# EDGAR Filing Document

**Accession Number:** 0001432353
**File Stem:** 0000930413-25-002363
**Filing Date:** 2025-8
**Character Count:** 340283
**Document Hash:** b1af77ad35980d61bb804cf829ef422f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-002363.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0000930413-25-002363

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**EFFECTIVENESS DATE**: 20250801

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Global X Funds
- **CENTRAL INDEX KEY:** 0001432353

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22209
- **FILM NUMBER:** 251175191

**BUSINESS ADDRESS:**
- **STREET 1:** 605 THIRD AVENUE
- **STREET 2:** 43RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10158
- **BUSINESS PHONE:** (212) 644-6110

**MAIL ADDRESS:**
- **STREET 1:** 605 THIRD AVENUE
- **STREET 2:** 43RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10158

## Series and Classes Contracts Data

### Global X MLP ETF (Series ID: S000033201)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000102168 | Global X MLP ETF | MLPA            |

### Global X MLP & Energy Infrastructure ETF (Series ID: S000040076)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000124409 | Global X MLP & Energy Infrastructure ETF | MLPX            |

### Global X Alternative Income ETF (Series ID: S000049563)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000156499 | Global X Alternative Income ETF | ALTY            |

### Global X Conscious Companies ETF (Series ID: S000054297)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000170551 | Global X Conscious Companies ETF | KRMA            |

### Global X U.S. Preferred ETF (Series ID: S000058429)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000191734 | Global X U.S. Preferred ETF | PFFD            |

### Global X S&P 500 Quality Dividend ETF (Series ID: S000062094)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000201047 | Global X S&P 500 Quality Dividend ETF | QDIV            |

### Global X Adaptive U.S. Factor ETF (Series ID: S000062672)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000203262 | Global X Adaptive U.S. Factor ETF | AUSF            |

### Global X Variable Rate Preferred ETF (Series ID: S000068631)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000219547 | Global X Variable Rate Preferred ETF | PFFV            |

### Global X Adaptive U.S. Risk Management ETF (Series ID: S000070582)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000224228 | Global X Adaptive U.S. Risk Management ETF | ONOF            |

### Global X U.S. Cash Flow Kings 100 ETF (Series ID: S000080575)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000243084 | Global X U.S. Cash Flow Kings 100 ETF | FLOW            |

### Global X 1-3 Month T-Bill ETF (Series ID: S000080638)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000243154 | Global X 1-3 Month T-Bill ETF | CLIP            |

### Global X Short-Term Treasury Ladder ETF (Series ID: S000086495)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000252057 | Global X Short-Term Treasury Ladder ETF | SLDR            |

### Global X Intermediate-Term Treasury Ladder ETF (Series ID: S000086496)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000252058 | Global X Intermediate-Term Treasury Ladder ETF | MLDR            |

### Global X Long-Term Treasury Ladder ETF (Series ID: S000086497)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000252059 | Global X Long-Term Treasury Ladder ETF | LLDR            |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSRS**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

**Investment Company Act file number 811-22209**

**Global X Funds** 

(Exact name of registrant as specified in charter)

605 Third Avenue, 43rd floor

New York, NY 10158

(Address of principal executive offices) (Zip code)

Jasmin M. Ali, Esquire

Global X Management Company LLC

605 Third Avenue, 43rd floor

New York, NY 10158

(Name and address of agent for service)

With a copy to:

Jasmin M. Ali, Esquire Global X Management Company LLC 605 Third Avenue, 43rd floor New York, NY 10158 Eric S. Purple, Esquire Stradley Ronon Stevens & Young, LLP 2000 K Street, N.W., Suite 700 Washington, DC 20006-1871

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

**Date of fiscal year end: November 30, 2025**

**Date of reporting period: May 31, 2025**

**Item 1. Reports to Stockholders.**

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") (17 CFR § 270.30e-1), is attached hereto.

# Global X Funds
![Image](icb9a7100b7ff47f3c9be9af6.jpg)

## Global X MLP ETF

## Ticker: MLPA

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: May 31, 2025
This semi-annual shareholder report contains important information about the Global X MLP ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/mlpa. You can also request this information by contacting us at 1-888-493-8631.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X MLP ETF | $25 | 0.50% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $1757044546 | 20 | $3976119 | 15.25% |

---

# What did the Fund invest in?

# Sector Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](ibfe14c64ebb21eb6914b75db.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.6% |
| Energy | 102.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Energy Transfer | 14.7% |
| Enterprise Products Partners | 13.5% |
| MPLX | 12.2% |
| Western Midstream Partners | 11.0% |
| Plains All American Pipeline | 9.5% |
| Hess Midstream, Cl A | 8.8% |
| Sunoco | 8.5% |
| Cheniere Energy Partners | 7.2% |
| USA Compression Partners | 5.6% |
| Global Partners<sup>Footnote Reference\*\*</sup> | 4.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-888-493-8631 

* https://www.globalxetfs.com/funds/mlpa 

![Image](icb9a7100b7ff47f3c9be9af6.jpg)

#### GX-SA-MLPA-2025

# Global X Funds
![Image](icb9a7100b7ff47f3c9be9af6.jpg)

## Global X MLP & Energy Infrastructure ETF

## Ticker: MLPX

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: May 31, 2025
This semi-annual shareholder report contains important information about the Global X MLP & Energy Infrastructure ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/mlpx. You can also request this information by contacting us at 1-888-493-8631.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X MLP & Energy Infrastructure ETF | $22 | 0.45% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $2599788437 | 29 | $5863430 | 8.93% |

---

# What did the Fund invest in?

# Asset/Country Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](id50b553959455e1dbe975171.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Repurchase Agreement | 0.8% |
| Short-Term Investment | 0.7% |
| U.S. Treasury Obligation | 1.9% |
| Canada | 22.8% |
| United States | 77.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Enbridge | 9.4% |
| Williams | 9.3% |
| Kinder Morgan | 9.1% |
| ONEOK | 7.6% |
| Cheniere Energy | 7.1% |
| TC Energy | 6.6% |
| DT Midstream | 4.6% |
| Pembina Pipeline | 4.5% |
| MPLX | 4.5% |
| Energy Transfer | 4.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-888-493-8631 

* https://www.globalxetfs.com/funds/mlpx 

![Image](icb9a7100b7ff47f3c9be9af6.jpg)

#### GX-SA-MLPX-2025

# Global X Funds
![Image](icb9a7100b7ff47f3c9be9af6.jpg)

## Global X Alternative Income ETF

## Ticker: ALTY

## Principal Listing Exchange: Nasdaq

## Semi-Annual Shareholder Report: May 31, 2025
This semi-annual shareholder report contains important information about the Global X Alternative Income ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/alty/. You can also request this information by contacting us at 1-888-493-8631.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Alternative Income ETF | $25 | 0.50% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $33497325 | 22 | $82129 | 0.65% |

---

# What did the Fund invest in?

# Asset/Sector Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](i0d954734b1e38e57285913c9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investment | 1.3% |
| Repurchase Agreement | 1.4% |
| Utilities | 6.9% |
| Energy | 15.6% |
| Exchange-Traded Funds | 77.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Global X Emerging Markets Bond ETF<sup>Footnote Reference\*\*</sup> | 20.4% |
| Global X SuperDividend<sup>®</sup> REIT ETF<sup>Footnote Reference\*\*</sup> | 19.3% |
| Global X Nasdaq 100<sup>®</sup> Covered Call ETF<sup>Footnote Reference\*\*</sup> | 19.0% |
| Global X U.S. Preferred ETF<sup>Footnote Reference\*\*</sup> | 18.7% |
| Williams | 1.7% |
| Kinder Morgan | 1.7% |
| Antero Midstream | 1.7% |
| MPLX | 1.5% |
| Spire | 1.5% |
| OGE Energy | 1.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-888-493-8631 

* https://www.globalxetfs.com/funds/alty/ 

![Image](icb9a7100b7ff47f3c9be9af6.jpg)

#### GX-SA-ALTY-2025

# Global X Funds
![Image](icb9a7100b7ff47f3c9be9af6.jpg)

## Global X Conscious Companies ETF

## Ticker: KRMA

## Principal Listing Exchange: Nasdaq

## Semi-Annual Shareholder Report: May 31, 2025
This semi-annual shareholder report contains important information about the Global X Conscious Companies ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/krma/. You can also request this information by contacting us at 1-888-493-8631.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Conscious Companies ETF | $21 | 0.43% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $618427168 | 151 | $1320327 | 7.38% |

---

# What did the Fund invest in?

# Sector Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](i1866eb07a4a8b51fb73df640.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.9% |
| Real Estate | 1.5% |
| Materials | 1.9% |
| Energy | 2.4% |
| Consumer Staples | 4.9% |
| Industrials | 7.3% |
| Communication Services | 7.4% |
| Consumer Discretionary | 10.5% |
| Health Care | 13.2% |
| Financials | 13.4% |
| Information Technology | 36.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Microsoft | 5.7% |
| NVIDIA | 5.4% |
| Apple | 5.2% |
| Amazon.com | 2.8% |
| Alphabet, Cl A | 2.7% |
| Meta Platforms, Cl A | 1.7% |
| Capital One Financial | 1.0% |
| Broadcom | 1.0% |
| Tesla | 0.7% |
| Micron Technology | 0.6% |

---

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-888-493-8631 

* https://www.globalxetfs.com/funds/krma/ 

![Image](icb9a7100b7ff47f3c9be9af6.jpg)

#### GX-SA-KRMA-2025

# Global X Funds
![Image](icb9a7100b7ff47f3c9be9af6.jpg)

## Global X U.S. Preferred ETF

## Ticker: PFFD

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: May 31, 2025
This semi-annual shareholder report contains important information about the Global X U.S. Preferred ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/pffd/. You can also request this information by contacting us at 1-888-493-8631.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X U.S. Preferred ETF | $11 | 0.23% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $2286497362 | 211 | $2668461 | 33.12% |

---

# What did the Fund invest in?

# Asset/Sector Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](i00d273bf9f902d730372d44c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investment | 0.0% |
| Repurchase Agreement | 0.0% |
| Health Care | 0.6% |
| Materials | 1.3% |
| Information Technology | 1.5% |
| Consumer Discretionary | 1.8% |
| Real Estate | 4.5% |
| Industrials | 5.0% |
| Communication Services | 6.5% |
| Utilities | 13.4% |
| Financials | 64.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Boeing | 4.6% |
| Citigroup Capital XIII | 2.5% |
| Wells Fargo | 2.3% |
| Apollo Global Management | 1.9% |
| NextEra Energy | 1.8% |
| Ares Management | 1.5% |
| Hewlett Packard Enterprise | 1.5% |
| PG&E | 1.3% |
| Bank of America | 1.3% |
| Albemarle | 1.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-888-493-8631 

* https://www.globalxetfs.com/funds/pffd/ 

![Image](icb9a7100b7ff47f3c9be9af6.jpg)

#### GX-SA-PFFD-2025

# Global X Funds
![Image](icb9a7100b7ff47f3c9be9af6.jpg)

## Global X S&P 500<sup>®</sup> Quality Dividend ETF

## Ticker: QDIV

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: May 31, 2025
This semi-annual shareholder report contains important information about the Global X S&P 500<sup>®</sup> Quality Dividend ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/qdiv/. You can also request this information by contacting us at 1-888-493-8631.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | $10 | 0.20% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $28450869 | 61 | $30289 | 33.81% |

---

# What did the Fund invest in?

# Sector Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](ic0207e0b8ef8d4370915bce1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.8% |
| Consumer Discretionary | 2.9% |
| Communication Services | 3.1% |
| Information Technology | 4.9% |
| Financials | 7.4% |
| Materials | 7.4% |
| Health Care | 9.1% |
| Energy | 12.0% |
| Consumer Staples | 25.1% |
| Industrials | 26.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| CME Group, Cl A | 2.3% |
| RTX | 2.2% |
| Huntington Ingalls Industries | 2.2% |
| 3M | 2.1% |
| Paychex | 2.1% |
| Marathon Petroleum | 2.1% |
| Automatic Data Processing | 2.0% |
| AbbVie | 2.0% |
| Johnson & Johnson | 2.0% |
| General Dynamics | 2.0% |

---

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-888-493-8631 

* https://www.globalxetfs.com/funds/qdiv/ 

![Image](icb9a7100b7ff47f3c9be9af6.jpg)

#### GX-SA-QDIV-2025

# Global X Funds
![Image](icb9a7100b7ff47f3c9be9af6.jpg)

## Global X Adaptive U.S. Factor ETF

## Ticker: AUSF

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: May 31, 2025
This semi-annual shareholder report contains important information about the Global X Adaptive U.S. Factor ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/ausf/. You can also request this information by contacting us at 1-888-493-8631.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Adaptive U.S. Factor ETF | $13 | 0.27% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $544926602 | 197 | $577255 | 43.76% |

---

# What did the Fund invest in?

# Asset/Sector Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](i7884de5df6925905907c33a0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investment | 0.0% |
| Repurchase Agreement | 0.0% |
| Real Estate | 0.6% |
| Utilities | 3.0% |
| Materials | 4.6% |
| Energy | 4.7% |
| Consumer Discretionary | 5.7% |
| Information Technology | 10.4% |
| Communication Services | 10.6% |
| Consumer Staples | 11.0% |
| Health Care | 11.2% |
| Industrials | 11.6% |
| Financials | 26.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| AT&T | 1.9% |
| Verizon Communications | 1.9% |
| RTX | 1.6% |
| Intercontinental Exchange | 1.6% |
| CME Group, Cl A | 1.6% |
| Automatic Data Processing | 1.5% |
| Republic Services, Cl A | 1.5% |
| Boston Scientific | 1.5% |
| Waste Management | 1.5% |
| Cisco Systems | 1.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-888-493-8631 

* https://www.globalxetfs.com/funds/ausf/ 

![Image](icb9a7100b7ff47f3c9be9af6.jpg)

#### GX-SA-AUSF-2025

# Global X Funds
![Image](icb9a7100b7ff47f3c9be9af6.jpg)

## Global X Variable Rate Preferred ETF

## Ticker: PFFV

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: May 31, 2025
This semi-annual shareholder report contains important information about the Global X Variable Rate Preferred ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/pffv/. You can also request this information by contacting us at 1-888-493-8631.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Variable Rate Preferred ETF | $12 | 0.25% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $304323385 | 57 | $357304 | 32.02% |

---

# What did the Fund invest in?

# Sector Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](i17260f2def681442c2fe48a0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 1.5% |
| Utilities | 4.1% |
| Consumer Staples | 4.5% |
| Financials | 89.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Morgan Stanley | 4.5% |
| Apollo Global Management | 3.2% |
| MetLife | 3.0% |
| Jackson Financial | 3.0% |
| Reinsurance Group of America | 2.9% |
| Goldman Sachs Group | 2.8% |
| US Bancorp | 2.8% |
| Allstate | 2.7% |
| Banc of California | 2.7% |
| Bank of America | 2.6% |

---

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-888-493-8631 

* https://www.globalxetfs.com/funds/pffv/ 

![Image](icb9a7100b7ff47f3c9be9af6.jpg)

#### GX-SA-PFFV-2025

# Global X Funds
![Image](icb9a7100b7ff47f3c9be9af6.jpg)

## Global X Adaptive U.S. Risk Management ETF

## Ticker: ONOF

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: May 31, 2025
This semi-annual shareholder report contains important information about the Global X Adaptive U.S. Risk Management ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/onof. You can also request this information by contacting us at 1-888-493-8631.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Adaptive U.S. Risk Management ETF | $19 | 0.39% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $123276972 | 505 | $248264 | 370.05% |

---

# What did the Fund invest in?

# Sector Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](i9d630493c4b29831bc6557b6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.0% |
| Materials | 2.0% |
| Utilities | 2.4% |
| Energy | 3.1% |
| Consumer Staples | 5.7% |
| Industrials | 8.8% |
| Health Care | 9.7% |
| Communication Services | 9.9% |
| Consumer Discretionary | 10.8% |
| Financials | 13.9% |
| Information Technology | 31.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Microsoft | 6.6% |
| NVIDIA | 6.3% |
| Apple | 5.8% |
| Amazon.com | 3.8% |
| Meta Platforms, Cl A | 2.8% |
| Broadcom | 2.2% |
| Alphabet, Cl A | 2.0% |
| Tesla | 1.9% |
| Alphabet, Cl C | 1.7% |
| JPMorgan Chase | 1.4% |

---

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-888-493-8631 

* https://www.globalxetfs.com/funds/onof 

![Image](icb9a7100b7ff47f3c9be9af6.jpg)

#### GX-SA-ONOF-2025

# Global X Funds
![Image](icb9a7100b7ff47f3c9be9af6.jpg)

## Global X 1-3 Month T-Bill ETF

## Ticker: CLIP

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: May 31, 2025
This semi-annual shareholder report contains important information about the Global X 1-3 Month T-Bill ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/clip. You can also request this information by contacting us at 1-888-493-8631.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X 1-3 Month T-Bill ETF | $4 | 0.07% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $1491070677 | 27 | $424251 | 0.00% |

---

# What did the Fund invest in?

# Asset Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](i7ea461a27f83759d817fb0a8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Repurchase Agreement | 0.0% |
| U.S. Treasury Obligations | 104.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| U.S. Treasury Bills | 8.8% |
| U.S. Treasury Bills | 8.0% |
| U.S. Treasury Bills | 7.7% |
| U.S. Treasury Bills | 6.7% |
| U.S. Treasury Bills | 5.3% |
| U.S. Treasury Bills | 5.3% |
| U.S. Treasury Bills | 5.1% |
| U.S. Treasury Bills | 5.0% |
| U.S. Treasury Bills | 4.7% |
| U.S. Treasury Bills | 4.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-888-493-8631 

* https://www.globalxetfs.com/funds/clip 

![Image](icb9a7100b7ff47f3c9be9af6.jpg)

#### GX-SA-CLIP-2025

# Global X Funds
![Image](icb9a7100b7ff47f3c9be9af6.jpg)

## Global X U.S. Cash Flow Kings 100 ETF

## Ticker: FLOW

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: May 31, 2025
This semi-annual shareholder report contains important information about the Global X U.S. Cash Flow Kings 100 ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/flow. You can also request this information by contacting us at 1-888-493-8631.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X U.S. Cash Flow Kings 100 ETF | $12 | 0.25% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $11031204 | 99 | $9416 | 53.38% |

---

# What did the Fund invest in?

# Sector Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](iaa32c9ccbbd90117709b4ac2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.6% |
| Utilities | 2.6% |
| Materials | 5.0% |
| Communication Services | 6.0% |
| Consumer Staples | 9.0% |
| Health Care | 11.0% |
| Industrials | 12.4% |
| Information Technology | 15.1% |
| Energy | 15.5% |
| Consumer Discretionary | 21.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| NRG Energy | 2.6% |
| Marathon Petroleum | 2.2% |
| United Airlines Holdings | 2.2% |
| Altria Group | 2.2% |
| Gen Digital | 2.1% |
| Valero Energy | 2.0% |
| Expedia Group | 2.0% |
| CF Industries Holdings | 1.9% |
| Warner Bros Discovery | 1.9% |
| QUALCOMM | 1.9% |

---

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-888-493-8631 

* https://www.globalxetfs.com/funds/flow 

![Image](icb9a7100b7ff47f3c9be9af6.jpg)

#### GX-SA-FLOW-2025

# Global X Funds
![Image](icb9a7100b7ff47f3c9be9af6.jpg)

## Global X Short-Term Treasury Ladder ETF

## Ticker: SLDR

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: May 31, 2025
This semi-annual shareholder report contains important information about the Global X Short-Term Treasury Ladder ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https:www.globalxetfs.com/funds/sldr/. You can also request this information by contacting us at 1-888-493-8631.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Short-Term Treasury Ladder ETF | $6 | 0.12% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $12039268 | 78 | $5297 | 16.45% |

---

# What did the Fund invest in?

# Asset Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](icddfd777d3bcc274e400fad6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Obligations | 99.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| U.S. Treasury Notes, 2.75%, 7/31/2027 | 3.6% |
| U.S. Treasury Notes, 4.50%, 5/15/2027 | 3.6% |
| U.S. Treasury Notes, 4.25%, 1/15/2028 | 3.6% |
| U.S. Treasury Notes, 3.75%, 8/15/2027 | 3.6% |
| U.S. Treasury Notes, 4.13%, 11/15/2027 | 3.5% |
| U.S. Treasury Notes, 4.50%, 4/15/2027 | 3.4% |
| U.S. Treasury Notes, 0.50%, 10/31/2027 | 2.7% |
| U.S. Treasury Notes, 0.38%, 9/30/2027 | 2.3% |
| U.S. Treasury Notes, 3.88%, 11/30/2027 | 2.1% |
| U.S. Treasury Notes, 2.75%, 2/15/2028 | 2.0% |

---

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-888-493-8631 

* https:www.globalxetfs.com/funds/sldr/ 

![Image](icb9a7100b7ff47f3c9be9af6.jpg)

#### GX-SA-SLDR-2025

# Global X Funds
![Image](icb9a7100b7ff47f3c9be9af6.jpg)

## Global X Intermediate-Term Treasury Ladder ETF

## Ticker: MLDR

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: May 31, 2025
This semi-annual shareholder report contains important information about the Global X Intermediate-Term Treasury Ladder ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/mldr/. You can also request this information by contacting us at 1-888-493-8631.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Intermediate-Term Treasury Ladder ETF | $6 | 0.12% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $2446761 | 28 | $1451 | 17.40% |

---

# What did the Fund invest in?

# Asset Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](id510559844ee8c20f934f142.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Obligations | 98.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| U.S. Treasury Notes, 3.50%, 2/15/2033 | 5.8% |
| U.S. Treasury Notes, 4.38%, 11/30/2030 | 5.2% |
| U.S. Treasury Notes, 4.00%, 2/15/2034 | 5.2% |
| U.S. Treasury Notes, 3.88%, 9/30/2029 | 5.1% |
| U.S. Treasury Notes, 3.75%, 6/30/2030 | 5.1% |
| U.S. Treasury Notes, 2.38%, 3/31/2029 | 4.8% |
| U.S. Treasury Notes, 3.88%, 8/15/2034 | 4.7% |
| U.S. Treasury Notes, 4.25%, 11/15/2034 | 4.7% |
| U.S. Treasury Notes, 4.50%, 11/15/2033 | 4.1% |
| U.S. Treasury Notes, 4.25%, 2/28/2031 | 4.1% |

---

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-888-493-8631 

* https://www.globalxetfs.com/funds/mldr/ 

![Image](icb9a7100b7ff47f3c9be9af6.jpg)

#### GX-SA-MLDR-2025

# Global X Funds
![Image](icb9a7100b7ff47f3c9be9af6.jpg)

## Global X Long-Term Treasury Ladder ETF

## Ticker: LLDR

## Principal Listing Exchange: NYSE Arca, Inc.

## Semi-Annual Shareholder Report: May 31, 2025
This semi-annual shareholder report contains important information about the Global X Long-Term Treasury Ladder ETF (the "Fund") for the period from December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.globalxetfs.com/funds/lldr/. You can also request this information by contacting us at 1-888-493-8631.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| Global X Long-Term Treasury Ladder ETF | $6 | 0.12% |

---

# Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Portfolio Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $20595196 | 91 | $12384 | 7.60% |

---

# What did the Fund invest in?

# Asset Weightings<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](ic130c8d23246654d8810e948.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Obligations | 98.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| U.S. Treasury Bonds, 4.50%, 2/15/2036 | 4.2% |
| U.S. Treasury Bonds, 4.50%, 5/15/2038 | 3.0% |
| U.S. Treasury Bonds, 4.38%, 2/15/2038 | 2.7% |
| U.S. Treasury Bonds, 5.00%, 5/15/2037 | 2.6% |
| U.S. Treasury Bonds, 3.50%, 2/15/2039 | 2.3% |
| U.S. Treasury Bonds, 2.50%, 2/15/2046 | 2.0% |
| U.S. Treasury Bonds, 2.88%, 5/15/2049 | 1.7% |
| U.S. Treasury Bonds, 4.50%, 8/15/2039 | 1.7% |
| U.S. Treasury Bonds, 4.25%, 8/15/2054 | 1.6% |
| U.S. Treasury Bonds, 4.63%, 5/15/2054 | 1.6% |

---

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-888-493-8631 

* https://www.globalxetfs.com/funds/lldr/ 

![Image](icb9a7100b7ff47f3c9be9af6.jpg)

#### GX-SA-LLDR-2025
(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable for semi-annual report.

**Item 3. Audit Committee Financial Expert.**

Not applicable for semi-annual report.

**Item 4. Principal Accountant Fees and Services.**

Not applicable for semi-annual report.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable for semi-annual report.

**Item 6. Schedule of Investments.**

(a) The Schedules of Investments and Consolidated Schedules of Investments are included as part of the financial statements and financial highlights filed under Item 7 of this form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Financial statements and financial highlights are filed herein.

![](x1_c113464x1x1m4.jpg)

**Global X MLP ETF (ticker: MLPA)**

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

**Global X Alternative Income ETF (ticker: ALTY)**

**Global X Conscious Companies ETF (ticker: KRMA)**

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

**Global X S&P 500<sup>®</sup> Quality Dividend ETF (ticker: QDIV)**

**Global X Adaptive U.S. Factor ETF (ticker: AUSF)**

**Global X Variable Rate Preferred ETF (ticker: PFFV)**

**Global X Adaptive U.S. Risk Management ETF (ticker: ONOF)**

**Global X 1-3 Month T-Bill ETF (ticker: CLIP)**

**Global X U.S. Cash Flow Kings 100 ETF (ticker: FLOW)**

**Global X Short-Term Treasury Ladder ETF (ticker: SLDR)**

**Global X Intermediate-Term Treasury Ladder ETF (ticker: MLDR)**

**Global X Long-Term Treasury Ladder ETF (ticker: LLDR)**

**Semi-Annual Financials and Other Information**

**May 31, 2025**

![](logom4.jpg)

**Table of Contents**

------

---

| | |
|:---|:---|
| Financial Statements (Form N-CSRS Item 7) |  |
| &nbsp;&nbsp;&nbsp;[Schedules of Investments](#xx1xc113464a001xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X MLP ETF](#xx1xc113464a002xm4) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X MLP & Energy Infrastructure ETF](#xx1xc113464a003xm4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Alternative Income ETF](#xx1xc113464a004xm4) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Conscious Companies ETF](#xx1xc113464a005xm4) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X U.S. Preferred ETF](#xx1xc113464a006xm4) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X S&P 500<sup>®</sup> Quality Dividend ETF](#xx1xc113464a007xm4) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Adaptive U.S. Factor ETF](#xx1xc113464a008xm4) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Variable Rate Preferred ETF](#xx1xc113464a009xm4) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Adaptive U.S. Risk Management ETF](#xx1xc113464a010xm4) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X U.S. 1-3 Month T-Bill ETF](#xx1xc113464a011xm4) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X U.S. Cash Flow Kings 100 ETF](#xx1xc113464a012xm4) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Short-Term Treasury Ladder ETF](#xx1xc113464a013xm4) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Intermediate-Term Treasury Ladder ETF](#xx1xc113464a014xm4) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global X Long-Term Treasury Ladder ETF](#xx1xc113464a015xm4) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Glossary](#xx1xc113464a016xm4) | 66 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx1xc113464a017xm4) | 67 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#xx1xc113464a018xm4) | 71 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx1xc113464a019xm4) | 75 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#xx1xc113464a020xm4) | 83 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx1xc113464a021xm4) | 93 |
| [Other Information (Form N-CSRS Items 8-11)](#xx1xc113464a022xm4) | 116 |

---

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

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X MLP ETF** | **Global X MLP ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MASTER LIMITED PARTNERSHIPS — 97.2%** |  |  |
| Energy — 93.6% |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Partners | 2189956 | $125637776 |
| &nbsp;&nbsp;&nbsp;CrossAmerica Partners | 100 | 2159 |
| &nbsp;&nbsp;&nbsp;Delek Logistics Partners | 991933 | 41442961 |
| &nbsp;&nbsp;&nbsp;Energy Transfer | 14769043 | 258162872 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners | 7685114 | 236855214 |
| &nbsp;&nbsp;&nbsp;Genesis Energy | 4866790 | 76749278 |
| &nbsp;&nbsp;&nbsp;Global Partners <sup>(A)</sup> | 1611179 | 84619121 |
| &nbsp;&nbsp;&nbsp;Martin Midstream Partners | 100 | 296 |
| &nbsp;&nbsp;&nbsp;MPLX | 4213639 | 214895589 |
| &nbsp;&nbsp;&nbsp;NGL Energy Partners <sup>\*</sup> | 100 | 349 |
| &nbsp;&nbsp;&nbsp;Plains All American Pipeline | 10044697 | 166139288 |
| &nbsp;&nbsp;&nbsp;Sunoco | 2783223 | 150127049 |
| &nbsp;&nbsp;&nbsp;USA Compression Partners | 3884465 | 97888518 |
| &nbsp;&nbsp;&nbsp;USD Partners <sup>\*</sup> | 100 | 1 |
| &nbsp;&nbsp;&nbsp;Western Midstream Partners | 5158461 | 192926441 |
|  |  | 1645446912 |
| Utilities — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;Suburban Propane Partners <sup>(A)</sup> | 3340811 | 62940879 |
| TOTAL MASTER LIMITED PARTNERSHIPS <br> (Cost $849,945,853) |  | 1708387791 |
| **COMMON STOCK — 8.9%** |  |  |
| Energy — 8.9% |  |  |
| &nbsp;&nbsp;&nbsp;Hess Midstream, Cl A | 4198406 | 155341022 |
| &nbsp;&nbsp;&nbsp;ONEOK | 100 | 8084 |
| &nbsp;&nbsp;&nbsp;Summit Midstream <sup>\*</sup> | 100 | 2514 |
|  |  | 155351620 |
| Utilities — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Star Group | 100 | 1196 |
| TOTAL COMMON STOCK <br> (Cost $128,339,094) |  | 155352816 |
| TOTAL INVESTMENTS — 106.1%<br> (Cost $978,284,947) |  | $1863740607 |

---

*Percentages are based on Net Assets of $1,757,044,546.*

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

*1*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X MLP ETF** | **Global X MLP ETF** |

---

*\** *Non-income producing security.* <br>*(A)* *Affiliated investment.*

*As of May 31, 2025, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

*The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025:*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Value<br> 11/30/2024 | Purchases<br> at Cost | Proceeds<br> from Sales | Change in<br> Unrealized<br> Appreciation<br> (Depreciation) | Realized Gain<br> (Loss) | Value<br> 5/31/2025 | Income | Capital Gains |
| &nbsp;&nbsp;**Global Partners** | &nbsp;&nbsp;**Global Partners** |  |  |  |  |  |  |
| $75431933 | $15860697 | $(2332761) | $(3829023) | $(511725) | $84619121 | $— | $— |
| &nbsp;&nbsp;**Suburban Propane Partners** | &nbsp;&nbsp;**Suburban Propane Partners** |  |  |  |  |  |  |
| 54637224 | 21751680 | (10659371) | (1933852) | (854802) | 62940879 |  |  |
| &nbsp;&nbsp;**Totals:** |  |  |  |  |  |  |  |
| $130069157 | $37612377 | $(12992132) | $(5762875) | $(1366527) | $147560000 | $— | $— |

