# EDGAR Filing Document

**Accession Number:** 0001432353
**File Stem:** 0001135428-23-000018
**Filing Date:** 2023-1
**Character Count:** 169663
**Document Hash:** 96b411a2273b16549d4d9a1848869cda
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001135428-23-000018.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001135428-23-000018

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**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:** 23517568

**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 Copper Miners ETF (Series ID: S000028727)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000087858 | Global X Copper Miners ETF | COPX            |

### Global X Silver Miners ETF (Series ID: S000028730)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000087861 | Global X Silver Miners ETF | SIL             |

### Global X Uranium ETF (Series ID: S000029442)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000090393 | Global X Uranium ETF | URA             |

### Global X Gold Explorers ETF (Series ID: S000030226)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000093019 | Global X Gold Explorers ETF | GOEX            |

#### <br> 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: October 31, 2022

#### Date of reporting period: October 31, 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. <br>

![](cover-logo.jpg)

#### <br>
****

<br> **Global X Silver Miners ETF (ticker: SIL)<br> Global X Gold Explorers ETF (ticker: GOEX)<br> Global X Copper Miners ETF (ticker: COPX)<br> Global X Uranium ETF (ticker: URA**

#### <br> Annual Report<br>October 31, 2022

#### <br>
**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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**Table of Contents**

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| | |
|:---|:---|
| Management Discussion of Fund Performance | 1 |
| Schedules of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Silver Miners ETF | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Gold Explorers ETF | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Copper Miners ETF | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global X Uranium ETF | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glossary | 27 |
| Statements of Assests and Liabilities | 28 |
| Statements of Operations | 30 |
| Statements of Changes in Net Assets | 32 |
| Financial Highlights | 35 |
| Notes to Financial Statements | 39 |
| Report of Independent Registered Public Accounting Firm | 53 |
| Disclosure of Fund Expenses | 55 |
| Liquidity Risk Management Program | 57 |
| Supplemental Information | 58 |
| Trustees and Officers of the Trust | 59 |
| Notice to Shareholders | 62 |

---

Shares are bought and sold at market price (not net asset value ("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 their reports on Form N-PORT. The Funds'Forms N-PORT are available on the Commission's website at <u>https://www.sec.gov</u>, 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>https://www.sec.gov</u>.

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![](page-logo.jpg)

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

---

**Global X Silver Miners ETF**

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

The Underlying Index is designed to reflect the performance of the silver mining industry. It is comprised of selected companies globally that are actively engaged in some aspect of the silver mining industry, such as silver mining, refining, or exploration, as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended October 31, 2022 (the "reporting period"), the Fund decreased by 34.83%, while the Underlying Index decreased by 36.09%. The Fund had a net asset value of $38.78 per share on October 31, 2021, and ended the reporting period with a net asset value of $24.93 per share on October 31, 2022.

During the reporting period, the highest return came from Korea Zinc Co, Ltd, which returned 1.51%. The worst performers were Aurcana Silver Corp and Great Panther Mining Limited, which returned -99.28% and -98.76%, respectively.

The Fund had negative performance during the reporting period due to such factors as rising interest rates, a stronger U.S. dollar, and sluggish economic growth globally. Concerns about more rate hikes and the removal of stimulus by the U.S. Federal Reserve to fight decades-long high inflation weighed on silver prices. The rising value of the U.S. dollar also hurt silver prices, since a stronger U.S. dollar caused the price of precious metals, including silver, to remain high for foreign currencies. Lockdowns in China as a result of COVID-19 pandemic-related measures also had an impact on industrial metals demand and silver miners. China's strict COVID-19 pandemic-related restrictions reduced business activity and industrial demand for silver. Furthermore, amid the European and Russian energy war related to Russia's invasion of Ukraine, China increased purchases of oil from Russia while decreasing investments in the solar and renewable energy industries, weakening industrial demand for silver.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED <br> OCTOBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED <br> OCTOBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED <br> OCTOBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED <br> OCTOBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED <br> OCTOBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED <br> OCTOBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED <br> OCTOBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED <br> OCTOBER 31, 2022 |
|  | One Year Return | One Year Return | Three Year Return | Three Year Return | Five Year Return | Five Year Return | Ten Year Return | Ten Year Return |
|  | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X Silver Miners ETF | -34.89% | -34.67% | -4.82% | -4.71% | -3.58% | -3.54% | -9.35% | -9.43% |
|  Solactive Global Silver Miners Total Return Index | -36.99% | -36.09% | -5.09% | -5.09% | -3.49% | -3.49% | -9.05% | -9.05% |
| MSCI ACWI Index (Net)<br>| -19.96% | -19.96% | 4.85% | 4.85% | 5.24% | 5.24% | 7.98% | 7.98% |

---

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![](page-logo.jpg)

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

---

------

![](silverminers-linegraph.jpg)

*\*Fund commenced operations on April 19, 2010.*

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 redeemed, it may be worth less than its original cost. High short-term performance of the fund is unusual and investors should not expect such performance to be repeated. 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 above.

------

![](page-logo.jpg) <br>

---

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

---

------

**Global X Gold Explorers ETF**

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

The Underlying Index tracks the price movements in the shares of companies which are active in the gold mining industry as an explorer, as defined by Solactive AG, the provider of the Underlying Index. This implies that a decision about production from the respective gold mining projects in which the companies are involved in has not been made yet.

For the 12-month period that ended October 31, 2022 (the "reporting period"), the Fund decreased by 30.94%, while the Underlying Index decreased by 30.70%. The Fund had a net asset value of $30.10 per share on October 31, 2021, and ended the reporting period with a net asset value of $20.36 per share on October 31, 2022.

During the reporting period, the highest returns came from Great Bear Resources Ltd and Pretium Resources Inc, which returned 59.83% and 24.85%, respectively. The worst performers were Argonaut Gold Inc and Petropavlovsk Plc, which returned -88.42% and -87.12%, respectively.

The Fund had a negative performance during the reporting period due to such factors as the U.S. Federal Reserve's aggressive monetary policy, higher bond yields, and a strong dollar, which all combined to adversely affect gold's price. Gold explorers' revenues are typically a function of the price of gold and their ability to locate new deposits. During the reporting period, both developed and emerging markets were affected by rampant inflation, and therefore, central banks were more aggressive than expected in monetary tightening policies. Because gold is a yield-free asset, rising real Treasury rates increased the opportunity cost of holding gold, which reduced its investment appeal. The rising value of the U.S. dollar also hurt gold prices since a stronger U.S. dollar caused the price of precious metals, including gold, to remain high for foreign currencies. Jewelry demand from China, the second largest consumer of gold, weakened due to the country's COVID-19-related lockdown policies and related economic slowdown.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022 |
|  | One Year Return | One Year Return | Three Year Return | Three Year Return | Five Year Return | Five Year Return | Ten Year Return | Ten Year Return |
|  | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X Gold Explorers ETF | -30.94% | -30.93% | -5.00%  | -4.98%  | 0.30%  | 0.24%  | -6.36%  | -6.48%  |
|  Hybrid Solactive Global Gold Explorers Total Return Index/Solactive Global Gold Explorers & Developers Total Return Transition Index/Solactive Global Gold Explorers & Developers Total Return Index\*\* | -30.70% | -30.70% | -4.52% | -4.52%  | 0.84%  | 0.84%  | -5.52%  | -5.52%  |
| MSCI EAFE Index (Net)<br>| -19.96% | -19.96% | 4.85%  | 4.85%  | 5.24%  | 5.24%  | 7.98%  | 7.98%  |

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![](page-logo.jpg)

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

---

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![](goldexplorers-linegraph.jpg) <br>

*\*Fund commenced operations on November 3, 2010.*

*\*\*Hybrid index performance reflects the performance of the Solactive Global Gold Explorers Total Return Index through November 30, 2016, the Solactive Global Gold Explorers & Developers Total Return Transition Index through April 30, 2017, and the Solactive Global Gold Explorers & Developers Total Return Index thereafter. This change was due to planned migration to the new Underlying Index, in an effort to provide broader exposure to the local market.*

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 redeemed, it may be worth less than its original cost. High short-term performance of the fund is unusual and investors should not expect such performance to be repeated. 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.

------

![](page-logo.jpg) <br>

---

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

---

------

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

See definition of comparative indices on previous page.

------

![](page-logo.jpg)

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

---

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

The Underlying Index is designed to reflect the performance of the copper mining industry. It is comprised of selected companies globally that are actively engaged in some aspect of the copper mining industry, such as copper mining, refining, or exploration, as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period that ended October 31, 2022 (the "reporting period"), the Fund decreased 20.38%, while the Underlying Index decreased by 20.11%. The Fund had a net asset value of $37.31 per share on October 31, 2021, and ended the reporting period with a net asset value of $28.74 per share on October 31, 2022.

During the reporting period, the highest returns came from Aeris Resources Limited Temp and Turquoise Hill Resources Ltd, which returned 540.49% and 121.86%, respectively. The worst performers were Aeris Resources Limited and Solaris Resources Inc, which returned -72.76% and -69.07%, respectively.

The Fund had negative performance during the reporting period due to factors such as investor fears of a global recession, strict COVID-19 pandemic-related lockdowns and slowing economic growth in China, the top consumer of copper. Chinese manufacturers shut down frequently due to COVID19-related lockdown policies. The building and construction sector, which accounts for a significant portion of total copper end-use, suffered due to Chinese apartment and house sales declining substantially over the reporting period. Higher rates also weighed significantly on the U.S. housing market, contributing to a decline in the use of copper. Demand for copper is linked to economic expansion and industrial activity. Investor fears of a worldwide recession intensified following central bank policies that were more aggressive than anticipated. During the reporting period, copper price volatility remained high as the economic impacts of Russia's invasion of Ukraine spread and exchange inventory levels remained low. In addition, production in the two largest copper markets, Chile and Peru, slowed due to operational constraints and strikes in those countres. <br>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR EDED<br> OCTOBER 31, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR EDED<br> OCTOBER 31, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR EDED<br> OCTOBER 31, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR EDED<br> OCTOBER 31, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR EDED<br> OCTOBER 31, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR EDED<br> OCTOBER 31, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR EDED<br> OCTOBER 31, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR EDED<br> OCTOBER 31, 2022 |
|  | One Year Return | One Year Return | Three Year Return | Three Year Return | Five Year Return | Five Year Return | Ten Year Return | Ten Year Return |
|  | Net<br> Asset<br> Value | Market Price | Net<br> Asset<br> Value | Market Price | Net<br> Asset<br> Value | Market Price | Net<br> Asset<br> Value | Market Price |
|  Global X Copper Miners ETF | -20.38% | -20.58% | 20.23% | 20.16% | 4.54% | 4.53% | -1.12% | -1.15% |
|  Solactive Global Copper Miners Total Return Index | -20.11% | -20.11% | 20.90% | 20.90% | 5.09% | 5.09% | -0.67% | -0.67% |
|  MSCI EAFE Index (Net) | -23.00% | -23.00% | -1.27% | -1.27% | -0.09% | -0.09% | 4.13% | 4.13% |

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![](page-logo.jpg)

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

---

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![](copperminers-linegraph.jpg)

*\*Fund commenced operations on April 19, 2010.*

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

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

------

![](page-logo.jpg)

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

---

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**Global X Uranium ETF**

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

The Underlying Index tracks the price movements in the shares of companies which are (or are expected to be in the near future) active in the uranium industry, as defined by Solactive AG, the provider of the Underlying Index. This particularly includes uranium mining, exploration, uranium investments and technologies related to the uranium industry.

For the 12-month period ended October 31, 2022 (the "reporting period"), the Fund decreased 20.11%, while the Underlying Index decreased by 19.61%. The Fund had a net asset value of $27.04 per share on October 31, 2021, and ended the reporting period with a net asset value of $20.30 per share on October 31, 2022.

