Global X Silver Miners ETF (ticker: SIL)
Global X Gold Explorers ETF (ticker: GOEX)
Global X Copper Miners ETF (ticker: COPX)
Global X Uranium ETF (ticker: URA)
Global X Lithium & Battery Tech ETF (ticker: LIT)
Global X Fertilizers/Potash ETF (ticker: SOIL)





Annual Report

October 31, 2019




Beginning on January 1, 2021, 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), 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.




 
 
 

 
Table of Contents
 

Management Discussion of Fund Performance
1
Schedules of Investments
 
Global X Silver Miners ETF
16
Global X Gold Explorers ETF
19
Global X Copper Miners ETF
23
Global X Uranium ETF
27
Global X Lithium & Battery Tech ETF
32
Global X Fertilizers/Potash ETF
38
Statements of Assets and Liabilities
43
Statements of Operations
45
Statements of Changes in Net Assets
47
Financial Highlights
51
Notes to Financial Statements
55
Report of Independent Registered Public Accounting Firm
73
Disclosure of Fund Expenses
75
Supplemental Information
77
Trustees and Officers of the Trust
78
Notice to Shareholders
81








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

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “SEC” or “Commission”) for the first and third quarters of each fiscal year 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 https://www.sec.gov.


 
 
 
 Management DISCUSSION OF FUND PERFORMANCE (unaudited)
 
Global X Silver Miners ETF
 



Global X Silver Miners ETF

The Global X Silver Miners ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Silver Miners Total Return Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to measure broad-based equity market performance of global companies involved in the silver mining industry, as defined by Solactive AG, the provider of the Underlying Index.
For the 12-month period ended October 31, 2019 (the “reporting period”), the Fund increased 33.08%, while the Underlying Index increased 33.84%. The Fund had a net asset value of $23.20 per share on October 31, 2018 and ended the reporting period with a net asset value of $30.39 on October 31, 2019.
During the reporting period, the highest returns came from SilverCrest Metals Inc. and Alexco Resource Corp., which returned 121.22% and 96.91%, respectively. The worst performers were Minera Frisco SAB de CV and Volcan Compania Minera S.A.A., which returned -55.14% and -37.18%, respectively.
Silver-mining firms derive revenue from the price of silver and the amount of silver they produce. Given the high fixed costs associated with mining the precious metal, the firms’ earnings are significantly leveraged to the spot price movements of silver. Silver prices gained nearly 20% during the reporting period, due to rising investor demand for the precious metal. As the metal is also used for industrial purposes, it benefited from low interest rates globally, easing trade tensions between the United States and China, and a recovery in economic growth.

 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2019
 
One Year Return
Three Year Return
Five Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Silver Miners ETF
33.08%
33.77%
-7.70%
-7.70%
4.16%
4.28%
-2.88%
-2.88%
Solactive Global Silver Miners Total Return Index
33.84%
33.84%
-7.07%
-7.07%
4.73%
4.73%%
-2.27%
-2.27%
MSCI ACWI Index
12.59%
12.59%
11.33%
11.33%
7.08%
7.08%
8.06%
8.06%



1

 
 
 
 Management DISCUSSION OF FUND PERFORMANCE (unaudited)
 
Global X Silver Miners ETF
 



Growth of a $10,000 Investment
(at Net Asset Value)



*Fund commenced operations on April 19, 2010.
The MSCI ACWI (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short-term performance of the fund is unusual and investors should not expect such performance to be repeated.  Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.


2

 
 
 
 Management Discussion of Fund Performance (unaudited)
 
Global X Gold Explorers ETF
 


Global X Gold Explorers ETF

The Global X Gold Explorers ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Gold Explorers & Developers Total Return Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is a free float-adjusted, liquidity-tested and market capitalization-weighted index that is designed to measure broad-based equity market performance of global companies involved in gold exploration, as defined by Solactive AG, the provider of the Underlying Index.
For the 12-month period ended October 31, 2019 (the “reporting period”), the Fund increased 37.40%, while the Underlying Index increased 38.11%. The Fund had a net asset value of $18.49 per share on October 31, 2018 and ended the reporting period with a net asset value of $25.39 on October 31, 2019.
During the reporting period, the highest returns came from  Ramelius Resources Ltd. and Eldorado Gold Corp., which returned 194.99% and 188.10%, respectively. The worst performers were Guyana Goldfields Inc and SolGold Plc, which returned -70.08% and -46.29%, respectively.
Gold explorers are firms with minimal amounts of gold production, that instead seek to profit on finding and securing mining rights to new gold deposits. Thus, the stock prices of these companies tend to be driven by both the price of gold and the firms’ ability to find such deposits. During the reporting period, gold prices reversed their downtrend and started an upward journey with an approximate gain of around 25% in United States dollar terms, trading near six-year highs. The precious-metal run that started in late 2018 continued as China, the world’s second-largest economy, added to its reserves, as it plans to diversify its United States dollar exposure, as do other central banks. Strong physical demand for gold over the year has been supported by uncertainty surrounding global policies, declining interest rates globally, and slower global economic growth.



3

 
 
 
 Management Discussion of Fund Performance (unaudited)
 
Global X Gold Explorers ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2019
 
One Year Return
Three Year Return
Five Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Gold Explorers ETF
37.40%
38.00%
0.75%
1.15%
15.67%
16.02%
-11.10%
-11.07%
Hybrid Solactive Global Gold Explorers Total Return Index/Solactive Global Gold Explorers & Developers Total Return Transition Index/Solactive Global Gold Explorers & Developers Total Return Index**
38.11%
38.11%
1.34%
1.34%
16.48%
16.48%
-10.44%
-10.44%
MSCI EAFE Index
11.04%
11.04%
8.48%
8.48%
4.31%
4.31%
5.00%
5.00%


Growth of a $10,000 Investment
(at Net Asset Value)


*Fund commenced operations on November 3, 2010.
**Hybrid index performance reflects the performance of the Solactive Global Gold Explorers Total Return Index through November 30, 2016, the Solactive Global Gold Explorers & Developers Total Return Transition Index through April 30, 2017, and the Solactive Global Gold Explorers & Developers Total Return Index thereafter. This change was due to planned migration to the new Underlying Index, in an effort to provide broader exposure to the local market.

4

 
 
 
 Management Discussion of Fund Performance (unaudited)
 
Global X Gold Explorers ETF
 


The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short-term performance of the fund is unusual and investors should not expect such performance to be repeated.  Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.


