# EDGAR Filing Document

**Accession Number:** 0001432353
**File Stem:** 0001135428-23-000030
**Filing Date:** 2023-2
**Character Count:** 622236
**Document Hash:** 7aa0e02fb6a965a5e3011e06265e3c4e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001135428-23-000030.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001135428-23-000030

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 62

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**EFFECTIVENESS DATE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Global X Funds
- **CENTRAL INDEX KEY:** 0001432353
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22209
- **FILM NUMBER:** 23594744

**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 Health & Wellness ETF (Series ID: S000054161)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000170215 | Global X Health & Wellness ETF | BFIT            |

### Global X Aging Population ETF (Series ID: S000054162)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000170216 | Global X Aging Population ETF | AGNG            |

### Global X Millennial Consumer ETF (Series ID: S000054163)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000170217 | Global X Millennial Consumer ETF | MILN            |

### Global X Education ETF (Series ID: S000054690)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000171850 | Global X Education ETF | EDUT            |

### Global X FinTech ETF (Series ID: S000054691)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000171851 | Global X FinTech ETF | FINX            |

### Global X Internet of Things ETF (Series ID: S000054692)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000171852 | Global X Internet of Things ETF | SNSR            |

### Global X Robotics & Artificial Intelligence ETF (Series ID: S000054693)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000171853 | Global X Robotics & Artificial Intelligence ETF | BOTZ            |

### Global X U.S. Infrastructure Development ETF (Series ID: S000056509)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000178804 | Global X U.S. Infrastructure Development ETF | PAVE            |

### Global X Artificial Intelligence & Technology ETF (Series ID: S000061326)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000198548 | Global X Artificial Intelligence & Technology ETF | AIQ             |

### Global X Autonomous & Electric Vehicles ETF (Series ID: S000061415)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000198888 | Global X Autonomous & Electric Vehicles ETF | DRIV            |

### Global X Genomics & Biotechnology ETF (Series ID: S000062676)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000203266 | Global X Genomics & Biotechnology ETF | GNOM            |

### Global X Cloud Computing ETF (Series ID: S000065121)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000210838 | Global X Cloud Computing ETF | CLOU            |

### Global X Cannabis ETF (Series ID: S000066218)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000213971 | Global X Cannabis ETF | POTX            |

### Global X Video Games & Esports ETF (Series ID: S000066518)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000214539 | Global X Video Games & Esports ETF | HERO            |

### Global X Thematic Growth ETF (Series ID: S000066527)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000214548 | Global X Thematic Growth ETF | GXTG            |

### Global X Cybersecurity ETF (Series ID: S000066713)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000214985 | Global X Cybersecurity ETF | BUG             |

### Global X Telemedicine & Digital Health ETF (Series ID: S000069056)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000220776 | Global X Telemedicine & Digital Health ETF | EDOC            |

### Global X CleanTech ETF (Series ID: S000069640)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000222117 | Global X CleanTech ETF | CTEC            |

### Global X China Biotech Innovation ETF (Series ID: S000069671)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000222222 | Global X China Biotech Innovation ETF | CHB             |

### Global X Data Center REITs & Digital Infrastructure ETF (Series ID: S000069709)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000222332 | Global X Data Center REITs & Digital Infrastructure ETF | VPN             |

### Global X Clean Water ETF (Series ID: S000071326)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000226290 | Global X Clean Water ETF | AQWA            |

### Global X AgTech & Food Innovation ETF (Series ID: S000072327)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000228454 | Global X AgTech & Food Innovation ETF | KROP            |

### Global X Blockchain ETF (Series ID: S000072329)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000228456 | Global X Blockchain ETF | BKCH            |

### Global X Hydrogen ETF (Series ID: S000072330)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000228457 | Global X Hydrogen ETF | HYDR            |

### Global X Solar ETF (Series ID: S000072699)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000229136 | Global X Solar ETF | RAYS            |

### Global X Wind Energy ETF (Series ID: S000072700)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000229137 | Global X Wind Energy ETF | WNDY            |

### Global X Green Building ETF (Series ID: S000075802)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000235096 | Global X Green Building ETF | GRNR            |

### Global X Metaverse ETF (Series ID: S000075995)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000235402 | Global X Metaverse ETF | VR              |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549
________

#### FORM N-CSR

#### ________

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

#### INVESTMENT COMPANIES

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

#### Global X Funds
(Exact name of registrant as specified in charter)

________

605 Third Avenue, 43rd floor

New York, NY 10158

(Address of principal executive offices) (Zip code)

Luis Berruga

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:

Global X Management Company LLC 605 Third Avenue, 43rd floor New York, NY 10158 Eric S. Purple, Esq. 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, 2022

#### Date of reporting period: November 30, 2022

------

------

#### Item 1. Reports to Stockholders.

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.

![](coverlogo.jpg)

 **Global X Robotics & Artificial Intelligence ETF (ticker: BOTZ)**<br> **Global X Internet of Things ETF (ticker: SNSR)**<br> **Global X FinTech ETF (ticker: FINX)**<br> **Global X Video Games & Esports ETF (ticker: HERO)**<br> **Global X Autonomous & Electric Vehicles ETF (ticker: DRIV)**<br> **Global X Cloud Computing ETF (ticker: CLOU)**<br> **Global X Data Center REITs & Digital Infrastructure ETF (ticker: VPN)**<br> **Global X Cybersecurity ETF (ticker: BUG)**<br> **Global X Artificial Intelligence & Technology ETF (ticker: AIQ)**<br> **Global X Metaverse ETF (ticker: VR)**<br> **Global X Millennial Consumer ETF (ticker: MILN)**<br> **Global X Education ETF (ticker: EDUT)**<br> **Global X Cannabis ETF (ticker: POTX)**<br> **Global X Genomics & Biotechnology ETF (ticker: GNOM)**<br> **Global X China Biotech Innovation ETF (ticker: CHB)**<br> **Global X Telemedicine & Digital Health ETF (ticker: EDOC)**<br> **Global X Aging Population ETF (ticker: AGNG)**<br> **Global X Health & Wellness ETF (ticker: BFIT)**<br> **Global X CleanTech ETF (ticker: CTEC)**<br> **Global X U.S. Infrastructure Development ETF (ticker: PAVE)**<br> **Global X Thematic Growth ETF (ticker: GXTG)**<br> **Global X AgTech & Food Innovation ETF (ticker: KROP)**<br> **Global X Blockchain ETF (ticker: BKCH)**<br> **Global X Clean Water ETF (ticker: AQWA)**<br> **Global X Hydrogen ETF (ticker: HYDR)**<br> **Global X Solar ETF (ticker: RAYS)**<br> **Global X Wind Energy ETF (ticker: WNDY)**<br> **Global X Green Building ETF (ticker: GRNR)**

<br> **Annual Report**<br> **November 30, 2022**

 **As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' (defined below) shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary (such as a broker-dealer or bank). Instead, shareholder reports will be available on the Funds' website (www.globalxetfs.com/explore), and you will be notified by mail each time a report is posted and provided with a website link to access the report.**

 **If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary.**

 **You may elect to receive all future Fund shareholder reports in paper free of charge. Please contact your financial intermediary to inform them that you wish to continue receiving paper copies of Fund shareholder reports and for details about whether your election to receive reports in paper will apply to all funds held with your financial intermediary.**

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![](pagelogo.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Management Discussion of Fund Performance | 1 |
| Schedules of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Robotics & Artificial Intelligence ETF | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Internet of Things ETF | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X FinTech ETF | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Video Games & Esports ETF | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Autonomous & Electric Vehicles ETF | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Cloud Computing ETF | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Data Center REITs & Digital Infrastructure ETF | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Cybersecurity ETF | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Artificial Intelligence & Technology ETF | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Metaverse ETF | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Millennial Consumer ETF | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Education ETF | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Cannabis ETF | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Genomics & Biotechnology ETF | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X China Biotech Innovation ETF | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Telemedicine & Digital Health ETF | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Aging Population ETF | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Health & Wellness ETF | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X CleanTech ETF | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X U.S. Infrastructure Development ETF | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Thematic Growth ETF | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X AgTech & Food Innovation ETF | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Blockchain ETF | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Clean Water ETF | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Hydrogen ETF | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Solar ETF | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Wind Energy ETF | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Green Building ETF | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glossary | 168 |
| Statements of Assets and Liabilities | 169 |
| Statements of Operations | 177 |
| Statements of Changes in Net Assets | 184 |
| Financial Highlights | 198 |
| Notes to Financial Statements | 216 |
| Report of Independent Registered Public Accounting Firm | 247 |
| Disclosure of Fund Expenses | 250 |
| Approval of Investment Advisory Agreement | 255 |
| Supplemental Information | 260 |
| Trustees and Officers of the Trust | 261 |
| Notice to Shareholders | 264 |

---

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**Table of Contents**

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

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the "SEC" or "Commission") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds' Forms N-PORT are available on the Commission's website at http://www.sec.gov, and may be reviewed and copied at the Commission's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that Global X Funds uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-888-493-8631; and (ii) on the Commission's website at <u>http://www.sec.go</u><u>v</u>

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![](pagelogo.jpg)

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Robotics & Artificial Intelligence ETF**  |

---

 **Global X Robotics & Artificial Intelligence ETF**

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

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

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 41.67%, while the Underlying Index decreased 41.36%. The Fund had a net asset value of $36.24 per share on November 30, 2021 and ended the reporting period with a net asset value of $21.09 per share on November 30, 2022.

During the reporting period, the highest returns came from Helix Energy Solutions Group, Inc and Rainbow Robotics, Inc, which returned 109.87% and 56.14%, respectively. The worst performers were TuSimple Holdings, Inc and Upstart Holdings, Inc, which returned -94.37% and -90.46%, respectively.

The Fund experienced negative returns during the reporting period due to high inflation, the Russia-Ukraine conflict, China lockdowns and the resulting supply shortages. These factors added pressure to the current market environment and slowed the pace of investments in robotics and artificial intelligence technology. Many Robotics & Artificial Intelligence Companies reported that semiconductor supply disruptions were causing a backlog of unfulfilled orders. Certain industry-specific detractors continued to play out during the reporting period, such as China's weakening economy (which brings the largest share of industrial robotics demand) as well as higher input costs for Japanese companies as a result of the weaker Yen. During the reporting period, the Fund saw an average approximate sector allocation of 44% to Industrials, 35% to Information Technology, and 16% to Health Care. Geographically, the Fund maintained an average allocation of 42% to the United States, followed by Japan (36%), and Switzerland (12%).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Three Year Return | Three Year Return | Five Year Return | Five Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | &nbsp;&nbsp; Net<br> Asset<br> Value | Market<br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market<br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market<br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market<br> Price |
| Global X Robotics & Artificial Intelligence ETF | -41.67% | -40.67% | -0.27% | 0.22% | -1.94% | -1.59% | 6.33% | 6.60% |
| Indxx Global Robotics & Artificial Intelligence Thematic Index | -41.36% | -41.36% | 0.39% | 0.39% | -1.50% | -1.50% | 6.73% | 6.73% |
| MSCI ACWI Index (Net) | -11.62% | -11.62% | 6.63% | 6.63% | 6.41% | 6.41% | 8.89% | 8.89% |

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*1*

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Robotics & Artificial Intelligence ETF**  |

---

![](roboticsandai-line.jpg)

 *\* The Fund commenced operations on September 12, 2016.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*2*

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Internet of Things ETF**  |

---

 **Global X Internet of Things ETF**

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

The Underlying Index is designed to provide exposure to exchange-listed companies in developed markets that facilitate the Internet of Things (IoT) industry, including companies involved in wearable technology, home automation, connected automotive technology, sensors, networking infrastructure/ software, smart metering and energy control devices (collectively, "Internet of Things Companies"), as defined by Indxx, LLC, the provider of the Underlying Index. The Internet of Things refers to the network of physical objects (such as electronic devices, wearables, connected vehicles, infrastructure, equipment, smart home appliances, buildings) that are connected to the internet. Such objects often utilize embedded semiconductors, sensors, and software to collect, analyze, receive, and transfer data via networks enabled by technologies such as WiFi, 4G and 5G telecommunications infrastructure, and fiber optics.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 18.52%, while the Underlying Index decreased 18.33%. The Fund had a net asset value of $37.68 per share on November 30, 2021 and ended the reporting period with a net asset value of $30.54 per share on November 30, 2022.

During the reporting period, the highest returns came from Digi International Inc and Impinj, Inc, which returned 97.26% and 70.13%, respectively. The worst performers were Latch Inc and Fingerprint Cards AB, which returned -88.14% and -86.68%, respectively.

The Fund generated negative returns during the reporting period, which was in large part due to the semiconductor chip shortage caused by China's COVID-19 lockdowns and extreme weather that led to short-term operational disruptions. In addition, structural supply chain constraints acted as a headwind for Internet of Things Companies. As a result of ongoing 5G expansion efforts in developed markets, manufacturers began producing more sophisticated chips as opposed to lower-tier chips used in consumer-focused IoT devices. This resulted in higher prices and decreased availability of some connected devices, negatively affecting consumer goods sales in the short term, which in turn negatively affected the Fund's returns. During the reporting period, the average approximate sector weightings of the Fund were reported to be the highest in Information Technology, at 63%, followed by Industrials, at 19%. Geographically, the Fund maintained an average allocation of 58% to the United States stocks, followed by Taiwan (12%) and Switzerland (9%).

*3*

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Internet of Things ETF**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Three Year Return | Three Year Return | Five Year Return | Five Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | &nbsp;&nbsp; Net<br> Asset<br> Value | Market<br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market<br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market<br> Price |
| Global X Internet of Things ETF | -18.52% | -18.26% | 10.70% | 10.74% | 9.67% | 9.75% | 12.92% | 13.02% |
| Indxx Global Internet of Things Thematic Index | -18.33% | -18.33% | 11.06% | 11.06% | 10.01% | 10.01% | 13.28% | 13.28% |
| MSCI ACWI Index (Net) | -11.62% | -11.62% | 6.63% | 6.63% | 6.41% | 6.41% | 8.89% | 8.89% |

---

<br> ![](internetofthings-line.jpg)<br>

 *\* The Fund commenced operations on September 12, 2016.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

*4*

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![](pagelogo.jpg)

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Internet of Things ETF**  |

---

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

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

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

See definition of comparative indices on the previous pages.

*5*

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![](pagelogo.jpg)

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X FinTech ETF**  |

---

 **Global X FinTech ETF**

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

The Underlying Index is designed to provide exposure to exchange-listed companies in developed markets that provide financial technology products and services, including companies involved in mobile payments, peer-to-peer and marketplace lending, financial analytics software and alternative currencies (collectively, "FinTech Companies"), as defined by Indxx, LLC, the provider of the Underlying Index.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 52.58%, while the Underlying Index decreased 52.48%. The Fund had a net asset value of $45.52 per share on November 30, 2021 and ended the reporting period with a net asset value of $20.44 per share on November 30, 2022.

During the reporting period, the highest returns came from Blucora, Inc and Bottomline Technologies (de), Inc, which returned 54.73% and 27.10%, respectively. The worst performers were Bitfarms Ltd and Upstart Holdings, Inc, which returned -92.20% and -90.46%, respectively.

During the reporting period, Fintech Companies faced serious negative headwinds including surging inflation, rising interest rates, and investor fears of recession, negatively impacting the Fund's performance. Rising interest rates had an instant negative impact on mortgage and lending businesses. Novel online lending models, such as "buy-now-pay-later", which previously had utilized cheap capital for their lending activities, saw their costs increase with the rise in interest rates. Moreover, investor recession fears, coupled with lower consumer spending and declining household incomes, increased defaults by borrowers and lowered fees for certain Fintech Companies. Fintech Companies benefiting from retail investing also experienced declines in growth as markets came under strain and trading volumes fell. During the reporting period, the Fund's largest average sector exposures were to Information Technology (84%) and Financials (14%). Geographically, the Fund maintained an average allocation of 70% to stocks in the United States, followed by the Netherlands (6%), and China (3%).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Three Year Return | Three Year Return | Five Year Return | Five Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | &nbsp;&nbsp; Net<br> Asset<br> Value | Market<br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price |
| Global X FinTech ETF | -52.58% | -52.43% | -10.87% | -10.74% | -0.13% | -0.05% | 5.99% | 6.09% |
| Indxx Global Fintech Thematic Index | -52.48% | -52.48% | -10.48% | -10.48% | 0.43% | 0.43% | 6.58% | 6.58% |
| MSCI ACWI Index (Net) | -11.62% | -11.62% | 6.63% | 6.63% | 6.41% | 6.41% | 8.89% | 8.89% |

---

*6*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X FinTech ETF** |

---

![](fintech-line.jpg)

 *\* The Fund commenced operations on September 12, 2016.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

See definition of comparative indices on the previous page and above. <br>

*7*

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![](pagelogo.jpg)

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Video Games & Esports ETF**  |

---

 **Global X Video Games & Esports ETF**

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

The Underlying Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from increased consumption related to video games and esports, including companies whose principal business is in video game development/publishing, video game and esports content distribution and streaming, operating/owning esports leagues/teams, and producing video game/esports hardware (collectively, "Video Games & Esports Companies"), as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 35.19%, while the Underlying Index decreased 34.97%. The Fund had a net asset value of $29.52 per share on November 30, 2021 and ended the reporting period with a net asset value of $18.96 per share on November 30, 2022.

During the reporting period, the highest returns came from Nexon GT Co, Ltd and Zynga Inc, which returned 62.26% and 35.66%, respectively. The worst performers were Wemade Co, Ltd and Skillz Inc, which returned -83.73% and -74.77%, respectively.

The gaming market experienced a correction as a result of the worldwide recovery from the COVID-19 pandemic, with Video Games & Esports Companies experiencing lower sales as consumer spending on video game hardware, content, and accessories fell during the reporting period, resulting in the Fund's negative returns. This decline was further amplified by higher prices in everyday consumer spending categories such as food and fuel, as well as economic uncertainty, which limited discretionary spending. Furthermore, Video Games & Esports Companies suffered negative consequences of the Chinese government's implementation of strict limitations on minors playing video games. The scarcity of semiconductor chips negatively affected the gaming console market. During the reporting period, the Fund had an average approximate allocation of 90% to Communication Services and 9% to Information Technology. Geographically, the Fund had an average exposure of 34% to the United States, followed by 26% to Japan and 14% to South Korea.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | &nbsp;&nbsp; AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | &nbsp;&nbsp; AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | &nbsp;&nbsp; AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | &nbsp;&nbsp; AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | &nbsp;&nbsp; AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | &nbsp;&nbsp; One Year Return | &nbsp;&nbsp; One Year Return | Three Year Return | Three Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | Net Asset <br> Value | Market<br> Price | Net Asset <br> Value | Market <br> Price | Net Asset <br> Value | Market<br> Price |
| Global X Video Games & Esports ETF | -35.19% | -34.22% | &nbsp;&nbsp; 7.09% | 7.41% | &nbsp;&nbsp; 8.52% | &nbsp;&nbsp; 8.99% |
| Solactive Video Games & Esports Index | -34.97% | -34.97% | &nbsp;&nbsp; 7.59% | 7.59% | &nbsp;&nbsp; 9.03% | &nbsp;&nbsp; 9.03% |
| MSCI ACWI Index (Net) | -11.62% | -11.62% | &nbsp;&nbsp; 6.63% | 6.63% | &nbsp;&nbsp; 7.41% | &nbsp;&nbsp; 7.41% |

---

*8*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Video Games & Esports ETF** |

---

![](videogames-line.jpg)

 *\* The Fund commenced operations on October 25, 2019.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*9*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Autonomous & Electric Vehicles ETF**  |

---

 **Global X Autonomous & Electric Vehicles ETF**

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

The Underlying Index is designed to provide exposure to exchange-listed companies that are involved in the development of electric vehicles and/or autonomous vehicles, including companies that produce electric/hybrid vehicles, electric/hybrid vehicle components and materials, autonomous driving technology, and network connected services for transportation, (collectively, "Autonomous and Electric Vehicle Companies"), as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 24.25%, while the Underlying Index decreased 24.11%. The Fund had a net asset value of $30.41 per share on November 30, 2021 and ended the reporting period with a net asset value of $22.89 per share on November 30, 2022.

During the reporting period, the highest returns came from ATI Inc and Pilbara Minerals Limited, which returned 114.26% and 69.28%, respectively. The worst performers were Romeo Power, Inc and XPeng, Inc, which returned -82.37% and -80.35%, respectively.

The Fund generated a negative return during the reporting period due to rising input prices, supply chain disruptions, and weakened in overall automobile sales. Elevated prices for lithium, nickel, and other battery inputs for electric vehicles weighed on profitability and sentiments toward automakers during the reporting period. Autonomous and Electric Vehicle Companies were able to hike prices to pass rising costs onto customers, but generally not enough to avoid margin compression. Input prices and lead times were also negatively impacted by geopolitical events such as the conflict in Ukraine as well as COVID-19 related lockdowns in China. China's "zero tolerance" COVID-19 policy was particularly impactful on Electric vehicle ("EV") deliveries earlier in the reporting period, as stringent lockdowns hindered manufacturing capacity for some Autonomous and Electric Vehicle Companies. Otherwise, overall automobile sales declined amidst rising costs and the prospect of economic downturn, even as EV sales growth remained strong. As such, several of the traditional automakers held by Fund reported mixed earnings results. During the reporting period, the Fund maintained an average approximate sector allocation of 35% to Consumer Discretionary, 29% to Information Technology, and 18% to Materials. Geographically, the Fund maintained an average allocation of 58% to the United States, 10% to Japan, and 6% to China.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Three Year Return | Three Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | Net Asset <br> Value | Market<br> Price | Net Asset<br> Value | Market<br> Price | Net Asset<br> Value | Market<br> Price |
| Global X Autonomous & Electric Vehicles ETF | -24.25% | -23.89% | 18.07% | 18.36% | 10.81% | 10.99% |
| Solactive Autonomous & Electric Vehicles Index | -24.11% | -24.11% | 18.46% | 18.46% | 11.03% | 11.03% |
| MSCI ACWI Index (Net) | -11.62% | -11.62% | 6.63% | 6.63% | 6.56% | 6.56% |

---

*10*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Autonomous & Electric Vehicles ETF** |

---

![](autonomous-line.jpg)

 *\* The Fund commenced operations on April 13, 2018.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*11*

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![](pagelogo.jpg)

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Cloud Computing ETF**  |

---

 **Global X Cloud Computing ETF**

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

The Underlying Index is designed to provide exposure to exchange-listed companies in developed and emerging markets that are positioned to benefit from the increased adoption of cloud computing technology, including but not limited to companies whose principal business is in offering computing Software-as-a-Service, Platform-as-a-Service, Infrastructure-as-a-Service, managed server storage space and data center REITs, and/or cloud and edge computing infrastructure and hardware (collectively, "Cloud Computing Companies"), as defined by Indxx LLC, the provider of the Underlying Index.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 39.88%, while the Underlying Index decreased 39.48%. The Fund had a net asset value of $28.38 per share on November 30, 2021 and ended the reporting period with a net asset value of $16.77 per share on November 30, 2022.

During the reporting period, the highest returns came from Anaplan, Inc and International Business Machines Corporation, which returned 48.87% and 33.54%, respectively. The worst performers were Twilio, Inc and Kingsoft Cloud Holdings Limited, which returned -82.87% and -82.52%, respectively.

The Fund posted negative returns during the reporting period due to pushback on cloud migration, recession concerns amongst investors, and rising prices of cloud platforms. Categories of software that were extremely popular during the pandemic saw demand drops during the reporting period as businesses grappled with return to normalcy following the COVID-19 pandemic. As enterprises also adjusted their spending and cut back on spending and hiring, the sales dynamics and cycles of Cloud Computing Companies were negatively affected. This hurt sales momentum of Cloud Computing Companies, and in turn negatively impacted the Fund's returns. During the reporting period, the Fund had an average approximate sector allocation of 82% to Information Technology, 9% to Communication Services, and 5% to Real Estate. Geographically, the Fund maintained an average allocation of 90% to the United States, 4% to Israel, and 3% to Canada.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | &nbsp;&nbsp; One Year Return | &nbsp;&nbsp; One Year Return | Three Year Return | Three Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | Net Asset <br> Value | Market <br> Price | Net Asset <br> Value | Market <br> Price | Net Asset <br> Value | Market<br> Price |
| Global X Cloud Computing ETF | -39.88% | -39.95% | 2.20% | 2.24% | 3.50% | 3.63% |
| Indxx Global Cloud Computing Index | -39.48% | -39.48% | 2.86% | 2.86% | 4.14% | 4.14% |
| MSCI ACWI Index (Net) | -11.62% | -11.62% | 6.63% | 6.63% | 7.21% | 7.21% |

---

*12*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Cloud Computing ETF**  |

---

![](cloud-line.jpg)

 *\* The Fund commenced operations on April 12, 2019.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*13*

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![](pagelogo.jpg)

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Data Center REITs & Digital Infrastructure ETF**  |

---

 **Global X Data Center REITs & Digital Infrastructure ETF**

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

The Underlying Index is designed to provide exposure to companies that have business operations in the fields of data centers, cellular towers, and/or digital infrastructure hardware. Specifically, the Underlying Index will include securities issued by "Data Center REITs & Digital Infrastructure Companies" as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 23.11%, while the Underlying Index decreased 23.13%. The Fund had a net asset value of $17.83 per share on November 30, 2021 and ended the reporting period with a net asset value of $13.52 per share on November 30, 2022.

During the reporting period, the highest returns came from Super Micro Computer, Inc and Switch, Inc, which returned 67.06% and 26.06%, respectively. The worst performers were Cyxtera Technologies, Inc and GDS Holdings Ltd, which returned -83.63% and -71.63%, respectively.

The Fund's performance was negatively impacted during the reporting period, due to the ongoing Russia-Ukraine conflict, which resulted in multiple economic sanctions and disruptions across the market. In addition, interest rate hikes by the Federal Reserve affected real estate investments, and looming recessionary fears further aggravated the decline. Real estate investment trusts ("REITs") invested in cellular tower technologies suffered decreased revenues due to weaknesses in the technologies of their underlying companies, as well as competitive threats from emerging satellite technologies. Some cellular tower REITs and data center REITs faced revenue pressures due to the strong U.S. dollar during the reporting period. The Fund had the highest average approximate sector exposure to the Real Estate (63%) and Information Technology (23%) sectors during the reporting period. Geographically, the Fund maintained an average sector allocation of 73% to the United States, followed by China (10%).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE PERIOD ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE PERIOD ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE PERIOD ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE PERIOD ENDED<br> NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X Data Center REITs & Digital Infrastructure ETF | -23.11% | -23.57% | -3.80% | -4.07% |
| Solactive Data Center REITs & Digital Infrastructure Index | -23.13% | -23.13% | -3.77% | -3.77% |
| MSCI ACWI Index (Net) | -11.62% | -11.62% | 6.53% | 6.53% |

---

*14*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Data Center REITs & Digital Infrastructure ETF**  |

---

![](datacenter-line.jpg)

 *\* The Fund commenced operations on October 27, 2020.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*15*

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![](pagelogo.jpg)

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Cybersecurity ETF**  |

---

 **Global X Cybersecurity ETF**

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

The Underlying Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from increased adoption of cybersecurity technology, including but not limited to companies whose principal business is in the development and management of security protocols preventing intrusion and attacks to systems, networks, applications, computers, and mobile devices (collectively, "Cybersecurity Companies"), as determined by Indxx LLC, the provider of the Underlying Index.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 27.56%, while the Underlying Index decreased 27.21%. The Fund had a net asset value of $31.75 per share on November 30, 2021 and ended the reporting period with a net asset value of $22.85 per share on November 30, 2022.

During the reporting period, the highest returns came from Tufin Software Technologies Ltd and Mandiant, Inc, which returned 56.66% and 35.42%, respectively. The worst performers were Rapid7 Inc and Okta, Inc, which returned -76.30% and -75.23%, respectively.

Cybersecurity Companies suffered during the reporting period due to the broad market sell off that adversely affected technology companies, which was a main contributor to the Fund's negative returns. Moreover, with changing economic conditions, corporate IT divisions attempted to minimize costs, which negatively impacted spending on certain categories of software and services, derailing investor confidence in cybersecurity stocks as well as other high-growth software companies. This resulted in the Fund's poor performance relative to the broad market during the reporting period. Lack of profitability for several high-growth Cybersecurity Companies decreased investor confidence, causing a sell-off by investors. During the reporting period, the Fund maintained an average approximate sector allocation of (100%) to Information Technology. Geographically, the Fund maintained an average allocation to the United States at 70% and Israel at 14%.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | &nbsp;&nbsp; One Year Return | &nbsp;&nbsp; One Year Return | Three Year Return | Three Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | Net Asset<br> Value | Market <br> Price | Net Asset <br> Value | Market <br> Price | Net Asset <br> Value | Market <br> Price |
| Global X Cybersecurity ETF | -27.56% | -27.45% | 10.62% | 10.52% | 14.44% | 15.26% |
| Indxx Cybersecurity Index | -27.21% | -27.21% | 11.10% | 11.10% | 14.93% | 14.93% |
| MSCI ACWI Index (Net) | -11.62% | -11.62% | 6.63% | 6.63% | 7.41% | 7.41% |

---

*16*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Cybersecurity ETF**  |

---

![](cybersecurity-line.jpg)

 *\* The Fund commenced operations on October 25, 2019.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*17*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Artificial Intelligence & Technology ETF**  |

---

 **Global X Artificial Intelligence & Technology ETF**

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

The Underlying Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from the further development and utilization of artificial intelligence ("AI") technology in their products and services, as well as to companies that provide hardware which facilitates the use of artificial intelligence for the analysis of big data (collectively, "Artificial Intelligence & Big Data Companies"), as defined by Indxx, LLC, the provider of the Underlying Index.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 31.58%, while the Underlying Index decreased 31.32%. The Fund had a net asset value of $31.58 per share on November 30, 2021 and ended the reporting period with a net asset value of $21.54 per share on November 30, 2022.

During the reporting period, the highest returns came from Super Micro Computer, Inc and Nielsen Holdings Plc, which returned 117.95% and 47.19%, respectively. The worst performers were Upstart Holdings, Inc and Twilio, Inc, which returned -90.46% and -82.87%, respectively.

The Fund's negative performance during the reporting period was attributable to a macroeconomic environment characterized by inflation, rising rates, and recession fears among investors. Consumer electronics such as smartphones and personal computers, as well as segments such as gaming, saw weaker demand, negatively impacting semiconductor sales. Many companies initiated budget drawdowns, putting new AI projects, hiring, and technology procurement on hold. Recent U.S. export controls on China also further complicated global supply chains. During the reporting period, the Fund maintained an average approximate allocation of 62% to Information Technology, 15% to Communication Services, and 12% to Consumer Discretionary. Geographically, the Fund maintained an average exposure of 70% to the United States, 10% to China, and 4% to South Korea.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Three Year Return | Three Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | Net Asset <br> Value | Market<br> Price | Net Asset<br> Value | Market<br> Price | Net Asset <br> Value | Market <br> Price |
| Global X Artificial Intelligence & Technology ETF | -31.58% | -31.49% | 7.92% | 8.31% | 8.75% | 8.97% |
| Indxx Artificial Intelligence & Big Data Index | -31.32% | -31.32% | 8.37% | 8.37% | 9.17% | 9.17% |
| MSCI ACWI Index (Net) | -11.62% | -11.62% | 6.63% | 6.63% | 6.21% | 6.21% |

---

*18*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Artificial Intelligence & Technology ETF**  |

---

![](artintel-line.jpg)

 *\* The Fund commenced operations on May 11, 2018.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*19*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Metaverse ETF**  |

---

 **Global X Metaverse ETF**

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

The Underlying Index is designed to provide exposure to companies that are positioned to benefit from the development and commercialization of the metaverse. The metaverse is a set of virtual, three dimensional, real-time rendered spaces and simulations that can be experienced simultaneously by users regardless of the users' physical location.

From the inception of the Fund to the period ended November 30, 2022 (the "reporting period"), the Fund decreased 18.87%, while the Underlying Index decreased 18.70%. The Fund had a net asset value of $24.10 per share on April 26, 2022 and ended the reporting period with a net asset value of $19.20 per share on November 30, 2022.

During the reporting period, the highest returns came from Hello Group Inc and Kingsoft Corp. Ltd, which returned 36.34% and 23.72%, respectively. The worst performers were Snap Inc and Coinbase Global Inc, which returned -64.06% and -64.03%, respectively.

The Fund generated negative returns since its inception as growth stocks within the Fund's primary sectors of exposure, communication services and technology, underperformed due to rising interest rates and poor macroeconomic conditions. Many large-cap technology & social media companies held by the Fund also underperformed, consistent with the selloff more broadly across growth stocks. Metaverse developments and investments took a backseat as companies focused on salvaging growth in their current lines of business. During the reporting period, the Fund had an average approximate allocation of 69% to Communication Services, 24% to Information Technology, and 4% to Financials. Geographically, the Fund maintained an average exposure of 50% to the United States, followed by 22% to Japan, and 12% to China.

---

| | | |
|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE PERIOD ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE PERIOD ENDED<br> NOVEMBER 30, 2022 |
|  | Cumulative Inception to Date\* | Cumulative Inception to Date\* |
|  | Net Asset Value | Market Price |
| Global X Metaverse ETF | -18.87% | -18.20% |
| Global X Metaverse Index | -18.70% | -18.70% |
| MSCI ACWI Index (Net)  | -2.57% | &nbsp;&nbsp;&nbsp;&nbsp;-2.57% |

---

*20*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Metaverse ETF**  |

---

![](metaverse-line.jpg)

 *\* The Fund commenced operations on April 26, 2022.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*21*

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![](pagelogo.jpg)

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Millennial Consumer ETF**  |

---

 **Global X Millennial Consumer ETF**

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

The Underlying Index measures the performance of U.S. listed companies that provide exposure to the Millennial generation, ("Millennial Companies") , as defined by Indxx, LLC, the provider of the Underlying Index. The Millennial generation refers to the demographic cohort in the US with birth years ranging from 1980 to 2000.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 33.29%, while the Underlying Index decreased 33.01%. The Fund had a net asset value of $42.68 per share on November 30, 2021 and ended the reporting period with a net asset value of $28.43 per share on November 30, 2022.

During the reporting period, the highest returns came from Strategic Education, Inc and Blucora, Inc, which returned 58.55% and 54.73%, respectively. The worst performers were Carvana Co and Wayfair, Inc, which returned -97.25% and -85.22%, respectively.

Millennial Companies generated negative returns during the reporting period. The disruption caused by stagnant income growth, rising inflation, and rising student debt significantly affected millennials' ability to build wealth and led to reduced spending, which contributed to the Fund's negative returns. Millennials, who currently form the largest generation in the United States, suffered from rising prices for luxuries such as dining out, plane tickets, hotels, and even certain monthly subscriptions. Millennials, who are typically key drivers of sales growth for both homes and cars, suffered higher financing costs during the reporting period due to interest rate hikes, which affected their purchasing power. To gain exposure to these segments, the Fund maintained an average approximate sector allocation of approximately 41% to Consumer Discretionary, 26% to Communication Services, and 15% to Information Technology during the reporting period.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Three Year Return | Three Year Return | Five Year Return | Five Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market<br> Price |
| Global X Millennial Consumer ETF | -33.29% | -33.33% | 3.88% | 3.77% | 8.73% | 8.69% | 10.68% | 10.59% |
| Indxx Millennials Thematic Index | -33.01% | -33.01% | 4.40% | 4.40% | 9.28% | 9.28% | 11.19% | 11.19% |
| S&P 500<sup>®</sup> Index | -9.21% | -9.21% | 10.91% | 10.91% | 10.98% | 10.98% | 13.10% | 13.10% |

---

*22*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Millennial Consumer ETF**  |

---

![](millenial-line.jpg)

 *\* The Fund commenced operations on May 4, 2016.*

The S&P 500<sup>®</sup> Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*23*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Education ETF**  |

---

 **Global X Education ETF**

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

The Underlying Index is designed to provide exposure to exchange-listed companies globally that provide educational products and services, including companies primarily involved in digital learning and educational content/publishing, as well as early childhood education, secondary education, higher education, professional education and enterprise video and chat communication platforms, (collectively, "Education Companies"), as defined by Indxx, LLC, the provider of the Underlying Index.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 22.82%, while the Underlying Index decreased 22.36%. The Fund had a net asset value of $28.62 per share on November 30, 2021 and ended the reporting period with a net asset value of $22.03 per share on November 30, 2022, following a 1:3 reverse share split on December 19, 2022.

During the reporting period, the highest returns came from Koolearn Technology Holding Limited and Pearson Plc, which returned 404.30% and 54.96%, respectively. The worst performers were Zhangmen Education, Inc and Skillsoft Corp, which returned -91.50% and -83.65%, respectively.

The growing popularity of open-source educational resources, free online content, and an increased threat of a substitute product or service affected the education industry's growth, resulting in negative returns for the Fund during the reporting period. Furthermore, Chinese regulators ordered all private Education Companies to halt or cease commercially viable offerings. As a result, Chinese education technology stocks suffered. This adversely affected investor sentiment across the entire education technology segment. During the reporting period, the average approximate sector weighting of the Fund was highest in Consumer Discretionary (60%), followed by Communication Services (23%) and Information Technology (14%). Geographically, the Fund maintained an average allocation of (49%) to United States stocks, followed by China (15%) and the United Kingdom (10%).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X Education ETF | -22.82% | -22.36% | -26.12% | -26.04% |
| Indxx Global Education Thematic Index | -22.36% | -22.36% | -25.72% | -25.72% |
| MSCI ACWI Index (Net) | -11.62% | -11.62% | 8.27% | 8.27% |

---

*24*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Education ETF**  |

---

![](education-line.jpg)

 *\* The Fund commenced operations on July 10, 2020.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*25*

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![](pagelogo.jpg)

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Cannabis ETF**  |

---

 **Global X Cannabis ETF**

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

The Underlying Index is designed to provide exposure to exchange-listed companies that are active in the cannabis industry (collectively, "Cannabis Companies"), as defined by Solactive AG, the provider of the Underlying Index (the "Index Provider"). In order to be eligible for inclusion in the Underlying Index, a company is considered by the Index Provider to be a Cannabis Company if it derives at least 50% of its revenue, operating income, or assets from the cannabis industry.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 63.88%, while the Underlying Index decreased 64.90%. The Fund had a net asset value of $43.32 per share on November 30, 2021 and ended the reporting period with a net asset value of $14.95 per share on November 30, 2022, following a 1:6 reverse share split on June 10, 2022.

During the reporting period, the highest returns came from Fire & Flower Holdings Corp and BYND Cannasoft Enterprises, Inc, which returned 107.51% and 67.67%, respectively. The worst performers were Auxly Cannabis Group Inc and Power REIT, which returned -91.47% and -91.37%, respectively.

Continued banking restrictions on Cannabis Companies in the U.S. and rising interest rates contributed to the Fund's negative performance over the reporting period. Ongoing impediments in meaningful cannabis regulation, such as the Secure and Far Enforcement (SAFE) Banking Act in the U.S. hampered investor sentiment. In legal markets, such as Canada, ongoing competition from the illegal cannabis market resulted in continued pricing compression. Small-capitalization companies with growth oriented profiles, including many Cannabis Companies, were particularly affected by the macroeconomic environment during the reporting period. During the reporting period, the Fund had an average approximate sector allocation of 83% to Health care and 6% to Financials. Geographically, the fund maintained an average allocation of 67% to stocks in Canada, followed by the United States (28%) and Australia (3%).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | &nbsp;&nbsp; One Year Return | &nbsp;&nbsp; One Year Return | Three Year Return | Three Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | Net Asset <br> Value | Market<br> Price | Net Asset<br> Value | Market<br> Price | Net Asset <br> Value | Market <br> Price |
| Global X Cannabis ETF | -63.88% | -64.09% | -43.18% | -43.21% | -49.06% | -49.37% |
| Cannabis Index | -64.90% | -64.90% | -45.78% | -45.78% | -51.39% | -51.39% |
| MSCI ACWI Index (Net) | -11.62% | -11.62% | 6.63% | 6.63% | 7.57% | 7.57% |

---

*26*

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![](pagelogo.jpg)

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Cannabis ETF**  |

---

![](canabis-line.jpg)

 *\* The Fund commenced operations on September 17, 2019.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*27*

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Genomics & Biotechnology ETF**  |

---

 **Global X Genomics & Biotechnology ETF**

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

The Underlying Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from further advances in the field of genomic science and biotechnology, as well as applications thereof (collectively, "Genomics & Biotechnology Companies"), as defined by Solactive AG, the provider of the Underlying Index. Genomics business operations include the following: (i) gene editing, (ii) genomic sequencing, (iii) development and testing of genetic medicine/ therapies, (iv) computational genomics and genetic diagnostics, and/or (v) biotechnology.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 34.72%, while the Underlying Index decreased 34.47%. The Fund had a net asset value of $20.61 per share on November 30, 2021 and ended the reporting period with a net asset value of $13.45 per share on November 30, 2022.

During the reporting period, the highest returns came from Vertex Pharmaceuticals Incorporated and Verve Therapeutics, Inc, which returned 69.25% and 69.19%, respectively. The worst performers were ProQR Therapeutics NV and NanoString Technologies, Inc, which returned -90.39% and -82.99%, respectively.

The Fund generated negative returns during the reporting period, as investor concerns about interest rate hikes, higher instrument costs, regulatory factors, and an ongoing labor shortage suppressed profit margins. Ongoing macroeconomic concerns eclipsed traditional catalysts and reduced the appetite for pharmaceutical mergers and acquisitions (M&A) activity, impacting performance and valuations of smaller-capitalization Genomics firms. Broader ramifications from rising interest rates, compounded by weakening M&A interest from large pharmaceutical firms, added more scrutiny to the cash runways for genomic firms. This resulted in reprioritization of capital deployment and layoffs across Genomics & Biotechnology Companies. During the reporting period, the Fund was invested 100% in the Healthcare sector. Geographically, the Fund primarily maintained an average allocation of 88% to stocks in the United States, followed by Switzerland (4%) and Germany (4%).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | &nbsp;&nbsp; One Year Return | &nbsp;&nbsp; One Year Return | Three Year Return | Three Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | Net Asset<br> Value | Market <br> Price | Net Asset<br> Value | Market<br> Price | Net Asset<br> Value | Market<br> Price |
| Global X Genomics & Biotechnology ETF | -34.72% | -34.35% | -4.79% | -4.77% | -3.38% | -2.80% |
| Solactive Genomics Index | -34.47% | -34.47% | -4.37% | -4.37% | -2.91% | -2.91% |
|  MSCI ACWI Index (Net) | -11.62% | -11.62% | 6.63% | 6.63% | 7.31% | 7.31% |

---

*28*

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![](pagelogo.jpg)

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Genomics & Biotechnology ETF**  |

---

![](geonomics-line.jpg)

 *\* The Fund commenced operations on April 5, 2019.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*29*

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X China Biotech Innovation ETF**  |

---

 **Global X China Biotech Innovation ETF**

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

The Underlying Index is designed to provide exposure to exchange-listed companies that are directly involved in China's biotechnology industry. In constructing the index, Solactive AG, the provider of the Underlying Index, utilizes FactSet Industry classifications to identify companies that are directly involved in the biotechnology industry. Only those securities classified in the biotechnology industry according to FactSet as of each rebalance date are eligible for inclusion in the Underlying Index. The Underlying Index is weighted according to a modified capitalization weighting methodology and is reconstituted and re-weighted semi-annually.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 39.24%, while the Underlying Index decreased 38.81%. The Fund had a net asset value of $15.96 per share on November 30, 2021 and ended the reporting period with a net asset value of $9.68 per share on November 30, 2022.

During the reporting period, the highest returns came from CSPC Pharmaceutical Group Limited and 3SBio, Inc, which returned 32.36% and 27.30%, respectively. The worst performers were Kintor Pharmaceutical Ltd and JW (Cayman) Therapeutics Co. Ltd, which returned -76.43% and -71.12%, respectively.

The Fund generated negative returns during the reporting period, as many biotech companies faced a cash crunch and struggled to raise capital as investors who bought shares during the COVID-19 pandemic began to move away from the sector. Ongoing macroeconomic worries overshadowed traditional biotechnology catalysts and hampered down pharmaceutical mergers and acquisitions (M&A) activity, impacting the Fund's performance. Ongoing disruptions in China due to the spread of COVID-19 and an increased focus on diversifying manufacturing capabilities also hampered the Chinese Biotechnology sector. In the U.S., President Biden signed an executive order to increase domestic biopharmaceutical production to lessen dependency on China, a move that particularly impacted China-based Biotechnology firms with significant revenue exposure to Western markets. During the reporting period, the Fund had an average approximate allocation of 96% to Health Care, and 4% to Consumer Staples. Geographically, the Fund maintained an average allocation of 93% to China, 5% to United States and 2% to Hong Kong.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X China Biotech Innovation ETF | -39.24% | -38.84% | -18.29% | -18.02% |
| Solactive China Biotech Innovation Index | -38.81% | -38.81% | -17.75% | -17.75% |
| MSCI Emerging Markets Index (Net) | -17.43% | -17.43% | -2.55% | -2.55% |

---

*30*

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![](pagelogo.jpg)

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X China Biotech Innovation ETF**  |

---

![](chinabiotech-line.jpg)

 *\* The Fund commenced operations on September 22, 2020.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*31*

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![](pagelogo.jpg)

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Telemedicine & Digital Health ETF**  |

---

 **Global X Telemedicine & Digital Health ETF**

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

The Underlying Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from further advances in the field of telemedicine and digital health, as well as applications thereof (collectively, "Telemedicine & Digital Health Companies"), as defined by Solactive AG, the provider of the Underlying Index (the "Index Provider"). In order to be eligible for inclusion in the Underlying Index, a company is considered by the Index Provider to be a Telemedicine & Digital Health Company if it derives at least 50% of its revenue, operating income, or assets from telemedicine and/ or digital health. Telemedicine & Digital Health Companies include those involved in the following business activities: (i) telemedicine, (ii) healthcare analytics, (iii) connected healthcare devices, and/ or (iv) administrative digitization.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 25.06%, while the Underlying Index decreased 24.68%. The Fund had a net asset value of $16.32 per share on November 30, 2021 and ended the reporting period with a net asset value of $12.23 per share on November 30, 2022.

During the reporting period, the highest returns came from Signify Health, Inc and SOC Telemed, Inc, which returned 110.6% and 47.78%, respectively. The worst performers were GoodRx Holdings, Inc and Invitae Corp, which returned -89.08% and -82.53%, respectively.

The Fund generated negative returns during the reporting period, as many telehealth flexibilities were temporary and thus phased out as the COVID-19 pandemic faded, resulting in moderated growth expectations for Telemedicine and Digital Health companies. Although many Telemedicine & Digital Health Companies continue to invest in integrated capabilities that enable long-term adoption and integration with digital health technology, uncertainty around the timing and way governments will treat the use of telemedicine and digital health slowed the industry's growth. Given an uncertain regulatory backdrop, digital health firms garnered further scrutiny regarding their path to profitability, leading to layoffs across the industry. During the reporting period, the average approximate sector weightings of the Fund were reported to be the highest in Health Care, at 88%, followed by Consumer Discretionary at 10%. Geographically, the Fund maintained an average allocation of 87% to United States stocks, followed by China (10%) and Germany (2%).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X Telemedicine & Digital Health ETF | -25.06% | -25.20% | -8.94% | -9.03% |
| Solactive Telemedicine & Digital Health Index | -24.68% | -24.68% | -8.42% | -8.42% |
| MSCI ACWI Index (Net) | -11.62% | -11.62% | 7.29% | 7.29% |

---

*32*

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![](pagelogo.jpg)

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Telemedicine & Digital Health ETF**  |

---

![](image00001.jpg)

 *\* The Fund commenced operations on July 29, 2020.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*33*

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![](pagelogo.jpg)

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Aging Population ETF**  |

---

 **Global X Aging Population ETF**

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

The Underlying Index is designed to provide exposure to exchange-listed companies in developed markets that facilitate the demographic trend of longer average life spans and the aging of the global population, including but not limited to companies involved in biotechnology, medical devices, pharmaceuticals, senior living facilities and specialized health care services (collectively, "Aging Population Companies"), as defined by Indxx, LLC, the provider of the Underlying Index.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 2.47%, while the Underlying Index decreased 2.35%. The Fund had a net asset value of $27.41 per share on November 30, 2021 and ended the reporting period with a net asset value of $26.46 per share on November 30, 2022.

During the reporting period, the highest returns came from Arena Pharmaceuticals, Inc and Halozyme Therapeutics, Inc, which returned 83.50% and 74.15%, respectively. The worst performers were Orpea SA and Epizyme, Inc, which returned -92.84% and -76.63%, respectively.

Businesses dedicated to serving the aging population faced labor shortages, rising costs due to high inflation, and supply chain disruptions caused by geopolitical issues, all of which suppressed margins and resulted in negative Fund returns during the reporting period. The Inflation Reduction Act (IRA) in the United States also hindered investor sentiment, as the risks to potential out-of-pocket maximums and Medicare's ability to negotiate drug prices were expected to disproportionately affect Aging Population Companies. Aging-related services like senior homes experienced consistent labor challenges, which resulted in compressed margins. Persistent challenges posed by the COVID-19 pandemic have continued to negatively impact occupancy rates. However, the Health Care sector, and in turn, the Fund, outperformed other broad equity market indexes as investors began taking more defensive approaches to equity allocations. Over the reporting period, the Fund saw an average approximate allocation of 94% to Health Care and 6% to Real Estate. Geographically, the Fund maintained an average allocation to the United States (63%), followed by Switzerland (9%), and Japan (7%).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Three Year Return | Three Year Return | Five Year Return | Five Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | &nbsp;&nbsp; Net<br> Asset<br> Value | Market<br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price |
| Global X Aging Population ETF | -2.47% | -2.28% | 4.70% | 4.60% | 7.13% | 7.08% | 9.59% | 10.02% |
| Indxx Aging Population Thematic Index | -2.35% | -2.35% | 4.89% | 4.89% | 7.33% | 7.33% | 9.86% | 9.86% |
| MSCI ACWI Index (Net) | -11.62% | -11.62% | 6.63% | 6.63% | 6.41% | 6.41% | 9.36% | 9.36% |

---

*34*

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![](pagelogo.jpg)

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Aging Population ETF**  |

---

![](agingpop-line.jpg)

 *\* The Fund commenced operations on May 9, 2016.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*35*

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Health & Wellness ETF**  |

---

 **Global X Health & Wellness ETF**

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

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

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 23.11%, while the Underlying Index decreased 22.87%. The Fund had a net asset value of $28.04 per share on November 30, 2021 and ended the reporting period with a net asset value of $21.37 per share on November 30, 2022.

During the reporting period, the highest returns came from Cal-Maine Foods, Inc and Celsius Holdings, Inc, which returned 66.74% and 62.75%, respectively. The worst performers were WW International, Inc, and F45 Training Holdings, Inc, which returned -75.45% and -74.31%, respectively.

Rising inflation, pricing compressions, and ongoing supply chain constraints resulted in negative returns for the Fund during the reporting period. Ongoing pricing compression particularly impacted luxury retailers and gym servicers, as recessionary concerns tampered down consumer demand for fitness and wellness services and products. This particularly impacted products with high up-front costs such as at-home exercise equipment. This forced Health & Wellness Companies to reconsider new payment structures and subscription fees to help withstand ongoing headwinds. During the reporting period, the Fund had an average approximate sector allocation of 71% to Consumer Discretionary, 23% to Consumer Staples, and 6% to Health Care. Geographically, the Fund maintained an average exposure of 44% to the United States, followed by 14% to Japan, and 12% to China.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Three Year Return | Three Year Return | Five Year Return | Five Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | &nbsp;&nbsp; Net<br> Asset<br> Value | Market<br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market<br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price |
| Global X Health & Wellness ETF | -23.11% | -23.93% | 0.92% | 0.76% | 6.15% | 6.08% | 6.37% | 6.49% |
| Indxx Global Health & Wellness Thematic Index | -22.87% | -22.87% | 1.27% | 1.27% | 6.54% | 6.54% | 6.80% | 6.80% |
| MSCI ACWI Index (Net) | -11.62% | -11.62% | 6.63% | 6.63% | 6.41% | 6.41% | 9.36% | 9.36% |

---

*36*

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![](pagelogo.jpg)

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Health & Wellness ETF**  |

---

![](healthwellness-line.jpg)

 *\* The Fund commenced operations on May 9, 2016.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*37*

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X CleanTech ETF**  |

---

 **Global X CleanTech ETF**

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

The Underlying Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from the increased adoption of technologies focused on improving the efficiency of renewable energy production and/or mitigating the adverse environmental effects of resource consumption, including, but not limited to, companies whose principal business is in developing technology relating to renewable energy, energy efficiency and storage, smart grid, lithium-ion batteries and/or fuel cells, and/or pollution prevention/amelioration (collectively, "CleanTech Companies"), as defined by Indxx LLC, the provider of the Underlying Index.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 20.38%, while the Underlying Index decreased 19.99%. The Fund had a net asset value of $20.43 per share on November 30, 2021 and ended the reporting period with a net asset value of $16.20 per share on November 30, 2022.

During the reporting period, the highest returns came from First Solar, Inc and Hanwha Solutions Corporation, which returned 66.53% and 40.02%, respectively. The worst performers were Novonix Ltd and ITM Power Plc, which returned -83.38% and -79.73%, respectively.

The Fund generated negative returns during the reporting period, as elevated raw material and shipping costs, ongoing supply chain issues, and inflation suppressed margins of CleanTech Companies. In particular, high polysilicon prices added pressure on CleanTech Companies in the solar energy sector, while higher natural gas prices weighed on hydrogen producers. Additionally, policy uncertainty in the U.S. solar power sector and the Russia-Ukraine War impacted notable utility-scale project timelines within the wind and solar power sectors. During the reporting period, average sector weighting of the Fund was reported to be the highest in Industrials, at 46%, followed by Information Technology at 43%. Geographically, the Fund had an average exposure of 41% to the United States, followed by 15% to China and 14% to South Korea.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X CleanTech ETF | -20.38% | -19.44% | 3.75% | 4.09% |
| Indxx Global CleanTech Index | -19.99% | -19.99% | 2.86% | 2.86% |
| MSCI ACWI Index (Net) | -11.62% | -11.62% | 6.53% | 6.53% |

---

*38*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X CleanTech ETF**  |

---

![](cleantech-line.jpg)

 *\* The Fund commenced operations on October 27, 2020.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*39*

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X U.S. Infrastructure Development ETF**  |

---

 **Global X U.S. Infrastructure Development ETF**

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

The Underlying Index is designed to measure the performance of U.S. listed companies that provide exposure to domestic infrastructure development, including companies involved in construction and engineering; production of infrastructure raw materials, composites and products; industrial transportation; and producers/distributors of heavy construction equipment (collectively, "U.S. Infrastructure Development Companies"), as defined by Indxx, LLC, the provider of the Underlying Index.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund increased 3.48%, while the Underlying Index increased 4.08%. The Fund had a net asset value of $27.19 per share on November 30, 2021 and ended the reporting period with a net asset value of $27.94 per share on November 30, 2022.

During the reporting period, the highest returns came from ATI Inc and Steel Dynamics, Inc, which returned 114.26% and 76.97%, respectively. The worst performers were Willdan Group, Inc and Atlas Technical Consultants, Inc, which returned -56.16% and -46.44%, respectively.