During the reporting period, the highest returns came from Encore Energy Corp and Mitsubishi Heavy Industries, Ltd, which returned 95.11% and 38.54%, respectively. The worst performers were Western Uranium & Vanadium Corp and Bannerman Energy Ltd, which returned -59.43% and -57.36%, respectively.

The Fund suffered negative returns during the reporting period due to factors such as the global economic slowdown, Russia's invasion of Ukraine, and the European energy crisis. The price of uranium, the main fuel used in nuclear reactors, is sensitive to energy sector and green transition trends. France's nuclear power demand was the lowest in years. As a short to medium-term solution to the European energy crisis caused by Russia's decision to cut gas exports, Germany, Austria, and the Netherlands opted to restart coal-fired power facilities rather than nuclear plants. Austria and Luxembourg led efforts against the European Union ("EU") to contest nuclear energy's inclusion in the EU's green energy taxonomy, indicating more obstacles for investments in nuclear energy. The global equity market slowdown also affected investor appetite for risk assets, such as uranium.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2022 |
|  | One Year Return | One Year Return | Three Year Return | Three Year Return | Five Year Return | Five Year Return | Ten Year Return | Ten Year Return |
|  | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X Uranium ETF | -20.11% | -19.98% | 26.78% | 26.91% | 14.13% | 13.92%  | -4.35%  | -4.51%  |
|  Hybrid Solactive Global Uranium Total Return Index/ Solactive Global Uranium & Nuclear Components Transition TR Index/Solactive Global Uranium & Nuclear Components Total Return Index\*\* | -19.61% | -19.61% | 27.38% | 27.38% | 15.30% | 15.30% | -3.46%  | -3.46%  |
| MSCI EAFE Index | -23.00% | -23.00% | -1.27% | -1.27% | -0.09%  | -0.09%  | 4.13%  | 4.13%  |

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![](page-logo.jpg)

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

---

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![](uranium-linegraph.jpg) <br>

*\*Fund commenced operations on November 4, 2010.*

*\*\*Hybrid index performance reflects the performance of the Solactive Global Uranium Total Return Index through April 30, 2018, the Solactive Global Uranium & Nuclear Components Transition TR Index through July 31, 2018, and the Solactive Global Uranium & Nuclear Components Total Return Index thereafter. This change was due to planned migration to the new Underlying Index, in an effort to provide broader exposure to the local market.*

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

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

------

![](page-logo.jpg)

---

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

---

------

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

See definition of comparative indices on previous page.

------

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2022** |
| **Global X Silver Miners ETF** | **Global X Silver Miners ETF** |

---

------

![](silverminers-barchart.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.0%** | | |
| **AUSTRALIA — 1.2%** | | |
| Materials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Kingsgate Consolidated <sup>\* (A)</sup> | 5660076 | $6098596 |
| &nbsp;&nbsp;&nbsp;Silver Mines <sup>\* (A)</sup> | 33726191 | 3774097 |
| TOTAL AUSTRALIA |  | 9872693 |
| **BOSNIA AND HERZEGOVINA — 1.4%** |  |  |
| Materials — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Adriatic Metals, Cl CDI <sup>\* (A)</sup> | 7518911 | 11635311 |
| **BRAZIL — 22.6%** |  |  |
| Materials — 22.6% |  |  |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals . | 5821504 | 190304966 |
| **CANADA — 38.8%** |  |  |
| Materials — 38.8% |  |  |
| &nbsp;&nbsp;&nbsp;AbraSilver Resource <sup>\* (A)</sup> | 11629879 | 3538287 |
| &nbsp;&nbsp;&nbsp;Americas Gold & Silver <sup>\* (A)</sup> | 5037755 | 2289805 |
| &nbsp;&nbsp;&nbsp;Aurcana Silver <sup>\*</sup> | 5590172 | 20491 |
| &nbsp;&nbsp;&nbsp;Aya Gold & Silver <sup>\* (A)</sup> | 2511368 | 14544780 |
| &nbsp;&nbsp;&nbsp;Blackrock Silver <sup>\* (A)</sup> | 4185496 | 1350111 |
| &nbsp;&nbsp;&nbsp;Discovery Silver <sup>\*</sup> | 6902706 | 5161658 |
| &nbsp;&nbsp;&nbsp;Endeavour Silver <sup>\* (A)</sup> | 5319078 | 18084865 |
| &nbsp;&nbsp;&nbsp;First Majestic Silver <sup>(A)</sup> | 4928399 | 41405706 |
| &nbsp;&nbsp;&nbsp;Fortuna Silver Mines <sup>\* (A)</sup> | 8137174 | 22609061 |
| &nbsp;&nbsp;&nbsp;GoGold Resources <sup>\* (A)</sup> | 7637223 | 8454387 |
| &nbsp;&nbsp;&nbsp;MAG Silver <sup>\*</sup> | 2492523 | 33074056 |
| &nbsp;&nbsp;&nbsp;McEwen Mining <sup>\* (A)</sup> | 1128105 | 4117583 |
| &nbsp;&nbsp;&nbsp;New Pacific Metals \* <sup>(A)</sup> | 2394196 | 5757093 |
| &nbsp;&nbsp;&nbsp;Pan American Silver | 4934631 | 78855403 |
| &nbsp;&nbsp;&nbsp;Prime Mining <sup>\* (A)</sup> | 2422336 | 2095493 |

---

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

------

![](page-logo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2022** |
| **Global X Silver Miners ETF** | **Global X Silver Miners ETF** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Materials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Santacruz Silver Mining <sup>\*</sup> | 6444046 | $2196753 |
| &nbsp;&nbsp;&nbsp;Silvercorp Metals | 4777647 | 11628451 |
| &nbsp;&nbsp;&nbsp;SilverCrest Metals <sup>\*</sup> | 3968934 | 19873039 |
| &nbsp;&nbsp;&nbsp;SSR Mining <sup>(A)</sup> | 3435010 | 47403138 |
| &nbsp;&nbsp;&nbsp;Vizsla Silver <sup>\*</sup> | 3818905 | 4395499 |
| TOTAL CANADA |  | 326855659 |
| **MEXICO — 9.9%** |  |  |
| Materials — 9.9% |  |  |
| &nbsp;&nbsp;&nbsp;Fresnillo . | 4753586 | 39898269 |
| &nbsp;&nbsp;&nbsp;Industrias Penoles . | 3788624 | 42900455 |
| TOTAL MEXICO |  | 82798724 |
| **PERU — 6.4%** |  |  |
| Materials — 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA ADR | 5873430 | 40761604 |
| &nbsp;&nbsp;&nbsp;Hochschild Mining | 8402614 | 5161239 |
| &nbsp;&nbsp;&nbsp;Volcan Cia Minera SAA <sup>\*</sup> | 65884510 | 8247547 |
| TOTAL PERU |  | 54170390 |
| **SOUTH KOREA — 10.3%** |  |  |
| Materials — 10.3% |  |  |
| &nbsp;&nbsp;&nbsp;Korea Zinc . | 193384 | 86886700 |
| **UNITED STATES — 9.4%** |  |  |
| Materials — 9.4% |  |  |
| &nbsp;&nbsp;&nbsp;Coeur Mining <sup>\*</sup> | 7828718 | 29592554 |
| &nbsp;&nbsp;&nbsp;Gatos Silver <sup>\* (A)</sup> | 1322122 | 4363002 |
| &nbsp;&nbsp;&nbsp;Gold Resource . | 2496570 | 3994512 |
| &nbsp;&nbsp;&nbsp;Golden Minerals <sup>\* (A)</sup> | 3470408 | 898836 |
| &nbsp;&nbsp;&nbsp;Hecla Mining | 8783880 | 40142332 |
| TOTAL UNITED STATES |  | 78991236 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,126,212,372) |  | 841515679 |

---

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

------

![](page-logo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2022** |
| **Global X Silver Miners ETF** | **Global X Silver Miners ETF** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup> — 1.8%** | | |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Portfolio, Cl Institutional, 2.910% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $15,519,148) . | 15519148 | $15519148 |
|  | **Face Amount**  |  |
| **REPURCHASE AGREEMENT<sup>(B)</sup> — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.930%, dated 10/31/2022, to be repurchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on 11/01/2022, repurchase price $21,564,145 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(collateralized by U.S. Treasury Obligations, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ranging in par value $428,583 - $2,519,638, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500% - 2.750%, 03/31/2027 - 05/31/2029, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a total market value of $21,967,418) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $21,562,390) . | $21562390 | 21562390 |
| TOTAL INVESTMENTS — 104.4% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,163,293,910) |  | $878597217 |

---

*Percentages are based on Net Assets of $841,908,175.*

*\* Non-income producing security.*

*(A) This security or a partial position of this security is on loan at October 31, 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 October 31, 2022.*

*The following is a summary of the level of inputs used as of October 31, 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* | $*841515679* | $— | $*—* | $*841515679* |
| &nbsp;&nbsp;&nbsp; *Short-Term Investment* | *15519148* |  | *—* | *15519148* |
| &nbsp;&nbsp;&nbsp; *Repurchase Agreement* |  | *21562390* | *—* | *21562390* |
| *Total Investments in Securities* | $*857034827*  | $*21562390* | $*—* | $*878,597,217*   |

---

*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.*

------

![](page-logo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2022** |
| **Global X Gold Explorers ETF** | **Global X Gold Explorers ETF** |

---

------

![](goldexplorers-barchart.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** | | |
| **AUSTRALIA — 25.0%** | | |
| Materials — 25.0% |  |  |
| &nbsp;&nbsp;&nbsp;Bellevue Gold <sup>\*</sup> | 744072 | $352090 |
| &nbsp;&nbsp;&nbsp;Capricorn Metals <sup>\* (A)</sup> | 204474 | 443247 |
| &nbsp;&nbsp;&nbsp;De Grey Mining <sup>\*</sup> | 796754 | 540055 |
| &nbsp;&nbsp;&nbsp;Firefinch \*(B) | 825148 | 31658 |
| &nbsp;&nbsp;&nbsp;Gold Road Resources . | 774928 | 671442 |
| &nbsp;&nbsp;&nbsp;Leo Lithium <sup>\*</sup> | 729939 | 289392 |
| &nbsp;&nbsp;&nbsp;Mincor Resources NL <sup>\* (A)</sup> | 265658 | 227633 |
| &nbsp;&nbsp;&nbsp;OceanaGold <sup>\*</sup> | 529810 | 769051 |
| &nbsp;&nbsp;&nbsp;Perseus Mining . | 1021817 | 1192460 |
| &nbsp;&nbsp;&nbsp;Ramelius Resources . | 626273 | 294346 |
| &nbsp;&nbsp;&nbsp;Red 5 <sup>\*</sup> | 1331989 | 136279 |
| &nbsp;&nbsp;&nbsp;Regis Resources | 562100 | 548138 |
| &nbsp;&nbsp;&nbsp;Silver Lake Resources <sup>\*</sup> | 696341 | 494257 |
| &nbsp;&nbsp;&nbsp;SolGold <sup>\*</sup> | 805362 | 148360 |
| &nbsp;&nbsp;&nbsp;St. Barbara <sup>\*</sup> | 606668 | 197847 |
| &nbsp;&nbsp;&nbsp;Tietto Minerals <sup>\*</sup> | 553282 | 247658 |
| &nbsp;&nbsp;&nbsp;West African Resources <sup>\*</sup> | 681469 | 453197 |
| &nbsp;&nbsp;&nbsp;Westgold Resources <sup>\*</sup> | 345755 | 161398 |
| TOTAL AUSTRALIA |  | 7198508 |
| **BURKINA FASO — 4.1%** |  |  |
| Materials — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Endeavour Mining . | 65600 | 1165271 |

