Global X Social Media ETF (ticker: SOCL)
Global X Lithium & Battery Tech ETF (ticker: LIT)
Global X E-commerce ETF (ticker: EBIZ)
Global X Emerging Markets Internet & E-commerce ETF (ticker: EWEB)
Global X SuperDividend® ETF (ticker: SDIV)
Global X SuperDividend® U.S. ETF (ticker: DIV)
Global X MSCI SuperDividend® EAFE ETF (ticker: EFAS)
Global X MSCI SuperDividend® Emerging Markets ETF (ticker: SDEM)
Global X SuperDividend® REIT ETF (ticker: SRET)
Global X NASDAQ 100® Covered Call ETF (ticker: QYLD)
Global X S&P 500® Covered Call ETF (ticker: XYLD)
Global X Russell 2000 Covered Call ETF (ticker: RYLD)
Global X Nasdaq 100® Covered Call & Growth ETF (ticker: QYLG)
Global X S&P 500® Covered Call & Growth ETF (ticker: XYLG)
Global X SuperIncome™ Preferred ETF (ticker: SPFF)
Global X Renewable Energy Producers ETF (ticker: RNRG)
Global X S&P 500® Catholic Values ETF (ticker: CATH)
Global X S&P Catholic Values Developed ex-U.S. ETF (ticker: CEFA)
Global X Guru® Index ETF (ticker: GURU)
Global X S&P 500® Tail Risk ETF (ticker: XTR)
Global X S&P 500® Risk Managed Income ETF (ticker: XRMI)
Global X S&P 500® Collar 95-110 ETF (ticker: XCLR)
Global X NASDAQ 100®  Tail Risk ETF (ticker: QTR)
Global X NASDAQ 100®  Risk Managed Income ETF (ticker: QRMI)
Global X NASDAQ 100®  Collar 95-110 ETF (ticker: QCLR)

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 Social Media ETF
68
Global X Lithium & Battery Tech ETF
72
Global X E-commerce ETF
77
Global X Emerging Markets Internet & E-commerce ETF
82
Global X SuperDividend® ETF
86
Global X SuperDividend® U.S. ETF
95
Global X MSCI SuperDividend® EAFE ETF
100
Global X MSCI SuperDividend® Emerging Markets ETF
105
Global X SuperDividend® REIT ETF
110
Global X NASDAQ 100® Covered Call ETF
114
Global X S&P 500® Covered Call ETF
120
Global X Russell 2000 Covered Call ETF
138
Global X Nasdaq 100® Covered Call & Growth ETF
140
Global X Global X S&P 500® Covered Call & Growth ETF
146
Global X SuperIncome™ Preferred ETF
164
Global X Renewable Energy Producers ETF
169
Global X S&P 500® Catholic Values ETF
175
Global X S&P Catholic Values Developed ex-US ETF
191
Global X Guru® Index ETF
217
Global X S&P 500® Tail Risk ETF
223
Global X S&P 500® Risk Managed Income ETF
241
Global X S&P 500® Collar 95-110 ETF
260
Global X NASDAQ 100® Tail Risk ETF
279
Global X NASDAQ 100® Risk Managed Income ETF
285
Global X NASDAQ 100® Collar 95-110 ETF
292
Statements of Assets and Liabilities
299
Statements of Operations
306
Statements of Changes in Net Assets
313
Financial Highlights
326
Notes To Financial Statements
342
Report of Independent Registered Public Accounting Firm
370
Disclosure of Fund Expenses
373
Liquidity Risk Management Program
377
Approval of Investment Advisory Agreement
378
Supplemental Information
383
Trustees and Officers of the Trust
384
Notice to Shareholders
387

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 the Global X Funds use 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 Social Media ETF
 


Global X Social Media ETF
The Global X Social Media ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Social Media Total Return Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to track the price movements in shares of companies which are active in the social media industry, including companies that provide social networking, file sharing, and other web-based media applications, as defined by Solactive AG, the provider of the Underlying Index. A maximum of 50 components are included in the Underlying Index which are weighted according to freefloat market capitalization.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 17.94%, while the Underlying Index increased 18.58%. The Fund had a net asset value of $51.95 per share on October 31, 2020 and ended the reporting period with a net asset value of $61.26 per share on October 31, 2021.
During the reporting period, the highest returns came from AfreecaTV Co., Ltd. and Life360, Inc. Shs Chess Depository Interests Repr 3 Sh, which returned 216.79% and 198.34%, respectively. The worst performers were Kuaishou Technology Class B and Hello Pal International, Inc., which returned -75.15% and -72.42%, respectively.
The social media segment has seen robust growth since the beginning of the COVID-19 pandemic as consumers increase their engagement with these platforms to maintain social interactions with family, friends, and acquaintances. With over half of the world’s population now on social media platforms, businesses continue to rely on social media as a key advertising channel, resulting in strong revenue growth during the reporting period despite an uncertain economic backdrop. In addition, new forms of monetization such as social commerce, or the intersection between social media and e-commerce, are accelerating monetization opportunities for companies in the social media space. Sector weightings of the Fund were highest in Communication Services, at 92.8% during the reporting period. Geographically, the Fund maintained an average allocation of 44.1% to United States stocks, followed by China (29%) and South Korea (10.2%) during the reporting period.





1

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Social Media ETF
 


 
AVERAGE 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 Social Media ETF
17.94%
17.16%
28.17%
28.05%
21.49%
21.42%
15.52%
15.48%
Solactive Social Media Total Return Index
18.58%
18.58%
28.92%
28.92%
22.18%
22.18%
16.14%
16.14%
MSCI ACWI (Net)
37.28%
37.28%
17.47%
17.47%
14.72%
14.72%
11.56%
11.56%


* The Fund commenced operations on November 14, 2011.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging market
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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 waiver sand/or expense reimbursements (if applicable), returns would have been lower.





2

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Social Media ETF
 


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





3

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


Global X Lithium & Battery Tech ETF
The Global X Lithium & Battery Tech ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Lithium Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to track the performance of the largest and most liquid listed companies active in exploration and/or mining of lithium or the production of lithium batteries, as defined by Solactive AG, the provider of the Underlying Index. The Underlying Index is calculated as a total return index and adjusted semi-annually.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 112.89%, while the Underlying Index increased 114.17%. The Fund had a net asset value of $42.86 per share on October 31, 2020 and ended the reporting period with a net asset value of $91.07 per share on October 31, 2021.
During the reporting period, the highest returns came from Pilbara Minerals Limited and L & F Co Ltd., which returned 501.41% and 377.22%, respectively. The worst performers were Tianneng Power International Limited and Galaxy Resources Ltd., which returned -27.6% and -26.81%, respectively.
Despite the unprecedented global disruptions caused by the COVID-19 pandemic, the electric vehicle (EV) theme is reaching an inflection point as consumers, original equipment manufacturers, and governments accelerate the shift away from internal combustion engines and towards battery-powered vehicles. During the reporting period, EV sales reached record highs, more than doubling the sales numbers from the previous year in countries such as China, the United States and Germany. As a result of the strong current and future expected demand, lithium prices have risen rapidly in 2021, creating positive tailwinds for lithium miners. On the battery front, the ability to efficiently, reliably, and inexpensively mass-produce lithium-ion cells was essential for growing the EV market. Battery prices continued to fall, albeit at a slower pace as raw material prices weighed on the cost of production. During the reporting period, the Fund had an average approximate stock exposure of 46% in China, 22% in the United States, 11% in South Korea, and 6% in Australia. By sector, it had the highest exposure to Materials, at 48%, followed by Industrials (21%), Information Technology (17%), and Consumer Discretionary (15%).





4

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Lithium & Battery Tech 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 Lithium & Battery Tech ETF
112.89%
113.51%
46.74%
47.33%
33.32%
33.45%
12.74%
12.94%
Solactive Global Lithium Index
114.17%
114.17%
46.89%
46.89%
33.36%
33.36%
13.12%
13.12%
MSCI ACWI Index
37.28%
37.28%
17.47%
17.47%
14.72%
14.72%
11.32%
11.32%



*Fund commenced operations on July 22, 2010.
The MSCI ACWI (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waiver sand/or expense reimbursements (if applicable), returns would have been lower.





5

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


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





6

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X E-commerce ETF
 


Global X E-commerce ETF
The Global X E-commerce ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive E-commerce Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to track the price movements in shares of companies which are active in the field of e-commerce, as defined by Solactive AG, the provider of the Underlying Index. This may include companies that operate e-commerce platforms, provide e-commerce software, analytics or services, and/or primarily sell goods and services online and generate the majority of their overall revenue from online retail.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 17.39%, while the Underlying Index increased 17.87%. The Fund had a net asset value of $26.79 per share on October 31, 2020 and ended the reporting period with a net asset value of $31.19 per share on October 31, 2021.
During the reporting period, the highest returns derived from Uxin Ltd. Sponsored ADR and Williams-Sonoma, Inc., which returned 150.00% and 106.76% respectively. The worst performers included Baozun, Inc. Sponsored ADR Class A and LendingTree, Inc., which returned -52.72% and -50.13% respectively.
The global e-commerce market continued to benefit from the COVID-19 pandemic over the reporting period, as consumers chose to purchase goods from afar. Even as countries loosened social distancing stipulations, consumers continued to turn to digital marketplaces for convenience and safety reasons. Although e-commerce sales as a percent of total retail sales in the United States fell somewhat with easing lockdowns, its market share is still well above comparable periods prior to the COVID-19 pandemic. Additionally, e-commerce vendors have proven more resilient than their brick-and-mortar counterparts to supply chain disruption caused by the COVID-19 pandemic. E-commerce companies tend to swap product offerings and source alternative suppliers quicker than conventional retailers, a valuable trait for adapting to the now rampant bottlenecks. During the reporting period, sector weightings were highest in Consumer Discretionary at 74%, followed by Communication Services (22.1%). Geographically, the Fund maintained an average allocation of 56.3% to United States stocks, followed by China (23.5%) and the United Kingdom (5.7%) during the reporting period.





7

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X E-commerce ETF
 


 
AVERAGE 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 E-commerce ETF
17.39%
17.06%
28.88%
28.84%
Solactive E-commerce Index
17.87%
17.87%
29.45%
29.45%
MSCI ACWI (Net)
37.28%
37.28%
18.16%
18.16%




* The Fund commenced operations on November 27, 2018.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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 waiver sand/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.