The Fund generated positive returns during the reporting period due to strong demand for construction equipment and services and constructive legislative actions. High prices for construction materials such as steel and concrete directly boosted the top and bottom lines for suppliers through much of the reporting period. Although supply chain disruption translated into higher production and shipping costs for equipment manufacturers, these companies were able to pass costs along to customers to preserve margins during a period of high demand. Despite a challenging economic backdrop, positive sentiment persisted across the Fund as U.S. Infrastructure Development Companies reported strong results and rollout continued for legislature that could boost domestic construction, such as the Infrastructure Investment and Jobs Act and CHIPS Act. During the reporting period, the Fund saw an average approximate allocation of 70% to Industrials, 24% to Materials, and 3% to Utilities.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Three Year Return | Three Year Return | Five Year Return | Five Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price |
| Global X U.S. Infrastructure Development ETF | 3.48% | 3.40% | 17.69% | 17.67% | 12.28% | 12.24% | 12.09% | 12.09% |
| Indxx U.S. Infrastructure Development Index | 4.08% | 4.08% | 18.32% | 18.32% | 12.85% | 12.85% | 12.66% | 12.66% |
| S&P 500<sup>®</sup> Index | -9.21% | -9.21% | 10.91% | 10.91% | 10.98% | 10.98% | 11.88% | 11.88% |

---

*40*

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![](pagelogo.jpg)

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X U.S. Infrastructure Development ETF**  |

---

![](usinfrastructure-line.jpg) <br>

 *\* The Fund commenced operations on March 6, 2017.*

The S&P 500<sup>®</sup> Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*41*

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Thematic Growth ETF**  |

---

 **Global X Thematic Growth ETF**

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

The Underlying Index seeks to provide broad exposure to thematic growth strategies using a portfolio of exchange-traded funds (each, an "Underlying ETF"). The Underlying Index allocates index weights among the Underlying ETFs based on a quantitative methodology developed by Solactive AG, the provider of the Underlying Index, which is designed to determine the selection and weighting of the eligible Underlying ETFs.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 44.36%, while the Underlying Index decreased 44.51%. The Fund had a net asset value of $47.65 per share on November 30, 2021 and ended the reporting period with a net asset value of $26.14 per share on November 30, 2022.

During the reporting period, the highest returns came from the Global X Data Center REITs and Digital Infrastructure ETF and the Global X Renewable Energy Producers ETF, which returned -8.13% and -11.59%, respectively. The worst performers were Global X Cannabis ETF and Global X FinTech ETF, which returned -63.95% and -52.43%, respectively.

The Fund's performance was negatively impacted during the reporting period due to the performance of its Underlying Funds. A portion of the negative performance can be attributed to security, sustainability, and regulatory challenges associated with blockchain technology. Additionally, rising interest rates and recessionary fears of investors affected the cost and usage of financial technology, social media, and cloud platforms which negatively impacted performance during the reporting period. Interest rate hikes by the U.S. Federal Reserve also impacted cannabis manufacturers, along with tightened regulations. Within the genomics sector, macroeconomic concerns slowed mergers and acquisitions activity, negatively impacting cash flow for firms. Meanwhile, rising prices for raw materials used in battery manufacturing, supply chain disruptions caused by the Russia-Ukraine war and COVID-19-related lockdowns in China affected the global lithium market. This resulted in prices surging and a shortage of lithium components, contributing to the Fund's negative returns. During the reporting period, the Fund had an average approximate allocation of 19% to Global X Fintech ETF, 18% to Global X Genomics & Biotechnology ETF, 17% to Global X Cloud Computing ETF, 12% to Global X Cannabis ETF, 11% to Global X Social Media ETF, 11% to Global X Lithium & Battery Tech ETF and 10% to Global X Robotics & Artificial Intelligence ETF. Among sectors, the Fund had an average approximate allocation of 30% to Information Technology, 19% to Health Care, 14% to Communication Services, 10% to Utilities and 9% to Materials.

*42*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Thematic Growth ETF**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | &nbsp;&nbsp; One Year Return | &nbsp;&nbsp; One Year Return | Three Year Return | Three Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | Net Asset <br> Value | Market<br> Price | Net Asset<br> Value | Market<br> Price | Net Asset <br> Value | Market <br> Price |
| Global X Thematic Growth ETF | -44.36% | -44.24% | 0.36% | 0.42% | 1.95% | 2.39% |
| Solactive Thematic Growth Index | -44.51% | -44.51% | 0.09% | 0.09% | 1.67% | 1.67% |
| MSCI ACWI Index (Net) | -11.62% | -11.62% | 6.63% | 6.63% | 7.41% | 7.41% |

---

![](thematic-line.jpg)

 *\* The Fund commenced operations on October 25, 2019.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

*43*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Thematic Growth ETF** |

---

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

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

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

See definition of comparative indices on the previous pages.

*44*

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X AgTech & Food Innovation ETF**  |

---

 **Global X AgTech & Food Innovation ETF**

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

The Underlying Index is designed to provide exposure to companies that are positioned to benefit from further advances in the fields of agricultural technology ("AgTech") and food innovation. Specifically, the Underlying Index will include securities issued by "AgTech & Food Innovation Companies" as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 20.06%, while the Underlying Index decreased 19.73%. The Fund had a net asset value of $19.76 per share on November 30, 2021 and ended the reporting period with a net asset value of $15.63 per share on November 30, 2022.

During the reporting period, the highest returns came from Archer-Daniels-Midland Company and SunOpta Inc, which returned 59.67% and 56.62%, respectively. The worst performers were Hydrofarm Holdings Group, Inc and Tattooed Chef Inc, which returned -92.39% and -90.62%, respectively.

The Fund generated a negative return during the reporting period due to generally negative investor sentiment towards growth strategies and notable underperformance by various Agtech & Food Innovation Companies. Many AgTech & Food Innovation Companies are in the earlier stages of development, and as such have been acutely affected by increasing costs. Inflation and rising interest rates made it more costly for such companies to scale operations. Additionally, inflation diminished demand for alternative foods during the reporting period, as consumers looked to less expensive staple options. For these reasons, prominent alternative food players, such as Oatly and Beyond Meat, accounted for a significant portion of the Fund's negative performance. During the reporting period, the Fund had an average approximate allocation of 42% to Consumer Staples, 37% to Materials and 15% to Industrials. Geographically, the Fund had an average allocation of 52% to the United States, 16% to Canada, and 9% to China.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Year Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X AgTech & Food Innovation ETF | -20.06% | -20.45% | -28.89% | -28.73% |
| Solactive AgTech & Food Innovation Index | -19.73% | -19.73% | -28.61% | -28.61% |
| MSCI ACWI Index (Net) | -11.62% | -11.62% | -8.25% | -8.25% |

---

*45*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X AgTech & Food Innovation ETF**  |

---

![](agtech-line.jpg)

\* The Fund commenced operations on July 12, 2021.

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*46*

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![](pagelogo.jpg)

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Blockchain ETF**  |

---

 **Global X Blockchain ETF**

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

The Underlying Index is maintained by Solactive, AG (the "Index Provider"). The Underlying Index represents securities of companies that have business operations in the provision of blockchain technologies as defined by the Index Provider.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 86.70%, while the Underlying Index decreased 86.95%. The Fund had a net asset value of $129.32 per share on November 30, 2021 and ended the reporting period with a net asset value of $16.39 per share on November 30, 2022 following a 1:4 reverse share split on December 19, 2022.

During the reporting period, the best performers were Applied Digital Corp. and BIGG Digital Assets Inc., which returned -16.67% and -17.88%, respectively. The worst performers were Voyager Digital Ltd and BIT Mining Limited, which returned -99.24% and -96.67%, respectively.

The Fund generated negative returns during the reporting period as a result of macroeconomic factors and industry-specific events. Macroeconomic factors, such as rising inflation and tightening monetary policies of central banks, put extreme pressure on cryptocurrencies as increased investor fears of an economic downturn shifted capital allocations to more traditional investments. These forces also destabilized a number of actors in the digital assets space, including large hedge funds, lenders, and exchanges, some of which were over-leveraged and had fragile risk-management policies in place. The failures of these and related institutions added to the pressure on digital assets by catalyzing forced selling of cryptocurrencies amid investor concerns. Declining cryptocurrency prices coupled with rising energy costs and an increase in cryptocurrency mining difficulty reduced miner profits. In addition, a reduction in trading volume subsequently affected cryptocurrency exchanges, also negatively affecting the Funds' performance. During the reporting period, the Fund had an average approximate allocation of 71% to Information Technology, 26% to Financials, and 3% to Consumer Discretionary. Geographically, the Fund maintained an average allocation of 66% to the United States, 12% to Canada, and 11% to China. The remaining 11% of the portfolio was allocated across Germany, the United Kingdom, and Australia.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Year Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X Blockchain ETF | -86.70% | -86.63% | -71.92% | -71.78% |
| Solactive Blockchain Index | -86.95% | -86.95% | -72.31% | -72.31% |
| MSCI ACWI Index (Net) | -11.62% | -11.62% | -8.25% | -8.25% |

---

*47*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Blockchain ETF**  |

---

![](blockchain-line.jpg)

 *\* The Fund commenced operations on July 12, 2021.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*48*

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Clean Water ETF**  |

---

 **Global X Clean Water ETF**

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

The Underlying Index is designed to provide exposure to exchange-listed companies expected to benefit from further advances in the provision of clean water, including, but not limited to, companies whose principal business is in water treatment, recycling (including water reclamation), purification, desalination, storage, distribution, and/or sustainability (collectively, "Clean Water Companies"), as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 13.18%, while the Underlying Index decreased 12.90%. The Fund had a net asset value of $16.73 per share on November 30, 2021 and ended the reporting period with a net asset value of $14.30 per share on November 30, 2022.

During the reporting period, the highest returns came from Sabesp (Companhia de Saneamento Básico do Estado de Sao Paulo) and Alkhorayef Water & Power Technologies, which returned 96.35% and 46.03%, respectively. The worst performers were Reliance Worldwide Corp Ltd and WPG (Shanghai) Smart Water Public Co, Ltd, which returned -51.52% and -49.92%, respectively.

The Fund generated a negative return during the reporting period due to pricing pressures and macroeconomic headwinds which impacted investor sentiment toward specific sector allocations. Clean Water Companies contended with various supply chain disruptions that contributed to elevated input costs and longer lead times. Semiconductor supply restraints remained a cause for concern for many Clean Water Companies, although this dynamic is gradually improving. In addition, the macroeconomic backdrop contributed to margin compression for several holdings within the industrials sector. Concerns over inflation, rising interest rates, and the possibility of recession also negatively impacted investor sentiment toward the significant industrials allocation within the Fund. Large companies in the utilities sector generally held up well over the reporting period, providing some balance to the Fund's performance. During the reporting period, the Fund had an average approximate allocation of 45% to Utilities, 42% to Industrials, and 8% to Materials. Geographically, the Fund maintained an average exposure of 70% to the United States, followed by 12% to the United Kingdom, and 7% to China.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Year Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X Clean Water ETF | -13.18% | -13.14% | -1.94% | -1.77% |
| Solactive Global Clean Water Industry Index | -12.90% | -12.90% | -1.63% | -1.63% |
| MSCI ACWI (Net) | -11.62% | -11.62% | -3.93% | -3.93% |

---

*49*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Clean Water ETF**  |

---

<br> ![](cleanwater-line.jpg)

 *\* The Fund commenced operations on April 8, 2021.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*50*

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![](pagelogo.jpg)

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Hydrogen ETF**  |

---

 **Global X Hydrogen ETF**

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

The Underlying index is designed to provide exposure to companies that are positioned to benefit from further advances in the field of hydrogen technology. Hydrogen technology includes products and services focused on the development and implementation of hydrogen gas as a renewable fuel source. Hydrogen technology may play an important role in the transition toward renewable energy and fossil fuels. Specifically, the Underlying Index will include securities issued by "Hydrogen Companies" as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 49.64%, while the Underlying Index decreased 49.59%. The Fund had a net asset value of $24.38 per share on November 30, 2021 and ended the reporting period with a net asset value of $12.27 per share on November 30, 2022.

During the reporting period, the highest returns came from Cummins, Inc and Air Products and Chemicals, Inc, which returned 23.00% and 10.64%, respectively. The worst performers were Lightning eMotors, Inc and ITM Power Plc, which returned -82.15% and -79.73%, respectively.

The Fund generated negative returns during the reporting period. Companies throughout the hydrogen value chain were impacted by rising inflation, increased prices on raw materials, natural gas, and supply chain challenges. In particular, elevated natural gas prices put pressure on producers of grey hydrogen, which is currently the most common form of hydrogen production. High costs for the manufacturing of nascent electrolyzer technologies weighed on performances of electrolyzer producers, negatively impacting the Fund's performance. Company investments into expanding manufacturing capabilities in order to meet future hydrogen demand also attributed to net losses. During the reporting period, the Fund saw an average approximate allocation of 92% to Industrials, 5% to Materials, and 3% to Consumer Discretionary. Geographically, it maintained an average allocation of 43% to the United States, 14% to the United Kingdom, and 10% to Norway.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Year Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X Hydrogen ETF | -49.64% | -50.14% | -40.20% | -40.76% |
| Solactive Global Hydrogen Index | -49.59% | -49.59% | -40.09% | -40.09% |
| MSCI ACWI Index (Net) | -11.62% | -11.62% | -8.25% | -8.25% |

---

*51*

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![](pagelogo.jpg)

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Hydrogen ETF**  |

---

![](hydrogen-line.jpg)

 *\* The Fund commenced operations on July 12, 2021.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*52*

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Solar ETF**  |

---

 **Global X Solar ETF**

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

The Underlying Index is designed to provide exposure to companies that are positioned to benefit from further advances in the field of solar technology. Specifically, the Underlying Index consists of securities issued by "Solar Companies" as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 14.14%, while the Underlying Index decreased 13.66%. The Fund had a net asset value of $25.70 per share on November 30, 2021 and ended the reporting period with a net asset value of $22.06 per share on November 30, 2022.

During the reporting period, the highest returns came from First Solar, Inc and GCL New Energy Holdings Limited (Temporary Shares), which returned 168.53% and 89.98%, respectively. The worst performers were GCL New Energy Holdings Limited and FTC Solar, Inc, which returned -89.45% and -75.23%, respectively.

The Fund generated negative returns during the reporting period amid elevated costs throughout the entire solar power value chain due to rising inflation, tariffs, and elevated shipping and materials prices. In particular, elevated prices for polysilicon, a key material in solar photovoltaic panels, put pressure on equipment manufacturers, although these added costs often were passed down to developers. In the U.S., policy uncertainty amongst developers led to a slowdown in projects, negatively affecting their returns. Selloffs in the global equity markets also affected performance for Solar Companies. During the reporting period, the Fund had an average sector allocation of 69% to Information Technology, followed by Industrials (18%) and Utilities (10%). Geographically, the Fund had an average allocation of 57% to China, 30% to United States, and 2% to South Korea.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Year Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X Solar ETF | -14.14% | -13.35% | -7.22% | -6.67% |
| Solactive Solar Index | -13.66% | -13.66% | -6.71% | -6.71% |
| MSCI ACWI Index (Net) | -11.62% | -11.62% | -10.98% | -10.98% |

---

*53*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Solar ETF**  |

---

![](solar-line.jpg)<br>

 *\* The Fund commenced operations on September 8, 2021.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

See definition of comparative indices on the previous page and above. <br>

*54*

------

![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Wind Energy ETF**  |

---

 **Global X Wind Energy ETF**

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

The Underlying Index is designed to provide exposure to companies that are positioned to benefit from further advances in the field of wind energy technology. Specifically, the Underlying Index will include securities issued by "Wind Energy Companies" as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 25.79%, while the Underlying Index decreased 25.43%. The Fund had a net asset value of $23.76 per share on November 30, 2021 and ended the reporting period with a net asset value of $17.58 per share on November 30, 2022.

During the reporting period, the highest returns came from Infrastructure & Energy Alternatives, Inc and Terna Energy SA, which returned 45.03% and 36.53%, respectively. The worst performers were Aeris Industria e Comercio de Equipamentos para Geracao deEnergia SA and Aker Offshore Wind AS, which returned -80.23% and -64.69%, respectively.

The Fund generated negative returns over the reporting period. Rising inflation, higher shipping costs, elevated materials costs, the Russian invasion of Ukraine, and supply chain disruptions continued to put pressure on wind power equipment manufacturers. These factors also impacted wind power project developers, with a notable number of project delays resulting from added cost pressures and supply chain challenges. Slow permitting processes remained another challenge for wind power developers in key markets, particularly the U.S. During the reporting period, the Fund had an average sector allocation of 56% to Utilities, followed by Industrials (40%) and Materials (4%). Geographically, the Fund maintained an average country allocation of 37% to China, 22% to Denmark, and 19% to Canada.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Year Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X Wind Energy ETF | -25.79% | -24.42% | -24.31% | -23.23% |
| Solactive Wind Energy Index | -25.43% | -25.43% | -23.92% | -23.92% |
| MSCI ACWI Index (Net) | -11.62% | -11.62% | -10.98% | -10.98% |

---

*55*

------

![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Wind Energy ETF**  |

---

![](windenergy-line.jpg)

 *\* The Fund commenced operations on September 8, 2021.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

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

*56*

------

![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Green Building ETF**  |

---

 **Global X Green Building ETF**

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

The Underlying Index is designed to provide exposure to companies that are positioned to benefit from increased demand for buildings that reduce or eliminate negative impacts, and/or create positive impacts, on the natural environment. Specifically, the Underlying Index will include securities issued by "Green Building Companies" as defined by Solactive AG, the provider of the Underlying Index.

From the inception of the Fund to the period ended November 30, 2022 (the "reporting period"), the Fund decreased 16.82%, while the Underlying Index decreased 16.95%. The Fund had a net asset value of $25.37 per share on April 11, 2022 and ended the reporting period with a net asset value of $20.95 per share on November 30, 2022.

During the reporting period, the highest returns came from AAON, Inc and BR Properties SA, which returned 38.14% and 28.47%, respectively. The worst performers were CIFI Holdings (Group) Co, Ltd and Lindab International AB, which returned -70.53% and -62.14%, respectively.

The Fund generated negative returns during the reporting period. Softened demand and a decline in real estate transaction volumes weighed on performance. Macro-economic headwinds, market turbulence, and rising interest rates led to an increasingly expensive debt financing environment, detracting from performance among Green Building Companies. Given the more difficult buying environment, investor sentiment became increasingly more negative, with many buyers waiting to see if conditions would improve in future quarters, detracting from the Fund's performance during the reporting period. During the reporting period, the Fund had an average sector allocation of (76%) to Real Estate, followed by Industrials (19%) and Consumer Discretionary (5%). Geographically, the Fund had an average allocation of 22% to Japan, 22% to United States, and 12% to France.

---

| | | |
|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE PERIOD ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE PERIOD ENDED<br> NOVEMBER 30, 2022 |
|  | Cumulative Inception to Date\* | Cumulative Inception to Date\* |
|  | Net Asset Value | Market Price |
| Global X Green Building ETF | -16.82% | -16.58% |
| Solactive Green Building Index | -16.95% | -16.95% |
| MSCI ACWI Index (Net) | -7.82% | -7.82% |

---

*57*

------

![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Green Building ETF**  |

---

![](green-line.jpg)

 *\* The Fund commenced operations on April 11, 2022.*

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

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

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

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

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

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

See definition of comparative indices on the previous page and above. <br>

*58*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | november 30, 2022  |
| **Global X Robotics & Artificial Intelligence ETF**  | **Global X Robotics & Artificial Intelligence ETF**  |

---

![](roboticsandai-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.5%** | | |
| **CANADA — 1.5%** | | |
| Industrials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp; ATS \* | 605314 | $20011930 |
| **FINLAND — 1.1%** |  |  |
| Industrials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp; Cargotec, Cl B | 361180 | 14689672 |
| **ISRAEL — 0.6%** |  |  |
| Consumer Discretionary — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp; Maytronics . | 708971 | 7927456 |
| **JAPAN — 35.7%** |  |  |
| Health Care — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; CYBERDYNE <sup>\*</sup> <sup>(A)</sup> | 1712535 | 4000906 |
| Industrials — 20.4% |  |  |
| &nbsp;&nbsp;&nbsp; Daifuku . | 834386 | 42096012 |
| &nbsp;&nbsp;&nbsp; FANUC | 710738 | 103727815 |
| &nbsp;&nbsp;&nbsp; Hirata | 132088 | 5177880 |
| &nbsp;&nbsp;&nbsp; Shibaura Machine . | 200414 | 3938191 |

---

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

*59*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | november 30, 2022  |
| **Global X Robotics & Artificial Intelligence ETF**  | **Global X Robotics & Artificial Intelligence ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp; SMC  | 142034 | $62863837 |
| &nbsp;&nbsp;&nbsp; Yaskawa Electric | 1759132 | 56036561 |
|  |  | 273840296 |
| Information Technology — 15.0% |  |  |
| &nbsp;&nbsp;&nbsp; ExaWizards <sup>\*</sup> <sup>(A)</sup> | 1334898 | 5510257 |
| &nbsp;&nbsp;&nbsp; Keyence | 314912 | 128952786 |
| &nbsp;&nbsp;&nbsp; Omron | 1253086 | 63255968 |
| &nbsp;&nbsp;&nbsp; PKSHA Technology <sup>\*</sup> <sup>(A)</sup> | 284043 | 3753585 |
|  |  | 201472596 |
| TOTAL JAPAN |  | 479313798 |
| **NORWAY — 3.0%** |  |  |
| Industrials — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp; AutoStore Holdings <sup>\*</sup> <sup>(A)</sup> | 22590737 | 40350514 |
| **SOUTH KOREA — 0.6%** |  |  |
| Industrials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp; Hyulim ROBOT \* | 1559090 | 2482533 |
| &nbsp;&nbsp;&nbsp; Rainbow Robotics \* | 236092 | 5916398 |
| TOTAL SOUTH KOREA |  | 8398931 |
| **SWITZERLAND — 12.4%** |  |  |
| Health Care — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp; Tecan Group | 83729 | 34431931 |
| Industrials — 9.8% |  |  |
| &nbsp;&nbsp;&nbsp; ABB | 4149189 | 127861652 |
| &nbsp;&nbsp;&nbsp; Accelleron Industries <sup>\*</sup> | 199674 | 4029108 |
|  |  | 131890760 |
| TOTAL SWITZERLAND |  | 166322691 |
| **UNITED KINGDOM — 1.6%** |  |  |
| Information Technology — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp; Renishaw | 478227 | 21026725 |

---

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

*60*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | november 30, 2022  |
| **Global X Robotics & Artificial Intelligence ETF**  | **Global X Robotics & Artificial Intelligence ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **UNITED STATES — 43.0%** | | |
| Consumer Discretionary — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp; iRobot <sup>\*</sup> <sup>(A)</sup> | 176431 | $9190291 |
| Energy — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp; Helix Energy Solutions Group \* | 1226063 | 7822282 |
| Financials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp; Upstart Holdings <sup>\*</sup> <sup>(A)</sup> | 552425 | 10799909 |
| Health Care — 13.1% |  |  |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical <sup>\*</sup> | 547572 | 148057993 |
| &nbsp;&nbsp;&nbsp; Omnicell <sup>\*</sup> | 289336 | 14932631 |
| &nbsp;&nbsp;&nbsp; PROCEPT BioRobotics <sup>\*</sup> <sup>(A)</sup> | 288765 | 12388018 |
|  |  | 175378642 |
| Industrials — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp; AeroVironment <sup>\*</sup> | 163070 | 15000809 |
| &nbsp;&nbsp;&nbsp; Berkshire Grey <sup>\*</sup> <sup>(A)</sup> | 2133775 | 2025593 |
| &nbsp;&nbsp;&nbsp; John Bean Technologies | 208551 | 19157495 |
| &nbsp;&nbsp;&nbsp; Maxar Technologies <sup>(A)</sup> | 481706 | 11572740 |
| &nbsp;&nbsp;&nbsp; TuSimple Holdings, Cl A<sup>\*</sup> <sup>(A)</sup> | 1247580 | 2807055 |
|  |  | 50563692 |
| Information Technology — 24.1% |  |  |
| &nbsp;&nbsp;&nbsp; Appian, Cl A \* | 265891 | 10111835 |
| &nbsp;&nbsp;&nbsp; C3.ai, Cl A \* | 667020 | 8677930 |
| &nbsp;&nbsp;&nbsp; Cerence <sup>\*</sup> | 250512 | 5138001 |
| &nbsp;&nbsp;&nbsp; Cognex | 1145941 | 57044943 |
| &nbsp;&nbsp;&nbsp; Dynatrace <sup>\*</sup> | 1524581 | 59077514 |
| &nbsp;&nbsp;&nbsp; FARO Technologies \* | 129271 | 3867788 |
| &nbsp;&nbsp;&nbsp; NVIDIA . | 671221 | 113590730 |
| &nbsp;&nbsp;&nbsp; Pegasystems . | 536922 | 19463422 |
| &nbsp;&nbsp;&nbsp; PROS Holdings \* | 292402 | 6965016 |
| &nbsp;&nbsp;&nbsp; SoundHound AI, Cl A<sup>\*</sup> <sup>(A)</sup> | 1281745 | 1640634 |
| &nbsp;&nbsp;&nbsp; UiPath, Cl A \* | 3044667 | 37966997 |
|  |  | 323544810 |
| TOTAL UNITED STATES |  | 577299626 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,614,881,167) <br>|  | 1335341343 |

---

. <br>

The accompanying notes are an integral part of the financial statements

*61*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Robotics & Artificial Intelligence ETF**  | **Global X Robotics & Artificial Intelligence ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup>** **— 1.4%** | | |
| &nbsp;&nbsp;&nbsp; Fidelity Investments Money Market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Portfolio, Cl Institutional, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $19,187,001) | 19187001 | $19187001 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENT<sup>(B)</sup> — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.730%, dated 11/30/2022, to be |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; repurchased on 12/01/2022, repurchase price |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26,671,169 (collateralized by various U.S. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury Obligations, ranging in par value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1,347,752 - $3,365,969, 1.625% - 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5/15/2024 - 5/15/2031, with a total market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; value of $27,392,161) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $26,668,406) | $26668406 | 26668406 |
| TOTAL INVESTMENTS — 102.9% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,660,736,574) |  | $1381196750 |

---

 *Percentages are based on Net Assets of $1,341,941,735.*

 *\* Non-income producing security.*

 *(A) This security or a partial position of this security is on loan at November 30, 2022.* 

*(B) Security was purchased with cash collateral held from securities on loan.*

 *(C) The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2022.*

 *The following is a summary of the level of inputs used as of November 30, 2022, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *Common Stock* | $*1335341343* | $*—* | $*—* | $*1335341343* |
| &nbsp;&nbsp;&nbsp; *Short-Term Investment* | *19187001* | *—* | *—* | *19187001* |
| &nbsp;&nbsp;&nbsp; *Repurchase Agreement* | *—* | *26668406* | *—* | *26668406* |
| *Total Investments in Securities* | $*1354528344* | $*26668406* | $*—* | $*1381196750* |

---

 *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

*62*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | november 30, 2022  |
| **Global X Internet of Things ETF**  | **Global X Internet of Things ETF**  |

---

![](internetofthings-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** | | |
| **AUSTRIA — 2.1%** | | |
| Information Technology — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp; ams-OSRAM <sup>\*</sup> | 534941 | $4315462 |
| &nbsp;&nbsp;&nbsp; Kontron <sup>(A)</sup> | 129130 | 2047572 |
| TOTAL AUSTRIA |  | 6363034 |
| **CANADA — 1.0%** |  |  |
| Information Technology — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp; BlackBerry <sup>\*</sup> <sup>(A)</sup> | 145333 | 707771 |
| &nbsp;&nbsp;&nbsp; Sierra Wireless \* | 74269 | 2178310 |
| TOTAL CANADA |  | 2886081 |
| **CHINA — 1.9%** |  |  |
| Information Technology — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors  | 33131 | 5825755 |
| **FRANCE — 0.9%** |  |  |
| Industrials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp; Legrand | 35487 | 2831067 |

---

The accompanying notes are an integral part of the financial statements

*63*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | november 30, 2022  |
| **Global X Internet of Things ETF**  | **Global X Internet of Things ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **ITALY — 0.3%** | | |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Datalogic <sup>(A)</sup> | 114161 | $993267 |
| **JAPAN — 1.1%** |  |  |
| Information Technology — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp; Nippon Ceramic | 53007 | 1005515 |
| &nbsp;&nbsp;&nbsp; Renesas Electronics \* | 259073 | 2443314 |
| TOTAL JAPAN |  | 3448829 |
| **NORWAY — 2.2%** |  |  |
| Information Technology — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp; Nordic Semiconductor <sup>\*</sup> | 376306 | 6687436 |
| **SINGAPORE — 5.7%** |  |  |
| Information Technology — 5.7% |  |  |
| &nbsp;&nbsp;&nbsp; STMicroelectronics | 467445 | 17353511 |
| **SWEDEN — 0.1%** |  |  |
| Information Technology — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp; Fingerprint Cards, Cl B \* | 1121670 | 322497 |
| **SWITZERLAND — 3.3%** |  |  |
| Industrials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp; ABB | 197391 | 6082813 |
| &nbsp;&nbsp;&nbsp; Accelleron Industries <sup>\*</sup> | 9861 | 198979 |
|  |  | 6281792 |
| Information Technology — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp; Landis+Gyr Group | 56719 | 3899338 |
| TOTAL SWITZERLAND |  | 10181130 |
| **TAIWAN — 8.6%** |  |  |
| Information Technology — 8.6% |  |  |
| &nbsp;&nbsp;&nbsp; Advantech  | 1366721 | 14726120 |
| &nbsp;&nbsp;&nbsp; eMemory Technology | 148982 | 7038026 |
| &nbsp;&nbsp;&nbsp; MediaTek  | 191080 | 4531932 |
| TOTAL TAIWAN |  | 26296078 |

---

The accompanying notes are an integral part of the financial statements

*64*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Internet of Things ETF**  | **Global X Internet of Things ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **UNITED KINGDOM — 0.3%** | | |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Spirent Communications | 268915 | $899906 |
| **UNITED STATES — 72.3%** |  |  |
| Communication Services — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp; Globalstar <sup>\*</sup> | 613494 | 1165639 |
| &nbsp;&nbsp;&nbsp; Iridium Communications <sup>\*</sup> | 21065 | 1118551 |
|  |  | 2284190 |
| Consumer Discretionary — 11.5% |  |  |
| &nbsp;&nbsp;&nbsp; ADT | 1664754 | 15548802 |
| &nbsp;&nbsp;&nbsp; Garmin | 162525 | 15113200 |
| &nbsp;&nbsp;&nbsp; Vivint Smart Home \* | 416127 | 3861659 |
| &nbsp;&nbsp;&nbsp; Vuzix <sup>\*</sup> <sup>(A)</sup> | 122982 | 512835 |
|  |  | 35036496 |
| Health Care — 8.6% |  |  |
| &nbsp;&nbsp;&nbsp; Butterfly Network <sup>\*</sup> <sup>(A)</sup> | 237690 | 767739 |
| &nbsp;&nbsp;&nbsp; Dexcom \* | 219160 | 25483925 |
|  |  | 26251664 |
| Industrials — 14.7% |  |  |
| &nbsp;&nbsp;&nbsp; Emerson Electric | 66274 | 6347061 |
| &nbsp;&nbsp;&nbsp; Honeywell International | 29277 | 6427765 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International | 110137 | 7317502 |
| &nbsp;&nbsp;&nbsp; Resideo Technologies \* | 42009 | 680546 |
| &nbsp;&nbsp;&nbsp; Rockwell Automation | 15410 | 4071630 |
| &nbsp;&nbsp;&nbsp; Schneider Electric | 43517 | 6224652 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies Holding | 306788 | 13836139 |
|  |  | 44905295 |
| Information Technology — 36.8% |  |  |
| &nbsp;&nbsp;&nbsp; Alarm.com Holdings \* | 97664 | 4873434 |
| &nbsp;&nbsp;&nbsp; Ambarella <sup>\*</sup> | 74186 | 5504601 |
| &nbsp;&nbsp;&nbsp; Analog Devices | 35230 | 6056389 |
| &nbsp;&nbsp;&nbsp; Arlo Technologies \* | 167944 | 641546 |
| &nbsp;&nbsp;&nbsp; Badger Meter | 57064 | 6609152 |
| &nbsp;&nbsp;&nbsp; Belden | 86585 | 6964897 |
| &nbsp;&nbsp;&nbsp; Cisco Systems | 119921 | 5962472 |

---

The accompanying notes are an integral part of the financial statements

*65*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Internet of Things ETF**  | **Global X Internet of Things ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp; Digi International <sup>\*</sup> | 68071 | $2890975 |
| &nbsp;&nbsp;&nbsp; GLOBALFOUNDRIES <sup>\*</sup> <sup>(A)</sup> | 70674 | 4547872 |
| &nbsp;&nbsp;&nbsp; Impinj \* | 49316 | 6290256 |
| &nbsp;&nbsp;&nbsp; InterDigital | 60287 | 3024599 |
| &nbsp;&nbsp;&nbsp; International Business Machines . | 37909 | 5644650 |
| &nbsp;&nbsp;&nbsp; Itron <sup>\*</sup> | 87603 | 4658727 |
| &nbsp;&nbsp;&nbsp; Latch <sup>\*</sup> <sup>(A)</sup> | 612501 | 549965 |
| &nbsp;&nbsp;&nbsp; Lattice Semiconductor <sup>\*</sup> | 18226 | 1327400 |
| &nbsp;&nbsp;&nbsp; NETGEAR \* | 55649 | 1097955 |
| &nbsp;&nbsp;&nbsp; PTC \* | 15461 | 1966794 |
| &nbsp;&nbsp;&nbsp; QUALCOMM . | 42757 | 5408333 |
| &nbsp;&nbsp;&nbsp; Rambus <sup>\*</sup> | 215620 | 8275496 |
| &nbsp;&nbsp;&nbsp; Samsara, Cl A<sup>\* (</sup><sup>A)</sup> | 175644 | 1673887 |
| &nbsp;&nbsp;&nbsp; Semtech <sup>\*</sup> | 14096 | 433311 |
| &nbsp;&nbsp;&nbsp; Silicon Laboratories <sup>\*</sup> | 71547 | 10405796 |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions | 169840 | 16240101 |
| &nbsp;&nbsp;&nbsp; SmartRent, Cl A<sup>\*</sup> <sup>(A)</sup> | 378750 | 920362 |
| &nbsp;&nbsp;&nbsp; Synaptics \* | 6464 | 684990 |
|  |  | 112653960 |
| TOTAL UNITED STATES |  | 221131605 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $287,513,955) |  | 305220196 |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup>** **— 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Fidelity Investments Money Market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Portfolio, Cl Institutional, |  |  |
| &nbsp;&nbsp;&nbsp; 3.600%  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,325,055)  | 3325055 | 3325055 |

---

The accompanying notes are an integral part of the financial statements

*66*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | november 30, 2022  |
| **Global X Internet of Things ETF**  | **Global X Internet of Things ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENT<sup>(B)</sup> — 1.5%** | | |
| &nbsp;&nbsp;&nbsp; BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.730%, dated 11/30/2022, to be repurchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on 12/01/2022, repurchase price $4,622,041 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (collateralized by various U.S. Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations, ranging in par value $233,562 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - $583,313, 1.625% - 2.500%, 5/15/2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - 5/15/2031, with a total market value of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4746985)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,621,562) | $4621562 | $4621562 |
| TOTAL INVESTMENTS — 102.4% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $295,460,572) |  | $313166813 |

---

 *Percentages are based on Net Assets of $305,696,685.*

 *\* Non-income producing security.*

 *(A) This security or a partial position of this security is on loan at November 30, 2022.*

 *(B) Security was purchased with cash collateral held from securities on loan.*

 *(C) The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2022.*

 *The following is a summary of the level of inputs used as of November 30, 2022, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *Common Stock* | $*305220196* | $*—* | $*—* | $*305220196* |
| &nbsp;&nbsp;&nbsp; *Short-Term Investment* | *3325055* | *—* | *—* | *3325055* |
| &nbsp;&nbsp;&nbsp; *Repurchase Agreement* | *—* | *4621562* | *—* | *4621562* |
| *Total Investments in Securities* | $*308545251* | $*4621562* | $*—* | $*313166813* |

---

 *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

*67*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X FinTech ETF**  | **Global X FinTech ETF**  |

---

![](fintech-bar.jpg) <br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** | | |
| **AUSTRALIA — 1.3%** | | |
| Financials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp; HUB24 | 112735 | $2038458 |
| &nbsp;&nbsp;&nbsp; Zip <sup>\*</sup> <sup>(A)</sup> | 4458092 | 2209326 |
|  |  | 4247784 |
| Information Technology — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp; IRESS | 264774 | 1686300 |
| TOTAL AUSTRALIA |  | 5934084 |
| **BRAZIL — 1.7%** |  |  |
| Information Technology — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp; Pagseguro Digital, Cl A \* | 278841 | 2936196 |
| &nbsp;&nbsp;&nbsp; StoneCo, Cl A \* | 391443 | 4572054 |
| TOTAL BRAZIL |  | 7508250 |
| **CANADA — 1.2%** |  |  |
| Information Technology — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp; Bitfarms <sup>\*</sup> <sup>(A)</sup> | 1114439 | 657632 |
| &nbsp;&nbsp;&nbsp; Hive Blockchain Technologies <sup>\*</sup> <sup>(A)</sup> | 482683 | 1011153 |
| &nbsp;&nbsp;&nbsp; Hut 8 Mining <sup>\*</sup> <sup>(A)</sup> | 930517 | 1105062 |
| &nbsp;&nbsp;&nbsp; Nuvei <sup>\*</sup> | 92281 | 2822136 |
| TOTAL CANADA |  | 5595983 |
| **CHINA — 2.0%** |  |  |
| Financials — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp; Lufax Holding ADR | 3320145 | 6175470 |

---

The accompanying notes are an integral part of the financial statements

*68*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022** |
| **Global X FinTech ETF**  | **Global X FinTech ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Information Technology — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp; Linklogis, Cl B \* | 2821200 | $1416835 |
| &nbsp;&nbsp;&nbsp; Yeahka <sup>\*</sup> <sup>(A)</sup> | 629814 | 1570198 |
|  |  | 2987033 |
| TOTAL CHINA |  | 9162503 |
| **DENMARK — 0.8%** |  |  |
| Information Technology — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp; SimCorp | 56666 | 3598252 |
| **GERMANY — 0.2%** |  |  |
| Financials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp; Hypoport \* | 9206 | 986763 |
| **ISRAEL — 0.3%** |  |  |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Sapiens International <sup>(A)</sup> | 77548 | 1509084 |
| **ITALY — 3.5%** |  |  |
| Information Technology — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp; Nexi \* | 1832270 | 15855022 |
| **JAPAN — 0.3%** |  |  |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; WealthNavi <sup>\*</sup> <sup>(A)</sup> | 115848 | 1242830 |
| **NETHERLANDS — 6.8%** |  |  |
| Information Technology — 6.8% |  |  |
| &nbsp;&nbsp;&nbsp; Adyen <sup>\*</sup> | 20647 | 31119315 |
| **NEW ZEALAND — 2.2%** |  |  |
| Information Technology — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp; Xero <sup>\*</sup> | 208837 | 9879552 |
| **SOUTH KOREA — 1.6%** |  |  |
| Information Technology — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp; Kakaopay <sup>\*</sup> <sup>(A)</sup> | 185460 | 7438931 |

---

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

*69*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X FinTech ETF**  | **Global X FinTech ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **SWITZERLAND — 1.7%** | | |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Leonteq . | 26634 | $1214639 |
| Information Technology — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp; Temenos | 104216 | 6241475 |
| TOTAL SWITZERLAND |  | 7456114 |
| **UNITED KINGDOM — 2.4%** |  |  |
| Information Technology — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp; Wise, Cl A \* | 1428380 | 11002455 |
| **UNITED STATES — 73.1%** |  |  |
| Financials — 7.2% |  |  |
| &nbsp;&nbsp;&nbsp; Bakkt Holdings <sup>\*</sup> <sup>(A)</sup> | 645453 | 1142452 |
| &nbsp;&nbsp;&nbsp; Blucora <sup>\*</sup> | 81434 | 2039922 |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Cl A<sup>\*</sup> <sup>(A)</sup> | 242814 | 11103884 |
| &nbsp;&nbsp;&nbsp; Lemonade <sup>\*</sup> <sup>(A)</sup> | 86976 | 1726473 |
| &nbsp;&nbsp;&nbsp; LendingClub <sup>\*</sup> | 144015 | 1484795 |
| &nbsp;&nbsp;&nbsp; LendingTree \* | 27522 | 659152 |
| &nbsp;&nbsp;&nbsp; Moneylion <sup>\*</sup> <sup>(A)</sup> | 959087 | 716054 |
| &nbsp;&nbsp;&nbsp; Open Lending, Cl A \* | 178071 | 1258962 |
| &nbsp;&nbsp;&nbsp; SoFi Technologies <sup>\*</sup> <sup>(A)</sup> | 1276261 | 6164341 |
| &nbsp;&nbsp;&nbsp; Sunlight Financial Holdings <sup>\*</sup> <sup>(A)</sup> | 437172 | 791281 |
| &nbsp;&nbsp;&nbsp; Upstart Holdings <sup>\*</sup> <sup>(A)</sup> | 118367 | 2314075 |
| &nbsp;&nbsp;&nbsp; Virtu Financial, Cl A | 147158 | 3263964 |
|  |  | 32665355 |
| Health Care — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp; HealthEquity \* | 117998 | 7490513 |
| Information Technology — 64.3% |  |  |
| &nbsp;&nbsp;&nbsp; ACI Worldwide \* | 158995 | 3322996 |
| &nbsp;&nbsp;&nbsp; Affirm Holdings, Cl A \* | 315309 | 4389101 |
| &nbsp;&nbsp;&nbsp; Bill.com Holdings \* | 145689 | 17543869 |
| &nbsp;&nbsp;&nbsp; Black Knight \* | 217868 | 13505637 |
| &nbsp;&nbsp;&nbsp; Blend Labs, Cl A<sup>\*</sup> <sup>(A)</sup> | 500864 | 661141 |
| &nbsp;&nbsp;&nbsp; Block, Cl A \* | 472499 | 32021257 |
| &nbsp;&nbsp;&nbsp; Envestnet \* | 77019 | 4545661 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services . | 311095 | 22579275 |

---

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

*70*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X FinTech ETF**  | **Global X FinTech ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp; Fiserv <sup>\*</sup> | 320671 | $33465226 |
| &nbsp;&nbsp;&nbsp; Flywire \* | 140562 | 3048790 |
| &nbsp;&nbsp;&nbsp; Global Payments | 192946 | 20023936 |
| &nbsp;&nbsp;&nbsp; Guidewire Software \* | 116736 | 6923612 |
| &nbsp;&nbsp;&nbsp; I3 Verticals, Cl A \* | 60785 | 1598038 |
| &nbsp;&nbsp;&nbsp; Intuit . | 75187 | 30645469 |
| &nbsp;&nbsp;&nbsp; Jack Henry & Associates | 101807 | 19277155 |
| &nbsp;&nbsp;&nbsp; Marathon Digital Holdings <sup>\*</sup> <sup>(A)</sup> | 212969 | 1345964 |
| &nbsp;&nbsp;&nbsp; MeridianLink <sup>\*</sup> | 112173 | 1646700 |
| &nbsp;&nbsp;&nbsp; Mitek Systems <sup>\*</sup> | 165573 | 1693812 |
| &nbsp;&nbsp;&nbsp; nCino <sup>\*</sup> | 154095 | 4024961 |
| &nbsp;&nbsp;&nbsp; Pagaya Technologies, Cl A<sup>\*</sup> <sup>(A)</sup> | 645407 | 645407 |
| &nbsp;&nbsp;&nbsp; Paymentus Holdings, Cl A<sup>\*</sup> <sup>(A)</sup> | 106747 | 1082415 |
| &nbsp;&nbsp;&nbsp; Payoneer Global <sup>\*</sup> | 482733 | 2606758 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings \* | 392830 | 30801800 |
| &nbsp;&nbsp;&nbsp; Paysafe <sup>\*</sup> | 1128847 | 1602963 |
| &nbsp;&nbsp;&nbsp; Riot Blockchain <sup>\*</sup> <sup>(A)</sup> | 312873 | 1454859 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments, Cl A \* | 74824 | 3467344 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings | 356209 | 19149796 |
| &nbsp;&nbsp;&nbsp; Toast, Cl A \* | 394932 | 7250952 |
| &nbsp;&nbsp;&nbsp; Vertex, Cl A \* | 139642 | 2399050 |
|  |  | 292723944 |
| TOTAL UNITED STATES |  | 332879812 |
| **URUGUAY — 0.7%** |  |  |
| Information Technology — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp; Dlocal, Cl A<sup>\*</sup> <sup>(A)</sup> | 225014 | 3285204 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $741,454,731) |  | 454454154 |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup>** **— 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Fidelity Investments Money Market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Portfolio, Cl Institutional, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $14,537,247)  | 14537247 | 14537247 |

---

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

*71*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X FinTech ETF**  | **Global X FinTech ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENT<sup>(B)</sup> — 4.4%** | | |
| &nbsp;&nbsp;&nbsp; BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.730%, dated 11/30/2022, to be |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; repurchased on 12/01/2022, repurchase price |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20,188,217 (collateralized by various U.S. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury Obligations, ranging in par value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1,020,154 - $2,547,804, 1.625% - 2.500%,  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5/15/2024 - 5/15/2031, with a total market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; value of $20,733,960) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $20,186,125) | $20186125 | $20186125 |
| TOTAL INVESTMENTS — 107.4% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $776,178,103) |  | $489177526 |

---

 *Percentages are based on Net Assets of $455,462,688.*

 *\* Non-income producing security.*

 *(A) This security or a partial position of this security is on loan at November 30, 2022.*

 *(B) Security was purchased with cash collateral held from securities on loan.*

 *(C) The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2022.*

 *The following is a summary of the level of inputs used as of November 30, 2022, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *Common Stock* | $*454454154* | $*—* | $*—* | $*454454154* |
| &nbsp;&nbsp;&nbsp; *Short-Term Investment* | *14537247* | *—* | *—* | *14537247* |
| &nbsp;&nbsp;&nbsp; *Repurchase Agreement* | *—* | *20186125* | *—* | *20186125* |
| *Total Investments in Securities* | $*468991401* | $*20186125* | $*—* | $*489177526* |

---

 *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.

*72*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Video Games & Esports ETF**  | **Global X Video Games & Esports ETF**  |

---

<br> ![](videogames-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.0%** | | |
| **CHINA — 11.0%** | | |
| Communication Services — 11.0% |  |  |
| &nbsp;&nbsp;&nbsp; Bilibili ADR <sup>\*</sup> (A) | 372349 | $6463979 |
| &nbsp;&nbsp;&nbsp; DouYu International Holdings ADR \* | 546793 | 716299 |
| &nbsp;&nbsp;&nbsp; HUYA ADR \* | 168425 | 459800 |
| &nbsp;&nbsp;&nbsp; iDreamSky Technology Holdings \* | 1223400 | 622240 |
| &nbsp;&nbsp;&nbsp; NetDragon Websoft Holdings | 390700 | 771839 |
| &nbsp;&nbsp;&nbsp; NetEase ADR . | 130939 | 9312382 |
| &nbsp;&nbsp;&nbsp; Sohu.com ADR <sup>\*</sup> | 46727 | 690625 |
| TOTAL CHINA |  | 19037164 |
| **FRANCE — 2.7%** |  |  |
| Communication Services — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp; Ubisoft Entertainment \* | 173256 | 4741706 |
| **IRELAND — 2.6%** |  |  |
| Information Technology — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp; Keywords Studios | 128511 | 4514796 |
| **ITALY — 0.3%** |  |  |
| Communication Services — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Digital Bros . | 21704 | 497011 |
| **JAPAN — 25.4%** |  |  |
| Communication Services — 25.4% |  |  |
| &nbsp;&nbsp;&nbsp; Capcom | 276517 | 8273316 |
| &nbsp;&nbsp;&nbsp; DeNA | 138478 | 1835920 |

---

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

*73*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Communication Services — continued |  |  |
| &nbsp;&nbsp;&nbsp; GungHo Online Entertainment | 75020 | $1118257 |
| &nbsp;&nbsp;&nbsp; Konami Holdings | 159302 | 7363465 |
| &nbsp;&nbsp;&nbsp; Nexon  | 414951 | 8605907 |
| &nbsp;&nbsp;&nbsp; Nintendo <sup>(A)</sup> | 253450 | 10705420 |
| &nbsp;&nbsp;&nbsp; Square Enix Holdings | 141385 | 6271844 |
| TOTAL JAPAN |  | 44174129 |
| **POLAND — 1.9%** |  |  |
| Communication Services — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp; CD Projekt <sup>(A)</sup> | 112938 | 3258358 |
| **SINGAPORE — 0.3%** |  |  |
| Communication Services — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; IGG <sup>\*</sup> | 1449100 | 503115 |
| **SOUTH KOREA — 16.3%** |  |  |
| Communication Services — 15.9% |  |  |
| &nbsp;&nbsp;&nbsp; Com2uSCorp | 13973 | 658999 |
| &nbsp;&nbsp;&nbsp; JoyCity \* | 159998 | 527726 |
| &nbsp;&nbsp;&nbsp; Kakao Games <sup>\*</sup> | 59671 | 1968145 |
| &nbsp;&nbsp;&nbsp; Krafton \* | 45331 | 7802356 |
| &nbsp;&nbsp;&nbsp; NCSoft | 27288 | 9735000 |
| &nbsp;&nbsp;&nbsp; Neowiz \* | 26294 | 806454 |
| &nbsp;&nbsp;&nbsp; NEOWIZ HOLDINGS | 24617 | 618762 |
| &nbsp;&nbsp;&nbsp; Netmarble | 37183 | 1380072 |
| &nbsp;&nbsp;&nbsp; Nexon Games <sup>\*</sup> | 79077 | 839427 |
| &nbsp;&nbsp;&nbsp; Pearl Abyss <sup>\*</sup> | 48663 | 1605065 |
| &nbsp;&nbsp;&nbsp; Webzen \* | 40792 | 511891 |
| &nbsp;&nbsp;&nbsp; Wemade  | 30996 | 833156 |
| &nbsp;&nbsp;&nbsp; Wemade Max \* | 44168 | 403552 |
|  |  | 27690605 |
| Consumer Discretionary — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp; DoubleUGames  | 18738 | 691921 |
| TOTAL SOUTH KOREA |  | 28382526 |

---

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

*74*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **SWEDEN — 4.2%** | | |
| Communication Services — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp; Embracer Group, Cl B <sup>\*</sup> <sup>(A)</sup> | 1175812 | $4896185 |
| &nbsp;&nbsp;&nbsp; Modern Times Group MTG, Cl B | 161218 | 1240452 |
| &nbsp;&nbsp;&nbsp; Stillfront Group \* | 773932 | 1168468 |
| TOTAL SWEDEN |  | 7305105 |
| **TAIWAN — 1.7%** |  |  |
| Communication Services — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp; Gamania Digital Entertainment | 293300 | 634895 |
| &nbsp;&nbsp;&nbsp; International Games System  | 188200 | 2365783 |
| TOTAL TAIWAN |  | 3000678 |
| **UNITED STATES — 33.6%** |  |  |
| Communication Services — 24.9% |  |  |
| &nbsp;&nbsp;&nbsp; Activision Blizzard . | 146233 | 10813930 |
| &nbsp;&nbsp;&nbsp; Electronic Arts | 91879 | 12015936 |
| &nbsp;&nbsp;&nbsp; Playtika Holding \* | 80989 | 765346 |
| &nbsp;&nbsp;&nbsp; ROBLOX, Cl A \* | 284571 | 9040821 |
| &nbsp;&nbsp;&nbsp; Sciplay, Cl A \* | 42915 | 687498 |
| &nbsp;&nbsp;&nbsp; Skillz, Cl A<sup>\*</sup> <sup>(A)</sup> | 436686 | 427472 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software \* | 91382 | 9658163 |
|  |  | 43409166 |
| Consumer Discretionary — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp; Inspired Entertainment \* | 67692 | 828550 |
| Information Technology — 8.2% |  |  |
| &nbsp;&nbsp;&nbsp; AppLovin, Cl A \* | 194753 | 2806391 |
| &nbsp;&nbsp;&nbsp; Corsair Gaming <sup>\*</sup> <sup>(A)</sup> | 64750 | 1092332 |
| &nbsp;&nbsp;&nbsp; Turtle Beach \* | 42834 | 409065 |
| &nbsp;&nbsp;&nbsp; Unity Software \* | 251684 | 9944035 |
|  |  | 14251823 |
| TOTAL UNITED STATES |  | 58489539 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $293,819,605) |  | 173904127 |

---

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

*75*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup> — 4.1%** | | |
| &nbsp;&nbsp;&nbsp; Fidelity Investments Money Market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Portfolio, Cl Institutional, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $7,183,087) | 7183087 | $7183087 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENT<sup>(B)</sup> — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.730%, dated 11/30/2022, to be repurchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on 12/01/2022, repurchase price $9,984,954 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (collateralized by various U.S. Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations, ranging in par value $504,561 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - $1,260,126, 1.625% - 2.500%, 5/15/2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - 5/15/2031, with a total market value of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10254872)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $9,983,920) | $9983920 | 9983920 |
| TOTAL INVESTMENTS — 109.8% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $310,986,612) |  | $191071134 |

---

 *Percentages are based on Net Assets of $174,074,767.*

 *\* Non-income producing security.*

 *(A) This security or a partial position of this security is on loan at November 30, 2022.* 

*(B) Security was purchased with cash collateral held from securities on loan.*

 *(C) The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2022.*

 *The following is a summary of the level of inputs used as of November 30, 2022, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *Common Stock* | $*173904127* | $*—* | $*—* | $*173904127* |
| &nbsp;&nbsp;&nbsp; *Short-Term Investment* | *7183087* | *—* | *—* | *7183087* |
| &nbsp;&nbsp;&nbsp; *Repurchase Agreement* | *—* | *9983920* | *—* | *9983920* |
| *Total Investments in Securities* | $*181087214* | $*9983920* | $*—* | $*191071134* |

---

*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.