---

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

------

![](page-logo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2022** |
| **Global X Gold Explorers ETF** | **Global X Gold Explorers ETF** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **CANADA — 39.2%** | | |
| Materials — 39.2% |  |  |
| &nbsp;&nbsp;&nbsp;Alamos Gold, Cl A | 152433 | $1201316 |
| &nbsp;&nbsp;&nbsp;B2Gold . | 377476 | 1151204 |
| &nbsp;&nbsp;&nbsp;Dundee Precious Metals . | 142900 | 647426 |
| &nbsp;&nbsp;&nbsp;Endeavour Silver <sup>\* (A)</sup> | 141362 | 480862 |
| &nbsp;&nbsp;&nbsp;Equinox Gold <sup>\* (A)</sup> | 210157 | 691767 |
| &nbsp;&nbsp;&nbsp;K92 Mining <sup>\* (A)</sup> | 162375 | 736851 |
| &nbsp;&nbsp;&nbsp;Karora Resources <sup>\* (A)</sup> | 126471 | 264244 |
| &nbsp;&nbsp;&nbsp;Lundin Gold . | 65385 | 471675 |
| &nbsp;&nbsp;&nbsp;McEwen Mining <sup>\* (A)</sup> | 29320 | 107018 |
| &nbsp;&nbsp;&nbsp;New Gold <sup>\*</sup> | 511025 | 460805 |
| &nbsp;&nbsp;&nbsp;Novagold Resources <sup>\*</sup> | 171479 | 793948 |
| &nbsp;&nbsp;&nbsp;Orla Mining <sup>\* (A)</sup> | 149466 | 471173 |
| &nbsp;&nbsp;&nbsp;Osisko Mining <sup>\*</sup> | 217673 | 453203 |
| &nbsp;&nbsp;&nbsp;Sabina Gold & Silver <sup>\* (A)</sup> | 328594 | 267394 |
| &nbsp;&nbsp;&nbsp;Seabridge Gold <sup>\*</sup> | 49864 | 533545 |
| &nbsp;&nbsp;&nbsp;Skeena Resources <sup>\* (A)</sup> | 42569 | 191616 |
| &nbsp;&nbsp;&nbsp;SSR Mining | 82463 | 1134127 |
| &nbsp;&nbsp;&nbsp;Torex Gold Resources <sup>\*</sup> | 64475 | 438641 |
| &nbsp;&nbsp;&nbsp;Victoria Gold <sup>\*</sup> | 26725 | 134600 |
| &nbsp;&nbsp;&nbsp;Wesdome Gold Mines <sup>\*</sup> | 106636 | 638698 |
| TOTAL CANADA |  | 11270113 |
| **EGYPT — 3.1%** |  |  |
| Materials — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Centamin | 861684 | 880187 |
| **INDONESIA — 9.7%** |  |  |
| Materials — 9.7% |  |  |
| &nbsp;&nbsp;&nbsp;Aneka Tambang . | 6270934 | 741777 |
| &nbsp;&nbsp;&nbsp;Merdeka Copper Gold <sup>\*</sup> | 8431353 | 2037904 |
| TOTAL INDONESIA |  | 2779681 |
| **KYRGYZSTAN — 2.7%** |  |  |
| Financials — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Centerra Gold . | 166428 | 772324 |

---

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

------

![](page-logo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2022** |
| **Global X Gold Explorers ETF** | **Global X Gold Explorers ETF** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **PERU — 0.5%** | | |
| Materials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Hochschild Mining | 222576 | $136716 |
| **TURKEY — 3.9%** |  |  |
| Materials — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Eldorado Gold <sup>\*</sup> | 137875 | 769201 |
| &nbsp;&nbsp;&nbsp;Koza Altin Isletmeleri . | 34546 | 360819 |
| TOTAL TURKEY |  | 1130020 |
| **UNITED KINGDOM — 1.8%** |  |  |
| Materials — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Greatland Gold <sup>\*</sup> | 3168991 | 287510 |
| &nbsp;&nbsp;&nbsp;Pan African Resources | 1210638 | 235841 |
| TOTAL UNITED KINGDOM |  | 523351 |
| **UNITED STATES — 9.9%** |  |  |
| Materials — 9.9% |  |  |
| &nbsp;&nbsp;&nbsp;Argonaut Gold <sup>\*</sup> | 567625 | 166453 |
| &nbsp;&nbsp;&nbsp;Coeur Mining <sup>\*</sup> | 208169 | 786879 |
| &nbsp;&nbsp;&nbsp;Hecla Mining | 415491 | 1898794 |
| TOTAL UNITED STATES |  | 2852126 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $41,953,037) |  | 28708297 |
|  | **Number of Rights**  |  |
| **RIGHTS — 0.0%** |  |  |
| **Canada — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Great Bear Resources# <sup>\*(B)</sup> |  |  |
| &nbsp;&nbsp;&nbsp; Expires (Cost $–)  | 46614 |  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENT<sup>(C)(D)</sup> — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Portfolio, Cl Institutional, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.910%  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $979,771)  | 979771 | 979771 |

---

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

------

![](page-logo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2022** |
| **Global X Gold Explorers ETF** | **Global X Gold Explorers ETF** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENT<sup>(C)</sup> — 4.7%** | | |
| &nbsp;&nbsp;&nbsp;BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.930%, dated 10/31/2022, to be repurchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on 11/01/2022, repurchase price $1,361,411 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(collateralized by U.S. Treasury Obligations, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ranging in par value $27,058 - $159,072, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500% - 2.750%, 03/31/2027 - 05/31/2029, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a total market value of $1,386,867) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,361,300) | $1361300 | $1361300 |
| TOTAL INVESTMENTS — 108.0% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $44,294,108) |  | $31049368 |

---

*Percentages are based on Net Assets of $28,744,785.*

*\* Non-income producing security.*

*# Expiration date not available.*

*(A) This security or a partial position of this security is on loan at October 31, 2022.*

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

*(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 October 31, 2022.*

*The following is a summary of the level of inputs used as of October 31, 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* | $*28676639* | $*—* | $*31658*  |  | $*28708297* |
| &nbsp;&nbsp;&nbsp; *Rights* | *—* | *—*  | *—*  | *<sup>^</sup>* | *—* |
| &nbsp;&nbsp;&nbsp; **Short-Term Investment**  | 979771  | *—*  | *—*  |  | *979771*  |
| &nbsp;&nbsp;&nbsp; *Repurchase Agreement* | *—* | *1361300* | *—* |  | *1361300**  |
| *Total Investments in Securities* | $*29656410* | $*1361300* | $*31658*  |  | $*31049368*  |

---

 

*(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.*

** 

<br> ** 

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

------

![](page-logo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2022** |
| **Global X Copper Miners ETF** | **Global X Copper Miners ETF** |

---

------

![](copperminers-barchart.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** | | |
| **AUSTRALIA — 16.3%** | | |
| Materials — 16.3% |  |  |
| &nbsp;&nbsp;&nbsp;29Metals <sup>(A)</sup> | 5506387 | $6513976 |
| &nbsp;&nbsp;&nbsp;BHP Group | 2527645 | 60385217 |
| &nbsp;&nbsp;&nbsp;Glencore | 11153199 | 64141649 |
| &nbsp;&nbsp;&nbsp;OZ Minerals . | 3837043 | 59303592 |
| &nbsp;&nbsp;&nbsp;Sandfire Resources | 8703136 | 19367015 |
| &nbsp;&nbsp;&nbsp;SolGold <sup>\* (A)</sup> | 23197782 | 4273381 |
| TOTAL AUSTRALIA |  | 213984830 |
| **BRAZIL — 1.8%** |  |  |
| Materials — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;ERO Copper <sup>\*</sup> (A) | 1682728 | 19133544 |
| &nbsp;&nbsp;&nbsp;Nexa Resources . | 974744 | 4893215 |
| TOTAL BRAZIL |  | 24026759 |
| **CANADA — 16.2%** |  |  |
| Materials — 16.2% |  |  |
| &nbsp;&nbsp;&nbsp;Altius Minerals . | 841454 | 13151863 |
| &nbsp;&nbsp;&nbsp;Capstone Mining <sup>\*</sup> | 7606445 | 17621323 |
| &nbsp;&nbsp;&nbsp;Copper Mountain Mining <sup>\* (A)</sup> | 4466081 | 5991663 |
| &nbsp;&nbsp;&nbsp;Filo Mining <sup>\*</sup> (A) | 1762234 | 21084021 |
| &nbsp;&nbsp;&nbsp;HudBay Minerals | 4765453 | 18061942 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines, Cl A <sup>\*</sup> | 9500700 | 65819886 |
| &nbsp;&nbsp;&nbsp;Northern Dynasty Minerals <sup>\* (A)</sup> | 11201050 | 2833866 |
| &nbsp;&nbsp;&nbsp;Solaris Resources <sup>\* (A)</sup> | 1100883 | 3914287 |
| &nbsp;&nbsp;&nbsp;Taseko Mines <sup>\* (A)</sup> | 6044173 | 6890357 |
| &nbsp;&nbsp;&nbsp;Teck Resources, Cl B . | 1893178 | 57556608 |
| TOTAL CANADA |  | 212925816 |

---

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

------

![](page-logo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2022** |
| **Global X Copper Miners ETF** | **Global X Copper Miners ETF** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **CHILE — 10.1%** | | |
| Materials — 10.1% |  |  |
| &nbsp;&nbsp;&nbsp;Antofagasta . | 4972737 | $67301276 |
| &nbsp;&nbsp;&nbsp;Lundin Mining | 12454746 | 65193275 |
| TOTAL CHILE |  | 132494551 |
| **CHINA — 9.5%** |  |  |
| Materials — 9.5% |  |  |
| &nbsp;&nbsp;&nbsp;China Gold International Resources <sup>(A)</sup> | 5204700 | 12106960 |
| &nbsp;&nbsp;&nbsp;China Nonferrous Mining <sup>(A)</sup> | 24907700 | 9043096 |
| &nbsp;&nbsp;&nbsp;Jiangxi Copper, Cl H | 23680401 | 25883022 |
| &nbsp;&nbsp;&nbsp;Jinchuan Group International Resources | 93678500 | 6205573 |
| &nbsp;&nbsp;&nbsp;MMG <sup>\*</sup> | 61063600 | 12057374 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group, Cl H | 62203560 | 59431289 |
| TOTAL CHINA |  | 124727314 |
| **CYPRUS — 0.6%** |  |  |
| Materials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Atalaya Mining | 2342872 | 7444968 |
| **GERMANY — 3.1%** |  |  |
| Materials — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Aurubis . | 651021 | 41128359 |
| **JAPAN — 7.6%** |  |  |
| Materials — 7.6% |  |  |
| &nbsp;&nbsp;&nbsp;Mitsubishi Materials | 2631668 | 34455047 |
| &nbsp;&nbsp;&nbsp;Nittetsu Mining | 203215 | 4051038 |
| &nbsp;&nbsp;&nbsp;Sumitomo Metal Mining | 2199613 | 61888395 |
| TOTAL JAPAN |  | 100394480 |
| **MEXICO — 5.2%** |  |  |
| Materials — 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Mexico, Cl B | 18968117 | 68642241 |
| **MONGOLIA — 4.6%** |  |  |
| Materials — 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;Turquoise Hill Resources <sup>\*</sup> | 2139981 | 60154866 |

