Global X MSCI China Energy ETF (ticker: CHIE)
Global X MSCI China Materials ETF (ticker: CHIM)
Global X MSCI China Industrials ETF (ticker: CHII)
Global X MSCI China Consumer Discretionary ETF (ticker: CHIQ)
Global X MSCI China Consumer Staples ETF (ticker: CHIS)
Global X MSCI China Health Care ETF (ticker: CHIH)
Global X MSCI China Financials ETF (ticker: CHIX)
Global X MSCI China Information Technology ETF (ticker: CHIK)
Global X MSCI China Communication Services ETF (ticker: CHIC)
Global X MSCI China Utilities ETF (ticker: CHIU)
Global X MSCI China Real Estate ETF (ticker: CHIR)
Global X MSCI Greece ETF (ticker: GREK)
Global X DAX Germany ETF (ticker: DAX)
Global X MSCI Portugal ETF (ticker: PGAL)
Global X MSCI Colombia ETF (ticker: GXG)
Global X MSCI Argentina ETF (ticker: ARGT)
Global X MSCI Pakistan ETF (ticker: PAK)
Global X MSCI Nigeria ETF (ticker: NGE)
Global X MSCI Next Emerging & Frontier ETF (ticker: EMFM)
Global X MSCI Norway ETF (ticker: NORW)(formerly known as Global X FTSE Nordic Region ETF)
Global X FTSE Southeast Asia ETF (ticker: ASEA)

Annual Report
October 31, 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/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.








Table of Contents
 


Management Discussion of Fund Performance
1
Schedules of Investments
 
Global X MSCI China Energy ETF
64
Global X MSCI China Materials ETF
66
Global X MSCI China Industrials ETF
70
Global X MSCI China Consumer Discretionary ETF
74
Global X MSCI China Consumer Staples ETF
79
Global X MSCI China Health Care ETF
82
Global X MSCI China Financials ETF
86
Global X MSCI China Information Technology ETF
91
Global X MSCI China Communication Services ETF
97
Global X MSCI China Utilities ETF
100
Global X MSCI China Real Estate ETF
102
Global X MSCI Greece ETF
105
Global X DAX Germany ETF
108
Global X MSCI Portugal ETF
112
Global X MSCI Colombia ETF
116
Global X MSCI Argentina ETF
119
Global X MSCI Pakistan ETF
123
Global X MSCI Nigeria ETF
126
Global X MSCI Next Emerging & Frontier ETF
129
Global X MSCI Norway ETF
145
Global X FTSE Southeast Asia ETF
150
Statements of Assets and Liabilities
154
Statements of Operations
160
Statements of Changes in Net Assets
166
Financial Highlights
177
Notes to Financial Statements
191
Report of Independent Registered Public Accounting Firm
221
Disclosure of Fund Expenses
223
Liquidity Risk Management Program
227
Supplemental Information
228
Trustees and Officers of the Trust
229
Notice to Shareholders
232

Shares are bought and sold at market price (not NAV) and are not individually redeemed from a Fund. Shares may only be redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.
The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “SEC” or “Commission”) for the first and third quarters of each fiscal year  as an exhibit to its reports on Form N-PORT. The Funds’ Forms N-PORT are available on the Commission’s website at 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.




 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Energy ETF
 


Global X MSCI China Energy ETF
The Global X MSCI China Energy ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Energy IMI Plus 10/50 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 capture the large, mid-capitalization, and small-capitalization segments of securities included in the MSCI China IMI Index that are classified in the Energy Sector, as per the Global Industry Classification Standard. The Underlying Index incorporates all eligible securities as per MSCI’s Global Investable Market Index Methodology, including China A, B, and H shares, as well as Red chips, P chips, and foreign listings (e.g., American Depository Receipts). To ensure a minimum number of issuers in the Underlying Index, the Underlying Index may also include securities classified in the Energy sector from developed countries in the Asia Pacific region with exposure to China, as defined by the MSCI Economic Exposure Data methodology. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each issuer in the Underlying Index is capped at 10% and the cumulative weight of all issuers with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 57.88%, while the Underlying Index increased 60.43%. The Fund had a net asset value of $7.79 per share on October 31, 2020 and ended the reporting period with a net asset value of $11.93 per share on October 31, 2021.
During the reporting period, the highest returns derived from Yanzhou Coal Mining Co. Ltd. Class A and Guanghui Energy Co., Ltd. Class A, which returned 177.74% and 140.31%, respectively. The worst performers included Perennial Energy Holdings Ltd. and Wison Engineering Services Co., Ltd. which returned -87.81% and -36.56%, respectively.
China faced a power crunch in the third quarter of 2021, mainly attributed to a coal shortage, which considerably impacted the power-intensive sector. While this had a negative impact on China’s economic growth, it appeared to boost certain energy stocks. The power crunch during the reporting period dented the strategy of the National Development and Reform Commission, China’s prime planning agency, which proposed to make China carbon-neutral by 2060. With the ongoing trade dispute with Australia, the second-largest exporter of coal, imports took a massive hit, even before considering the ongoing dearth of domestic natural gas. The vacuum left by the unofficial ban on Australian coal contributed to a rally in domestic Chinese coal equities for a part of the third quarter of 2021.






1

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Energy ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
One Year Return
Three Year Return
Five Year Return
Ten Year Return
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X MSCI China Energy ETF
57.88%
55.99%
4.59%
4.64%
6.28%
6.54%
1.51%
1.84%
Hybrid Solactive China Energy Total Return Index/ MSCI China Energy IMI Plus 10/50 Index**
60.43%
60.43%
5.86%
5.86%
7.39%
7.39%
2.42%
2.42%
MSCI Emerging Markets Index
16.96%
16.96%
12.30%
12.30%
9.39%
9.39%
4.88%
4.88%


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


*Fund commenced operations on December 15, 2009.
** Reflects performance of Solactive China Energy Total Return Index through December 5, 2018 and MSCI China Energy IMI Plus 10/50 Index thereafter.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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.





2

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Energy 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.
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.





3

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Materials ETF
 


Global X MSCI China Materials ETF
The Global X MSCI China Materials ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Materials 10/50 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 capture the large and mid-capitalization segments of securities included in the MSCI China Index that are classified in the Materials Sector, as per the Global Industry Classification Standard. The Underlying Index incorporates all eligible securities, as per MSCI’s Global Investable Market Index Methodology, including China A, B, and H shares, as well as Red chips, P chips, and foreign listings (e.g., American Depository Receipts). Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 41.80%, while the Underlying Index increased 42.95%. The Fund had a net asset value of $18.18 per share on October 31, 2020 and ended the reporting period with a net asset value of $25.22 per share on October 31, 2021.
During the reporting period, the highest returns derived from China Northern Rare Earth (Group) High-Tech Co., Ltd. Class A and Guangzhou Tinci Materials Technology Co., Ltd, which returned 427.92% and 234.91%, respectively. The worst performers included Jiangsu Shagang Co., Ltd. Class A and Zhaojin Mining Industry Co., Ltd. Class H, which returned -49.29% and -43.78%, respectively.
Returns in the Materials sector remained positive during the reporting period, partly due to rising commodity prices as well as government infrastructure projects that began in 2020 in response to the economic shock of the COVID-19 pandemic. After receiving a hard hit from the impact of the COVID-19 pandemic, China’s Materials sector grew steadily in 2021. However, growth slowed toward the end of the reporting period due to raw material and labor shortages, while China’s commodity prices slipped as a result of the ongoing energy crisis. A slowdown in the property sector could have a negative spillover effect on holdings in the Fund, many of which supply materials for home construction.




4

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Materials ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
One Year Return
Three Year Return
Five Year Return
Ten Year Return
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X MSCI China Materials ETF
41.80%
40.62%
21.29%
21.50%
16.79%
16.57%
5.36%
5.50%
Hybrid Solactive China Materials Total Return Index/ MSCI China Materials 10/50 Index**
42.95%
42.95%
22.35%
22.35%
15.57%
15.57%
5.48%
5.48%
MSCI Emerging Markets Index
16.96%
16.96%
12.30%
12.30%
9.39%
9.39%
4.88%
4.88%


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


*Fund commenced operations on January 12, 2010.
** Reflects performance of Solactive China Materials Total Return Index through December 5, 2018 and MSCI China Materials 10/50 Index thereafter.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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.





5

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Materials 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.
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.






6

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Industrials ETF
 


Global X MSCI China Industrials ETF
The Global X MSCI China Industrials ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Industrials 10/50 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 capture the large and mid-capitalization segments of securities included in the MSCI China Index that are classified in the Industrials Sector, as per the Global Industry Classification Standard. The Underlying Index incorporates all eligible securities as per MSCI’s Global Investable Market Index Methodology, including China A, B, and H shares, as well as Red chips, P chips, and foreign listings (e.g., American Depository Receipts). Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 26.08%, while the Underlying Index increased 27.24%. The Fund had a net asset value of $13.43 per share on October 31, 2020 and ended the reporting period with a net asset value of $16.62 per share on October 31, 2021.
During the reporting period, the highest returns derived from Sungrow Power Supply Co., Ltd. Class A and TBEA Co Ltd. Class A, which returned 251.75% and 251.06%, respectively. The worst performers included Hebei Construction Group Co. Ltd. Class H and Sinotruk Hong Kong Ltd, which returned -85.37% and -42.01%, respectively.
Compounding headwinds in the latter half of 2021 neglected to reverse the gains the Fund made on the back of a robust recovery in the first half of the year. The Industrials sector saw slow growth in 2021, attributable to the ongoing energy crisis, environmental curbs, property sector reforms, high raw material prices, and COVID-19 outbreaks. The slowdown in output growth was more notable in the general equipment, machinery, communication, and chemical production industries.





7

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Industrials ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
One Year Return
Three Year Return
Five Year Return
Ten Year Return
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X MSCI China Industrials ETF
26.08%
27.69%
9.39%
10.99%
8.03%
8.33%
5.64%
5.89%
Hybrid Solactive China Industrials Total Return Index/ MSCI China Industrials 10/50 Index**
27.24%
27.24%
10.64%
10.64%
7.32%
7.32%
6.19%
6.19%
MSCI Emerging Markets Index
16.96%
16.96%
12.30%
12.30%
9.39%
9.39%
4.88%
4.88%


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


*Fund commenced operations on November 30, 2009.
** Reflects performance of Solactive China Industrials Total Return Index through December 5, 2018 and MSCI China Industrials 10/50 Index thereafter.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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.





8

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Industrials 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.
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.