*76*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Autonomous & Electric Vehicles ETF**  | **Global X Autonomous & Electric Vehicles ETF**  |

---

<br> ![](autonomous-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 98.5%** | | |
| **AUSTRALIA — 5.7%** | | |
| Information Technology — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp; Novonix <sup>\*</sup> <sup>(A)</sup> | 5772911 | $8660082 |
| Materials — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp; Allkem <sup>\*</sup> | 1294513 | 11833635 |
| &nbsp;&nbsp;&nbsp; IGO | 1290583 | 13310237 |
| &nbsp;&nbsp;&nbsp; Pilbara Minerals <sup>\*</sup> | 5317676 | 16595368 |
|  |  | 41739240 |
| TOTAL AUSTRALIA |  | 50399322 |
| **CANADA — 2.6%** |  |  |
| Industrials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp; Ballard Power Systems <sup>\*</sup> <sup>(A)</sup> | 1193005 | 7277330 |
| Information Technology — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp; BlackBerry <sup>\*</sup> | 1452440 | 7073383 |
| Materials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp; Standard Lithium <sup>\*</sup> <sup>(A)</sup> | 1956434 | 8557685 |
| TOTAL CANADA |  | 22908398 |

---

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

*77*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Autonomous & Electric Vehicles ETF**  | **Global X Autonomous & Electric Vehicles ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **CHILE — 2.3%** | | |
| Materials — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp; Lundin Mining | 1499714 | $9159572 |
| &nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile ADR | 112376 | 11143204 |
| TOTAL CHILE |  | 20302776 |
| **CHINA — 7.7%** |  |  |
| Communication Services — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp; Baidu ADR <sup>\*</sup> | 87230 | 9473178 |
| Consumer Discretionary — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp; Geely Automobile Holdings | 4429000 | 6457244 |
| &nbsp;&nbsp;&nbsp; Nexteer Automotive Group | 11627000 | 7611809 |
| &nbsp;&nbsp;&nbsp; NIO ADR <sup>\*</sup> | 557153 | 7120415 |
| &nbsp;&nbsp;&nbsp; XPeng ADR, Cl A<sup>\*</sup> <sup>(A)</sup> | 342543 | 3702890 |
|  |  | 24892358 |
| Information Technology — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp; indie Semiconductor, Cl A<sup>\*</sup> <sup>(A)</sup> | 1434733 | 11779158 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors . | 82358 | 14481831 |
|  |  | 26260989 |
| Materials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp; Ganfeng Lithium Group, Cl H | 877333 | 7620675 |
| TOTAL CHINA |  | 68247200 |
| **FRANCE — 2.4%** |  |  |
| Consumer Discretionary — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp; Faurecia <sup>\*</sup> | 507883 | 8238979 |
| &nbsp;&nbsp;&nbsp; Renault <sup>\*</sup> | 364194 | 13053535 |
| TOTAL FRANCE |  | 21292514 |
| **GERMANY — 3.8%** |  |  |
| Consumer Discretionary — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp; Continental | 134205 | 7915221 |
| &nbsp;&nbsp;&nbsp; Vitesco Technologies Group \* | 177225 | 9215262 |
|  |  | 17130483 |

---

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

*78*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Autonomous & Electric Vehicles ETF** | **Global X Autonomous & Electric Vehicles ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Information Technology — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp; Infineon Technologies | 499874 | $16223258 |
| TOTAL GERMANY |  | 33353741 |
| **ISRAEL — 1.3%** |  |  |
| Information Technology — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp; Innoviz Technologies <sup>\*</sup> <sup>(A)</sup> | 2107885 | 11319343 |
| **JAPAN — 9.9%** |  |  |
| Consumer Discretionary — 7.4% |  |  |
| &nbsp;&nbsp;&nbsp; Denso | 196714 | 10592726 |
| &nbsp;&nbsp;&nbsp; Honda Motor | 496517 | 11941458 |
| &nbsp;&nbsp;&nbsp; Nissan Motor | 2445265 | 8607669 |
| &nbsp;&nbsp;&nbsp; Panasonic Holdings | 1249250 | 11405651 |
| &nbsp;&nbsp;&nbsp; Toyota Motor | 1581228 | 22782420 |
|  |  | 65329924 |
| Industrials — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp; GS Yuasa | 507241 | 7855438 |
| &nbsp;&nbsp;&nbsp; Hitachi | 276400 | 14457816 |
|  |  | 22313254 |
| TOTAL JAPAN |  | 87643178 |
| **LUXEMBOURG — 1.1%** |  |  |
| Materials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp; APERAM | 309590 | 9499364 |
| **NETHERLANDS — 0.9%** |  |  |
| Information Technology — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp; TomTom \* | 1071106 | 8475545 |
| **SINGAPORE — 1.4%** |  |  |
| Information Technology — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp; STMicroelectronics | 331303 | 12299351 |
| **SOUTH KOREA — 2.0%** |  |  |
| Consumer Discretionary — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp; Hyundai Motor | 72633 | 9307334 |

---

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

*79*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Autonomous & Electric Vehicles ETF** | **Global X Autonomous & Electric Vehicles ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Consumer Discretionary — continued |  |  |
| &nbsp;&nbsp;&nbsp; Kia Motors | 160609 | $8354079 |
| TOTAL SOUTH KOREA |  | 17661413 |
| **UNITED KINGDOM — 1.0%** |  |  |
| Materials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp; Johnson Matthey | 340760 | 8477404 |
| **UNITED STATES — 56.4%** |  |  |
| Communication Services — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Cl A \* | 223849 | 22606511 |
| Consumer Discretionary — 16.4% |  |  |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Holdings \* | 1049973 | 10930219 |
| &nbsp;&nbsp;&nbsp; Aptiv \* | 120954 | 12902163 |
| &nbsp;&nbsp;&nbsp; Ford Motor  | 1155572 | 16062451 |
| &nbsp;&nbsp;&nbsp; General Motors | 414285 | 16803400 |
| &nbsp;&nbsp;&nbsp; Gentherm <sup>\*</sup> | 143306 | 10259276 |
| &nbsp;&nbsp;&nbsp; Lear  | 69378 | 10007083 |
| &nbsp;&nbsp;&nbsp; Lucid Group <sup>\*</sup> <sup>(A)</sup> | 473437 | 4800651 |
| &nbsp;&nbsp;&nbsp; Luminar Technologies, Cl A<sup>\*</sup> <sup>(A)</sup> | 1361655 | 10430277 |
| &nbsp;&nbsp;&nbsp; QuantumScape, Cl A<sup>\*</sup> <sup>(A)</sup> | 852606 | 6386019 |
| &nbsp;&nbsp;&nbsp; Stellantis  | 910097 | 13955070 |
| &nbsp;&nbsp;&nbsp; Tesla \* | 105164 | 20475431 |
| &nbsp;&nbsp;&nbsp; Visteon <sup>\*</sup> | 77921 | 11438803 |
|  |  | 144450843 |
| Industrials — 10.5% |  |  |
| &nbsp;&nbsp;&nbsp; Bloom Energy, Cl A \* | 473975 | 10090928 |
| &nbsp;&nbsp;&nbsp; EnerSys | 143797 | 10868177 |
| &nbsp;&nbsp;&nbsp; Honeywell International | 96851 | 21263637 |
| &nbsp;&nbsp;&nbsp; Hyster-Yale Materials Handling | 250438 | 7332825 |
| &nbsp;&nbsp;&nbsp; ITT | 131911 | 11149118 |
| &nbsp;&nbsp;&nbsp; Microvast Holdings <sup>\*</sup> <sup>(A)</sup> | 3631275 | 7952492 |
| &nbsp;&nbsp;&nbsp; Nikola <sup>\*</sup> <sup>(A)</sup> | 1543060 | 4042817 |
| &nbsp;&nbsp;&nbsp; Plug Power \* | 499538 | 7972626 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies | 119739 | 12104416 |
|  |  | &nbsp;&nbsp;92777036 |

---

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

*80*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Autonomous & Electric Vehicles ETF** | **Global X Autonomous & Electric Vehicles ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Information Technology — 18.6% |  |  |
| &nbsp;&nbsp;&nbsp; Ambarella <sup>\*</sup> | 129052 | $9575658 |
| &nbsp;&nbsp;&nbsp; Apple | 171354 | 25365533 |
| &nbsp;&nbsp;&nbsp; CEVA \* | 236492 | 6425488 |
| &nbsp;&nbsp;&nbsp; Coherent <sup>\*</sup> | 185278 | 6794144 |
| &nbsp;&nbsp;&nbsp; Intel . | 667164 | 20061622 |
| &nbsp;&nbsp;&nbsp; Microsoft | 98544 | 25142516 |
| &nbsp;&nbsp;&nbsp; MicroVision <sup>\*</sup> <sup>(A)</sup> | 1660416 | 5031060 |
| &nbsp;&nbsp;&nbsp; NVIDIA  | 164332 | 27809904 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor <sup>\*</sup> | 203093 | 15272594 |
| &nbsp;&nbsp;&nbsp; QUALCOMM . | 183711 | 23237604 |
|  |  | 164716123 |
| Materials — 8.3% |  |  |
| &nbsp;&nbsp;&nbsp; Albemarle | 54907 | 15263597 |
| &nbsp;&nbsp;&nbsp; ATI \* | 366017 | 11167179 |
| &nbsp;&nbsp;&nbsp; Cabot  | 130036 | 9573250 |
| &nbsp;&nbsp;&nbsp; Carpenter Technology | 296932 | 12192028 |
| &nbsp;&nbsp;&nbsp; Livent <sup>\*</sup> | 413152 | 11564124 |
| &nbsp;&nbsp;&nbsp; Piedmont Lithium <sup>\*</sup> <sup>(A)</sup> | 238210 | 13735189 |
|  |  | 73495367 |
| TOTAL UNITED STATES |  | 498045880 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,106,130,691) |  | 869925429 |
| **PREFERRED STOCK — 1.3%** |  |  |
| **GERMANY— 1.3%** |  |  |
| Consumer Discretionary — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp; Volkswagen <sup>(B)</sup> |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $17,976,508) | 82186 | 11838778 |
| **SHORT-TERM INVESTMENT<sup>(C)(D)</sup> — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp; Fidelity Investments Money Market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Portfolio, Cl Institutional, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $21,511,226) | 21511226 | 21511226 |

---

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

*81*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Autonomous & Electric Vehicles ETF** | **Global X Autonomous & Electric Vehicles ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENT<sup>(C)</sup> — 3.4%** | | |
| &nbsp;&nbsp;&nbsp; BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.730%, dated 11/30/2022, to be |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; repurchased on 12/01/2022, repurchase price |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29,901,992 (collateralized by various U.S. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury Obligations, ranging in par value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1,511,012 - $3,773,707, 1.625% - 2.500%,  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5/15/2024 - 5/15/2031, with a total market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; value of $30,710,325) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $29,898,894) | $29898894 | $29898894 |
| TOTAL INVESTMENTS — 105.6% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,175,517,319) |  | $933174327 |

---

 *Percentages are based on Net Assets of $883,478,306.*

 *\* Non-income producing security.*

 *(A) This security or a partial position of this security is on loan at November 30, 2022.* 

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

 *(C) Security was purchased with cash collateral held from securities on loan.*

 *(D) The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2022.*

 *The following is a summary of the level of inputs used as of November 30, 2022, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *Common Stock* | $*869925429* | $*—* | $*—* | $*869925429* |
| &nbsp;&nbsp;&nbsp; *Preferred Stock* | *11838778* | *—* | *—* | *11838778* |
| &nbsp;&nbsp;&nbsp; *Short-Term Investment* | *21511226* | *—* | *—* | *21511226* |
| &nbsp;&nbsp;&nbsp; *Repurchase Agreement* | *—* | *29898894* | *—* | *29898894* |
| *Total Investments in Securities* | $*903275433* | $*29898894* | $*—* | $*933174327* |

---

 *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.

*82*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Cloud Computing ETF** | **Global X Cloud Computing ETF** |

---

<br> ![](cloud-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** | | |
| **CANADA — 4.4%** | | |
| Information Technology — 4.4% |  |  |
| &nbsp;&nbsp;&nbsp; Shopify, Cl A \* | 636845 | $26034224 |
| **CHINA — 2.0%** |  |  |
| Consumer Discretionary — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding ADR \* | 44025 | 3854829 |
| Information Technology — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp; Kingsoft Cloud Holdings ADR <sup>\*</sup> <sup>(A)</sup> | 609634 | 1841095 |
| &nbsp;&nbsp;&nbsp; Vnet Group ADR \* | 1226121 | 6142866 |
|  |  | 7983961 |
| TOTAL CHINA |  | 11838790 |
| **ISRAEL — 4.1%** |  |  |
| Information Technology — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp; Wix.com \* | 267487 | 24204899 |

---

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

*83*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Cloud Computing ETF** | **Global X Cloud Computing ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **SINGAPORE — 0.3%** | | |
| Real Estate — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Digital Core REIT Management Pte <sup>‡</sup> | 3029945 | $1848266 |
| **UNITED STATES — 89.1%** |  |  |
| Communication Services — 7.8% |  |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Cl A \* | 100207 | 10119905 |
| &nbsp;&nbsp;&nbsp; Netflix \* | 79843 | 24394432 |
| &nbsp;&nbsp;&nbsp; PubMatic, Cl A \* | 365937 | 5734233 |
| &nbsp;&nbsp;&nbsp; Vimeo <sup>\*</sup> | 1346076 | 5761205 |
|  |  | 46009775 |
| Consumer Discretionary — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;2U <sup>\*</sup>  | 668232 | 5365903 |
| &nbsp;&nbsp;&nbsp; Amazon.com <sup>\*</sup> | 119850 | 11570319 |
|  |  | 16936222 |
| Health Care — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp; HealthStream \* | 262331 | 6663207 |
| Information Technology — 73.0% |  |  |
| &nbsp;&nbsp;&nbsp; Akamai Technologies \* | 257778 | 24452821 |
| &nbsp;&nbsp;&nbsp; Box, Cl A \* | 782456 | 21478417 |
| &nbsp;&nbsp;&nbsp; Coupa Software \* | 447662 | 28310145 |
| &nbsp;&nbsp;&nbsp; DigitalOcean Holdings \* | 676780 | 20188347 |
| &nbsp;&nbsp;&nbsp; Dropbox, Cl A \* | 1051741 | 24779018 |
| &nbsp;&nbsp;&nbsp; Everbridge \* | 339107 | 11068452 |
| &nbsp;&nbsp;&nbsp; Fastly, Cl A \* | 1047762 | 10121381 |
| &nbsp;&nbsp;&nbsp; Five9 <sup>\*</sup> | 403190 | 25848511 |
| &nbsp;&nbsp;&nbsp; Freshworks, Cl A \* | 1249624 | 18469443 |
| &nbsp;&nbsp;&nbsp; International Business Machines . | 15255 | 2271470 |
| &nbsp;&nbsp;&nbsp; Microsoft | 49967 | 12748580 |
| &nbsp;&nbsp;&nbsp; Paycom Software \* | 65829 | 22322614 |
| &nbsp;&nbsp;&nbsp; Qualys <sup>\*</sup> | 191220 | 23581250 |
| &nbsp;&nbsp;&nbsp; Salesforce <sup>\*</sup> | 146826 | 23528867 |
| &nbsp;&nbsp;&nbsp; Sinch <sup>\*</sup> | 6558956 | 20272622 |
| &nbsp;&nbsp;&nbsp; SPS Commerce <sup>\*</sup> | 177625 | 25268933 |
| &nbsp;&nbsp;&nbsp; Twilio, Cl A \* | 327602 | 16059050 |
| &nbsp;&nbsp;&nbsp; Workday, Cl A \* | 153214 | 25724631 |
| &nbsp;&nbsp;&nbsp; Workiva, Cl A \* | 310021 | 24975292 |

---

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

*84*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Cloud Computing ETF** | **Global X Cloud Computing ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp; Yext \* | 1058468 | $5641634 |
| &nbsp;&nbsp;&nbsp; Zoom Video Communications, Cl A \* | 274101 | 20675438 |
| &nbsp;&nbsp;&nbsp; Zscaler \* | 163914 | 21874323 |
|  |  | 429661239 |
| Real Estate — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust ‡ | 226317 | 25451610 |
| TOTAL UNITED STATES |  | 524722053 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,003,592,267) |  | 588648232 |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup> — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Fidelity Investments Money Market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Portfolio, Cl Institutional, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $415,045) | 415045 | 415045 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENT<sup>(B)</sup>** **— 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.730%, dated 11/30/2022, to be repurchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on 12/01/2022, repurchase price $576,940 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (collateralized by various U.S. Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations, ranging in par value $29,154 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - $72,811, 1.625% - 2.500%, 5/15/2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - 5/15/2031, with a total market value of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$592536)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $576,880) | $576880 | 576880 |
| TOTAL INVESTMENTS — 100.1% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,004,584,192) |  | $589640157 |

---

 *Percentages are based on Net Assets of $589,084,526.*

 *\* Non-income producing security.*

 *‡ Real Estate Investment Trust*

 *(A) This security or a partial position of this security is on loan at November 30, 2022.* 

 *(B) Security was purchased with cash collateral held from securities on loan.*

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

*85*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Cloud Computing ETF**  | **Global X Cloud Computing ETF**  |

---

 *(C) The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2022.*

 *The following is a summary of the level of inputs used as of November 30, 2022, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *Common Stock* | $*588648232* | $*—* | $*—* | $*588648232* |
| &nbsp;&nbsp;&nbsp; *Short-Term Investment* | *415045* | *—* | *—* | *415045* |
| &nbsp;&nbsp;&nbsp; *Repurchase Agreement* | *—* | *576880* | *—* | *576880* |
| *Total Investments in Securities* | $*589063277* | $*576880* | $*—* | $*589640157* |

---

*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.

*86*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Data Center REITs & Digital Infrastructure ETF** | **Global X Data Center REITs & Digital Infrastructure ETF** |

---

![](datacenter-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** | | |
| **AUSTRALIA — 4.2%** | | |
| Information Technology — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp; NEXTDC \* | 401171 | $2651709 |
| **CHINA — 7.9%** |  |  |
| Communication Services — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp; China Tower, Cl H | 24053700 | 2588573 |
| Information Technology — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp; GDS Holdings ADR \* | 109818 | 1746106 |
| &nbsp;&nbsp;&nbsp; Vnet Group ADR \* | 129840 | 650499 |
|  |  | 2396605 |
| TOTAL CHINA |  | 4985178 |
| **GERMANY — 2.8%** |  |  |
| Communication Services — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp; Vantage Towers | 51740 | 1743135 |
| **INDONESIA — 3.9%** |  |  |
| Communication Services — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp; Sarana Menara Nusantara  | 21573576 | 1549638 |
| &nbsp;&nbsp;&nbsp; Tower Bersama Infrastructure  | 6204298 | 914978 |
| TOTAL INDONESIA |  | 2464616 |
| **SINGAPORE — 2.7%** |  |  |
| Real Estate — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp; Keppel ‡ | 1249056 | 1686312 |

---

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

*87*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Data Center REITs & Digital Infrastructure ETF** | **Global X Data Center REITs & Digital Infrastructure ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **TAIWAN — 2.1%** | | |
| Information Technology — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp; Winbond Electronics | 1979804 | $1358070 |
| **UNITED STATES — 76.3%** |  |  |
| Communication Services — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp; Radius Global Infrastructure, Cl A \* | 84187 | 1065808 |
| Information Technology — 19.4% |  |  |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices <sup>\*</sup> | 17593 | 1365745 |
| &nbsp;&nbsp;&nbsp; Cyxtera Technologies \* | 43440 | 85143 |
| &nbsp;&nbsp;&nbsp; Intel  | 36299 | 1091511 |
| &nbsp;&nbsp;&nbsp; Micron Technology | 22954 | 1323298 |
| &nbsp;&nbsp;&nbsp; NVIDIA  | 8913 | 1508347 |
| &nbsp;&nbsp;&nbsp; SMART Global Holdings \* | 46196 | 781174 |
| &nbsp;&nbsp;&nbsp; Super Micro Computer \* | 33122 | 2988598 |
| &nbsp;&nbsp;&nbsp; Switch, Cl A | 90885 | 3112811 |
|  |  | 12256627 |
| Real Estate — 55.2% |  |  |
| &nbsp;&nbsp;&nbsp; American Tower ‡ | 31936 | 7065840 |
| &nbsp;&nbsp;&nbsp; Crown Castle ‡ | 47813 | 6762193 |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust ‡ | 49905 | 5612316 |
| &nbsp;&nbsp;&nbsp; DigitalBridge Group | 132949 | 1918454 |
| &nbsp;&nbsp;&nbsp; Equinix ‡ | 13049 | 9012292 |
| &nbsp;&nbsp;&nbsp; SBA Communications, Cl A ‡ | 9591 | 2870586 |
| &nbsp;&nbsp;&nbsp; Uniti Group ‡ | 208894 | 1591772 |
|  |  | 34833453 |
| TOTAL UNITED STATES |  | 48155888 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $79,959,886) |  | 63044908 |

---

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

*88*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Data Center REITs & Digital Infrastructure ETF**  | **Global X Data Center REITs & Digital Infrastructure ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATION — 7.9%** | | |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.129%, 12/01/22<sup>(A)</sup> |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,000,000) | $5000000 | $5000000 |
| TOTAL INVESTMENTS — 107.8% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $84,959,886) |  | $68044908 |

---

 *Percentages are based on Net Assets of $63,143,288.*

 *\* Non-income producing security.*

 *‡ Real Estate Investment Trust*

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

 *The following is a summary of the level of inputs used as of November 30, 2022, in valuing the Fund's investments carried at value:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *Common Stock* | $*63044908* | $*—* | $*—* | $*63044908* |
| &nbsp;&nbsp;&nbsp; *U.S. Treasury Obligation* | *—* | *5000000* | *—* | *5000000* |
| *Total Investments in Securities* | $*63044908* | $*5000000* | $*—* | $*68044908* |

---

*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.

*89*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Cybersecurity ETF**  | **Global X Cybersecurity ETF**  |

---

![](cybersecurity-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.5%** | | |
| **CANADA — 4.9%** | | |
| Information Technology — 4.9% |  |  |
| &nbsp;&nbsp;&nbsp; BlackBerry <sup>\*</sup> | 9733978 | $47404473 |
| **ISRAEL — 9.8%** |  |  |
| Information Technology — 9.8% |  |  |
| &nbsp;&nbsp;&nbsp; Check Point Software Technologies \* | 444009 | 58977716 |
| &nbsp;&nbsp;&nbsp; Radware \* | 1716010 | 35401286 |
| TOTAL ISRAEL |  | 94379002 |
| **JAPAN — 6.4%** |  |  |
| Information Technology — 6.4% |  |  |
| &nbsp;&nbsp;&nbsp; Digital Arts | 459367 | 21233461 |
| &nbsp;&nbsp;&nbsp; Trend Micro | 841256 | 41055993 |
| TOTAL JAPAN |  | 62289454 |
| **SOUTH KOREA — 2.0%** |  |  |
| Information Technology — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp; Ahnlab  | 375525 | 19475990 |
| **UNITED KINGDOM — 8.2%** |  |  |
| Information Technology — 8.2% |  |  |
| &nbsp;&nbsp;&nbsp; Arqit Quantum <sup>\*</sup> | 4624358 | 35283852 |
| &nbsp;&nbsp;&nbsp; Darktrace <sup>\*</sup> | 10845811 | 44044558 |
| TOTAL UNITED KINGDOM |  | 79328410 |
| **UNITED STATES — 68.2%** |  |  |
| Information Technology — 68.2% |  |  |
| &nbsp;&nbsp;&nbsp; A10 Networks | 2388476 | 44688386 |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Cl A \* | 391565 | 46067622 |
| &nbsp;&nbsp;&nbsp; CyberArk Software \* | 276179 | 41170003 |
| &nbsp;&nbsp;&nbsp; Fortinet <sup>\*</sup> | 1207100 | 64169436 |

---

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

*90*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp; Gen Digital | 2555627 | $58677196 |
| &nbsp;&nbsp;&nbsp; Okta, Cl A \* | 828680 | 44185218 |
| &nbsp;&nbsp;&nbsp; OneSpan \* | 1501829 | 18877990 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks \* | 370389 | 62929091 |
| &nbsp;&nbsp;&nbsp; Qualys <sup>\*</sup> | 369902 | 45616315 |
| &nbsp;&nbsp;&nbsp; Rapid7 \* | 1376567 | 40471070 |
| &nbsp;&nbsp;&nbsp; SentinelOne, Cl A \* | 2079553 | 30153518 |
| &nbsp;&nbsp;&nbsp; Telos \* | 2552726 | 10466177 |
| &nbsp;&nbsp;&nbsp; Tenable Holdings \* | 1150610 | 43930290 |
| &nbsp;&nbsp;&nbsp; Varonis Systems, Cl B \* | 2445065 | 51933181 |
| &nbsp;&nbsp;&nbsp; Zscaler \* | 422920 | 56438674 |
| TOTAL UNITED STATES |  | 659774167 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,314,176,562) |  | 962651496 |
| TOTAL INVESTMENTS — 99.5% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,314,176,562) |  | $962651496 |

---

 *Percentages are based on Net Assets of $967,942,262.*

 *\* Non-income producing security.*

 *As of November 30, 2022, 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.

*91*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** |

---

![](artintel-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** | | |
| **BRAZIL — 0.4%** | | |
| Information Technology — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp; StoneCo, Cl A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44257 | $516922 |
| **CANADA — 3.1%** |  |  |
| Industrials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp; Thomson Reuters | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18893 | 2224084 |
| Information Technology — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp; Shopify, Cl A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44325 | 1812006 |
| TOTAL CANADA |  | 4036090 |
| **CHINA — 11.0%** |  |  |
| Communication Services — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp; Baidu ADR <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10708 | 1162889 |
| &nbsp;&nbsp;&nbsp; Tencent Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96743 | 3559617 |
|  |  | 4722506 |
| Consumer Discretionary — 5.5% |  |  |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding ADR \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40082 | 3509580 |

---

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

*92*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Consumer Discretionary — continued |  |  |
| &nbsp;&nbsp;&nbsp; Meituan, Cl B \* | 172941 | $3624770 |
|  |  | 7134350 |
| Information Technology — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp; Canaan ADR <sup>\*</sup> | 90604 | 235570 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors  | 10170 | 1788293 |
| &nbsp;&nbsp;&nbsp; Vnet Group ADR \* | 81175 | 406687 |
|  |  | 2430550 |
| TOTAL CHINA |  | 14287406 |
| **GERMANY — 4.7%** |  |  |
| Industrials — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp; Siemens | 33051 | 4465561 |
| Information Technology — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp; Infineon Technologies | 50617 | 1642759 |
| TOTAL GERMANY |  | 6108320 |
| **ISRAEL — 0.4%** |  |  |
| Information Technology — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp; Wix.com \* | 6270 | 567372 |
| **ITALY — 0.3%** |  |  |
| Health Care — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Amplifon | 13497 | 373141 |
| **JAPAN — 1.6%** |  |  |
| Industrials — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp; FANUC | 7795 | 1137632 |
| &nbsp;&nbsp;&nbsp; Toshiba | 16821 | 565361 |
|  |  | 1702993 |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; NEC | 10660 | 370892 |
| TOTAL JAPAN |  | 2073885 |

---

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

*93*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **NETHERLANDS — 0.8%** | | |
| Industrials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp; Wolters Kluwer | 10170 | $1101610 |
| **SINGAPORE — 1.0%** |  |  |
| Information Technology — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp; STMicroelectronics | 35324 | 1311011 |
| **SOUTH KOREA — 4.6%** |  |  |
| Information Technology — 4.6% |  |  |
| &nbsp;&nbsp;&nbsp; Samsung Electronics | 89160 | 4204991 |
| &nbsp;&nbsp;&nbsp; SK Hynix | 28204 | 1817750 |
| TOTAL SOUTH KOREA |  | 6022741 |
| **SWEDEN — 0.6%** |  |  |
| Information Technology — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson ADR | 119175 | 759145 |
| **SWITZERLAND — 0.2%** |  |  |
| Information Technology — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp; Temenos | 5276 | 315978 |
| **TAIWAN — 1.5%** |  |  |
| Information Technology — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp; Acer | 567100 | 451398 |
| &nbsp;&nbsp;&nbsp; Advantech . | 35200 | 379272 |
| &nbsp;&nbsp;&nbsp; Alchip Technologies | 19690 | 590595 |
| &nbsp;&nbsp;&nbsp; Global Unichip  | 25200 | 596049 |
| TOTAL TAIWAN |  | 2017314 |
| **UNITED KINGDOM — 1.5%** |  |  |
| Health Care — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp; Exscientia ADR <sup>\*</sup> <sup>(A)</sup> | 35010 | 199557 |
| Industrials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp; Experian | 35695 | 1234893 |

---

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

*94*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Information Technology — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp; AVEVA Group | 14886 | $563920 |
| TOTAL UNITED KINGDOM |  | 1998370 |
| **UNITED STATES — 68.1%** |  |  |
| Communication Services — 10.4% |  |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Cl A \* | 36836 | 3720068 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Cl A \* | 22998 | 2716064 |
| &nbsp;&nbsp;&nbsp; Netflix \* | 18822 | 5750686 |
| &nbsp;&nbsp;&nbsp; Snap, Cl A \* | 53798 | 554657 |
| &nbsp;&nbsp;&nbsp; Trade Desk, Cl A \* | 17161 | 894774 |
|  |  | 13636249 |
| Consumer Discretionary — 5.6% |  |  |
| &nbsp;&nbsp;&nbsp; Amazon.com <sup>\*</sup> | 33792 | 3262280 |
| &nbsp;&nbsp;&nbsp; eBay | 21706 | 986321 |
| &nbsp;&nbsp;&nbsp; Tesla \* | 15483 | 3014540 |
|  |  | 7263141 |
| Financials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp; Upstart Holdings <sup>\*</sup> <sup>(A)</sup> | 14382 | 281168 |
| Health Care — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp; ABIOMED \* | 1751 | 661510 |
| Industrials — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding, Cl A | 5157 | 548705 |
| &nbsp;&nbsp;&nbsp; Hubbell, Cl B | 2131 | 541402 |
| &nbsp;&nbsp;&nbsp; Rockwell Automation | 4530 | 1196916 |
| &nbsp;&nbsp;&nbsp; Uber Technologies \* | 76107 | 2217758 |
|  |  | 4504781 |
| Information Technology — 47.9% |  |  |
| &nbsp;&nbsp;&nbsp; Accenture, Cl A | 14636 | 4404411 |
| &nbsp;&nbsp;&nbsp; Adobe <sup>\*</sup> | 10303 | 3553814 |
| &nbsp;&nbsp;&nbsp; Ambarella <sup>\*</sup> | 5322 | 394892 |
| &nbsp;&nbsp;&nbsp; Apple | 27106 | 4012501 |
| &nbsp;&nbsp;&nbsp; C3.ai, Cl A \* | 19896 | 258847 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems <sup>\*</sup> | 10674 | 1836355 |
| &nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings \* | 42289 | 389059 |
| &nbsp;&nbsp;&nbsp; Cisco Systems | 94503 | 4698689 |

---

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

*95*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp; Datadog, Cl A \* | 10987 | $832595 |
| &nbsp;&nbsp;&nbsp; DXC Technology \* | 13487 | 400159 |
| &nbsp;&nbsp;&nbsp; Genpact | 9100 | 419601 |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise | 50414 | 845947 |
| &nbsp;&nbsp;&nbsp; Informatica, Cl A \* | 20016 | 343875 |
| &nbsp;&nbsp;&nbsp; Intel  | 103756 | 3119943 |
| &nbsp;&nbsp;&nbsp; International Business Machines . | 33116 | 4930972 |
| &nbsp;&nbsp;&nbsp; Microsoft | 15922 | 4062339 |
| &nbsp;&nbsp;&nbsp; NVIDIA  | 23314 | 3945428 |
| &nbsp;&nbsp;&nbsp; Okta, Cl A \* | 5675 | 302591 |
| &nbsp;&nbsp;&nbsp; Oracle  | 56537 | 4694267 |
| &nbsp;&nbsp;&nbsp; Pegasystems . | 8295 | 300694 |
| &nbsp;&nbsp;&nbsp; QUALCOMM  | 27009 | 3416368 |
| &nbsp;&nbsp;&nbsp; Salesforce <sup>\*</sup> | 22702 | 3637996 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings | 8195 | 434089 |
| &nbsp;&nbsp;&nbsp; ServiceNow \* | 7793 | 3244226 |
| &nbsp;&nbsp;&nbsp; Smartsheet, Cl A \* | 12566 | 386279 |
| &nbsp;&nbsp;&nbsp; Splunk \* | 6260 | 486277 |
| &nbsp;&nbsp;&nbsp; Super Micro Computer \* | 8159 | 736187 |
| &nbsp;&nbsp;&nbsp; Synopsys \* | 5920 | 2010077 |
| &nbsp;&nbsp;&nbsp; Teradata \* | 10629 | 362980 |
| &nbsp;&nbsp;&nbsp; Twilio, Cl A \* | 6670 | 326963 |
| &nbsp;&nbsp;&nbsp; UiPath, Cl A \* | 19457 | 242629 |
| &nbsp;&nbsp;&nbsp; Verint Systems <sup>\*</sup> | 9327 | 366831 |
| &nbsp;&nbsp;&nbsp; Viasat <sup>\*</sup> | 14679 | 500407 |
| &nbsp;&nbsp;&nbsp; Workday, Cl A \* | 7703 | 1293334 |
| &nbsp;&nbsp;&nbsp; Zebra Technologies, Cl A \* | 2056 | 555696 |
| &nbsp;&nbsp;&nbsp; Zscaler \* | 5506 | 734776 |
|  |  | 62482094 |
| TOTAL UNITED STATES |  | 88828943 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $177,102,138) |  | 130318248 |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup>** **— 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Fidelity Investments Money Market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Portfolio, Cl Institutional, |  |  |
| &nbsp;&nbsp;&nbsp; 3.600%  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $157,162) | 157162 | 157162 |

---

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

*96*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Artificial Intelligence & Technology ETF**  | **Global X Artificial Intelligence & Technology ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Face Amount** | **Value** |
| **REPURCHASE AGREEMENT<sup>(B)</sup> — 0.2%** | | |
| &nbsp;&nbsp;&nbsp; BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.730%, dated 11/30/2022, to be repurchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on 12/01/2022, repurchase price $218,466 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (collateralized by various U.S. Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations, ranging in par value $11,040 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - $27,571, 1.625% - 2.500%, 5/15/2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - 5/15/2031, with a total market value of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$224372)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $218,443) | $218443 | $218443 |
| TOTAL INVESTMENTS — 100.1% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $177,477,743) |  | $130693853 |

---

 *Percentages are based on Net Assets of $130,518,451.*

 *\* Non-income producing security.*

 *(A) This security or a partial position of this security is on loan at November 30, 2022.* 

*(B) Security was purchased with cash collateral held from securities on loan.*

 *(C) The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2022.*

 *The following is a summary of the level of inputs used as of November 30, 2022, in valuing the Fund's investments carried at value:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *Common Stock* | $*130318248* | $*—* | $*—* | $*130318248* |
| &nbsp;&nbsp;&nbsp; *Short-Term Investment* | *157162* | *—* | *—* | *157162* |
| &nbsp;&nbsp;&nbsp; *Repurchase Agreement* | *—* | *218443* | *—* | *218443* |
| *Total Investments in Securities* | $*130475410* | $*218443* | $*—* | $*130693853* |

---

*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.

*97*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Metaverse ETF** | **Global X Metaverse ETF** |

---

<br> ![](metaverse-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** | | |
| **CHINA — 13.2%** | | |
| Communication Services — 12.7% |  |  |
| &nbsp;&nbsp;&nbsp; Hello Group ADR | 1330 | $7634 |
| &nbsp;&nbsp;&nbsp; HUYA ADR \* | 2339 | 6385 |
| &nbsp;&nbsp;&nbsp; NetEase ADR  | 1656 | 117775 |
| &nbsp;&nbsp;&nbsp; Tencent Holdings | 3030 | 111488 |
|  |  | 243282 |
| Consumer Discretionary — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding ADR \* | 116 | 10157 |
| TOTAL CHINA |  | 253439 |
| **FRANCE — 1.6%** |  |  |
| Communication Services — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp; Ubisoft Entertainment \* | 1083 | 29640 |
| **IRELAND — 1.2%** |  |  |
| Information Technology — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp; Keywords Studios | 671 | 23573 |
| **JAPAN — 22.6%** |  |  |
| Communication Services — 22.6% |  |  |
| &nbsp;&nbsp;&nbsp; Capcom | 2303 | 68905 |
| &nbsp;&nbsp;&nbsp; DeNA | 1120 | 14849 |
| &nbsp;&nbsp;&nbsp; GungHo Online Entertainment | 790 | 11776 |
| &nbsp;&nbsp;&nbsp; Koei Tecmo Holdings | 2906 | 49461 |
| &nbsp;&nbsp;&nbsp; MIXI | 670 | 11831 |
| &nbsp;&nbsp;&nbsp; Nexon  | 5650 | 117178 |
| &nbsp;&nbsp;&nbsp; Nintendo  | 2650 | 111933 |

---

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

*98*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Metaverse ETF** | **Global X Metaverse ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Communication Services — continued |  |  |
| &nbsp;&nbsp;&nbsp; Square Enix Holdings | 1063 | $47155 |
| TOTAL JAPAN |  | 433088 |
| **SOUTH KOREA — 10.7%** |  |  |
| Communication Services — 10.1% |  |  |
| &nbsp;&nbsp;&nbsp; Krafton \* | 422 | 72634 |
| &nbsp;&nbsp;&nbsp; NCSoft | 189 | 67426 |
| &nbsp;&nbsp;&nbsp; Netmarble | 737 | 27354 |
| &nbsp;&nbsp;&nbsp; Pearl Abyss <sup>\*</sup> | 550 | 18141 |
| &nbsp;&nbsp;&nbsp; Wemade  | 301 | 8091 |
|  |  | 193646 |
| Information Technology — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp; Samsung Electronics | 261 | 12309 |
| TOTAL SOUTH KOREA |  | 205955 |
| **SWEDEN — 1.3%** |  |  |
| Communication Services — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp; Modern Times Group MTG, Cl B | 1083 | 8333 |
| &nbsp;&nbsp;&nbsp; Paradox Interactive | 925 | 17101 |
| TOTAL SWEDEN |  | 25434 |
| **TAIWAN — 1.3%** |  |  |
| Information Technology — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp; Hitron Technology | 7000 | 6149 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing ADR | 229 | 19003 |
| TOTAL TAIWAN |  | 25152 |
| **UNITED STATES — 48.0%** |  |  |
| Communication Services — 21.0% |  |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Cl A \* | 264 | 26661 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Cl A \* | 999 | 117982 |
| &nbsp;&nbsp;&nbsp; ROBLOX, Cl A \* | 2674 | 84953 |
| &nbsp;&nbsp;&nbsp; Snap, Cl A \* | 8262 | 85181 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software \* | 845 | 89308 |
|  |  | 404085 |

---

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

*99*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Metaverse ETF**  | **Global X Metaverse ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Consumer Discretionary — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp; Amazon.com <sup>\*</sup> | 452 | $43636 |
| Financials — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Cl A \* | 1546 | 70699 |
| Information Technology — 21.0% |  |  |
| &nbsp;&nbsp;&nbsp; Adobe <sup>\*</sup> | 20 | 6898 |
| &nbsp;&nbsp;&nbsp; Apple | 494 | 73127 |
| &nbsp;&nbsp;&nbsp; Cisco Systems | 180 | 8950 |
| &nbsp;&nbsp;&nbsp; Matterport \* | 2525 | 7954 |
| &nbsp;&nbsp;&nbsp; Microsoft | 302 | 77052 |
| &nbsp;&nbsp;&nbsp; NVIDIA . | 717 | 121338 |
| &nbsp;&nbsp;&nbsp; QUALCOMM . | 49 | 6198 |
| &nbsp;&nbsp;&nbsp; Unity Software \* | 2565 | 101343 |
|  |  | 402860 |
| TOTAL UNITED STATES |  | 921280 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,547,757) |  | 1917561 |
| TOTAL INVESTMENTS — 99.9% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,547,757) |  | $1917561 |

---

 *Percentages are based on Net Assets of $1,920,386.*

 *\* Non-income producing security.*

 *As of November 30, 2022, 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.

*100*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Millennial Consumer ETF** | **Global X Millennial Consumer ETF** |

---

![](millenial-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** | | |
| **GERMANY — 0.3%** | | |
| Communication Services — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Trivago ADR <sup>\*</sup> | 178559 | $248197 |
| **SINGAPORE — 1.9%** |  |  |
| Communication Services — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp; Sea ADR <sup>\*</sup> | 34545 | 2016392 |
| **UNITED STATES — 97.7%** |  |  |
| Communication Services — 19.6% |  |  |
| &nbsp;&nbsp;&nbsp; Activision Blizzard . | 52079 | 3851242 |
| &nbsp;&nbsp;&nbsp; Alphabet, Cl A \* | 30554 | 3085649 |
| &nbsp;&nbsp;&nbsp; Angi, Cl A \* | 72442 | 161546 |
| &nbsp;&nbsp;&nbsp; Cargurus, Cl A \* | 9536 | 124731 |
| &nbsp;&nbsp;&nbsp; Cars.com <sup>\*</sup> | 31486 | 465363 |
| &nbsp;&nbsp;&nbsp; iHeartMedia, Cl A \* | 20900 | 168036 |
| &nbsp;&nbsp;&nbsp; Match Group \* | 19697 | 995880 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Cl A \* | 18684 | 2206580 |
| &nbsp;&nbsp;&nbsp; Netflix \* | 11323 | 3459516 |
| &nbsp;&nbsp;&nbsp; Snap, Cl A \* | 114394 | 1179402 |
| &nbsp;&nbsp;&nbsp; Spotify Technology \* | 13306 | 1056763 |

---

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

*101*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Millennial Consumer ETF** | **Global X Millennial Consumer ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Communication Services — continued |  |  |
| &nbsp;&nbsp;&nbsp; TripAdvisor \* | 16021 | $326668 |
| &nbsp;&nbsp;&nbsp; Vimeo <sup>\*</sup> | 34680 | 148430 |
| &nbsp;&nbsp;&nbsp; Walt Disney \* | 31469 | 3079871 |
| &nbsp;&nbsp;&nbsp; Yelp, Cl A \* | 12340 | 381923 |
|  |  | 20691600 |
| Consumer Discretionary — 44.9% |  |  |
| &nbsp;&nbsp;&nbsp; 2U <sup>\*</sup> | 32645 | 262139 |
| &nbsp;&nbsp;&nbsp; Aaron's | 20986 | 255819 |
| &nbsp;&nbsp;&nbsp; Airbnb, Cl A \* | 25338 | 2588023 |
| &nbsp;&nbsp;&nbsp; Amazon.com <sup>\*</sup> | 26277 | 2536782 |
| &nbsp;&nbsp;&nbsp; AutoNation <sup>\*</sup> | 4269 | 528972 |
| &nbsp;&nbsp;&nbsp; Beachbody <sup>\*</sup> | 215045 | 150531 |
| &nbsp;&nbsp;&nbsp; Bed Bath & Beyond <sup>\*</sup> <sup>(A)</sup> | 18292 | 62193 |
| &nbsp;&nbsp;&nbsp; Booking Holdings \* | 1877 | 3903128 |
| &nbsp;&nbsp;&nbsp; Capri Holdings \* | 10197 | 584798 |
| &nbsp;&nbsp;&nbsp; CarMax \* | 11168 | 774612 |
| &nbsp;&nbsp;&nbsp; Carter's | 4815 | 351688 |
| &nbsp;&nbsp;&nbsp; Carvana, Cl A<sup>\*</sup> <sup>(A)</sup> | 5953 | 45898 |
| &nbsp;&nbsp;&nbsp; Chegg <sup>\*</sup> | 11373 | 339370 |
| &nbsp;&nbsp;&nbsp; Children's Place \* | 8228 | 292094 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Cl A \* | 1937 | 3151421 |
| &nbsp;&nbsp;&nbsp; Columbia Sportswear | 4739 | 424567 |
| &nbsp;&nbsp;&nbsp; Designer Brands, Cl A | 30211 | 462228 |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods | 4319 | 516466 |
| &nbsp;&nbsp;&nbsp; eBay | 40583 | 1844092 |
| &nbsp;&nbsp;&nbsp; Etsy \* | 8773 | 1158826 |
| &nbsp;&nbsp;&nbsp; Expedia Group \* | 10377 | 1108679 |
| &nbsp;&nbsp;&nbsp; GoPro, Cl A \* | 50383 | 276099 |
| &nbsp;&nbsp;&nbsp; Graham Holdings, Cl B | 688 | 442852 |
| &nbsp;&nbsp;&nbsp; Groupon, Cl A<sup>\*</sup> <sup>(A)</sup> | 20041 | 166942 |
| &nbsp;&nbsp;&nbsp; Home Depot | 13972 | 4526788 |
| &nbsp;&nbsp;&nbsp; Laureate Education, Cl A | 36724 | 384868 |
| &nbsp;&nbsp;&nbsp; Lowe's | 20793 | 4419552 |
| &nbsp;&nbsp;&nbsp; Lululemon Athletica <sup>\*</sup> | 8475 | 3223127 |
| &nbsp;&nbsp;&nbsp; NIKE, Cl B | 32500 | 3564925 |
| &nbsp;&nbsp;&nbsp; Peloton Interactive, Cl A \* | 19913 | 226610 |
| &nbsp;&nbsp;&nbsp; Planet Fitness, Cl A \* | 5826 | 456525 |
| &nbsp;&nbsp;&nbsp; Skechers USA, Cl A \* | 10801 | 455478 |
| &nbsp;&nbsp;&nbsp; Starbucks | 50046 | 5114701 |

---

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

*102*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Millennial Consumer ETF** | **Global X Millennial Consumer ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Consumer Discretionary — continued |  |  |
| &nbsp;&nbsp;&nbsp; Strategic Education | 6084 | $497671 |
| &nbsp;&nbsp;&nbsp; Stride <sup>\*</sup> | 11673 | 413341 |
| &nbsp;&nbsp;&nbsp; Under Armour, Cl A \* | 24564 | 245640 |
| &nbsp;&nbsp;&nbsp; VF . | 26864 | 881676 |
| &nbsp;&nbsp;&nbsp; Victoria's Secret \* | 8861 | 407606 |
| &nbsp;&nbsp;&nbsp; Wayfair, Cl A \* | 5253 | 192470 |
| &nbsp;&nbsp;&nbsp; WW International \* | 37666 | 155561 |
|  |  | 47394758 |
| Consumer Staples — 4.4% |  |  |
| &nbsp;&nbsp;&nbsp; Costco Wholesale | 7134 | 3847010 |
| &nbsp;&nbsp;&nbsp; Medifast . | 2389 | 301133 |
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market \* | 12619 | 433210 |
|  |  | 4581353 |
| Financials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp; Blucora <sup>\*</sup> | 22166 | 555258 |
| &nbsp;&nbsp;&nbsp; LendingClub <sup>\*</sup> | 27835 | 286979 |
| &nbsp;&nbsp;&nbsp; LendingTree \* | 3464 | 82963 |
| &nbsp;&nbsp;&nbsp; Nelnet, Cl A | 4899 | 482747 |
| &nbsp;&nbsp;&nbsp; SLM | 23974 | 418586 |
|  |  | 1826533 |
| Industrials — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp; Avis Budget Group \* | 3713 | 830227 |
| &nbsp;&nbsp;&nbsp; Lyft, Cl A \* | 23070 | 258845 |
| &nbsp;&nbsp;&nbsp; Uber Technologies \* | 124869 | 3638683 |
|  |  | 4727755 |
| Information Technology — 15.6% |  |  |
| &nbsp;&nbsp;&nbsp; Apple | 24282 | 3594465 |
| &nbsp;&nbsp;&nbsp; Block, Cl A \* | 32398 | 2195612 |
| &nbsp;&nbsp;&nbsp; Fiserv <sup>\*</sup> | 40633 | 4240460 |
| &nbsp;&nbsp;&nbsp; Intuit . | 8511 | 3468999 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings \* | 37086 | 2907913 |
|  |  | 16407449 |
| Real Estate — 7.0% |  |  |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities <sup>‡</sup> | 9654 | 1688485 |
| &nbsp;&nbsp;&nbsp; Camden Property Trust ‡ | 7289 | 877086 |

---

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

*103*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Millennial Consumer ETF** | **Global X Millennial Consumer ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Real Estate — continued |  |  |
| &nbsp;&nbsp;&nbsp; Centerspace ‡ | 3978 | $256581 |
| &nbsp;&nbsp;&nbsp; Equity Residential ‡ | 25964 | 1684025 |
| &nbsp;&nbsp;&nbsp; Independence Realty Trust ‡ | 15524 | 281295 |
| &nbsp;&nbsp;&nbsp; Invitation Homes ‡ | 41970 | 1369481 |
| &nbsp;&nbsp;&nbsp; UDR <sup>‡</sup> | 22473 | 931955 |
| &nbsp;&nbsp;&nbsp; Zillow Group, Cl A \* | 8478 | 317077 |
|  |  | 7405985 |
| TOTAL UNITED STATES |  | 103035433 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $160,874,485) |  | 105300022 |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup> — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Fidelity Investments Money Market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Portfolio, Cl Institutional, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $50,523) | 50523 | 50523 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENT<sup>(B)</sup> — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.730%, dated 11/30/2022, to be repurchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on 12/01/2022, repurchase price $70,230 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (collateralized by various U.S. Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations, ranging in par value $3,549 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - $8,863, 1.625% - 2.500%, 5/15/2024 - |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5/15/2031, with a total market value of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$72128)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $70,223) | $70223 | 70223 |
| TOTAL INVESTMENTS — 100.0% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $160,995,231) |  | $105420768 |

---

 *Percentages are based on Net Assets of $105,459,006.*

 *\* Non-income producing security.*

 *‡ Real Estate Investment Trust*

 *(A) This security or a partial position of this security is on loan at November 30, 2022.* 

 *(B) Security was purchased with cash collateral held from securities on loan.*

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

*104*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Millennial Consumer ETF**  | **Global X Millennial Consumer ETF**  |

---

 *(C) The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2022.*

 *The following is a summary of the level of inputs used as of November 30, 2022, in valuing the Fund's investments carried at value:* <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *Common Stock* | $*105300022* | $*—* | $*—* | $*105300022* |
| &nbsp;&nbsp;&nbsp; *Short-Term Investment* | *50523* | *—* | *—* | *50523* |
| &nbsp;&nbsp;&nbsp; *Repurchase Agreement* | *—* | *70223* | *—* | *70223* |
| *Total Investments in Securities* | $*105350545* | $*70223* | $*—* | $*105420768* |

---

*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.

*105*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Education ETF**  | **Global X Education ETF**  |

---

![](education-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.0%** | | |
| **AUSTRALIA — 8.1%** | | |
| Consumer Discretionary — 8.1% |  |  |
| &nbsp;&nbsp;&nbsp; IDP Education | 13669 | $272701 |
| **BRAZIL — 1.4%** |  |  |
| Consumer Discretionary — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp; Arco Platform, Cl A \* | 1461 | 13207 |
| &nbsp;&nbsp;&nbsp; YDUQS Participacoes | 15265 | 33382 |
| TOTAL BRAZIL |  | 46589 |
| **CANADA — 1.5%** |  |  |
| Information Technology — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp; Docebo <sup>\*</sup> | 1631 | 51876 |
| **CHINA — 21.5%** |  |  |
| Consumer Discretionary — 21.5% |  |  |
| &nbsp;&nbsp;&nbsp; China East Education Holdings | 108392 | 62490 |
| &nbsp;&nbsp;&nbsp; Gaotu Techedu ADR <sup>\*</sup> | 6760 | 8720 |
| &nbsp;&nbsp;&nbsp; Koolearn Technology Holding \* | 50282 | 264117 |
| &nbsp;&nbsp;&nbsp; New Oriental Education & Technology Group |  |  |
| &nbsp;&nbsp;&nbsp; ADR <sup>\*</sup>  | 8458 | 243083 |
| &nbsp;&nbsp;&nbsp; TAL Education Group ADR \* | 25057 | 149590 |
| TOTAL CHINA |  | 728000 |
| **JAPAN — 4.5%** |  |  |
| Consumer Discretionary — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp; Benesse Holdings | 5058 | 72169 |

---

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

*106*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Education ETF**  | **Global X Education ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Consumer Discretionary — continued |  |  |
| &nbsp;&nbsp;&nbsp; Media Do . | 774 | $10594 |
| &nbsp;&nbsp;&nbsp; Riso Kyoiku  | 7657 | 17724 |
|  |  | 100487 |
| Industrials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp; Insource . | 2104 | 50889 |
| TOTAL JAPAN |  | 151376 |
| **NORWAY — 1.6%** |  |  |
| Communication Services — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp; Kahoot! \* | 24142 | 53968 |
| **SOUTH KOREA — 1.0%** |  |  |
| Consumer Discretionary — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp; MegaStudyEdu . | 590 | 34805 |
| **UNITED KINGDOM — 10.0%** |  |  |
| Communication Services — 10.0% |  |  |
| &nbsp;&nbsp;&nbsp; Pearson  | 28402 | 336616 |
| **UNITED STATES — 50.4%** |  |  |
| Communication Services — 12.9% |  |  |
| &nbsp;&nbsp;&nbsp; Bandwidth, Cl A \* | 11233 | 256787 |
| &nbsp;&nbsp;&nbsp; John Wiley & Sons, Cl A | 2332 | 110560 |
| &nbsp;&nbsp;&nbsp; Scholastic | 1635 | 67231 |
|  |  | 434578 |
| Consumer Discretionary — 24.4% |  |  |
| &nbsp;&nbsp;&nbsp; 2U <sup>\*</sup> | 3854 | 30947 |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions \* | 2881 | 213770 |
| &nbsp;&nbsp;&nbsp; Chegg <sup>\*</sup> | 6319 | 188559 |
| &nbsp;&nbsp;&nbsp; Coursera <sup>\*</sup> | 7284 | 101539 |
| &nbsp;&nbsp;&nbsp; Duolingo, Cl A \* | 1530 | 106595 |
| &nbsp;&nbsp;&nbsp; Nerdy <sup>\*</sup> | 4517 | 9531 |
| &nbsp;&nbsp;&nbsp; Stride <sup>\*</sup> | 2136 | 75636 |
| &nbsp;&nbsp;&nbsp; Udemy <sup>\*</sup> | 7036 | 99841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;826418 |

---

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

*107*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Education ETF**  | **Global X Education ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Industrials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp; Skillsoft <sup>\*</sup> | 8149 | $15646 |
| Information Technology — 12.6% |  |  |
| &nbsp;&nbsp;&nbsp;8x8 \*  | 38923 | 166591 |
| &nbsp;&nbsp;&nbsp; RingCentral, Cl A \* | 3804 | 140976 |
| &nbsp;&nbsp;&nbsp; Zoom Video Communications, Cl A \* | 1567 | 118199 |
|  |  | 425766 |
| TOTAL UNITED STATES |  | 1702408 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $8,434,948) |  | 3378339 |
|  | **Face Amount** |  |
| **U.S. TREASURY OBLIGATION — 8.9%** |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp; 3.130%, 12/01/22<sup>(A)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $300,000) | $300000 | 300000 |
| TOTAL INVESTMENTS — 108.9% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $8,734,948) |  | $3678339 |

---

 *Percentages are based on Net Assets of $3,378,379.*

 *\* Non-income producing security.*

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

 *The following is a summary of the level of inputs used as of November 30, 2022, in valuing the Fund's investments carried at value:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *Common Stock* | $*3378339* | $*—* | $*—* | $*3378339* |
| &nbsp;&nbsp;&nbsp; *U.S. Treasury Obligation* | *—* | *300000* | *—* | *300000* |
| *Total Investments in Securities* | $*3378339* | $*300000* | $*—* | $*3678339* |

---

*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.