---

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

*See "Glossary" for abbreviations.*

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

*2*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X MLP & Energy Infrastructure ETF** | **Global X MLP & Energy Infrastructure ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 75.0%** |  |  |
| **CANADA — 22.8%** |  |  |
| Energy — 22.8% |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge <sup>(A)</sup> | 5233083 | $243233698 |
| &nbsp;&nbsp;&nbsp;Pembina Pipeline | 3123039 | 117051502 |
| &nbsp;&nbsp;&nbsp;South Bow | 2322458 | 60383908 |
| &nbsp;&nbsp;&nbsp;TC Energy <sup>(A)</sup> | 3402077 | 172281179 |
| TOTAL CANADA |  | 592950287 |
| **UNITED STATES — 52.2%** |  |  |
| Energy — 52.2% |  |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream | 3733874 | 70122154 |
| &nbsp;&nbsp;&nbsp;Archrock | 1787470 | 44508003 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy | 775471 | 183778872 |
| &nbsp;&nbsp;&nbsp;DT Midstream | 1133257 | 118697338 |
| &nbsp;&nbsp;&nbsp;Hess Midstream, Cl A | 1270536 | 47009832 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan | 8395235 | 235402389 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Cl A | 428425 | 19082050 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services | 589815 | 20826368 |
| &nbsp;&nbsp;&nbsp;NextDecade <sup>\*</sup> | 1369350 | 11338218 |
| &nbsp;&nbsp;&nbsp;ONEOK | 2428475 | 196317919 |
| &nbsp;&nbsp;&nbsp;Targa Resources | 705623 | 111439040 |
| &nbsp;&nbsp;&nbsp;Venture Global, Cl A | 4931249 | 57054551 |
| &nbsp;&nbsp;&nbsp;Williams | 3999844 | 242030560 |
| TOTAL UNITED STATES |  | 1357607294 |
| TOTAL COMMON STOCK <br> (Cost $1,626,296,286) |  | 1950557581 |
| **MASTER LIMITED PARTNERSHIPS — 24.8%** |  |  |
| **UNITED STATES — 24.8%** |  |  |
| Energy — 24.8% |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Partners | 518369 | 29738830 |
| &nbsp;&nbsp;&nbsp;Delek Logistics Partners | 232337 | 9707040 |
| &nbsp;&nbsp;&nbsp;Energy Transfer | 6536251 | 114253667 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners | 3651013 | 112524221 |
| &nbsp;&nbsp;&nbsp;MPLX | 2274528 | 116000928 |
| &nbsp;&nbsp;&nbsp;Plains All American Pipeline | 5891850 | 97451199 |
| &nbsp;&nbsp;&nbsp;Plains GP Holdings, Cl A | 2148274 | 37809622 |
| &nbsp;&nbsp;&nbsp;USA Compression Partners | 918874 | 23155625 |

---

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

*3*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X MLP & Energy Infrastructure ETF** | **Global X MLP & Energy Infrastructure ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MASTER LIMITED PARTNERSHIPS — continued** |  |  |
| Energy — continued |  |  |
| &nbsp;&nbsp;&nbsp;Western Midstream Partners | 2740833 | $102507154 |
| TOTAL UNITED STATES |  | 643148286 |
| TOTAL MASTER LIMITED PARTNERSHIPS <br> (Cost $424,773,475) |  | 643148286 |
|  | **Face Amount** |  |
| **U.S. TREASURY OBLIGATION — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill <br> 4.225%, 07/01/25 | $50000000 | 49829927 |
| TOTAL U.S. TREASURY OBLIGATION <br> (Cost $49,837,114) |  | 49829927 |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup> — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio, Cl Institutional, 4.230% <br> (Cost $19,168,670) | 19168670 | 19168670 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENT<sup>(B)</sup> — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;RBC Capital Markets <br> 4.250%, dated 05/31/2025, to be repurchased on 06/02/2025, repurchase price $19,977,958 (collateralized by a U.S. Treasury Obligations, par value $19,906,038, 4.625%, 06/30/2026, with a total market value of $20,378,806) <br> (Cost $19,970,885) | $19970885 | 19970885 |
| TOTAL INVESTMENTS — 103.2% <br> (Cost $2,140,046,430) |  | $2682675349 |

---

*Percentages are based on Net Assets of $2,599,788,437.*

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

*4*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X MLP & Energy Infrastructure ETF** | **Global X MLP & Energy Infrastructure ETF** |

---

*\** *Non-income producing security.*

*(A)* *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $35,900,512.*

*(B)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $39,139,555. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $–.*

*(C)* *The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2025.*

*The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*1950557581* | $*—* | $*—* | $*1950557581* |
| &nbsp;&nbsp;&nbsp;*Master Limited Partnerships* | *643148286* | *—* | *—* | *643148286* |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Obligation* | *—* | *49829927* | *—* | *49829927* |
| &nbsp;&nbsp;&nbsp;*Short-Term Investment* | *19168670* | *—* | *—* | *19168670* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreement* | *—* | *19970885* | *—* | *19970885* |
| *Total Investments in Securities* | $*2612874537* | $*69800812* | $*—* | $*2682675349* |

---

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

*See "Glossary" for abbreviations.*

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

*5*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Alternative Income ETF** | **Global X Alternative Income ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS — 77.3%** |  |  |
| **International Fixed Income — 20.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Global X Emerging Markets Bond ETF <sup>(A)(B) (C)</sup> | 298276 | $6833503 |
| **International Equity — 19.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Global X SuperDividend<sup>®</sup> REIT ETF <sup>(B) (C)(D)</sup> | 311118 | 6455698 |
| **Domestic Equity — 37.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Global X Nasdaq 100<sup>®</sup> Covered Call ETF <sup>(B) (C) (E)</sup> | 387953 | 6350791 |
| &nbsp;&nbsp;&nbsp;Global X U.S. Preferred ETF <sup>(B) (C)(F)</sup> | 334958 | 6267064 |
| TOTAL EXCHANGE-TRADED FUNDS<br> (Cost $32,636,187) |  | 25907056 |
| **COMMON STOCK — 13.4%** |  |  |
| Energy — 6.5% |  |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream | 29560 | 555137 |
| &nbsp;&nbsp;&nbsp;Hess Midstream, Cl A | 12302 | 455174 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan | 20085 | 563183 |
| &nbsp;&nbsp;&nbsp;Williams | 9639 | 583256 |
|  |  | 2156750 |
| Utilities — 6.9% |  |  |
| &nbsp;&nbsp;&nbsp;ALLETE | 6854 | 445784 |
| &nbsp;&nbsp;&nbsp;Evergy | 7099 | 471445 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group | 7753 | 428974 |
| &nbsp;&nbsp;&nbsp;OGE Energy | 10715 | 476496 |
| &nbsp;&nbsp;&nbsp;Spire | 6561 | 493912 |
|  |  | 2316611 |
| TOTAL COMMON STOCK<br> (Cost $3,489,776) |  | 4473361 |
| **MASTER LIMITED PARTNERSHIPS — 9.1%** |  |  |
| Energy — 9.1% |  |  |
| &nbsp;&nbsp;&nbsp;Black Stone Minerals | 29184 | 389606 |
| &nbsp;&nbsp;&nbsp;Energy Transfer | 26946 | 471016 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners | 14877 | 458509 |
| &nbsp;&nbsp;&nbsp;Kimbell Royalty Partners | 27356 | 358364 |
| &nbsp;&nbsp;&nbsp;MPLX | 9871 | 503421 |
| &nbsp;&nbsp;&nbsp;Plains All American Pipeline | 24663 | 407926 |

---

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

*6*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Alternative Income ETF** | **Global X Alternative Income ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MASTER LIMITED PARTNERSHIPS — continued** | | |
| Energy — continued |  |  |
| &nbsp;&nbsp;&nbsp;Sunoco | 8305 | $447972 |
| TOTAL MASTER LIMITED PARTNERSHIPS <br> (Cost $1,841,717) |  | 3036814 |
| **SHORT-TERM INVESTMENT<sup>(G)(H)</sup> — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio, Cl Institutional, 4.230%<br> (Cost $449,303) | 449303 | 449303 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENT<sup>(G)</sup> — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;RBC Capital Markets <br> 4.250%, dated 05/31/2025, to be repurchased on 06/02/2025, repurchase price $468,273 (collateralized by a U.S. Treasury Obligations, par value $466,587, 4.625%, 06/30/2026, with a total market value of $477,668)<br> (Cost $468,107) | $468107 | 468107 |
| TOTAL INVESTMENTS — 102.5%<br> (Cost $38,885,090) |  | $34334641 |

---

*Percentages are based on Net Assets of $33,497,325.*

*(A)* *For financial information on the Global X Emerging Markets Bond ETF, please go to the Fund's website at https://www.globalxetfs.com/explore/.* 

*(B)* *Affiliated investment.* 

*(C)* *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $897,975.* 

*(D)* *For financial information on the Global X SuperDividend® REIT ETF, please go to the Fund's website at https://www.globalxetfs.com/explore/.* 

*(E)* *For financial information on the Global X Nasdaq 100® Covered Call ETF, please go to the Fund's website at https://www.globalxetfs.com/explore/.* 

*(F)* *For financial information on the Global X U.S. Preferred ETF, please go to the Fund's website at https://www.globalxetfs.com/explore/.* 

*(G)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $917,410. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $0.* 

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

*7*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Alternative Income ETF** | **Global X Alternative Income ETF** |

---

*(H)* *The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2025.* 

*The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Exchange-Traded Funds* | $*25907056* | $*—* | $*—* | $*25907056* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | *4473361* | *—* | *—* | *4473361* |
| &nbsp;&nbsp;&nbsp;*Master Limited Partnerships* | *3036814* | *—* | *—* | *3036814* |
| &nbsp;&nbsp;&nbsp;*Short-Term Investment* | *449303* | *—* | *—* | *449303* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreement* | *—* | *468107* | *—* | *468107* |
| &nbsp;&nbsp;&nbsp;*Total Investments in Securities* | $*33866534* | $*468107* | $*—* | $*34334641* |

---

*The following is a summary of the Fund's transactions with affiliates for the period ended May 31, 2025:*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Value<br> 11/30/2024 | Purchases<br> at Cost | Proceeds<br> from Sales | Change in<br> Unrealized<br> Appreciation<br> (Depreciation) | Realized Gain<br> (Loss) | Value<br> 5/31/2025 | Income | Capital Gains |
| &nbsp;&nbsp;**Global X Emerging Markets Bond ETF** | &nbsp;&nbsp;**Global X Emerging Markets Bond ETF** | &nbsp;&nbsp;**Global X Emerging Markets Bond ETF** |  |  |  |  |  |
| $6715131 | $354097 | $(155276) | $(67505) | $(12944) | $6833503 | $221778 | $— |
| &nbsp;&nbsp;**Global X Nasdaq 100® Covered Call ETF** | &nbsp;&nbsp;**Global X Nasdaq 100® Covered Call ETF** |  |  |  |  |  |  |
| 6861142 | 331663 | (153873) | (679869) | (8272) | 6350791 | 445473 |  |
| &nbsp;&nbsp;**Global X SuperDividend® REIT ETF** | &nbsp;&nbsp;**Global X SuperDividend® REIT ETF** |  |  |  |  |  |  |
| 6483682 | 332487 | (298702) | 13901 | (75670) | 6455698 | 116621 | 12893 |
| &nbsp;&nbsp;**Global X U.S. Preferred ETF** | &nbsp;&nbsp;**Global X U.S. Preferred ETF** |  |  |  |  |  |  |
| 6671832 | 326744 | (147234) | (554459) | (29819) | 6267064 | 196936 |  |
| &nbsp;&nbsp;**Totals:** | &nbsp;&nbsp;**Totals:** |  |  |  |  |  |  |
| $26731787 | $1344991 | $(755085) | $(1287932) | $(126705) | $25907056 | $980808 | $12893 |

---

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

*See "Glossary" for abbreviations.*

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

*8*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Conscious Companies ETF** | **Global X Conscious Companies ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** |  |  |
| **UNITED STATES — 99.8%** |  |  |
| Communication Services — 7.4% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 95652 | $16427274 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 87618 | 3028954 |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 21010 | 3020818 |
| &nbsp;&nbsp;&nbsp;Interpublic Group | 125902 | 3016612 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 16318 | 10565742 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 2883 | 3480444 |
| &nbsp;&nbsp;&nbsp;T-Mobile US | 11728 | 2840522 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 70726 | 3109115 |
|  |  | 45489481 |
| Consumer Discretionary — 10.5% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com <sup>\*</sup> | 85836 | 17597238 |
| &nbsp;&nbsp;&nbsp;BorgWarner | 110908 | 3669946 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods | 16378 | 2937230 |
| &nbsp;&nbsp;&nbsp;eBay | 45306 | 3315040 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | 14030 | 3485613 |
| &nbsp;&nbsp;&nbsp;Home Depot | 8466 | 3117943 |
| &nbsp;&nbsp;&nbsp;Lear | 36832 | 3330349 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica <sup>\*</sup> | 11358 | 3596738 |
| &nbsp;&nbsp;&nbsp;Marriott International, Cl A | 13138 | 3466199 |
| &nbsp;&nbsp;&nbsp;NIKE, Cl B | 52625 | 3188549 |
| &nbsp;&nbsp;&nbsp;PulteGroup | 29892 | 2930313 |
| &nbsp;&nbsp;&nbsp;Starbucks | 36473 | 3061908 |
| &nbsp;&nbsp;&nbsp;Tesla <sup>\*</sup> | 12058 | 4177615 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty <sup>\*</sup> | 8030 | 3785824 |
| &nbsp;&nbsp;&nbsp;Yum! Brands | 20665 | 2974520 |
|  |  | 64635025 |
| Consumer Staples — 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 41414 | 2985949 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 32163 | 2989229 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 3096 | 3220397 |
| &nbsp;&nbsp;&nbsp;General Mills | 52725 | 2860859 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 22635 | 3254008 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Cl A | 44822 | 3025037 |
| &nbsp;&nbsp;&nbsp;PepsiCo | 21221 | 2789500 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 18213 | 3094207 |
| &nbsp;&nbsp;&nbsp;Target | 32788 | 3082400 |

---

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

*9*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Conscious Companies ETF** | **Global X Conscious Companies ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Consumer Staples — continued |  |  |
| &nbsp;&nbsp;&nbsp;Walmart | 31807 | $3139987 |
|  |  | 30441573 |
| Energy — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Chevron | 22101 | 3021207 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 33448 | 2854787 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 27071 | 2939098 |
| &nbsp;&nbsp;&nbsp;ONEOK | 35665 | 2883159 |
| &nbsp;&nbsp;&nbsp;Valero Energy | 26389 | 3403389 |
|  |  | 15101640 |
| Financials — 13.4% |  |  |
| &nbsp;&nbsp;&nbsp;Aflac | 27843 | 2882864 |
| &nbsp;&nbsp;&nbsp;American Express | 11604 | 3412156 |
| &nbsp;&nbsp;&nbsp;Bank of America | 77947 | 3439801 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 38848 | 3442321 |
| &nbsp;&nbsp;&nbsp;Capital One Financial | 34302 | 6488223 |
| &nbsp;&nbsp;&nbsp;Charles Schwab | 38759 | 3423970 |
| &nbsp;&nbsp;&nbsp;Citigroup | 45566 | 3432031 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems | 7087 | 3247689 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group | 25410 | 3299234 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 12542 | 3311088 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 5709 | 3343190 |
| &nbsp;&nbsp;&nbsp;MetLife | 40670 | 3195849 |
| &nbsp;&nbsp;&nbsp;Moody's | 7002 | 3356199 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 26896 | 3443495 |
| &nbsp;&nbsp;&nbsp;Nasdaq | 41099 | 3433411 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings <sup>\*</sup> | 48349 | 3397968 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group | 40802 | 3178068 |
| &nbsp;&nbsp;&nbsp;Progressive | 11446 | 3261309 |
| &nbsp;&nbsp;&nbsp;Prudential Financial | 29738 | 3089481 |
| &nbsp;&nbsp;&nbsp;S&P Global | 6462 | 3314101 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 60517 | 3488805 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group | 34855 | 3262079 |
| &nbsp;&nbsp;&nbsp;Travelers | 11657 | 3213835 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 9041 | 3301683 |
|  |  | 82658850 |

---

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

*10*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Conscious Companies ETF** | **Global X Conscious Companies ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Health Care — 13.2% |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 23374 | $3122299 |
| &nbsp;&nbsp;&nbsp;AbbVie | 17132 | 3188436 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies | 28764 | 3219267 |
| &nbsp;&nbsp;&nbsp;Amgen | 10873 | 3133381 |
| &nbsp;&nbsp;&nbsp;Boston Scientific \* | 30530 | 3213588 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 62236 | 3004754 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 22469 | 3470112 |
| &nbsp;&nbsp;&nbsp;Centene <sup>\*</sup> | 48605 | 2743266 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 8980 | 2843427 |
| &nbsp;&nbsp;&nbsp;Danaher | 15394 | 2923321 |
| &nbsp;&nbsp;&nbsp;Elevance Health | 7065 | 2711830 |
| &nbsp;&nbsp;&nbsp;Eli Lilly | 3635 | 2681430 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 28395 | 3125722 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare | 8998 | 3431747 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical <sup>\*</sup> | 6193 | 3420642 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings <sup>\*</sup> | 20542 | 2882659 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 19434 | 3016351 |
| &nbsp;&nbsp;&nbsp;McKesson | 4378 | 3150015 |
| &nbsp;&nbsp;&nbsp;Merck | 38360 | 2947582 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals | 5132 | 2516117 |
| &nbsp;&nbsp;&nbsp;ResMed | 14090 | 3449091 |
| &nbsp;&nbsp;&nbsp;Stryker | 8455 | 3235221 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | 6988 | 2814906 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 7046 | 2127258 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals <sup>\*</sup> | 6155 | 2720818 |
| &nbsp;&nbsp;&nbsp;Waters <sup>\*</sup> | 9028 | 3152939 |
| &nbsp;&nbsp;&nbsp;Zoetis, Cl A | 20146 | 3397220 |
|  |  | 81643399 |
| Industrials — 7.3% |  |  |
| &nbsp;&nbsp;&nbsp;Amentum Holdings <sup>\*</sup> | 1493 | 30845 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 10278 | 3345797 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding, Cl A | 25937 | 2755806 |
| &nbsp;&nbsp;&nbsp;Caterpillar | 10202 | 3550602 |
| &nbsp;&nbsp;&nbsp;Cummins | 10655 | 3425370 |
| &nbsp;&nbsp;&nbsp;Deere | 6613 | 3347897 |
| &nbsp;&nbsp;&nbsp;General Dynamics | 11363 | 3164482 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works | 12760 | 3127221 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions | 25341 | 3200568 |

---

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

*11*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Conscious Companies ETF** | **Global X Conscious Companies ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Leidos Holdings | 21262 | $3157832 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 6514 | 3142223 |
| &nbsp;&nbsp;&nbsp;Paychex | 21083 | 3329217 |
| &nbsp;&nbsp;&nbsp;RTX | 25118 | 3428105 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 13750 | 3047825 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Cl B | 31056 | 3029202 |
|  |  | 45082992 |
| Information Technology — 36.4% |  |  |
| &nbsp;&nbsp;&nbsp;Adobe <sup>\*</sup> | 8572 | 3558151 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices <sup>\*</sup> | 33417 | 3700264 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies <sup>\*</sup> | 39811 | 3022849 |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 42445 | 3817079 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 16486 | 3527674 |
| &nbsp;&nbsp;&nbsp;Apple | 158953 | 31925710 |
| &nbsp;&nbsp;&nbsp;Applied Materials | 21031 | 3296609 |
| &nbsp;&nbsp;&nbsp;Arista Networks <sup>\*</sup> | 42695 | 3699095 |
| &nbsp;&nbsp;&nbsp;Autodesk <sup>\*</sup> | 11418 | 3381098 |
| &nbsp;&nbsp;&nbsp;Avnet | 60606 | 3030906 |
| &nbsp;&nbsp;&nbsp;Broadcom | 26216 | 6346107 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems <sup>\*</sup> | 11378 | 3266282 |
| &nbsp;&nbsp;&nbsp;CDW | 19499 | 3516840 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 54308 | 3423576 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions, Cl A | 42574 | 3448068 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 33869 | 3768604 |
| &nbsp;&nbsp;&nbsp;Dynatrace <sup>\*</sup> | 68630 | 3706706 |
| &nbsp;&nbsp;&nbsp;Gartner <sup>\*</sup> | 7438 | 3246092 |
| &nbsp;&nbsp;&nbsp;HP | 122632 | 3053537 |
| &nbsp;&nbsp;&nbsp;HubSpot <sup>\*</sup> | 5329 | 3143577 |
| &nbsp;&nbsp;&nbsp;Intuit | 5063 | 3814819 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies <sup>\*</sup> | 22005 | 3455665 |
| &nbsp;&nbsp;&nbsp;Littelfuse | 18546 | 3803043 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 41416 | 3912155 |
| &nbsp;&nbsp;&nbsp;Microsoft | 77230 | 35553603 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 7112 | 2954183 |
| &nbsp;&nbsp;&nbsp;NetApp | 35577 | 3527815 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 249143 | 33666694 |
| &nbsp;&nbsp;&nbsp;Oracle | 22977 | 3803383 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks <sup>\*</sup> | 17967 | 3457210 |

---

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

*12*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Conscious Companies ETF** | **Global X Conscious Companies ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 21492 | $3120638 |
| &nbsp;&nbsp;&nbsp;Salesforce | 12069 | 3202751 |
| &nbsp;&nbsp;&nbsp;ServiceNow <sup>\*</sup> | 3709 | 3750133 |
| &nbsp;&nbsp;&nbsp;Synopsys <sup>\*</sup> | 7142 | 3313745 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 19840 | 3627744 |
| &nbsp;&nbsp;&nbsp;Trimble <sup>\*</sup> | 50758 | 3617523 |
| &nbsp;&nbsp;&nbsp;VeriSign | 12059 | 3285716 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A <sup>\*</sup> | 13422 | 3324764 |
|  |  | 225070408 |
| Materials — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Avery Dennison | 17792 | 3162172 |
| &nbsp;&nbsp;&nbsp;Dow | 104144 | 2888955 |
| &nbsp;&nbsp;&nbsp;Nucor | 26987 | 2951298 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics | 24647 | 3033306 |
|  |  | 12035731 |
| Real Estate — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Cl A <sup>\*</sup> | 24733 | 3092119 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle <sup>\*</sup> | 13794 | 3071924 |
| &nbsp;&nbsp;&nbsp;ProLogis <sup>‡</sup> | 29770 | 3233022 |
|  |  | 9397065 |
| Utilities — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;American Water Works | 20525 | 2934459 |
| &nbsp;&nbsp;&nbsp;Exelon | 64524 | 2827442 |
|  |  | 5761901 |
| TOTAL UNITED STATES |  | 617318065 |
| TOTAL COMMON STOCK<br> (Cost $526,149,026) |  | 617318065 |
| TOTAL INVESTMENTS — 99.8%<br> (Cost $526,149,026) |  | $617318065 |

---

*Percentages are based on Net Assets of $618,427,168.*

*\** *Non-income producing security.* <br> *‡* *Real Estate Investment Trust*

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

*13*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Conscious Companies ETF** | **Global X Conscious Companies ETF** |

---

*As of May 31, 2025, 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.*

*See "Glossary" for abbreviations.*

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

*14*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — 99.5%** |  |  |
| **BERMUDA—1.0%** |  |  |
| Financials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Aspen Insurance Holdings, 7.000% | 200596 | $4962745 |
| &nbsp;&nbsp;&nbsp;Aspen Insurance Holdings, 5.625% | 217051 | 4367066 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, 5.750% | 217839 | 4616009 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, 4.200% | 437061 | 6813781 |
|  |  | 20759601 |
| Industrials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Triton International, 6.875% | 110624 | 2300979 |
| TOTAL BERMUDA |  | 23060580 |
| **CANADA—0.9%** |  |  |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Brookfield Finance, 4.625% | 345241 | 5554928 |
| Utilities — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Algonquin Power & Utilities, 8.864%, US0003M + 4.010% <sup>(A)</sup> | 305843 | 7826522 |
| &nbsp;&nbsp;&nbsp;Brookfield BRP Holdings Canada, 7.250% | 121190 | 2778887 |
| &nbsp;&nbsp;&nbsp;Brookfield Infrastructure Finance ULC, 7.250% | 116367 | 2696223 |
|  |  | 13301632 |
| TOTAL CANADA |  | 18856560 |
| **NETHERLANDS — 0.7%** |  |  |
| Financials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;AEGON Funding, 5.100% | 813716 | 15834913 |
| TOTAL NETHERLANDS |  | 15834913 |
| **UNITED STATES — 96.9%** |  |  |
| Communication Services — 6.5% |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, 5.350% | 1154276 | 25440243 |
| &nbsp;&nbsp;&nbsp;AT&T, 5.000% | 1047336 | 20883880 |
| &nbsp;&nbsp;&nbsp;AT&T, 4.750% | 1529921 | 28992003 |
| &nbsp;&nbsp;&nbsp;Qwest, 6.750% | 574529 | 10732202 |
| &nbsp;&nbsp;&nbsp;Qwest, 6.500% | 854597 | 15622033 |
| &nbsp;&nbsp;&nbsp;Telephone and Data Systems, 6.625% | 369812 | 7196542 |
| &nbsp;&nbsp;&nbsp;Telephone and Data Systems, 6.000% | 604663 | 10744861 |
| &nbsp;&nbsp;&nbsp;United States Cellular, 6.250% | 435349 | 10526739 |
| &nbsp;&nbsp;&nbsp;United States Cellular, 5.500% | 436889 | 9663985 |
| &nbsp;&nbsp;&nbsp;United States Cellular, 5.500% | 436891 | 9642184 |
|  |  | 149444672 |
| Consumer Discretionary — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor, 6.500% | 521456 | 11326025 |
| &nbsp;&nbsp;&nbsp;Ford Motor, 6.200% | 651783 | 13491908 |
| &nbsp;&nbsp;&nbsp;Ford Motor, 6.000% | 692178 | 14341928 |

---

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

*15*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** |  |  |
| Consumer Discretionary — continued |  |  |
| &nbsp;&nbsp;&nbsp;QVC Group, 8.000% | 241976 | $1369584 |
|  |  | 40529445 |
| Financials — 63.0% |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, 6.750% | 392491 | 9156815 |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, 5.875% | 263176 | 5368790 |
| &nbsp;&nbsp;&nbsp;Allstate, 7.744%, TSFR3M + 3.427% <sup>(A)</sup> | 435672 | 11305688 |
| &nbsp;&nbsp;&nbsp;Allstate, 7.375% | 525973 | 13964583 |
| &nbsp;&nbsp;&nbsp;Allstate, 5.100% | 1006708 | 20919392 |
| &nbsp;&nbsp;&nbsp;Allstate, 4.750% | 233510 | 4429685 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, 7.625%, H15T5Y + 3.226% <sup>(A)</sup> | 523981 | 13497751 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, 6.750% <sup>\*</sup> | 630579 | 44127918 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, 5.450% | 289724 | 5921959 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, 4.550% | 438419 | 7413665 |
| &nbsp;&nbsp;&nbsp;Ares Management, 6.750% | 660453 | 34918150 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp, 6.625%, H15T5Y + 2.812% <sup>(A)</sup> | 260459 | 6300503 |
| &nbsp;&nbsp;&nbsp;Athene Holding, 7.750%, H15T5Y + 3.962% <sup>(A)</sup> | 437532 | 11113313 |
| &nbsp;&nbsp;&nbsp;Athene Holding, 7.250%, H15T5Y + 2.986% <sup>(A)</sup> | 501735 | 12392854 |
| &nbsp;&nbsp;&nbsp;Athene Holding, 6.350%, US0003M + 4.253% <sup>(A)</sup> | 754887 | 17619063 |
| &nbsp;&nbsp;&nbsp;Athene Holding, 5.625% | 302507 | 5901912 |
| &nbsp;&nbsp;&nbsp;Athene Holding, 4.875% | 502428 | 8521179 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings, 5.500% | 482365 | 9676242 |
| &nbsp;&nbsp;&nbsp;Banc of California, 7.750%, H15T5Y + 4.820% <sup>(A)</sup> | 449957 | 11145435 |
| &nbsp;&nbsp;&nbsp;Bank of America, 7.250% <sup>\*</sup> | 25975 | 30156975 |
| &nbsp;&nbsp;&nbsp;Bank of America, 6.450% | 352590 | 8938156 |
| &nbsp;&nbsp;&nbsp;Bank of America, 6.000% | 453684 | 10956469 |
| &nbsp;&nbsp;&nbsp;Bank of America, 5.875% | 286290 | 6722089 |
| &nbsp;&nbsp;&nbsp;Bank of America, 5.375% | 465443 | 9751031 |
| &nbsp;&nbsp;&nbsp;Bank of America, 5.342%, TSFR3M + 1.012% <sup>(A)</sup> | 59380 | 1305172 |
| &nbsp;&nbsp;&nbsp;Bank of America, 5.242%, TSFR3M + 0.912% <sup>(A)</sup> | 100138 | 2021786 |
| &nbsp;&nbsp;&nbsp;Bank of America, 5.083%, TSFR3M + 0.762% <sup>(A)</sup> | 134677 | 2748758 |
| &nbsp;&nbsp;&nbsp;Bank of America, 5.000% | 437161 | 8550869 |
| &nbsp;&nbsp;&nbsp;Bank of America, 4.750% | 229886 | 4294270 |
| &nbsp;&nbsp;&nbsp;Bank of America, 4.375% | 359678 | 6186462 |

---

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

*16*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America, 4.250% | 434654 | $7228296 |
| &nbsp;&nbsp;&nbsp;Bank of America, 4.125% | 305113 | 4958086 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii, 8.000% | 123026 | 3128551 |
| &nbsp;&nbsp;&nbsp;Bank OZK, 4.625% | 303831 | 4767108 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, 6.750% | 341889 | 7254885 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, 6.600% | 365075 | 7542450 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, 6.250% | 320246 | 6549031 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, 5.375% | 492649 | 8394739 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, 4.625% | 296311 | 4542448 |
| &nbsp;&nbsp;&nbsp;Capital One Financial, 5.000% | 1308362 | 24531788 |
| &nbsp;&nbsp;&nbsp;Capital One Financial, 4.800% | 1086585 | 19308615 |
| &nbsp;&nbsp;&nbsp;Capital One Financial, 4.375% | 586774 | 9593755 |
| &nbsp;&nbsp;&nbsp;Capital One Financial, 4.250% | 369862 | 6010258 |
| &nbsp;&nbsp;&nbsp;Carlyle Finance, 4.625% | 438427 | 7396263 |
| &nbsp;&nbsp;&nbsp;Charles Schwab, 5.950% | 639864 | 15651073 |
| &nbsp;&nbsp;&nbsp;Charles Schwab, 4.450% | 526207 | 9797974 |
| &nbsp;&nbsp;&nbsp;Citigroup Capital XIII, 10.911%, TSFR3M + 6.632% <sup>(A)</sup> | 1989523 | 57994595 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, 7.375% | 349242 | 9038383 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, 5.000% | 393492 | 7464543 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial, 6.375% | 527898 | 12020237 |
| &nbsp;&nbsp;&nbsp;Enstar Group, 7.000% | 77656 | 1563992 |
| &nbsp;&nbsp;&nbsp;Enstar Group, 7.000%, US0003M + 4.015% <sup>(A)</sup> | 348405 | 7515096 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, 5.250% | 696886 | 13763499 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, 7.950% | 300876 | 7678356 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, 8.296%, TSFR3M + 3.972% <sup>(A)</sup> | 393485 | 10108630 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, 6.000% | 174192 | 4191060 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, 4.950% | 219595 | 4462170 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, 5.625% | 173645 | 3736840 |
| &nbsp;&nbsp;&nbsp;Flagstar Financial, 6.375%, US0003M + 3.821% <sup>(A)</sup> | 460475 | 9821932 |
| &nbsp;&nbsp;&nbsp;Globe Life, 4.250% | 248518 | 3827177 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, 5.312%, TSFR3M + 1.012% <sup>(A)</sup> | 654063 | 13728782 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, 5.312%, TSFR3M + 1.012% <sup>(A)</sup> | 174862 | 3778768 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, 5.232%, TSFR3M + 0.932% <sup>(A)</sup> | 1176717 | 24781660 |