8

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Emerging Markets Internet & E-commerce ETF
 


Global X Emerging Markets Internet & E-commerce ETF
The Global X Emerging Markets Internet & E-commerce ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the NASDAQ CTA Emerging Markets Internet & E-commerce Net Total Return Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to provide exposure to exchange-listed companies that are expected to benefit from further adoption of internet and e-commerce technologies in emerging markets, as defined by Nasdaq, Inc., the provider of the Underlying Index (the “Index Provider”) and the Consumer Technology Association (“CTA”). The Index Provider and the CTA jointly developed the eligibility and selection criteria for the Underlying Index. In order to be eligible for inclusion in the Underlying Index, a company must derive at least 50% of its revenue, operating income, or assets from: (i) internet-related services (including social media and online entertainment); (ii) internet retail commerce; (iii) internet search engine services; and/or (iv) software delivered via the internet.
From the inception of the Fund to the period ended October 31, 2021 (the “reporting period”), the Fund decreased 18.93%, while the Underlying Index decreased 18.41%. The Fund had a net asset value of $14.79 per share on November 9, 2020 and ended the reporting period with a net asset value of $11.99 per share on October 31, 2021.
During the reporting period, the highest returns derived from Kakao Corp. and Bilibili, Inc. Sponsored ADR Class Z, which returned 84.72% and 64.09%, respectively. The worst performers included New Oriental Education & Technology Group, Inc. Sponsored ADR and Koolearn Technology Holding Limited, which returned -87.22% and -82.29%, respectively.
Emerging markets, which tend to be most susceptible to downturns in the global economy, faced several challenges during the reporting period as COVID-19 variants lingered and spread, energy crises arose, and supply chain constraints heightened. The COVID-19 pandemic’s impact initially caused a setback in the progress emerging market economies made in previous decades due to a widening income gap and the lack of access to work-from-home capabilities that developed countries have. Despite the COVID-19 pandemic resurging sporadically in some regions and reducing expendable income for vulnerable workers, the primary sectors leading growth in developing economies amid the COVID-19 pandemic include Internet and E-Commerce. China, a primary emerging market, is the acting world leader in e-commerce, with an industry size nearly three times larger than that of the United States. Additionally, the country has nearly one billion internet users, representing more than





9

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Emerging Markets Internet & E-commerce ETF
 


one-fifth of the global user base. Yet increasing regulatory scrutiny in China towards the end of the reporting period severely hurt the performance of many leading Chinese internet and e-commerce companies. During the reporting period, sector weightings of the Fund were highest in Communication Services at 56.7%, ahead of Consumer Discretionary at 35.4%. Geographically, the Fund maintained an average allocation of 70.1% to Chinese stocks, followed by South Korean (8.7%) and Brazilian (5.6%) during the reporting period.

 
AVERAGE TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2021
 
Cumulative Inception to Date*
 
Net Asset Value
Market Price
Global X Emerging Markets Internet & E-commerce ETF
-18.93%
-19.61%
NASDAQ CTA Emerging Markets Internet & E-commerce Net Total Return Index
-18.41%
-18.41%
MSCI Emerging Markets Index (Net)
8.22%
8.22%


* The Fund commenced operations on November 9, 2020.





10

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Emerging Markets Internet & E-commerce ETF
 


The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.
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 waiver sand/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.





11

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X SuperDividend® ETF
 


Global X SuperDividend® ETF
The Global X SuperDividend® ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global SuperDividend® Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index tracks the price movements in shares of the 100 international companies with the highest dividend yield subject to several qualitative dividend outlook checks applied by Solactive AG, the provider of the Underlying Index. The components of the Underlying Index are weighted equally, and adjustments are conducted annually with additional quarterly dividend sustainability checks. The Underlying Index is a total return index.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 32.21%, while the Underlying Index increased 32.62%. The Fund had a net asset value of $10.61 per share on October 31, 2020 and ended the reporting period with a net asset value of $13.01 per share on October 31, 2021.
During the reporting period, the highest returns derived from China Power International Development Ltd. and PhosAgro, which returned 185.4% and 127.65%, respectively. The worst performers included Hoegh LNG Partners LP and Yuzhou Group Holdings Co Ltd, which returned -69.9% and -67.43%, respectively.
The stocks held by the Fund have some of the highest dividend yields in the world. As the COVID-19 pandemic eased, high-dividend-yield sectors, such as Real Estate and Energy, strongly rallied during the reporting period, contributing to the Fund’s robust performance. The Fund’s strategy performed well during the fiscal year, given the low-interest-rate environment, outperforming the broader MSCI ACWI Index. During the reporting period, the Fund had an approximate average exposure of 27% to U.S. stocks, 16% to Chinese stocks, 8% to Hong Kong stocks, and 6% to U.K. stocks. By sector, it averaged an approximate exposure of 27% to Real Estate Investment Trusts, 25% to Financial Services, 14% to Energy, and 9% to Mortgage Materials.






12

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X SuperDividend® ETF
 


 
AVERAGE 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 SuperDividend® ETF
32.21%
32.24%
-4.19%
-4.18%
-1.13%
-1.11%
2.23%
2.39%
Solactive Global SuperDividend® Index
32.62%
32.62%
-4.09%
-4.09%
-0.90%
-0.90%
2.21%
2.21%
MSCI ACWI (Net)
37.28%
37.28%
17.47%
17.47%
14.72%
14.72%
11.32%
11.32%




* The Fund commenced operations on June 8, 2011.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. 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 waiver sand/or expense reimbursements  (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.





13

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X SuperDividend® ETF
 


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






14

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X SuperDividend® U.S. ETF
 


Global X SuperDividend® U.S. ETF
The Global X SuperDividend® U.S. ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx SuperDividend® U.S. Low Volatility Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is maintained by Indxx, LLC, (the “Index Provider”). The Underlying Index tracks the performance of a maximum of 50 equally weighted common stocks, Master Limited Partnerships, and Real Estate Investment Trusts that rank among the highest dividend yielding equity securities in the United States, as defined by the Index Provider. The components of the Underlying Index will have also paid dividends consistently over the last two years. The Underlying Index is comprised of securities that the Index Provider determines to have lower relative volatility than the market.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 42.53%, while the Underlying Index increased 42.80%. The Fund had a net asset value of $14.99 per share on October 31, 2020 and ended the reporting period with a net asset value of $20.13 per share on October 31, 2021.
During the reporting period, the highest returns derived from MPLX LP and Compass Diversified Holdings, which returned 96.26% and 88.46%, respectively. The worst performers included National Presto Industries, Inc. and PetMed Express, Inc., which returned -18.62% and -17.24%, respectively.
The Fund invests in many of the highest-yielding stocks in the United States. High-dividend investing is a value-oriented strategy, which seeks to produce low-volatility returns. The strategy performed well during the fiscal year, given the low-interest-rate environment and recovery from the COVID-19 pandemic, outperforming the broader S&P 500® Index. The Fund’s exposure to sectors aided by the reopening from the COVID-19 pandemic, such as Real Estate and Energy, added to the strong performance during the reporting period relative to the benchmark. During the fiscal year, by sector, the Fund averaged an exposure of 23% to Consumer Staples, 19% to Energy, 13% to Real Estate, and 12% to Utilities. Given the income-oriented nature of these sectors, they could be affected by changes in interest rates, particularly in the short term.






15

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X SuperDividend® U.S. ETF
 


 
AVERAGE 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 SuperDividend® U.S. ETF
42.53%
42.57%
0.73%
0.74%
3.41%
3.43%
4.23%
4.31%
Indxx SuperDividend® U.S. Low Volatility Index
42.80%
42.80%
0.91%
0.91%
3.94%
3.94%
4.78%
4.78%
S&P 500® Index
42.91%
42.91%
21.48%
21.48%
18.93%
18.93%
15.62%
15.62%



* The Fund commenced operations on March 11, 2013.
The S&P 500® Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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 waiver sand/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.





16

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X SuperDividend® U.S. ETF
 


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






17

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI SuperDividend® EAFE ETF
 


Global X MSCI SuperDividend® EAFE ETF
The Global X MSCI SuperDividend® EAFE ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI EAFE Top 50 Dividend Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index tracks the performance of 50 equally-weighted companies that rank among the highest dividend yielding equity securities from international developed markets across Europe, Australasia, and the Far East as defined by MSCI, the provider of the Underlying Index.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 43.05%, while the Underlying Index increased 44.08%. The Fund had a net asset value of $11.44 per share on October 31, 2020 and ended the reporting period with a net asset value of $15.62 per share on October 31, 2021.
During the reporting period, the highest returns derived from Banco Bilbao Vizcaya Argentaria, S.A. and Klepierre S.A., which returned 121.69% and 101.38%, respectively. The worst performers included Rio Tinto Limited and Aurizon Holdings Ltd., which returned -22.39% and -12.96%, respectively.
The Fund tracks performance of 50 equally weighted companies that rank among the highest dividend yielding securities in Europe, Australasia, and the Far East. Developed international markets began recovering from the effects of the COVID-19 pandemic and value stocks, in particular, benefited from an improved global economy. A lifting of travel and lockdown restrictions boosted cyclical businesses and, by extension, the financial systems in developed markets. The recovery in Western European economies drove much of the Fund’s returns during the reporting period. During the reporting period, sector weighting reported highest in Financials (31.5%), followed by Communication Services (13.4%). The Fund has the highest average exposure to U.K. stocks at 22%, ahead of Japan (10.7%), France (9.4%), and Hong Kong (8.2%).





18

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI SuperDividend® EAFE ETF
 


 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021 *
 
One Year Return
Three Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X MSCI SuperDividend® EAFE ETF
43.05%
44.55%
4.86%
5.13%
6.61%
6.55%
MSCI EAFE Top 50 Dividend Index
44.08%
44.08%
5.48%
5.48%
7.14%
7.14%
MSCI EAFE Index (Net)
34.18%
34.18%
11.54%
11.54%
10.36%
10.36%




* The Fund commenced operations on November 14, 2016.
The MSCI EAFE Index (Net) (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waiver sand/or expense reimbursements  (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.





19

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI SuperDividend® EAFE ETF
 


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






20

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI SuperDividend® Emerging Markets ETF
 


Global X MSCI SuperDividend® Emerging Markets ETF
The Global X MSCI SuperDividend® Emerging Markets ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets Top 50 Dividend Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index tracks the performance of 50 equally-weighted companies that rank among the highest dividend yielding equity securities in emerging markets, as defined by MSCI, the provider of the Underlying Index. The Underlying Index may include components from the following countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, India, Indonesia, Malaysia, Mexico, Pakistan, Romania, Russia, South Africa, South Korea, Taiwan, Thailand and United Arab Emirates. The Underlying Index begins with the MSCI Emerging Markets Index, which is a capitalization weighted index, as its starting universe, and then follows a rules-based methodology that is designed to select among the highest dividend yielding equity securities of the MSCI Emerging Markets Index.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 25.83%, while the Underlying Index increased 27.69%. The Fund had a net asset value of $9.53 per share on October 31, 2020 and ended the reporting period with a net asset value of $11.26 per share on October 31, 2021.
During the reporting period, the highest returns came from China Power International Development Ltd. and PhosAgro, which returned 185.4% and 127.65%, respectively. The worst performers included China Fortune Land Development Co Ltd. and China Aoyuan Group Limited, which returned -74.51% and -57.6%, respectively.
Stocks held in the Fund are among those with the highest dividend yields in the emerging markets. During the reporting period, the low-interest-rate environment globally, combined with effective COVID-19 vaccine distribution, accelerated the reopening of emerging economies, setting up economic recovery in many emerging nations. Emerging markets also benefited from escalating commodity prices on supply constraints, combined with elevated demand over the fiscal year. During the reporting period, the Fund averaged an approximate stock exposure of 27% in China, 10% in Russia, 8% in Brazil, and 8% in South Africa. By sector, it had the highest exposure to Financials (27%), followed by Real Estate (18%), Materials (14%), and Energy (12%) during the reporting period.