*108*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Cannabis ETF**  | **Global X Cannabis ETF**  |

---

![](canabis-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** | | |
| **AUSTRALIA — 4.1%** | | |
| Health Care — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp; Incannex Healthcare <sup>\*</sup> <sup>(A)</sup> | 14727378 | $2268467 |
| **CANADA — 59.6%** |  |  |
| Consumer Discretionary — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp; Fire & Flower Holdings <sup>\*</sup> <sup>(A)</sup> | 218963 | 201891 |
| Consumer Staples — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp; Flora Growth <sup>\*</sup> <sup>(A)</sup> | 1288721 | 592812 |
| Health Care — 58.2% |  |  |
| &nbsp;&nbsp;&nbsp; Aurora Cannabis <sup>\*</sup> | 1926294 | 2446393 |
| &nbsp;&nbsp;&nbsp; Canopy Growth <sup>\*</sup> <sup>(A)</sup> | 2633289 | 9439983 |
| &nbsp;&nbsp;&nbsp; Cardiol Therapeutics, Cl A<sup>\*</sup> <sup>(A)</sup> | 1118353 | 552701 |
| &nbsp;&nbsp;&nbsp; Cronos Group \* | 805871 | 2472836 |
| &nbsp;&nbsp;&nbsp; HEXO <sup>\*</sup> <sup>(A)</sup> | 11184966 | 1815071 |
| &nbsp;&nbsp;&nbsp; Organigram Holdings \* | 2543415 | 2607765 |
| &nbsp;&nbsp;&nbsp; SNDL <sup>\*</sup> | 1046812 | 2836860 |
| &nbsp;&nbsp;&nbsp; Tilray Brands <sup>\*</sup> <sup>(A)</sup> | 2396195 | 9273275 |

---

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

*109*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Cannabis ETF** | **Global X Cannabis ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp; Valens <sup>\*</sup> <sup>(A)</sup> | 1298262 | $1101277 |
|  |  | 32546161 |
| TOTAL CANADA |  | 33340864 |
| **ISRAEL — 5.9%** |  |  |
| Health Care — 4.4% |  |  |
| &nbsp;&nbsp;&nbsp; Intercure <sup>\*</sup> <sup>(A)</sup> | 495160 | 2455994 |
| Information Technology — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp; BYND Cannasoft Enterprises \* | 166586 | 837927 |
| TOTAL ISRAEL |  | 3293921 |
| **UNITED STATES — 30.3%** |  |  |
| Financials — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp; AFC Gamma <sup>‡</sup> | 144703 | 2529408 |
| Health Care — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp; Charlottes Web Holdings <sup>\*</sup> <sup>(A)</sup> | 2704524 | 1715638 |
| &nbsp;&nbsp;&nbsp; MyMD Pharmaceuticals <sup>\*</sup> <sup>(A)</sup> | 617100 | 1320594 |
|  |  | 3036232 |
| Information Technology — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp; WM Technology \* | 1292215 | 1511892 |
| Real Estate — 17.7% |  |  |
| &nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Cl A ‡ | 80680 | 9779223 |
| &nbsp;&nbsp;&nbsp; Power ‡ \* | 18328 | 98971 |
|  |  | 9878194 |
| TOTAL UNITED STATES |  | 16955726 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $91,376,526) |  | 55858978 |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup>** **— 12.7%** |  |  |
| &nbsp;&nbsp;&nbsp; Fidelity Investments Money Market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Portfolio, Cl Institutional, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $7,075,454)  | 7075454 | 7075454 |

---

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

*110*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Cannabis ETF** | **Global X Cannabis ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENT<sup>(B)</sup>** **— 17.6%** | | |
| &nbsp;&nbsp;&nbsp; BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.730%, dated 11/30/2022, to be repurchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on 12/01/2022, repurchase price $9,835,338 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (collateralized by various U.S. Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations, ranging in par value $497,001 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - $1,241,244, 1.625% - 2.500%, 5/15/2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - 5/15/2031, with a total market value of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10101212)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $9,834,319) | $9834319 | $9834319 |
| TOTAL INVESTMENTS — 130.2% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $108,286,299) |  | $72768751 |

---

 *Percentages are based on Net Assets of $55,904,269.*

 *\* Non-income producing security.*

 *‡ Real Estate Investment Trust*

 *(A) This security or a partial position of this security is on loan at November 30, 2022.*

*(B) Security was purchased with cash collateral held from securities on loan.*

 *(C) The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2022.*

 *The following is a summary of the level of inputs used as of November 30, 2022, in valuing the Fund's investments carried at value:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *Common Stock* | $*55858978* | $*—* | $*—* | $*55858978* |
| &nbsp;&nbsp;&nbsp; *Short-Term Investment* | *7075454* | *—* | *—* | *7075454* |
| *Repurchase Agreement* | *—* | *9834319* | *—* | *9834319* |
| *Total Investments in Securities* | $*62934432* | $*9834319* | $*—* | $*72768751* |

---

 

*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.

*111*

------

![](pagelogo.jpg) <br>

---

| | |
|:---|:---|
| **Schedule of Investments**  | november 30, 2022  |
| **Global X Genomics & Biotechnology ETF** | **Global X Genomics & Biotechnology ETF** |

---

![](geonomics-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.1%** | | |
| **CHINA — 3.7%** | | |
| Health Care — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp; Genscript Biotech \* | 3036018 | $7685826 |
| **GERMANY — 4.7%** |  |  |
| Health Care — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp; BioNTech ADR | 58630 | 9792383 |
| &nbsp;&nbsp;&nbsp; CureVac <sup>\*</sup> | 8411 | 59315 |
| TOTAL GERMANY |  | 9851698 |
| **JAPAN — 1.0%** |  |  |
| Health Care — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp; Takara Bio | 155743 | 2010127 |
| **NETHERLANDS — 1.8%** |  |  |
| Health Care — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp; uniQure <sup>\*</sup> | 141326 | 3739486 |
| **SWITZERLAND — 3.8%** |  |  |
| Health Care — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp; CRISPR Therapeutics \* | 145596 | 7977205 |
| **UNITED STATES — 85.1%** |  |  |
| Health Care — 85.1% |  |  |
| &nbsp;&nbsp;&nbsp; 10X Genomics, Cl A \* | 289080 | 11175833 |
| &nbsp;&nbsp;&nbsp; 2seventy bio <sup>\*</sup> | 119000 | 1864730 |
| &nbsp;&nbsp;&nbsp; Agilent Technologies | 58367 | 9045718 |
| &nbsp;&nbsp;&nbsp; Allogene Therapeutics \* | 266829 | 2630934 |

---

*.* 

The accompanying notes are an integral part of the financial statements

*112*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | november 30, 2022  |
| **Global X Genomics & Biotechnology ETF** | **Global X Genomics & Biotechnology ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals <sup>\*</sup> | 39979 | $8818968 |
| &nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals \* | 245354 | 7900399 |
| &nbsp;&nbsp;&nbsp; Beam Therapeutics \* | 169009 | 7806526 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical <sup>\*</sup> | 87264 | 8811919 |
| &nbsp;&nbsp;&nbsp; Bionano Genomics <sup>\*</sup> <sup>(A)</sup> | 965682 | 1941021 |
| &nbsp;&nbsp;&nbsp; Bio-Techne | 106516 | 9052795 |
| &nbsp;&nbsp;&nbsp; Bluebird Bio <sup>\*</sup> | 256321 | 1996740 |
| &nbsp;&nbsp;&nbsp; CareDx \* | 177318 | 2296268 |
| &nbsp;&nbsp;&nbsp; Caribou Biosciences <sup>\*</sup> | 171939 | 1600752 |
| &nbsp;&nbsp;&nbsp; Editas Medicine, Cl A \* | 231918 | 2458331 |
| &nbsp;&nbsp;&nbsp; Fulgent Genetics <sup>\*</sup> | 70258 | 2548258 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences | 56695 | 4979522 |
| &nbsp;&nbsp;&nbsp; Illumina <sup>\*</sup> | 33860 | 7384189 |
| &nbsp;&nbsp;&nbsp; Intellia Therapeutics \* | 152929 | 7869726 |
| &nbsp;&nbsp;&nbsp; Invitae <sup>\*</sup> <sup>(A)</sup> | 782049 | 2322685 |
| &nbsp;&nbsp;&nbsp; Moderna <sup>\*</sup> | 28287 | 4975966 |
| &nbsp;&nbsp;&nbsp; Myriad Genetics <sup>\*</sup> | 262671 | 5321714 |
| &nbsp;&nbsp;&nbsp; NanoString Technologies \* | 155926 | 1089923 |
| &nbsp;&nbsp;&nbsp; Natera <sup>\*</sup> | 173455 | 7132469 |
| &nbsp;&nbsp;&nbsp; Pacific Biosciences of California \* | 689506 | 7412189 |
| &nbsp;&nbsp;&nbsp; QIAGEN \* | 180920 | 8962777 |
| &nbsp;&nbsp;&nbsp; REGENXBIO \* | 132657 | 3170502 |
| &nbsp;&nbsp;&nbsp; Rocket Pharmaceuticals <sup>\*</sup> | 208070 | 3928362 |
| &nbsp;&nbsp;&nbsp; Sangamo Therapeutics \* | 447213 | 1636799 |
| &nbsp;&nbsp;&nbsp; Sarepta Therapeutics \* | 70313 | 8635139 |
| &nbsp;&nbsp;&nbsp; Sorrento Therapeutics <sup>\*</sup> <sup>(A)</sup> | 1503283 | 1954268 |
| &nbsp;&nbsp;&nbsp; Stoke Therapeutics \* | 73547 | 554544 |
| &nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical \* | 201076 | 7299059 |
| &nbsp;&nbsp;&nbsp; Veracyte <sup>\*</sup> | 239827 | 6652801 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals \* | 12909 | 4084408 |
| &nbsp;&nbsp;&nbsp; Verve Therapeutics \* | 122986 | 2856965 |
| TOTAL UNITED STATES |  | 178173199 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $253,386,674) |  | 209437541 |

---

The accompanying notes are an integral part of the financial statements

*113*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | november 30, 2022  |
| **Global X Genomics & Biotechnology ETF**  | **Global X Genomics & Biotechnology ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup> — 0.5%** | | |
| &nbsp;&nbsp;&nbsp; Fidelity Investments Money Market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Portfolio, Cl Institutional, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,083,515) | 1083515 | $1083515 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENT<sup>(B)</sup> — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.730%, dated 11/30/2022, to be repurchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on 12/01/2022, repurchase price $1,506,156 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (collateralized by various U.S. Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations, ranging in par value $76,109 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - $190,081, 1.625% - 2.500%, 5/15/2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - 5/15/2031, with a total market value of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1546874) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,506,000) | $1506000 | 1506000 |
| TOTAL INVESTMENTS — 101.3% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $255,976,189) |  | $212027056 |

---

 *Percentages are based on Net Assets of $209,340,751.*

 *\* Non-income producing security.*

 *(A) This security or a partial position of this security is on loan at November 30, 2022.*

 *(B) Security was purchased with cash collateral held from securities on loan.*

 *(C) The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2022.*

 *The following is a summary of the level of inputs used as of November 30, 2022, in valuing the Fund's investments carried at value:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *Common Stock* | $*209437541* | $*—* | $*—* | $*209437541* |
| &nbsp;&nbsp;&nbsp; *Short-Term Investment* | *1083515* | *—* | *—* | *1083515* |
| &nbsp;&nbsp;&nbsp; *Repurchase Agreement* | *—* | *1506000* | *—* | *1506000* |
| *Total Investments in Securities* | $*210521056* | $*1506000* | $*—* | $*212027056* |

---

*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

*114*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X China Biotech Innovation ETF**  | **Global X China Biotech Innovation ETF**  |

---

![](chinabiotech-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** | | |
| **CHINA — 99.9%** | | |
| Health Care — 99.9% |  |  |
| &nbsp;&nbsp;&nbsp; 3SBio | 84000 | $88784 |
| &nbsp;&nbsp;&nbsp; Alphamab Oncology \* | 21300 | 24150 |
| &nbsp;&nbsp;&nbsp; Beijing Bohui Innovation Biotechnology |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Group, Cl A \* | 14600 | 13191 |
| &nbsp;&nbsp;&nbsp; Beijing SL Pharmaceutical, Cl A | 23600 | 29352 |
| &nbsp;&nbsp;&nbsp; Beijing Tiantan Biological Products, Cl A | 34908 | 109255 |
| &nbsp;&nbsp;&nbsp; Beijing Wantai Biological Pharmacy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise, Cl A | 1715 | 39418 |
| &nbsp;&nbsp;&nbsp; Berry Genomics, Cl A \* | 9955 | 18396 |
| &nbsp;&nbsp;&nbsp; BGI Genomics, Cl A | 10438 | 88458 |
| &nbsp;&nbsp;&nbsp; CanSino Biologics, Cl A | 1366 | 43088 |
| &nbsp;&nbsp;&nbsp; Changchun High & New Technology Industry |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Group, Cl A | 7297 | 174196 |
| &nbsp;&nbsp;&nbsp; Chengdu Kanghua Biological Products, Cl A | 3950 | 51742 |
| &nbsp;&nbsp;&nbsp; Chongqing Zhifei Biological Products, Cl A | 14200 | 181340 |
| &nbsp;&nbsp;&nbsp; CSPC Pharmaceutical Group | 172000 | 220137 |
| &nbsp;&nbsp;&nbsp; Daan Gene, Cl A | 42380 | 107273 |
| &nbsp;&nbsp;&nbsp; Genscript Biotech \* | 41250 | 104426 |
| &nbsp;&nbsp;&nbsp; Getein Biotech, Cl A | 12220 | 23496 |
| &nbsp;&nbsp;&nbsp; Guangzhou Wondfo Biotech, Cl A | 10600 | 71828 |
| &nbsp;&nbsp;&nbsp; Hebei Changshan Biochemical Pharmaceutical, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cl A | 19700 | 16520 |
| &nbsp;&nbsp;&nbsp; Hualan Biological Engineering, Cl A | 38600 | 111492 |
| &nbsp;&nbsp;&nbsp; Joinn Laboratories China, Cl A | 9804 | 80455 |
| &nbsp;&nbsp;&nbsp; Kintor Pharmaceutical \* | 12300 | 20958 |
| &nbsp;&nbsp;&nbsp; Pacific Shuanglin Bio-pharmacy, Cl A | 16000 | 44001 |
| &nbsp;&nbsp;&nbsp; Shanghai RAAS Blood Products, Cl A | 141600 | 110744 |
| &nbsp;&nbsp;&nbsp; Shanghai ZJ Bio-Tech, Cl A | 4724 | 25729 |
| &nbsp;&nbsp;&nbsp; Shenzhen Kangtai Biological Products, Cl A | 20493 | 99521 |
| &nbsp;&nbsp;&nbsp; Sichuan Kelun Pharmaceutical, Cl A | 30700 | 102195 |
| &nbsp;&nbsp;&nbsp; Walvax Biotechnology, Cl A | 34700 | 207067 |

---

The accompanying notes are an integral part of the financial statements

*115*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | november 30, 2022  |
| **Global X China Biotech Innovation ETF** | **Global X China Biotech Innovation ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp; Wuhan Keqian Biology, Cl A | 4758 | $17444 |
| &nbsp;&nbsp;&nbsp; Wuxi Biologics Cayman \* | 37350 | 239972 |
| &nbsp;&nbsp;&nbsp; Zai Lab ADR \* | 3782 | 145834 |
| TOTAL CHINA |  | 2610462 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,496,513) |  | 2610462 |
| TOTAL INVESTMENTS — 99.9% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,496,513) |  | $2610462 |

---

 *Percentages are based on Net Assets of $2,612,480.*

 *\* Non-income producing security.*

 *As of November 30, 2022, 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

*116*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | november 30, 2022  |
| **Global X Telemedicine & Digital Health ETF**  | **Global X Telemedicine & Digital Health ETF**  |

---

![](telemedicine-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** | | |
| **CHINA — 13.6%** | | |
| Consumer Discretionary — 13.6% |  |  |
| &nbsp;&nbsp;&nbsp; Alibaba Health Information Technology \* | 10795900 | $8838102 |
| &nbsp;&nbsp;&nbsp; JD Health International \* | 1006450 | 8780891 |
| &nbsp;&nbsp;&nbsp; Ping An Healthcare and Technology <sup>\*</sup> <sup>(A)</sup> | 1120100 | 2792537 |
| TOTAL CHINA |  | 20411530 |
| **GERMANY — 1.6%** |  |  |
| Health Care — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp; CompuGroup Medical | 63467 | 2343417 |
| **JAPAN — 0.9%** |  |  |
| Health Care — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp; Medley <sup>\*</sup> | 45651 | 1342965 |
| **UNITED STATES — 83.8%** |  |  |
| Health Care — 83.8% |  |  |
| &nbsp;&nbsp;&nbsp; 1Life Healthcare \* | 335778 | 5704868 |
| &nbsp;&nbsp;&nbsp; Agilent Technologies | 41637 | 6452902 |
| &nbsp;&nbsp;&nbsp; Allscripts Healthcare Solutions \* | 248095 | 4698919 |
| &nbsp;&nbsp;&nbsp; American Well, Cl A \* | 472582 | 1724924 |
| &nbsp;&nbsp;&nbsp; AMN Healthcare Services \* | 47752 | 5906922 |
| &nbsp;&nbsp;&nbsp; Bionano Genomics <sup>\*</sup> <sup>(A)</sup> | 660189 | 1326980 |
| &nbsp;&nbsp;&nbsp; Computer Programs and Systems \* | 32499 | 961970 |
| &nbsp;&nbsp;&nbsp; Cue Health <sup>\*</sup> <sup>(A)</sup> | 199188 | 637402 |
| &nbsp;&nbsp;&nbsp; Definitive Healthcare, Cl A \* | 72359 | 822722 |
| &nbsp;&nbsp;&nbsp; Dexcom \* | 55848 | 6494005 |
| &nbsp;&nbsp;&nbsp; DocGo <sup>\*</sup> | 181492 | 1333966 |

---

The accompanying notes are an integral part of the financial statements

*117*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Telemedicine & Digital Health ETF** | **Global X Telemedicine & Digital Health ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp; Doximity, Cl A \* | 218452 | $7425184 |
| &nbsp;&nbsp;&nbsp; GoodRx Holdings, Cl A \* | 161273 | 703150 |
| &nbsp;&nbsp;&nbsp; Hims & Hers Health \* | 245564 | 1520041 |
| &nbsp;&nbsp;&nbsp; Illumina <sup>\*</sup> | 24131 | 5262489 |
| &nbsp;&nbsp;&nbsp; Invitae <sup>\*</sup> <sup>(A)</sup> | 534407 | 1587189 |
| &nbsp;&nbsp;&nbsp; iRhythm Technologies \* | 46062 | 5023061 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp of America Holdings | 24882 | 5989097 |
| &nbsp;&nbsp;&nbsp; LifeStance Health Group <sup>\*</sup> <sup>(A)</sup> | 159607 | 812400 |
| &nbsp;&nbsp;&nbsp; Masimo <sup>\*</sup> | 42582 | 6171835 |
| &nbsp;&nbsp;&nbsp; NextGen Healthcare \* | 126992 | 2641434 |
| &nbsp;&nbsp;&nbsp; Omnicell <sup>\*</sup> | 74462 | 3842984 |
| &nbsp;&nbsp;&nbsp; OptimizeRx \* | 38294 | 807621 |
| &nbsp;&nbsp;&nbsp; Pacific Biosciences of California \* | 467345 | 5023959 |
| &nbsp;&nbsp;&nbsp; Phreesia <sup>\*</sup> | 114498 | 3185334 |
| &nbsp;&nbsp;&nbsp; R1 RCM <sup>\*</sup> | 329979 | 2986310 |
| &nbsp;&nbsp;&nbsp; ResMed | 249271 | 5584020 |
| &nbsp;&nbsp;&nbsp; Senseonics Holdings <sup>\*</sup> <sup>(A)</sup> | 940388 | 1043831 |
| &nbsp;&nbsp;&nbsp; Sharecare <sup>\*</sup> <sup>(A)</sup> | 655947 | 1252859 |
| &nbsp;&nbsp;&nbsp; Signify Health, Cl A<sup>\*</sup> <sup>(A)</sup> | 165212 | 4728367 |
| &nbsp;&nbsp;&nbsp; Tandem Diabetes Care \* | 102618 | 4315087 |
| &nbsp;&nbsp;&nbsp; Teladoc Health \* | 214390 | 6112259 |
| &nbsp;&nbsp;&nbsp; Twist Bioscience \* | 125624 | 3435816 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group | 10522 | 5763531 |
| &nbsp;&nbsp;&nbsp; Veracyte <sup>\*</sup> | 162559 | 4509387 |
| TOTAL UNITED STATES |  | 125792825 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $256,427,862) |  | 149890737 |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup> — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp; Fidelity Investments Money Market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Portfolio, Cl Institutional, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,576,602)  | 2576602 | 2576602 |

---

The accompanying notes are an integral part of the financial statements

*118*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Telemedicine & Digital Health ETF** | **Global X Telemedicine & Digital Health ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENT<sup>(B)</sup> — 2.4%** | | |
| &nbsp;&nbsp;&nbsp; BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.730%, dated 11/30/2022, to be repurchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on 12/01/2022, repurchase price $3,581,644 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (collateralized by various U.S. Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations, ranging in par value $180,988 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - $452,012, 1.625% - 2.500%, 5/15/2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - 5/15/2031, with a total market value of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3678464) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,581,273) | $3581273 | $3581273 |
| TOTAL INVESTMENTS — 104.0% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $262,585,737) |  | $156048612 |

---

 *Percentages are based on Net Assets of $150,075,070.*

 *\* Non-income producing security.*

 *(A) This security or a partial position of this security is on loan at November 30, 2022.*

 *(B) Security was purchased with cash collateral held from securities on loan.*

 *(C) The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2022.*

 *The following is a summary of the level of inputs used as of November 30, 2022, in valuing the Fund's investments carried at value:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *Common Stock* | $*149890737* | $*—* | $*—* | $*149890737* |
| &nbsp;&nbsp;&nbsp; *Short-Term Investment* | *2576602* | *—* | *—* | *2576602* |
| &nbsp;&nbsp;&nbsp; *Repurchase Agreement* | *—* | *3581273* | *—* | *3581273* |
| *Total Investments in Securities* | $*152467339* | $*3581273* | $*—* | $*156048612* |

---

 *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

*119*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | november 30, 2022  |
| **Global X Aging Population ETF** | **Global X Aging Population ETF** |

---

![](agingpop-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** | | |
| **AUSTRALIA — 0.7%** | | |
| Health Care — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp; Cochlear | 1950 | $279517 |
| **BELGIUM — 1.3%** |  |  |
| Health Care — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp; UCB | 5824 | 460427 |
| Real Estate — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp; Aedifica ‡ | 1079 | 83269 |
| TOTAL BELGIUM |  | 543696 |
| **CANADA — 0.4%** |  |  |
| Health Care — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp; Chartwell Retirement Residences | 13142 | 80653 |
| &nbsp;&nbsp;&nbsp; Sienna Senior Living | 11019 | 95178 |
| TOTAL CANADA |  | 175831 |
| **CHINA — 4.5%** |  |  |
| Health Care — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp; AK Medical Holdings | 215189 | 212005 |
| &nbsp;&nbsp;&nbsp; BeiGene ADR <sup>\*</sup> | 3069 | 588051 |
| &nbsp;&nbsp;&nbsp; Beijing Chunlizhengda Medical Instruments, |  |  |
| &nbsp;&nbsp;&nbsp; Cl H  | 113616 | 207567 |
| &nbsp;&nbsp;&nbsp; Hansoh Pharmaceutical Group | 174743 | 330434 |
| &nbsp;&nbsp;&nbsp; Lifetech Scientific \* | 399692 | 128528 |
| &nbsp;&nbsp;&nbsp; Luye Pharma Group \* | 375824 | 146372 |
| &nbsp;&nbsp;&nbsp; Microport Scientific \* | 59802 | &nbsp;&nbsp;&nbsp;&nbsp;140053 |

---

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

*120*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Aging Population ETF** | **Global X Aging Population ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp; Venus MedTech Hangzhou, Cl H \* | 71440 | $116969 |
| TOTAL CHINA |  | 1869979 |
| **DENMARK — 6.4%** |  |  |
| Health Care — 6.4% |  |  |
| &nbsp;&nbsp;&nbsp; Demant <sup>\*</sup> | 7071 | 195773 |
| &nbsp;&nbsp;&nbsp; Genmab <sup>\*</sup> | 1966 | 889690 |
| &nbsp;&nbsp;&nbsp; GN Store Nord | 4240 | 99137 |
| &nbsp;&nbsp;&nbsp; Novo Nordisk, Cl B | 12079 | 1478167 |
| TOTAL DENMARK |  | 2662767 |
| **FRANCE — 0.2%** |  |  |
| Health Care — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp; Korian | 6349 | 62627 |
| &nbsp;&nbsp;&nbsp; Orpea \* | 3506 | 23580 |
| TOTAL FRANCE |  | 86207 |
| **GERMANY — 0.6%** |  |  |
| Health Care — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp; Fresenius Medical Care & KGaA . | 8787 | 268894 |
| **IRELAND — 0.1%** |  |  |
| Health Care — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp; Amarin ADR <sup>\*</sup> | 37142 | 42713 |
| **ITALY — 0.4%** |  |  |
| Health Care — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp; Amplifon | 6683 | 184760 |
| **JAPAN — 6.8%** |  |  |
| Health Care — 6.8% |  |  |
| &nbsp;&nbsp;&nbsp; Astellas Pharma  | 54862 | 836652 |
| &nbsp;&nbsp;&nbsp; Chugai Pharmaceutical | 42523 | 1104367 |
| &nbsp;&nbsp;&nbsp; Kissei Pharmaceutical | 6998 | 127081 |
| &nbsp;&nbsp;&nbsp; Nipro | 16413 | 119622 |
| &nbsp;&nbsp;&nbsp; Terumo | 22714 | 658110 |
| TOTAL JAPAN |  | 2845832 |

---

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

*121*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022** |
| **Global X Aging Population ETF** | **Global X Aging Population ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **NEW ZEALAND — 0.2%** | | |
| Health Care — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp; Ryman Healthcare | 21841 | $90210 |
| **SOUTH KOREA — 1.3%** |  |  |
| Health Care — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp; Celltrion . | 4128 | 550880 |
| **SPAIN — 0.3%** |  |  |
| Health Care — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Pharma Mar | 1713 | 121067 |
| **SWEDEN — 0.3%** |  |  |
| Health Care — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Elekta, Cl B | 17616 | 102255 |
| **SWITZERLAND — 5.3%** |  |  |
| Health Care — 5.3% |  |  |
| &nbsp;&nbsp;&nbsp; Alcon . | 17686 | 1189153 |
| &nbsp;&nbsp;&nbsp; Sonova Holding | 1891 | 480317 |
| &nbsp;&nbsp;&nbsp; Straumann Holding | 4765 | 538141 |
| TOTAL SWITZERLAND |  | 2207611 |
| **UNITED KINGDOM — 4.1%** |  |  |
| Health Care — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp; AstraZeneca ADR | 20238 | 1375577 |
| &nbsp;&nbsp;&nbsp; Smith & Nephew | 26194 | 338616 |
| TOTAL UNITED KINGDOM |  | 1714193 |
| **UNITED STATES — 67.0%** |  |  |
| Health Care — 61.6% |  |  |
| &nbsp;&nbsp;&nbsp; AbbVie | 8276 | 1333926 |
| &nbsp;&nbsp;&nbsp; ABIOMED \* | 1362 | 514550 |
| &nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals <sup>\*</sup> | 5045 | 78601 |
| &nbsp;&nbsp;&nbsp; agilon health <sup>\*</sup> | 11817 | 207506 |
| &nbsp;&nbsp;&nbsp; Agios Pharmaceuticals <sup>\*</sup> | 4587 | 138252 |
| &nbsp;&nbsp;&nbsp; Alector <sup>\*</sup> | 9755 | 82820 |
| &nbsp;&nbsp;&nbsp; Alphatec Holdings \* | 10683 | 109608 |

---

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

*122*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Aging Population ETF** | **Global X Aging Population ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp; Amedisys <sup>\*</sup> | 986 | $89815 |
| &nbsp;&nbsp;&nbsp; Amgen  | 5592 | 1601549 |
| &nbsp;&nbsp;&nbsp; AngioDynamics <sup>\*</sup> | 6361 | 82375 |
| &nbsp;&nbsp;&nbsp; Biogen <sup>\*</sup> | 4393 | 1340612 |
| &nbsp;&nbsp;&nbsp; Blueprint Medicines \* | 1985 | 94863 |
| &nbsp;&nbsp;&nbsp; Boston Scientific \* | 31355 | 1419441 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb | 18552 | 1489355 |
| &nbsp;&nbsp;&nbsp; Brookdale Senior Living <sup>\*</sup> | 20413 | 64301 |
| &nbsp;&nbsp;&nbsp; Cano Health \* | 24527 | 46601 |
| &nbsp;&nbsp;&nbsp; CareMax \* | 18033 | 71411 |
| &nbsp;&nbsp;&nbsp; DaVita <sup>\*</sup> | 2838 | 209246 |
| &nbsp;&nbsp;&nbsp; Denali Therapeutics \* | 4113 | 131246 |
| &nbsp;&nbsp;&nbsp; Dexcom \* | 10973 | 1275940 |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences \* | 11618 | 897490 |
| &nbsp;&nbsp;&nbsp; Eli Lilly | 4570 | 1695836 |
| &nbsp;&nbsp;&nbsp; Ensign Group | 1629 | 154755 |
| &nbsp;&nbsp;&nbsp; Exact Sciences \* | 5225 | 234864 |
| &nbsp;&nbsp;&nbsp; Exelixis \* | 9391 | 160398 |
| &nbsp;&nbsp;&nbsp; FibroGen <sup>\*</sup> | 11041 | 158659 |
| &nbsp;&nbsp;&nbsp; Glaukos <sup>\*</sup> | 2250 | 104782 |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics \* | 4135 | 236770 |
| &nbsp;&nbsp;&nbsp; Heron Therapeutics \* | 21823 | 59140 |
| &nbsp;&nbsp;&nbsp; Incyte <sup>\*</sup> | 6624 | 527734 |
| &nbsp;&nbsp;&nbsp; Inogen <sup>\*</sup> | 4156 | 92762 |
| &nbsp;&nbsp;&nbsp; Insulet <sup>\*</sup> | 2071 | 619995 |
| &nbsp;&nbsp;&nbsp; Integer Holdings \* | 1783 | 132513 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 7670 | 1365260 |
| &nbsp;&nbsp;&nbsp; LHC Group \* | 953 | 155730 |
| &nbsp;&nbsp;&nbsp; LivaNova <sup>\*</sup> | 1721 | 95292 |
| &nbsp;&nbsp;&nbsp; MannKind \* | 34982 | 163716 |
| &nbsp;&nbsp;&nbsp; Medtronic | 12515 | 989186 |
| &nbsp;&nbsp;&nbsp; Merit Medical Systems <sup>\*</sup> | 2115 | 152280 |
| &nbsp;&nbsp;&nbsp; National HealthCare | 1967 | 121246 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences <sup>\*</sup> | 2825 | 358944 |
| &nbsp;&nbsp;&nbsp; Novocure <sup>\*</sup> | 3097 | 237973 |
| &nbsp;&nbsp;&nbsp; NuVasive <sup>\*</sup> | 2560 | 99430 |
| &nbsp;&nbsp;&nbsp; Pennant Group \* | 7520 | 77757 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals <sup>\*</sup> | 1973 | 1483104 |
| &nbsp;&nbsp;&nbsp; Roche Holding | 3035 | 1205399 |

---

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

*123*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Aging Population ETF** | **Global X Aging Population ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp; Seagen <sup>\*</sup> | 5470 | $664003 |
| &nbsp;&nbsp;&nbsp; Sight Sciences <sup>\*</sup> | 11513 | 128600 |
| &nbsp;&nbsp;&nbsp; Silk Road Medical <sup>\*</sup> | 3209 | 170879 |
| &nbsp;&nbsp;&nbsp; Stryker  | 5212 | 1219035 |
| &nbsp;&nbsp;&nbsp; Teleflex | 1391 | 325661 |
| &nbsp;&nbsp;&nbsp; Theravance Biopharma \* | 14126 | 151996 |
| &nbsp;&nbsp;&nbsp; United Therapeutics \* | 1346 | 376732 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings | 6262 | 752066 |
|  |  | 25752005 |
| Real Estate — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust ‡ | 47487 | 47012 |
| &nbsp;&nbsp;&nbsp; LTC Properties ‡ | 3780 | 148516 |
| &nbsp;&nbsp;&nbsp; National Health Investors ‡ | 2499 | 140594 |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors ‡ | 7177 | 217320 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care ‡ | 9860 | 127293 |
| &nbsp;&nbsp;&nbsp; Ventas <sup>‡</sup> | 11959 | 556452 |
| &nbsp;&nbsp;&nbsp; Welltower ‡ | 14406 | 1023258 |
|  |  | 2260445 |
| TOTAL UNITED STATES |  | 28012450 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $47,795,435) |  | 41758862 |
|  | **Number of** |  |
|  | **Rights** |  |
| **RIGHTS — 0.0%** |  |  |
| **United States — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Radius Health#<sup>\*(A)</sup> | 19104 |  |
| TOTAL RIGHTS (Cost $–) |  |  |
| TOTAL INVESTMENTS — 99.9% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $47,795,435) |  | $41758862 |

---

 *Percentages are based on Net Assets of $41,800,487.*

 *\* Non-income producing security.*

 *‡ Real Estate Investment Trust*

 *# Expiration date not available.*

 *(A) Level 3 security in accordance with fair value hierarchy.*

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

*124*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Aging Population ETF**  | **Global X Aging Population ETF**  |

---

 *The following is a summary of the level of inputs used as of November 30, 2022, in valuing the Fund's investments carried at value:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3<sup>(1)</sup>* | *Total* |
| &nbsp;&nbsp;&nbsp; *Common Stock* | $*41758862* | $*—* | $*—* | $*41758862* |
| &nbsp;&nbsp;&nbsp; *Rights* | *—* | *—* | *—* | *—* |
| *Total Investments in Securities* | $*41758862* | $*—* | $*—* | $*41758862* |

---

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

 *^ Security is fair valued at zero.*

 *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.

*125*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Health & Wellness ETF** | **Global X Health & Wellness ETF** |

---

![](healthwellness-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** | | |
| **AUSTRALIA — 0.4%** | | |
| Consumer Staples — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp; Blackmores | 2116 | $100599 |
| **CANADA — 2.7%** |  |  |
| Consumer Discretionary — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp; Gildan Activewear  | 20882 | 599951 |
| **CHINA — 10.0%** |  |  |
| Consumer Discretionary — 10.0% |  |  |
| &nbsp;&nbsp;&nbsp; ANTA Sports Products | 65044 | 757479 |
| &nbsp;&nbsp;&nbsp; Li Ning | 96014 | 753425 |
| &nbsp;&nbsp;&nbsp; Topsports International Holdings | 679770 | 432830 |
| &nbsp;&nbsp;&nbsp; Xtep International Holdings | 288401 | 324407 |
| TOTAL CHINA |  | 2268141 |
| **FRANCE — 3.2%** |  |  |
| Consumer Staples — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp; Danone | 13985 | 721138 |
| **GERMANY — 4.1%** |  |  |
| Consumer Discretionary — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp; adidas | 3498 | 440348 |
| &nbsp;&nbsp;&nbsp; Puma | 9542 | 478475 |

---

---

| | |
|:---|:---|
| TOTAL GERMANY | 918823 |

---

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

*126*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Health & Wellness ETF** | **Global X Health & Wellness ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **HONG KONG — 1.0%** | | |
| Consumer Discretionary — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp; Yue Yuen Industrial Holdings | 176191 | $220084 |
| **IRELAND — 1.6%** |  |  |
| Consumer Staples — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp; Glanbia  | 30635 | 365273 |
| **ITALY — 0.7%** |  |  |
| Consumer Discretionary — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp; Technogym | 21988 | 166970 |
| **JAPAN — 14.4%** |  |  |
| Consumer Discretionary — 9.0% |  |  |
| &nbsp;&nbsp;&nbsp; ABC-Mart | 9099 | 454494 |
| &nbsp;&nbsp;&nbsp; Asics | 20803 | 440539 |
| &nbsp;&nbsp;&nbsp; Descente | 8445 | 202743 |
| &nbsp;&nbsp;&nbsp; Goldwin | 5239 | 353672 |
| &nbsp;&nbsp;&nbsp; Shimano . | 3495 | 585589 |
|  |  | 2037037 |
| Consumer Staples — 4.6% |  |  |
| &nbsp;&nbsp;&nbsp; Ariake Japan | 3597 | 118706 |
| &nbsp;&nbsp;&nbsp; Yakult Honsha | 14708 | 922280 |
|  |  | 1040986 |
| Health Care — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp; Tsumura | 8444 | 181479 |
| TOTAL JAPAN |  | 3259502 |
| **NETHERLANDS — 0.8%** |  |  |
| Consumer Discretionary — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp; Basic-Fit \* | 7214 | 190452 |
| **SOUTH KOREA — 1.7%** |  |  |
| Consumer Discretionary — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp; Fila Holdings | 6635 | 166271 |
| &nbsp;&nbsp;&nbsp; Hwaseung Enterprise | 6634 | 47132 |

---

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

*127*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Health & Wellness ETF** | **Global X Health & Wellness ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Consumer Discretionary — continued |  |  |
| &nbsp;&nbsp;&nbsp; Youngone  | 4839 | $174283 |
| TOTAL SOUTH KOREA |  | 387686 |
| **SWITZERLAND — 2.6%** |  |  |
| Consumer Discretionary — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp; On Holding, Cl A \* | 30327 | 588950 |
| **TAIWAN — 6.8%** |  |  |
| Consumer Discretionary — 6.8% |  |  |
| &nbsp;&nbsp;&nbsp; Feng TAY Enterprise | 96781 | 584028 |
| &nbsp;&nbsp;&nbsp; Fulgent Sun International Holding | 20365 | 99501 |
| &nbsp;&nbsp;&nbsp; Giant Manufacturing  | 42546 | 316629 |
| &nbsp;&nbsp;&nbsp; Merida Industry  | 32460 | 194305 |
| &nbsp;&nbsp;&nbsp; Pou Chen | 322486 | 336515 |
| TOTAL TAIWAN |  | 1530978 |
| **UNITED KINGDOM — 5.2%** |  |  |
| Consumer Discretionary — 5.2% |  |  |
| &nbsp;&nbsp;&nbsp; Frasers Group \* | 54008 | 577899 |
| &nbsp;&nbsp;&nbsp; JD Sports Fashion | 403447 | 605627 |
| TOTAL UNITED KINGDOM |  | 1183526 |
| **UNITED STATES — 44.6%** |  |  |
| Consumer Discretionary — 26.4% |  |  |
| &nbsp;&nbsp;&nbsp; Beachbody <sup>\*</sup> | 39758 | 27831 |
| &nbsp;&nbsp;&nbsp; Clarus  | 4076 | 33912 |
| &nbsp;&nbsp;&nbsp; Columbia Sportswear | 7087 | 634924 |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods | 6186 | 739722 |
| &nbsp;&nbsp;&nbsp; F45 Training Holdings \* | 10410 | 28003 |
| &nbsp;&nbsp;&nbsp; Foot Locker . | 10555 | 420089 |
| &nbsp;&nbsp;&nbsp; Hibbett | 1858 | 123854 |
| &nbsp;&nbsp;&nbsp; Lululemon Athletica <sup>\*</sup> | 2080 | 791045 |
| &nbsp;&nbsp;&nbsp; NIKE, Cl B | 6007 | 658908 |
| &nbsp;&nbsp;&nbsp; Peloton Interactive, Cl A \* | 30891 | 351539 |
| &nbsp;&nbsp;&nbsp; Planet Fitness, Cl A \* | 9241 | 724125 |
| &nbsp;&nbsp;&nbsp; Shoe Carnival  | 3086 | 81501 |
| &nbsp;&nbsp;&nbsp; Skechers USA, Cl A \* | 14874 | 627237 |
| &nbsp;&nbsp;&nbsp; Under Armour, Cl A \* | 20610 | &nbsp;&nbsp;&nbsp;&nbsp;206100 |

---

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

*128*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Health & Wellness ETF** | **Global X Health & Wellness ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Consumer Discretionary — continued |  |  |
| &nbsp;&nbsp;&nbsp; VF  | 13835 | $454065 |
| &nbsp;&nbsp;&nbsp; WW International \* | 7791 | 32177 |
| &nbsp;&nbsp;&nbsp; Zumiez \* | 2181 | 50708 |
|  |  | 5985740 |
| Consumer Staples — 13.1% |  |  |
| &nbsp;&nbsp;&nbsp; BellRing Brands <sup>\*</sup> | 14980 | 373152 |
| &nbsp;&nbsp;&nbsp; Calavo Growers | 2087 | 72961 |
| &nbsp;&nbsp;&nbsp; Cal-Maine Foods | 4849 | 282600 |
| &nbsp;&nbsp;&nbsp; Celsius Holdings \* | 8276 | 921450 |
| &nbsp;&nbsp;&nbsp; Hain Celestial Group \* | 9980 | 187025 |
| &nbsp;&nbsp;&nbsp; Herbalife Nutrition \* | 12008 | 210380 |
| &nbsp;&nbsp;&nbsp; Medifast  | 1261 | 158949 |
| &nbsp;&nbsp;&nbsp; Nu Skin Enterprises, Cl A | 5445 | 227111 |
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market \* | 12123 | 416183 |
| &nbsp;&nbsp;&nbsp; USANA Health Sciences \* | 2110 | 116134 |
|  |  | 2965945 |
| Health Care — 4.6% |  |  |
| &nbsp;&nbsp;&nbsp; Dexcom \* | 6085 | 707564 |
| &nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare \* | 5486 | 337169 |
|  |  | 1044733 |
| Industrials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp; Healthcare Services Group | 8080 | 112716 |
| TOTAL UNITED STATES |  | 10109134 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $30,636,632) |  | 22611207 |
| TOTAL INVESTMENTS — 99.8% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $30,636,632) |  | $22611207 |

---

 *Percentages are based on Net Assets of $22,651,589.*

 *\* Non-income producing security.*

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

*129*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Health & Wellness ETF**  | **Global X Health & Wellness ETF**  |

---

 *As of November 30, 2022, 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.

*130*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X CleanTech ETF**  | **Global X CleanTech ETF**  |

---

![](cleantech-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.0%** | | |
| **CANADA — 2.9%** | | |
| Industrials — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp; Ballard Power Systems \* | 268160 | $1635776 |
| Information Technology — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp; Canadian Solar <sup>\*</sup> | 57853 | 2074030 |
| TOTAL CANADA |  | 3709806 |
| **CHINA — 12.7%** |  |  |
| Industrials — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp; China Everbright Environment Group | 5529800 | 2529164 |
| &nbsp;&nbsp;&nbsp; Dongfang Electric, Cl H | 300600 | 537618 |
| &nbsp;&nbsp;&nbsp; Xinjiang Goldwind Science & Technology, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cl H | 708200 | 761232 |
|  |  | 3828014 |
| Information Technology — 9.7% |  |  |
| &nbsp;&nbsp;&nbsp; Daqo New Energy ADR \* | 67508 | 3841880 |
| &nbsp;&nbsp;&nbsp; Flat Glass Group, Cl H | 411100 | 1061260 |
| &nbsp;&nbsp;&nbsp; JinkoSolar Holding ADR \* | 44048 | 2258781 |
| &nbsp;&nbsp;&nbsp; Xinyi Solar Holdings | 4536300 | 5236316 |
|  |  | 12398237 |
| TOTAL CHINA |  | 16226251 |
| **DENMARK — 6.3%** |  |  |
| Industrials — 6.3% |  |  |
| &nbsp;&nbsp;&nbsp; Vestas Wind Systems | 325458 | 8085426 |

---

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

*131*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X CleanTech ETF**  | **Global X CleanTech ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **GERMANY — 4.3%** | | |
| Industrials — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp; Nordex \* | 191481 | $2369853 |
| &nbsp;&nbsp;&nbsp; Varta  | 36581 | 1055395 |
|  |  | 3425248 |
| Information Technology — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp; SMA Solar Technology \* | 31677 | 2056461 |
| TOTAL GERMANY |  | 5481709 |
| **NETHERLANDS — 1.5%** |  |  |
| Industrials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp; Alfen Beheer BV <sup>\*</sup> | 19729 | 1864017 |
| **NORWAY — 1.7%** |  |  |
| Industrials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp; NEL \* | 1409546 | 2120436 |
| **SOUTH KOREA — 15.9%** |  |  |
| Industrials — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp; CS Wind | 38036 | 2206281 |
| &nbsp;&nbsp;&nbsp; Doosan Fuel Cell <sup>\*</sup> | 59023 | 1503714 |
|  |  | 3709995 |
| Information Technology — 8.3% |  |  |
| &nbsp;&nbsp;&nbsp; Samsung SDI | 19193 | 10609013 |
| Materials — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp; Hanwha Solutions \* | 152462 | 5930394 |
| TOTAL SOUTH KOREA |  | 20249402 |
| **SPAIN — 4.8%** |  |  |
| Industrials — 4.8% |  |  |
| &nbsp;&nbsp;&nbsp; Siemens Gamesa Renewable Energy \* | 332125 | 6165789 |
| **SWITZERLAND — 2.7%** |  |  |
| Information Technology — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp; Landis+Gyr Group | 25955 | 1784364 |

---

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

*132*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X CleanTech ETF**  | **Global X CleanTech ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp; Meyer Burger Technology \* | 3249580 | $1712190 |
| TOTAL SWITZERLAND |  | 3496554 |
| **TAIWAN — 2.1%** |  |  |
| Information Technology — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp; Simplo Technology | 172664 | 1692812 |
| &nbsp;&nbsp;&nbsp; United Renewable Energy \* | 1467300 | 1011260 |
| TOTAL TAIWAN |  | 2704072 |
| **UNITED KINGDOM — 4.4%** |  |  |
| Industrials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp; Ceres Power Holdings \* | 174174 | 797961 |
| &nbsp;&nbsp;&nbsp; ITM Power \* | 562849 | 691412 |
|  |  | 1489373 |
| Materials — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp; Johnson Matthey | 167119 | 4157575 |
| TOTAL UNITED KINGDOM |  | 5646948 |
| **UNITED STATES — 40.7%** |  |  |
| Consumer Discretionary — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp; QuantumScape, Cl A \* | 316897 | 2373559 |
| Industrials — 18.9% |  |  |
| &nbsp;&nbsp;&nbsp; Ameresco, Cl A \* | 30451 | 1995149 |
| &nbsp;&nbsp;&nbsp; Array Technologies \* | 136215 | 2852342 |
| &nbsp;&nbsp;&nbsp; Bloom Energy, Cl A \* | 159751 | 3401099 |
| &nbsp;&nbsp;&nbsp; Fluence Energy, Cl A \* | 102794 | 1766001 |
| &nbsp;&nbsp;&nbsp; FuelCell Energy \* | 347028 | 1200717 |
| &nbsp;&nbsp;&nbsp; Plug Power \* | 272473 | 4348669 |
| &nbsp;&nbsp;&nbsp; Shoals Technologies Group, Cl A \* | 101440 | 2938717 |
| &nbsp;&nbsp;&nbsp; Stem <sup>\*</sup> | 138827 | 1814469 |
| &nbsp;&nbsp;&nbsp; SunPower, Cl A \* | 157766 | 3825825 |
|  |  | 24142988 |
| Information Technology — 20.0% |  |  |
| &nbsp;&nbsp;&nbsp; Enphase Energy \* | 25052 | 8031421 |
| &nbsp;&nbsp;&nbsp; First Solar <sup>\*</sup> | 57717 | 9957914 |

---

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

*133*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X CleanTech ETF**  | **Global X CleanTech ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp; SolarEdge Technologies \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25261 | $7549502 |
|  |  | 25538837 |
| TOTAL UNITED STATES |  | 52055384 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $173,753,378) |  | 127805794 |
| TOTAL INVESTMENTS — 100.0% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $173,753,378) |  | $127805794 |

---

 *Percentages are based on Net Assets of $127,841,991.*

 *\* Non-income producing security.*

 *As of November 30, 2022, 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.

*134*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X U.S. Infrastructure Development ETF** | **Global X U.S. Infrastructure Development ETF** |

---

![](usinfrastructure-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** | | |
| Consumer Discretionary — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp; TopBuild \* | 129759 | $19993267 |
| Industrials — 69.5% |  |  |
| &nbsp;&nbsp;&nbsp; Acuity Brands | 138936 | 26160260 |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems | 281589 | 27387346 |
| &nbsp;&nbsp;&nbsp; AECOM | 557487 | 47386395 |
| &nbsp;&nbsp;&nbsp; Altra Industrial Motion | 254906 | 14942590 |
| &nbsp;&nbsp;&nbsp; Arcosa | 220015 | 13442917 |
| &nbsp;&nbsp;&nbsp; Argan | 278503 | 10569189 |
| &nbsp;&nbsp;&nbsp; Astec Industries  | 162512 | 7189531 |
| &nbsp;&nbsp;&nbsp; Atkore <sup>\*</sup> | 181800 | 22206870 |
| &nbsp;&nbsp;&nbsp; Atlas Technical Consultants \* | 1353883 | 7324507 |
| &nbsp;&nbsp;&nbsp; Builders FirstSource <sup>\*</sup> | 761880 | 48706988 |
| &nbsp;&nbsp;&nbsp; Carlisle | 208301 | 54806076 |
| &nbsp;&nbsp;&nbsp; Columbus McKinnon | 221931 | 7152836 |
| &nbsp;&nbsp;&nbsp; Construction Partners, Cl A \* | 455189 | 13018405 |
| &nbsp;&nbsp;&nbsp; Crane Holdings | 231578 | 24533373 |
| &nbsp;&nbsp;&nbsp; CSW Industrials | 89638 | 10841716 |
| &nbsp;&nbsp;&nbsp; CSX | 3100339 | 101350082 |
| &nbsp;&nbsp;&nbsp; Custom Truck One Source <sup>\*</sup> (A) | 1411266 | 9653060 |
| &nbsp;&nbsp;&nbsp; Deere  | 288904 | 127406664 |
| &nbsp;&nbsp;&nbsp; DXP Enterprises \* | 410694 | &nbsp;&nbsp;10608226 |

---

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

*135*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X U.S. Infrastructure Development ETF** | **Global X U.S. Infrastructure Development ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp; Dycom Industries <sup>\*</sup> | 132412 | $12068030 |
| &nbsp;&nbsp;&nbsp; Eaton | 658736 | 107670399 |
| &nbsp;&nbsp;&nbsp; EMCOR Group | 209860 | 32507314 |
| &nbsp;&nbsp;&nbsp; Emerson Electric | 1136195 | 108813395 |
| &nbsp;&nbsp;&nbsp; Exponent | 205849 | 21286845 |
| &nbsp;&nbsp;&nbsp; Fastenal | 1870004 | 96323906 |
| &nbsp;&nbsp;&nbsp; Fortive  | 1473467 | 99532696 |
| &nbsp;&nbsp;&nbsp; Gibraltar Industries <sup>\*</sup> | 183895 | 9306926 |
| &nbsp;&nbsp;&nbsp; Gorman-Rupp | 257379 | 7124251 |
| &nbsp;&nbsp;&nbsp; Graco  | 675461 | 47262006 |
| &nbsp;&nbsp;&nbsp; Granite Construction . | 288601 | 10395408 |
| &nbsp;&nbsp;&nbsp; Greenbrier  | 275138 | 10562548 |
| &nbsp;&nbsp;&nbsp; H&E Equipment Services | 252529 | 10588541 |
| &nbsp;&nbsp;&nbsp; Herc Holdings | 116009 | 14868874 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace | 1694594 | 63835356 |
| &nbsp;&nbsp;&nbsp; Hubbell, Cl B | 215316 | 54703183 |
| &nbsp;&nbsp;&nbsp; IDEX | 301246 | 71542913 |
| &nbsp;&nbsp;&nbsp; Insteel Industries | 260258 | 7675008 |
| &nbsp;&nbsp;&nbsp; Jacobs Solutions | 511306 | 64700661 |
| &nbsp;&nbsp;&nbsp; Lincoln Electric Holdings | 234842 | 34728435 |
| &nbsp;&nbsp;&nbsp; MasTec \* | 293193 | 26630720 |
| &nbsp;&nbsp;&nbsp; MDU Resources Group | 802868 | 25282313 |
| &nbsp;&nbsp;&nbsp; MRC Global <sup>\*</sup> | 1400024 | 16464282 |
| &nbsp;&nbsp;&nbsp; Mueller Industries . | 223219 | 15350771 |
| &nbsp;&nbsp;&nbsp; Mueller Water Products, Cl A | 802641 | 9358794 |
| &nbsp;&nbsp;&nbsp; MYR Group \* | 115589 | 11042217 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern . | 382820 | 98193330 |
| &nbsp;&nbsp;&nbsp; Northwest Pipe \* | 372255 | 13944672 |
| &nbsp;&nbsp;&nbsp; NOW \* | 1182721 | 14760358 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin | 337226 | 100810341 |
| &nbsp;&nbsp;&nbsp; Pentair | 653379 | 29905157 |
| &nbsp;&nbsp;&nbsp; Powell Industries | 403625 | 10623410 |
| &nbsp;&nbsp;&nbsp; Primoris Services . | 415038 | 8861061 |
| &nbsp;&nbsp;&nbsp; Quanta Services . | 565017 | 84684748 |
| &nbsp;&nbsp;&nbsp; RBC Bearings <sup>\*</sup> | 112272 | 26605096 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord | 269088 | 35280128 |
| &nbsp;&nbsp;&nbsp; Rockwell Automation | 337015 | 89046103 |
| &nbsp;&nbsp;&nbsp; SPX Technologies \* | 201361 | 13471051 |
| &nbsp;&nbsp;&nbsp; Sterling Infrastructure <sup>\*</sup> | 411078 | 13462805 |

---

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

*136*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X U.S. Infrastructure Development ETF** | **Global X U.S. Infrastructure Development ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp; Terex | 269366 | $12366593 |
| &nbsp;&nbsp;&nbsp; Tetra Tech | 214414 | 33146260 |
| &nbsp;&nbsp;&nbsp; Titan Machinery \* | 347957 | 15320547 |
| &nbsp;&nbsp;&nbsp; Trane Technologies | 604177 | 107797260 |
| &nbsp;&nbsp;&nbsp; Trinity Industries | 377987 | 11577742 |
| &nbsp;&nbsp;&nbsp; Tutor Perini \* | 908656 | 6496890 |
| &nbsp;&nbsp;&nbsp; Union Pacific | 429096 | 93298343 |
| &nbsp;&nbsp;&nbsp; United Rentals <sup>\*</sup> | 286778 | 101241237 |
| &nbsp;&nbsp;&nbsp; Valmont Industries . | 84437 | 28595434 |
| &nbsp;&nbsp;&nbsp; Wabash National | 531084 | 13314276 |
| &nbsp;&nbsp;&nbsp; WESCO International \* | 198657 | 25610860 |
| &nbsp;&nbsp;&nbsp; Willdan Group \* | 337150 | 5913611 |
| &nbsp;&nbsp;&nbsp; Woodward | 247747 | 23734163 |
| &nbsp;&nbsp;&nbsp; Zurn Elkay Water Solutions | 472513 | 11439540 |
|  |  | 2603813839 |
| Information Technology — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp; Badger Meter | 117115 | 13564259 |
| &nbsp;&nbsp;&nbsp; Calix \* | 252010 | 17968313 |
| &nbsp;&nbsp;&nbsp; Trimble \* | 995175 | 59461706 |
|  |  | 90994278 |
| Materials — 23.9% |  |  |
| &nbsp;&nbsp;&nbsp; Alcoa . | 743030 | 37248094 |
| &nbsp;&nbsp;&nbsp; Arconic <sup>\*</sup> | 403582 | 9617359 |
| &nbsp;&nbsp;&nbsp; ATI \* | 541456 | 16519823 |
| &nbsp;&nbsp;&nbsp; Carpenter Technology | 361452 | 14841219 |
| &nbsp;&nbsp;&nbsp; Century Aluminum <sup>\*</sup> | 657836 | 5927102 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs \* | 1986869 | 30756732 |
| &nbsp;&nbsp;&nbsp; Commercial Metals | 478882 | 23570572 |
| &nbsp;&nbsp;&nbsp; Eagle Materials | 160574 | 21892659 |
| &nbsp;&nbsp;&nbsp; Haynes International | 294240 | 14700230 |
| &nbsp;&nbsp;&nbsp; Louisiana-Pacific | 347369 | 22162142 |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials | 274842 | 100724096 |
| &nbsp;&nbsp;&nbsp; Minerals Technologies | 148128 | 8930637 |
| &nbsp;&nbsp;&nbsp; Nucor | 1135251 | 170230887 |
| &nbsp;&nbsp;&nbsp; Reliance Steel & Aluminum | 249502 | 52717278 |
| &nbsp;&nbsp;&nbsp; RPM International | 513706 | 53230216 |
| &nbsp;&nbsp;&nbsp; Ryerson Holding | 501279 | 14782718 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics | 789454 | 82047954 |
| &nbsp;&nbsp;&nbsp; Summit Materials, Cl A \* | 474224 | 14364245 |

---

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

*137*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X U.S. Infrastructure Development ETF** | **Global X U.S. Infrastructure Development ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Materials — continued |  |  |
| &nbsp;&nbsp;&nbsp; TimkenSteel \* | 789623 | $14765950 |
| &nbsp;&nbsp;&nbsp; United States Steel . | 1073393 | 28219502 |
| &nbsp;&nbsp;&nbsp; Vulcan Materials | 568432 | 104210639 |
| &nbsp;&nbsp;&nbsp; Westlake | 505521 | 54419336 |
|  |  | 895879390 |
| Utilities — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp; Sempra Energy | 783747 | 130250914 |
| TOTAL COMMON STOCK |  |  |
|  |  | 3740931688 |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup> — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Fidelity Investments Money Market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Portfolio, Cl Institutional, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $343,426) | 343426 | 343426 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENT<sup>(B)</sup> — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.730%, dated 11/30/2022, to be repurchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on 12/01/2022, repurchase price $477,383 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (collateralized by various U.S. Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations, ranging in par value $24,123 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - $60,247, 1.625% - 2.500%, 5/15/2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - 5/15/2031, with a total market value of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $490290) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $477,334) | $477334 | 477334 |
| TOTAL INVESTMENTS — 99.8% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,551,514,483) |  | $3741752448 |

---

 *Percentages are based on Net Assets of $3,748,693,233.*

 *\* Non-income producing security.*

 *(A) This security or a partial position of this security is on loan at November 30, 2022.* 

*(B) Security was purchased with cash collateral held from securities on loan.*

 *(C) The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2022.*

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

*138*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X U.S. Infrastructure Development ETF**  | **Global X U.S. Infrastructure Development ETF**  |

---

 *The following is a summary of the level of inputs used as of November 30, 2022, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *Common Stock* | $*3740931688* | $*—* | $*—* | $*3740931688* |
| &nbsp;&nbsp;&nbsp; *Short-Term Investment* | *343426* | *—* | *—* | *343426* |
| &nbsp;&nbsp;&nbsp; *Repurchase Agreement* | *—* | *477334* | *—* | *477334* |
| *Total Investments in Securities* | $*3741275114* | $*477334* | $*—* | $*3741752448* |

---

*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.