---

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

*17*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Hancock Whitney, 6.250% | 150024 | $3590074 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, 6.000% | 301444 | 7499927 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, 6.875%, H15T5Y + 2.704% <sup>(A)</sup> | 283933 | 7030181 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, 5.700% | 138888 | 2979148 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, 4.500% | 439940 | 7514175 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, 8.000%, H15T5Y + 3.728% <sup>(A)</sup> | 480986 | 12496016 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase, 6.000% | 959633 | 24105981 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase, 5.750% | 878318 | 20983017 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase, 4.750% | 466042 | 9236952 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase, 4.625% | 958057 | 18270147 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase, 4.550% <sup>(B)</sup> | 777218 | 14658331 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase, 4.200% | 1035855 | 18365709 |
| &nbsp;&nbsp;&nbsp;KeyCorp, 6.200%, H15T5Y + 3.132% <sup>(A)</sup> | 524308 | 13002838 |
| &nbsp;&nbsp;&nbsp;KeyCorp, 6.125%, TSFR3M + 4.154% <sup>(A)</sup> | 435756 | 10593228 |
| &nbsp;&nbsp;&nbsp;KeyCorp, 5.650% | 369389 | 7613107 |
| &nbsp;&nbsp;&nbsp;KeyCorp, 5.625% | 389440 | 8143190 |
| &nbsp;&nbsp;&nbsp;KKR Group Finance IX, 4.625% | 437394 | 7663143 |
| &nbsp;&nbsp;&nbsp;Lincoln National, 9.000% | 438860 | 11717562 |
| &nbsp;&nbsp;&nbsp;M&T Bank, 7.500% | 654132 | 16994349 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp, 7.625% | 201131 | 4722556 |
| &nbsp;&nbsp;&nbsp;MetLife, 5.625% | 702711 | 16380193 |
| &nbsp;&nbsp;&nbsp;MetLife, 5.561%, TSFR3M + 1.262% <sup>(A)</sup> | 523867 | 12630433 |
| &nbsp;&nbsp;&nbsp;MetLife, 4.750% | 871706 | 16911096 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, Ser E, 7.125 | 452628 | 11551067 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, Ser F, 6.875%, US0003M + 3.940% <sup>(A)</sup> | 452216 | 11454631 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 6.625% | 535928 | 13778709 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 6.500% | 532979 | 13633603 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 6.375% | 531454 | 13068454 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 5.850% <sup>(A)</sup> | 534545 | 12294535 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 5.218%, TSFR3M + 0.962% <sup>(A)</sup> | 580224 | 12857764 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 4.875% | 265210 | 5237898 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 4.250% | 693702 | 11779060 |
| &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance, 5.500% | 218225 | 5235218 |
| &nbsp;&nbsp;&nbsp;Northern Trust, 4.700% | 352142 | 6849162 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, 5.950% | 260983 | 6469769 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, 5.625% | 494576 | 11419760 |

---

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

*18*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Prudential Financial, 4.125% | 436862 | $7417917 |
| &nbsp;&nbsp;&nbsp;Regions Financial, 6.950%, H15T5Y + 2.771% <sup>(A)</sup> | 434702 | 11080554 |
| &nbsp;&nbsp;&nbsp;Regions Financial, 5.700%, TSFR3M + 3.410% <sup>(A)</sup> | 440761 | 9996459 |
| &nbsp;&nbsp;&nbsp;Regions Financial, 4.450% | 349926 | 5917249 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, 7.125%, H15T5Y + 3.456% <sup>(A)</sup> | 615195 | 15835119 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, 5.750%, US0003M + 4.040% <sup>(A)</sup> | 349682 | 8630152 |
| &nbsp;&nbsp;&nbsp;SLM, 6.261%, TSFR3M + 1.962% <sup>(A)</sup> | 54914 | 4324478 |
| &nbsp;&nbsp;&nbsp;State Street, 5.350%, TSFR3M + 3.971% <sup>(A)</sup> | 438478 | 9769290 |
| &nbsp;&nbsp;&nbsp;Stifel Financial, 6.125% | 197256 | 4426425 |
| &nbsp;&nbsp;&nbsp;Stifel Financial, 4.500% | 264942 | 4376842 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial, 8.250%, H15T5Y + 4.044% <sup>(A)</sup> | 435323 | 10865662 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial, 5.625% | 653192 | 11626818 |
| &nbsp;&nbsp;&nbsp;Synovus Financial, 8.397%, H15T5Y + 4.127% <sup>(A)</sup> | 305368 | 7909031 |
| &nbsp;&nbsp;&nbsp;Synovus Financial, 7.931%, TSFR3M + 3.614% <sup>(A)</sup> | 174009 | 4317163 |
| &nbsp;&nbsp;&nbsp;TPG Operating Group II, 6.950% | 346350 | 8378207 |
| &nbsp;&nbsp;&nbsp;Truist Financial, 5.250% <sup>(B)</sup> | 503689 | 10496879 |
| &nbsp;&nbsp;&nbsp;Truist Financial, 5.109%, TSFR3M + 0.792% <sup>(A)</sup> | 151006 | 3343273 |
| &nbsp;&nbsp;&nbsp;Truist Financial, 4.750% | 813877 | 15064863 |
| &nbsp;&nbsp;&nbsp;Unum Group, 6.250% | 259474 | 6336355 |
| &nbsp;&nbsp;&nbsp;US Bancorp, 5.538%, TSFR3M + 1.282% <sup>(A)</sup> | 12590 | 10450959 |
| &nbsp;&nbsp;&nbsp;US Bancorp, 5.500% | 503003 | 11408108 |
| &nbsp;&nbsp;&nbsp;US Bancorp, 5.118%, TSFR3M + 0.862% <sup>(A)</sup> | 882911 | 18134992 |
| &nbsp;&nbsp;&nbsp;US Bancorp, 4.500% <sup>(B)</sup> | 392536 | 7340423 |
| &nbsp;&nbsp;&nbsp;US Bancorp, 4.000% | 654727 | 10613125 |
| &nbsp;&nbsp;&nbsp;US Bancorp, 3.750% | 436758 | 6573208 |
| &nbsp;&nbsp;&nbsp;Voya Financial, 5.350%, H15T5Y + 3.210% <sup>(A)</sup> | 261469 | 6306632 |
| &nbsp;&nbsp;&nbsp;WaFd, 4.875% | 264628 | 4054101 |
| &nbsp;&nbsp;&nbsp;Wells Fargo, 7.500% <sup>\*</sup> | 45364 | 51533504 |
| &nbsp;&nbsp;&nbsp;Wells Fargo, 5.625% | 313551 | 6938884 |
| &nbsp;&nbsp;&nbsp;Wells Fargo, 4.750% | 911849 | 16750666 |
| &nbsp;&nbsp;&nbsp;Wells Fargo, 4.700% | 531691 | 9634241 |
| &nbsp;&nbsp;&nbsp;Wells Fargo, 4.375% | 477456 | 8111977 |

---

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

*19*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Wells Fargo, 4.250% | 569529 | $9397229 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp, 4.250%, H15T5Y + 3.452% <sup>(A)</sup> | 261127 | 5862301 |
|  |  | 1439412043 |
| Health Care — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services, 6.750% | 173606 | 14560335 |
| Industrials — 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;Boeing, 6.000% <sup>\*</sup> | 1545846 | 104066353 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, 6.700% | 372657 | 7177374 |
|  |  | 111243727 |
| Information Technology — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise, 7.625% <sup>\*</sup> | 659274 | 33972389 |
| Materials — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle, 7.250% <sup>\*</sup> | 1026431 | 29776763 |
| Real Estate — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;Agree Realty, 4.250% <sup>‡</sup> | 128188 | 2211243 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, 5.850% <sup>‡</sup> | 182746 | 4267119 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, 5.250% <sup>‡</sup> | 150915 | 3160160 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, 5.200% <sup>‡</sup> | 300181 | 6120691 |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust, 5.625% <sup>‡</sup> | 303098 | 4988993 |
| &nbsp;&nbsp;&nbsp;Kimco Realty, 5.250% <sup>‡</sup> | 229078 | 4647993 |
| &nbsp;&nbsp;&nbsp;Public Storage, 5.600% <sup>‡</sup> | 248293 | 5618871 |
| &nbsp;&nbsp;&nbsp;Public Storage, 5.150% <sup>‡</sup> | 244745 | 5051537 |
| &nbsp;&nbsp;&nbsp;Public Storage, 5.050% <sup>‡</sup> | 262345 | 5359708 |
| &nbsp;&nbsp;&nbsp;Public Storage, 4.875% <sup>‡</sup> | 276938 | 5369828 |
| &nbsp;&nbsp;&nbsp;Public Storage, 4.700% <sup>‡</sup> | 225283 | 4253343 |
| &nbsp;&nbsp;&nbsp;Public Storage, 4.625% <sup>‡</sup> | 493644 | 9221270 |
| &nbsp;&nbsp;&nbsp;Public Storage, 4.000% <sup>‡</sup> | 527422 | 8412381 |
| &nbsp;&nbsp;&nbsp;Public Storage, 4.000% <sup>‡</sup> | 380643 | 6067449 |
| &nbsp;&nbsp;&nbsp;Public Storage, 3.900% <sup>‡</sup> | 135845 | 2098805 |
| &nbsp;&nbsp;&nbsp;Public Storage, 3.875% <sup>‡</sup> | 247227 | 3817185 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust, 1.950% <sup>‡</sup> \* | 279452 | 6927615 |
| &nbsp;&nbsp;&nbsp;SL Green Realty, 6.500% <sup>‡</sup> | 177249 | 3736409 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust, 5.400% <sup>‡</sup> | 262513 | 4675356 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust, 5.250% <sup>‡</sup> | 260784 | 4409857 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust, 4.450% <sup>‡</sup> | 229711 | 3170012 |
|  |  | 103585825 |
| Utilities — 12.8% |  |  |
| &nbsp;&nbsp;&nbsp;CMS Energy, 5.875% | 549431 | 12208357 |
| &nbsp;&nbsp;&nbsp;CMS Energy, 5.875% | 244444 | 5431546 |
| &nbsp;&nbsp;&nbsp;CMS Energy, 4.200% | 174942 | 2893541 |

---

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

*20*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** |  |  |
| Utilities — continued |  |  |
| &nbsp;&nbsp;&nbsp;DTE Energy, 5.250% | 349001 | $7451171 |
| &nbsp;&nbsp;&nbsp;DTE Energy, 4.375% | 244370 | 4195833 |
| &nbsp;&nbsp;&nbsp;Duke Energy, 5.750% | 876067 | 21673898 |
| &nbsp;&nbsp;&nbsp;Duke Energy, 5.625% | 437166 | 10784885 |
| &nbsp;&nbsp;&nbsp;Entergy Arkansas, 4.875% | 354107 | 7223783 |
| &nbsp;&nbsp;&nbsp;Entergy Louisiana, 4.875% | 233671 | 4722491 |
| &nbsp;&nbsp;&nbsp;Entergy Mississippi, 4.900% | 199809 | 4056123 |
| &nbsp;&nbsp;&nbsp;Georgia Power, 5.000% | 235103 | 5191074 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, 9.000% | 646616 | 28884337 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, 7.299% <sup>\*</sup> | 861471 | 40980176 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, 5.650% | 601294 | 13408856 |
| &nbsp;&nbsp;&nbsp;PG&E, 6.000% | 696958 | 30331612 |
| &nbsp;&nbsp;&nbsp;SCE Trust II, 5.100% | 190395 | 3333816 |
| &nbsp;&nbsp;&nbsp;SCE Trust VI, 5.000% | 415461 | 7066992 |
| &nbsp;&nbsp;&nbsp;SCE Trust VII, 7.500% | 479551 | 10986513 |
| &nbsp;&nbsp;&nbsp;SCE Trust VIII, 6.950% | 304170 | 6606572 |
| &nbsp;&nbsp;&nbsp;Sempra, 5.750% | 660315 | 13992075 |
| &nbsp;&nbsp;&nbsp;Southern, 5.250% | 389801 | 8263781 |
| &nbsp;&nbsp;&nbsp;Southern, 4.950% | 870412 | 17277678 |
| &nbsp;&nbsp;&nbsp;Southern, 4.200% | 652748 | 11338233 |
| &nbsp;&nbsp;&nbsp;Spire, 5.900% | 218689 | 5121696 |
| &nbsp;&nbsp;&nbsp;Tennessee Valley Authority, 2.216%, H15T30Y + 0.840% <sup>(A)</sup> | 180893 | 4202144 |
| &nbsp;&nbsp;&nbsp;Tennessee Valley Authority, 2.134%, H15T30Y + 0.940% <sup>(A)</sup> | 222375 | 5252498 |
|  |  | 292879681 |
| TOTAL UNITED STATES |  | 2215404880 |
| TOTAL PREFERRED STOCK <br> (Cost $2,457,369,146) |  | 2273156933 |
| **SHORT-TERM INVESTMENT<sup>(C)(D)</sup> — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio, Cl Institutional, 4.230% <br> (Cost $927,504) | 927504 | 927504 |

---

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

*21*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENT<sup>(C)</sup> — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;RBC Capital Markets 4.250%, dated 05/31/2025, to be repurchased on 06/02/2025, repurchase price $966,663 (collateralized by a U.S. Treasury Obligations, par value $963,183, 4.625%, 06/30/2026, with a total market value of $986,059) <br> (Cost $966,321) | $966321 | $966321 |
| TOTAL INVESTMENTS — 99.5%<br> (Cost $2,459,262,971) |  | $2275050758 |

---

*Percentages are based on Net Assets of $2,286,497,362.*

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| ‡ | Real Estate Investment Trust |
| (A) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; or by adjusting periodically based on prevailing interest rates. |
| (B) | This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $1,850,690. |
| (C) | These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $1,893,825. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $–. |
| *(D)* | *The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2025.* |

---

*The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Preferred Stock* | $*2273156933* | $*—* | $*—* | $*2273156933* |
| &nbsp;&nbsp;&nbsp;*Short-Term Investment* | *927504* | *—* | *—* | *927504* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreement* | *—* | *966321* | *—* | *966321* |
| *Total Investments in Securities* | $*2274084437* | $*966321* | $*—* | $*2275050758* |

---

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

*See "Glossary" for abbreviations.*

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

*22*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X S&P 500<sup>®</sup> Quality Dividend ETF** | **Global X S&P 500<sup>®</sup> Quality Dividend ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.7%** |  |  |
| Communication Services — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 13237 | $457603 |
| &nbsp;&nbsp;&nbsp;Omnicom Group | 5850 | 429624 |
|  |  | 887227 |
| Consumer Discretionary — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Best Buy | 6031 | 399735 |
| &nbsp;&nbsp;&nbsp;NIKE, Cl B | 6867 | 416071 |
|  |  | 815806 |
| Consumer Staples — 25.1% |  |  |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 8027 | 387463 |
| &nbsp;&nbsp;&nbsp;Brown-Forman, Cl B | 9347 | 311629 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 6691 | 482421 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 4502 | 418416 |
| &nbsp;&nbsp;&nbsp;Conagra Brands | 14912 | 341336 |
| &nbsp;&nbsp;&nbsp;General Mills | 6306 | 342164 |
| &nbsp;&nbsp;&nbsp;Hershey | 2297 | 369105 |
| &nbsp;&nbsp;&nbsp;Kellanova | 5242 | 433147 |
| &nbsp;&nbsp;&nbsp;Kenvue | 18945 | 452217 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 3215 | 462188 |
| &nbsp;&nbsp;&nbsp;Kroger | 6806 | 464373 |
| &nbsp;&nbsp;&nbsp;McCormick | 5221 | 379723 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage, Cl B | 6888 | 369128 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Cl A | 6795 | 458595 |
| &nbsp;&nbsp;&nbsp;PepsiCo | 2671 | 351103 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 2464 | 418609 |
| &nbsp;&nbsp;&nbsp;Target | 3130 | 294251 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Cl A | 6983 | 392165 |
|  |  | 7128033 |
| Energy — 12.0% |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes, Cl A | 12588 | 466385 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 5231 | 446466 |
| &nbsp;&nbsp;&nbsp;Coterra Energy | 20956 | 509440 |
| &nbsp;&nbsp;&nbsp;Devon Energy | 15668 | 474114 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 4186 | 454474 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 4788 | 489812 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum | 3644 | 585737 |
|  |  | 3426428 |
| Financials — 7.4% |  |  |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial | 3485 | 525608 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 2232 | 645048 |

---

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

*23*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X S&P 500<sup>®</sup> Quality Dividend ETF** | **Global X S&P 500<sup>®</sup> Quality Dividend ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Everest Group | 1459 | $506550 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group | 4419 | 413574 |
|  |  | 2090780 |
| Health Care — 9.1% |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie | 3062 | 569869 |
| &nbsp;&nbsp;&nbsp;Baxter International | 17507 | 533964 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 3613 | 560774 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 6436 | 534059 |
| &nbsp;&nbsp;&nbsp;Merck | 5180 | 398031 |
|  |  | 2596697 |
| Industrials — 26.0% |  |  |
| &nbsp;&nbsp;&nbsp;3M | 4086 | 606158 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 1784 | 580746 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide | 4766 | 457393 |
| &nbsp;&nbsp;&nbsp;Cummins | 1440 | 462931 |
| &nbsp;&nbsp;&nbsp;General Dynamics | 2011 | 560043 |
| &nbsp;&nbsp;&nbsp;Honeywell International | 2326 | 527234 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries | 2756 | 614753 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works | 1945 | 476681 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 1069 | 515664 |
| &nbsp;&nbsp;&nbsp;Paychex | 3764 | 594373 |
| &nbsp;&nbsp;&nbsp;RTX | 4506 | 614979 |
| &nbsp;&nbsp;&nbsp;Snap-On | 1489 | 477597 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 2251 | 498957 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Cl B | 4103 | 400207 |
|  |  | 7387716 |
| Information Technology — 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;Microchip Technology | 8857 | 514060 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 3348 | 486130 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions | 5806 | 400788 |
|  |  | 1400978 |
| Materials — 7.4% |  |  |
| &nbsp;&nbsp;&nbsp;Dow | 12983 | 360149 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical | 5387 | 422179 |
| &nbsp;&nbsp;&nbsp;International Paper | 9558 | 456968 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries, Cl A | 6981 | 394357 |
| &nbsp;&nbsp;&nbsp;PPG Industries | 4273 | 473448 |
|  |  | 2107101 |

---

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

*24*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X S&P 500<sup>®</sup> Quality Dividend ETF** | **Global X S&P 500<sup>®</sup> Quality Dividend ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Real Estate — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Public Storage <sup>‡</sup> | 1664 | $513194 |
| TOTAL COMMON STOCK <br> (Cost $29,904,660) |  | 28353960 |
| TOTAL INVESTMENTS — 99.7%<br> (Cost $29,904,660) |  | $28353960 |

---

*Percentages are based on Net Assets of $28,450,869.*

&nbsp;&nbsp;&nbsp;&nbsp;‡ Real Estate Investment Trust

*As of May 31, 2025, 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.*

*See "Glossary" for abbreviations.*

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

*25*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** |  |  |
| **UNITED STATES — 99.8%** |  |  |
| Communication Services — 10.6% |  |  |
| &nbsp;&nbsp;&nbsp;AT&T | 380629 | $10581486 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 75580 | 2612801 |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 46280 | 6654138 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent <sup>\*</sup> | 214654 | 7776914 |
| &nbsp;&nbsp;&nbsp;Interpublic Group | 107589 | 2577833 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband, Cl A <sup>\*</sup> | 33390 | 3101931 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband, Cl C <sup>\*</sup> | 32933 | 3089115 |
| &nbsp;&nbsp;&nbsp;New York Times, Cl A | 7521 | 429600 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A | 17228 | 2935996 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Cl A | 16688 | 377983 |
| &nbsp;&nbsp;&nbsp;T-Mobile US | 29930 | 7249046 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 232169 | 10206149 |
|  |  | 57592992 |
| Consumer Discretionary — 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor | 263916 | 2739448 |
| &nbsp;&nbsp;&nbsp;Gap | 129514 | 2889457 |
| &nbsp;&nbsp;&nbsp;Garmin | 1986 | 403099 |
| &nbsp;&nbsp;&nbsp;General Motors | 56295 | 2792795 |
| &nbsp;&nbsp;&nbsp;Lear | 31465 | 2845065 |
| &nbsp;&nbsp;&nbsp;Lennar, Cl B | 25283 | 2561168 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Cl A | 9246 | 2930150 |
| &nbsp;&nbsp;&nbsp;McDonald's | 13040 | 4092604 |
| &nbsp;&nbsp;&nbsp;Meritage Homes | 37818 | 2405603 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries <sup>\*</sup> | 24476 | 2462530 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive <sup>\*</sup> | 259 | 354183 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group | 16629 | 2730149 |
| &nbsp;&nbsp;&nbsp;TJX | 3610 | 458109 |
| &nbsp;&nbsp;&nbsp;Yum! Brands | 10543 | 1517559 |
|  |  | 31181919 |
| Consumer Staples — 11.0% |  |  |
| &nbsp;&nbsp;&nbsp;Albertsons, Cl A | 346271 | 7697604 |
| &nbsp;&nbsp;&nbsp;Altria Group | 51999 | 3151659 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 53637 | 2589058 |
| &nbsp;&nbsp;&nbsp;Bunge Global | 32337 | 2527137 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods | 27655 | 2652944 |
| &nbsp;&nbsp;&nbsp;Church & Dwight | 3940 | 387341 |

---

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

*26*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Consumer Staples — continued |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 88221 | $6360734 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 4871 | 452711 |
| &nbsp;&nbsp;&nbsp;Conagra Brands | 102306 | 2341784 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 713 | 741648 |
| &nbsp;&nbsp;&nbsp;Ingredion | 3331 | 463409 |
| &nbsp;&nbsp;&nbsp;Kellanova | 93686 | 7741274 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz | 85705 | 2290895 |
| &nbsp;&nbsp;&nbsp;Kroger | 11860 | 809208 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage, Cl B | 43949 | 2355227 |
| &nbsp;&nbsp;&nbsp;Post Holdings <sup>\*</sup> | 3306 | 365611 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 6178 | 1049580 |
| &nbsp;&nbsp;&nbsp;Smithfield Foods | 124956 | 2921471 |
| &nbsp;&nbsp;&nbsp;Target | 27981 | 2630494 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Cl A | 41568 | 2334459 |
| &nbsp;&nbsp;&nbsp;Walmart | 81712 | 8066609 |
|  |  | 59930857 |
| Energy — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream | 154860 | 2908271 |
| &nbsp;&nbsp;&nbsp;APA | 164901 | 2804966 |
| &nbsp;&nbsp;&nbsp;Chord Energy | 27792 | 2501280 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy | 19021 | 2559276 |
| &nbsp;&nbsp;&nbsp;DT Midstream | 3907 | 409219 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 3903 | 399277 |
| &nbsp;&nbsp;&nbsp;Halliburton | 125178 | 2452237 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan | 117497 | 3294616 |
| &nbsp;&nbsp;&nbsp;NOV | 214810 | 2577720 |
| &nbsp;&nbsp;&nbsp;Ovintiv | 76670 | 2746319 |
| &nbsp;&nbsp;&nbsp;Permian Resources, Cl A | 216828 | 2734201 |
| &nbsp;&nbsp;&nbsp;Williams | 6472 | 391621 |
|  |  | 25779003 |
| Financials — 26.4% |  |  |
| &nbsp;&nbsp;&nbsp;Aflac | 3510 | 363425 |
| &nbsp;&nbsp;&nbsp;AGNC Investment <sup>‡</sup> | 299703 | 2679345 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management <sup>‡</sup> | 138273 | 2620273 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Cl A | 1178 | 438310 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher | 1435 | 498576 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 61529 | 2727581 |

---

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

*27*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B <sup>\*</sup> | 14748 | $7432402 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 90841 | 2752482 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets | 24205 | 5545850 |
| &nbsp;&nbsp;&nbsp;Chubb | 1527 | 453824 |
| &nbsp;&nbsp;&nbsp;Citigroup | 38924 | 2931756 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group | 70696 | 2852584 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 29704 | 8584456 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System | 109742 | 2565768 |
| &nbsp;&nbsp;&nbsp;Comerica | 49312 | 2815222 |
| &nbsp;&nbsp;&nbsp;Enact Holdings | 73222 | 2592059 |
| &nbsp;&nbsp;&nbsp;Enstar Group <sup>\*</sup> | 23187 | 7767877 |
| &nbsp;&nbsp;&nbsp;Essent Group | 46471 | 2695318 |
| &nbsp;&nbsp;&nbsp;First Horizon | 148392 | 2950033 |
| &nbsp;&nbsp;&nbsp;FNB | 195784 | 2715524 |
| &nbsp;&nbsp;&nbsp;Franklin Resources | 141144 | 3054356 |
| &nbsp;&nbsp;&nbsp;Global Payments | 35991 | 2721280 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares | 181994 | 2844566 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange | 48176 | 8662045 |
| &nbsp;&nbsp;&nbsp;Invesco | 191010 | 2762005 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Cl A | 34718 | 2843751 |
| &nbsp;&nbsp;&nbsp;Lincoln National | 84898 | 2813520 |
| &nbsp;&nbsp;&nbsp;M&T Bank | 15577 | 2844983 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan | 34131 | 7975049 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 747 | 437443 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 125510 | 2618139 |
| &nbsp;&nbsp;&nbsp;Old Republic International | 9989 | 377584 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Cl A | 55369 | 2870329 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group | 16390 | 2848746 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares | 38391 | 2673933 |
| &nbsp;&nbsp;&nbsp;Radian Group | 81643 | 2788108 |
| &nbsp;&nbsp;&nbsp;Regions Financial | 128919 | 2764023 |
| &nbsp;&nbsp;&nbsp;Rithm Capital <sup>‡</sup> | 249211 | 2778703 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust <sup>‡</sup> | 136810 | 2701998 |
| &nbsp;&nbsp;&nbsp;State Street | 30175 | 2905249 |
| &nbsp;&nbsp;&nbsp;Truist Financial | 69457 | 2743552 |
| &nbsp;&nbsp;&nbsp;United Bankshares | 73332 | 2650218 |
| &nbsp;&nbsp;&nbsp;Unum Group | 32779 | 2678372 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 65312 | 2846950 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 1142 | 417047 |

---

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

*28*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;W R Berkley | 5307 | $396380 |
| &nbsp;&nbsp;&nbsp;Webster Financial | 54746 | 2818324 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 1432 | 453300 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp | 58195 | 2756115 |
|  |  | 144028733 |
| Health Care — 11.2% |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie | 2441 | 454295 |
| &nbsp;&nbsp;&nbsp;Amgen | 1458 | 420166 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson | 1772 | 305830 |
| &nbsp;&nbsp;&nbsp;Biogen <sup>\*</sup> | 21805 | 2830071 |
| &nbsp;&nbsp;&nbsp;Boston Scientific \* | 78414 | 8253858 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 3780 | 583783 |
| &nbsp;&nbsp;&nbsp;Cencora | 27277 | 7944154 |
| &nbsp;&nbsp;&nbsp;Centene <sup>\*</sup> | 41528 | 2343840 |
| &nbsp;&nbsp;&nbsp;Chemed | 723 | 415609 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 1380 | 436963 |
| &nbsp;&nbsp;&nbsp;CVS Health | 39327 | 2518501 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health <sup>\*</sup> | 280982 | 3776398 |
| &nbsp;&nbsp;&nbsp;Hologic <sup>\*</sup> | 5616 | 349147 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 47165 | 7320480 |
| &nbsp;&nbsp;&nbsp;McKesson | 950 | 683535 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 30839 | 2559020 |
| &nbsp;&nbsp;&nbsp;Merck | 88354 | 6789121 |
| &nbsp;&nbsp;&nbsp;Pfizer | 115258 | 2707410 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics | 2633 | 456404 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma, Cl A | 12003 | 394659 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare <sup>\*</sup> | 20955 | 3536575 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Cl B | 15452 | 2941288 |
| &nbsp;&nbsp;&nbsp;Viatris | 330535 | 2905403 |
|  |  | 60926510 |
| Industrials — 11.6% |  |  |
| &nbsp;&nbsp;&nbsp;AMETEK | 2403 | 429512 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 25862 | 8418857 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | 11051 | 2683514 |
| &nbsp;&nbsp;&nbsp;CNH Industrial | 228402 | 2857309 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines | 62366 | 3017891 |
| &nbsp;&nbsp;&nbsp;General Dynamics | 14894 | 4147830 |

---

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

*29*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Honeywell International | 1896 | $429766 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries | 11811 | 2634562 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings | 2656 | 394469 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 15934 | 7686243 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman | 1061 | 514341 |
| &nbsp;&nbsp;&nbsp;QXO | 207132 | 3521244 |
| &nbsp;&nbsp;&nbsp;Republic Services, Cl A | 32178 | 8279077 |
| &nbsp;&nbsp;&nbsp;RTX | 63914 | 8722983 |
| &nbsp;&nbsp;&nbsp;Snap-On | 2265 | 726499 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Cl A | 1648 | 517703 |
| &nbsp;&nbsp;&nbsp;Waste Management | 33938 | 8178040 |
|  |  | 63159840 |
| Information Technology — 10.4% |  |  |
| &nbsp;&nbsp;&nbsp;Amdocs | 80693 | 7404390 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics <sup>\*</sup> | 23603 | 2794123 |
| &nbsp;&nbsp;&nbsp;Avnet | 51566 | 2578816 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 128886 | 8124973 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Cl A <sup>\*</sup> | 2152 | 391987 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | 168130 | 2905286 |
| &nbsp;&nbsp;&nbsp;HP | 104809 | 2609744 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 1875 | 485738 |
| &nbsp;&nbsp;&nbsp;Juniper Networks | 219585 | 7889689 |
| &nbsp;&nbsp;&nbsp;MARA Holdings <sup>\* (A)</sup> | 182592 | 2578199 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 11984 | 4977914 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor <sup>\*</sup> | 70457 | 2960603 |
| &nbsp;&nbsp;&nbsp;Roper Technologies | 900 | 513243 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions | 43999 | 3037251 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX | 24014 | 2913859 |
| &nbsp;&nbsp;&nbsp;VeriSign | 2322 | 632675 |
| &nbsp;&nbsp;&nbsp;Western Digital <sup>\*</sup> | 68508 | 3531587 |
|  |  | 56330077 |
| Materials — 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;Alcoa | 102986 | 2756935 |
| &nbsp;&nbsp;&nbsp;AptarGroup | 2999 | 475042 |
| &nbsp;&nbsp;&nbsp;Dow | 88974 | 2468139 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical | 32716 | 2563953 |
| &nbsp;&nbsp;&nbsp;Ecolab | 1828 | 485553 |

---

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

*30*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Materials — continued |  |  |
| &nbsp;&nbsp;&nbsp;FMC | 65573 | $2659641 |
| &nbsp;&nbsp;&nbsp;Linde PLC | 16120 | 7537390 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries, Cl A | 44679 | 2523917 |
| &nbsp;&nbsp;&nbsp;Mosaic | 92382 | 3338685 |
| &nbsp;&nbsp;&nbsp;Packaging Corp of America | 2264 | 437337 |
|  |  | 25246592 |
| Real Estate — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Agree Realty <sup>‡</sup> | 4914 | 370024 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Cl A <sup>‡</sup> | 78860 | 2500651 |
| &nbsp;&nbsp;&nbsp;Welltower <sup>‡</sup> | 3234 | 498941 |
|  |  | 3369616 |
| Utilities — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power | 4144 | 428863 |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 2969 | 459245 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy | 10157 | 378247 |
| &nbsp;&nbsp;&nbsp;CMS Energy | 6342 | 445399 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison | 4858 | 507612 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 4827 | 568234 |
| &nbsp;&nbsp;&nbsp;Entergy | 5109 | 425477 |
| &nbsp;&nbsp;&nbsp;Evergy | 99946 | 6637414 |
| &nbsp;&nbsp;&nbsp;Exelon | 8137 | 356563 |
| &nbsp;&nbsp;&nbsp;FirstEnergy | 10867 | 455762 |
| &nbsp;&nbsp;&nbsp;IDACORP, Cl Rights | 3289 | 391227 |
| &nbsp;&nbsp;&nbsp;NiSource | 11286 | 446248 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital | 4955 | 452045 |
| &nbsp;&nbsp;&nbsp;PPL | 12895 | 448101 |
| &nbsp;&nbsp;&nbsp;Southern | 6832 | 614880 |
| &nbsp;&nbsp;&nbsp;UGI | 78808 | 2841816 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group | 4140 | 444802 |
|  |  | 16301935 |
| TOTAL UNITED STATES |  | 543848074 |
| TOTAL COMMON STOCK<br> (Cost $517,630,601) |  | 543848074 |