9

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Consumer Discretionary ETF
 


Global X MSCI China Consumer Discretionary ETF
The Global X MSCI China Consumer Discretionary ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Consumer Discretionary 10/50 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 capture the large and mid-capitalization segments of securities included in the MSCI China Index that are classified in the Consumer Discretionary Sector, as per the Global Industry Classification Standard. The Underlying Index incorporates all eligible securities, as per MSCI’s Global Investable Market Index Methodology, including China A, B, and H shares, as well as Red chips, P chips, and foreign listings (e.g., American Depository Receipts). Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 1.73%, while the Underlying Index increased 1.86%. The Fund had a net asset value of $29.45 per share on October 31, 2020 and ended the reporting period with a net asset value of $29.94 per share on October 31, 2021.
During the reporting period, the highest returns derived from Great Wall Motor Co., Ltd. Class H and Great Wall Motor Co., Ltd. Class A, which returned 186.79% and 154.42%, respectively. The worst performers included Gaotu Techedu Inc. Sponsored ADR Class A and TAL Education Group Sponsored ADR Class A, which returned -95.57% and        -93.85%, respectively.
The Fund remained largely neutral during the reporting period because its consumer internet and education sections suffered from the effects of strict regulatory moves. In particular, unprecedented regulation on after-school tutoring companies resulted in significantly negative performance for certain education equities in the Fund. Meanwhile, anti-monopoly investigations into consumer internet giants, such as Meituan, created downward pressure on the Fund, as well. With China still reeling from the impact of the COVID-19 pandemic and the Chinese government aiming to boost vaccinations during the latter half of 2021, the Consumer Discretionary sector could see some recovery despite recent volatility.





10

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Consumer Discretionary ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
One Year Return
Three Year Return
Five Year Return
Ten Year Return
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X MSCI China Consumer Discretionary ETF
1.73%
0.40%
31.87%
31.39%
21.57%
21.39%
8.59%
8.79%
Hybrid Solactive China Consumer Total Return Index/MSCI China Consumer Discretionary 10/50 Index**
1.86%
1.86%
32.51%
32.51%
22.24%
22.24%
9.22%
9.22%
MSCI Emerging Markets Index
16.96%
16.96%
12.30%
12.30%
9.39%
9.39%
4.88%
4.88%


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


*Fund commenced operations on November 30, 2009.
** Reflects performance of Solactive China Total Return Index through December 5, 2018 and MSCI China Consumer Discretionary 10/50 Index thereafter.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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




11

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Consumer Discretionary ETF
 


returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices  above.





12

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Consumer Staples ETF
 


Global X MSCI China Consumer Staples ETF
The Global X MSCI China Consumer Staples ETF (“Fund”) seeks to provide investment results that generally correspond to the price and yield performance, before fees and expenses, of the MSCI China Consumer Staples 10/50 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 capture the large and mid-capitalization segments of securities included in the MSCI China Index that are classified in the Consumer Staples Sector, as per the Global Industry Classification Standard. The Underlying Index incorporates all eligible securities, as per MSCI’s Global Investable Market Index Methodology, including China A, B, and H shares, as well as Red chips, P chips, and foreign listings (e.g., American Depository Receipts). Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 1.97%, while the Underlying Index increased 2.79%. The Fund had a net asset value of $29.04 per share on October 31, 2020 and ended the reporting period with a net asset value of $29.38 per share on October 31, 2021.
During the reporting period, the highest returns derived from Jiugui Liquor Co., Ltd. Class A and Sichuan Swellfun Co., Ltd. Class A, which returned 107.94% and 101.88%, respectively. The worst performers included RLX Technology, Inc. Sponsored ADR Class A and Yihai International Holding Ltd., which returned ‑80.67% and -55.34%, respectively.
The Fund delivered neutral returns during the reporting period, as China’s initially robust economic recovery took a downturn. China — the world’s largest consumer market by population — saw a rebound in the Consumer Staples sector since the COVID-19 outbreak last year, after most Chinese consumers boycotted international brands in favor of local products. China’s Ministry of Commerce announced that certain cities – including Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing – would be transformed into superior consumption hubs, focusing on high-quality import goods, nurturing domestic brands and consumption, as well as enhancing regional consumption.





13

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Consumer Staples ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
One Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X MSCI China Consumer Staples ETF
1.97%
0.96%
28.23%
27.98%
MSCI China Consumer Staples 10/50 Index
2.79%
2.79%
29.00%
29.00%
MSCI Emerging Markets Index
16.96%
16.96%
11.70%
11.70%


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


*Fund commenced operations on December 7, 2018.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short term performance of the fund is unusual and investors should not expect such performance to be repeated. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.





14

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Consumer Staples ETF
 


There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.





15

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Health Care ETF
 


Global X MSCI China Health Care ETF
The Global X MSCI China Health Care ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Health Care 10/50 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 capture the large and mid-capitalization segments of securities included in the MSCI China Index that are classified in the Health Care Sector, as per the Global Industry Classification Standard. The Underlying Index incorporates all eligible securities as per MSCI’s Global Investable Market Index Methodology, including China A, B, and H shares, as well as Red chips, P chips, and foreign listings (e.g., American Depository Receipts). Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 4.84%, while the Underlying Index increased 5.52%. The Fund had a net asset value of $23.68 per share on October 31, 2020 and ended the reporting period with a net asset value of $24.81 per share on October 31, 2021.
During the reporting period, the highest returns came from Genscript Biotech Corporation and Topchoice Medical Corp. Class A, which returned 220.69% and 92.61%, respectively. The worst performers included Ping An Healthcare and Technology Company Limited and Autobio Diagnostics Co., Ltd. Class A, which returned -62.27% and -56.95%, respectively.
The COVID-19 pandemic served as a catalyst for health care innovation in China during the reporting period, including the increased adoption of telemedicine, an effect that likely boosted performance of the Fund in the third quarter of 2021. Since the beginning of the COVID-19 pandemic, China made plans to improve its health care framework, with the “Healthy China” strategy, which launched in 2021. This strategy, expected to be implemented in China’s 14th five-year plan, aims to increase the accessibility and affordability of health care services. With public reforms, such as “Healthy China 2030”, China aims to boost its public health care system. Additionally, it seeks to bolster its “Internet Healthcare” initiative, intended to provide medical care to people residing in isolated areas through remote consultation. These initiatives could create opportunities for Chinese Health Care equities.





16

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Health Care ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
One Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X MSCI China Health Care ETF
4.84%
3.76%
19.32%
19.14%
MSCI China Healh Care 10/50 Index
5.52%
5.52%
20.17%
20.17%
MSCI Emerging Markets Index
16.96%
16.96%
11.71%
11.71%


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


*Fund commenced operations on December 7, 2018.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short term performance of the fund is unusual and investors should not expect such performance to be repeated. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.





17

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Health Care ETF
 


There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.






18

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Financials ETF
 


Global X MSCI China Financials ETF
The Global X MSCI China Financials ETF (“Fund”) seeks to provide investment results that generally correspond to the price and yield performance, before fees and expenses, of the MSCI China Financials 10/50 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 capture the large and mid-capitalization segments of securities included in the MSCI China Index that are classified in the Financials Sector, as per the Global Industry Classification Standard. The Underlying Index incorporates all eligible securities, as per MSCI’s Global Investable Market Index Methodology, including China A, B, and H shares, as well as Red chips, P chips, and foreign listings (e.g., American Depository Receipts). Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 4.65%, while the Underlying Index increased 4.78%. The Fund had a net asset value of $14.25 per share on October 31, 2020 and ended the reporting period with a net asset value of $14.42 per share on October 31, 2021.
During the reporting period, the highest returns derived from East Money Information Co., Ltd Class A and China Merchants Bank Co., Ltd. Class H, which returned 77.08% and 66.02%, respectively. The worst performers included UP Fintech Holding Ltd. Sponsored ADR Class A and Lufax Holding Limited Sponsored ADR Class A, which returned -70.86% and -64.65%, respectively.
China’s Financials sector anticipated long-term strong growth during the reporting period on positive reforms to correlate with the beginning of the 14th five-year plan period. However, that did not materialize into positive returns for the Fund in the third quarter of 2021, likely due to concerns that financial difficulty experienced by Huarong Asset Management Co. (“Huarong”), a government-owned distressed debt manager, could create systemic risk in the Chinese Financials sector. The sector received negative attention as Huarong inched towards crisis. Competition in the sector could heat up as major Western financial institutions increasingly gain access to the market.





19

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Financials ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
One Year Return
Three Year Return
Five Year Return
Ten Year Return
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X MSCI China Financials ETF
4.65%
3.56%
1.88%
1.89%
4.16%
4.16%
5.47%
5.65%
Hybrid Solactive China Financials Total Return Index/MSCI China Financials 10/50 Index**
4.78%
4.78%
2.51%
2.51%
4.87%
4.87%
6.17%
6.17%
MSCI Emerging Markets Index
16.96%
16.96%
12.30%
12.30%
9.39%
9.39%
4.88%
4.88%


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


*Fund commenced operations on December 10, 2009.
** Reflects performance of Solactive China Financials Total Return Index through December 5, 2018 and MSCI China Financials 10/50 Index thereafter.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.





20

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Financials ETF
 


There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.






21

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Information Technology ETF
 


Global X MSCI China Information Technology ETF
The Global X MSCI China Information Technology ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Information Technology 10/50 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 capture the large and mid-capitalization segments of securities included in the MSCI China Index that are classified in the Information Technology Sector, as per the Global Industry Classification Standard. The Underlying Index incorporates all eligible securities, as per MSCI’s Global Investable Market Index Methodology, including China A, B, and H shares, as well as Red chips, P chips, and foreign listings (e.g., American Depository Receipts). Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 5.58%, while the Underlying Index increased 7.45%. The Fund had a net asset value of $27.78 per share on October 31, 2020 and ended the reporting period with a net asset value of $29.07 per share on October 31, 2021.
During the reporting period, the highest returns came from Hangzhou Silan Microelectronics Co., Ltd. Class A and JA Solar Technology Co., Ltd. Class A, which returned 327.75% and 185.76%, respectively. The worst performers included OneConnect Financial Technology Co Ltd Sponsored ADR and VNET Group, Inc. Sponsored ADR, which returned -80.52% and -56.97%, respectively.
The Fund performed positively during the reporting period despite aggressive regulatory moves from the Chinese government because the Fund focuses less on consumer internet companies, which were targeted by recent regulations, and more on hardware and software companies. China’s 14th five-year plan (2021-2025) prioritizes information technology growth and innovation as its prime undertaking and intends to make China the world’s leading innovator by 2035. China plans to spend heavily on research and development through 2025. Although concerns are mounting over regulatory moves against Chinese consumer internet companies, investors seek refuge in areas supported by policy, including technology hardware, such as semiconductors.





22

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Information Technology ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
One Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X MSCI China Information Technology ETF
5.58%
3.78%
26.81%
26.30%
MSCI China Information Technology 10/50 Index
7.45%
7.45%
28.05%
28.05%
MSCI Emerging Markets Index
16.96%
16.96%
11.70%
11.70%


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


*Fund commenced operations on December 7, 2018.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short term performance of the fund is unusual and investors should not expect such performance to be repeated. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.





