30, 2016, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the year ended November 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

9

STATEMENTSOF ASSETSAND LIABILITIES

November 30, 2016

	Global X MLP &		Global X
	Energy Infrastructure ETF		SuperDividend® Alternatives ETF
Assets:
Cost of Investments	$	126,293,807	$	4,050,120
Cost of Affiliated Investments		—		1,218,913
Cost of Foreign Currency		1,594		—
Investments, at Value	$	130,227,750	$	3,897,965
Affiliated Investments, at Value		—		1,205,242
Cash		82,964		15,355
Foreign Currency, at Value		1,594		—
Receivable for Investment Securities Sold		4,463,315		—
Dividend and Interest Receivable		180,909		11,169
Reclaim Receivable		11,385		—
Total Assets		134,967,917		5,129,731
Liabilities:
Payable for Investment Securities Purchased		4,455,442		—
Payable due to Investment Adviser		42,976		3,128
Due to Broker		18,565		—
Total Liabilities		4,516,983		3,128
Net Assets	$	130,450,934	$	5,126,603
Net Assets Consist of:
Paid-in Capital	$	165,501,610	$	5,299,681
Undistributed (Distributions in Excess of) Net Investment Income		1,855,410		(19,533)
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(40,840,029)		12,281
Net Unrealized Appreciation (Depreciation) on Investments and Affiliated Investments		3,933,943		(165,826)
Net Assets	$	130,450,934	$	5,126,603
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		8,800,000		350,000
Net Asset Value, Offering and Redemption Price Per Share	$	14.82	$	14.65

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

10

STATEMENTSOF OPERATIONS

For the year ended November 30, 2016

	Global X MLP & Energy Infrastructure ETF			Global X SuperDividend® Alternatives ETF
Investment Income:
Dividend Income	$	3,039,410		$	121,481
Dividend Income, from Affiliated Investments		—			54,010
Interest Income		327			—
Security Lending Income		5,745			—
Less: Foreign Taxes Withheld		(100,414	)		—
Total Investment Income		2,945,068			175,491
Supervision and Administration Fees(1)		408,261			17,477
Tax Expense		3,110			—
Custodian Fees		108			4
Total Expenses		411,479			17,481
Net Investment Income		2,533,589			158,010
Net Realized Gain (Loss) on:
Investments		(20,081,531	)(2)		5,548
Affiliated Investments		—			(3,980	)
Net Realized Gain (Loss) on Investments		(20,081,531	)		1,568
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		29,248,244			(117,029	)
Affiliated Investments		—			12,446
Net Change in Unrealized Appreciation (Depreciation) on Investments		29,248,244			(104,583	)
Net Realized and Unrealized Gain (Loss) on Investments		9,166,713			(103,015	)
Net Increase in Net Assets Resulting from Operations	$	11,700,302		$	54,995

⁽¹⁾  The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Fund for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

⁽²⁾  Includes realized gains/(losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements.)

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

11

STATEMENTSOF CHANGESIN NET ASSETS

	Global X MLP & Energy Infrastructure ETF						Global X SuperDividend®     Alternatives ETF
	Year Ended			Year Ended			Year Ended			Period Ended
	November 30,			November 30,			November 30,			November 30,
	2016			2015			2016			2015(1)
Operations:
Net Investment Income	$	2,533,589		$	2,348,736		$	158,010		$	44,257
Net Realized Gain (Loss) on Investments & Affiliated Investments		(20,081,531	)(2)		(6,786,745	)(2)		1,568			(13,899	)
Net Change in Unrealized Appreciation (Depreciation) on Investments & Affiliated Investments		29,248,244			(32,887,323	)		(104,583	)		(61,243	)
Net Increase (Decrease) in Net Assets Resulting from Operations		11,700,302			(37,325,332	)		54,995			(30,885	)
Dividends and Distributions from:
Net Investment Income		(4,335,500	)		(2,675,966	)		(167,364	)		(29,850	)
Return of Capital		—			(2,003,930	)		(21,650	)		—
Total Dividends and Distributions		(4,335,500	)		(4,679,896	)		(189,014	)		(29,850	)
Capital Share Transactions:
Issued		50,083,651			96,869,878			3,817,357			1,504,000
Redeemed		(24,679,663	)		(136,918,957	)		—			—
Increase (Decrease) in Net Assets from Capital Share Transactions		25,403,988			(40,049,079	)		3,817,357			1,504,000
Total Increase (Decrease) in Net Assets		32,768,790			(82,054,307	)		3,683,338			1,443,265
Net Assets:
Beginning of Year/Period		97,682,144			179,736,451			1,443,265			—
End of Year/Period	$	130,450,934		$	97,682,144		$	5,126,603		$	1,443,265
Undistributed (Distributions in Excess of) Net Investment Income	$	1,855,410		$	(2	)	$	(19,533	)	$	7,739
Share Transactions:
Issued		3,700,000			5,550,000			250,000			100,000
Redeemed		(2,150,000	)		(7,800,000	)		—			—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		1,550,000			(2,250,000	)		250,000			100,000

⁽¹⁾  The Fund commenced operations on July 13, 2015.

⁽²⁾  Includes realized gains (losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements.)

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

12

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios                       

For a Share Outstanding Throughout the Year/Period                      

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*	Net Realized and Unrealized Gain (Loss) on Investments ($)	Total from Operations ($)	Distribution from Net Investment Income ($)	Return of Capital ($)	Total from Distributions ($)	Net Asset Value, End of Period ($)	Total Return (%)**	Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)			Portfolio Turnover (%)††
Global X MLP & Energy Infrastructure ETF
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
2016		14.43	0.99#	0.53^	1.52	(1.15)	(0.15)	(1.30)	14.65	11.04		5,127		0.75			6.78	#	30.80
2015(2)		15.04	0.45	(0.76)	(0.31)	(0.30)	—	(0.30)	14.43	(2.02)		1,443		0.75	†		8.04	†	21.50

* Per share data calculated using average shares method.

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

† Annualized.

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

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

# See Note 8 in the Notes to Financial Statements.

(1) The Fund commenced operations on August 6, 2013.

(2) The Fund commenced operations on July 13, 2015.

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

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

13

NOTESTO FINANCIAL STATEMENTS

November 30, 2016

1. ORGANIZATION

The Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of November 30, 2016, the Trust had one hundred portfolios, fifty five of which were operational. The financial statements herein and the related notes pertain to the Global X MLP & Energy Infrastructure ETF and the Global X SuperDividend^® Alternatives ETF (each a “Fund” and collectively, the “Funds”). Each Fund has elected non-diversification status.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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.

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

14

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third- party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security’s price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

15

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (continued)

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a fair value committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Fund may fair value its securities if an event that may materially affect the value of the Fund’s securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Funds calculate their net asset value. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC (the “Adviser”) becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate their net asset value, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of November 30, 2016, 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 Fund has the ability to access at the measurement date

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

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

16

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (concluded)

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

For the year ended November 30, 2016, there have been no significant changes to the Funds’ fair valuation methodologies.

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

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

As of and during the year ended November 30, 2016, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year, the Funds did not incur any interest or penalties.

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 the ex-dividend date.

17

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

CREATION UNITS – The Funds issue and redeem shares (“Shares”) at Net Asset Value (“NAV”) and only in large blocks of Shares, (each block of Shares for a Fund is called a “Creation Unit” or multiples thereof). Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an investor on the same day. The creation fee may be waived for a Fund until it reaches certain asset size. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to the custodian on the date of such redemption, regardless of the number of Creation Units redeemed that day.

If a Creation Unit is purchased or redeemed for cash, a higher transaction fee will be charged. The following table discloses Creation Unit breakdown:

	Creation       Unit Shares		Creation Fee		Value at November 30, 2016		Redemption     Fee
Global X MLP & Energy Infrastructure ETF		50,000		$500		$741,000	$500
Global X SuperDividend® Alternatives ETF		50,000		$500		$732,500	$500

3. RELATED PARTY TRANSACTIONS

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

	Supervision and
	Administration Fee
Global X MLP & Energy Infrastructure ETF	0.45%
Global X SuperDividend® Alternatives ETF	0.75%

18

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2016

3. RELATED PARTY TRANSACTIONS (continued)

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

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

Brown Brothers Harriman & Co. (“BBH”), located at 50 Post Office Square, Boston, MA 02110, serves as Custodian of the Funds’ assets. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds, (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As compensation for these services, the Custodian receives certain out-of-pocket costs, transaction fees and asset-based fees, which are accrued daily and paid monthly by the Adviser from its fees. BBH also serves as Transfer Agent. As Transfer Agent, BBH has agreed to (1) issue and redeem shares of the Funds, (2) make dividend and other distributions to shareholders of the Funds, (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts, and (5) make periodic reports to the Funds. As compensation for these services, the Transfer Agent receives certain out of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

The Global X SuperDividend^® Alternatives ETF may invest in affiliated securities. The following is a summary of transactions with affiliates for the year ended November 30, 2016:

			Changes in
Value at	Purchases at	Proceeds	Unrealized	Realized	Value at	Dividend
11/30/2015	Cost	from Sales	Appreciation	Loss	11/30/16	Income
Global X SuperDividend® Alternatives ETF
Global X SuperDividend® REIT ETF
$444,917	$1,128,724	$(376,865)	$12,446	$(3,980)	$1,205,242	$54,010

19

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2016

4. INVESTMENT TRANSACTIONS

For the year ended November 30, 2016, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government and short-term securities were:

	Purchases		Sales
Global X MLP & Energy Infrastructure ETF		$    52,904,474		$    60,824,843
Global X SuperDividend® Alternatives ETF		749,080		769,019

For the year or period ended November 30, 2015, and November 30, 2016, in-kind transactions associated with creations and redemptions were, respectively:

2015	Purchases		Sales and         Maturities		Realized         Gain/(Loss)
Global X MLP & Energy Infrastructure ETF	$	96,599,530	$	72,401,134	$	7,766,267
Global X SuperDividend® Alternatives ETF		1,503,715		-		-

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

During the year ended November 30, 2016, there were no purchases or sales of long-term U.S. Government securities for the Funds.

5. TAX INFORMATION

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

The following differences, primarily attributable to investments in regulated investment companies and partnerships, have been reclassified to/from the following accounts during the fiscal year ended November 30, 2016.

		Undistributed
		Net	Accumulated
	Paid-in	Investment	Net Realized
Global X Funds	Capital	Income	Gain (Loss)
Global X MLP & Energy Infrastructure ETF	$1,955,734	$3,657,323	$(5,613,057)
Global X SuperDividend® Alternatives ETF	(26)	(17,918)	17,944

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

20

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2016

5. TAX INFORMATION (continued)

The tax character of dividends and distributions declared during the years or periods ended November 30, 2016 and November 30, 2015 were as follows:

	Ordinary Income		Long-Term     Capital Gain		Return of Capital		Totals
Global X MLP & Energy Infrastructure ETF
2016		$    4,335,500		$            —		$                —		$    4,335,500
2015		2,675,966		—		2,003,930		4,679,896
Global X SuperDividend® Alternatives ETF
2016		165,795		1,569		21,650		189,014
2015		29,850		—		—		29,850

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

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

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

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

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

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at November 30, 2016, were as follows:

			Aggregated		Aggregated
			Gross		Gross			Net
	Federal Tax		Unrealized		Unrealized			Unrealized
Global X Funds	Cost		Appreciation		Depreciation			Depreciation
Global X MLP & Energy Infrastructure ETF	$	144,366,145	$	10,843,953	$	(24,982,348	)	$	(14,138,395	)
Global X SuperDividend® Alternatives ETF		5,276,282		119,969		(293,044	)		(173,075	)

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

21

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2016

6. CONCENTRATION OF RISKS

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

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

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

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

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.

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.

22

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2016

6. CONCENTRATION OF RISKS (continued)

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 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 November 30, 2016, the Funds had no securities on loan.

8. CHANGE IN ACCOUNTING ESTIMATE

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

9. CONTRACTUAL OBLIGATIONS

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

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.

23

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

November 30, 2016

10. REGULATORY MATTERS

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

11. SUBSEQUENT EVENTS

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

24

REPORTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of Global X Funds, as defined:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Global X MLP & Energy Infrastructure ETF and Global X SuperDividend^® Alternatives ETF (two of the series constituting Global X Funds, hereafter referred to as the “Funds”) as of November 30, 2016, the results of each of their operations, the changes in each of their net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of November 30, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The statements of changes in net assets for the year or period ended November 30, 2015 and the financial highlights for each of the years or periods ended on or prior to November 30, 2015 were audited by other auditors whose report dated January 29, 2016 expressed an unqualified opinion on those financial statements and financial highlights.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

January 30, 2017

25

DISCLOSUREOF 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 (June 1, 2016 to November 30, 2016).