5

 
 
 
  Management Discussion of Fund Performance (unaudited)
 
Global X Copper Miners ETF
 


Global X Copper Miners ETF

The Global X Copper Miners ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Copper Miners Total Return Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to measure broad-based equity market performance of global companies involved in the copper mining industry, as defined by Solactive AG, the provider of the Underlying Index.
For the 12-month period ended October 31, 2019 (the “reporting period”), the Fund decreased 6.51%, while the Underlying Index decreased 6.20%. The Fund had a net asset value of $19.38 per share on October 31, 2018 and ended the reporting period with a net asset value of $17.47 on October 31, 2019.
During the reporting period, the highest returns came from Ivanhoe Mines Ltd. and Ero Copper Corp., which returned 66.95% and 66.12%, respectively. The worst performers were Turquoise Hill Resources Ltd. and Metals X Ltd., which returned -75.58% and -63.36%, respectively.
Copper-mining firms derive revenue from both the price of copper and the amount of copper they produce. The firms incur substantial fixed costs to mine the metal; thus, their earnings are significantly leveraged to copper price movements. Many copper miners sell other metals and minerals that are byproducts of copper mining and are, therefore, exposed to the price movements of these materials as well. Demand for the metal is closely tied to economic activity, particularly real estate and infrastructure development, as copper is primarily used for industrial purposes, such as electrical wiring and pipes. Copper spot prices fell around 7% year-over-year during the reporting period. The metal saw weak demand due to a prolonged manufacturing slowdown in China (the world’s largest consumer of copper), the tariff war between the world’s two largest economies, a strengthening United States dollar, and the global economic slowdown. The production disruption was due to a labor strike at the world’s leading copper mine in Chile and the operational transition in Indonesia-supported copper prices.


6

 
 
 
  Management Discussion of Fund Performance (unaudited)
 
Global X Copper Miners ETF
 



 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2019
 
One Year Return
Three Year Return
Five Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Copper Miners ETF
-6.51%
-5.99%
1.70%
1.69%
-5.15%
-5.11%
-7.07%
-7.07%
Solactive Global Copper Miners Total Return Index
-6.20%
-6.20%
2.34%
2.34%
-4.53%
-4.53%
-6.69%
-6.69%
MSCI EAFE Index
11.04%
11.04%
8.48%
8.48%
4.31%
4.31%
5.13%
5.13%


Growth of a $10,000 Investment
(at Net Asset Value)



*Fund commenced operations on April 19, 2010.
The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.

7

 
 
 
  Management Discussion of Fund Performance (unaudited)
 
Global X Copper Miners ETF
 

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices on previous page.





8

 
 
 
  Management Discussion of Fund Performance (unaudited)
 
Global X Uranium ETF
 

Global X Uranium ETF

The Global X Uranium ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Uranium & Nuclear Components Total Return Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to measure broad-based equity market performance of global companies involved in the uranium industry, as defined by Solactive AG, the provider of the Underlying Index, including companies that are engaged in uranium mining, exploration for uranium, technologies related to the uranium industry and the production of nuclear components.
For the 12-month period ended October 31, 2019 (the “reporting period”), the Fund decreased 8.42%, while the Underlying Index decreased 7.70%. The Fund had a net asset value of $12.08 per share on October 31, 2018 and ended the reporting period with a net asset value of $10.92 on October 31, 2019.
During the reporting period, the highest returns came from Sibanye-Stillwater and Barrick Gold Corporation, which returned 179.05% and 40.12%, respectively. The worst performers were Power Metals Corp. and eCobalt Solutions Inc., which returned -64.57% and -57.09%, respectively.
While nuclear energy generation is still one of the safest and most efficient forms of baseload power generation – with an average capacity utilization factor of 80%, much higher than that of many other forms of electricity generation – the uranium market is suffering from weak global demand, which has resulted in a 15% slump in uranium prices since 2018. The global supply glut contributed to the downward spiral in prices. In what could be a relief for global producers, Asian markets are aiding global demand, and their nuclear power generation has risen by more than 10% in 2019 to reach 533 TWh, representing over a fifth of global nuclear power generation.  Additionally, the United States declared that it would not impose fresh quotas on foreign shipments of uranium, which came as a relief for the industry. Leading uranium producers are still cutting production to push uranium prices higher.




9

 
 
 
  Management Discussion of Fund Performance (unaudited)
 
Global X Uranium ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2019
 
One Year Return
Three Year Return
Five Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Uranium ETF
-8.42%
-8.57%
0.17%
-0.29%
-11.10%
-11.08%
-20.03%
-20.13%
Hybrid Solactive Global Uranium Total Return Index/ Solactive Global Uranium & Nuclear Components Transition TR Index/Solactive Global Uranium & Nuclear Components Total Return Index**
-7.70%
-7.70%
1.00%
1.00%
-9.80%
-9.80%
-19.48%
-19.48%
MSCI EAFE Index
11.04%
11.04%
8.48%
8.48%
4.31%
4.31%
4.67%
4.67%


Growth of a $10,000 Investment
(at Net Asset Value)



*Fund commenced operations on November 4, 2010.
**Hybrid index performance reflects the performance of the Solactive Global Uranium Total Return Index through April 30, 2018, the Solactive Global Uranium & Nuclear Components Transition TR Index through July 31, 2018, and the Solactive Global Uranium & Nuclear Components Total Return Index thereafter. This change was due to planned migration to the new Underlying Index, in an effort to provide broader exposure to the local market.

10

 
 
 
  Management Discussion of Fund Performance (unaudited)
 
Global X Uranium ETF
 

The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the United States & Canada.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.

11

 
 
 
  Management Discussion of Fund Performance (unaudited)
 
Global X Lithium & Battery Tech ETF
 

Global X Lithium & Battery Tech ETF

The Global X Lithium & Battery Tech ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Lithium Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to measure broad-based equity market performance of global companies involved in the lithium industry, as defined by Solactive AG, the provider of the Underlying Index.
For the 12-month period ended October 31, 2019 (the “reporting period”), the Fund decreased 14.61%, while the Underlying Index decreased 14.66%. The Fund had a net asset value of $30.32 per share on October 31, 2018 and ended the reporting period with a net asset value of $25.04 on October 31, 2019.
During the reporting period, the highest returns came from Varta AG and Synergy ScienTech Corp., which returned 258.18% and 164.93%, respectively. The worst performers were FDG Electric Vehicles Limited and Altura Mining Limited, which returned -86.37% and -72.30%, respectively.
The sell-off in global lithium mining firms during the reporting period was in part due to lower lithium prices, as well as current oversupply experienced in broader lithium materials, especially technical grade lithium. The Chinese government’s reduction in subsidies on electric vehicles (EVs) has impacted short term demand of EVs and had a trickledown effect on the upstream supply chain. Lithium is an important input for lithium-ion batteries, which are critical to personal electronics, renewable energy storage equipment, and electric vehicles. Given the rising popularity of each of these segments, many lithium producers are expecting lithium demand to rise significantly in the coming years.