23

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Information Technology ETF
 


There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.





24

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Communication Services ETF
 


Global X MSCI China Communication Services ETF
The Global X MSCI China Communication Services ETF (“Fund”) seeks to provide investment results that generally correspond to the price and yield performance, before fees and expenses, of the MSCI China Communication Services 10/50 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 capture the large- and mid-capitalization segments of securities included in the MSCI China Index that are classified in the Communication Services Sector, as per the Global Industry Classification Standard. The Underlying Index incorporates all eligible securities as per MSCI’s Global Investable Market Index Methodology, including China A, B, and H shares, as well as Red chips, P chips, and foreign listings (e.g., American Depository Receipts). Additionally, the Underlying Index utilizes a 10/50 concentration constraint, whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund decreased 20.27%, while the Underlying Index decreased 20.32%. The Fund had a net asset value of $26.13 per share on October 31, 2020 and ended the reporting period with a net asset value of $20.56 per share on October 31, 2021.
During the reporting period, the highest returns derived from Bilibili, Inc. Sponsored ADR Class Z and Baidu Inc Sponsored ADR Class A, which returned 64.09% and 21.94%, respectively. The worst performers included DouYu International Holdings Ltd. Sponsored ADR and Kuaishou Technology Class B, which returned -67.72% and             -66.58%, respectively.
Concerns over the delisting of Chinese ADRs in the United States and Chinese regulatory scrutiny towards domestic technology companies acted as significant headwinds for the Fund and resulted in negative returns during the reporting period. However, the Fund does have potential tailwinds. Several reforms led to the liberalization of, and privatization in, the communications industry in China. With the advent of 5G technology, China hopes to become the frontrunner in 5G deployment and services. China is still the only country working toward a single-stack IPv6 Network; adoption is planned to be completed by 2025, with country-wide rollout by 2030.





25

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Communication Services ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDEDOCTOBER 31, 2021
 
One Year Return
Three Year Return
Five Year Return
Ten Year Return
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X MSCI China Communication Services ETF
-20.27%
-20.93%
-2.02%
-2.43%
-0.63%
-0.65%
4.19%
4.24%
Hybrid Solactive China Technology Index/NASDAX OMX China Technology Index/MSCI China Communication Services 10/50 Index **
-20.32%
-20.32%
-1.51%
-1.51%
0.09%
0.09%
4.97%
4.97%
MSCI Emerging Markets Index
16.96%
16.96%
12.30%
12.30%
9.39%
9.39%
4.88%
4.88%


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


*Fund commenced operations on December 8, 2009.
** Reflects performance of Solactive China Technology Index through December 13, 2011, NASDAQ OMX China Technology Index through December 5, 2018 and the MSCI China Communication Services 10/50 Index thereafter.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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




26

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Communication Services ETF
 


reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.





27

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Utilities ETF
 


Global X MSCI China Utilities ETF
The Global X MSCI China Utilities ETF (“Fund”) seeks to provide investment results that generally correspond to the price and yield performance, before fees and expenses, of the MSCI China Utilities 10/50 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 capture the large and mid-capitalization segments of securities included in the MSCI China Index that are classified in the Utilities Sector, as per the Global Industry Classification Standard. The Underlying Index incorporates all eligible securities, as per MSCI’s Global Investable Market Index Methodology, including China A, B, and H shares, as well as Red chips, P chips, and foreign listings (e.g., American Depository Receipts). Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 48.14%, while the Underlying Index increased 49.65%. The Fund had a net asset value of $13.70 per share on October 31, 2020 and ended the reporting period with a net asset value of $19.53 per share on October 31, 2021.
During the reporting period, the highest returns came from China Longyuan Power Group Corp. Ltd. Class H and China Power International Development Ltd, which returned 246.40% and 185.40%, respectively. The worst performers included Luenmei Quantum Co., Ltd. Class A and China Gas Holdings Limited, which returned -25.09% and -16.49%, respectively.
China’s power crunch disrupted the country’s economic recovery in the third quarter of 2021, but some companies in the Utilities sector benefited from the increased demand, explaining the positive returns during the reporting period. China currently faces a coal shortage, impacting industries relying heavily on power. China currently rations its coal supply and increased imports to keep up with its industrial demand, despite having healthy reserves of oil.






28

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Utilities ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
One Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X MSCI China Utilities ETF
48.14%
46.47%
12.37%
12.12%
MSCI China Utilities 10/50 Index
49.65%
49.65%
13.33%
13.33%
MSCI Emerging Markets Index
16.96%
16.96%
11.71%
11.71%


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


*Fund commenced operations on December 7, 2018.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.





29

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Utilities 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 above.





30

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Real Estate ETF
 


Global X MSCI China Real Estate ETF
The Global X MSCI China Real Estate ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Real Estate 10/50 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 capture the large and mid-capitalization segments of securities included in the MSCI China Index that are classified in the Real Estate Sector, as per the Global Industry Classification Standard. The Underlying Index incorporates all eligible securities, as per MSCI’s Global Investable Market Index Methodology, including China A, B, and H shares, as well as Red chips, P chips, and foreign listings (e.g., American Depository Receipts). Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund decreased 22.77%, while the Underlying Index decreased 22.24%. The Fund had a net asset value of $16.18 per share on October 31, 2020 and ended the reporting period with a net asset value of $11.90 per share on October 31, 2021.
During the reporting period, the highest returns derived from Wharf (Holdings) Ltd. and Seazen Holdings Co., Ltd. Class A, which returned 71.13% and 29.17%, respectively. The worst performers included China Evergrande Group and KE Holdings, Inc. Sponsored ADR Class A, which returned -84.72% and -73.88%, respectively.
The late 2020 introduction of the Three Red Lines policy, a regulation aimed at Chinese real estate developers, set a negative tone for the Real Estate sector that only deteriorated in the middle of 2021, which led to disappointing returns during the reporing period. China’s Real Estate sector faces pressure as the liquidity crisis of China Evergrande Group (“Evergrande”), a large Chinese developer, continues to unfold. Media reports comparing Evergrande to Lehman Brothers resulted in investor sentiment towards Chinese Real Estate equities to turn sharply negative. China’s government will likely continue to enforce its Three Red Lines policy to avoid losing credibility, even if it results in a painful adjustment.




31

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Real Estate ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
One Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X MSCI China Real Estate ETF
-22.77%
-21.36%
-4.42%
-4.04%
MSCI China Real Estate 10/50 Index
-22.24%
-22.24%
-3.78%
-3.78%
MSCI Emerging Markets Index
16.96%
16.96%
11.70%
11.70%


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


*Fund commenced operations on December 7, 2018.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short term performance of the fund is unusual and investors should not expect such performance to be repeated. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.





32

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI China Real Estate ETF
 


There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.





33

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Greece ETF
 


Global X MSCI Greece ETF
The Global X MSCI Greece ETF (“Fund”) seeks to provide investment results that generally correspond to the price and yield performance, before fees and expenses, of the MSCI All Greece Select 25/50 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 represent the performance of the Broad Greece Equity Universe, as defined by MSCI, Inc., the provider of the Underlying Index, while including a minimum number of constituents. The Underlying Index includes securities that are classified in Greece according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Greece and carry out the majority of their operations in Greece. Further, the Underlying Index only includes securities with a minimum liquidity threshold of USD 25,000,000 average daily traded value, subject to 15 constituents being included in the Underlying Index. If not, securities are added in the decreasing order of average daily traded value until 15 securities are selected. The Underlying Index targets a minimum of 15 securities at construction.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 61.52%, while the Underlying Index increased 62.26%. The Fund had a net asset value of $17.68 per share on October 31, 2020 and ended the reporting period with a net asset value of $27.98 per share on October 31, 2021.
During the reporting period, the highest returns derived from Eurobank Ergasias Services & Holdings SA and National Bank of Greece SA, which returned 215.25% and 201.39%, respectively. The worst performers included Piraeus Financial Holdings SA and GasLog Partners LP, which returned -86.49% and -17.76%, respectively.
A positive macro environment made possible by a revival in tourism and increased stability in the Financials sector, to which the Fund has significant exposure, allowed for positive returns in the reporting period. The gradual lifting of curbs on domestic activity and international travel allowed consumption and tourism-related service exports to recover over the fiscal year. The relative success of Operation Blue Freedom, a vaccination campaign targeting tourist-heavy regions, paved the way for surging optimism and upward revisions in growth estimates by the European Commission. At the same time, the four largest banks in Greece, all included in the holdings of the Fund, made considerable progress towards cleaning up their balance sheets in the third quarter of 2021.


34

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Greece ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDEDOCTOBER 31, 2021
 
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 MSCI Greece ETF
61.52%
59.99%
9.35%
9.35%
7.32%
7.54%
-3.40%
-3.38%
Hybrid MSCI All Greece Select 25/50 Index/ FTSE/ATHEX Custom Capped Index**
62.26%
62.26%
9.97%
9.97%
8.02%
8.02%
-2.57%
-2.57%
MSCI Emerging Markets Index
16.96%
16.96%
12.30%
12.30%
9.39%
9.39%
5.31%
5.31%


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


*Fund commenced operations on December 7, 2011.
** Reflects performance of the FTSE/ATHEX Custom Capped Index through February 29, 2016 and MSCI All Greece Select 25/50 Index, thereafter. The inception of the MSCI All Greece Select 25/50 Index (“New Index”) was on December 23, 2015. Effective on or around March 1, 2016, the Fund began to track the New Index. The change was due to the planned migration to the New Index, potentially allowing for broader exposure to the local market.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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.





35

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Greece 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.
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.








36

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X DAX Germany ETF
 


Global X DAX Germany ETF
The Global X DAX Germany ETF (“Fund”) seeks to provide investment results that generally correspond to the price and yield performance, before fees and expenses, of the DAX® 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 segment of the largest and most actively traded companies – known as blue chips – on the German equities market. It contains the shares of the 40 largest and most liquid companies admitted to the Frankfurt Stock Exchange in the Prime Standard segment. The Underlying Index represents about 80% of the free-float market capitalization authorized in Germany.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 34.06%, while the Underlying Index increased 34.87%. The Fund had a net asset value of $25.21 per share on October 31, 2020, and ended the reporting period with a net asset value of $32.86 per share on October 31, 2021.
During the reporting period, the highest returns derived from Daimler AG and Infineon Technologies AG, which returned 95.29% and 68.94%, respectively. The worst performers included Hello Fresh SE and Vitesco Technologies Group AG, which returned -20.14% and -19.58%, respectively.
Given that the Fund holds blue-chip German equities spread out over several sectors, performance during the reporting period reflected the broad economic trajectory of Germany, namely a smooth economic recovery dwindling due to headwinds in the third quarter of 2021. Economic activity in Germany picked up momentum in the second quarter of 2021, with all major indicators pointing to growth, but supply chain disruptions hampered this progress in the third quarter of 2021. Currently, supply bottlenecks for important commodities and raw materials, as well as microchips, contribute to decelerating economic activity. Meanwhile, COVID-19 vaccinations directly impacted business sentiment in Germany, with companies expressing greater satisfaction with their current business situation.