21

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI SuperDividend® Emerging Markets ETF
 



 
AVERAGE 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 SuperDividend® Emerging Markets ETF
25.83%
25.59%
2.12%
2.35%
0.48%
0.50%
1.80%
1.84%
Hybrid INDXX SuperDividend® Emerging Markets Index/MSCI Emerging Markets Top 50 Dividend Index**
27.69%
27.69%
3.36%
3.36%
1.86%
1.86%
3.12%
3.12%
MSCI Emerging Markets Index (Net)
16.96%
16.96%
12.30%
12.30%
9.39%
9.39%
7.06%
7.06%




* The Fund commenced operations on March 16, 2015.
** Hybrid Index performance reflects the performance of the INDXX SuperDividend® Emerging Markets Index through November 15, 2016 and the MSCI Emerging Markets Top 50 Dividend Index thereafter.
The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.





22

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X MSCI SuperDividend® Emerging Markets ETF
 


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 waiver sand/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices on the previous page.






23

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X SuperDividend® REIT ETF
 


Global X SuperDividend® REIT ETF
The Global X SuperDividend® REIT ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global SuperDividend® REIT 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 Real Estate Investment Trusts (“REITs”) that rank among the highest yielding REITs globally, as determined by Solactive AG, the provider of the Underlying Index. Solactive AG screens the highest yielding REITs to exclude REITs that have historically exhibited the highest volatility, as determined by the index provider.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 38.84%, while the Underlying Index increased 39.33%. The Fund had a net asset value of $7.56 per share on October 31, 2020 and ended the reporting period with a net asset value of $9.82 per share on October 31, 2021.
During the reporting period, the highest returns derived from Chimera Investment Corporation and Iron Mountain, Inc., which returned 105.78% and 86.79%, respectively. The worst performers included Fibra Uno and CapitaLand China Trust, which returned -8.26% and -7.91%, respectively.
The Fund invests in REITs, which have some of the highest dividend yields worldwide. During the reporting period, REITs registered solid performance, exploiting the robust recovery of the global economy from the COVID-19 pandemic. Given their higher yielding nature, REITs continued to catch investors’ attention in a low-interest-rate environment at the start of the fiscal year. As the reopening accelerated in the second quarter of 2021 and global mobility resumed, demand for real estate increased. Concerns about inflation also led investors to turn to REITs, since higher costs can often be passed along to tenants. During the reporting period, the Fund averaged an approximate exposure of 65% to Mortgage REITs and 35% to Financials. Geographically, the United States led average approximate exposure at 74%, followed by Canada (9%) and Australia (8%).





24

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X SuperDividend® REIT 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 SuperDividend® REIT ETF
38.84%
38.46%
-5.15%
-5.23%
0.11%
0.06%
1.57%
1.56%
Solactive Global SuperDividend® REIT Index
39.33%
39.33%
-4.87%
-4.87%
0.60%
0.60%
2.11%
2.11%
S&P 500® Index
42.91%
42.91%
21.48%
21.48%
18.93%
18.93%
14.92%
14.92%





* The Fund commenced operations on March 16, 2015.
The S&P 500® Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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 waiver sand/or expense reimbursements  (if applicable), returns would have been lower.





25

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X SuperDividend® REIT ETF
 


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








26

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X NASDAQ 100® Covered Call ETF
 


Global X NASDAQ 100® Covered Call ETF
The Global X NASDAQ® 100 Covered Call ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the CBOE NASDAQ-100-100® BuyWrite V2 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 CBOE NASDAQ-100® BuyWrite Index (“BXN Index”) is a benchmark index that measures the performance of a theoretical portfolio that holds a variety of the stocks included in the NASDAQ-100® Index (“Reference Index”) and “writes” (or sells) a succession of one-month at-the-money (“ATM”) Reference Index covered call options. The Underlying Index replicates the methodology used to calculate the BXN Index, with one exception: the written Reference Index covered call options are held until one day prior to the expiration date (i.e., generally the Thursday preceding the third Friday of the month) and are liquidated at a volume weighted average price determined at the close.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 23.89%, while the Underlying Index increased 24.46%. The Fund had a net asset value of $20.65 per share on October 31, 2020 and ended the reporting period with a net asset value of $22.82 per share on October 31, 2021.
During the reporting period, the highest returns derived from Moderna, Inc., and Tesla Inc., which returned 411.65% and 187.08%, respectively. The worst performers included Zoom Video Communications Inc., and Peloton Interactive Inc., which returned -40.41% and -34.61%, respectively.
The Fund invests in stocks on the NASDAQ-100® and “writes” or “sells” corresponding call options on the Reference Index. The strategy tends to produce higher yields in volatile and uncertain times, when it can collect higher option premiums. The Fund underperformed the benchmark, the NASDAQ-100®, during the reporting period, as volatility subsided over the fiscal year, reducing the amount of premiums received on written options. The Fund’s performance was affected as stocks rallied over the period, with progress in COVID-19 vaccinations leading to a shift from a stay-at-home economy to a reopening economy. The Fund collected high option premiums when the market was volatile, but the NASDAQ-100® market rally later in the period limited the upside at the Fund level due to the ATM options writing. The Fund benefited from the constituents of NASDAQ-100®, which performed positively during the reporting period. Given the Fund’s options-writing strategy, it loses profit potential if the Reference Index rises above the strike price of the index call option.




27

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X NASDAQ 100® Covered Call ETF
 


 
AVERAGE 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 NASDAQ 100® Covered Call ETF
23.89%
23.64%
10.74%
10.63%
11.67%
11.54%
9.34%
9.32%
Hybrid CBOE NASDAQ-100® BuyWrite Index/CBOE NASDAQ-100® BuyWrite V2 Index**
24.46%
24.46%
12.13%
12.13%
12.88%
12.88%
10.32%
10.32%
NASDAQ 100®  Total Return Index
44.43%
44.43%
32.74%
32.74%
28.25%
28.25%
22.54%
22.54%


* The Fund commenced operations on December 11, 2013.
** Hybrid Index performance reflects the performance of the CBOE NASDAQ-100® BuyWrite Index through October 14, 2015 and CBOE NASDAQ-100® BuyWrite V2 Index thereafter.
The Fund operated as the Horizons NASDAQ 100® Covered Call ETF (the “Predecessor Fund”), a series of Horizons ETF Trust I, prior to the Fund’s acquisition of the assets and assumption of the liabilities of the Predecessor Fund on December 24, 2018 (See Note 1 in Notes to Financial Statements).
On October 14, 2015, Global X Management Company LLC (The “Advisor”) changed the Fund’s primary benchmark from the BXN Index to BXNT Index in connection with a change in the Fund’s principal strategies. The Advisor believes the BXNT Index is a better measure of the Fund’s performance. Returns reflect a blended benchmark.





28

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X NASDAQ 100® Covered Call ETF
 


The Nasdaq-100® Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization.
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 waiver sand/or expense reimbursements  (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices on the previous page.






29

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X S&P 500® Covered Call ETF
 


Global X S&P 500® Covered Call ETF
The Global X S&P 500® Covered Call ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the CBOE S&P 500 BuyWrite Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index measures the total rate of return of a S&P 500® Index covered call strategy. This strategy consists of holding a portfolio indexed to the S&P 500® Index and selling a succession of one-month at-the-money S&P 500® Index call options. A covered call strategy is generally considered to be an investment strategy in which an investor buys a security, and sells (or “writes”) a call option on that security in an attempt to generate more income. Each time the Fund writes a covered call option, the Fund receives a payment of money from the investor who buys the option from the Fund, which is called the premium. If the value of the Fund’s call option that it has written declines because of a decline in the value of the S&P 500® Index, the premium that the Fund received for writing the covered call option offsets this loss to some extent.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 30.67%, while the Underlying Index increased 31.54%. The Fund had a net asset value of $42.45 per share on October 31, 2020 and ended the reporting period with a net asset value of $50.37 per share on October 31, 2021.
During the reporting period, the highest returns derived from Devon Energy Corporation and Diamondback Energy Inc., which returned 370.78% and 324.25%, respectively. The worst performers included Penn National Gaming Inc., and MarketAxess Holdings Inc., which returned -39.00% and -23.77%, respectively.
The Fund invests in stocks listed on the S&P 500® Index and “writes” or “sells” corresponding call options on the same index. The S&P 500® Index generated strong returns in the reporting period, reaching record levels, which contributed to the Fund’s performance. However, the Fund’s gains were constrained by call-option writing, leading to underperformance versus the broad S&P 500® Index. The Fund collected high option premiums when the market was volatile, but the stock rally later in the period affected its performance. The S&P 500® Index improved in the period with accommodative Federal Reserve policies, the reopening economy, and strong earnings. Given the Fund’s options-writing strategy, it cedes potential profit when the Underlying Index advances above the strike price of the index call option.






30

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X S&P 500® Covered Call ETF
 


 
AVERAGE 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 S&P 500® Covered Call ETF
30.67%
29.46%
9.46%
9.43%
9.99%
9.99%
8.93%
9.02%
Hybrid  S&P 500® Stock Covered Call Index/CBOE S&P 500 2% OTM BuyWrite Index/CBOE S&P 500 BuyWrite Index**
31.54%
31.54%
10.53%
10.53%
10.62%
10.62%
9.18%
9.18%
S&P 500® Index
42.91%
42.91%
21.48%
21.48%
18.93%
18.93%
15.79%
15.79%


* The Fund commenced operations on June 21, 2013.
** Hybrid Index performance reflects the performance of the S&P 500® Stock Covered Call Index through September 14, 2017, the CBOE S&P 500 2% OTM BuyWrite Index through August 20, 2020 and the CBOE S&P 500 BuyWrite Index thereafter.
The Fund operated as the Horizons S&P 500® Covered Call ETF (the “Predecessor Fund”), a series of Horizons ETF Trust I, prior to the Fund’s acquisition of the assets and assumption of the liabilities of the Predecessor Fund on December 24, 2018 (See Note 1 in Notes to Financial Statements).
The S&P 500® Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.





31

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X S&P 500® Covered Call ETF
 


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 waiver sand/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices on the previous page.