 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2019
 
One Year Return
Three Year Return
Five Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Lithium & Battery Tech ETF
-14.61%
-14.92%
4.37%
4.03%
2.88%
2.70%
-0.80%
-0.86%
Solactive Global Lithium Index
-14.66%
-14.66%
4.33%
4.33%
2.95%
2.95%
-0.27%
-0.27%
MSCI ACWI Index
12.59%
12.59%
11.33%
11.33%
7.08%
7.08%
9.21%
9.21%


12

 
 
 
  Management Discussion of Fund Performance (unaudited)
 
Global X Lithium & Battery Tech ETF
 


Growth of a $10,000 Investment
(at Net Asset Value)


*Fund commenced operations on July 22, 2010.
The MSCI ACWI (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. 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.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.

13

 
 
 
  Management Discussion of Fund Performance (unaudited)
 
Global X Fertilizers/Potash ETF
 

Global X Fertilizers/Potash ETF

The Global X Fertilizers/Potash ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Fertilizers/Potash Total Return Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to track the performance of the largest listed companies globally that are active in some aspect of the fertilizer/potash industry, as defined by Solactive AG, the provider of the Underlying Index.
For the 12-month period ended October 31, 2019 (the “reporting period”), the Fund decreased 9.87%, while the Underlying Index decreased 9.34%. The Fund had a net asset value of $9.81 per share on October 31, 2018 and ended the reporting period with a net asset value of $8.61 on October 31, 2019.
During the reporting period, the highest returns came from Gubre Fabrikalari T.A.S. and Scotts Miracle-Gro Company, which returned 84.95% and 54.35%, respectively. The worst performers were Sirius Minerals Plc and Omnia Holdings Limited, which returned -87.29% and -68.31%, respectively.
Potash spot prices rose by a significant 23% in 2019 over 2018, mainly supported by strong demand from Brazil and China. The overall global fertilizer market struggled with falling prices during 2019 due to low phosphate prices. Potash demand is expected to rise on expansions in corn acreage in the United States and increased soybean plantings in Brazil. North America and Europe are the two major producers of potash and fertilizers, while China, India, and Brazil are key importers. These dynamics make the industry sensitive to exchange-rate fluctuations, trade tensions, environmental policies, and emerging-market growth rates.

 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2019
 
One Year Return
Three Year Return
Five Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Fertilizers/Potash ETF
-9.87%
-9.69%
2.41%
2.21%
-2.15%
-2.10%
-4.60%
-4.60%
Solactive Global Fertilizers/Potash   Total Return Index
-9.34%
-9.34%
2.94%
2.94%
-1.73%
-1.73%
-4.26%
-4.26%
MSCI ACWI Index
12.59%
12.59%
11.33%
11.33%
7.08%
7.08%
7.77%
7.77%



14

 
 
 
  Management Discussion of Fund Performance (unaudited)
 
Global X Fertilizers/Potash ETF
 



Growth of a $10,000 Investment
(at Net Asset Value)


*Fund commenced operations on May 25, 2011.
The MSCI ACWI (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. 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.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.


15

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Silver Miners ETF
 

Sector Weightings (unaudited)†:


† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and 7 in Notes to Financial Statements for more detailed information.


   
Shares
   
Value
 
COMMON STOCK — 99.3%
 
CANADA— 24.3%
           
Industrials — 0.8%
       
Alexco Resource * (A) 
   
2,127,663
   
$
4,063,836
 
Materials — 23.5%
         
Americas Gold & Silver * (A) 
   
1,444,845
     
4,529,053
 
Bear Creek Mining * 
   
241,428
     
455,542
 
Excellon Resources * (A) 
   
1,580,873
     
1,238,863
 
First Majestic Silver * (A) 
   
2,264,938
     
24,263,192
 
Fortuna Silver Mines * 
   
2,985,961
     
9,541,626
 
MAG Silver * 
   
1,421,911
     
14,063,867
 
Pan American Silver (A) 
   
1,434,156
     
24,452,360
 
SSR Mining * 
   
1,601,507
     
23,686,289
 
Silvercorp Metals 
   
3,071,413
     
12,829,199
 
SilverCrest Metals * 
   
1,460,132
     
8,387,413
 
             
123,447,404
 
TOTAL CANADA 
           
127,511,240
 
MEXICO— 4.4%
               
Materials — 4.4%
         
Industrias Penoles 
   
1,937,276
     
23,325,725
 

The accompanying notes are an integral part of the financial statements.
16

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Silver Miners ETF
 


   
Shares
   
Value
 
COMMON STOCK — continued
 
PERU— 5.7%
               
Materials — 5.7%
         
Cia de Minas Buenaventura ADR
   
1,618,102
   
$
24,821,685
 
Volcan Cia Minera SAA * 
   
46,425,110
     
5,371,156
 
TOTAL PERU 
           
30,192,841
 
SOUTH KOREA— 8.8%
               
Materials — 8.8%
         
Korea Zinc 
   
123,333
     
46,059,726
 
UNITED KINGDOM— 20.4%
               
Materials — 20.4%
         
Fresnillo 
   
2,964,634
     
27,237,191
 
Hochschild Mining 
   
4,717,771
     
12,221,762
 
Polymetal International 
   
4,135,470
     
67,693,705
 
TOTAL UNITED KINGDOM 
           
107,152,658
 
UNITED STATES— 35.7%
               
Materials — 35.7%
         
Coeur d’Alene Mines * 
   
4,158,789
     
22,956,515
 
Endeavour Silver * (A) 
   
2,569,397
     
6,372,105
 
Gold Resource 
   
1,186,792
     
5,198,149
 
Great Panther Mining * 
   
5,752,476
     
3,178,818
 
Hecla Mining 
   
9,063,515
     
20,846,084
 
McEwen Mining * (A) 
   
5,253,810
     
8,773,863
 
Wheaton Precious Metals 
   
4,290,533
     
120,435,261
 
TOTAL UNITED STATES 
           
187,760,795
 
TOTAL COMMON STOCK
               
(Cost $496,948,446) 
           
522,002,985
 
   
SHORT-TERM INVESTMENT(B)(C) — 1.2%
 
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 1.760%
               
(Cost $6,201,177)  
   
6,201,177
     
6,201,177
 


The accompanying notes are an integral part of the financial statements.
17

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Silver Miners ETF
 



   
Face Amount
   
Value
 
REPURCHASE AGREEMENT(B) — 8.5%
 
RBC Capital Markets
               
1.680%, dated 10/31/19, to be repurchased on 11/01/19 repurchase price $44,638,920 (collateralized by U.S. Treasury Obligations, ranging in par value $4,669,929 - $6,791,295, 3.000%, 09/30/2025, with a total market value of $45,417,699)
               
(Cost $44,636,837)  
 
$
44,636,837
   
$
44,636,837
 
TOTAL INVESTMENTS — 109.0%
               
(Cost $547,786,460) 
         
$
572,840,999
 

Percentages are based on Net Assets of $525,590,633.
 


