# EDGAR Filing Document

**Accession Number:** 0001432353
**File Stem:** 0001135428-23-000029
**Filing Date:** 2023-2
**Character Count:** 380262
**Document Hash:** 73b7eea0f01c0ddc7733bc0e591851f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001135428-23-000029.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001135428-23-000029

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**EFFECTIVENESS DATE**: 20230207

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22209
- **FILM NUMBER:** 23594727

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

### Global X Founder-Run Companies ETF (Series ID: S000056121)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000176733 | Global X Founder-Run Companies ETF | BOSS            |

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

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

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

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

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

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

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

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

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

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

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

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

#### FORM N-CSR

#### ________

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

#### INVESTMENT COMPANIES

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

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

________

605 Third Avenue, 43rd floor

New York, NY 10158

(Address of principal executive offices) (Zip code)

Luis Berruga

Global X Management Company LLC

605 Third Avenue, 43rd floor

New York, NY 10158

(Name and address of agent for service)

With a copy to:

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

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

#### Date of fiscal year end: November 30, 2022

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

------

#### Item 1. Reports to Stockholders.

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

<br> ![](coverlogo.jpg)

**Global X Alternative Income ETF (ticker: ALTY)**<br> **Global X S&P 500® Quality Dividend ETF (ticker: QDIV)**<br> **Global X U.S. Preferred ETF (ticker: PFFD)**<br> **Global X Variable Rate Preferred ETF (ticker: PFFV)**<br> **Global X MLP ETF (ticker: MLPA)**<br> **Global X MLP & Energy Infrastructure ETF (ticker: MLPX)**<br> **Global X Conscious Companies ETF (ticker: KRMA)**<br> **Global X Adaptive U.S. Factor ETF (ticker: AUSF)**<br> **Global X Adaptive U.S. Risk Management ETF (ticker: ONOF)**<br> **Global X Founder-Run Companies ETF (ticker: BOSS)**<br>**Annual Report**<br> **November 30, 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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![](pagelogo.jpg)

**Table of Contents**

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| | |
|:---|:---|
| Management Discussion of Fund Performance | 1 |
| Schedule of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Global X Alternative Income ETF | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global X S&P 500<sup>®</sup> Quality Dividend ETF | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global X U.S. Preferred ETF | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global X Variable Rate Preferred ETF | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global X MLP ETF | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global X MLP & Energy Infrastructure ETF | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global X Conscious Companies ETF | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global X Adaptive U.S. Factor ETF | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global X Adaptive U.S. Risk Management ETF | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global X Founder-Run Companies ETF | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Glossary | 89 |
| Statements of Assets and Liabilities | 90 |
| Statements of Operations | 93 |
| Statements of Changes in Net Assets | 96 |
| Financial Highlights | 101 |
| Notes to Financial Statements | 107 |
| Report of Independent Registered Public Accounting Firm | 128 |
| Disclosure of Fund Expenses | 131 |
| Approval of Investment Advisory Agreement | 134 |
| Supplemental Information | 138 |
| Trustees and Officers of the Trust | 139 |
| Notice to Shareholders | 142 |

---

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 https://www.sec.gov, and may be reviewed and copied at the Commission's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

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

---

 **Global X Alternative Income ETF**

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

The Underlying Index is intended to provide exposure to five income-producing categories: Master Limited Partnerships ("MLPs") and Infrastructure, Real Estate, Preferreds, Emerging Market Bonds and Covered Calls. The MLPs and Infrastructure categories primarily consist of units of MLPs and shares of infrastructure companies. The Real Estate category provides exposure to global real estate investment trusts ("REITs"), and gains this exposure through investing directly in the Global X SuperDividend<sup>®</sup> REIT ETF. The Preferreds category provides exposure to U.S. preferred securities, and gains this exposure through investing directly in the Global X U.S. Preferred ETF. The Emerging Markets Bonds category provides exposure to emerging markets debt, and gains this exposure through investing directly in the Global X Emerging Markets Bond ETF. The Covered Call category provides exposure to a covered call strategy, and gains this exposure through investing directly in the Global X Nasdaq 100 Covered Call ETF.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 6.64%, while the Underlying Index decreased 6.47%. The Fund had a net asset value of $13.16 per share on November 30, 2021 and ended the reporting period with a net asset value of $11.42 per share on November 30, 2022.

During the reporting period, the highest returns came from BP Midstream Partners LP and Allete, Inc., which returned 35.57% and 33.65%, respectively. The worst performers were the Global X NASDAQ 100 Covered Call ETF and the Global X U.S. Preferred ETF, which returned -15.87% and -14.08%, respectively.

Despite rising inflation being a tailwind for commodities and real assets, rising interest rates and recessionary fears gripped market sentiments during the reporting period. This made markets more volatile, causing traditional equities to underperform, resulting in the Fund's negative performance. During the reporting period, the Fund maintained an average approximate sector exposure of 21% to Financials, 14% to Utilities, 13% to Real Estate, and 10% to Information Technology.

*1*

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

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Three Year Return | Three Year Return | Five Year Return | Five Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market<br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price |
| Global X Alternative Income ETF | -6.64% | -6.68% | -0.21% | -0.11% | 2.16% | 2.22% | 4.36% | 4.38% |
| Indxx SuperDividend<sup>®</sup> Alternatives Index | -6.47% | -6.47% | -0.32% | -0.32% | 2.37% | 2.37% | 4.78% | 4.78% |
| S&P 500<sup>®</sup> Index | -9.21% | -9.21% | 10.91% | 10.91% | 10.98% | 10.98% | 11.49% | 11.49% |

---

![](alternateincome-line.jpg)

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

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

The Indxx SuperDividend<sup>®</sup> Alternatives Index is designed to track the performance of different Alternative asset classes, with an objective of providing a diversified portfolio of assets with a low volatility and high dividend yield.

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

*2*

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

---

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.

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

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

*3*

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X S&P 500<sup>®</sup> Quality Dividend ETF**  |

---

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

The Global X S&P 500<sup>®</sup> Quality Dividend ETF ("Fund") seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P 500<sup>®</sup> Quality High Dividend Index ("Underlying Index"). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index measures the performance of S&P 500<sup>®</sup> stocks that exhibit both high quality and high dividend yield characteristics. Index constituents are equally-weighted, subject to a 25% Global Industry Classification Standard (GICS) Sector weight cap.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund increased 10.25%, while the Underlying Index increased 10.53%. The Fund had a net asset value of $31.02 per share on November 30, 2021 and ended the reporting period with a net asset value of $33.24 per share on November 30, 2022.

During the reporting period, the highest returns came from Marathon Petroleum Corporation and Exxon Mobil Corporation, which returned 100.09% and 92.78%, respectively. The worst performers were T. Rowe Price Group and Synchrony Financial, which returned -45.28% and -32.54%, respectively.

During the reporting period, with ongoing global economic uncertainty, geopolitical disputes, high inflation, and rising rates, a strategy focusing on dividend sustainability and financial quality resulted in exposures that contributed to positive Fund returns. A result of its quality dividend screening process, the Fund maintained meaningful exposure to companies within the energy sector, a primary beneficiary of rising energy prices over the course of the reporting period which contributed positively to the Fund. The Fund also maintained significant exposure to dividend paying stocks within the consumer staples sector, a defensive sector, whose low volatile nature and preferential business models during periods of weakening equity markets, resulted in positive investor sentiment towards the Fund. During the reporting period, the Fund maintained an approximate average sector exposure of 24% to Financials, 15% to Industrials, 13% to Consumer Staples, and 11% to Energy. <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN<br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN<br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN<br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN<br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN<br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN<br> FOR THE YEAR ENDED NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Three Year Return | Three Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | Net Asset <br> Value | Market <br> Price | Net Asset <br> Value | Market <br> Price | Net Asset<br> Value | Market <br> Price |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | 10.25% | 10.35% | 11.16% | 11.18% | 9.92% | 9.95% |
| S&P 500<sup>®</sup> Quality High Dividend Index | 10.53% | 10.53% | 11.48% | 11.48% | 10.25% | 10.25% |
| S&P 500<sup>®</sup> Index | -9.21% | -9.21% | 10.91% | 10.91% | 10.87% | 10.87% |

---

*4*

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X S&P 500<sup>®</sup> Quality Dividend ETF**  |

---

![](sp500qualitydividend-line.jpg)

\*The Fund commenced investment operations on July 13, 2018.

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

The S&P 500<sup>®</sup> Quality High Dividend Index measures the performance of S&P 500® stocks that exhibit both high quality and high dividend yield characteristics.

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

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

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

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

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

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

*5*

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

---

 **Global X U.S. Preferred ETF**

The Global X U.S. Preferred ETF ("Fund") seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the ICE BofA Diversified Core U.S. Preferred Securities 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 track the broad-based performance of the U.S. preferred securities market. The Underlying Index includes different categories of preferred stock, such as floating, variable and fixed-rate preferreds, cumulative and non-cumulative preferreds, and trust preferreds. Qualifying preferred securities must be listed on a U.S. exchange, denominated in U.S. dollars, and have a minimum amount outstanding of $50 million. Qualifying securities must meet minimum price, liquidity, maturity and other requirements as determined by ICE Data Indices, LLC, the provider of the Underlying Index.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 13.82%, while the Underlying Index decreased 13.78%. The Fund had a net asset value of $25.21 per share on November 30, 2021 and ended the reporting period with a net asset value of $20.51 per share on November 30, 2022.

During the reporting period, the highest returns came from South Jersey Industries, Inc. and AES Corporation Equity Unit, which returned 42.79% and 17.92%, respectively. The worst performers were Qurate Retail Inc. and Diversified Healthcare Trust, which returned -53.19% and -48.08%, respectively.

The Fund generated negative returns during the reporting period as the preferred-stock market experienced selloffs amidst a rising interest rate environment. Concerns among investors of a potential recession and tighter financing conditions also negatively affected the Fund's performance.Expectations of further interest rate hikes and an extended higher interest rate environment led to a decline in preferred stock performance during the reporting period. During the reporting period, the Fund maintained an average approximate sector allocation of 63% to Financials, 11% to Utilities, and 6% to Communication Services.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Three Year Return | Three Year Return | Five Year Return | Five Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | &nbsp;&nbsp; Net<br> Asset<br> Value | Market<br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market<br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market<br> Price |
| Global X U.S. Preferred ETF | -13.82% | -14.08% | -0.85% | -1.00% | 1.62% | 1.48% | 1.69% | 1.72% |
| ICE BofA Diversified Core U.S. Preferred Securities Index | -13.78% | -13.78% | -0.71% | -0.71% | 1.80% | 1.80% | 1.88% | 1.88% |
| S&P 500<sup>®</sup> Index | -9.21% | -9.21% | 10.91% | 10.91% | 10.98% | 10.98% | 11.91% | 11.91% |

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*6*

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

---

![](uspreferred-line.jpg)

\*The Fund commenced investment operations on September 11, 2017.

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

The ICE BofA Diversified Core U.S. Preferred Securities Index was formerly known as BofA Merrill Lynch Diversified Core U.S. Preferred Securities Index.

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

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

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

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

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

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

*7*

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| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Variable Rate Preferred ETF** |

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 **Global X Variable Rate Preferred ETF**

The Global X Variable Rate Preferred ETF ("Fund") seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the ICE U.S. Variable Rate Preferred Securities 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 track the broad-based performance of the U.S.-listed variable rate preferred securities market. Qualifying preferred securities must be listed on a U.S. exchange, denominated in U.S. dollars, have floating or variable dividends or coupons, and have a minimum amount outstanding of $50 million. Qualifying preferred securities may, however, be issued by non-U.S. companies. Qualifying securities must be issued in $25, $50, $100, or $1000 par/liquidation preference increments, must have a traded market value of greater than $6 million in each of the previous three calendar months, and must have at least one year remaining to maturity, as determined by ICE Data Indices, LLC, the provider of the Underlying Index.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 8.40%, while the Underlying Index decreased 8.30%. The Fund had a net asset value of $27.28 per share on November 30, 2021 and ended the reporting period with a net asset value of $23.55 per share on November 30, 2022.

During the reporting period, the highest returns came from New York Mortgage Trust, Inc. Series D and NuStar Energy LP Series B, which returned 13.55% and 9.32%, respectively. The worst performers were New York Mortgage Trust, Inc. Series F and Invesco Mortgage Capital Inc. Series C, which returned -37.08% and -32.39%, respectively.

Variable-rate preferred stocks are a subset of the preferred asset class, which includes securities that reset their coupon at certain intervals based on the prevailing interest rate. Therefore, these types of preferred stocks tend to have lower sensitivity to movements in interest rates compared to fixed-rate preferred stocks. During the reporting period, market volatility was driven by heightened inflationary fears among investors and rising interest rates, which sharply lowered asset prices across the fixed-income markets, resulting in the Fund's negative performance. Credit spreads widened due to concerns about a potential recession and tighter financing conditions negatively affected investor sentiment, contributing to the Fund's negative performance. During the reporting period, the Fund maintained an average approximate sector allocation of 84% to Financials, 6% to Energy, and 3% to Utilities.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Annualized Inception to Date \* | Annualized Inception to Date \* |
|  | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X Variable Rate Preferred ETF | -8.40% | -8.68% | 3.20% | 3.17% |
| ICE U.S. Variable Rate Preferred Securities Index | -8.30% | -8.30% | 3.42% | 3.42% |
| S&P 500<sup>®</sup> Index | -9.21% | -9.21% | 13.39% | 13.39% |

---

*8*

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![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Variable Rate Preferred ETF** |

---

![](variableratepreferred-line.jpg)

\*The Fund commenced investment operations on June 22, 2020.

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

The ICE U.S. Variable Rate Preferred Securities Index is designed to track the broad-based performance of the U.S. variable rate preferred securities market.

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

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

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

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

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

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

*9*

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

---

 **Global X MLP ETF**

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

The Underlying Index is intended to give investors a means of tracking the performance of the energy infrastructure MLP asset class in the United States. The Index is composed of MLPs engaged in the transportation, storage, and processing of natural resources ("Midstream MLPs") as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period that ended November 30, 2022 (the "reporting period"), the Fund increased 37.69%, while the Underlying Index increased 41.54%. The Fund had a net asset value of $33.59 per share on November 30, 2021 and ended the reporting period with a net asset value of $42.99 on November 30, 2022.

During the reporting period, the highest returns came from EnLink Midstream LLC and PBF Logistics LP, which returned 106.90% and 88.99%, respectively. The worst performers were NGL Energy Partners LP and USD Partners LP, which returned -48.91% and -20.22%, respectively.

The Fund had a positive performance amid persistently tight oil supply and energy shortages in Europe during the reporting period. Midstream MLPs operate toll-road-like business models, in which they are compensated based on the natural gas or crude oil volume they transport, store, or process. The nature of Midstream MLPs' role in oil and gas production and the defensive nature of its contracts and fee structures placed Midstream MLPs it in a stronger position than other market categories of the energy sector during the reporting period. Due to their weaker correlation with oil prices, Midstream MLPs maintained their bullish momentum and outperformed global equities and credit. Furthermore, U.S. oil & gas output rose, with increased activity benefiting midstream equities. Rising oil and gas prices over the reporting period also boosted Midstream MLPs.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED <br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED <br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED <br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED <br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED <br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED <br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED <br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED <br> NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Three Year Return | Three Year Return | Five Year Return | Five Year Return | Ten Year Return | Ten Year Return |
|  | Net<br> Asset<br> Value | Market <br> Price | Net<br> Asset<br> Value | Market <br> Price | Net<br> Asset<br> Value | Market <br> Price | Net<br> Asset<br> Value | Market <br> Price |
| Global X MLP ETF | 37.69% | 37.93% | 9.57% | 9.47% | 3.86% | 3.86% | 0.71% | 0.66% |
| Hybrid Solactive MLP Infrastructure Index/Solactive MLP Composite Index Gross\*\* | 41.54% | 41.54% | 11.09% | 11.09% | 4.82% | 4.82% | 2.12% | 2.12% |
| S&P 500<sup>®</sup> Index | -9.21% | -9.21% | 10.91% | 10.91% | 10.98% | 10.98% | 13.34% | 13.34% |

---

*10*

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![](pagelogo.jpg)

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

---

![](mlp-line.jpg)

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

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

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

The Solactive MLP Composite Index tracks the price movements in shares of the largest entities that are structured as Master Limited Partnerships (MLP) and that are engaged in the transportation, storage, processing, refining, marketing, exploration, production, or mining of natural resources. The Solactive MLP Infrastructure Index tracks the price movements in shares of companies that are structured as Master Limited Partnerships (MLP) and that are engaged in own and operate assets used in energy logistics, including, but not limited to, pipelines, storage facilities and other assets used in transporting, storing, gathering, and processing natural gas, natural gas liquids, crude oil or refined products.

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

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

*11*

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![](pagelogo.jpg)

---

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

---

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

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

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

See definition of comparative indices above.

*12*

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![](pagelogo.jpg)

---

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

---

 **Global X MLP & Energy Infrastructure ETF**

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

The Underlying Index tracks the performance of midstream energy infrastructure MLPs ("Midstream MLPs") and corporations ("Energy Infrastructure Corporations"). Midstream MLPs and Energy Infrastructure Corporations principally own and operate assets used in energy logistics, including, but not limited to, pipelines, storage facilities and other assets used in transporting, storing, gathering, and processing natural gas, natural gas liquids, crude oil or refined products. The Underlying Index limits its exposure to partnerships in order to comply with applicable tax diversification rules. Securities must be publicly traded in the United States. The Index is maintained by Solactive AG.

For the 12-month period that ended November 30, 2022 (the "reporting period"), the Fund increased 31.26%, while the Underlying Index increased 32.30%. The Fund had a net asset value of $34.89 per share on November 30, 2021 and ended the reporting period with a net asset value of $43.47 on November 30, 2022.

During the reporting period, the highest returns came from EnLink Midstream LLC and Cheniere Energy, Inc, which returned 106.90% and 68.98%, respectively. The worst performers were Delek Logistics Partners LP and Kinetik Holdings Inc, which returned -15.95% and -15.71%, respectively.

The Fund seeks to provide tax efficient exposure to Midstream MLPs, the general partners of midstream MLPs, and energy infrastructure corporations. Midstream MLPs and energy Energy Infrastructure Companies operate toll-road-like business models where they are generally compensated based on the volumes of natural gas or crude oil that they transport, store, or process. The Fund experienced positive performance amid persistently tight oil supply and an energy shortage crisis in Europe during the reporting period. The nature of Midstream MLPs' role in oil and gas production and the defensive nature of its contracts and fee structures placed it in a stronger position than other market categories of the energy sector in the reporting period. Rising rig counts and enhanced confidence in the sector also led to gains across Midstream MLPs and Energy Infrastructure Companies.

*13*

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![](pagelogo.jpg)

---

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

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN <br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN <br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN <br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN <br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN <br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN <br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN <br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN <br> FOR THE YEAR ENDED NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Three Year Return | Three Year Return | Five Year Return | Five Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market<br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market<br> Price |
| Global X MLP & Energy Infrastructure ETF | 31.26% | 31.05% | 16.68% | 16.53% | 9.08% | 9.04% | 4.82% | 4.84% |
| Solactive MLP & Energy Infrastructure Index | 32.30% | 32.30% | 17.47% | 17.47% | 9.79% | 9.79% | 5.50% | 5.50% |
| S&P 500<sup>®</sup> Index | -9.21% | -9.21% | 10.91% | 10.91% | 10.98% | 10.98% | 12.00% | 12.00% |

---

![](mlpenergyinfrastructure-line.jpg)

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

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

The Solactive MLP & Energy Infrastructure Index tracks the performance of MLPs and energy infrastructure corporations.

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

*14*

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![](pagelogo.jpg)

---

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

---

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.

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

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

*15*

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![](pagelogo.jpg)

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

---

 **Global X Conscious Companies ETF**

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

The Underlying Index looks to provide investors an opportunity to invest in well-managed companies that achieve financial performance in a sustainable and responsible manner as measured by their ability to achieve positive outcomes that are consistent with a multi-stakeholder operating system ("MsOS"), as defined by Concinnity Advisors LP, the provider of the Underlying Index. The MsOS is a corporate governance structure that seeks to account for the multiple stakeholders that are critical for the ongoing success of the business, and incorporate the considerations of these stakeholders into the corporate decision-making and problem-solving process. The Index Provider conducts its analysis based on the following five key stakeholder groups: (1) Customers, (2) Employees, (3) Suppliers, (4) Stock and Debt Holders, and (5) Communities in which the companies operate.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 9.45%, while the Underlying Index decreased 9.44%. The Fund had a net asset value of $32.97 per share on November 30, 2021 and ended the reporting period with a net asset value of $29.52 on November 30, 2022.

During the reporting period, the highest returns came from Constellation Energy Corporation and ConocoPhillips, which returned 91.35% and 84.12%, respectively. The worst performers were Shopify, Inc and Block, Inc, which returned -77.51% and -67.47%, respectively.

The Fund experienced negative performance during the reporting period, as the information technology sector, which the Fund had the highest weighting, was negatively impacted by rising rates, as the U.S. Federal Reserve tried to tame soaring inflation. Given its relatively low exposure to energy stocks, the Fund could not reap the benefits of rising energy prices resulting from the Russia-Ukraine war. Moreover, the U.S. Securities and Exchange Commission's regulatory actions against funds for overstating environmental, social and governance strategies undermined investor sentiment. The Fund had the highest average approximate sector exposure to the Information Technology (30%), Health Care (14%), and Consumer Discretionary (11%) sectors during the reporting period.

*16*

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![](pagelogo.jpg)

---

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

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN <br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN <br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN <br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN <br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN <br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN <br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN <br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN <br> FOR THE YEAR ENDED NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Three Year Return | Three Year Return | Five Year Return | Five Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market <br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market<br> Price | &nbsp;&nbsp; Net<br> Asset<br> Value | Market<br> Price |
| Global X Conscious Companies ETF | -9.45% | -9.57% | 9.75% | 9.52% | 10.53% | 10.49% | 12.49% | 12.47% |
| Concinnity Conscious Companies Index | -9.44% | -9.44% | 10.00% | 10.00% | 10.91% | 10.91% | 12.90% | 12.90% |
| S&P 500<sup>®</sup> Index | -9.21% | -9.21% | 10.91% | 10.91% | 10.98% | 10.98% | 12.69% | 12.69% |

---

![](consciouscompanies-line.jpg)

\*The Fund commenced investment operations on July 11, 2016.

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

The Concinnity Conscious Companies Index is designed to provide exposure to companies listed in the U.S. that operate their businesses in a sustainable and responsible manner, as measured by their ability to achieve positive outcomes that are consistent with a multi-stakeholder operating system ("MsOS"), as defined by Concinnity Advisors LP ("Concinnity"), the provider of the Concinnity Conscious Companies Index.

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

*17*

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![](pagelogo.jpg)

---

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

---

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.

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

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

*18*

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![](pagelogo.jpg)

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

---

 **Global X Adaptive U.S. Factor ETF**

The Global X Adaptive U.S. Factor ETF ("Fund") seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Adaptive Wealth Strategies U.S. Factor 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 dynamically allocate across three sub-indices that provide exposure to U.S. equities that exhibit characteristics of one of three primary factors: value, momentum and low volatility. Each factor is represented by a sub-index that is derived from the Solactive U.S. Large & Mid Cap Index, which is designed to measure the 1,000 largest companies, by free float market capitalization, that are exchange-listed in the United States.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund increased 10.61%, while the Underlying Index increased 10.92%. The Fund had a net asset value of $29.86 per share on November 30, 2021 and ended the reporting period with a net asset value of $32.23 on November 30, 2022.

During the reporting period, the highest returns came from Marathon Petroleum Corporation and HF Sinclair Corporation, which returned 105.35% and 77.49%, respectively. The worst performers were Loyalty Ventures, Inc and Rogers Corporation, which returned -61.11 % and -59.93%, respectively.

The Fund generated positive returns as its mean reversion strategy proved appropriate for shifting investor sentiments during the reporting period. During the reporting period, factor investing and volatility reduction strategies performed well as equity markets turned highly volatile and continued to fall due to surging inflation, interest rate increases by the U.S. Federal Reserve and recession worries among investors. The Fund outperformed the S&P 500<sup>®</sup> Index, its benchmark index ("Benchmark Index") due to its lower exposure to the higher-volatility Information Technology sector compared to the Benchmark Index. During the reporting period, the Fund maintained an average approximate sector allocation of 22% to Health Care, 13% to Financials, and 12% to Information Technology.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN<br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN<br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN<br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN<br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN<br> FOR THE YEAR ENDED NOVEMBER 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN<br> FOR THE YEAR ENDED NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Three Year Return | Three Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | Net Asset <br> Value | Market <br> Price | Net Asset <br> Value | Market<br> &nbsp;&nbsp;&nbsp;&nbsp;Price | Net Asset <br> Value | Market<br> Price |
| Global X Adaptive U.S. Factor ETF | 10.61% | 10.41% | 10.86% | 10.75% | 9.59% | 9.54% |
| Adaptive Wealth Strategies U.S. Factor Index | 10.92% | 10.92% | 11.19% | 11.19% | 9.93% | 9.93% |
| S&P 500<sup>®</sup> Index | -9.21% | -9.21% | 10.91% | 10.91% | 10.45% | 10.45% |

---

*19*

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![](pagelogo.jpg)

---

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

---

![](adaptiveusfactor-line.jpg)

\*The Fund commenced investment operations on August 24, 2018.

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

The Adaptive Wealth Strategies U.S. Factor Index employs a reversion to the mean process to dictate which investment theme to own at any given time.

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

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

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

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

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

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

*20*

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---

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

---

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

The Global X Adaptive U.S. Risk Management ETF ("Fund") seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Adaptive Wealth Strategies U.S. Risk Management 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 dynamically allocate between either 100% exposure to the Solactive GBS United States 500 Index TR ("U.S. Equity Position") or 100% exposure to the Solactive U.S. 1-3 Year Treasury Bond Index ("U.S. Treasury Position"). The Solactive U.S. 1-3 Year Treasury Bond Index is a rules-based, market value weighted index designed to track the performance of USD-denominated bonds issued by the U.S. Treasury with at least 1 year until maturity but less than 3 years until maturity, as of the selection date of the index. The Solactive GBS United States 500 Index TR is a float-adjusted market capitalization weighted index which measures the performance of the equity securities of the 500 largest companies from the United States stock market across all sectors. A float-adjusted market capitalization weighted index weights each index component according to its market capitalization, using the number of shares that are readily available for purchase on the open market, rather than the total number of shares outstanding of an issuer. The Underlying Index seeks to provide exposure to the U.S. Equity Position during periods of normal equity market returns, and seeks to provide exposure to the U.S. Treasury Position prior to and during periods of adverse market conditions, as determined by the quantitative model developed by the Index Provider. The Underlying Index seeks to anticipate periods of adverse market conditions using quantitative signals that have been developed based on historical data.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 4.28%, while the Underlying Index decreased 3.90%. The Fund had a net asset value of $29.88 per share on November 30, 2021 and ended the reporting period with a net asset value of $28.26 on November 30, 2022.

During the reporting period, the highest returns came from Constellation Energy Corp. and Devon Energy Corporation, which returned 73.64% and 65.06%, respectively. The worst performers were Affirm Holdings, Inc and AppLovin Corp., which returned -76.22% and -68.64%, respectively.

The U.S. equity market was volatile during the reporting period as inflation hit high levels resulting in the U.S. Federal Reserve raising interest rates. U.S. stocks were volatile during the early stages of the reporting period, in which the Fund's strategy allocated between U.S. equities and U.S. treasuries many times, resulting in negative performance during the reporting period. Towards the end of the reporting period, amidst recessionary fears, the Fund's strategy allocated into U.S. treasuries during a period of poor performance for U.S. equities, resulting in reporting period outperformance relative to broad U.S. equity indices, such as the S&P 500 Index. During the reporting period, the Fund maintained an average approximate sector exposure of 15% to Information Technology, 8% to Health Care, and 6% to Consumer Discretionary.

*21*

------

![](pagelogo.jpg)

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Year Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Year Return | Annualized Inception to Date\* | Annualized Inception to Date\* |
|  | Net Asset Value | Market Price | Net Asset Value | Market Price |
| Global X Adaptive U.S. Risk Management ETF | -4.28% | -4.61% | 7.70% | 7.58% |
| Adaptive Wealth Strategies U.S. Risk Management Index | -3.90% | -3.90% | 7.67% | 7.67% |
| S&P 500<sup>®</sup> Index | -9.21% | -9.21% | 5.42% | 5.42% |

---

![](adaptiveusriskmanagement-lin.jpg)

\*The Fund commenced investment operations on January 12, 2021.

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

The Adaptive Wealth Strategies U.S. Risk Management Index is designed to dynamically allocate between either 100% exposure to the Solactive GBS United States 500 Index TR ("U.S. Equity Position") or 100% exposure to the Solactive U.S. 1-3 Year Treasury Bond Index ("U.S. Treasury Position"). The Solactive U.S. 1-3 Year Treasury Bond Index is a rules-based, market value weighted index designed to track the performance of USD-denominated bonds issued by the U.S. Treasury with at least 1 year until maturity but less than 3 years until maturity, as of the selection date of the index. The Solactive GBS United States 500 Index TR is a float-adjusted market capitalization weighted index which measures the performance of the equity securities of the 500 largest companies from the United States stock market across all sectors. A float-adjusted market capitalization weighted index weights each index component according to its market capitalization, using the number of shares that are readily available for purchase on the open market, rather than the total number of shares outstanding of an issuer. The Underlying Index seeks to provide exposure to the U.S. Equity Position during periods of normal equity market returns, and seeks to provide exposure

*22*

------

![](pagelogo.jpg)

---

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

---

to the U.S. Treasury Position prior to and during periods of adverse market conditions, as determined by the quantitative model developed by the Index Provider. The Underlying Index seeks to anticipate periods of adverse market conditions using quantitative signals that have been developed based on historical data.

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

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

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

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

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

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

*23*

------

![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Founder-Run Companies ETF** |

---

 **Global X Founder-Run Companies ETF**

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

The Underlying Index is designed to provide exposure to U.S. companies in which a founder or co-founder of the company is serving as the Chief Executive Officer of the company (collectively, "Founder-Run Companies"), as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended November 30, 2022 (the "reporting period"), the Fund decreased 29.64%, while the Index decreased 29.36%. The Fund had a net asset value of $34.44 per share on November 30, 2021 and ended the reporting period with a net asset value of $24.18 on November 30, 2022.

During the reporting period, the highest returns came from New Fortress Energy Inc and Steel Dynamics, Inc, which returned 106.87% and 76.97%, respectively. The worst performers were Carvana Co and Affirm Holdings, Inc, which returned -97.25% and -89.01%, respectively.