32

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Russell 2000 Covered Call ETF
 


Global X Russell 2000 Covered Call ETF
The Global X Russell 2000 Covered Call ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the CBOE Russell 2000 BuyWrite Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index measures the performance of a theoretical portfolio that holds a portfolio of the stocks included in the Russell 2000 Index (the “Reference Index”), and “writes” (or sells) a succession of one-month at-the-money covered call options on the Reference Index. The written covered call options on the Reference Index are held until expiration. The Reference Index is an equity benchmark which measures the performance of the small-capitalization sector of the U.S. equity market, as defined by FTSE Russell, the provider of the Underlying Index. In seeking to track the Underlying Index, the Fund follows a “buywrite” (also called a covered call) investment strategy on the Reference Index in which the Fund purchases the component securities of the Reference Index or purchases other investments (including other underlying ETFs) that have economic characteristics that are substantially identical to the economic characteristics of such component securities, and also writes (or sells) call options that correspond to the Reference Index.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 38.82%, while the Underlying Index increased 39.62%. The Fund had a net asset value of $20.45 per share on October 31, 2020 and ended the reporting period with a net asset value of $25.18 per share on October 31, 2021.
During the reporting period, the Vanguard Russell 2000 ETF, the only holding of the Fund, returned 50.63%.
The Fund invests in the Vanguard Russell 2000 ETF, which invests in the underlying holdings of the Russell 2000 Index and “writes” or “sells” corresponding call options on the same index. During the reporting period, U.S. small cap stocks strongly rallied at the end of 2020 and in the early stages of 2021. However, small cap stocks did not perform as well for the rest of the reporting period, with waves of COVID-19 outbreaks, news about the Federal Reserve’s tapering plans, and inflation worries. The U.S. Dollar was generally on an upward trajectory, which helped domestic-oriented small cap stocks. High volatility in the small-cap space and broader market saw the Fund collect higher option premiums during the reporting period. Given the Fund’s options-writing strategy, it cedes potential profit when the Russell 2000 Index advances above the strike price of the index call option.






33

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Russell 2000 Covered Call ETF
 


 
AVERAGE 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 Russell 2000 Covered Call ETF
38.82%
38.88%
12.11%
12.14%
CBOE Russell 2000 BuyWrite Index
39.62%
39.62%
13.16%
13.16%
Russell 2000 Index
50.80%
50.80%
17.68%
17.68%


* The Fund commenced operations on April 17, 2019.
The Russell 2000 Index is an index measuring the performance of approximately 2,000 smallest-cap American companies in the Russell 3000 Index, which is made up of 3,000 of the largest U.S. stocks. It is a market-cap weighted index.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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 waiver sand/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.






34

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Nasdaq 100® Covered Call & Growth ETF
 


Global X Nasdaq 100® Covered Call & Growth ETF
The Global X Nasdaq 100® Covered Call & Growth ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the CBOE Nasdaq-100® Half BuyWrite V2 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index measures the performance of a theoretical portfolio that holds a portfolio of the stocks included in the Nasdaq 100® Index (the “Reference Index”), and “writes” (or sells) a succession of one-month at-the-money covered call options on the Reference Index. The written covered call options on the Reference Index correspond to approximately 50% of the value of the portfolio of stocks in the Reference Index. The written covered call options on the Reference Index are held until one day prior to expiration. By only writing call options on approximately 50% of the value of the portfolio of stocks in the Reference Index, the strategy can provide income generation from call options while allowing for some potential upside exposure to the growth of the underlying constituents of the Reference Index, relative to a 100% covered call strategy.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 33.42%, while the Underlying Index increased 34.37%. The Fund had a net asset value of $26.27 per share on October 31, 2020 and ended the reporting period with a net asset value of $33.09 per share on October 31, 2021.
During the reporting period, the highest returns came from Moderna Inc and Tesla Inc, which returned 411.65% and 187.08%, respectively. The worst performers included Zoom Video Communications Inc. and Peloton Interactive Inc, which returned -40.41% and -34.61%, respectively.
The Fund follows a “covered call” or “buy-write” strategy, buying stocks on the Nasdaq-100® and “writing” or “selling” corresponding call options on approximately 50% of the value of the portfolio of stocks on the same index. Over the reporting period, the Fund collected high option premiums when the market was volatile, and participated in some of the market rally in the Nasdaq-100®. Technology stocks performed well over the reporting period, with the higher adoption of technologies and the low interest rate environment. The Fund underperformed the Nasdaq-100® due to the call options written to generate income.





35

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Nasdaq 100® Covered Call & Growth ETF
 


 
AVERAGE 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 Nasdaq 100®  Covered Call & Growth ETF
33.42%
34.00%
29.92%
30.02%
CBOE NASDAQ-100 Half BuyWrite V2 Index**
34.37%
34.37%
30.67%
30.67%
NASDAQ-100® Index
44.43%
44.43%
40.33%
40.33%


* The Fund commenced operations on September 18, 2020.
** The CBOE NASDAQ-100 Half BuyWrite V2 Index measures the total rate of return of a hypothetical “covered call” strategy applied to the NASDAQ 100® Index that only writes half a unit of an at-the-money monthly Call option for every notional unit of the long position.
The Nasdaq-100® Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization.
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 waiver sand/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.





36

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Nasdaq 100® Covered Call & Growth ETF
 


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






37

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X S&P 500® Covered Call & Growth ETF
 


Global X S&P 500® Covered Call & Growth ETF
The Global X S&P 500® Covered Call & Growth ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the CBOE S&P 500 Half BuyWrite Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index measures the performance of a theoretical portfolio that holds a portfolio of the stocks included in the S&P 500® Index (the “Reference Index”), and “writes” (or sells) a succession of one-month at-the-money covered call options on the Reference Index. The written covered call options on the Reference Index correspond to approximately 50% of the value of the portfolio of stocks in the Reference Index. The written covered call options on the Reference Index are held until expiration. The Reference Index is a float-adjusted market capitalization weighted index which measures the performance of the equity securities of 500 industrial, information technology, utility and financial companies, amongst other sectors, and is regarded as generally representative of the U.S. stock market.
During the reporting period ended October 31, 2021 (the “reporting period”), the Fund increased 35.18%, while the Underlying Index increased 37.26%. The Fund had a net asset value of $24.69 per share on October 31, 2020 and ended the reporting period with a net asset value of $31.83 per share on October 31, 2021.
During the reporting period, the highest returns derived from Devon Energy Corporation and Diamondback Energy Inc., which returned 370.78% and 324.25%, respectively. The worst performers included Penn National Gaming Inc. and MarketAxess Holdings Inc., which returned -39.00% and -23.77%, respectively.
The Fund follows a “covered-call” or “buy-write” strategy, purchasing stocks on the Reference Index, and “writing” or “selling” corresponding call options on approximately 50% of the value of the portfolio of stocks on the Reference Index. Over the reporting period, it collected high option premiums when the market was volatile, but the stock rally later during the reporting period affected its returns to some extent, leading to underperformance in comparison to the Reference Index, which reached an all-time high.

 
AVERAGE 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 S&P 500® Covered Call & Growth ETF
35.18%
35.38%
29.11%
28.86%
CBOE S&P 500 Half BuyWrite Index**
37.26%
37.26%
30.43%
30.43%
S&P 500® Index
42.91%
42.91%
35.98%
35.98%






38

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X S&P 500® Covered Call & Growth ETF
 



* The Fund commenced operations on September 18, 2020.
** The CBOE S&P 500 Half BuyWrite Index (the “BXMH Index”) measures the total rate of return of a hypothetical “covered call” strategy applied to the S&P 500 Composite Price Index (the “S&P 500® Index”) that only writes half a unit of an at-the-money monthly Call option for every notional unit of the long position.
The S&P 500® Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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 waiver sand/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.






39

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X SuperIncome™ Preferred ETF
 


Global X SuperIncome™ Preferred ETF
The Global X SuperIncomeTM Preferred ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Enhanced Yield North American Preferred Stock 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 highest-yielding preferred securities in the United States and Canada, as determined by Standard & Poor’s Financial Services, LLC, a subsidiary of  the  McGraw-Hill  Companies  (“S&P”),  the provider  of  the  Underlying  Index. The Underlying Index is comprised of preferred stocks that meet certain  criteria  relating  to  size,  liquidity,  issuer  concentration  and  rating,  maturity  and  other  requirements,  as  determined  by  S&P.  The Underlying Index does  not  seek  to  directly reflect the performance of the companies issuing the preferred stock.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 13.71%, while the Underlying Index increased 14.56%. The Fund had a net asset value of $11.12 per share on October 31, 2020 and ended the reporting period with a net asset value of $11.94 per share on October 31, 2021.
During the reporting period, the highest returns derived from Sabre Corporation and Crestwood Equity Partners LP, which returned 103.17% and 84.75%, respectively. The worst performers included ViacomCBS Inc., and Becton Dickinson, which returned
-6.51% and -4.80%, respectively.
The Fund invests in preferred shares, with some of the highest dividend yields in the United States and Canada. Globally, effective COVID-19 vaccination programs drove economic growth during the reporting period. During the reporting period, accomodative Federal Reserve policies kept rates low and credit spreads tight, driving interest in higher yielding assets, such as preferred stock. Investors also refocused their attention on preferred stocks due to their considerable sector exposure to Financials, which benefits from a stronger economy. During the reporting period, the Fund had an approximate average sector exposure of 58% to Financials, 8% to Information Technology, and 6% to Energy.






40

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X SuperIncome™ Preferred ETF
 


 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
One Year Return
Three Year Return
Five Year Return
AnnualizedInception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X SuperIncome™ Preferred ETF
13.71%
14.41%
7.66%
7.75%
4.62%
4.59%
4.32%
4.51%
S&P Enhanced Yield North American Preferred Stock Index
14.56%
14.56%
8.28%
8.28%
5.19%
5.19%
4.95%
4.95%
S&P 500® Index
42.91%
42.91%
21.48%
21.48%
18.93%
18.93%
16.37%
16.37%


* Fund commenced operations on July 16, 2012.
The S&P 500® Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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 waiver sand/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.