---

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

------

![](page-logo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2022** |
| **Global X Copper Miners ETF** | **Global X Copper Miners ETF** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **PERU — 4.6%** | | |
| Materials — 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;Southern Copper . | &nbsp;&nbsp;&nbsp;1303765 | $61237842 |
| **POLAND — 4.6%** |  |  |
| Materials — 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;KGHM Polska Miedz | &nbsp;&nbsp;&nbsp;2996788 | 60082103 |
| **SWEDEN — 4.2%** |  |  |
| Materials — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Boliden . | &nbsp;&nbsp;&nbsp;1907592 | 55516435 |
| **TURKEY — 0.7%** |  |  |
| Industrials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret . | &nbsp;&nbsp;&nbsp;7039272 | 8937725 |
| **UNITED KINGDOM — 0.7%** |  |  |
| Materials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Central Asia Metals | &nbsp;&nbsp;&nbsp;3863459 | 9541327 |
| **UNITED STATES — 5.2%** |  |  |
| Materials — 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan | &nbsp;&nbsp;&nbsp;2155813 | 68317714 |
| **ZAMBIA — 4.8%** |  |  |
| Materials — 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals | &nbsp;&nbsp;&nbsp;3559163 | 62700551 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,709,091,369) |  | 1312257881 |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup> — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Portfolio, Cl Institutional, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.910%  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $7,748,356)  | &nbsp;&nbsp;&nbsp;7748356 | 7748356 |

---

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

------

![](page-logo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2022** |
| **Global X Copper Miners ETF** | **Global X Copper Miners ETF** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENT<sup>(B)</sup> — 0.8%** | **REPURCHASE AGREEMENT<sup>(B)</sup> — 0.8%** | |
| &nbsp;&nbsp;&nbsp;BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.930%, dated 10/31/2022, to be repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.930%, dated 10/31/2022, to be repurchased |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on 11/01/2022, repurchase price $10,766,484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on 11/01/2022, repurchase price $10,766,484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(collateralized by U.S. Treasury Obligations, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(collateralized by U.S. Treasury Obligations, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ranging in par value $213,982 - $1,257,998, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ranging in par value $213,982 - $1,257,998, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500% - 2.750%, 03/31/2027 - 05/31/2029, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500% - 2.750%, 03/31/2027 - 05/31/2029, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a total market value of $10,967,833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a total market value of $10,967,833) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,765,608) . | $10765608 | $10765608 |
| TOTAL INVESTMENTS — 101.2% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,727,605,333) |  | $1330771845 |

---

*Percentages are based on Net Assets of $1,315,487,915.*

*\* Non-income producing security.*

*(A) This security or a partial position of this security is on loan at October 31, 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 October 31, 2022.*

*The following is a summary of the level of inputs used as of October 31, 2022, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *Investments in Securities* | Level 1 | Level 2 | Level 3 | Total |
|  *Common Stock* | $*1312257881* | $*—* | $*—* | $*1312257881* |
|  *Short-Term Investment* | *7748356* | *—* | *—* | *7748356*  |
|  *Repurchase Agreement* | *—* | *10765608* | *—* | *10765608*  |
|  *Total Investments in Securities* | $*1320006237* | $*10765608* | $*—* | $*1330771845*  |

---

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

*See "Glossary" for abbreviations.*

** 

<br> ** 

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

------

![](page-logo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2022** |
| **Global X Uranium ETF** | **Global X Uranium ETF** |

---

------

![](uranium-barchart.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 90.1%** | | |
| **AUSTRALIA — 15.1%** | | |
| Energy — 9.5% |  |  |
| &nbsp;&nbsp;&nbsp;Alligator Energy <sup>\* (A)</sup> | 162187370 | $5392971 |
| &nbsp;&nbsp;&nbsp;Aura Energy <sup>\* (A)</sup> | 13094893 | 2470197 |
| &nbsp;&nbsp;&nbsp;Bannerman Energy <sup>\* (A)(B)</sup> | 7555885 | 10098092 |
| &nbsp;&nbsp;&nbsp;Berkeley Energia <sup>\* (A)</sup> | 12610425 | 2143719 |
| &nbsp;&nbsp;&nbsp;Boss Energy <sup>\* (A)</sup> | 17099870 | 28757838 |
| &nbsp;&nbsp;&nbsp;Deep Yellow <sup>\* (A)</sup> | 31705687 | 16016659 |
| &nbsp;&nbsp;&nbsp;Elevate Uranium <sup>\* (A)</sup> | 11846753 | 3825590 |
| &nbsp;&nbsp;&nbsp;Paladin Energy <sup>\*</sup> | 141599974 | 76964381 |
| &nbsp;&nbsp;&nbsp;Peninsula Energy <sup>\* (A)</sup> | 51136847 | 5558922 |
|  |  | 151228369 |
| Financials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Macquarie Group . | 255343 | 27675874 |
| Materials — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;BHP Group | 1187247 | 28363226 |
| &nbsp;&nbsp;&nbsp;Lotus Resources <sup>\* (A)</sup> | 35834857 | 5270371 |
| &nbsp;&nbsp;&nbsp;Rio Tinto . | 536738 | 28037307 |
|  |  | 61670904 |
| TOTAL AUSTRALIA |  | 240575147 |

---

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

------

![](page-logo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2022** |
| **Global X Uranium ETF** | **Global X Uranium ETF** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **CANADA — 38.3%** | | |
| Energy — 35.3% |  |  |
| &nbsp;&nbsp;&nbsp;Cameco . | 14698905 | $348170243 |
| &nbsp;&nbsp;&nbsp;Denison Mines <sup>\* (A)</sup> | 43967328 | 55440639 |
| &nbsp;&nbsp;&nbsp;Encore Energy <sup>\* (A)</sup> | 5453367 | 14592419 |
| &nbsp;&nbsp;&nbsp;Fission Uranium <sup>\* (A)</sup> | 31081997 | 16178452 |
| &nbsp;&nbsp;&nbsp;Forsys Metals <sup>\* (A)</sup> | 10251027 | 4208479 |
| &nbsp;&nbsp;&nbsp;GoviEx Uranium, Cl A <sup>\* (A)</sup> | 24463042 | 4124849 |
| &nbsp;&nbsp;&nbsp;IsoEnergy <sup>\* (A)</sup> | 2801778 | 7106889 |
| &nbsp;&nbsp;&nbsp;Laramide Resources <sup>\* (A)</sup> | 10019897 | 4040133 |
| &nbsp;&nbsp;&nbsp;Mega Uranium <sup>\*</sup> | 17281279 | 2850546 |
| &nbsp;&nbsp;&nbsp;NexGen Energy <sup>\*</sup> | 21773548 | 91305080 |
| &nbsp;&nbsp;&nbsp;Skyharbour Resources <sup>\*</sup> | 6950676 | 1961813 |
| &nbsp;&nbsp;&nbsp;Uranium Royalty <sup>\* (A)</sup> | 4155962 | 9262215 |
| &nbsp;&nbsp;&nbsp;Western Uranium & Vanadium <sup>\* (A)</sup> | 1912010 | 2018470 |
|  |  | 561260227 |
| Materials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Global Atomic <sup>\* (A)</sup> | 8252966 | 24019849 |
| Real Estate — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Aecon Group . | 3222602 | 22821990 |
| TOTAL CANADA |  | 608102066 |
| **CHINA — 2.2%** |  |  |
| Energy — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;CGN Mining <sup>\* (A)</sup> | 112292000 | 10442640 |
| Utilities — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;CGN Power, Cl H . | 117495086 | 23798823 |
| TOTAL CHINA |  | 34241463 |
| **JAPAN — 5.3%** |  |  |
| Industrials — 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;ITOCHU . | 1056923 | 27369709 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries . | 826657 | 28475688 |
| &nbsp;&nbsp;&nbsp;Sumitomo | 2204063 | 28107790 |
| TOTAL JAPAN |  | 83953187 |

---

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

------

![](page-logo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2022** |
| **Global X Uranium ETF** | **Global X Uranium ETF** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **KAZAKHSTAN — 5.8%** | | |
| Energy — 5.8% |  |  |
| &nbsp;&nbsp;&nbsp;NAC Kazatomprom JSC GDR | 3520114 | $92931010 |
| **SOUTH AFRICA — 2.0%** |  |  |
| Materials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Sibanye Stillwater . | 13349416 | 31329632 |
| **SOUTH KOREA — 7.4%** |  |  |
| Industrials — 7.4% |  |  |
| &nbsp;&nbsp;&nbsp;Daewoo Engineering & Construction <sup>\*</sup> | 7540659 | 22260150 |
| &nbsp;&nbsp;&nbsp;Doosan Enerbility <sup>\*</sup> | 2212438 | 20579735 |
| &nbsp;&nbsp;&nbsp;GS Engineering & Construction | 1393972 | 21235700 |
| &nbsp;&nbsp;&nbsp;Hyundai Engineering & Construction | 1043839 | 25574770 |
| &nbsp;&nbsp;&nbsp;Samsung C&T . | 341832 | 28437005 |
| TOTAL SOUTH KOREA |  | 118087360 |
| **UNITED KINGDOM — 2.9%** |  |  |
| Industrials — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Yellow Cake <sup>\*</sup> | 9205910 | 45428047 |
| **UNITED STATES — 11.1%** |  |  |
| Energy — 11.1% |  |  |
| &nbsp;&nbsp;&nbsp;Centrus Energy, Cl A <sup>\*</sup> | 582712 | 27568105 |
| &nbsp;&nbsp;&nbsp;Energy Fuels <sup>\* (A)</sup> | 8353313 | 60320467 |
| &nbsp;&nbsp;&nbsp;Uranium Energy <sup>\*</sup> | 17570667 | 73972508 |
| &nbsp;&nbsp;&nbsp;Ur-Energy \* | 11441709 | 14759804 |
| TOTAL UNITED STATES |  | 176620884 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,572,400,774) |  | 1431268796 |
| **EXCHANGE TRADED FUND — 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Sprott Physical Uranium Trust<sup>\* (A)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $144,389,298) | 12065535 | 155501708 |

---

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

------

![](page-logo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2022** |
| **Global X Uranium ETF** | **Global X Uranium ETF** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENT<sup>(C</sup>** **<sup>)(D)</sup> — 1.9%** | | |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Portfolio, Cl Institutional, 2.910% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $30,964,891)  | 30964891 | $30964891 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENT<sup>(C)</sup>** **— 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.930%, dated 10/31/2022, to be repurchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on 11/01/2022, repurchase price $43,026,295 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(collateralized by U.S. Treasury Obligations, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ranging in par value $855,138 - $5,027,358, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500% - 2.750%, 03/31/2027 - 05/31/2029, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a total market value of $43,830,928) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $43,022,793) . | $43022793 | 43022793 |
| TOTAL INVESTMENTS — 104.5% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,790,777,756) |  | $1660758188 |

---

*Percentages are based on Net Assets of $1,588,529,438.*

*\* Non-income producing security.*

*(A) This security or a partial position of this security is on loan at October 31, 2022.* 

*(B) Affiliated investment.*

*(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 October 31, 2022.*

*The following is a summary of the level of inputs used as of October 31, 2022, in valuing the Fund's investments carried at value:*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *Investments in Securities* | Level 1 | Level 2 | Level 3 | Total |
|  *Common Stock* | $*1431268796* | $— | $*—* | $*1431268796* |
| *Exchange Traded Fund* | *155501708* |  | —  | *155501708* |
|  *Short-Term Investment* | *30964891* |  | *—* | *30964891* |
|  *Repurchase Agreement* |  | *43022793* | *—* | *43022793* |
|  *Total Investments in Securities* | $*1617735395* | $*43022793* | $*—* | $*1,660,758,188*   |

---

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

------

![](page-logo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **October 31, 2022** |
| **Global X Uranium ETF** | **Global X Uranium ETF** |

---

------

*The following is a summary of the transactions with affiliates for the year ended October 31, 2022:*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Changes in |  |  |
|  |  |  |  | Unrealized |  |  |
|  | Purchases at | Proceeds from | Realized Gain | Appreciation | Value at |  |
| Value at 10/31/21 | Cost | Sales | (Loss) | (Depreciation) | 10/31/22 | Income |
| Bannerman Energy |  |  |  |  |  |  |
| $12450769 | $9286483 | $(4060433) | ($1260954) | $(6317773) | $10098092 | $— |