Founder-Run Companies came under pressure during the reporting period as the U.S. Federal Reserve (the "Federal Reserve") started raising interest rates to tame record-high inflation. Recession fears loomed on concerns about the Federal Reserve holding rates higher for longer periods, leading to the Fund's negative performance during the reporting period. The Information technology sector, to which the Fund had its largest exposure, became less attractive to investors during the reporting period due to higher interest rates. Long incubation periods of tech companies also led investors to avoid Founder-Run Companies. The Financial sector, to which the Fund had significant exposure also suffered losses, as investors became increasingly concerned about a potential recession. Losses suffered by the Consumer Discretionary and Real Estate sectors, which are negatively affected by high inflation, and higher interest rates, also led to negative performance. During the reporting period, the Fund had an average approximate sector allocation of 27% to the Information Technology sector, 17% to the Health Care sector, and 16% to the Financials sector.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 | AVERAGE TOTAL RETURN FOR THE YEAR ENDED<br> NOVEMBER 30, 2022 |
|  | One Year Return | One Year Return | Three Year Return | Three Year Return | Five Year Return | Five Year Return | Annualized<br> Inception to Date\* | Annualized<br> Inception to Date\* |
|  | Net<br> Asset <br> Value | Market<br> Price | Net <br> Asset<br> Value | Market <br> Price | Net<br> Asset <br> Value | Market<br> Price | Net<br> Asset <br> Value | Market <br> Price |
| Global X Founder-Run Companies ETF | -29.64% | -29.96% | 6.25% | 6.24% | 7.87% | 7.65% | 9.51% | 9.47% |
| Solactive U.S. Founder-Run Companies Index | -29.36% | -29.36% | 6.72% | 6.72% | 8.41% | 8.41% | 10.09% | 10.09% |
| S&P 500<sup>®</sup> Index | -9.21% | -9.21% | 10.91% | 10.91% | 10.98% | 10.98% | 12.17% | 12.17% |

---

*24*

------

![](pagelogo.jpg)

---

| |
|:---|
| **Management Discussion of Fund Performance (unaudited)** |
| **Global X Founder-Run Companies ETF** |

---

![](founderruncompanies-line.jpg)

\*The Fund commenced investment operations on February 13, 2017.

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

The Solactive U.S. Founder-Run Companies Index is designed to provide exposure to U.S. companies in which a founder or co-founder of the company is serving as the Chief Executive Officer of the company.

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

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

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

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

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

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

*25*

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![](pagelogo.jpg)

---

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

---

![](alternateincome-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS — 80.6%** | | |
| &nbsp;&nbsp;&nbsp;Global X Emerging Markets Bond ETF <sup>(A) (B)</sup> | 355878 | $7746289 |
| &nbsp;&nbsp;&nbsp;Global X Nasdaq 100 Covered Call ETF <sup>(A)</sup> | 459500 | 7618510 |
| &nbsp;&nbsp;&nbsp;Global X SuperDividend<sup>®</sup> REIT ETF <sup>(A)</sup> | 961405 | 7297064 |
| &nbsp;&nbsp;&nbsp;Global X U.S. Preferred ETF <sup>(A)</sup> | 357681 | 7325307 |
| TOTAL EXCHANGE TRADED FUNDS |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $37,822,185) |  | 29987170 |
| **COMMON STOCK — 10.2%** |  |  |
| Utilities — 10.2% |  |  |
| &nbsp;&nbsp;&nbsp;ALLETE | 8113 | 537081 |
| &nbsp;&nbsp;&nbsp;Avista | 11389 | 470138 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 4386 | 438293 |
| &nbsp;&nbsp;&nbsp;Edison International | 6979 | 465220 |
| &nbsp;&nbsp;&nbsp;FirstEnergy | 11342 | 467744 |
| &nbsp;&nbsp;&nbsp;NorthWestern | 8633 | 504254 |
| &nbsp;&nbsp;&nbsp;OGE Energy | 11307 | 457481 |
| &nbsp;&nbsp;&nbsp;PPL | 16187 | 477840 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,299,337) |  | 3818051 |

---

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

*26*

------

![](pagelogo.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MASTER LIMITED PARTNERSHIPS — 9.0%** | | |
| Energy — 6.5% |  |  |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners | 18433 | $457323 |
| &nbsp;&nbsp;&nbsp;Magellan Midstream Partners | 9288 | 489477 |
| &nbsp;&nbsp;&nbsp;MPLX | 14766 | 501896 |
| &nbsp;&nbsp;&nbsp;Sunoco | 11489 | 493338 |
| &nbsp;&nbsp;&nbsp;USA Compression Partners | 27031 | 496559 |
|  |  | 2438593 |
| Industrials — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Icahn Enterprises | 9004 | 460825 |
| Utilities — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Suburban Propane Partners | 27734 | 456502 |
| TOTAL MASTER LIMITED PARTNERSHIPS |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,936,621) |  | 3355920 |
| **SHORT-TERM INVESTMENT<sup>(C)(D)</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;3.600% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $205,279) | 205279 | 205279 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENT<sup>(C)</sup> — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.730%, dated 11/30/2022, to be repurchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on 12/01/2022, repurchase price $285,351 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(collateralized by various U.S. Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations, ranging in par value $14,419 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- $36,012, 1.625% - 2.500%, 5/15/2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 5/15/2031, with a total market value of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$293066) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $285,321) | $285321 | 285321 |
| TOTAL INVESTMENTS — 101.2% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $43,548,743) |  | $37651741 |

---

 *Percentages are based on Net Assets of $37,216,373.*

(A) *Affiliated investment.* 

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

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

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

 *.*

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

*27*

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![](pagelogo.jpg)

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *Exchange Traded Funds* | $*29987170* | $*—* | $*—* | $*29987170* |
| &nbsp;&nbsp;&nbsp; *Common Stock* | *3818051* | *—* | *—* | *3818051* |
| &nbsp;&nbsp;&nbsp; *Master Limited Partnerships* | *3355920* | *—* | *—* | *3355920* |
| &nbsp;&nbsp;&nbsp; *Short-Term Investment* | *205279* | *—* | *—* | *205279* |
| &nbsp;&nbsp;&nbsp; *Repurchase Agreement* | *—* | *285321* | *—* | *285321* |
| *Total Investments in Securities* | $*37366420* | $*285321* | $*—* | $*37651741* |

---

 *The following is a summary of the Fund's transactions with affiliates for the year ended November 30, 2022:*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Changes in |  |  |  |  |
|  |  |  | Unrealized |  |  |  |  |
| &nbsp;&nbsp; Value at | Purchases at | Proceeds from | Appreciation | Realized Gain | Value at | Dividend | Capital |
| 11/30/21 | Cost | Sales | (Depreciation) | (Loss) | 11/30/22 | Income | Gains |
| **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** | **Global X Emerging Markets Bond ETF** |  |  |  |  |  |
| $7042394 | $2965999 | ($1012836) | ($1177922) | ($71346) | $7746289 | $378503 | $— |
| **Global X Nasdaq 100 Covered Call ETF** | **Global X Nasdaq 100 Covered Call ETF** | **Global X Nasdaq 100 Covered Call ETF** |  |  |  |  |  |
| $7381232 | $3233935 | ($887288) | ($2120232) | $10863 | $7618510 | $949657 | $— |
| **Global X SuperDividend**<sup>®</sup> **REIT ETF** | **Global X SuperDividend**<sup>®</sup> **REIT ETF** | **Global X SuperDividend**<sup>®</sup> **REIT ETF** |  |  |  |  |  |
| $6944625 | $2561423 | ($980990) | ($1290941) | $62947 | $7297064 | $408810 | $21312 |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |  |  |  |  |  |  |
| $7090553 | $2910401 | ($1137516) | ($1458490) | ($79641) | $7325307 | $420145 | $— |
| **Totals:** |  |  |  |  |  |  |  |
| $28458804 | $11671758 | ($4018630) | ($6047585) | ($77177) | $29987170 | $2157115 | $21312 |

---

 *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.

*28*

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![](pagelogo.jpg)

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| | |
|:---|:---|
| **Schedule of Investments** | november 30, 2022  |
| **Global X S&P 500<sup>®</sup> Quality Dividend ETF** | **Global X S&P 500<sup>®</sup> Quality Dividend ETF** |

---

![](sp500qualitydividend-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** | | |
| Communication Services — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Interpublic Group | 23464 | $806223 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Cl B | 23948 | 480876 |
|  |  | 1287099 |
| Consumer Discretionary — 10.7% |  |  |
| &nbsp;&nbsp;&nbsp;Best Buy | 9316 | 794655 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants  | 5664 | 832551 |
| &nbsp;&nbsp;&nbsp;Garmin | 6748 | 627497 |
| &nbsp;&nbsp;&nbsp;Genuine Parts  | 4956 | 908583 |
| &nbsp;&nbsp;&nbsp;Hasbro  | 7931 | 498225 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A  | 6756 | 764239 |
| &nbsp;&nbsp;&nbsp;Tapestry  | 20576 | 777156 |
| &nbsp;&nbsp;&nbsp;Target | 4529 | 756660 |
| &nbsp;&nbsp;&nbsp;Whirlpool | 4112 | 602531 |
|  |  | 6562097 |
| Consumer Staples — 12.9% |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola . | 10953 | 696720 |
| &nbsp;&nbsp;&nbsp;General Mills | 9890 | 843617 |
| &nbsp;&nbsp;&nbsp;J M Smucker  | 5291 | 814867 |
| &nbsp;&nbsp;&nbsp;Kellogg  | 9666 | 705135 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz | 17971 | 707159 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage, Cl B | 12862 | 708825 |

---

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

*29*

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![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X S&P 500<sup>®</sup> Quality Dividend ETF** | **Global X S&P 500<sup>®</sup> Quality Dividend ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Consumer Staples — continued |  |  |
| &nbsp;&nbsp;&nbsp;Mondelez International, Cl A . | 11076 | $748848 |
| &nbsp;&nbsp;&nbsp;PepsiCo | 4183 | 775988 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble  | 4749 | 708361 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Cl A | 8016 | 531300 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance | 16209 | 672674 |
|  |  | 7913494 |
| Energy — 7.8% |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes, Cl A | 19113 | 554659 |
| &nbsp;&nbsp;&nbsp;Chevron  | 3835 | 702994 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 4693 | 666077 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 6749 | 751434 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum | 6242 | 760338 |
| &nbsp;&nbsp;&nbsp;Phillips 66  | 6382 | 692064 |
| &nbsp;&nbsp;&nbsp;Valero Energy  | 4793 | 640441 |
|  |  | 4768007 |
| Financials — 25.9% |  |  |
| &nbsp;&nbsp;&nbsp;Aflac | 11224 | 807342 |
| &nbsp;&nbsp;&nbsp;Allstate | 5032 | 673785 |
| &nbsp;&nbsp;&nbsp;American International Group | 11739 | 740848 |
| &nbsp;&nbsp;&nbsp;BlackRock, Cl A  | 1020 | 730320 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A  | 3124 | 551386 |
| &nbsp;&nbsp;&nbsp;Everest Re Group | 2254 | 761717 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 17506 | 636518 |
| &nbsp;&nbsp;&nbsp;Franklin Resources | 25532 | 684513 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group  | 9136 | 697716 |
| &nbsp;&nbsp;&nbsp;Invesco | 36117 | 690196 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase  | 5244 | 724616 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 35099 | 660212 |
| &nbsp;&nbsp;&nbsp;Lincoln National  | 12195 | 474873 |
| &nbsp;&nbsp;&nbsp;M&T Bank  | 3808 | 647436 |
| &nbsp;&nbsp;&nbsp;Northern Trust  | 6185 | 575885 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group | 3940 | 662945 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group | 9416 | 844427 |
| &nbsp;&nbsp;&nbsp;Prudential Financial  | 6376 | 688799 |
| &nbsp;&nbsp;&nbsp;Regions Financial  | 31275 | 725893 |
| &nbsp;&nbsp;&nbsp;State Street  | 9575 | 762840 |
| &nbsp;&nbsp;&nbsp;Travelers  | 3690 | 700399 |
| &nbsp;&nbsp;&nbsp;Truist Financial | 13723 | 642374 |

---

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

*30*

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![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | november 30, 2022  |
| **Global X S&P 500<sup>®</sup> Quality Dividend ETF** | **Global X S&P 500<sup>®</sup> Quality Dividend ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Wells Fargo  | 15569 | $746534 |
|  |  | 15831574 |
| Health Care — 8.6% |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie | 4748 | 765283 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 8958 | 719148 |
| &nbsp;&nbsp;&nbsp;CVS Health  | 7255 | 739140 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 11158 | 980007 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson  | 3917 | 697226 |
| &nbsp;&nbsp;&nbsp;Pfizer | 13479 | 675702 |
| &nbsp;&nbsp;&nbsp;Viatris, Cl W | 60062 | 662484 |
|  |  | 5238990 |
| Industrials — 13.3% |  |  |
| &nbsp;&nbsp;&nbsp;3M | 4944 | 622796 |
| &nbsp;&nbsp;&nbsp;Cummins | 3305 | 830084 |
| &nbsp;&nbsp;&nbsp;Fastenal | 13010 | 670145 |
| &nbsp;&nbsp;&nbsp;General Dynamics | 3017 | 761461 |
| &nbsp;&nbsp;&nbsp;Honeywell International  | 3648 | 800918 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works | 3430 | 780222 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern  | 2934 | 752571 |
| &nbsp;&nbsp;&nbsp;Raytheon Technologies | 7079 | 698839 |
| &nbsp;&nbsp;&nbsp;Snap-On  | 3226 | 776176 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 3201 | 695993 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Cl B  | 3906 | 741085 |
|  |  | 8130290 |
| Information Technology — 9.6% |  |  |
| &nbsp;&nbsp;&nbsp;Broadcom | 1260 | 694298 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 15611 | 776179 |
| &nbsp;&nbsp;&nbsp;Corning  | 20408 | 696525 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | 47295 | 793610 |
| &nbsp;&nbsp;&nbsp;Juniper Networks  | 23367 | 776719 |
| &nbsp;&nbsp;&nbsp;Paychex | 5603 | 694940 |
| &nbsp;&nbsp;&nbsp;QUALCOMM . | 5078 | 642316 |
| &nbsp;&nbsp;&nbsp;Texas Instruments  | 4284 | 773091 |
|  |  | 5847678 |
| Materials — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;Eastman Chemical  | 6583 | 570219 |
| &nbsp;&nbsp;&nbsp;International Paper  | 14918 | 553756 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries, Cl A | 6636 | 564126 |
| &nbsp;&nbsp;&nbsp;Newmont | 10065 | 477786 |

---

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

*31*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | november 30, 2022  |
| **Global X S&P 500<sup>®</sup> Quality Dividend ETF** | **Global X S&P 500<sup>®</sup> Quality Dividend ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Materials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Westrock  | 14919 | $565729 |
|  |  | 2731616 |
| Real Estate — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities <sup>‡</sup> | 4022 | 663147 |
| &nbsp;&nbsp;&nbsp;Regency Centers <sup>‡</sup> | 11042 | 733520 |
|  |  | 1396667 |
| Utilities — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;DTE Energy  | 5272 | 611605 |
| &nbsp;&nbsp;&nbsp;PPL | 23864 | 704465 |
|  |  | 1316070 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $58,195,509) |  | 61023582 |
| TOTAL INVESTMENTS — 99.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $58,195,509) |  | $61023582 |

---

 *Percentages are based on Net Assets of $61,156,104.*

 *‡ Real Estate Investment Trust*

 *As of November 30, 2022, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

 *See "Glossary" for abbreviations.*

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

*32*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |

---

![](uspreferred-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — 99.5%** | | |
| **BERMUDA— 1.2%** | | |
| Financials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Aspen Insurance Holdings, 5.625% | 180812 | $3598159 |
| &nbsp;&nbsp;&nbsp;Aspen Insurance Holdings, 5.625% | 183117 | 3647690 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, 5.750%  | 181039 | 4093292 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, 4.200%  | 377123 | 6724103 |
| &nbsp;&nbsp;&nbsp;SiriusPoint, 8.000%, US Treas Yield Curve |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate T Note Const Mat 5 Yr + 7.298% <sup>(A)</sup> | 144210 | 3371630 |
|  |  | 21434874 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Triton International, 6.875%  | 107643 | 2585585 |
| &nbsp;&nbsp;&nbsp;Triton International, 5.750%  | 129420 | 2649227 |
|  |  | 5234812 |
| TOTAL BERMUDA |  | 26669686 |
| **CANADA— 1.1%** |  |  |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Brookfield Finance, 4.625% | 302020 | 5107158 |
| &nbsp;&nbsp;&nbsp;Brookfield Finance I UK, 4.500% | 169967 | 2709274 |
|  |  | 7816432 |
| Utilities — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Algonquin Power & Utilities, 6.200%, ICE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR USD 3 Month + 4.010% <sup>(A)</sup> | 264070 | 5936294 |
| &nbsp;&nbsp;&nbsp;BIP Bermuda Holdings I, 5.125%  | 219071 | 3916989 |

---

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

*33*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** | | |
| Utilities — continued |  |  |
| &nbsp;&nbsp;&nbsp;Brookfield BRP Holdings Canada, 4.875% | 185940 | $2963884 |
| &nbsp;&nbsp;&nbsp;Brookfield BRP Holdings Canada, 4.625% | 253399 | 3844063 |
|  |  | 16661230 |
| TOTAL CANADA |  | 24477662 |
| **CAYMAN ISLANDS— 0.0%** |  |  |
| Industrials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;FTAI Aviation, 8.250%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp; Month + 6.886% <sup>(A)</sup>  | 245 | 5295 |
| TOTAL CAYMAN ISLANDS |  | 5295 |
| **NETHERLANDS— 0.6%** |  |  |
| Financials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;AEGON Funding, 5.100% | 696386 | 14108780 |
| TOTAL NETHERLANDS |  | 14108780 |
| **UNITED STATES— 96.6%** |  |  |
| Communication Services — 6.5% |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, 5.625% <sup>(B)</sup> | 621041 | 14936036 |
| &nbsp;&nbsp;&nbsp;AT&T, 5.350% | 995058 | 22687322 |
| &nbsp;&nbsp;&nbsp;AT&T, 5.000% <sup>(B)</sup> | 903172 | 17837647 |
| &nbsp;&nbsp;&nbsp;AT&T, 4.750% | 1316661 | 24239729 |
| &nbsp;&nbsp;&nbsp;Paramount Global, 5.750% <sup>(B)</sup> | 188629 | 5902202 |
| &nbsp;&nbsp;&nbsp;Qwest, 6.750% <sup>(B)</sup> | 497230 | 10019185 |
| &nbsp;&nbsp;&nbsp;Qwest, 6.500% | 735950 | 13924174 |
| &nbsp;&nbsp;&nbsp;Telephone and Data Systems, 6.625%  | 316899 | 5957701 |
| &nbsp;&nbsp;&nbsp;Telephone and Data Systems, 6.000% | 520020 | 8725936 |
| &nbsp;&nbsp;&nbsp;United States Cellular, 6.250% | 377086 | 6859194 |
| &nbsp;&nbsp;&nbsp;United States Cellular, 5.500% | 377230 | 6216750 |
| &nbsp;&nbsp;&nbsp;United States Cellular, 5.500% | 377244 | 6167939 |
|  |  | 143473815 |
| Consumer Discretionary — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor, 6.200% <sup>(B)</sup> | 564664 | 13845561 |
| &nbsp;&nbsp;&nbsp;Ford Motor, 6.000%  | 602310 | 14244632 |
| &nbsp;&nbsp;&nbsp;Qurate Retail, 8.000%  | 238566 | 10251181 |
| &nbsp;&nbsp;&nbsp;QVC, 6.375%  | 165195 | 2727370 |
| &nbsp;&nbsp;&nbsp;QVC, 6.250%  | 377329 | 6380633 |
|  |  | 47449377 |
| Energy — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Energy Transfer, 7.600%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp; Month + 5.161% <sup>(A)</sup>  | 602314 | 13877315 |
| &nbsp;&nbsp;&nbsp;NuStar Energy, 10.249%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp; Month + 6.766% <sup>(A)</sup>  | 163682 | 3920184 |

---

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

*34*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | november 30, 2022  |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** | | |
| Energy — continued |  |  |
| &nbsp;&nbsp;&nbsp;NuStar Energy, 9.126%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 5.643% <sup>(A)</sup> | 290423 | $6226669 |
| &nbsp;&nbsp;&nbsp;NuStar Logistics, 10.813%, ICE LIBOR USD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month + 6.734% <sup>(A)</sup> | 303432 | 7628280 |
|  |  | 31652448 |
| Financials — 69.4% |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, 5.875% | 218330 | 5004124 |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, 4.750% | 199017 | 3745500 |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, 4.200% | 147922 | 2492486 |
| &nbsp;&nbsp;&nbsp;Allstate, 5.625%  | 433172 | 10136225 |
| &nbsp;&nbsp;&nbsp;Allstate, 5.100%  | 865471 | 18815340 |
| &nbsp;&nbsp;&nbsp;Allstate, 4.750%  | 226601 | 4715567 |
| &nbsp;&nbsp;&nbsp;American Equity Investment Life Holding, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, US Treas Yield Curve Rate T Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Const Mat 5 Yr + 6.297% <sup>(A)</sup> | 226464 | 5432871 |
| &nbsp;&nbsp;&nbsp;American Equity Investment Life Holding, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, US Treas Yield Curve Rate T Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Const Mat 5 Yr + 4.322% <sup>(A)</sup> | 301725 | 6553467 |
| &nbsp;&nbsp;&nbsp;American Financial Group, 5.875% | 89202 | 2117656 |
| &nbsp;&nbsp;&nbsp;American Financial Group, 5.125% | 143823 | 2995833 |
| &nbsp;&nbsp;&nbsp;American International Group, 5.850%  | 376795 | 8896130 |
| &nbsp;&nbsp;&nbsp;Apollo Asset Management, 6.375% | 226446 | 5679266 |
| &nbsp;&nbsp;&nbsp;Apollo Asset Management, 6.375% | 200789 | 4931378 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, 5.450% | 249074 | 5529443 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, 4.550% | 377017 | 7253807 |
| &nbsp;&nbsp;&nbsp;Argo Group International Holdings, 7.000%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treas Yield Curve Rate T Note Const |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mat 5 Yr + 6.712% <sup>(A)</sup> | 111526 | 2344277 |
| &nbsp;&nbsp;&nbsp;Assurant, 5.250% | 182977 | 3924857 |
| &nbsp;&nbsp;&nbsp;Athene Holding, 6.375%, US Treas Yield |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curve Rate T Note Const Mat 5 Yr + |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.970% <sup>(A)</sup> | 451905 | 11338296 |
| &nbsp;&nbsp;&nbsp;Athene Holding, 6.350%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 4.253% <sup>(A)</sup> | 649246 | 15984437 |
| &nbsp;&nbsp;&nbsp;Athene Holding, 5.625% <sup>(B)</sup> | 260364 | 5743630 |
| &nbsp;&nbsp;&nbsp;Athene Holding, 4.875%  | 433452 | 7979851 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings, 5.500%  | 414482 | 8753860 |
| &nbsp;&nbsp;&nbsp;Bank of America, 7.250% | 55398 | 67500801 |
| &nbsp;&nbsp;&nbsp;Bank of America, 6.450%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 1.327% <sup>(A)</sup> | 756120 | 19054224 |

---

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

*35*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** | | |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America, 6.000% <sup>(B)</sup> | 971917 | $24113261 |
| &nbsp;&nbsp;&nbsp;Bank of America, 5.875% <sup>(B)</sup> | 615187 | 15115145 |
| &nbsp;&nbsp;&nbsp;Bank of America, 5.486%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 0.750% <sup>(A)</sup> | 145228 | 2852278 |
| &nbsp;&nbsp;&nbsp;Bank of America, 5.386%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 0.650% <sup>(A)</sup> | 206884 | 3922521 |
| &nbsp;&nbsp;&nbsp;Bank of America, 5.375% | 1006168 | 22598533 |
| &nbsp;&nbsp;&nbsp;Bank of America, 5.223%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 0.500% <sup>(A)</sup> | 304437 | 6213559 |
| &nbsp;&nbsp;&nbsp;Bank of America, 5.000% | 943297 | 19743206 |
| &nbsp;&nbsp;&nbsp;Bank of America, 4.956%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 0.350% <sup>(A)</sup> | 229352 | 4600801 |
| &nbsp;&nbsp;&nbsp;Bank of America, 4.750% | 504632 | 10082547 |
| &nbsp;&nbsp;&nbsp;Bank of America, 4.375% | 792396 | 14675174 |
| &nbsp;&nbsp;&nbsp;Bank of America, 4.250% | 936338 | 16713633 |
| &nbsp;&nbsp;&nbsp;Bank of America, 4.125% | 659401 | 11664804 |
| &nbsp;&nbsp;&nbsp;Bank OZK, 4.625% <sup>(B)</sup> | 253760 | 4242867 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, 6.750% <sup>(B)</sup> | 303440 | 7746823 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, 6.600%  | 320407 | 7968522 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, 5.375%  | 433372 | 8559097 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, 4.625%  | 253639 | 4243380 |
| &nbsp;&nbsp;&nbsp;Cadence Bank, 5.500% | 124301 | 2694846 |
| &nbsp;&nbsp;&nbsp;Capital One Financial, 5.000% <sup>(B)</sup> | 1128635 | 21929378 |
| &nbsp;&nbsp;&nbsp;Capital One Financial, 4.800% | 940810 | 17235639 |
| &nbsp;&nbsp;&nbsp;Capital One Financial, 4.625% <sup>(B)</sup> | 90494 | 1644276 |
| &nbsp;&nbsp;&nbsp;Capital One Financial, 4.375% <sup>(B)</sup> | 508665 | 8845684 |
| &nbsp;&nbsp;&nbsp;Capital One Financial, 4.250% | 320831 | 5396377 |
| &nbsp;&nbsp;&nbsp;Carlyle Finance, 4.625% | 377207 | 6352166 |
| &nbsp;&nbsp;&nbsp;Charles Schwab, 5.950%  | 564640 | 14138586 |
| &nbsp;&nbsp;&nbsp;Charles Schwab, 4.450%  | 452124 | 9182638 |
| &nbsp;&nbsp;&nbsp;Citigroup Capital XIII, 10.785%, ICE LIBOR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 3 Month + 6.370% <sup>(A)</sup> | 1689004 | 48237954 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, 6.350%, ICE LIBOR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 3 Month + 3.642% <sup>(A)</sup> | 226414 | 5712425 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, 5.000% <sup>(B)</sup> | 339361 | 6848305 |
| &nbsp;&nbsp;&nbsp;Enstar Group, 7.000%  | 81938 | 1865728 |
| &nbsp;&nbsp;&nbsp;Enstar Group, 7.000%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 4.015% <sup>(A)</sup> | 301669 | 6980621 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, 5.250% | 602446 | 12560999 |

---

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

*36*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022** |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** | | |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, 6.625%, ICE LIBOR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 3 Month + 3.710% <sup>(A)</sup> | 339109 | $8701537 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, 4.950% <sup>(B)</sup> | 180777 | 3848742 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, 5.625% | 146866 | 3021034 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, 5.375% <sup>(B)</sup> | 260450 | 5206396 |
| &nbsp;&nbsp;&nbsp;First Horizon, 4.700%  | 113776 | 2439357 |
| &nbsp;&nbsp;&nbsp;First Republic Bank, 5.500% <sup>(B)</sup> | 218358 | 5050621 |
| &nbsp;&nbsp;&nbsp;First Republic Bank, 5.125%  | 143827 | 3100910 |
| &nbsp;&nbsp;&nbsp;First Republic Bank, 4.700% <sup>(B)</sup> | 298037 | 5957760 |
| &nbsp;&nbsp;&nbsp;First Republic Bank, 4.500%  | 557431 | 10368217 |
| &nbsp;&nbsp;&nbsp;First Republic Bank, 4.250%  | 563151 | 10063508 |
| &nbsp;&nbsp;&nbsp;First Republic Bank, 4.125% <sup>(B)</sup> | 377169 | 6551426 |
| &nbsp;&nbsp;&nbsp;First Republic Bank, 4.000%  | 565090 | 9516116 |
| &nbsp;&nbsp;&nbsp;Fulton Financial, 5.125% | 143877 | 2969621 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, 6.375%, ICE LIBOR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 3 Month + 3.550% <sup>(A)</sup> | 527065 | 13397992 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, 5.473%, ICE LIBOR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 3 Month + 0.750% <sup>(A)</sup> | 143697 | 2796344 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, 5.342%, ICE LIBOR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 3 Month + 0.750% <sup>(A)</sup> | 564903 | 10902628 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, 5.262%, ICE LIBOR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 3 Month + 0.670% <sup>(A)</sup> | 1015908 | 19607024 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney, 6.250% | 127132 | 3015571 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group, 6.000% <sup>(B)</sup> | 260215 | 6500171 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, 5.700% | 126258 | 2853431 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, 4.500% | 377058 | 7020820 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase, 6.000% <sup>(B)</sup> | 1391473 | 35204267 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase, 5.750% | 1275924 | 31323934 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase, 4.750% | 677622 | 13809936 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase, 4.625% | 1391741 | 27612141 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase, 4.550% <sup>(B)</sup> | 1128634 | 22008363 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase, 4.200% <sup>(B)</sup> | 1504540 | 27533082 |
| &nbsp;&nbsp;&nbsp;Kemper, 5.875%, US Treas Yield Curve Rate T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note Const Mat 5 Yr + 4.140% <sup>(A)</sup> | 107542 | 2141161 |
| &nbsp;&nbsp;&nbsp;KeyCorp, 6.125%, ICE LIBOR USD 3 Month |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 3.892% <sup>(A)</sup> | 376762 | 9355000 |
| &nbsp;&nbsp;&nbsp;KeyCorp, 5.650% <sup>(B)</sup> | 320441 | 7594452 |
| &nbsp;&nbsp;&nbsp;KeyCorp, 5.625%  | 339193 | 7896413 |
| &nbsp;&nbsp;&nbsp;KKR Group Finance IX, 4.625%  | 377094 | 6912133 |

---

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

*37*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** | | |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;M&T Bank, 5.625%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 4.020% <sup>(A)</sup> | 182493 | $4177265 |
| &nbsp;&nbsp;&nbsp;MetLife, 5.625% <sup>(B)</sup> | 606033 | 14665999 |
| &nbsp;&nbsp;&nbsp;MetLife, 4.750% | 752786 | 15356834 |
| &nbsp;&nbsp;&nbsp;MetLife, 4.293%, ICE LIBOR USD 3 Month + |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000% <sup>(A)</sup> | 452075 | 9837152 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, Ser F, 6.875%, ICE LIBOR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 3 Month + 3.940% <sup>(A)</sup> | 639787 | 16231396 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 6.375%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 3.708% <sup>(A) (B)</sup> | 752584 | 18769445 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 5.850%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 3.491% <sup>(A)</sup> | 752630 | 17920120 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 4.875% <sup>(B)</sup> | 376901 | 8110910 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 4.779%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 0.700% <sup>(A)</sup> | 827996 | 16543360 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 4.250% | 978403 | 17650390 |
| &nbsp;&nbsp;&nbsp;Navient, 6.000%  | 218468 | 4065690 |
| &nbsp;&nbsp;&nbsp;New York Community Bancorp, 6.375%, ICE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR USD 3 Month + 3.821% <sup>(A)</sup> | 388058 | 9313392 |
| &nbsp;&nbsp;&nbsp;New York Community Capital Trust V, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%  | 53923 | 2329420 |
| &nbsp;&nbsp;&nbsp;Northern Trust, 4.700% <sup>(B)</sup> | 301731 | 6366524 |
| &nbsp;&nbsp;&nbsp;Oaktree Capital Group, 6.625%  | 129807 | 3223108 |
| &nbsp;&nbsp;&nbsp;Oaktree Capital Group, 6.550%  | 171776 | 4242867 |
| &nbsp;&nbsp;&nbsp;PacWest Bancorp, 7.750%, US Treas Yield |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curve Rate T Note Const Mat 5 Yr + |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.820% <sup>(A)</sup> | 386686 | 9922363 |
| &nbsp;&nbsp;&nbsp;Prospect Capital, 5.350% | 106913 | 1820728 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, 5.625%  | 425627 | 10061822 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, 4.125% <sup>(B)</sup> | 376996 | 7407971 |
| &nbsp;&nbsp;&nbsp;Regions Financial, Ser B, 6.375%, ICE LIBOR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 3 Month + 3.536% <sup>(A) (B)</sup> | 376708 | 9749203 |
| &nbsp;&nbsp;&nbsp;Regions Financial, 5.700%, ICE LIBOR USD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month + 3.148% <sup>(A) (B)</sup> | 376830 | 8719846 |
| &nbsp;&nbsp;&nbsp;Regions Financial, 4.450%  | 301861 | 5653857 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, 7.663%, ICE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR USD 3 Month + 4.370% <sup>(A)</sup> | 181747 | 4536405 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, 5.750%, ICE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR USD 3 Month + 4.040% <sup>(A)</sup> | 301562 | 7632534 |