41

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X SuperIncome™ Preferred ETF
 


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






42

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Renewable Energy Producers ETF
 


Global X Renewable Energy Producers ETF
The Global X Renewable Energy Producers ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Renewable Energy Producers Index. (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is a net total return index designed to track the performance of companies that are involved in the generation, distribution, transmission, or providing infrastructure to the renewable energy space, as defined by Indxx, the provider of the Underlying Index.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 15.37%, while the Underlying Index increased 15.96%. The Fund had a net asset value of $14.87 per share on October 31, 2020 and ended the reporting period with a net asset value of $16.82 per share on October 31, 2021.
During the reporting period, the highest returns came from China Longyuan Power Group Corp. Ltd. Class H and Gunkul Engineering Public Co. Ltd. NVDR, which returned 246.40% and 163.12%, respectively. The worst performers were Scatec ASA and Azure Power Global Ltd., which returned -48.25% and -37.25%, respectively.
Durable tailwinds resulted in solid performance for renewable energy producers despite significant obstacles over the reporting period. The COVID-19 pandemic continued to disrupt supply chains across several sectors, driving up prices and making it more difficult for renewable energy producers to acquire equipment or components. However, costs associated with renewable energy remained competitive against traditional energy sources in most markets, especially as oil and gas prices rallied higher. Increasing demand for power globally and mounting urgency to address climate change also drove the segment forward during the reporting period. Notably, the United States reported record renewable energy consumption in the first half of 2021, while key markets such as China, the European Union, and Canada continued to add capacity. Increasingly forthcoming international commitments coupled with new technologies such as green hydrogen could continue to expand the reach of clean energy. Sector weightings of the Fund were reported to be the highest in Utilities, at 88.3%. Geographically, the Fund maintained an average allocation of 14.6% to United States stocks, followed by New Zealand (9.6%) and Canada (8.5%).





43

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Renewable Energy Producers ETF
 


 
AVERAGE 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 Renewable Energy Producers ETF
15.37%
15.43%
16.91%
16.89%
12.58%
12.39%
5.70%
5.69%
Hybrid Indxx Renewable Energy Producers Index**
15.96%
15.96%
17.50%
17.50%
13.09%
13.09%
6.10%
6.10%
MSCI ACWI (Net)
37.28%
37.28%
17.47%
17.47%
14.72%
14.72%
10.65%
10.65%




* Fund commenced operations on May 27, 2015.
**Hybrid index performance reflects the performance of the Indxx Global YieldCo Index through November 18, 2018 and the Indxx YieldCo & Renewable Energy Income Index thereafter. Effective February 1, 2021, the name of the Underlying Index changed from Indxx YieldCo & Renewable Energy Income Index to the Indxx Renewable Energy Producers Index.
The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.





44

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Renewable Energy Producers ETF
 


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 waiver sand/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.
High short term performance of the fund is unusual and investors should not expect such performance to be repeated.
See definition of comparative indices on the previous page.






45

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X S&P 500® Catholic Values ETF
 


Global X S&P 500® Catholic Values ETF
The Global X S&P 500® Catholic Values ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P 500® Catholic Values Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to provide exposure to U.S. equity securities included in the S&P 500® Index while maintaining alignment with the moral and social teachings of the Catholic Church. The Underlying Index applies exclusion criteria to the constituents of the S&P 500® Index in order to create a benchmark aligned with the moral and social teachings of the Catholic Church. These values are consistent with the Socially Responsible Investment Guidelines outlined by the United States Conference of Catholic Bishops (USCCB). The Underlying Index is designed for investors who do not want to breach religious norms in their passive investment strategies. The Underlying Index is reweighted quarterly so that its sector exposures match the sector exposures of the S&P 500® Index..
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 43.54%, while the Underlying Index increased 43.94%. The Fund had a net asset value of $40.32 per share on October 31, 2020 and ended the reporting period with a net asset value of $57.22 per share on October 31, 2021.
During the reporting period, the highest returns came from Devon Energy Corporation and Diamondback Energy Inc., which returned 370.78% and 324.25%, respectively. The worst performers were MarketAxess Holdings Inc., and Incyte Corporation which returned -23.77% and -22.69%, respectively.
The Fund provides exposure to companies within the S&P 500® Index whose business practices align with the investment guidelines set by the USCCB. As of October 31, 2021, the Fund had 474 equity holdings compared with the 505 holdings of the S&P 500® Index. To mitigate the potential performance differences between the S&P 500® Index and the Fund, the Fund’s sector exposures are reweighted to align with those of the S&P 500® Index on a quarterly basis. Because of supportive fiscal and monetary policies in the U.S., during the reporting period the economy experienced a strong recovery and corporate profitability increased, all helping to propel equity markets. Over the reporting period, Information Technology had the highest average sector weighting of 28% in the Fund, followed by Health Care at 13% and Financials at 12%.





46

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X S&P 500® Catholic Values ETF
 


 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
One Year Return
Three Year Return
Five Year Return
AnnualizedInception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X S&P 500® Catholic Values ETF
43.54%
44.68%
21.56%
21.58%
18.99%
18.94%
17.51%
17.54%
S&P 500® Catholic Values Index
43.94%
43.94%
21.95%
21.95%
19.36%
19.36%
17.85%
17.85%
S&P 500® Index
42.91%
42.91%
21.48%
21.48%
18.93%
18.93%
17.50%
17.50%


* Fund commenced operations on April 18, 2016.
The S&P 500® Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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 waiver sand/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.





47

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X S&P 500® Catholic Values ETF
 


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






48

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X S&P Catholic Values Developed ex-US ETF
 


Global X S&P Catholic Values Developed ex-US ETF
The Global X S&P Catholic Values Developed ex-U.S. ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Developed ex-U.S. Catholic Values Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to provide exposure to developed market equity securities outside the U.S. while maintaining alignment with the moral and social teachings of the Catholic Church. The Underlying Index applies exclusion criteria to the constituents of the S&P EPAC ex-Korea Large Cap Index in order to create a benchmark aligned with Catholic values. These values are consistent with the Social Responsible Investment Guidelines outlined by the United States Conference of Catholic Bishops (USCCB). The Underlying Index is designed for investors who do not want to breach religious norms in their passive investment strategies. The Underlying Index is reweighted quarterly so that the Underlying Index’s sector exposures match the sector exposures of the S&P EPAC ex-Korea Large Cap Index.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 33.79%, while the Underlying Index increased 34.43%. The Fund had a net asset value of $24.98 per share on October 31, 2020 and ended the reporting period with a net asset value of $32.8 per share on October 31, 2021.
During the reporting period, the highest returns came from Ascendas REIT and Norsk Hydro ASA which returned 518.75% and 177.76%, respectively. The worst performers were China Evergrande New Energy Vehicle Group Ltd. and Alibaba Health Information Technology Ltd. which returned -86.88% and -63.38%, respectively.
The Fund provides exposure to companies in developed markets outside of the U.S., whose business practices align with the investment guidelines set by the USCCB. To mitigate the potential performance differences between the Fund and traditional International equity benchmarks, the Fund’s sector exposures are reweighted to align with those of the S&P EPAC ex-Korea Large Cap Index on a quarterly basis. During the reporting period, Financials had the highest average weighting of 17% in the Fund, followed by Industrials at 15% and Health Care at 13%. Geographically, the Fund had an approximate average exposure of 32% to Japan, 10% to Australia, 9% to the United Kingdom.





49

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X S&P Catholic Values Developed ex-US ETF
 


 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2021
 
One Year Return
AnnualizedInception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X S&P Catholic Values Developed ex-US ETF
33.79%
34.40%
23.70%
24.16%
S&P Developed ex-U.S. Catholic Values Index
34.43%
34.43%
24.16%
24.16%
MSCI EAFE Index (Net)
34.18%
34.18%
23.73%
23.73%


* Fund commenced operations on June 22, 2020.
The MSCI EAFE Index (Net) (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waiver sand/or expense reimbursements (if applicable), returns would have been lower.





50

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X S&P Catholic Values Developed ex-US ETF
 


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





51

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Guru® Index ETF
 


Global X Guru® Index ETF
The Global X Global X Guru® Index ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Guru 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 comprised of the top U.S. listed equity positions reported on Form 13F by a select group of entities that Solactive AG (the “Index Provider”) characterizes as hedge funds. Hedge funds are selected from a pool of thousands of privately offered pooled investment vehicles based on the size of their reported equity holdings and the efficacy of replicating their publicly disclosed positions. Additional filters are applied to eliminate hedge funds that have high turnover rates for equity holdings. Only hedge funds with concentrated top holdings are included in the selection process. Once the hedge fund pool has been determined, the Index Provider utilizes 13F filings to compile the top stock holding from each of these hedge funds. The stocks are screened for liquidity and equal weighted.
For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 37.43%, while the Underlying Index increased 37.36%. The Fund had a net asset value of $37.31 per share on October 31, 2020 and ended the reporting period with a net asset value of $50.24 per share on October 31, 2021.
During the reporting period, the highest returns came from Tenet Healthcare Corporation and Cheniere Energy Inc., which returned 192.01% and 116%, respectively. The worst performers were Turning Point Therapeutics, Inc. and Amicus Therapeutics Inc., which returned -64.43% and -49.52%, respectively.
The Fund’s investments are among the highest-conviction U.S.-listed equity positions reported on Form 13F by major hedge funds. Over the reporting period, the Fund delivered positive performance but trailed the S&P 500® Index. Quarterly rebalancing results in dynamic exposures, which can change significantly through the year. The Fund benefited from its exposure to the Information Technology, Consumer Discretionary, and Communication Services sectors, which delivered strong performance compared to other sectors. The Fund’s underperformance relative to the S&P 500® Index was primarily the result of more limited exposure in the Information Technology sector, as well as underperformance in stock selection in that sector. Poor stock selection in the Health Care sector also negatively contributed to performance relative to the S&P 500® Index.





52

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Guru® Index ETF
 


 
AVERAGE 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 Guru® Index ETF
37.43%
37.93%
20.16%
20.18%
17.85%
17.87%
15.18%
15.19%
Solactive Guru Index
37.36%
37.36%
20.23%
20.23%
18.05%
18.05%
15.53%
15.53%
S&P 500® Index
42.91%
42.91%
21.48%
21.48%
18.93%
18.93%
16.89%
16.89%


* The Fund commenced operations on June 4, 2012.
The S&P 500® Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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 waiver sand/or expense reimbursements (if applicable), returns would have been lower.





53

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Guru® Index ETF
 


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






54

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X S&P 500® Tail Risk ETF
 


Global X S&P 500® Tail Risk ETF
The Global X S&P 500® Tail Risk ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Cboe S&P 500 Tail Risk Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index measures the performance of a risk management strategy that holds the underlying stocks of the S&P 500® Index and applies a protective put strategy (i.e. long put options) on the S&P 500® Index. The Underlying Index specifically reflects the performance of the component securities of the S&P 500® Index, combined with a long position in 10% out-of-the-money (“OTM”) put options that correspond to the value of the portfolio of stocks in the S&P 500® Index.
From the inception of the Fund to the period ended October 31, 2021 (the “reporting period”), the Fund increased 1.43%, while the Underlying Index increased 1.59%. The Fund had a net asset value of $27.33 per share on August 25, 2021 and ended the reporting period with a net asset value of $27.72 per share on October 31, 2021.
During the reporting period, the highest returns came from Tesla Inc., and Coterra Energy Inc., which returned 56.64% and 45.53%, respectively. The worst performers were Biogen Inc., and DaVita Inc., which returned -22.19% and -21.05%, respectively.
The Fund invests in the stocks in the S&P 500® Index, while buying OTM put options on the S&P 500® Index. While the strategy provides uncapped growth potential, it offers a measure of downside risk, mitigating significant selloffs of greater than approximately -10% between the purchase of the put option and its expiration in three months. Since its launch, the Fund has benefited from the S&P 500’s equity market rally. Accommodative monetary policies and earnings growth drove some of the Underlying Index’s gains during the reporting period. Nonetheless, the gains were pared by costs associated with protection-buying puts, causing a measure of underperformance versus the S&P 500® Index.