---

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

*31*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup> — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market<br> Government Portfolio, Cl Institutional, 4.230%<br> (Cost $66,628) | 66628 | $66628 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENT<sup>(B)</sup> — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;RBC Capital Markets<br> 4.250%, dated 05/31/2025, to be repurchased on 06/02/2025, repurchase price $69,441 (collateralized by a U.S. Treasury Obligations, par value $69,191, 4.625%, 06/30/2026, with a total market value of $70,835) <br> (Cost $69,417) | $69417 | 69417 |
| TOTAL INVESTMENTS — 99.8%<br> (Cost $517,766,646) |  | $543984119 |

---

*Percentages are based on Net Assets of $544,926,602.*

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *‡* | *Real Estate Investment Trust* |
| *(A)* | *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $128,492.* |
| *(B)* | *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $136,045. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $–.* |
| *(C)* | *The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2025.* |

---

*The following is a summary of the level of inputs used as of May 31, 2025, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;*Common Stock* | $*543848074* | $*—* | $*—* | $*543848074* |
| &nbsp;&nbsp;&nbsp;*Short-Term Investment* | *66628* | *—* | *—* | *66628* |
| &nbsp;&nbsp;&nbsp;*Repurchase Agreement* | *—* | *69417* | *—* | *69417* |
| *Total Investments in Securities* | $*543914702* | $*69417* | $*—* | $*543984119* |

---

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

*32*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** |

---

*See "Glossary" for abbreviations.*

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

*33*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Variable Rate Preferred ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — 99.4%** |  |  |
| **CANADA— 1.9%** |  |  |
| Utilities — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Algonquin Power & Utilities, 8.864%, US0003M + 4.010% <sup>(A)</sup> | 221683 | $5672868 |
| TOTAL CANADA |  | 5672868 |
| **UNITED STATES— 97.5%** |  |  |
| Consumer Staples — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;CHS, Ser 2, 7.100%, US0003M + 4.298% <sup>(A)</sup> | 249552 | 6348603 |
| &nbsp;&nbsp;&nbsp;CHS, Ser 3, 6.750%, US0003M + 4.155% <sup>(A)</sup> | 292150 | 7303750 |
|  |  | 13652353 |
| Energy — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;NGL Energy Partners, 11.792%, TSFR3M + 7.475% <sup>(A)</sup> | 199900 | 4557720 |
| Financials — 89.3% |  |  |
| &nbsp;&nbsp;&nbsp;AGNC Investment, 9.629%, TSFR3M + 5.373% <sup>‡ (A)</sup> | 159089 | 4042452 |
| &nbsp;&nbsp;&nbsp;AGNC Investment, 9.511%, TSFR3M + 5.255% <sup>‡ (A)</sup> | 196832 | 4962135 |
| &nbsp;&nbsp;&nbsp;AGNC Investment, 8.850%, TSFR3M + 4.594% <sup>‡ (A)</sup> | 114336 | 2798945 |
| &nbsp;&nbsp;&nbsp;AGNC Investment, 7.750%, H15T5Y + 4.390% <sup>‡ (A)</sup> | 72888 | 1793045 |
| &nbsp;&nbsp;&nbsp;Allstate, 7.744%, TSFR3M + 3.427% <sup>(A)</sup> | 315658 | 8191325 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, 9.572%, TSFR3M + 5.255% <sup>‡ (A)</sup> | 241705 | 6161060 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, 9.568%, TSFR3M + 5.251% <sup>‡ (A)</sup> | 148874 | 3800753 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, 8.751%, TSFR3M + 4.434% <sup>‡ (A)</sup> | 143044 | 3533187 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, 7.625%, H15T5Y + 3.226% <sup>(A)</sup> | 379575 | 9777852 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust, 6.250%, TSFR3M + 5.440% <sup>‡ (A)</sup> | 181312 | 3702391 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp, 6.625%, H15T5Y + 2.812% <sup>(A)</sup> | 188855 | 4568402 |
| &nbsp;&nbsp;&nbsp;Athene Holding, 7.750%, H15T5Y + 3.962% <sup>(A)</sup> | 144178 | 3662121 |
| &nbsp;&nbsp;&nbsp;Athene Holding, 7.250%, H15T5Y + 2.986% <sup>(A)</sup> | 165329 | 4083626 |
| &nbsp;&nbsp;&nbsp;Athene Holding, 6.350%, US0003M + 4.253% <sup>(A)</sup> | 248725 | 5805242 |
| &nbsp;&nbsp;&nbsp;Banc of California, 7.750%, H15T5Y + 4.820% <sup>(A)</sup> | 326014 | 8075367 |

---

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

*34*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Variable Rate Preferred ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America, 6.450% | 314506 | $7972727 |
| &nbsp;&nbsp;&nbsp;Bank of America, 5.342%, TSFR3M + 1.012% <sup>(A)</sup> | 63148 | 1387993 |
| &nbsp;&nbsp;&nbsp;Bank of America, 5.242%, TSFR3M + 0.912% <sup>(A)</sup> | 89714 | 1811326 |
| &nbsp;&nbsp;&nbsp;Bank of America, 5.083%, TSFR3M + 0.762% <sup>(A)</sup> | 120475 | 2458895 |
| &nbsp;&nbsp;&nbsp;Chimera Investment, 10.352%, TSFR3M + 6.053% <sup>‡ (A)</sup> | 207117 | 5140644 |
| &nbsp;&nbsp;&nbsp;Chimera Investment, 9.899%, TSFR3M + 5.600% <sup>‡ (A)</sup> | 126703 | 3104224 |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings, 7.875%, US0003M + 4.985% <sup>(A)</sup> | 106887 | 1671713 |
| &nbsp;&nbsp;&nbsp;Enstar Group, 7.000%, US0003M + 4.015% <sup>(A)</sup> | 252556 | 5447633 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, 8.296%, TSFR3M + 3.972% <sup>(A)</sup> | 285124 | 7324836 |
| &nbsp;&nbsp;&nbsp;Flagstar Financial, 6.375%, US0003M + 3.821% <sup>(A)</sup> | 333662 | 7117010 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, 5.312%, TSFR3M + 1.012% <sup>(A)</sup> | 226981 | 4764331 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, 5.232%, TSFR3M + 0.932% <sup>(A)</sup> | 408305 | 8598903 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, 6.875%, H15T5Y + 2.704% <sup>(A)</sup> | 205832 | 5096400 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, 8.000%, H15T5Y + 3.728% <sup>(A)</sup> | 348457 | 9052913 |
| &nbsp;&nbsp;&nbsp;KeyCorp, 6.200%, H15T5Y + 3.132% <sup>(A)</sup> | 301579 | 7479159 |
| &nbsp;&nbsp;&nbsp;KeyCorp, 6.125%, TSFR3M + 4.154% <sup>(A)</sup> | 250678 | 6093982 |
| &nbsp;&nbsp;&nbsp;MetLife, 5.561%, TSFR3M + 1.262% <sup>(A)</sup> | 379516 | 9150131 |
| &nbsp;&nbsp;&nbsp;MFA Financial, 9.906%, TSFR3M + 5.607% <sup>‡ (A)</sup> | 174564 | 4224449 |
| &nbsp;&nbsp;&nbsp;Midland States Bancorp, 7.750%, H15T5Y + 4.713% <sup>(A)</sup> | 72043 | 1688688 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 5.218%, TSFR3M + 0.962% <sup>(A)</sup> | 616213 | 13655280 |
| &nbsp;&nbsp;&nbsp;Regions Financial, 6.950%, H15T5Y + 2.771% <sup>(A)</sup> | 280779 | 7157057 |
| &nbsp;&nbsp;&nbsp;Regions Financial, 5.700%, TSFR3M + 3.410% <sup>(A)</sup> | 284718 | 6457404 |

---

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

*35*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Variable Rate Preferred ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, 7.125%, H15T5Y + 3.456% <sup>(A)</sup> | 341877 | $8799914 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, 5.750%, US0003M + 4.040% <sup>(A)</sup> | 194412 | 4798088 |
| &nbsp;&nbsp;&nbsp;Rithm Capital, 10.381%, TSFR3M + 6.064% <sup>‡ (A)</sup> | 46727 | 1175651 |
| &nbsp;&nbsp;&nbsp;Rithm Capital, 10.219%, TSFR3M + 5.902% <sup>‡ (A)</sup> | 126086 | 3162237 |
| &nbsp;&nbsp;&nbsp;Rithm Capital, 9.557%, TSFR3M + 5.231% <sup>‡ (A)</sup> | 177878 | 4333108 |
| &nbsp;&nbsp;&nbsp;Rithm Capital, 7.000%, H15T5Y + 6.223% <sup>‡ (A)</sup> | 206354 | 4925670 |
| &nbsp;&nbsp;&nbsp;SLM, 6.261%, TSFR3M + 1.962% <sup>(A)</sup> | 39850 | 3138188 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial, 8.250%, H15T5Y + 4.044% <sup>(A)</sup> | 315415 | 7872758 |
| &nbsp;&nbsp;&nbsp;Synovus Financial, 8.397%, H15T5Y + 4.127% <sup>(A)</sup> | 221338 | 5732654 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment, 9.555%, TSFR3M + 5.273% <sup>‡ (A)</sup> | 153093 | 3612995 |
| &nbsp;&nbsp;&nbsp;US Bancorp, 5.538%, TSFR3M + 1.282% <sup>(A)</sup> | 5953 | 4941585 |
| &nbsp;&nbsp;&nbsp;US Bancorp, 5.118%, TSFR3M + 0.862% <sup>(A)</sup> | 417313 | 8571609 |
| &nbsp;&nbsp;&nbsp;Voya Financial, 5.350%, H15T5Y + 3.210% <sup>(A)</sup> | 189583 | 4572742 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp, 4.250%, H15T5Y + 3.452% <sup>(A)</sup> | 189362 | 4251177 |
|  |  | 271701977 |
| Utilities — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Tennessee Valley Authority, 2.216%, H15T30Y + 0.840% <sup>(A)</sup> | 131265 | 3049286 |
| &nbsp;&nbsp;&nbsp;Tennessee Valley Authority, 2.134%, H15T30Y + 0.940% <sup>(A)</sup> | 161288 | 3809622 |
|  |  | 6858908 |
| TOTAL UNITED STATES |  | 296770958 |
| TOTAL PREFERRED STOCK<br> (Cost $303,502,553) |  | 302443826 |
| TOTAL INVESTMENTS — 99.4%<br> (Cost $303,502,553) |  | $302443826 |

---

*Percentages are based on Net Assets of $304,323,385.*

*‡* *Real Estate Investment Trust* 

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

*36*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Variable Rate Preferred ETF** | |

---

*(A)* *Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; or by adjusting periodically based on prevailing interest rates.* 

*As of May 31, 2025, 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.*

*See "Glossary" for abbreviations.*

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

*37*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Adaptive U.S. Risk Management ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** |  |  |
| **BRAZIL — 0.2%** |  |  |
| Consumer Discretionary — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre <sup>\*</sup> | 112 | $287088 |
| **IRELAND — 0.4%** |  |  |
| Information Technology — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Cl A | 1486 | 470795 |
| **JERSEY — 0.0%** |  |  |
| Consumer Discretionary — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;APTIV PLC <sup>\*</sup> | 558 | 37280 |
| **MEXICO — 0.0%** |  |  |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Southern Copper | 213 | 19364 |
| **SOUTH KOREA — 0.1%** |  |  |
| Consumer Discretionary — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Coupang, Cl A <sup>\*</sup> | 2665 | 74753 |
| **SWITZERLAND — 0.1%** |  |  |
| Information Technology — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 756 | 121013 |
| **UNITED KINGDOM — 0.1%** |  |  |
| Consumer Discretionary — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC <sup>\*</sup> | 450 | 113715 |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti | 1206 | 52835 |
| TOTAL UNITED KINGDOM |  | 166550 |
| **UNITED STATES — 98.9%** |  |  |
| Communication Services — 9.9% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 14128 | 2426343 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 12409 | 2144896 |
| &nbsp;&nbsp;&nbsp;AT&T | 17049 | 473962 |

---

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

*38*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Adaptive U.S. Risk Management ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Communication Services — continued |  |  |
| &nbsp;&nbsp;&nbsp;Charter Communications, Cl A <sup>\*</sup> | 243 | $96294 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 9072 | 313619 |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 572 | 82242 |
| &nbsp;&nbsp;&nbsp;Fox, Cl A | 521 | 28624 |
| &nbsp;&nbsp;&nbsp;Fox, Cl B | 305 | 15335 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment <sup>\*</sup> | 352 | 48291 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 5270 | 3412272 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 1014 | 1224131 |
| &nbsp;&nbsp;&nbsp;Omnicom Group | 462 | 33929 |
| &nbsp;&nbsp;&nbsp;Pinterest, Cl A <sup>\*</sup> | 1420 | 44176 |
| &nbsp;&nbsp;&nbsp;Reddit, Cl A <sup>\*</sup> | 242 | 27189 |
| &nbsp;&nbsp;&nbsp;ROBLOX, Cl A <sup>\*</sup> | 1320 | 114814 |
| &nbsp;&nbsp;&nbsp;Snap, Cl A <sup>\*</sup> | 2511 | 20716 |
| &nbsp;&nbsp;&nbsp;Spotify Technology <sup>\*</sup> | 347 | 230804 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software <sup>\*</sup> | 419 | 94811 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Cl A | 168 | 26512 |
| &nbsp;&nbsp;&nbsp;T-Mobile US | 1170 | 283374 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Cl A <sup>\*</sup> | 1075 | 80861 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 10029 | 440875 |
| &nbsp;&nbsp;&nbsp;Walt Disney | 4323 | 488672 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery <sup>\*</sup> | 5410 | 53938 |
| &nbsp;&nbsp;&nbsp;Warner Music Group, Cl A | 308 | 8106 |
|  |  | 12214786 |
| Consumer Discretionary — 10.4% |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A <sup>\*</sup> | 1044 | 134676 |
| &nbsp;&nbsp;&nbsp;Amazon.com <sup>\*</sup> | 22956 | 4706210 |
| &nbsp;&nbsp;&nbsp;AutoZone <sup>\*</sup> | 40 | 149322 |
| &nbsp;&nbsp;&nbsp;Best Buy | 455 | 30157 |
| &nbsp;&nbsp;&nbsp;Booking Holdings | 76 | 419439 |
| &nbsp;&nbsp;&nbsp;Carnival <sup>\*</sup> | 2482 | 57632 |
| &nbsp;&nbsp;&nbsp;Carvana, Cl A <sup>\*</sup> | 281 | 91932 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Cl A <sup>\*</sup> | 3325 | 166516 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants | 283 | 60621 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor <sup>\*</sup> | 363 | 38304 |
| &nbsp;&nbsp;&nbsp;DoorDash, Cl A <sup>\*</sup> | 807 | 168381 |
| &nbsp;&nbsp;&nbsp;DR Horton | 674 | 79572 |
| &nbsp;&nbsp;&nbsp;DraftKings, Cl A <sup>\*</sup> | 1126 | 40401 |
| &nbsp;&nbsp;&nbsp;eBay | 1123 | 82170 |

---

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

*39*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Adaptive U.S. Risk Management ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Consumer Discretionary — continued |  |  |
| &nbsp;&nbsp;&nbsp;Expedia Group | 295 | $49191 |
| &nbsp;&nbsp;&nbsp;Ford Motor | 9954 | 103323 |
| &nbsp;&nbsp;&nbsp;Garmin | 369 | 74896 |
| &nbsp;&nbsp;&nbsp;General Motors | 2396 | 118866 |
| &nbsp;&nbsp;&nbsp;Genuine Parts | 327 | 41372 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | 571 | 141859 |
| &nbsp;&nbsp;&nbsp;Home Depot | 2405 | 885737 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands | 821 | 33792 |
| &nbsp;&nbsp;&nbsp;Lennar, Cl A | 564 | 59829 |
| &nbsp;&nbsp;&nbsp;Lennar, Cl B | 13 | 1317 |
| &nbsp;&nbsp;&nbsp;Lowe's | 1357 | 306316 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica <sup>\*</sup> | 256 | 81068 |
| &nbsp;&nbsp;&nbsp;Marriott International, Cl A | 586 | 154604 |
| &nbsp;&nbsp;&nbsp;McDonald's | 1792 | 562419 |
| &nbsp;&nbsp;&nbsp;NIKE, Cl B | 2865 | 173590 |
| &nbsp;&nbsp;&nbsp;NVR <sup>\*</sup> | 7 | 49812 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive <sup>\*</sup> | 138 | 188715 |
| &nbsp;&nbsp;&nbsp;PulteGroup | 487 | 47741 |
| &nbsp;&nbsp;&nbsp;Ross Stores | 816 | 114313 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises | 621 | 159578 |
| &nbsp;&nbsp;&nbsp;Starbucks | 2694 | 226161 |
| &nbsp;&nbsp;&nbsp;Tesla <sup>\*</sup> | 6787 | 2351424 |
| &nbsp;&nbsp;&nbsp;TJX | 2687 | 340980 |
| &nbsp;&nbsp;&nbsp;Tractor Supply | 1283 | 62097 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty <sup>\*</sup> | 108 | 50918 |
| &nbsp;&nbsp;&nbsp;Viking Holdings <sup>\*</sup> | 301 | 13437 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma | 286 | 46263 |
| &nbsp;&nbsp;&nbsp;Yum! Brands | 709 | 102054 |
|  |  | 12767005 |
| Consumer Staples — 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 4101 | 248562 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 1144 | 55221 |
| &nbsp;&nbsp;&nbsp;Brown-Forman, Cl A | 104 | 3456 |
| &nbsp;&nbsp;&nbsp;Brown-Forman, Cl B | 712 | 23738 |
| &nbsp;&nbsp;&nbsp;Bunge Global | 332 | 25946 |
| &nbsp;&nbsp;&nbsp;Church & Dwight | 591 | 58101 |
| &nbsp;&nbsp;&nbsp;Clorox | 298 | 39300 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 9169 | 661085 |

---

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

*40*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Adaptive U.S. Risk Management ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Consumer Staples — continued |  |  |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 1998 | $185694 |
| &nbsp;&nbsp;&nbsp;Conagra Brands | 1135 | 25980 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Cl A | 374 | 66680 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 1076 | 1119234 |
| &nbsp;&nbsp;&nbsp;Dollar General | 524 | 50959 |
| &nbsp;&nbsp;&nbsp;Dollar Tree <sup>\*</sup> | 482 | 43505 |
| &nbsp;&nbsp;&nbsp;Estee Lauder, Cl A | 514 | 34407 |
| &nbsp;&nbsp;&nbsp;General Mills | 1330 | 72166 |
| &nbsp;&nbsp;&nbsp;Hershey | 355 | 57045 |
| &nbsp;&nbsp;&nbsp;Hormel Foods | 691 | 21200 |
| &nbsp;&nbsp;&nbsp;Kellanova | 629 | 51974 |
| &nbsp;&nbsp;&nbsp;Kenvue | 4842 | 115579 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper | 2887 | 97205 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 839 | 120615 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz | 1875 | 50119 |
| &nbsp;&nbsp;&nbsp;Kroger | 1466 | 100025 |
| &nbsp;&nbsp;&nbsp;McCormick | 608 | 44220 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Cl A | 3133 | 211446 |
| &nbsp;&nbsp;&nbsp;Monster Beverage <sup>\*</sup> | 1756 | 112296 |
| &nbsp;&nbsp;&nbsp;PepsiCo | 3264 | 429053 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 3675 | 663668 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 5681 | 965145 |
| &nbsp;&nbsp;&nbsp;Sysco | 1266 | 92418 |
| &nbsp;&nbsp;&nbsp;Target | 1155 | 108582 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Cl A | 677 | 38020 |
| &nbsp;&nbsp;&nbsp;Walmart | 10603 | 1046728 |
|  |  | 7039372 |
| Energy — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes, Cl A | 2542 | 94181 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy | 550 | 130345 |
| &nbsp;&nbsp;&nbsp;Chesapeake Energy | 507 | 58878 |
| &nbsp;&nbsp;&nbsp;Chevron | 3976 | 543519 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 3107 | 265183 |
| &nbsp;&nbsp;&nbsp;Coterra Energy | 1748 | 42494 |
| &nbsp;&nbsp;&nbsp;Devon Energy | 1569 | 47478 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy | 453 | 60951 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 1388 | 150695 |
| &nbsp;&nbsp;&nbsp;EQT | 1377 | 75914 |

---

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

*41*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Adaptive U.S. Risk Management ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Energy — continued |  |  |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 10484 | $1072513 |
| &nbsp;&nbsp;&nbsp;Halliburton | 2107 | 41276 |
| &nbsp;&nbsp;&nbsp;Hess | 713 | 94252 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan | 4858 | 136218 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum | 755 | 121359 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum | 1774 | 72344 |
| &nbsp;&nbsp;&nbsp;ONEOK | 1460 | 118026 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 986 | 111891 |
| &nbsp;&nbsp;&nbsp;Schlumberger | 3284 | 108536 |
| &nbsp;&nbsp;&nbsp;Targa Resources | 547 | 86388 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land | 45 | 50131 |
| &nbsp;&nbsp;&nbsp;Valero Energy | 757 | 97630 |
| &nbsp;&nbsp;&nbsp;Venture Global, Cl A | 745 | 8620 |
| &nbsp;&nbsp;&nbsp;Williams | 2985 | 180622 |
|  |  | 3769444 |
| Financials — 13.9% |  |  |
| &nbsp;&nbsp;&nbsp;Aflac | 1246 | 129011 |
| &nbsp;&nbsp;&nbsp;Allstate | 660 | 138514 |
| &nbsp;&nbsp;&nbsp;American Express | 1325 | 389616 |
| &nbsp;&nbsp;&nbsp;American International Group | 1434 | 121374 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial | 245 | 124764 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Cl A | 477 | 177482 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management | 1006 | 131474 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group <sup>\*</sup> | 932 | 88577 |
| &nbsp;&nbsp;&nbsp;Ares Management, Cl A | 446 | 73813 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher | 605 | 210201 |
| &nbsp;&nbsp;&nbsp;Bank of America | 15740 | 694606 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 1806 | 160030 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B <sup>\*</sup> | 3217 | 1621239 |
| &nbsp;&nbsp;&nbsp;BlackRock Funding | 367 | 359620 |
| &nbsp;&nbsp;&nbsp;Blackstone | 1740 | 241442 |
| &nbsp;&nbsp;&nbsp;Block, Cl A <sup>\*</sup> | 1448 | 89414 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Cl A | 1346 | 25143 |
| &nbsp;&nbsp;&nbsp;Brown & Brown | 581 | 65595 |
| &nbsp;&nbsp;&nbsp;Capital One Financial | 1564 | 295831 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets | 252 | 57738 |
| &nbsp;&nbsp;&nbsp;Charles Schwab | 4142 | 365904 |
| &nbsp;&nbsp;&nbsp;Chubb | 900 | 267480 |

---

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

*42*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Adaptive U.S. Risk Management ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial | 370 | $55803 |
| &nbsp;&nbsp;&nbsp;Citigroup | 4410 | 332161 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group | 1054 | 42529 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 867 | 250563 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Cl A <sup>\*</sup> | 512 | 126269 |
| &nbsp;&nbsp;&nbsp;Corpay <sup>\*</sup> | 161 | 52343 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity, Cl A | 59 | 21152 |
| &nbsp;&nbsp;&nbsp;Everest Group | 77 | 26734 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems | 90 | 41243 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | 1278 | 101742 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 1610 | 61486 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Cl A | 24 | 44373 |
| &nbsp;&nbsp;&nbsp;Fiserv <sup>\*</sup> | 1367 | 222534 |
| &nbsp;&nbsp;&nbsp;Global Payments | 610 | 46122 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | 743 | 446134 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group | 688 | 89330 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares | 3479 | 54377 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Cl A | 250 | 52420 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange | 1379 | 247944 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 6760 | 1784640 |
| &nbsp;&nbsp;&nbsp;KKR | 1638 | 198952 |
| &nbsp;&nbsp;&nbsp;Loews | 431 | 38484 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings | 182 | 70463 |
| &nbsp;&nbsp;&nbsp;M&T Bank | 398 | 72691 |
| &nbsp;&nbsp;&nbsp;Markel Group <sup>\*</sup> | 33 | 64076 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan | 1182 | 276186 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 1961 | 1148362 |
| &nbsp;&nbsp;&nbsp;MetLife | 1380 | 108440 |
| &nbsp;&nbsp;&nbsp;Moody's | 384 | 184059 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 2949 | 377560 |
| &nbsp;&nbsp;&nbsp;MSCI, Cl A | 190 | 107164 |
| &nbsp;&nbsp;&nbsp;Nasdaq | 996 | 83206 |
| &nbsp;&nbsp;&nbsp;Northern Trust | 474 | 50595 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings <sup>\*</sup> | 2466 | 173310 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group | 979 | 170160 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group | 546 | 42528 |
| &nbsp;&nbsp;&nbsp;Progressive | 1395 | 397477 |
| &nbsp;&nbsp;&nbsp;Prudential Financial | 911 | 94644 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial | 443 | 65112 |

---

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

*43*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Adaptive U.S. Risk Management ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Regions Financial | 2183 | $46804 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Cl A <sup>\*</sup> | 1780 | 117747 |
| &nbsp;&nbsp;&nbsp;Rocket, Cl A <sup>\*</sup> | 294 | 3749 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Cl A | 251 | 17964 |
| &nbsp;&nbsp;&nbsp;S&P Global | 740 | 379516 |
| &nbsp;&nbsp;&nbsp;State Street | 705 | 67877 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 938 | 54076 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group | 523 | 48948 |
| &nbsp;&nbsp;&nbsp;Toast, Cl A <sup>\*</sup> | 980 | 41336 |
| &nbsp;&nbsp;&nbsp;TPG, Cl A | 208 | 10011 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Cl A | 280 | 40446 |
| &nbsp;&nbsp;&nbsp;Travelers | 558 | 153841 |
| &nbsp;&nbsp;&nbsp;Truist Financial | 3148 | 124346 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 3730 | 162591 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 4194 | 1531607 |
| &nbsp;&nbsp;&nbsp;W R Berkley | 724 | 54076 |
| &nbsp;&nbsp;&nbsp;Wells Fargo | 7888 | 589865 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 242 | 76605 |
|  |  | 17173641 |
| Health Care — 9.7% |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 4094 | 546877 |
| &nbsp;&nbsp;&nbsp;AbbVie | 4285 | 797481 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies | 745 | 83380 |
| &nbsp;&nbsp;&nbsp;Align Technology <sup>\*</sup> | 165 | 29855 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals <sup>\*</sup> | 333 | 101418 |
| &nbsp;&nbsp;&nbsp;Amgen | 1278 | 368294 |
| &nbsp;&nbsp;&nbsp;Baxter International | 1220 | 37210 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson | 718 | 123920 |
| &nbsp;&nbsp;&nbsp;Biogen <sup>\*</sup> | 348 | 45167 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical <sup>\*</sup> | 449 | 26073 |
| &nbsp;&nbsp;&nbsp;Boston Scientific \* | 3516 | 370094 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 4905 | 236813 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 586 | 90502 |
| &nbsp;&nbsp;&nbsp;Cencora | 432 | 125816 |
| &nbsp;&nbsp;&nbsp;Centene <sup>\*</sup> | 1209 | 68236 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 664 | 210249 |
| &nbsp;&nbsp;&nbsp;Cooper <sup>\*</sup> | 475 | 32433 |
| &nbsp;&nbsp;&nbsp;CVS Health | 3065 | 196283 |

---

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

*44*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Adaptive U.S. Risk Management ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Danaher | 1542 | $292826 |
| &nbsp;&nbsp;&nbsp;Dexcom <sup>\*</sup> | 942 | 80824 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences <sup>\*</sup> | 1468 | 114827 |
| &nbsp;&nbsp;&nbsp;Elevance Health | 557 | 213799 |
| &nbsp;&nbsp;&nbsp;Eli Lilly | 2058 | 1518125 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies | 1190 | 83943 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 2986 | 328699 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare | 424 | 161709 |
| &nbsp;&nbsp;&nbsp;Hologic <sup>\*</sup> | 537 | 33385 |
| &nbsp;&nbsp;&nbsp;Humana | 313 | 72970 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories <sup>\*</sup> | 196 | 100619 |
| &nbsp;&nbsp;&nbsp;Illumina <sup>\*</sup> | 379 | 31169 |
| &nbsp;&nbsp;&nbsp;Incyte <sup>\*</sup> | 385 | 25048 |
| &nbsp;&nbsp;&nbsp;Insulet <sup>\*</sup> | 166 | 53955 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical <sup>\*</sup> | 841 | 464518 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings <sup>\*</sup> | 426 | 59781 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 5846 | 907358 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings | 203 | 50541 |
| &nbsp;&nbsp;&nbsp;McKesson | 309 | 222329 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 3092 | 256574 |
| &nbsp;&nbsp;&nbsp;Merck | 6003 | 461271 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International <sup>\*</sup> | 45 | 51998 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare <sup>\*</sup> | 134 | 40875 |
| &nbsp;&nbsp;&nbsp;Natera <sup>\*</sup> | 305 | 48108 |
| &nbsp;&nbsp;&nbsp;Pfizer | 13599 | 319440 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics | 268 | 46455 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals <sup>\*</sup> | 257 | 126002 |
| &nbsp;&nbsp;&nbsp;ResMed | 374 | 91551 |
| &nbsp;&nbsp;&nbsp;Revvity | 291 | 26312 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma, Cl A | 888 | 29197 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 239 | 58605 |
| &nbsp;&nbsp;&nbsp;Stryker | 832 | 318356 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | 909 | 366163 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 2215 | 668731 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Cl A <sup>\*</sup> | 383 | 107125 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals <sup>\*</sup> | 619 | 273629 |
| &nbsp;&nbsp;&nbsp;Waters <sup>\*</sup> | 140 | 48894 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services | 171 | 36055 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings | 477 | 43965 |