---

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

*38*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** | | |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Signature Bank NY, 5.000%  | 550039 | $9543177 |
| &nbsp;&nbsp;&nbsp;Silvergate Capital, 5.375% | 142959 | 2028588 |
| &nbsp;&nbsp;&nbsp;State Street, 5.900%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 3.108% <sup>(A) (B)</sup> | 564660 | 13726885 |
| &nbsp;&nbsp;&nbsp;State Street, 5.350%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 3.709% <sup>(A)</sup> | 376757 | 9283293 |
| &nbsp;&nbsp;&nbsp;Stifel Financial, 6.250%  | 115311 | 2900072 |
| &nbsp;&nbsp;&nbsp;Stifel Financial, 6.125%  | 162598 | 4040560 |
| &nbsp;&nbsp;&nbsp;Stifel Financial, 4.500%  | 219549 | 3938709 |
| &nbsp;&nbsp;&nbsp;SVB Financial Group, 5.250% <sup>(B)</sup> | 289554 | 5081673 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial, 5.625% <sup>(B)</sup> | 564935 | 10479544 |
| &nbsp;&nbsp;&nbsp;Synovus Financial, 5.875%, US Treas Yield |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curve Rate T Note Const Mat 5 Yr + |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.127% <sup>(A)</sup> | 264018 | 6362834 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, 5.750% <sup>(B)</sup> | 218729 | 4494881 |
| &nbsp;&nbsp;&nbsp;Truist Financial, 5.250% <sup>(B)</sup> | 433221 | 9595845 |
| &nbsp;&nbsp;&nbsp;Truist Financial, 4.750% <sup>(B)</sup> | 696426 | 13719592 |
| &nbsp;&nbsp;&nbsp;Unum Group, 6.250%  | 226432 | 5617778 |
| &nbsp;&nbsp;&nbsp;US Bancorp, 5.500% <sup>(B)</sup> | 433147 | 10352213 |
| &nbsp;&nbsp;&nbsp;US Bancorp, 5.099%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 1.020% <sup>(A)</sup> | 10824 | 9188494 |
| &nbsp;&nbsp;&nbsp;US Bancorp, 4.679%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 0.600% <sup>(A)</sup> | 752853 | 14650519 |
| &nbsp;&nbsp;&nbsp;US Bancorp, 4.500% <sup>(B)</sup> | 339346 | 6848002 |
| &nbsp;&nbsp;&nbsp;US Bancorp, 4.000% | 564996 | 10119078 |
| &nbsp;&nbsp;&nbsp;US Bancorp, 3.750% | 377177 | 6374291 |
| &nbsp;&nbsp;&nbsp;Voya Financial, 5.350%, US Treas Yield Curve |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate T Note Const Mat 5 Yr + 3.210% <sup>(A)</sup> | 218172 | 4782330 |
| &nbsp;&nbsp;&nbsp;W R Berkley, 5.700% | 135893 | 3266868 |
| &nbsp;&nbsp;&nbsp;W R Berkley, 5.100% | 218625 | 4890641 |
| &nbsp;&nbsp;&nbsp;Washington Federal, 4.875% | 218955 | 4129491 |
| &nbsp;&nbsp;&nbsp;Wells Fargo, 7.500%  | 74589 | 88771352 |
| &nbsp;&nbsp;&nbsp;Wells Fargo, 6.625%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 3.690% <sup>(A) (B)</sup> | 632258 | 16084644 |
| &nbsp;&nbsp;&nbsp;Wells Fargo, 5.625%  | 519626 | 11852669 |
| &nbsp;&nbsp;&nbsp;Wells Fargo, 4.750%  | 1513913 | 28446425 |
| &nbsp;&nbsp;&nbsp;Wells Fargo, 4.700%  | 880627 | 16388468 |
| &nbsp;&nbsp;&nbsp;Wells Fargo, 4.375%  | 790518 | 13913117 |
| &nbsp;&nbsp;&nbsp;Wells Fargo, 4.250% <sup>(B)</sup> | 940897 | 15976431 |

---

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

*39*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** | | |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp, 4.250%, US Treas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yield Curve Rate T Note Const Mat 5 Yr + |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.452% <sup>(A)</sup> | 218497 | $4675836 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial, 6.875%, US Treas Yield |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curve Rate T Note Const Mat 5 Yr + |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.507% <sup>(A)</sup> | 216990 | 5468148 |
|  |  | 1537186256 |
| Industrials — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Air Lease, 6.150%, ICE LIBOR USD 3 Month |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 3.650% <sup>(A)</sup> | 182594 | 4345737 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, 6.700% | 320749 | 5847254 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, 5.000% | 86638 | 10031814 |
| &nbsp;&nbsp;&nbsp;WESCO International, 10.625%, US Treas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yield Curve Rate T Note Const Mat 5 Yr + |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.325% <sup>(A)</sup> | 406960 | 11150704 |
|  |  | 31375509 |
| Real Estate — 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;Agree Realty, 4.250% <sup>‡</sup> | 130269 | 2273194 |
| &nbsp;&nbsp;&nbsp;Brookfield Property Partners, 6.375% | 180256 | 3062549 |
| &nbsp;&nbsp;&nbsp;Brookfield Property Partners, 5.750% | 207222 | 3100041 |
| &nbsp;&nbsp;&nbsp;Brookfield Property Preferred, 6.250% | 505843 | 8472870 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, 5.250% <sup>‡ (B)</sup> | 143824 | 3120981 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, 5.200% <sup>‡</sup> | 260393 | 5585430 |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust, 5.625% ‡ | 257864 | 3102104 |
| &nbsp;&nbsp;&nbsp;EPR Properties, 5.750% <sup>‡</sup> | 111761 | 2035168 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust, 5.000% <sup>‡</sup> | 107441 | 2243368 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, 6.875% <sup>‡</sup> | 83635 | 1824916 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties, 4.750% ‡ | 307898 | 4067333 |
| &nbsp;&nbsp;&nbsp;Kimco Realty, 5.250% <sup>‡</sup> | 191439 | 4045106 |
| &nbsp;&nbsp;&nbsp;Kimco Realty, 5.125% <sup>‡</sup> | 162277 | 3393212 |
| &nbsp;&nbsp;&nbsp;Office Properties Income Trust, 6.375% ‡ | 116057 | 2122683 |
| &nbsp;&nbsp;&nbsp;Public Storage, 5.600% <sup>‡</sup> | 215156 | 5269170 |
| &nbsp;&nbsp;&nbsp;Public Storage, 5.150% <sup>‡</sup> | 204264 | 4589812 |
| &nbsp;&nbsp;&nbsp;Public Storage, 5.050% <sup>‡</sup> | 218494 | 4937964 |
| &nbsp;&nbsp;&nbsp;Public Storage, 4.875% <sup>‡</sup> | 230161 | 4948462 |
| &nbsp;&nbsp;&nbsp;Public Storage, 4.750% <sup>‡</sup> | 144699 | 3024209 |
| &nbsp;&nbsp;&nbsp;Public Storage, 4.700% <sup>‡ (B)</sup> | 189136 | 3873505 |
| &nbsp;&nbsp;&nbsp;Public Storage, 4.625% <sup>‡</sup> | 425799 | 8584108 |
| &nbsp;&nbsp;&nbsp;Public Storage, 4.125% <sup>‡</sup> | 166018 | 2950140 |
| &nbsp;&nbsp;&nbsp;Public Storage, 4.100% <sup>‡</sup> | 180372 | 3234070 |

---

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

*40*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** | | |
| Real Estate — continued |  |  |
| &nbsp;&nbsp;&nbsp;Public Storage, 4.000% <sup>‡</sup> | 328264 | $5747903 |
| &nbsp;&nbsp;&nbsp;Public Storage, 4.000% <sup>‡</sup> | 455117 | 7959996 |
| &nbsp;&nbsp;&nbsp;Public Storage, 3.950% <sup>‡</sup> | 102659 | 1752389 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust, 1.950% <sup>‡</sup> | 242922 | 6000173 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust, 5.400% <sup>‡</sup> | 216703 | 3597270 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust, 5.250% <sup>‡</sup> | 230606 | 3761184 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust, 4.450% <sup>‡</sup> | 219925 | 3305473 |
|  |  | 121984783 |
| Utilities — 10.3% |  |  |
| &nbsp;&nbsp;&nbsp;AES, 6.875% | 196219 | 20145805 |
| &nbsp;&nbsp;&nbsp;CMS Energy, 5.875% | 474518 | 11027798 |
| &nbsp;&nbsp;&nbsp;CMS Energy, 5.875% | 204080 | 4804043 |
| &nbsp;&nbsp;&nbsp;CMS Energy, 5.625% | 144071 | 3299226 |
| &nbsp;&nbsp;&nbsp;CMS Energy, 4.200% | 166018 | 2985004 |
| &nbsp;&nbsp;&nbsp;DTE Energy, 5.250% | 301667 | 6865941 |
| &nbsp;&nbsp;&nbsp;DTE Energy, 4.375% | 205127 | 3881003 |
| &nbsp;&nbsp;&nbsp;Duke Energy, 5.750% | 752607 | 18461450 |
| &nbsp;&nbsp;&nbsp;Duke Energy, 5.625% | 376766 | 9185555 |
| &nbsp;&nbsp;&nbsp;Entergy Arkansas, 4.875% | 309278 | 6550508 |
| &nbsp;&nbsp;&nbsp;Entergy Louisiana, 4.875% | 196902 | 4298371 |
| &nbsp;&nbsp;&nbsp;Entergy Mississippi, 4.900% | 190151 | 4189027 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, 5.650%  | 517699 | 12854466 |
| &nbsp;&nbsp;&nbsp;NiSource, 7.750%  | 162291 | 17172011 |
| &nbsp;&nbsp;&nbsp;NiSource, 6.500%, US Treas Yield Curve Rate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T Note Const Mat 5 Yr + 3.632% <sup>(A)</sup> | 376768 | 9238351 |
| &nbsp;&nbsp;&nbsp;SCE Trust II, 5.100%  | 161626 | 2996546 |
| &nbsp;&nbsp;&nbsp;SCE Trust III, 5.750%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 2.990% <sup>(A)</sup> | 199254 | 4078729 |
| &nbsp;&nbsp;&nbsp;SCE Trust IV, 5.375%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 3.132% <sup>(A)</sup> | 236988 | 4417456 |
| &nbsp;&nbsp;&nbsp;SCE Trust V, 5.450%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 3.790% <sup>(A)</sup> | 218747 | 4320253 |
| &nbsp;&nbsp;&nbsp;SCE Trust VI, 5.000% | 358306 | 6428010 |
| &nbsp;&nbsp;&nbsp;Sempra Energy, 5.750%  | 570379 | 13329757 |
| &nbsp;&nbsp;&nbsp;South Jersey Industries, 8.750% | 126241 | 8727040 |
| &nbsp;&nbsp;&nbsp;South Jersey Industries, 5.625% | 143506 | 2482654 |
| &nbsp;&nbsp;&nbsp;Southern, 5.250% | 339211 | 7805245 |
| &nbsp;&nbsp;&nbsp;Southern, 4.950% | 752789 | 15349368 |
| &nbsp;&nbsp;&nbsp;Southern, 4.200% <sup>(B)</sup> | 564938 | 10598237 |
| &nbsp;&nbsp;&nbsp;Spire, 5.900%  | 182531 | 4274876 |

---

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

*41*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** | | |
| Utilities — continued |  |  |
| &nbsp;&nbsp;&nbsp;Tennessee Valley Authority, 2.134%, US Treas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yield Curve Rate T Note Const Mat 30 Yr + |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.940% <sup>(A)</sup> | 186889 | $4003162 |
| &nbsp;&nbsp;&nbsp;UGI, 7.250%  | 39941 | 3524793 |
|  |  | 227294685 |
| TOTAL UNITED STATES |  | 2140416873 |
| TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,600,392,645) |  | 2205678296 |
|  | &nbsp;&nbsp;**Face Amount** |  |
| **U.S. TREASURY OBLIGATION — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.410%, 12/01/22<sup>(C)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $26,150,000) | $26150000 | 26150000 |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENT<sup>(D)(E)</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;3.600% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $13,567,592)  | 13567592 | 13567592 |
|  | &nbsp;&nbsp;**Face Amount** |  |
| **REPURCHASE AGREEMENT<sup>(D)</sup> — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.730%, dated 11/30/2022, to be |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;repurchased on 12/01/2022, repurchase price |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18,859,828 (collateralized by various U.S. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury Obligations, ranging in par value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$953,028 - $2,380,158, 1.625% - 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/2024 - 5/15/2031, with a total market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;value of $19,369,661) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $18,857,874)  | $18857874 | 18857874 |
| TOTAL INVESTMENTS — 102.2% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,658,968,111) |  | $2264253762 |

---

 *Percentages are based on Net Assets of $2,214,461,295.*

 *‡ Real Estate Investment Trust*

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

*42*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |

---

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *Preferred Stock* | $*2205678296* | $*—* | $*—* | $*2205678296* |
| &nbsp;&nbsp;&nbsp; *U.S. Treasury Obligation* | *—* | *26150000* | *—* | *26150000* |
| &nbsp;&nbsp;&nbsp; *Short-Term Investment* | *13567592* | *—* | *—* | *13567592* |
| &nbsp;&nbsp;&nbsp; *Repurchase Agreement* | *—* | *18857874* | *—* | *18857874* |
| *Total Investments in Securities* | $*2219245888* | $*45007874* | $*—* | $*2264253762* |

---

 *See "Glossary" for abbreviations.*

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

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

*43*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Variable Rate Preferred ETF** | **Global X Variable Rate Preferred ETF** |

---

![](variableratepreferred-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — 99.7%** | | |
| **BERMUDA— 0.7%** | | |
| Financials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;SiriusPoint, 8.000%, US Treas Yield Curve |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate T Note Const Mat 5 Yr + 7.298% <sup>(A)</sup> | 84904 | $&nbsp;&nbsp;&nbsp;1985056 |
| TOTAL BERMUDA |  | &nbsp;&nbsp;&nbsp;1985056 |
| **CANADA— 1.2%** |  |  |
| Utilities — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Algonquin Power & Utilities, 6.200%, ICE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR USD 3 Month + 4.010% <sup>(A)</sup> | 148987 | &nbsp;&nbsp;&nbsp;3349228 |
| TOTAL CANADA |  | &nbsp;&nbsp;&nbsp;3349228 |
| **UNITED STATES— 97.8%** |  |  |
| Consumer Staples — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;CHS, Ser 2, 7.100%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 4.298% <sup>(A)</sup> | 178973 | &nbsp;&nbsp;&nbsp;4483274 |
| &nbsp;&nbsp;&nbsp;CHS, Ser 3, 6.750%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 4.155% <sup>(A)</sup> | 209956 | &nbsp;&nbsp;&nbsp;5257298 |
|  |  | &nbsp;&nbsp;&nbsp;9740572 |
| Energy — 6.3% |  |  |
| &nbsp;&nbsp;&nbsp;Energy Transfer, 7.600%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 5.161% <sup>(A)</sup> | 341331 | &nbsp;&nbsp;&nbsp;7864266 |
| &nbsp;&nbsp;&nbsp;NuStar Energy, 10.249%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 6.766% <sup>(A)</sup> | 96256 | &nbsp;&nbsp;&nbsp;2305331 |

---

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

*44*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Variable Rate Preferred ETF** | **Global X Variable Rate Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** | | |
| Energy — continued |  |  |
| &nbsp;&nbsp;&nbsp;NuStar Energy, 9.126%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 5.643% <sup>(A)</sup> | 163937 | $3514810 |
| &nbsp;&nbsp;&nbsp;NuStar Logistics, 10.813%, ICE LIBOR USD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month + 6.734% <sup>(A)</sup> | 171494 | 4311359 |
|  |  | 17995766 |
| Financials — 84.1% |  |  |
| &nbsp;&nbsp;&nbsp;ACRES Commercial Realty, 8.625%, ICE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR USD 3 Month + 5.927% <sup>‡,(A)</sup> | 50664 | 1092822 |
| &nbsp;&nbsp;&nbsp;AGNC Investment, 6.875%, ICE LIBOR USD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month + 4.332% <sup>‡,(A)</sup> | 99775 | 2094277 |
| &nbsp;&nbsp;&nbsp;AGNC Investment, 6.500%, ICE LIBOR USD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month + 4.993% <sup>‡,(A)</sup> | 171395 | 3698704 |
| &nbsp;&nbsp;&nbsp;AGNC Investment, 6.125%, ICE LIBOR USD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month + 4.697% <sup>‡,(A)</sup> | 245075 | 5041193 |
| &nbsp;&nbsp;&nbsp;American Equity Investment Life Holding, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, US Treas Yield Curve Rate T Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Const Mat 5 Yr + 6.297% <sup>(A)</sup> | 127647 | 3062251 |
| &nbsp;&nbsp;&nbsp;American Equity Investment Life Holding, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, US Treas Yield Curve Rate T Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Const Mat 5 Yr + 4.322% <sup>(A)</sup> | 170330 | 3699568 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, 8.667%, ICE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR USD 3 Month + 4.993% <sup>‡,(A)</sup> | 307179 | 7495168 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, 6.750%, ICE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR USD 3 Month + 4.989% <sup>‡,(A)</sup> | 188540 | 4328878 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust, 6.250%, U.S. SOFR + |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.440% <sup>‡,(A)</sup> | 118449 | 2357135 |
| &nbsp;&nbsp;&nbsp;Argo Group International Holdings, 7.000%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treas Yield Curve Rate T Note Const |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mat 5 Yr + 6.712% <sup>(A)</sup> | 63479 | 1334329 |
| &nbsp;&nbsp;&nbsp;Athene Holding, 6.375%, US Treas Yield |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curve Rate T Note Const Mat 5 Yr + |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.970% <sup>(A)</sup> | 246851 | 6193492 |
| &nbsp;&nbsp;&nbsp;Athene Holding, 6.350%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 4.253% <sup>(A)</sup> | 355052 | 8741380 |
| &nbsp;&nbsp;&nbsp;Bank of America, 6.450%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 1.327% <sup>(A)</sup> | 444522 | 11201954 |
| &nbsp;&nbsp;&nbsp;Bank of America, 5.223%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 0.500% <sup>(A)</sup> | 178056 | 3634123 |

---

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

*45*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Variable Rate Preferred ETF** | **Global X Variable Rate Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** | | |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America, 4.956%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 0.350% <sup>(A)</sup> | 133796 | $2683948 |
| &nbsp;&nbsp;&nbsp;Chimera Investment, 8.000%, ICE LIBOR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 3 Month + 5.379% <sup>‡,(A)</sup> | 84807 | 1711405 |
| &nbsp;&nbsp;&nbsp;Chimera Investment, 8.000%, ICE LIBOR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 3 Month + 5.791% <sup>‡,(A)</sup> | 138262 | 2967102 |
| &nbsp;&nbsp;&nbsp;Chimera Investment, 7.750%, ICE LIBOR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 3 Month + 4.743% <sup>‡,(A)</sup> | 110391 | 2089702 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, 6.350%, ICE LIBOR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 3 Month + 3.642% <sup>(A)</sup> | 127676 | 3221265 |
| &nbsp;&nbsp;&nbsp;Enstar Group, 7.000%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 4.015% <sup>(A)</sup> | 170363 | 3942200 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, 6.625%, ICE LIBOR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 3 Month + 3.710% <sup>(A)</sup> | 191802 | 4921639 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, 6.375%, ICE LIBOR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 3 Month + 3.550% <sup>(A)</sup> | 296173 | 7528718 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, 5.342%, ICE LIBOR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 3 Month + 0.750% <sup>(A)</sup> | 317186 | 6121690 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, 5.262%, ICE LIBOR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 3 Month + 0.670% <sup>(A)</sup> | 571492 | 11029796 |
| &nbsp;&nbsp;&nbsp;Granite Point Mortgage Trust, 7.000%, U.S. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 5.830% <sup>‡,(A)</sup> | 87207 | 1643852 |
| &nbsp;&nbsp;&nbsp;Kemper, 5.875%, US Treas Yield Curve Rate T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note Const Mat 5 Yr + 4.140% <sup>(A)</sup> | 63434 | 1262971 |
| &nbsp;&nbsp;&nbsp;KeyCorp, 6.125%, ICE LIBOR USD 3 Month |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 3.892% <sup>(A)</sup> | 213146 | 5292415 |
| &nbsp;&nbsp;&nbsp;M&T Bank, 5.625%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 4.020% <sup>(A)</sup> | 106269 | 2432497 |
| &nbsp;&nbsp;&nbsp;MetLife, 4.293%, ICE LIBOR USD 3 Month + |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000% <sup>(A)</sup> | 255797 | 5566143 |
| &nbsp;&nbsp;&nbsp;MFA Financial, 6.500%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 5.345% <sup>‡,(A)</sup> | 116799 | 2123406 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, Ser F, 6.875%, ICE LIBOR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 3 Month + 3.940% <sup>(A)</sup> | 245909 | 6238711 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 6.375%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 3.708% <sup>(A)</sup> | 289387 | 7217312 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 5.850%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 3.491% <sup>(A)</sup> | 289360 | 6889662 |

---

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

*46*

------

![](pagelogo.jpg)

** 

<br> ---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Variable Rate Preferred ETF** | **Global X Variable Rate Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** | | |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 4.779%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 0.700% <sup>(A)</sup> | 318235 | $6358335 |
| &nbsp;&nbsp;&nbsp;New York Community Bancorp, 6.375%, ICE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR USD 3 Month + 3.821% <sup>(A)</sup> | 219542 | 5269008 |
| &nbsp;&nbsp;&nbsp;New York Mortgage Trust, 8.000%, ICE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR USD 3 Month + 5.695% <sup>‡,(A)</sup> | 64747 | 1294940 |
| &nbsp;&nbsp;&nbsp;PacWest Bancorp, 7.750%, US Treas Yield |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curve Rate T Note Const Mat 5 Yr + |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.820% <sup>(A)</sup> | 218832 | 5615229 |
| &nbsp;&nbsp;&nbsp;Regions Financial, Ser B, 6.375%, ICE LIBOR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 3 Month + 3.536% <sup>(A)</sup> | 213177 | 5517021 |
| &nbsp;&nbsp;&nbsp;Regions Financial, 5.700%, ICE LIBOR USD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month + 3.148% <sup>(A)</sup> | 213105 | 4931250 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, 7.663%, ICE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR USD 3 Month + 4.370% <sup>(A)</sup> | 105880 | 2642765 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, 5.750%, ICE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR USD 3 Month + 4.040% <sup>(A)</sup> | 170426 | 4313482 |
| &nbsp;&nbsp;&nbsp;Rithm Capital, 7.500%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 5.802% <sup>‡,(A)</sup> | 65711 | 1360218 |
| &nbsp;&nbsp;&nbsp;Rithm Capital, 7.125%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 5.640% <sup>‡,(A)</sup> | 120069 | 2485428 |
| &nbsp;&nbsp;&nbsp;Rithm Capital, 7.000%, US Treas Yield Curve |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate T Note Const Mat 5 Yr + 6.223% <sup>‡,(A)</sup> | 198032 | 3827958 |
| &nbsp;&nbsp;&nbsp;Rithm Capital, 6.375%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 4.969% <sup>‡,(A)</sup> | 171272 | 3115438 |
| &nbsp;&nbsp;&nbsp;State Street, 5.900%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 3.108% <sup>(A)</sup> | 319988 | 7778908 |
| &nbsp;&nbsp;&nbsp;State Street, 5.350%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 3.709% <sup>(A)</sup> | 213148 | 5251967 |
| &nbsp;&nbsp;&nbsp;Synovus Financial, 5.875%, US Treas Yield |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curve Rate T Note Const Mat 5 Yr + |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.127% <sup>(A)</sup> | 149018 | 3591334 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment, 7.625%, ICE LIBOR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 3 Month + 5.352% <sup>‡,(A)</sup> | 122156 | 2295311 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment, 7.250%, ICE LIBOR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 3 Month + 5.011% <sup>‡,(A)</sup> | 125364 | 2412003 |
| &nbsp;&nbsp;&nbsp;US Bancorp, 4.679%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 0.600% <sup>(A)</sup> | 426688 | 8303348 |

---

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

*47*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Variable Rate Preferred ETF** | **Global X Variable Rate Preferred ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** | | |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Voya Financial, 5.350%, US Treas Yield Curve |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate T Note Const Mat 5 Yr + 3.210% <sup>(A)</sup> | 127603 | $2797058 |
| &nbsp;&nbsp;&nbsp;Wells Fargo, 6.625%, ICE LIBOR USD 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Month + 3.690% <sup>(A)</sup> | 358474 | 9119579 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp, 4.250%, US Treas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yield Curve Rate T Note Const Mat 5 Yr + |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.452% <sup>(A)</sup> | 127591 | 2730447 |
|  |  | 239870735 |
| Industrials — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;WESCO International, 10.625%, US Treas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yield Curve Rate T Note Const Mat 5 Yr + |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.325% <sup>(A)</sup> | 230420 | 6313508 |
| Utilities — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;NiSource, 6.500%, US Treas Yield Curve Rate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T Note Const Mat 5 Yr + 3.632% <sup>(A)</sup> | 213142 | 5226242 |
| TOTAL UNITED STATES |  | 279146823 |
| TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $297,157,446) |  | 284481107 |
|  | **Face Amount** |  |
| **U.S. TREASURY OBLIGATION — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.412%, 12/01/22<sup>(B)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,790,000) | $13790000 | 13790000 |
| TOTAL INVESTMENTS — 104.5% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $310,947,446) |  | $298271107 |

---

 *Percentages are based on Net Assets of $285,388,832.*

*‡* *Real Estate Investment Trust* 

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

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

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

*48*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Variable Rate Preferred ETF** | **Global X Variable Rate Preferred ETF** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *Preferred Stock* | $*284481107* | $*—* | $*—* | $*284481107* |
| &nbsp;&nbsp;&nbsp; *U.S. Treasury Obligation* | *—* | *13790000* | *—* | *13790000* |
| *Total Investments in Securities* | $*284481107* | $*13790000* | $*—* | $*298271107* |

---

 *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.

*49*

------

![](pagelogo.jpg)

---

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

---

![](mlp-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MASTER LIMITED PARTNERSHIPS — 95.6%** | | |
| Energy — 95.6% |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Partners . | 2086652 | $129539356 |
| &nbsp;&nbsp;&nbsp;Crestwood Equity Partners | 2312069 | 68483484 |
| &nbsp;&nbsp;&nbsp;DCP Midstream . | 1753909 | 68998780 |
| &nbsp;&nbsp;&nbsp;Delek Logistics Partners | 1234926 | 63228211 |
| &nbsp;&nbsp;&nbsp;Energy Transfer . | 13044097 | 163572976 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners . | 6883842 | 170788120 |
| &nbsp;&nbsp;&nbsp;Genesis Energy <sup>(A)</sup> | 6326317 | 66869171 |
| &nbsp;&nbsp;&nbsp;Green Plains Partners . | 100 | 1239 |
| &nbsp;&nbsp;&nbsp;Holly Energy Partners . | 3623962 | 67840569 |
| &nbsp;&nbsp;&nbsp;Magellan Midstream Partners . | 2471875 | 130267812 |
| &nbsp;&nbsp;&nbsp;Martin Midstream Partners . | 100 | 327 |
| &nbsp;&nbsp;&nbsp;MPLX | 4344337 | 147664015 |
| &nbsp;&nbsp;&nbsp;NGL Energy Partners <sup>\*</sup> | 50000 | 58500 |
| &nbsp;&nbsp;&nbsp;NuStar Energy . | 4326317 | 70648757 |
| &nbsp;&nbsp;&nbsp;Plains All American Pipeline | 8112547 | 100757834 |
| &nbsp;&nbsp;&nbsp;Western Midstream Partners . | 2467275 | 69034354 |
| TOTAL MASTER LIMITED PARTNERSHIPS |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $839,722,930) |  | 1317753505 |
| **COMMON STOCK — 5.5%** |  |  |
| Energy — 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;EnLink Midstream . | 2894096 | 37218074 |
| &nbsp;&nbsp;&nbsp;Hess Midstream, Cl A | 1242925 | 38816548 |
| &nbsp;&nbsp;&nbsp;Phillips 66 . | 100 | 10844 |
| &nbsp;&nbsp;&nbsp;USD Partners | 100 | 318 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $49,364,321) |  | 76045784 |
| TOTAL INVESTMENTS — 101.1% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $889,087,251) |  | $1393799289 |

---

<br> *Percentages are based on Net Assets of $1,378,278,772.*

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

*50*

------

![](pagelogo.jpg)

---

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

---

 *\* Non-income producing security.* 

*(A) Affiliated investment.*

 *As of November 30, 2022, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

 *The following is a summary of the Fund's transactions with affiliates for the year ended November 30, 2022:*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Changes in |  |  |  |  |
|  |  |  | Unrealized |  |  |  |  |
| Value at | Purchases at | Proceeds from | Appreciation | Realized Gain | Value at | Dividend | Capital |
| 11/30/21 | Cost | Sales | (Depreciation) | (Loss) | 11/30/22 | Income | Gains |
| &nbsp;&nbsp; **Genesis Energy** |  |  |  |  |  |  |  |
| $43225217 | $44075173 | ($22954659) | $2644350 | ($120910) | $66869171 | $— | $— |
| &nbsp;&nbsp; **Totals:** |  |  |  |  |  |  |  |
| $43225217 | $44075173 | ($22954659) | $2644350 | ($120910) | $66869171 | $— | $— |

---

 *See "Glossary" for abbreviations.*

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

*51*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X MLP & Energy Infrastructure ETF** | **Global X MLP & Energy Infrastructure ETF** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 75.7%** | | |
| **CANADA — 21.8%** | | |
| Energy — 21.8% |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge | 2383653 | $98421033 |
| &nbsp;&nbsp;&nbsp;Pembina Pipeline . | 1366809 | 49861192 |
| &nbsp;&nbsp;&nbsp;TC Energy | 2012629 | 89521738 |
| TOTAL CANADA |  | 237803963 |
| **UNITED STATES — 53.9%** |  |  |
| Energy — 53.9% |  |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream . | 3098331 | 35104090 |
| &nbsp;&nbsp;&nbsp;Archrock . | 1292519 | 11257840 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy . | 517210 | 90697946 |
| &nbsp;&nbsp;&nbsp;DT Midstream . | 799645 | 48242583 |
| &nbsp;&nbsp;&nbsp;EnLink Midstream . | 2376293 | 30559128 |
| &nbsp;&nbsp;&nbsp;Equitrans Midstream . | 4140059 | 34735095 |
| &nbsp;&nbsp;&nbsp;Hess Midstream, Cl A <sup>(A)</sup> | 409133 | 12777224 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan . | 4010977 | 76689880 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Cl A <sup>(A)</sup> | 133327 | 4537118 |
| &nbsp;&nbsp;&nbsp;ONEOK . | 1064838 | 71258959 |
| &nbsp;&nbsp;&nbsp;Plains GP Holdings, Cl A | 1816766 | 24035814 |
| &nbsp;&nbsp;&nbsp;Targa Resources | 648113 | 48213126 |
| &nbsp;&nbsp;&nbsp;Williams | 2838585 | 98498899 |
| TOTAL UNITED STATES |  | 586607702 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $649,250,625) |  | 824411665 |