37

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X DAX Germany ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
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 DAX Germany ETF*
34.06%
32.89%
11.28%
11.43%
8.57%
8.58%
6.14%
6.16%
DAX® Index
34.87%
34.87%
11.86%
11.86%
9.20%
9.20%
6.95%
6.95%
MSCI EAFE Index
34.18%
34.18%
11.54%
11.54%
9.79%
9.79%
6.73%
6.73%


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


*Fund commenced operations on October 22, 2014. The financial statements include the financial information of the Predecessor Fund through December 21, 2018 (See Note 1 in Notes to Financial Statements).

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.
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.





38

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X DAX Germany ETF
 


There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above and on previous page.







39

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Portugal ETF
 


Global X MSCI Portugal ETF
The Global X MSCI Portugal ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Portugal Plus 25/50 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 represent the performance of the Broad Portugal Equity Universe, as defined by MSCI, Inc., the provider of the Underlying Index, while maintaining a minimum of 20 Securities and 18 issuers at all rebalances and applying the MSCI 25/50 Indexes methodology. The Underlying Index includes securities that are classified in Portugal according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Portugal and carry out the majority of their operations in Portugal.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 42.30%, while the Underlying Index increased 42.24%. The Fund had a net asset value of $8.50 per share on October 31, 2020 and ended the reporting period with a net asset value of $11.71 per share on October 31, 2021.
During the reporting period, the highest returns derived from CTT - Correios de Portugal SA and Ramada Investimentos e Industria SA, which returned 129.98% and 113.01%, respectively. The worst performers included Grupo Empresarial San Jose, SA and Fosun International Limited, which returned -18.65% and -17.07%, respectively.
The Fund’s heavy exposure to the Utilities sector, which tend to be less volatile and non-cyclical, softened the fallout from a COVID-19 surge and lockdown in early 2021, as well as preserved positive returns. Since March, containment measures progressively improved the COVID-19 pandemic situation and thus the Portuguese economy. The Central Bank of Portugal projects that the national output should reach pre-pandemic levels of economic activity at the end of 2021, mainly supported by expansionary economic policies and a successful COVID-19 vaccination program put in place over the last year.







40

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Portugal ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
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 MSCI Portugal ETF
42.30%
42.64%
6.06%
6.32%
7.85%
7.80%
0.29%
0.26%
Hybrid FTSE Portugal 20 Index/MSCI All Portugal Plus 25/50 Index**
42.24%
42.24%
6.04%
6.04%
7.85%
7.85%
0.37%
0.37%
MSCI EAFE Index
34.18%
34.18%
11.54%
11.54%
9.79%
9.79%
5.66%
5.66%


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


*Fund commenced operations on November 12, 2013.
** Hybrid index performance reflects the performance of the FTSE Portugal 20 Index through December 5, 2016, and the MSCI All Portugal Plus 25/50 Index thereafter.

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.





41

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Portugal 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.
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 and on previous page.





42

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Colombia ETF
 


Global X MSCI Colombia ETF
The Global X MSCI Colombia ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Colombia Select 25/50 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 represent the performance of the Broad Colombia Equity Universe, as defined by MSCI, Inc., the provider of the Underlying Index, while including constituents with minimum levels of liquidity and applying the MSCI 25/50 Indexes methodology. The Underlying Index includes securities that are classified in Colombia according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Colombia and carry out the majority of their operations in Colombia. Further, the Underlying Index only includes new securities with a minimum liquidity threshold of a 6-month Annualized Traded Value greater than or equal to USD 25,000,000 and a 6-month Frequency of Trading greater than or equal to 95%.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 35.98%, while the Underlying Index increased 36.68%. The Fund had a net asset value of $23.26 per share on October 31, 2020 and ended the reporting period with a net asset value of $30.76 per share on October 31, 2021.
During the reporting period, the highest returns derived from Tecnoglass Inc and Ecopetrol SA, which returned 546.04% and 64.92%, respectively. The worst performers included Enel Americas SA and Millicom International Cellular SA, which returned -11.55% and -11.39%, respectively.
Positive returns for the Fund during the reporting period partially stemmed from a fast recovery, which started at a low baseline, and a relief program for the Financials sector, to which the Fund has significant exposure. The COVID-19 pandemic significantly impacted Colombia, but prompt and decisive actions by the Colombian government to protect lives and livelihoods allowed economic activity to resume quickly. By June 2021, economic activity almost reached pre-pandemic levels, despite a transient slowdown attributable to mobility curbs in April, as well as protests and civil unrest in May. Colombia’s central bank raised its interest rates (the first increase since 2016) to counter inflation — the product of a sharp increase in consumption amid a low-interest-rate environment.





43

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Colombia ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
One Year Return
Three Year Return
Five Year Return
Ten Year Return
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X MSCI Colombia ETF
35.98%
37.52%
-0.44%
-0.16%
-0.81%
-0.71%
-6.33%
-6.37%
Hybrid MSCI All Colombia  Select 25/50 Index/MSCI All Colombia Capped Index/FTSE Colombia 20 Index**
36.68%
36.68%
-0.19%
-0.19%
-0.39%
-0.39%
-5.76%
-5.76%
MSCI Emerging Markets Index
16.96%
16.96%
12.30%
12.30%
9.39%
9.39%
4.88%
4.88%


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


*Fund commenced operations on February 5, 2009.
** Reflects performance of the FTSE Colombia 20 Index through July 14, 2014, the MSCI All Colombia Capped Index through August 30, 2016 and the MSCI All Colombia Select 25/50 Index, thereafter. The inception of the MSCI All Colombia Select 25/50 Index (“New Index”) was on July 15, 2016. Effective on or around August 31, 2016, the Fund began to track the New Index. This change was due to the planned migration to the New Index, potentially improving the trading characteristics of the Fund.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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




44

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Colombia ETF
 


of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.







45

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Argentina ETF
 


Global X MSCI Argentina ETF
The Global X MSCI Argentina ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Argentina 25/50 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 represent the performance of the Broad Argentina Equity Universe, as defined by MSCI, Inc., the provider of the Underlying Index, while including a minimum number of constituents. The Underlying Index includes securities that are classified in Argentina according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Argentina and carry out the majority of their operations in Argentina. The Underlying Index targets a minimum of 25 securities and 20 issuers at construction.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 40.09%, while the Underlying Index increased 40.77%. The Fund had a net asset value of $23.64 per share on October 31, 2020 and ended the reporting period with a net asset value of $33.00 per share on October 31, 2021.
During the reporting period, the highest returns derived from Corporacion America Airports SA and Edenor SA, which returned 227.91% and 101.51%, respectively. The worst performers included Yamana Gold Inc and SSR Mining Inc, which returned -23.21% and -14.05%, respectively.
The Fund is balanced across various sectors, both cyclical and non-cyclical, and its performance during the reporting period followed the trajectory of Argentina’s economic recovery. Argentina reached an agreement with the Paris Club through which it avoided default by delaying the bulk of a $2.4 billion payment due to a group of wealthy countries by the end of July of 2021. However, economic reopening, attributed to a fast COVID-19 vaccine rollout and significant policy responses, facilitated a rapid recovery and strengthened prospects for global growth. Argentina could benefit from this due to rising agricultural commodity prices, as it is a large exporter of soya products.





46

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Argentina ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
One Year Return
Three Year Return
Five Year Return
Ten Year Return
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X MSCI Argentina ETF
40.09%
40.07%
10.18%
10.11%
7.63%
7.45%
5.10%
5.12%
Hybrid FTSE Argentina 20 Index/MSCI All Argentina 25/50 Index**
40.77%
40.77%
10.67%
10.67%
7.54%
7.54%
5.72%
5.72%
MSCI Emerging Markets Index
16.96%
16.96%
12.30%
12.30%
9.39%
9.39%
4.88%
4.88%


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


*Fund commenced operations on March 2, 2011.
**Reflects performance of the FTSE Argentina 20 Index through August 14, 2014 and the MSCI All Argentina 25/50 Index (“New Index”) thereafter.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.





47

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Argentina ETF
 


There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.





48

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Pakistan ETF
 


Global X MSCI Pakistan ETF
The Global X MSCI Pakistan ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Pakistan Select 25/50 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 represent the performance of the Broad Pakistan Equity Universe, as defined by MSCI, Inc., the provider of the Underlying Index, while including a minimum number of constituents. The Underlying Index includes securities that are classified in Pakistan according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Pakistan and carry out the majority of their operations in Pakistan. Issuers held by the Underlying Index are screened to meet certain liquidity thresholds.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 0.02%, while the Underlying Index increased 1.24%. The Fund had a net asset value of $27.38 per share on October 31, 2020 and ended the reporting period with a net asset value of $25.99 per share on October 31, 2021.
During the reporting period, the highest returns derived from United Bank Limited and Engro Fertilizers Ltd, which returned 41.21% and 39.74%, respectively. The worst performers included Pakistan International Bulk Terminal Ltd and TRG Pakistan Limited, which returned -39.73% and -38.54%, respectively.
Given that the Fund has significant exposure to the Materials sector, which is sensitive to macroeconomic performance, returns remained neutral during the reporting period as Pakistan grappled with various headwinds. During the fourth COVID-19 wave, the government implemented micro-lockdowns, containing the spread of the infection while permitting economic activity to continue, thereby mitigating the economic fallout. While now accelerating, the vaccination rate in Pakistan remains low by global standards. The crisis in neighboring Afghanistan not only prompted fear that extremist groups operating in Pakistan would feel emboldened, but also created a sudden surge in demand for food that Pakistani officials worried would bring about inflation. Both of these factors contributed negatively to the Fund during the reporting period.






49

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Pakistan ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
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 MSCI Pakistan ETF*
0.02%
0.61%
-9.50%
-9.17%
-10.92%
-11.19%
-8.09%
-8.30%
MSCI All Pakistan Select 25/50 Index
1.24%
1.24%
-8.33%
-8.33%
-9.63%
-9.63%
-6.45%
-6.45%
MSCI Emerging Markets Index
16.96%
16.96%
12.30%
12.30%
9.39%
9.39%
5.39%
5.39%


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


*Fund commenced operations on April 22, 2015.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.





50

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Pakistan 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 above.