---

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

*See "Glossary" for abbreviations.*

** 

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

------

![](page-logo.jpg)

---

| | |
|:---|:---|
|  | **October 31, 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* 

GDR — *Global Depositary Receipt* 

JSC — *Joint-Stock Company*

*<br>* 

------

![](page-logo.jpg)

#### Statements of Assets and Liabiities

#### October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Silver Miners ETF** | **Global X Gold Explorers ETF** | **Global X Copper Miners ETF** |
| **Assets:** | | | |
| &nbsp;&nbsp;&nbsp; Cost of Investments | $1141731520 | $42932808 | $1716839725 |
| &nbsp;&nbsp;&nbsp; Cost of Repurchase Agreement | 21562390 | 1361300 | 10765608 |
| &nbsp;&nbsp;&nbsp; Cost of Foreign Currency | 2659 | 7603 | 411176 |
| &nbsp;&nbsp;&nbsp; Investments, at Value | $857034827<br> \* | $29688068<br> \* | $1320006237<br> \* |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement, at Value | 21562390 | 1361300 | 10765608 |
| &nbsp;&nbsp;&nbsp; Cash | 677332 | 64161 | 1055389 |
| &nbsp;&nbsp;&nbsp; Foreign Currency, at Value | 2680 | 7604 | 423810 |
| &nbsp;&nbsp;&nbsp; Receivable for Investment Securities Sold | 41062259 | 1190876 | 89241317 |
| &nbsp;&nbsp;&nbsp; Dividend, Interest, and Securities Lending Income Receivable | 67120 | 6205 | 1751664 |
| &nbsp;&nbsp;&nbsp; Reclaim Receivable | 6247 | 841 | 216667 |
| &nbsp;&nbsp;&nbsp; Unrealized Appreciation on Spot Contracts |  | 1093 |  |
| &nbsp;&nbsp;&nbsp; Receivable for Capital Shares Sold |  |  | 597859 |
| &nbsp;&nbsp;&nbsp; Due from Broker |  |  | 77040 |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 920412855 | 32320148 | 1424135591 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Obligation to Return Securities Lending Collateral | 37081538 | 2341071 | 18513964 |
| &nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased | 40936147 | 1218081 | 88619259 |
| &nbsp;&nbsp;&nbsp; Payable due to Investment Adviser | 460972 | 16130 | 743854 |
| &nbsp;&nbsp;&nbsp; Unrealized Depreciation on Spot Contracts | 26023 |  | 153353 |
| &nbsp;&nbsp;&nbsp; Custodian Fees Payable |  | 81 | 19387 |
| &nbsp;&nbsp;&nbsp; Due to Broker |  |  | 597859 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 78504680 | 3575363 | 108647676 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $841908175 | $28744785 | $1315487915 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $1688084465 | $110158557 | $1806243123 |
| &nbsp;&nbsp;&nbsp; Total Distributable Loss | (846176290) | (81413772) | (490755208) |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $841908175 | $28744785 | $1315487915 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest |  |  |  |
| &nbsp;&nbsp;&nbsp; (unlimited authorization — no par value) | 33767318 | 1412054 | 45779374 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $24.93 | $20.36 | $28.74 |
| \*Includes Market Value of Securities on Loan | $34983088 | $2152422 | $11897284 |

---

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

------

![](page-logo.jpg)

#### Statements of Assets and Liabiities

#### October 31, 2022

---

| | |
|:---|:---|
|  | **Global X Uranium ETF** |
| **Assets:** | |
| &nbsp;&nbsp;&nbsp; Cost of Investments | $1735359951 |
| &nbsp;&nbsp;&nbsp; Cost of Repurchase Agreement | 43022793 |
| &nbsp;&nbsp;&nbsp; Cost of Affiliated Investments | 12395012 |
| &nbsp;&nbsp;&nbsp; Cost of Foreign Currency | 6982 |
| &nbsp;&nbsp;&nbsp; Investments, at Value | $1607637303<br> \* |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement, at Value | 43022793 |
| &nbsp;&nbsp;&nbsp; Affiliated Investments, at Value | 10098092 |
| &nbsp;&nbsp;&nbsp; Cash | 1162842 |
| &nbsp;&nbsp;&nbsp; Foreign Currency, at Value | 6978 |
| &nbsp;&nbsp;&nbsp; Receivable for Capital Shares Sold | 1863211 |
| &nbsp;&nbsp;&nbsp; Dividend, Interest, and Securities Lending Income Receivable | 1518482 |
| &nbsp;&nbsp;&nbsp; Due from Broker | 1056628 |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 1666366329 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp; Obligation to Return Securities Lending Collateral | 73987684 |
| &nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased | 1650085 |
| &nbsp;&nbsp;&nbsp; Payable for Capital Shares Redeemed | 1056628 |
| &nbsp;&nbsp;&nbsp; Payable due to Investment Adviser | 917727 |
| &nbsp;&nbsp;&nbsp; Unrealized Depreciation on Spot Contracts | 209 |
| &nbsp;&nbsp;&nbsp; Custodian Fees Payable | 1034 |
| &nbsp;&nbsp;&nbsp; Due to Broker | 223524 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 77836891 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $1588529438 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $2345419496 |
| &nbsp;&nbsp;&nbsp; Total Distributable Loss | (756890058) |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $1588529438 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest |  |
| &nbsp;&nbsp;&nbsp; (unlimited authorization — no par value) | 78251666 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $20.30 |
| \*Includes Market Value of Securities on Loan | $69459517 |

---

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

------

![](page-logo.jpg)

#### Statements of Operations

#### For the year ended October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Silver Miners ETF** | **Global X Gold Explorers ETF** | **Global X Copper Miners ETF** |
| **Investment Income:** | | | |
| &nbsp;&nbsp;&nbsp; Dividend Income | $12424685 | $488081 | $64123263 |
| &nbsp;&nbsp;&nbsp; Interest Income | 4229 | 207 | 7501 |
| &nbsp;&nbsp;&nbsp; Security Lending Income | 1317029 | 81045 | 460936 |
| &nbsp;&nbsp;&nbsp; Less: Foreign Taxes Withheld | (1456187) | (35768) | (3666285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 12289756 | 533565 | 60925415 |
| &nbsp;&nbsp;&nbsp; Supervision and Administration Fees<sup>(1)</sup> | 6192399 | 268941 | 9981710 |
| &nbsp;&nbsp;&nbsp; Custodian Fees<sup>(2)</sup> | 5829 | 2629 | 45448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 6198228 | 271570 | 10027158 |
| &nbsp;&nbsp;&nbsp; **Net Investment Income** | 6091528 | 261995 | 50898257 |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(3)</sup> | (162017219) | 1128182 | (5032134) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions | (135732) | 15478 | (573016) |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | (162152951) | 1143660 | (5605150) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (255986949) | (14151435) | (361760390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Translations | (33646) | 691 | (182992) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation)** | (256020595) | (14150744) | (361943382) |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Loss** | (418173546) | (13007084) | (367548532) |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | $(412082018) | $(12745089) | $(316650275) |

---

(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.*

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#### Statements of Operations

#### For the year ended October 31, 2022

---

| | |
|:---|:---|
|  | **Global X Uranium ETF** |
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp; Dividend Income | $28318512 |
| &nbsp;&nbsp;&nbsp; Interest Income | 8082 |
| &nbsp;&nbsp;&nbsp; Security Lending Income | 2846275 |
| &nbsp;&nbsp;&nbsp; Less: Foreign Taxes Withheld | (1584599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 29588270 |
| &nbsp;&nbsp;&nbsp; Supervision and Administration Fees<sup>(1)</sup> | 10500338 |
| &nbsp;&nbsp;&nbsp; Custodian Fees<sup>(2)</sup> | 14967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 10515305 |
| &nbsp;&nbsp;&nbsp; **Net Investment Income** | 19072965 |
| &nbsp;&nbsp;&nbsp; **Net Realized Loss on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(3)</sup> | (45064461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investments | (1260954) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions | (541818) |
| &nbsp;&nbsp;&nbsp; **Net Realized Loss** | (46867233) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Depreciation on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (396010679) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investments | (6317773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Translations | (22100) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Depreciation** | (402350552) |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Loss** | (449217785) |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | $(430144820) |

---

(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.*

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#### Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Silver Miners ETF** | **Global X Silver Miners ETF** | **Global X Gold Explorers ETF** | **Global X Gold Explorers ETF** |
|  | **Year Ended October 31, 2022** | **Year Ended October 31, 2021** | **Year Ended October 31, 2022** | **Year Ended October 31, 2021** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp; Net Investment Income | $6091528 | $11414236 | $261995 | $341661 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (162152951) | 79366405 | 1143660 | 6719405 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (256020595) | (219907736) | (14150744) | (12421306) |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | (412082018) | (129127095) | (12745089) | (5360240) |
| **Distributions** | (10656479) | (24128587) | (967622) | (1872117) |
| **Return of Capital** | (3107323) |  |  |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 240640155 | 521822116 |  | 13363058 |
| &nbsp;&nbsp;&nbsp; Redeemed | (73077499) | (253367779) | (7264855) | (17078187) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 167562656 | 268454337 | (7264855) | (3715129) |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (258283164) | 115198655 | (20977566) | (10947486) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 1100191339 | 984992684 | 49722351 | 60669837 |
| &nbsp;&nbsp;&nbsp; End of Year | $841908175 | $1100191339 | $28744785 | $49722351 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 7690000 | 11290000 |  | 380000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (2290000) | (6220000) | (240000) | (540000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 5400000 | 5070000 | (240000) | (160000) |

---

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

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Copper Miners ETF** | **Global X Copper Miners ETF** | **Global X Uranium ETF** | **Global X Uranium ETF** |
|  | **Year Ended October 31, 2022** | **Year Ended October 31, 2021** | **Year Ended October 31, 2022** | **Year Ended October 31, 2021** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp; Net Investment Income | $50898257 | $12758141 | $19072965 | $10932296 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (5605150) | 85687912 | (46867233) | 71128100 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (361943382) | (34120169) | (402350552) | 283286817 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (316650275) | 64325884 | (430144820) | 365347213 |
| **Distributions** | (48850684) | (7289000) | (74869077) | (2489718) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 1192691215 | 1114784902 | 1082750695 | 1003893102 |
| &nbsp;&nbsp;&nbsp; Redeemed | (505711107) | (281700749) | (304816155) | (192750767) |
| &nbsp;&nbsp;&nbsp; **Increase in Net Assets from Capital Share Transactions** | 686980108 | 833084153 | 777934540 | 811142335 |
| &nbsp;&nbsp;&nbsp; **Total Increase in Net Assets** | 321479149 | 890121037 | 272920643 | 1173999830 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 994008766 | 103887729 | 1315608795 | 141608965 |
| &nbsp;&nbsp;&nbsp; End of Year | $1315487915 | $994008766 | $1588529438 | $1315608795 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 33190000 | 29630000 | 44260000 | 45120000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (14050000) | (7840000) | (14670000) | (9490000) |
| &nbsp;&nbsp;&nbsp; **Net Increase in Shares Outstanding from Share Transactions** | 19140000 | 21790000 | 29590000 | 35630000 |