---

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

*52*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X MLP & Energy Infrastructure ETF** | **Global X MLP & Energy Infrastructure ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MASTER LIMITED PARTNERSHIPS — 24.2%** | | |
| **UNITED STATES— 24.2%** | | |
| Energy — 24.2% |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Partners . | 482302 | $29941308 |
| &nbsp;&nbsp;&nbsp;Crestwood Equity Partners | 285296 | 8450468 |
| &nbsp;&nbsp;&nbsp;DCP Midstream . | 291977 | 11486375 |
| &nbsp;&nbsp;&nbsp;Delek Logistics Partners | 31686 | 1622323 |
| &nbsp;&nbsp;&nbsp;Energy Transfer . | 3993819 | 50082490 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners . | 1931836 | 47928851 |
| &nbsp;&nbsp;&nbsp;Holly Energy Partners . | 148999 | 2789261 |
| &nbsp;&nbsp;&nbsp;Magellan Midstream Partners . | 694289 | 36589031 |
| &nbsp;&nbsp;&nbsp;MPLX | 1117111 | 37970603 |
| &nbsp;&nbsp;&nbsp;Plains All American Pipeline | 1511414 | 18771762 |
| &nbsp;&nbsp;&nbsp;Western Midstream Partners | 660965 | 18493801 |
| TOTAL UNITED STATES |  | 264126273 |
| TOTAL MASTER LIMITED PARTNERSHIPS |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $160,972,205) |  | 264126273 |
| **SHORT-TERM INVESTMENT<sup>(B)(C)</sup> — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Portfolio, Cl Institutional, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,438,449) | 1438449 | 1438449 |
|  | **Face Amount** |  |
| **REPURCHASE AGREEMENT<sup>(B)</sup> — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.730%, dated 11/30/2022, to be repurchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on 12/01/2022, repurchase price $1,999,537 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(collateralized by various U.S. Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations, ranging in par value $101,041 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- $252,347, 1.625% - 2.500%, 5/15/2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 5/15/2031, with a total market value of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2053592) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,999,330) | $1999330 | 1999330 |
| TOTAL INVESTMENTS — 100.2% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $813,660,609) |  | $1091975717 |

---

 *Percentages are based on Net Assets of $1,090,000,115.*

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

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

*53*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X MLP & Energy Infrastructure ETF** | **Global X MLP & Energy Infrastructure ETF** |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities* | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; *Common Stock* | $*824411665* | $*—* | $*—* | $*824411665* |
| &nbsp;&nbsp;&nbsp; *Master Limited Partnerships* | *264126273* | *—* | *—* | *264126273* |
| &nbsp;&nbsp;&nbsp; *Short-Term Investment* | *1438449* | *—* | *—* | *1438449* |
| &nbsp;&nbsp;&nbsp; *Repurchase Agreement* | *—* | *1999330* | *—* | *1999330* |
| *Total Investments in Securities* | $*1089976387* | $*1999330* | $*—* | $*1091975717* |

---

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

*54*

------

![](pagelogo.jpg)

---

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

---

![](consciouscompanies-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** | | |
| **CANADA — 0.5%** | | |
| Financials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 47556 | $3173887 |
| **UNITED STATES — 99.3%** |  |  |
| Communication Services — 6.5% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A <sup>\*</sup> | 159662 | 16124265 |
| &nbsp;&nbsp;&nbsp;AT&T | 166037 | 3201193 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 96325 | 3529348 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A <sup>\*</sup> | 23064 | 2723859 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 10597 | 3237702 |
| &nbsp;&nbsp;&nbsp;Omnicom Group . | 41957 | 3346490 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software <sup>\*</sup> | 23731 | 2508129 |
| &nbsp;&nbsp;&nbsp;T-Mobile US <sup>\*</sup> | 21485 | 3254118 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 83223 | 3244033 |
| &nbsp;&nbsp;&nbsp;Walt Disney <sup>\*</sup> | 29413 | 2878650 |
|  |  | 44047787 |
| Consumer Discretionary — 9.8% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com <sup>\*</sup> | 121397 | 11719666 |
| &nbsp;&nbsp;&nbsp;Best Buy | 46922 | 4002447 |
| &nbsp;&nbsp;&nbsp;BorgWarner . | 85711 | 3643575 |

---

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

*55*

------

![](pagelogo.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Consumer Discretionary — continued |  |  |
| &nbsp;&nbsp;&nbsp;eBay | 77388 | $3516511 |
| &nbsp;&nbsp;&nbsp;Etsy <sup>\*</sup> | 29324 | 3873407 |
| &nbsp;&nbsp;&nbsp;Home Depot . | 10570 | 3424574 |
| &nbsp;&nbsp;&nbsp;Lear . | 22673 | 3270354 |
| &nbsp;&nbsp;&nbsp;Lowe's | 15956 | 3391448 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica <sup>\*</sup> | 9943 | 3781422 |
| &nbsp;&nbsp;&nbsp;Marriott International, Cl A | 19312 | 3193239 |
| &nbsp;&nbsp;&nbsp;NIKE, Cl B | 34014 | 3730996 |
| &nbsp;&nbsp;&nbsp;Starbucks | 36142 | 3693712 |
| &nbsp;&nbsp;&nbsp;Target | 18498 | 3090461 |
| &nbsp;&nbsp;&nbsp;Tesla <sup>\*</sup> | 23710 | 4616337 |
| &nbsp;&nbsp;&nbsp;Tractor Supply . | 14402 | 3259317 |
| &nbsp;&nbsp;&nbsp;VF . | 107442 | 3526246 |
|  |  | 65733712 |
| Consumer Staples — 9.3% |  |  |
| &nbsp;&nbsp;&nbsp;Campbell Soup . | 59160 | 3175117 |
| &nbsp;&nbsp;&nbsp;Church & Dwight | 40360 | 3304273 |
| &nbsp;&nbsp;&nbsp;Clorox | 21604 | 3211435 |
| &nbsp;&nbsp;&nbsp;Coca-Cola . | 51998 | 3307593 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 41563 | 3220301 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 6025 | 3248981 |
| &nbsp;&nbsp;&nbsp;Estee Lauder, Cl A . | 15212 | 3586838 |
| &nbsp;&nbsp;&nbsp;General Mills | 38566 | 3289680 |
| &nbsp;&nbsp;&nbsp;Hershey | 12907 | 3035339 |
| &nbsp;&nbsp;&nbsp;Hormel Foods | 66300 | 3116100 |
| &nbsp;&nbsp;&nbsp;J M Smucker . | 20633 | 3177688 |
| &nbsp;&nbsp;&nbsp;Kellogg . | 40917 | 2984895 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 25836 | 3504137 |
| &nbsp;&nbsp;&nbsp;Kroger | 68052 | 3347478 |
| &nbsp;&nbsp;&nbsp;McCormick . | 40190 | 3423384 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Cl A . | 50960 | 3445406 |
| &nbsp;&nbsp;&nbsp;PepsiCo | 16846 | 3125101 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble . | 23138 | 3451264 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance | 86293 | 3581160 |
|  |  | 62536170 |
| Energy — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;Chevron . | 17293 | 3169980 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips . | 23918 | 2954112 |

---

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

*56*

------

![](pagelogo.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Energy — continued |  |  |
| &nbsp;&nbsp;&nbsp;Devon Energy | 39782 | $2725863 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 22230 | 3155104 |
| &nbsp;&nbsp;&nbsp;Hess | 21971 | 3161847 |
| &nbsp;&nbsp;&nbsp;ONEOK . | 52106 | 3486933 |
| &nbsp;&nbsp;&nbsp;Phillips 66 . | 29814 | 3233030 |
| &nbsp;&nbsp;&nbsp;Valero Energy . | 23163 | 3095040 |
|  |  | 24981909 |
| Financials — 11.4% |  |  |
| &nbsp;&nbsp;&nbsp;Aflac | 48375 | 3479614 |
| &nbsp;&nbsp;&nbsp;Allstate | 23974 | 3210119 |
| &nbsp;&nbsp;&nbsp;American Express . | 21134 | 3330507 |
| &nbsp;&nbsp;&nbsp;Bank of America | 85353 | 3230611 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 73296 | 3364286 |
| &nbsp;&nbsp;&nbsp;Capital One Financial | 30683 | 3167713 |
| &nbsp;&nbsp;&nbsp;Citigroup | 67398 | 3262737 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A . | 17405 | 3071982 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems . | 7302 | 3368340 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group . | 43177 | 3297427 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase . | 24461 | 3380021 |
| &nbsp;&nbsp;&nbsp;MetLife . | 43146 | 3309298 |
| &nbsp;&nbsp;&nbsp;Moody's . | 12218 | 3644263 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 36667 | 3412598 |
| &nbsp;&nbsp;&nbsp;Nasdaq | 50934 | 3486942 |
| &nbsp;&nbsp;&nbsp;Northern Trust . | 37446 | 3486597 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group | 18689 | 3144611 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group | 37405 | 3354480 |
| &nbsp;&nbsp;&nbsp;Progressive | 24288 | 3209659 |
| &nbsp;&nbsp;&nbsp;Prudential Financial . | 29898 | 3229881 |
| &nbsp;&nbsp;&nbsp;S&P Global . | 9961 | 3514241 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group | 28675 | 3581794 |
| &nbsp;&nbsp;&nbsp;US Bancorp . | 72781 | 3303530 |
|  |  | 76841251 |
| Health Care — 16.1% |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories . | 30452 | 3276026 |
| &nbsp;&nbsp;&nbsp;AbbVie | 19838 | 3197489 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies | 22627 | 3506733 |
| &nbsp;&nbsp;&nbsp;Amgen . | 11455 | 3280712 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson | 13292 | 3314227 |

---

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

*57*

------

![](pagelogo.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Biogen <sup>\*</sup> | 10901 | $3326658 |
| &nbsp;&nbsp;&nbsp;Boston Scientific \* | 73038 | 3306430 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 41012 | 3292443 |
| &nbsp;&nbsp;&nbsp;Cigna . | 9751 | 3207006 |
| &nbsp;&nbsp;&nbsp;CVS Health . | 31575 | 3216861 |
| &nbsp;&nbsp;&nbsp;Danaher | 11892 | 3251392 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences <sup>\*</sup> | 35243 | 2722522 |
| &nbsp;&nbsp;&nbsp;Elevance Health | 5683 | 3028584 |
| &nbsp;&nbsp;&nbsp;Eli Lilly | 8605 | 3193144 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 43387 | 3810680 |
| &nbsp;&nbsp;&nbsp;Humana | 5738 | 3155326 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical <sup>\*</sup> | 13592 | 3675141 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings <sup>\*</sup> | 16671 | 3634612 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson . | 17853 | 3177834 |
| &nbsp;&nbsp;&nbsp;Laboratory Corp of America Holdings | 13941 | 3355599 |
| &nbsp;&nbsp;&nbsp;Merck . | 30741 | 3385199 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International <sup>\*</sup> | 2516 | 3697413 |
| &nbsp;&nbsp;&nbsp;Pfizer | 65733 | 3295195 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics . | 21540 | 3270418 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals <sup>\*</sup> | 4062 | 3053406 |
| &nbsp;&nbsp;&nbsp;ResMed | 13267 | 3054064 |
| &nbsp;&nbsp;&nbsp;Stryker . | 13575 | 3175057 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | 5929 | 3321544 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 6646 | 3640413 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals <sup>\*</sup> | 9641 | 3050412 |
| &nbsp;&nbsp;&nbsp;Waters <sup>\*</sup> | 10417 | 3610532 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services | 12652 | 2968918 |
| &nbsp;&nbsp;&nbsp;Zoetis, Cl A . | 20030 | 3087424 |
|  |  | 108539414 |
| Industrials — 8.0% |  |  |
| &nbsp;&nbsp;&nbsp; 3M | 25287 | 3185403 |
| &nbsp;&nbsp;&nbsp;Caterpillar . | 15650 | 3699817 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide | 31697 | 3176673 |
| &nbsp;&nbsp;&nbsp;Cummins | 12819 | 3219620 |
| &nbsp;&nbsp;&nbsp;Deere . | 7756 | 3420396 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington . | 31974 | 3710902 |
| &nbsp;&nbsp;&nbsp;Honeywell International . | 16018 | 3516752 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works | 14911 | 3391805 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings | 31158 | 3406504 |

---

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

*58*

------

![](pagelogo.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Rockwell Automation | 12726 | $3362464 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines <sup>\*</sup> | 88777 | 3543090 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 15472 | 3364077 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Cl B . | 17865 | 3389526 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Cl A . | 17667 | 3245605 |
| &nbsp;&nbsp;&nbsp;Waste Management . | 18398 | 3085713 |
| &nbsp;&nbsp;&nbsp;WW Grainger . | 5703 | 3439251 |
|  |  | 54157598 |
| Information Technology — 28.0% |  |  |
| &nbsp;&nbsp;&nbsp;Adobe <sup>\*</sup> | 9465 | 3264762 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices <sup>\*</sup> | 50993 | 3958587 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies <sup>\*</sup> | 34649 | 3286804 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 20710 | 3560256 |
| &nbsp;&nbsp;&nbsp;Apple . | 251046 | 37162339 |
| &nbsp;&nbsp;&nbsp;Applied Materials . | 35240 | 3862304 |
| &nbsp;&nbsp;&nbsp;Arista Networks <sup>\*</sup> | 27033 | 3765697 |
| &nbsp;&nbsp;&nbsp;Autodesk <sup>\*</sup> | 14453 | 2918783 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 12637 | 3337937 |
| &nbsp;&nbsp;&nbsp;Block, Cl A <sup>\*</sup> | 52527 | 3559755 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems <sup>\*</sup> | 18679 | 3213535 |
| &nbsp;&nbsp;&nbsp;CDW | 17755 | 3349303 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 67959 | 3378922 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions, Cl A | 49268 | 3064962 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 80294 | 3596368 |
| &nbsp;&nbsp;&nbsp;F5 <sup>\*</sup> | 19615 | 3032675 |
| &nbsp;&nbsp;&nbsp;HP | 110643 | 3323716 |
| &nbsp;&nbsp;&nbsp;HubSpot <sup>\*</sup> | 11296 | 3423027 |
| &nbsp;&nbsp;&nbsp;Intuit . | 6954 | 2834381 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates . | 15827 | 2996842 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies <sup>\*</sup> | 17691 | 3200125 |
| &nbsp;&nbsp;&nbsp;Lam Research | 8026 | 3791322 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A . | 9795 | 3490938 |
| &nbsp;&nbsp;&nbsp;Microsoft | 118166 | 30148873 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 12738 | 3467284 |
| &nbsp;&nbsp;&nbsp;NVIDIA . | 23758 | 4020566 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor <sup>\*</sup> | 45802 | 3444310 |
| &nbsp;&nbsp;&nbsp;Oracle . | 41464 | 3442756 |
| &nbsp;&nbsp;&nbsp;Paychex | 26226 | 3252811 |
| &nbsp;&nbsp;&nbsp;Paycom Software <sup>\*</sup> | 9315 | 3158717 |

---

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

*59*

------

![](pagelogo.jpg)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;PayPal Holdings <sup>\*</sup> | 35927 | $2817036 |
| &nbsp;&nbsp;&nbsp;Salesforce <sup>\*</sup> | 18632 | 2985778 |
| &nbsp;&nbsp;&nbsp;ServiceNow <sup>\*</sup> | 8169 | 3400755 |
| &nbsp;&nbsp;&nbsp;Synopsys <sup>\*</sup> | 9920 | 3368237 |
| &nbsp;&nbsp;&nbsp;Texas Instruments . | 18838 | 3399506 |
| &nbsp;&nbsp;&nbsp;Trimble <sup>\*</sup> | 53358 | 3188141 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A . | 15698 | 3406466 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A <sup>\*</sup> | 20417 | 3428014 |
|  |  | 188302590 |
| Materials — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Avery Dennison . | 17243 | 3333589 |
| &nbsp;&nbsp;&nbsp;Ecolab | 20169 | 3021921 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics | 31096 | 3231808 |
|  |  | 9587318 |
| Real Estate — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;American Tower <sup>‡</sup> | 16147 | 3572524 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Cl A <sup>\*</sup> | 42874 | 3412770 |
| &nbsp;&nbsp;&nbsp;Equinix ‡ | 5633 | 3890431 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle <sup>\*</sup> | 18801 | 3161764 |
| &nbsp;&nbsp;&nbsp;ProLogis <sup>‡</sup> | 28959 | 3411081 |
|  |  | 17448570 |
| Utilities — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;American Water Works | 22014 | 3340845 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 33753 | 3372937 |
| &nbsp;&nbsp;&nbsp;Exelon | 81192 | 3358913 |
| &nbsp;&nbsp;&nbsp;NextEra Energy . | 40851 | 3460080 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group . | 34503 | 3420627 |
|  |  | 16953402 |
| TOTAL UNITED STATES |  | 669129721 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $656,094,924) |  | 672303608 |
| TOTAL INVESTMENTS — 99.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $656,094,924) |  | $672303608 |

---

*Percentages are based on Net Assets of $673,732,735.*

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

*60*

------

![](pagelogo.jpg)

---

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

---

 *\* Non-income producing security.*

 *‡ Real Estate Investment Trust*

 *As of November 30, 2022, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

 *See "Glossary" for abbreviations.*

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

*61*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** |

---

![](adaptiveusfactor-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.7%** | | |
| **UNITED STATES — 99.7%** | | |
| Communication Services — 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;Activision Blizzard . | 34413 | $2544841 |
| &nbsp;&nbsp;&nbsp;AT&T | 118051 | 2276023 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Cl A <sup>\*</sup> | 380 | 148690 |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 8741 | 1143148 |
| &nbsp;&nbsp;&nbsp;TEGNA | 20721 | 409033 |
| &nbsp;&nbsp;&nbsp;T-Mobile US <sup>\*</sup> | 1258 | 190537 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 58837 | 2293466 |
|  |  | 9005738 |
| Consumer Discretionary — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;AutoZone <sup>\*</sup> | 521 | 1343659 |
| &nbsp;&nbsp;&nbsp;Dollar General . | 1338 | 342100 |
| &nbsp;&nbsp;&nbsp;Dollar Tree <sup>\*</sup> | 4271 | 641889 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza . | 378 | 146940 |
| &nbsp;&nbsp;&nbsp;Genuine Parts . | 2922 | 535690 |
| &nbsp;&nbsp;&nbsp;H&R Block . | 5588 | 244251 |
| &nbsp;&nbsp;&nbsp;Hasbro . | 1846 | 115966 |
| &nbsp;&nbsp;&nbsp;McDonald's . | 9909 | 2703076 |
| &nbsp;&nbsp;&nbsp;Murphy USA . | 723 | 213871 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive <sup>\*</sup> | 212 | 183282 |

---

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

*62*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Consumer Discretionary — continued |  |  |
| &nbsp;&nbsp;&nbsp;Yum! Brands | 3280 | $422005 |
|  |  | 6892729 |
| Consumer Staples — 11.1% |  |  |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 11165 | 1088588 |
| &nbsp;&nbsp;&nbsp;Campbell Soup . | 3815 | 204751 |
| &nbsp;&nbsp;&nbsp;Church & Dwight | 1630 | 133448 |
| &nbsp;&nbsp;&nbsp;Coca-Cola . | 91851 | 5842642 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Cl A | 590 | 151837 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 1617 | 871967 |
| &nbsp;&nbsp;&nbsp;Flowers Foods . | 92422 | 2777281 |
| &nbsp;&nbsp;&nbsp;General Mills | 11297 | 963634 |
| &nbsp;&nbsp;&nbsp;Hershey | 5072 | 1192782 |
| &nbsp;&nbsp;&nbsp;Hormel Foods | 3725 | 175075 |
| &nbsp;&nbsp;&nbsp;J M Smucker . | 1784 | 274754 |
| &nbsp;&nbsp;&nbsp;Kellogg . | 4909 | 358112 |
| &nbsp;&nbsp;&nbsp;Kroger | 13544 | 666229 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings . | 3440 | 298936 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Cl A . | 2004 | 135490 |
| &nbsp;&nbsp;&nbsp;PepsiCo | 8334 | 1546040 |
| &nbsp;&nbsp;&nbsp;Post Holdings <sup>\*</sup> | 1098 | 102784 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble . | 890 | 132752 |
| &nbsp;&nbsp;&nbsp;Walmart | 18563 | 2829373 |
|  |  | 19746475 |
| Energy — 14.4% |  |  |
| &nbsp;&nbsp;&nbsp;Antero Resources <sup>\*</sup> | 6685 | 244337 |
| &nbsp;&nbsp;&nbsp;APA . | 5882 | 275572 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy . | 5329 | 934493 |
| &nbsp;&nbsp;&nbsp;Chesapeake Energy . | 3529 | 365252 |
| &nbsp;&nbsp;&nbsp;Chevron . | 27766 | 5089785 |
| &nbsp;&nbsp;&nbsp;Chord Energy . | 792 | 120804 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips . | 27224 | 3362436 |
| &nbsp;&nbsp;&nbsp;Coterra Energy | 16055 | 448095 |
| &nbsp;&nbsp;&nbsp;Devon Energy | 14892 | 1020400 |
| &nbsp;&nbsp;&nbsp;DT Midstream . | 1651 | 99605 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 10651 | 1511696 |
| &nbsp;&nbsp;&nbsp;EQT . | 12340 | 523339 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 41221 | 4589546 |
| &nbsp;&nbsp;&nbsp;Hess | 4438 | 638673 |

---

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

*63*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Energy — continued |  |  |
| &nbsp;&nbsp;&nbsp;HF Sinclair . | 2469 | $153917 |
| &nbsp;&nbsp;&nbsp;Marathon Oil . | 13414 | 410871 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum | 11134 | 1356233 |
| &nbsp;&nbsp;&nbsp;Murphy Oil | 2182 | 102990 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum . | 27377 | 1902428 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Cl A | 2508 | 99743 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources | 3869 | 913045 |
| &nbsp;&nbsp;&nbsp;SM Energy . | 1800 | 77598 |
| &nbsp;&nbsp;&nbsp;Southwestern Energy <sup>\*</sup> | 18042 | 124851 |
| &nbsp;&nbsp;&nbsp;Targa Resources | 3179 | 236486 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land | 118 | 305920 |
| &nbsp;&nbsp;&nbsp;Valero Energy . | 6476 | 865323 |
|  |  | 25773438 |
| Financials — 8.9% |  |  |
| &nbsp;&nbsp;&nbsp;AGNC Investment <sup>‡</sup> | 73736 | 736623 |
| &nbsp;&nbsp;&nbsp;Allstate | 1099 | 147156 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management <sup>‡</sup> | 11796 | 255619 |
| &nbsp;&nbsp;&nbsp;Aon, Cl A . | 517 | 159381 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher | 13914 | 2770416 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B <sup>\*</sup> | 6530 | 2080458 |
| &nbsp;&nbsp;&nbsp;Cullen . | 934 | 135495 |
| &nbsp;&nbsp;&nbsp;CVB Financial | 8009 | 229698 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems . | 385 | 177597 |
| &nbsp;&nbsp;&nbsp;First Horizon . | 95701 | 2378170 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange . | 1286 | 139287 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group . | 531 | 163659 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings | 1452 | 343703 |
| &nbsp;&nbsp;&nbsp;M&T Bank . | 2591 | 440522 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan . | 15776 | 2732088 |
| &nbsp;&nbsp;&nbsp;Nasdaq | 3039 | 208050 |
| &nbsp;&nbsp;&nbsp;Progressive | 15267 | 2017534 |
| &nbsp;&nbsp;&nbsp;Unum Group | 4322 | 182302 |
| &nbsp;&nbsp;&nbsp;W R Berkley | 6756 | 515348 |
| &nbsp;&nbsp;&nbsp;White Mountains Insurance Group | 85 | 115503 |
|  |  | 15928609 |
| Health Care — 29.9% |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie | 29992 | 4834110 |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare <sup>\*</sup> | 2128 | 189520 |

---

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

*64*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen, Cl A . | 3736 | $637698 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals <sup>\*</sup> | 2207 | 110195 |
| &nbsp;&nbsp;&nbsp;Baxter International | 2067 | 116847 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson | 562 | 140129 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 74016 | 5942004 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 6784 | 543873 |
| &nbsp;&nbsp;&nbsp;Centene <sup>\*</sup> | 11532 | 1003861 |
| &nbsp;&nbsp;&nbsp;Cigna . | 8761 | 2881405 |
| &nbsp;&nbsp;&nbsp;CVS Health . | 21724 | 2213241 |
| &nbsp;&nbsp;&nbsp;Elevance Health | 4543 | 2421056 |
| &nbsp;&nbsp;&nbsp;Eli Lilly | 14010 | 5198831 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 2702 | 237317 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals <sup>\*</sup> | 2433 | 99242 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson . | 14955 | 2661990 |
| &nbsp;&nbsp;&nbsp;Karuna Therapeutics <sup>\*</sup> | 455 | 107066 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings <sup>\*</sup> | 3251 | 201822 |
| &nbsp;&nbsp;&nbsp;McKesson . | 6894 | 2631302 |
| &nbsp;&nbsp;&nbsp;Medtronic | 1392 | 110024 |
| &nbsp;&nbsp;&nbsp;Merck . | 60434 | 6654992 |
| &nbsp;&nbsp;&nbsp;Pfizer | 21654 | 1085515 |
| &nbsp;&nbsp;&nbsp;Premier, Cl A . | 74188 | 2474170 |
| &nbsp;&nbsp;&nbsp;QIAGEN <sup>\*</sup> | 37763 | 1870779 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics . | 2387 | 362418 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals <sup>\*</sup> | 1981 | 1489118 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics <sup>\*</sup> | 1660 | 203865 |
| &nbsp;&nbsp;&nbsp;United Therapeutics <sup>\*</sup> | 702 | 196483 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 7898 | 4326208 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals <sup>\*</sup> | 7535 | 2384074 |
|  |  | 53329155 |
| Industrials — 7.5% |  |  |
| &nbsp;&nbsp;&nbsp;CACI International, Cl A <sup>\*</sup> | 621 | 193938 |
| &nbsp;&nbsp;&nbsp;Carlisle | 1151 | 302840 |
| &nbsp;&nbsp;&nbsp;Fluor <sup>\*</sup> | 2402 | 80731 |
| &nbsp;&nbsp;&nbsp;FTI Consulting <sup>\*</sup> | 13490 | 2331342 |
| &nbsp;&nbsp;&nbsp;General Dynamics | 642 | 162034 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries | 499 | 115748 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies . | 867 | 196878 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings | 1288 | 140817 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 5646 | 2739383 |

---

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

*65*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Northrop Grumman | 2705 | $1442550 |
| &nbsp;&nbsp;&nbsp;Quanta Services . | 2163 | 324190 |
| &nbsp;&nbsp;&nbsp;Republic Services, Cl A | 18531 | 2581183 |
| &nbsp;&nbsp;&nbsp;Waste Management . | 15383 | 2580037 |
| &nbsp;&nbsp;&nbsp;WillScot Mobile Mini Holdings <sup>\*</sup> | 3215 | 154995 |
|  |  | 13346666 |
| Information Technology — 9.6% |  |  |
| &nbsp;&nbsp;&nbsp;Akamai Technologies <sup>\*</sup> | 1661 | 157562 |
| &nbsp;&nbsp;&nbsp;Amdocs | 30717 | 2729513 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 1092 | 288441 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 57961 | 2881821 |
| &nbsp;&nbsp;&nbsp;Enphase Energy <sup>\*</sup> | 2596 | 832252 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings <sup>\*</sup> | 530 | 99216 |
| &nbsp;&nbsp;&nbsp;Gen Digital | 5784 | 132801 |
| &nbsp;&nbsp;&nbsp;International Business Machines . | 20149 | 3000186 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates . | 13170 | 2493740 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor <sup>\*</sup> | 8552 | 643110 |
| &nbsp;&nbsp;&nbsp;Paychex | 1282 | 159006 |
| &nbsp;&nbsp;&nbsp;Rogers <sup>\*</sup> | 10742 | 1171308 |
| &nbsp;&nbsp;&nbsp;Switch, Cl A . | 76182 | 2609233 |
|  |  | 17198189 |
| Materials — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals . | 731 | 226727 |
| &nbsp;&nbsp;&nbsp;Cabot . | 1015 | 74724 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings | 4662 | 504382 |
| &nbsp;&nbsp;&nbsp;Corteva . | 15318 | 1028757 |
| &nbsp;&nbsp;&nbsp;Mosaic . | 5252 | 269428 |
| &nbsp;&nbsp;&nbsp;Sonoco Products . | 2463 | 151154 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics | 2600 | 270218 |
|  |  | 2525390 |
| Real Estate — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Camden Property Trust <sup>‡</sup> | 942 | 113351 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust <sup>‡</sup> | 1256 | 141250 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties <sup>‡</sup> | 1933 | 128390 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust <sup>‡</sup> | 470 | 103579 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust <sup>‡</sup> | 2617 | 132289 |
| &nbsp;&nbsp;&nbsp;Invitation Homes <sup>‡</sup> | 3497 | 114107 |

---

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

*66*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Real Estate — continued |  |  |
| &nbsp;&nbsp;&nbsp;Iron Mountain <sup>‡</sup> | 4489 | $243887 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities <sup>‡</sup> | 758 | 124979 |
| &nbsp;&nbsp;&nbsp;Public Storage <sup>‡</sup> | 7532 | 2244235 |
| &nbsp;&nbsp;&nbsp;Sun Communities <sup>‡</sup> | 859 | 126187 |
|  |  | 3472254 |
| Utilities — 6.0% |  |  |
| &nbsp;&nbsp;&nbsp;Alliant Energy . | 2634 | 148294 |
| &nbsp;&nbsp;&nbsp;Ameren . | 1860 | 166135 |
| &nbsp;&nbsp;&nbsp;American Electric Power | 2174 | 210443 |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 2493 | 299659 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison | 10392 | 1018832 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 9848 | 984111 |
| &nbsp;&nbsp;&nbsp;Exelon | 16071 | 664857 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries . | 3362 | 138111 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas . | 16855 | 1116307 |
| &nbsp;&nbsp;&nbsp;OGE Energy . | 3485 | 141003 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies . | 820 | 74153 |
| &nbsp;&nbsp;&nbsp;PNM Resources . | 53356 | 2614444 |
| &nbsp;&nbsp;&nbsp;Sempra Energy . | 6754 | 1122447 |
| &nbsp;&nbsp;&nbsp;South Jersey Industries | 6572 | 228048 |
| &nbsp;&nbsp;&nbsp;Southern | 22968 | 1553556 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings | 1166 | 79824 |
| &nbsp;&nbsp;&nbsp;Vistra . | 7737 | 188241 |
|  |  | 10748465 |
| TOTAL UNITED STATES |  | 177967108 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $162,732,513) |  | 177967108 |
| TOTAL INVESTMENTS — 99.7% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $162,732,513) |  | $177967108 |

---

 *Percentages are based on Net Assets of $178,533,454.*

 *\* Non-income producing security.*

 *‡ Real Estate Investment Trust*

 *As of November 30, 2022, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

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

*67*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** |

---

 *See "Glossary" for abbreviations.*

** 

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

*68*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

![](adaptiveusriskmanagement-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%** | | |
| **BRAZIL — 0.1%** | | |
| Consumer Discretionary — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre <sup>\*</sup> | 88 | $81927 |
| **CHINA — 0.1%** |  |  |
| Consumer Discretionary — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Yum China Holdings . | 763 | 42056 |
| **PERU — 0.0%** |  |  |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Southern Copper . | 163 | 9946 |
| **SOUTH KOREA — 0.0%** |  |  |
| Consumer Discretionary — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Coupang, Cl A <sup>\*</sup> | 1585 | 30876 |
| **SWITZERLAND — 0.1%** |  |  |
| Information Technology — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;TE Connectivity | 615 | 77564 |