*139*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Thematic Growth ETF**  | **Global X Thematic Growth ETF**  |

---

![](thematic-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS — 99.9%** | | |
| &nbsp;&nbsp;&nbsp; Global X Blockchain ETF<sup>(A)</sup> | 1761883 | $7276577 |
| &nbsp;&nbsp;&nbsp; Global X Cannabis ETF<sup>(A)</sup> | 493461 | 7421653 |
| &nbsp;&nbsp;&nbsp; Global X Data Center REITs & Digital |  |  |
| &nbsp;&nbsp;&nbsp; Infrastructure ETF<sup>(A)</sup>  | 287982 | 3870478 |
| &nbsp;&nbsp;&nbsp; Global X FinTech ETF<sup>(A)</sup> | 174218 | 3581922 |
| &nbsp;&nbsp;&nbsp; Global X Genomics & Biotechnology ETF<sup>(A)</sup> | 299773 | 4046936 |
| &nbsp;&nbsp;&nbsp; Global X Lithium & Battery Tech ETF<sup>(A)</sup> | 117547 | 8163639 |
| &nbsp;&nbsp;&nbsp; Global X Renewable Energy Producers ETF<sup>(A)</sup> | 598223 | 8267442 |
| &nbsp;&nbsp;&nbsp; Global X Robotics & Artificial Intelligence |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF<sup>(A)</sup> | 196896 | 4219481 |
| &nbsp;&nbsp;&nbsp; Global X Social Media ETF<sup>(A)</sup> | 133955 | 4085628 |
| TOTAL EXCHANGE TRADED FUNDS |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $85,232,178) |  | 50933756 |
| TOTAL INVESTMENTS — 99.9% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $85,232,178) |  | $50933756 |

---

 *Percentages are based on Net Assets of $50,979,234.*

 *(A) Affiliated investment.*

 *As of November 30, 2022, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

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

*140*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Thematic Growth ETF**  | **Global X Thematic Growth ETF**  |

---

*The following is a summary of the transactions with affiliates for the year ended November 30, 2022:*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at 11/30/21 | Purchases at Cost | Proceeds from Sales | Changes in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value at 11/30/22 | Dividend Income | Capital Gains |
|  **Global X Blockchain ETF** | $— | $13740830 | $(1318836) | $(4809941) | $(335476) | $7276577 | $— | $— |
|  **Global X Cannabis ETF** | $6346511 | $9325689 | $(2302610) | $(5117848) | $(830089) | $7421653 | $208833 | $— |
|  **Global X Cloud Computing ETF** | $17449964 | $3350222 | $(13436383) | $609723 | $(7973526) | $— | $— | $306532 |
|  **Global X Data Center REITs & Digital Infrastructure ETF** | $— | $4787889 | $(495500) | $(345578) | $(76333) | $3870478 | $— | $— |
|  **Global X FinTech ETF** | $16833127 | $4592465 | $(8151649) | $(3945035) | $(5746986) | $3581922 | $875359 | $— |
|  **Global X Genomics & Biotechnology ETF** | $23960245 | $4197142 | $(16878885) | $1217070 | $(8448636) | $4046936 | $8106 | $— |
|  **Global X Lithium & Battery Tech ETF** | $10545810 | $16594024 | $(15364870) | $(2483070) | $(1128255) | $8163639 | $35277 | $— |
|  **Global X Renewable Energy Producers ETF** | $9141433 | $5365979 | $(5036741) | $(956330) | $(246899) | $8267442 | $89035 | $— |
|  **Global X Robotics & Artificial Intelligence ETF** | $9418697 | $1965288 | $(3219867) | $(2945472) | $(999165) | $4219481 | $(1858) | $— |
|  **Global X Social Media ETF** | $16244505 | $3375640 | $(7997515) | $(1678665) | $(5858337) | $4085628 | $36115 | $— |
|  **Totals:** | $109940292 | $67295168 | $(74202856) | $(20455146) | $(31643702) | $50933756 | $1250867 | $306532 |

---

*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.

*141*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X AgTech & Food Innovation ETF**  | **Global X AgTech & Food Innovation ETF**  |

---

![](agtech-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 98.3%** | | |
| **AUSTRALIA — 4.6%** | | |
| Materials — 4.6% |  |  |
| &nbsp;&nbsp;&nbsp; Nufarm | 75868 | $305868 |
| **CANADA — 13.0%** |  |  |
| Consumer Staples — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp; Maple Leaf Foods | 1092 | 20492 |
| &nbsp;&nbsp;&nbsp; SunOpta \* | 2306 | 21561 |
|  |  | 42053 |
| Materials — 12.4% |  |  |
| &nbsp;&nbsp;&nbsp; Nutrien | 10380 | 834552 |
| TOTAL CANADA |  | 876605 |
| **CHINA — 22.9%** |  |  |
| Consumer Staples — 22.9% |  |  |
| &nbsp;&nbsp;&nbsp; Cheng De Lolo, Cl A \* | 566280 | 657930 |
| &nbsp;&nbsp;&nbsp; Origin Agritech <sup>\*</sup> | 7552 | 79749 |
| &nbsp;&nbsp;&nbsp; Yuan Longping High-tech Agriculture, Cl A<sup>\*</sup> | 361300 | 803847 |
| TOTAL CHINA |  | 1541526 |
| **ISRAEL — 0.3%** |  |  |
| Materials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; ICL Group | 2388 | 19435 |
| **PHILIPPINES — 0.3%** |  |  |
| Consumer Staples — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Monde Nissin  | 95405 | 21321 |

---

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

*142*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X AgTech & Food Innovation ETF**  | **Global X AgTech & Food Innovation ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **UNITED KINGDOM — 4.6%** | | |
| Consumer Staples — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp; Unilever  | 5558 | $274293 |
| Industrials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp; CNH Industrial | 2206 | 35384 |
| TOTAL UNITED KINGDOM |  | 309677 |
| **UNITED STATES — 52.6%** |  |  |
| Consumer Discretionary — 4.6% |  |  |
| &nbsp;&nbsp;&nbsp; GrowGeneration \* | 45797 | 310962 |
| Consumer Staples — 19.9% |  |  |
| &nbsp;&nbsp;&nbsp; AppHarvest \* | 226646 | 204389 |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland | 1507 | 146933 |
| &nbsp;&nbsp;&nbsp; Benson Hill \* | 6707 | 20859 |
| &nbsp;&nbsp;&nbsp; Beyond Meat <sup>\*</sup> | 20858 | 304318 |
| &nbsp;&nbsp;&nbsp; Hain Celestial Group \* | 964 | 18065 |
| &nbsp;&nbsp;&nbsp; Ingredion | 210 | 20574 |
| &nbsp;&nbsp;&nbsp; Kellogg | 995 | 72585 |
| &nbsp;&nbsp;&nbsp; Local Bounti <sup>\*</sup> | 51520 | 108192 |
| &nbsp;&nbsp;&nbsp; Oatly Group ADR \* | 155771 | 253907 |
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market \* | 583 | 20014 |
| &nbsp;&nbsp;&nbsp; Tattooed Chef \* | 110203 | 166407 |
|  |  | 1336243 |
| Industrials — 12.6% |  |  |
| &nbsp;&nbsp;&nbsp; Deere . | 661 | 291501 |
| &nbsp;&nbsp;&nbsp; Hydrofarm Holdings Group \* | 65814 | 165193 |
| &nbsp;&nbsp;&nbsp; Titan Machinery \* | 8873 | 390678 |
|  |  | 847372 |
| Materials — 15.5% |  |  |
| &nbsp;&nbsp;&nbsp; AgroFresh Solutions <sup>\*</sup> | 51125 | 150819 |
| &nbsp;&nbsp;&nbsp; Corteva  | 12346 | 829157 |
| &nbsp;&nbsp;&nbsp; FMC  | 323 | 42197 |

---

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

*143*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X AgTech & Food Innovation ETF**  | **Global X AgTech & Food Innovation ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Materials — continued |  |  |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro, Cl A | 319 | $17841 |
|  |  | 1040014 |
| TOTAL UNITED STATES |  | 3534591 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $8,124,004) |  | 6609023 |
| TOTAL INVESTMENTS — 98.3% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $8,124,004) |  | $6609023 |

---

 *Percentages are based on Net Assets of $6,720,504.*

 *\* Non-income producing security.*

 *The following is a summary of the level of inputs used as of November 30, 2022, in valuing the Fund's investments carried at value:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *Common Stock* | $*6587702* | $*21321* | $*—* | $*6609023* |
| *Total Investments in Securities* | $*6587702* | $*21321* | $*—* | $*6609023* |

---

 *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.

*144*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Blockchain ETF**  | **Global X Blockchain ETF**  |

---

![](blockchain-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** | | |
| **AUSTRALIA — 1.1%** | | |
| Information Technology — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp; Iris Energy <sup>\*</sup> <sup>(A)</sup> | 339428 | $505747 |
| **CANADA — 11.2%** |  |  |
| Information Technology — 11.2% |  |  |
| &nbsp;&nbsp;&nbsp; BIGG Digital Assets <sup>\*</sup> <sup>(A)</sup> | 1308801 | 255832 |
| &nbsp;&nbsp;&nbsp; Bitfarms <sup>\*</sup> <sup>(A)</sup> | 2731559 | 1611896 |
| &nbsp;&nbsp;&nbsp; Hive Blockchain Technologies <sup>\*</sup> <sup>(A)</sup> | 840549 | 1760831 |
| &nbsp;&nbsp;&nbsp; Hut 8 Mining <sup>\*</sup> <sup>(A)</sup> | 1203890 | 1429714 |
| TOTAL CANADA |  | 5058273 |
| **CHINA — 9.1%** |  |  |
| Information Technology — 9.1% |  |  |
| &nbsp;&nbsp;&nbsp; Bit Digital <sup>\*</sup> <sup>(A)</sup> | 1736900 | 1595516 |
| &nbsp;&nbsp;&nbsp; Canaan ADR <sup>\*</sup> | 890346 | 2314900 |
| &nbsp;&nbsp;&nbsp; Ebang International Holdings, Cl A \* | 45081 | 221350 |
| TOTAL CHINA |  | 4131766 |
| **GERMANY — 2.0%** |  |  |
| Information Technology — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp; Northern Data <sup>\*</sup> <sup>(A)</sup> | 118690 | 909240 |
| **UNITED KINGDOM — 0.9%** |  |  |
| Information Technology — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp; Argo Blockchain <sup>\*</sup> <sup>(A)</sup> | 6521212 | 427137 |

---

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

*145*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Blockchain ETF**  | **Global X Blockchain ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **UNITED STATES — 75.5%** | | |
| Consumer Discretionary — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp; Overstock.com <sup>\*</sup> | 50117 | $1334115 |
| Financials — 19.1% |  |  |
| &nbsp;&nbsp;&nbsp; Bakkt Holdings <sup>\*</sup> <sup>(A)</sup> | 1202850 | 2129044 |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Cl A<sup>\*</sup> <sup>(A)</sup> | 104201 | 4765112 |
| &nbsp;&nbsp;&nbsp; Galaxy Digital Holdings <sup>\*</sup> <sup>(A)</sup> | 553252 | 1758882 |
|  |  | 8653038 |
| Information Technology — 53.4% |  |  |
| &nbsp;&nbsp;&nbsp; Applied Digital <sup>\*</sup> <sup>(A)</sup> | 1239432 | 2416892 |
| &nbsp;&nbsp;&nbsp; Block, Cl A \* | 122598 | 8308466 |
| &nbsp;&nbsp;&nbsp; Cipher Mining \* | 280146 | 218962 |
| &nbsp;&nbsp;&nbsp; Cleanspark \* | 341955 | 769399 |
| &nbsp;&nbsp;&nbsp; Core Scientific \* | 14395800 | 1918960 |
| &nbsp;&nbsp;&nbsp; Marathon Digital Holdings <sup>\*</sup> <sup>(A)</sup> | 541961 | 3425194 |
| &nbsp;&nbsp;&nbsp; NVIDIA . | 9060 | 1533224 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings \* | 14528 | 1139140 |
| &nbsp;&nbsp;&nbsp; Riot Blockchain <sup>\*</sup> <sup>(A)</sup> | 798589 | 3713439 |
| &nbsp;&nbsp;&nbsp; Ryvyl <sup>\*</sup> <sup>(A)</sup> | 506926 | 370056 |
| &nbsp;&nbsp;&nbsp; Terawulf \* | 408384 | 338959 |
|  |  | 24152691 |
| TOTAL UNITED STATES |  | 34139844 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $116,522,790) |  | 45172007 |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup> — 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp; Fidelity Investments Money Market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Portfolio, Cl Institutional, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,782,154)  | 5782154 | 5782154 |

---

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

*146*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Blockchain ETF** | **Global X Blockchain ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENT<sup>(B)</sup> — 17.4%** | | |
| &nbsp;&nbsp;&nbsp; BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.730%, dated 11/30/2022, to be repurchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on 12/01/2022, repurchase price $7,848,553 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (collateralized by various U.S. Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations, ranging in par value $396,604 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - $990,507, 1.625% - 2.500%, 5/15/2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - 5/15/2031, with a total market value of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8060723) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $7,847,740) | $7847740 | $7847740 |
| TOTAL INVESTMENTS — 130.0% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $130,152,684) |  | $58801901 |

---

 *Percentages are based on Net Assets of $45,226,917.*

 *\* Non-income producing security.*

 *(A) This security or a partial position of this security is on loan at November 30, 2022.*

 *(B) Security was purchased with cash collateral held from securities on loan.*

 *(C) The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2022.*

 *The following is a summary of the level of inputs used as of November 30, 2022, in valuing the Fund's investments carried at value:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *Common Stock* | $*45172007* | $*—* | $*—* | $*45172007* |
| &nbsp;&nbsp;&nbsp; *Short-Term Investment* | *5782154* | *—* | *—* | *5782154* |
| &nbsp;&nbsp;&nbsp; *Repurchase Agreement* | *—* | *7847740* | *—* | *7847740* |
| *Total Investments in Securities* | $*50954161* | $*7847740* | $*—* | $*58801901* |

---

*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.

*147*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Clean Water ETF** | **Global X Clean Water ETF** |

---

![](cleanwater-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** | | |
| **AUSTRALIA — 0.3%** | | |
| Materials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Calix \* | 5627 | $18917 |
| **BRAZIL — 2.9%** |  |  |
| Utilities — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado de Sao |  |  |
| &nbsp;&nbsp;&nbsp; Paulo .  | 16629 | 190644 |
| &nbsp;&nbsp;&nbsp; Cia de Saneamento de Minas Gerais-COPASA . | 9295 | 27927 |
| TOTAL BRAZIL |  | 218571 |
| **CHINA — 6.5%** |  |  |
| Industrials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp; Beijing Originwater Technology, Cl A | 135600 | 97629 |
| &nbsp;&nbsp;&nbsp; WPG Shanghai Smart Water, Cl A | 15500 | 18096 |
|  |  | 115725 |
| Utilities — 5.0% |  |  |
| &nbsp;&nbsp;&nbsp; Beijing Capital Eco-Environment Protection |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Group, Cl A | 187900 | 76661 |
| &nbsp;&nbsp;&nbsp; Beijing Enterprises Water Group | 199240 | 52838 |

---

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

*148*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Clean Water ETF** | **Global X Clean Water ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Utilities — continued |  |  |
| &nbsp;&nbsp;&nbsp; Chengdu Xingrong Environment, Cl A | 123500 | $88569 |
| &nbsp;&nbsp;&nbsp; China Water Affairs Group | 38600 | 31303 |
| &nbsp;&nbsp;&nbsp; Guangdong Investment | 137400 | 126037 |
|  |  | 375408 |
| TOTAL CHINA |  | 491133 |
| **JAPAN — 3.5%** |  |  |
| Industrials — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp; Kurita Water Industries | 4783 | 209089 |
| &nbsp;&nbsp;&nbsp; Nomura Micro Science | 884 | 29807 |
| &nbsp;&nbsp;&nbsp; Organo  | 1400 | 28273 |
| TOTAL JAPAN |  | 267169 |
| **SAUDI ARABIA — 0.4%** |  |  |
| Utilities — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp; AlKhorayef Water & Power Technologies | 724 | 27733 |
| **SINGAPORE — 1.0%** |  |  |
| Utilities — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp; Keppel Infrastructure Trust | 197665 | 77895 |
| **SOUTH KOREA — 1.5%** |  |  |
| Consumer Discretionary — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp; Coway | 2635 | 115082 |
| **UNITED KINGDOM — 8.5%** |  |  |
| Utilities — 8.5% |  |  |
| &nbsp;&nbsp;&nbsp; Severn Trent | 9992 | 322714 |
| &nbsp;&nbsp;&nbsp; United Utilities Group | 26512 | 323310 |
| TOTAL UNITED KINGDOM |  | 646024 |
| **UNITED STATES — 75.2%** |  |  |
| Energy — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp; Select Energy Services, Cl A | 3705 | 30344 |
| Industrials — 42.9% |  |  |
| &nbsp;&nbsp;&nbsp; A O Smith  | 5636 | 342331 |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems | 2419 | &nbsp;&nbsp;&nbsp;&nbsp;235272 |

---

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

*149*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Clean Water ETF**  | **Global X Clean Water ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp; Core & Main, Cl A \* | 2946 | $61277 |
| &nbsp;&nbsp;&nbsp; Energy Recovery \* | 2216 | 51367 |
| &nbsp;&nbsp;&nbsp; Evoqua Water Technologies \* | 5856 | 254677 |
| &nbsp;&nbsp;&nbsp; Ferguson  | 5069 | 594239 |
| &nbsp;&nbsp;&nbsp; Franklin Electric | 1885 | 157021 |
| &nbsp;&nbsp;&nbsp; Mueller Water Products, Cl A | 7516 | 87637 |
| &nbsp;&nbsp;&nbsp; Pentair | 7084 | 324235 |
| &nbsp;&nbsp;&nbsp; Reliance Worldwide | 33084 | 67798 |
| &nbsp;&nbsp;&nbsp; Watts Water Technologies, Cl A | 1320 | 209154 |
| &nbsp;&nbsp;&nbsp; Xylem . | 6187 | 695109 |
| &nbsp;&nbsp;&nbsp; Zurn Elkay Water Solutions | 7164 | 173440 |
|  |  | 3253557 |
| Information Technology — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp; Badger Meter | 1419 | 164349 |
| Materials — 7.2% |  |  |
| &nbsp;&nbsp;&nbsp; Ecolab | 3674 | 550475 |
| Utilities — 22.5% |  |  |
| &nbsp;&nbsp;&nbsp; American States Water | 1785 | 174912 |
| &nbsp;&nbsp;&nbsp; American Water Works | 4040 | 613110 |
| &nbsp;&nbsp;&nbsp; California Water Service Group | 2627 | 170571 |
| &nbsp;&nbsp;&nbsp; Essential Utilities | 11808 | 569618 |
| &nbsp;&nbsp;&nbsp; Middlesex Water | 841 | 78592 |
| &nbsp;&nbsp;&nbsp; SJW Group | 1303 | 97321 |
|  |  | 1704124 |
| TOTAL UNITED STATES |  | 5702849 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $8,228,213) |  | 7565373 |
| TOTAL INVESTMENTS — 99.8% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $8,228,213) |  | $7565373 |

---

 *Percentages are based on Net Assets of $7,580,290.*

 *\* Non-income producing security.*

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

*150*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Clean Water ETF** | **Global X Clean Water ETF** |

---

 *As of November 30, 2022, 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.

*151*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Hydrogen ETF** | **Global X Hydrogen ETF** |

---

![](hydrogen-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 97.7%** | | |
| **CANADA — 8.8%** | | |
| Industrials — 8.8% |  |  |
| &nbsp;&nbsp;&nbsp; Ballard Power Systems \* | 532196 | $3246396 |
| &nbsp;&nbsp;&nbsp; NFI Group | 14524 | 106597 |
| TOTAL CANADA |  | 3352993 |
| **FRANCE — 5.3%** |  |  |
| Consumer Discretionary — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp; Cie Plastic Omnium . | 10788 | 164730 |
| Industrials — 4.9% |  |  |
| &nbsp;&nbsp;&nbsp; McPhy Energy \* | 132928 | 1855955 |
| TOTAL FRANCE |  | 2020685 |
| **GERMANY — 5.5%** |  |  |
| Industrials — 5.5% |  |  |
| &nbsp;&nbsp;&nbsp; SFC Energy \* | 86085 | 2105147 |
| **JAPAN — 2.0%** |  |  |
| Consumer Discretionary — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp; Toyota Motor | 51712 | 745069 |
| **NORWAY — 12.5%** |  |  |
| Industrials — 12.5% |  |  |
| &nbsp;&nbsp;&nbsp; NEL \* | 3165224 | 4761573 |
| **SOUTH KOREA — 4.5%** |  |  |
| Industrials — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp; Doosan Fuel Cell <sup>\*</sup> | 59558 | 1517344 |

---

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

*152*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Hydrogen ETF**  | **Global X Hydrogen ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp; S-Fuelcell | 9384 | $176103 |
| TOTAL SOUTH KOREA |  | 1693447 |
| **SWEDEN — 7.7%** |  |  |
| Industrials — 7.7% |  |  |
| &nbsp;&nbsp;&nbsp; Cell Impact \* | 930236 | 1194221 |
| &nbsp;&nbsp;&nbsp; PowerCell Sweden \* | 150453 | 1748781 |
| TOTAL SWEDEN |  | 2943002 |
| **UNITED KINGDOM — 14.4%** |  |  |
| Industrials — 12.4% |  |  |
| &nbsp;&nbsp;&nbsp; AFC Energy \* | 4914583 | 1243132 |
| &nbsp;&nbsp;&nbsp; Ceres Power Holdings \* | 386659 | 1771439 |
| &nbsp;&nbsp;&nbsp; ITM Power \* | 1382652 | 1698470 |
|  |  | 4713041 |
| Materials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp; Linde | 2221 | 747322 |
| TOTAL UNITED KINGDOM |  | 5460363 |
| **UNITED STATES — 37.0%** |  |  |
| Industrials — 34.9% |  |  |
| &nbsp;&nbsp;&nbsp; Advent Technologies Holdings \* | 285080 | 632878 |
| &nbsp;&nbsp;&nbsp; Bloom Energy, Cl A \* | 209755 | 4465684 |
| &nbsp;&nbsp;&nbsp; Cummins | 2964 | 744438 |
| &nbsp;&nbsp;&nbsp; FuelCell Energy \* | 460015 | 1591652 |
| &nbsp;&nbsp;&nbsp; Hyster-Yale Materials Handling | 3612 | 105759 |
| &nbsp;&nbsp;&nbsp; Hyzon Motors <sup>\*</sup> | 748768 | 1213004 |
| &nbsp;&nbsp;&nbsp; Lightning eMotors <sup>\*</sup> | 97025 | 66161 |
| &nbsp;&nbsp;&nbsp; Nikola <sup>\*</sup> | 78323 | 205206 |
| &nbsp;&nbsp;&nbsp; Plug Power \* | 266730 | 4257011 |
|  |  | 13281793 |

---

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

*153*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Hydrogen ETF**  | **Global X Hydrogen ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  | |
| Materials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp; Air Products & Chemicals . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2511 | $778812 |
| TOTAL UNITED STATES |  | 14060605 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $52,384,621) |  | 37142884 |
| TOTAL INVESTMENTS — 97.7% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $52,384,621) |  | $37142884 |

---

 *Percentages are based on Net Assets of $38,034,571.*

 *\* Non-income producing security.*

 *As of November 30, 2022, 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.

*154*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Solar ETF**  | **Global X Solar ETF**  |

---

![](solar-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** | | |
| **CANADA — 1.0%** | | |
| Information Technology — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp; Canadian Solar <sup>\*</sup> | 1713 | $61411 |
| **CHINA — 57.5%** |  |  |
| Industrials — 14.0% |  |  |
| &nbsp;&nbsp;&nbsp; Ginlong Technologies, Cl A \* | 7200 | 200971 |
| &nbsp;&nbsp;&nbsp; GoodWe Technologies, Cl A | 2068 | 100379 |
| &nbsp;&nbsp;&nbsp; ReneSola ADR <sup>\*</sup> | 3545 | 16733 |
| &nbsp;&nbsp;&nbsp; Sineng Electric, Cl A | 5640 | 44468 |
| &nbsp;&nbsp;&nbsp; Sungrow Power Supply, Cl A | 29000 | 470809 |
|  |  | 833360 |
| Information Technology — 42.2% |  |  |
| &nbsp;&nbsp;&nbsp; Daqo New Energy ADR \* | 2269 | 129129 |
| &nbsp;&nbsp;&nbsp; Flat Glass Group, Cl H | 15100 | 38981 |
| &nbsp;&nbsp;&nbsp; GCL Technology Holdings \* | 659200 | 206066 |
| &nbsp;&nbsp;&nbsp; Hangzhou First Applied Material, Cl A | 18580 | 157615 |
| &nbsp;&nbsp;&nbsp; JA Solar Technology, Cl A | 56060 | 460601 |
| &nbsp;&nbsp;&nbsp; Jiangsu Akcome Science & Technology, Cl A<sup>\*</sup>. | 148600 | 64403 |
| &nbsp;&nbsp;&nbsp; JinkoSolar Holding ADR \* | 1461 | 74920 |
| &nbsp;&nbsp;&nbsp; LONGi Green Energy Technology, Cl A | 72060 | 465714 |
| &nbsp;&nbsp;&nbsp; Risen Energy, Cl A \* | 16500 | 60097 |
| &nbsp;&nbsp;&nbsp; Shenzhen SC New Energy Technology, Cl A | 9600 | 174150 |
| &nbsp;&nbsp;&nbsp; TCL Zhonghuan Renewable Energy |  |  |
| &nbsp;&nbsp;&nbsp; Technology, Cl A  | 43400 | 254694 |
| &nbsp;&nbsp;&nbsp; Trina Solar, Cl A | 28572 | &nbsp;&nbsp;&nbsp;&nbsp;260165 |

---

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

*155*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Solar ETF**  | **Global X Solar ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp; Xinyi Solar Holdings | 142600 | $164605 |
|  |  | 2511140 |
| Materials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Henan Yicheng New Energy, Cl A \* | 28000 | 20357 |
| Utilities — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp; CECEP Solar Energy, Cl A | 41400 | 43717 |
| &nbsp;&nbsp;&nbsp; Xinyi Energy Holdings | 57000 | 17453 |
|  |  | 61170 |
| TOTAL CHINA |  | 3426027 |
| **GERMANY — 1.8%** |  |  |
| Information Technology — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp; SMA Solar Technology \* | 352 | 22852 |
| Utilities — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp; Encavis | 4092 | 83298 |
| TOTAL GERMANY |  | 106150 |
| **INDIA — 0.3%** |  |  |
| Utilities — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Azure Power Global \* | 3020 | 17244 |
| **JAPAN — 0.7%** |  |  |
| Industrials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Abalance . | 800 | 17090 |
| Utilities — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp; West Holdings | 705 | 22205 |
| TOTAL JAPAN |  | 39295 |
| **SOUTH KOREA — 2.8%** |  |  |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Hyundai Energy Solutions \* | 360 | 17988 |

---

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

*156*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Solar ETF**  | **Global X Solar ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Materials — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp; Hanwha Solutions \* | 3821 | $148628 |
| TOTAL SOUTH KOREA |  | 166616 |
| **SPAIN — 1.9%** |  |  |
| Utilities — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp; Atlantica Sustainable Infrastructure | 2479 | 69164 |
| &nbsp;&nbsp;&nbsp; Solaria Energia y Medio Ambiente \* | 2494 | 43861 |
| TOTAL SPAIN |  | 113025 |
| **SWITZERLAND — 0.9%** |  |  |
| Information Technology — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp; Meyer Burger Technology \* | 102115 | 53804 |
| **TAIWAN — 1.8%** |  |  |
| Information Technology — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp; Gigastorage <sup>\*</sup> | 29530 | 17916 |
| &nbsp;&nbsp;&nbsp; Motech Industries  | 20690 | 17306 |
| &nbsp;&nbsp;&nbsp; Tainergy Tech \* | 20900 | 18698 |
| &nbsp;&nbsp;&nbsp; TSEC \* | 16377 | 17460 |
| &nbsp;&nbsp;&nbsp; United Renewable Energy \* | 48918 | 33714 |
| TOTAL TAIWAN |  | 105094 |
| **TURKEY — 0.3%** |  |  |
| Utilities — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Esenboga Elektrik Uretim | 4751 | 21335 |
| **UNITED STATES — 30.8%** |  |  |
| Industrials — 7.5% |  |  |
| &nbsp;&nbsp;&nbsp; Array Technologies \* | 4418 | 92513 |
| &nbsp;&nbsp;&nbsp; FTC Solar \* | 7780 | 16493 |
| &nbsp;&nbsp;&nbsp; Heliogen \* | 16299 | 18581 |
| &nbsp;&nbsp;&nbsp; Shoals Technologies Group, Cl A \* | 3006 | 87084 |
| &nbsp;&nbsp;&nbsp; SunPower, Cl A \* | 2371 | 57497 |
| &nbsp;&nbsp;&nbsp; Sunrun <sup>\*</sup> | 5397 | 175834 |
|  |  | 448002 |
| Information Technology — 21.9% |  |  |
| &nbsp;&nbsp;&nbsp; Enphase Energy \* | 1553 | 497877 |

---

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

*157*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Solar ETF** | **Global X Solar ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp; First Solar <sup>\*</sup> | 2989 | $515692 |
| &nbsp;&nbsp;&nbsp; Maxeon Solar Technologies \* | 790 | 18186 |
| &nbsp;&nbsp;&nbsp; SolarEdge Technologies \* | 920 | 274951 |
|  |  | 1306706 |
| Utilities — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp; Altus Power, Cl A \* | 2304 | 16474 |
| &nbsp;&nbsp;&nbsp; Sunnova Energy International \* | 2821 | 64403 |
|  |  | 80877 |
| TOTAL UNITED STATES |  | 1835585 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,992,301) |  | 5945586 |
| TOTAL INVESTMENTS — 99.8% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,992,301) |  | $5945586 |

---

 *Percentages are based on Net Assets of $5,955,456.*

 *\* Non-income producing security.*

 *As of November 30, 2022, 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.

*158*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Wind Energy ETF** | **Global X Wind Energy ETF** |

---

<br> ![](windenergy-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** | | |
| **BRAZIL — 2.2%** | | |
| Industrials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Aeris Industria E Comercio De Equipamentos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Para Geracao De Energia | 32200 | $8817 |
| Utilities — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp; Omega Energia \* | 33900 | 64592 |
| TOTAL BRAZIL |  | 73409 |
| **CANADA — 18.3%** |  |  |
| Utilities — 18.3% |  |  |
| &nbsp;&nbsp;&nbsp; Boralex, Cl A | 5155 | 143771 |
| &nbsp;&nbsp;&nbsp; Innergex Renewable Energy | 8471 | 105224 |
| &nbsp;&nbsp;&nbsp; Northland Power | 12963 | 364306 |
| TOTAL CANADA |  | 613301 |
| **CHINA — 33.8%** |  |  |
| Industrials — 24.9% |  |  |
| &nbsp;&nbsp;&nbsp; Dajin Heavy Industry, Cl A | 24400 | 150460 |
| &nbsp;&nbsp;&nbsp; Jinlei Technology, Cl A \* | 13600 | 75262 |
| &nbsp;&nbsp;&nbsp; Ming Yang Smart Energy Group, Cl A | 85100 | 321608 |
| &nbsp;&nbsp;&nbsp; Qingdao Tianneng Heavy Industries, Cl A | 29500 | 37440 |
| &nbsp;&nbsp;&nbsp; Riyue Heavy Industry, Cl A | 25000 | 69915 |
| &nbsp;&nbsp;&nbsp; Titan Wind Energy Suzhou, Cl A | 67100 | 134133 |
| &nbsp;&nbsp;&nbsp; Xinjiang Goldwind Science & Technology, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cl H | 40600 | 43640 |
|  |  | 832458 |
| Utilities — 8.9% |  |  |
| &nbsp;&nbsp;&nbsp; CECEP Wind-Power, Cl A | 205860 | &nbsp;&nbsp;&nbsp;&nbsp;117700 |

---

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

*159*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Wind Energy ETF**  | **Global X Wind Energy ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Utilities — continued |  |  |
| &nbsp;&nbsp;&nbsp; China Datang Renewable Power, Cl H | 122000 | $34855 |
| &nbsp;&nbsp;&nbsp; China Longyuan Power Group, Cl H | 119600 | 145870 |
|  |  | 298425 |
| TOTAL CHINA |  | 1130883 |
| **DENMARK — 23.7%** |  |  |
| Industrials — 12.3% |  |  |
| &nbsp;&nbsp;&nbsp; Vestas Wind Systems | 16489 | 409640 |
| Utilities — 11.4% |  |  |
| &nbsp;&nbsp;&nbsp; Orsted . | 4442 | 381558 |
| TOTAL DENMARK |  | 791198 |
| **GERMANY — 3.8%** |  |  |
| Industrials — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp; Nordex \* | 6762 | 83689 |
| &nbsp;&nbsp;&nbsp; PNE | 1873 | 42332 |
| TOTAL GERMANY |  | 126021 |
| **GREECE — 1.9%** |  |  |
| Utilities — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp; Terna Energy | 3115 | 62544 |
| **HONG KONG — 1.1%** |  |  |
| Industrials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp; Cadeler <sup>\*</sup> | 6852 | 25481 |
| &nbsp;&nbsp;&nbsp; China High Speed Transmission Equipment |  |  |
| &nbsp;&nbsp;&nbsp; Group \*  | 23300 | 10806 |
| TOTAL HONG KONG |  | 36287 |
| **INDIA — 1.7%** |  |  |
| Utilities — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp; ReNew Energy Global, Cl A \* | 9303 | 56469 |
| **SOUTH KOREA — 2.1%** |  |  |
| Industrials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp; CS Wind | 1079 | 62587 |

---

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

*160*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Wind Energy ETF** | **Global X Wind Energy ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  | |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp; Unison <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6303 | $8579 |
| TOTAL SOUTH KOREA |  | 71166 |
| **SPAIN — 8.6%** |  |  |
| Industrials — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp; Siemens Gamesa Renewable Energy \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8020 | 148889 |
| Utilities — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp; ACCIONA Energias Renovables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3525 | 137414 |
| TOTAL SPAIN |  | 286303 |
| **SWEDEN — 1.2%** |  |  |
| Industrials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp; OX2 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5766 | 41202 |
| **TAIWAN — 0.7%** |  |  |
| Materials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp; Century Iron & Steel Industrial . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | 24203 |
| **UNITED STATES — 0.8%** |  |  |
| Industrials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp; TPI Composites \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128 | 25706 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,194,828) |  | 3338692 |
| TOTAL INVESTMENTS — 99.9% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,194,828) |  | $3338692 |

---

 *Percentages are based on Net Assets of $3,340,925.*

 *\* Non-income producing security.*

 *As of November 30, 2022, 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.

*161*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Green Building ETF** | **Global X Green Building ETF** |

---

![](green-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.6%** | | |
| **AUSTRALIA — 1.8%** | | |
| Real Estate — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp; Vicinity Centres <sup>‡</sup> | 27864 | $37881 |
| **AUSTRIA — 0.4%** |  |  |
| Real Estate — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp; Immobilien Anlagen | 283 | 9237 |
| **BRAZIL — 0.2%** |  |  |
| Real Estate — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp; BR Properties | 4150 | 4806 |
| **CANADA — 0.2%** |  |  |
| Real Estate — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp; Dream Office ‡ | 428 | 4887 |
| **CHINA — 5.9%** |  |  |
| Real Estate — 5.9% |  |  |
| &nbsp;&nbsp;&nbsp; China Jinmao Holdings Group | 53040 | 12435 |
| &nbsp;&nbsp;&nbsp; China Overseas Grand Oceans Group | 14460 | 6669 |
| &nbsp;&nbsp;&nbsp; China Overseas Land & Investment . | 26950 | 72852 |
| &nbsp;&nbsp;&nbsp; China Vanke, Cl H | 13670 | 28127 |
| &nbsp;&nbsp;&nbsp; CIFI Holdings Group | 28134 | 4253 |
| TOTAL CHINA |  | 124336 |
| **DENMARK — 0.6%** |  |  |
| Industrials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp; ROCKWOOL, Cl B | 61 | 13085 |

---

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

*162*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Green Building ETF** | **Global X Green Building ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **FINLAND — 5.2%** | | |
| Industrials — 4.9% |  |  |
| &nbsp;&nbsp;&nbsp; Kone, Cl B | 2121 | $103757 |
| Real Estate — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Citycon . | 870 | 5787 |
| TOTAL FINLAND |  | 109544 |
| **FRANCE — 12.7%** |  |  |
| Industrials — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp; Cie de Saint-Gobain | 1917 | 86346 |
| Real Estate — 8.6% |  |  |
| &nbsp;&nbsp;&nbsp; Covivio <sup>‡</sup> | 498 | 28356 |
| &nbsp;&nbsp;&nbsp; Gecina <sup>‡</sup> | 537 | 51560 |
| &nbsp;&nbsp;&nbsp; ICADE ‡ | 331 | 13435 |
| &nbsp;&nbsp;&nbsp; Klepierre ‡ | 1612 | 36482 |
| &nbsp;&nbsp;&nbsp; Mercialys <sup>‡</sup> | 760 | 7180 |
| &nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield <sup>‡</sup> \* | 799 | 41661 |
|  |  | 178674 |
| TOTAL FRANCE |  | 265020 |
| **GUERNSEY — 0.3%** |  |  |
| Real Estate — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Balanced Commercial Property Trust ‡ | 5123 | 5491 |
| **HONG KONG — 3.5%** |  |  |
| Real Estate — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp; Hang Lung Properties | 13110 | 24153 |
| &nbsp;&nbsp;&nbsp; Hongkong Land Holdings | 7720 | 30957 |
| &nbsp;&nbsp;&nbsp; Swire Properties | 7660 | 17154 |
| TOTAL HONG KONG |  | 72264 |
| **IRELAND — 2.9%** |  |  |
| Industrials — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp; Kingspan Group | 1119 | 61573 |

---

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

*163*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Green Building ETF** | **Global X Green Building ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **JAPAN — 18.3%** | | |
| Real Estate — 18.3% |  |  |
| &nbsp;&nbsp;&nbsp; Activia Properties ‡ | 5 | $15300 |
| &nbsp;&nbsp;&nbsp; Advance Logistics Investment <sup>‡</sup> | 6 | 6317 |
| &nbsp;&nbsp;&nbsp; AEON Investment ‡ | 11 | 12581 |
| &nbsp;&nbsp;&nbsp; CRE Logistics ‡ | 4 | 5885 |
| &nbsp;&nbsp;&nbsp; Frontier Real Estate Investment ‡ | 3 | 11373 |
| &nbsp;&nbsp;&nbsp; Fukuoka <sup>‡</sup> | 5 | 6246 |
| &nbsp;&nbsp;&nbsp; GLP J-Reit ‡ | 30 | 33109 |
| &nbsp;&nbsp;&nbsp; Japan Metropolitan Fund Invest ‡ | 51 | 40240 |
| &nbsp;&nbsp;&nbsp; Japan Prime Realty Investment ‡ | 6 | 16898 |
| &nbsp;&nbsp;&nbsp; Japan Real Estate Investment ‡ | 9 | 39279 |
| &nbsp;&nbsp;&nbsp; LaSalle Logiport ‡ | 13 | 15027 |
| &nbsp;&nbsp;&nbsp; Nippon Building Fund ‡ | 11 | 50452 |
| &nbsp;&nbsp;&nbsp; Nippon Prologis ‡ | 16 | 38699 |
| &nbsp;&nbsp;&nbsp; Nomura Real Estate Master Fund ‡ | 30 | 37086 |
| &nbsp;&nbsp;&nbsp; Orix JREIT ‡ | 19 | 26347 |
| &nbsp;&nbsp;&nbsp; SOSiLA Logistics <sup>‡</sup> | 6 | 5908 |
| &nbsp;&nbsp;&nbsp; United Urban Investment <sup>‡</sup> | 21 | 23206 |
| TOTAL JAPAN |  | 383953 |
| **NETHERLANDS — 0.7%** |  |  |
| Real Estate — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp; CTP | 728 | 7856 |
| &nbsp;&nbsp;&nbsp; Wereldhave ‡ | 422 | 5757 |
| TOTAL NETHERLANDS |  | 13613 |
| **ROMANIA — 1.2%** |  |  |
| Real Estate — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp; NEPI Rockcastle | 4199 | 25452 |
| **SINGAPORE — 7.8%** |  |  |
| Real Estate — 7.8% |  |  |
| &nbsp;&nbsp;&nbsp; Capitaland India Trust | 7300 | 6233 |
| &nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial Trust ‡ | 48510 | 73280 |
| &nbsp;&nbsp;&nbsp; City Developments | 3060 | 18512 |
| &nbsp;&nbsp;&nbsp; Frasers Centrepoint Trust ‡ | 7760 | 11496 |
| &nbsp;&nbsp;&nbsp; Frasers Logistics & Commercial Trust ‡ | 20190 | 16797 |
| &nbsp;&nbsp;&nbsp; Keppel ‡ | 13380 | 8788 |

---

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

*164*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Green Building ETF** | **Global X Green Building ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Real Estate — continued |  |  |
| &nbsp;&nbsp;&nbsp; Lendlease Global Commercial <sup>‡</sup> | 12560 | $6645 |
| &nbsp;&nbsp;&nbsp; Mapletree Pan Asia Commercial Trust ‡ | 16690 | 20828 |
| TOTAL SINGAPORE |  | 162579 |
| **SPAIN — 1.9%** |  |  |
| Consumer Discretionary — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Neinor Homes | 623 | 5638 |
| Real Estate — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp; Inmobiliaria Colonial Socimi <sup>‡</sup> | 2106 | 12740 |
| &nbsp;&nbsp;&nbsp; Merlin Properties Socimi <sup>‡</sup> | 2263 | 20668 |
|  |  | 33408 |
| TOTAL SPAIN |  | 39046 |
| **SWEDEN — 1.8%** |  |  |
| Industrials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Lindab International | 534 | 6379 |
| Real Estate — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp; Atrium Ljungberg, Cl B | 408 | 6424 |
| &nbsp;&nbsp;&nbsp; Fabege . | 1853 | 15121 |
| &nbsp;&nbsp;&nbsp; Hufvudstaden, Cl A | 774 | 10735 |
|  |  | 32280 |
| TOTAL SWEDEN |  | 38659 |
| **SWITZERLAND — 1.6%** |  |  |
| Industrials — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp; Belimo Holding | 72 | 32458 |
| **UNITED KINGDOM — 1.9%** |  |  |
| Consumer Discretionary — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp; Berkeley Group Holdings | 765 | 34720 |
| Industrials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Volution Group | 1408 | 5801 |
| TOTAL UNITED KINGDOM |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40521 |

---

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

*165*

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![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Green Building ETF**  | **Global X Green Building ETF**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **UNITED STATES — 30.7%** | | |
| Consumer Discretionary — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp; KB Home | 614 | $19273 |
| &nbsp;&nbsp;&nbsp; M/I Homes \* | 196 | 8855 |
| &nbsp;&nbsp;&nbsp; Meritage Homes \* | 260 | 22467 |
| &nbsp;&nbsp;&nbsp; TopBuild \* | 234 | 36055 |
|  |  | 86650 |
| Industrials — 14.0% |  |  |
| &nbsp;&nbsp;&nbsp; AAON . | 306 | 24253 |
| &nbsp;&nbsp;&nbsp; Carrier Global | 2045 | 90634 |
| &nbsp;&nbsp;&nbsp; Lennox International | 232 | 60420 |
| &nbsp;&nbsp;&nbsp; Masonite International <sup>\*</sup> | 162 | 12194 |
| &nbsp;&nbsp;&nbsp; PGT Innovations \* | 414 | 8193 |
| &nbsp;&nbsp;&nbsp; Trane Technologies | 550 | 98131 |
|  |  | 293825 |
| Real Estate — 12.6% |  |  |
| &nbsp;&nbsp;&nbsp; Boston Properties ‡ | 998 | 71936 |
| &nbsp;&nbsp;&nbsp; Brandywine Realty Trust ‡ | 1223 | 8451 |
| &nbsp;&nbsp;&nbsp; Cousins Properties ‡ | 1096 | 28913 |
| &nbsp;&nbsp;&nbsp; Douglas Emmett ‡ | 1216 | 21061 |
| &nbsp;&nbsp;&nbsp; Elme Communities <sup>‡</sup> | 628 | 12409 |
| &nbsp;&nbsp;&nbsp; Empire State Realty Trust, Cl A ‡ | 965 | 7440 |
| &nbsp;&nbsp;&nbsp; Franklin Street Properties ‡ | 2034 | 5939 |
| &nbsp;&nbsp;&nbsp; Hudson Pacific Properties ‡ | 977 | 11294 |
| &nbsp;&nbsp;&nbsp; Kilroy Realty ‡ | 833 | 36002 |
| &nbsp;&nbsp;&nbsp; Piedmont Office Realty Trust, Cl A ‡ | 886 | 9223 |
| &nbsp;&nbsp;&nbsp; SL Green Realty <sup>‡</sup> | 466 | 19554 |
| &nbsp;&nbsp;&nbsp; Vornado Realty Trust ‡ | 1212 | 30652 |
|  |  | 262874 |
| TOTAL UNITED STATES |  | 643349 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,434,963) |  | 2087754 |
| TOTAL INVESTMENTS — 99.6% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,434,963) |  | $2087754 |

---

<br> *Percentages are based on Net Assets of $2,095,192.*

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

*166*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Green Building ETF**  | **Global X Green Building ETF**  |

---

 *\* Non-income producing security.*

 *‡ Real Estate Investment Trust*

 *As of November 30, 2022, 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.