51

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Nigeria ETF
 


Global X MSCI Nigeria ETF
The Global X MSCI Nigeria ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Nigeria Select 25/50 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to reflect the broad Nigeria equity universe, as defined by MSCI, Inc., the provider of the Underlying Index. The Underlying index is comprised of companies that are classified in Nigeria according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Nigeria and carry out the majority of their operations in Nigeria. The stocks are screened to meet certain liquidity thresholds and weighted according to modified free-float market capitalization.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 16.11%, while the Underlying Index increased 19.28%. The Fund had a net asset value of $14.25 per share on October 31, 2020 and ended the reporting period with a net asset value of $15.73 per share on October 31, 2021.
During the reporting period, the highest returns came from Dangote Cement Plc and FBN Holdings Plc, which returned 76.22% and 68.52%, respectively. The worst performers included Sterling Bank Plc and Guaranty Trust Holding Company Plc, which returned -18.65% and -9.30%, respectively.
In 2020, Nigeria plunged into its deepest recession in two decades, but growth resumed in 2021 as COVID-19 pandemic-induced controls were eased, oil prices bounced back, and the authorities executed policies to counter the economic shock. The strong rally in oil prices helped Nigeria narrow its fiscal deficit during the reporting period. To a considerable extent, the economic recovery rode on increased levels of vaccinations, which improved business and consumer sentiment. The country has been upgrading its transport networks and revamping the obsolete power grids to stimulate agriculture and other non-oil industries over the long run, as well as cut reliance on volatile crude revenues.





52

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Nigeria ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
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 MSCI Nigeria ETF
16.11%
8.12%
0.90%
-9.21%
2.30%
-4.88%
-11.71%
-14.62%
Hybrid MSCI All Nigeria Select 25/50Index/Solactive Nigeria Index**
19.28%
19.28%
3.64%
3.64%
5.12%
5.12%
-9.55%
-9.55%
MSCI Emerging Markets Index
16.96%
16.96%
12.30%
12.30%
9.39%
9.39%
4.91%
4.91%


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


*Fund commenced operations on April 2, 2013.
**Reflects performance of the Solactive Nigeria Index through August 14, 2014 and the MSCI All Nigeria Select 25/50 Index thereafter.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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.





53

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Nigeria 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.
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.





54

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Next Emerging & Frontier ETF
 


Global X MSCI Next Emerging & Frontier ETF
The Global X MSCI Next Emerging & Frontier ETF (“Fund”) seeks to provide investment results that generally correspond to the price and yield performance, before fees and expenses, of the MSCI Select Emerging and Frontier Markets Access 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 represent the performance of a selection of 200 securities from select countries within the MSCI Emerging and Frontier Markets Index. The Underlying Index screens securities classified in the emerging markets to target companies with high economic exposure to the emerging and frontier markets excluding Brazil, Russia, India, China, Korea, and Taiwan. A liquidity screen is applied to the securities classified in the Frontier Markets with an aim to enhance the replicability of the Underlying Index. The Underlying Index aims to mitigate concentration risk by applying caps at the country, sector, and issuer levels.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 30.74%, while the Underlying Index increased 31.76%. The Fund had a net asset value of $16.46 per share on October 31, 2020 and ended the reporting period with a net asset value of $21.00 per share on October 31, 2021.
During the reporting period, the highest returns derived from National Atomic Company Kazatomprom JSC Sponsored GDR RegS and BANK POLSKA KASA OPIEKI SA, which returned 220.99% and 219.45%, respectively. The worst performers included Kossan Rubber Industries Bhd and Allegro.eu Societe anonyme, which returned -65.11% and -44.96%, respectively.
The Fund tracks the performance of emerging and frontier market securities excluding Brazil, Russia, India, China, South Korea, and Taiwan. Positive performance in the Fund  during the reporting period can be attributed to a robust first half of 2021 for emerging and frontier markets, attributable to worldwide vaccination efforts dampening the effects of the COVID-19 pandemic. In addition, rising commodity prices amid supply chain disruptions have helped increase revenues for several emerging and frontier markets that depend on raw materials exports. Sector weightings were highest in Financials at 30.4%, followed by Communication Services (13.3%) during the reporting period. The highest average country exposures for the Fund were Indonesia (11%), Thailand (10.3%), Saudi Arabia (10%), and South Africa (8.8%).





55

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Next Emerging & Frontier ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
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 MSCI Next Emerging & Frontier ETF
30.74%
31.22%
4.69%
5.03%
3.74%
3.50%
0.12%
0.17%
Hybrid Solactive Next Emerging & Frontier Index/ MSCI Select Emerging and Frontier Markets Access Index**
31.76%
31.76%
5.55%
5.55%
4.49%
4.49%
0.85%
0.85%
MSCI Emerging Markets Index
16.96%
16.96
12.30%
12.30%
9.39%
9.39%
5.19%
5.19%



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


*Fund commenced operations on November 6, 2013.
** Reflects performance of the Solactive Next Emerging & Frontier Index through January 15, 2019 and the MSCI Select Emerging and Frontier Markets Access Index thereafter.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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




56

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Next Emerging & Frontier ETF
 


all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.





57

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Norway ETF
 


Global X MSCI Norway ETF
The Global X MSCI Norway ETF (formerly known as the Global X FTSE Nordic Region ETF) (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Norway IMI 25/50 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.
Effective as of the close of business on October 29, 2021, the Fund underwent a reorganization and assumed the performance, financial, accounting and other historical information of the predecessor fund, which was named the Global X MSCI Norway ETF. The Predecessor Fund and the Fund have identical investment objectives, strategies and restrictions. The portfolio managers of the Fund are the same members of the portfolio management team of the Predecessor Fund.
The Underlying Index is designed to reflect broad based equity market performance in Norway as defined by MSCI, Inc., the provider of the Underlying Index. The Underlying Index includes securities that are classified in Norway according to the MSCI Global Investable Market Index Methodology, which is a methodology that seeks to identify the investable universe of companies globally in order to facilitate the construction of replicable indexes such as the Underlying Index.  The MSCI Global Investable Market Index Methodology screens companies using size, liquidity and other criteria in order to determine the investable universe.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 64.44%, while the Underlying Index increased 65.23%. The Fund had a net asset value of $20.12 per share on October 31, 2020 and ended the reporting period with a net asset value of $32.01 per share on October 31, 2021.
During the reporting period, the highest returns derived from DNO ASA and Flex LNG Ltd, which returned 252.14% and 248.98%, respectively. The worst performers included Atlantic Sapphire ASA and Aker BioMarine ASA, which returned -52.51% and -46.1%, respectively.
The Norwegian economy regained all the ground lost during the COVID-19 pandemic and certain oil company equities in the Fund benefited from rising oil prices, resulting in positive returns for the Fund during the reporting period. Given that Norway boasts one of the highest vaccination rates in the world, to a considerable degree, it has avoided implementing shutdown measures that would have likely weakened the economy. Momentum picked up halfway through the third quarter of 2021, with gross domestic product expanding at the quickest pace in 14 months in August 2021. As business activity, especially manufacturing and household services, gained substantial momentum






58

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Norway ETF
 


between June 2021 and September 2021, Norway’s central bank hiked interest rates from a record low of 0%; it is expected to continue to increase rates going forward.

 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
One Year Return
Three Year Return
Five Year Return
Ten Year Return
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X MSCI Norway ETF
64.44%
65.62%
7.48%
8.18%
10.66%
10.91%
4.69%
4.84%
Hybrid MSCI Norway IMI 25/50 Index/FTSE Norway 30 Index**
65.23%
65.23%
7.83%
7.83%
10.98%
10.98%
5.15%
5.15%
MSCI EAFE Index
34.18%
34.18%
11.54%
11.54%
9.79%
9.79%
7.37%
7.37%


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


*Fund commenced operations on November 9, 2010.
**Reflects performance of the FTSE Norway 30 Index through July 14, 2014 and the MSCI Norway IMI 25/50 Index thereafter.
†  Performance for periods prior to November 1, 2021 reflects the historical performance of the Global X MSCI Norway ETF, the predecessor fund. On October 29, 2021, the Global X MSCI Norway ETF (the “Acquired Fund”) was reorganized into the Global X FTSE Nordic Region ETF (the “Acquiring Fund”), each a separate series of the Trust (together, the “Combined Fund”) and the Combined Fund was renamed the Global X MSCI Norway ETF.  As a result of the Reorganization as of the close of business on October 29, 2021, the Combined Fund assumed the performance and accounting history of the Acquired Fund. Accordingly, performance figures for the Combined Fund for periods prior to the date of the Reorganization represent the performance of the Acquired Fund (See Note 1 in Notes to Financial Statements).






59

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI Norway 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. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices above.





60

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X FTSE Southeast Asia ETF
 


Global X FTSE Southeast Asia ETF
The Global X FTSE Southeast Asia ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE ASEAN 40 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 the 40 largest companies in the five ASEAN countries (together, the “Member Nations”): Indonesia, Philippines, Singapore, Malaysia, and Thailand. The Underlying Index is free-float adjusted and weighted by market capitalization and designed using eligible stocks within the FTSE All-World Index.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 31.94%, while the Underlying Index increased 32.95%. The Fund had a net asset value of $11.66 per share on October 31, 2020 and ended the reporting period with a net asset value of $15.10 per share on October 31, 2021.
During the reporting period, the highest returns derived from Siam Commercial Bank Public Company Limited and CIMB Group Holdings Bhd, which returned 88.58% and 83.40%, respectively. The worst performers included Top Glove Corporation Bhd and PT Unilever Indonesia Tbk, which returned -44.43% and  39.95%, respectively.
Adverse macroeconomic conditions, mostly due to pandemic restrictions, hampered returns for the Fund during the reporting period. The recovery from the COVID-19 pandemic in Southeast Asian nations continues to be staggered, due mainly to the subsequent waves of the COVID-19 pandemic that have battered the Member Nations, as well as current ongoing political turmoil in Myanmar. Vietnam notably suffered from a record contraction, but that did not have a direct impact on the Fund, as it has no direct exposure to Vietnamese equities. With the Member Nations battling ongoing surges in COVID-19 cases, the extent to which growth will be impacted in Southeast Asian markets remains unclear.





61

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X FTSE Southeast Asia ETF
 


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
One Year Return
Three Year Return
Five Year Return
Ten Year Return
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X FTSE Southeast Asia ETF
31.94%
31.90%
2.62%
2.80%
4.74%
4.89%
2.59%
2.67%
FTSE/ASEAN 40 Index
32.95%
32.95%
3.35%
3.35%
5.47%
5.47%
3.23%
3.23%
MSCI Emerging Markets Index
16.96%
16.96%
12.30%
12.30%
9.39%
9.39%
4.88%
4.88%


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


*Fund commenced operations on February 16, 2011.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.





62

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X FTSE Southeast Asia 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 above.








63

Schedule of Investments
 
October 31, 2021
 
Global X MSCI China Energy ETF
 

Sector Weightings (Unaudited)†:

† Sector weightings percentages are based on the total market value of investments.