 
AVERAGE TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2021
 
Cumulative Inception to Date*
 
Net Asset Value
Market Price
Global X S&P 500® Tail Risk ETF
1.43%
1.54%
Cboe S&P 500 Tail Risk Index
1.59%
1.59%
S&P 500® Index
2.66%
2.66%







55

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X S&P 500® Tail Risk ETF
 





* The Fund commenced operations on August 25, 2021.
The S&P 500® Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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 waiver sand/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.






56

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X S&P 500® Risk Managed Income ETF
 


Global X S&P 500® Risk Managed Income ETF
The Global X S&P 500® Risk Managed Income ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Cboe S&P 500 Risk Managed Income Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index measures the performance of a risk managed income strategy that holds the underlying stocks of the S&P 500® Index and applies an options collar strategy (i.e., a mix of short (sold) call options and long (purchased) put options) on the S&P 500® Index. The Underlying Index specifically reflects the performance of the component securities of the S&P 500® Index, combined with a long position in the 5% out-of-the-money (“OTM”) put options and a short position in at-the-money (“ATM”) call options, each corresponding to the value of the portfolio of stocks in the S&P 500® Index. The options collar seeks to generate a net-credit, meaning that the premium received from the sale of the call options is greater than the premium paid when buying the put options.
From the inception of the Fund to the period ended October 31, 2021 (the “reporting period”), the Fund increased 1.60%, while the Underlying Index increased 1.82%. The Fund had a net asset value of $26.77 per share on August 25, 2021 and ended the reporting period with a net asset value of $26.83 per share on October 31, 2021.
During the reporting period, the highest returns derived from Tesla Inc. and Coterra Energy Inc., which returned 56.64% and 45.53%, respectively. The worst performers included Biogen Inc. and DaVita Inc., which returned -22.19% and -21.05%, respectively.
The Fund’s options collar strategy tends to produce higher yields in volatile and uncertain times, allowing the Fund to collect higher option premiums and mitigate risks arising from a major market selloff through the purchase of protective puts. Since its launch, the Fund has been earning income from the volatility inherent to equities; as volatility increases, option premiums become more expensive, resulting in a greater net credit when selling the ATM call option and buying the OTM put option. The S&P 500® also finished modestly higher in the period, benefiting the Fund.
 
AVERAGE TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2021
 
Cumulative Inception to Date*
 
Net Asset Value
Market Price
Global X S&P 500® Risk Managed Income ETF
1.60%
1.64%
CBOE S&P 500 Risk Managed Income Index
1.82%
1.82%
S&P 500® Index
2.66%
2.66%







57

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X S&P 500® Risk Managed Income ETF
 



* The Fund commenced operations on August 25, 2021.
The S&P 500® Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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 waiver sand/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
See definition of comparative indices on the previous page.






58

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X S&P 500® Collar 95-110 ETF
 


Global X S&P 500® Collar 95-110 ETF
The Global X S&P 500® Collar 95-110 ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Cboe S&P 500 3-Month Collar 95-110 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index measures the performance of a risk management strategy that holds the underlying stocks of the S&P 500® Index and applies an options collar strategy (i.e., a mix of short call options and long put options) on the S&P 500® Index. The Underlying Index specifically reflects the performance of the component securities of the S&P 500® Index, combined with a long position in 5% out-of-the-money (“OTM”) put options and a short position in 10% OTM call options, each corresponding to the value of the portfolio of stocks in the S&P 500® Index.
From the inception of the Fund to the period ended October 31, 2021 (the “reporting period”), the Fund increased 1.06%, while the Underlying Index increased 1.12%. The Fund had a net asset value of $27.28 per share on August 25, 2021 and ended the reporting period with a net asset value of $27.57 per share on October 31, 2021.
During the reporting period, the highest returns came from Tesla Inc. and Coterra Energy Inc., which returned 56.64% and 45.53%, respectively. The worst performers were Biogen Inc. and DaVita Inc., which returned -22.19% and -21.05%, respectively.
The Fund invests in the stocks in the S&P 500® Index, while applying a net-debit options collar strategy, meaning the cost of the purchased put option is expected to surpass the premiums received from selling the call option. The strategy is designed for investing in a broad basket of U.S. equities, while capping the upside at 10% over the three-month option period and limiting the downside to 5%. The intention is to balance between limiting the downside and retaining upside potential, while ensuring the strategy is not too costly to implement. Returns during the reporting period finished modestly higher as market expectations were tapered with hawkish monetary policies and concerns about potential further waves of COVID-19 outbreaks. Since its launch, the Fund’s returns were range-bound within the collar strategy the Fund is designed to implement.

 
AVERAGE TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2021
 
Cumulative Inception to Date*
 
Net Asset Value
Market Price
Global X S&P 500® Collar 95-110 ETF
1.06%
1.17%
Cboe S&P 500 3-Month Collar 95-110 Index
1.12%
1.12%
S&P 500® Index
2.66%
2.66%







59

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X S&P 500® Collar 95-110 ETF
 



* The Fund commenced operations on August 25, 2021.
The S&P 500® Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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 waiver sand/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 NASDAQ 100® Tail Risk ETF
 


Global X NASDAQ 100® Tail Risk ETF
The Global X NASDAQ® 100 Tail Risk ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the NASDAQ -100 Quarterly Protective Put 90 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index measures the performance of a risk management strategy that holds the underlying stocks of the NASDAQ-100® Index and applies a protective put strategy by purchasing long put options on the NASDAQ-100® Index. The Underlying Index specifically reflects the performance of the component securities of the NASDAQ-100® Index, combined with a long position in 10% out-of-the-money (“OTM”) put options that correspond to the value of the portfolio of stocks in the NASDAQ-100® Index.
From the inception of the Fund to period ended October 31, 2021 (the “reporting period”), the Fund increased 1.83%, while the Underlying Index increased 1.8%. The Fund had a net asset value of $25.13 per share on August 25, 2021 and ended the reporting period with a net asset value of $25.59 per share on October 31, 2021.
During the reporting period, the highest returns came from Tesla Inc. and Atlassian Corp PLC which returned 56.64% and 29.63%, respectively. The worst performers were Biogen Inc. and Peloton Interactive Inc., which returned -22.19% and -21.34%, respectively.
The Fund invests in the stocks in the NASDAQ-100® Index, while buying OTM put options on the same index. While the strategy provides uncapped growth potential, it offers a measure of downside risk, mitigating significant selloffs of greater than approximately -10% between the purchase of the put and the options’ expiration in three months. Tail risk strategies can crimp potential downside risks while helping investors participate in rising markets. Since its launch, the Fund has benefited from the equity rally in the underlying stocks of the NASDAQ-100® Index. Nonetheless, the gains have been pared by costs associated with protection-buying puts, causing a measure of underperformance versus the NASDAQ-100® Index.
 
AVERAGE TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2021
 
Cumulative Inception to Date*
 
Net Asset Value
Market Price
Global X NASDAQ 100® Tail Risk ETF
1.83%
1.91%
NASDAQ 100 Quarterly Protective Put 90 Index
1.80%
1.80%
NASDAQ-100® Index
3.23%
3.23%






61

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X NASDAQ 100® Tail Risk ETF
 



* The Fund commenced operations on August 25, 2021.
The Nasdaq-100® Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization.
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 waiver sand/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.






62

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X NASDAQ 100® Risk Managed Income ETF
 


Global X NASDAQ 100® Risk Managed Income ETF
The Global X NASDAQ 100® Risk Managed Income ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the NASDAQ-100 Monthly Net Credit Collar 95-100 Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index measures the performance of a risk managed income strategy that holds the underlying stocks of the NASDAQ-100® Index and applies an options collar strategy (i.e., a mix of short (sold) call options and long (purchased) put options) on the NASDAQ-100® Index. The Underlying Index specifically reflects the performance of the component securities of the NASDAQ-100® Index, combined with a long position in the 5% out-of-the-money (“OTM”) put options and a short position in at-the-money (“ATM”) call options, each corresponding to the value of the portfolio of stocks in the NASDAQ-100® Index. The options collar strategy seeks to generate a net-credit, meaning that the premium received from the sale of the call options is greater than the premium paid when buying the put options.
From the inception of the Fund to period ended October 31, 2021 (the “reporting period”), the Fund decreased 0.69%, while the Underlying Index decreased 1.11%. The Fund had a net asset value of $24.60 per share on August 25, 2021 and ended the reporting period with a net asset value of $24.12 per share on October 31, 2021.
During the reporting period, the highest returns derived from Tesla Inc. and Atlassian Corp PLC, which returned 56.64% and 29.63%, respectively. The worst performers included Biogen Inc. and Peloton Interactive Inc., which returned -22.19% and -21.34%, respectively.
The Fund’s options collar strategy seeks to produce higher yields in volatile and uncertain times, allowing the Fund to collect higher option premiums and mitigate risks arising from a major market selloff through the purchase of protective puts.
Since its launch, the Fund has been earning income from the volatility inherent to equities. As volatility increases, option premiums become more expensive, resulting in a greater net credit when selling ATM call options and buying OTM put options. The Fund finished slightly down for the reporting period, as rising bond yields negatively affected technology and growth stocks to which the NASDAQ-100® Index is heavily exposed. The net positive premiums generated by the Fund helped offset some of the losses.





63

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X NASDAQ 100® Risk Managed Income ETF
 


 
AVERAGE TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2021
 
Cumulative Inception to Date*
 
Net Asset Value
Market Price
Global X NASDAQ 100® Risk Managed Income ETF
-0.69%
-0.69%
NASDAQ 100 Monthly Net Credit Collar 95-100 Index
-1.11%
-1.11%
NASDAQ-100® Index
3.23%
3.23%



* The Fund commenced operations on August 25, 2021.
The Nasdaq-100® Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization.
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 waiver sand/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.