*
Non-income producing security.
(A)
This security or a partial position of this security is on loan at October 31, 2019.  The total value of securities on loan at October 31, 2019 was $49,840,088.
(B)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2019, was $50,838,014.
(C)
The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2019.


ADR — American Depositary Receipt
Cl — Class



The following is a summary of the level of inputs used as of October 31, 2019, in valuing the Fund’s investments carried at value:
 
   
Investments in Securities
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stock
 
$
522,002,985
   
$
   
$
   
$
522,002,985
 
Short-Term Investment
   
6,201,177
     
     
     
6,201,177
 
Repurchase Agreement
   
     
44,636,837
     
     
44,636,837
 
Total Investments in Securities
 
$
528,204,162
   
$
44,636,837
   
$
   
$
572,840,999
 


For the year ended October 31, 2019, there were no transfers in or out of Level 3.


The accompanying notes are an integral part of the financial statements.
18

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Gold Explorers ETF
 

Sector Weightings (unaudited)†:



† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and 7 in Notes to Financial Statements for more detailed information.



   
Shares
   
Value
 
COMMON STOCK — 100.0%
 
AUSTRALIA— 22.0%
           
Materials — 22.0%
       
Aurelia Metals 
   
930,062
   
$
301,161
 
Dacian Gold * (A) 
   
204,709
     
205,911
 
Gold Road Resources * 
   
871,782
     
681,699
 
Perseus Mining * 
   
1,157,155
     
681,627
 
Ramelius Resources 
   
676,960
     
582,991
 
Regis Resources 
   
499,727
     
1,687,011
 
Resolute Mining * 
   
946,738
     
789,231
 
Saracen Mineral Holdings * 
   
742,902
     
1,919,339
 
Silver Lake Resources * (A) 
   
851,164
     
680,237
 
St. Barbara 
   
747,693
     
1,437,197
 
Westgold Resources * 
   
362,641
     
587,129
 
TOTAL AUSTRALIA 
           
9,553,533
 
CANADA— 55.8%
               
Materials — 55.8%
         
Alacer Gold * 
   
313,262
     
1,553,976
 
Alamos Gold, Cl A 
   
322,372
     
1,758,593
 
Argonaut Gold * 
   
180,124
     
294,645
 
B2Gold * 
   
510,620
     
1,798,737
 
China Gold International Resources *
   
256,984
     
205,298
 
Continental Gold * 
   
174,027
     
556,102
 
Dundee Precious Metals * 
   
152,498
     
532,557
 


The accompanying notes are an integral part of the financial statements.
19

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Gold Explorers ETF
 


   
Shares
   
Value
 
COMMON STOCK — continued
 
Materials — continued
         
Eldorado Gold * 
   
169,407
   
$
1,429,394
 
Endeavour Mining * 
   
81,697
     
1,482,462
 
Golden Star Resources * (A) 
   
80,779
     
274,649
 
Guyana Goldfields * 
   
185,811
     
74,927
 
K92 Mining * (A) 
   
223,572
     
382,727
 
Kirkland Lake Gold 
   
37,033
     
1,742,680
 
Lundin Gold * 
   
91,618
     
550,677
 
New Gold * 
   
678,092
     
706,803
 
Novo Resources * (A) 
   
130,656
     
261,441
 
OceanaGold 
   
663,974
     
1,596,346
 
Osisko Mining * 
   
196,348
     
416,792
 
Premier Gold Mines * 
   
192,296
     
330,649
 
Pretium Resources * 
   
194,884
     
1,967,597
 
Roxgold * 
   
382,330
     
282,162
 
Sabina Gold & Silver * 
   
277,761
     
376,167
 
SEMAFO * 
   
358,536
     
1,159,340
 
SSR Mining * 
   
131,267
     
1,945,510
 
Teranga Gold * 
   
87,027
     
352,915
 
Torex Gold Resources * 
   
91,075
     
1,335,272
 
Wesdome Gold Mines * 
   
144,884
     
887,371
 
TOTAL CANADA 
           
24,255,789
 
HONG KONG— 0.3%
               
Materials — 0.3%
         
Hengxing Gold Holding (A) 
   
259,400
     
141,983
 
INDONESIA— 1.3%
               
Materials — 1.3%
         
Aneka Tambang 
   
9,014,700
     
571,567
 
TURKEY— 1.4%
               
Materials — 1.4%
         
Koza Altin Isletmeleri * 
   
49,092
     
604,138
 


The accompanying notes are an integral part of the financial statements.
20

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Gold Explorers ETF
 


   
Shares
   
Value
 
COMMON STOCK — continued
 
UNITED KINGDOM— 9.2%
               
Materials — 9.2%
         
Centamin 
   
1,170,457
   
$
1,757,654
 
Highland Gold Mining 
   
336,229
     
884,080
 
Hochschild Mining 
   
269,133
     
697,211
 
Petropavlovsk * 
   
2,874,473
     
374,187
 
SolGold * 
   
991,246
     
268,719
 
TOTAL UNITED KINGDOM 
           
3,981,851
 
UNITED STATES— 10.0%
               
Materials — 10.0%
         
Coeur d’Alene Mines * 
   
237,172
     
1,309,189
 
McEwen Mining * (A) 
   
299,788
     
500,646
 
Novagold Resources * 
   
250,384
     
1,822,796
 
Seabridge Gold * (A) 
   
53,690
     
690,990
 
TOTAL UNITED STATES 
           
4,323,621
 
TOTAL COMMON STOCK
               
(Cost $38,550,273) 
           
43,432,482
 
   
SHORT-TERM INVESTMENT(B)(C) — 0.6%
 
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 1.760%
               
(Cost $272,575)  
   
272,575
     
272,575
 


The accompanying notes are an integral part of the financial statements.
21

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Gold Explorers ETF
 

   
Face Amount
   
Value
 
REPURCHASE AGREEMENT(B) — 4.5%
 
RBC Capital Markets
               
1.680%, dated 10/31/19, to be repurchased on 11/01/19 repurchase price $1,962,117 (collateralized by U.S. Treasury Obligations, ranging in par value $205,268 - $298,513, 3.000%, 09/30/2025, with a total market value of $1,996,346)
               
(Cost $1,962,025)  
 
$
1,962,025
   
$
1,962,025
 
TOTAL INVESTMENTS — 105.1%
               
(Cost $40,784,873) 
         
$
45,667,082
 


Percentages are based on Net Assets of $43,469,630.