---

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

*69*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| **UNITED KINGDOM — 0.5%** | | |
| Materials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Linde | 944 | $317637 |
| **UNITED STATES — 99.0%** |  |  |
| Communication Services — 7.6% |  |  |
| &nbsp;&nbsp;&nbsp;Activision Blizzard . | 1358 | 100424 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A <sup>\*</sup> | 11429 | 1154215 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C <sup>\*</sup> | 10316 | 1046558 |
| &nbsp;&nbsp;&nbsp;AT&T | 13657 | 263307 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Cl A <sup>\*</sup> | 196 | 76693 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 8399 | 307739 |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 526 | 68790 |
| &nbsp;&nbsp;&nbsp;Fox, Cl A | 570 | 18497 |
| &nbsp;&nbsp;&nbsp;Fox, Cl B | 255 | 7783 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband, Cl A <sup>\*</sup> | 28 | 2526 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband, Cl C <sup>\*</sup> | 235 | 21352 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment <sup>\*</sup> | 291 | 21173 |
| &nbsp;&nbsp;&nbsp;Match Group <sup>\*</sup> | 532 | 26898 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A <sup>\*</sup> | 4349 | 513617 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 844 | 257867 |
| &nbsp;&nbsp;&nbsp;Omnicom Group . | 390 | 31106 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Cl A | 4 | 92 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Cl B | 1101 | 22108 |
| &nbsp;&nbsp;&nbsp;Pinterest, Cl A <sup>\*</sup> | 1103 | 28038 |
| &nbsp;&nbsp;&nbsp;ROBLOX, Cl A <sup>\*</sup> | 646 | 20523 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings . | 1267 | 8223 |
| &nbsp;&nbsp;&nbsp;Snap, Cl A <sup>\*</sup> | 1955 | 20156 |
| &nbsp;&nbsp;&nbsp;Spotify Technology <sup>\*</sup> | 225 | 17869 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software <sup>\*</sup> | 309 | 32658 |
| &nbsp;&nbsp;&nbsp;T-Mobile US <sup>\*</sup> | 1206 | 182661 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Cl A <sup>\*</sup> | 844 | 44006 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 8054 | 313945 |
| &nbsp;&nbsp;&nbsp;Walt Disney <sup>\*</sup> | 3497 | 342251 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery <sup>\*</sup> | 4220 | 48108 |
| &nbsp;&nbsp;&nbsp;Warner Music Group, Cl A . | 217 | 7437 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Cl A <sup>\*</sup> | 551 | 15759 |
|  |  | 5022379 |

---

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

*70*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Consumer Discretionary — 10.1% |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A <sup>\*</sup> | 693 | $70783 |
| &nbsp;&nbsp;&nbsp;Amazon.com <sup>\*</sup> | 16990 | 1640215 |
| &nbsp;&nbsp;&nbsp;Aptiv <sup>\*</sup> | 513 | 54722 |
| &nbsp;&nbsp;&nbsp;AutoZone <sup>\*</sup> | 35 | 90265 |
| &nbsp;&nbsp;&nbsp;Best Buy | 385 | 32841 |
| &nbsp;&nbsp;&nbsp;Booking Holdings <sup>\*</sup> | 72 | 149720 |
| &nbsp;&nbsp;&nbsp;CarMax <sup>\*</sup> | 295 | 20461 |
| &nbsp;&nbsp;&nbsp;Carnival <sup>\*</sup> | 1838 | 18251 |
| &nbsp;&nbsp;&nbsp;Chewy, Cl A <sup>\*</sup> | 167 | 7203 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Cl A <sup>\*</sup> | 50 | 81348 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants . | 232 | 34102 |
| &nbsp;&nbsp;&nbsp;Dollar General . | 433 | 110709 |
| &nbsp;&nbsp;&nbsp;Dollar Tree <sup>\*</sup> | 404 | 60717 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza . | 65 | 25267 |
| &nbsp;&nbsp;&nbsp;DoorDash, Cl A <sup>\*</sup> | 480 | 27960 |
| &nbsp;&nbsp;&nbsp;DR Horton | 617 | 53062 |
| &nbsp;&nbsp;&nbsp;eBay | 1042 | 47348 |
| &nbsp;&nbsp;&nbsp;Etsy <sup>\*</sup> | 239 | 31570 |
| &nbsp;&nbsp;&nbsp;Expedia Group <sup>\*</sup> | 285 | 30449 |
| &nbsp;&nbsp;&nbsp;Ford Motor . | 7553 | 104987 |
| &nbsp;&nbsp;&nbsp;Garmin | 291 | 27060 |
| &nbsp;&nbsp;&nbsp;General Motors | 2683 | 108822 |
| &nbsp;&nbsp;&nbsp;Genuine Parts . | 264 | 48399 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings . | 513 | 73164 |
| &nbsp;&nbsp;&nbsp;Home Depot . | 1960 | 635020 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands <sup>\*</sup> | 632 | 29603 |
| &nbsp;&nbsp;&nbsp;Lennar, Cl A . | 477 | 41895 |
| &nbsp;&nbsp;&nbsp;Lennar, Cl B . | 23 | 1670 |
| &nbsp;&nbsp;&nbsp;Lowe's | 1184 | 251659 |
| &nbsp;&nbsp;&nbsp;Lucid Group <sup>\*</sup> | 1071 | 10860 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica <sup>\*</sup> | 233 | 88612 |
| &nbsp;&nbsp;&nbsp;Marriott International, Cl A | 544 | 89950 |
| &nbsp;&nbsp;&nbsp;McDonald's . | 1411 | 384907 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International . | 604 | 22263 |
| &nbsp;&nbsp;&nbsp;NIKE, Cl B | 2388 | 261940 |
| &nbsp;&nbsp;&nbsp;NVR <sup>\*</sup> | 6 | 27834 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive <sup>\*</sup> | 125 | 108068 |
| &nbsp;&nbsp;&nbsp;Pool . | 69 | 22729 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Cl A <sup>\*</sup> | 973 | 31175 |

---

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

*71*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Consumer Discretionary — continued |  |  |
| &nbsp;&nbsp;&nbsp;Ross Stores | 653 | $76839 |
| &nbsp;&nbsp;&nbsp;Starbucks | 2153 | 220037 |
| &nbsp;&nbsp;&nbsp;Target | 883 | 147523 |
| &nbsp;&nbsp;&nbsp;Tesla <sup>\*</sup> | 5011 | 975642 |
| &nbsp;&nbsp;&nbsp;TJX | 2077 | 166264 |
| &nbsp;&nbsp;&nbsp;Tractor Supply . | 212 | 47978 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty <sup>\*</sup> | 92 | 42765 |
| &nbsp;&nbsp;&nbsp;VF . | 663 | 21760 |
| &nbsp;&nbsp;&nbsp;Yum! Brands | 541 | 69605 |
|  |  | 6726023 |
| Consumer Staples — 6.8% |  |  |
| &nbsp;&nbsp;&nbsp;Albertsons, Cl A | 293 | 6138 |
| &nbsp;&nbsp;&nbsp;Altria Group . | 3453 | 160841 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 1072 | 104520 |
| &nbsp;&nbsp;&nbsp;Brown-Forman, Cl A | 86 | 6277 |
| &nbsp;&nbsp;&nbsp;Brown-Forman, Cl B | 577 | 42133 |
| &nbsp;&nbsp;&nbsp;Campbell Soup . | 380 | 20395 |
| &nbsp;&nbsp;&nbsp;Church & Dwight | 463 | 37906 |
| &nbsp;&nbsp;&nbsp;Clorox | 234 | 34784 |
| &nbsp;&nbsp;&nbsp;Coca-Cola . | 7445 | 473576 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 1598 | 123813 |
| &nbsp;&nbsp;&nbsp;Conagra Brands . | 913 | 34676 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Cl A | 274 | 70514 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 852 | 459441 |
| &nbsp;&nbsp;&nbsp;Estee Lauder, Cl A . | 410 | 96674 |
| &nbsp;&nbsp;&nbsp;General Mills | 1136 | 96901 |
| &nbsp;&nbsp;&nbsp;Hershey | 278 | 65377 |
| &nbsp;&nbsp;&nbsp;Hormel Foods | 538 | 25286 |
| &nbsp;&nbsp;&nbsp;J M Smucker . | 193 | 29724 |
| &nbsp;&nbsp;&nbsp;Kellogg . | 493 | 35964 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper | 1635 | 63225 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 648 | 87888 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz | 1486 | 58474 |
| &nbsp;&nbsp;&nbsp;Kroger | 1254 | 61684 |
| &nbsp;&nbsp;&nbsp;McCormick . | 474 | 40375 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Cl A . | 2619 | 177071 |
| &nbsp;&nbsp;&nbsp;Monster Beverage <sup>\*</sup> | 718 | 73854 |
| &nbsp;&nbsp;&nbsp;PepsiCo | 2642 | 490117 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 2973 | 296319 |

---

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

*72*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Consumer Staples — continued |  |  |
| &nbsp;&nbsp;&nbsp;Procter & Gamble . | 4577 | $682705 |
| &nbsp;&nbsp;&nbsp;Sysco . | 960 | 83050 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Cl A | 541 | 35858 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance | 1366 | 56689 |
| &nbsp;&nbsp;&nbsp;Walmart | 2693 | 410467 |
|  |  | 4542716 |
| Energy — 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes, Cl A | 1922 | 55776 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy . | 474 | 83121 |
| &nbsp;&nbsp;&nbsp;Chevron . | 3687 | 675864 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips . | 2435 | 300747 |
| &nbsp;&nbsp;&nbsp;Coterra Energy | 1469 | 41000 |
| &nbsp;&nbsp;&nbsp;Devon Energy | 1241 | 85033 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy | 333 | 49291 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 1123 | 159387 |
| &nbsp;&nbsp;&nbsp;EQT . | 641 | 27185 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 7976 | 888048 |
| &nbsp;&nbsp;&nbsp;Halliburton . | 1602 | 60700 |
| &nbsp;&nbsp;&nbsp;Hess | 531 | 76416 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan . | 3769 | 72063 |
| &nbsp;&nbsp;&nbsp;Marathon Oil . | 1284 | 39329 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum | 951 | 115841 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum . | 1786 | 124109 |
| &nbsp;&nbsp;&nbsp;ONEOK . | 853 | 57083 |
| &nbsp;&nbsp;&nbsp;Phillips 66 . | 920 | 99765 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources | 435 | 102656 |
| &nbsp;&nbsp;&nbsp;Schlumberger | 2701 | 139236 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land | 11 | 28518 |
| &nbsp;&nbsp;&nbsp;Valero Energy . | 750 | 100215 |
| &nbsp;&nbsp;&nbsp;Williams | 2327 | 80747 |
|  |  | 3462130 |
| Financials — 11.2% |  |  |
| &nbsp;&nbsp;&nbsp;Aflac | 1103 | 79339 |
| &nbsp;&nbsp;&nbsp;Allstate | 505 | 67619 |
| &nbsp;&nbsp;&nbsp;American Express . | 1049 | 165312 |
| &nbsp;&nbsp;&nbsp;American International Group | 1451 | 91573 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial | 207 | 68714 |
| &nbsp;&nbsp;&nbsp;Aon, Cl A . | 389 | 119921 |

---

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

*73*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Apollo Global Management | 813 | $56414 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group <sup>\*</sup> | 682 | 40859 |
| &nbsp;&nbsp;&nbsp;Ares Management, Cl A | 285 | 22341 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher | 402 | 80042 |
| &nbsp;&nbsp;&nbsp;Bank of America | 13431 | 508363 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 1395 | 64030 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B <sup>\*</sup> | 2492 | 793951 |
| &nbsp;&nbsp;&nbsp;BlackRock, Cl A . | 266 | 190456 |
| &nbsp;&nbsp;&nbsp;Blackstone, Cl A . | 1335 | 122193 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Cl A | 831 | 9390 |
| &nbsp;&nbsp;&nbsp;Brown & Brown . | 443 | 26398 |
| &nbsp;&nbsp;&nbsp;Capital One Financial | 724 | 74746 |
| &nbsp;&nbsp;&nbsp;Charles Schwab . | 2920 | 241017 |
| &nbsp;&nbsp;&nbsp;Chubb . | 742 | 162936 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial . | 292 | 32400 |
| &nbsp;&nbsp;&nbsp;Citigroup | 3710 | 179601 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group . | 939 | 39795 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A . | 686 | 121079 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Cl A <sup>\*</sup> | 267 | 12210 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | 513 | 55589 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems . | 69 | 31829 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 1307 | 47522 |
| &nbsp;&nbsp;&nbsp;First Republic Bank . | 341 | 43515 |
| &nbsp;&nbsp;&nbsp;Franklin Resources | 533 | 14290 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | 654 | 252542 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group . | 619 | 47273 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares | 2712 | 41982 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Cl A . | 187 | 15016 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange . | 1054 | 114159 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase . | 5569 | 769524 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 1775 | 33388 |
| &nbsp;&nbsp;&nbsp;KKR . | 1388 | 72065 |
| &nbsp;&nbsp;&nbsp;Loews . | 385 | 22388 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings | 151 | 35743 |
| &nbsp;&nbsp;&nbsp;M&T Bank . | 326 | 55426 |
| &nbsp;&nbsp;&nbsp;Markel <sup>\*</sup> | 23 | 30471 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan . | 953 | 165041 |
| &nbsp;&nbsp;&nbsp;MetLife . | 1145 | 87821 |
| &nbsp;&nbsp;&nbsp;Moody's . | 299 | 89183 |

---

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

*74*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 2543 | $236677 |
| &nbsp;&nbsp;&nbsp;MSCI, Cl A | 153 | 77698 |
| &nbsp;&nbsp;&nbsp;Nasdaq | 652 | 44636 |
| &nbsp;&nbsp;&nbsp;Northern Trust . | 385 | 35847 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group | 777 | 130738 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group | 473 | 42419 |
| &nbsp;&nbsp;&nbsp;Progressive | 1121 | 148140 |
| &nbsp;&nbsp;&nbsp;Prudential Financial . | 712 | 76917 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial . | 377 | 44071 |
| &nbsp;&nbsp;&nbsp;Regions Financial . | 1779 | 41291 |
| &nbsp;&nbsp;&nbsp;Rocket, Cl A . | 173 | 1436 |
| &nbsp;&nbsp;&nbsp;S&P Global . | 642 | 226498 |
| &nbsp;&nbsp;&nbsp;Signature Bank NY . | 123 | 17158 |
| &nbsp;&nbsp;&nbsp;State Street . | 665 | 52981 |
| &nbsp;&nbsp;&nbsp;SVB Financial Group <sup>\*</sup> | 106 | 24569 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 914 | 34348 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group | 425 | 53087 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Cl A . | 202 | 12415 |
| &nbsp;&nbsp;&nbsp;Travelers . | 453 | 85984 |
| &nbsp;&nbsp;&nbsp;Truist Financial | 2528 | 118336 |
| &nbsp;&nbsp;&nbsp;US Bancorp . | 2567 | 116516 |
| &nbsp;&nbsp;&nbsp;W R Berkley | 385 | 29368 |
| &nbsp;&nbsp;&nbsp;Wells Fargo . | 7273 | 348740 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson | 210 | 51694 |
|  |  | 7447030 |
| Health Care — 15.3% |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories . | 3334 | 358672 |
| &nbsp;&nbsp;&nbsp;AbbVie | 3385 | 545594 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies | 560 | 86789 |
| &nbsp;&nbsp;&nbsp;Align Technology <sup>\*</sup> | 144 | 28319 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals <sup>\*</sup> | 228 | 50295 |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen, Cl A . | 291 | 49671 |
| &nbsp;&nbsp;&nbsp;Amgen . | 1020 | 292128 |
| &nbsp;&nbsp;&nbsp;Avantor <sup>\*</sup> | 1224 | 27271 |
| &nbsp;&nbsp;&nbsp;Baxter International | 959 | 54212 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson | 542 | 135142 |
| &nbsp;&nbsp;&nbsp;Biogen <sup>\*</sup> | 274 | 83617 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical <sup>\*</sup> | 345 | 34838 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Cl A <sup>\*</sup> | 38 | 15759 |

---

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

*75*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Boston Scientific \* | 2741 | $124085 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 4090 | 328345 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 496 | 39764 |
| &nbsp;&nbsp;&nbsp;Catalent <sup>\*</sup> | 317 | 15891 |
| &nbsp;&nbsp;&nbsp;Centene <sup>\*</sup> | 1089 | 94797 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International <sup>\*</sup> | 91 | 20800 |
| &nbsp;&nbsp;&nbsp;Cigna . | 578 | 190098 |
| &nbsp;&nbsp;&nbsp;Cooper . | 89 | 28155 |
| &nbsp;&nbsp;&nbsp;CVS Health . | 2515 | 256228 |
| &nbsp;&nbsp;&nbsp;Danaher | 1266 | 346137 |
| &nbsp;&nbsp;&nbsp;Dexcom <sup>\*</sup> | 745 | 86629 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences <sup>\*</sup> | 1177 | 90923 |
| &nbsp;&nbsp;&nbsp;Elevance Health | 460 | 245143 |
| &nbsp;&nbsp;&nbsp;Eli Lilly | 1623 | 602263 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 2400 | 210792 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare | 414 | 99451 |
| &nbsp;&nbsp;&nbsp;Hologic <sup>\*</sup> | 470 | 35795 |
| &nbsp;&nbsp;&nbsp;Horizon Therapeutics <sup>\*</sup> | 437 | 43827 |
| &nbsp;&nbsp;&nbsp;Humana | 239 | 131426 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories <sup>\*</sup> | 161 | 68565 |
| &nbsp;&nbsp;&nbsp;Illumina <sup>\*</sup> | 297 | 64770 |
| &nbsp;&nbsp;&nbsp;Incyte <sup>\*</sup> | 345 | 27486 |
| &nbsp;&nbsp;&nbsp;Insulet <sup>\*</sup> | 137 | 41014 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical <sup>\*</sup> | 683 | 184676 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings <sup>\*</sup> | 343 | 74781 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson . | 5039 | 896942 |
| &nbsp;&nbsp;&nbsp;Laboratory Corp of America Holdings | 175 | 42123 |
| &nbsp;&nbsp;&nbsp;McKesson . | 267 | 101909 |
| &nbsp;&nbsp;&nbsp;Medtronic | 2549 | 201473 |
| &nbsp;&nbsp;&nbsp;Merck . | 4847 | 533752 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International <sup>\*</sup> | 40 | 58782 |
| &nbsp;&nbsp;&nbsp;Moderna <sup>\*</sup> | 656 | 115397 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare <sup>\*</sup> | 105 | 35361 |
| &nbsp;&nbsp;&nbsp;PerkinElmer | 240 | 33535 |
| &nbsp;&nbsp;&nbsp;Pfizer | 10767 | 539750 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics . | 221 | 33554 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals <sup>\*</sup> | 202 | 151843 |
| &nbsp;&nbsp;&nbsp;ResMed | 275 | 63305 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma, Cl A | 702 | 30867 |

---

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

*76*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Seagen <sup>\*</sup> | 258 | $31319 |
| &nbsp;&nbsp;&nbsp;STERIS | 192 | 35662 |
| &nbsp;&nbsp;&nbsp;Stryker . | 640 | 149690 |
| &nbsp;&nbsp;&nbsp;Teleflex | 85 | 19900 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | 749 | 419605 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 1794 | 982681 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Cl A <sup>\*</sup> | 265 | 50445 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals <sup>\*</sup> | 490 | 155036 |
| &nbsp;&nbsp;&nbsp;Viatris, Cl W <sup>\*</sup> | 2300 | 25369 |
| &nbsp;&nbsp;&nbsp;Waters <sup>\*</sup> | 108 | 37433 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services | 145 | 34026 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings . | 403 | 48400 |
| &nbsp;&nbsp;&nbsp;Zoetis, Cl A . | 898 | 138418 |
|  |  | 10180725 |
| Industrials — 8.2% |  |  |
| &nbsp;&nbsp;&nbsp; 3M | 1055 | 132898 |
| &nbsp;&nbsp;&nbsp;AMETEK | 438 | 62380 |
| &nbsp;&nbsp;&nbsp;Boeing <sup>\*</sup> | 1139 | 203744 |
| &nbsp;&nbsp;&nbsp;Carlisle | 93 | 24469 |
| &nbsp;&nbsp;&nbsp;Carrier Global | 1609 | 71311 |
| &nbsp;&nbsp;&nbsp;Caterpillar . | 1008 | 238301 |
| &nbsp;&nbsp;&nbsp;Cintas | 167 | 77117 |
| &nbsp;&nbsp;&nbsp;Copart <sup>\*</sup> | 814 | 54180 |
| &nbsp;&nbsp;&nbsp;CoStar Group <sup>\*</sup> | 766 | 62077 |
| &nbsp;&nbsp;&nbsp;CSX | 4088 | 133637 |
| &nbsp;&nbsp;&nbsp;Cummins | 267 | 67060 |
| &nbsp;&nbsp;&nbsp;Deere . | 530 | 233730 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines <sup>\*</sup> | 1218 | 43081 |
| &nbsp;&nbsp;&nbsp;Dover | 271 | 38468 |
| &nbsp;&nbsp;&nbsp;Eaton | 758 | 123895 |
| &nbsp;&nbsp;&nbsp;Emerson Electric | 1127 | 107933 |
| &nbsp;&nbsp;&nbsp;Equifax | 233 | 45987 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington . | 306 | 35514 |
| &nbsp;&nbsp;&nbsp;Fastenal | 1100 | 56661 |
| &nbsp;&nbsp;&nbsp;FedEx . | 460 | 83821 |
| &nbsp;&nbsp;&nbsp;Fortive . | 670 | 45259 |
| &nbsp;&nbsp;&nbsp;Generac Holdings <sup>\*</sup> | 124 | 13085 |
| &nbsp;&nbsp;&nbsp;General Dynamics | 461 | 116352 |
| &nbsp;&nbsp;&nbsp;General Electric . | 2084 | 179161 |

---

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

*77*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;HEICO | 73 | $11849 |
| &nbsp;&nbsp;&nbsp;HEICO, Cl A . | 145 | 18383 |
| &nbsp;&nbsp;&nbsp;Honeywell International . | 1284 | 281902 |
| &nbsp;&nbsp;&nbsp;IDEX . | 148 | 35149 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works | 518 | 117829 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand . | 765 | 41287 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions . | 240 | 30370 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services | 160 | 29422 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International | 1319 | 87634 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies . | 370 | 84020 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 507 | 245991 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern . | 451 | 115682 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman | 265 | 141322 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line | 195 | 59009 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide | 799 | 62394 |
| &nbsp;&nbsp;&nbsp;PACCAR | 611 | 64711 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin | 244 | 72941 |
| &nbsp;&nbsp;&nbsp;Quanta Services . | 268 | 40168 |
| &nbsp;&nbsp;&nbsp;Raytheon Technologies | 2830 | 279378 |
| &nbsp;&nbsp;&nbsp;Republic Services, Cl A | 397 | 55298 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation | 221 | 58393 |
| &nbsp;&nbsp;&nbsp;Rollins . | 476 | 19249 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines . | 1131 | 45138 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker . | 277 | 22636 |
| &nbsp;&nbsp;&nbsp;Trane Technologies . | 443 | 79040 |
| &nbsp;&nbsp;&nbsp;TransDigm Group . | 93 | 58451 |
| &nbsp;&nbsp;&nbsp;TransUnion | 368 | 23213 |
| &nbsp;&nbsp;&nbsp;Uber Technologies <sup>\*</sup> | 3633 | 105866 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 1194 | 259611 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings <sup>\*</sup> | 623 | 27518 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Cl B . | 1404 | 266381 |
| &nbsp;&nbsp;&nbsp;United Rentals <sup>\*</sup> | 138 | 48718 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Cl A . | 294 | 54011 |
| &nbsp;&nbsp;&nbsp;Waste Management . | 787 | 131996 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies | 327 | 33056 |
| &nbsp;&nbsp;&nbsp;WW Grainger . | 83 | 50054 |
| &nbsp;&nbsp;&nbsp;Xylem . | 337 | 37862 |
|  |  | 5446053 |

---

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

*78*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Information Technology — 27.1% |  |  |
| &nbsp;&nbsp;&nbsp;Accenture, Cl A | 1269 | $381880 |
| &nbsp;&nbsp;&nbsp;Adobe <sup>\*</sup> | 892 | 307678 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices <sup>\*</sup> | 3079 | 239023 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies <sup>\*</sup> | 294 | 27889 |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A . | 1135 | 91288 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 981 | 168644 |
| &nbsp;&nbsp;&nbsp;ANSYS <sup>\*</sup> | 168 | 42722 |
| &nbsp;&nbsp;&nbsp;Apple . | 30737 | 4549998 |
| &nbsp;&nbsp;&nbsp;Applied Materials . | 1643 | 180073 |
| &nbsp;&nbsp;&nbsp;Arista Networks <sup>\*</sup> | 449 | 62546 |
| &nbsp;&nbsp;&nbsp;Aspen Technology <sup>\*</sup> | 52 | 11986 |
| &nbsp;&nbsp;&nbsp;Atlassian, Cl A <sup>\*</sup> | 270 | 35519 |
| &nbsp;&nbsp;&nbsp;Autodesk <sup>\*</sup> | 415 | 83809 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 791 | 208935 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Cl B | 409 | 16200 |
| &nbsp;&nbsp;&nbsp;Bill.com Holdings <sup>\*</sup> | 191 | 23000 |
| &nbsp;&nbsp;&nbsp;Block, Cl A <sup>\*</sup> | 1000 | 67770 |
| &nbsp;&nbsp;&nbsp;Broadcom | 756 | 416579 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions . | 290 | 43242 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems <sup>\*</sup> | 516 | 88773 |
| &nbsp;&nbsp;&nbsp;CDW | 256 | 48292 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 7210 | 358481 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Cl A \* | 497 | 24423 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions, Cl A | 986 | 61339 |
| &nbsp;&nbsp;&nbsp;Corning . | 1456 | 49693 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A <sup>\*</sup> | 406 | 47766 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A <sup>\*</sup> | 503 | 38117 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 473 | 21186 |
| &nbsp;&nbsp;&nbsp;DocuSign, Cl A <sup>\*</sup> | 378 | 17792 |
| &nbsp;&nbsp;&nbsp;Enphase Energy <sup>\*</sup> | 253 | 81109 |
| &nbsp;&nbsp;&nbsp;EPAM Systems <sup>\*</sup> | 101 | 37227 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services . | 1154 | 83757 |
| &nbsp;&nbsp;&nbsp;First Solar <sup>\*</sup> | 194 | 33471 |
| &nbsp;&nbsp;&nbsp;Fiserv <sup>\*</sup> | 1134 | 118344 |
| &nbsp;&nbsp;&nbsp;FleetCor Technologies <sup>\*</sup> | 143 | 28057 |
| &nbsp;&nbsp;&nbsp;Fortinet <sup>\*</sup> | 1272 | 67620 |
| &nbsp;&nbsp;&nbsp;Gartner <sup>\*</sup> | 151 | 52906 |
| &nbsp;&nbsp;&nbsp;Global Payments | 522 | 54173 |
| &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES <sup>\*</sup> | 136 | 8752 |

---

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

*79*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | 2442 | $40977 |
| &nbsp;&nbsp;&nbsp;HP | 1918 | 57617 |
| &nbsp;&nbsp;&nbsp;HubSpot <sup>\*</sup> | 83 | 25151 |
| &nbsp;&nbsp;&nbsp;Intel . | 7868 | 236591 |
| &nbsp;&nbsp;&nbsp;International Business Machines . | 1727 | 257150 |
| &nbsp;&nbsp;&nbsp;Intuit . | 523 | 213170 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies <sup>\*</sup> | 334 | 60417 |
| &nbsp;&nbsp;&nbsp;KLA | 269 | 105757 |
| &nbsp;&nbsp;&nbsp;Lam Research | 260 | 122819 |
| &nbsp;&nbsp;&nbsp;Marvell Technology . | 1625 | 75595 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A . | 1631 | 581288 |
| &nbsp;&nbsp;&nbsp;Microchip Technology | 1032 | 81724 |
| &nbsp;&nbsp;&nbsp;Micron Technology . | 2110 | 121641 |
| &nbsp;&nbsp;&nbsp;Microsoft | 14059 | 3587013 |
| &nbsp;&nbsp;&nbsp;MongoDB, Cl A <sup>\*</sup> | 130 | 19850 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems . | 81 | 30939 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 314 | 85471 |
| &nbsp;&nbsp;&nbsp;NetApp . | 415 | 28058 |
| &nbsp;&nbsp;&nbsp;NVIDIA . | 4580 | 775073 |
| &nbsp;&nbsp;&nbsp;Okta, Cl A <sup>\*</sup> | 277 | 14770 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor <sup>\*</sup> | 829 | 62341 |
| &nbsp;&nbsp;&nbsp;Oracle . | 2966 | 246267 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A <sup>\*</sup> | 3239 | 24292 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks <sup>\*</sup> | 557 | 94634 |
| &nbsp;&nbsp;&nbsp;Paychex | 620 | 76899 |
| &nbsp;&nbsp;&nbsp;Paycom Software <sup>\*</sup> | 92 | 31197 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings <sup>\*</sup> | 2206 | 172972 |
| &nbsp;&nbsp;&nbsp;QUALCOMM . | 2150 | 271953 |
| &nbsp;&nbsp;&nbsp;Roper Technologies | 204 | 89534 |
| &nbsp;&nbsp;&nbsp;Salesforce <sup>\*</sup> | 1860 | 298065 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings . | 371 | 19652 |
| &nbsp;&nbsp;&nbsp;ServiceNow <sup>\*</sup> | 390 | 162357 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions | 301 | 28782 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A \* | 515 | 73593 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies <sup>\*</sup> | 100 | 29886 |
| &nbsp;&nbsp;&nbsp;Splunk <sup>\*</sup> | 304 | 23615 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings | 425 | 22848 |
| &nbsp;&nbsp;&nbsp;Synopsys <sup>\*</sup> | 288 | 97788 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies <sup>\*</sup> | 84 | 35288 |