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 6/1/2016		Ending Account Value 11/30/2016		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X MLP & Energy Infrastructure ETF
Actual Fund Return		$1,000.00		$1,166.40		0.45	%		$2.44
Hypothetical 5% Return		1,000.00		1,022.75		0.45			2.28
Global X SuperDividend® Alternatives ETF
Actual Fund Return		$1,000.00		$1,044.60		0.75	%		$3.83
Hypothetical 5% Return		1,000.00		1,021.25		0.75			3.79

⁽¹⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period.)

26

APPROVALOF INVESTMENT ADVISORY AGREEMENT (unaudited)

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

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

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

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

Nature, Extent and Quality of Services

With respect to this factor, the Board considered:

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

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

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

27

APPROVALOF INVESTMENT ADVISORY AGREEMENT (unaudited)

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

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

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

Performance

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

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

Cost of Services and Profitability

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

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

28

APPROVALOF INVESTMENT ADVISORY AGREEMENT (unaudited)

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

Comparison of Fees and Services

With respect to this factor, the Board considered:

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

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

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

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

Economies of Scale

With respect to this factor, the Board considered:

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

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

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

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

29

APPROVALOF INVESTMENT ADVISORY AGREEMENT (unaudited)

Other Benefits

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

Conclusion

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

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

30

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

31

TRUSTEESAND OFFICERSOFTHE TRUST (unaudited)

Set forth below are the names, addresses, year of birth, position with the Trust, term of office and length of time served, the principal occupations for the last five years, number of funds in fund complex overseen by the Trustees, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust.

Name, Address (Year of Birth)	Position(s)    Held  with  Funds	Principal Occupation(s) During the Past 5 Years	Number of    Funds in  Trust  Overseen  by Trustee	Other Directorships Held by Trustees
Independent Trustees2
Sanjay Ram Bharwani 600 Lexington Avenue, 20th Floor New York,   NY 10022 (1974)	Trustee (since 2008)	CEO of Risk Advisors Inc. (since 2007) (consulting firm).	553	None.
Scott R. Chichester1 600 Lexington Ave, 20th Floor New York, NY 10022 (1970)	Trustee (since 2008)	CFO, AdeptPros Inc. (app development, training and consulting) (since 2012); Founder, Madison Park Advisors LLC (advisory services) (since 2011); CFO, Sterling Seal & Supply Inc. (since 2011), President & Treasurer, Bayview Acquisition Corp (since 2010), CPA, Penda Aiken Inc. (2009-2011) (consultant); Founder and President, DirectPay USA LLC (since 2006) (payroll company); Proprietor, Scott R. Chichester CPA (since 2001) (CPA firm).	553	Director of AdeptPros Inc. (since 2015); Director of Sterling Seal & Supply Inc. (since 2011);Director of Bayview Acquisition Corp. (since 2010); Trustee of ARK ETF Trust (since 2014).
Kartik Kiran Shah 600 Lexington Ave, 20th Floor New York, NY 10022 (1977)	Trustee (since 2008)	President and Chief Business Officer, Oxeia Biopharmaceuticals, Inc. (2015-Present); Vice President, Business Development, Cynvenio Biosystems (2012-2014); Independent Consultant, Self-Employed (2011-2012) (non-financial services); Director, Wireless Generation (2008-2011) (software).	553	Director of Oxeia Biopharmaceuticals, Inc. (2015-Present).

32

TRUSTEESAND OFFICERSOFTHE TRUST (unaudited)

The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-493-8631. The following chart lists Trustees and Officers as of November 30, 2016.

Name, Address    (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Number of Funds   in Trust Overseen by Trustee	Other   Directorships Held   by Trustees
Interested Trustee / Officers2
Bruno del Ama 600 Lexington Ave, 20th Floor New York, NY 10022 (1976)	Trustee (since 2008), President, Chief Executive Officer (since 2008)	Chief Executive Officer, Global X Management Company (“GXMC”) (since 2008); Chief Compliance Officer, GXMC (2008-2013).	553	None.
Luis Berruga 600 Lexington Ave, 20th Floor New York, NY 10022 (1977)	Chief Operating Officer, Treasurer, Principal Accounting Officer and Chief Financial Officer (since 9/2015).	Chief Financial Officer, GXMC (since 9/2015) and Chief Operating Officer (since 2/2014); Investment Banker, Jefferies (2012-2014); Regional Product Specialist, Morgan Stanley (2005 - 2012).	N/A	N/A
Daphne Tippens Chisolm 600 Lexington Ave, 20th Floor New York, NY 10022 (1969)	Secretary (since 2012).	General Counsel, GXMC (since 2011); Chief Compliance Officer, GXMC (1/2014 - 5/2014 and 2/2015 - 9/2016).	N/A	N/A
Joe Costello 600 Lexington Ave, 20th Floor New York, NY 10022 (1974)	Chief Compliance Officer (since 9/2016).	Chief Compliance Officer, FlexShares Funds (2011- 2015); Vice President, Northern Trust Investments (2003 - 2015).	N/A	N/A

33

TRUSTEESAND OFFICERSOFTHE TRUST (unaudited)

Name, Address (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustees
Lisa Whittaker4 One Freedom Valley Drive     Oaks, PA 19456 (1978)	Assistant Secretary (since 2013).	Counsel at SEI Investments (since 2012); Associate Counsel and Compliance Officer at The Glendale Trust Company (2011-2012); Associate of Drinker Biddle & Reath LLP (2006-2011).	N/A
Eric Kleinschmidt4 One Freedom Valley Drive Oaks, PA 19456 (1968)	Assistant Treasurer (since 2016).	Director, Fund Accounting, SEI Investments Global Funds Services (2004 to present).	N/A

¹  Mr. Chichester is currently married to a sister of Mr. del Ama’s wife. While an “immediate family member” (as defined in Section 2(a)(19) of the 1940 Act) of Mr. del Ama would be considered an Interested Person, Mr. Chichester is not considered an immediate family member for this purpose. Although this fact was taken into consideration in determining whether Mr. Chichester should be considered to be an Independent Trustee for purposes of the Section 2(a)(19) of the 1940 Act, it was determined that this relationship was not one that should disqualify Mr. Chichester from serving as an Independent Trustee of the Trust.

²  Each Trustee serves until his or her successor is duly elected or appointed and qualified.

³  As of November 30, 2016, the Trust had one hundred investment portfolios, fifty-five of which were operational.

⁴  These officers of the Trust also serve as officers of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor.

34

NOTICETO SHAREHOLDERS (unaudited)

For shareholders that do not have a November 30, 2016 tax year end, this notice is for informational purposes only. For shareholders with a November 30, 2016 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended November 30, 2016, the Fund has designated the following items with regard to distributions paid during the year.

	Long-Term Capital Gain   Distributions	Ordinary Income   Distributions	Return of       Capital	Total         Distributions	Qualifying for Corporate Dividends Received   Deduction (1)	Qualifying   Dividend Income (2)	U.S.   Government   Interest (3)	Interest Related   Dividends (4)	Short Term   Capital Gain   Dividends (5)	Foreign Tax   Credit
Global X MLP & Energy Infrastructure ETF	0.00%	100.00%	0.00%	100.00%	38.33%	47.24%	0.00%	0.00%	0.00%	0.00%
Global X SuperDividend® Alternatives ETF	0.83%	87.72%	11.45%	100.00%	97.59%	90.86%	0.00%	0.01%	0.00%	0.00%

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

⁽²⁾ The percentage in this column represents the amount of “Qualifying Divident Income” as created by the jobs and Growth Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net invenstment income distributions). It is the intention of the Fund to designate the maximum amount permitted by law.

⁽³⁾ “U.S. Government Interest” represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax.

⁽⁴⁾ The percentage in this column represents the amount of “Interest Related Dividend” is reflected as a percentage of ordinary income distributions. Interest related dividends is exempted from U.S. withholding tax when paid to forgeign investors.

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

35

NOTES

600 Lexington Avenue, 20^th Floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser and Administrator:

Global X Management Company LLC

600 Lexington Avenue, 20^th Floor

New York, NY 10022

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

Stradley Ronon Stevens & Young, LLP

1250 Connecticut Avenue, N.W.

Suite 500

Washington, DC 20036

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

GLX-AR-006-0400

Global X FinTech Thematic ETF (ticker: FINX)

Global X Internet of Things Thematic ETF (ticker: SNSR)

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

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

Global X Longevity Thematic ETF (ticker: LNGR)

Global X Millennials Thematic ETF (ticker: MILN)

Global X Conscious Companies ETF (ticker: KRMA)

Annual Report

November 30, 2016

TABLEOF CONTENTS

Management Discussion of Fund Performance (unaudited)	1
Schedules of Investments
Global X FinTech Thematic ETF	15
Global X Internet of Things Thematic ETF	18
Global X Robotics & Artificial Intelligence Thematic ETF	21
Global X Health & Wellness Thematic ETF	24
Global X Longevity Thematic ETF	28
Global X Millennials Thematic ETF	33
Global X Conscious Companies ETF	36
Statements of Assets and Liabilities	41
Statements of Operations	43
Statements of Changes in Net Assets	45
Financial Highlights	47
Notes to Financial Statements	48
Report Of Independent Registered Public Accounting Firm	57
Disclosure of Fund Expenses (unaudited)	58
Approval of Investment Advisory Agreement (unaudited)	60
Supplemental Information (unaudited)	67
Trustees and Officers of the Trust (unaudited)	68

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

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

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

MANAGEMENT DISCUSSIONOF FUND PERFORMANCE (unaudited)

Global X FinTech Thematic ETF

Global X FinTech Thematic ETF

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

The Underlying Index is designed to provide exposure to exchange-listed companies in developed markets that provide financial technology products and services, including companies involved in mobile payments, peer-to-peer and marketplace lending, financial analytics software and alternative currencies, as defined by the index provider.

For the period from the Fund’s commencement date on September 12, 2016 through November 30, 2016 (the “reporting period”), the Fund decreased 1.13%, while the Underlying Index decreased 1.00%. The Fund had a net asset value of $15.08 per share on September 12, 2016 and ended the reporting period with a net asset value of $14.91 on November 30, 2016.

During the reporting period, the highest returns came from Temenos Group AG and HealthEquity, Inc., which returned 43.31% and 34.94%, respectively. The worst performers were Leonteq AG and OnDeck Capital, Inc., which returned -65.57% and -53.77%, respectively.

The Fund invests in companies involved in the rapidly expanding Financial Technology industry. These companies are often involved in developing disruptive innovations that compete with or are complementary to existing financial services businesses. FinTech companies have been particularly active in digital payments and processing, peer-to-peer lending services, crowd funding, investment management, and business services. Over the reporting period, the Fund saw an average approximate exposure of 41.9% to the Data Processing and Outsourced Services sub-industry, 35.2% to Application Software, and 7.3% to Internet Software and Services. Geographically, the Fund maintained a high allocation of 67.8% to stocks in the United States, followed by Germany at 7.6%, and Switzerland at 7.3%.

	AVERAGE TOTAL RETURN FOR THE                 PERIOD ENDED NOVEMBER 30, 2016
	Cumulative Inception to Date*
	Net Asset Value	Market Price
Global X FinTech Thematic ETF	-1.13%	-1.13%
Indxx Global FinTech Thematic Index	-1.00%	-1.00%
S&P 500 Index	2.35%	2.35%

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund Commenced operations on September 12, 2016.

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

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representaion of the future results of the Fund. The fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and

1

MANAGEMENT DISCUSSIONOF FUND PERFORMANCE (unaudited)

Global X FinTech Thematic ETF

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

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

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

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

See definition of comparative indices on previous page.

2

MANAGEMENT DISCUSSIONOF FUND PERFORMANCE (unaudited)

Global X Internet of Things Thematic ETF

Global X Internet of Things Thematic ETF

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

The Underlying Index is designed to provide exposure to exchange-listed companies in developed markets that facilitate the Internet of Things industry, including companies involved in wearable technology, home automation, connected automotive technology, sensors, networking infrastructure/software, smart metering and energy control devices, as defined by the index provider. The Internet of Things refers to the network of physical objects (devices, vehicles, equipment, homes, buildings) that are connected to the internet through embedded devices and software, which allows these physical objects to collect, analyze and exchange data.

For the period from the Fund’s commencement date on September 12, 2016 through November 30, 2016 (the “reporting period”), the Fund increased 3.19%, while the Underlying Index increased 3.37%. The Fund had a net asset value of $15.04 per share on September 12, 2016 and ended the reporting period with a net asset value of $15.52 on November 30, 2016.

During the reporting period, the highest returns came from Itron, Inc. and Alarm.com Holdings, Inc., which returned 78.58% and 68.49%, respectively. The worst performers were Fitbit, Inc. and Wasion Group Holdings Ltd., which returned -70.89% and -41.06%, respectively.

The Fund provides exposure to companies that stand to potentially benefit from the broader adoption of the Internet of Things (IoT). The IoT theme considers the development and manufacturing of semiconductors and sensors, integrated products and solutions, and applications serving smart grids, smart homes, connected cars, and the industrial internet. SNSR transcends the typical sector, industry and geographic classifications in order to provide exposure to an evolving theme of the transformation of interactions with tech -enabled devices. Over the reporting period, the Fund saw an average approximate allocation of 34.3% to the Semiconductors sub-industry, 15.6% to Electrical Components & Equipment, and 11.0% to Communications Equipment. Geographically, the Fund’s exposures came predominately from the United States at 63.7% and Switzerland at 15.3%.