*
Non-income producing security.
(A)
This security or a partial position of this security is on loan at October 31, 2019.  The total value of securities on loan at October 31, 2019 was $1,726,868.
(B)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2019, was $2,234,600.
(C)
The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2019.

Cl — Class

The following is a summary of the level of inputs used as of October 31, 2019, in valuing the Fund’s investments carried at value:
 
   
Investments in Securities
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stock
 
$
43,432,482
   
$
   
$
   
$
43,432,482
 
Short-Term Investment
   
272,575
     
     
     
272,575
 
Repurchase Agreement
   
     
1,962,025
     
     
1,962,025
 
Total Investments in Securities
 
$
43,705,057
   
$
1,962,025
   
$
   
$
45,667,082
 

For the year ended October 31, 2019, there were no transfers in or out of Level 3.


The accompanying notes are an integral part of the financial statements.
22

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Copper Miners ETF
 

Sector Weightings (unaudited)†:
 


† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and 7 in Notes to Financial Statements for more detailed information.


   
Shares
   
Value
 
COMMON STOCK — 99.4%
 
AUSTRALIA— 10.7%
           
Materials — 10.7%
       
MMG * (A) 
   
4,520,600
   
$
945,913
 
OZ Minerals 
   
346,352
     
2,421,992
 
SolGold * 
   
1,893,608
     
513,342
 
Sandfire Resources 
   
313,924
     
1,256,578
 
TOTAL AUSTRALIA 
           
5,137,825
 
CANADA— 27.9%
               
Materials — 27.9%
         
Altius Minerals 
   
82,251
     
658,959
 
ERO Copper * 
   
127,929
     
1,602,093
 
First Quantum Minerals 
   
263,307
     
2,229,701
 
HudBay Minerals, Cl B 
   
534,448
     
1,943,669
 
Ivanhoe Mines, Cl A * 
   
891,057
     
2,216,880
 
Lundin Mining 
   
429,775
     
2,174,462
 
Northern Dynasty Minerals * 
   
722,287
     
411,920
 
Teck Resources, Cl B 
   
135,932
     
2,153,235
 
TOTAL CANADA 
           
13,390,919
 
HONG KONG— 12.5%
               
Materials — 12.5%
         
Jiangxi Copper, Cl H 
   
1,964,529
     
2,303,485
 
Jinchuan Group International Resources
   
18,138,400
     
1,457,978
 
Zijin Mining Group, Cl H 
   
6,534,760
     
2,259,489
 



The accompanying notes are an integral part of the financial statements.
23

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Copper Miners ETF
 


   
Shares
   
Value
 
COMMON STOCK — continued
 
TOTAL HONG KONG 
         
$
6,020,952
 
JAPAN— 1.0%
               
Materials — 1.0%
         
Nittetsu Mining 
   
11,270
     
474,340
 
MEXICO— 5.0%
               
Materials — 5.0%
         
Grupo Mexico, Cl B 
   
901,975
     
2,383,845
 
POLAND— 5.0%
               
Materials — 5.0%
         
KGHM Polska Miedz * 
   
109,718
     
2,405,456
 
SWEDEN— 4.9%
               
Materials — 4.9%
         
Boliden 
   
87,436
     
2,356,451
 
UNITED KINGDOM— 20.9%
               
Materials — 20.9%
         
Antofagasta 
   
200,174
     
2,246,259
 
Central Asia Metals 
   
325,100
     
883,424
 
Glencore * 
   
757,975
     
2,281,870
 
KAZ Minerals 
   
400,850
     
2,434,769
 
Vedanta ADR 
   
265,129
     
2,211,176
 
TOTAL UNITED KINGDOM 
           
10,057,498
 
UNITED STATES— 11.5%
               
Materials — 11.5%
         
Freeport-McMoRan Copper & Gold
   
235,655
     
2,314,132
 
Southern Copper 
   
66,288
     
2,358,527
 
Turquoise Hill Resources * 
   
2,028,845
     
847,246
 
TOTAL UNITED STATES 
           
5,519,905
 
TOTAL COMMON STOCK
               
(Cost $65,887,807) 
           
47,747,191
 


The accompanying notes are an integral part of the financial statements.
24

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Copper Miners ETF
 


   
Shares/Face
Amount
   
Value
 
SHORT-TERM INVESTMENT(B)(C) — 0.2%
 
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 1.760%
               
(Cost $80,840)  
   
80,840
   
$
80,840
 
   
REPURCHASE AGREEMENT(B) — 1.2%
 
RBC Capital Markets
               
1.680%, dated 10/31/19, to be repurchased on 11/01/19 repurchase price $581,926 (collateralized by U.S. Treasury Obligations, ranging in par value $60,879 - $88,533, 3.000%, 09/30/2025, with a total market value of $592,077)
               
(Cost $581,899)  
 
$
581,899
     
581,899
 
TOTAL INVESTMENTS — 100.8%
               
(Cost $66,550,546) 
         
$
48,409,930
 


Percentages are based on Net Assets of $48,021,052.

*
Non-income producing security.
(A)
This security or a partial position of this security is on loan at October 31, 2019.  The total value of securities on loan at October 31, 2019 was $630,340.
(B)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2019, was $662,739.
(C)
The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2019.

ADR — American Depositary Receipt
Cl — Class




The accompanying notes are an integral part of the financial statements.
25

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Copper Miners ETF
 

The following is a summary of the level of inputs used as of October 31, 2019, in valuing the Fund’s investments carried at value:
 
   
Investments in Securities
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stock
 
$
47,747,191
   
$
   
$
   
$
47,747,191
 
Short-Term Investment
   
80,840
     
     
     
80,840
 
Repurchase Agreement
   
     
581,899
     
     
581,899
 
Total Investments in Securities
 
$
47,828,031
   
$
581,899
   
$
   
$
48,409,930
 

For the year ended October 31, 2019, there were no transfers in or out of Level 3.




The accompanying notes are an integral part of the financial statements.
26

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Uranium ETF
 

Sector Weightings (unaudited)†:


† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and 7 in Notes to Financial Statements for more detailed information.