---

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

*80*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Teradyne . | 294 | $27474 |
| &nbsp;&nbsp;&nbsp;Texas Instruments . | 1746 | 315083 |
| &nbsp;&nbsp;&nbsp;Trimble <sup>\*</sup> | 469 | 28023 |
| &nbsp;&nbsp;&nbsp;Twilio, Cl A <sup>\*</sup> | 319 | 15637 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies <sup>\*</sup> | 74 | 25363 |
| &nbsp;&nbsp;&nbsp;Ubiquiti | 7 | 2100 |
| &nbsp;&nbsp;&nbsp;Unity Software <sup>\*</sup> | 394 | 15567 |
| &nbsp;&nbsp;&nbsp;VeriSign <sup>\*</sup> | 180 | 35966 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A . | 3118 | 676606 |
| &nbsp;&nbsp;&nbsp;VMware, Cl A <sup>\*</sup> | 433 | 52605 |
| &nbsp;&nbsp;&nbsp;Western Digital <sup>\*</sup> | 598 | 21976 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A <sup>\*</sup> | 384 | 64474 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies, Cl A <sup>\*</sup> | 93 | 25136 |
| &nbsp;&nbsp;&nbsp;Zoom Video Communications, Cl A <sup>\*</sup> | 422 | 31831 |
| &nbsp;&nbsp;&nbsp;Zscaler <sup>\*</sup> | 164 | 21886 |
|  |  | 18022820 |
| Materials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals . | 426 | 132128 |
| &nbsp;&nbsp;&nbsp;Albemarle | 224 | 62270 |
| &nbsp;&nbsp;&nbsp;Amcor | 2830 | 34950 |
| &nbsp;&nbsp;&nbsp;Ball | 599 | 33592 |
| &nbsp;&nbsp;&nbsp;Celanese, Cl A . | 189 | 20280 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings | 383 | 41437 |
| &nbsp;&nbsp;&nbsp;Corteva . | 1377 | 92479 |
| &nbsp;&nbsp;&nbsp;Dow | 1374 | 70033 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours . | 880 | 62049 |
| &nbsp;&nbsp;&nbsp;Ecolab | 482 | 72218 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan . | 2729 | 108614 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances | 486 | 51429 |
| &nbsp;&nbsp;&nbsp;International Paper . | 686 | 25464 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries, Cl A | 486 | 41315 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials | 124 | 45444 |
| &nbsp;&nbsp;&nbsp;Mosaic . | 658 | 33755 |
| &nbsp;&nbsp;&nbsp;Newmont | 1511 | 71727 |
| &nbsp;&nbsp;&nbsp;Nucor | 496 | 74375 |
| &nbsp;&nbsp;&nbsp;PPG Industries | 449 | 60714 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams . | 456 | 113626 |

---

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

*81*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Materials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Vulcan Materials | 247 | $45282 |
|  |  | 1293181 |
| Real Estate — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities ‡ | 305 | 47461 |
| &nbsp;&nbsp;&nbsp;American Tower <sup>‡</sup> | 893 | 197576 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities <sup>‡</sup> | 260 | 45474 |
| &nbsp;&nbsp;&nbsp;Boston Properties <sup>‡</sup> | 269 | 19390 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust <sup>‡</sup> | 202 | 24307 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Cl A <sup>\*</sup> | 594 | 47282 |
| &nbsp;&nbsp;&nbsp;Crown Castle <sup>‡</sup> | 831 | 117528 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust <sup>‡</sup> | 545 | 61291 |
| &nbsp;&nbsp;&nbsp;Equinix ‡ | 177 | 122245 |
| &nbsp;&nbsp;&nbsp;Equity Residential ‡ | 697 | 45207 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust <sup>‡</sup> | 128 | 28209 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage <sup>‡</sup> | 251 | 40333 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties <sup>‡</sup> | 1019 | 26759 |
| &nbsp;&nbsp;&nbsp;Invitation Homes <sup>‡</sup> | 1162 | 37916 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities <sup>‡</sup> | 219 | 36109 |
| &nbsp;&nbsp;&nbsp;ProLogis <sup>‡</sup> | 1760 | 207310 |
| &nbsp;&nbsp;&nbsp;Public Storage <sup>‡</sup> | 289 | 86110 |
| &nbsp;&nbsp;&nbsp;Realty Income <sup>‡</sup> | 1179 | 74360 |
| &nbsp;&nbsp;&nbsp;SBA Communications, Cl A <sup>‡</sup> | 206 | 61656 |
| &nbsp;&nbsp;&nbsp;Simon Property Group <sup>‡</sup> | 626 | 74769 |
| &nbsp;&nbsp;&nbsp;Sun Communities <sup>‡</sup> | 231 | 33934 |
| &nbsp;&nbsp;&nbsp;UDR <sup>‡</sup> | 618 | 25629 |
| &nbsp;&nbsp;&nbsp;Ventas <sup>‡</sup> | 755 | 35130 |
| &nbsp;&nbsp;&nbsp;VICI Properties <sup>‡</sup> | 1841 | 62962 |
| &nbsp;&nbsp;&nbsp;Welltower <sup>‡</sup> | 888 | 63075 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser <sup>‡</sup> | 1410 | 46121 |
| &nbsp;&nbsp;&nbsp;WP Carey <sup>‡</sup> | 366 | 28841 |
|  |  | 1696984 |
| Utilities — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;AES . | 1244 | 35976 |
| &nbsp;&nbsp;&nbsp;Alliant Energy . | 476 | 26799 |
| &nbsp;&nbsp;&nbsp;Ameren . | 489 | 43677 |
| &nbsp;&nbsp;&nbsp;American Electric Power | 981 | 94961 |
| &nbsp;&nbsp;&nbsp;American Water Works | 341 | 51750 |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 263 | 31613 |

---

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

*82*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Utilities — continued |  |  |
| &nbsp;&nbsp;&nbsp;Avangrid . | 135 | $5774 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy . | 1195 | 37176 |
| &nbsp;&nbsp;&nbsp;CMS Energy | 547 | 33405 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison | 679 | 66569 |
| &nbsp;&nbsp;&nbsp;Constellation Energy . | 547 | 52578 |
| &nbsp;&nbsp;&nbsp;Dominion Energy | 1595 | 97470 |
| &nbsp;&nbsp;&nbsp;DTE Energy . | 372 | 43156 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 1471 | 146997 |
| &nbsp;&nbsp;&nbsp;Edison International . | 727 | 48462 |
| &nbsp;&nbsp;&nbsp;Entergy | 391 | 45462 |
| &nbsp;&nbsp;&nbsp;Evergy | 432 | 25579 |
| &nbsp;&nbsp;&nbsp;Eversource Energy . | 658 | 54522 |
| &nbsp;&nbsp;&nbsp;Exelon | 1878 | 77693 |
| &nbsp;&nbsp;&nbsp;FirstEnergy | 1030 | 42477 |
| &nbsp;&nbsp;&nbsp;NextEra Energy . | 3761 | 318557 |
| &nbsp;&nbsp;&nbsp;PG&E <sup>\*</sup> | 3068 | 48168 |
| &nbsp;&nbsp;&nbsp;PPL | 1378 | 40678 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group . | 952 | 57644 |
| &nbsp;&nbsp;&nbsp;Sempra Energy . | 607 | 100877 |
| &nbsp;&nbsp;&nbsp;Southern | 2024 | 136903 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group . | 607 | 60178 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 1040 | 73029 |
|  |  | 1898130 |
| TOTAL UNITED STATES |  | 65738171 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $61,467,493) |  | 66298177 |
| TOTAL INVESTMENTS — 99.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $61,467,493) |  | $66298177 |

---

 *Percentages are based on Net Assets of $66,407,787.*

 *\* Non-income producing security.*

 *‡ Real Estate Investment Trust*

 *As of November 30, 2022, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

 *See "Glossary" for abbreviations.*

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

*83*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Founder-Run Companies ETF** | **Global X Founder-Run Companies ETF** |

---

![](founderruncompanies-bar.jpg)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%** | | |
| **UNITED STATES — 99.9%** | | |
| Communication Services — 7.9% |  |  |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A <sup>\*</sup> | 449 | $53027 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 478 | 146043 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A | 574 | 108807 |
| &nbsp;&nbsp;&nbsp;ROBLOX, Cl A <sup>\*</sup> | 2966 | 94230 |
| &nbsp;&nbsp;&nbsp;Roku, Cl A <sup>\*</sup> | 979 | 58123 |
| &nbsp;&nbsp;&nbsp;Snap, Cl A <sup>\*</sup> | 3195 | 32941 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Cl A <sup>\*</sup> | 1543 | 80452 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Cl A <sup>\*</sup> | 1902 | 54397 |
|  |  | 628020 |
| Consumer Discretionary — 6.1% |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A <sup>\*</sup> | 593 | 60569 |
| &nbsp;&nbsp;&nbsp;Carvana, Cl A <sup>\*</sup> | 1520 | 11719 |
| &nbsp;&nbsp;&nbsp;DoorDash, Cl A <sup>\*</sup> | 1117 | 65065 |
| &nbsp;&nbsp;&nbsp;QuantumScape, Cl A <sup>\*</sup> | 6037 | 45217 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Cl A <sup>\*</sup> | 3007 | 96344 |
| &nbsp;&nbsp;&nbsp;Skechers USA, Cl A <sup>\*</sup> | 2374 | 100112 |
| &nbsp;&nbsp;&nbsp;Tesla <sup>\*</sup> | 312 | 60746 |

---

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

*84*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Founder-Run Companies ETF** | **Global X Founder-Run Companies ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Consumer Discretionary — continued |  |  |
| &nbsp;&nbsp;&nbsp;Wayfair, Cl A <sup>\*</sup> | 1171 | $42906 |
|  |  | 482678 |
| Energy — 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;Antero Resources <sup>\*</sup> | 2583 | 94409 |
| &nbsp;&nbsp;&nbsp;Matador Resources | 1668 | 110688 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Cl A | 2345 | 119361 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources | 391 | 92272 |
|  |  | 416730 |
| Financials — 15.4% |  |  |
| &nbsp;&nbsp;&nbsp;Apollo Global Management | 1827 | 126776 |
| &nbsp;&nbsp;&nbsp;Ares Management, Cl A | 1373 | 107630 |
| &nbsp;&nbsp;&nbsp;BlackRock, Cl A . | 146 | 104536 |
| &nbsp;&nbsp;&nbsp;Blackstone, Cl A . | 895 | 81919 |
| &nbsp;&nbsp;&nbsp;Capital One Financial | 730 | 75365 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Cl A <sup>\*</sup> | 801 | 36630 |
| &nbsp;&nbsp;&nbsp;Essent Group . | 2243 | 89922 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange . | 785 | 85023 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings . | 345 | 92432 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners | 1172 | 98319 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Cl A <sup>\*</sup> | 9274 | 88938 |
| &nbsp;&nbsp;&nbsp;Signature Bank NY . | 373 | 52034 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust <sup>‡</sup> | 3974 | 85083 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Cl A . | 1277 | 78484 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings <sup>\*</sup> | 1212 | 23695 |
|  |  | 1226786 |
| Health Care — 19.8% |  |  |
| &nbsp;&nbsp;&nbsp;Guardant Health <sup>\*</sup> | 1474 | 77149 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems <sup>\*</sup> | 551 | 133105 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals <sup>\*</sup> | 2473 | 100874 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals <sup>\*</sup> | 567 | 88968 |
| &nbsp;&nbsp;&nbsp;LHC Group <sup>\*</sup> | 548 | 89549 |
| &nbsp;&nbsp;&nbsp;Masimo <sup>\*</sup> | 805 | 116677 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings <sup>\*</sup> | 681 | 142935 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences <sup>\*</sup> | 1010 | 128330 |
| &nbsp;&nbsp;&nbsp;Oak Street Health <sup>\*</sup> | 5026 | 108662 |
| &nbsp;&nbsp;&nbsp;Penumbra <sup>\*</sup> | 527 | 110412 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals <sup>\*</sup> | 138 | 103735 |

---

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

*85*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Founder-Run Companies ETF** | **Global X Founder-Run Companies ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Royalty Pharma, Cl A | 2135 | $93876 |
| &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical <sup>\*</sup> | 1275 | 46282 |
| &nbsp;&nbsp;&nbsp;United Therapeutics <sup>\*</sup> | 512 | 143304 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Cl A <sup>\*</sup> | 500 | 95180 |
|  |  | 1579038 |
| Industrials — 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;Axon Enterprise <sup>\*</sup> | 810 | 149064 |
| &nbsp;&nbsp;&nbsp;Clean Harbors <sup>\*</sup> | 867 | 104040 |
| &nbsp;&nbsp;&nbsp;CoStar Group <sup>\*</sup> | 1429 | 115806 |
| &nbsp;&nbsp;&nbsp;Lyft, Cl A <sup>\*</sup> | 2789 | 31293 |
| &nbsp;&nbsp;&nbsp;RXO <sup>\*</sup> | 1677 | 31863 |
| &nbsp;&nbsp;&nbsp;XPO Logistics <sup>\*</sup> | 1677 | 64766 |
|  |  | 496832 |
| Information Technology — 26.8% |  |  |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Cl A \* | 3143 | 43750 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies <sup>\*</sup> | 810 | 76837 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A <sup>\*</sup> | 2768 | 39887 |
| &nbsp;&nbsp;&nbsp;Bill.com Holdings <sup>\*</sup> | 639 | 76948 |
| &nbsp;&nbsp;&nbsp;Block, Cl A <sup>\*</sup> | 907 | 61467 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Cl A <sup>\*</sup> | 1047 | 51450 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A <sup>\*</sup> | 457 | 53766 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A <sup>\*</sup> | 746 | 56532 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 1934 | 86624 |
| &nbsp;&nbsp;&nbsp;Dropbox, Cl A <sup>\*</sup> | 4180 | 98481 |
| &nbsp;&nbsp;&nbsp;EPAM Systems <sup>\*</sup> | 343 | 126423 |
| &nbsp;&nbsp;&nbsp;FleetCor Technologies <sup>\*</sup> | 364 | 71417 |
| &nbsp;&nbsp;&nbsp;Fortinet <sup>\*</sup> | 1573 | 83621 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems . | 232 | 88615 |
| &nbsp;&nbsp;&nbsp;NVIDIA . | 490 | 82923 |
| &nbsp;&nbsp;&nbsp;Okta, Cl A <sup>\*</sup> | 756 | 40310 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A <sup>\*</sup> | 8743 | 65572 |
| &nbsp;&nbsp;&nbsp;Paycom Software <sup>\*</sup> | 323 | 109529 |
| &nbsp;&nbsp;&nbsp;Procore Technologies <sup>\*</sup> | 1611 | 78891 |
| &nbsp;&nbsp;&nbsp;RingCentral, Cl A <sup>\*</sup> | 1072 | 39728 |
| &nbsp;&nbsp;&nbsp;Salesforce <sup>\*</sup> | 517 | 82849 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings | 1406 | 75586 |
| &nbsp;&nbsp;&nbsp;Synopsys <sup>\*</sup> | 317 | 107634 |
| &nbsp;&nbsp;&nbsp;Twilio, Cl A <sup>\*</sup> | 813 | 39853 |

---

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

*86*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Founder-Run Companies ETF** | **Global X Founder-Run Companies ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | | |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Ubiquiti | 322 | $96610 |
| &nbsp;&nbsp;&nbsp;VeriSign <sup>\*</sup> | 509 | 101703 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A <sup>\*</sup> | 440 | 73876 |
| &nbsp;&nbsp;&nbsp;Zoom Video Communications, Cl A <sup>\*</sup> | 913 | 68868 |
| &nbsp;&nbsp;&nbsp;Zscaler <sup>\*</sup> | 446 | 59519 |
|  |  | 2139269 |
| Materials — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;MP Materials <sup>\*</sup> | 2390 | 79467 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics | 1060 | 110166 |
| &nbsp;&nbsp;&nbsp;Westlake | 718 | 77293 |
|  |  | 266926 |
| Real Estate — 9.2% |  |  |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Cl A <sup>‡</sup> | 2295 | 75896 |
| &nbsp;&nbsp;&nbsp;Apartment Income REIT <sup>‡</sup> | 1849 | 70355 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust <sup>‡</sup> | 580 | 69791 |
| &nbsp;&nbsp;&nbsp;Invitation Homes <sup>‡</sup> | 2283 | 74494 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust <sup>‡</sup> | 4944 | 64865 |
| &nbsp;&nbsp;&nbsp;ProLogis <sup>‡</sup> | 563 | 66316 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty <sup>‡</sup> | 1165 | 64413 |
| &nbsp;&nbsp;&nbsp;STORE Capital <sup>‡</sup> | 3198 | 102016 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust <sup>‡</sup> | 2349 | 59406 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Cl C <sup>\*</sup> | 2283 | 86708 |
|  |  | 734260 |
| TOTAL UNITED STATES |  | 7970539 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,966,196) |  | 7970539 |
| TOTAL INVESTMENTS — 99.9% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,966,196) |  | $7970539 |

---

 *Percentages are based on Net Assets of $7,979,117.*

 *\* Non-income producing security.*

 *‡ Real Estate Investment Trust*

 *As of November 30, 2022, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

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

*87*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Global X Founder-Run Companies ETF** | **Global X Founder-Run Companies ETF** |

---

*See "Glossary" for abbreviations.*

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

*88*

------

![](pagelogo.jpg)

---

| | |
|:---|:---|
| **Schedule of Investments** | **november 30, 2022**  |
| **Glossary: (abbreviations used in preceding Schedule of Investments)**  | **Glossary: (abbreviations used in preceding Schedule of Investments)**  |

---

---

| |
|:---|
| **Portfolio Abbreviations** |
| Cl — *Class* |
| ETF — *Exchange-Traded Fund* |
| LIBOR— *London Interbank Offered Rate* |
| REIT — *Real Estate Investment Trust* |
| Ser — *Series* |
| SOFR — *Secured Overnight Financing Rate* |
| USD — *U.S. Dollar* |

---

*89*

------

![](pagelogo.jpg)

#### Statements of Assets and Liabilities

#### november 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Alternative Income ETF** | **Global X S&P 500<sup>®</sup> Quality Dividend ETF** | **Global X U.S. Preferred ETF** | **Global X Variable Rate Preferred ETF** |
| **Assets:** | | | | |
| &nbsp;&nbsp;&nbsp; Cost of Investments | $5441237 | $58195509 | $2640110237 | $310947446 |
| &nbsp;&nbsp;&nbsp; Cost of Repurchase Agreement | 285321 |  | 18857874 |  |
| &nbsp;&nbsp;&nbsp; Cost of Affiliated Investments | 37822185 |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at Value | $7379250<br> \* | $61023582 | $2245395888<br> \* | $298271107 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement, at Value | 285321 |  | 18857874 |  |
| &nbsp;&nbsp;&nbsp; Affiliated Investments, at Value | 29987170 |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash | 25141 | 250 |  | 421545 |
| &nbsp;&nbsp;&nbsp; Dividend, Interest, and Securities Lending Income Receivable | 41993 | 211491 | 15285965 | 1439881 |
| &nbsp;&nbsp;&nbsp; Receivable for Capital Shares Sold |  |  | 17127064 |  |
| &nbsp;&nbsp;&nbsp; Receivable for Investment Securities Sold |  |  | 28793423 | 16452538 |
| &nbsp;&nbsp;&nbsp; Due from Broker |  |  | 30718 |  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 37718875 | 61235323 | 2325490932 | 316585071 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Obligation to Return Securities Lending Collateral | 490600 |  | 32425466 |  |
| &nbsp;&nbsp;&nbsp; Payable due to Investment Adviser | 4060 | 9237 | 392460 | 56425 |
| &nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased |  |  | 77876224 | 28819229 |
| &nbsp;&nbsp;&nbsp; Payable for Capital Shares Redeemed |  |  | 30718 | 2312225 |
| &nbsp;&nbsp;&nbsp; Cash Overdraft |  | 69655 | 288442 |  |
| &nbsp;&nbsp;&nbsp; Custodian Fees Payable | 58 | 77 | 4572 | 791 |
| &nbsp;&nbsp;&nbsp; Due to Broker | 7784 | 250 | 11755 | 7569 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 502502 | 79219 | 111029637 | 31196239 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $37216373 | $61156104 | $2214461295 | $285388832 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $45281546 | $63006396 | $2709251414 | $309499374 |
| &nbsp;&nbsp;&nbsp; Total Distributable Loss | (8065173) | (1850292) | (494790119) | (24110542) |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $37216373 | $61156104 | $2214461295 | $285388832 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest |  |  |  |  |
| &nbsp;&nbsp;&nbsp; (unlimited authorization — no par value) | 3260000 | 1840002 | 107980000 | 12120000 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $11.42 | $33.24 | $20.51 | $23.55 |
| &nbsp;&nbsp; \*Includes Market Value of Securities on Loan | $485397 | $— | $32183548 | $— |

---

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

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

*90*

------

![](pagelogo.jpg)

#### Statements of Assets and Liabilities

#### november 30, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X MLP ETF** | **Global X MLP & Energy Infrastructure ETF** | **Global X Conscious Companies ETF** |
| **Assets:** | | | |
| &nbsp;&nbsp;&nbsp; Cost of Investments | $845012078 | $811661279 | $656094924 |
| &nbsp;&nbsp;&nbsp; Cost of Repurchase Agreement |  | 1999330 |  |
| &nbsp;&nbsp;&nbsp; Cost of Affiliated Investments | 44075173 |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at Value | $1326930118 | $1089976387<br> \* | $672303608 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement, at Value |  | 1999330 |  |
| &nbsp;&nbsp;&nbsp; Affiliated Investments, at Value | 66869171 |  |  |
| &nbsp;&nbsp;&nbsp; Cash | 2748806 | 1096007 | 637966 |
| &nbsp;&nbsp;&nbsp; Receivable for Investment Securities Sold | 135194119 | 87904570 |  |
| &nbsp;&nbsp;&nbsp; Dividend, Interest, and Securities Lending Income Receivable | 97 | 1233172 | 1018609 |
| &nbsp;&nbsp;&nbsp; Receivable for Capital Shares Sold |  | 1738674 |  |
| &nbsp;&nbsp;&nbsp; Reclaim Receivable |  | 738656 |  |
| &nbsp;&nbsp;&nbsp; Due from Broker |  | 1123 |  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 1531742311 | 1184687919 | 673960183 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Obligation to Return Securities Lending Collateral |  | 3437779 |  |
| &nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased | 125625338 | 90809726 |  |
| &nbsp;&nbsp;&nbsp; Current Tax Liability | 10555464 |  |  |
| &nbsp;&nbsp;&nbsp; Payable due to Investment Adviser | 504243 | 391307 | 227448 |
| &nbsp;&nbsp;&nbsp; Custodian Fees Payable | 7012 | 3752 |  |
| &nbsp;&nbsp;&nbsp; Franchise Tax Payable | 10899 |  |  |
| &nbsp;&nbsp;&nbsp; Other Accrued Expenses | 8596 |  |  |
| &nbsp;&nbsp;&nbsp; Due to Broker | 93270 | 45240 |  |
| &nbsp;&nbsp;&nbsp; Deferred Tax Liability | 16658717 |  |  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 153463539 | 94687804 | 227448 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $1378278772 | $1090000115 | $673732735 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $1382068343 | $1041044315 | $677499087 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings/(Loss) | (3789571) | 48955800 | (3766352) |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $1378278772 | $1090000115 | $673732735 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest |  |  |  |
| &nbsp;&nbsp;&nbsp; (unlimited authorization — no par value) | 32058637 | 25077506 | 22820000 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $42.99 | $43.47 | $29.52 |
| &nbsp;&nbsp; \*Includes Market Value of Securities on Loan | $— | $3385175 | $— |

---

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

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

*91*

------

![](pagelogo.jpg)

#### Statements of Assets and Liabilities

#### november 30, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Risk Management ETF** | **Global X Founder-Run Companies ETF** |
| **Assets:** | | | |
| &nbsp;&nbsp;&nbsp; Cost of Investments | $162732513 | $61467493 | $10966196 |
| &nbsp;&nbsp;&nbsp; Investments, at Value | $177967108 | $66298177 | $7970539 |
| &nbsp;&nbsp;&nbsp; Cash | 200786 | 11942 | 7250 |
| &nbsp;&nbsp;&nbsp; Dividend, Interest, and Securities Lending Income Receivable | 404823 | 105384 | 4295 |
| &nbsp;&nbsp;&nbsp; Reclaim Receivable |  | 200 |  |
| &nbsp;&nbsp;&nbsp; Due from Broker |  | 13764 |  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 178572717 | 66429467 | 7982084 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable due to Investment Adviser | 37686 | 19690 | 2967 |
| &nbsp;&nbsp;&nbsp; Payable for Capital Shares Redeemed |  | 1793 |  |
| &nbsp;&nbsp;&nbsp; Custodian Fees Payable | 369 | 197 |  |
| &nbsp;&nbsp;&nbsp; Due to Broker | 1208 |  |  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 39263 | 21680 | 2967 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $178533454 | $66407787 | $7979117 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $173082766 | $80892157 | $12762947 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings/(Loss) | 5450688 | (14484370) | (4783830) |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $178533454 | $66407787 | $7979117 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest |  |  |  |
| &nbsp;&nbsp;&nbsp; (unlimited authorization — no par value) | 5540002 | 2350000 | 330000 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $32.23 | $28.26 | $24.18 |

---

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

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

*92*

------

![](pagelogo.jpg)

#### Statements of Operations

#### For the year ended november 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Alternative Income ETF** | **Global X S&P 500<sup>®</sup> Quality Dividend ETF** | **Global X U.S. Preferred ETF** | **Global X Variable Rate Preferred ETF** |
| **Investment Income:** | | | | |
| &nbsp;&nbsp;&nbsp; Dividend Income | $(157289) | $1620517 | $124264264 | $11391477 |
| &nbsp;&nbsp;&nbsp; Dividend Income, from Affiliated Investments | 2157115 |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest Income | 356 | 135 | 168553 | 34904 |
| &nbsp;&nbsp;&nbsp; Security Lending Income | 18311 |  | 2523506 |  |
| &nbsp;&nbsp;&nbsp; Less: Foreign Taxes Withheld |  | (1321) | (17153) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 2018493 | 1619331 | 126939170 | 11426381 |
| &nbsp;&nbsp;&nbsp; Supervision and Administration Fees<sup>(1)</sup> | 182554 | 94095 | 5086571 | 462167 |
| &nbsp;&nbsp;&nbsp; Custodian Fees<sup>(2)</sup> | 201 | 588 | 28430 | 2538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 182755 | 94683 | 5115001 | 464705 |
| &nbsp;&nbsp;&nbsp; **Net Investment Income** | 1835738 | 1524648 | 121824169 | 10961676 |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(3)</sup> | 760448 | (2148867) | (109993262) | (11913764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investments | (77177) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Gain Distribution from Affiliated Investments | 21312 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment from Adviser<sup>(4)</sup> | 129532 |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | 834115 | (2148867) | (109993262) | (11913764) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 841187 | 2598502 | (365525726) | (10345581) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investments | (6047585) |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation)** | (5206398) | 2598502 | (365525726) | (10345581) |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss)** | (4372283) | 449635 | (475518988) | (22259345) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(2536545) | $1974283 | $(353694819) | $(11297669) |

---

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

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

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

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

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

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

*93*

------

![](pagelogo.jpg)

#### Statements of Operations

#### For the year ended november 30, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X MLP ETF** | **Global X MLP & Energy Infrastructure ETF** | **Global X Conscious Companies ETF** |
| **Investment Income:** | | | |
| &nbsp;&nbsp;&nbsp; Distributions from Master Limited Partnerships | $88978999 | $— | $— |
| &nbsp;&nbsp;&nbsp; Less: Return of Capital Distributions | (88978999) |  |  |
| &nbsp;&nbsp;&nbsp; Dividend Income | 4852370 | 23084231 | 9759716 |
| &nbsp;&nbsp;&nbsp; Interest Income | 28303 | 5260 | 5580 |
| &nbsp;&nbsp;&nbsp; Security Lending Income |  | 177578 |  |
| &nbsp;&nbsp;&nbsp; Less: Foreign Taxes Withheld |  | (1806756) | (18523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 4880673 | 21460313 | 9746773 |
| &nbsp;&nbsp;&nbsp; Supervision and Administration Fees<sup>(1)</sup> | 5344753 | 4192282 | 2811857 |
| &nbsp;&nbsp;&nbsp; Custodian Fees<sup>(2)</sup> | 25113 | 6466 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Expenses** | 5369866 | 4198748 | 2811888 |
| &nbsp;&nbsp;&nbsp; **Net Investment Income (Loss), Before Taxes** | (489193) | 17261565 | 6934885 |
| &nbsp;&nbsp;&nbsp; **Tax Benefit/(Expense)** | 149164 |  |  |
| &nbsp;&nbsp;&nbsp; **Net Investment Income (Loss), Net of Taxes** | (340029) | 17261565 | 6934885 |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(3)</sup> | 107989349 | 41652137 | 941166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investments | (120910) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions |  | 28 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Benefit/(Expense) | (7469465) |  |  |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | 100398974 | 41652165 | 941166 |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 282983373 | 182187058 | (69340214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investments | 2644350 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Benefit/(Expense) | (19893880) |  |  |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation)** | 265733843 | 182187058 | (69340214) |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss)** | 366132817 | 223839223 | (68399048) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | $365792788 | $241100788 | $(61464163) |

---

(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.)* 

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

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

*94*

------

![](pagelogo.jpg)

#### Statements of Operations

#### For the year ended november 30, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Risk Management ETF** | **Global X Founder-Run Companies ETF** |
| **Investment Income:** | | | |
| &nbsp;&nbsp;&nbsp; Dividend Income | $3909025 | $658777 | $77030 |
| &nbsp;&nbsp;&nbsp; Interest Income |  | 885663 | 97 |
| &nbsp;&nbsp;&nbsp; Less: Foreign Taxes Withheld | (856) | (262) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 3908169 | 1544178 | 77127 |
| &nbsp;&nbsp;&nbsp; Supervision and Administration Fees<sup>(1)</sup> | 459345 | 319632 | 49292 |
| &nbsp;&nbsp;&nbsp; Custodian Fees<sup>(2)</sup> | 647 | 211 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 459992 | 319843 | 49297 |
| &nbsp;&nbsp;&nbsp; **Net Investment Income** | 3448177 | 1224335 | 27830 |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(3)</sup> | 8344020 | (18387366) | (1470548) |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | 8344020 | (18387366) | (1470548) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 6336154 | 6274011 | (3096300) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation)** | 6336154 | 6274011 | (3096300) |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss)** | 14680174 | (12113355) | (4566848) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | $18128351 | $(10889020) | $(4539018) |

---

(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.)* 

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

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

*95*

------

![](pagelogo.jpg)

#### Statements of Changes in Net Assets<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Alternative Income ETF** | **Global X Alternative Income ETF** | **Global X S&P 500<sup>®</sup> Quality Dividend ETF** | **Global X S&P 500<sup>®</sup> Quality Dividend ETF** |
|  | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp; Net Investment Income | $1835738 | $1089075 | $1524648 | $222968 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | 834115 | 3066455 | (2148867) | 1519036 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (5206398) | 532872 | 2598502 | (214312) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (2536545) | 4688402 | 1974283 | 1527692 |
| **Distributions** | (2282880) | (1353663) | (1339222) | (224212) |
| **Return of Capital** | (390992) | (578074) |  |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 10836559 | 21228614 | 81220596 | 7407813 |
| &nbsp;&nbsp;&nbsp; Redeemed | (4330515) | (7637384) | (30314988) | (5396072) |
| &nbsp;&nbsp;&nbsp; **Increase in Net Assets from Capital Share Transactions** | 6506044 | 13591230 | 50905608 | 2011741 |
| &nbsp;&nbsp;&nbsp; **Total Increase in Net Assets** | 1295627 | 16347895 | 51540669 | 3315221 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 35920746 | 19572851 | 9615435 | 6300214 |
| &nbsp;&nbsp;&nbsp; End of Year | $37216373 | $35920746 | $61156104 | $9615435 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 890000 | 1600000 | 2510000 | 240000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (360000) | (570000) | (980000) | (180000) |
| &nbsp;&nbsp;&nbsp; **Net Increase in Shares Outstanding from Share Transactions** | 530000 | 1030000 | 1530000 | 60000 |