---

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

*45*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Adaptive U.S. Risk Management ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Zoetis, Cl A | 1108 | $186842 |
|  |  | 11912674 |
| Industrials — 8.8% |  |  |
| &nbsp;&nbsp;&nbsp;3M | 1327 | 196860 |
| &nbsp;&nbsp;&nbsp;Amentum Holdings <sup>\*</sup> | 18 | 366 |
| &nbsp;&nbsp;&nbsp;AMETEK | 587 | 104920 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 981 | 319345 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise <sup>\*</sup> | 178 | 133564 |
| &nbsp;&nbsp;&nbsp;Boeing <sup>\*</sup> | 1719 | 356383 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding, Cl A | 302 | 32087 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | 281 | 68235 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource <sup>\*</sup> | 272 | 29289 |
| &nbsp;&nbsp;&nbsp;Carlisle | 107 | 40679 |
| &nbsp;&nbsp;&nbsp;Carrier Global | 1945 | 138484 |
| &nbsp;&nbsp;&nbsp;Caterpillar | 1151 | 400583 |
| &nbsp;&nbsp;&nbsp;Cintas | 839 | 190033 |
| &nbsp;&nbsp;&nbsp;Copart <sup>\*</sup> | 2140 | 110167 |
| &nbsp;&nbsp;&nbsp;CSX | 4800 | 151632 |
| &nbsp;&nbsp;&nbsp;Cummins | 348 | 111875 |
| &nbsp;&nbsp;&nbsp;Deere | 603 | 305275 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines | 1551 | 75053 |
| &nbsp;&nbsp;&nbsp;Dover | 330 | 58657 |
| &nbsp;&nbsp;&nbsp;Eaton PLC | 948 | 303550 |
| &nbsp;&nbsp;&nbsp;EMCOR Group | 108 | 50961 |
| &nbsp;&nbsp;&nbsp;Emerson Electric | 1408 | 168087 |
| &nbsp;&nbsp;&nbsp;Equifax | 321 | 84805 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington | 334 | 37652 |
| &nbsp;&nbsp;&nbsp;Fastenal | 2884 | 119225 |
| &nbsp;&nbsp;&nbsp;FedEx | 530 | 115593 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises | 452 | 82418 |
| &nbsp;&nbsp;&nbsp;Fortive | 834 | 58538 |
| &nbsp;&nbsp;&nbsp;GE Vernova | 664 | 314059 |
| &nbsp;&nbsp;&nbsp;General Dynamics | 556 | 154840 |
| &nbsp;&nbsp;&nbsp;General Electric | 2561 | 629775 |
| &nbsp;&nbsp;&nbsp;HEICO | 97 | 29065 |
| &nbsp;&nbsp;&nbsp;HEICO, Cl A | 179 | 42215 |
| &nbsp;&nbsp;&nbsp;Honeywell International | 1557 | 352925 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace | 1001 | 170060 |

---

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

*46*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Adaptive U.S. Risk Management ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Hubbell, Cl B | 127 | $49477 |
| &nbsp;&nbsp;&nbsp;IDEX | 179 | 32383 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works | 720 | 176458 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand | 1053 | 85967 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions | 296 | 37385 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services | 193 | 26798 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International | 1638 | 166044 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies | 478 | 116794 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings | 320 | 47526 |
| &nbsp;&nbsp;&nbsp;Lennox International | 75 | 42334 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 572 | 275921 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern | 562 | 138881 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman | 356 | 172578 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line | 451 | 72237 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide | 958 | 91345 |
| &nbsp;&nbsp;&nbsp;PACCAR | 1298 | 121817 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin | 313 | 208051 |
| &nbsp;&nbsp;&nbsp;Paychex | 808 | 127591 |
| &nbsp;&nbsp;&nbsp;Quanta Services | 369 | 126405 |
| &nbsp;&nbsp;&nbsp;Republic Services, Cl A | 509 | 130961 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation | 274 | 86461 |
| &nbsp;&nbsp;&nbsp;Rollins | 713 | 40819 |
| &nbsp;&nbsp;&nbsp;RTX | 3174 | 433188 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines | 1430 | 47733 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings | 517 | 41779 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 545 | 234497 |
| &nbsp;&nbsp;&nbsp;TransDigm Group <sup>\*</sup> | 132 | 193833 |
| &nbsp;&nbsp;&nbsp;TransUnion | 466 | 39904 |
| &nbsp;&nbsp;&nbsp;Uber Technologies <sup>\*</sup> | 4848 | 408008 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 1453 | 322072 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings <sup>\*</sup> | 788 | 62603 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Cl B | 1796 | 175182 |
| &nbsp;&nbsp;&nbsp;United Rentals | 163 | 115466 |
| &nbsp;&nbsp;&nbsp;Veralto | 534 | 53950 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Cl A | 337 | 105865 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings, Cl A | 821 | 88611 |
| &nbsp;&nbsp;&nbsp;Waste Management | 975 | 234946 |
| &nbsp;&nbsp;&nbsp;Watsco | 82 | 36373 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies | 409 | 82749 |

---

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

*47*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Adaptive U.S. Risk Management ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;WW Grainger | 109 | $118544 |
| &nbsp;&nbsp;&nbsp;Xylem | 585 | 73733 |
|  |  | 10780524 |
| Information Technology — 31.0% |  |  |
| &nbsp;&nbsp;&nbsp;Adobe <sup>\*</sup> | 1024 | 425052 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices <sup>\*</sup> | 3849 | 426200 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies <sup>\*</sup> | 353 | 26803 |
| &nbsp;&nbsp;&nbsp;Amdocs | 265 | 24316 |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 2885 | 259448 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 1198 | 256348 |
| &nbsp;&nbsp;&nbsp;ANSYS <sup>\*</sup> | 212 | 70134 |
| &nbsp;&nbsp;&nbsp;Apple | 35468 | 7123748 |
| &nbsp;&nbsp;&nbsp;Applied Materials | 1950 | 305662 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A <sup>\*</sup> | 619 | 243267 |
| &nbsp;&nbsp;&nbsp;Arista Networks <sup>\*</sup> | 2525 | 218766 |
| &nbsp;&nbsp;&nbsp;Atlassian, Cl A <sup>\*</sup> | 413 | 85751 |
| &nbsp;&nbsp;&nbsp;Autodesk <sup>\*</sup> | 530 | 156944 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Cl B | 381 | 18185 |
| &nbsp;&nbsp;&nbsp;Broadcom | 11158 | 2701017 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems <sup>\*</sup> | 668 | 191763 |
| &nbsp;&nbsp;&nbsp;CDW | 321 | 57896 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 9456 | 596106 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Cl A \* | 773 | 128233 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions, Cl A | 1193 | 96621 |
| &nbsp;&nbsp;&nbsp;Corning | 2000 | 99180 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A <sup>\*</sup> | 559 | 263496 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A <sup>\*</sup> | 793 | 93479 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 744 | 82785 |
| &nbsp;&nbsp;&nbsp;Entegris | 360 | 24746 |
| &nbsp;&nbsp;&nbsp;Fair Isaac <sup>\*</sup> | 58 | 100124 |
| &nbsp;&nbsp;&nbsp;First Solar <sup>\*</sup> | 245 | 38730 |
| &nbsp;&nbsp;&nbsp;Fortinet <sup>\*</sup> | 1520 | 154706 |
| &nbsp;&nbsp;&nbsp;Gartner <sup>\*</sup> | 177 | 77246 |
| &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES <sup>\*</sup> | 172 | 6158 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Cl A <sup>\*</sup> | 324 | 59017 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | 3114 | 53810 |
| &nbsp;&nbsp;&nbsp;HP | 2256 | 56174 |
| &nbsp;&nbsp;&nbsp;HubSpot <sup>\*</sup> | 127 | 74917 |

---

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

*48*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Adaptive U.S. Risk Management ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Intel | 10486 | $205001 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 2194 | 568378 |
| &nbsp;&nbsp;&nbsp;Intuit | 650 | 489755 |
| &nbsp;&nbsp;&nbsp;Jabil | 264 | 44355 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies <sup>\*</sup> | 416 | 65329 |
| &nbsp;&nbsp;&nbsp;KLA | 324 | 245229 |
| &nbsp;&nbsp;&nbsp;Lam Research | 3116 | 251742 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 2161 | 130071 |
| &nbsp;&nbsp;&nbsp;Microchip Technology | 1265 | 73421 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 2703 | 255325 |
| &nbsp;&nbsp;&nbsp;Microsoft | 17787 | 8188423 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Cl A <sup>\*</sup> | 598 | 220698 |
| &nbsp;&nbsp;&nbsp;MongoDB, Cl A <sup>\*</sup> | 175 | 33045 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems | 110 | 72809 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 408 | 169475 |
| &nbsp;&nbsp;&nbsp;NetApp | 486 | 48192 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 57305 | 7743625 |
| &nbsp;&nbsp;&nbsp;Okta, Cl A <sup>\*</sup> | 391 | 40339 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor <sup>\*</sup> | 1021 | 42902 |
| &nbsp;&nbsp;&nbsp;Oracle | 3965 | 656326 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A <sup>\*</sup> | 5056 | 666280 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks <sup>\*</sup> | 1562 | 300560 |
| &nbsp;&nbsp;&nbsp;PTC <sup>\*</sup> | 287 | 48308 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A <sup>\*</sup> | 738 | 39549 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 2647 | 384344 |
| &nbsp;&nbsp;&nbsp;Roper Technologies | 265 | 151121 |
| &nbsp;&nbsp;&nbsp;Salesforce | 2261 | 600002 |
| &nbsp;&nbsp;&nbsp;Samsara, Cl A <sup>\*</sup> | 613 | 28529 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings | 472 | 55668 |
| &nbsp;&nbsp;&nbsp;ServiceNow <sup>\*</sup> | 487 | 492401 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A \* | 781 | 160628 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer <sup>\*</sup> | 1200 | 48024 |
| &nbsp;&nbsp;&nbsp;Synopsys <sup>\*</sup> | 377 | 174920 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies <sup>\*</sup> | 110 | 54875 |
| &nbsp;&nbsp;&nbsp;Teradyne | 389 | 30575 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 2176 | 397882 |
| &nbsp;&nbsp;&nbsp;Trimble <sup>\*</sup> | 586 | 41764 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies <sup>\*</sup> | 101 | 58276 |
| &nbsp;&nbsp;&nbsp;Ubiquiti | 9 | 3558 |

---

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

*49*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Adaptive U.S. Risk Management ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;VeriSign | 202 | $55039 |
| &nbsp;&nbsp;&nbsp;Western Digital <sup>\*</sup> | 821 | 42323 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A <sup>\*</sup> | 528 | 130791 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies, Cl A <sup>\*</sup> | 121 | 35062 |
| &nbsp;&nbsp;&nbsp;Zoom Video Communications, Cl A <sup>\*</sup> | 631 | 51269 |
| &nbsp;&nbsp;&nbsp;Zscaler <sup>\*</sup> | 227 | 62584 |
|  |  | 38255600 |
| Materials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals | 541 | 150890 |
| &nbsp;&nbsp;&nbsp;Amcor PLC | 3451 | 31439 |
| &nbsp;&nbsp;&nbsp;Avery Dennison | 194 | 34480 |
| &nbsp;&nbsp;&nbsp;Ball | 711 | 38096 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings | 415 | 37645 |
| &nbsp;&nbsp;&nbsp;Corteva | 1739 | 123121 |
| &nbsp;&nbsp;&nbsp;CRH PLC | 1675 | 152693 |
| &nbsp;&nbsp;&nbsp;Dow | 1687 | 46797 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours | 915 | 61122 |
| &nbsp;&nbsp;&nbsp;Ecolab | 623 | 165481 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan | 3567 | 137258 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances | 616 | 47161 |
| &nbsp;&nbsp;&nbsp;International Paper | 1253 | 59906 |
| &nbsp;&nbsp;&nbsp;Linde PLC | 1128 | 527430 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries, Cl A | 612 | 34572 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials | 156 | 85418 |
| &nbsp;&nbsp;&nbsp;Newmont | 2814 | 148354 |
| &nbsp;&nbsp;&nbsp;Nucor | 563 | 61570 |
| &nbsp;&nbsp;&nbsp;Packaging Corp of America | 215 | 41532 |
| &nbsp;&nbsp;&nbsp;PPG Industries | 556 | 61605 |
| &nbsp;&nbsp;&nbsp;Reliance | 126 | 36895 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams | 564 | 202369 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock | 1225 | 53079 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics | 344 | 42336 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials | 319 | 84557 |
| &nbsp;&nbsp;&nbsp;Westlake | 74 | 5256 |
|  |  | 2471062 |
| Real Estate — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities <sup>‡</sup> | 376 | 26391 |

---

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

*50*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Adaptive U.S. Risk Management ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Real Estate — continued |  |  |
| &nbsp;&nbsp;&nbsp;American Tower <sup>‡</sup> | 1128 | $242125 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities <sup>‡</sup> | 371 | 76712 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Cl A <sup>\*</sup> | 722 | 90264 |
| &nbsp;&nbsp;&nbsp;CoStar Group <sup>\*</sup> | 1054 | 77532 |
| &nbsp;&nbsp;&nbsp;Crown Castle <sup>‡</sup> | 1096 | 109984 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust <sup>‡</sup> | 826 | 141675 |
| &nbsp;&nbsp;&nbsp;Equinix <sup>‡</sup> | 235 | 208873 |
| &nbsp;&nbsp;&nbsp;Equity Residential <sup>‡</sup> | 823 | 57725 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust <sup>‡</sup> | 151 | 42869 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage <sup>‡</sup> | 505 | 76331 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties <sup>‡</sup> | 1665 | 28988 |
| &nbsp;&nbsp;&nbsp;Invitation Homes <sup>‡</sup> | 1379 | 46472 |
| &nbsp;&nbsp;&nbsp;Iron Mountain <sup>‡</sup> | 702 | 69294 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities <sup>‡</sup> | 281 | 44019 |
| &nbsp;&nbsp;&nbsp;ProLogis <sup>‡</sup> | 2238 | 243047 |
| &nbsp;&nbsp;&nbsp;Public Storage <sup>‡</sup> | 396 | 122130 |
| &nbsp;&nbsp;&nbsp;Realty Income <sup>‡</sup> | 2193 | 124168 |
| &nbsp;&nbsp;&nbsp;SBA Communications, Cl A <sup>‡</sup> | 257 | 59596 |
| &nbsp;&nbsp;&nbsp;Simon Property Group <sup>‡</sup> | 806 | 131434 |
| &nbsp;&nbsp;&nbsp;Sun Communities <sup>‡</sup> | 304 | 37526 |
| &nbsp;&nbsp;&nbsp;Ventas <sup>‡</sup> | 1010 | 64923 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Cl A <sup>‡</sup> | 2723 | 86346 |
| &nbsp;&nbsp;&nbsp;Welltower <sup>‡</sup> | 1510 | 232963 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser <sup>‡</sup> | 1746 | 45239 |
|  |  | 2486626 |
| Utilities — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Alliant Energy | 616 | 38334 |
| &nbsp;&nbsp;&nbsp;Ameren | 642 | 62197 |
| &nbsp;&nbsp;&nbsp;American Electric Power | 1325 | 137124 |
| &nbsp;&nbsp;&nbsp;American Water Works | 468 | 66910 |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 374 | 57850 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy | 1569 | 58430 |
| &nbsp;&nbsp;&nbsp;CMS Energy | 716 | 50285 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison | 884 | 92369 |
| &nbsp;&nbsp;&nbsp;Constellation Energy | 766 | 234511 |
| &nbsp;&nbsp;&nbsp;Dominion Energy | 2117 | 119970 |
| &nbsp;&nbsp;&nbsp;DTE Energy | 495 | 67642 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 1872 | 220372 |

---

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

*51*

![](logom4.jpg)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | **May 31, 2025 (Unaudited)** |
| | **Global X Adaptive U.S. Risk Management ETF** | |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Utilities — continued |  |  |
| &nbsp;&nbsp;&nbsp;Edison International | 930 | $51754 |
| &nbsp;&nbsp;&nbsp;Entergy | 1101 | 91691 |
| &nbsp;&nbsp;&nbsp;Evergy | 542 | 35994 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 880 | 57033 |
| &nbsp;&nbsp;&nbsp;Exelon | 2528 | 110777 |
| &nbsp;&nbsp;&nbsp;FirstEnergy | 1320 | 55361 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 4922 | 347690 |
| &nbsp;&nbsp;&nbsp;NiSource | 1132 | 44759 |
| &nbsp;&nbsp;&nbsp;NRG Energy | 488 | 76079 |
| &nbsp;&nbsp;&nbsp;PG&E | 5147 | 86881 |
| &nbsp;&nbsp;&nbsp;PPL | 1782 | 61925 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group | 1266 | 102584 |
| &nbsp;&nbsp;&nbsp;Sempra | 1591 | 125037 |
| &nbsp;&nbsp;&nbsp;Southern | 2646 | 238140 |
| &nbsp;&nbsp;&nbsp;Vistra | 848 | 136163 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group | 816 | 87671 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 1390 | 97439 |
|  |  | 3012972 |
| TOTAL UNITED STATES |  | 121883706 |
| TOTAL COMMON STOCK<br> (Cost $114,958,712) |  | 123060549 |
| TOTAL INVESTMENTS — 99.8%<br> (Cost $114,958,712) |  | $123060549 |

---

*Percentages are based on Net Assets of $123,276,972.*

*\** *Non-income producing security.* <br> *‡* *Real Estate Investment Trust*

*As of May 31, 2025, 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.*

*See "Glossary" for abbreviations.*

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

*52*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X U.S. 1-3 Month T-Bill ETF** | **Global X U.S. 1-3 Month T-Bill ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 104.0%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.481%, 06/20/2025<sup>(A)</sup> | $31015000 | $30949326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.891%, 06/12/2025<sup>(A)</sup> | 36420000 | 36376997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.404%, 06/26/2025<sup>(A)</sup> | 28340000 | 28260105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.871%, 06/17/2025<sup>(A)</sup> | 41250000 | 41177039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.570%, 06/5/2025<sup>(A)</sup> | 46980000 | 46963357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.416%, 06/10/2025<sup>(A)</sup> | 50280000 | 50232681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.305%, 06/24/2025<sup>(A) (B)</sup> | 42100000 | 41991043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.260%, 08/19/2025<sup>(A)</sup> | 20000000 | 19816510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.246%, 08/12/2025<sup>(A)</sup> | 20000000 | 19832834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.245%, 06/3/2025<sup>(A)</sup> | 78936000 | 78926731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.245%, 07/24/2025<sup>(A)</sup> | 57320000 | 56970023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.244%, 07/8/2025<sup>(A)</sup> | 49550000 | 49341147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.243%, 07/31/2025<sup>(A)</sup> | 79400000 | 78849885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.241%, 07/15/2025<sup>(A)</sup> | 46400000 | 46166118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.241%, 07/22/2025<sup>(A)</sup> | 64950000 | 64569287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.233%, 07/3/2025<sup>(A)</sup> | 115110000 | 114691901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.233%, 07/17/2025<sup>(A)</sup> | 70820000 | 70446218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.225%, 07/1/2025<sup>(A)</sup> | 76950000 | 76688258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.225%, 07/10/2025<sup>(A)</sup> | 132000000 | 131411317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.064%, 08/28/2025<sup>(A)</sup> | 70000000 | 69282700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.482%, 08/7/2025<sup>(A)</sup> | 120010000 | 119079322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.370%, 08/14/2025<sup>(A)</sup> | 100800000 | 99933344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.141%, 08/21/2025<sup>(A)</sup> | 50000000 | 49529583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.690%, 07/29/2025<sup>(A)</sup> | 74910000 | 74407994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.418%, 08/5/2025<sup>(A)</sup> | 30000000 | 29773564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/26/2025<sup>(C)</sup> | 25000000 | 24750372 |
|  |  | 1550417656 |
| TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $1,550,278,657) |  | 1550417656 |

---

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

*53*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X U.S. 1-3 Month T-Bill ETF** | **Global X U.S. 1-3 Month T-Bill ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENT<sup>(D)</sup> — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc. <br> 4.340%, dated 05/30/2025, to be repurchased on 06/02/2025, repurchase price $10,651 (collateralized by various U.S. Treasury Obligations, ranging in par value $7 - $4,815, 0.000% - 4.625%, 08/15/2025 - 02/15/2055, with a total market value of $10,800)<br> (Cost $10,647) | $10647 | $10647 |
| TOTAL INVESTMENTS — 104.0%<br> (Cost $1,550,289,304) |  | $1550428303 |

---

*Percentages are based on Net Assets of $1,491,070,677.*

*(A)* *Interest rate represents the security's effective yield at the time of purchase.* 

*(B)* *This security or a partial position of this security is on loan at May 31, 2025. The total market value of securities on loan at May 31, 2025 was $3,189,723,384.* 

*(C)* *There is currently no stated interest rate.* 

*(D)* *These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2025 was $10,647. The total value of non-cash collateral held from securities on loan as of May 31, 2025 was $3,189,723,384.* 

*As of May 31, 2025, all of the Fund's investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

*See "Glossary" for abbreviations.*

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

*54*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X U.S. Cash Flow Kings 100 ETF** | **Global X U.S. Cash Flow Kings 100 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** | | |
| **JERSEY — 1.6%** | | |
| Consumer Discretionary — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;APTIV PLC <sup>\*</sup> | 2666 | $178115 |
| **UNITED STATES — 98.2%** |  |  |
| Communication Services — 6.0% |  |  |
| &nbsp;&nbsp;&nbsp;IAC <sup>\*</sup> | 602 | 21648 |
| &nbsp;&nbsp;&nbsp;Interpublic Group | 3521 | 84363 |
| &nbsp;&nbsp;&nbsp;Match Group <sup>\*</sup> | 2959 | 88592 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A | 643 | 109580 |
| &nbsp;&nbsp;&nbsp;Omnicom Group | 2022 | 148496 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery <sup>\*</sup> | 21036 | 209729 |
|  |  | 662408 |
| Consumer Discretionary — 20.0% |  |  |
| &nbsp;&nbsp;&nbsp;ADT | 15864 | 131988 |
| &nbsp;&nbsp;&nbsp;Best Buy | 1950 | 129246 |
| &nbsp;&nbsp;&nbsp;BorgWarner | 2445 | 80905 |
| &nbsp;&nbsp;&nbsp;Carter's | 598 | 18759 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear | 572 | 36482 |
| &nbsp;&nbsp;&nbsp;Crocs <sup>\*</sup> | 909 | 92718 |
| &nbsp;&nbsp;&nbsp;Dillard's, Cl A | 178 | 70492 |
| &nbsp;&nbsp;&nbsp;Etsy <sup>\*</sup> | 1620 | 89667 |
| &nbsp;&nbsp;&nbsp;Expedia Group <sup>\*</sup> | 1300 | 216775 |
| &nbsp;&nbsp;&nbsp;Gap | 5346 | 119269 |
| &nbsp;&nbsp;&nbsp;H&R Block | 1349 | 76826 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson | 3587 | 86841 |
| &nbsp;&nbsp;&nbsp;International Game Technology | 5210 | 76639 |
| &nbsp;&nbsp;&nbsp;Lear | 603 | 54523 |
| &nbsp;&nbsp;&nbsp;Lennar, Cl A | 1960 | 207917 |
| &nbsp;&nbsp;&nbsp;Levi Strauss, Cl A | 3937 | 68307 |
| &nbsp;&nbsp;&nbsp;Mattel <sup>\*</sup> | 3113 | 58960 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries <sup>\*</sup> | 626 | 62982 |
| &nbsp;&nbsp;&nbsp;PulteGroup | 1576 | 154495 |
| &nbsp;&nbsp;&nbsp;PVH | 1131 | 94744 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A | 485 | 134253 |
| &nbsp;&nbsp;&nbsp;Steven Madden | 689 | 16984 |
| &nbsp;&nbsp;&nbsp;Thor Industries | 696 | 56508 |

---

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

*55*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X U.S. Cash Flow Kings 100 ETF** | **Global X U.S. Cash Flow Kings 100 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Consumer Discretionary — continued |  |  |
| &nbsp;&nbsp;&nbsp;TopBuild <sup>\*</sup> | 241 | $68177 |
|  |  | 2204457 |
| Consumer Staples — 9.0% |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 3922 | 237712 |
| &nbsp;&nbsp;&nbsp;Boston Beer, Cl A <sup>\*</sup> | 75 | 17239 |
| &nbsp;&nbsp;&nbsp;Conagra Brands | 6121 | 140110 |
| &nbsp;&nbsp;&nbsp;Ingredion | 897 | 124790 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage, Cl B | 2163 | 115915 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride <sup>\*</sup> | 3168 | 155739 |
| &nbsp;&nbsp;&nbsp;Target | 2171 | 204096 |
|  |  | 995601 |
| Energy — 15.5% |  |  |
| &nbsp;&nbsp;&nbsp;Chord Energy | 863 | 77670 |
| &nbsp;&nbsp;&nbsp;Civitas Resources | 2646 | 72421 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy | 1426 | 191868 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 1805 | 195969 |
| &nbsp;&nbsp;&nbsp;Halliburton | 9132 | 178896 |
| &nbsp;&nbsp;&nbsp;HF Sinclair | 1986 | 71754 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum | 1507 | 242235 |
| &nbsp;&nbsp;&nbsp;Murphy Oil | 3144 | 65804 |
| &nbsp;&nbsp;&nbsp;NOV | 6654 | 79848 |
| &nbsp;&nbsp;&nbsp;Ovintiv | 3424 | 122648 |
| &nbsp;&nbsp;&nbsp;Schlumberger | 5512 | 182172 |
| &nbsp;&nbsp;&nbsp;Valero Energy | 1718 | 221570 |
|  |  | 1702855 |
| Health Care — 11.0% |  |  |
| &nbsp;&nbsp;&nbsp;Amedisys <sup>\*</sup> | 251 | 23612 |
| &nbsp;&nbsp;&nbsp;Biogen <sup>\*</sup> | 1604 | 208183 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 3700 | 178636 |
| &nbsp;&nbsp;&nbsp;Envista Holdings <sup>\*</sup> | 1832 | 33471 |
| &nbsp;&nbsp;&nbsp;Hologic <sup>\*</sup> | 1852 | 115139 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings <sup>\*</sup> | 495 | 37402 |
| &nbsp;&nbsp;&nbsp;Merck | 2426 | 186414 |
| &nbsp;&nbsp;&nbsp;United Therapeutics <sup>\*</sup> | 355 | 113192 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Cl B | 664 | 126392 |

---

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

*56*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X U.S. Cash Flow Kings 100 ETF** | **Global X U.S. Cash Flow Kings 100 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Viatris | 21884 | $192360 |
|  |  | 1214801 |
| Industrials — 12.4% |  |  |
| &nbsp;&nbsp;&nbsp;Builders FirstSource <sup>\*</sup> | 1216 | 130939 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA | 216 | 103298 |
| &nbsp;&nbsp;&nbsp;EMCOR Group | 348 | 164207 |
| &nbsp;&nbsp;&nbsp;Generac Holdings <sup>\*</sup> | 466 | 56913 |
| &nbsp;&nbsp;&nbsp;Lyft, Cl A <sup>\*</sup> | 6542 | 99700 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup | 452 | 18961 |
| &nbsp;&nbsp;&nbsp;MasTec <sup>\*</sup> | 808 | 125991 |
| &nbsp;&nbsp;&nbsp;Mueller Industries | 743 | 57857 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 884 | 118412 |
| &nbsp;&nbsp;&nbsp;Robert Half | 674 | 30863 |
| &nbsp;&nbsp;&nbsp;TriNet Group | 268 | 22300 |
| &nbsp;&nbsp;&nbsp;UFP Industries | 387 | 37756 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings <sup>\*</sup> | 3018 | 239765 |
| &nbsp;&nbsp;&nbsp;Valmont Industries | 175 | 55657 |
| &nbsp;&nbsp;&nbsp;WESCO International | 638 | 107114 |
|  |  | 1369733 |
| Information Technology — 15.1% |  |  |
| &nbsp;&nbsp;&nbsp;Amkor Technology | 1823 | 32851 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics <sup>\*</sup> | 1024 | 121221 |
| &nbsp;&nbsp;&nbsp;Avnet | 2386 | 119324 |
| &nbsp;&nbsp;&nbsp;BILL Holdings <sup>\*</sup> | 603 | 26339 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic <sup>\*</sup> | 464 | 45639 |
| &nbsp;&nbsp;&nbsp;Dropbox, Cl A <sup>\*</sup> | 3362 | 97027 |
| &nbsp;&nbsp;&nbsp;DXC Technology <sup>\*</sup> | 4585 | 69692 |
| &nbsp;&nbsp;&nbsp;Gen Digital | 8076 | 230005 |
| &nbsp;&nbsp;&nbsp;HP | 7877 | 196137 |
| &nbsp;&nbsp;&nbsp;IPG Photonics <sup>\*</sup> | 251 | 16631 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 1441 | 209233 |
| &nbsp;&nbsp;&nbsp;RingCentral, Cl A <sup>\*</sup> | 1487 | 38558 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions | 1876 | 129500 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX | 834 | 101198 |
| &nbsp;&nbsp;&nbsp;Teradata <sup>\*</sup> | 1219 | 26769 |
| &nbsp;&nbsp;&nbsp;Zoom Video Communications, Cl A <sup>\*</sup> | 2453 | 199306 |
|  |  | 1659430 |

---

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

*57*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X U.S. Cash Flow Kings 100 ETF** | **Global X U.S. Cash Flow Kings 100 ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Materials — 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;Cabot | 522 | $38988 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings | 2350 | 213169 |
| &nbsp;&nbsp;&nbsp;Crown Holdings | 1324 | 130414 |
| &nbsp;&nbsp;&nbsp;FMC | 1473 | 59745 |
| &nbsp;&nbsp;&nbsp;NewMarket | 88 | 56677 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro, Cl A | 880 | 52413 |
|  |  | 551406 |
| Real Estate — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;WP Carey <sup>‡</sup> | 2844 | 178490 |
| Utilities — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;NRG Energy | 1859 | 289818 |
| TOTAL UNITED STATES |  | 10828999 |
| TOTAL COMMON STOCK <br> (Cost $11,362,822) |  | 11007114 |
| TOTAL INVESTMENTS — 99.8% <br> (Cost $11,362,822) |  | $11007114 |

---

*Percentages are based on Net Assets of $11,031,204.*

*\** *Non-income producing security.* <br> *‡* *Real Estate Investment Trust*

*As of May 31, 2025, 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.*

*See "Glossary" for abbreviations.*

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

*58*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Short-Term Treasury Ladder ETF** | **Global X Short-Term Treasury Ladder ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 99.4%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.243%, 06/03/25<sup>(A)</sup> | $50000 | $49994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/25<sup>(B)</sup> | 50000 | 49830 |
|  |  | 99824 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 04/30/26 | 105000 | 105627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 05/31/26 | 155000 | 156061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 02/28/26 | 180000 | 180463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 03/15/26 | 30000 | 30087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 06/30/26 | 135000 | 135670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 09/15/26 | 80000 | 80553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 10/15/26 | 60000 | 60462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 11/15/26 | 240000 | 241997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/31/26 | 130000 | 130311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/15/26 | 15000 | 15063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/15/27 | 400000 | 404016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/15/27 | 425000 | 429549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 07/31/26 | 90000 | 90253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 08/15/26 | 150000 | 150492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 12/15/26 | 120000 | 120647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 07/15/27 | 30000 | 30285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/30/26 | 185000 | 185629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 12/31/26 | 75000 | 75284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 03/15/27 | 60000 | 60309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 01/15/28 | 425000 | 428885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/15/28 | 20000 | 20191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 06/15/26 | 120000 | 119977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 10/31/26 | 140000 | 140164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 01/31/27 | 200000 | 200453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 02/15/27 | 160000 | 160387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 02/28/27 | 180000 | 180499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/27 | 420000 | 422330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/27 | 97000 | 97011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 10/15/27 | 60000 | 59984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 11/30/27 | 255000 | 254980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 08/31/26 | 180000 | 179269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 08/15/27 | 430000 | 428656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 05/15/26 | 100000 | 99501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/30/26 | 200000 | 198594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/31/28 | 175000 | 173373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 08/31/27 | 120000 | 118050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 07/31/27 | 450000 | 439400 |