	AVERAGE TOTAL RETURN FOR THE         PERIOD ENDED NOVEMBER 30, 2016
	Cumulative Inception to Date*
	Net Asset Value	Market Price
Global X Internet of Things Thematic ETF	3.19%	3.86%
Indxx Global Internet of Things Thematic Index	3.37%	3.37%
S&P 500 Index	2.35%	2.35%

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on September 12, 2016.

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

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, if may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representaion of the future results of the Fund. The fund’s performance assumes the reinvestment of all dividends and all

3

MANAGEMENT DISCUSSIONOF FUND PERFORMANCE (unaudited)

Global X Internet of Things Thematic ETF

capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and

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

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

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

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

See definition of comparative indices on previous page.

4

MANAGEMENT DISCUSSIONOF FUND PERFORMANCE (unaudited)

Global X Robotics & Artificial Inteligence Thematic ETF

Global X Robotics & Artificial Intelligence Thematic ETF

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

The Underlying Index is designed to provide exposure to exchange-listed companies in developed markets that are involved in the development of robotics and/or artificial intelligence, including companies involved in developing industrial robots and production systems, automated inventory management, unmanned vehicles, voice/image/text recognition, and medical robots or robotic instruments, as defined by the index provider.

For the period from the Fund’s commencement date on September 12, 2016 through November 30, 2016 (the “reporting period”), the Fund increased 0.20%, while the Underlying Index increased 0.28%. The Fund had a net asset value of $14.84 per share on September 12, 2016 and ended the reporting period with a net asset value of $14.87 on November 30, 2016.

During the reporting period, the highest returns came from John Bean Technologies Corp. and iRobot Corp., which returned 85.76% and 72.26%, respectively. The worst performers were Parrot SA and Transenterix, Inc., which returned -60.31% and -42.21%, respectively.

The Fund provides exposure to companies involved in the ideation, design, creation, and application of programmable automated devices. Technological advances in robotics and artificial intelligence are revolutionizing manufacturing, defense, transportation, medicine, and agriculture. The Fund transcends the typical sector, industry and geographic classifications by tracking an evolving theme. Over the reporting period, the Fund saw an average approximate allocation of 30.5% in Industrial Machinery, 11.5% in Electronic Equipment & Instruments, and 11.0% in Health Care Equipment. Geographically, the Fund’s exposures came predominately from Japan at 48.6% and the United States at 20.9%.

	AVERAGE TOTAL RETURN FOR THE PERIOD ENDED NOVEMBER 30, 2016
	Cumulative Inception to Date*
	Net Asset Value	Market Price
Global X Robotics & Arificial Intelligence Thematic ETF	0.20%	1.42%
Indxx Global Robotics & Atrificial Intellegence Thematic Index	0.28%	0.28%
S&P 500 Index	2.35%	2.35%

(at Net Asset Value)

* The Fund Commenced operations an September 12, 2016.

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

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representaion of the future results of the Fund. The fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and

5

MANAGEMENT DISCUSSIONOF FUND PERFORMANCE (unaudited)

Global X Robotics & Artificial Intelligence Thematic ETF

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

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

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

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

See definition of comparative indices on previous page.

6

MANAGEMENT DISCUSSIONOF FUND PERFORMANCE (unaudited)

Global X Health & Wellness Thematic ETF

Global X Health & Wellness Thematic ETF

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

The Underlying Index is designed to provide exposure to exchange-listed companies in developed markets that provide products and services that facilitate physical wellness through active and healthy lifestyles, including but not limited to companies involved in fitness equipment, fitness technology, athletic apparel, nutritional supplements, and organic/natural food offerings, as defined by the index provider.

For the period from the Fund’s commencement date on May 9, 2016 through November 30, 2016 (the “reporting period”), the Fund decreased 2.71%, while the Underlying Index decreased 2.34%. The Fund had a net asset value of $15.13 per share on May 9, 2016 and ended the reporting period with a net asset value of $14.72 on November 30, 2016.

During the reporting period, the highest returns came from Li Ning Co. Ltd. and Nutrisystem, Inc., which returned 76.35% and 64.61%, respectively. The worst performers were Fitbit, Inc. and Sports Direct International Plc, which returned -70.89% and -64.12%, respectively.

The Fund provides exposure to companies that sell products or services that promote a healthy lifestyle through physical activity, nutrition, and general well-being. The Fund transcends the typical sector, industry and geographic classifications in order to provide exposure to an evolving theme. Over the reporting period, the Fund saw an average approximate allocation of 20.3% in the Apparel, Accessories & Luxury sub-industry, followed by 20.0% in the Packaged Foods & Meats sub-industry, and 15.0% in Footwear sub-industry. Geographically, the Fund’s exposures came predominately from the United States at 47.5% and Japan at 13.6%.

	AVERAGE TOTAL RETURN FOR THE PERIOD ENDED NOVEMBER 30, 2016
	Cumulative Inception to Date*
	Net Asset Value	Market Price
Global X Health & Wellness Thematic ETF	-2.71%	-1.47%
Indxx Global Health & Wellness Thematic Index	-2.34%	-2.34%
S&P 500 Index	8.19%	8.19%

Growth of a 10,000 Investment

(at Net Asset Value)

*The Fund commenced operations on May 9, 2016.

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

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representaion of the future results of the Fund. The fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and

7

MANAGEMENT DISCUSSIONOF FUND PERFORMANCE (unaudited)

Global X Health & Wellness Thematic ETF

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

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

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

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

See definition of comparative indices on previous page.

8

MANAGEMENT DISCUSSIONOF FUND PERFORMANCE (unaudited)

Global X Longevity Thematic ETF

Global X Longevity Thematic ETF

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

The Underlying Index is designed to provide exposure to exchange-listed companies in developed markets that facilitate the demographic trend of longer average life spans and the aging of the global population, including but not limited to companies involved in biotechnology, medical devices, pharmaceuticals, senior living facilities and specialized health care services, as defined by the index prov ider.

For the period from the Fund’s commencement date on May 9, 2016 through November 30, 2016 (the “reporting period”), the Fund decreased 0.98%, while the Underlying Index decreased 0.75%. The Fund had a net asset value of $15.32 per share on May 9, 2016 and ended the reporting period with a net asset value of $15.17 on November 30, 2016.

During the reporting period, the highest returns came from TESARO, Inc. and ARIAD Pharmaceuticals, Inc., which returned 165.85% and 110.3%, respectively. The worst performers were Intra-Cellular Therapies, Inc. and Novocure Ltd., which returned -73.86% and -68.17%, respectively.

The Fund invests in companies that sell products and services that support the world’s growing senior population. These companies include, but are not limited to, pharmaceuticals, medical device producers, biotech firms, health care REITs, and health care service providers. Companies focused on serving the needs of seniors are becoming an increasingly important component of global economy as the proportion of seniors aged 65 and older to other age groups continues to grow rapidly. The Fund transcends the typical sector, industry and geographic classifications in order to provide exposure to an evolving theme. Over the reporting period, the Fund saw an average approximate allocation of 36.1% in the Health Care Equipment sub-industry, followed by 32.7% in the Biotechnology sub-industry, and 11.2% in Health Care REIT space. Geographically, the Fund’s exposures came predominately from the United States at 70.6% and Denmark at 5.9%.

	AVERAGE TOTAL RETURN FOR THE PERIOD ENDED NOVEMBER 30, 2016
	Cumulative Inception to Date*
	Net Asset Value	Market Price
Global X Longevity Thematic ETF	-0.98%	1.27%
Indxx Global Longevity Thematic Index	-0.75%	-0.75%
S&P 500 Index	8.19%	8.19%

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on May 9, 2016.

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

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representaion of the future results of the Fund. The fund’s performance assumes the reinvestment of all dividends and all

9

MANAGEMENT DISCUSSIONOF FUND PERFORMANCE (unaudited)

Global X Longevity Thematic ETF

capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and

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

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

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

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

See definition of comparative indices on previous page.

10

MANAGEMENT DISCUSSIONOF FUND PERFORMANCE (unaudited)

Global X Millennials Thematic ETF

Global X Millennials Thematic ETF

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

The Underlying Index is designed to measure the performance of U.S. listed companies that provide exposure to the millennial generation, as defined by the index provider. The millennial generation refers to the demographic cohort in the U.S. with birth years ranging from 1980 to 2000.

For the period from the Funds commencement date on May 4, 2016 through November 30, 2016 (the “reporting period”), the Fund increased 4.21%, while the Underlying Index increased 4.41%.The Fund had a net asset value of $14.95 per share on May 4, 2016 and ended the reporting period with a net asset value of $15.58 on November 30, 2016.

During the reporting period, the highest returns came from The Children’s Place, Inc. and Nelnet, Inc., which returned 117.19% and 54.83%, respectively. The worst performers were Fitbit, Inc. and LendingClub Corp., which returned -70.89% and -52.91%, respectively.

The Fund provides exposure to companies that stand to potentially benefit from the rising spending power of the millennial generation. These companies come from a broad range of categories, which includes social media and entertainment, food and dining, clothing and apparel, health and fitness, travel and mobility, education and employment, housing and home goods, and financial services. Millennials are the largest generation in the U.S. and will become an increasingly large portion of consumer spending as they reach higher earnings years and inherit trillions of dollars from the Baby Boomer generation. Over the reporting period, the Fund saw an average ap proximate allocation of 20.1% in Internet Software and Services, 15.2% in Internet and Direct Marketing Retail, and 8.7% in Apparel Accessories and Luxury Goods.

	AVERAGE TOTAL RETURN FOR THE PERIOD ENDED NOVEMBER 30, 2016
	Cumulative Inception to Date*
	Net Asset Value	Market Price
Global X Millennials Thematic ETF	4.21%	3.93%
Indxx Millennials Thematic Index	4.41%	4.41%
S&P 500 Index	8.63%	8.63%

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on May 4, 2016.

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

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representaion of the future results of the Fund. The fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and

11

MANAGEMENT DISCUSSIONOF FUND PERFORMANCE (unaudited)

Global X Millennial Thematic ETF

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

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

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

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

See definition of comparative indices on previous page.

12

MANAGEMENT DISCUSSIONOF FUND PERFORMANCE (unaudited)

Global X Conscious Companies ETF

Global X Conscious Companies ETF

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

The Underlying Index is designed to provide exposure to companies listed in the U.S. that operate their businesses in a sustainable and responsible manner, as measured by their ability to achieve positive outcomes that are consistent with a multi-stakeholder operating system (“MsOS”), as defined by the index provider. The MsOS is a corporate governance structure that seeks to account for the multiple stakeholders that are critical for the ongoing success of the business, and incorporate the considerations of these stakeholders into the corporate decision-making and problem-solving process. The index provider conducts its analysis based on the following five key stakeholder groups: (1) Customers, (2) Employees, (3) Suppliers, (4) Stock and Debt Holders, and (5) Communities in which the companies operate.

For the period from the Fund’s commencement date on July 11, 2016 through November 30, 2016 (the “reporting period”), the Fund increased 4.64%, while theUnderlying Index increased 4.78%.The Fund had a net asset value of $15.09 per share on July 11, 2016 and ended the reporting period with a net asset value of $15.79 on November 30, 2016.

During the reporting period, the highest returns came from NVIDIA Corp. and Applied Materials, Inc., which returned 193.45% and 74.34%, respectively.The worst performers were First Solar, Inc. and Jones Lang LaSalle, Inc., which returned -46.35% and -38.65%, respectively.

The Fund seeks to provide investors with exposure to well-managed companies that achieve financial performance in a sustainable and responsible manner through a commitment to positive environmental, social, and governance characteristics. The Fund tracks an index based on the MsOS, which identifies companies based on their achievement of positive outcomes for five key stakeholders: Customers, Suppliers, Stock & Debt Holders, Communities, and Employees, as identified by the index provider. Over the course of the reporting period, The Fund had the highest average approximate exposure to the consumer discretionary (21.0%), industrials (17.9%), and information technology (17.0%) sectors.

	AVERAGE TOTAL RETURN FOR THE PERIOD ENDED NOVEMBER 30, 2016
	Cumulative Inception to Date*
	Net Asset Value	Market Price
Global X Conscious Companies ETF	4.64%	4.84%
Concinnity Conscious Companies Index	4.78%	4.78%
S&P 500 Index	3.77%	3.77%

Growth of a 10,000 Investment

(at Net Asset Value)

*The Fund commenced operations on July 11, 2016.

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

13

MANAGEMENT DISCUSSIONOF FUND PERFORMANCE (unaudited)

Global X Conscious Companies ETF

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

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

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

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

See definition of comparative indices on previous page.