---

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

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

*96*

------

![](pagelogo.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** | **Global X Variable Rate Preferred ETF** | **Global X Variable Rate Preferred ETF** |
|  | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp; Net Investment Income | $121824169 | $89775833 | $10961676 | $1694679 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (109993262) | 17346431 | (11913764) | 463555 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (365525726) | (54576713) | (10345581) | (2428772) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (353694819) | 52545551 | (11297669) | (270538) |
| **Distributions** | (128023270) | (89185080) | (10414818) | (1427978) |
| **Return of Capital** |  |  | (515682) | (167337) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 973349002 | 1718401660 | 285890415 | 97594459 |
| &nbsp;&nbsp;&nbsp; Redeemed | (735191810) | (92290075) | (67490783) | (7859878) |
| &nbsp;&nbsp;&nbsp; **Increase in Net Assets from Capital Share Transactions** | 238157192 | 1626111585 | 218399632 | 89734581 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (243560897) | 1589472056 | 196171463 | 87868728 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 2458022192 | 868550136 | 89217369 | 1348641 |
| &nbsp;&nbsp;&nbsp; End of Year | $2214461295 | $2458022192 | $285388832 | $89217369 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 43900000 | 66860000 | 11570000 | 3500000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (33430000) | (3600000) | (2720000) | (280000) |
| &nbsp;&nbsp;&nbsp; **Net Increase in Shares Outstanding from Share Transactions** | 10470000 | 63260000 | 8850000 | 3220000 |

---

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

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

*97*

------

![](pagelogo.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X MLP ETF** | **Global X MLP ETF** | **Global X MLP & Energy Infrastructure ETF** | **Global X MLP & Energy Infrastructure ETF** |
|  | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $(340029) | $(1740541) | $17261565 | $8940882 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | 100398974 | (24709425) | 41652165 | 31688781 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | 265733843 | 262177887 | 182187058 | 192051800 |
| &nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | 365792788 | 235727921 | 241100788 | 232681463 |
| **Distributions** | (90450291) |  | (32598692) | (22548205) |
| **Return of Capital** |  | (80150843) | (17688775) | (22509388) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 492823248 | 237875194 | 280463476 | 226639862 |
| &nbsp;&nbsp;&nbsp; Redeemed | (382822455) | (88093480) | (119368893) | (214515108) |
| &nbsp;&nbsp;&nbsp; **Increase in Net Assets from Capital Share Transactions** | 110000793 | 149781714 | 161094583 | 12124754 |
| &nbsp;&nbsp;&nbsp; **Total Increase in Net Assets** | 385343290 | 305358792 | 351907904 | 199748624 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 992935482 | 687576690 | 738092211 | 538343587 |
| &nbsp;&nbsp;&nbsp; End of Year | $1378278772 | $992935482 | $1090000115 | $738092211 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 12070000 | 6810000 | 6950000 | 6860000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (9570000) | (2970000) | (3030000) | (5950000) |
| &nbsp;&nbsp;&nbsp; **Net Increase in Shares Outstanding from Share Transactions** | 2500000 | 3840000 | 3920000 | 910000 |

---

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

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

*98*

------

![](pagelogo.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Conscious Companies ETF** | **Global X Conscious Companies ETF** | **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** |
|  | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp; Net Investment Income | $6934885 | $4842693 | $3448177 | $3535627 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | 941166 | 81365114 | 8344020 | 29215810 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (69340214) | 18829589 | 6336154 | 766875 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (61464163) | 105037396 | 18128351 | 33518312 |
| **Distributions** | (7480197) | (4254673) | (3989881) | (4080634) |
| **Return of Capital** |  |  | (204893) | (298947) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 168852369 | 333414724 | 45617766 | 37224536 |
| &nbsp;&nbsp;&nbsp; Redeemed | (80939741) | (182932213) | (53025393) | (38840101) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 87912628 | 150482511 | (7407627) | (1615565) |
| &nbsp;&nbsp;&nbsp; **Total Increase in Net Assets** | 18968268 | 251265234 | 6525950 | 27523166 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 654764467 | 403499233 | 172007504 | 144484338 |
| &nbsp;&nbsp;&nbsp; End of Year | $673732735 | $654764467 | $178533454 | $172007504 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 5560000 | 10500000 | 1490000 | 1400000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (2600000) | (5890000) | (1710000) | (1440000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 2960000 | 4610000 | (220000) | (40000) |

---

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

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

*99*

------

![](pagelogo.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** | **Global X Founder-Run Companies ETF** | **Global X Founder-Run Companies ETF** |
|  | **Year Ended November 30, 2022** | **Period Ended November 30, 2021<sup>(1)</sup>** | **Year Ended November 30, 2022** | **Year Ended November 30, 2021** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp; Net Investment Income | $1224335 | $674406 | $27830 | $64400 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (18387366) | 12780557 | (1470548) | 2412957 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | 6274011 | (1443327) | (3096300) | (1000519) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (10889020) | 12011636 | (4539018) | 1476838 |
| **Distributions** | (1002824) | (241843) | (31083) | (67743) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 24618907 | 184056392 |  | 14648680 |
| &nbsp;&nbsp;&nbsp; Redeemed | (50893766) | (91251695) | (3292599) | (5948213) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | (26274859) | 92804697 | (3292599) | 8700467 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (38166703) | 104574490 | (7862700) | 10109562 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | 104574490 |  | 15841817 | 5732255 |
| &nbsp;&nbsp;&nbsp; End of Year | $66407787 | $104574490 | $7979117 | $15841817 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 860000 | 6600000 |  | 430000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (2010000) | (3100000) | (130000) | (170000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (1150000) | 3500000 | (130000) | 260000 |

---

(1) *The Fund commenced operations on January 12, 2021.* 

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

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

*100*

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![](pagelogo.jpg)

Financial Highlights

#### Selected Per Share Data & Ratios

#### For a Share Outstanding Throughout the Period

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value, Beginning of Period ($)** | **Net Investment Income ($)\*** | **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 Alternative Income ETF** | | | | | | | |
| 2022 | 13.16 | 0.61 | (1.45) | (0.84) | (0.77) |  | (0.13 |
| 2021 | 11.51 | 0.49 | 2.05 | 2.54 | (0.62) |  | (0.27 |
| 2020 | 14.74 | 0.66 | (2.64) | (1.98) | (0.98) | (0.15) | (0.12 |
| 2019 | 14.52 | 0.94 | 0.44 | 1.38 | (1.07) | (0.09) |  |
| 2018 | 15.40 | 0.92 | (0.64) | 0.28 | (1.16) |  |  |
|  **Global X S&P 500<sup>®</sup> Quality Dividend ETF** |  |  |  |  |  |  |  |
| 2022 | 31.02 | 1.03 | 2.10 | 3.13 | (0.91) |  |  |
| 2021 | 25.20 | 0.78 | 5.84 | 6.62 | (0.80) |  |  |
| 2020 | 26.51 | 0.75 | (1.24) | (0.49) | (0.82) |  |  |
| 2019 | 24.60 | 0.75 | 1.89 | 2.64 | (0.73) |  |  |
| 2018<sup>(1)</sup> | 25.00 | 0.26 | (0.44) | (0.18) | (0.22) |  |  |
|  **Global X U.S. Preferred ETF** |  |  |  |  |  |  |  |
| 2022 | 25.21 | 1.23 | (4.64) | (3.41) | (1.29) |  |  |
| 2021 | 25.36 | 1.28 | (0.12) | 1.16 | (1.31) |  |  |
| 2020 | 24.79 | 1.33 | 0.58 | 1.91 | (1.34) |  |  |
| 2019 | 22.97 | 1.36 | 1.83 | 3.19 | (1.37) |  |  |
| 2018 | 25.03 | 1.44 | (2.08) | (0.64) | (1.42) |  |  |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *\*\*\** | *Amount is less than $0.005.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *‡* | *Effective April 1, 2019, the Fund's fees were permanently lowered to 0.20%. Prior to April 1, 2019, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.31% for the year ended November 30, 2019.* |
| *‡‡* | *Effective for the fiscal year ended November 30, 2022, the Fund began presenting acquired fund fees borne by the Adviser as part of its unitary fee agreement (See Note 3 in Notes to Financial Statements) as a realized gain on the Statement of Operations as compared to a contra-expense as in prior fiscal years. If such amounts had been presented as a realized gain in the year ended November 30, 2021 (first year of this agreement), the ratio of Expenses to Average Net Assets would have been 0.70%.* |
| *#* | *Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.* |
| *^* | *Effective September 28, 2021, the fund's fees were permanently lowered to 0.50%.* |
| *^^* | *Effective April 1, 2020, until April 1, 2021, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.23%.* |
| (1) | *The Fund commenced operations on July 13, 2018.* |

---

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

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

*101*

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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 (%)††** |
| (0.90) | 11.42 | (6.64) | 37216 | 0.50 | # | 5.03 | 18.10 |
| (0.89) | 13.16 | 22.52 | 35921 | 0.63 | #^<sup>‡‡</sup> | 3.77 | 86.85 |
| (1.25) | 11.51 | (13.13) | 19573 | 0.75 | # | 5.61 | 52.78 |
| (1.16) | 14.74 | 9.89 | 28012 | 0.75 | # | 6.39 | 18.16 |
| (1.16) | 14.52 | 1.89 | 16698 | 0.75 | # | 6.19 | 18.32 |
| (0.91) | 33.24 | 10.25 | 61156 | 0.20 |  | 3.24 | 78.73 |
| (0.80) | 31.02 | 26.45 | 9615 | 0.20 |  | 2.60 | 70.66 |
| (0.82) | 25.20 | (1.47) | 6300 | 0.20 |  | 3.27 | 93.40 |
| (0.73) | 26.51 | 11.01 | 9278 | 0.28 | ‡ | 2.99 | 49.18 |
| (0.22) | 24.60 | (0.72) | 2460 | 0.36 | † | 2.70 | 1.18 |
| (1.29) | 20.51 | (13.82) | 2214461 | 0.23 |  | 5.51 | 33.20 |
| (1.31) | 25.21 | 4.61 | 2458022 | 0.23 | ^^ | 4.99 | 47.89 |
| (1.34) | 25.36 | 8.13 | 868550 | 0.23 | ^^ | 5.49 | 39.14 |
| (1.37) | 24.79 | 14.25 | 585150 | 0.24 |  | 5.57 | 32.93 |
| (1.42) | 22.97 | (2.72) | 188314 | 0.23 |  | 5.98 | 42.90 |

---

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

*102*

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Financial Highlights

#### Selected Per Share Data & Ratios

#### For a Share Outstanding Throughout the Period

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value, Beginning of Period ($)** | **Net Investment Income (Loss) ($)\*** | **Net Realized and Unrealized Gain (Loss) on Investments ($)** | **Total from Operations ($)** | **Distribution from Net Investment Income ($)** | **Distribution from Capital Gains ($)** | **Return of Capital ($)** |
|  **Global X Variable Rate Preferred ETF** | | | | | | | |
| 2022 | 27.28 | 1.45 | (3.70) | (2.25) | (1.39) | (0.02) | (0.07) |
| 2021 | 26.97 | 1.40 | 0.37 | 1.77 | (1.29) | (0.02) | (0.15) |
| 2020<sup>(1)</sup> | 24.85 | 0.61 | 2.00 | 2.61 | (0.49) |  |  |
|  **Global X MLP ETF** |  |  |  |  |  |  |  |
| 2022 | 33.59 | (0.02) | 12.44 | 12.42 | (3.02) |  |  |
| 2021 | 26.73 | (0.06) | 9.97 | 9.91 |  |  | (3.05) |
| 2020<sup>(2)</sup> | 43.92 | (0.26) | (13.13) | (13.39) |  |  | (3.80) |
| 2019<sup>(2)</sup> | 51.24 | (0.24) | (2.76) | (3.00) |  |  | (4.32) |
| 2018<sup>(2)</sup> | 56.52 | (0.24) | (0.42) | (0.66) | (0.12) |  | (4.50) |
|  **Global X MLP & Energy Infrastructure ETF** |  |  |  |  |  |  |  |
| 2022 | 34.89 | 0.75 | 9.98 | 10.73 | (1.39) |  | (0.76) |
| 2021 | 26.59 | 0.42 | 9.97 | 10.39 | (1.05) |  | (1.04) |
| 2020<sup>(3)</sup> | 33.45 | 0.71 | (5.33) | (4.62) | (1.95) |  | (0.29) |
| 2019<sup>(3)</sup> | 36.39 | 1.14 | (1.89) | (0.75) | (2.01) |  | (0.18) |
| 2018<sup>(3)</sup> | 38.40 | 1.05 | (1.11) | (0.06) | (1.56) |  | (0.39) |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *‡* | *The Before Net Deferred Tax Expense/(Benefit) expense ratios for the periods ending November 30, 2018, 2019, 2020, 2021, 2022 was 0.45%, 0.46%, 0.45%, 0.45%, and 0.45%.* |
| *‡‡* | *Amount presented represents impact on expense ratio from tax benefit or expense. Includes amount of tax benefit or expense associated with expenses. Including amount of tax benefit or expense associated for all components of the Statement of Operations, the impact would be (2.29)%.* |
| (1) | *The Fund commenced operations on June 22, 2020.* |
| (2) | *Per share amounts have been adjusted for a 1 for 6 reverse stock split on April 28, 2020 (See Note 9 in the Notes to Financial Statements).* |
| (3) | *Per share amounts have been adjusted for a 1 for 3 reverse share split on April 28, 2020 (See Note 9 in Notes to Financial Statements).* |

---

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

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

*103*

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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 (%)** |  | **Tax Expense (%)** | **Ratio of Net Investment Income (Loss) to Average Net Assets (%)** | **Portfolio Turnover (%)††** |
| (1.48) | 23.55 | (8.40) | 285389 | 0.25 |  |  | 5.93 | 74.41 |
| (1.46) | 27.28 | 6.60 | 89217 | 0.25 |  |  | 5.01 | 26.17 |
| (0.49) | 26.97 | 10.59 | 1349 | 0.25 | † |  | 5.38 | 10.96 |
| (3.02) | 42.99 | 37.69 | 1378279 | 0.44 | <sup>‡</sup> | (0.01 | (0.04 | 47.13 |
| (3.05) | 33.59 | 37.49 | 992935 | 0.43 | <sup>‡</sup> | (0.02 | (0.19 | 33.79 |
| (3.80) | 26.73 | (30.51) | 687577 | 0.46 | <sup>‡</sup> | 0.46 | (0.85 | 33.78 |
| (4.32) | 43.92 | (6.54) | 947045 | 0.46 | <sup>‡</sup> |  | (0.46 | 55.65 |
| (4.62) | 51.24 | (1.72) | 828622 | 0.45 | <sup>‡</sup> |  | (0.45 | 30.35 |
| (2.15) | 43.47 | 31.26 | 1090000 | 0.45 |  |  | 1.85 | 23.48 |
| (2.09) | 34.89 | 39.64 | 738092 | 0.45 |  |  | 1.25 | 16.88 |
| (2.24) | 26.59 | (13.34) | 538344 | 0.45 |  |  | 2.66 | 35.86 |
| (2.19) | 33.45 | (2.34) | 612300 | 0.45 |  |  | 3.03 | 36.57 |
| (1.95) | 36.39 | (0.43) | 540381 | 0.45 |  |  | 2.65 | 25.68 |

---

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

*104*

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Financial Highlights

#### <br>

#### 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 Conscious Companies ETF** | | | | | | | |
| 2022 | 32.97 | 0.31 | (3.40) | (3.09) | (0.36) |  |  |
| 2021 | 26.46 | 0.31 | 6.49 | 6.80 | (0.29) |  |  |
| 2020 | 23.10 | 0.33 | 3.32 | 3.65 | (0.27) | (0.02 |  |
| 2019 | 20.55 | 0.37 | 2.68 | 3.05 | (0.50) |  |  |
| 2018 | 19.23 | 0.33 | 1.22 | 1.55 | (0.23) |  |  |
|  **Global X Adaptive U.S. Factor ETF** |  |  |  |  |  |  |  |
| 2022 | 29.86 | 0.62 | 2.50 | 3.12 | (0.71) |  | (0.04) |
| 2021 | 24.91 | 0.61 | 5.09 | 5.70 | (0.70) |  | (0.05) |
| 2020 | 25.79 | 0.63 | (0.67) | (0.04) | (0.70) | (0.05 | (0.09) |
| 2019 | 24.39 | 0.89 | 1.53 | 2.42 | (1.02) |  |  |
| 2018<sup>(1)</sup> | 25.00 | 0.22 | (0.61) | (0.39) | (0.19) |  | (0.03) |
|  **Global X Adaptive U.S. Risk Management ETF** |  |  |  |  |  |  |  |
| 2022 | 29.88 | 0.40 | (1.71) | (1.31) | (0.31) |  |  |
| 2021<sup>(2)</sup> | 24.95 | 0.25 | 4.77 | 5.02 | (0.09) |  |  |
|  **Global X Founder-Run Companies ETF** |  |  |  |  |  |  |  |
| 2022 | 34.44 | 0.07 | (10.26) | (10.19) | (0.07) |  |  |
| 2021 | 28.66 | 0.18 | 5.94 | 6.12 | (0.34) |  |  |
| 2020 | 20.50 | 0.09 | 8.14 | 8.23 | (0.07) |  |  |
| 2019 | 18.63 | 0.05 | 2.12 | 2.17 | (0.07) | (0.23 |  |
| 2018 | 17.41 | 0.04 | 1.45 | 1.49 | (0.04) | (0.23 |  |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *\*\*\** | *Amount is less than $0.005.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| (1) | *The Fund commenced operations on August 24, 2018.* |
| (2) | *The Fund commenced operations on January 12, 2021.* |

---

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

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

*105*

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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 (%)††** |
| (0.36) | 29.52 | (9.45) | 673733 | 0.43 | 1.06 | 31.92 |
| (0.29) | 32.97 | 25.84 | 654764 | 0.43 | 1.00 | 22.92 |
| (0.29) | 26.46 | 16.01 | 403499 | 0.43 | 1.45 | 48.73 |
| (0.50) | 23.10 | 15.35 | 85459 | 0.43 | 1.73 | 34.97 |
| (0.23) | 20.55 | 8.16 | 56504 | 0.43 | 1.65 | 36.35 |
| (0.75) | 32.23 | 10.61 | 178533 | 0.27 | 2.03 | 115.74 |
| (0.75) | 29.86 | 23.01 | 172008 | 0.27 | 2.09 | 96.21 |
| (0.84) | 24.91 | 0.14 | 144484 | 0.27 | 2.78 | 159.91 |
| (1.02) | 25.79 | 10.27 | 189564 | 0.27 | 3.63 | 112.43 |
| (0.22) | 24.39 | (1.58) | 102438 | 0.27 | 3.31 | 28.89 |
| (0.31) | 28.26 | (4.28) | 66408 | 0.39 | 1.49 | 1481.94 |
| (0.09) | 29.88 | 20.13 | 104574 | 0.39 | 1.01 | 30.10 |
| (0.07) | 24.18 | (29.64) | 7979 | 0.45 | 0.25 | 33.97 |
| (0.34) | 34.44 | 21.51 | 15842 | 0.45 | 0.54 | 47.49 |
| (0.07) | 28.66 | 40.29 | 5732 | 0.45 | 0.39 | 31.51 |
| (0.30) | 20.50 | 12.05 | 4100 | 0.52 | 0.29 | 33.82 |
| (0.27) | 18.63 | 8.67 | 4657 | 0.65 | 0.13 | 25.22 |

---

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

*106*

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---

| |
|:---|
| **Notes to Financial Statements** |
| **November 30, 2022** |

---

1. ORGANIZATION

The Global X Funds (the "Trust") is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as an open-end management investment company. As of November 30, 2022, the Trust had one hundred and twelve portfolios, one hundred of which were operational. The financial statements herein and the related notes pertain to the Global X Alternative Income ETF (formerly, Global X SuperDividend<sup>®</sup> Alternatives ETF), Global X S&P 500<sup>®</sup> Quality Dividend ETF, Global X U.S. Preferred ETF, Global X Variable Rate Preferred ETF, Global X MLP ETF, Global X MLP & Energy Infrastructure ETF, Global X Conscious Companies ETF, Global X Adaptive U.S. Factor ETF, Global X Adaptive U.S. Risk Management ETF and Global X Founder-Run Companies ETF (each a "Fund" and collectively, the "Funds"). Each Fund, other than the Global X Alternative Income ETF, Global X U.S. Preferred ETF, Global X Founder-Run Companies ETF and Global X Conscious Companies ETF, has elected non-diversified status under the 1940 Act.

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.

MLPs – Certain Funds may invest in MLPs. MLPs are publicly-traded partnerships engaged in the transportation, storage and processing of minerals and natural resources. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity-level taxation. To qualify as an MLP, and to not be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the "Code"). These qualifying

*107*

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---

| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

sources include natural resource-based activities, such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly-traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.

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

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

For securities traded on NASDAQ, the NASDAQ official closing price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency

*108*

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

exchange rates as of the reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

Securities for which market prices are not "readily available" are valued in accordance with fair value procedures (the "Fair Value Procedures") established by Global X Management Company LLC, the Funds' investment adviser (the "Adviser"), and approved by the Board of Trustees (the "Board") of the Trust. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a fair value committee (the "Committee") of the Adviser. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security's primary trading market is temporarily closed at a time when, under normal conditions, it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, each Fund may fair value a security if an event that may materially affect the value of a Fund's security that traded outside of the United States (a "Significant Event") has occurred between the time of the security's last close and the time that each Fund calculates its net asset value ("NAV"). A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate their NAVs, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of November 30, 2022, there were no securities priced using the Fair Value Procedures.

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

*109*

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

(Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

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

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

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

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For details of the investment classification, reference the Schedule 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 at November 30, 2022. The Funds continuously monitor the credit standing of each broker or counterparty with whom they conduct business. In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.

REPURCHASE AGREEMENTS – Securities pledged as collateral for repurchase agreements by BNP Paribas are held by Brown Brothers Harriman & Co. ("BBH"), the Funds' custodian ("Custodian") and are designated as being held on each Fund's behalf by the Custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral i

*110*

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest.

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

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

As of November 30, 2022, the open repurchase agreements by counterparty which are subject to an MRA on a net payment basis are as follows:

---

| | | |
|:---|:---|:---|
|  | **Fair Value** |  |
|  | **of Non-Cash** | **Cash** |
| **Repurchase** | **Collateral** | **Collateral** |
| **Agreements\*** | **Received<sup>(1)</sup>** | **Received** **Net Amount<sup>(2)</sup>** |

---

---

| | | |
|:---|:---|:---|
| **Global X Alternative Income ETF** | **Global X Alternative Income ETF** | **Global X Alternative Income ETF** |
| &nbsp;&nbsp;&nbsp; BNP Paribas | $285321 | $– |
| **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** | **Global X U.S. Preferred ETF** |
| &nbsp;&nbsp;&nbsp; BNP Paribas | 18857874 | – |
| **Global X MLP & Energy Infrastructure ETF** | **Global X MLP & Energy Infrastructure ETF** | **Global X MLP & Energy Infrastructure ETF** |
| &nbsp;&nbsp;&nbsp; BNP Paribas | 1999330 | – |

---

\* Repurchase agreements with an overnight and continuous maturity.

(1) Excess collateral received is not presented in the table above. Please refer to the Schedule of Investments for the market value of the collateral received for each Fund.

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

FEDERAL INCOME TAXES – It is each Fund's intention, except for Global X MLP ETF, to qualify, or to continue to qualify, as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Code. Accordingly, no provisions for Federal income taxes have been made in the financial statements, except for Global X MLP ETF as described below.

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

*111*

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax positions in the current period, however management's conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), and on-going analysis of and changes to tax laws and regulations, and interpretations thereof. If a Fund has foreign tax filings that have not been made, the tax years that remain subject to examination may date back to the inception of the Fund.

As of and during the reporting period ended November 30, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as in income tax expense on the Statements of,Operations. During the reporting period, the Funds did not incur any interest or penalties. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

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

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

FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION – The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets

*112*

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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

INVESTMENTS IN REITs – With respect to the Funds, dividend income is recorded based on the income included in distributions received from REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of these estimated amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts

*113*

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|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

of income, return of capital, and capital gains are only determined by each REIT after its fiscal year end, and may differ from the estimated amounts.

Global X Alternative Income's dividend income includes reclassifications of prior year and current year dividend income to return of capital/realized gain to align those income amounts to the character of those distributions. Those reclassifications exceeded current year dividend income resulting in a negative dividend income for the current fiscal year.

CASH OVERDRAFT CHARGES – Per the terms of an agreement with the Custodian, 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.

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 the Creation Unit breakdown:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Value at** | |
|  | **Creation Unit** | **Creation** | **November** | **Redemption** |
|  | **Shares** | **Fee** | **30, 2022** | **Fee** |
| Global X Alternative Income ETF | 10000 | $300 | $114200 | $300 |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | 10000 | 500 | 332400 | 500 |
| Global X U.S. Preferred ETF | 10000 | 650 | 205100 | 650 |
| Global X Variable Rate Preferred ETF | 10000 | 300 | 235.500 | 300 |
| Global X MLP ETF | 10000 | 250 | 429900 | 250 |
| Global X MLP & Energy Infrastructure ETF | 10000 | 250 | 434700 | 250 |
| Global X Conscious Companies ETF | 10000 | 750 | 295200 | 750 |
| Global X Adaptive U.S. Factor ETF | 10000 | 700 | 322300 | 700 |
| Global X Adaptive U.S. Risk Management ETF | 10000 | 1300 | 282600 | 1300 |
| Global X Founder-Run Companies ETF | 10000 | 400 | 241800 | 400 |

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*114*

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|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

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3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS

On July 2, 2018, the Adviser consummated a transaction pursuant to which it became an indirect, wholly-owned subsidiary of Mirae Asset Global Investments Co., Ltd. ("Mirae"). In this manner, the Adviser is ultimately controlled by Mirae, 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 agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an "all-in" fee structure. For the Adviser's services to the respective Funds, under a supervision and administration agreement (the "Supervision and Administration Agreement"), each Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the respective Fund). In addition, the Funds bear other expenses, directly and indirectly, that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, custodian fees, acquired fund fees and expenses (except for the Global X Alternative Income ETF with respect to investment in affiliated investment companies), and other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses).

The Supervision and Administration Agreement for the Global X Alternative Income ETF provides that the Adviser also bears the costs for acquired fund fees and expenses generated by investments by the Fund in affiliated investment companies. For the year ended November 30, 2022, the Adviser paid acquired fund fees and expenses of $129,532 and made such reimbursement payments to the Global X Alternative Income ETF on a monthly basis.

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

*115*

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

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3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS (continued)

---

| | |
|:---|:---|
|  | **Supervision and** |
|  | **Administration Fee** |
| Global X Alternative Income ETF | 0.50% |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | 0.20% |
| Global X U.S. Preferred ETF | 0.23% |
| Global X Variable Rate Preferred ETF | 0.25% |
| Global X MLP ETF | 0.45% |
| Global X MLP & Energy Infrastructure ETF | 0.45% |
| Global X Conscious Companies ETF | 0.43% |
| Global X Adaptive U.S. Factor ETF | 0.27% |
| Global X Adaptive U.S. Risk Management ETF | 0.39% |
| Global X Founder-Run Companies ETF | 0.45% |

---

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

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

BBH serves as the Custodian and transfer agent of the Funds' assets. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds; (2) collect and receive all income and other payments and distributions on account of the Funds' portfolio investments; (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning

*116*

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|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

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3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS (continued)

the Funds' operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As transfer agent, BBH has agreed to (1) issue and redeem Shares of each Fund; (2) make dividend and other distributions to shareholders of each Fund; (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts; and (5) make periodic reports to the Funds. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

4. INVESTMENT TRANSACTIONS

For the year ended November 30, 2022, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government, and short-term securities were:

---

| | | |
|:---|:---|:---|
|  |  | **Sales and** |
|  | **Purchases** | **Maturities** |
| Global X Alternative Income ETF | $6610923 | $6599191 |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | 36970645 | 36141459 |
| Global X U.S. Preferred ETF | 759246170 | 734254530 |
| Global X Variable Rate Preferred ETF | 141729053 | 139177056 |
| Global X MLP ETF | 562656936 | 1044339999 |
| Global X MLP & Energy Infrastructure ETF | 217791147 | 274934752 |
| Global X Conscious Companies ETF | 208208208 | 209438231 |
| Global X Adaptive U.S. Factor ETF | 197934445 | 196755463 |
| Global X Adaptive U.S. Risk Management ETF | 1203925850 | 1208608494 |
| Global X Founder-Run Companies ETF | 3800011 | 3776124 |

---

For the year ended November 30, 2022, in-kind transactions associated with creations and redemptions were:

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Realized**  |
| **2022**  | **Purchases** | **Sales** | **Gain/(Loss)** |
| Global X Alternative Income ETF | $10116622 | $3871077 | $118617 |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | 80553204 | 30378185 | 1972129 |
| Global X U.S. Preferred ETF | 955904783 | 735411823 | (17540724) |
| Global X Variable Rate Preferred ETF | 282783857 | 66844562 | 623993 |
| Global X MLP ETF | 486160324 | – | – |
| Global X MLP & Energy Infrastructure ETF | 275999798 | 86750536 | 26760885 |
| Global X Conscious Companies ETF | 169749309 | 81227277 | 22133244 |
| Global X Adaptive U.S. Factor ETF | 43830789 | 52984434 | 9456053 |
| Global X Adaptive U.S. Risk Management ETF | 21231297 | 42712648 | 373235 |
| Global X Founder-Run Companies ETF | – | 3282710 | 56895 |

---

During the year ended November 30, 2022, there were no purchases or sales of long-term U.S. Government securities by the Funds.

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|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

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5. TAX INFORMATION

Global X MLP ETF recognizes interest and penalties, if any, related to unrecognized tax benefits within the income tax expense line in the accompanying Statement of Operations. Accrued interest and penalties, if any, are included within the related tax liability line in the Statement of Assets and Liabilities. For the year ended November 30, 2022, Global X MLP ETF did not incur any interest or penalties.

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

Global X MLP ETF's income tax expense/(benefit) consists of the following for the year ended November 30, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Deferred** |  |
|  | **Current MLP** | **MLP** | **Total MLP** |
| Federal | $9914550 | $74980800 | $84895350 |
| State | 640914 | 4896792 | 5537706 |
| Valuation allowance | - | (63218875) | (63218875) |
| Total tax expense (benefit) | $10555464 | $16658717 | $27214181 |

---

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

Components of the Global X MLP ETF's deferred tax assets and liabilities are as follows for the year ended November 30, 2022:

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| | |
|:---|:---|
|  | **MLP** |
| **Deferred tax assets/(liabilities):** | |
| &nbsp;&nbsp;State Net Operating Loss Carryforward | $1390761 |
| &nbsp;&nbsp;Capital Loss Carryforward | 42572013 |
| &nbsp;&nbsp;Other | 577671 |
| &nbsp;&nbsp;Net unrealized gain on investment securities | (61199162) |
| **Net Deferred Tax Asset/(Liability)** | $(16658717) |

---

Global X MLP ETF reviews the recoverability of its deferred tax assets based upon the weight of available evidence. When assessing the recoverability of its deferred tax assets, significant weight is given to the effects of potential future realized and unrealized gains on investments and the period over which these deferred tax assets can be realized. Currently, any capital losses that may be generated by the Global X MLP ETF are eligible to be carried back up to three years and can be carried forward for five years to offset capital gains recognized by Global X MLP ETF in those years.

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

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5. TAX INFORMATION (continued)

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

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** | **Amount** | **Expiration** |
| **Global X MLP ETF** | &nbsp;&nbsp;&nbsp;11/30/2019 | $28978317 | &nbsp;&nbsp;&nbsp;11/30/2024 |
|  | &nbsp;&nbsp;&nbsp; 11/30/2020 | 123982398 | &nbsp;&nbsp;&nbsp;11/30/2025 |
|  | &nbsp;&nbsp;&nbsp; 11/30/2021 | 37432903 | &nbsp;&nbsp;&nbsp;11/30/2026 |

---

Based upon Global X MLP ETF's assessment, it has been determined that it is more likely than not that Global X MLP ETF's deferred tax assets will be realized through future taxable income of the appropriate character. Accordingly, no valuation allowance has been established for Global X MLP ETF's deferred tax assets. Global X MLP ETF will continue to assess the need for a valuation allowance in the future. Significant increases or declines in the fair value of its portfolio of investments may change Global X MLP ETF's assessment of the recoverability of these assets and may result in the recording or removal of a valuation allowance against all or a portion of the Global X MLP ETF's gross deferred tax assets.