   
Shares
   
Value
 
COMMON STOCK — 97.0%
           
AUSTRALIA — 4.6%
           
Energy — 4.6%
           
Woodside Petroleum 
   
12,210
   
$
213,316
 
                 
CHINA — 87.7%
               
Energy — 87.7%
               
China Merchants Energy Shipping, Cl A
   
289,620
     
207,172
 
China Oilfield Services, Cl H 
   
385,386
     
371,066
 
China Petroleum & Chemical, Cl A
   
29,750
     
19,748
 
China Petroleum & Chemical, Cl H
   
749,397
     
368,001
 
China Shenhua Energy, Cl A 
   
6,600
     
20,503
 
China Shenhua Energy, Cl H 
   
174,930
     
376,887
 
COSCO SHIPPING Energy Transportation, Cl A
   
207,100
     
191,810
 
Guanghui Energy, Cl A * 
   
244,650
     
252,571
 
Inner Mongolia Yitai Coal, Cl B
   
244,594
     
212,063
 
Offshore Oil Engineering, Cl A
   
252,175
     
183,144
 
PetroChina, Cl A 
   
24,100
     
20,627
 
PetroChina, Cl H 
   
860,763
     
416,049
 
Shaanxi Coal Industry, Cl A 
   
108,236
     
211,478
 
Shanxi Coking Coal Energy Group, Cl A
   
138,153
     
199,374
 
Shanxi Lu’an Environmental Energy Development, Cl A
   
92,265
     
186,470
 
Sinopec Kantons Holdings 
   
511,300
     
195,212
 
Yantai Jereh Oilfield Services Group, Cl A
   
31,500
     
208,058
 
Yanzhou Coal Mining, Cl A 
   
38,364
     
135,296
 
Yanzhou Coal Mining, Cl H 
   
204,725
     
303,704
 


The accompanying notes are an integral part of the financial statements.
64

Schedule of Investments
 
October 31, 2021
 
Global X MSCI China Energy ETF
 


   
Shares
   
Value
 
COMMON STOCK — continued
           
TOTAL CHINA 
       
$
4,079,233
 
JAPAN — 4.7%
             
Energy — 4.7%
             
Inpex 
   
26,514
     
221,366
 
                 
TOTAL COMMON STOCK
               
(Cost $3,961,269) 
           
4,513,915
 
TOTAL INVESTMENTS — 97.0%
               
(Cost $3,961,269) 
         
$
4,513,915
 


Percentages are based on Net Assets of $4,652,014.
*
Non-income producing security.

Cl — Class
As of October 31, 2021, 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.
For the year ended October 31, 2021, there were no transfers in or out of Level 3.








The accompanying notes are an integral part of the financial statements.
65

Schedule of Investments
 
October 31, 2021
 
Global X MSCI China Materials ETF
 


Sector Weightings (Unaudited)†:


† Sector weightings percentages are based on the total market value of investments.

   
Shares
   
Value
 
COMMON STOCK — 99.9%
           
CHINA — 95.6%
           
Materials — 95.6%
           
Aluminum Corp of China, Cl A *
   
74,000
   
$
70,964
 
Aluminum Corp of China, Cl H *
   
330,339
     
197,463
 
Anhui Conch Cement, Cl A 
   
14,500
     
86,239
 
Anhui Conch Cement, Cl H 
   
91,020
     
452,815
 
Anhui Honglu Steel Construction Group, Cl A
   
2,000
     
13,151
 
Baoshan Iron & Steel, Cl A 
   
107,300
     
119,489
 
BBMG, Cl A 
   
61,200
     
26,859
 
Chifeng Jilong Gold Mining, Cl A *
   
5,100
     
13,007
 
China Hongqiao Group 
   
168,000
     
186,809
 
China Jushi, Cl A 
   
22,959
     
68,633
 
China Molybdenum, Cl A 
   
93,600
     
87,567
 
China Molybdenum, Cl H 
   
278,154
     
172,705
 
China National Building Material, Cl H
   
313,000
     
393,511
 
China Northern Rare Earth Group High-Tech, Cl A
   
18,900
     
149,365
 
China Resources Cement Holdings
   
202,900
     
171,104
 
Ganfeng Lithium, Cl A 
   
5,800
     
151,642
 
Ganfeng Lithium, Cl H 
   
18,800
     
352,603
 
GEM, Cl A 
   
28,700
     
48,859
 
Guangdong Hongda Blasting, Cl A
   
5,552
     
23,872
 
Guangzhou Tinci Materials Technology, Cl A
   
3,280
     
84,491
 
Hangzhou Oxygen Plant Group, Cl A
   
2,500
     
10,113
 
Hengli Petrochemical, Cl A 
   
30,220
     
104,026
 
Hengyi Petrochemical, Cl A 
   
24,100
     
41,216
 
Hesteel, Cl A 
   
76,200
     
29,277
 
Huafon Chemical, Cl A 
   
8,400
     
15,599
 
Huaxin Cement, Cl A 
   
9,300
     
24,315
 
Hunan Valin Steel, Cl A 
   
38,700
     
32,277
 


The accompanying notes are an integral part of the financial statements.
66

Schedule of Investments
 
October 31, 2021
 
Global X MSCI China Materials ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
Materials — continued
           
Inner Mongolia BaoTou Steel Union, Cl A *
   
242,500
   
$
106,428
 
Inner Mongolia Junzheng Energy & Chemical Industry Group, Cl A
   
54,300
     
43,506
 
Jiangsu Eastern Shenghong, Cl A
   
9,100
     
38,730
 
Jiangsu Shagang, Cl A 
   
15,600
     
15,131
 
Jiangsu Yangnong Chemical, Cl A
   
2,100
     
38,627
 
Jiangsu Yoke Technology, Cl A
   
1,600
     
18,980
 
Jiangxi Copper, Cl A 
   
12,900
     
46,924
 
Jiangxi Copper, Cl H 
   
93,891
     
164,390
 
Kingfa Sci & Tech, Cl A 
   
10,100
     
18,504
 
LB Group, Cl A 
   
13,000
     
57,643
 
Lee & Man Paper Manufacturing
   
115,400
     
86,635
 
Luxi Chemical Group, Cl A 
   
5,600
     
14,344
 
MMG * 
   
187,600
     
86,818
 
Ningxia Baofeng Energy Group, Cl A
   
17,800
     
40,589
 
Pangang Group Vanadium Titanium & Resources, Cl A *
   
64,200
     
40,108
 
Real Gold Mining *(A)(B)(C) 
   
97,864
     
 
Rongsheng Petro Chemical, Cl A
   
51,100
     
137,593
 
Satellite Chemical, Cl A 
   
3,880
     
23,603
 
Shandong Gold Mining, Cl A 
   
20,820
     
64,775
 
Shandong Gold Mining, Cl H 
   
49,100
     
89,249
 
Shandong Hualu Hengsheng Chemical, Cl A
   
12,170
     
59,076
 
Shandong Nanshan Aluminum, Cl A
   
69,400
     
46,825
 
Shandong Sun Paper Industry JSC, Cl A
   
18,400
     
32,991
 
Shanghai Putailai New Energy Technology, Cl A
   
3,765
     
104,546
 
Shanxi Meijin Energy, Cl A * 
   
6,200
     
10,884
 
Shanxi Taigang Stainless Steel, Cl A
   
35,500
     
42,693
 
Shenghe Resources Holding, Cl A
   
5,500
     
17,369
 
Shenzhen Capchem Technology, Cl A
   
1,200
     
26,869
 
Sinoma Science & Technology, Cl A
   
4,900
     
28,837
 
Sinopec Shanghai Petrochemical, Cl A
   
46,800
     
28,434
 
Skshu Paint, Cl A 
   
1,218
     
21,203
 


The accompanying notes are an integral part of the financial statements.
67

Schedule of Investments
 
October 31, 2021
 
Global X MSCI China Materials ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
Materials — continued
           
Tangshan Jidong Cement, Cl A 
   
10,000
   
$
18,180
 
Tongkun Group, Cl A 
   
14,400
     
44,846
 
Tongling Nonferrous Metals Group, Cl A
   
69,800
     
40,227
 
Transfar Zhilian, Cl A 
   
25,100
     
32,107
 
Wanhua Chemical Group, Cl A
   
15,447
     
254,454
 
Weihai Guangwei Composites, Cl A
   
3,300
     
34,991
 
Xiamen Tungsten, Cl A 
   
9,600
     
34,036
 
Yintai Gold, Cl A 
   
19,220
     
26,476
 
Yunnan Aluminium, Cl A * 
   
6,700
     
12,442
 
Yunnan Energy New Material, Cl A
   
4,500
     
205,043
 
Zhaojin Mining Industry 
   
95,784
     
68,584
 
Zhejiang Huayou Cobalt, Cl A 
   
6,230
     
108,055
 
Zhejiang Juhua, Cl A 
   
18,900
     
45,872
 
Zhejiang Longsheng Group, Cl A
   
21,200
     
41,223
 
Zhongjin Gold, Cl A 
   
32,000
     
41,582
 
Zijin Mining Group, Cl A 
   
34,700
     
56,689
 
Zijin Mining Group, Cl H 
   
375,159
     
522,779
 
                 
TOTAL CHINA 
           
6,267,861
 
HONG KONG — 4.3%
               
Materials — 4.3%
               
China Lumena New Materials *(A)(B)(C)
   
48
     
 
Huabao International Holdings 
   
59,500
     
111,825
 
Nine Dragons Paper Holdings 
   
137,870
     
173,333
 
                 
TOTAL HONG KONG 
           
285,158
 
TOTAL COMMON STOCK
               
(Cost $5,881,194) 
           
6,553,019
 
TOTAL INVESTMENTS — 99.9%
               
(Cost $5,881,194) 
         
$
6,553,019
 

Percentages are based on Net Assets of $6,557,610.



The accompanying notes are an integral part of the financial statements.
68

Schedule of Investments
 
October 31, 2021
 
Global X MSCI China Materials ETF
 


*
Non-income producing security.
(A)
Level 3 security in accordance with fair value hierarchy.
(B)
Security considered illiquid (Unaudited). The total value of such securities as of October 31, 2021 was $0 and represented 0.0% of Net Assets.
(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, 2021, was $0 and represents 0.0% of Net Assets.


Cl — Class

The following is a summary of the level of inputs used as of October 31, 2021, in valuing the Fund’s investments carried at value:
Investments in Securities
 
Level 1
   
Level 2
   
Level 3(1)
   
Total
 
Common Stock
 
$
6,553,019
   
$
   
$
   
$
6,553,019
 
Total Investments in Securities
 
$
6,553,019
   
$
   
$
   
$
6,553,019
 


(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, 2021, there were no transfers in or out of Level 3.
Amounts designated as “—“ are $0 or have been rounded to $0.



The accompanying notes are an integral part of the financial statements.
69

Schedule of Investments
 
October 31, 2021
 
Global X MSCI China Industrials ETF
 

Sector Weightings (Unaudited)†:


† Sector weightings percentages are based on the total market value of investments.