   
Shares
   
Value
 
COMMON STOCK — 99.7%
 
AUSTRALIA— 5.9%
           
Energy — 0.9%
       
Berkeley Energia * 
   
2,146,229
   
$
450,988
 
Paladin Energy * (A) 
   
21,433,515
     
1,225,633
 
             
1,676,621
 
Financials — 5.0%
         
Macquarie Group 
   
101,626
     
9,376,466
 
TOTAL AUSTRALIA 
           
11,053,087
 
CANADA— 47.3%
               
Energy — 33.3%
         
Cameco 
   
4,015,063
     
35,924,328
 
Denison Mines * 
   
14,411,887
     
6,688,668
 
Energy Fuels * 
   
2,102,323
     
4,206,726
 
Fission Uranium * 
   
2,799,026
     
617,581
 
NexGen Energy * (A) 
   
8,523,979
     
11,025,042
 
Uranium Energy * (A) 
   
4,182,456
     
3,961,204
 
             
62,423,549
 
Financials — 6.3%
         
Uranium Participation * 
   
4,060,126
     
11,862,049
 


The accompanying notes are an integral part of the financial statements.
27

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Uranium ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
 
Industrials — 2.7%
         
Aecon Group 
   
367,574
   
$
5,089,852
 
Materials — 5.0%
         
Barrick Gold 
   
544,773
     
9,457,259
 
TOTAL CANADA 
           
88,832,709
 
CHINA— 0.5%
               
Utilities — 0.5%
         
CGN Power, Cl H (B)(C)(D) 
   
3,714,286
     
966,756
 
HONG KONG— 0.3%
               
Industrials — 0.3%
         
CNNC International * 
   
1,284,415
     
475,242
 
JAPAN— 15.0%
               
Industrials — 15.0%
         
ITOCHU 
   
468,730
     
9,846,777
 
Mitsubishi Heavy Industries 
   
207,330
     
8,442,409
 
Sumitomo 
   
603,450
     
9,841,195
 
TOTAL JAPAN 
           
28,130,381
 
SOUTH AFRICA— 0.4%
               
Materials — 0.4%
         
Sibanye Gold * 
   
418,992
     
810,809
 
SOUTH KOREA— 18.0%
               
Industrials — 18.0%
         
Daewoo Engineering & Construction *
   
938,680
     
3,513,646
 
Doosan Heavy Industries & Construction *
   
574,215
     
3,030,367
 
GS Engineering & Construction
   
311,249
     
8,266,444
 
Hyundai Engineering & Construction
   
231,020
     
8,528,350
 
KEPCO Engineering & Construction
   
30,944
     
546,563
 
Samsung C&T 
   
114,895
     
9,875,371
 
TOTAL SOUTH KOREA 
           
33,760,741
 


The accompanying notes are an integral part of the financial statements.
28

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Uranium ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
 
UNITED KINGDOM— 11.2%
               
Industrials — 2.7%
         
Yellow Cake * 
   
2,099,607
   
$
5,058,836
 
Materials — 8.5%
         
BHP Group 
   
373,314
     
7,897,175
 
Rio Tinto 
   
155,956
     
8,100,510
 
             
15,997,685
 
TOTAL UNITED KINGDOM 
           
21,056,521
 
UNITED STATES— 1.1%
               
Energy — 0.8%
         
Ur-Energy * 
   
2,733,678
     
1,539,607
 
Industrials — 0.3%
         
Graham 
   
25,751
     
583,518
 
TOTAL UNITED STATES 
           
2,123,125
 
TOTAL COMMON STOCK
               
(Cost $219,289,710) 
           
187,209,371
 
   
SHORT-TERM INVESTMENT(E)(F) — 0.4%
 
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 1.760%
               
(Cost $710,324)  
   
710,324
     
710,324
 


The accompanying notes are an integral part of the financial statements.
29

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Uranium ETF
 

   
   
Face
Amount
   
Value
 
REPURCHASE AGREEMENT(E) — 2.7%
 
RBC Capital Markets
               
1.680%, dated 10/31/19, to be repurchased on 11/01/19 repurchase price $5,113,236 (collateralized by U.S. Treasury Obligations, ranging in par value $534,924 - $777,920, 3.000%, 09/30/2025, with a total market value of $5,202,444)
               
(Cost $5,112,997)  
 
$
5,112,997
   
$
5,112,997
 
TOTAL INVESTMENTS — 102.9%
               
(Cost $225,113,031) 
         
$
193,032,692
 


Percentages are based on Net Assets of $187,615,708.

*
Non-income producing security.
(A)
This security or a partial position of this security is on loan at October 31, 2019.  The total value of securities on loan at October 31, 2019 was $5,021,774.
(B)
Level 3 security in accordance with fair value hierarchy.
(C)
Security is deemed illiquid at October 31,2019 (Unaudited). The total value of such securities as of October 31, 2019 was $966,756 and represented 0.5% of Net Assets.
(D)
Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2019, was $966,756 and represents 0.5% of net assets.
(E)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2019, was $5,823,321.
(F)
The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2019.

Cl — Class

The following is a summary of the level of inputs used as of October 31, 2019, in valuing the Fund’s investments carried at value:
 
   
Investments in Securities
 
Level 1
   
Level 2
   
Level 3(1)
   
Total
 
Common Stock
 
$
186,242,615
   
$
   
$
966,756
   
$
187,209,371
 
Short-Term Investment
   
710,324
     
     
     
710,324
 
Repurchase Agreement
   
     
5,112,997
     
     
5,112,997
 
Total Investments in Securities
 
$
186,952,939
   
$
5,112,997
   
$
966,756
   
$
193,032,692
 


The accompanying notes are an integral part of the financial statements.
30

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Uranium ETF
 

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

For the year ended October 31, 2019, there were no transfers in or out of Level 3.










The accompanying notes are an integral part of the financial statements.
31

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Lithium & Battery Tech ETF
 


Sector Weightings (unaudited)†:


† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and 7 in Notes to Financial Statements for more detailed information.