14

Schedule of Investments November 30, 2016

Global X FinTech Thematic ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 100.0%
AUSTRALIA — 5.5%
Technology — 5.5%
IRESS		4,536	$	38,676
MYOB Group		16,458		42,682
TOTAL AUSTRALIA				81,358
DENMARK — 3.7%
Technology — 3.7%
SimCorp		1,168		55,572
GERMANY — 7.1%
Financials — 0.9%
Hypoport *		174		12,662
Industrials — 5.2%
Wirecard		1,750		78,146
Technology — 1.0%
GFT Technologies		742		14,971
TOTAL GERMANY				105,779
ISLE OF MAN — 4.1%
Industrials — 4.1%
Paysafe Group *		12,458		60,408
SWITZERLAND — 7.6%
Financials — 1.5%
Leonteq		450		22,927
Technology — 6.1%
Temenos Group		1,300		89,844
TOTAL SWITZERLAND				112,771
UNITED STATES — 72.0%
Consumer Services — 1.7%
Bankrate *		2,544		26,076
Financials — 20.3%
Black Knight Financial Services, Cl A *		1,722		63,714

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

15

Schedule of Investments November 30, 2016

Global X FinTech Thematic ETF

	Shares /Face Amount		Value
COMMON STOCK — continued
Financials — continued
HealthEquity *		1,636	$	72,852
LendingClub *		10,746		60,822
LendingTree *		334		35,003
On Deck Capital *		1,992		9,163
Virtu Financial, Cl A		1,076		14,903
Yirendai ADR *		1,648		46,754
				303,211
Industrials — 22.6%
Fidelity National Information Services		1,040		80,278
First Data, Cl A *		6,928		100,940
Fiserv *		706		73,862
PayPal Holdings *		2,100		82,488
				337,568
Technology — 27.4%
Bottomline Technologies DE *		1,152		28,869
Ellie Mae *		706		58,280
Envestnet *		1,202		43,392
Guidewire Software *		1,242		69,192
Intuit		688		78,212
Mitek Systems *		908		5,085
Square, Cl A *		3,334		43,142
SS&C Technologies Holdings		2,732		81,987
				408,159
TOTAL UNITED STATES				1,075,014
TOTAL COMMON STOCK (Cost $1,507,633)				1,490,902
U.S. TREASURY OBLIGATION — 6.7%
United States Treasury Bill 0.266%, 12/22/16(A)
(Cost $99,985)	$	100,000		99,986
TOTAL INVESTMENTS — 106.7% (Cost $1,607,618)			$	1,590,888

Percentages are based on Net Assets of $1,490,615.

* Non-income producing security.

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

ADR — American Depositary Receipt

Cl — Class

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

16

Schedule of Investments November 30, 2016

Global X FinTech Thematic ETF

The following is a summary of the level of inputs used as of November 30, 2016, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,490,902	$	—	$	—	$	1,490,902
U.S. Treasury Obligation		—		99,986		—		99,986
Total Investments in Securities	$	1,490,902	$	99,986	$	—	$	1,590,888

For the period ended November 30, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of November 30, 2016, there were no Level 3 investments.

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

17

Schedule of Investments November 30, 2016

Global X Internet of Things Thematic ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.8%
AUSTRIA — 1.9%
Technology — 1.9%
AMS		2,510	$	73,429
CANADA — 0.4%
Technology — 0.4%
Sierra Wireless *		1,091		16,763
FRANCE — 3.9%
Industrials — 3.9%
Legrand		1,320		73,864
Schneider Electric		1,155		76,969
TOTAL FRANCE				150,833
HONG KONG — 0.6%
Industrials — 0.6%
Wasion Group Holdings		34,760		21,914
JAPAN — 0.7%
Industrials — 0.4%
Nippon Ceramic		900		16,642
Technology — 0.3%
JIG-SAW *220				11,816
TOTAL JAPAN				28,458
NETHERLANDS — 2.2%
Technology — 2.2%
NXP Semiconductors *		871		86,360
NORWAY — 0.6%
Technology — 0.6%
Nordic Semiconductor *		5,590		22,522
SWITZERLAND — 10.0%
Industrials — 1.8%
ABB		3,472		70,623
Technology — 8.2%
STMicroelectronics		31,275		319,292
TOTAL SWITZERLAND				389,915

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

18

Schedule of Investments November 30, 2016

Global X Internet of Things Thematic ETF

	Shares		Value
COMMON STOCK — continued
TAIWAN — 5.2%
Technology — 5.2%
Advantech		21,705	$	174,672
eMemory Technology		2,590		25,597
TOTAL TAIWAN				200,269
UNITED KINGDOM — 0.3%
Technology — 0.3%
Telit Communications		3,925		13,143
UNITED STATES — 74.0%
Consumer Goods — 1.1%
Fitbit, Cl A *		5,311		44,400
Health Care — 4.4%
DexCom *		2,587		168,905
Industrials — 22.5%
Ambarella *		1,126		69,272
Badger Meter		992		35,960
Belden		1,441		106,490
Emerson Electric		1,306		73,711
Honeywell International		586		66,769
Itron *		1,311		84,166
Johnson Controls International		3,079		138,493
Rockwell Automation		596		79,691
Sensata Technologies Holding *		5,864		219,137
				873,689
Technology — 46.0%
Alarm.com Holdings *		1,561		46,237
Analog Devices		1,201		89,162
Brocade Communications Systems		16,079		198,415
Cisco Systems		2,373		70,763
Cypress Semiconductor		10,671		120,049
Garmin		4,836		252,246
Intel		2,077		72,072
InterDigital		1,190		94,248
International Business Machines		450		72,999
InvenSense, Cl A *		3,188		24,356
Mobileye *		4,447		165,562
NETGEAR *		1,116		59,929
QUALCOMM		1,271		86,593
Rambus *		3,769		49,562
Sigma Designs *		1,587		11,903
Silicon Laboratories *		1,431		94,947

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

19

Schedule of Investments November 30, 2016

Global X Internet of Things Thematic ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
Silver Spring Networks *		1,742	$	24,301
Skyworks Solutions		3,242		249,148
				1,782,492
TOTAL UNITED STATES				2,869,486
TOTAL COMMON STOCK (Cost $3,771,311)				3,873,092
TOTAL INVESTMENTS — 99.8% (Cost $3,771,311)			$	3,873,092

Percentages are based on Net Assets of $3,880,730.

* Non-income producing security.

Cl — Class

As of November 30, 2016, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended November 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

20

Schedule of Investments November 30, 2016

Global X Robotics & Artificial Intelligence Thematic ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.9%
CANADA — 3.5%
Industrials — 3.5%
ATS Automation Tooling Systems *		3,654	$	28,534
MacDonald Dettwiler & Associates		1,438		75,151
TOTAL CANADA				103,685
FINLAND — 3.0%
Industrials — 3.0%
Cargotec, Cl B		2,180		88,270
FRANCE — 0.4%
Technology — 0.4%
Parrot *		1,192		11,229
GERMANY — 3.6%
Industrials — 3.6%
KUKA		1,140		106,638
JAPAN — 48.6%
Health Care — 2.4%
CYBERDYNE *		5,424		71,165
Industrials — 46.2%
Daifuku		4,888		94,804
FANUC		1,322		223,978
Keyence		316		216,952
Mitsubishi Electric		18,092		250,314
Omron		4,172		154,512
SMC		878		250,583
Toshiba Machine		6,596		24,892
Yaskawa Electric		10,444		160,860
				1,376,895
TOTAL JAPAN				1,448,060
SWITZERLAND — 9.8%
Health Care — 2.4%
Tecan Group		456		71,938
Industrials — 7.4%
ABB		10,868		221,062
TOTAL SWITZERLAND				293,000

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

21

Schedule of Investments November 30, 2016

Global X Robotics & Artificial Intelligence Thematic ETF

	Shares / Face Amount		Value
COMMON STOCK — continued
UNITED KINGDOM— 5.4%
Industrials — 5.4%
QinetiQ Group		23,158	$	70,309
Renishaw		2,878		89,176
TOTAL UNITED KINGDOM				159,485
UNITED STATES — 25.6%
Consumer Goods — 2.1%
iRobot *		1,086		61,902
Health Care — 7.6%
Accuray *		3,204		16,180
Intuitive Surgical *		324		208,571
				224,751
Industrials — 10.4%
Aerovironment *		924		26,149
FARO Technologies *		660		24,024
John Bean Technologies		1,158		104,452
Trimble Navigation *		5,536		156,060
				310,685
Technology — 5.5%
Brooks Automation		2,716		44,271
Mobileye *		2,924		108,860
TransEnterix *		6,994		10,631
				163,762
TOTAL UNITED STATES				761,100
TOTAL COMMON STOCK (Cost $2,991,059)				2,971,467
U.S. TREASURY OBLIGATION — 13.5%
United States Treasury Bill 0.265%, 12/22/16(A)     (Cost $399,938)		$  400,000		399,943
TOTAL INVESTMENTS — 113.4% (Cost $3,390,997)			$	3,371,410

Percentages are based on Net Assets of $2,973,471.

* Non-income producing security.

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

Cl — Class

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

22

Schedule of Investments November 30, 2016

Global X Robotics & Artificial Intelligence Thematic ETF

The following is a summary of the level of inputs used as of November 30, 2016, in valuing the Fund’s investments carried at value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stock	$	2,971,467	$	—	$	—	$	2,971,467
U.S. Treasury Obligation		—		399,943		—		399,943
Total Investments in Securities	$	2,971,467	$	399,943	$	—	$	3,371,410

For the period ended November 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of November 30, 2016, there were no Level 3 investments.

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

23

Schedule of Investments November 30, 2016

Global X Health & Wellness Thematic ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA — 1.2%
Consumer Goods — 1.2%
Bellamy’s Australia		562	$	5,107
Blackmores		146		12,810
TOTAL AUSTRALIA				17,917
CANADA — 2.8%
Consumer Goods — 2.8%
Gildan Activewear		1,515		41,148
CHINA — 6.0%
Consumer Goods — 4.8%
ANTA Sports Products		18,721		54,908
Li Ning *		10,020		7,376
Xtep International Holdings		18,554		8,324
				70,608
Consumer Services — 0.6%
China Dongxiang Group		46,622		9,317
Health Care — 0.6%
iKang Healthcare Group ADR *		554		8,498
TOTAL CHINA				88,423
FINLAND — 1.8%
Consumer Goods — 1.8%
Amer Sports		998		26,636
FRANCE — 2.8%
Consumer Goods — 2.8%
Danone		654		41,182
GERMANY — 4.0%
Consumer Goods — 4.0%
adidas		390		57,507
HONG KONG — 3.2%
Consumer Goods — 3.2%
Yue Yuen Industrial Holdings		13,049		47,020
IRELAND — 2.7%
Consumer Goods — 2.7%
Glanbia		2,336		39,611

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

24

Schedule of Investments November 30, 2016

Global X Health & Wellness Thematic ETF

	Shares		Value
COMMON STOCK — continued
JAPAN — 13.8%
Consumer Goods — 12.4%
ABC-Mart		686	$	40,397
Ariake Japan		276		13,855
Asics		1,684		35,588
Goldwin		114		4,962
Shimano		290		47,822
Yakult Honsha		956		42,118
				184,742
Consumer Services — 0.3%
Xebio Holdings		278		4,294
Health Care — 1.1%
Tsumura		596		16,189
TOTAL JAPAN				205,225
SOUTH KOREA — 1.0%
Consumer Goods — 0.6%
Youngone		374		8,814
Consumer Services — 0.2%
Fila Korea		52		2,980
Health Care — 0.2%
InBody		116		2,565
TOTAL SOUTH KOREA				14,359
TAIWAN — 6.7%
Consumer Goods — 6.7%
Feng TAY Enterprise		5,624		21,086
Giant Manufacturing		3,116		18,575
Merida Industry		2,518		11,021
Pou Chen		24,816		31,027
Standard Foods		7,410		17,576
TOTAL TAIWAN				99,285
UNITED KINGDOM — 3.7%
Consumer Services — 3.7%
JD Sports Fashion		8,200		34,116
Sports Direct International *		5,040		19,899
TOTAL UNITED KINGDOM				54,015
UNITED STATES — 50.1%
Consumer Goods — 28.2%
Calavo Growers		82		4,424
Cal-Maine Foods		368		14,978
Columbia Sportswear		588		33,440
Fitbit, Cl A *		1,172		9,798

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

25

Schedule of Investments November 30, 2016

Global X Health & Wellness Thematic ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Hain Celestial Group *		874	$	34,252
Herbalife *		784		38,439
Lululemon Athletica *		712		40,577
Nautilus *		252		4,334
NIKE, Cl B		775		38,804
Nu Skin Enterprises, Cl A		475		24,786
Nutrisystem		216		7,938
Sanderson Farms		192		15,485
Under Armour, Cl A *		1,071		32,987
USANA Health Sciences *		202		12,312
VF		720		39,247
WhiteWave Foods, Cl A *		1,155		63,629
				415,430
Consumer Services — 16.9%
Dick’s Sporting Goods		762		45,011
Finish Line, Cl A		230		5,161
Foot Locker		751		53,823
GNC Holdings, Cl A		588		8,497
Hibbett Sports *		132		5,313
Planet Fitness, Cl A		290		5,878
Sportsman’s Warehouse Holdings *		408		3,672
Sprouts Farmers Market *		1,277		25,553
United Natural Foods *		427		20,048
Vitamin Shoppe *		154		3,827
WebMD Health, Cl A *		323		17,229
Weight Watchers International *		296		3,114
Whole Foods Market		1,489		45,250
Zumiez *		252		6,250
				248,626
Health Care — 4.5%
DexCom *		690		45,051
Prestige Brands Holdings *		448		21,311
				66,362
Industrials — 0.5%
MINDBODY, Cl A *		328		7,085
TOTAL UNITED STATES				737,503
TOTAL COMMON STOCK (Cost $1,517,884)				1,469,831
TOTAL INVESTMENTS — 99.8% (Cost $1,517,884)			$	1,469,831

Percentages are based on Net Assets of $1,472,189.