   
Shares
   
Value
 
COMMON STOCK — 99.9%
           
CHINA — 98.6%
           
Industrials — 98.6%
           
51job ADR * 
   
682
   
$
40,620
 
AECC Aero-Engine Control, Cl A
   
1,800
     
7,501
 
AECC Aviation Power, Cl A 
   
3,600
     
33,263
 
Air China, Cl A * 
   
9,000
     
11,962
 
Air China, Cl H * 
   
40,600
     
28,653
 
AVIC Electromechanical Systems, Cl A
   
5,100
     
12,107
 
AviChina Industry & Technology, Cl H
   
55,990
     
35,700
 
AVICOPTER, Cl A 
   
800
     
7,849
 
Beijing Capital International Airport, Cl H *
   
42,431
     
27,545
 
Beijing New Building Materials, Cl A
   
2,200
     
9,703
 
Beijing Originwater Technology, Cl A
   
4,100
     
4,470
 
Beijing United Information Technology, Cl A
   
500
     
8,762
 
Beijing-Shanghai High Speed Railway, Cl A
   
55,300
     
39,730
 
China Baoan Group, Cl A 
   
3,400
     
11,104
 
China Communications Services, Cl H
   
54,500
     
30,126
 
China Conch Venture Holdings
   
36,660
     
179,081
 
China CSSC Holdings, Cl A 
   
6,200
     
21,836
 
China Eastern Airlines, Cl A * 
   
14,800
     
11,165
 
China Everbright Environment Group
   
82,650
     
56,842
 
China Lesso Group Holdings 
   
24,600
     
38,201
 
China Merchants Port Holdings
   
33,131
     
55,367
 
China National Chemical Engineering, Cl A
   
8,600
     
14,117
 
China Railway Group, Cl A 
   
27,900
     
22,877
 
China Railway Group, Cl H 
   
89,898
     
44,030
 
China Southern Airlines, Cl A *
   
16,900
     
17,315
 
China Southern Airlines, Cl H *
   
38,500
     
23,459
 
China State Construction Engineering, Cl A
   
56,300
     
40,976
 


The accompanying notes are an integral part of the financial statements.
70

Schedule of Investments
 
October 31, 2021
 
Global X MSCI China Industrials ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
Industrials — continued
           
China State Construction International Holdings
   
45,210
   
$
46,436
 
CITIC 
   
131,300
     
131,654
 
Contemporary Amperex Technology, Cl A
   
3,132
     
312,686
 
COSCO SHIPPING Holdings, Cl A *
   
16,950
     
43,760
 
COSCO SHIPPING Holdings, Cl H *
   
75,801
     
117,711
 
COSCO SHIPPING Ports 
   
41,330
     
34,428
 
CRRC, Cl A 
   
33,100
     
30,708
 
DiDi Global ADR * 
   
6,861
     
55,368
 
Dongfang Electric, Cl A 
   
3,700
     
10,489
 
Eve Energy, Cl A 
   
2,600
     
46,070
 
Fangda Carbon New Material, Cl A
   
5,263
     
8,828
 
Fosun International 
   
56,500
     
66,457
 
Gotion High-Tech, Cl A * 
   
1,700
     
15,639
 
Guangdong Kinlong Hardware Products, Cl A
   
451
     
9,409
 
Haitian International Holdings 
   
14,426
     
42,282
 
Hefei Meiya Optoelectronic Technology, Cl A
   
900
     
5,683
 
Hongfa Technology, Cl A 
   
1,000
     
11,611
 
Jiangsu Expressway, Cl H 
   
27,319
     
25,847
 
Jiangsu Hengli Hydraulic, Cl A
   
1,768
     
22,671
 
Jiangsu Zhongtian Technology, Cl A
   
4,000
     
6,316
 
Metallurgical Corp of China, Cl A
   
23,500
     
14,902
 
Ming Yang Smart Energy Group, Cl A
   
2,600
     
12,584
 
NARI Technology, Cl A 
   
7,440
     
45,237
 
Power Construction Corp of China, Cl A
   
21,000
     
26,928
 
Riyue Heavy Industry, Cl A 
   
1,300
     
7,900
 
Sany Heavy Equipment International Holdings
   
25,000
     
28,667
 
Sany Heavy Industry, Cl A 
   
11,500
     
41,239
 
SF Holding, Cl A 
   
6,200
     
62,584
 
Shanghai Construction Group, Cl A
   
13,000
     
6,639
 
Shanghai Electric Group, Cl A 
   
17,100
     
12,686
 
Shanghai International Airport, Cl A *
   
1,300
     
10,720
 
Shanghai International Port Group, Cl A
   
12,600
     
11,138
 


The accompanying notes are an integral part of the financial statements.
71

Schedule of Investments
 
October 31, 2021
 
Global X MSCI China Industrials ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
Industrials — continued
           
Shanghai M&G Stationery, Cl A
   
1,233
   
$
12,228
 
Shenzhen Inovance Technology, Cl A
   
3,450
     
35,148
 
Shenzhen International Holdings
   
27,706
     
33,444
 
Sichuan Road & Bridge, Cl A 
   
6,700
     
12,578
 
Sinotrans, Cl A 
   
5,800
     
4,094
 
Sinotruk Hong Kong 
   
15,700
     
21,676
 
Spring Airlines, Cl A * 
   
1,200
     
10,964
 
Sungrow Power Supply, Cl A 
   
2,000
     
51,260
 
Sunwoda Electronic, Cl A 
   
2,200
     
16,936
 
Suzhou Gold Mantis Construction Decoration, Cl A
   
3,800
     
3,543
 
Suzhou Maxwell Technologies, Cl A
   
125
     
14,935
 
TBEA, Cl A 
   
5,000
     
21,093
 
Topsec Technologies Group, Cl A
   
1,600
     
4,613
 
Weichai Power, Cl A 
   
9,300
     
21,933
 
Weichai Power, Cl H 
   
43,796
     
78,707
 
Wuxi Shangji Automation, Cl A
   
403
     
18,823
 
XCMG Construction Machinery, Cl A
   
10,500
     
10,020
 
Xiamen C & D, Cl A 
   
3,600
     
4,504
 
Xinjiang Goldwind Science & Technology, Cl A
   
4,547
     
13,159
 
Xinjiang Goldwind Science & Technology, Cl H
   
17,571
     
39,393
 
Yantai Eddie Precision Machinery, Cl A
   
1,080
     
6,025
 
YTO Express Group, Cl A 
   
4,200
     
9,577
 
Yunda Holding, Cl A 
   
3,940
     
11,489
 
Yutong Bus, Cl A 
   
2,900
     
5,136
 
Zhefu Holding Group, Cl A 
   
7,400
     
8,275
 
Zhejiang Chint Electrics, Cl A 
   
2,900
     
27,285
 
Zhejiang Dingli Machinery, Cl A
   
690
     
7,362
 
Zhejiang Expressway, Cl H 
   
32,040
     
28,461
 
Zhejiang HangKe Technology, Cl A
   
535
     
8,636
 
Zhejiang Sanhua Intelligent Controls, Cl A
   
4,840
     
17,931
 


The accompanying notes are an integral part of the financial statements.
72

Schedule of Investments
 
October 31, 2021
 
Global X MSCI China Industrials ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
Industrials — continued
           
Zhejiang Weixing New Building Materials, Cl A
   
2,200
   
$
6,185
 
Zhuzhou CRRC Times Electric, Cl H
   
12,323
     
59,088
 
Zhuzhou Kibing Group, Cl A 
   
3,500
     
8,692
 
Zoomlion Heavy Industry Science and Technology, Cl A
   
9,500
     
10,817
 
Zoomlion Heavy Industry Science and Technology, Cl H
   
30,200
     
21,818
 
ZTO Express Cayman ADR 
   
9,814
     
287,845
 
                 
                 
TOTAL CHINA 
           
3,113,311
 
SINGAPORE — 1.3%
               
Industrials — 1.3%
               
BOC Aviation 
   
4,720
     
41,411
 
                 
                 
TOTAL COMMON STOCK
               
(Cost $2,879,924) 
           
3,154,722
 
TOTAL INVESTMENTS — 99.9%
               
(Cost $2,879,924) 
         
$
3,154,722
 


Percentages are based on Net Assets of $3,157,733.
*
Non-income producing security.

ADR — American Depositary Receipt
Cl — Class

As of October 31, 2021, 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.
For the year ended October 31, 2021, there were no transfers in or out of Level 3.



The accompanying notes are an integral part of the financial statements.
73

Schedule of Investments
 
October 31, 2021
 
Global X MSCI China Consumer Discretionary 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 — 99.9%
           
CHINA — 99.9%
           
Consumer Discretionary — 99.9%
           
Alibaba Group Holding * 
   
2,661,056
   
$
55,759,010
 
ANTA Sports Products 
   
1,044,196
     
16,322,589
 
Baozun ADR * 
   
155,859
     
2,696,361
 
Beijing Roborock Technology, Cl A
   
11,091
     
1,559,014
 
Bosideng International Holdings
   
9,007,600
     
6,993,901
 
Brilliance China Automotive Holdings *(A)(B)(C)
   
7,607,900
     
2,251,646
 
BYD, Cl A 
   
202,549
     
9,848,272
 
BYD, Cl H 
   
733,930
     
27,983,319
 
Changzhou Xingyu Automotive Lighting Systems, Cl A
   
50,030
     
1,786,724
 
China East Education Holdings (D)
   
1,485,600
     
1,415,121
 
China Education Group Holdings
   
2,151,500
     
3,695,058
 
China Meidong Auto Holdings 
   
1,446,000
     
7,509,709
 
China Tourism Group Duty Free, Cl A
   
211,950
     
8,886,891
 
China Yuhua Education 
   
3,938,200
     
1,792,150
 
Chongqing Changan Automobile, Cl A
   
1,050,376
     
3,199,015
 
Dada Nexus ADR * 
   
129,577
     
2,631,709
 
Dongfeng Motor Group, Cl H * 
   
6,605,246
     
6,173,008
 
Ecovacs Robotics, Cl A 
   
76,100
     
2,038,382
 
FAW Jiefang Group, Cl A 
   
490,300
     
797,167
 
Fuyao Glass Industry Group, Cl A
   
323,214
     
2,493,756
 
Fuyao Glass Industry Group, Cl H
   
1,384,200
     
7,989,482
 
Gaotu Techedu ADR * (D) 
   
354,824
     
1,043,183
 


The accompanying notes are an integral part of the financial statements.
74

Schedule of Investments
 
October 31, 2021
 
Global X MSCI China Consumer Discretionary ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
Consumer Discretionary — continued
           
Geely Automobile Holdings 
   
5,859,500
   
$
20,375,171
 
GOME Retail Holdings * (D) 
   