Total income tax expense/benefit (current and deferred) during the year ended November 30, 2022, differs from the amount computed by applying the Federal statutory income tax rate of 21% for Global X MLP ETF to net investment and realized and unrealized gain/ (losses) on investment before taxes as follows:

For the year ended November 30, 2022:

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| | | |
|:---|:---|:---|
|  | **MLP** |  |
| Income tax (benefit) at statutory rate | $82531463 | 21.00% |
| State income taxes (net of federal benefit) | 5344895 | 1.36% |
| Permanent differences, net | 2883174 | 0.73% |
| Effect of state tax rate change | (326476) | (0.08)% |
| Change in valuation allowance | (63218875) | (16.09)% |
| Net income tax expense/(benefit) | $27214181 | 6.92% |

---

Global X MLP ETF recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed Global X MLP ETF's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state tax returns filed since the inception of Global X MLP ETF. No U.S. Federal or state income tax returns are currently under examination. The tax years ended November 30, 2021, 2020, and 2019, remain subject to examination by tax authorities in the United States. Due to the nature of Global X MLP ETF's investments, Global X MLP ETF may be required to file income tax returns in several states. Global X MLP ETF is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

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5. TAX INFORMATION (continued)

State franchise taxes are separate and distinct from state income taxes. State franchise taxes are imposed on a corporation for the right to conduct business in the state and typically are based off the net worth or capital apportioned to a state. Due to the nature of Global X MLP ETF's investments, Global X MLP ETF may be required to file franchise state tax returns in several states.

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise. The permanent differences primarily consist of REIT adjustments, reclassification of distributions, investments in publically traded partnerships, PFIC gain reclasses, and preferred stock adjustments. The permanent differences that are credited or charged to paid-in capital and distributable earnings are primarily related to redemptions in kind and return of capital distributions.

These differences have been reclassified to/from the following accounts during the fiscal year ended November 30, 2022:

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| | | |
|:---|:---|:---|
|  | | **Distributable** |
|  | **Paid-in** | **Earnings** |
| **Global X Funds** | **Capital** | **(Loss)** |
| Global X Alternative Income ETF | $204278 | $(204278) |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | 1957249 | (1957249) |
| Global X U.S. Preferred ETF | (19380378) | 19380378 |
| Global X Variable Rate Preferred ETF | 442627 | (442627) |
| Global X MLP & Energy Infrastructure ETF | 20244568 | (20244568) |
| Global X Conscious Companies ETF | 21796817 | (21796817) |
| Global X Adaptive U.S. Factor ETF | 8953361 | (8953361) |
| Global X Adaptive U.S. Risk Management ETF | 381516 | (381516) |
| Global X Founder-Run Companies ETF | 24720 | (24720) |

---

The tax character of dividends and distributions declared during the years or periods ended November 30, 2022 and November 30, 2021 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Global X Funds** | **Ordinary Income** | **Long-Term**<br> **Capital Gain**  | &nbsp;&nbsp;**Return of Capital** | **Totals** |
| Global X Alternative Income ETF | Global X Alternative Income ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | $2282880 | $– | $390992 | $2673872 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1353663 |  | 578074 | 1931737 |

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|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

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5. TAX INFORMATION (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Global X Funds** | **Ordinary Income** | **Long-Term**<br> **Capital Gain**  | &nbsp;&nbsp;**Return of Capital** | &nbsp;&nbsp;**Totals** |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | Global X S&P 500<sup>®</sup> Quality Dividend ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | $1339222 | $– | $– | $1339222 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 224212 |  |  | 224212 |
| Global X U.S. Preferred ETF | Global X U.S. Preferred ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | $128023270 | $– | $– | $128023270 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 89185080 |  |  | 89185080 |
| Global X Variable Rate Preferred ETF | Global X Variable Rate Preferred ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | $10395351 | $19467 | $515682 | $10930500 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1419247 | 8731 | 167337 | 1595315 |
| Global X MLP ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | $90450291 | $– | $– | $90450291 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  |  | 80150843 | 80150843 |
| Global X MLP & Energy Infrastructure ETF | Global X MLP & Energy Infrastructure ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | $32598692 | $– | $17688775 | $50287467 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 22548205 |  | 22509388 | 45057593 |
| Global X Conscious Companies ETF | Global X Conscious Companies ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | $7480197 | $– | $– | $7480197 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 4254673 |  |  | 4254673 |
| Global X Adaptive U.S. Factor ETF | Global X Adaptive U.S. Factor ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | $3989881 | $– | $204893 | $4194774 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 4080634 |  | 298947 | 4379581 |
| Global X Adaptive U.S. Risk Management ETF | Global X Adaptive U.S. Risk Management ETF | Global X Adaptive U.S. Risk Management ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | $997056 | $5768 | $– | $1002824 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 241843 |  |  | 241843 |
| Global X Founder-Run Companies ETF | Global X Founder-Run Companies ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | $31083 | $– | $– | $31083 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 67743 |  |  | 67743 |

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As of November 30, 2022, the components of tax basis distributable earnings (accumulated losses) were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | | **Global X Funds** | |
|  | **Global X** | **Global X S&P** | |
|  | **Alternative** | **500**<sup>®</sup> **Quality** | **Global X U.S.** |
|  | **Income ETF** | **Dividend ETF** | **Preferred ETF** |
| **Undistributed Ordinary Income** | $– | $200491 | $3114091 |
| **Capital Loss Carryforwards** | (1347634) | (4573464) | (101076974) |
| **Unrealized Appreciation (Depreciation) on**  |  |  |  |
| **Investments and Foreign Currency** | (6717547) | 2522681 | (394213357) |
| **Other Temporary Differences** | 8 |  | (2613879) |
| **Total Accumulated Losses** | $(8065173) | $(1850292) | $(494790119) |

---

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---

| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

5. TAX INFORMATION (continued)

---

| | | |
|:---|:---|:---|
|  | **Global X Funds** |  |
|  | **Global X MLP**  |  |
| **Global X** | **& Energy**  | **Global X**  |
| **Variable Rate**  | **Infrastructure**  | **Conscious**  |
| **Preferred ETF** | **ETF**  | **Companies ETF**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed Ordinary Income** | $– | $– | $2124264 |
| **Capital Loss Carryforwards** | (8558055) | (161956054) | (20101068) |
| **Unrealized Appreciation (Depreciation) on Investments and Foreign Currency** | (16870450) | 210911857 | 14210452 |
| **Other Temporary Differences** | 1317963 | (3) | – |
| **Total Distributable Earnings (Accumulated Losses)** | $(24110542) | $48955800 | $(3766352) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Global X Funds** |  |
|  |  | **Global X**  |  |
|  |  | **Adaptive**  |  |
|  | **Global X** | **U.S. Risk**  | **Global X**  |
|  | **Adaptive U.S.** | **Management**  | **Founder-Run**  |
|  | **Factor ETF** | **ETF**  | **Companies ETF**  |
| **Undistributed Ordinary Income**  | –  | 670915  | 28185  |
| **Capital Loss Carryforwards** | $(9319061) | $(19468613) | $(1779065) |
| **Unrealized Appreciation (Depreciation) on**  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;Investments and Foreign Currency** | 14769749 | 4313328 | (3032950) |
| **Total Distributable Earnings (Accumulated Losses)** | $5450688 | $(14484370) | $(4783830) |

---

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:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term Loss**  | **Long-Term Loss**  | **Total**  |
| Global X Alternative Income ETF | $185898 | $1161736 | $1347634 |
| Global X S&P 500<sup>®</sup> Quality Dividend ETF | 4182129 | 391335 | 4573464 |
| Global X U.S. Preferred ETF | 51083388 | 49993586 | 101076974 |
| Global X Variable Rate Preferred ETF | 7215811 | 1342244 | 8558055 |
| Global X MLP & Energy Infrastructure ETF | 30993988 | 130962066 | 161956054 |
| Global X Conscious Companies ETF | 9289825 | 10811243 | 20101068 |
| Global X Adaptive U.S. Factor ETF | 9319061 | – | 9319061 |
| Global X Adaptive U.S. Risk Management ETF | 19327639 | 140974 | 19468613 |
| Global X Founder-Run Companies ETF | 1359850 | 419215 | 1779065 |

---

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---

| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

5. TAX INFORMATION (continued)

During the year ended November 30, 2022, the following Funds utilized capital loss carryforwards to offset capital gains amounting to:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term Loss**  | **Long-Term Loss**  | **Total**  |
| Global X Alternative Income ETF | $313561 | $267896 | $581457 |

---

The Federal tax cost basis of investments and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at November 30, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Aggregated** | **Aggregated** | &nbsp;&nbsp;&nbsp;&nbsp;**Net** |
|  | | &nbsp;&nbsp;&nbsp;&nbsp;**Gross** | &nbsp;&nbsp;&nbsp;**Gross** | **Unrealized** |
|  | **Federal Tax** | **Unrealized** | **Unrealized** | **Appreciation** |
| **Global X Funds** | **Cost**  | **Appreciation** | **Depreciation**  | **(Depreciation)**  |
| Global X Alternative Income ETF | $44369288 | $1938012 | $(8655559) | $(6717547) |
| Global X S&P 500<sup>®</sup> Quality Dividend |  |  |  |  |
| ETF | 58500901 | 5223607 | (2700926) | 2522681 |
| Global X U.S. Preferred ETF | 2658467119 | 5596533 | (399809890) | (394213357) |
| Global X Variable Rate Preferred ETF | 315141557 | 865516 | (17735966) | (16870450) |
| Global X MLP ETF | 1120099981 | 276548903 | (2849595) | 273699308 |
| Global X MLP & Energy Infrastructure |  |  |  |  |
| ETF | 881063860 | 285011799 | (74099942) | 210911857 |
| Global X Conscious Companies ETF | 658093156 | 61160054 | (46949602) | 14210452 |
| Global X Adaptive U.S. Factor ETF | 163197359 | 18970265 | (4200516) | 14769749 |
| Global X Adaptive U.S. Risk |  |  |  |  |
| Management ETF | 61984849 | 5023637 | (710309) | 4313328 |
| Global X Founder-Run Companies ETF | 11003489 | 492771 | (3525721) | (3032950) |

---

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

6. CONCENTRATION OF RISKS

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

The Funds, except for Global X U.S. Preferred ETF and Global X Variable Rate Preferred ETF, use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of an underlying index in approximately the same proportions as in the underlying its index. A representative sampling strategy is an indexing strategy that

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

6. CONCENTRATION OF RISKS (continued)

involves investing in a representative sample of securities (including indirect investments through underlying ETFs) that collectively has an investment profile similar to an underlying index in terms of key risk factors, performance attributes and other characteristics. Each Fund may utilize a representative sampling strategy with respect to its underlying index when a replication strategy might be detrimental to its shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its underlying index, or, in certain instances, when securities in the underlying index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to a Fund but not its underlying index). The Global X U.S. Preferred ETF and Global X Variable Rate Preferred ETF use a representative sampling strategy. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Fund's underlying index in terms of key risk factors, performance attributes and other characteristics.

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 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 around impacts on liquidity resulting from this transition, and how to appropriately adjust these rates at the time of transition, remain a concern for the Funds. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

Economic conditions, such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior warning, lead to foreign government intervention (including intervention by the U.S. government with respect to foreign governments, economic sectors, foreign companies and related securities and interests) and the imposition of capital controls (i.e., government measures designed to limit the flow of foreign capital in and out of the domestic economy) and/or sanctions,

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---

| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

6. CONCENTRATION OF RISKS (continued)

which may also include retaliatory actions of one government against another government, such as the seizure of assets. Capital controls and/or sanctions include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. Capital controls and/or sanctions may also impact the ability of a Fund to buy, sell or otherwise transfer securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for Shares of a Fund, and cause a Fund to decline in value. Please refer to each Fund's prospectus and statement of additional information ("SAI") for a more complete description of risks.

7. LOANS OF PORTFOLIO SECURITIES

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

Lending securities entails a risk of loss to the Funds if and to the extent that the market values of the securities loaned were to increase and the borrower did not increase the collateral accordingly and the borrower failed to return the securities. In the event the borrower may 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.

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| |
|:---|
| **Notes to Financial Statements (Continued)** |
| **November 30, 2022** |

---

7. LOANS OF PORTFOLIO SECURITIES (continued)

As of November 30, 2022, the following Funds had securities on loan, by counterparty:

---

| | | | |
|:---|:---|:---|:---|
|  |  | | &nbsp;&nbsp;&nbsp; **Cash** |
|  |  | **Market Value** | **Collateral**<sup>(1)</sup> |
| **Global X Alternative Income ETF** |  | | |
| &nbsp;&nbsp;J.P. Morgan Securities LLC |  | $485397 | $490600 |
|  | Total | $485397 | $490600 |
| **Global X U.S. Preferred ETF** |  |  |  |
| &nbsp;&nbsp;Barclays Capital Inc. |  | $7865226 | $7914750 |
| &nbsp;&nbsp;BMO Capital Markets |  | 122308 | 122685 |
| &nbsp;&nbsp;BNP Paribas Securities Corp. |  | 3352767 | 3344325 |
| &nbsp;&nbsp;BOFA Securities Inc. |  | 2926475 | 2975875 |
| &nbsp;&nbsp;Citigroup Global Markets Inc. |  | 4281476 | 4289183 |
| &nbsp;&nbsp;J.P. Morgan Securities LLC |  | 6065835 | 6175625 |
| &nbsp;&nbsp;Morgan Stanley & Co. LLC |  | 468750 | 467770 |
| &nbsp;&nbsp;National Financial Services LLC |  | 6037212 | 6064788 |
| &nbsp;&nbsp;TD Prime Services LLC |  | 264024 | 259920 |
| &nbsp;&nbsp;UBS Securities LLC (equities) |  | 799475 | 810545 |
|  | Total | $32183548 | $32425466 |
| **Global X MLP & Energy Infrastructure ETF** |  |  |  |
| &nbsp;&nbsp;Citigroup Global Markets Inc. |  | $5996 | $5971 |
| &nbsp;&nbsp;Goldman Sachs & Co. |  | 3379179 | 3431808 |
|  | Total | $3385175 | $3437779 |

---

(1) It is the Funds' policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.

8. CONTRACTURAL OBLIGATION

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

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

9. REVERSE SHARE SPLIT

Effective April 28, 2020, the Global X MLP ETF executed a 1-for-6 reverse share split for shareholders of record after the close of markets on April 27, 2020. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by six, resulting in a corresponding increase in the NAV per Share. The capital share activity presented in the Statement of Changes in Net Assets for each of the years in the period

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| |
|:---|
| **Notes to Financial Statements (Concluded)** |
| **November 30, 2022** |

---

9. REVERSE SHARE SPLIT (continued)

then ended, and per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect this reverse share split. There were no changes in net assets, results of operations or total return as a result of this transaction.

Effective April 28, 2020, the Global X MLP & Energy Infrastructure ETF executed a 1-for-3 reverse share split for shareholders of record after the close of markets on April 27, 2020. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by three, resulting in a corresponding increase in the NAV per Share.

The capital share activity presented in the Statement of Changes in Net Assets for each of the years in the period then ended, and per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions.

10. 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**

To the Board of Trustees of Global X Funds and Shareholders of each of the ten funds listed in the table below

 ***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (ten of the funds constituting Global X Funds, hereafter collectively referred to as the "Funds") as of November 30, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2022, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| Global X U.S. Preferred ETF <sup>(1)</sup> |
| Global X Alternative Income ETF <sup>(1)</sup> Global X S&P 500<sup>®</sup> Quality Dividend ETF <sup>(2)</sup> |
| Global X Conscious Companies ETF <sup>(1)</sup> Global X Adaptive U.S. Factor ETF <sup>(3)</sup> |
| Global X Founder-Run Companies ETF <sup>(1)</sup> Global X Variable Rate Preferred ETF <sup>(4)</sup> |
| Global X MLP & Energy Infrastructure ETF <sup>(1)</sup> Global X Adaptive U.S. Risk Management ETF <sup>(5)</sup> |

---

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**Report of Independent Registered Public Accounting Firm**

1. Statements of operations for the year ended November 30, 2022, the statements of changes in net assets for each of the two years in the period ended November 30, 2022, and the financial
 highlights for each of the five years in the period ended November 30, 2022.

2. Statements of operations for the year ended November 30, 2022, the statements of changes in net assets for each of the two years in the period ended November 30, 2022, and the financial
 highlights for each of the four years in the period ended November 30, 2022 and for the period July 13, 2018 (commencement of operations) through November 30, 2018.

3. Statements of operations for the year ended November 30, 2022, the statements of changes in net assets for each of the two years in the period ended November 30, 2022, and the financial
 highlights for each of the four years in the period ended November 30, 2022 and for the period August 24, 2018 (commencement of operations) through November 30, 2018.

4. Statement of operations for the year ended November 30, 2022, the statements of changes in net assets for each of the two years in the period ended November 30, 2022, and the financial
 highlights for each of the two years in the period ended November 30, 2022 and for the period June 22, 2020 (commencement of operations) through November 30, 2020.

5. Statement of operations for the year ended November 30, 2022 and the statements of changes in net assets and the financial highlights for the year ended November 30, 2022 and for the period
 January 12, 2021 (commencement of operations) through November 30, 2021.

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022, by correspondence

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**Report of Independent Registered Public Accounting Firm**

with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

January 26, 2023

We have served as the auditor of one or more investment companies in the Global X Funds since 2016.

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**Disclosure of Fund Expenses (Unaudited)**

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

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (June 1, 2022 to November 30, 2022).

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

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

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

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning** <br> **Account Value** <br>**6/1/2022** | **Ending**<br> **Account Value** <br>**11/30/2022** | **Annualized** <br> **Expense** <br> **Ratios** | **Expenses**<br> **Paid During**<br> **Period<sup>(1)</sup>** |
|  | **Beginning** <br> **Account Value** <br>**6/1/2022** | **Ending**<br> **Account Value** <br>**11/30/2022** | **Annualized** <br> **Expense** <br> **Ratios** | **Expenses**<br> **Paid During**<br> **Period<sup>(1)</sup>** |
| *Global X Alternative Income ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $965.90 | 0.14% | $0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | 1000.00 | 1024.37 | 0.14 | 0.71 |
| *Global X S&P 500*<sup>®</sup> *Quality Dividend ETF* | *Global X S&P 500*<sup>®</sup> *Quality Dividend ETF* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $1007.40 | 0.20% | $1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | 1000.00 | 1024.07 | 0.20 | 1.01 |
| *Global X U.S. Preferred ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $945.80 | 0.23% | $1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | 1000.00 | 1023.92 | 0.23 | 1.17 |
| *Global X Variable Rate Preferred ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $974.20 | 0.25% | $1.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | 1000.00 | 1023.82 | 0.25 | 1.27 |
| *Global X MLP ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $1054.70 | 0.45% | $2.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | 1000.00 | 1022.81 | 0.45 | 2.28 |
| *Global X MLP & Energy Infrastructure ETF* | *Global X MLP & Energy Infrastructure ETF* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $1018.90 | 0.45% | $2.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | 1000.00 | 1022.81 | 0.45 | 2.28 |
| *Global X Conscious Companies ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $1011.80 | 0.43% | $2.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | 1000.00 | 1022.91 | 0.43 | 2.18 |
| *Global X Adaptive U.S. Factor ETF* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $1060.60 | 0.27% | $1.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | 1000.00 | 1023.72 | 0.27 | 1.37 |
| *Global X Adaptive U.S. Risk Management ETF* | *Global X Adaptive U.S. Risk Management ETF* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $1082.50 | 0.39% | $2.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | 1000.00 | 1023.11 | 0.39 | 1.98 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning** <br> **Account Value** <br>**6/1/2022** | **Ending**<br> **Account Value** <br>**11/30/2022** | **Annualized** <br> **Expense** <br> **Ratios** | **Expenses**<br> **Paid During**<br> **Period<sup>(1)</sup>** |
|  | **Beginning** <br> **Account Value** <br>**6/1/2022** | **Ending**<br> **Account Value** <br>**11/30/2022** | **Annualized** <br> **Expense** <br> **Ratios** | **Expenses**<br> **Paid During**<br> **Period<sup>(1)</sup>** |
| *Global X Founder-Run Companies ETF*  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $956.80 | 0.45% | $2.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | 1000.00 | 1022.81 | 0.45 | 2.28 |

---

*(1)* *Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).* 

*133*

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**Approval of Investment Advisory Agreement (Unaudited)**

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

At a Board meeting of the Trust held on November 11, 2022, called for such purpose, the Board (including the Trust's Independent Trustees, voting separately) considered and unanimously approved the continuation of (i) the Investment Advisory Agreement ("Renewal Investment Advisory Agreement") for each Fund included in this Annual Report (each, a "Renewal Fund"); and (ii) the Supervision and Administration Agreement between the Trust ("Renewal Supervision and Administration Agreement"), on behalf of each Renewal Fund, and Global X Management. The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the "Renewal Agreements."

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

 **RENEWAL AGREEMENTS**

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

 *Nature, Extent and Quality of Services*

With respect to this factor, the Board considered:

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

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

*134*

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**Approval of Investment Advisory Agreement **(Unaudited)** **(Continued)**

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

– the nature, extent and quality of all of the services (including advisory, administrative and compliance services) that have been provided by Global X Management or made available to the Renewal Funds; and

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

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

 *Performance*

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

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

 *Cost of Services and Profitability*

*135*

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**Approval of Investment Advisory Agreement** (Unaudited)**(Continued)**

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

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

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

 *Comparison of Fees and Services*

With respect to this factor, the Board considered:

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

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

– that, under the unified Management Fee structure, Global X Management is responsible for most ordinary expenses of the Renewal Funds, including the costs of various third-party services required by the Renewal Funds, including investment advisory,

*136*

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**Approval of Investment Advisory Agreement (Unaudited)** **(Concluded)**

administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that the Renewal Funds would bear other expenses not covered under the proposed all-inclusive Management Fee, such as taxes, brokerage fees, commissions, and other transaction expenses, interest expenses, and extraordinary expenses.

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

 *Economies of Scale*

With respect to this factor, the Board considered:

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

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

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

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

 *Other Benefits*

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

 **Conclusion**

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

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

*137*

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**Supplemental information (Unaudited)**

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

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of 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.

*138*

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**Trustees and Officers of the Trustees (Unaudited)**

Set forth below are the names, addresses, years of birth, positions with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of Funds in 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.

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.

---

| | | | |
|:---|:---|:---|:---|
|  | **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 Investment112<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 Capital112<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 Consulting112<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). |

---

*139*

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**Trustees and Officers of the Trustees (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; Luis Berruga | Trustee (since | Chief Executive Officer, GXMC (since | 112<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). |  |  |

---

*140*

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**Trustees and Officers of the Trustees (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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). |  |  |

---

---

| | |
|:---|:---|
| 1 | Each Trustee serves until his or her successor is duly elected or appointed and qualified. |
| 2 | As of November 30, 2022, the Trust had one hundred and twelve investment portfolios, one hundred of which were operational. |
| 3 | This officer of the Trust also serves as an officer of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor. |

---

*141*

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**Notice to Shareholders (Unaudited)**

For shareholders that do not have an November 30, 2022 tax year end, this notice is for informational purposes only. For shareholders with an November 30, 2022 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended November 30, 2022, the Funds have designated the following items with regard to distributions paid during the year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **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 Alternative Income ETF** | **Global X Alternative Income ETF** |  |  |  |  |
| 17.13% | 00.00% | 82.87% | 100.00% | 44.52% | 54.86% |
| **Global X S&P 500**<sup>®</sup> **Quality Dividend ETF** | **Global X S&P 500**<sup>®</sup> **Quality Dividend ETF** |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 91.48% | 96.89% |
| **Global X U.S. Preferred ETF** |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 66.34% | 68.08% |
| **Global X Variable Rate Preferred ETF** | **Global X Variable Rate Preferred ETF** |  |  |  |  |
| 4.72% | 0.18% | 95.10% | 100.00% | 78.98% | 81.19% |
| **Global X MLP ETF** |  |  |  |  |  |
| 100.00% | 0.00% | 0.00% | 100.00% | 0.00% | 0.00% |
| **Global X MLP & Energy Infrastructure ETF** | **Global X MLP & Energy Infrastructure ETF** |  |  |  |  |
| 54.26% | 0.00% | 45.74% | 100.00% | 29.31% | 65.45% |
| **Global X Conscious Companies ETF** | **Global X Conscious Companies ETF** |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| **Global X Adaptive U.S. Factor ETF** | **Global X Adaptive U.S. Factor ETF** |  |  |  |  |
| 5.14% | 0.00% | 94.86% | 100.00% | 90.77% | 93.27% |
| **Global X Adaptive U.S. Risk Management ETF** | **Global X Adaptive U.S. Risk Management ETF** |  |  |  |  |
| 0.00% | 0.58% | 99.42% | 100.00% | 48.96% | 42.04% |
| **Global X Founder-Run Companies ETF** | **Global X Founder-Run Companies ETF** |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 99.85% | 98.96% |

---

<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).

*142*

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**Notice to Shareholders (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Short Term** | **Qualifying** |  |
| **U.S. Government** | **Interest Related** | **Capital Gain** | **Business** | **Foreign Tax** |
| **Interest<sup>(3)</sup>** | **Dividends<sup>(4)</sup>** | **Dividends <sup>(5)</sup>** | **Income<sup>(6)</sup>** | **Credit** |
| **Global X Alternative Income ETF** |  |  |  |  |
| 0.00% | 0.07% | 0.00% | 4.10% | 0.00% |
| **Global X S&P 500**<sup>®</sup> **Quality Dividend ETF** |  |  |  |  |
| 0.00% | 0.01% | 0.00% | 1.23% | 0.00% |
| **Global X U.S. Preferred ETF** |  |  |  |  |
| 0.00% | 0.35% | 0.00% | 2.43% | 0.00% |
| **Global X Variable Rate Preferred ETF** |  |  |  |  |
| 0.00% | 0.35% | 100.00% | 1.40% | 0.00% |
| **Global X MLP ETF** |  |  |  |  |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| **Global X MLP & Energy Infrastructure ETF** |  |  |  |  |
| 0.00% | 0.06% | 0.00% | 38.09% | 0.00% |
| **Global X Conscious Companies ETF** |  |  |  |  |
| 0.00% | 0.04% | 0.00% | 0.00% | 0.00% |
| **Global X Adaptive U.S. Factor ETF** |  |  |  |  |
| 0.00% | 0.00% | 0.00% | 5.72% | 0.00% |
| **Global X Adaptive U.S. Risk Management ETF** |  |  |  |  |
| 0.00% | 33.05% | 0.00% | 2.09% | 0.00% |
| **Global X Founder-Run Companies ETF** |  |  |  |  |
| 0.00% | 0.09% | 0.00% | 53.31% | 0.00% |

---

<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.

<sup>(6)</sup> The percentage of this column represents that amount of ordinary dividend income that qualified for 20% Business Income Deduction.

 *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.*

*143*

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**Notes**

*144*

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![](pagelogo.jpg)

605 3rd Avenue, 43rd Floor

New York, NY 10158

1-888-493-8631

www.globalxetfs.com

#### Investment Adviser and Administrator:
Global X Management Company LLC

605 3rd Avenue, 43rd Floor

New York, NY 10158

#### Distributor:
SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

#### Sub-Administrator:
SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

#### Counsel for Global X Funds and the Independent Trustees:
Stradley Ronon Stevens & Young, LLP

2000 K Street, N.W.

Suite 700

Washington, DC 20006

#### Custodian and Transfer Agent:
Brown Brothers Harriman & Co.

40 Water Street

Boston, MA 02109

#### Independent Registered Public Accounting Firm:
PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

GLX–AR–006–1000

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

---

Notes:

(1) Tax Compliance and excise distribution services.

(e)(1) Not applicable.

------

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

---

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

---

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by PwC for the last two fiscal years were $406,447 and $334,184, respectively.

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

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
The registrant has a separately-designated standing Audit Committee, which is composed of the registrant's Independent Trustees, Charles A. Baker, Susan M. Ciccarone and Clifford J. Weber.

#### Item 6. Investments.

Not applicable.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

There have been no material changes.

------

#### Item 11. Controls and Procedures.

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

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

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

Not applicable to open-end management investment companies.

#### Item 13. Exhibits.

[(a)(1) Code of Ethics attached hereto.](ex-code.htm#codeofethics)

[(a)(2) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.](ex-cert.htm#CERTIFICATION302)

[(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.](ex-906cert.htm#CERTIFICATION906)

------

#### SIGNATURES

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

(Registrant)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global X Funds

---

| | |
|:---|:---|
| By (Signature and Title) | <u>/s/ Luis Berruga</u><br> Luis Berruga<br> President |

---

Date: February 7, 2023

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

---

| | |
|:---|:---|
| By (Signature and Title) | <u>/s/ Luis Berruga</u><br>Luis Berruga<br> President |

---

Date: February 7, 2023

---

| | |
|:---|:---|
| By (Signature and Title) | <u>/s/ John Belanger</u><br> John Belanger<br> Chief Financial Officer |

---

Date: February 7, 2023

## Ex-99.Code

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

I. <u>Introduction.</u>

**** 

<br> This Code of Ethics (the "Code") has been adopted by the Board of Trustees of the Global X Funds (the "Company"). It has been designed to comply with Section 406 of the Sarbanes-Oxley Act. The Trust requires its Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer or other Trust officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust and each of its series (each a "Fund," collectively the "Funds"), with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Funds. The following principles and responsibilities shall govern the professional conduct of the Principal Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Honest and Ethical Conduct

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to such conflict between their interests and those of a Fund to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated or compromised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Financial Records and Reporting

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the SEC or other applicable body by a Fund, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Compliance with Laws, Rules and Regulations

#### <br>
The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Funds with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law, regulation or rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Compliance With this Code of Ethics

The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Amendment and Waiver

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the Investment Company Act of 1940.

## Ex-99.Cert

#### CERTIFICATION

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

#### and Section 302 of the Sarbanes-Oxley Act of 2002
I, Luis Berruga, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: February 7, 2023 <u>/s/ Luis Berruga</u><br>

Luis Berruga<br> President

------

#### CERTIFICATION

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

#### and Section 302 of the Sarbanes-Oxley Act of 2002
I, John Belanger, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: February 7, 2023

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

John Belanger<br> Chief Financial Officer <br>

## Exhibit 99.906

#### CERTIFICATION

#### Pursuant to 18 U.S.C. Section 1350,

#### As Adopted Pursuant to Section 906

#### of the Sarbanes-Oxley Act of 2002

The undersigned, Luis Berruga, the President of the Global X Funds (the "Fund"), with respect to the Fund's Form N-CSR for the period ended November 30, 2022, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

<br> 1. such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

<br> 2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated: February 7, 2023

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

Luis Berruga

President

------

#### CERTIFICATION

#### Pursuant to 18 U.S.C. Section 1350,

#### As Adopted Pursuant to Section 906

#### of the Sarbanes-Oxley Act of 2002

The undersigned, John Belanger, the Chief Financial Officer of the Global X Funds (the "Fund"), with respect to the Fund's Form N-CSR for the period ended November 30, 2022, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

<br> 1. such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

<br> 2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated: February 7, 2023

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

John Belanger

Chief Financial Officer

<br>