*167*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
|  | **november 30, 2022**  |
| **Glossary: (abbreviations which may be used in the preceding Schedules of Investments)**  | **Glossary: (abbreviations which may be used in the preceding Schedules of Investments)**  |

---

---

| |
|:---|
| **Portfolio Abbreviations** |
| ADR — *American Depositary Receipt* |
| Cl — *Class* |
| ETF — *Exchange-Traded Fund* |
| REIT — *Real Estate Investment Trust* |

---

*168*

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![](pagelogo.jpg)

#### Statements of Assets and Liabilities

#### November 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Robotics & Artificial Intelligence ETF** | **Global X Internet of Things ETF** | **Global X FinTech ETF** | **Global X Video Games & Esports ETF** |
| **Assets:** | | | | |
| &nbsp;&nbsp;&nbsp; Cost of Investments | $1634068168 | $290839010 | $755991978 | $301002692 |
| &nbsp;&nbsp;&nbsp; Cost of Repurchase Agreement | 26668406 | 4621562 | 20186125 | 9983920 |
| &nbsp;&nbsp;&nbsp; Cost of Foreign Currency |  | 1 |  | 2 |
| &nbsp;&nbsp;&nbsp; Investments, at Value | $1354528344<br> \* | $308545251<br> \* | $468991401<br> \* | $181087214<br> \* |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement, at Value | 26668406 | 4621562 | 20186125 | 9983920 |
| &nbsp;&nbsp;&nbsp; Cash | 721160 | 155407 | 736028 | 104328 |
| &nbsp;&nbsp;&nbsp; Foreign Currency, at Value |  | 1 |  | 2 |
| &nbsp;&nbsp;&nbsp; Reclaim Receivable | 3849348 | 164261 | 197276 | 1484 |
| &nbsp;&nbsp;&nbsp; Receivable for Investment Securities Sold | 3164074 |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividend, Interest, and Securities Lending Income Receivable | 2814224 | 322166 | 343774 | 139137 |
| &nbsp;&nbsp;&nbsp; Receivable for Capital Shares Sold |  |  |  | 3911678 |
| &nbsp;&nbsp;&nbsp; Due from Broker |  |  | 21053 |  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 1391745556 | 313808648 | 490475657 | 195227763 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Obligation to Return Securities Lending Collateral | 45855407 | 7946617 | 34723372 | 17167007 |
| &nbsp;&nbsp;&nbsp; Payable for Capital Shares Redeemed | 3163465 |  | 10763 |  |
| &nbsp;&nbsp;&nbsp; Payable due to Investment Adviser | 744159 | 165346 | 260594 | 69888 |
| &nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased |  |  |  | 3796773 |
| &nbsp;&nbsp;&nbsp; Unrealized Depreciation on Spot Contracts |  |  |  | 6 |
| &nbsp;&nbsp;&nbsp; Custodian Fees Payable | 40790 |  |  | 135 |
| &nbsp;&nbsp;&nbsp; Due to Broker |  |  | 18240 | 119187 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 49803821 | 8111963 | 35012969 | 21152996 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $1341941735 | $305696685 | $455462688 | $174074767 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $1989339379 | $295742881 | $886036099 | $330861869 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings/(Loss) | (647397644) | 9953804 | (430573411) | (156787102) |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $1341941735 | $305696685 | $455462688 | $174074767 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest |  |  |  |  |
| &nbsp;&nbsp;&nbsp; (unlimited authorization — no par value) | 63630000 | 10010000 | 22280000 | 9180000 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $21.09 | $30.54 | $20.44 | $18.96 |
| \*Includes Market Value of Securities on Loan | $44286701 | $7832981 | $34774392 | $16688366 |

---

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

*169*

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![](pagelogo.jpg)

#### Statements of Assets and Liabilities

#### November 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Autonomous & Electric Vehicles ETF** | **Global X Cloud Computing ETF** | **Global X Data Center REITs & Digital Infrastructure ETF** | **Global X Cybersecurity ETF** |
| **Assets:** | | | | |
| &nbsp;&nbsp;&nbsp; Cost of Investments | $1145618425 | $1004007312 | $84959886 | $1314176562 |
| &nbsp;&nbsp;&nbsp; Cost of Repurchase Agreement | 29898894 | 576880 |  |  |
| &nbsp;&nbsp;&nbsp; Cost of Foreign Currency | 244957 |  |  | (31) |
| &nbsp;&nbsp;&nbsp; Investments, at Value | $903275433<br> \* | $589063277<br> \* | $68044908 | $962651496 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement, at Value | 29898894 | 576880 |  |  |
| &nbsp;&nbsp;&nbsp; Cash | 226675 | 692099 |  | 5699460 |
| &nbsp;&nbsp;&nbsp; Foreign Currency, at Value | 244022 |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividend, Interest, and Securities Lending Income Receivable | 1500785 | 59256 | 65639 | 560181 |
| &nbsp;&nbsp;&nbsp; Reclaim Receivable | 217784 |  |  | 3776 |
| &nbsp;&nbsp;&nbsp; Unrealized Appreciation on Spot Contracts | 1418 | 943 |  |  |
| &nbsp;&nbsp;&nbsp; Receivable for Investment Securities Sold |  | 3175958 |  | 22621246 |
| &nbsp;&nbsp;&nbsp; Due from Broker | 11333 |  |  |  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 935376344 | 593568413 | 68110547 | 991536159 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Obligation to Return Securities Lending Collateral | 51410120 | 991925 |  |  |
| &nbsp;&nbsp;&nbsp; Payable due to Investment Adviser | 481356 | 315936 | 24516 | 417228 |
| &nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased |  |  |  | 457354 |
| &nbsp;&nbsp;&nbsp; Payable for Capital Shares Redeemed |  | 3175261 |  | 22634702 |
| &nbsp;&nbsp;&nbsp; Overdraft of Foreign Currency |  |  |  | 31 |
| &nbsp;&nbsp;&nbsp; Unrealized Depreciation on Spot Contracts |  |  |  | 7566 |
| &nbsp;&nbsp;&nbsp; Cash Overdraft |  |  | 4942743 |  |
| &nbsp;&nbsp;&nbsp; Custodian Fees Payable | 1372 |  |  | 40646 |
| &nbsp;&nbsp;&nbsp; Due to Broker | 5190 | 765 |  | 36370 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 51898038 | 4483887 | 4967259 | 23593897 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $883478306 | $589084526 | $63143288 | $967942262 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $1202121762 | $1094120151 | $80049701 | $1382915377 |
| &nbsp;&nbsp;&nbsp; Total Distributable Loss | (318643456) | (505035625) | (16906413) | (414973115) |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $883478306 | $589084526 | $63143288 | $967942262 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest |  |  |  |  |
| &nbsp;&nbsp;&nbsp; (unlimited authorization — no par value) | 38590002 | 35130000 | 4670000 | 42360000 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $22.89 | $16.77 | $13.52 | $22.85 |
| \*Includes Market Value of Securities on Loan | $53494426 | $1089314 | $— | $— |

---

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

*170*

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![](pagelogo.jpg)

#### Statements of Assets and Liabilities

#### November 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Artificial Intelligence & Technology ETF** | **Global X Metaverse ETF** | **Global X Millennial Consumer ETF** | **Global X Education ETF<sup>‡</sup>** |
| **Assets:** | | | | |
| &nbsp;&nbsp;&nbsp; Cost of Investments | $177259300 | $2547757 | $160925008 | $8734948 |
| &nbsp;&nbsp;&nbsp; Cost of Repurchase Agreement | 218443 |  | 70223 |  |
| &nbsp;&nbsp;&nbsp; Cost of Foreign Currency | (24) |  |  | 1 |
| &nbsp;&nbsp;&nbsp; Investments, at Value | $130475410<br> \* | $1917561 | $105350545<br> \* | $3678339 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement, at Value | 218443 |  | 70223 |  |
| &nbsp;&nbsp;&nbsp; Cash | 43158 | 520 | 155133 |  |
| &nbsp;&nbsp;&nbsp; Foreign Currency, at Value | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp; Receivable for Investment Securities Sold | 8636445 | 126683 |  |  |
| &nbsp;&nbsp;&nbsp; Dividend, Interest, and Securities Lending Income Receivable | 189004 | 1772 | 45737 | 2405 |
| &nbsp;&nbsp;&nbsp; Receivable for Capital Shares Sold | 48529 |  |  |  |
| &nbsp;&nbsp;&nbsp; Reclaim Receivable | 22202 |  |  |  |
| &nbsp;&nbsp;&nbsp; Unrealized Appreciation on Spot Contracts |  | 28 |  |  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 139633192 | 2046564 | 105621638 | 3680745 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Obligation to Return Securities Lending Collateral | 375605 |  | 120746 |  |
| &nbsp;&nbsp;&nbsp; Payable for Capital Shares Redeemed | 8615173 |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable due to Investment Adviser | 74668 | 755 | 41446 | 1324 |
| &nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased |  | 125423 |  |  |
| &nbsp;&nbsp;&nbsp; Cash Overdraft |  |  |  | 301038 |
| &nbsp;&nbsp;&nbsp; Custodian Fees Payable | 64 |  |  | 4 |
| &nbsp;&nbsp;&nbsp; Due to Broker | 49231 |  | 440 |  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 9114741 | 126178 | 162632 | 302366 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $130518451 | $1920386 | $105459006 | $3378379 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $181417614 | $2410000 | $164823014 | $10766705 |
| &nbsp;&nbsp;&nbsp; Total Distributable Loss | (50899163) | (489614) | (59364008) | (7388326) |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $130518451 | $1920386 | $105459006 | $3378379 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest |  |  |  |  |
| &nbsp;&nbsp;&nbsp; (unlimited authorization — no par value) | 6060002 | 100000 | 3710000 | 153333 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $21.54 | $19.20 | $28.43 | $22.03 |
| \*Includes Market Value of Securities on Loan | $387617 | $— | $123885 | $— |

---

*‡* *The Outstanding Shares of Beneficial Interest and Net Asset Value, Offering and Redemption Price Per Share were updated to reflect the effect of a 1 for 3 reverse share split on December 19, 2022 (See Note 10 in the Notes to Financial Statements).* 

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

*171*

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#### Statements of Assets and Liabilities

#### November 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Cannabis ETF** | **Global X Genomics & Biotechnology ETF** | **Global X China Biotech Innovation ETF** | **Global X Telemedicine & Digital Health ETF** |
| **Assets:** | | | | |
| &nbsp;&nbsp;&nbsp; Cost of Investments | $98451980 | $254470189 | $3496513 | $259004464 |
| &nbsp;&nbsp;&nbsp; Cost of Repurchase Agreement | 9834319 | 1506000 |  | 3581273 |
| &nbsp;&nbsp;&nbsp; Cost of Foreign Currency | (101397) | 2 |  | 10 |
| &nbsp;&nbsp;&nbsp; Investments, at Value | $62934432<br> \* | $210521056<br> \* | $2610462 | $152467339<br> \* |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement, at Value | 9834319 | 1506000 |  | 3581273 |
| &nbsp;&nbsp;&nbsp; Cash | 18661 |  | 3375 | 311157 |
| &nbsp;&nbsp;&nbsp; Foreign Currency, at Value |  | 2 |  | 10 |
| &nbsp;&nbsp;&nbsp; Receivable for Capital Shares Sold | 1158713 |  |  |  |
| &nbsp;&nbsp;&nbsp; Receivable for Investment Securities Sold | 179091 | 237384 |  |  |
| &nbsp;&nbsp;&nbsp; Dividend, Interest, and Securities Lending Income Receivable | 92591 | 17012 |  | 44768 |
| &nbsp;&nbsp;&nbsp; Unrealized Appreciation on Spot Contracts |  | 1563 |  |  |
| &nbsp;&nbsp;&nbsp; Reclaim Receivable |  | 12358 |  | 10379 |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 74217807 | 212295375 | 2613837 | 156414926 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Obligation to Return Securities Lending Collateral | 16909773 | 2589515 |  | 6157875 |
| &nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased | 1279247 |  |  |  |
| &nbsp;&nbsp;&nbsp; Overdraft of Foreign Currency | 101397 |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable due to Investment Adviser | 22800 | 84074 | 1357 | 84073 |
| &nbsp;&nbsp;&nbsp; Unrealized Depreciation on Spot Contracts | 25 |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash Overdraft |  | 279245 |  |  |
| &nbsp;&nbsp;&nbsp; Custodian Fees Payable | 296 | 1790 |  | 356 |
| &nbsp;&nbsp;&nbsp; Due to Broker |  |  |  | 97552 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 18313538 | 2954624 | 1357 | 6339856 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $55904269 | $209340751 | $2612480 | $150075070 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $310494325 | $322862568 | $4625600 | $319179432 |
| &nbsp;&nbsp;&nbsp; Total Distributable Loss | (254590056) | (113521817) | (2013120) | (169104362) |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $55904269 | $209340751 | $2612480 | $150075070 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest |  |  |  |  |
| &nbsp;&nbsp;&nbsp; (unlimited authorization — no par value) | 3738357 | 15560000 | 270000 | 12270000 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $14.95 | $13.45 | $9.68 | $12.23 |
| \*Includes Market Value of Securities on Loan | $15676704 | $2751708 | $— | $6198671 |

---

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

*172*

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![](pagelogo.jpg)

#### Statements of Assets and Liabilities

#### November 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Aging Population ETF** | **Global X Health & Wellness ETF** | **Global X CleanTech ETF** | **Global X U.S. Infrastructure Development ETF** |
| **Assets:** | | | | |
| &nbsp;&nbsp;&nbsp; Cost of Investments | $47795435 | $30636632 | $173753378 | $3551037149 |
| &nbsp;&nbsp;&nbsp; Cost of Repurchase Agreement |  |  |  | 477334 |
| &nbsp;&nbsp;&nbsp; Cost of Foreign Currency | 2 | (58) | 1 |  |
| &nbsp;&nbsp;&nbsp; Investments, at Value | $41758862 | $22611207 | $127805794 | $3741275114<br> \* |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement, at Value |  |  |  | 477334 |
| &nbsp;&nbsp;&nbsp; Cash |  | 7592 | 51426 | 5315300 |
| &nbsp;&nbsp;&nbsp; Foreign Currency, at Value | 2 | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp; Dividend, Interest, and Securities Lending Income Receivable | 42476 | 29180 |  | 3876936 |
| &nbsp;&nbsp;&nbsp; Reclaim Receivable | 39028 | 12325 | 18587 |  |
| &nbsp;&nbsp;&nbsp; Receivable for Capital Shares Sold |  |  | 1620309 |  |
| &nbsp;&nbsp;&nbsp; Receivable for Investment Securities Sold |  |  |  | 10870073 |
| &nbsp;&nbsp;&nbsp; Due from Broker | 71 |  | 13524 |  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 41840439 | 22660305 | 129509641 | 3761814757 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Obligation to Return Securities Lending Collateral |  |  |  | 820760 |
| &nbsp;&nbsp;&nbsp; Payable due to Investment Adviser | 16638 | 8703 | 48945 | 1395555 |
| &nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased |  |  | 1618679 |  |
| &nbsp;&nbsp;&nbsp; Payable for Capital Shares Redeemed |  |  |  | 10896552 |
| &nbsp;&nbsp;&nbsp; Unrealized Depreciation on Spot Contracts |  |  | 20 |  |
| &nbsp;&nbsp;&nbsp; Cash Overdraft | 7615 |  |  |  |
| &nbsp;&nbsp;&nbsp; Custodian Fees Payable | 99 | 13 | 6 |  |
| &nbsp;&nbsp;&nbsp; Due to Broker | 15600 |  |  | 8657 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 39952 | 8716 | 1667650 | 13121524 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $41800487 | $22651589 | $127841991 | $3748693233 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $48753224 | $32046272 | $197580727 | $3575064753 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings/(Loss) | (6952737) | (9394683) | (69738736) | 173628480 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $41800487 | $22651589 | $127841991 | $3748693233 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest |  |  |  |  |
| &nbsp;&nbsp;&nbsp; (unlimited authorization — no par value) | 1580000 | 1060000 | 7890000 | 134170000 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $26.46 | $21.37 | $16.20 | $27.94 |
| \*Includes Market Value of Securities on Loan | $— | $— | $— | $825588 |

---

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

*173*

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![](pagelogo.jpg)

#### Statements of Assets and Liabilities

#### November 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Thematic Growth ETF** | **Global X AgTech & Food Innovation ETF** | **Global X Blockchain ETF<sup>‡</sup>** | **Global X Clean Water ETF** |
| **Assets:** | | | | |
| &nbsp;&nbsp;&nbsp; Cost of Investments | $— | $8124004 | $122304944 | $8228213 |
| &nbsp;&nbsp;&nbsp; Cost of Repurchase Agreement |  |  | 7847740 |  |
| &nbsp;&nbsp;&nbsp; Cost of Affiliated Investments | 85232178 |  |  |  |
| &nbsp;&nbsp;&nbsp; Cost of Foreign Currency |  | 43 |  | 275 |
| &nbsp;&nbsp;&nbsp; Investments, at Value | $— | $6609023 | $50954161<br> \* | $7565373 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement, at Value |  |  | 7847740 |  |
| &nbsp;&nbsp;&nbsp; Affiliated Investments, at Value | 50933756 |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash | 41091 | 6450 |  |  |
| &nbsp;&nbsp;&nbsp; Foreign Currency, at Value |  | 43 |  | 276 |
| &nbsp;&nbsp;&nbsp; Unrealized Appreciation on Spot Contracts |  | 3209 |  |  |
| &nbsp;&nbsp;&nbsp; Receivable for Investment Securities Sold |  | 1711461 |  |  |
| &nbsp;&nbsp;&nbsp; Dividend, Interest, and Securities Lending Income Receivable |  | 10003 | 98509 | 20964 |
| &nbsp;&nbsp;&nbsp; Reclaim Receivable |  | 1835 |  | 465 |
| &nbsp;&nbsp;&nbsp; Receivable due from Investment Adviser | 4398 |  |  |  |
| &nbsp;&nbsp;&nbsp; Due from Broker |  |  | 32425 |  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 50979245 | 8342024 | 58932835 | 7587078 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Obligation to Return Securities Lending Collateral |  |  | 13629894 |  |
| &nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased |  | 1618848 |  |  |
| &nbsp;&nbsp;&nbsp; Payable for Capital Shares Redeemed |  |  | 32425 |  |
| &nbsp;&nbsp;&nbsp; Payable due to Investment Adviser |  | 2672 | 21173 | 3016 |
| &nbsp;&nbsp;&nbsp; Cash Overdraft |  |  | 22197 | 3735 |
| &nbsp;&nbsp;&nbsp; Custodian Fees Payable | 11 |  | 229 | 37 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 11 | 1621520 | 13705918 | 6788 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $50979234 | $6720504 | $45226917 | $7580290 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $113232167 | $9492869 | $221078750 | $8562051 |
| &nbsp;&nbsp;&nbsp; Total Distributable Loss | (62252933) | (2772365) | (175851833) | (981761) |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $50979234 | $6720504 | $45226917 | $7580290 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest |  |  |  |  |
| &nbsp;&nbsp;&nbsp; (unlimited authorization — no par value) | 1950000 | 430000 | 2760000 | 530000 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $26.14 | $15.63 | $16.39 | $14.30 |
| \*Includes Market Value of Securities on Loan | $— | $— | $13329365 | $— |

---

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

*174*

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#### Statements of Assets and Liabilities

#### November 30, 2022

*‡* *The Outstanding Shares of Beneficial Interest and Net Asset Value, Offering and Redemption Price Per Share were updated to reflect the effect of a 1 for 4 reverse share split on December 19, 2022 (See Note 10 in the Notes to Financial Statements).* 

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

*175*

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#### Statements of Assets and Liabilities

#### November 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Hydrogen ETF** | **Global X Solar ETF** | **Global X Wind Energy ETF** | **Global X Green Building ETF** |
| **Assets:** | | | | |
| &nbsp;&nbsp;&nbsp; Cost of Investments | $52384621 | $4992301 | $4194828 | $2434963 |
| &nbsp;&nbsp;&nbsp; Cost of Foreign Currency |  | 27 |  | 335 |
| &nbsp;&nbsp;&nbsp; Investments, at Value | $37142884 | $5945586 | $3338692 | $2087754 |
| &nbsp;&nbsp;&nbsp; Cash | 18935 | 189643 | 82751 | 3707 |
| &nbsp;&nbsp;&nbsp; Foreign Currency, at Value |  | 27 |  | 336 |
| &nbsp;&nbsp;&nbsp; Receivable for Investment Securities Sold | 5243877 | 401778 | 294904 |  |
| &nbsp;&nbsp;&nbsp; Dividend, Interest, and Securities Lending Income Receivable | 9869 | 1028 | 1188 | 3571 |
| &nbsp;&nbsp;&nbsp; Reclaim Receivable | 156 | 223 | 1141 | 594 |
| &nbsp;&nbsp;&nbsp; Unrealized Appreciation on Spot Contracts |  | 1299 | 614 |  |
| &nbsp;&nbsp;&nbsp; Due from Broker | 78920 |  |  |  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 42494641 | 6539584 | 3719290 | 2095962 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased | 4351782 | 581693 | 376990 |  |
| &nbsp;&nbsp;&nbsp; Payable for Capital Shares Redeemed | 78920 |  |  |  |
| &nbsp;&nbsp;&nbsp; Unrealized Depreciation on Spot Contracts | 15103 |  |  | 2 |
| &nbsp;&nbsp;&nbsp; Payable due to Investment Adviser | 14237 | 2435 | 1351 | 749 |
| &nbsp;&nbsp;&nbsp; Custodian Fees Payable | 28 |  | 24 | 19 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 4460070 | 584128 | 378365 | 770 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $38034571 | $5955456 | $3340925 | $2095192 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $62524086 | $6493958 | $4767391 | $2537580 |
| &nbsp;&nbsp;&nbsp; Total Distributable Loss | (24489515) | (538502) | (1426466) | (442388) |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $38034571 | $5955456 | $3340925 | $2095192 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest |  |  |  |  |
| &nbsp;&nbsp;&nbsp; (unlimited authorization — no par value) | 3100000 | 270000 | 190000 | 100000 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $12.27 | $22.06 | $17.58 | $20.95 |

---

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

*176*

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#### Statements of Operations

#### For the year ended November 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Robotics & Artificial Intelligence ETF** | **Global X Internet of Things ETF** | **Global X FinTech ETF** | **Global X Video Games & Esports ETF** |
| **Investment Income:** | | | | |
| &nbsp;&nbsp;&nbsp; Dividend Income | $14866804 | $4928338 | $4578085 | $2397258 |
| &nbsp;&nbsp;&nbsp; Interest Income | 903 | 1265 | 6753 | 143 |
| &nbsp;&nbsp;&nbsp; Security Lending Income | 1846888 | 345442 | 2940544 | 138129 |
| &nbsp;&nbsp;&nbsp; Reclaim Income | 879479 |  |  |  |
| &nbsp;&nbsp;&nbsp; Less: Foreign Taxes Withheld | (2887558) | (353866) | (79276) | (203984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 14706516 | 4921179 | 7446106 | 2331546 |
| &nbsp;&nbsp;&nbsp; Supervision and Administration Fees<sup>(1)</sup> | 11787620 | 2486894 | 5010499 | 1356129 |
| &nbsp;&nbsp;&nbsp; Custodian Fees<sup>(2)</sup> | 117366 | 1790 | 4153 | 2662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 11904986 | 2488684 | 5014652 | 1358791 |
| &nbsp;&nbsp;&nbsp; **Net Investment Income** | 2801530 | 2432495 | 2431454 | 972755 |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(3)</sup> | (176918247) | 22615360 | (55390497) | (68033518) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions | (293547) | 239 | 81289 | (102255) |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | (177211794) | 22615599 | (55309208) | (68135773) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (914192102) | (124249187) | (570585644) | (62801281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Translations | (63367) | (5824) | (8601) | 7844 |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation)** | (914255469) | (124255011) | (570594245) | (62793437) |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss)** | (1091467263) | (101639412) | (625903453) | (130929210) |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | $(1088665733) | $(99206917) | $(623471999) | $(129956455) |

---

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

(2) *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 Notes to Financial Statements.)* 

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

*177*

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#### Statements of Operations

#### For the year ended November 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Autonomous & Electric Vehicles ETF** | **Global X Cloud Computing ETF** | **Global X Data Center REITs & Digital Infrastructure ETF** | **Global X Cybersecurity ETF** |
| **Investment Income:** | | | | |
| &nbsp;&nbsp;&nbsp; Dividend Income | $14521569 | $(500141) | $1179198 | $4556200 |
| &nbsp;&nbsp;&nbsp; Interest Income | 5428 | 5783 | 1213 | 225802 |
| &nbsp;&nbsp;&nbsp; Security Lending Income | 2227553 | 15381 |  |  |
| &nbsp;&nbsp;&nbsp; Less: Foreign Taxes Withheld | (1407230) |  | (37911) | (213438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 15347320 | (478977) | 1142500 | 4568564 |
| &nbsp;&nbsp;&nbsp; Supervision and Administration Fees<sup>(1)</sup> | 7360072 | 5358282 | 381270 | 5615421 |
| &nbsp;&nbsp;&nbsp; Tax Expense | 2855 |  |  |  |
| &nbsp;&nbsp;&nbsp; Custodian Fees<sup>(2)</sup> | 2310 | 71 | 3216 | 167176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 7365237 | 5358353 | 384486 | 5782597 |
| &nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | 7982083 | (5837330) | 758014 | (1214033) |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(3)</sup> | (9593816) | (32728595) | 377243 | (27104673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions | (201941) | (68372) | (5291) | (214204) |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | (9795757) | (32796967) | 371952 | (27318877) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (338567562) | (435747578) | (21885940) | (350783217) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Translations | (4275) | (361) |  | (1165) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation)** | (338571837) | (435747939) | (21885940) | (350784382) |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss)** | (348367594) | (468544906) | (21513988) | (378103259) |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | $(340385511) | $(474382236) | $(20755974) | $(379317292) |

---

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

(2) *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 Notes to Financial Statements.)* 

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

*178*

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#### Statements of Operations

#### For the year/period ended November 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Artificial Intelligence & Technology ETF** | **Global X Metaverse ETF<sup>(1)</sup>** | **Global X Millennial Consumer ETF** | **Global X Education ETF** |
| **Investment Income:** | | | | |
| &nbsp;&nbsp;&nbsp; Dividend Income | $1741098 | $45695 | $939729 | $38511 |
| &nbsp;&nbsp;&nbsp; Interest Income |  | 8 | 1380 | 26 |
| &nbsp;&nbsp;&nbsp; Security Lending Income | 80446 |  | 5418 |  |
| &nbsp;&nbsp;&nbsp; Less: Foreign Taxes Withheld | (99523) | (779) |  | (1718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 1722021 | 44924 | 946527 | 36819 |
| &nbsp;&nbsp;&nbsp; Supervision and Administration Fees<sup>(2)</sup> | 1029614 | 6184 | 709470 | 21066 |
| &nbsp;&nbsp;&nbsp; Custodian Fees<sup>(3)</sup> | 458 | 22 | 115 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 1030072 | 6206 | 709585 | 21102 |
| &nbsp;&nbsp;&nbsp; **Net Investment Income** | 691949 | 38718 | 236942 | 15717 |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(4)</sup> | (2704474) | 137407 | 9451209 | (2071331) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions | (743) | 2691 |  | (1908) |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | (2705217) | 140098 | 9451209 | (2073239) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (62315477) | (630196) | (76800075) | 479769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Translations | (868) | 79 |  | 209 |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation)** | (62316345) | (630117) | (76800075) | 479978 |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss)** | (65021562) | (490019) | (67348866) | (1593261) |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | $(64329613) | $(451301) | $(67111924) | $(1577544) |

---

(1) *The Fund commenced operations on April 26, 2022.* 

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

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

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

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

*179*

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![](pagelogo.jpg)

#### Statements of Operations

#### For the year ended November 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Cannabis ETF** | **Global X Genomics & Biotechnology ETF** | **Global X China Biotech Innovation ETF** | **Global X Telemedicine & Digital Health ETF** |
| **Investment Income:** | | | | |
| &nbsp;&nbsp;&nbsp; Dividend Income | $480187 | $377727 | $24961 | $1074734 |
| &nbsp;&nbsp;&nbsp; Interest Income | 311 |  |  | 3113 |
| &nbsp;&nbsp;&nbsp; Security Lending Income | 1939535 | 216482 |  | 220371 |
| &nbsp;&nbsp;&nbsp; Less: Foreign Taxes Withheld |  | (22180) | (1805) | (7115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 2420033 | 572029 | 23156 | 1291103 |
| &nbsp;&nbsp;&nbsp; Supervision and Administration Fees<sup>(1)</sup> | 340248 | 989122 | 19197 | 1401769 |
| &nbsp;&nbsp;&nbsp; Custodian Fees<sup>(2)</sup> | 3694 | 1874 | 11 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 343942 | 990996 | 19208 | 1402135 |
| &nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | 2076091 | (418967) | 3948 | (111032) |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(3)</sup> | (121607134) | (62420201) | (776016) | (71758776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions | (1077) | (4827) | 11 | (17399) |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | (121608211) | (62425028) | (776005) | (71776175) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 42541936 | (16209447) | (918709) | 5693735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Translations  | (4) | 1137 |  | (427 ) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation)** | 42541932 | (16208310) | (918709) | 5693308 |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss)** | (79066279) | (78633338) | (1694714) | (66082867) |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | $(76990188) | $(79052305) | $(1690766) | $(66193899) |

---

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

(2) *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 Notes to Financial Statements.)* 

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

*180*

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![](pagelogo.jpg)

#### Statements of Operations

#### For the year ended November 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Aging Population ETF** | **Global X Health & Wellness ETF** | **Global X CleanTech ETF** | **Global X U.S. Infrastructure Development ETF** |
| **Investment Income:** | | | | |
| &nbsp;&nbsp;&nbsp; Dividend Income | $678539 | $421603 | $838912 | $52659385 |
| &nbsp;&nbsp;&nbsp; Interest Income | 217 | 90 |  | 26955 |
| &nbsp;&nbsp;&nbsp; Security Lending Income |  |  |  | 8919 |
| &nbsp;&nbsp;&nbsp; Less: Foreign Taxes Withheld | (36764) | (35043) | (56098) | (128154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 641992 | 386650 | 782814 | 52567105 |
| &nbsp;&nbsp;&nbsp; Supervision and Administration Fees<sup>(1)</sup> | 254936 | 137614 | 583129 | 20471091 |
| &nbsp;&nbsp;&nbsp; Custodian Fees<sup>(2)</sup> | 254 | 125 | 814 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 255190 | 137739 | 583943 | 20471430 |
| &nbsp;&nbsp;&nbsp; **Net Investment Income** | 386802 | 248911 | 198871 | 32095675 |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(3)</sup> | 2047036 | (1160783) | (7339665) | 228588104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions | (2745) | (8437) | 10595 |  |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | 2044291 | (1169220) | (7329070) | 228588104 |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (4446266) | (7990874) | (27308554) | (278686344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Translations | (954) | (159) | (1697) |  |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation)** | (4447220) | (7991033) | (27310251) | (278686344) |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss)** | (2402929) | (9160253) | (34639321) | (50098240) |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | $(2016127) | $(8911342) | $(34440450) | $(18002565) |

---

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

(2) *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 Notes to Financial Statements.)* 

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

*181*

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#### Statements of Operations

#### For the year ended November 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Thematic Growth ETF** | **Global X AgTech & Food Innovation ETF** | **Global X Blockchain ETF** | **Global X Clean Water ETF** |
| **Investment Income:** | | | | |
| &nbsp;&nbsp;&nbsp; Dividend Income | $— | $75286 | $2350 | $150481 |
| &nbsp;&nbsp;&nbsp; Dividend Income, from Affiliated Investments | 1250867 |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest Income | 3613 | 53 | 349 |  |
| &nbsp;&nbsp;&nbsp; Security Lending Income | 188808 |  | 1340128 |  |
| &nbsp;&nbsp;&nbsp; Less: Foreign Taxes Withheld |  | (6152) | (36124) | (1926) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 1443288 | 69187 | 1306703 | 148555 |
| &nbsp;&nbsp;&nbsp; Supervision and Administration Fees<sup>(1)</sup> | 395494 | 30685 | 394551 | 35687 |
| &nbsp;&nbsp;&nbsp; Custodian Fees<sup>(2)</sup> | 232 | 271 | 1272 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 395726 | 30956 | 395823 | 35886 |
| &nbsp;&nbsp;&nbsp; **Net Investment Income** | 1047562 | 38231 | 910880 | 112669 |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(3)</sup> |  | (802324) | (99273599) | (317459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investments | (31643702) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions |  | 1305 | 3006 | (2680) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Gain Distribution from Affiliated Investments | 306532 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment from Adviser<sup>(4)</sup> | 508212 |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | (30828958) | (801019) | (99270593) | (320139) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (599897) | (74900532) | (784024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investments | (20455146) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Translations |  | 3325 |  | (19) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation)** | (20455146) | (596572) | (74900532) | (784043) |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss)** | (51284104) | (1397591) | (174171125) | (1104182) |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | $(50236542) | $(1359360) | $(173260245) | $(991513) |

---

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

(2) *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 Notes to Financial Statements.)* 

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

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

*182*

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#### Statements of Operations

#### For the year/period ended November 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Hydrogen ETF** | **Global X Solar ETF** | **Global X Wind Energy ETF** | **Global X Green Building ETF<sup>(1)</sup>** |
| **Investment Income:** | | | | |
| &nbsp;&nbsp;&nbsp; Dividend Income | $88270 | $26171 | $51677 | $60027 |
| &nbsp;&nbsp;&nbsp; Interest Income | 219 | 17 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; Less: Foreign Taxes Withheld | (4146) | (2012) | (6903) | (4471) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 84343 | 24176 | 44795 | 55557 |
| &nbsp;&nbsp;&nbsp; Supervision and Administration Fees<sup>(2)</sup> | 159276 | 38438 | 18870 | 6139 |
| &nbsp;&nbsp;&nbsp; Custodian Fees<sup>(3)</sup> | 918 | 898 | 155 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 160194 | 39336 | 19025 | 6233 |
| &nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | (75851) | (15160) | 25770 | 49324 |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(4)</sup> | (8985646) | (1866742) | (530086) | (127920) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions | (3787) | (8327) | (855) | (645) |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | (8989433) | (1875069) | (530941) | (128565) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (14717990) | 926152 | (656905) | (347209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Translations | (16803) | 1257 | 565 | 9 |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation)** | (14734793) | 927409 | (656340) | (347200) |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss)** | (23724226) | (947660) | (1187281) | (475765) |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | $(23800077) | $(962820) | $(1161511) | $(426441) |

---

(1) *The Fund commenced operations on April 11, 2022.* 

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

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

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

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

*183*

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#### Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Robotics & Artificial Intelligence ETF** | **Global X Robotics & Artificial Intelligence ETF** | **Global X Internet of Things ETF** | **Global X Internet of Things ETF** |
|  | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp; Net Investment Income | $2801530 | $1654290 | $2432495 | $1589942 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (177211794) | 105766523 | 22615599 | 6751212 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (914255469) | 194707839 | (124255011) | 80373236 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (1088665733) | 302128652 | (99206917) | 88714390 |
| **Distributions** | (2507983) | (1369174) | (2272300) | (1320266) |
| **Return of Capital** | (547284) | (3009240) |  |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 55949780 | 516103043 | 5234626 | 139901773 |
| &nbsp;&nbsp;&nbsp; Redeemed | (325775436) | (268539477) | (115349802) | (6512771) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | (269825656) | 247563566 | (110115176) | 133389002 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (1361546656) | 545313804 | (211594393) | 220783126 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 2703488391 | 2158174587 | 517291078 | 296507952 |
| &nbsp;&nbsp;&nbsp; End of Year | $1341941735 | $2703488391 | $305696685 | $517291078 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 2360000 | 14770000 | 150000 | 4030000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (13320000) | (8080000) | (3870000) | (200000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (10960000) | 6690000 | (3720000) | 3830000 |

---

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

*184*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X FinTech ETF** | **Global X FinTech ETF** | **Global X Video Games & Esports ETF** | **Global X Video Games & Esports ETF** |
|  | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $2431454 | $(3432189) | $972755 | $546006 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (55309208) | 38623458 | (68135773) | 120634902 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (570594245) | (300467) | (62793437) | (126766464) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (623471999) | 34890802 | (129956455) | (5585556) |
| **Distributions** | (61756013) |  | (2992635) | (4336763) |
| **Return of Capital** | (1435476) |  | (526728) |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 92458761 | 457538483 | 35827260 | 502883686 |
| &nbsp;&nbsp;&nbsp; Redeemed | (239338117) | (77598302) | (213511657) | (489067100) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | (146879356) | 379940181 | (177684397) | 13816586 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (833542844) | 414830983 | (311160215) | 3894267 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 1289005532 | 874174549 | 485234982 | 481340715 |
| &nbsp;&nbsp;&nbsp; End of Year | $455462688 | $1289005532 | $174074767 | $485234982 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 2990000 | 9580000 | 1680000 | 15330000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (9030000) | (1710000) | (8940000) | (15740000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (6040000) | 7870000 | (7260000) | (410000) |

---

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

*185*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Autonomous & Electric Vehicles ETF** | **Global X Autonomous & Electric Vehicles ETF** | **Global X Cloud Computing ETF** | **Global X Cloud Computing ETF** |
|  | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $7982083 | $2906179 | $(5837330) | $(7571106) |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (9795757) | 80701523 | (32796967) | 368583149 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (338571837) | 75907068 | (435747939) | (231440130) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (340385511) | 159514770 | (474382236) | 129571913 |
| **Distributions** | (6444185) | (2137703) | (21230047) |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 351709374 | 1323971188 | 214938579 | 631431054 |
| &nbsp;&nbsp;&nbsp; Redeemed | (444947400) | (293724764) | (447785742) | (848948000) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | (93238026) | 1030246424 | (232847163) | (217516946) |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (440067722) | 1187623491 | (728459446) | (87945033) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 1323546028 | 135922537 | 1317543972 | 1405489005 |
| &nbsp;&nbsp;&nbsp; End of Year | $883478306 | $1323546028 | $589084526 | $1317543972 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 12430000 | 48040000 | 11620000 | 21430000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (17360000) | (10770000) | (22920000) | (29400000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (4930000) | 37270000 | (11300000) | (7970000) |

---

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

*186*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Data Center REITs & Digital Infrastructure ETF** | **Global X Data Center REITs & Digital Infrastructure ETF** | **Global X Cybersecurity ETF** | **Global X Cybersecurity ETF** |
|  | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $758014 | $397989 | $(1214033) | $2556730 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | 371952 | 2329475 | (27318877) | 54892114 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (21885940) | 4979795 | (350784382) | (5445712) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (20755974) | 7707259 | (379317292) | 52003132 |
| **Distributions** | (1090368) | (239154) | (7499545) | (165949) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 30021389 | 76496797 | 439627711 | 1727556856 |
| &nbsp;&nbsp;&nbsp; Redeemed | (23129344) | (9602874) | (216958896) | (693937307) |
| &nbsp;&nbsp;&nbsp; **Increase in Net Assets from Capital Share Transactions** | 6892045 | 66893923 | 222668815 | 1033619549 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (14954297) | 74362028 | (164148022) | 1085456732 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 78097585 | 3735557 | 1132090284 | 46633552 |
| &nbsp;&nbsp;&nbsp; End of Year | $63143288 | $78097585 | $967942262 | $1132090284 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 1900000 | 4690000 | 15260000 | 58280000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (1610000) | (560000) | (8560000) | (24670000) |
| &nbsp;&nbsp;&nbsp; **Net Increase in Shares Outstanding from Share Transactions** | 290000 | 4130000 | 6700000 | 33610000 |

---

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

*187*

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| | | | |
|:---|:---|:---|:---|
|  | **Global X Artificial Intelligence & Technology ETF** | **Global X Artificial Intelligence & Technology ETF** | **Global X Metaverse ETF** |
|  | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** | **Period Ended November 30, 2022<sup>(1)</sup>** |
| **Operations:** | | | |
| &nbsp;&nbsp;&nbsp; Net Investment Income | $691949 | $302809 | $38718 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (2705217) | 40287434 | 140098 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (62316345) | (8749293) | (630117) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (64329613) | 31840950 | (451301) |
| **Distributions** | (441670) | (496492) | (38313) |
| **Capital Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 47368029 | 156875013 | 2410000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (38412762) | (122053513) |  |
| &nbsp;&nbsp;&nbsp; **Increase in Net Assets from Capital Share Transactions** | 8955267 | 34821500 | 2410000 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (55816016) | 66165958 | 1920386 |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year/Period | 186334467 | 120168509 |  |
| &nbsp;&nbsp;&nbsp; End of Year/Period | $130518451 | $186334467 | $1920386 |
| **Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 1830000 | 5430000 | 100000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (1670000) | (4180000) |  |
| &nbsp;&nbsp;&nbsp; **Net Increase in Shares Outstanding from Share Transactions** | 160000 | 1250000 | 100000 |

---

(1) *The Fund commenced operations on April 26, 2022.* 

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

*188*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Millennial Consumer ETF** | **Global X Millennial Consumer ETF** | **Global X Education ETF<sup>‡</sup>** | **Global X Education ETF<sup>‡</sup>** |
|  | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp; Net Investment Income | $236942 | $343605 | $15717 | $4008 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | 9451209 | 33121119 | (2073239) | (1079335) |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (76800075) | (7238875) | 479978 | (5996495) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (67111924) | 26225849 | (1577544) | (7071822) |
| **Distributions** | (343441) | (197478) | (12790) | (4036) |
| **Return of Capital** |  |  |  | (6036) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 14445330 | 155153247 |  | 9647103 |
| &nbsp;&nbsp;&nbsp; Redeemed | (68606325) | (68616926) | (1518994) | (2933247) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | (54160995) | 86536321 | (1518994) | 6713856 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (121616360) | 112564692 | (3109328) | (368038) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 227075366 | 114510674 | 6487707 | 6855745 |
| &nbsp;&nbsp;&nbsp; End of Year | $105459006 | $227075366 | $3378379 | $6487707 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 420000 | 3710000 |  | 173333 |
| &nbsp;&nbsp;&nbsp; Redeemed | (2030000) | (1640000) | (73334) | (80000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (1610000) | 2070000 | (73334) | 93333 |

---

*‡* *Share transactions have been adjusted to reflect the effect of a 1 for 3 reverse share split on December 19, 2022* (See Note 10 in the Notes to Financial
 Statements).

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

*189*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Cannabis ETF<sup>‡</sup>** | **Global X Cannabis ETF<sup>‡</sup>** | **Global X Genomics & Biotechnology ETF** | **Global X Genomics & Biotechnology ETF** |
|  | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $2076091 | $2579388 | $(418967) | $(753596) |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (121608211) | (70548608) | (62425028) | 7773338 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | 42541932 | (83571989) | (16208310) | (41829286) |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | (76990188) | (151541209) | (79052305) | (34809544) |
| **Distributions** | (3318441) | (1884853) | (81403) | (157150) |
| **Return of Capital** | (93835) |  |  |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 32580931 | 275820914 | 95288092 | 244145634 |
| &nbsp;&nbsp;&nbsp; Redeemed | (1823041) | (53005874) | (62385729) | (35557651) |
| &nbsp;&nbsp;&nbsp; **Increase in Net Assets from Capital Share Transactions** | 30757890 | 222815040 | 32902363 | 208587983 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (49644574) | 69388978 | (46231345) | 173621289 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 105548843 | 36159865 | 255572096 | 81950807 |
| &nbsp;&nbsp;&nbsp; End of Year | $55904269 | $105548843 | $209340751 | $255572096 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 1351667 | 2426667 | 7440000 | 10100000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (48310) | (491667) | (4280000) | (1600000) |
| &nbsp;&nbsp;&nbsp; **Net Increase in Shares Outstanding from Share Transactions** | 1303357 | 1935000 | 3160000 | 8500000 |

---

*‡* *Share transactions have been adjusted to reflect the effect of a 1 for 6 reverse share split on June 10, 2022 (See Note 9 in the Notes to Financial Statements).* 

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

*190*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X China Biotech Innovation ETF** | **Global X China Biotech Innovation ETF** | **Global X Telemedicine & Digital Health ETF** | **Global X Telemedicine & Digital Health ETF** |
|  | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $3948 | $(15515) | $(111032) | $(3567502) |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (776005) | (200859) | (71776175) | 81381966 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (918709) | 90211 | 5693308 | (167183859) |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | (1690766) | (126163) | (66193899) | (89369395) |
| **Distributions** |  |  |  | (193332) |
| **Return of Capital** | (5370) |  |  |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued |  | 3521172 | 9701359 | 416278429 |
| &nbsp;&nbsp;&nbsp; Redeemed |  | (1318521) | (269008305) | (341814594) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** |  | 2202651 | (259306946) | 74463835 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (1696136) | 2076488 | (325500845) | (15098892) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 4308616 | 2232128 | 475575915 | 490674807 |
| &nbsp;&nbsp;&nbsp; End of Year | $2612480 | $4308616 | $150075070 | $475575915 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued |  | 200000 | 720000 | 21160000 |
| &nbsp;&nbsp;&nbsp; Redeemed |  | (80000) | (17590000) | (18670000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** |  | 120000 | (16870000) | 2490000 |

---

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

*191*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Aging Population ETF** | **Global X Aging Population ETF** | **Global X Health & Wellness ETF** | **Global X Health & Wellness ETF** |
|  | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp; Net Investment Income | $386802 | $227700 | $248911 | $233954 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | 2044291 | 7440686 | (1169220) | 4528210 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (4447220) | (8326852) | (7991033) | (1454915) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (2016127) | (658466) | (8911342) | 3307249 |
| **Distributions** | (543653) | (168728) | (287193) | (137684) |
| **Return of Capital** | (47506) |  |  |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 2011132 | 37949132 |  | 34773877 |
| &nbsp;&nbsp;&nbsp; Redeemed | (17359342) | (20272786) | (8241206) | (18348025) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | (15348210) | 17676346 | (8241206) | 16425852 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (17955496) | 16849152 | (17439741) | 19595417 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 59755983 | 42906831 | 40091330 | 20495913 |
| &nbsp;&nbsp;&nbsp; End of Year | $41800487 | $59755983 | $22651589 | $40091330 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 70000 | 1290000 |  | 1220000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (670000) | (710000) | (370000) | (640000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (600000) | 580000 | (370000) | 580000 |

---

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

*192*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X CleanTech ETF** | **Global X CleanTech ETF** | **Global X U.S. Infrastructure Development ETF** | **Global X U.S. Infrastructure Development ETF** |
|  | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp; Net Investment Income | $198871 | $140148 | $32095675 | $19790933 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (7329070) | (14025855) | 228588104 | 104623377 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (27310251) | (21087144) | (278686344) | 401755516 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (34440450) | (34972851) | (18002565) | 526169826 |
| **Distributions** | (499449) | (85349) | (31995449) | (7771784) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 31320380 | 206263932 | 324468536 | 4363784152 |
| &nbsp;&nbsp;&nbsp; Redeemed | (43996875) | (24270816) | (1712274023) | (349320945) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | (12676495) | 181993116 | (1387805487) | 4014463207 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (47616394) | 146934916 | (1437803501) | 4532861249 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 175458385 | 28523469 | 5186496734 | 653635485 |
| &nbsp;&nbsp;&nbsp; End of Year | $127841991 | $175458385 | $3748693233 | $5186496734 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 1910000 | 8430000 | 11680000 | 172070000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (2610000) | (1340000) | (68280000) | (13600000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (700000) | 7090000 | (56600000) | 158470000 |

---

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

*193*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Thematic Growth ETF** | **Global X Thematic Growth ETF** | **Global X AgTech & Food Innovation ETF** | **Global X AgTech & Food Innovation ETF** |
|  | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** | **Year Ended November 30, 2022** | **Period Ended November 30, 2021<sup>(1)</sup>** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp; Net Investment Income | $1047562 | $726486 | $38231 | $8140 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (30828958) | 14518969 | (801019) | (62971) |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (20455146) | (18755820) | (596572) | (915209) |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | (50236542) | (3510365) | (1359360) | (970040) |
| **Distributions** | (1542588) | (391721) | (61689) |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 22705538 | 152944973 | 4114321 | 6503520 |
| &nbsp;&nbsp;&nbsp; Redeemed | (30028614) | (75042293) | (1506248) |  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | (7323076) | 77902680 | 2608073 | 6503520 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (59102206) | 74000594 | 1187024 | 5533480 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year/Period | 110081440 | 36080846 | 5533480 |  |
| &nbsp;&nbsp;&nbsp; End of Year/Period | $50979234 | $110081440 | $6720504 | $5533480 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 600000 | 2910000 | 230000 | 280000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (960000) | (1450000) | (80000) |  |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (360000) | 1460000 | 150000 | 280000 |

---

(1) *The Fund commenced operations on July 12, 2021.* 

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

*194*

------

![](pagelogo.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Blockchain ETF‡** | **Global X Blockchain ETF‡** | **Global X Clean Water ETF** | **Global X Clean Water ETF** |
|  | **Year Ended November 30, 2022** | **Period Ended November 30, 2021<sup>(1)</sup>** | **Year Ended November 30, 2022** | **Period Ended November 30, 2021<sup>(2)</sup>** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp; Net Investment Income | $910880 | $101534 | $112669 | $85214 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (99270593) | 5704456 | (320139) | 26417 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (74900532) | 3549749 | (784043) | 121153 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (173260245) | 9355739 | (991513) | 232784 |
| **Distributions** | (4767818) |  | (123205) | (8160) |
| **Return of Capital** | (90192) |  |  |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 106151308 | 129901496 | 1075120 | 8645836 |
| &nbsp;&nbsp;&nbsp; Redeemed | (10526348) | (11537023) | (1079551) | (171021) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 95624960 | 118364473 | (4431) | 8474815 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (82493295) | 127720212 | (1119149) | 8699439 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year/Period | 127720212 |  | 8699439 |  |
| &nbsp;&nbsp;&nbsp; End of Year/Period | $45226917 | $127720212 | $7580290 | $8699439 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 2045000 | 1062500 | 80000 | 530000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (272500) | (75000) | (70000) | (10000) |
| &nbsp;&nbsp;&nbsp; **Net Increase in Shares Outstanding from Share Transactions** | 1772500 | 987500 | 10000 | 520000 |

---

*‡* *Share transactions have been adjusted to reflect the effect of a 1 for 4 reverse share split on December 19, 2022 (See Note 10 in the Notes to Financial Statements).* 

(1) *The Fund commenced operations on July 12, 2021.* 

(2) *The Fund commenced operations on April 8, 2021.* 

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

*195*

------

![](pagelogo.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Hydrogen ETF** | **Global X Hydrogen ETF** | **Global X Solar ETF** | **Global X Solar ETF** |
|  | **Year Ended November 30, 2022** | **Period Ended November 30, 2021<sup>(1)</sup>** | **Year Ended November 30, 2022** | **Period Ended November 30, 2021<sup>(2)</sup>** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp; Net Investment Loss | $(75851) | $(16660) | $(15160) | $(1628) |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (8989433) | (126061) | (1875069) | (15189) |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (14734793) | (522051) | 927409 | 27171 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (23800077) | (664772) | (962820) | 10354 |
| **Distributions** | (15749) |  | (748) |  |
| **Return of Capital** |  |  | (1369) |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 32016528 | 33092140 | 14360783 | 8984259 |
| &nbsp;&nbsp;&nbsp; Redeemed | (2593499) |  | (16435003) |  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 29423029 | 33092140 | (2074220) | 8984259 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 5607203 | 32427368 | (3039157) | 8994613 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year/Period | 32427368 |  | 8994613 |  |
| &nbsp;&nbsp;&nbsp; End of Year/Period | $38034571 | $32427368 | $5955456 | $8994613 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 1960000 | 1330000 | 740000 | 350000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (190000) |  | (820000) |  |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 1770000 | 1330000 | (80000) | 350000 |

---

(1) *The Fund commenced operations on July 12, 2021.* 

(2) *The Fund commenced operations on September 8, 2021.* 

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

*196*

------

![](pagelogo.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Wind Energy ETF** | **Global X Wind Energy ETF** | **Global X Green Building ETF** |
|  | **Year Ended November 30, 2022** | **Period Ended November 30, 2021<sup>(1)</sup>** | **Period Ended November 30, 2022<sup>(2)</sup>** |
| **Operations:** | | | |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $25770 | $(689) | $49324 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (530941) | (53558) | (128565) |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (656340) | (199234) | (347200) |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | (1161511) | (253481) | (426441) |
| **Distributions** | (11474) |  | (15947) |
| **Capital Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued |  | 4767391 | 2537580 |
| &nbsp;&nbsp;&nbsp; **Increase in Net Assets from Capital Share Transactions** |  | 4767391 | 2537580 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (1172985) | 4513910 | 2095192 |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year/Period | 4513910 |  |  |
| &nbsp;&nbsp;&nbsp; End of Year/Period | $3340925 | $4513910 | $2095192 |
| **Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued |  | 190000 | 100000 |
| &nbsp;&nbsp;&nbsp; **Net Increase in Shares Outstanding from Share Transactions** |  | 190000 | 100000 |

---

(1) *The Fund commenced operations on September 8, 2021.* 

(2) *The Fund commenced operations on April 11, 2022.* 

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

*197*

------

![](pagelogo.jpg)

#### Financial Highlights

#### Selected Per Share Data & Ratios

#### For a Share Outstanding Throughout the Period

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value, Beginning of Period ($)** | **Net Investment Income (Loss) ($)\*** | **Net Realized and Unrealized Gain (Loss) on Investments ($)** | **Total from Operations ($)** | **Distribution from Net Investment Income ($)** | **Distribution from Capital Gains ($)** | **Return of Capital ($)** |
|  **Global X Robotics & Artificial Intelligence ETF** | | | | | | | |
| 2022 | 36.24 | 0.04 | (15.14) | (15.10) | (0.04 |  | (0.01) |
| 2021 | 31.78 | 0.02 | 4.50 | 4.52 | (0.02 |  | (0.04) |
| 2020 | 21.43 | 0.05 | 10.39 | 10.44 | (0.08 |  | (0.01) |
| 2019 | 19.70 | 0.19 | 1.93 | 2.12 | (0.39 |  |  |
| 2018 | 23.96 | 0.19 | (4.45) | (4.26) |  |  |  |
|  **Global X Internet of Things ETF** |  |  |  |  |  |  |  |
| 2022 | 37.68 | 0.21 | (7.17) | (6.96) | (0.13 | (0.05 |  |
| 2021 | 29.95 | 0.13 | 7.72 | 7.85 | (0.12 |  |  |
| 2020 | 22.89 | 0.17 | 7.08 | 7.25 | (0.19 |  |  |
| 2019 | 18.04 | 0.20 | 4.93 | 5.13 | (0.28 |  |  |
| 2018 | 20.12 | 0.17 | (2.03) | (1.86) | (0.11 | (0.11 |  |
|  **Global X FinTech ETF** |  |  |  |  |  |  |  |
| 2022 | 45.52 | 0.09 | (22.96) | (22.87) | (2.16 |  | (0.05) |
| 2021 | 42.75 | (0.13) | 2.90 | 2.77 |  |  |  |
| 2020 | 30.49 | (0.11) | 12.37 | 12.26 |  |  |  |
| 2019 | 24.55 | (0.08) | 6.06 | 5.98 |  |  | (0.04) |
| 2018 | 21.79 | (0.08) | 2.86 | 2.78 |  | (0.02 |  |

---

---

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

---

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

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

*198*

------

![](pagelogo.jpg)

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total from Distributions ($)** | **Net Asset Value, End of Period ($)** | **Total Return (%)\*\*** | **Net Assets End of Period ($)(000)** | **Ratio of Expenses to Average Net Assets (%)** | **Ratio of Net Investment Income (Loss) to Average Net Assets (%)** | **Portfolio Turnover (%)††** |
| (0.05 | 21.09 | (41.67) | 1341942 | 0.69 | 0.16 | 29.86 |
| (0.06 | 36.24 | 14.23 | 2703488 | 0.68 | 0.06 | 22.66 |
| (0.09 | 31.78 | 48.90 | 2158175 | 0.68 | 0.21 | 22.27 |
| (0.39 | 21.43 | 11.16 | 1479984 | 0.68 | 0.98 | 10.97 |
|  | 19.70 | (17.77) | 1726274 | 0.70 | 0.83 | 28.50 |
| (0.18 | 30.54 | (18.52) | 305697 | 0.68 | 0.67 | 8.40 |
| (0.12 | 37.68 | 26.24 | 517291 | 0.68 | 0.37 | 9.25 |
| (0.19 | 29.95 | 31.88 | 296508 | 0.68 | 0.71 | 14.28 |
| (0.28 | 22.89 | 29.01 | 131627 | 0.68 | 1.04 | 11.71 |
| (0.22 | 18.04 | (9.33) | 82983 | 0.69 | 0.88 | 16.69 |
| (2.21 | 20.44 | (52.58) | 455463 | 0.68 | 0.33 | 38.15 |
|  | 45.52 | 6.48 | 1289006 | 0.68 | (0.28) | 29.60 |
|  | 42.75 | 40.21 | 874175 | 0.68 | (0.33) | 15.75 |
| (0.04 | 30.49 | 24.42 | 413152 | 0.68 | (0.29) | 16.40 |
| (0.02 | 24.55 | 12.79 | 327734 | 0.68 | (0.29) | 20.58 |

---

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

*199*

------

![](pagelogo.jpg)

#### Selected Per Share Data & Ratios

#### For a Share Outstanding Throughout the Period

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value, Beginning of Period ($)** | **Net Investment Income (Loss) ($)\*** | **Net Realized and Unrealized Gain (Loss) on Investments ($)** | **Total from Operations ($)** | **Distribution from Net Investment Income ($)** | **Distribution from Capital Gains ($)** | **Return of Capital ($)** |
|  **Global X Video Games & Esports ETF** | | | | | | | |
| 2022 | 29.52 | 0.08 | (10.39) | (10.31) | (0.14) | (0.07 | (0.04) |
| 2021 | 28.57 | 0.04 | 1.14 | 1.18 | (0.23) |  |  |
| 2020 | 15.73 | 0.02 | 12.86 | 12.88 | (0.04) |  |  |
| 2019<sup>(1)</sup> | 14.99 |  | 0.74 | 0.74 |  |  |  |
|  **Global X Autonomous & Electric Vehicles ETF** |  |  |  |  |  |  |  |
| 2022 | 30.41 | 0.19 | (7.56) | (7.37) | (0.13) | (0.02 |  |
| 2021 | 21.75 | 0.09 | 8.65 | 8.74 | (0.08) |  |  |
| 2020 | 14.15 | 0.11 | 7.61 | 7.72 | (0.12) |  |  |
| 2019 | 13.26 | 0.22 | 1.11 | 1.33 | (0.44) |  |  |
| 2018<sup>(2)</sup> | 15.00 | 0.11 | (1.85) | (1.74) |  |  |  |
|  **Global X Cloud Computing ETF** |  |  |  |  |  |  |  |
| 2022 | 28.38 | (0.15) | (10.99) | (11.14) |  | (0.47 |  |
| 2021 | 25.84 | (0.15) | 2.69 | 2.54 |  |  |  |
| 2020 | 15.99 | (0.11) | 9.97 | 9.86 |  | (0.01 |  |
| 2019<sup>(3)</sup> | 15.06 | (0.04) | 0.97 | 0.93 |  |  |  |

---

---

| | |
|:---|:---|
| *\** | *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.* |
| (1) | *The Fund commenced operations on October 25, 2019.* |
| (2) | *The Fund commenced operations on April 13, 2018.* |
| (3) | *The Fund commenced operations on April 12, 2019.* |

---

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

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

*200*

------

![](pagelogo.jpg)