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

26

Schedule of Investments November 30, 2016

Global X Health & Wellness Thematic ETF

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

As of November 30, 2016, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended November 30, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

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

27

Schedule of Investments November 30, 2016

Global X Longevity Thematic ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 98.7%
AUSTRALIA — 1.2%
Health Care — 1.2%
Cochlear		127	$	11,138
Regis Healthcare		1,170		3,458
Sirtex Medical		190		3,877
TOTAL AUSTRALIA				18,473
BELGIUM — 0.3%
Health Care — 0.3%
Ion Beam Applications		110		4,731
CHINA — 0.3%
Health Care — 0.3%
Luye Pharma Group		6,270		4,203
DENMARK — 5.4%
Health Care — 5.4%
Genmab *		133		23,059
GN Store Nord		228		4,454
H Lundbeck		439		16,750
Novo Nordisk, Cl B		804		27,283
William Demant Holding *		605		10,248
TOTAL DENMARK				81,794
FRANCE — 1.8%
Health Care — 1.8%
BioMerieux		86		11,965
Korian		148		3,868
Orpea		134		10,363
TOTAL FRANCE				26,196
GERMANY — 2.8%
Health Care — 2.8%
Fresenius Medical Care & KGaA		524		40,911
HONG KONG — 0.1%
Consumer Services — 0.1%
Huayi Tencent Entertainment *		22,383		1,501

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

28

Schedule of Investments November 30, 2016

Global X Longevity Thematic ETF

	Shares		Value
COMMON STOCK — continued
ITALY — 0.3%
Health Care — 0.3%
Amplifon		530	$	5,088
JAPAN — 3.4%
Health Care — 3.4%
Kissei Pharmaceutical		182		4,289
Miraca Holdings		106		4,763
Mochida Pharmaceutical		58		4,047
Nipro		458		5,057
Terumo		843		29,778
Toho Holdings		194		3,773
TOTAL JAPAN				51,707
NEW ZEALAND — 0.3%
Health Care — 0.3%
Ryman Healthcare		766		4,751
SOUTH KOREA — 1.7%
Health Care — 1.7%
Celltrion		259		22,686
ViroMed *		29		2,605
TOTAL SOUTH KOREA				25,291
SWEDEN — 0.5%
Health Care — 0.5%
Attendo (A)		466		3,735
Elekta, Cl B		628		5,183
TOTAL SWEDEN				8,918
SWITZERLAND — 2.4%
Health Care — 2.4%
Sonova Holding		148		17,856
Straumann Holding		35		12,524
Ypsomed Holding		31		5,776
TOTAL SWITZERLAND				36,156
TAIWAN — 0.5%
Health Care — 0.5%
Ginko International		440		4,010
OBI Pharma *		356		3,139
TOTAL TAIWAN				7,149
UNITED KINGDOM — 1.9%
Consumer Goods — 0.1%
McCarthy & Stone (A)		787		1,635
Health Care — 1.8%
Smith & Nephew		1,988		27,993

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

29

Schedule of Investments November 30, 2016

Global X Longevity Thematic ETF

	Shares		Value
COMMON STOCK — continued
TOTAL UNITED KINGDOM			$	29,628
UNITED STATES — 75.8%
Consumer Services — 0.1%
Diplomat Pharmacy *		152		2,152
Health Care — 64.9%
AbbVie		781		47,485
ABIOMED *		94		10,551
ACADIA Pharmaceuticals *		199		5,371
Align Technology *		178		16,563
Alkermes *		336		19,095
Amedisys *		92		3,633
Amgen		290		41,780
Ariad Pharmaceuticals *		642		8,654
Axovant Sciences *		370		5,006
Becton Dickinson		292		49,377
Biogen Idec *		173		50,874
Bluebird Bio *		90		5,432
Boston Scientific *		2,388		48,858
Brookdale Senior Living *		248		2,884
Celgene *		433		51,315
DaVita Healthcare Partners *		449		28,444
DENTSPLY SIRONA		537		31,243
DexCom *		185		12,079
Eagle Pharmaceuticals *		122		9,633
Edwards Lifesciences *		436		36,123
Ensign Group		196		4,238
Envision Healthcare Holdings *		417		9,474
FibroGen *		222		4,917
Halozyme Therapeutics *		380		4,488
Incyte *		415		42,450
Insulet *		134		4,509
Insys Therapeutics *		318		3,749
Integra LifeSciences Holdings *		68		5,494
Intra-Cellular Therapies, Cl A *		46		641
Ionis Pharmaceuticals *		230		10,065
Juno Therapeutics *		189		3,789
Kindred Healthcare		241		1,603
Kite Pharma *		93		4,736
Lexicon Pharmaceuticals *		320		4,874
LivaNova *		82		3,630
Medtronic		603		44,025
Myriad Genetics *		66		1,102
Natus Medical *		146		5,818

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

30

Schedule of Investments November 30, 2016

Global X Longevity Thematic ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Novocure *		128	$	992
NuVasive *		90		5,841
Puma Biotechnology *		146		6,285
Quest Diagnostics		315		27,550
Radius Health *		127		6,759
Regeneron Pharmaceuticals *		114		43,233
Sage Therapeutics *		124		6,214
Seattle Genetics *		311		20,156
St. Jude Medical		629		49,816
Stryker		423		48,078
TESARO *		107		14,519
Varian Medical Systems *		212		19,044
Vertex Pharmaceuticals *		547		44,641
Wright Medical Group *		240		5,530
Zimmer Biomet Holdings		408		41,559
ZIOPHARM Oncology *		342		2,216
				986,435
Industrials — 0.2%
Integer Holdings *		82		2,317
Real Estate Investment Trusts — 10.6%
Care Capital Properties		172		4,142
HCP		1,036		30,593
LTC Properties		98		4,455
National Health Investors		66		4,670
Omega Healthcare Investors		418		12,314
Quality Care Properties *		207		3,105
Sabra Health Care		226		5,001
Senior Housing Properties Trust		528		9,536
Ventas		736		44,470
Welltower		666		41,811
				160,097
TOTAL UNITED STATES				1,151,001
TOTAL COMMON STOCK (Cost $1,520,520)				1,497,498
EXCHANGE TRADED FUNDS — 1.1%
iShares Nasdaq Biotechnology ETF		25		6,852
iShares U.S. Healthcare Providers ETF		37		4,682
SPDR S&P Health Care Equipment ETF		51		2,505
SPDR S&P Pharmaceuticals ETF		56		2,197
TOTAL EXCHANGE TRADED FUNDS (Cost $15,235)				16,236
TOTAL INVESTMENTS — 99.8% (Cost $1,535,755)			$	1,513,734

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

31

Schedule of Investments November 30, 2016

Global X Longevity Thematic ETF

Percentages are based on Net Assets of $1,516,603.

* 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 November 30, 2016 was $5,370 and

represents 0.4% of Net Assets.

Cl — Class

ETF — Exchange Traded Fund

SPDR — Standard & Poor’s Depositary Receipt

S&P — Standard & Poor’s

As of November 30, 2016, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended November 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

32

Schedule of Investments November 30, 2016

Global X Millennials Thematic ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.8%
UNITED STATES — 99.8%
Consumer Goods — 13.9%
Carter’s		110	$	10,042
Columbia Sportswear		190		10,805
Fitbit, Cl A *		670		5,601
GoPro, Cl A *		835		8,333
Hasbro		1,036		88,464
Kate Spade *		470		6,980
Lululemon Athletica *		1,056		60,181
Michael Kors Holdings *		1,486		69,084
NIKE, Cl B		1,931		96,685
Under Armour, Cl A *		1,520		46,816
VF		1,791		97,628
Wayfair, Cl A *		270		9,842
WhiteWave Foods, Cl A *		290		15,976
Zynga, Cl A *		4,708		13,465
				539,902
Consumer Services — 48.4%
Amazon.com *		185		138,856
Avis Budget Group *		500		19,145
Bankrate *		1,211		12,413
Bright Horizons Family Solutions *		175		12,044
CarMax *		1,616		93,389
Children’s Place Retail Stores		140		14,539
Chipotle Mexican Grill, Cl A *		245		97,101
Costco Wholesale		750		112,582
Dick’s Sporting Goods		250		14,768
DSW, Cl A		430		10,217
eBay *		4,557		126,730
El Pollo Loco Holdings *		800		10,080
Etsy *		1,311		16,256
Expedia		1,055		130,873
Francesca’s Holdings *		625		9,988
GNC Holdings, Cl A		350		5,058
Groupon, Cl A *		2,502		9,933

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

33

Schedule of Investments November 30, 2016

Global X Millennials Thematic ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
GrubHub *		450	$	16,664
Home Depot		851		110,118
L Brands		1,396		98,027
Live Nation Entertainment *		520		14,394
Lowe’s		1,486		104,837
Netflix *		1,031		120,627
Pandora Media *		1,331		15,466
Panera Bread, Cl A *		55		11,666
Planet Fitness, Cl A		730		14,797
priceline.com *		86		129,316
Sprouts Farmers Market *		406		8,124
Starbucks		1,901		110,201
TripAdvisor *		1,100		53,108
Vitamin Shoppe *		385		9,567
Walt Disney		1,166		115,574
WebMD Health, Cl A *		186		9,921
Whole Foods Market		2,692		81,810
Yelp, Cl A *		546		20,311
Zoe’s Kitchen *		300		7,398
				1,885,898
Financials — 1.8%
LendingClub *		1,571		8,892
LendingTree *		120		12,576
Nelnet, Cl A		285		14,378
SLM *		1,726		17,381
Zillow Group, Cl A *		500		17,575
				70,802
Industrials — 11.4%
Fiserv *		1,151		120,417
LinkedIn, Cl A *		969		189,188
MINDBODY, Cl A *		820		17,712
PayPal Holdings *		2,977		116,937
				444,254
Real Estate Investment Trusts — 8.0%
American Campus Communities		255		12,013
AvalonBay Communities		635		104,451
Camden Property Trust		140		11,019
Education Realty Trust		285		11,571
Equity Residential		1,621		97,276
UDR		2,216		75,433
				311,763
Technology — 16.3%
Alphabet, Cl A *		150		116,382
Apple		1,046		115,604

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

34

Schedule of Investments November 30, 2016

Global X Millennials Thematic ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
Facebook, Cl A *		1,050	$	124,340
IAC		241		16,234
Intuit		1,116		126,867
Match Group *		1,015		18,250
Square, Cl A *		801		10,365
Twitter *		5,788		107,020
				635,062
TOTAL COMMON STOCK (Cost $3,809,589)				3,887,681
TOTAL INVESTMENTS — 99.8% (Cost $3,809,589)			$	3,887,681
Percentages are based on Net Assets of $3,895,779.

* Non-income producing security.