---

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

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#### Financial Highlights

#### Selected Per Share Data & Ratios

#### For a Share Outstanding Throughout the Period

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value, Beginning of Period ($)** | **Net Investment Income ($)\*** | **Net Realized and Unrealized Gain (Loss) on Investments ($)** | **Total from Operations ($)** | **Distribution from Net Investment Income ($)** | **Distribution from Capital Gains ($)** | **Return of Capital ($)** |
| **Global X Silver Miners ETF** | | | | | | | |
| 2022 | 38.78 | 0.20 | (13.57) | (13.37) | (0.37) |  | (0.11) |
| 2021 | 42.28 | 0.41 | (3.00) | (2.59) | (0.91) |  |  |
| 2020 | 30.39 | 0.33 | 12.11 | 12.44 | (0.55) |  |  |
| 2019 | 23.20 | 0.21 | 7.38 | 7.59 | (0.40) |  |  |
| 2018 | 31.96 | 0.32 | (9.07) | (8.75) | (0.01) |  |  |
| **Global X Gold Explorers ETF** |  |  |  |  |  |  |  |
| 2022 | 30.10 | 0.17 | (9.32) | (9.15) | (0.59) |  |  |
| 2021 | 33.48 | 0.20 | (2.54) | (2.34) | (1.04) |  |  |
| 2020 | 25.39 | 0.06 | 8.47 | 8.53 | (0.44) |  |  |
| 2019 | 18.49 | 0.04 | 6.87 | 6.91 | (0.01) |  |  |
| 2018 | 21.46 | 0.06 | (3.03) | (2.97) |  |  |  |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |

---

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

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

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#### 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 (%)††** |
| (0.48) | 24.93 | (34.83) | 841908 | 0.65 | 0.64 | 17.72 |
| (0.91) | 38.78 | (6.43) | 1100191 | 0.65 | 0.96 | 15.61 |
| (0.55) | 42.28 | 41.40 | 984993 | 0.65 | 0.90 | 19.95 |
| (0.40) | 30.39 | 33.08 | 525591 | 0.66 | 0.80 | 42.16 |
| (0.01) | 23.20 | (27.40) | 301515 | 0.65 | 1.10 | 25.71 |
| (0.59) | 20.36 | (30.94) | 28745 | 0.65 | 0.63 | 30.04 |
| (1.04) | 30.10 | (7.36) | 49722 | 0.65 | 0.61 | 18.30 |
| (0.44) | 33.48 | 34.03 | 60670 | 0.65 | 0.20 | 18.81 |
| (0.01) | 25.39 | 37.40 | 43470 | 0.65 | 0.19 | 16.35 |
|  | 18.49 | (13.84) | 32582 | 0.65 | 0.26 | 20.31 |

---

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

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#### 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 Copper Miners ETF** | | | | | | | |
| 2022 | 37.31 | 1.19 | (8.66) | (7.47) | (1.10) |  |  |
| 2021 | 21.42 | 0.63 | 15.74 | 16.37 | (0.48) |  |  |
| 2020 | 17.47 | 0.23 | 3.85 | 4.08 | (0.13) |  |  |
| 2019 | 19.38 | 0.37 | (1.58) | (1.21) | (0.70) |  |  |
| 2018 | 25.61 | 0.43 | (6.23) | (5.80) | (0.43) |  |  |
| **Global X Uranium ETF** |  |  |  |  |  |  |  |
| 2022 | 27.04 | 0.28 | (5.61) | (5.33) | (1.41) |  |  |
| 2021 | 10.87 | 0.39 | 15.91 | 16.30 | (0.13) |  |  |
| 2020 | 10.92 | 0.22 | (0.03) | 0.19 | (0.24) |  |  |
| 2019 | 12.08 | 0.17 | (1.17) | (1.00) | (0.16) |  |  |
| 2018 | 11.88 | 0.03 | 0.48 | 0.51 | (0.31) |  |  |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |

---

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

** 

<br> ** 

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

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#### 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 (%)††** |
| (1.10) | 28.74 | (20.38) | 1315488 | 0.65 | 3.31 | 30.46 |
| (0.48) | 37.31 | 76.80 | 994009 | 0.65 | 1.71 | 20.13 |
| (0.13) | 21.42 | 23.45 | 103888 | 0.65 | 1.26 | 16.85 |
| (0.70) | 17.47 | (6.51) | 48021 | 0.65 | 1.89 | 18.77 |
| (0.43) | 19.38 | (23.12) | 68798 | 0.65 | 1.74 | 17.00 |
| (1.41) | 20.30 | (20.11) | 1588529 | 0.69 | 1.25 | 26.47 |
| (0.13) | 27.04 | 150.73 | 1315609 | 0.69 | 1.91 | 30.01 |
| (0.24) | 10.87 | 1.72 | 141609 | 0.69 | 2.03 | 59.21 |
| (0.16) | 10.92 | (8.42) | 187616 | 0.71 | 1.46 | 23.93 |
| (0.31) | 12.08 | 3.79 | 308953 | 0.72 | 0.20 | 54.06 |

---

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

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---

| |
|:---|
| **Notes to Financial Statements** |
| **October 31, 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 (the "1940 Act"), as amended, as an open-end management investment company. As of October 31, 2022, the Trust had one hundred and seven portfolios, ninety-seven of which were operational. The financial statements herein and the related notes pertain to the Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Copper Miners ETF and Global X Uranium ETF (the "Funds"). Each Fund has elected non-diversified status.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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 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

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

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---

| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **October 31, 2022** |

---

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less will be valued at their market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates as of reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day. Prices for most securities held 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 Funds' Board of Trustees (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 (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, the Funds may fair value a security if an event that may materially affect the value of the Funds' security that traded outside of the United States (a "Significant Event") has occurred between the time of the security's last close and the time that 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 NAV, 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

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---

| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **October 31, 2022** |

---

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued) 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)

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

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

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

DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds' clearing brokers or counterparties as of October 31, 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.

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---

| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **October 31, 2022** |

---

------

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

As of October 31, 2022, the open repurchase agreements by counterparty which are subject to an MRA on a net payment basis are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Fair Value** |  | |
|  | | **of Non-Cash** | **Cash** | |
|  | **Repurchase** | **Collateral** | **Collateral** | |
|  | **Agreements\*** | **Received**<sup>(1)</sup> | **Received** | **Net Amount**<sup>(2)</sup> |
| **Global X Silver Miners ETF** | | |  | |
| &nbsp;&nbsp;BNP Paribas | $21562390 | $21562390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
| **Global X Gold Explorers ETF** |  |  |  |  |
| &nbsp;&nbsp;BNP Paribas | 1361300 | 1361300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| **Global X Copper Miners ETF** |  |  |  |  |
| &nbsp;&nbsp;BNP Paribas | 10765608 | 10765608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| **Global X Uranium ETF** |  |  |  |  |
| &nbsp;&nbsp;BNP Paribas | 43022793 | 43022793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |

---

---

| |
|:---|
| \* 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.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **October 31, 2022** |

---

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax positions in the current period. 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 year ended October 31, 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 income tax expense on the Statements of Operations. During the year, the Funds did not incur any interest or penalties.

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

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

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

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **October 31, 2022** |

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Value at** | |
|  | **Creation Unit** | **Creation** | **October 31,** | **Redemption** |
|  | **Shares** | **Fee** | **2022** | **Fee** |
| Global X Silver Miners ETF | 10000 | $500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249300 | $500 |
| Global X Gold Explorers ETF | 10000 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203600 | 1000 |
| Global X Copper Miners ETF | 10000 | 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287400 | 600 |
| Global X Uranium ETF | 10000 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203000 | 500 |

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

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS

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 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 (stated as a percentage of the average daily net

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **October 31, 2022** |

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3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

assets of the Fund) (the "Supervision and Administration Fee"). In addition, the Funds bear other expenses, directly and indirectly, that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, custodian fees, acquired fund fees and other transaction expenses, interest expenses, and extraordinary expenses (such as litigation and indemnification expenses).

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

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| | |
|:---|:---|
|  | **Supervision and** |
|  | **Administration Fee** |
| Global X Silver Miners ETF | 0.65% |
| Global X Gold Explorers ETF | 0.65% |
| Global X Copper Miners ETF | 0.65% |
| Global X Uranium ETF | 0.69% |

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

SEI Investments Distribution Co. ("SIDCO") serves as each Fund's underwriter and distributor of Creation Units pursuant to a distribution agreement. SIDCO has no obligation to sell any specific quantity of Fund Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (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 transfer agent and custodian of the Funds' assets. As custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds; (2) collect and receive all income and other payments and distributions on account of the Funds'

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **October 31, 2022** |

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3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

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.

4. INVESTMENT TRANSACTIONS

For the year ended October 31, 2022, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government and short-term securities were:

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| | | |
|:---|:---|:---|
|  | | **Sales and** |
| **2022** | **Purchases** | **Maturities** |
| Global X Silver Miners ETF | $173353987 | $166870946 |
| Global X Gold Explorers ETF | 12266222 | 12823137 |
| Global X Copper Miners ETF | 536810078 | 456043879 |
| Global X Uranium ETF | 441814953 | 398685833 |

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For the year ended October 31, 2022, in-kind transactions associated with creations and redemptions were:

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| | | | |
|:---|:---|:---|:---|
|  | | **Sales and** | **Realized** |
| **2022**  | **Purchases**  | **Maturities**  | **Gain**  |
| Global X Silver Miners ETF  | $224317457 | $68520389 | $16244670 |
| Global X Gold Explorers ETF  |  | 7411987 | 2550447 |
| Global X Copper Miners ETF  | 1116710038 | 508128387 | 67564378 |
| Global X Uranium ETF  | 951267977 | 273954603 | 82327216 |

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During the year ended October 31, 2022, there were no purchases or sales of long-term U.S. Government securities for the Funds.

5. TAX INFORMATION

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

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **October 31, 2022** |

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5. TAX INFORMATION (continued)

net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise.

The following differences, primarily attributable to net operating losses, foreign currency, redemptions in-kind and sales of passive foreign investment companies, have been reclassified to/from the following accounts during the fiscal year ended October 31, 2022:

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| | | |
|:---|:---|:---|
|  | | **Distributable** |
|  | **Paid-in** | **Earnings** |
| **Global X Funds** | **Capital** | **(Loss)** |
| Global X Silver Miners ETF | $11580354 | $(11580354) |
| Global X Gold Explorers ETF | 2139382 | (2139382) |
| Global X Copper Miners ETF | 56273562 | (56273562) |
| Global X Uranium ETF | 58003264 | (58003264) |

---

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

The tax character of dividends and distributions declared during the years ended October 31, 2022 and 2021 were as follows:

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

---

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| | | | | |
|:---|:---|:---|:---|:---|
| Global X Silver Miners ETF | Global X Silver Miners ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | $10656479 | $– | $3107323 | $13763802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 24128587 |  |  | 24128587 |
| Global X Gold Explorers ETF | Global X Gold Explorers ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | $967622 | $– | $– | $967622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1872117 |  |  | 1872117 |
| Global X Copper Miners ETF | Global X Copper Miners ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | $48850684 | $– | $– | $48850684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 7289000 |  |  | 7289000 |
| Global X Uranium ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | $74869077 | $– | $– | $74869077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 2489718 |  |  | 2489718 |

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As of October 31, 2022, the components of tax basis accumulated losses were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Global X Funds** | **Global X Funds** | **Global X Funds** |
|  | **Global X Silver Miners ETF** | **Global X Gold Explorers ETF** | **Global X Copper Miners ETF** |
|  **Undistributed Ordinary Income** | $— | $292264 | $17942919 |
|  **Capital Loss Carryforwards** | (511694817) | (67397249) | (72151453) |
|  **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | (334481466) | (14308785) | (436546666) |
|  **Other Temporary Differences** | (7) | (2) | (8) |
|  **Total Accumulated Losses** | $(846176290) | $(81413772) | $(490755208) |

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **October 31, 2022** |

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5. TAX INFORMATION (continued)

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| | |
|:---|:---|
|  | **Global X Funds** |
|  | **Global X Uranium ETF** |
|  **Undistributed Ordinary Income** | $26185 |
|  **Capital Loss Carryforwards** | (526882020) |
|  **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | (230054226) |
|  **Other Temporary Differences** | 3 |
|  **Total Accumulated Losses** | $(756890058) |