---

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

*59*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Short-Term Treasury Ladder ETF** | **Global X Short-Term Treasury Ladder ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 02/15/28 | $250000 | $242812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, 05/31/27 | 140000 | 136555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/28/26 | 95000 | 93785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 04/30/26 | 125000 | 122987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 05/15/27 | 220000 | 213666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 03/31/26 | 55000 | 54133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 02/15/27 | 120000 | 116639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 11/15/27 | 120000 | 115448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125%, 05/31/26 | 30000 | 29412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/15/26 | 75000 | 72876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 06/30/26 | 120000 | 117169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 07/31/26 | 125000 | 121865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 02/28/27 | 135000 | 130301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.625%, 05/15/26 | 140000 | 136710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.625%, 10/31/26 | 125000 | 120937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.625%, 11/30/26 | 72000 | 69536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 08/15/26 | 105000 | 101842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 01/31/27 | 155000 | 148873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 11/30/26 | 125000 | 120044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 12/31/26 | 195000 | 186895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 10/31/26 | 122000 | 117163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 02/28/27 | 30000 | 28580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 06/30/26 | 180000 | 173869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 09/30/26 | 200000 | 191867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 03/31/26 | 155000 | 150699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 04/30/26 | 200000 | 193912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 05/31/26 | 150000 | 145044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 08/31/26 | 125000 | 119995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.625%, 07/31/26 | 160000 | 153725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.625%, 03/31/27 | 75000 | 70673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.625%, 11/30/27 | 190000 | 175446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.625%, 12/31/27 | 250000 | 230186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500%, 02/28/26 | 170000 | 165368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500%, 04/30/27 | 100000 | 93762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500%, 05/31/27 | 200000 | 186992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500%, 08/31/27 | 80000 | 74219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500%, 10/31/27 | 350000 | 322943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.375%, 07/31/27 | 150000 | 139131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.375%, 09/30/27 | 300000 | 276832 |

---

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

*60*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Short-Term Treasury Ladder ETF** | **Global X Short-Term Treasury Ladder ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — continued** | | |
|  |  | $11867353 |
| TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $11,963,377) |  | 11967177 |
| TOTAL INVESTMENTS — 99.4%<br> (Cost $11,963,377) |  | $11967177 |

---

*Percentages are based on Net Assets of $12,039,268.*

*(A)* *Interest rate represents the security's effective yield at the time of purchase.* 

*(B)* *There is currently no stated interest rate.* 

*As of May 31, 2025, all of the Fund's investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

*See "Glossary" for abbreviations.*

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

*61*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Intermediate-Term Treasury Ladder ETF** | **Global X Intermediate-Term Treasury Ladder ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 98.6%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 02/15/35 | $85000 | $86594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/15/33 | 100000 | 101492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 12/31/29 | 14000 | 14245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 11/30/30 | 125000 | 127095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 05/15/34 | 25000 | 25070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/28/31 | 100000 | 100996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/15/34 | 115000 | 113868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/32 | 6000 | 5974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/28/30 | 50000 | 50107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/31/31 | 60000 | 59852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/34 | 130000 | 127019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 09/30/29 | 125000 | 124673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 08/15/33 | 100000 | 97273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 08/15/34 | 120000 | 115613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/30/30 | 125000 | 123652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/15/33 | 150000 | 142846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 05/15/33 | 7000 | 6590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 06/30/29 | 100000 | 97465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/15/28 | 100000 | 97535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/15/32 | 100000 | 92219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 08/15/32 | 100000 | 91098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 03/31/29 | 125000 | 118203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 01/31/29 | 100000 | 92707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.625%, 05/15/31 | 100000 | 87125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/31 | 100000 | 84445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 03/31/28 | 85000 | 79080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 06/30/28 | 75000 | 69343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 08/15/31 | 95000 | 80230 |
|  |  | 2412409 |
| TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $2,469,014) |  | 2412409 |
| TOTAL INVESTMENTS — 98.6%<br> (Cost $2,469,014) |  | $2412409 |

---

*Percentages are based on Net Assets of $2,446,761.*

*As of May 31, 2025, all of the Fund's investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

*See "Glossary" for abbreviations.*

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

*62*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Long-Term Treasury Ladder ETF** | **Global X Long-Term Treasury Ladder ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 98.7%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.248%, 06/03/25<sup>(A)</sup> | $40000 | $39995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/25<sup>(B)</sup> | 50000 | 49830 |
|  |  | 89825 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/37<sup>(A)</sup> | 506000 | 530035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/15/37<sup>(A)</sup> | 130000 | 133438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/15/41<sup>(A)</sup> | 25000 | 24858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 11/15/43<sup>(A)</sup> | 35000 | 34315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/15/45<sup>(A)</sup> | 50000 | 48805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 11/15/53<sup>(A)</sup> | 255000 | 247450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 02/15/40<sup>(A)</sup> | 287000 | 283827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 05/15/44<sup>(A)</sup> | 110000 | 105901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 11/15/44<sup>(A)</sup> | 100000 | 96047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 05/15/54<sup>(A)</sup> | 350000 | 332924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 02/15/55<sup>(A)</sup> | 50000 | 47688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/15/36<sup>(A)</sup> | 850000 | 860393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/15/38<sup>(A)</sup> | 627000 | 624477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/15/39<sup>(A)</sup> | 365000 | 357173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/15/44<sup>(A)</sup> | 214000 | 202949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/15/54<sup>(A)</sup> | 350000 | 326703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 02/15/38<sup>(A)</sup> | 575000 | 565050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 11/15/39<sup>(A)</sup> | 217000 | 208913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 05/15/40<sup>(A)</sup> | 40000 | 38414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 05/15/41<sup>(A)</sup> | 25000 | 23784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 08/15/43<sup>(A)</sup> | 100000 | 93531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 05/15/39<sup>(A)</sup> | 250000 | 239111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/15/54<sup>(A)</sup> | 340000 | 303676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 08/15/54<sup>(A)</sup> | 380000 | 339803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 08/15/44<sup>(A)</sup> | 20000 | 17973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 08/15/53<sup>(A)</sup> | 302000 | 264050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/52<sup>(A)</sup> | 250000 | 213955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 08/15/40<sup>(A)</sup> | 100000 | 90199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 02/15/43<sup>(A)</sup> | 200000 | 175672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 05/15/43<sup>(A)</sup> | 200000 | 175250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 08/15/41<sup>(A)</sup> | 30000 | 26370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 11/15/43<sup>(A)</sup> | 164000 | 140521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 08/15/43<sup>(A)</sup> | 140000 | 118120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 02/15/44<sup>(A)</sup> | 132000 | 110761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 02/15/53<sup>(A)</sup> | 315000 | 251569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 05/15/53<sup>(A)</sup> | 295000 | 235343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/15/39<sup>(A)</sup> | 545000 | 482687 |

---

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

*63*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Long-Term Treasury Ladder ETF** | **Global X Long-Term Treasury Ladder ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 08/15/42<sup>(A)</sup> | $67000 | $55152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 05/15/44<sup>(A)</sup> | 260000 | 209452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 11/15/48<sup>(A)</sup> | 395000 | 305462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 05/15/42<sup>(A)</sup> | 150000 | 121676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/15/41<sup>(A)</sup> | 30000 | 24104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 02/15/42<sup>(A)</sup> | 170000 | 136040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 02/15/43<sup>(A)</sup> | 59000 | 46502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 08/15/44<sup>(A)</sup> | 355000 | 273960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 05/15/48<sup>(A)</sup> | 336000 | 249218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/42<sup>(A)</sup> | 250000 | 195615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/15/44<sup>(A)</sup> | 220000 | 165722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/45<sup>(A)</sup> | 336000 | 251764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/15/45<sup>(A)</sup> | 170000 | 126643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/47<sup>(A)</sup> | 430000 | 316033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/47<sup>(A)</sup> | 320000 | 234488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/48<sup>(A)</sup> | 426000 | 309399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/48<sup>(A)</sup> | 360000 | 260184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/49<sup>(A)</sup> | 341000 | 245573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/52<sup>(A)</sup> | 392000 | 276406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/15/43<sup>(A)</sup> | 250000 | 188809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 08/15/45<sup>(A)</sup> | 354000 | 258793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 11/15/46<sup>(A)</sup> | 238000 | 171509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/15/49<sup>(A)</sup> | 510000 | 357677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/15/52<sup>(A)</sup> | 445000 | 305712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 08/15/42<sup>(A)</sup> | 330000 | 247358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 11/15/42<sup>(A)</sup> | 300000 | 223781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 08/15/47<sup>(A)</sup> | 366000 | 255013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 11/15/47<sup>(A)</sup> | 378000 | 262621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/15/45<sup>(A)</sup> | 200000 | 137609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/15/46<sup>(A)</sup> | 618000 | 418767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 05/15/46<sup>(A)</sup> | 453000 | 305952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 02/15/42<sup>(A)</sup> | 150000 | 106857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 11/15/49<sup>(A)</sup> | 400000 | 251078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 05/15/51<sup>(A)</sup> | 501000 | 309974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 05/15/41<sup>(A)</sup> | 225000 | 160154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 08/15/46<sup>(A)</sup> | 426000 | 272590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 08/15/49<sup>(A)</sup> | 380000 | 232483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 02/15/52<sup>(A)</sup> | 405000 | 241165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/15/41<sup>(A)</sup> | 430000 | 289797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/15/50<sup>(A)</sup> | 390000 | 223336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/15/51<sup>(A)</sup> | 485000 | 272509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 02/15/41<sup>(A)</sup> | 400000 | 269406 |

---

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

*64*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Global X Long-Term Treasury Ladder ETF** | **Global X Long-Term Treasury Ladder ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 02/15/51<sup>(A)</sup> | $600000 | $328289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 11/15/51<sup>(A)</sup> | 395000 | 214010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 08/15/41<sup>(A)</sup> | 460000 | 298802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.625%, 11/15/50<sup>(A)</sup> | 582000 | 298821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/40<sup>(A)</sup> | 400000 | 249453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 08/15/50<sup>(A)</sup> | 575000 | 275820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 05/15/50<sup>(A)</sup> | 300000 | 140145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 05/15/40<sup>(A)</sup> | 330000 | 200475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 08/15/40<sup>(A)</sup> | 300000 | 180305 |
|  |  | 20124198 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note<br> 4.250%, 05/15/35<sup>(A)</sup> | 120000 | 118650 |
| TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $21,867,060) |  | 20332673 |
| TOTAL INVESTMENTS — 98.7%<br> (Cost $21,867,060) |  | $20332673 |

---

*Percentages are based on Net Assets of $20,595,196.*

*(A)* *Interest rate represents the security's effective yield at the time of purchase.* 

*(B)* *There is currently no stated interest rate.* 

*As of May 31, 2025, all of the Fund's investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

*See "Glossary" for abbreviations.*

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

*65*

![](logom4.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **May 31, 2025 (Unaudited)** |
| **Glossary (abbreviations which may be used in the preceding Schedules of Investments):** | **Glossary (abbreviations which may be used in the preceding Schedules of Investments):** |

---

**Fund Abbreviations**

Cl — *Class*

CME — *Chicago Mercantile Exchange* 

ETF — *Exchange-Traded Fund*

H15T5Y — *U.S. Treasury Yield Curve Rate T Note Constant Maturity 5 Year*

REIT — *Real Estate Investment Trust*

TSFR3M — *Term Secured Overnight Financing Rate 3-Month*

Ser — *Series*

US0003M — *ICE LIBOR USD 3 Month*

USD — *U.S. Dollar*

*66*

![](logom4.jpg)

Statements of Assets and Liabilities

**May 31, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X MLP<br> ETF** | **Global X MLP<br> & Energy<br> Infrastructure<br> ETF** | **Global X<br> Alternative<br> Income ETF** | **Global X<br> Conscious<br> Companies ETF** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $844094806 | $2120075545 | $5780796 | $526149026 |
| &nbsp;&nbsp;&nbsp;Cost of Affiliated Investments | 134190141 |  | 32636187 |  |
| &nbsp;&nbsp;&nbsp;Cost of Repurchase Agreement |  | 19970885 | 468107 |  |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $1716180607 | $2662704464 \* | $7959478 \* | $617318065 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments, at Value | 147560000 |  | 25907056 |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreement, at Value |  | 19970885 | 468107 |  |
| &nbsp;&nbsp;&nbsp;Cash | 217767 | 61773 | 74403 | 619351 |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses | 92036 |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold |  | 138173351 |  |  |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable |  | 2790884 | 9970 | 709863 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable |  | 1067848 |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid Income Taxes | 15419458 |  |  |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 1879469868 | 2824769205 | 34419014 | 618647279 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deferred Tax Liability | 121728251 |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral |  | 39139555 | 917410 |  |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 683758 | 989153 | 4279 | 220111 |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased |  | 184849891 |  |  |
| &nbsp;&nbsp;&nbsp;Custodian Fees Payable | 2414 | 2169 |  |  |
| &nbsp;&nbsp;&nbsp;Franchise Tax Payable | 10899 |  |  |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 122425322 | 224980768 | 921689 | 220111 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $1757044546 | $2599788437 | $33497325 | $618427168 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $1567276515 | $2177733371 | $40660080 | $571394669 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings (Accumulated Losses) | 189768031 | 422055066 | (7162755) | 47032499 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $1757044546 | $2599788437 | $33497325 | $618427168 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest <br>(unlimited authorization — no par value) | 35678637 | 42827506 | 2920000 | 15980000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $49.25 | $60.70 | $11.47 | $38.70 |
| \*Includes Market Value of Securities on Loan | $— | $35900512 | $897975 | $— |

---

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

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

*67*

![](logom4.jpg)

**Statements of Assets and Liabilities**

**May 31, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X U.S.<br> Preferred ETF** | **Global X S&P<br> 500<sup>®</sup> Quality<br> Dividend ETF** | **Global X<br> Adaptive U.S.<br> Factor ETF** | **Global X Variable<br> Rate Preferred<br> ETF** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $2458296650 | $29904660 | $517697229 | $303502553 |
| &nbsp;&nbsp;&nbsp;Cost of Repurchase Agreement | 966321 |  | 69417 |  |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $2274084437 \* | $28353960 | $543914702 \* | $302443826 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreement, at Value | 966321 |  | 69417 |  |
| &nbsp;&nbsp;&nbsp;Cash | 9996510 | 10288 | 235954 | 2023456 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold | 257603156 |  |  | 26413287 |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 14349387 | 91460 | 958095 | 674967 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable |  |  | 4462 | 8860 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 2556999811 | 28455708 | 545182630 | 331564396 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral | 1893825 |  | 136045 |  |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 268158298 |  |  | 27176244 |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 449434 | 4839 | 119949 | 64163 |
| &nbsp;&nbsp;&nbsp;Custodian Fees Payable | 892 |  | 34 | 604 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 270502449 | 4839 | 256028 | 27241011 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $2286497362 | $28450869 | $544926602 | $304323385 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $3011221330 | $37741468 | $553852293 | $343828566 |
| &nbsp;&nbsp;&nbsp;Total Accumulated Losses | (724723968) | (9290599) | (8925691) | (39505181) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $2286497362 | $28450869 | $544926602 | $304323385 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest <br>(unlimited authorization — no par value) | 122370000 | 850002 | 12560002 | 13270000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $18.69 | $33.47 | $43.39 | $22.93 |
| \*Includes Market Value of Securities on Loan | $1850690 | $— | $128492 | $— |

---

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

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

*68*

![](logom4.jpg)

Statements of Assets and Liabilities

**May 31, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X<br> Adaptive<br> U.S. Risk<br> Management<br> ETF** | **Global X 1-3<br> Month T-Bill ETF** | **Global X U.S.<br> Cash Flow Kings<br> 100 ETF** | **Global X Short-<br> Term Treasury<br> Ladder ETF** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $114958712 | $1550278657 | $11362822 | $11963377 |
| &nbsp;&nbsp;&nbsp;Cost of Repurchase Agreement |  | 10647 |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $123060549 | $1550417656 \* | $11007114 | $11967177 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreement, at Value |  | 10647 |  |  |
| &nbsp;&nbsp;&nbsp;Cash | 130326 | 239899 | 8951 | 41241 |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 124823 | 3797 | 17408 | 66757 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 891 |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold |  | 184654047 |  | 15139 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 123316589 | 1735326046 | 11033473 | 12090314 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral |  | 10647 |  |  |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 39617 | 90569 | 2269 | 1210 |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased |  | 238127676 |  | 49836 |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed |  | 6024581 |  |  |
| &nbsp;&nbsp;&nbsp;Custodian Fees Payable |  | 1896 |  |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 39617 | 244255369 | 2269 | 51046 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $123276972 | $1491070677 | $11031204 | $12039268 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $129955497 | $1488795026 | $11375831 | $12006172 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings (Accumulated Losses) | (6678525) | 2275651 | (344627) | 33096 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $123276972 | $1491070677 | $11031204 | $12039268 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest <br>(unlimited authorization — no par value) | 3760000 | 14849931 | 360000 | 240000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $32.79 | $100.41 | $30.64 | $50.16 |
| \*Includes Market Value of Securities on Loan | $— | $3189723384 | $— | $— |

---

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

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

*69*

![](logom4.jpg)

Statements of Assets and Liabilities

**May 31, 2025 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | **Global X<br> Intermediate-<br> Term Treasury<br> Ladder ETF** | **Global X Long-<br> Term Treasury<br> Ladder ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $2469014 | $21867060 |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $2412409 | $20332673 |
| &nbsp;&nbsp;&nbsp;Cash | 12385 | 47631 |
| &nbsp;&nbsp;&nbsp;Dividend, Interest, and Securities Lending Income Receivable | 17261 | 145095 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold | 4954 | 121730 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 2447009 | 20647129 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 248 | 2097 |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased |  | 49836 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 248 | 51933 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $2446761 | $20595196 |
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $2502000 | $22102292 |
| &nbsp;&nbsp;&nbsp;Total Accumulated Losses | (55239) | (1507096) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $2446761 | $20595196 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest<br> (unlimited authorization — no par value) | 50000 | 460000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $48.94 | $44.77 |

---

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

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

*70*

![](logom4.jpg)

**Statements of Operations**

**For the period ended May 31, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X MLP<br> ETF** | **Global X MLP<br> & Energy<br> Infrastructure<br> ETF** | **Global X<br> Alternative<br> Income ETF** | **Global X<br> Conscious<br> Companies ETF** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from Master Limited Partnerships | $62312918 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Less: Return of Capital Distributions | (62312918) |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | 5845487 | 36437364 | 114954 | 4345868 |
| &nbsp;&nbsp;&nbsp;Dividend Income, from Affiliated Investments |  |  | 980808 |  |
| &nbsp;&nbsp;&nbsp;Interest Income | 19092 | 32534 | 934 | 13409 |
| &nbsp;&nbsp;&nbsp;Security Lending Income, Net |  | 373575 | 9375 |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld |  | (2615925) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 5864579 | 34227548 | 1106071 | 4359277 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 3976119 | 5863430 | 82129 | 1320327 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 15167 | 2214 | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 3991286 | 5865644 | 82137 | 1320327 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income, Before Taxes** | 1873293 | 28361904 | 1023934 | 3038950 |
| &nbsp;&nbsp;&nbsp;**Tax Benefit/(Expense)** | (432865) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income, Net of Taxes** | 1440428 | 28361904 | 1023934 | 3038950 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | 38080523 | 97648354 | 17128 | 19303104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investments | (1366527) |  | (126705) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Benefit/(Expense) | (8483584) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Gain Distribution from Affiliated Investments |  |  | 12893 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment from Adviser<sup>(4)</sup> |  |  | 57431 |  |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | 28230412 | 97648354 | (39253) | 19303104 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (96708854) | (212060368) | (137445) | (50584202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investments | (5762875) |  | (1287932) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Benefit/(Expense) | 23678368 |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | (78793361) | (212060368) | (1425377) | (50584202) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (50562949) | (114412014) | (1464630) | (31281098) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | $(49122521) | $(86050110) | $(440696) | $(28242148) |

---

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

*(2)* *See Note 2 in the Notes to Financial Statements.* 

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

*(4)* *See Note 3 in the Notes to Financial Statements.* 

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

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

*71*

![](logom4.jpg)

**Statements of Operations**

**For the period ended May 31, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Global X U.S.<br> Preferred ETF | **Global X S&P<br> 500<sup>®</sup> Quality<br> Dividend ETF** | **Global X<br> Adaptive U.S.<br> Factor ETF** | **Global X<br> Variable Rate<br> Preferred ETF** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $75117657 | $476431 | $6420672 | $9674159 |
| &nbsp;&nbsp;&nbsp;Interest Income | 271251 | 625 | 332 | 29108 |
| &nbsp;&nbsp;&nbsp;Security Lending Income, Net | 113287 |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (77155) |  | (9843) | 8860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 75425040 | 477056 | 6411161 | 9712127 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 2668461 | 30289 | 577255 | 357304 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 7379 |  | 169 | 1725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 2675840 | 30289 | 577424 | 359029 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 72749200 | 446767 | 5833737 | 9353098 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | (123505291) | 306684 | (426307) | (3357837) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | (123505291) | 306684 | (426307) | (3357837) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (92590697) | (3461287) | (8120267) | (12346180) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | (92590697) | (3461287) | (8120267) | (12346180) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (216095988) | (3154603) | (8546574) | (15704017) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | $(143346788) | $(2707836) | $(2712837) | $(6350919) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in the Notes to Financial Statements.)

(2) See Note 2 in the Notes to Financial Statements.

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

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

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

*72*

![](logom4.jpg)

**Statements of Operations**

**For the period ended May 31, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X<br> Adaptive<br> U.S. Risk<br> Management<br> ETF** | **Global X 1-3<br> Month T-Bill<br> ETF** | **Global X U.S.<br> Cash Flow Kings<br> 100 ETF** | **Global X Short-<br> Term Treasury<br> Ladder ETF** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $709047 | $— | $112808 | $— |
| &nbsp;&nbsp;&nbsp;Interest Income | 416830 | 26371555 | 113 | 179281 |
| &nbsp;&nbsp;&nbsp;Security Lending Income, Net |  | 3797 |  |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | 3 |  | 46 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 1125880 | 26375352 | 112967 | 179281 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 248264 | 424251 | 9416 | 5297 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> | 1582 | 1907 | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 249846 | 426158 | 9425 | 5297 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 876034 | 25949194 | 103542 | 173984 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | (9671201) | 29604 | 115947 | 507 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | (9671201) | 29604 | 115947 | 507 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2948268) | 23534 | (620387) | 21097 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | (2948268) | 23534 | (620387) | 21097 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (12619469) | 53138 | (504440) | 21604 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $(11743435) | $26002332 | $(400898) | $195588 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in the Notes to Financial Statements.)

(2) See Note 2 in the Notes to Financial Statements.

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

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

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

*73*

![](logom4.jpg)

**Statements of Operations**

**For the period ended May 31, 2025 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | **Global X<br> Intermediate-<br> Term Treasury<br> Ladder ETF** | **Global X Long-<br> Term Treasury<br> Ladder ETF** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest Income | $45185 | $470134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 45185 | 470134 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Supervision and Administration Fees<sup>(1)</sup> | 1451 | 12384 |
| &nbsp;&nbsp;&nbsp;Custodian Fees<sup>(2)</sup> |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 1451 | 12385 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 43734 | 457749 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | (5931) | (39554) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | (5931) | (39554) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 12207 | (1287397) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 12207 | (1287397) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 6276 | (1326951) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $50010 | $(869202) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in the Notes to Financial Statements.)

(2) See Note 2 in the Notes to Financial Statements.

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

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

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

*74*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X MLP ETF** | **Global X MLP ETF** | **Global X MLP & Energy<br> Infrastructure ETF** | **Global X MLP & Energy<br> Infrastructure ETF** |
|  | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1440428 | $5088395 | $28361904 | $33580104 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 28230412 | 30473490 | 97648354 | 154796111 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (78793361) | 290517031 | (212060368) | 505968916 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (49122521) | 326078916 | (86050110) | 694345131 |
| **Distributions:** | (65550301) | (115595860) | (63408747) | (53140384) |
| **Return of Capital:** |  | (1982760) |  | (23571771) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 156258086 | 273823230 | 749189562 | 1041457137 |
| &nbsp;&nbsp;&nbsp;Redeemed | (38640144) | (217088209) | (367575325) | (290665313) |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 117617942 | 56735021 | 381614237 | 750791824 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 2945120 | 265235317 | 232155380 | 1368424800 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 1754099426 | 1488864109 | 2367633057 | 999208257 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $1757044546 | $1754099426 | $2599788437 | $2367633057 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2980000 | 5780000 | 12000000 | 19630000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (750000) | (4640000) | (6020000) | (4990000) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 2230000 | 1140000 | 5980000 | 14640000 |

---

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

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

*75*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Alternative Income ETF** | **Global X Alternative Income ETF** | **Global X Conscious Companies<br> ETF** | **Global X Conscious Companies<br> ETF** |
|  | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1023934 | $1631301 | $3038950 | $5761374 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (39253) | 801305 | 19303104 | 63030654 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (1425377) | 3362112 | (50584202) | 88325176 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (440696) | 5794718 | (28242148) | 157117204 |
| **Distributions:** | (1464257) | (2526973) | (3410903) | (6793472) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1482798 | 3974072 | 60954506 | 161265915 |
| &nbsp;&nbsp;&nbsp;Redeemed | (352233) | (7442007) | (64616952) | (237587484) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 1130565 | (3467935) | (3662446) | (76321569) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (774388) | (200190) | (35315497) | 74002163 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 34271713 | 34471903 | 653742665 | 579740502 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $33497325 | $34271713 | $618427168 | $653742665 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 130000 | 340000 | 1570000 | 4350000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (30000) | (640000) | (1690000) | (6430000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 100000 | (300000) | (120000) | (2080000) |

---

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

*76*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** | **Global X S&P 500<sup>®</sup> Quality<br> Dividend ETF** | **Global X S&P 500<sup>®</sup> Quality<br> Dividend ETF** |
|  | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $72749200 | $146525842 | $446767 | $772666 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (123505291) | (46123991) | 306684 | 1691146 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (92590697) | 214747480 | (3461287) | 4487308 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (143346788) | 315149331 | (2707836) | 6951120 |
| **Distributions:** | (72918080) | (150870425) | (449381) | (909421) |
| **Return of Capital:** |  |  |  | (38624) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 168577655 | 282860066 | 3428059 | 23507423 |
| &nbsp;&nbsp;&nbsp;Redeemed | (133340744) | (257292097) | (4128860) | (45519473) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 35236911 | 25567969 | (700801) | (22012050) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (181027957) | 189846875 | (3858018) | (16008975) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 2467525319 | 2277678444 | 32308887 | 48317862 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $2286497362 | $2467525319 | $28450869 | $32308887 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 9030000 | 14100000 | 100000 | 690000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (6960000) | (12890000) | (120000) | (1380000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 2070000 | 1210000 | (20000) | (690000) |

---

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

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

*77*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** | **Global X Variable Rate Preferred<br> ETF** | **Global X Variable Rate Preferred<br> ETF** |
|  | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $5833737 | $6580479 | $9353098 | $17107227 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (426307) | 50447176 | (3357837) | (798264) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (8120267) | 19731209 | (12346180) | 14272727 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (2712837) | 76758864 | (6350919) | 30581690 |
| **Distributions:** | (7079032) | (6630997) | (10814034) | (18281239) |
| **Return of Capital:** |  | (710305) |  |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 245491574 | 360956822 | 60736052 | 73596963 |
| &nbsp;&nbsp;&nbsp;Redeemed | (54654070) | (248331641) | (5281954) | (42176037) |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 190837504 | 112625181 | 55454098 | 31420926 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 181045635 | 182042743 | 38289145 | 43721377 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 363880967 | 181838224 | 266034240 | 222312863 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $544926602 | $363880967 | $304323385 | $266034240 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 5720000 | 9050000 | 2560000 | 3110000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1250000) | (6250000) | (230000) | (1780000) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 4470000 | 2800000 | 2330000 | 1330000 |

---

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

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

*78*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Adaptive U.S. Risk <br> Management ETF** | **Global X Adaptive U.S. Risk <br> Management ETF** | **Global X 1-3 Month T-Bill ETF** <sup>(1)</sup> | **Global X 1-3 Month T-Bill ETF** <sup>(1)</sup> |
|  | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $876034 | $1224680 | $25949194 | $22811879 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (9671201) | 18226745 | 29604 | 75871 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (2948268) | 9486447 | 23534 | 112920 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (11743435) | 28937872 | 26002332 | 23000670 |
| **Distributions:** | (792080) | (1199990) | (25341380) | (21691011) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 7848941 | 60086073 | 824841059 | 1024726382 |
| &nbsp;&nbsp;&nbsp;Redeemed | (8285360) | (46368091) | (235339231) | (237887858) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (436419) | 13717982 | 589501828 | 786838524 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (12971934) | 41455864 | 590162780 | 788148183 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 136248906 | 94793042 | 900907897 | 112759714 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $123276972 | $136248906 | $1491070677 | $900907897 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 230000 | 1910000 | 8230000 | 10220000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (240000) | (1460000) | (2350000) | (2372569) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (10000) | 450000 | 5880000 | 7847431 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Share transactions have been adjusted to reflect the effect of a 1 for 4 reverse share split on June 14, 2024. (See Note 9 in the Notes to Financial Statements.)

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

*79*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X U.S. Cash Flow Kings <br> 100 ETF** | **Global X U.S. Cash Flow Kings <br> 100 ETF** | **Global X Short-Term Treasury<br> Ladder ETF** | **Global X Short-Term Treasury<br> Ladder ETF** |
|  | **Period Ended<br> May 31, 2025<br> (Unaudited)** | **Year Ended<br> November 30,<br> 2024** | **Period Ended<br> May 31, 2025<br> (Unaudited)** | Period Ended<br> November 30,<br> 2024<sup>(1)</sup> |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $103542 | $69710 | $173984 | $28635 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 115947 | 651691 | 507 |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (620387) | 155667 | 21097 | (17297) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (400898) | 877068 | 195588 | 11338 |
| **Distributions:** | (82196) | (78689) | (162390) | (11440) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 9632709 | 4864636 | 8004446 | 4001726 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2485487) | (5086109) |  |  |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 7147222 | (221473) | 8004446 | 4001726 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 6664128 | 576906 | 8037644 | 4001624 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 4367076 | 3790170 | 4001624 |  |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $11031204 | $4367076 | $12039268 | $4001624 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 310000 | 160000 | 160000 | 80000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (80000) | (170000) |  |  |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 230000 | (10000) | 160000 | 80000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund commenced operations on September 9, 2024.

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

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

*80*

![](logom4.jpg)

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Intermediate-Term<br> Treasury Ladder ETF** | **Global X Intermediate-Term<br> Treasury Ladder ETF** | **Global X Long-Term Treasury<br> Ladder ETF** | **Global X Long-Term Treasury<br> Ladder ETF** |
|  | **Period Ended<br> May 31, 2025<br> (Unaudited)** | Period Ended<br> November 30,<br> 2024<sup>(1)</sup> | **Period Ended<br> May 31, 2025<br> (Unaudited)** | Period Ended<br> November 30,<br> 2024<sup>(1)</sup> |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $43734 | $19261 | $457749 | $123895 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (5931) | (62) | (39554) | (529) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 12207 | (68812) | (1287397) | (246990) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 50010 | (49613) | (869202) | (123624) |
| **Distributions:** | (45586) | (10050) | (452020) | (62250) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 2502000 | 492252 | 21610040 |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** |  | 2502000 | 492252 | 21610040 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 4424 | 2442337 | (828970) | 21424166 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 2442337 |  | 21424166 |  |
| &nbsp;&nbsp;&nbsp;End of Period | $2446761 | $2442337 | $20595196 | $21424166 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 50000 | 10000 | 450000 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** |  | 50000 | 10000 | 450000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund commenced operations on September 9, 2024.