Cl — Class

As of November 30, 2016, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended November 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

35

Schedule of Investments November 30, 2016

Global X Conscious Companies ETF

Sector Weightings (unaudited)†:

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

	Shares		Value
COMMON STOCK — 99.7%
CANADA — 0.8%
Financials — 0.8%
Toronto-Dominion Bank		5,363	$	254,153
UNITED STATES — 98.9%
Basic Materials — 3.7%
Arconic		11,944		230,280
Compass Minerals International		3,378		261,963
Newmont Mining		6,724		218,127
Praxair		2,016		242,525
Westlake Chemical		4,592		271,709
				1,224,604
Consumer Goods — 16.5%
Campbell Soup		4,519		257,087
Clorox		2,031		234,702
Coca-Cola		5,662		228,462
Colgate-Palmolive		3,393		221,325
Dr Pepper Snapple Group		2,729		236,713
Estee Lauder, Cl A		2,782		216,161
Ford Motor		19,770		236,449
Gentex		14,143		261,504
Harley-Davidson		4,221		257,017
Hasbro		2,874		245,411
Hershey		2,529		244,403
Hormel Foods		6,343		217,184
JM Smucker		1,855		233,637
Kellogg		3,244		233,568
Kimberly-Clark		2,130		246,250

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

36

Schedule of Investments November 30, 2016

Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Molson Coors Brewing, Cl B		2,225	$	218,117
NIKE, Cl B		4,646		232,625
PepsiCo		2,246		224,825
Pool		2,561		257,662
Procter & Gamble		2,865		236,248
PVH		2,216		234,763
Tupperware Brands		3,983		220,818
VF		4,541		247,530
				5,442,461
Consumer Services — 15.6%
Alaska Air Group		3,274		269,352
Best Buy		6,108		279,136
Buffalo Wild Wings *		1,707		287,800
Chipotle Mexican Grill, Cl A *		583		231,060
Choice Hotels International		5,344		274,949
Copart *		4,509		246,732
Costco Wholesale		1,585		237,924
CVS Health		2,738		210,525
Delta Air Lines		5,826		280,697
Home Depot		1,886		244,048
Kohl’s		5,423		291,920
Lowe’s		3,395		239,517
Marriott International, Cl A		3,576		281,717
Nordstrom		4,398		245,936
priceline.com *		164		246,604
Starbucks		4,448		257,851
Target		3,566		275,438
Tiffany		3,262		269,050
Walt Disney		2,582		255,928
Whole Foods Market		8,525		259,075
				5,185,259
Financials — 12.4%
Allstate		3,559		248,845
American Express		3,593		258,840
Capital One Financial		3,219		270,524
CBRE Group, Cl A *		8,515		247,276
Erie Indemnity, Cl A		2,349		251,742
Jones Lang LaSalle		2,310		233,957
JPMorgan Chase		3,499		280,515
KeyCorp		18,399		318,486
Mastercard, Cl A		2,336		238,740
Moody’s		2,344		235,572
PNC Financial Services Group		2,591		286,409
Progressive		7,541		251,115

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

37

Schedule of Investments November 30, 2016

Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
T Rowe Price Group		3,608	$	267,208
Travelers		2,210		250,504
US Bancorp		5,475		271,670
Visa, Cl A		2,898		224,073
				4,135,476
Health Care — 10.0%
AbbVie		3,943		239,734
Amgen		1,531		220,571
Becton Dickinson		1,399		236,571
Biogen Idec *		829		243,784
Bristol-Myers Squibb		4,896		276,329
Celgene *		2,458		291,298
DaVita *		4,148		262,776
Eli Lilly		3,132		210,220
Johnson & Johnson		2,122		236,179
Merck		3,967		242,741
PAREXEL International *		3,564		210,276
Thermo Fisher Scientific		1,574		220,534
Varian Medical Systems *		2,470		221,880
Waters *		1,527		205,488
				3,318,381
Industrials — 16.3%
3M		1,419		243,699
Agilent Technologies		5,255		231,115
Ball		3,001		225,255
Boeing		1,770		266,491
CSX		7,925		283,794
Cummins		1,919		272,076
Expeditors International of Washington		4,793		252,783
FedEx		1,400		268,337
Fluor		4,834		258,667
General Electric		8,334		256,354
Honeywell International		2,223		253,289
IDEX		2,774		259,674
ManpowerGroup		3,061		261,440
Mettler-Toledo International *		582		239,796
Rockwell Automation		2,030		271,431
Sherwin-Williams		867		232,937
Sonoco Products		4,809		260,311
Union Pacific		2,681		271,666
United Parcel Service, Cl B		2,242		259,893
United Technologies		2,441		262,945
WW Grainger		1,186		273,456
				5,405,409

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

38

Schedule of Investments November 30, 2016

Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 5.9%
Chevron		2,422	$	270,199
ConocoPhillips		5,706		276,856
EOG Resources		2,574		263,886
First Solar *		5,867		177,887
Hess		4,615		258,255
Occidental Petroleum		3,212		229,208
Schlumberger		3,001		252,234
Spectra Energy		5,797		237,387
				1,965,912
Real Estate Investment Trusts — 0.7%
Simon Property Group		1,236		222,047
Technology — 14.2%
Alphabet, Cl A *		289		224,230
Apple		2,060		227,671
Applied Materials		8,267		266,197
Cerner *		4,062		202,206
Cisco Systems		7,912		235,936
Cognizant Technology Solutions, Cl A *		4,777		263,117
Facebook, Cl A *		1,808		214,103
Ingram Micro, Cl A		6,697		250,736
Intel		6,891		239,118
International Business Machines		1,618		262,472
Intuit		2,198		249,868
Microsoft		3,984		240,076
Motorola Solutions		3,235		259,609
NVIDIA		3,408		314,218
QUALCOMM		3,541		241,248
Teradata *		8,078		216,894
Teradyne		10,966		267,351
Western Digital		4,503		286,661
Xilinx		4,822		260,292
				4,722,003
Telecommunications — 1.5%
AT&T		6,538		252,563
Verizon Communications		4,999		249,450
				502,013
Utilities — 2.1%
Consolidated Edison		3,331		232,404
Entergy		3,299		226,740
WEC Energy Group		4,211		235,858
				695,002

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

39

Schedule of Investments November 30, 2016

Global X Conscious Companies ETF

	Shares	Value
COMMON STOCK — continued
TOTAL UNITED STATES		$	32,818,567
TOTAL COMMON STOCK (Cost $32,297,635)			33,072,720
TOTAL INVESTMENTS — 99.7% (Cost $32,297,635)		$	33,072,720
Percentages are based on Net Assets of $33,162,763.

* Non-income producing security.

Cl — Class

As of November 30, 2016, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended November 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

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

40

STATEMENTSOF ASSETSAND LIABILITIES

November 30, 2016

							Global X Robotics
				Global X Internet			& Artificial			Global X Health &
	Global X FinTech Thematic ETF			of Things Thematic ETF			Intelligence Thematic ETF			Wellness Thematic ETF
Assets:
Cost of Investments	$	1,607,618		$	3,771,311		$	3,390,997		$	1,517,884
Cost of Foreign Currency		—			—			152			—
Investments, at Value	$	1,590,888		$	3,873,092		$	3,371,410		$	1,469,831
Foreign Currency, at Value		—			—			148			—
Cash		—			5,568			—			1,472
Dividend and Interest Receivable		429			4,129			3,008			1,599
Reclaim Receivable		—			—			20			114
Total Assets		1,591,317			3,882,789			3,374,586			1,473,016
Liabilities:
Payable due to Investment Adviser		832			1,884			1,074			827
Payable for Capital Shares Redeemed		—			175			—			—
Due to Custodian		99,870			—			399,842			—
Due to Broker		—			—			199			—
Total Liabilities		100,702			2,059			401,115			827
Net Assets	$	1,490,615		$	3,880,730		$	2,973,471		$	1,472,189
Net Assets Consist of:
Paid-in Capital	$	1,508,001		$	3,764,771		$	2,991,286		$	1,513,245
Undistributed (Distributions in Excess of) Net Investment Income		(656	)		14,770			2,132			7,050
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		—			(592	)		—			(3	)
Net Unrealized Appreciation (Depreciation) on Investments		(16,730	)		101,781			(19,587	)		(48,053	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		—			—			(360	)		(50	)
Net Assets	$	1,490,615		$	3,880,730		$	2,973,471		$	1,472,189
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		100,000			250,000			200,000			100,000
Net Asset Value, Offering and Redemption Price Per Share	$	14.91		$	15.52		$	14.87		$	14.72

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

41

STATEMENTSOF ASSETSAND LIABILITIES

November 30, 2016

	Global X			Global X		Global X
	Longevity   Thematic ETF			Millennials   Thematic ETF		Conscious   Companies ETF
Assets:
Cost of Investments	$	1,535,755		$	3,809,589	$	32,297,635
Investments, at Value	$	1,513,734		$	3,887,681	$	33,072,720
Cash		2,944			5,821		21,614
Dividend and Interest Receivable		589			4,314		78,350
Reclaim Receivable		190			—		—
Receivable for Capital Shares Sold		—			—		791,326
Total Assets		1,517,457			3,897,816		33,964,010
Liabilities:
Payable due to Investment Adviser		854			2,037		11,197
Payable for Investment Securities Purchased		—			—		790,050
Total Liabilities		854			2,037		801,247
Net Assets	$	1,516,603		$	3,895,779	$	33,162,763
Net Assets Consist of:
Paid-in Capital	$	1,532,246		$	3,807,099	$	32,148,582
Undistributed Net Investment Income		7,960			10,588		298,832
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(1,532	)		—		(59,736	)
Net Unrealized Appreciation (Depreciation) on Investments		(22,021	)		78,092		775,085
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(50	)		—		—
Net Assets	$	1,516,603		$	3,895,779	$	33,162,763
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		100,000			250,000		2,100,000
Net Asset Value, Offering and Redemption Price Per Share		$15.17			$15.58		$15.79

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

42

STATEMENTSOF OPERATIONS

For the period ended November 30, 2016

	Global X FinTech Thematic ETF(1)		Global X Internet   of Things Thematic ETF(1)		Global X Robotics  & Artificial Intelligence Thematic ETF(1)		Global X Health & Wellness Thematic ETF(2)
Investment Income:
Dividend Income	$	1,626	$	18,249	$	5,309	$	14,023
Interest Income		1		—		3		—
Less: Foreign Taxes Withheld		(104)		(112)		(672)		(1,099)
Total Investment Income		1,523		18,137		4,640		12,924
Supervision and Administration Fees(3)		2,179		3,551		2,418		5,834
Custodian Fees		—		28		—		29
Total Expenses		2,179		3,579		2,418		5,863
Net Expenses		2,179		3,579		2,418		5,863
Net Investment Income(Loss)		(656)		14,558		2,222		7,061
Net Realized Gain on:
Investments		—		(592)		—		(3)
Foreign Currency Transactions		—		212		(90)		(11)
Net Realized Loss on Investments and Foreign Currency Transactions		—		(380)		(90)		(14)
Net Change in Unrealized Appreciation on:
Investments		(16,730)		101,781		(19,587)		(48,053)
Foreign Currency Translations		—		—		(360)		(50)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(16,730)		101,781		(19,947)		(48,103)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(16,730)		101,401		(20,037)		(48,117)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(17,386)	$	115,959	$	(17,815)	$	(41,056)

⁽¹⁾  The Fund commenced operations on September 12, 2016.

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

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

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

43

STATEMENTSOF OPERATIONS

For the period ended November 30, 2016

	Global X Longevity  Thematic ETF(1)			Global X Millennials  Thematic ETF(2)		Global X Conscious Companies ETF(3)
Investment Income:
Dividend Income	$	13,312		$	20,832	$	348,376
Less: Foreign Taxes Withheld		(346	)		—		—
Total Investment Income		12,966			20,832		348,376
Supervision and Administration Fees(4)		6,048			11,128		49,970
Custodian Fees		4			—		—
Total Expenses		6,052			11,128		49,970
Net Expenses		6,052			11,128		49,970
Net Investment Income		6,914			9,704		298,406
Net Realized Gain on:
Investments		(651	)		884		(12,276	)(5)
Foreign Currency Transactions		165			—		—
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(486	)		884		(12,276	)
Net Change in Unrealized Appreciation on:
Investments		(22,021	)		78,092		775,085
Foreign Currency Translations		(50	)		—		—
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(22,071	)		78,092		775,085
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(22,557	)		78,976		762,809
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(15,643)		$	88,680	$	1,061,215

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

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

⁽³⁾  The Fund commenced operations on July 11, 2016.