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For taxable years beginning after December 22, 2010, a Registered Investment Company within the meaning of the 1940 Act is permitted to carry forward net capital losses to offset capital gains realized in later years, and the losses carried forward retain their original character as either long-term or short-term losses. Losses carried forward under these provisions are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Short-Term**<br> **Loss** | **Long-Term** <br> **Loss** | **Total** |
|  Global X Silver Miners ETF | $120118302 | $391576515 | $511694817  |
|  Global X Gold Explorers ETF | 15221886 | 52175363  | 67397249 |
|  Global X Copper Miners ETF | 52321219 | 19830234 | 72151453 |
|  Global X Uranium ETF | 143146706 | 383735314 | 526882020 |

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The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 31, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Aggregated** | **Aggregated** | |
|  | | **Gross** | &nbsp;&nbsp;&nbsp;**Gross** | **Net** |
|  | **Federal Tax** | **Unrealized** | **Unrealized** | **Unrealized** |
| **Global X Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | **Appreciation** | **Depreciation** | **Depreciation** |
| Global X Silver Miners ETF | $1213052480 | $17686365 | $(352167831) | $(334481466) |
| Global X Gold Explorers ETF | 45359114 | 1893240 | (16202025) | (14308785) |
| Global X Copper Miners ETF | 1767118980 | 37342930 | (473889596) | (436546666) |
| Global X Uranium ETF | 1890758407 | 64166285 | (294200511) | (230034226) |

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

6. CONCENTRATION OF RISKS

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

The securities markets of emerging countries are less liquid and subject to greater price volatility, and have a smaller market capitalization than the U.S. securities markets. In

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **October 31, 2022** |

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6. CONCENTRATION OF RISKS (continued)

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

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

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

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

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 to replace U.S. dollar LIBOR. Markets are slowly developing in response to these new rates. Questions regarding the impact of this transition, remain a concern for the Funds.

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **October 31, 2022** |

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6. CONCENTRATION OF RISKS (continued)

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.

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 the 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 value of the securities loans 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 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. <br>

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **October 31, 2022** |

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7. LOANS OF PORTFOLIO SECURITIES (continued)

At October 31, 2022, the following Funds had securities on loan, by counterparty:

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| | | | |
|:---|:---|:---|:---|
|  |  | | &nbsp;&nbsp;&nbsp; **Cash** |
|  |  | **Market Value** | **Collateral**<sup>(1)</sup> |
| **Global X Silver Miners ETF** |  | | |
| &nbsp;&nbsp;Barclays Capital Inc. |  | $1599873 | $1814252 |
| &nbsp;&nbsp;BMO Capital Markets |  | 39031 | 43560 |
| &nbsp;&nbsp;BNP Paribas Securities Corp |  | 16758666 | 17646446 |
| &nbsp;&nbsp;BofA Securities Inc. |  | 4101926 | 4428388 |
| &nbsp;&nbsp;Citigroup Global Markets Inc. |  | 1014 | 1156 |
| &nbsp;&nbsp;Goldman Sachs & Co. |  | 1293295 | 1368810 |
| &nbsp;&nbsp;J.P. Morgan Securities LLC |  | 1005413 | 1094215 |
| &nbsp;&nbsp;Morgan Stanley & Co. LLC |  | 2877930 | 3000224 |
| &nbsp;&nbsp;Scotia Capital (USA) Inc. |  | 2045160 | 2165958 |
| &nbsp;&nbsp;SG Americas Securities LLC |  | 281 | 335 |
| &nbsp;&nbsp;UBS AG London Branch |  | 384559 | 427139 |
| &nbsp;&nbsp;UBS Secirities LLC |  | 4875940 | 5091055 |
|  | Total | $34983088 | $37081538 |
| **Global X Gold Explorers ETF** |  |  |  |
| &nbsp;&nbsp;BofA Securities Inc. |  | $1987487 | $2168446 |
| &nbsp;&nbsp;Morgan Stanley & Co. LLC |  | 79935 | 82125 |
| &nbsp;&nbsp;UBS AG London Branch |  | 85000 | 90500 |
|  | Total | $2152422 | $2341071 |
| **Global X Copper Miners ETF** |  |  |  |
| &nbsp;&nbsp;Barclays Bank PLC |  | $368430 | $400000 |
| &nbsp;&nbsp;Barclays Capital Inc. |  | 331232 | 354150 |
| &nbsp;&nbsp;BNP Paribas Securities Corp |  | 634316 | 676115 |
| &nbsp;&nbsp;BofA Securities Inc. |  | 2965814 | 3246819 |
| &nbsp;&nbsp;J.P. Morgan Securities LLC |  | 3476559 | 8181352 |
| &nbsp;&nbsp;Morgan Stanley & Co. LLC |  | 2477134 | 2662037 |
| &nbsp;&nbsp;Scotia Capital (USA) Inc. |  | 1455634 | 2736168 |
| &nbsp;&nbsp;UBS AG London Branch |  | 171695 | 192223 |
| &nbsp;&nbsp;UBS Secirities LLC |  | 16470 | 65100 |
|  | Total | $11897284 | $18513964 |
| **Global X Uranium ETF** |  |  |  |
| &nbsp;&nbsp;Barclays Capital Inc. |  | $2221620 | $2589625 |
| &nbsp;&nbsp;BNP Paribas Securities Corp |  | 4489942 | 4657616 |
| &nbsp;&nbsp;BofA Securities Inc. |  | 5925460 | 6498136 |
| &nbsp;&nbsp;Citigroup Global Markets Inc. |  | 123966 | 130651 |
| &nbsp;&nbsp;Goldman Sachs & Co. |  | 932429 | 986202 |
| &nbsp;&nbsp;J.P. Morgan Securities LLC |  | 34990307 | 37182335 |
| &nbsp;&nbsp;Morgan Stanley & Co. LLC |  | 4620167 | 5071884 |
| &nbsp;&nbsp;National Financial Services LLC |  | 862396 | 933377 |
| &nbsp;&nbsp;Scotia Capital (USA) Inc. |  | 4659051 | 4899865 |
| &nbsp;&nbsp;UBS AG London Branch |  | 789314 | 840258 |
| &nbsp;&nbsp;UBS Securities LLC |  | 9844865 | 10197735 |
|  | Total | $69459517 | $73987684 |

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(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. <br>

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| |
|:---|
| **Notes to Financial Statements (Concluded)** |
| **October 31, 2022** |

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8. CONTRACTUAL OBLIGATION

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

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

9. SUBSEQUENT EVENTS

The Funds have been evaluated by management regarding the need for additional disclosures 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**

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To the Board of Trustees of Global X Funds and Shareholders of Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Copper Miners ETF, and Global X Uranium ETF

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Copper Miners ETF, and Global X Uranium ETF (four of the funds constituting Global X Funds hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (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 October 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2022 and each of the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***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 October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we

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**Report of Independent Registered Public Accounting Firm**

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performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 29, 2022

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)**

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

Operating expenses such as these are deducted from a Fund's gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the Fund's average net assets; this percentage is known as the Fund'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 a Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from May 1, 2022 through October 31, 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 Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all funds to make this 5% calculation. You can assess your Fund's comparative cost by comparing the hypothetical result for your Fund in the "Expenses Paid During Period" column with those that appear in the same charts in the shareholder reports for other funds.

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

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**Disclosure of Fund Expenses (Unaudited) (Concluded)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning** | **Ending** | **Annualized** | **Expenses** |
|  | **Account Value** | **Account Value** | **Expense** | **Paid During** |
|  | **5/1/2022** | **10/31/2022** | **Ratios** | **Period<sup>(1)</sup>** |
| *Global X Silver Miners ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $755.60 | 0.65% | $2.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | 1000.00 | 1021.93 | 0.65 | 3.31 |
| *Global X Gold Explorers ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $664.60 | 0.65% | $2.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | 1000.00 | 1021.93 | 0.65 | 3.31 |
| *Global X Copper Miners ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $727.20 | 0.65% | $2.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | 1000.00 | 1021.88 | 0.65 | 3.36 |
| *Global X Uranium ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $868.90 | 0.69% | $3.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | 1000.00 | 1021.73 | 0.69 | 3.52 |

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

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**Liquidity Risk Management Program (UNAUDITED)**

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Pursuant to Rule 22e-4 under the 1940 Act, the Funds'investment adviser has adopted, and the Board has approved, a liquidity risk management program (the "Program") to govern the Funds' approach to managing liquidity risk. The Program is overseen by the Funds' Liquidity Risk Management Committee (the "Committee"), and the Program's principal objectives include assessing, managing and periodically reviewing each Fund's liquidity risk, based on factors specific to the circumstances of the Funds.

At a meeting of the Board held on May 20, 2022, the Trustees received a report from the Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation for the period from January 1, 2021 through December 31, 2021. The Committee's report noted that the Committee had determined that the Program is reasonably designed to assess and manage each Fund's Liquidity Risk and operated adequately and effectively to manage each Fund's Liquidity Risk for the period covered by the report. The Committee's report noted that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Committee's report noted that one Fund, the Global X Nigeria Fund, was classified as an In-Kind Fund for purposes of Liquidity Reporting. The Committee's report noted that no other material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund's exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.

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**Supplemental Information (UNAUDITED)**

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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 Funds 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 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)**

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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 Trust overseen by the Trustees, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust.

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| | | | |
|:---|:---|:---|:---|
|  | **Position(s)** |  |  |
| **Name, Address** | **Held** | **Principal Occupation(s) During the Past** | **Other Directorships** |
| **(Year of Birth)** | **with Trust** | **5 Years** | **Held by Trustees** |
| **Independent Trustees**<sup>1</sup> |  |  |  |
| &nbsp;&nbsp; Charles A. Baker | Trustee (since | Chief Executive Officer of Investment107<sup>2</sup> | None. |
| &nbsp;&nbsp; 605 Third Avenue, | 07/2018) | Innovations LLC (investment |  |
| &nbsp;&nbsp; 43rd Floor |  | consulting) (since 2013); Managing |  |
| &nbsp;&nbsp; New York, NY |  | Director of NYSE Euronext (2003 to |  |
| &nbsp;&nbsp; 10158 |  | 2012). |  |
| &nbsp;&nbsp; (1953) |  |  |  |
| &nbsp;&nbsp; Susan M. Ciccarone | Trustee (since | Partner, Further Global Capital107<sup>2</sup> | Director of E78 |
| &nbsp;&nbsp; 605 Third Avenue, | 09/2019) | Management (private equity) (since | Partners (since 2022); |
| &nbsp;&nbsp; 43rd Floor |  | 2017); formerly Chief Operating Officer | Director of ProSight |
| &nbsp;&nbsp; New York, NY |  | (2014-2016) and Chief Financial | Global, Inc. (since |
| &nbsp;&nbsp; 10158 |  | Officer (2012-2016), Emerging Global | 2021); Director of |
| &nbsp;&nbsp; (1973) |  | Advisors, LLC (ETF issuer). | Casa Holdco LP, |
|  |  |  | parent of Celink (since |
|  |  |  | 2018); Chairman, |
|  |  |  | Payment Alliance |
|  |  |  | International, Inc. |
|  |  |  | (2019-2021). |
| &nbsp;&nbsp; Clifford J. Weber | Trustee (since | Owner, Financial Products Consulting107<sup>2</sup> | Chairman (since |
| &nbsp;&nbsp; 605 Third Avenue, | 07/2018) | Group LLC (consulting services to | 2017) and Trustee |
| &nbsp;&nbsp; 43rd Floor |  | financial institutions) (since 2015); | (since 2015) of |
| &nbsp;&nbsp; New York, NY |  | formerly, Executive Vice President of | Clough Funds Trust; |
| &nbsp;&nbsp; 10158 |  | Global Index and Exchange-Traded | Chairman and Trustee |
| &nbsp;&nbsp; (1963) |  | Products, NYSE Market, Inc., a | of Clayton Street |
|  |  | subsidiary of Intercontinental Exchange | Trust (since 2016); |
|  |  | (ETF/ETP listing exchange) (2013- | Chairman and Trustee |
|  |  | 2015). | 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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**Trustees and Officers of the Trust (UNAUDITED)**