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

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

*81*

*Page intentionally left blank.*

*82*

![](logom4.jpg)

Financial Highlights

**Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout each Year/Period**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net<br> Asset Value,<br> Beginning<br> of Period<br> ($)** | **Net Investment<br> Income (Loss)<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution<br> from Net<br> Investment<br> Income ($)** | **Distribution<br> from Capital<br> Gains ($)** | **Return of<br> Capital ($)** |
| **Global X MLP ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 52.44 | 0.05 | (1.37) | (1.32) | (1.87) |  |  |
| 2024 | 46.08 | 0.20 | 9.74 | 9.94 | (3.52) |  | (0.06) |
| 2023 | 42.99 | (0.07) | 6.48 | 6.41 | (3.32) |  |  |
| 2022 | 33.59 | (0.02) | 12.44 | 12.42 | (3.02) |  |  |
| 2021 | 26.73 | (0.06) | 9.97 | 9.91 |  |  | (3.05) |
| 2020<sup>(2)</sup> | 43.92 | (0.26) | (13.13) | (13.39) |  |  | (3.80) |
| **Global X MLP & Energy Infrastructure ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 64.25 | 0.67 | (2.76) | (2.09) | (1.46) |  |  |
| 2024 | 44.99 | 1.17 | 20.64 | 21.81 | (1.77) |  | (0.78) |
| 2023 | 43.47 | 0.83 | 3.02 | 3.85 | (2.01) |  | (0.32) |
| 2022 | 34.89 | 0.75 | 9.98 | 10.73 | (1.39) |  | (0.76) |
| 2021 | 26.59 | 0.42 | 9.97 | 10.39 | (1.05) |  | (1.04) |
| 2020<sup>(3)</sup> | 33.45 | 0.71 | (5.33) | (4.62) | (1.95) |  | (0.29) |
| **Global X Alternative Income ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 12.15 | 0.36 | (0.52) | (0.16) | (0.52) |  |  |
| 2024 | 11.05 | 0.55 | 1.40 | 1.95 | (0.85) |  |  |
| 2023 | 11.42 | 0.48 | (0.04) | 0.44 | (0.81) |  |  |
| 2022 | 13.16 | 0.61 | (1.45) | (0.84) | (0.77) |  | (0.13) |
| 2021 | 11.51 | 0.49 | 2.05 | 2.54 | (0.62) |  | (0.27) |
| 2020 | 14.74 | 0.66 | (2.64) | (1.98) | (0.98) | (0.15) | (0.12) |

---

---

| | |
|:---|:---|
| *\** | *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.* |
| *\*\*\** | *Supplemental ratio, presented for the purpose of additional analysis.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *‡* | *The Before Net Deferred Tax Expense/(Benefit) expense ratios for the periods ending November 30, 2020, 2021, 2022, 2023, 2024 and 2025 was 0.45%, 0.45%, 0.45%, 0.45%, 0.45% and 0.45%.* |
| *‡‡* | *Includes amount of tax benefit or expense associated with expenses. Including amount of tax benefit or expense associated for all components of the Statement of Operations, for the periods ending November 30, 2022, 2023, 2024 and 2025 the impact would be 2.29%, 4.16%, 5.83% and 0.86%.* |
| *#* | *Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (See Note 3 in the Notes to Financial Statements.)* |
| *^* | *Effective September 28, 2021, the fund's fees were permanently lowered to 0.50%.* |
| *§* | *For the period ended May 31, 2025.* |
| *@* | *Effective for the fiscal year ended November 30, 2022, the Fund began presenting acquired fund fees borne by the Adviser as part of its unitary fee agreement (See Note 3 in Notes to Financial Statements) as a realized gain on the Statement of Operations as compared to a contra-expense as in prior fiscal years. If such amounts had been presented as a realized gain in the year ended November 30, 2021 (first year of this agreement), the ratio of Expenses to Average Net Assets would have been 0.70%.* |

---

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

*83*

![](logom4.jpg)

**Financial Highlights**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions ($)** | **Net<br> Asset Value,<br> End of<br> Period ($)** | **Total<br> Return<br> (%)\*\*** | **Net Assets, End<br> of Period ($)<br> (000)** | **Ratio of<br> Expenses to<br> Average Net<br> Assets, Net of<br> Tax Expense/<br> (Benefit) (%)** | **Ratio of<br> Expenses to<br> Average Net<br> Assets, Net of<br> Tax Expense/<br> (Benefit) (%)** | **Tax Expense<br> /(Benefit)<br> (%)\*\*\*** | **Ratio of Net<br> Investment<br> Income (Loss)<br> to Average Net<br> Assets, Net of Tax<br> Expense/<br> (Benefit) (%)** | **Portfolio<br> Turnover Rate<br> (%)<sup>††</sup>** |
| (1.87) | 49.25 | (2.56) | 1757045 | 0.50 | †<sup>‡</sup> | 0.05 | 0.21 | 15.25 |
| (3.58) | 52.44 | 22.79 | 1754099 | 0.55 | <sup>‡</sup> | 0.10 | 0.42 | 28.89 |
| (3.32) | 46.08 | 15.79 | 1488864 | 0.42 | <sup>#‡</sup> | (0.03) | (0.15) | 42.36 |
| (3.02) | 42.99 | 37.69 | 1378279 | 0.44 | <sup>‡</sup> | (0.01) | (0.04) | 47.13 |
| (3.05) | 33.59 | 37.49 | 992935 | 0.43 | <sup>‡</sup> | (0.02) | (0.19) | 33.79 |
| (3.80) | 26.73 | (30.51) | 687577 | 0.46 | <sup>‡</sup> | 0.46 | (0.85) | 33.78 |
| (1.46) | 60.70 | (3.23) | 2599788 | 0.45 | † |  | 2.18 | 8.93 |
| (2.55) | 64.25 | 50.20 | 2367633 | 0.45 |  |  | 2.29 | 23.59 |
| (2.33) | 44.99 | 9.42 | 999208 | 0.45 |  |  | 2.00 | 24.32 |
| (2.15) | 43.47 | 31.26 | 1090000 | 0.45 |  |  | 1.85 | 23.48 |
| (2.09) | 34.89 | 39.64 | 738092 | 0.45 |  |  | 1.25 | 16.88 |
| (2.24) | 26.59 | (13.34) | 538344 | 0.45 |  |  | 2.66 | 35.86 |
| (0.52) | 11.47 | (1.32) | 33497 | 0.50 | <sup>#</sup>† |  | 6.23 | 0.65 |
| (0.85) | 12.15 | 18.36 | 34272 | 0.50 | <sup>#</sup> |  | 4.75 | 7.16 |
| (0.81) | 11.05 | 4.01 | 34472 | 0.50 | <sup>#</sup> |  | 4.29 | 14.38 |
| (0.90) | 11.42 | (6.64) | 37216 | 0.50 | <sup>#</sup> |  | 5.03 | 18.10 |
| (0.89) | 13.16 | 22.52 | 35921 | 0.63 | <sup>#@^</sup> |  | 3.77 | 86.85 |
| (1.25) | 11.51 | (13.13) | 19573 | 0.75 | <sup>#</sup> |  | 5.61 | 52.78 |

---

*(1)* *Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.* 

*(2)* *Per share amounts have been adjusted for a 1 for 6 reverse stock split on April 28, 2020. (See Note 9 in the Notes to Financial Statements.)* 

*(3)* *Per share amounts have been adjusted for a 1 for 3 reverse share split on April 28, 2020. (See Note 9 in the Notes to Financial Statements.)* 

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

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

*84*

![](logom4.jpg)

Financial Highlights

**Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout each Year/Period**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net<br> Asset Value,<br> Beginning<br> of Period<br> ($)** | **Net Investment<br> Income <br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution<br> from Net<br> Investment<br> Income ($)** | **Distribution<br> from Capital<br> Gains ($)** | **Return of<br> Capital ($)** |
| **Global X Conscious Companies ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 40.61 | 0.19 | (1.89)&nbsp;&nbsp;&nbsp;&nbsp; | (1.70)&nbsp;&nbsp;&nbsp;&nbsp; | (0.21)&nbsp;&nbsp;&nbsp;&nbsp; |  |  |
| 2024 | 31.89 | 0.33 | 8.77 | 9.10 | (0.38) |  |  |
| 2023 | 29.52 | 0.38 | 2.27 | 2.65 | (0.28) |  |  |
| 2022 | 32.97 | 0.31 | (3.40) | (3.09) | (0.36) |  |  |
| 2021 | 26.46 | 0.31 | 6.49 | 6.80 | (0.29) |  |  |
| 2020 | 23.10 | 0.33 | 3.32 | 3.65 | (0.27) | (0.02) |  |
| **Global X U.S. Preferred ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 20.51 | 0.60 | (1.81) | (1.21) | (0.61) |  |  |
| 2024 | 19.13 | 1.22 | 1.42 | 2.64 | (1.26) |  |  |
| 2023 | 20.51 | 1.24 | (1.36) | (0.12) | (1.26) |  |  |
| 2022 | 25.21 | 1.23 | (4.64) | (3.41) | (1.29) |  |  |
| 2021 | 25.36 | 1.28 | (0.12) | 1.16 | (1.31) |  |  |
| 2020 | 24.79 | 1.33 | 0.58 | 1.91 | (1.34) |  |  |
| **Global X S&P 500<sup>®</sup> Quality Dividend ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 37.14 | 0.51 | (3.67) | (3.16) | (0.51) |  |  |
| 2024 | 30.97 | 0.87 | 6.33 | 7.20 | (0.99) |  | (0.04) |
| 2023 | 33.24 | 0.99 | (2.23) | (1.24) | (1.03) |  |  |
| 2022 | 31.02 | 1.03 | 2.10 | 3.13 | (0.91) |  |  |
| 2021 | 25.20 | 0.78 | 5.84 | 6.62 | (0.80) |  |  |
| 2020 | 26.51 | 0.75 | (1.24) | (0.49) | (0.82) |  |  |

---

---

| | |
|:---|:---|
| *\** | *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.* |
| *\*\*\** | *Amount is less than $0.005.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *^^* | *Effective April 1, 2020, until April 1, 2021, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.23%.* |
| *§* | *For the period ended May 31, 2025.* |

---

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

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

*85*

![](logom4.jpg)

**Financial Highlights**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions ($)** | **Net<br> Asset Value,<br> End of<br> Period ($)** | **Total<br> Return<br> (%)\*\*** | **Net Assets, End of<br> Period ($)(000)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | **Portfolio<br> Turnover Rate<br> (%)<sup>††</sup>** |
| (0.21)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 38.70 | (4.19)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 618427 | 0.43 | †&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 0.99 | †&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 7.38 |
| (0.38) | 40.61 | 28.74 | 653743 | 0.43 |  | 0.91 |  | 21.24 |
| (0.28) | 31.89 | 9.05 | 579741 | 0.43 |  | 1.27 |  | 27.74 |
| (0.36) | 29.52 | (9.45) | 673733 | 0.43 |  | 1.06 |  | 31.92 |
| (0.29) | 32.97 | 25.84 | 654764 | 0.43 |  | 1.00 |  | 22.92 |
| (0.29) | 26.46 | 16.01 | 403499 | 0.43 |  | 1.45 |  | 48.73 |
| (0.61) | 18.69 | (5.98) | 2286497 | 0.23 | † | 6.27 | † | 33.12 |
| (1.26) | 20.51 | 14.20 | 2467525 | 0.23 |  | 6.12 |  | 27.10 |
| (1.26) | 19.13 | (0.51) | 2277678 | 0.23 |  | 6.38 |  | 36.65 |
| (1.29) | 20.51 | (13.82) | 2214461 | 0.23 |  | 5.51 |  | 33.20 |
| (1.31) | 25.21 | 4.61 | 2458022 | 0.23 | <sup>^^</sup> | 4.99 |  | 47.89 |
| (1.34) | 25.36 | 8.13 | 868550 | 0.23 | <sup>^^</sup> | 5.49 |  | 39.14 |
| (0.51) | 33.47 | (8.53) | 28451 | 0.20 | † | 2.95 | † | 33.81 |
| (1.03) | 37.14 | 23.69 | 32309 | 0.20 |  | 2.57 |  | 82.76 |
| (1.03) | 30.97 | (3.71) | 48318 | 0.20 |  | 3.16 |  | 78.89 |
| (0.91) | 33.24 | 10.25 | 61156 | 0.20 |  | 3.24 |  | 78.73 |
| (0.80) | 31.02 | 26.45 | 9615 | 0.20 |  | 2.60 |  | 70.66 |
| (0.82) | 25.20 | (1.47) | 6300 | 0.20 |  | 3.27 |  | 93.40 |

---

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

*86*

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Financial Highlights

**Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout each Year/Period**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net<br> Asset Value,<br> Beginning<br> of Period<br> ($)** | **Net Investment<br> Income<br> ($)\*** | **Net Realized<br> and Unrealized <br> Gain (Loss) on<br> Investments<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution<br> from Net<br> Investment<br> Income ($)** | **Distribution<br> from Capital<br> Gains ($)** | **Return of<br> Capital ($)** |
| **Global X Adaptive U.S. Factor ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 44.98 | 0.58 | (1.45) | (0.87)&nbsp;&nbsp;&nbsp;&nbsp; | (0.72)&nbsp;&nbsp;&nbsp;&nbsp; |  |  |
| 2024 | 34.37 | 1.01 | 10.57 | 11.58 | (0.88) |  | (0.09) |
| 2023 | 32.23 | 0.59 | 2.28 | 2.87 | (0.65) |  | (0.08) |
| 2022 | 29.86 | 0.62 | 2.50 | 3.12 | (0.71) |  | (0.04) |
| 2021 | 24.91 | 0.61 | 5.09 | 5.70 | (0.70) |  | (0.05) |
| 2020 | 25.79 | 0.63 | (0.67) | (0.04) | (0.70) | (0.05) | (0.09) |
| **Global X Variable Rate Preferred ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 24.32 | 0.77 | (1.26) | (0.49) | (0.90) |  |  |
| 2024 | 23.13 | 1.64 | 1.31 | 2.95 | (1.76) |  |  |
| 2023 | 23.55 | 1.60 | (0.49) | 1.11 | (1.53) |  |  |
| 2022 | 27.28 | 1.45 | (3.70) | (2.25) | (1.39) | (0.02) | (0.07) |
| 2021 | 26.97 | 1.40 | 0.37 | 1.77 | (1.29) | (0.02) | (0.15) |
| 2020 <sup>(1)</sup> | 24.85 | 0.61 | 2.00 | 2.61 | (0.49) |  |  |
| **Global X Adaptive U.S. Risk Management ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 36.14 | 0.23 | (3.37) | (3.14) | (0.21) |  |  |
| 2024 | 28.55 | 0.33 | 7.60 | 7.93 | (0.34) |  |  |
| 2023 | 28.26 | 0.47 | 0.34 | 0.81 | (0.52) |  |  |
| 2022 | 29.88 | 0.40 | (1.71) | (1.31) | (0.31) |  |  |
| 2021 <sup>(3)</sup> | 24.95 | 0.25 | 4.77 | 5.02 | (0.09) |  |  |

---

---

| | |
|:---|:---|
| *\** | *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 periods of less than one year have 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.* |
| *#* | *Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (See Note 3 in the Notes to Financial Statements.)* |
| *§* | *For the period ended May 31, 2025.* |
| *(1)* | *The Fund commenced operations on June 22, 2020.* |
| *(2)* | *Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.* |
| *(3)* | *The Fund commenced operations on January 12, 2021.* |

---

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

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

*87*

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**Financial Highlights**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions ($)** | **Net<br> Asset Value,<br> End of<br> Period ($)** | **Total<br> Return<br> (%)\*\*** | **Net Assets, End of<br> Period ($)(000)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | **Portfolio<br> Turnover Rate<br> (%)<sup>††</sup>** |
| (0.72) | 43.39 | (1.91) | 544927 | 0.27 | † | 2.73 | † | 43.76 |
| (0.97) | 44.98 | 34.02 | 363881 | 0.27 |  | 2.50 |  | 95.79 |
| (0.73) | 34.37 | 9.13 | 181838 | 0.27 |  | 1.89 |  | 234.57 |
| (0.75) | 32.23 | 10.61 | 178533 | 0.27 |  | 2.03 |  | 115.74 |
| (0.75) | 29.86 | 23.01 | 172008 | 0.27 |  | 2.09 |  | 96.21 |
| (0.84) | 24.91 | 0.14 | 144484 | 0.27 |  | 2.78 |  | 159.91 |
| (0.90) | 22.93 | (2.07) | 304323 | 0.25 | † | 6.54 | † | 32.02 |
| (1.76) | 24.32 | 13.29 | 266034 | 0.25 |  | 6.91 |  | 58.94 |
| (1.53) | 23.13 | 5.01 | 222313 | 0.25 |  | 7.01 |  | 81.87 |
| (1.48) | 23.55 | (8.40) | 285389 | 0.25 |  | 5.93 |  | 74.41 |
| (1.46) | 27.28 | 6.60 | 89217 | 0.25 |  | 5.01 |  | 26.17 |
| (0.49) | 26.97 | 10.59 | 1349 | 0.25 | † | 5.38 | † | 10.96 |
| (0.21) | 32.79 | (8.73) | 123277 | 0.39 | † | 1.38 | † | 370.05 |
| (0.34) | 36.14 | 27.98 | 136249 | 0.39 | <sup>#</sup> | 1.02 | <sup>(2)</sup> | 241.46 |
| (0.52) | 28.55 | 2.92 | 94793 | 0.40 | <sup>#</sup> | 1.67 | <sup>(2)</sup> | 574.56 |
| (0.31) | 28.26 | (4.28) | 66408 | 0.39 |  | 1.49 |  | 1481.94 |
| (0.09) | 29.88 | 20.13 | 104574 | 0.39 | † | 1.01 | † | 30.10 |

---

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

*88*

![](logom4.jpg)

Financial Highlights

**Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout each Year/Period**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net<br> Asset Value,<br> Beginning<br> of Period<br> ($)** | **Net Investment<br> Income<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments <br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution<br> from Net<br> Investment<br> Income ($)** | **Distribution<br> from Capital<br> Gains ($)** | **Return of<br> Capital ($)** |
| **Global X 1-3 Month T-Bill ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 100.44 | 2.14 | (0.01) | 2.13 | (2.16) |  |  |
| 2024<sup>(1)</sup> | 100.44 | 5.13 | 0.12 | 5.25 | (5.25) |  |  |
| 2023 <sup>(1)(2)</sup> | 99.96 | 2.40 | (0.08) | 2.32 | (1.84) |  |  |
| **Global X U.S. Cash Flow Kings 100 ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 33.59 | 0.42 | (3.04) | (2.62) | (0.33) |  |  |
| 2024 | 27.07 | 0.61 | 6.58 | 7.19 | (0.67) |  |  |
| 2023 <sup>(3)</sup> | 25.58 | 0.25 | 1.40 | 1.65 | (0.16) |  |  |
| **Global X Short-Term Treasury Ladder ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 50.02 | 0.98 | 0.13 | 1.11 | (0.97) |  |  |
| 2024 <sup>(4)</sup> | 50.03 | 0.44 | (0.28) | 0.16 | (0.17) |  |  |

---

---

| | |
|:---|:---|
| *§* | *For the period ended May 31, 2025.* |
| *\** | *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 periods of less than one year have 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.* |
| *(1)* | *Per share amounts have been adjusted for a 1 for 4 reverse share split on June 14, 2024. (See Note 9 in the Notes to in the Notes to Financial Statements.)* |
| *(2)* | *The Fund commenced operations on June 20, 2023.* |
| *(3)* | *The Fund commenced operations on July 10, 2023.* |
| *(4)* | *The Fund commenced operations on September 9, 2024.* |

---

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

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

*89*

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**Financial Highlights**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions ($)** | **Net<br> Asset Value,<br> End of<br> Period ($)** | **Total<br> Return<br> (%)\*\*** | **Net Assets, End of<br> Period ($)(000)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | **Portfolio<br> Turnover<br> Rate (%)<sup>††</sup>** |
| (2.16) | 100.41 | 2.16 | 1491071 | 0.07 | † | 4.28 | † | 0.00 |
| (5.25) | 100.44 | 5.38 | 900908 | 0.07 |  | 5.12 |  | 0.00 |
| (1.84) | 100.44 | 2.36 | 112760 | 0.09 | † | 5.34 | † | 0.00 |
| (0.33) | 30.64 | (7.79) | 11031 | 0.25 | † | 2.75 | † | 53.38 |
| (0.67) | 33.59 | 26.89 | 4367 | 0.25 |  | 2.01 |  | 87.62 |
| (0.16) | 27.07 | 6.46 | 3790 | 0.25 | † | 2.41 | † | 14.76 |
| (0.97) | 50.16 | 2.25 | 12039 | 0.12 | † | 3.94 | † | 16.45 |
| (0.17) | 50.02 | 0.32 | 4002 | 0.12 | † | 3.86 | † | 0.00 |

---

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

*90*

![](logom4.jpg)

Financial Highlights

**Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout each Period**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net<br> Asset Value,<br> Beginning<br> of Period<br> ($)** | **Net Investment <br> Income<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution<br> from Net<br> Investment<br> Income ($)** | **Distribution<br> from Capital<br> Gains ($)** | **Return of<br> Capital ($)** |
| **Global X Intermediate-Term Treasury Ladder ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 48.85 | 0.87 | 0.13 | 1.00 | (0.91) |  |  |
| 2024 <sup>(1)</sup> | 50.04 | 0.39 | (1.38) | (0.99) | (0.20) |  |  |
| **Global X Long-Term Treasury Ladder ETF** |  |  |  |  |  |  |  |
| 2025 (Unaudited)<sup>§</sup> | 47.61 | 1.01 | (2.85) | (1.84) | (1.00) |  |  |
| 2024 <sup>(1)</sup> | 50.16 | 0.45 | (2.79) | (2.34) | (0.21) |  |  |

---

---

| | |
|:---|:---|
| *\** | *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 periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *§* | *For the period ended May 31, 2025 (Unaudited).* |
| *(1)* | *The Fund commenced operations on September 9, 2024.* |

---

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

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

*91*

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**Financial Highlights**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions ($)** | **Net<br> Asset Value,<br> End of<br> Period ($)** | **Total<br> Return<br> (%)\*\*** | **Net Assets, End of<br> Period ($)(000)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Expenses<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | **Ratio of Net<br> Investment Income<br> to Average Net<br> Assets (%)** | **Portfolio<br> Turnover Rate<br> (%)<sup>††</sup>** |
| (0.91) | 48.94 | 2.08 | 2447 | 0.12 | † | 3.62 | † | 17.40 |
| (0.20) | 48.85 | (1.98) | 2442 | 0.12 | † | 3.50 | † | 0.19 |
| (1.00) | 44.77 | (3.92) | 20595 | 0.12 | † | 4.43 | † | 7.60 |
| (0.21) | 47.61 | (4.66) | 21424 | 0.12 | † | 4.27 | † | 0.43 |

---

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

*92*

![](logom4.jpg)

Notes to Financial Statements

**May 31, 2025 (Unaudited)**

------

1. ORGANIZATION

The Global X Funds (the "Trust") is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, (the "1940 Act") as an open-end management investment company. As of May 31, 2025, the Trust had one hundred and six portfolios, ninety-five of which were operational. The financial statements herein and the related notes pertain to the Global X MLP ETF, Global X MLP & Energy Infrastructure ETF, Global X Alternative Income ETF, Global X Conscious Companies ETF, Global X U.S. Preferred ETF, Global X S&P 500<sup>®</sup> Quality Dividend ETF, Global X Adaptive U.S. Factor ETF, Global X Variable Rate Preferred ETF, Global X Adaptive U.S. Risk Management ETF, Global X 1-3 Month T-Bill ETF, Global X U.S. Cash Flow Kings 100 ETF, Global X Short-Term Treasury Ladder ETF, Global X Intermediate-Term Treasury Ladder ETF and Global X Long-Term Treasury Ladder ETF (each a "Fund" and collectively, the "Funds"). Each Fund, except for the Global X MLP ETF, Global X MLP & Energy Infrastructure ETF, and the Global X U.S. Cash Flow Kings 100 ETF has elected diversified status under the 1940 Act. The Global X MLP ETF, Global X MLP & Energy Infrastructure ETF, and the Global X U.S. Cash Flow Kings 100 ETF have each elected non-diversified status under the 1940 Act.

The Global X Short-Term Treasury Ladder ETF, Global X Intermediate-Term Treasury Ladder ETF and Global X Long-Term Treasury Ladder ETF commenced operations on September 9, 2024.

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 ("FASB"). 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, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could materially differ from those estimates.

RETURN OF CAPITAL ESTIMATES – Distributions received by the Funds from underlying master limited partnership ("MLP") and real estate investment trust ("REIT") 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, REITs and other industry sources. These estimates may subsequently be revised based on information received from the MLPs and REITs after their tax reporting periods are concluded.

*93*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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 the NASDAQ Stock Market ("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 Eastern Standard Time if a security's primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices, which approximates fair value (absent both bid and asked prices on such exchange, the bid price may be used).

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. The prices for foreign securities are reported in local currencies and converted to U.S. dollars

*94*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

using currencies exchange rates as of the reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day.

Securities for which market prices are not "readily available" are valued in accordance with fair value procedures (the "Fair Value Procedures") established by Global X Management Company LLC, the Funds' investment adviser (the "Adviser"), and approved by the Board of Trustees (the "Board") of the Trust. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a fair value committee (the "Committee") of the Adviser. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security's primary trading market is temporarily closed at a time when, under normal conditions, it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, each Fund may fair value a security if an event that may materially affect the value of a Fund's security that traded outside of the United States (a "Significant Event") has occurred between the time of the security's last close and the time that each Fund calculates its net asset value ("NAV"). 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 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 NAVs, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of May 31, 2025, there were no securities priced using the Fair Value Procedures.

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

*95*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

Level 3 – Significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments, and fair value of investments for which the Funds do not have the ability to fully redeem tranches at NAV 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 details of the investment classification, reference the Schedules of Investments.

The unobservable inputs used to determine fair value of Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

DUE TO/FROM BROKERS – Due to/from brokers includes cash and collateral balances with the Funds' clearing brokers or counterparties as of May 31, 2025. The Funds continuously monitor the credit standing of each broker or counterparty with whom they

*96*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

conduct business. In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.

REPURCHASE AGREEMENTS – Securities pledged as collateral for repurchase agreements are held by Brown Brothers Harriman & Co. ("BBH") or The Bank of New York Mellon ("BNY Mellon"), as appropriate, in their roles as Custodian to respective Funds (each, a "Custodian" and together, the "Custodians") and are designated as being held on each Fund's behalf by the Custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest.

It is each Fund's policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Funds bear the risk of loss in the event that the counterparty to a repurchase agreement defaults on its obligations, and the Funds are prevented from exercising their rights to dispose of the underlying securities received as collateral. For financial statement purposes, the Funds record the securities lending collateral (included in repurchase agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities.

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

FEDERAL INCOME TAXES – It is each Fund's intention, except for the Global X MLP ETF, to qualify, or to continue to qualify, as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Code.Accordingly, no provisions for Federal income taxes have been made in the financial statements, except for Global X MLP ETF 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%) 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 positions in the current period; however, Management's conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), and on-going analysis of and changes to tax laws and regulations,

*97*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

and interpretations thereof. If a Fund has foreign tax filings that have not been made, the tax years that remain subject to examination may date back to the inception of the Fund.

As of and during the period ended May 31, 2025, 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 an income tax expense on the Statements of Operations. During the reporting period, the Funds did not incur any interest or penalties. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

The Global X MLP ETF is taxed as a regular C-corporation for Federal income tax purposes and as such is obligated to pay Federal and applicable state corporate income tax. Currently, the Federal income tax rate for a corporation is 21%. This differs from most investment companies, which elect to be treated as "regulated investment companies" under Subchapter M of the Code in order to avoid paying entity level income taxes. Under current law, Global X MLP ETF is not eligible to elect treatment as a regulated investment company due to its investments primarily in MLPs invested in energy assets. As a result, Global X MLP ETF will be obligated to pay applicable Federal and state corporate income taxes on its taxable income as opposed to most other investment companies, which are not so obligated. Global X MLP ETF expects that a portion of the distributions that are received from MLPs may be treated as a tax-deferred return of capital, thus reducing Global X MLP ETF's current tax liability. However, the amount of taxes currently paid by Global X MLP ETF 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 Global X MLP ETF.

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. Amortization of premiums and accretion of discounts is included in interest income.

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 Statements

*98*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

of Operations. Net realized and unrealized gains and losses on foreign currency transactions and translations represent net foreign exchange gains or losses from foreign currency spot contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent amounts actually received or paid.

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

Cash distributions from MLPs to Global X MLP ETF that exceed the Global X MLP ETF's allocable share of such MLP's net taxable income are considered tax-deferred return of capital that will reduce Global X MLP ETF's adjusted tax basis in the equity securities of the MLP. These reductions in Global X MLP ETF's adjusted tax basis in MLP equity securities will increase the amount of gain (or decrease the amount of loss) recognized by Global X MLP ETF on a subsequent sale of the securities. Global X MLP ETF will accrue deferred income taxes for any future tax liability associated with (i) that portion of MLP distributions considered to be a tax-deferred return of capital as well as (ii) capital appreciation of its investments. Upon the sale of an MLP security, Global X MLP ETF may be liable for previously deferred taxes. Global X MLP ETF 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 Global X MLP ETF's NAV. From time to time, the Adviser will modify the estimates or assumptions related to Global X MLP ETF's deferred tax liabilities as new information becomes available. Global X MLP ETF will generally compute deferred income taxes based on the Federal income tax rate applicable to corporations and an estimated rate attributable to state taxes.

INVESTMENTS IN REITs – With respect to the Funds, dividend income is recorded based on the income included in distributions received from REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of these estimated amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year end, and may differ from the estimated amounts.

The Global X Alternative Income ETF's dividend income includes reclassifications of prior year and current year dividend income to return of capital/realized gain to align those income amounts to the character of those distributions. Those reclassifications exceeded

*99*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

current year dividend income resulting in a negative dividend income for the current fiscal year.

CREATION UNITS – The Funds issue and redeem their shares ("Shares") on a continuous basis at NAV and only in large blocks of 10,000 Shares, referred to as "Creation Units". Purchasers of Creation Units (each, an "Authorized Participants") at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day.

An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to the Fund's Custodian, on the date of such redemption, regardless of the number of Creation Units redeemed that day. If a Creation Unit is purchased or redeemed for cash, an additional variable fee may be charged. The following table discloses the Creation Unit breakdown:

---

| | | | |
|:---|:---|:---|:---|
|  | **Creation <br> Unit <br> Shares** | **Creation <br> Fee** | **Redemption <br> Fee** |
| Global X MLP ETF | 10000 | $100 | $100 |
| Global X MLP & Energy Infrastructure ETF | 10000 | 100 | 100 |
| Global X Alternative Income ETF | 10000 | 250 | 250 |
| Global X Conscious Companies ETF | 10000 | 500 | 500 |
| Global X U.S. Preferred ETF | 10000 | 650 | 650 |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | 10000 | 250 | 250 |
| Global X Adaptive U.S. Factor ETF | 10000 | 600 | 600 |
| Global X Variable Rate Preferred ETF | 10000 | 250 | 250 |
| Global X Adaptive U.S. Risk Management ETF | 10000 | 1,300\* | 1300 |
| Global X 1-3 Month T-Bill ETF | 10000 | 250 | 250 |
| Global X U.S. Cash Flow Kings 100 ETF | 10000 | 250 | 250 |
| Global X Short-Term Treasury Ladder ETF | 10000 | 250 | 250 |
| Global X Intermediate-Term Treasury Ladder ETF | 10000 | 250 | 250 |
| Global X Long-Term Treasury Ladder ETF | 10000 | 250 | 250 |

---

\* The standard creation transaction fee will be the $200 when the Fund Deposit Securities include only U.S. Treasury Obligations.