⁽⁴⁾  The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

⁽⁵⁾  Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)

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

44

SETATEMENTSOF CHANGESIN NET ASSETS

	Global X FinTech Thematic ETF			Global X Internet of Things Thematic ETF			Global X Robotics & Artificial Intelligence Thematic ETF			Global X Health & Wellness Thematic ETF
	Period Ended			Period Ended			Period Ended			Period Ended
	November 30,			November 30,			November 30,			November 30,
	2016(1)			2016(1)			2016(1)			2016(2)
Operations:
Net Investment Income (Loss)	$	(656	)	$	14,558		$	2,222		$	7,061
Net Realized Loss on Investments and Foreign Currency Transactions		—			(380	)		(90	)		(14	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(16,730	)		101,781			(19,947	)		(48,103	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(17,386	)		115,959			(17,815	)		(41,056	)
Capital Share Transactions:
Issued		1,508,001			3,764,771			2,991,286			1,513,245
Increase in Net Assets from Capital Share Transactions		1,508,001			3,764,771			2,991,286			1,513,245
Total Increase in Net Assets		1,490,615			3,880,730			2,973,471			1,472,189
Net Assets:
Beginning of Year		—			—			—			—
End of Year	$	1,490,615		$	3,880,730		$	2,973,471		$	1,472,189
Undistributed (Distributions in Excess of) Net Investment Income/Accumulated Net Investment Loss	$	(656	)	$	14,770		$	2,132		$	7,050
Share Transactions:
Issued		100,000			250,000			200,000			100,000
Net Increase in Shares Outstanding from
Share Transactions		100,000			250,000			200,000			100,000

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

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

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

45

SETATEMENTSOF CHANGESIN NET ASSETS

	Global X Longevity Thematic ETF			Global X Millennials Thematic ETF		Global X Conscious Companies ETF
	Period Ended November 30, 2016(1)			Period Ended November 30, 2016(2)		Period Ended November 30, 2016(3)
Operations:
Net Investment Income	$	6,914		$	9,704	$	298,406
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(486	)		884		(12,276	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(22,071	)		78,092		775,085
Net Increase (Decrease) in Net Assets Resulting from Operations		(15,643	)		88,680		1,061,215
Capital Share Transactions:
Issued		1,532,246			3,807,099		32,872,597
Redeemed		—			—		(771,049	)
Increase in Net Assets from Capital Share Transactions		1,532,246			3,807,099		32,101,548
Total Increase in Net Assets		1,516,603			3,895,779		33,162,763
Net Assets:
Beginning of Year		—			—		—
End of Year	$	1,516,603		$	3,895,779	$	33,162,763
Undistributed (Distributions in Excess of) Net Investment Income/Accumulated Net Investment Loss	$	7,960		$	10,588	$	298,832
Share Transactions:
Issued		100,000			250,000		2,150,000
Redeemed		—			—		(50,000	)
Net Increase in Shares Outstanding from Share Transactions		100,000			250,000		2,100,000

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

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

(3) The Fund commenced operations on July 11, 2016

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

46

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)		Total from Distributions ($)		Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
Global X FinTech Thematic ETF
2016(1)		15.08		(0.01	)		(0.16	)		(0.17	)		—		—		14.91		(1.13	)		1,491		0.68	†		(0.20	)†		—
Global X Internet of Things Thematic ETF
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 Thematic ETF
2016(1)		14.84		0.02			0.01			0.03			—		—		14.87		0 .20			2,974		0.68	†		0.62	†		—
Global X Health & Wellness Thematic ETF
2016(2)		15.13		0.07			(0.48	)		(0.41	)		—		—		14.72		(2.71	)		1,472		0.68	†		0.82	†		—
Global X Longevity Thematic ETF
2016(2)		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
2016(3)		14.95		0.05			0.58			0.63			—		—		15.58		4.21			3,896		0.68	†		0.59	†		—
Global X Conscious Companies ETF
2016(4)		15.09		0.15			0.55			0.70			—		—		15.79		4.64			33,163		0.43	†		2.57	†		37.35

* Per share data calculated using average shares method.

** Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

† Annualized.

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

(1) The Fund commenced operations on September 12, 2016.

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

(3) The Fund commenced operations on May 4, 2016.

(4) The Fund commenced operations on July 11, 2016.

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

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

47

NOTESTO FINANCIAL STATEMENTS

NOVEMBER 30, 2016

1. ORGANIZATION

The Global X Funds (the ‘Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of November 30, 2016, the Trust had one hundred portfolios, fifty five of which were operational. The financial statements herein and the related notes pertain to the Global X FinTech Thematic ETF, Global X Internet of Things Thematic ETF, Global X Robotics & Artificial Intelligence Thematic ETF, Global X Health & Wellness Thematic ETF, Global X Longevity Thematic ETF, Global X Millennials Thematic ETF and Global X Conscious Companies ETF (the “Funds”). Each Fund had elected non-diversified status.

The Global X Millennials Thematic ETF commenced operations on May 4, 2016. The Global X Health & Wellness Thematic ETF and Global X Longevity Thematic ETF commenced operations on May 9, 2016. The Global X Conscious Companies ETF commenced operations on July 11, 2016. The Global X FinTech Thematic ETF, Global X Internet of Things Thematic ETF and Global X Robotics & Artificial Intelligence Thematic ETF commenced operations on September 12, 2016.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

48

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

NOVEMBER 30, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (continued)

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Funds may fair value their securities if an event that may materially affect the value of the Funds’ securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Funds calculate their net asset value. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC (the “Adviser”) becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate net asset value, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of November 30, 2016, there were no fair valued securities. There were no other securities priced using the Fair Value Procedures.

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

The three levels of the fair value hierarchy are described below:

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

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

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

49

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

NOVEMBER 30, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (continued)

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 November 30, 2016 there have been no significant changes to the Funds’ fair valuation methodologies.

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

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

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

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

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

50

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

NOVEMBER 30, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

CREATION UNITS — The Funds issue and redeem shares (“Shares”) at Net Asset Value (“NAV”) and only in large blocks of Shares (each block of Shares for a Fund is called a “Creation Unit” or multiples thereof). Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an investor on the same day. The creation fee may be waived for a Fund until it reaches a certain asset size.

An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to Brown Brothers Harriman & Co. (“BBH”), the Funds’ Custodian, on the date of such redemption, regardless of the number of Creation Units redeemed that day.

If a Creation Unit is purchased or redeemed for cash, a higher transaction fee will be charged. The following table discloses Creation Unit breakdown:

	Creation Unit Shares		Creation Fee		Value at November 30, 2016		Redemption Fee
Global X FinTech Thematic ETF		50,000	$	1,000	$	745,500	$	1,500
Global X Internet of Things Thematic ETF		50,000		1,200		776,000		1,500
Global X Robotics & Artificial Intelligence Thematic ETF		50,000		1,500		743,500		1,500
Global X Health & Wellness Thematic ETF		50,000		1,500		736,000		1,500
Global X Longevity Thematic ETF		50,000		1,500		758,500		1,500
Global X Millennials Thematic ETF		50,000		750		779,000		1,500
Global X Conscious Companies ETF		50,000		750		789,500		1,500

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

3. RELATED PARTY TRANSACTIONS

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

51

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

NOVEMBER 30, 2016

3. RELATED PARTY TRANSACTIONS (continued)

	Supervision and         Administration Fee
Global X FinTech Thematic ETF	0.68%
Global X Internet of Things Thematic ETF	0.68%
Global X Robotics & Artificial Intelligence Thematic 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 Conscious Companies ETF	0.43%

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

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

BBH, located at 50 Post Office Square, Boston, MA 02110, serves as Custodian of the Funds’ assets. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds, (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments, (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As compensation for these services, the Custodian receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees. BBH also serves as Transfer Agent. As Transfer Agent, BBH has agreed to (1) issue and redeem shares of each Fund, (2) make dividend and other distributions to shareholders of each Fund, (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts, and (5) make periodic reports to the Funds. As compensation for these services, the Transfer Agent receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

52

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

NOVEMBER 30, 2016

4. INVESTMENT TRANSACTIONS

For the period ended November 30, 2016, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government and short-term securities were:

		Purchases			Sales and     Maturities
Global X FinTech Thematic ETF	$		-	$		-
Global X Internet of Things Thematic ETF			225,209			11,059
Global X Robotics & Artificial Intelligence Thematic ETF			-			-
Global X Health & Wellness Thematic ETF			238,964			-
Global X Longevity Thematic ETF			90,098			43,735
Global X Millennials Thematic ETF			3,049			68
Globa X Conscious Companies ETF			12,078,593			11,901,222

For the period ended November 30, 2016, in-kind transactions associated with creations and redemptions were:

		Purchases			Sales and     Maturities			Realized     Gain/(Loss)
Global X FinTech Thematic ETF	$		1,507,633	$		-	$		-
Global X Internet of Things Thematic ETF			3,557,758			-			-
Global X Robotics & Artificial Intelligence Thematic ETF			2,991,058			-			-
Global X Health & Wellness Thematic ETF			1,278,923			-			-
Global X Longevity Thematic ETF			1,490,924			-			-
Global X Millennials Thematic ETF			3,806,608			-			-
Globa X Conscious Companies ETF			32,860,364			727,399			47,034

During the period ended November 30, 2016, there were no purchases or sales of long-term U.S. Government securities for the Funds.

5. TAX INFORMATION

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

The following differences, primarily attributable to foreign currency, redemptions in-kind, REIT adjustments have been reclassified to/from the following accounts during the fiscal year ended November 30, 2016:

Global X Funds	Paid-in     Capital	Undistributed Net Investment Income (Loss)	Accumulated Net Realized Gain (Loss)
Global X Internet of Things Thematic ETF	$–	$212	$(212)
Global X Robotics & Artificial Intelligence Thematic ETF	–	(90)	90
Global X Health & Wellness Thematic ETF	–	(11)	11

53

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

NOVEMBER 30, 2016

Global X Funds	Paid-in Capital	Undistributed Net Investment Income (Loss)	Accumulated Net Realized Gain (Loss)
Global X Longevity Thematic ETF	$–	$1,046	$(1,046)
Global X Millennials Thematic ETF	–	884	(884)
Global X Conscious Companies ETF	47,034	426	(47,460)

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

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

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

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

A RIC is permitted to carry forward net capital losses to offset capital gains realized in later years, and the losses carried forward retain their original character as either long-term or short-term losses. Losses carried forward under these new provisions are as follows:

Global X Funds	Short-Term Loss		Total
Global X Internet of Things Thematic ETF	$	592	$	592
Global X Health & Wellness Thematic ETF		2		2
Global X Longevity Thematic ETF		1,532		1,532
Global X Conscious Companies ETF		52,567		52,567

54

NOTESTO FINANCIAL STATEMENTS (CONTINUED)

NOVEMBER 30, 2016

5. TAX INFORMATION (concluded)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at November 30, 2016 were as follows:

			Aggregated		Aggregated
			Gross		Gross			Net Unrealized
	Federal Tax		Unrealized		Unrealized			Appreciation
Global XFunds	Cost		Appreciation		Depreciation			(Depreciation)
Global X FinTech Thematic ETF		$1,607,618		$63,782		$(80,512	)		$(16,730	)
Global X Internet of Things Thematic ETF		3,771,515		225,491		(123,914	)		101,577
Global X Robotics & Artificial Intelligence Thematic ETF		3,390,997		60,042		(79,629	)		(19,587	)
Global X Health & Wellness Thematic ETF		1,518,238		95,592		(143,999	)		(48,407	)
Global X Longevity Thematic ETF		1,535,914		100,343		(122,523	)		(22,180	)
Global X Millennials Thematic ETF		3,809,589		222,596		(144,504	)		78,092
Global X Conscious Companies ETF		32,304,804		1,960,216		(1,192,300	)		767,916

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

6. CONCENTRATION OF RISKS

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

The securities markets of emerging countries are less liquid and subject to greater price volatility, and have a smaller market capitalization, than the U.S. securities markets. In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issues or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations as are issuers and securities markets in the United States. In particular, the assets and profits appearing on the financial statements of emerging country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information may be publicly available about emerging country issuers than is available about issuers in the United States.

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

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

Commodity related securities are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a great impact on these Funds.

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

55

NOTESTO FINANCIAL STATEMENTS (CONCLUDED)

NOVEMBER 30, 2016

7. LOANS OF PORTFOLIO SECURITIES

The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Security loans made pursuant to a securities lending agreement are required at all times to be secured by collateral equal to at least 102% for U.S.-based securities and 105% for foreign-based securities. Such collateral will be cash securities issued or guaranteed by the U.S. Government or any agencies. Cash collateral received in connection with these loans can be invested in repurchase agreements or U.S. Treasury obligations and is recognized in the Schedule of Investments and Statement of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statement of Assets and Liabilities. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, 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 November 30, 2016, the Funds had no securities on loan.

8. CONTRACTUAL OBLIGATIONS

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

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

9. REGULATORY MATTERS

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

10. SUBSEQUENT EVENTS

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

On or around April 1, 2017, the following Fund anticipates changing its diversification status from “non-diversified” to “diversified”:

Global X Conscious Companies ETF

56

REPORTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of Global X Funds, as defined:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Global X FinTech Thematic ETF, Global X Internet of Things Thematic ETF, Global X Robotics & Artificial Intelligence Thematic ETF, Global X Health & Wellness Thematic ETF, Global X Longevity Thematic ETF, Global X Millennials Thematic ETF and Global X Conscious Companies ETF (seven of the series constituting Global X Funds, hereafter referred to as the “Funds”) as of November 30, 2016, the results of each of their operations, the changes in each of their net assets and the financial highlights for the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of November 30, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

January 30, 2017

57

DISCLOSUREOF 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.

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (June 1, 2016 to November 30, 2016).