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The Trust's SAI includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-493-8631. The following chart lists Trustees and Officers as of October 31, 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Position(s)** |  | **Number of Funds in** |  |
| **Name, Address** | **Held** | **Principal Occupation(s) During the Past** | **Trust Overseen by** | **Other Directorships** |
| **(Year of Birth)** | **with Trust** | **5 Years** | **Trustee** | **Held by Trustees** |
| **Interested Trustee/Officers**<sup>1</sup> | **Interested Trustee/Officers**<sup>1</sup> |  |  |  |
| &nbsp;&nbsp; Luis Berruga | Trustee (since | Chief Executive Officer, GXMC (since | 107<sup>2</sup> | None. |
| &nbsp;&nbsp; 605 Third Avenue, | 07/2018); | 07/2018), Chief Financial Officer (since |  |  |
| &nbsp;&nbsp; 43rd Floor | President (since | 2/2014) and Chief Operating Officer |  |  |
| &nbsp;&nbsp; New York, NY | 2018) | (9/2015 - 7/2018); Investment Banker, |  |  |
| &nbsp;&nbsp; 10158 |  | Jefferies (2012-2014). |  |  |
| &nbsp;&nbsp; (1977) |  |  |  |  |
| &nbsp;&nbsp; John Belanger | Chief Operating | Chief Operating Officer and Head of | N/A | N/A |
| &nbsp;&nbsp; 605 Third Avenue, | Officer and | Portfolio Management & Portfolio |  |  |
| &nbsp;&nbsp; 43rd Floor | Chief Financial | Administration, GXMC (since 12/2020); |  |  |
| &nbsp;&nbsp; New York, NY | Officer (since | Portfolio Manager (12/2020-4/2022); |  |  |
| &nbsp;&nbsp; 10158 | 12/2020) | Secretary of the Trust (3/2020-9/2020); |  |  |
| &nbsp;&nbsp; (1982) |  | Head of Product Management, GXMC |  |  |
|  |  | (since 1/2020); Consultant to GXMC |  |  |
|  |  | (9/2018-12/2019); Chief Operating |  |  |
|  |  | Officer, Rex Shares, LLC (2014-2018). |  |  |
| &nbsp;&nbsp; Susan Lively | Secretary (since | General Counsel, GXMC (since | N/A | N/A |
| &nbsp;&nbsp; 605 Third Avenue, | 09/2020) | 9/2020); Senior Corporate Counsel |  |  |
| &nbsp;&nbsp; 43rd Floor |  | at Franklin Templeton (previously, |  |  |
| &nbsp;&nbsp; New York, NY |  | Managing Director and Associate |  |  |
| &nbsp;&nbsp; 10158 |  | General Counsel at Legg Mason & Co., |  |  |
| &nbsp;&nbsp; (1981) |  | LLC) (2014-2020). |  |  |
| &nbsp;&nbsp; Eric Griffith | Assistant | Counsel, SEI Investments (since | N/A | N/A |
| &nbsp;&nbsp; One Freedom | Secretary (since | 10/2019); Vice President and Assistant |  |  |
| &nbsp;&nbsp; Valley Drive | 02/2020) | General Counsel, JPMorgan Chase & |  |  |
| &nbsp;&nbsp; Oaks, PA 19456 |  | Co. (2012-2018). |  |  |
| &nbsp;&nbsp; (1969) |  |  |  |  |
| &nbsp;&nbsp; Joe Costello | Chief | Chief Compliance Officer, FlexShares | N/A | N/A |
| &nbsp;&nbsp; 605 Third Avenue, | Compliance | Funds (2011-2015); Vice President, |  |  |
| &nbsp;&nbsp; 43rd Floor | Officer (since | Northern Trust Investments (2003 - |  |  |
| &nbsp;&nbsp; New York, NY | 09/2016) | 2015). |  |  |
| &nbsp;&nbsp; 10158 |  |  |  |  |
| &nbsp;&nbsp; (1974) |  |  |  |  |
| &nbsp;&nbsp; Ronnie Riven | Treasurer | Director of Finance, GXMC (since | N/A | N/A |
| &nbsp;&nbsp; 605 Third Avenue, | and Principal | 2018); Director of Accounting and |  |  |
| &nbsp;&nbsp; 43rd Floor | Accounting | Finance at Barclays Center (2016-2018); |  |  |
| &nbsp;&nbsp; New York, NY | Officer (since | Manager of External Reporting at |  |  |
| &nbsp;&nbsp; 10158 | 12/2020) | National Grid (2013-2015). |  |  |
| &nbsp;&nbsp; (1984) |  |  |  |  |

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**Trustees and Officers of the Trust (UNAUDITED)**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Position(s)** |  | **Number of Funds in** |  |
| **Name, Address** | **Held** | **Principal Occupation(s) During the Past** | **Trust Overseen by** | **Other Directorships** |
| **(Year of Birth)** | **with Trust** | **5 Years** | **Trustee** | **Held by Trustees** |
| **Interested Trustee/Officers**<sup>1</sup> | **Interested Trustee/Officers**<sup>1</sup> |  |  |  |
| &nbsp;&nbsp; Eric Olsen<sup>3</sup> | Assistant | Director of Accounting, SEI Investment | N/A | N/A |
| &nbsp;&nbsp; One Freedom | Treasurer (since | Manager Services (March 2021 to |  |  |
| &nbsp;&nbsp; Valley Drive | 05/2021) | present); formerly, Deputy Head of Fund |  |  |
| &nbsp;&nbsp; Oaks, PA 19456 |  | Operations, Traditional Assets, Aberdeen |  |  |
| &nbsp;&nbsp; (1970) |  | Standard Investments (2013-2021). |  |  |

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| | |
|:---|:---|
| 1 | Each Trustee serves until his or her successor is duly elected or appointed and qualified. |
| 2 | As of October 31, 2022, the Trust had one hundred and seven investment portfolios, ninety-seven 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. |

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**Notice to Shareholders (UNAUDITED)**

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For shareholders that do not have an October 31, 2022 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2022 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2022, the Funds have designated the following items with regard to distributions paid during the year.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Qualifying** |  |
|  |  |  |  | **for Corporate** |  |
|  | **Long-Term** |  |  | **Dividends** | **Qualifying** |
|  | **Capital Gain** | **Ordinary Income** | **Total** | **Received** | **Dividend** |
| **Return of Capital** | **Distributions** | **Distributions** | **Distributions** | **Deduction<sup>(1)</sup>** | **Income**<sup>(2)</sup> |
| **Global X Silver Miners ETF** |  |  |  |  |  |
| 29.16% | 0.00% | 70.84% | 100.00% | 1.64% | 58.29% |
| **Global X Gold Explorers ETF** |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.99% | 35.73% |
| **Global X Copper Miners ETF** |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 6.92% | 77.70% |
| **Global X Uranium ETF** |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 29.29% |

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<sup>(1)</sup> 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).

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Short Term** |  |
|  | **U.S. Government** | **Interest Related** | **Capital Gain** | **Foreign Tax** |
|  | **Interest**<sup>(3)</sup> | **Dividends**<sup>(4)</sup> | **Dividends** <sup>(5)</sup> | **Credit** |
| **Global X Silver Miners ETF** |  |  |  |  |
|  | 0.00% | 0.02% | 0.00% | 0.00% |
| **Global X Gold Explorers ETF** |  |  |  |  |
|  | 0.00% | 0.01% | 0.00% | 3.10% |
| **Global X Copper Miners ETF** |  |  |  |  |
|  | 0.00% | 0.01% | 0.00% | 5.86% |
| **Global X Uranium ETF** |  |  |  |  |
|  | 0.00% | 0.05% | 0.00% | 0.00% |

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<sup>(3)</sup> "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.

<sup>(5)</sup> 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. <br>

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**Notice to Shareholders (UNAUDITED)**

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The Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended October 31, 2022, the total amount of foreign source income and foreign tax credit are as follows:

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| | | |
|:---|:---|:---|
|  | **Foreign Source** | **Foreign Tax Credit** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund Name** | **Income** | **Pass Through** |
| Global X Gold Explorers | $291027 | $30979 |
| Global X Copper Miners | 48510155 | 3040795 |

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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.

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**Notes**

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605 Third Avenue, 43rd floor<br> New York, NY 10158<br> 1-888-493-8631<br> www.globalxetfs.com<br>**Investment Adviser and Administrator:**<br> Global X Management Company LLC<br> 605 Third Avenue, 43rd floor<br> New York, NY 10158<br>**Distributor:**<br> SEI Investments Distribution Co.<br> One Freedom Valley Drive<br> Oaks, PA 19456<br>**Sub-Administrator:**<br> SEI Investments Global Funds Services<br> One Freedom Valley Drive<br> Oaks, PA 19456<br>**Counsel for Global X Funds and the Independent Trustees:**<br> Stradley Ronon Stevens & Young, LLP<br> 2000 K Street, N.W.<br> Suite 700<br> Washington, DC 20006<br>**Custodian and Transfer Agent:**<br> Brown Brothers Harriman & Co.<br> 40 Water Street<br> Boston, MA 02109<br>**Independent Registered Public Accounting Firm:**<br> PricewaterhouseCoopers LLP<br> Two Commerce Square<br> Suite 1800<br> 2001 Market Street<br> Philadelphia, PA 19103

<br>This information must be preceded or accompanied by a current prospectus for the Fund described.<br>GLX-AR-001-1400

**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:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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<br>| $1148958 | $0 | $0 | $929467 | $0 | $0 |
| (b) | Audit-Related Fees<br>| $0 | $0 | $0 | $0 | $0 | $0 |
| (c) | Tax Fees<sup>(1)</sup><br>| $406447 | $0 | $0 | $334184 | $0 | $0 |
| (d) | All Other Fees<br>| $0 | $0 | $0 | $0 | $0 | $0 |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Tax Compliance and excise distribution services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) Not applicable.

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(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (PwC):

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| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

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(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.

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#### 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#SARBANES-OXLEYCODEOFETHIC)

[(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)

[(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-906.htm#CERTIFICATION906)

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#### SIGNATURES

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

(Registrant) <br>

Global X Funds

By (Signature and Title) <br>

<u>/s/ Luis Berruga</u><br> Luis Berruga

President

Date: January 6, 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.

Date: January 6, 2023

By (Signature and Title) <br>

<u>/s/ Luis Berruga</u><br> Luis Berruga

President

Date: January 6, 2023

By (Signature and Title) <br>

<u>/s/ John Belanger</u> 

<br> John Belanger

Chief Financial Officer<br>

<u> </u>

Date: January 6, 2023

## Ex-99.Code

<br> <u>SARBANES-OXLEY CODE OF ETHICS</u>

I. **Introduction.**

**** 

<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.

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&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:

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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: January 6, 2023

<br> <u>/s/</u> <u>Luis Berruga</u>

Luis Berruga<br> President

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#### 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: January 6, 2023

 <u>/s/ John Belanger</u><br>

John Belanger<br> Chief Financial Officer

## 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 October 31, 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: January 6, 2023

 

<br> <u> </u>

<u>/s/ Luis Berruga</u><br> Luis Berruga

President

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#### 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 October 31, 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: January 6, 2023

<u>/s/ John Belanger</u>

John Belanger

Chief Financial Officer

<br>