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total from Distributions ($)** | **Net Asset Value, End of Period ($)** | **Total Return (%)\*\*** | **Net Assets End of Period ($)(000)** | **Ratio of Expenses to Average Net Assets (%)** | **Ratio of Net Investment Income (Loss) to Average Net Assets (%)** | **Portfolio Turnover (%)††** |
| (0.25) | 18.96 | (35.19) | 174075 | 0.50 | 0.36 | 55.72 |
| (0.23) | 29.52 | 4.09 | 485235 | 0.50 | 0.09 | 23.45 |
| (0.04) | 28.57 | 82.04 | 481341 | 0.50 | 0.04 | 12.02 |
|  | 15.73 | 4.94 | 1573 | 0.50 | (0.45 | 0.27 |
| (0.15) | 22.89 | (24.25) | 883478 | 0.68 | 0.74 | 34.76 |
| (0.08) | 30.41 | 40.22 | 1323546 | 0.68 | 0.33 | 18.17 |
| (0.12) | 21.75 | 54.98 | 135923 | 0.68 | 0.67 | 13.76 |
| (0.44) | 14.15 | 10.61 | 14855 | 0.68 | 1.67 | 31.26 |
|  | 13.26 | (11.60) | 15248 | 0.68 | 1.21 | 23.57 |
| (0.47) | 16.77 | (39.88) | 589085 | 0.68 | (0.74 | 31.21 |
|  | 28.38 | 9.83 | 1317544 | 0.68 | (0.53 | 23.77 |
| (0.01) | 25.84 | 61.68 | 1405489 | 0.68 | (0.53 | 23.03 |
|  | 15.99 | 6.18 | 472386 | 0.68 | (0.44 | 12.52 |

---

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

*201*

------

![](pagelogo.jpg)

#### Selected Per Share Data & Ratios

#### For a Share Outstanding Throughout the Period

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value, Beginning of Period ($)** | **Net Investment Income (Loss) ($)\*** | **Net Realized and Unrealized Gain (Loss) on Investments ($)** | **Total from Operations ($)** | **Distribution from Net Investment Income ($)** | **Distribution from Capital Gains ($)** | **Return of Capital ($)** |
|  **Global X Data Center REITs & Digital Infrastructure ETF** | | | | | | | |
| 2022 | 17.83 | 0.15 | (4.22) | (4.07) | (0.16) | (0.08) |  |
| 2021 | 14.94 | 0.16 | 2.84 | 3.00 | (0.11) |  |  |
| 2020<sup>(1)</sup> | 14.97 |  | (0.03) | (0.03) |  |  |  |
|  **Global X Cybersecurity ETF** |  |  |  |  |  |  |  |
| 2022 | 31.75 | (0.03) | (8.66) | (8.69) | (0.09) | (0.12) |  |
| 2021 | 22.75 | 0.12 | 8.90 | 9.02 | (0.01) | (0.01) |  |
| 2020 | 17.14 | 0.09 | 5.67 | 5.76 | (0.13) | (0.02) |  |
| 2019<sup>(2)</sup> | 15.27 |  | 1.87 | 1.87 |  |  |  |
|  **Global X Artificial Intelligence & Technology ETF**  |  |  |  |  |  |  |  |
| 2022 | 31.58 | 0.11 | (10.08) | (9.97) | (0.07) |  |  |
| 2021 | 25.84 | 0.05 | 5.78 | 5.83 | (0.09) |  |  |
| 2020 | 17.35 | 0.17 | 8.44 | 8.61 | (0.12) |  |  |
| 2019 | 14.24 | 0.10 | 3.13 | 3.23 | (0.12) |  |  |
| 2018<sup>(3)</sup> | 15.00 | 0.05 | (0.81) | (0.76) |  |  |  |

---

---

| | |
|:---|:---|
| *\** | *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.* |
| *^* | *Effective April 1, 2021, the Fund's management fees were permanently lowered to 0.50%. Prior to 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 0.52%, 0.60% and 0.60% for the years ended November 30, 2021, 2020 and 2019, respectively.* |
| (1) | *The Fund commenced operations on October 27, 2020.* |
| (2) | *The Fund commenced operations on October 25, 2019.* |
| (3) | *The Fund commenced operations on May 11, 2018.* |

---

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

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

*202*

------

![](pagelogo.jpg)

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total from Distributions ($)** | **Net Asset Value, End of Period ($)** | **Total Return (%)\*\*** | **Net Assets End of Period ($)(000)** | **Ratio of Expenses to Average Net Assets (%)** | **Ratio of Net Investment Income (Loss) to Average Net Assets (%)** | **Portfolio Turnover (%)††** |
| (0.24) | 13.52 | (23.11) | 63143 | 0.50 | 0.99 | 36.96 |
| (0.11) | 17.83 | 20.17 | 78098 | 0.50 | 0.93 | 15.80 |
|  | 14.94 | (0.20) | 3736 | 0.50 | 0.26 |  |
| (0.21) | 22.85 | (27.56) | 967942 | 0.51 | (0.11 | 57.81 |
| (0.02) | 31.75 | 39.68 | 1132090 | 0.50 | 0.41 | 26.34 |
| (0.15) | 22.75 | 33.78 | 46634 | 0.50 | 0.43 | 21.29 |
|  | 17.14 | 12.25 | 1714 | 0.50 | (0.16 | 3.57 |
| (0.07) | 21.54 | (31.58) | 130518 | 0.68 | 0.46 | 21.28 |
| (0.09) | 31.58 | 22.60 | 186334 | 0.68 | 0.17 | 26.37 |
| (0.12) | 25.84 | 49.84 | 120169 | 0.68 | 0.79 | 19.45 |
| (0.12) | 17.35 | 22.87 | 44245 | 0.68 | 0.61 | 16.34 |
|  | 14.24 | (5.07) | 42001 | 0.68 | 0.54 | 7.93 |

---

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

*203*

------

![](pagelogo.jpg)

#### Selected Per Share Data & Ratios

#### For a Share Outstanding Throughout the Period

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value, Beginning of Period ($)** | **Net Investment Income (Loss) ($)\*** | **Net Realized and Unrealized Gain (Loss) on Investments ($)** | **Total from Operations ($)** | **Distribution from Net Investment Income ($)** | **Distribution from Capital Gains ($)** | **Return of Capital ($)** |
|  **Global X Metaverse ETF** | | | | | | | |
| 2022<sup>(1)</sup> | 24.10 | 0.39 | (4.91) | (4.52) | (0.38 |  |  |
|  **Global X Millennial Consumer ETF** |  |  |  |  |  |  |  |
| 2022 | 42.68 | 0.05 | (14.23) | (14.18) | (0.07 |  |  |
| 2021 | 35.23 | 0.08 | 7.43 | 7.51 | (0.06 |  |  |
| 2020 | 25.55 | 0.05 | 9.74 | 9.79 | (0.10 | (0.01) |  |
| 2019 | 21.57 | 0.10 | 3.99 | 4.09 | (0.10 | (0.01) |  |
| 2018 | 19.11 | 0.09 | 2.54 | 2.63 | (0.05 | (0.12) |  |
|  **Global X Education ETF** |  |  |  |  |  |  |  |
| 2022<sup>(2)</sup> | 28.62 | 0.08 | (6.61) | (6.53) | (0.06 |  |  |
| 2021<sup>(2)</sup> | 51.42 | 0.03 | (22.80) | (22.77) |  |  | (0.03) |
| 2020<sup>(2)(3)</sup> | 45.60 | (0.03) | 5.85 | 5.82 |  |  |  |

---

---

| | |
|:---|:---|
| *\** | *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, the Fund's fees were permanently lowered to 0.50%. Prior to April 1, 2020, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.56%, 0.68% and 0.68%, for the years ended November 30, 2020, 2019 and 2018, respectively.* |
| (1) | *The Fund commenced operations on April 26, 2022.* |
| (2) | *Per share amounts have been adjusted for a 1 for 3 reverse share split on December 19, 2022 (See Note 10 in the Notes to Financial Statements.)* |
| (3) | *The Fund commenced operations on July 10, 2020.* |

---

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

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

*204*

------

![](pagelogo.jpg)

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total from Distributions ($)** | **Net Asset Value, End of Period ($)** | **Total Return (%)\*\*** | **Net Assets End of Period ($)(000)** | **Ratio of Expenses to Average Net Assets (%)** | **Ratio of Net Investment Income (Loss) to Average Net Assets (%)** | **Portfolio Turnover (%)††** |
| (0.38) | 19.20 | (18.87) | 1920 | 0.50 | 3.13 | 30.52 |
| (0.07) | 28.43 | (33.29) | 105459 | 0.50 | 0.17 | 14.75 |
| (0.06) | 42.68 | 21.33 | 227075 | 0.50 | 0.18 | 11.59 |
| (0.11) | 35.23 | 38.47 | 114511 | 0.50 | 0.19 | 7.11 |
| (0.11) | 25.55 | 19.07 | 75383 | 0.50 | 0.42 | 10.44 |
| (0.17) | 21.57 | 13.87 | 31279 | 0.50 | 0.40 | 10.94 |
| (0.06) | 22.03 | (22.82) | 3378 | 0.50 | 0.37 | 26.33 |
| (0.03) | 28.62 | (44.30) | 6488 | 0.50 | 0.04 | 35.89 |
|  | 51.42 | 12.76 | 6856 | 0.51 | (0.23 | 10.62 |

---

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

*205*

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![](pagelogo.jpg)

#### Selected Per Share Data & Ratios

#### For a Share Outstanding Throughout the Period

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value, Beginning of Period ($)** | **Net Investment Income (Loss) ($)\*** | **Net Realized and Unrealized Gain (Loss) on Investments ($)** | **Total from Operations ($)** | **Distribution from Net Investment Income ($)** | **Distribution from Capital Gains ($)** | **Return of Capital ($)** |
|  **Global X Cannabis ETF** | | | | | | | |
| 2022<sup>(1)</sup> | 43.32 | 0.69 | (27.82) | (27.13) | (1.21) |  | (0.03) |
| 2021<sup>(1)</sup> | 72.30 | 1.32 | (28.86) | (27.54) | (1.44) |  |  |
| 2020<sup>(1)</sup> | 91.86 | 4.86 | (20.76) | (15.90) | (3.66) |  |  |
| 2019<sup>(1)(2)</sup> | 146.46 | 1.32 | (55.92) | (54.60) |  |  |  |
|  **Global X Genomics & Biotechnology ETF** |  |  |  |  |  |  |  |
| 2022 | 20.61 | (0.03) | (7.12) | (7.15) | (0.01) |  |  |
| 2021 | 21.01 | (0.08) | (0.29) | (0.37) |  | (0.03) |  |
| 2020 | 15.61 | (0.07) | 5.47 | 5.40 |  |  |  |
| 2019<sup>(3)</sup> | 15.28 | (0.05) | 0.38 | 0.33 |  |  |  |
|  **Global X China Biotech Innovation ETF** |  |  |  |  |  |  |  |
| 2022 | 15.96 | 0.01 | (6.27) | (6.26) |  |  | (0.02) |
| 2021 | 14.88 | (0.05) | 1.13 | 1.08 |  |  |  |
| 2020<sup>(4)</sup> | 15.09 | (0.02) | (0.19) | (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.* |
| *‡* | *Effective June 15 2020, the Fund's fees were permanently lowered to 0.50%.* |
| (1) | *Per share amounts have been adjusted for a 1 for 6 reverse share split on June 10, 2022 (See Note 9 in the Notes to Financial Statements.)* |
| (2) | *The Fund commenced operations on September 17, 2019.* |
| (3) | *The Fund commenced operations on April 5, 2019.* |
| (4) | *The Fund commenced operations on September 22, 2020.* |

---

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

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

*206*

------

![](pagelogo.jpg)

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total from Distributions ($)** | **Net Asset Value, End of Period ($)** | **Total Return (%)\*\*** | **Net Assets End of Period ($)(000)** | **Ratio of Expenses to Average Net Assets (%)** | **Ratio of Net Investment Income (Loss) to Average Net Assets (%)** | **Portfolio Turnover (%)††** |
| (1.24) | 14.95 | (63.88) | 55904 | 0.51 | 3.05 | 65.14 |
| (1.44) | 43.32 | (38.79) | 105549 | 0.50 | 1.76 | 113.26 |
| (3.66) | 72.30 | (17.03) | 36160 | 0.51 | 8.11 | 59.79 |
|  | 91.86 | (37.28) | 4594 | 0.50 | 6.19 | 11.40 |
| (0.01) | 13.45 | (34.72) | 209341 | 0.50 | (0.21 | 39.39 |
| (0.03) | 20.61 | (1.77) | 255572 | 0.50 | (0.35 | 29.25 |
|  | 21.01 | 34.59 | 81951 | 0.56 | (0.40 | 29.76 |
|  | 15.61 | 2.16 | 18734 | 0.68 | (0.59 | 23.12 |
| (0.02) | 9.68 | (39.24) | 2612 | 0.65 | 0.13 | 41.26 |
|  | 15.96 | 7.26 | 4309 | 0.65 | (0.31 | 50.08 |
|  | 14.88 | (1.39) | 2232 | 0.67 | (0.65 | 10.48 |

---

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

*207*

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![](pagelogo.jpg)

#### Selected Per Share Data & Ratios

#### For a Share Outstanding Throughout the Period

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value, Beginning of Period ($)** | **Net Investment Income (Loss) ($)\*** | **Net Realized and Unrealized Gain (Loss) on Investments ($)** | **Total from Operations ($)** | **Distribution from Net Investment Income ($)** | **Distribution from Capital Gains ($)** | **Return of Capital ($)** |
|  **Global X Telemedicine & Digital Health ETF** | | | | | | | |
| 2022 | 16.32 | (0.01) | (4.08) | (4.09) |  |  |  |
| 2021 | 18.41 | (0.10) | (1.98) | (2.08) | (0.01) |  |  |
| 2020<sup>(1)</sup> | 15.23 | 0.01 | 3.17 | 3.18 |  |  |  |
|  **Global X Aging Population ETF** |  |  |  |  |  |  |  |
| 2022 | 27.41 | 0.20 | (0.87) | (0.67) | (0.26) |  | (0.02) |
| 2021 | 26.82 | 0.13 | 0.55 | 0.68 | (0.09) |  |  |
| 2020 | 23.55 | 0.10 | 3.35 | 3.45 | (0.13) | (0.05) |  |
| 2019 | 20.67 | 0.13 | 2.99 | 3.12 | (0.18) | (0.06) |  |
| 2018 | 19.60 | 0.13 | 1.14 | 1.27 | (0.09) | (0.11) |  |
|  **Global X Health & Wellness ETF** |  |  |  |  |  |  |  |
| 2022 | 28.04 | 0.21 | (6.66) | (6.45) | (0.22) |  |  |
| 2021 | 24.11 | 0.20 | 3.87 | 4.07 | (0.14) |  |  |
| 2020 | 21.17 | 0.10 | 2.92 | 3.02 | (0.08) |  |  |
| 2019 | 18.59 | 0.14 | 2.60 | 2.74 | (0.16) |  |  |
| 2018 | 16.75 | 0.14 | 2.18 | 2.32 | (0.15) | (0.33) |  |

---

---

| | |
|:---|:---|
| *\** | *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.* |
| *^* | *Effective April 1, 2020, the Fund's fees were permanently lowered to 0.50%. Prior to April 1, 2020, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.55%, 0.68% and 0.68%, for the years ended November 30, 2020, 2019 and 2018, respectively.* |
| *^^* | *Effective April 1, 2020, the Fund's fees were permanently lowered to 0.50%. Prior to April 1, 2020, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.57%, 0.68% and 0.68%, for the years ended November 30, 2020, 2019 and 2018, respectively.* |
| (1) | *The Fund commenced operations on July 29, 2020.* |

---

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

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

*208*

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![](pagelogo.jpg)

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total from Distributions ($)** | **Net Asset Value, End of Period ($)** | **Total Return (%)\*\*** | **Net Assets End of Period ($)(000)** | **Ratio of Expenses to Average Net Assets (%)** | **Ratio of Net Investment Income (Loss) to Average Net Assets (%)** | **Portfolio Turnover (%)††** |
|  | 12.23 | (25.06) | 150075 | 0.68 | (0.05 | 43.26 |
| (0.01) | 16.32 | (11.32) | 475576 | 0.68 | (0.52 | 42.39 |
|  | 18.41 | 20.88 | 490675 | 0.68 | 0.18 | 9.67 |
| (0.28) | 26.46 | (2.47) | 41800 | 0.50 | 0.76 | 13.50 |
| (0.09) | 27.41 | 2.51 | 59756 | 0.50 | 0.43 | 19.57 |
| (0.18) | 26.82 | 14.79 | 42907 | 0.50 | 0.43 | 9.10 |
| (0.24) | 23.55 | 15.38 | 23548 | 0.50 | 0.62 | 14.18 |
| (0.20) | 20.67 | 6.55 | 15503 | 0.50 | 0.63 | 14.39 |
| (0.22) | 21.37 | (23.11) | 22652 | 0.50 | 0.90 | 13.49 |
| (0.14) | 28.04 | 16.90 | 40091 | 0.50 | 0.71 | 14.90 |
| (0.08) | 24.11 | 14.34 | 20496 | 0.50 | 0.48 | 20.54 |
| (0.16) | 21.17 | 14.89 | 20115 | 0.50 | 0.74 | 18.05 |
| (0.48) | 18.59 | 14.16 | 10222 | 0.50 | 0.77 | 20.93 |

---

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

*209*

------

![](pagelogo.jpg)

#### Selected Per Share Data & Ratios

#### For a Share Outstanding Throughout the Period

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value, Beginning of Period ($)** | **Net Investment Income ($)\*** | **Net Realized and Unrealized Gain (Loss) on Investments ($)** | **Total from Operations ($)** | **Distribution from Net Investment Income ($)** | **Distribution from Capital Gains ($)** | **Return of Capital ($)** |
|  **Global X CleanTech ETF** | | | | | | | |
| 2022 | 20.43 | 0.03 | (4.19) | (4.16) | (0.07) |  |  |
| 2021 | 19.02 | 0.02 | 1.40 | 1.42 | (0.01) |  |  |
| 2020<sup>(1)</sup> | 15.07 | 0.02 | 3.93 | 3.95 |  |  |  |
|  **Global X U.S. Infrastructure Development ETF** |  |  |  |  |  |  |  |
| 2022 | 27.19 | 0.19 | 0.74 | 0.93 | (0.17) | (0.01 |  |
| 2021 | 20.24 | 0.17 | 6.87 | 7.04 | (0.09) |  |  |
| 2020 | 17.43 | 0.16 | 2.74 | 2.90 | (0.09) |  |  |
| 2019 | 15.57 | 0.13 | 1.90 | 2.03 | (0.17) |  |  |
| 2018 | 16.16 | 0.14 | (0.68) | (0.54) | (0.05) |  |  |
|  **Global X Thematic Growth ETF** |  |  |  |  |  |  |  |
| 2022 | 47.65 | 0.44 | (21.33) | (20.89) | (0.62) |  |  |
| 2021 | 42.45 | 0.39 | 5.10 | 5.49 | (0.29) |  |  |
| 2020 | 26.50 | 0.10 | 15.96 | 16.06 | (0.11) |  |  |
| 2019<sup>(2)</sup> | 25.23 |  | 1.27 | 1.27 |  |  |  |

---

---

| | |
|:---|:---|
| *\** | *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 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 years prior to 2022, the ratio of Expenses to Average Net Assets would have been 0.50% each year.* |
| *^* | *Effective April 1, 2019, the Fund's fees were permanently lowered to 0.47%. Prior to April 1, 2019, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.50% and 0.58% for the years ended November 30, 2019 and 2018, respectively.* |
| *#* | *Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.* |
| (1) | *The Fund commenced operations on October 27, 2020.* |
| (2) | *The Fund commenced operations on October 25, 2019.* |

---

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

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

*210*

------

![](pagelogo.jpg)

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total from Distributions ($)** | **Net Asset Value, End of Period ($)** | **Total Return (%)\*\*** | **Net Assets End of Period ($)(000)** | **Ratio of Expenses to Average Net Assets (%)** | **Ratio of Net Investment Income to Average Net Assets (%)** | **Portfolio Turnover (%)††** |
| (0.07) | 16.20 | (20.38) | 127842 | 0.50 | 0.17 | 15.72 |
| (0.01) | 20.43 | 7.48 | 175458 | 0.50 | 0.09 | 35.53 |
|  | 19.02 | 26.21 | 28523 | 0.50 | 1.18 |  |
| (0.18) | 27.94 | 3.48 | 3748693 | 0.47 | 0.74 | 9.78 |
| (0.09) | 27.19 | 34.90 | 5186497 | 0.47 | 0.64 | 10.07 |
| (0.09) | 20.24 | 16.77 | 653635 | 0.47 | 0.96 | 9.08 |
| (0.17) | 17.43 | 13.28 | 183065 | 0.47 | 0.81 | 9.18 |
| (0.05) | 15.57 | (3.36) | 140914 | 0.47 | 0.77 | 6.76 |
| (0.62) | 26.14 | (44.36) | 50979 | 0.50 | 1.32 | 55.00 |
| (0.29) | 47.65 | 12.95 | 110081 | (0.13 | 0.77 | 32.16 |
| (0.11) | 42.45 | 60.81 | 36081 | (0.12 | 0.29 | 103.23 |
|  | 26.50 | 5.03 | 2650 | (0.15 | 0.15 |  |

---

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

*211*

------

![](pagelogo.jpg)

#### Selected Per Share Data & Ratios

#### For a Share Outstanding Throughout the Period

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value, Beginning of Period ($)** | **Net Investment Income ($)\*** | **Net Realized and Unrealized Gain (Loss) on Investments ($)** | **Total from Operations ($)** | **Distribution from Net Investment Income ($)** | **Distribution from Capital Gains ($)** | **Return of Capital ($)** |
|  **Global X AgTech & Food Innovation ETF** | | | | | | | |
| 2022 | 19.76 | 0.11 | (4.04) | (3.93) | (0.10) | (0.10 |  |
| 2021<sup>(1)</sup> | 25.34 | 0.05 | (5.63) | (5.58) |  |  |  |
|  **Global X Blockchain ETF** |  |  |  |  |  |  |  |
| 2022<sup>(2)</sup> | 129.32 | 0.46 | (109.52) | (109.06) | (3.80) |  | (0.07) |
| 2021<sup>(1)(2)</sup> | 100.04 | 0.24 | 29.04 | 29.28 |  |  |  |
| Global X Clean Water ETF |  |  |  |  |  |  |  |
| 2022 | 16.73 | 0.23 | (2.41) | (2.18) | (0.25) |  |  |
| 2021<sup>(3)</sup> | 15.04 | 0.26 | 1.47 | 1.73 | (0.04) |  |  |

---

---

| | |
|:---|:---|
| *\** | *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.* |
| (1) | *The Fund commenced operations on July 12, 2021.* |
| (2) | *Per share amounts have been adjusted for a 1 for 4 reverse share split on December 19, 2022 (See Note 10 in the Notes to Financial Statements).* |
| (3) | *The Fund commenced operations on April 8, 2021.* |

---

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

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

*212*

------

![](pagelogo.jpg)

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total from Distributions ($)** | **Net Asset Value, End of Period ($)** | **Total Return (%)\*\*** | **Net Assets End of Period ($)(000)** | **Ratio of Expenses to Average Net Assets (%)** | **Ratio of Net Investment Income to Average Net Assets (%)** | **Portfolio Turnover (%)††** |
| (0.20) | 15.63 | (20.06) | 6721 | 0.50 | 0.62 | 55.85 |
|  | 19.76 | (22.02) | 5533 | 0.51 | 0.58 | 32.72 |
| (3.87) | 16.39 | (86.70) | 45227 | 0.50 | 1.15 | 36.47 |
|  | 129.32 | 29.27 | 127720 | 0.50 | 0.52 | 19.49 |
| (0.25) | 14.30 | (13.18) | 7580 | 0.50 | 1.58 | 28.19 |
| (0.04) | 16.73 | 11.52 | 8699 | 0.50 | 2.44 | 4.84 |

---

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

*213*

------

![](pagelogo.jpg)

#### Selected Per Share Data & Ratios

#### For a Share Outstanding Throughout the Period

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value, Beginning of Period ($)** | **Net Investment Income (Loss) ($)\*** | **Net Realized and Unrealized Gain (Loss) on Investments ($)** | **Total from Operations ($)** | **Distribution from Net Investment Income ($)** | **Distribution from Capital Gains ($)** | **Return of Capital ($)** |  |
|  **Global X Hydrogen ETF** | | | | | | | |  |
| 2022 | 24.38 | (0.03) | (12.07) | (12.10) |  | (0.01 |  |  |
| 2021<sup>(1)</sup> | 25.04 | (0.03) | (0.63) | (0.66) |  |  |  |  |
|  **Global X Solar ETF** |  |  |  |  |  |  |  |  |
| 2022 | 25.70 | (0.04) | (3.60) | (3.64) |  |  |  | \*\*\* |
| 2021<sup>(2)</sup> | 24.19 | (0.01) | 1.52 | 1.51 |  |  |  |  |
|  **Global X Wind Energy ETF** |  |  |  |  |  |  |  |  |
| 2022 | 23.76 | 0.14 | (6.26) | (6.12) | (0.06) |  |  |  |
| 2021<sup>(2)</sup> | 24.82 | (0.01) | (1.05) | (1.06) |  |  |  |  |
|  **Global X Green Building ETF** |  |  |  |  |  |  |  |  |
| 2022<sup>(3)</sup> | 25.37 | 0.50 | (4.76) | (4.26) | (0.16) |  |  |  |

---

---

| | |
|:---|:---|
| *\** | *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.* |
| (1) | *The Fund commenced operations on July 12, 2021.* |
| (2) | *The Fund commenced operations on September 8, 2021.* |
| (3) | *The Fund commenced operations on April 11, 2022.* |

---

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

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

*214*

------

![](pagelogo.jpg)

#### Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total from Distributions ($)** | **Net Asset Value, End of Period ($)** | **Total Return (%)\*\*** | **Net Assets End of Period ($)(000)** | **Ratio of Expenses to Average Net Assets (%)** | **Ratio of Net Investment Income (Loss) to Average Net Assets (%)** | **Portfolio Turnover (%)††** |
| (0.01 | 12.27 | (49.64) | 38035 | 0.50 | (0.24 | 36.44 |
|  | 24.38 | (2.64) | 32427 | 0.51 | (0.33 | 40.38 |
|  | 22.06 | (14.14) | 5955 | 0.51 | (0.20 | 128.22 |
|  | 25.70 | 6.24 | 8995 | 0.50 | (0.22 | 9.85 |
| (0.06 | 17.58 | (25.79) | 3341 | 0.50 | 0.68 | 34.53 |
|  | 23.76 | (4.27) | 4514 | 0.50 | (0.10 | 23.01 |
| (0.16 | 20.95 | (16.82) | 2095 | 0.45 | 3.68 | 30.18 |

---

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

*215*

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![](pagelogo.jpg) <br>

#### Notes to Financial Statements

#### November 30, 2022

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 November 30, 2022, the Trust had one hundred and twelve portfolios, one hundred of which were operational. The financial statements herein and the related notes pertain to the Global X Robotics & Artificial Intelligence ETF, Global X Internet of Things ETF, Global X FinTech ETF, Global X Video Games & Esports ETF, Global X Autonomous & Electric Vehicles ETF, Global X Cloud Computing ETF, Global X Data Center REITs & Digital Infrastructure ETF, Global X Cybersecurity ETF, Global X Artificial Intelligence & Technology ETF, Global X Metaverse ETF, Global X Millennial Consumer ETF, Global X Education ETF, Global X Cannabis ETF, Global X Genomics & Biotechnology ETF, Global X China Biotech Innovation ETF, Global X Telemedicine & Digital Health ETF, Global X Aging Population ETF, Global X Health & Wellness ETF, Global X CleanTech ETF, Global X U.S. Infrastructure Development ETF, Global X Thematic Growth ETF, Global X AgTech & Food Innovation ETF, Global X Blockchain ETF, Global X Clean Water ETF, Global X Hydrogen ETF, Global X Solar ETF, Global X Wind Energy ETF and Global X Green Building ETF (each a "Fund" and collectively, the "Funds"). Each Fund, other than the Global X Millennial Consumer ETF, Global X Aging Population ETF, Global X Health & Wellness ETF and Global X U.S. Infrastructure Development ETF, has elected nondiversified status under the 1940 Act.

Global X Metaverse ETF commenced operations on April 26, 2022 and Global X Green Building ETF commenced operations on April 11, 2022.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

RETURN OF CAPITAL ESTIMATES – Distributions received by the Funds from underlying master limited partnership ("MLP") 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

*216*

------

![](pagelogo.jpg)

#### Notes to Financial Statements (Continued)

#### November 30, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

revised based on information received from the MLPs and REITs after their tax reporting periods are concluded.

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

Securities for which market prices are not "readily available" are valued in accordance with fair value procedures (the "Fair Value Procedures") established by Global X Management Company LLC, the Funds' investment adviser (the "Adviser"), and approved by the Board. 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 of the Trust (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

*217*

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#### Notes to Financial Statements (Continued)

#### November 30, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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

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

Level 2 – Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments, fair value of investments for which the Funds have the ability to fully redeem tranches at 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 Schedule of Investments.

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#### Notes to Financial Statements (Continued)

#### November 30, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds' clearing brokers or counterparties at November 30, 2022. The Funds continuously monitor the credit standing of each broker or counterparty with whom they conduct business. In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.

REPURCHASE AGREEMENTS — Securities pledged as collateral for repurchase agreements by BNP Paribas are held by Brown Brothers Harriman & Co. ("BBH"), the Funds' custodian ("Custodian"), 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 the Funds' policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Funds bear the risk of loss in the event that the 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 and the risk of a possible decline in the value of the underlying securities during the period. For financial statement purposes, the Funds record the securities lending collateral (included in repurchase agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities. Repurchase agreements are entered into by the Funds under Master Repurchase Agreements ("MRA") which permit the Funds, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under an MRA with collateral held and/ or posted to the counterparty and create one single net payment due to or from the Funds.

*219*

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#### Notes to Financial Statements (Continued)

#### November 30, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

As of November 30, 2022, the open repurchase agreements by counterparty which are subject to an MRA on a net payment basis are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Repurchase Agreements\*** | **Fair Value of Non-cash Collateral Received<sup>(1)</sup>** | **Cash Collateral Received** | **Net Amount<sup>(2)</sup>** |
| **Global X Robotics & Artificial Intelligence ETF** | | | | |
| &nbsp;&nbsp;&nbsp; BNP Paribas | $26668406 | $26668406 | $— | $— |
| **Global X Internet of Things ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas | $4621562 | $4621562 | $— | $— |
| **Global X FinTech ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas | $20186125 | $20186125 | $— | $— |
| **Global X Video Games & Esports ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas | $9983920 | $9983920 | $— | $— |
| **Global X Autonomous & Electric Vehicles ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas | $29898894 | $29898894 | $— | $— |
| **Global X Cloud Computing ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas | $576880 | $576880 | $— | $— |
| **Global X Artificial Intelligence & Technology ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas | $218443 | $218443 | $— | $— |
| **Global X Millennial Consumer ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas | $70223 | $70223 | $— | $— |
| **Global X Cannabis ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas | $9834319 | $9834319 | $— | $— |
| **Global X Genomics & Biotechnology ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas | $1506000 | $1506000 | $— | $— |
| **Global X Telemedicine & Digital Health ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas | $3581273 | $3581273 | $— | $— |
| **Global X U.S. Infrastructure Development ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas | $477334 | $477334 | $— | $— |
| **Global X Blockchain ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas | $7847740 | $7847740 | $— | $— |

---

\* Repurchase agreements with an overnight and continuous maturity.

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

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

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

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50%) 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

*220*

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#### Notes to Financial Statements (Continued)

#### November 30, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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 reporting period ended November 30, 2022, 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 in 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 Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

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.

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.

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.

*221*

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#### Notes to Financial Statements (Continued)

#### November 30, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Global X Cloud Computing ETF's dividend income includes reclassifications of prior year and current year dividend income to realized gain to align those income amounts to the character of those distributions. Those reclassifications exceeded current year dividend income resulting in a negative dividend income for the current fiscal year.

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

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

CREATION UNITS — The Funds issue and redeem their shares ("Shares") on a continuous basis at NAV and only in large blocks of 10,000 Shares, referred to as "Creation Units". Purchasers of Creation Units ("Authorized Participants") at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to BBH, on the date of such redemption, regardless of the number of Creation Units redeemed that day.

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#### Notes to Financial Statements (Continued)

#### November 30, 2022

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Creation Unit Shares** | **Creation Fee** | **Value at<br> November 30, 2022** | **Redemption Fee** |
| Global X Robotics & Artificial Intelligence ETF | 10000 | $600 | $210900 | $600 |
| Global X Internet of Things ETF | 10000 | 600 | 305400 | 600 |
| Global X FinTech ETF | 10000 | 400 | 204400 | 400 |
| Global X Video Games & Esports ETF | 10000 | 600 | 189600 | 600 |
| Global X Autonomous & Electric Vehicles ETF | 10000 | 700 | 228900 | 700 |
| Global X Cloud Computing ETF | 10000 | 250 | 167700 | 250 |
| Global X Data Center REITs & Digital Infrastructure ETF | 10000 | 300 | 135200 | 300 |
| Global X Cybersecurity ETF | 10000 | 250 | 228500 | 250 |
| Global X Artificial Intelligence & Technology ETF | 10000 | 600 | 215400 | 600 |
| Global X Metaverse ETF | 10000 | 400 | 192000 | 400 |
| Global X Millennial Consumer ETF | 10000 | 300 | 284300 | 300 |
| Global X Education ETF | 10000 | 500 | 220300 | 500 |
| Global X Cannabis ETF | 10000 | 250 | 149500 | 250 |
| Global X Genomics & Biotechnology ETF | 10000 | 250 | 134500 | 250 |
| Global X China Biotech Innovation ETF | 10000 | 600 | 96800 | 600 |
| Global X Telemedicine & Digital Health ETF | 10000 | 250 | 122300 | 250 |
| Global X Aging Population ETF | 10000 | 800 | 264600 | 800 |
| Global X Health & Wellness ETF | 10000 | 800 | 213700 | 800 |
| Global X CleanTech ETF | 10000 | 600 | 162000 | 600 |
| Global X U.S. Infrastructure Development ETF | 10000 | 400 | 279400 | 400 |
| Global X Thematic Growth ETF | 10000 | 250 | 261400 | 250 |
| Global X AgTech & Food Innovation ETF | 10000 | 300 | 156300 | 300 |
| Global X Blockchain ETF | 10000 | 250 | 163900 | 250 |
| Global X Clean Water ETF | 10000 | 500 | 143000 | 500 |
| Global X Hydrogen ETF | 10000 | 300 | 122700 | 300 |
| Global X Solar ETF | 10000 | 900 | 220600 | 900 |
| Global X Wind Energy ETF | 10000 | 600 | 175800 | 600 |
| Global X Green Building ETF | 10000 | 1000 | 209500 | 1000 |

---

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#### Notes to Financial Statements (Continued)

#### November 30, 2022

3. RELATED PARTY TRANSACTIONS 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, which is a leading financial services company in Korea and is the headquarters for the Mirae Asset Global Investments Group.

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Funds and the Funds' business affairs and other administrative matters and provides, or causes to be furnished, all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution services agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an "all-in" fee structure. For the Adviser's services to the respective 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). In addition, the Funds bear other expenses, directly and indirectly, that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, custodian fees, acquired fund fees and expenses, (except for Global X Thematic Growth ETF with respect to investment 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 the Global X Thematic Growth ETF provides that the Adviser also bears the costs for acquired fund fees and expenses generated by investments by the Fund in affiliated investment companies. For the year ended November 30, 2022, the Adviser paid acquired fund fees and expenses of $508,212 and made such reimbursement payments to the Global X Thematic Growth ETF on a monthly basis.

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#### Notes to Financial Statements (Continued)

#### November 30, 2022

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

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

---

| | |
|:---|:---|
|  | **Supervision and Administration Fee** |
| Global X Robotics & Artificial Intelligence ETF | 0.68% |
| Global X Internet of Things ETF | 0.68% |
| Global X FinTech ETF | 0.68% |
| Global X Video Games & Esports ETF | 0.50% |
| Global X Autonomous & Electric Vehicles ETF | 0.68% |
| Global X Cloud Computing ETF | 0.68% |
| Global X Data Center REITs & Digital Infrastructure ETF | 0.50% |
| Global X Cybersecurity ETF \*\*\* | 0.50% |
| Global X Artificial Intelligence & Technology ETF | 0.68% |
| Global X Metaverse ETF | 0.50% |
| Global X Millennial Consumer ETF \* | 0.50% |
| Global X Education ETF | 0.50% |
| Global X Cannabis ETF | 0.50% |
| Global X Genomics & Biotechnology ETF | 0.50% |
| Global X China Biotech Innovation ETF | 0.65% |
| Global X Telemedicine & Digital Health ETF | 0.68% |
| Global X Aging Population ETF \* | 0.50% |
| Global X Health & Wellness ETF \* | 0.50% |
| Global X CleanTech ETF | 0.50% |
| Global X U.S. Infrastructure Development ETF \*\* | 0.47% |
| Global X Thematic Growth ETF | 0.50% |
| Global X AgTech & Food Innovation ETF | 0.50% |
| Global X Blockchain ETF | 0.50% |
| Global X Clean Water ETF | 0.50% |
| Global X Hydrogen ETF | 0.50% |
| Global X Solar ETF | 0.50% |
| Global X Wind Energy ETF | 0.50% |
| Global X Green Building ETF | 0.45% |

---

\* Pursuant to expense limitation agreements, prior to April 1, 2020, the Adviser contractually agreed to waive or reimburse fees and/or limit annual fund expenses to the extent necessary to assure that

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#### Notes to Financial Statements (Continued)

#### November 30, 2022

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

the operating expenses of the Global X Millennial Consumer ETF, the Global X Aging Population ETF and the Global X Health & Wellness ETF (the "Funds") (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) would not exceed 0.50% of the Funds' average daily net assets per year until April 1, 2020. Each Fund (at a later date) may reimburse the Adviser for the fees and expenses it waived or reimbursed and/or limited pursuant to the expense limitation agreement during any of the three fiscal years prior to April 1, 2020, provided that, among other things, any reimbursement made to the Adviser does not cause Total Annual Fund Operating Expenses to exceed the maximum permitted rate during the period in which it is paid and the Board has approved such reimbursement to the Adviser. Although the Board voted to permanently reduce each Fund's management fees to 0.50% and end the expense limitation agreements as of April 1, 2020, prior waived or reimbursed fees were still subject to recoupment. As of November 30, 2022, the recoupment period had expired and there had been no recoupment of previously waived and reimbursed fees for the annual period ended on November 30, 2022.<br>

\*\* Pursuant to an expense limitation agreement between the Global X U.S. Infrastructure Development ETF (the "Fund") and the Adviser prior to April 1, 2019, the Adviser contractually agreed to reimburse or waive fees and/or limit annual fund expenses to the extent necessary to assure that the operating expenses of the Fund (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) ("Total Annual Fund Operating Expenses") would not exceed 0.47% of the Fund's average daily net assets until April 1, 2019. Pursuant to the expense limitation agreement, the Fund (at a later date) may reimburse the Adviser for the fees it reimbursed or waived and/or limited pursuant to the expense limitation agreement during any of the prior three fiscal years, provided that, among other things, reimbursement to be made to the Adviser does not cause Total Annual Fund Operating Expenses of the Fund to exceed 0.47% during the year in which it is paid and the Board has approved such reimbursement to the Adviser. Although the Board voted to permanently reduce the Fund's fees to 0.47% and end the expense limitation agreement as of April 1, 2019, prior waived or reimbursed fees were still subject to recoupment. As of November 30, 2022, the recoupment period had expired and there had been no recoupment of previously waived and reimbursed fees for the annual period ended on November 30, 2022.

\*\*\* Pursuant to an expense limitation agreement between the Global X Cybersecurity ETF (the "Fund") and the Adviser prior to April 1, 2021, the Adviser contractually agreed to waive or reimburse fees and/or limit annual fund expenses to the extent necessary to assure that the operating expenses of the Fund (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) would not exceed 0.50% of the Fund's average daily net assets until April 1, 2021. The Board voted to permanently reduce the Fund's fees to 0.50% and end the expense limitation agreement as of April 1, 2021. Prior fees waived or reimbursed under the previous expense limitation agreement are not subject to recoupment.

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

*226*

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#### Notes to Financial Statements (Continued)

#### November 30, 2022

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

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

BBH serves as 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 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. 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.

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#### Notes to Financial Statements (Continued)

#### November 30, 2022

4. INVESTMENT TRANSACTIONS

For the year ended November 30, 2022, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government, and short-term securities, were:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales and Maturities** |
| Global X Robotics & Artificial Intelligence ETF | $525767014 | $528560910 |
| Global X Internet of Things ETF | 31152732 | 42027127 |
| Global X FinTech ETF | 288289967 | 351416420 |
| Global X Video Games & Esports ETF | 154399330 | 181432225 |
| Global X Autonomous & Electric Vehicles ETF | 387855684 | 381568064 |
| Global X Cloud Computing ETF | 252383810 | 279171326 |
| Global X Data Center REITs & Digital Infrastructure ETF | 29311056 | 28032288 |
| Global X Cybersecurity ETF | 647776478 | 658904439 |
| Global X Artificial Intelligence & Technology ETF | 35142032 | 32375980 |
| Global X Metaverse ETF | 1006530 | 632163 |
| Global X Millennial Consumer ETF | 21257660 | 21263091 |
| Global X Education ETF | 1130117 | 1168091 |
| Global X Cannabis ETF | 45063772 | 46037150 |
| Global X Genomics & Biotechnology ETF | 79479068 | 78965814 |
| Global X China Biotech Innovation ETF | 1235919 | 1232900 |
| Global X Telemedicine & Digital Health ETF | 93334575 | 91943597 |
| Global X Aging Population ETF | 6855708 | 7155265 |
| Global X Health & Wellness ETF | 3745198 | 4523912 |
| Global X CleanTech ETF | 21148991 | 18911282 |
| Global X U.S. Infrastructure Development ETF | 424982203 | 427950626 |
| Global X Thematic Growth ETF | 44542976 | 44099654 |
| Global X AgTech & Food Innovation ETF | 3656741 | 3444680 |
| Global X Blockchain ETF | 34002081 | 29661174 |
| Global X Clean Water ETF | 2035020 | 2029332 |
| Global X Hydrogen ETF | 12627020 | 11778939 |
| Global X Solar ETF | 10467424 | 10415538 |
| Global X Wind Energy ETF | 1340241 | 1312872 |
| Global X Green Building ETF | 988133 | 643719 |

---

*228*

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![](pagelogo.jpg)

#### Notes to Financial Statements (Continued)

#### November 30, 2022

4. INVESTMENT TRANSACTIONS (continued)

For each of the year ended November 30, 2022, in-kind transactions associated with creations and redemptions were:

---

| | | | |
|:---|:---|:---|:---|
| **2022** | **Purchases** | **Sales** | **Realized Gain/(Loss)** |
| Global X Robotics & Artificial Intelligence ETF | $55656981 | $324847375 | $41261448 |
| Global X Internet of Things ETF | 4273506 | 102810205 | 30371948 |
| Global X FinTech ETF | 89304313 | 233604775 | 20432281 |
| Global X Video Games & Esports ETF | 29461261 | 182364610 | (34631478) |
| Global X Autonomous & Electric Vehicles ETF | 339858344 | 437404908 | 65063505 |
| Global X Cloud Computing ETF | 215988794 | 447418381 | 39771960 |
| Global X Data Center REITs & Digital Infrastructure ETF | 27319789 | 21685380 | 362687 |
| Global X Cybersecurity ETF | 435369493 | 214369110 | 24053912 |
| Global X Artificial Intelligence & Technology ETF | 42274082 | 35927581 | 598771 |
| Global X Metaverse ETF | 2029877 | – | – |
| Global X Millennial Consumer ETF | 14433725 | 68519868 | 12349335 |
| Global X Education ETF | – | 1474011 | (677495) |
| Global X Cannabis ETF | 32152603 | 1691536 | (55560) |
| Global X Genomics & Biotechnology ETF | 94341257 | 62460122 | 1607781 |
| Global X China Biotech Innovation ETF | – | – | – |
| Global X Telemedicine & Digital Health ETF | 8887316 | 268913849 | (12577200) |
| Global X Aging Population ETF | 1957955 | 17127968 | 2081283 |
| Global X Health & Wellness ETF | – | 7476454 | (175573) |
| Global X CleanTech ETF | 23848438 | 39039713 | 2442464 |
| Global X U.S. Infrastructure Development ETF | 323938544 | 1710792602 | 255818103 |
| Global X Thematic Growth ETF | 22752191 | 30097142 | (5590800) |
| Global X AgTech & Food Innovation ETF | 3706973 | 1430849 | 387467 |
| Global X Blockchain ETF | 99376986 | 10512069 | 492063 |
| Global X Clean Water ETF | 953450 | 981125 | 59117 |
| Global X Hydrogen ETF | 30352214 | 2468021 | 17144 |
| Global X Solar ETF | 6324652 | 8470008 | (281346) |
| Global X Wind Energy ETF | – | – | – |
| Global X Green Building ETF | 2220556 | – | – |

---

For the year ended November 30, 2022, there were no purchases or sales of long-term U.S. Government securities by the Funds.

5. TAX INFORMATION

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

*229*

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![](pagelogo.jpg)

#### Notes to Financial Statements (Continued)

#### November 30, 2022

5. TAX INFORMATION (continued)

The permanent differences primarily consist of foreign currency, REIT adjustments, reclassification of distributions, partnerships, utilization of earnings and profits on shareholder redemptions and sales of passive foreign investment companies. The permanent differences that are credited or charged to Paid In Capital and distributable earnings are primarily related to redemptions in kind and net operating losses and have been reclassified to/from the following accounts during the fiscal year ended November 30, 2022:

---

| | | |
|:---|:---|:---|
| **Global X Funds** | **Paid-in Capital** | **Distributable Earnings (Loss)** |
| Global X Robotics & Artificial Intelligence ETF | $34777266 | $(34777266) |
| Global X Internet of Things ETF | 30191485 | (30191485) |
| Global X FinTech ETF | (7335953) | 7335953 |
| Global X Video Games & Esports ETF | (36975380) | 36975380 |
| Global X Autonomous & Electric Vehicles ETF | 62833043 | (62833043) |
| Global X Cloud Computing ETF | 20881484 | (20881484) |
| Global X Data Center REITs & Digital Infrastructure ETF | 505936 | (505936) |
| Global X Cybersecurity ETF | 23513514 | (23513514) |
| Global X Artificial Intelligence & Technology ETF | 289423 | (289423) |
| Global X Millennial Consumer ETF | 12147670 | (12147670) |
| Global X Education ETF | (710501) | 710501 |
| Global X Cannabis ETF | (495903) | 495903 |
| Global X Genomics & Biotechnology ETF | (1003682) | 1003682 |
| Global X China Biotech Innovation ETF | (10536) | 10536 |
| Global X Telemedicine & Digital Health ETF | (19916235) | 19916235 |
| Global X Aging Population ETF | 1977383 | (1977383) |
| Global X Health & Wellness ETF | (315343) | 315343 |
| Global X CleanTech ETF | 1700148 | (1700148) |
| Global X U.S. Infrastructure Development ETF | 241850067 | (241850067) |
| Global X Thematic Growth ETF | (6274748) | 6274748 |
| Global X AgTech & Food Innovation ETF | 381276 | (381276) |
| Global X Blockchain ETF | (120837) | 120837 |
| Global X Clean Water ETF | 59117 | (59117) |
| Global X Hydrogen ETF | 8917 | (8917) |
| Global X Solar ETF | (414712) | 414712 |

---

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

The tax character of dividends and distributions declared during the years or periods ended November 30, 2022 and November 30, 2021 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global X Funds** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** | **Totals** |
| Global X Robotics & Artificial Intelligence ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $2507983 | $– | $547284 | $3055267 |
| &nbsp;&nbsp;&nbsp; 2021 | 1369174 | – | 3009240 | 4378414 |

---

*230*

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![](pagelogo.jpg)

#### Notes to Financial Statements (Continued)

#### November 30, 2022

5. TAX INFORMATION (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global X Funds** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** | **Totals** |
| Global X Internet of Things ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $1635436 | $636864 | $– | $2272300 |
| &nbsp;&nbsp;&nbsp; 2021 | 1320266 | – | – | 1320266 |
| Global X FinTech ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $61756013 | $– | $1435476 | $63191489 |
| &nbsp;&nbsp;&nbsp; 2021 | – | – | – | – |
| Global X Video Games & Esports ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $1985253 | $1007382 | $526728 | $3519363 |
| &nbsp;&nbsp;&nbsp; 2021 | 4336763 | – | – | 4336763 |
| Global X Autonomous & Electric Vehicles ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $5897108 | $547077 | $– | $6444185 |
| &nbsp;&nbsp;&nbsp; 2021 | 2137703 | – | – | 2137703 |
| Global X Cloud Computing ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $– | $21230047 | $– | $21230047 |
| &nbsp;&nbsp;&nbsp; 2021 | – | – | – | – |
| Global X Data Center REITs & Digital Infrastructure ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $1014681 | $75687 | $– | $1090368 |
| &nbsp;&nbsp;&nbsp; 2021 | 239154 | – | – | 239154 |
| Global X Cybersecurity ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $7417970 | $81575 | $– | $7499545 |
| &nbsp;&nbsp;&nbsp; 2021 | 163450 | 2499 | – | 165949 |
| Global X Artificial Intelligence & Technology ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $441670 | $– | $– | $441670 |
| &nbsp;&nbsp;&nbsp; 2021 | 496492 | – | – | 496492 |
| Global X Metaverse ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $38313 | $– | $– | $38313 |
| Global X Millennial Consumer ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $343441 | $– | $– | $343441 |
| &nbsp;&nbsp;&nbsp; 2021 | 197478 | – | – | 197478 |
| Global X Education ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $12790 | $– | $– | $12790 |
| &nbsp;&nbsp;&nbsp; 2021 | 4036 | – | 6036 | 10072 |
| Global X Cannabis ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $3318441 | $– | $93835 | $3412276 |
| &nbsp;&nbsp;&nbsp; 2021 | 1884853 | – | – | 1884853 |
| Global X Genomics & Biotechnology ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $81403 | $– | $– | $81403 |
| &nbsp;&nbsp;&nbsp; 2021 | 157150 | – | – | 157150 |
| Global X China Biotech Innovation ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $– | $– | $5370 | $5370 |
| &nbsp;&nbsp;&nbsp; 2021 | – | – | – | – |
| Global X Telemedicine & Digital Health ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp; 2021 | 193332 | – | – | 193332 |

---

*231*

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![](pagelogo.jpg)

#### Notes to Financial Statements (Continued)

#### November 30, 2022

5. TAX INFORMATION (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global X Funds** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** | **Totals** |
| Global X Aging Population ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $543653 | $– | $47506 | $591159 |
| &nbsp;&nbsp;&nbsp; 2021 | 168728 | – | – | 168728 |
| Global X Health & Wellness ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $287193 | $– | $– | $287193 |
| &nbsp;&nbsp;&nbsp; 2021 | 137684 | – | – | 137684 |
| Global X CleanTech ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $499449 | $– | $– | $499449 |
| &nbsp;&nbsp;&nbsp; 2021 | 85349 | – | – | 85349 |
| Global X U.S. Infrastructure Development ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $31995449 | $– | $– | $31995449 |
| &nbsp;&nbsp;&nbsp; 2021 | 7771784 | – | – | 7771784 |
| Global X Thematic Growth ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $1542588 | $– | $– | $1542588 |
| &nbsp;&nbsp;&nbsp; 2021 | 391721 | – | – | 391721 |
| Global X AgTech & Food Innovation ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $61689 | $– | $– | $61689 |
| &nbsp;&nbsp;&nbsp; 2021 | – | – | – | – |
| Global X Blockchain ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $4767818 | $– | $90192 | $4858010 |
| &nbsp;&nbsp;&nbsp; 2021 | – | – | – | – |
| Global X Clean Water ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $123205 | $– | $– | $123205 |
| &nbsp;&nbsp;&nbsp; 2021 | 8160 | – | – | 8160 |
| Global X Hydrogen ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $15749 | $– | $– | $15749 |
| &nbsp;&nbsp;&nbsp; 2021 | – | – | – | – |
| Global X Solar ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $748 | $– | $1369 | $2117 |
| &nbsp;&nbsp;&nbsp; 2021 | – | – | – | – |
| Global X Wind Energy ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $11474 | $– | $– | $11474 |
| &nbsp;&nbsp;&nbsp; 2021 | – | – | – | – |
| Global X Green Building ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022 | $15947 | $– | $– | $15947 |

---

*232*

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![](pagelogo.jpg)

#### Notes to Financial Statements (Continued)

#### November 30, 2022

5. TAX INFORMATION (continued)

As of November 30, 2022, the components of tax basis distributable earnings (accumulated losses) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Funds** | **Global X Funds** | **Global X Funds** |
|  | **Global X Robotics & Artificial Intelligence ETF** | **Global X Internet of Things ETF** | **Global X FinTech ETF** |
| **Undistributed Ordinary Income** | $– | $1631924 | $– |
| **Capital Loss Carryforwards** | (345703616) | (7758954) | (124682179) |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | (301694027) | 16080840 | (305891232) |
| **Other Temporary Differences** | (1) | (6) | – |
| **Total Distributable Earnings (Accumulated Losses)** | $(647397644) | $9953804 | $(430573411) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Funds** | **Global X Funds** | **Global X Funds** |
|  | **Global X Video Games & Esports ETF** | **Global X Autonomous & Electric Vehicles ETF** | **Global X Cloud Computing ETF** |
| **Undistributed Ordinary Income** | $– | $2987328 | $– |
| **Capital Loss Carryforwards** | (29329978) | (64931450) | (60150502) |
| **Unrealized Depreciation on Investments and Foreign Currency** | (127457124) | (256699333) | (441228668) |
| **Late Year Loss Deferral** | – | – | (3656460) |
| **Other Temporary Differences** | – | (1) | 5 |
| **Total Accumulated Losses** | $(156787102) | $(318643456) | $(505035625) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Funds** | **Global X Funds** | **Global X Funds** |
|  | **Global X Data Center REITs & Digital Infrastructure ETF** | **Global X Cybersecurity ETF** | **Global X Artificial Intelligence & Technology ETF** |
| **Undistributed Ordinary Income** | $877392 | $– | $326534 |
| **Undistributed Long-Term Capital Gain** | 9862 | 11443020 | – |
| **Post October Losses** | – | (47882785) | – |
| **Capital Loss Carryforwards** | – | – | (2822691) |
| **Unrealized Depreciation on Investments and Foreign Currency** | (17793668) | (378530305) | (48403001) |
| **Late Year Loss Deferral** | – | (3048) | – |
| **Other Temporary Differences** | 1 | 3 | (5) |
| **Total Accumulated Losses** | $(16906413) | $(414973115) | $(50899163) |

---

*233*

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![](pagelogo.jpg)