   
Shares
   
Value
 
COMMON STOCK — 97.7%
 
AUSTRALIA— 6.7%
           
Materials — 6.7%
       
Altura Mining * (A) 
   
22,004,302
   
$
864,115
 
Argosy Minerals * (A) 
   
3,421,395
     
172,074
 
AVZ Minerals * 
   
16,988,461
     
526,690
 
Galaxy Resources * (A) 
   
9,573,416
     
6,166,908
 
ioneer * (A) 
   
25,860,927
     
4,543,319
 
Lithium Australia NL * 
   
4,619,805
     
127,313
 
Neometals * (A) 
   
11,016,699
     
1,517,995
 
Orocobre * (A) 
   
4,572,659
     
8,285,401
 
Pilbara Minerals * (A) 
   
37,034,802
     
8,292,440
 
TOTAL AUSTRALIA 
           
30,496,255
 
CANADA— 1.9%
               
Materials — 1.9%
         
Advantage Lithium * 
   
1,376,511
     
214,695
 
Lithium Americas * (A) 
   
865,201
     
2,560,682
 
Millennial Lithium * (A) 
   
1,117,720
     
969,453
 
Nemaska Lithium * (A) 
   
18,135,289
     
2,759,583
 



The accompanying notes are an integral part of the financial statements.
32

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Lithium & Battery Tech ETF
 


   
Shares
   
Value
 
COMMON STOCK — continued
 
Materials — continued
         
Neo Lithium * 
   
2,541,218
   
$
966,720
 
Standard Lithium * 
   
1,647,261
     
965,033
 
TOTAL CANADA 
           
8,436,166
 
CHILE— 13.5%
               
Materials — 13.5%
         
Sociedad Quimica y Minera de Chile ADR (A)
   
2,258,989
     
61,399,322
 
GERMANY— 6.1%
               
Industrials — 6.1%
         
Akasol * 
   
36,146
     
1,411,417
 
Varta * 
   
224,136
     
25,305,758
 
Voltabox (A) 
   
151,256
     
1,221,739
 
TOTAL GERMANY 
           
27,938,914
 
HONG KONG— 5.8%
               
Consumer Discretionary — 4.7%
         
BYD, Cl H (A) 
   
4,354,038
     
20,498,871
 
FDG Electric Vehicles * 
   
25,367,869
     
750,902
 
             
21,249,773
 
Industrials — 1.1%
         
Coslight Technology International Group *
   
1,138,000
     
148,100
 
Honbridge Holdings * (A) 
   
73,611,800
     
4,883,848
 
             
5,031,948
 
TOTAL HONG KONG 
           
26,281,721
 
JAPAN— 10.7%
               
Consumer Discretionary — 4.8%
         
Panasonic 
   
2,563,320
     
21,740,975
 
Industrials — 5.0%
         
GS Yuasa 
   
1,230,118
     
22,621,290
 


The accompanying notes are an integral part of the financial statements.
33

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Lithium & Battery Tech ETF
 


   
Shares
   
Value
 
COMMON STOCK — continued
 
Materials — 0.9%
         
W-Scope (A) 
   
711,500
   
$
4,376,740
 
TOTAL JAPAN 
           
48,739,005
 
SOUTH KOREA— 11.9%
               
Industrials — 0.6%
         
Vitzrocell * 
   
245,221
     
2,824,325
 
Information Technology — 6.4%
         
L&F (A) 
   
345,097
     
6,777,658
 
Samsung SDI 
   
115,456
     
22,576,166
 
             
29,353,824
 
Materials — 4.9%
         
LG Chemical 
   
83,550
     
22,082,277
 
TOTAL SOUTH KOREA 
           
54,260,426
 
SWITZERLAND— 0.3%
               
Industrials — 0.3%
         
Leclanche * 
   
976,193
     
1,365,236
 
TAIWAN— 7.8%
               
Industrials — 1.3%
         
Advanced Lithium Electrochemistry Cayman *
   
2,996,898
     
1,580,139
 
Changs Ascending Enterprise * 
   
929,852
     
1,405,141
 
SYNergy ScienTech 
   
1,211,400
     
3,028,450
 
             
6,013,730
 
Information Technology — 6.5%
         
Dynapack International Technology
   
3,167,900
     
6,285,743
 
Simplo Technology 
   
2,420,580
     
22,344,672
 
STL Technology 
   
777,500
     
1,021,665
 
             
29,652,080
 
TOTAL TAIWAN 
           
35,665,810
 


The accompanying notes are an integral part of the financial statements.
34

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Lithium & Battery Tech ETF
 


   
Shares
   
Value
 
COMMON STOCK — continued
 
UNITED KINGDOM— 0.2%
               
Materials — 0.2%
         
Bacanora Lithium * (A) 
   
2,305,220
   
$
865,054
 
UNITED STATES— 32.8%
               
Consumer Discretionary — 5.7%
         
Tesla * 
   
81,694
     
25,727,074
 
Industrials — 5.3%
         
EnerSys 
   
329,575
     
22,035,385
 
Ultralife * 
   
226,774
     
1,959,327
 
             
23,994,712
 
Materials — 21.8%
         
Albemarle (A) 
   
1,321,522
     
80,269,246
 
Livent * 
   
2,790,968
     
19,146,041
 
             
99,415,287
 
TOTAL UNITED STATES 
           
149,137,073
 
TOTAL COMMON STOCK
               
(Cost $642,705,161) 
           
444,584,982
 
   
RIGHT — 0.0%
 
   
Number Of
Rights
         
Australia — 0.0%
         
Altura Mining, Expires 11/15/19*(B)(C)(D)
   
3,345,646
     
 
                 
TOTAL RIGHT (Cost $–)  
           
 


The accompanying notes are an integral part of the financial statements.
35

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Lithium & Battery Tech ETF
 

   
Shares/Face
Amount
   
Value
 
SHORT-TERM INVESTMENT(E)(F) — 2.0%
 
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 1.760%
               
(Cost $9,252,385)  
   
9,252,385
   
$
9,252,385
 
   
REPURCHASE AGREEMENT(E) — 14.7%
 
RBC Capital Markets
               
1.680%, dated 10/31/19, to be repurchased on 11/01/19 repurchase price $66,786,284 (collateralized by U.S. Treasury Obligations, ranging in par value $6,986,936 - $10,160,829, 3.000%, 09/30/2025, with a total market value of $67,951,910)
               
(Cost $66,783,617)  
 
$
66,783,617
     
66,783,617
 
TOTAL INVESTMENTS — 114.4%
               
(Cost $718,741,163) 
         
$
520,620,984
 


Percentages are based on Net Assets of $455,123,665.

*
Non-income producing security.
(A)
This security or a partial position of this security is on loan at October 31, 2019.  The total value of securities on loan at October 31, 2019 was $72,032,737.
(B)
Level 3 security in accordance with fair value hierarchy.
(C)
Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31, 2019, was $0 and represents 0.0% of net assets.
(D)
Security is deemed illiquid at October 31,2019 (Unaudited).  The total value of such securities as of October 31, 2019 was $0 and represented 0.0% of Net Assets.
(E)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2019, was $76,036,002.
(F)
The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2019.