31,463,800
     
3,195,300
 
Great Wall Motor, Cl A 
   
362,900
     
3,854,186
 
Great Wall Motor, Cl H 
   
3,585,297
     
16,177,287
 
Guangdong Xinbao Electrical Appliances Holdings, Cl A
   
132,000
     
462,424
 
Guangzhou Automobile Group, Cl H
   
6,834,923
     
6,466,732
 
Haidilao International Holding (D)
   
1,522,400
     
4,266,372
 
Haier Smart Home, Cl A 
   
1,049,819
     
4,459,849
 
Haier Smart Home, Cl H 
   
2,525,960
     
9,449,153
 
Hang Zhou Great Star Industrial, Cl A *
   
185,900
     
929,979
 
Hangzhou Robam Appliances, Cl A
   
159,132
     
778,672
 
HengTen Networks Group * (D)
   
5,133,900
     
1,762,106
 
Huayu Automotive Systems, Cl A
   
549,080
     
2,293,157
 
Huazhu Group ADR * 
   
238,955
     
11,077,954
 
Huizhou Desay Sv Automotive, Cl A
   
82,500
     
1,383,225
 
Jason Furniture Hangzhou, Cl A
   
112,900
     
1,097,489
 
JD Health International * 
   
486,070
     
4,305,182
 
JD.com ADR * 
   
649,702
     
50,858,673
 
Jiumaojiu International Holdings
   
1,353,000
     
3,391,609
 
Joyoung, Cl A * 
   
131,300
     
478,838
 
Kuang-Chi Technologies, Cl A *
   
354,900
     
1,136,310
 
Li Auto ADR * 
   
495,725
     
16,175,507
 
Li Ning 
   
2,083,100
     
23,163,259
 
Liaoning Cheng Da, Cl A 
   
266,513
     
847,071
 
Meituan, Cl B * 
   
2,128,650
     
73,773,024
 
Minth Group 
   
1,493,600
     
5,971,290
 
NavInfo, Cl A * 
   
392,700
     
717,602
 
New Oriental Education & Technology Group ADR *
   
1,992,655
     
4,084,943
 
Ningbo Joyson Electronic, Cl A
   
220,300
     
610,042
 
Ningbo Tuopu Group, Cl A 
   
195,435
     
1,584,187
 
NIO ADR * 
   
1,054,902
     
41,573,688
 


The accompanying notes are an integral part of the financial statements.
75

Schedule of Investments
 
October 31, 2021
 
Global X MSCI China Consumer Discretionary ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
Consumer Discretionary — continued
           
Offcn Education Technology, Cl A *
   
368,902
   
$
601,518
 
Oppein Home Group, Cl A 
   
88,605
     
1,761,527
 
Pinduoduo ADR * 
   
336,703
     
29,939,631
 
SAIC Motor, Cl A 
   
1,305,400
     
4,134,742
 
Sailun Group, Cl A 
   
500,553
     
1,047,591
 
Shandong Linglong Tyre, Cl A 
   
232,834
     
1,282,956
 
Shanghai Jinjiang International Hotels, Cl A
   
154,056
     
1,299,299
 
Shanghai Yuyuan Tourist Mart Group, Cl A
   
498,828
     
765,846
 
Shenzhen MTC, Cl A * 
   
709,100
     
542,676
 
Shenzhen Overseas Chinese Town, Cl A
   
1,333,900
     
1,304,171
 
Shenzhou International Group Holdings
   
835,092
     
18,013,567
 
Songcheng Performance Development, Cl A
   
427,880
     
935,593
 
Suning.com, Cl A * 
   
1,605,100
     
1,120,589
 
Suofeiya Home Collection, Cl A
   
60,500
     
159,879
 
TAL Education Group ADR * 
   
619,527
     
2,533,865
 
TCL Technology Group, Cl A 
   
2,374,505
     
2,247,411
 
Tongcheng-Elong Holdings * 
   
2,436,000
     
5,455,052
 
Topsports International Holdings
   
3,364,200
     
4,091,159
 
Trip.com Group ADR * 
   
516,152
     
14,741,301
 
Vipshop Holdings ADR * 
   
576,073
     
6,428,975
 
Wangfujing Group, Cl A 
   
162,600
     
782,183
 
Weifu High-Technology Group, Cl A
   
129,600
     
393,292
 
Wuchan Zhongda Group, Cl A 
   
871,200
     
853,144
 
Xiamen Intretech, Cl A 
   
120,940
     
582,156
 
XPeng ADR, Cl A * 
   
381,284
     
17,779,273
 
Yadea Group Holdings 
   
2,776,100
     
4,782,041
 
Yum China Holdings 
   
392,399
     
22,398,135
 
Zhejiang Semir Garment, Cl A 
   
327,987
     
384,198
 
Zhejiang Supor, Cl A * 
   
94,626
     
783,291
 
Zhongsheng Group Holdings 
   
1,078,000
     
9,748,915
 


The accompanying notes are an integral part of the financial statements.
76

Schedule of Investments
 
October 31, 2021
 
Global X MSCI China Consumer Discretionary ETF
 

   
Shares/Face Amount
   
Value
 
COMMON STOCK — continued
           
TOTAL CHINA 
       
$
648,459,724
 
TOTAL COMMON STOCK
             
(Cost $724,666,089) 
         
648,459,724
 
               
SHORT-TERM INVESTMENT(E)(F) — 0.8%
             
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
             
(Cost $5,111,111)  
   
5,111,111
     
5,111,111
 
                 
REPURCHASE AGREEMENT(E)— 0.6%
               
BNP Paribas
               
0.030%, dated 10/29/2021, to be repurchased on 11/01/2021, repurchase price $4,114,279 (collateralized by various U.S. Treasury Obligations, ranging in par value $165,464 - $551,792, 0.750% - 1.250%, 01/31/2028 - 03/31/2028, with a total market value of $4,204,435)
               
(Cost $4,114,268)  
 
$
4,114,268
     
4,114,268
 
TOTAL INVESTMENTS — 101.3%
               
(Cost $733,891,468) 
         
$
657,685,103
 

Percentages are based on Net Assets of $649,503,028.




The accompanying notes are an integral part of the financial statements.
77

Schedule of Investments
 
October 31, 2021
 
Global X MSCI China Consumer Discretionary ETF
 


*
Non-income producing security.
(A)
Level 3 security in accordance with fair value hierarchy.
(B)
Security considered illiquid (Unaudited). The total value of such securities as of October 31, 2021 was $2,251,646 and represented 0.3% of Net Assets.
(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, 2021, was $2,251,646 and represents 0.3% of Net Assets.
(D)
This security or a partial position of this security is on loan at October 31, 2021.  The total value of securities on loan at October 31, 2021 was $8,678,275.
(E)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2021 was $9,225,379.
(F)
The rate reported on the Schedule of Investments is the 7-day effective yield as of October 31, 2021.


ADR — American Depositary Receipt
Cl — Class

The following is a summary of the level of inputs used as of October 31, 2021, in valuing the Fund’s investments carried at value:
Investments in Securities
 
Level 1
   
Level 2
   
Level 3 (1)
   
Total
 
Common Stock
 
$
646,208,078
   
$
   
$
2,251,646
   
$
648,459,724
 
Short-Term Investment
   
5,111,111
     
     
     
5,111,111
 
Repurchase Agreement
   
     
4,114,268
     
     
4,114,268
 
Total Investments in Securities
 
$
651,319,189
   
$
4,114,268
   
$
2,251,646
   
$
657,685,103
 

(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.

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



The accompanying notes are an integral part of the financial statements.
78

Schedule of Investments
 
October 31, 2021
 
Global X MSCI China Consumer Staples ETF
 

Sector Weightings (Unaudited)†:


† Sector weightings percentages are based on the total market value of investments.

   
Shares
   
Value
 
COMMON STOCK — 99.8%
           
CHINA — 98.9%
           
Consumer Staples — 98.9%
           
Angel Yeast, Cl A 
   
7,554
   
$
65,633
 
Anhui Gujing Distillery, Cl A 
   
3,926
     
139,590
 
Anhui Gujing Distillery, Cl B 
   
14,900
     
192,076
 
Anhui Kouzi Distillery, Cl A 
   
5,600
     
53,029
 
Beijing Dabeinong Technology Group, Cl A
   
71,900
     
96,350
 
Beijing Shunxin Agriculture, Cl A
   
7,630
     
38,825
 
Beijing Yanjing Brewery, Cl A 
   
28,400
     
29,408
 
By-health, Cl A 
   
16,000
     
63,673
 
C&S Paper, Cl A 
   
11,600
     
30,872
 
Chacha Food, Cl A 
   
4,000
     
35,548
 
China Feihe 
   
381,500
     
635,584
 
China Mengniu Dairy 
   
235,800
     
1,501,969
 
China Resources Beer Holdings
   
163,700
     
1,357,319
 
Chongqing Brewery, Cl A * 
   
4,572
     
107,432
 
Chongqing Fuling Zhacai Group, Cl A
   
8,300
     
45,216
 
Dali Foods Group 
   
329,200
     
183,240
 
DaShenLin Pharmaceutical Group, Cl A
   
3,940
     
21,766
 
Foshan Haitian Flavouring & Food, Cl A
   
26,875
     
491,185
 
Fu Jian Anjoy Foods, Cl A 
   
1,100
     
34,814
 
Fujian Sunner Development, Cl A
   
10,200
     
35,749
 
Guangdong Haid Group, Cl A 
   
14,391
     
147,558
 
Heilongjiang Agriculture, Cl A 
   
17,900
     
38,469
 
Henan Shuanghui Investment & Development, Cl A
   
29,340
     
135,182
 
Hengan International Group 
   
83,100
     
434,245
 
Inner Mongolia Yili Industrial Group, Cl A
   
51,129
     
343,378
 
Jiangsu King’s Luck Brewery JSC, Cl A
   
12,000
     
92,436
 


The accompanying notes are an integral part of the financial statements.
79

Schedule of Investments
 
October 31, 2021
 
Global X MSCI China Consumer Staples ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
Consumer Staples — continued
           
Jiangsu Yanghe Brewery Joint-Stock, Cl A
   
12,194
   
$
354,582
 
Jiangxi Zhengbang Technology, Cl A
   
28,700
     
44,915
 
JiuGui Liquor, Cl A 
   
1,350
     
45,314
 
Jonjee Hi-Tech Industrial And Commercial Holding, Cl A
   
8,200
     
46,554
 
Juewei Food, Cl A 
   
5,900
     
60,680
 
Kweichow Moutai, Cl A 
   
5,276
     
1,504,740
 
Laobaixing Pharmacy Chain JSC, Cl A
   
3,660
     
25,009
 
Luzhou Laojiao, Cl A 
   
11,697
     
418,265
 
Muyuan Foods, Cl A 
   
41,264