CASH OVERDRAFT CHARGES – Brown Brothers Harriman ("BBH") or The Bank of New York Mellon ("BNY"), as appropriate, serve as custodians of the Funds (each a "Custodian," and together the "Custodians").Per the terms of an agreement with BBH, if a Fund for which BBH is Custodian has a cash overdraft on a given day, it will be assessed an overdraft charge equal to the applicable BBH Base Rate plus 2.00%. Per the terms of an agreement with BNY, if a Fund for which BNY is Custodian has a cash overdraft, it will be charged interest at a rate then charged by BNY to its institutional custody clients in the

*100*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

relevant currency. Cash overdraft charges are included in custodian fees on the Statements of Operations.

SEGMENT REPORTING — The Funds have adopted FASB Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Funds' adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Funds' financial position or results of operations.

The Adviser's Chief Financial Officer acts as each Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Funds. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS

On July 2, 2018, the Adviser consummated a transaction pursuant to which it became an indirect, wholly-owned subsidiary of Mirae Asset Global Investments Co., Ltd. ("Mirae"). In this manner, the Adviser is ultimately controlled by Mirae.

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Funds and the Funds' business affairs and other administrative matters and provides or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate investment advisory agreement), under what is essentially an "all-in" fee structure.

For the Adviser's service to the Funds, under a supervision and administration agreement (the "Supervision and Administration Agreement"), each Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the respective Fund) (the "Supervision and Administration Fee"). 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

*101*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS (continued)

the Funds, such as taxes, brokerage fees, commissions, certain custodian fees, acquired fund fees and expenses (except for the Global X Alternative Income ETF, Global X U.S. Preferred ETF, Global X Variable Rate Preferred ETF and Global X Adaptive U.S. Risk Management ETF with respect to investments in affiliated investment companies), and other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses).

The Supervision and Administration Agreement for each of the Global X Alternative Income ETF, Global X U.S. Preferred ETF, Global X Variable Rate Preferred ETF and Global X Adaptive U.S. Risk Management ETF provides that the Adviser also bears the costs for acquired fund fees and expenses generated by investments by the Funds in affiliated investment companies. For the period ended May 31, 2025, the Adviser paid acquired fund fees and expenses for the Global X Alternative Income ETF of $57,431 and made such reimbursement payments to the Fund on a monthly basis. These amounts are included in Payment from Adviser on the Statement of Operations.

The following table discloses the supervision and administration fees payable pursuant to the Supervision and Administration Agreement:

---

| | |
|:---|:---|
|  | **Supervision and** <br> **Administration Fee** |
| Global X MLP ETF | 0.45% |
| Global X MLP & Energy Infrastructure ETF | 0.45% |
| Global X Alternative Income ETF | 0.50% |
| Global X Conscious Companies ETF | 0.43% |
| Global X U.S. Preferred ETF | 0.23% |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | 0.20% |
| Global X Adaptive U.S. Factor ETF | 0.27% |
| Global X Variable Rate Preferred ETF | 0.25% |
| Global X Adaptive U.S. Risk Management ETF | 0.39% |
| Global X 1-3 Month T-Bill ETF | 0.07% |
| Global X U.S. Cash Flow Kings 100 ETF | 0.25% |
| Global X Short-Term Treasury Ladder ETF | 0.12% |
| Global X Intermediate-Term Treasury Ladder ETF | 0.12% |
| Global X Long-Term Treasury Ladder ETF | 0.12% |

---

SEI Investments Global Funds Services ("SEIGFS") serves as sub-administrator to the Funds. As sub-administrator, SEIGFS provides the Funds with required general administrative services, including, without limitation: office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and

*102*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

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3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS (continued)

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, SEIGFS receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser.

SEI Investments Distribution Co. ("SIDCO") serves as the Funds' underwriter and distributor of Creation Units pursuant to a distribution agreement (the "Distribution Agreement"). SIDCO has no obligation to sell any specific quantity of Shares.

SIDCO bears the following costs and expenses relating to the distribution of Shares: (1) the costs of processing and maintaining records of creations of Creation Units; (2) all costs of maintaining the records required of a registered broker/dealer; (3) the expenses of maintaining its registration or qualification as a dealer or broker under Federal or state laws; (4) filing fees; and (5) all other expenses incurred in connection with the distribution services as contemplated in the Distribution Agreement. SIDCO receives no fee from the Funds for its distribution services under the Distribution Agreement; rather, the Adviser compensates SIDCO for certain expenses, out-of-pocket costs, and transaction fees.

For all Funds other than the Global X 1-3 Month T-Bill ETF, Global X U.S. Cash Flow Kings 100 ETF, Global X Short-Term Treasury Ladder ETF, Global X Intermediate-Term Treasury Ladder ETF and Global X Long-Term Treasury Ladder ETF, BBH serves as the Custodian and transfer agent 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 transfer agent, BBH has agreed to (1) issue and redeem Shares of each Fund; (2) make dividend and other distributions to shareholders of each Fund; (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts; and (5) make periodic reports to the Funds. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

BNY serves as Custodian and transfer agent to the Trust on behalf of the Global X 1-3 Month T-Bill ETF, Global X U.S. Cash Flow Kings 100 ETF, Global X Short-Term Treasury Ladder ETF, Global X Intermediate-Term Treasury Ladder ETF and Global X Long-Term Treasury Ladder ETF. As Custodian, BNY may appoint domestic and foreign sub-custodians and use depositories from time to time to hold securities and other instruments purchased by the Trust in foreign countries and to hold cash and currencies for the Trust on behalf of the Funds. Under its transfer agency agreement with the Trust,

*103*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

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3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS (continued)

BNY has undertaken with the Trust to provide the following services with respect to the Funds for which it serves as Transfer Agent: (i) perform and facilitate the performance of purchases and redemptions of Creation Units, (ii) prepare and transmit by means of Depository Trust Company's ("DTC") book-entry system payments for dividends and distributions on or with respect to the Shares declared by the Trust on behalf of the Funds, as applicable, (iii) prepare and deliver reports, information and documents as specified in the transfer agency agreement, (iv) perform the customary services of a transfer agent and dividend disbursing agent, and (v) render certain other miscellaneous services as specified in the transfer agency agreement or as otherwise agreed upon.

4. INVESTMENT TRANSACTIONS

For the period ended May 31, 2025, 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 <br> Maturities** |
| Global X MLP ETF | $292101636 | $417916002 |
| Global X MLP & Energy Infrastructure ETF | 287236034 | 363488160 |
| Global X Alternative Income ETF | 213340 | 638582 |
| Global X Conscious Companies ETF | 45819964 | 45885241 |
| Global X U.S. Preferred ETF | 812950648 | 759493613 |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | 10199446 | 10191112 |
| Global X Adaptive U.S. Factor ETF | 194020550 | 195395679 |
| Global X Variable Rate Preferred ETF | 98562528 | 94023339 |
| Global X Adaptive U.S. Risk Management ETF | 241685243 | 238522047 |
| Global X 1-3 Month T-Bill ETF | 3742960124 | 2300613769 |
| Global X U.S. Cash Flow Kings 100 ETF | 4509242 | 4487557 |
| Global X Short-Term Treasury Ladder ETF | 194491 | 4170772 |
| Global X Intermediate-Term Treasury Ladder ETF |  |  |
| Global X Long-Term Treasury Ladder ETF | 433761 |  |

---

For the period ended May 31, 2025, the below funds had purchases and sales of long-term U.S. Government securities:

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
| **Global X Adaptive U.S. Risk Management ETF** | $230119109 | $230272381 |
| **Global X Short-Term Treasury Ladder ETF** | 4309006 | 1412535 |
| **Global X Intermediate-Term Treasury Ladder ETF** | 419638 | 440599 |
| **Global X Long-Term Treasury Ladder ETF** | 1558792 | 1722292 |

---

For the period ended May 31, 2025, in-kind transactions associated with creations and redemptions were:

*104*

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Notes to Financial Statements (Continued)

**May 31, 2025 (Unaudited)**

------

4. INVESTMENT TRANSACTIONS (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Realized <br> Gain (Loss)** |
| Global X MLP ETF | $160735695 | $– | $– |
| Global X MLP & Energy Infrastructure ETF | 748791290 | 276945538 | 128154745 |
| Global X Alternative Income ETF | 1478829 | 322189 | 9278 |
| Global X Conscious Companies ETF | 60399105 | 64336845 | 23415443 |
| Global X U.S. Preferred ETF | 161894995 | 132789604 | 3401757 |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | 3428031 | 4124660 | 245763 |
| Global X Adaptive U.S. Factor ETF | 245632913 | 54895566 | 12911413 |
| Global X Variable Rate Preferred ETF | 60281854 | 5252600 | 265173 |
| Global X Adaptive U.S. Risk Management ETF | 7012720 | 8169606 | 1699494 |
| Global X 1-3 Month T-Bill ETF | 824588468 | 235395502 |  |
| Global X U.S. Cash Flow Kings 100 ETF | 9610947 | 2479363 | 293096 |
| Global X Short-Term Treasury Ladder ETF | 7904877 |  |  |
| Global X Intermediate-Term Treasury Ladder ETF |  |  |  |
| Global X Long-Term Treasury Ladder ETF | 465994 |  |  |

---

5. TAX INFORMATION

Global X MLP ETF recognizes interest and penalties, if any, related to unrecognized tax benefits within the income tax expense line in the accompanying Statement of Operations. Accrued interest and penalties, if any, are included within the related tax liability line in the Statement of Assets and Liabilities.

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

Global X MLP ETF's income tax expense/(benefit) consists of the following for the period ended May 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Current MLP** | **Deferred <br> MLP** | **Total MLP** |
| &nbsp;&nbsp;&nbsp;Federal | $— | $(15324569) | $(15324569) |
| &nbsp;&nbsp;&nbsp;State |  | 562650 | 562650 |
| &nbsp;&nbsp;&nbsp;Valuation allowance |  |  |  |
| &nbsp;&nbsp;Total tax expense (benefit) | $— | $(14761919) | $(14761919) |

---

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.

*105*

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**Notes to Financial Statements (Continued)**

**May 31, 2025 (Unaudited)**

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5. TAX INFORMATION (continued)

Components of the Global X MLP ETF's deferred tax assets and liabilities are as follows for the period ended May 31, 2025:

---

| | |
|:---|:---|
|  | **MLP** |
| **Deferred tax assets:** |  |
| &nbsp;&nbsp;&nbsp;Net Operating Loss Carryforward | $3323803 |
| &nbsp;&nbsp;&nbsp;State Net Operating Loss Carryforward | 286689 |
| &nbsp;&nbsp;&nbsp;Capital loss carryforward |  |
| &nbsp;&nbsp;&nbsp;Other | 3266562 |
| &nbsp;&nbsp;&nbsp;Less Variation Allowance |  |
| **Deferred tax liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Net unrealized gain on investment securities | (52818163) |
| &nbsp;&nbsp;&nbsp;Book vs tax partnership income to be recognized | (75787142) |
| **Net Deferred Tax Asset/(Liability)** | $(121728251) |

---

The Global X MLP ETF 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 is 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 Global X MLP ETF 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 Global X MLP ETF in those years.

The Global X MLP ETF has estimated net operating loss carryforwards for Federal income tax purposes as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended** | **Amount** | **Expiration** |
| **Global X MLP ETF** | 11/30/2025&nbsp;&nbsp;&nbsp;&nbsp; | $15827633 | Indefinite |

---

Based upon the Global X MLP ETF's assessment, it has been determined that it is more likely than not that the Global X MLP ETF's deferred tax assets will be realized through future taxable income of the appropriate character. Accordingly, no valuation allowance has been established for the Global X MLP ETF's deferred tax assets. The Global X MLP ETF 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 Global X MLP ETF's assessment of the recoverability of these assets and may result in the recording or removal of a valuation allowance against all or a portion of the Global X MLP ETF's gross deferred tax assets.

Total income tax expense/benefit (current and deferred) during the period ended May 31, 2025, differs from the amount computed by applying the Federal statutory income tax rate of 21% for the Global X MLP ETF to net investment and realized and unrealized gain/(losses) on investment before taxes as follows:

*106*

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**Notes to Financial Statements (Continued)**

**May 31, 2025 (Unaudited)**

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5. TAX INFORMATION (continued)

For the period ended May 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **MLP** | **MLP** |
| &nbsp;&nbsp;&nbsp;Income tax (benefit) at statutory rate | $(13415733) | 21.00% |
| &nbsp;&nbsp;&nbsp;State income taxes (net of federal benefit) | (728283) | 1.14% |
| &nbsp;&nbsp;&nbsp;Permanent differences, net | (617903) | 0.97% |
| &nbsp;&nbsp;&nbsp;Effect of state tax rate change |  | 0.00% |
| &nbsp;&nbsp;&nbsp;Net income tax expense/(benefit) | $(14761919) | 23.11% |

---

The Global X MLP ETF recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Global X MLP ETF's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state tax returns filed since the inception of the Global X MLP ETF. No U.S. Federal or state income tax returns are currently under examination. The tax years ended November 30, 2023, 2022, and 2021 remain subject to examination by tax authorities in the United States. Due to the nature of the Global X MLP ETF's investments, the Global X MLP ETF may be required to file income tax returns in several states. The Global X MLP ETF is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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 Global X MLP ETF's investments, the Global X MLP ETF may be required to file franchise state tax returns in several states.

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

The tax character of dividends and distributions declared during the years or periods ended November 30, 2024 and November 30, 2023 were as follows:

*107*

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**Notes to Financial Statements (Continued)**

**May 31, 2025 (Unaudited)**

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5. TAX INFORMATION (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Global X Funds** | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Return of Capital** | **Totals** |
| Global X MLP ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $115595860 | $– | $1982760 | $117578620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 106518075 |  |  | 106518075 |
| Global X MLP & Energy Infrastructure ETF | Global X MLP & Energy Infrastructure ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $53140384 | $– | $23571771 | $76712155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 47511225 |  | 7533664 | 55044889 |
| Global X Alternative Income ETF | Global X Alternative Income ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $2526973 | $– | $– | $2526973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2657760 |  |  | 2657760 |
| Global X Conscious Companies ETF | Global X Conscious Companies ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $6793472 | $– | $– | $6793472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 6163099 |  |  | 6163099 |
| Global X U.S. Preferred ETF | Global X U.S. Preferred ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $150870425 | $– | $– | $150870425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 144784500 |  |  | 144784500 |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | Global X S&P 500<sup>®</sup> Quality Dividend ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $909421 | $– | $38624 | $948045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1991843 |  |  | 1991843 |
| Global X Adaptive U.S. Factor ETF | Global X Adaptive U.S. Factor ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $6630997 | $– | $710305 | $7341302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 3511163 |  | 453852 | 3965015 |
| Global X Variable Rate Preferred ETF | Global X Variable Rate Preferred ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $18281239 | $– | $– | $18281239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 16361150 |  |  | 16361150 |
| Global X Adaptive U.S. Risk Management ETF | Global X Adaptive U.S. Risk Management ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $1199990 | $– | $– | $1199990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1310795 |  |  | 1310795 |
| Global X 1-3 Month T-Bill ETF | Global X 1-3 Month T-Bill ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $21691011 | $– | $– | $21691011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1251315 |  |  | 1251315 |
| Global X U.S. Cash Flow Kings 100 ETF | Global X U.S. Cash Flow Kings 100 ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $78689 | $– | $– | $78689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 17340 |  |  | 17340 |
| Global X Short-Term Treasury Ladder ETF | Global X Short-Term Treasury Ladder ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $11440 | $– | $– | $11440 |
| Global X Intermediate-Term Treasury Ladder ETF | Global X Intermediate-Term Treasury Ladder ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $10050 | $– | $– | $10050 |
| Global X Long-Term Treasury Ladder ETF | Global X Long-Term Treasury Ladder ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $62250 | $– | $– | $62250 |

---

*108*

![](logom4.jpg)

**Notes to Financial Statements (Continued)**

**May 31, 2025 (Unaudited)**

------

5. TAX INFORMATION (continued)

As of November 30, 2024, the components of tax basis distributable earnings (accumulated losses) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Global X MLP<br> & Energy<br> Infrastructure<br> ETF** | **Global X<br> Alternative<br> Income ETF** |
| **Undistributed Ordinary Income** | $– | $126506 |
| **Capital Loss Carryforwards** | (121011253) | (1472606) |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | 692525174 | (3911710) |
| **Other Temporary Differences** | 2 | 8 |
| **Total Distributable Earnings (Accumulated Losses)** | $571513923 | $(5257802) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X<br> Conscious<br> Companies ETF** | **Global X U.S.<br> Preferred ETF** | **Global X S&P<br> 500<sup>®</sup> Quality<br> Dividend ETF** |
| **Undistributed Ordinary Income** | $2885935 | $1393232 | $– |
| **Capital Loss Carryforwards** | (63071179) | (369032904) | (7860515) |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | 138870795 | (140820125) | 1727135 |
| **Other Temporary Differences** | (1) | 697 | (2) |
| **Total Distributable Earnings (Accumulated Losses)** | $78685550 | $(508459100) | $(6133382) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X<br> Adaptive U.S.<br> Factor ETF** | **Global X<br> Variable Rate<br> Preferred ETF** | **Global X<br> Adaptive<br> U.S. Risk<br> Management<br> ETF** |
| **Undistributed Ordinary Income** | $– | $1198651 | $687203 |
| **Capital Loss Carryforwards** | (31475088) | (30634857) | (1130331) |
| **Unrealized Appreciation on Investments and Foreign Currency** | 32341265 | 6484748 | 6300119 |
| **Other Temporary Differences** | 1 | 611230 | (1) |
| **Total Distributable Earnings (Accumulated Losses)** | $866178 | $(22340228) | $5856990 |

---

*109*

![](logom4.jpg)

**Notes to Financial Statements (Continued)**

**May 31, 2025 (Unaudited)**

------

5. TAX INFORMATION (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X 1-3<br> Month T-Bill<br> ETF** | **Global X U.S.<br> Cash Flow<br> Kings 100 ETF** | **Global X Short-<br> Term Treasury<br> Ladder ETF** |
| **Undistributed Ordinary Income** | $1502370 | $3520 | $17194 |
| **Capital Loss Carryforwards** |  | (83505) |  |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | 112329 | 218451 | (17297) |
| **Other Temporary Differences** | – | 1 | 1 |
| **Total Distributable Earnings (Accumulated Losses)** | $1614699 | $138467 | $(102) |

---

---

| | | |
|:---|:---|:---|
|  | **Global X<br> Intermediate-<br> Term Treasury<br> Ladder ETF** | **Global X Long-<br> Term Treasury<br> Ladder ETF** |
| **Undistributed Ordinary Income** | $9211 | $61754 |
| **Capital Loss Carryforwards** | (62) |  |
| **Unrealized Depreciation on Investments and Foreign Currency** | (68812) | (247626) |
| **Other Temporary Differences** | – | (2) |
| **Total Accumulated Losses** | $(59663) | $(185874) |

---

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

The Federal tax cost basis of investments and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at May 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global X Funds** | **Federal Tax**<br> **Cost** | **Aggregated**<br> **Gross**<br> **Unrealized**<br> **Appreciation** | **Aggregated**<br> **Gross**<br> **Unrealized**<br> **Depreciation** | **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| Global X MLP ETF | $1260297698 | $604650774 | $(1207865) | $603442909 |
| Global X MLP & Energy Infrastructure ETF | 2140046430 | 549532161 | (6903242) | 542628919 |
| Global X Alternative Income ETF | 38885090 | 2281661 | (6832110) | (4550449) |
| Global X Conscious Companies ETF | 526149026 | 117734471 | (26565432) | 91169039 |
| Global X U.S. Preferred ETF | 2459262971 | 34353371 | (218565584) | (184212213) |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | 29904660 | 1457394 | (3008094) | (1550700) |
| Global X Adaptive U.S. Factor ETF | 517766646 | 39959310 | (13741837) | 26217473 |
| Global X Variable Rate Preferred ETF | 303502553 | 3736052 | (4794779) | (1058727) |

---

*110*

![](logom4.jpg)

**Notes to Financial Statements (Continued)**

**May 31, 2025 (Unaudited)**

------

5. TAX INFORMATION (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global X Funds** | **Federal Tax**<br> **Cost** | **Aggregated**<br> **Gross**<br> **Unrealized**<br> **Appreciation** | **Aggregated**<br> **Gross**<br> **Unrealized**<br> **Depreciation** | **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| Global X Adaptive U.S. Risk Management ETF | $114958712 | $9740426 | $(1638590) | $8101836 |
| Global X 1-3 Month T-Bill ETF | 1550289304 | 142956 | (3957) | 138999 |
| Global X U.S. Cash Flow Kings 100 ETF | 11362822 | 514444 | (870151) | (355707) |
| Global X Short-Term Treasury Ladder ETF | 11963377 | 12757 | (8957) | 3800 |
| Global X Intermediate-Term Treasury Ladder ETF | 2469014 | 379 | (56984) | (56605) |
| Global X Long-Term Treasury Ladder ETF | 21867060 | 1668 | (1536055) | (1534387) |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Funds' net unrealized appreciation difference is attributable primarily to wash sales, mark-to-market treatment of passive foreign investment companies and adjustments in preferred stock and partnerships.

6. CONCENTRATION OF RISKS

The Funds may invest in securities in a particular asset class. Securities and other assets held in each Fund's portfolio may underperform in comparison to the general securities markets, a particular securities market or other asset classes.

The Funds, except for the Global X U.S. Preferred ETF, Global X 1-3 Month T-Bill ETF, and Global X Variable Rate Preferred ETF, use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of an underlying index (also known as a secondary index) in approximately the same proportions as in the underlying index. A representative sampling strategy is an indexing strategy that involves investing in a representative sample of securities (including indirect investments through underlying ETFs) that collectively has an investment profile similar to an underlying index in terms of key risk factors, performance attributes and other characteristics. Each Fund may utilize a representative sampling strategy with respect to its underlying index when a replication strategy might be detrimental to its shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow 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 a Fund but not its underlying index). The Global X U.S. Preferred ETF, Global X 1-3 Month T-Bill ETF, and Global X Variable Rate Preferred ETF use a representative sampling strategy.

*111*

![](logom4.jpg)

**Notes to Financial Statements (Continued)**

**May 31, 2025 (Unaudited)**

------

6. CONCENTRATION OF RISKS (continued)

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.

Economic conditions, such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior warning, lead to foreign government intervention (including intervention by the U.S. Government with respect to foreign governments, economic sectors, foreign companies and related securities and interests) and the imposition of capital controls (i.e., government measures designed to limit the flow of foreign capital in and out of the domestic economy) and/or sanctions, which may also include retaliatory actions of one government against another government, such as the seizure of assets. Capital controls and/or sanctions include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. Capital controls and/or sanctions may also impact the ability of a Fund to buy, sell or otherwise transfer securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for Shares of a Fund, and cause a Fund to decline in value. Please refer to each Fund's prospectus and statement of additional information ("SAI") for a more complete description of risks.

7. LOANS OF PORTFOLIO SECURITIES

Each Fund may lend portfolio securities having a market value up to one-third of its total assets. Security loans made pursuant to a securities lending agreements with BBH and BNY are initially required to be secured by collateral equal to at least 102% of the value of domestic equity securities and American Depositary Receipts ("ADRs") and 105% of the value of foreign equity securities (other than ADRs). Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements, short-term investments or U.S. Treasury obligations and is recognized in the Schedules of Investments and Statements of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statements of Assets and Liabilities. It is each Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.

Securities pledged as collateral for repurchase agreements held in the Funds are held by BBH or BNY, as appropriate, and are designated as being held on each Fund's behalf under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. It is each Fund's policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy.

*112*

![](logom4.jpg)

**Notes to Financial Statements (Continued)**

**May 31, 2025 (Unaudited)**

------

7. LOANS OF PORTFOLIO SECURITIES (continued)

The Funds bear the risk of loss in the event the counterparty to a repurchase agreement defaults on its obligations and the Fund is prevented from exercising its rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period. For financial statement purposes, the Funds record the securities lending collateral (including in repurchase agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability- on the Statement of Assets and Liabilities.

Cash collateral received in connection with securities lending is invested in repurchase agreements and short-term investments by the lending agent. The Funds do not have effective control of the non-cash collateral and therefore it is not disclosed in the Fund's Schedule of Investments.

Securities lending transactions are entered into by the Funds under the Securities Lending Agreement, which permits a Fund, under certain circumstances such as an event of default, to offset amounts payable by the Fund to the same counterparty against amounts receivable from the counterparty to create a net payment due to or from the Fund.

Income from securities lending is determined by the amount of interest earned on collateral, net of any rebate and securities lending agent fees.

The following is a summary of securities lending agreements held by the Funds, with cash collateral of overnight maturities and non-cash collateral, which would be subject to offset as of May 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount<br>of Recognized<br>Assets (Value<br>of Securities on<br>Loan)** | **Value of Cash**<br> **Collateral**<br> **Received**<sup>(1)</sup> | **Value of**<br> **Non-Cash**<br> **Collateral**<br> **Received**<sup>(1)</sup> | **Net Amount** |
| **Global X MLP & Energy Infrastructure ETF** | $35900512 | $35900512 | $– $|  |
| **Global X Alternative Income ETF** | 897975 | 897975 | – |  |
| **Global X U.S. Preferred ETF** | 1850690 | 1850690 | – |  |
| **Global X Adaptive U.S. Factor ETF** | 128492 | 128492 | – |  |
| **Global X 1-3 Month T-Bill ETF** | 3189723384 | 3189723384 | – |  |

---

(1) Collateral and non-cash collateral received in excess of market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Statements of Assets and Liabilities.

The value of loaned securities and related collateral outstanding at May 31, 2025 are shown in the Schedules of Investments. The value of the collateral held may be temporarily less

*113*

![](logom4.jpg)

**Notes to Financial Statements (Continued)**

**May 31, 2025 (Unaudited)**

------

7. LOANS OF PORTFOLIO SECURITIES (continued)

than that required under the lending contract. As of May 31, 2025, the cash collateral was invested in repurchase agreements and the non-cash collateral consisted of U.S. Treasury Bills, Notes, Bonds and U.S. Treasury Inflation Indexed Bonds with the following maturities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Overnight<br> and<br> Continuous** | **<30 Days** | **Between<br> 30 & 90<br> Days** | **>90 Days** | **Total** |
| **Global X MLP & Energy Infrastructure ETF** |  |  |  |  |  |
| Repurchase Agreements | $19970885 | $— | $— | $— | $19970885 |
| Total | $19970885 | $— | $— | $— | $19970885 |
| **Global X Alternative Income ETF** |  |  |  |  |  |
| Repurchase Agreements | $468107 | $— | $— | $— | $468107 |
| Total | $468107 | $— | $— | $— | $468107 |
| **Global X U.S. Preferred ETF** |  |  |  |  |  |
| Repurchase Agreements | $966321 | $— | $— | $— | $966321 |
| Total | $966321 | $— | $— | $— | $966321 |
| **Global X Adaptive U.S. Factor ETF** |  |  |  |  |  |
| Repurchase Agreements | $69417 | $— | $— | $— | $69417 |
| Total | $69417 | $— | $— | $— | $69417 |
| **Global X 1-3 Month T-Bill ETF** |  |  |  |  |  |
| Repurchase Agreements | $10647 | $— | $— | $— | $10647 |
| Total | $10647 | $— | $— | $— | $10647 |

---

8. CONTRACTUAL OBLIGATION

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

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

*114*

![](logom4.jpg)

**Notes to Financial Statements (Concluded)**

**May 31, 2025 (Unaudited)**

------

9. REVERSE SHARE SPLIT

Effective June 14, 2024 the Global X 1-3 Month T-Bill ETF executed a 1-for-4 reverse share split for shareholders of record after the close of markets on June 13, 2024. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by four, resulting in a corresponding increase in the NAV per Share. The capital share activity presented in the Statement of Changes in Net Assets for each of the years in the period then ended, and per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect this reverse share split. There were no changes in net assets, results of operations or total return as a result of this transaction.

Effective April 28, 2020, the Global X MLP ETF executed a 1-for-6 reverse share split for shareholders of record after the close of markets on April 27, 2020. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by six, resulting in a corresponding increase in the NAV per Share. The per share data in the financial highlights for each of the years in the period then ended has been given retroactive effect to reflect this reverse share split. There were no changes in net assets, results of operations or total return as a result of this transaction.

Effective April 28, 2020, the Global X MLP & Energy Infrastructure ETF executed a 1-for-3 reverse share split for shareholders of record after the close of markets on April 27, 2020. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by three, resulting in a corresponding increase in the NAV per Share. The per share data in the financial highlights for each of the years in the period then ended has been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions.

10. SUBSEQUENT EVENTS

The Funds have been evaluated by management regarding the need for additional disclosures (other than what is disclosed in the preceding paragraphs) and/or adjustments resulting from subsequent events. Based on this evaluation, no additional adjustments were required to the financial statements.

*115*

![](logom4.jpg)

**Other Information (Form N-CSRS Items 8-11) (Unaudited)**

------

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

(1) No remuneration was paid by the company during the period covered by the report to any Trustees on the company's Board of Trustees for regular compensation.

(2) No remuneration was paid by the company during the period covered by the report to any Trustees on the company's Board of Trustees for special compensation.

(3) No remuneration was paid by the company during the period covered by the report to any Officers of the company.

(4) No remuneration was paid by the company during the period covered by the report to any Officer or Trustee of the company who is an affiliated person.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

*116*

![](logom4.jpg)

605 3rd Avenue, 43rd Floor

New York, NY 10158

1-888-493-8631

www.globalxetfs.com

**Investment Adviser and Administrator:**

Global X Management Company LLC

605 3rd Avenue, 43rd Floor

New York, NY 10158

**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

2000 K Street, N.W.

Suite 700

Washington, DC 20006

**Custodians and Transfer Agents:**

Brown Brothers Harriman & Co.

40 Water Street

Boston, MA 02109

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent Registered Public Accounting Firm:**

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

GLX-SA-005-1400

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included under Item 7.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.**

Not applicable to open-end management investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

**Item 16. Controls and Procedures.**

(a) The certifying officers, whose certifications are included herewith, have evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) 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 changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3) 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 Act (17 CFR § 270.30a-2(a)), are filed herewith.](c113464_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, also accompany this filing as exhibits.](c113464_ex99-906cert.htm)

**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/ Ryan O'Connor |
|  | Ryan O'Connor<br> Principal Executive Officer |

---

Date: August 1, 2025

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/ Ryan O'Connor |
|  | Ryan O'Connor<br> Principal Executive Officer |

---

Date: August 1, 2025

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Eric Olsen |
|  | Eric Olsen<br> Principal Financial Officer |

---

Date: August 1, 2025

## Ex-99.Cert

**Exhibit 99CERT**

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Ryan O'Connor, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSRS of the Global X Funds (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information, included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the Registrant's internal control over financial reporting.

Date: August 1, 2025

/s/ Ryan O'Connor

Ryan O'Connor<br> Principal Executive Officer

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Eric Olsen, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSRS of the Global X Funds (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information, included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the Registrant's internal control over financial reporting.

Date: August 1, 2025

/s/ Eric Olsen

Eric Olsen<br> Principal Financial Officer

## Exhibit 99.906

**Exhibit 99.906CERT** 

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Ryan O'Connor, the Principal Executive Officer of the Global X Funds (the "Fund"), with respect to the Fund's Form N-CSRS for the period ended May 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSRS fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSRS fairly presents, in all material
respects, the financial condition and results of operations of the Fund.

Dated: August 1, 2025

---

| |
|:---|
| /s/ Ryan O'Connor |
| Ryan O'Connor |
| Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Eric Olsen, the Principal Financial Officer of the Global X Funds (the "Fund"), with respect to the Fund's Form N-CSRS for the period ended May 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSRS fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSRS fairly presents, in all material
respects, the financial condition and results of operations of the Fund.

Dated: August 1, 2025

---

| |
|:---|
| /s/ Eric Olsen |
| Eric Olsen |
| Principal Financial Officer |

---