64

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X NASDAQ 100® Risk Managed Income ETF
 


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






65

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X NASDAQ 100® Collar 95-110 ETF
 


Global X NASDAQ 100® Collar 95-110 ETF
The Global X NASDAQ 100® Collar 95-110 ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the NASDAQ-100 Quarterly Collar 95-110 Index. (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index measures the performance of a risk management strategy that holds the underlying stocks of the NASDAQ-100® Index and applies an options collar strategy (i.e., a mix of short call options and long put options) on the NASDAQ-100® Index. The Underlying Index specifically reflects the performance of the component securities of the NASDAQ-100® Index, combined with a long position in 5% out-of-the-money (“OTM”) put options and a short position in 10% OTM call options, each corresponding to the value of the portfolio of stocks in the NASDAQ-100® Index.
From the inception of the Fund to the period ended October 31, 2021 (the “reporting period”), the Fund increased 2.06%, while the Underlying Index increased 1.87%. The Fund had a net asset value of $25.27 per share on August 25, 2021 and ended the reporting period with a net asset value of $25.78 per share on October 31, 2021.
During the reporting period, the highest returns came from Tesla Inc. and Atlassian Corp. PLC, which returned 56.64% and 29.63%, respectively. The worst performers were Biogen Inc. and Peloton Interactive Inc., which returned -22.19% and -21.34%, respectively.
The Fund invests in the stocks in the NASDAQ-100® Index, while applying a net-debit options collar strategy, meaning the cost of the purchased put option is expected to surpass the premiums received from selling the call option. Furthermore, the strategy is designed for investing in a tech-heavy basket of U.S. equities, capping the upside at 10% over the three-month option horizon and limiting downside to 5%. The intention is to balance between limiting downside and retaining upside potential while ensuring the strategy is not too costly to implement. During the reporting period, major central banks began to implement or consider implementing tighter monetary policies as inflation accelerated amid strong economic growth and disrupted supply chains, resulting in modestly positive markets. Since its launch, the Fund’s returns were range-bound within the collar strategy the Fund is designed to implement.

 
AVERAGE TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2021
 
Cumulative Inception to Date*
 
Net Asset Value
Market Price
Global X NASDAQ 100® Collar 95-110 ETF
2.06%
2.14%
NASDAQ -100 Quarterly Collar 95-110 Index
1.87%
1.87%
NASDAQ-100® Index
3.23%
3.23%







66

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X NASDAQ 100® Collar 95-110 ETF
 



* The Fund commenced operations on August 25, 2021.
The Nasdaq-100® Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization.
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 waiver sand/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.







67

Schedule of Investments
 
October 31, 2021
 
Global X Social Media 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 — 99.8%
           
CANADA — 0.0%
           
Energy — 0.0%
           
Hello Pal International * 
   
47,410
   
$
16,829
 
                 
                 
CHINA — 28.9%
               
Communication Services — 28.9%
               
Baidu ADR * 
   
119,704
     
19,420,777
 
Bilibili ADR * 
   
231,421
     
16,963,159
 
BlueCity Holdings ADR * 
   
17,068
     
47,108
 
Hello Group ADR 
   
138,688
     
1,726,666
 
HUYA ADR * (A) 
   
23,625
     
194,198
 
JOYY ADR 
   
33,944
     
1,710,438
 
Kuaishou Technology, Cl B * 
   
761,488
     
10,131,572
 
Meitu * 
   
2,094,600
     
457,745
 
NetEase ADR 
   
204,883
     
19,994,532
 
Tencent Holdings 
   
647,427
     
40,032,187
 
Tencent Music Entertainment Group ADR *
   
527,187
     
4,143,690
 
Weibo ADR * 
   
28,447
     
1,279,546
 
                 
TOTAL CHINA 
           
116,101,618
 
GERMANY — 0.9%
               
Communication Services — 0.9%
               
United Internet 
   
93,821
     
3,461,340
 


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

Schedule of Investments
 
October 31, 2021
 
Global X Social Media ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
JAPAN — 3.8%
           
Communication Services — 3.8%
           
DeNA 
   
78,712
   
$
1,453,092
 
giftee * 
   
16,100
     
541,491
 
Gree 
   
80,988
     
680,434
 
Kakaku.com 
   
125,832
     
4,154,856
 
Mixi 
   
34,955
     
798,577
 
Nexon 
   
458,621
     
7,766,693
 
                 
                 
TOTAL JAPAN 
           
15,395,143
 
RUSSIA — 6.0%
               
Communication Services — 6.0%
               
Mail.Ru Group GDR * 
   
144,854
     
2,963,713
 
Yandex, Cl A * 
   
257,092
     
21,297,501
 
                 
                 
TOTAL RUSSIA 
           
24,261,214
 
SOUTH KOREA — 10.2%
               
Communication Services — 10.2%
               
AfreecaTV 
   
7,326
     
1,209,977
 
Com2uSCorp 
   
7,550
     
830,238
 
Kakao 
   
189,835
     
20,387,910
 
NAVER 
   
53,330
     
18,574,567
 
                 
                 
TOTAL SOUTH KOREA 
           
41,002,692
 
TAIWAN — 0.1%
               
Consumer Discretionary — 0.1%
               
PChome Online 
   
88,344
     
460,646
 
                 
                 
UNITED ARAB EMIRATES — 0.2%
               
Communication Services — 0.2%
               
Yalla Group ADR * (A) 
   
113,281
     
727,264
 
                 
                 
UNITED STATES — 49.7%
               
Communication Services — 48.3%
               
Alphabet, Cl A * 
   
6,928
     
20,513,254
 
Angi, Cl A * 
   
68,518
     
858,531
 



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

Schedule of Investments
 
October 31, 2021
 
Global X Social Media ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
Communication Services — continued
           
Bumble, Cl A 
   
84,357
   
$
4,430,430
 
IAC * 
   
76,766
     
11,696,835
 
Match Group * 
   
114,107
     
17,205,053
 
Meta Platforms, Cl A * 
   
127,018
     
41,099,214
 
Pinterest, Cl A * 
   
327,664
     
14,626,921
 
Snap, Cl A * 
   
533,291
     
28,040,441
 
Spotify Technology * 
   
79,178
     
22,914,113
 
Twitter * 
   
333,767
     
17,869,885
 
Vimeo * 
   
136,088
     
4,590,248
 
Yelp, Cl A * 
   
67,909
     
2,623,325
 
Zynga, Cl A * 
   
1,042,909
     
7,696,668
 
             
194,164,918
 
                 
                 
Consumer Discretionary — 0.1%
               
Groupon, Cl A * 
   
23,944
     
508,092
 
                 
                 
Information Technology — 1.3%
               
Life360, Cl CDI 
   
76,044
     
627,712
 
Sprout Social, Cl A * 
   
34,011
     
4,342,525
 
             
4,970,237
 
                 
                 
TOTAL UNITED STATES 
           
199,643,247
 
TOTAL COMMON STOCK
               
(Cost $399,141,940) 
           
401,069,993
 
                 
SHORT-TERM INVESTMENT — 0.1%(B)(C)
               
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
               
(Cost $415,544)  
   
415,544
     
415,544
 


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

Schedule of Investments
 
October 31, 2021
 
Global X Social Media ETF
 

   
Face Amount
   
Value
 
REPURCHASE AGREEMENT — 0.1%(B)
           
BNP Paribas
           
0.030%, dated 10/29/21, to be repurchased on 11/01/21, repurchase price $334,500 (collateralized by U.S. Treasury Obligations, ranging in par value $13,453 - $44,862, 0.750% - 1.250%, 01/31/28 - 03/31/28, with a total market value of $341,831)
           
(Cost $334,499)  
 
$
334,499
   
$
334,499
 
TOTAL INVESTMENTS — 100.0%
               
(Cost $399,891,983) 
         
$
401,820,036
 

Percentages are based on Net Assets of $401,892,780.

*
Non-income producing security.
(A)
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 $706,718.
(B)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2021 was $750,043.
(C)
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
GDR — Global Depositary Receipt
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
   
Total
 
Common Stock
 
$
401,069,993
   
$
   
$
   
$
401,069,993
 
Short-Term Investment
   
415,544
     
     
     
415,544
 
Repurchase Agreement
   
     
334,499
     
     
334,499
 
Total Investments in Securities
 
$
401,485,537
   
$
334,499
   
$
   
$
401,820,036
 

For the year ended October 31, 2021, there have been 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.
71

Schedule of Investments
 
October 31, 2021
 
Global X Lithium & Battery Tech ETF
 

Sector Weightings (Unaudited)†:




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

   
Shares
   
Value
 
COMMON STOCK — 100.3%
           
AUSTRALIA — 5.1%
           
Materials — 5.1%
           
ioneer * 
   
32,281,961
   
$
16,609,190
 
Mineral Resources 
   
3,214,958
     
93,185,439
 
Orocobre * 
   
11,441,367
     
76,483,173
 
Pilbara Minerals * 
   
43,424,893
     
71,756,196
 
Vulcan Energy Resources * 
   
1,849,173
     
17,375,320
 
                 
TOTAL AUSTRALIA 
           
275,409,318
 
CANADA — 1.4%
               
Materials — 1.4%
               
Lithium Americas * (A) 
   
1,637,799
     
47,434,137
 
Standard Lithium * 
   
2,674,032
     
30,309,507
 
                 
TOTAL CANADA 
           
77,743,644
 
CHILE — 2.9%
               
Materials — 2.9%
               
Sociedad Quimica y Minera de Chile ADR
   
2,797,777
     
153,569,979
 
                 
CHINA — 45.8%
               
Consumer Discretionary — 5.1%
               
BYD, Cl H 
   
6,754,976
     
257,554,056
 


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

Schedule of Investments
 
October 31, 2021
 
Global X Lithium & Battery Tech ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
Consumer Discretionary — continued
           
Tianneng Power International (A)
   
12,781,600
   
$
14,606,980
 
             
272,161,036
 
                 
Industrials — 13.1%
               
Contemporary Amperex Technology, Cl A
   
2,678,105
     
267,371,309
 
Eve Energy, Cl A 
   
14,090,097
     
249,663,658
 
Shenzhen Yinghe Technology, Cl A
   
6,162,953
     
30,079,854
 
Sunwoda Electronic, Cl A 
   
20,305,683
     
156,319,539
 
             
703,434,360
 
                 
Information Technology — 8.8%
               
NAURA Technology Group, Cl A
   
4,211,051
     
244,170,848
 
Wuxi Lead Intelligent Equipment, Cl A
   
18,014,526
     
228,575,459
 
             
472,746,307
 
                 
Materials — 18.8%
               
Beijing Easpring Material Technology, Cl A
   
6,450,091
     
89,396,829
 
Ganfeng Lithium, Cl A 
   
9,348,334
     
244,414,249
 
Guangzhou Tinci Materials Technology, Cl A
   
8,749,011
     
225,369,670
 
Shanghai Putailai New Energy Technology, Cl A
   
3,707,926
     
102,961,588
 
Shenzhen Capchem Technology, Cl A
   
4,527,906
     
101,382,324
 
Yunnan Energy New Material, Cl A
   
5,471,626
     
249,315,471
 
             
1,012,840,131
 
                 
TOTAL CHINA 
           
2,461,181,834
 
GERMANY — 1.0%
               
Industrials — 1.0%
               
Varta (A) 
   