#### Notes to Financial Statements (Continued)

#### November 30, 2022

5. TAX INFORMATION (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Funds** | **Global X Funds** | **Global X Funds** |
|  | **Global X Metaverse ETF** | **Global X Millennial Consumer ETF** | **Global X Education ETF** |
| **Undistributed Ordinary Income** | $154006 | $182590 | $37708 |
| **Capital Loss Carryforwards** | – | (2874858) | (2291773) |
| **Unrealized Depreciation on Investments and Foreign Currency** | (643620) | (56671739) | (5134261) |
| **Other Temporary Differences** | – | (1) | – |
| **Total Accumulated Losses** | $(489614) | $(59364008) | $(7388326) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Funds** | **Global X Funds** | **Global X Funds** |
|  | **Global X Cannabis ETF** | **Global X Genomics & Biotechnology ETF** | **Global X China Biotech Innovation ETF** |
| **Capital Loss Carryforwards** | $(191024830) | $(50548703) | $(1097904) |
| **Unrealized Depreciation on Investments and Foreign Currency** | (63565223) | (62690398) | (915215) |
| **Late Year Loss Deferral** | – | (282711) | – |
| **Other Temporary Differences** | (3) | (5) | (1) |
| **Total Accumulated Losses** | $(254590056) | $(113521817) | $(2013120) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Funds** | **Global X Funds** | **Global X Funds** |
|  | **Global X Telemedicine & Digital Health ETF** | **Global X Aging Population ETF** | **Global X Health & Wellness ETF** |
| **Undistributed Ordinary Income** | $– | $– | $120274 |
| **Capital Loss Carryforwards** | (58431391) | (636347) | (1253392) |
| **Unrealized Depreciation on Investments and Foreign Currency** | (110659002) | (6316391) | (8261566) |
| **Late Year Loss Deferral** | (13967) | – | – |
| **Other Temporary Differences** | (2) | 1 | 1 |
| **Total Accumulated Losses** | $(169104362) | $(6952737) | $(9394683) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Funds** | **Global X Funds** | **Global X Funds** |
|  | **Global X CleanTech ETF** | **Global X U.S. Infrastructure Development ETF** | **Global X Thematic Growth ETF** |
| **Undistributed Ordinary Income** | $109799 | $15655722 | $364544 |
| **Capital Loss Carryforwards** | (17011098) | (21613989) | (25938285) |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | (52837433) | 179586745 | (36679191) |
| **Other Temporary Differences** | (4) | 2 | (1) |
| **Total Distributable Earnings (Accumulated Losses)** | $(69738736) | $173628480 | $(62252933) |

---

*234*

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![](pagelogo.jpg)

#### Notes to Financial Statements (Continued)

#### November 30, 2022

5. TAX INFORMATION (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Funds** | **Global X Funds** | **Global X Funds** |
|  | **Global X AgTech & Food Innovation ETF** | **Global X Blockchain ETF** | **Global X Clean Water ETF** |
| **Undistributed Ordinary Income** | $14788 | $– | $63060 |
| **Capital Loss Carryforwards** | (987238) | (86951459) | (261280) |
| **Unrealized Depreciation on Investments and Foreign Currency** | (1799916) | (88898288) | (783540) |
| **Other Temporary Differences** | 1 | (2086) | (1) |
| **Total Accumulated Losses** | $(2772365) | $(175851833) | $(981761) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Funds** | **Global X Funds** | **Global X Funds** |
|  | **Global X Hydrogen ETF** | **Global X Solar ETF** | **Global X Wind Energy ETF** |
| **Undistributed Ordinary Income** | $– | $– | $12394 |
| **Capital Loss Carryforwards** | (5184154) | (309544) | (489317) |
| **Unrealized Depreciation on Investments and Foreign Currency** | (19233948) | (218720) | (949545) |
| **Late Year Loss Deferral** | (71414) | (10237) | – |
| **Other Temporary Differences** | 1 | (1) | 2 |
| **Total Accumulated Losses** | $(24489515) | $(538502) | $(1426466) |

---

---

| | |
|:---|:---|
|  | **Global X Funds** |
|  | **Global X Green Building ETF** |
| **Undistributed Ordinary Income** | $36746 |
| **Capital Loss Carryforwards** | (128863) |
| **Unrealized Depreciation on Investments and Foreign Currency** | (350280) |
| **Other Temporary Differences** | 9 |
| **Total Accumulated Losses** | $(442388) |

---

Qualified late year ordinary (including currency and specified gain/loss items) and Post- October capital losses represent losses realized from January 1, 2022 through November 30, 2022 and November 1, 2022 through November 30, 2022, respectively, that in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

For taxable years beginning after December 22, 2010, a Registered Investment Company within the meaning of the 1940 Act ("RIC") is permitted to carry forward net capital losses to offset capital gains realized in later years, and the losses carried forward retain their

*235*

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![](pagelogo.jpg)

#### Notes to Financial Statements (Continued)

#### November 30, 2022

5. TAX INFORMATION (continued)

original character as either long-term or short-term losses. Losses carried forward under these provisions are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term Loss** | **Long-Term Loss** | **Total** |
| Global X Robotics & Artificial Intelligence ETF | $231689142 | $114014474 | $345703616 |
| Global X Internet of Things ETF | 5996348 | 1762606 | 7758954 |
| Global X FinTech ETF | 83809570 | 40872609 | 124682179 |
| Global X Video Games & Esports ETF | 12543406 | 16786572 | 29329978 |
| Global X Autonomous & Electric Vehicles ETF | 52121601 | 12809849 | 64931450 |
| Global X Cloud Computing ETF | 33947414 | 26203088 | 60150502 |
| Global X Artificial Intelligence & Technology ETF | 1786484 | 1036207 | 2822691 |
| Global X Millennial Consumer ETF | 2764525 | 110333 | 2874858 |
| Global X Education ETF | 1260777 | 1030996 | 2291773 |
| Global X Cannabis ETF | 94614486 | 96410344 | 191024830 |
| Global X Genomics & Biotechnology ETF | 15652258 | 34896445 | 50548703 |
| Global X China Biotech Innovation ETF | 487049 | 610855 | 1097904 |
| Global X Telemedicine & Digital Health ETF | 16647294 | 41784097 | 58431391 |
| Global X Aging Population ETF | 377949 | 258398 | 636347 |
| Global X Health & Wellness ETF | 967227 | 286165 | 1253392 |
| Global X CleanTech ETF | 14125231 | 2885867 | 17011098 |
| Global X U.S. Infrastructure Development ETF | 21613989 | – | 21613989 |
| Global X Thematic Growth ETF | 11409490 | 14528795 | 25938285 |
| Global X AgTech & Food Innovation ETF | 97366 | 889872 | 987238 |
| Global X Blockchain ETF | 68401307 | 18550152 | 86951459 |
| Global X Clean Water ETF | 136292 | 124988 | 261280 |
| Global X Hydrogen ETF | 4979054 | 205100 | 5184154 |
| Global X Solar ETF | 216031 | 93513 | 309544 |
| Global X Wind Energy ETF | 309736 | 179581 | 489317 |
| Global X Green Building ETF | 128863 | – | 128863 |

---

During the year ended November 30, 2022, the following Funds utilized capital loss carryforwards to offset capital gains amounting to:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term Loss** | **Long-Term Loss** | **Total** |
| Global X Aging Population ETF | $3956 | $– | $3956 |

---

*236*

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![](pagelogo.jpg)

#### Notes to Financial Statements (Continued)

#### November 30, 2022

5. TAX INFORMATION (continued)

The Federal tax cost and aggregated gross unrealized appreciation and depreciation on investments held by the Funds at November 30, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global X Funds** | **Federal Tax Cost** | **Aggregated Gross Unrealized Appreciation** | **Aggregated Gross Unrealized Depreciation** | **Net Unrealized Appreciation (Depreciation)** |
| Global X Robotics & Artificial Intelligence ETF | $1682943543 | $204452958 | $(506146985) | $(301694027) |
| Global X Internet of Things ETF | 297082453 | 55076210 | (38995370) | 16080840 |
| Global X FinTech ETF | 795057224 | 30956654 | (336847886) | (305891232) |
| Global X Video Games & Esports ETF | 318532078 | 1224958 | (128682082) | (127457124) |
| Global X Autonomous & Electric Vehicles ETF | 1189866752 | 51654089 | (308353422) | (256699333) |
| Global X Cloud Computing ETF | 1030868464 | 24305365 | (465534033) | (441228668) |
| Global X Data Center REITs & Digital Infrastructure ETF | 85838576 | 2022037 | (19815705) | (17793668) |
| Global X Cybersecurity ETF | 1341180131 | 25565610 | (404095915) | (378530305) |
| Global X Artificial Intelligence & Technology ETF | 179095537 | 4501153 | (52904154) | (48403001) |
| Global X Metaverse ETF | 2561260 | 34997 | (678617) | (643620) |
| Global X Millennial Consumer ETF | 162092507 | 3553061 | (60224800) | (56671739) |
| Global X Education ETF | 8812624 | 243174 | (5377435) | (5134261) |
| Global X Cannabis ETF | 136333970 | 1502649 | (65067872) | (63565223) |
| Global X Genomics & Biotechnology ETF | 274718591 | 19623079 | (82313477) | (62690398) |
| Global X China Biotech Innovation ETF | 3525677 | 110253 | (1025468) | (915215) |
| Global X Telemedicine & Digital Health ETF | 266706190 | 6605887 | (117264889) | (110659002) |
| Global X Aging Population ETF | 48073556 | 3872725 | (10189116) | (6316391) |
| Global X Health & Wellness ETF | 30871969 | 1461171 | (9722737) | (8261566) |
| Global X CleanTech ETF | 180640422 | 9224036 | (62061469) | (52837433) |
| Global X U.S. Infrastructure Development ETF | 3562165703 | 391992995 | (212406250) | 179586745 |
| Global X Thematic Growth ETF | 87612947 | – | (36679191) | (36679191) |
| Global X AgTech & Food Innovation ETF | 8412139 | 631535 | (2431451) | (1799916) |
| Global X Blockchain ETF | 147700189 | – | (88898288) | (88898288) |
| Global X Clean Water ETF | 8348863 | 243684 | (1027224) | (783540) |
| Global X Hydrogen ETF | 56361725 | 471748 | (19705696) | (19233948) |
| Global X Solar ETF | 6165601 | 1170716 | (1389436) | (218720) |
| Global X Wind Energy ETF | 4288799 | 70581 | (1020126) | (949545) |
| Global X Green Building ETF | 2438034 | 34000 | (384280) | (350280) |

---

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 partnership adjustments.

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#### Notes to Financial Statements (Continued)

#### November 30, 2022

6. CONCENTRATION OF RISKS

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

The Funds may invest in companies focused on business activities in emerging economic themes. Such thematic companies typically face intense competition and potentially rapid product obsolescence. Thematic companies may have limited product lines, markets, financial resources or personnel. These companies typically engage in significant amounts of spending on research and development, capital expenditures and mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. These companies are also frequently dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies' technology. Such companies may be potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. The emergent nature of many economic themes could result in increasing regulatory scrutiny in the future, which may impede the growth of companies that develop and/or focus on such economic themes. Similarly, the collection of data from consumers and other sources is frequently a critical component in emerging economic themes which could lead to increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. Finally, these companies may be involved in young, fast evolving industries with increased exposure to the risks associated with changes in applicable laws (including regulation, other rule changes, and related federal and state enforcement activities), as well as market developments, which may cause businesses to contract or close suddenly and negatively impact the value of these companies.

Special Risk Considerations of Investing in China – Variable Interest Entity Investments. For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities ("VIEs"). In this structure, the Chinese-based operating company is the VIE and establishes a shell company in a foreign jurisdiction, such as the Cayman Islands. The shell company lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the shell company has no equity ownership of the VIE, these contractual arrangements permit the shell company to consolidate the VIE's financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed shell company, such as certain of the Funds,

*238*

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#### Notes to Financial Statements (Continued)

#### November 30, 2022

6. CONCENTRATION OF RISKS (continued)

will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the shell company only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE's contractual arrangements with the listed shell company by declaring them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed shell company, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest. In addition, the listed shell company's control over a VIE may also be jeopardized if a natural person who holds the equity interest in the VIE breaches the terms of the agreement, is subject to legal proceedings or if any physical instruments for authenticating documentation, such as chops and seals, are used without the Chinese-based issuer's authorization to enter into contractual arrangements in China. Chops and seals, which are carved stamps used to sign documents, represent a legally binding commitment by the company. Moreover, any future regulatory action may prohibit the ability of the shell company to receive the economic benefits of the Chinese based operating company, which may cause the value of a Fund's investment in the listed shell company to suffer a significant loss. For example, in 2021, the Chinese government prohibited use of the VIE structure for investment in after-school tutoring companies. There is no guarantee that the government will not place similar restrictions on other industries.

On June 3, 2021, President Biden expanded upon the previously issued executive order that prohibited U.S. persons from transacting in publicly traded securities designated by the U.S. Department of Defense as "Communist Chinese Military Companies" or "CCMCs" or in instruments that are derivative of, or are designed to provide investment exposure to, prohibited CCMC securities. President Biden's executive order (the "Executive Order") retains the structure of the investment-based CCMC sanctions program introduced in late 2020 but expands the prohibitions to address threats from the use of Chinese surveillance technology outside the People's Republic of China and the development or use of Chinese surveillance technology to facilitate repression or serious human rights abuse.

Under the Executive Order, U.S. persons will be prohibited from engaging in the purchase or sale of publicly traded securities, as well as securities derivative of, or designed to provide investment exposure to, such securities. This prohibition took effect on August 2, 2021 for entities listed in the Appendix to the Executive Order (and 60 days after designation, with respect to subsequently designated entities). In addition, U.S. persons will be required

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#### Notes to Financial Statements (Continued)

#### November 30, 2022

6. CONCENTRATION OF RISKS (continued)

to divest of targeted securities of entities listed in the Appendix to the Executive Order by June 3, 2022 (or 365 days from designation, with respect to subsequently designated entities).

The Executive Order replaces the previous list of CCMCs with a new Non-SDN Chinese Military Industrial Complex Companies List. The U.S. Department of the Treasury, rather than the U.S. Department of Defense, will drive designations going forward.

These actions, any future sanctions or other actions, or even the threat of further sanctions or other actions, may negatively affect the value and liquidity of certain of the Funds' investments. For example, a Fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, sanctions may require a Fund to freeze its existing investments, prohibiting such Fund from buying, selling or otherwise transacting in these investments.

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

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

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

The elimination of the London Inter-Bank Offered Rate ("LIBOR") may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. The U.K. Financial Conduct Authority has announced that it intends to stop compelling or inducing banks to submit LIBOR rates after 2021. On March 5, 2021, the administrator of LIBOR clarified that the publication of LIBOR on a representative basis will cease for the one-week and two-month U.S. dollar LIBOR settings immediately after December 31, 2021, and for the remaining U.S. dollar LIBOR settings immediately after June 30, 2023. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate ("SOFR"), which is intended

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#### Notes to Financial Statements (Continued)

#### November 30, 2022

6. CONCENTRATION OF RISKS (continued)

to replace U.S. dollar LIBOR. Markets are slowly developing in response to these new rates. Questions around impacts on liquidity resulting from this transition, and how to appropriately adjust these rates at the time of transition, remain a concern for the Funds. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

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

Lending securities entails a risk of loss to the Funds if and to the extent that the market values of the securities loaned were to increase and the borrower did not increase the collateral accordingly and the borrower failed to return the securities. In the event the borrower may

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#### Notes to Financial Statements (Continued)

#### November 30, 2022

7. LOANS OF PORTFOLIO SECURITIES (continued)

not provide additional collateral when required or may not return the securities when due, the securities lending agency agreement requires the lending agent to indemnify the Funds by replacing either the security or the security's current market value to the Funds. The Funds could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested.

At November 30, 2022, the following Funds had securities on loan, by counterparty:

---

| | | |
|:---|:---|:---|
|  | **Market Value** | **Cash Collateral<sup>(1)</sup>** |
| **Global X Robotics & Artificial Intelligence ETF** | | |
| &nbsp;&nbsp;&nbsp; Barclays Bank PLC | $1786153 | $1860000 |
| &nbsp;&nbsp;&nbsp; Barclays Capital Inc. | 34435 | 36237 |
| &nbsp;&nbsp;&nbsp; BMO Capital Markets | 926338 | 900277 |
| &nbsp;&nbsp;&nbsp; BNP Paribas Securities Corp | 213686 | 219195 |
| &nbsp;&nbsp;&nbsp; BofA Securities Inc. | 2006418 | 2099317 |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets Inc. | 1124179 | 1178280 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs & Co. | 14686174 | 15395106 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 4799997 | 5116082 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC | 7931768 | 8105425 |
| &nbsp;&nbsp;&nbsp; National Financial Services LLC | 7890316 | 7936185 |
| &nbsp;&nbsp;&nbsp; Nomura Securities International Inc. | 396445 | 420000 |
| &nbsp;&nbsp;&nbsp; Scotia Capital (USA) Inc. | 1145980 | 1152800 |
| &nbsp;&nbsp;&nbsp; UBS AG London Branch | 924943 | 1001278 |
| &nbsp;&nbsp;&nbsp; UBS Securities LLC (Equities) | 330525 | 330525 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 89344 | 104700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $44286701 | $45855407 |
| **Global X Internet of Things ETF** |  |  |
| &nbsp;&nbsp;&nbsp; BMO Capital Markets | $579150 | $577350 |
| &nbsp;&nbsp;&nbsp; BNP Paribas Securities Corp | 488405 | 516140 |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets Inc. | 1799548 | 1793955 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs & Co. | 3713957 | 3820572 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 52245 | 53750 |
| &nbsp;&nbsp;&nbsp; National Financial Services LLC | 676151 | 652725 |
| &nbsp;&nbsp;&nbsp; UBS Securities LLC (Equities) | 523525 | 532125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $7832981 | $7946617 |

---

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#### Notes to Financial Statements (Continued)

#### November 30, 2022

7. LOANS OF PORTFOLIO SECURITIES (continued)

---

| | | |
|:---|:---|:---|
|  | **Market Value** | **Cash Collateral<sup>(1)</sup>** |
| **Global X FinTech ETF** | | |
| &nbsp;&nbsp;&nbsp; Barclays Capital Inc. | $3706901 | $3790207 |
| &nbsp;&nbsp;&nbsp; BMO Capital Markets | 832185 | 808773 |
| &nbsp;&nbsp;&nbsp; BNP Paribas S.A. (New York Branch) | 7125 | 7020 |
| &nbsp;&nbsp;&nbsp; BNP Paribas Securities Corp | 2615109 | 2527400 |
| &nbsp;&nbsp;&nbsp; BofA Securities Inc. | 4875590 | 4848254 |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets Inc. | 2158468 | 2118511 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs & Co. | 5615561 | 5736047 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 3976209 | 4032014 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC | 6585908 | 6489914 |
| &nbsp;&nbsp;&nbsp; National Financial Services LLC | 2641770 | 2533595 |
| &nbsp;&nbsp;&nbsp; Nomura Securities International Inc. | 1029880 | 1083967 |
| &nbsp;&nbsp;&nbsp; Scotia Capital (USA) Inc. | 329910 | 348436 |
| &nbsp;&nbsp;&nbsp; UBS AG London Branch (Cash) | 131711 | 138384 |
| &nbsp;&nbsp;&nbsp; UBS Securities LLC (Equities) | 268065 | 260850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $34774392 | $34723372 |
| **Global X Video Games & Esports ETF** |  |  |
| &nbsp;&nbsp;&nbsp; Barclays Capital Inc. | $1835455 | $1665232 |
| &nbsp;&nbsp;&nbsp; BofA Securities Inc. | 2227787 | 2546600 |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets Inc. | 464347 | 450034 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs & Co. | 2544287 | 2433331 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 7859595 | 8401896 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC | 1686041 | 1556220 |
| &nbsp;&nbsp;&nbsp; UBS AG London Branch (Cash) | 70854 | 113694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $16688366 | $17167007 |
| **Global X Autonomous & Electric Vehicles ETF** |  |  |
| &nbsp;&nbsp;&nbsp; Barclays Capital Inc. | $1415666 | $1390933 |
| &nbsp;&nbsp;&nbsp; BMO Capital Markets | 2800410 | 2741905 |
| &nbsp;&nbsp;&nbsp; BNP Paribas Securities Corp | 7793374 | 7586090 |
| &nbsp;&nbsp;&nbsp; BofA Securities Inc. | 7080548 | 6171909 |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets Inc. | 8235896 | 7993934 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs & Co. | 8321566 | 8082602 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 2097144 | 2154600 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC | 10910137 | 10671898 |
| &nbsp;&nbsp;&nbsp; National Financial Services LLC | 2610844 | 2435569 |
| &nbsp;&nbsp;&nbsp; Scotia Capital (USA) Inc. | 1269809 | 1241680 |
| &nbsp;&nbsp;&nbsp; SG Americas Securities LLC | 959032 | 939000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $53494426 | $51410120 |
| **Global X Cloud Computing ETF** |  |  |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | $1089314 | $991925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $1089314 | $991925 |

---

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#### Notes to Financial Statements (Continued)

#### November 30, 2022

7. LOANS OF PORTFOLIO SECURITIES (continued)

---

| | | |
|:---|:---|:---|
|  | **Market Value** | **Cash Collateral<sup>(1)</sup>** |
| **Global X Artificial Intelligence & Technology ETF** | | |
| &nbsp;&nbsp;&nbsp; Barclays Capital Inc. | $168834 | $164084 |
| &nbsp;&nbsp;&nbsp; BMO Capital Markets | 59628 | 57950 |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets Inc. | 159155 | 153571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $387617 | $375605 |
| **Global X Millennial Consumer ETF** |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas Securities Corp | $43316 | $43160 |
| &nbsp;&nbsp;&nbsp; BofA Securities Inc. | 46580 | 44525 |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets Inc. | 65 | 61 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 33924 | 33000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $123885 | $120746 |
| **Global X Cannabis ETF** |  |  |
| &nbsp;&nbsp;&nbsp; Barclays Capital Inc. | $2110809 | $2791249 |
| &nbsp;&nbsp;&nbsp; BMO Capital Markets. | 53227 | 59040 |
| &nbsp;&nbsp;&nbsp; BNP Paribas S.A. (New York Branch) | 283093 | 298309 |
| &nbsp;&nbsp;&nbsp; BNP Paribas Securities Corp | 4497180 | 4415836 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs & Co. | 1784785 | 1856449 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 2401146 | 2462390 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC | 800959 | 884000 |
| &nbsp;&nbsp;&nbsp; National Financial Services LLC | 1100893 | 1333470 |
| &nbsp;&nbsp;&nbsp; Scotia Capital (USA) Inc. | 2528911 | 2684742 |
| &nbsp;&nbsp;&nbsp; UBS AG London Branch (Cash) | 115195 | 123188 |
| &nbsp;&nbsp;&nbsp; UBS Securities LLC (Equities) | 506 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $15676704 | $16909773 |
| **Global X Genomics & Biotechnology ETF** |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas Securities Corp | $636768 | $617760 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs & Co. | 1701669 | 1570250 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC | 125037 | 121875 |
| &nbsp;&nbsp;&nbsp; National Financial Services LLC | 288234 | 279630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $2751708 | $2589515 |
| **Global X Telemedicine & Digital Health ETF** |  |  |
| &nbsp;&nbsp;&nbsp; Barclays Capital Inc. | $922529 | $978538 |
| &nbsp;&nbsp;&nbsp; BNP Paribas Securities Corp | 1142886 | 1094590 |
| &nbsp;&nbsp;&nbsp; BofA Securities Inc. | 993543 | 988600 |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets Inc. | 458484 | 481818 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs & Co. | 2108829 | 2012529 |
| &nbsp;&nbsp;&nbsp; UBS AG London Branch (Cash) | 572400 | 601800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $6198671 | $6157875 |

---

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#### Notes to Financial Statements (Continued)

#### November 30, 2022

7. LOANS OF PORTFOLIO SECURITIES (continued)

---

| | | |
|:---|:---|:---|
|  | **Market Value** | **Cash Collateral<sup>(1)</sup>** |
| **Global X U.S. Infrastructure Development ETF** | | |
| &nbsp;&nbsp;&nbsp; BNP Paribas Securities Corp | $824904 | $820080 |
| &nbsp;&nbsp;&nbsp; UBS Securities LLC (Equities) | 684 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $825588 | $820760 |
| **Global X Blockchain ETF** |  |  |
| &nbsp;&nbsp;&nbsp; Barclays Capital Inc. | $4492047 | $4417307 |
| &nbsp;&nbsp;&nbsp; BMO Capital Markets. | 101595 | 109410 |
| &nbsp;&nbsp;&nbsp; BNP Paribas S.A. (New York Branch) | 229879 | 234139 |
| &nbsp;&nbsp;&nbsp; BNP Paribas Securities Corp | 488221 | 515975 |
| &nbsp;&nbsp;&nbsp; BofA Securities Inc. | 1276421 | 1490452 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs & Co. | 240314 | 262582 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 2729012 | 2711125 |
| &nbsp;&nbsp;&nbsp; National Financial Services LLC | 3022334 | 3042325 |
| &nbsp;&nbsp;&nbsp; Nomura Securities International Inc. | 26483 | 26091 |
| &nbsp;&nbsp;&nbsp; Scotia Capital (USA) Inc. | 723059 | 820488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $13329365 | $13629894 |

---

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

8. CONTRACTUAL OBLIGATIONS

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

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

9. REVERSE SHARE SPLIT

Effective June 10, 2022, the Global X Cannabis ETF executed a one to six (1:6) reverse share split for shareholders of record after the close of markets on June 10, 2022. The effect of this transaction was to divide the number of outstanding Shares of the Fund by six, 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 these reverse share splits. There were no changes in net assets, results of operations or total return as a result of this transaction.

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#### Notes to Financial Statements (Concluded)

#### November 30, 2022

10. SUBSEQUENT EVENTS

The Board of the Trust approved a reverse share split of the issued and outstanding shares of the Global X Education ETF and the Global X Blockchain ETF (the "Reverse Share Split"). The Reverse Share Split was completed after the close of business on December 19, 2022. The effect of this transaction for each Fund was to divide the number of outstanding Shares of the Fund by the applicable ratio below, resulting in a corresponding increase in the NAV per Share. The capital share activity presented on the Statement of Changes in Net Assets for each of the years in the period then ended, and the per share data in the financial highlights for each of the years in the period then ended have been updated 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.

Fund Name Ratio <br> Global X Education ETF 1:3 <br> Global X Blockchain ETF 1:4

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

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#### Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Global X Funds and Shareholders of each of the twenty-eight funds listed in the table below

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (twenty-eight of the funds constituting Global X Funds, hereafter collectively referred to as the "Funds") as of November 30, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2022, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| Global X Aging Population ETF (1) | Global X Video Games & Esports ETF (1) |
| Global X Artificial Intelligence & Technology ETF (1) | Global X Education ETF (1) |
| Global X Autonomous & Electric Vehicles ETF (1) | Global X Telemedicine & Digital Health ETF (1) |
| Global X Cannabis ETF (1) | Global X China Biotech Innovation ETF (1) |
| Global X Cloud Computing ETF (1) | Global X CleanTech ETF (1) |
| Global X Cybersecurity ETF (1) | Global X Data Center REITs & Digital Infrastructure ETF (1) |
| Global X FinTech ETF (1) | Global X Clean Water ETF (2) |
| Global X Genomics & Biotechnology ETF (1) | Global X AgTech & Food Innovation ETF (3) |
| Global X Health & Wellness ETF (1) | Global X Blockchain ETF (3) |
| Global X Internet of Things ETF (1) | Global X Hydrogen ETF (3) |
| Global X Millennial Consumer ETF (1) | Global X Solar ETF (4) |
| Global X Robotics & Artificial Intelligence ETF (1) | Global X Wind Energy ETF (4) |
| Global X Thematic Growth ETF (1) | Global X Green Building ETF (5) |

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#### Report of Independent Registered Public Accounting Firm

<u> Global X U.S. Infrastructure Development ETF (1) </u> Global X Metaverse ETF (6)

1. Statements of operations for the year ended November 30, 2022, and statements of changes in net assets for each of the two years in the period ended November 30, 2022.

2. Statement of operations for the year ended November 30, 2022, and statements of changes in net assets for the year ended November 30, 2022 and the period April 8, 2021
 (commencement of operations) through November 30, 2021.

3. Statements of operations for the year ended November 30, 2022, and statements of changes in net assets for the year ended November 30, 2022 and the period July 12, 2021
 (commencement of operations) through November 30, 2021.

4. Statements of operations for the year ended November 30, 2022, and statements of changes in net assets for the year ended November 30, 2022 and the period September 8, 2021
 (commencement of operations) through November 30, 2021.

5. Statement of operations and statement of changes in net assets for the period April 11, 2022 (commencement of operations) through November 30, 2022.

6. Statement of operations and statement of changes in net assets for the period April 26, 2022 (commencement of operations) through November 30, 2022.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from

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#### Report of Independent Registered Public Accounting Firm

brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

January 26, 2023

We have served as the auditor of one or more investment companies in Global X Funds since 2016.

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#### Disclosure of Fund Expenses (unaudited)

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

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (June 1, 2022 to November 30, 2022).

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

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

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

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

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

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#### Disclosure of Fund Expenses (unaudited) (Continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning Account Value 6/1/2022** | **Ending Account Value 11/30/2022** | **Annualized Expense Ratios** | **Expenses Paid During Period<sup>(1)</sup>** |
| *Global X Robotics & Artificial Intelligence ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $885.50 | 0.69% | $3.26 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1021.61 | 0.69 | 3.50 |
| *Global X Internet of Things ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $1038.70 | 0.68% | $3.48 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1021.66 | 0.68 | 3.45 |
| *Global X FinTech ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $809.20 | 0.68% | $3.08 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1021.66 | 0.68 | 3.45 |
| *Global X Video Games & Esports ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $817.60 | 0.50% | $2.28 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1022.56 | 0.50 | 2.54 |
| *Global X Autonomous & Electric Vehicles ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $922.40 | 0.68% | $3.28 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1021.66 | 0.68 | 3.45 |
| *Global X Cloud Computing ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $940.00 | 0.68% | $3.31 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1021.66 | 0.68 | 3.45 |
| *Global X Data Center REITs & Digital Infrastructure ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $864.30 | 0.51% | $2.38 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1022.51 | 0.51 | 2.59 |
| *Global X Cybersecurity ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $866.80 | 0.53% | $2.48 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1022.41 | 0.53 | 2.69 |
| *Global X Artificial Intelligence & Technology ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $948.90 | 0.68% | $3.32 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1021.66 | 0.68 | 3.45 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning Account Value 6/1/2022** | **Ending Account Value 11/30/2022** | **Annualized Expense Ratios** | **Expenses Paid During Period<sup>(1)</sup>** |
| *Global X Metaverse ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $830.60 | 0.50% | $2.29 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1022.56 | 0.50 | 2.54 |
| *Global X Millennial Consumer ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $963.70 | 0.50% | $2.46 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1022.56 | 0.50 | 2.54 |
| *Global X Education ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $1115.40 | 0.50% | $2.65 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1022.56 | 0.50 | 2.54 |
| *Global X Cannabis ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $745.40 | 0.50% | $2.19 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1022.56 | 0.50 | 2.54 |
| *Global X Genomics & Biotechnology ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $1122.70 | 0.50% | $2.66 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1022.56 | 0.50 | 2.54 |
| *Global X China Biotech Innovation ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $989.50 | 0.65% | $3.24 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1021.81 | 0.65 | 3.29 |
| *Global X Telemedicine & Digital Health ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $1025.10 | 0.68% | $3.45 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1021.66 | 0.68 | 3.45 |
| *Global X Aging Population ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $1017.30 | 0.50% | $2.53 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1022.56 | 0.50 | 2.54 |
| *Global X Health & Wellness ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $996.40 | 0.50% | $2.50 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1022.56 | 0.50 | 2.54 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning Account Value 6/1/2022** | **Ending Account Value 11/30/2022** | **Annualized Expense Ratios** | **Expenses Paid During Period<sup>(1)</sup>** |
| *Global X CleanTech ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $1095.50 | 0.50% | $2.63 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1022.56 | 0.50 | 2.54 |
| *Global X U.S. Infrastructure Development ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $1086.40 | 0.47% | $2.46 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1022.71 | 0.47 | 2.38 |
| *Global X Thematic Growth ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $831.10 | 0.50% | $2.28 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1024.44 | 0.50 | 2.52 |
| *Global X AgTech & Food Innovation ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $871.10 | 0.51% | $2.39 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1022.51 | 0.51 | 2.59 |
| *Global X Blockchain ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $487.80 | 0.50% | $1.86 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1022.56 | 0.50 | 2.54 |
| *Global X Clean Water ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $1027.60 | 0.50% | $2.54 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1022.56 | 0.50 | 2.54 |
| *Global X Hydrogen ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $856.20 | 0.50% | $2.33 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1022.56 | 0.50 | 2.54 |
| *Global X Solar ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $1095.90 | 0.50% | $2.63 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1022.56 | 0.50 | 2.54 |
| *Global X Wind Energy ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $886.90 | 0.50% | $2.37 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1022.56 | 0.50 | 2.54 |

---

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#### Disclosure of Fund Expenses (unaudited) (Concluded)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning Account Value 6/1/2022** | **Ending Account Value 11/30/2022** | **Annualized Expense Ratios** | **Expenses Paid During Period<sup>(1)</sup>** |
| *Global X Green Building ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $884.50 | 0.45% | $2.13 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 1000.00 | 1022.81 | 0.45 | 2.28 |

---

(1) *Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).* 

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#### Approval of Investment Advisory Agreement (unaudited)

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

At a Board meeting of the Trust held on November 11, 2022, called for such purpose, the Board (including the Trust's Independent Trustees, voting separately) considered and unanimously approved the continuation of (i) the Investment Advisory Agreement ("Renewal Investment Advisory Agreement") for each Fund included in this Annual Report (each, a "Renewal Fund"); and (ii) the Supervision and Administration Agreement between the Trust ("Renewal Supervision and Administration Agreement"), on behalf of each Renewal Fund, and Global X Management. The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the "Renewal Agreements."

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

#### RENEWAL AGREEMENTS
In determining to approve the continuation of the Renewal Agreements for the Renewal Funds, the Board considered a variety of factors, including the factors discussed in greater detail below.

#### Nature, Extent and Quality of Services
With respect to this factor, the Board considered:

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#### Approval of Investment Advisory Agreement (unaudited) (Continued)

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

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

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

● the nature, extent and quality of all of the services (including advisory, administrative and compliance services) that have been provided by Global X Management or made available
 to the Renewal Funds; and

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

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

#### Performance
The Board considered the performance of each Renewal Fund. They examined the performance of the Renewal Funds for the one-year, three-year, five-year and sinceinception periods, as applicable. Also, the Board considered the total return and investments performance of the Renewal Funds relative to (i) the performance of unaffiliated comparable ETFs and/or other registered funds, which performance information is publicly available from such registered funds, as well as other third party sources; and (ii) the performance of pertinent indexes. The Board considered instances of under-performance and overperformance with respect to the competitor funds. The Board also considered the Renewal Funds' tracking against their underlying indexes in absolute terms.

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#### Approval of Investment Advisory Agreement (unaudited) (Continued)

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

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

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

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

#### Comparison of Fees and Services
With respect to this factor, the Board considered:

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

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

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#### Approval of Investment Advisory Agreement (unaudited) (Continued)

---

| | |
|:---|:---|
|  | that the proposed Management Fees for the Renewal Funds were set at a competitive levels to make the Renewal Funds viable in the marketplace; and |
| ●  | that, under the unified Management Fee structure, Global X Management is responsible for most ordinary expenses of the Renewal Funds, including the costs of various third-party services required by the Renewal Funds, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that the Renewal Funds would bear other expenses not covered under the proposed all-inclusive Management Fee, such as taxes, brokerage fees, commissions, and other transaction expenses, interest expenses, and extraordinary expenses. |

---

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

#### Economies of Scale
With respect to this factor, the Board considered:

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

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

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

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

#### Other Benefits
In considering the Renewal Agreements, in addition to the factors above, the Board considered any other benefits realized by Global X Management as a result of its relationships with the Renewal Funds and concluded that, in the exercise of the Board's business judgement, all information the Board considered supported approval of the continuation of the Renewal Agreements.

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

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#### Approval of Investment Advisory Agreement (unaudited) (Concluded)

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

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#### Supplemental Information (unaudited)

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

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

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

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#### Trustees and Officers of the Trust (unaudited)

Set forth below are the names, addresses, years of birth, positions with the Trust, term of office and length of time served, the principal occupations for the last five years, number of Funds in the Trust overseen by the each Trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust. The Trust's Statement of Additional Information ("SAI") includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-493- 8631.

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| | | | |
|:---|:---|:---|:---|
| **Name, Address (Year of Birth)** | **Position(s) Held with Trust** | **Principal Occupation(s) During the Past 5 Years** | **Other Directorships Held by Trustees** |
| **Independent Trustees<sup>1</sup>** | **Independent Trustees<sup>1</sup>** | **Independent Trustees<sup>1</sup>** | **Independent Trustees<sup>1</sup>** |
| Charles A. Baker<br> 605 Third Avenue,<br> 43rd Floor<br> New York, NY 10158<br> (1953) | Trustee<br> (since 07/2018) | Chief Executive Officer of Investment Innovations LLC (investment consulting) (since 2013); Managing Director of NYSE Euronext (2003 to 2012).<br>112<sup>2</sup> | None. |
| Susan M. Ciccarone<br> 605 Third Avenue,<br> 43rd Floor<br> New York, NY 10158<br> (1973) | Trustee<br> (since 09/2019) | Partner, Further Global Capital Management (private equity) (since 2017); formerly Chief Operating Officer (2014-2016) and Chief Financial Officer (2012-2016), Emerging Global Advisors, LLC (ETF issuer).<br>112<sup>2</sup> | Director of E78 Partners (since 2022); Director of ProSight Global, Inc. (since 2021); Director of Casa Holdco LP, parent of Celink (since 2018); Chairman, Payment Alliance International, Inc. (2019-2021). |
| Clifford J. Weber<br> 605 Third Avenue,<br> 43rd Floor<br> New York, NY 10158<br> (1963) | Trustee<br> (since 07/2018) | Owner, Financial Products Consulting Group LLC (consulting services to financial institutions) (since 2015); formerly, Executive Vice President of Global Index and Exchange-Traded Products, NYSE Market, Inc., a subsidiary of Intercontinental Exchange (ETF/ETP listing exchange) (2013- 2015).<br>112<sup>2</sup> | Chairman (since 2017) and Trustee (since 2015) of Clough Funds Trust; Chairman and Trustee of Clayton Street Trust (since 2016); Chairman and Trustee of Janus Detroit Street Trust (since 2016); Chairman and Trustee of Elevation ETF Trust (2016-2018); Trustee of Clough Global Equity Fund (since 2017); Trustee of Clough Global Dividend and Income Fund (since 2017); and Trustee of Clough Global Opportunities Fund (since 2017). |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address (Year of Birth)** | **Position(s) Held with Trust** | **Principal Occupation(s) During the Past 5 Years** | **Number of Funds in Trust Overseen by Trustee** | **Other Directorships Held by Trustees** |
| **Interested Trustee/Officers<sup>1</sup>** | **Interested Trustee/Officers<sup>1</sup>** | **Interested Trustee/Officers<sup>1</sup>** | **Interested Trustee/Officers<sup>1</sup>** | **Interested Trustee/Officers<sup>1</sup>** |
| Luis Berruga<br> 605 Third Avenue,<br> 43rd Floor<br> New York, NY 10158<br> (1977) | Trustee<br> (since 07/2018); President<br> (since 2018) | Chief Executive Officer, GXMC (since 07/2018), Chief Financial Officer (since 2/2014) and Chief Operating Officer (9/2015 - 7/2018); Investment Banker, Jefferies (2012-2014). | 112<sup>2</sup> | None. |
| John Belanger<br> 605 Third Avenue,<br> 43rd Floor<br> New York, NY 10158<br> (1982) | Chief Operating Officer and Chief Financial Officer<br> (since 12/2020) | Chief Operating Officer and Head of Portfolio Management & Portfolio Administration, GXMC (since 12/2020); Portfolio Manager (12/2020-4/2022); Secretary of the Trust (3/2020-9/2020); Head of Product Management, GXMC (since 1/2020); Consultant to GXMC (9/2018-12/2019); Chief Operating Officer, Rex Shares, LLC (2014-2018). | N/A | N/A |
| Susan Lively<br> 605 Third Avenue,<br> 43rd Floor<br> New York, NY 10158<br> (1981) | Secretary<br> (since 09/2020) | General Counsel, GXMC (since 9/2020); Senior Corporate Counsel at Franklin Templeton (previously, Managing Director and Associate General Counsel at Legg Mason & Co., LLC) (2014-2020). | N/A | N/A |
| Eric Griffith<br> One Freedom Valley Drive<br> Oaks, PA 19456<br> (1969) | Assistant Secretary<br> (since 02/2020) | Counsel, SEI Investments (since 10/2019); Vice President and Assistant General Counsel, JPMorgan Chase & Co. (2012-2018). | N/A | N/A |
| Joe Costello<br> 605 Third Avenue,<br> 43rd Floor<br> New York, NY 10158<br> (1974) | Chief Compliance Officer<br> (since 09/2016) | Chief Compliance Officer, FlexShares Funds (2011-2015); Vice President, Northern Trust Investments (2003 - 2015). | N/A | N/A |
| Ronnie Riven<br> 605 Third Avenue,<br> 43rd Floor<br> New York, NY 10158<br> (1984) | Treasurer and Principal Accounting Officer<br> (since 12/2020) | Director of Finance, GXMC (since 2018); Director of Accounting and Finance at Barclays Center (2016-2018); Manager of External Reporting at National Grid (2013-2015). | N/A | N/A |

---

*262*

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![](pagelogo.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address (Year of Birth)** | **Position(s) Held with Trust** | **Principal Occupation(s) During the Past 5 Years** | **Number of Funds in Trust Overseen by Trustee** | **Other Directorships Held by Trustees** |
| **Interested Trustee/Officers<sup>1</sup>** | **Interested Trustee/Officers<sup>1</sup>** | **Interested Trustee/Officers<sup>1</sup>** | **Interested Trustee/Officers<sup>1</sup>** | **Interested Trustee/Officers<sup>1</sup>** |
| Eric Olsen<sup>3</sup> One Freedom Valley Drive<br> Oaks, PA 19456<br> (1970) | Assistant Treasurer<br> (since 05/2021) | Director of Accounting, SEI Investment Manager Services (March 2021 to present); formerly, Deputy Head of Fund Operations, Traditional Assets, Aberdeen Standard Investments (2013-2021). | N/A | N/A |

---

---

| | |
|:---|:---|
| 1 | Each Trustee serves until his or her successor is duly elected or appointed and qualified. |
| 2 | As of November 30, 2022, the Trust had one hundred and twelve investment portfolios, one hundred of which were operational. |
| 3 | This officer of the Trust also serves as an officer of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor. |

---

*263*

------

![](pagelogo.jpg)

#### Notice to Shareholders (unaudited)

For shareholders that do not have a November 30, 2022 tax year end, this notice is for informational purposes only. For shareholders with a November 30, 2022 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended November 30, 2022, the Funds have designated the following items with regard to distributions paid during the year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Return of Capital** | **Long-Term Capital Gain Distributions** | **Ordinary Income Distributions** | **Total Distributions** | **Qualifying for Corporate Dividends Received Deduction <sup>(1)</sup>** |
| **Global X Robotics & Artificial Intelligence ETF** | 12.57% | 0.00% | 87.43% | 100.00% | 7.03% |
| **Global X Internet of Things ETF** | 0.00% | 28.03% | 71.97% | 100.00% | 82.32% |
| **Global X FinTech ETF** | 2.69% | 0.00% | 97.31% | 100.00% | 3.41% |
| **Global X Video Games & Esports ETF** | 17.60% | 33.66% | 48.74% | 100.00% | 16.91% |
| **Global X Autonomous & Electric Vehicles ETF** | 0.00% | 8.49% | 91.51% | 100.00% | 75.25% |
| **Global X Cloud Computing ETF** | 0.00% | 100.00% | 0.00% | 100.00% | 0.00% |
| **Global X Data Center REITS & Digital Infrastructure ETF** | 0.00% | 9.34% | 90.66% | 100.00% | 7.46% |
| **Global X Cybersecurity ETF** | 0.00% | 13.83% | 86.17% | 100.00% | 79.38% |
| **Global X Artificial Intelligence & Technology ETF** | 0.00% | 0.00% | 100.00% | 100.00% | 100.00% |
| **Global X Metaverse ETF** | 0.00% | 0.00% | 100.00% | 100.00% | 0.80% |
| **Global X Millennial Consumer ETF** | 0.00% | 0.00% | 100.00% | 100.00% | 100.00% |
| **Global X Education ETF** | 0.00% | 0.00% | 100.00% | 100.00% | 12.02% |
| **Global X Cannabis ETF** | 2.83% | 0.00% | 97.17% | 100.00% | 2.65% |
| **Global X Genomics & Biotechnology ETF** | 0.00% | 0.00% | 100.00% | 100.00% | 100.00% |
| **Global X China Biotech Innovation ETF** | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Telemedicine & Digital Health ETF** | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Aging Population ETF** | 8.74% | 0.00% | 91.26% | 100.00% | 73.74% |
| **Global X Health & Wellness ETF** | 0.00% | 0.00% | 100.00% | 100.00% | 51.81% |
| **Global X CleanTech ETF** | 0.00% | 0.00% | 100.00% | 100.00% | 0.00% |
| **Global X U.S. Infrastructure Development ETF** | 0.00% | 0.00% | 100.00% | 100.00% | 100.00% |
| **Global X Thematic Growth ETF** | 0.00% | 0.00% | 100.00% | 100.00% | 0.00% |
| **Global X AgTech & Food Innovation ETF** | 0.00% | 0.00% | 100.00% | 100.00% | 33.31% |
| **Global X Blockchain ETF** | 1.89% | 0.00% | 98.11% | 100.00% | 0.05% |
| **Global X Clean Water ETF** | 0.00% | 0.00% | 100.00% | 100.00% | 40.59% |
| **Global X Hydrogen ETF** | 0.00% | 0.00% | 100.00% | 100.00% | 35.68% |
| **Global X Solar ETF** | 64.66% | 0.00% | 35.34% | 100.00% | 0.00% |
| **Global X Wind Energy ETF** | 0.00% | 0.00% | 100.00% | 100.00% | 0.00% |
| **Global X Green Building ETF** | 0.00% | 0.00% | 100.00% | 100.00% | 1.97% |

---

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

*264*

------

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Qualifying Dividend Income <sup>(2)</sup>** | **U.S. Government Interest<sup>(3)</sup>** | **Interest Related Dividends<sup>(4)</sup>** | **Short Term Capital Gain Dividends<sup>(5)</sup>** | **Qualifying Business Income<sup>(6)</sup>** | **Foreign Tax Credit** |
| **Global X Robotics & Artificial Intelligence ETF** | 100.00% | 0.00% | 0.01% | 0.00% | 0.00% | 37.68% |
| **Global X Internet of Things ETF** | 100.00% | 0.00% | 0.02% | 0.00% | 0.00% | 0.00% |
| **Global X FinTech ETF** | 5.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Video Games & Esports ETF** | 100.000% | 0.00% | 0.01% | 0.00% | 0.00% | 0.00% |
| **Global X Autonomous & Electric Vehicles ETF** | 100.00% | 0.00% | 0.03% | 100.00% | 0.00% | 0.00% |
| **Global X Cloud Computing ETF** | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Data Center REITS & Digital Infrastructure ETF** | 20.66% | 0.00% | 0.04% | 100.00% | 28.74% | 0.00% |
| **Global X Cybersecurity ETF** | 86.63% | 0.00% | 0.42% | 100.00% | 0.00% | 0.00% |
| **Global X Artificial Intelligence & Technology ETF** | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Metaverse ETF** | 2.54% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Millennial Consumer ETF** | 100.00% | 0.00% | 0.06% | 0.00% | 0.00% | 0.00% |
| **Global X Education ETF** | 61.92% | 0.00% | 0.04% | 0.00% | 0.00% | 0.00% |
| **Global X Cannabis ETF** | 2.65% | 0.00% | 0.01% | 0.00% | 0.00% | 0.00% |
| **Global X Genomics & Biotechnology ETF** | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X China Biotech Innovation ETF** | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Telemedicine & Digital Health ETF** | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Aging Population ETF** | 100.00% | 0.00% | 0.16% | 0.00% | 0.00% | 0.00% |
| **Global X Health & Wellness ETF** | 100.00% | 0.00% | 0.02% | 0.00% | 0.00% | 9.55% |
| **Global X CleanTech ETF** | 74.09% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X U.S. Infrastructure Development ETF** | 100.00% | 0.00% | 0.03% | 100.00% | 0.00% | 0.00% |
| **Global X Thematic Growth ETF** | 3.45% | 0.00% | 0.19% | 0.00% | 0.00% | 0.00% |
| **Global X AgTech & Food Innovation ETF** | 64.71% | 0.04% | 0.03% | 100.00% | 0.00% | 0.00% |
| **Global X Blockchain ETF** | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X Clean Water ETF** | 100.00% | 0.00% | 0.00% | 100.00% | 0.00% | 0.00% |
| **Global X Hydrogen ETF** | 50.90% | 0.00% | 0.00% | 100.00% | 0.00% | 0.00% |
| **Global X Solar ETF** | 0.04% | 0.00% | 0.00% | 100.00% | 0.00% | 0.00% |
| **Global X Wind Energy ETF** | 100.00% | 0.00% | 0.04% | 0.00% | 0.00% | 37.45% |
| **Global X Green Building ETF** | 46.00% | 0.00% | 0.00% | 0.00% | 0.00% | 21.90% |

---

 percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned Funds to designate the maximum amount permitted by
 law.

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

*265*

------

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 income that is exempt from U.S. withholding tax when paid for foreign investors.

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

(6) The percentage of this column represents that amount of ordinary dividend income that qualified for 20% Business Income Deduction.

The Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended November 30, 2022, the total amount of foreign source income and foreign tax credit are as follows:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Foreign Source Income** | **Foreign Tax Credit Pass Through** |
| Global X Robotics & Artificial Intelligence ETF | $3781993 | $1847180 |
| Global X Health & Wellness ETF | 191028 | 30325 |
| Global X Wind Energy ETF | 31899 | 6871 |
| Global X Green Building ETF | 86092 | 4471 |

---

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2022. Complete information will be computed and reported in conjunction with your 2022 Form 1099- DIV.

*266*

------

![](pagelogo.jpg)

#### Notes

*267*

------

![](pagelogo.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

#### Custodian and Transfer Agent:
Brown Brothers Harriman & Co.

40 Water Street

Boston, MA 02109

#### Independent Registered Public Accounting Firm:
PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

GLX-AR-007-0700

------

**Item 2. Code of Ethics.**

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

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

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

(a)(2) The audit committee financial experts are Charles A. Baker and Susan M. Ciccarone and each is independent as defined in Form N-CSR Item 3(a)(2).

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

Fees billed by Pricewaterhouse Coopers LLP ("PwC") relate to the registrant.

PWC billed the registrant aggregate fees for services rendered to the registrant for the last two fiscal years as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
|  |  | **All fees and services to the Trust that were pre-approved**  | **All fees and services to service affiliates that were pre-approved** | **All other fees and services to service affiliates that did not require pre-approval** | **All fees and services to the Trust that were pre-approved** | **All fees and services to service affiliates that were pre-approved** | **All other fees and services to service affiliates that did not require pre-approval** |
| (a) | Audit Fees | $1148958 | $0 | $0 | $929467 | $0 | $0 |
| (b) | Audit-Related Fees | $0 | $0 | $0 | $0 | $0 | $0 |
| (c) | Tax Fees<sup>(1)</sup> | $406447 | $0 | $0 | $334184 | $0 | $0 |
| (d) | All Other Fees | $0 | $0 | $0 | $0 | $0 | $0 |

---

Notes:

(1) Tax Compliance and excise distribution services.

(e)(1) Not applicable.

------

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (PwC):

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by PwC for the last two fiscal years were $406,447 and $334,184, respectively.

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

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
The registrant has a separately-designated standing Audit Committee, which is composed of the registrant's Independent Trustees, Charles A. Baker, Susan M. Ciccarone and Clifford J. Weber.

#### Item 6. Investments.

Not applicable.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

There have been no material changes.

------

#### Item 11. Controls and Procedures.

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

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

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

Not applicable to open-end management investment companies.

#### Item 13. Exhibits.

[(a)(1) Code of Ethics attached hereto.](ex-code.htm#codeofethics)

[(a)(2) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.](ex-cert.htm#CERTIFICATION302)

[(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.](ex-906cert.htm#CERTIFICATION906)

------

#### 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. <br>

(Registrant)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global X Funds

---

| | |
|:---|:---|
| By (Signature and Title) | <u>/s/ Luis Berruga</u><br> Luis Berruga<br> President |

---

Date: February 7, 2023

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) | <u>/s/ Luis Berruga</u><br>Luis Berruga<br> President |

---

Date: February 7, 2023

---

| | |
|:---|:---|
| By (Signature and Title) | <u>/s/ John Belanger</u><br> John Belanger<br> Chief Financial Officer |

---

Date: February 7, 2023

## Ex-99.Code

 <u>SARBANES-OXLEY CODE OF ETHICS</u>

I. <u>Introduction.</u>

**** 

<br> This Code of Ethics (the "Code") has been adopted by the Board of Trustees of the Global X Funds (the "Company"). It has been designed to comply with Section 406 of the Sarbanes-Oxley Act. The Trust requires its Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer or other Trust officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust and each of its series (each a "Fund," collectively the "Funds"), with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Funds. The following principles and responsibilities shall govern the professional conduct of the Principal Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Honest and Ethical Conduct

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to such conflict between their interests and those of a Fund to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated or compromised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Financial Records and Reporting

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the SEC or other applicable body by a Fund, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Compliance with Laws, Rules and Regulations

#### <br>
The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Funds with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law, regulation or rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Compliance With this Code of Ethics

The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Amendment and Waiver

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the Investment Company Act of 1940.

## Ex-99.Cert

#### 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, Luis Berruga, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR 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:

(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;

(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;

(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

(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):

<br> (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

<br> (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: February 7, 2023 <u>/s/ Luis Berruga</u><br>

Luis Berruga<br> President

------

#### 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, John Belanger, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR 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:

(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;

(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;

(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

(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):

<br> (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

<br> (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: February 7, 2023

<u>/s/ John Belanger</u><br>

John Belanger<br> Chief Financial Officer <br>

## Exhibit 99.906

#### CERTIFICATION

#### Pursuant to 18 U.S.C. Section 1350,

#### As Adopted Pursuant to Section 906

#### of the Sarbanes-Oxley Act of 2002

The undersigned, Luis Berruga, the President of the Global X Funds (the "Fund"), with respect to the Fund's Form N-CSR for the period ended November 30, 2022, 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:

<br> 1. such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

<br> 2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated: February 7, 2023

<u>/s/ Luis Berruga</u>

Luis Berruga

President

------

#### CERTIFICATION

#### Pursuant to 18 U.S.C. Section 1350,

#### As Adopted Pursuant to Section 906

#### of the Sarbanes-Oxley Act of 2002

The undersigned, John Belanger, the Chief Financial Officer of the Global X Funds (the "Fund"), with respect to the Fund's Form N-CSR for the period ended November 30, 2022, 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:

<br> 1. such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

<br> 2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated: February 7, 2023

<u>/s/ John Belanger</u>

John Belanger

Chief Financial Officer

<br>