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

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

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

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

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

58

DISCLOSUREOF FUND EXPENSES (unaudited) (concluded)

	Beginning Account Value 6/1/2016		Ending Account Value 11/30/2016		Annualized Expense Ratios			Expenses Paid During Period
Global X FinTech Thematic ETF
Actual Fund Return		$1,000.00		$988.70		0.68	%		$1.44	(3)
Hypothetical 5% Return		1,000.00		1,021.72		0.68			3.46
Global X Internet of Things Thematic ETF
Actual Fund Return		$1,000.00		$1,031.90		0.68	%		$1.48	(3)
Hypothetical 5% Return		1,000.00		1,023.68		0.68			3.44
Global X Robotics & Artificial Intelligence Thematic ETF
Actual Fund Return		$1,000.00		$1,002.00		0.68	%		$1.45	(3)
Hypothetical 5% Return		1,000.00		1,021.72		0.68			3.46
Global X Health & Wellness Thematic ETF
Actual Fund Return		$1,000.00		$980.70		0.68	%		$3.39	(1)
Hypothetical 5% Return		1,000.00		1,021.72		0.68			3.46
Global X Longevity Thematic ETF
Actual Fund Return		$1,000.00		$965.60		0.68	%		$3.36	(1)
Hypothetical 5% Return		1,000.00		1,021.72		0.68			3.46
Global X Millennials Thematic ETF
Actual Fund Return		$1,000.00		$1,034.50		0.68	%		$3.46	(1)
Hypothetical 5% Return		1,000.00		1,021.74		0.68			3.44
Global X Conscious Companies ETF
Actual Fund Return		$1,000.00		$1,046.40		0.43	%		$1.71	(2)
Hypothetical 5% Return		1,000.00		1,023.47		0.43			2.19

⁽¹⁾  Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 183/366 (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 142/366 (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 79/366 (to reflect the period from inception to date.)

59

APPROVALOFINVESTMENT ADVISORY AGREEMENT (unaudited)

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

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

On November 13, 2015, the Board of Trustees (including the Trust’s Independent Trustees voting separately) also initially considered and unanimously approved (i) the initial Investment Advisory Agreement (“New November Investment Advisory Agreement”), for the Global X FinTech Thematic ETF, Global X Internet of Things Thematic ETF, Global X Health & Wellness Thematic ETF, and Global X Conscious Companies ETF and (ii) the Supervision and Administration Agreement between the Trust (“New November Supervision and Administration Agreement”), on behalf of each fund, and Global X Management. On February 26, 2016, the Board of Trustees (including the Trust’s Independent Trustees voting separately) also initially considered and unanimously approved (i) the initial Investment Advisory Agreement (‘New February Investment Advisory Agreement”), for the Global X Robotics & Artificial Intelligence Thematic ETF, Global X Longevity Thematic ETF, and Global X Millennials Thematic ETF and (ii) the Supervision and Administration Agreement between the Trust (“New February Supervision and Administration Agreement”), on behalf of each fund, and Global X Management. The Global X FinTech Thematic ETF, Global X Internet of Things Thematic ETF, Global X Health & Wellness Thematic ETF, Global X Conscious Companies ETF, Global X Robotics & Artificial Intelligence Thematic ETF, Global X Longevity Thematic ETF, and Global X Millennials Thematic ETF are each referred to herein as a “New Fund” and collectively, as the “New Funds.” The New November Investment Advisory Agreement, New November Supervision and Administration Agreement, New February Investment Advisory Agreement and New February Supervision and Administration Agreement are referred to collectively as the “New Fund Agreements.”

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

60

APPROVALOFINVESTMENT ADVISORY AGREEMENT (unaudited)

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

NEW FUND AGREEMENTS

Nature, Extent and Quality of Services

With respect to this factor, the Board considered:

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

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

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

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

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

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

61

APPROVALOFINVESTMENT ADVISORY AGREEMENT (unaudited)

Performance

The Board determined that, because each New Fund had not yet been operational for one calendar year, meaningful data relating to 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 New Fund Agreements for the investment advisory, supervisory and administrative services that the New Fund requires under a unitary fee structure (including the types of fees and expenses that are not included within the unitary fee and would be borne by each New Fund); and

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

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 Funds’ shareholders.

Comparison of Fees and Services

With respect to this factor, the Board considered:

• comparative information with respect to the proposed Management Fee to be paid to Global X Management by each New Fund. In connection with this consideration, Global X Management provided the Board with comparative expense data for each New Fund, including fees and expenses paid by unaffiliated comparable specialized and/or focused exchange-traded funds, and/or other comparable registered funds;

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

62

APPROVALOFINVESTMENT ADVISORY AGREEMENT (unaudited)

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

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

Economies of Scale

With respect to this factor, the Board considered:

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

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

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

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

Other Benefits

In considering the New Fund Agreements, in addition to the categories discussed above, the Board considered 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 exercise of its business judgement, all information it considered supported approval of the New Fund Agreements.

Conclusion

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

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

63

APPROVALOFINVESTMENT ADVISORY AGREEMENT (unaudited)

RENEWAL AGREEMENTS

Nature, Extent and Quality of Services

With respect to this factor, the Board considered:

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

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

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

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

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

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

Performance

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

64

APPROVALOFINVESTMENT ADVISORY AGREEMENT (unaudited)

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

Cost of Services and Profitability

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

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

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

Comparison of Fees and Services

With respect to this factor, the Board considered:

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

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

65

APPROVALOFINVESTMENT ADVISORY AGREEMENT (unaudited)

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

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

Economies of Scale

With respect to this factor, the Board considered:

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

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

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

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

Other Benefits

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

Conclusion

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

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

66

SUPPLEMENTAL INFORMATION (Unaudited)

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

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

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

67

TRUSTEESANDOFFICERSOFTHETRUST (unaudited)

Set forth below are the names, addresses, year of birth, position with the Trust, term of office and length of time served, the principal occupations for the last five years, number of funds in fund complex overseen by the Trustees, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust.

Name, Address (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Number of Funds in Trust Overseen by Trustee	Other Directorships Held by Trustees
Independent Trustees2
Sanjay Ram Bharwani 600 Lexington Avenue, 20th Floor New York, NY 10022 (1974)	Trustee (since 2008)	CEO of Risk Advisors Inc. (since 2007) (consulting firm).	553	None.
Scott R. Chichester1 600 Lexington Avenue, 20th Floor New York, NY 10022 (1970)	Trustee (since 2008)	CFO, AdeptPros Inc. (app development, training and consulting) (since 2012); Founder, Madison Park Advisors LLC (advisory services) (since 2011); CFO, Sterling Seal & Supply Inc. (since 2011), President & Treasurer, Bayview Acquisition Corp (since 2010), CPA, Penda Aiken Inc. (2009-2011) (consultant); Founder and President, DirectPay USA LLC (since 2006) (payroll company); Proprietor, Scott R. Chichester CPA (since 2001) (CPA firm).	553	Director of AdeptPros Inc. (since 2015); Director of Sterling Seal & Supply Inc. (since 2011);Director of Bayview Acquisition Corp. (since 2010); Trustee of ARK ETF Trust (since 2014).
Kartik Kiran Shah 600 Lexington Avenue, 20th Floor New York, NY 10022 (1977)	Trustee (since 2008)	President and Chief Business Officer, Oxeia Biopharmaceuticals, Inc. (2015-Present); Vice President, Business Development, Cynvenio Biosystems (2012-2014); Independent Consultant, Self-Employed (2011-2012) (non- financial services); Director, Wireless Generation (2008-2011) (software).	553	Director of Oxeia Biopharmaceuticals, Inc. (2015-Present).

68

TRUSTEESANDOFFICERSOFTHETRUST (unaudited)

The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-493-8631. The following chart lists Trustees and Officers as of November 30, 2016.

Name, Address (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Number of Funds   in Trust   Overseen by   Trustee	Other Directorships Held by Trustees
Interested Trustee / Officers2
Bruno del Ama 600 Lexington Avenue, 20th Floor New York, NY 10022 (1976)	Trustee (since 2008), President, Chief Executive Officer (since 2008)	Chief Executive Officer, Global X Management Company (“GXMC”) (since 2008); Chief Compliance Officer, GXMC (2008-2013).	553	None.
Luis Berruga 600 Lexington Avenue, 20th Floor New York, NY 10022 (1977)	Chief Operating Officer, Treasurer, Principal Accounting Officer and Chief Financial Officer (since 9/2015).	Chief Financial Officer, GXMC (since 9/2015) and Chief Operating Officer (since 2/2014); Investment Banker, Jefferies (2012-2014); Regional Product Specialist, Morgan Stanley (2005 - 2012).	N/A	N/A
Daphne Tippens Chisolm 600 Lexington Avenue, 20th Floor New York, NY 10022 (1969)	Secretary (since 2012)	General Counsel, GXMC (since 2011); Chief Compliance Officer, GXMC (1/2014 - 5/2014 and 2/2015-9/2016)	N/A	N/A
Joe Costello 600 Lexington Avenue, 20th Floor New York, NY 10022 (1974)	Chief Compliance Officer (since 9/2016).	Chief Compliance Officer, FlexShares Funds (2011-2015); Vice President, Northern Trust Investments (2003 - 2015).	N/A	N/A

69

TRUSTEESANDOFFICERSOFTHETRUST (unaudited)

Name, Address (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustees
Lisa Whittaker4 One Freedom Valley Drive Oaks, PA 19456 (1978)	Assistant Secretary (since 2013)	Counsel at SEI Investments (since 2012); Associate Counsel and Compliance Officer at The Glendale Trust Company (2011-2012); Associate of Drinker Biddle & Reath LLP (2006-2011).	N/A
Eric Kleinschmidt 4 One Freedom Valley Drive Oaks, PA 19456 (1968)	Assistant Treasurer (since 2016)	Director, Fund Accounting, SEI Investments Global Funds Services (2004 to present).	N/A

¹  Mr. Chichester is currently married to a sister of Mr. del Ama’s wife. While an “immediate family member” (as defined in Section 2(a)(19) of the 1940 Act) of Mr. del Ama would be considered an Interested Person, Mr. Chichester is not considered an immediate family member for this purpose. Although this fact was taken into consideration in determining whether Mr. Chichester should be considered to be an Independent Trustee for purposes of the Section 2(a)(19) of the 1940 Act, it was determined that this relationship was not one that should disqualify Mr. Chichester from serving as an Independent Trustee of the Trust.

²  Each Trustee serves until his or her successor is duly elected or appointed and qualified.

³  As of November 30, 2016, the Trust had one hundred investment portfolios, fifty-five of which were operational.

⁴  These officers of the Trust also serve as officers of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor.

70

71

72

600 Lexington Avenue, 20t^h Floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www. globalxfunds. com

Investment Adviser and Administrator:

Global X Management Company LLC

600 Lexington Avenue, 20^th Floor

New York, NY 10022

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

Stradley Ronon Stevens & Young, LLP

1250 Connecticut Avenue, N.W.

Suite 500

Washington, DC 20036

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

GLX-AR-007-0100

Item 2.     Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

Item 3.     Audit Committee Financial Expert.

(a)(1) The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The audit committee financial expert is Scott Chichester and is independent as defined in Form N-CSR Item 3(a)(2).

Item 4.     Principal Accountant Fees and Services.

Fees billed by Pricewaterhouse Coopers LLP in 2016 and Ernst & Young, LLP in 2015 related to the registrant.

In 2016 and 2015, Pricewaterhouse Coopers LLP and Ernst & Young, LLP, respectively, billed the registrant aggregate fees for services rendered to the registrant for the last two fiscal years as follows:

		2016			2015
		All fees and   services to   the Trust   that were   pre- approved	All fees and   services to   service   affiliates that   were pre- approved	All other   fees and   services to   service   affiliates that   did not   require pre- approval	All fees and   services to   the Trust   that were   pre- approved	All fees and   services to   service   affiliates that   were pre- approved	All other   fees and   services to service   affiliates that   did not   require pre- approval
(a)	Audit   Fees	$532,690	$0	$0	$60,876	$0	$0
(b)	Audit- Related   Fees	$0	$0	$0	$0	$0	$0
(c)	Tax   Fees	$201,260	$0	$0	$4,215	$0	$0
(d)	All   Other   Fees	$0	$0	$0	$0	$0	$0

(e)(1)     Not applicable.

(e)(2)     Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows for Pricewaterhouse Coopers LLP in 2016 and Ernst & Young LLP in 2015:

	2016	2015
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

(f)      Not applicable.

(g)     The aggregate non-audit fees and services billed by for Pricewaterhouse Coopers LLP in 2016 and Ernst & Young, LLP in 2015 for the last two fiscal years were $201,260 and $4,215, respectively.

(h)     During the past fiscal year, all non-audit services provided by registrant’s principal accountant to either registrant’s investment adviser or to any entity controlling, controlled by, or under common control with registrant’s investment adviser that provides ongoing services to registrant were pre-approved by the audit committee of registrant’s Board of Trustees. Included in the audit committee’s pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6.     Schedule of Investments.

Not applicable.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies. Effective for closed-end management investment companies for fiscal years ending on or after December 31, 2005.

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

Not applicable to open-end management investment companies.

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

There have been no material changes.

Item 11.             Controls and Procedures.

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

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

Items 12.   Exhibits.

(a)(1) Code of Ethics attached hereto.

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

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

SIGNATURES

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

(Registrant)	Global X Funds
By (Signature and Title)*	/s/ Bruno del Ama
	Bruno del Ama
	President

Date: February 8, 2017

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

By (Signature and Title)*	/s/ Bruno del Ama
	Bruno del Ama
	President

Date: February 8, 2017

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

Date: February 8, 2017

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