356,591
     
54,884,279
 
                 
HONG KONG — 0.1%
               
Industrials — 0.1%
               
Honbridge Holdings * (A) 
   
70,943,900
     
4,012,741
 
                 
JAPAN — 9.8%
               
Consumer Discretionary — 4.4%
               
Panasonic 
   
19,244,649
     
235,020,160
 


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

Schedule of Investments
 
October 31, 2021
 
Global X Lithium & Battery Tech ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
Industrials — 0.6%
           
GS Yuasa 
   
1,465,638
   
$
31,799,942
 
                 
Information Technology — 4.8%
               
TDK 
   
7,160,464
     
259,352,916
 
                 
TOTAL JAPAN 
           
526,173,018
 
NETHERLANDS — 0.3%
               
Materials — 0.3%
               
AMG Advanced Metallurgical Group
   
555,408
     
16,415,683
 
                 
NORWAY — 0.4%
               
Industrials — 0.4%
               
FREYR Battery * 
   
2,079,414
     
21,064,464
 
                 
SOUTH KOREA — 10.9%
               
Information Technology — 6.4%
               
Iljin Materials 
   
366,266
     
31,500,349
 
L&F 
   
421,260
     
66,367,692
 
Power Logics * (A) 
   
31,837
     
215,235
 
Samsung SDI 
   
393,516
     
247,178,763
 
             
345,262,039
 
                 
Materials — 4.5%
               
LG Chemical 
   
335,134
     
239,760,407
 
                 
TOTAL SOUTH KOREA 
           
585,022,446
 
TAIWAN — 0.6%
               
Information Technology — 0.6%
               
Simplo Technology 
   
3,118,280
     
33,528,084
 
                 
UNITED STATES — 22.0%
               
Consumer Discretionary — 7.6%
               
QuantumScape, Cl A * 
   
3,373,393
     
97,625,993
 
Tesla * 
   
281,148
     
313,198,872
 
             
410,824,865
 
Industrials — 1.7%
               
EnerSys 
   
815,591
     
65,279,904
 


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

Schedule of Investments
 
October 31, 2021
 
Global X Lithium & Battery Tech ETF
 

   
Shares/Face Amount
   
Value
 
COMMON STOCK — continued
           
Industrials — continued
           
Microvast Holdings * 
   
2,884,362
   
$
24,401,702
 
             
89,681,606
 
                 
Materials — 12.7%
               
Albemarle 
   
2,292,413
     
574,180,684
 
Livent * 
   
3,145,085
     
88,754,299
 
Piedmont Lithium 
   
28,543,689
     
18,437,691
 
             
681,372,674
 
                 
TOTAL UNITED STATES 
           
1,181,879,145
 
TOTAL COMMON STOCK
               
(Cost $3,579,426,404) 
           
5,390,884,635
 
                 
SHORT-TERM INVESTMENT — 1.1%(B)(C)
               
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
               
(Cost $61,359,577)  
   
61,359,577
     
61,359,577
 
                 
REPURCHASE AGREEMENT — 0.9%(B)
               
BNP Paribas
               
0.030%, dated 10/29/21, to be repurchased on 11/01/21, repurchase price $49,400,471 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,986,743 - $6,625,405, 0.750% - 1.250%, 01/31/28 -03/31/28, with a total market value of $50,482,953)
               
(Cost $49,400,348)  
 
$
49,400,348
     
49,400,348
 
TOTAL INVESTMENTS — 102.3%
               
(Cost $3,690,186,329) 
         
$
5,501,644,560
 

Percentages are based on Net Assets of $5,375,398,735.




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

Schedule of Investments
 
October 31, 2021
 
Global X Lithium & Battery Tech ETF
 


*
Non-income producing security.
(A)
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 $105,092,823.
(B)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2021 was $110,759,925.
(C)
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
   
Total
 
Common Stock
 
$
5,390,884,635
   
$
   
$
   
$
5,390,884,635
 
Short-Term Investment
   
61,359,577
     
     
     
61,359,577
 
Repurchase Agreement
   
     
49,400,348
     
     
49,400,348
 
Total Investments in Securities
 
$
5,452,244,212
   
$
49,400,348
   
$
   
$
5,501,644,560
 

For the year ended October 31, 2021, there have been 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.
76

Schedule of Investments
 
October 31, 2021
 
Global X E-commerce 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 — 99.8%
           
ARGENTINA — 4.4%
           
Consumer Discretionary — 4.4%
           
MercadoLibre * 
   
5,818
   
$
8,616,574
 
                 
AUSTRALIA — 0.4%
               
Consumer Discretionary — 0.4%
               
Temple & Webster Group * 
   
85,823
     
816,730
 
                 
CANADA — 4.4%
               
Information Technology — 4.4%
               
Shopify, Cl A * 
   
5,996
     
8,794,513
 
                 
CHINA — 23.5%
               
Communication Services — 3.9%
               
NetEase ADR 
   
77,625
     
7,575,424
 
                 
Consumer Discretionary — 19.2%
               
Alibaba Group Holding ADR * 
   
41,418
     
6,831,485
 
Baozun ADR * 
   
71,365
     
1,234,614
 
JD.com ADR * 
   
116,128
     
9,090,500
 
Pinduoduo ADR * 
   
80,412
     
7,150,235
 
Trip.com Group ADR * 
   
273,980
     
7,824,869
 


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

Schedule of Investments
 
October 31, 2021
 
Global X E-commerce ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
Consumer Discretionary — continued
           
Uxin ADR (A) 
   
349,520
   
$
838,848
 
Vipshop Holdings ADR * 
   
451,336
     
5,036,910
 
             
38,007,461
 
                 
Financials — 0.4%
               
LexinFintech Holdings ADR * 
   
155,334
     
829,483
 
                 
TOTAL CHINA 
           
46,412,368
 
GERMANY — 0.9%
               
Consumer Discretionary — 0.9%
               
Jumia Technologies ADR * (A) 
   
107,866
     
1,884,419
 
                 
JAPAN — 4.0%
               
Consumer Discretionary — 4.0%
               
Rakuten Group 
   
722,377
     
7,919,064
 
                 
SOUTH KOREA — 0.3%
               
Information Technology — 0.3%
               
Cafe24 * 
   
23,849
     
587,781
 
                 
UNITED KINGDOM — 5.7%
               
Consumer Discretionary — 1.4%
               
ASOS * 
   
81,229
     
2,763,566
 
                 
Consumer Staples — 4.3%
               
Ocado Group * 
   
341,892
     
8,449,704
 
                 
TOTAL UNITED KINGDOM 
           
11,213,270
 
UNITED STATES — 56.2%
               
Communication Services — 2.4%
               
Angi, Cl A * 
   
85,883
     
1,076,114
 
TripAdvisor * 
   
111,706
     
3,682,947
 
             
4,759,061
 
                 
Consumer Discretionary — 41.0%
               
1847 Goedeker * (A) 
   
208,342
     
652,110
 
Amazon.com * 
   
2,375
     
8,009,521
 
Booking Holdings * 
   
4,032
     
9,760,585
 


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

Schedule of Investments
 
October 31, 2021
 
Global X E-commerce ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
Consumer Discretionary — continued
           
eBay 
   
128,803
   
$
9,881,766
 
Etsy * 
   
47,914
     
12,011,561
 
Expedia Group * 
   
54,426
     
8,948,179
 
Groupon, Cl A * 
   
27,328
     
579,900
 
Lands’ End * 
   
16,517
     
434,067
 
Overstock.com * 
   
49,774
     
4,739,978
 
Overstock.com, Ser A1 
   
366
     
30,286
 
PetMed Express (A) 
   
22,832
     
649,114
 
Qurate Retail, Cl A 
   
405,174
     
4,230,017
 
Shutterstock 
   
27,124
     
3,286,073
 
Wayfair, Cl A * 
   
31,241
     
7,782,133
 
Williams-Sonoma 
   
54,489
     
10,120,242
 
             
81,115,532
 
                 
Financials — 1.8%
               
eHealth * 
   
28,800
     
1,277,280
 
LendingTree * 
   
13,410
     
2,164,240
 
             
3,441,520
 
                 
Industrials — 4.4%
               
CoStar Group * 
   
102,039
     
8,780,456
 
                 
Information Technology — 6.6%
               
BigCommerce Holdings * 
   
45,097
     
2,083,932
 
GoDaddy, Cl A * 
   
103,409
     
7,152,801
 
LivePerson * 
   
75,046
     
3,865,619
 
             
13,102,352
 
                 
TOTAL UNITED STATES 
           
111,198,921
 
TOTAL COMMON STOCK
               
(Cost $210,023,292) 
           
197,443,640
 


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

Schedule of Investments
 
October 31, 2021
 
Global X E-commerce ETF
 

   
Shares/Face Amount
   
Value
 
SHORT-TERM INVESTMENT — 0.9%(B)(C)
           
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
           
(Cost $1,720,547)  
   
1,720,547
   
$
1,720,547
 
                 
REPURCHASE AGREEMENT — 0.7%(B)
               
BNP Paribas
               
0.030%, dated 10/29/21, to be repurchased on 11/01/21, repurchase price $1,384,985 (collateralized by various U.S. Treasury Obligations, ranging in par value $55,700 - $185,749, 0.750% - 1.250%, 01/31/28 -03/31/28, with a total market value of $1,415,333)
               
(Cost $1,384,981)  
 
$
1,384,981
     
1,384,981
 
TOTAL INVESTMENTS — 101.4%
               
(Cost $213,128,820) 
         
$
200,549,168
 

Percentages are based on Net Assets of $197,751,192.

*
Non-income producing security.
(A)
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 $2,959,284.
(B)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2021 was $3,105,528.
(C)
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
Ser — Series






The accompanying notes are an integral part of the financial statements.
80

Schedule of Investments
 
October 31, 2021
 
Global X E-commerce ETF
 


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
   
Total
 
Common Stock
 
$
197,443,640
   
$
   
$
   
$
197,443,640
 
Short-Term Investment
   
1,720,547
     
     
     
1,720,547
 
Repurchase Agreement
   
     
1,384,981
     
     
1,384,981
 
Total Investments in Securities
 
$
199,164,187
   
$
1,384,981
   
$
   
$
200,549,168
 

For the year ended October 31, 2021, there have been 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.
81

Schedule of Investments
 
October 31, 2021
 
Global X Emerging Markets Internet & E-commerce ETF
 

Sector Weightings (Unaudited)†:




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

   
Shares
   
Value
 
COMMON STOCK — 100.0%
           
ARGENTINA — 3.5%
           
Consumer Discretionary — 3.5%
           
MercadoLibre * 
   
106
   
$
156,988
 
                 
                 
BRAZIL — 5.6%
               
Consumer Discretionary — 1.9%