ADR — American Depositary Receipt
Cl — Class


The accompanying notes are an integral part of the financial statements.
36

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Lithium & Battery Tech ETF
 


The following is a summary of the level of inputs used as of October 31, 2019, in valuing the Fund’s investments carried at value:
 
   
Investments in Securities
 
Level 1
   
Level 2
   
Level 3(1)
   
Total
 
Common Stock
 
$
444,584,982
   
$
   
$
   
$
444,584,982
 
Right
   
     
     
(2) 
   
 
Short-Term Investment
   
9,252,385
     
     
     
9,252,385
 
Repurchase Agreement
   
     
66,783,617
     
     
66,783,617
 
Total Investments in Securities
 
$
453,837,367
   
$
66,783,617
   
$
   
$
520,620,984
 


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

(2) Amounts designated as “—“ are $0 or have been rounded to $0.

For the year ended October 31, 2019, there were no transfers in or out of Level 3.


The accompanying notes are an integral part of the financial statements.
37

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Fertilizers/Potash ETF
 

Sector Weightings (unaudited)†:


† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and 7 in Notes to Financial Statements for more detailed information.

   
Shares
   
Value
 
COMMON STOCK — 99.0%
 
AUSTRALIA— 10.1%
           
Materials — 10.1%
       
Incitec Pivot 
   
217,661
   
$
517,355
 
Nufarm * 
   
119,086
     
485,704
 
TOTAL AUSTRALIA 
           
1,003,059
 
BELGIUM— 3.0%
               
Materials — 3.0%
         
Tessenderlo Group * 
   
9,125
     
301,846
 
CANADA— 4.9%
               
Materials — 4.9%
         
Nutrien 
   
10,151
     
486,639
 
CHILE— 4.2%
               
Materials — 4.2%
         
Sociedad Quimica y Minera de Chile ADR
   
15,318
     
416,343
 
GERMANY— 3.7%
               
Materials — 3.7%
         
K+S
   
25,972
     
369,729
 
HONG KONG— 2.4%
               
Materials — 2.4%
         
China BlueChemical 
   
682,701
     
166,370
 


The accompanying notes are an integral part of the financial statements.
38

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Fertilizers/Potash ETF
 


   
Shares
   
Value
 
COMMON STOCK — continued
 
Materials — continued
         
Sinofert Holdings 
   
687,065
   
$
70,129
 
TOTAL HONG KONG 
           
236,499
 
ISRAEL— 6.9%
               
Materials — 6.9%
         
Israel Chemicals 
   
93,026
     
413,179
 
The Israel Corp * 
   
1,439
     
274,441
 
TOTAL ISRAEL 
           
687,620
 
JAPAN— 1.2%
               
Materials — 1.2%
         
Taki Chemical 
   
2,766
     
115,522
 
MALAYSIA— 4.3%
               
Materials — 4.3%
         
Petronas Chemicals Group 
   
240,400
     
429,769
 
NETHERLANDS— 4.2%
               
Materials — 4.2%
         
OCI * 
   
18,431
     
413,512
 
NORWAY— 4.7%
               
Materials — 4.7%
         
Yara International 
   
11,902
     
463,962
 
POLAND— 2.4%
               
Materials — 2.4%
         
Grupa Azoty * 
   
25,464
     
234,015
 
RUSSIA— 5.4%
               
Materials — 5.4%
         
PhosAgro PJSC GDR 
   
42,665
     
536,726
 
SINGAPORE— 5.4%
               
Consumer Staples — 5.4%
         
Wilmar International 
   
194,400
     
535,655
 


The accompanying notes are an integral part of the financial statements.
39

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Fertilizers/Potash ETF
 


   
Shares
   
Value
 
COMMON STOCK — continued
 
SOUTH AFRICA— 0.5%
               
Materials — 0.5%
         
Omnia Holdings 
   
31,244
   
$
53,721
 
SOUTH KOREA— 1.5%
               
Materials — 1.5%
         
KG Chemical 
   
2,672
     
24,804
 
Namhae Chemical 
   
6,400
     
45,657
 
Unid 
   
1,817
     
72,933
 
TOTAL SOUTH KOREA 
           
143,394
 
TAIWAN— 4.4%
               
Materials — 4.4%
         
Taiwan Fertilizer 
   
273,297
     
435,436
 
TURKEY— 0.3%
               
Materials — 0.3%
         
Gubre Fabrikalari * 
   
28,855
     
28,286
 
UNITED KINGDOM— 0.7%
               
Materials — 0.7%
         
Sirius Minerals * (A) 
   
1,784,354
     
66,359
 
UNITED STATES— 28.8%
               
Industrials — 6.8%
         
SiteOne Landscape Supply * 
   
7,626
     
671,545
 
Materials — 22.0%
         
CF Industries Holdings 
   
11,790
     
534,676
 
Compass Minerals International
   
9,275
     
523,852
 
Intrepid Potash * 
   
36,417
     
112,529
 
Mosaic 
   
21,904
     
435,452
 
Rentech Escrow Shares *(B)(C)(D)
   
7,168
     
 
Scotts Miracle-Gro, Cl A 
   
5,698
     
572,022
 
             
2,178,531
 


The accompanying notes are an integral part of the financial statements.
40

 
 
 
Schedule of Investments

October 31, 2019
 
Global X Fertilizers/Potash ETF
 

   
Shares/Face
Amount
   
Value
 
COMMON STOCK — continued
 
TOTAL UNITED STATES 
         
$
2,850,076
 
TOTAL COMMON STOCK
               
(Cost $11,483,820) 
           
9,808,168
 
   
MASTER LIMITED PARTNERSHIP — 1.0%
 
Materials — 1.0%
         
CVR Partners
               
(Cost $195,024) 
   
28,981
     
95,637
 
   
SHORT-TERM INVESTMENT(E)(F) — 0.1%
 
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 1.760%
               
(Cost $8,162)  
   
8,162
     
8,162
 
   
REPURCHASE AGREEMENT(E) — 0.6%
 
RBC Capital Markets
               
1.680%, dated 10/31/19, to be repurchased on 11/01/19 repurchase price $58,751 (collateralized by U.S. Treasury Obligations, ranging in par value $6,146 - $8,938, 3.000%, 09/30/2025, with a total market value of $59,774)
               
(Cost $58,748)  
 
$
58,748
     
58,748
 
TOTAL INVESTMENTS — 100.7%
               
(Cost $11,745,754) 
         
$
9,970,715