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





Semi-Annual Report
April 30, 2022




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
 


Schedules of Investments
 
Global X Silver Miners ETF
1
Global X Gold Explorers ETF
5
Global X Copper Miners ETF
10
Global X Uranium ETF
15
Statements of Assets and Liabilities
20
Statements of Operations
22
Statements of Changes in Net Assets
24
Financial Highlights
27
Notes to Financial Statements
31
Disclosure of Fund Expenses
47
Approval of Investment Advisory Agreement
49
Supplemental Information
54





Shares are bought and sold at market price (not net asset value (“NAV”)) and are not individually redeemed from a Fund. Shares may only be redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.
The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “SEC” or “Commission”) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the Commission’s website at https://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that Global X Funds uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-888-493-8631; and (ii) on the Commission’s website at https://www.sec.gov.






Schedule of Investments
 
April 30, 2022 (Unaudited)
 
Global X Silver Miners ETF
 




   
Shares
   
Value
 
COMMON STOCK — 99.7%
           
AUSTRALIA — 1.1%
           
Materials — 1.1%
           
Azure Minerals * (A) 
   
6,326,575
   
$
1,483,676
 
Kingsgate Consolidated * (A) 
   
5,029,048
     
5,128,546
 
Silver Mines * (A) 
   
29,503,878
     
5,032,072
 
                 
TOTAL AUSTRALIA 
           
11,644,294
 
BOSNIA AND HERZEGOVINA — 1.2%
               
Materials — 1.2%
               
Adriatic Metals, Cl CDI * (A) 
   
7,048,936
     
12,673,618
 
                 
BRAZIL — 23.5%
               
Materials — 23.5%
               
Wheaton Precious Metals 
   
5,384,544
     
241,550,644
 
                 
CANADA — 45.1%
               
Materials — 45.1%
               
AbraSilver Resource * (A) 
   
9,401,890
     
3,310,395
 
Aftermath Silver * (A) 
   
1,615,380
     
347,584
 
Alexco Resource * (A) 
   
4,093,178
     
4,461,564
 
Almaden Minerals * 
   
2,756,280
     
816,410
 
Americas Gold & Silver * (A) 
   
4,555,708
     
4,063,618
 
Aurcana Silver * 
   
4,165,024
     
635,484
 
Aya Gold & Silver * (A) 
   
2,438,431
     
15,339,764
 
Bear Creek Mining * 
   
2,907,274
     
2,706,980
 
Blackrock Silver * 
   
1,772,900
     
1,567,526
 




The accompanying notes are an integral part of the financial statements.
1


Schedule of Investments
 
April 30, 2022 (Unaudited)
 
Global X Silver Miners ETF
 



   
Shares
   
Value
 
COMMON STOCK — continued
               
Materials — continued
               
Discovery Silver * (A) 
   
6,293,567
   
$
7,485,014
 
Endeavour Silver * (A) 
   
4,750,075
     
18,002,784
 
First Majestic Silver (A) 
   
4,091,037
     
42,477,259
 
Fortuna Silver Mines * (A) 
   
7,691,886
     
27,022,862
 
GoGold Resources * (A) 
   
7,286,489
     
14,424,175
 
Great Panther Mining * (A) 
   
11,265,896
     
2,365,838
 
IMPACT Silver * (A) 
   
1,529,484
     
496,644
 
MAG Silver * 
   
2,325,913
     
34,468,755
 
McEwen Mining * (A) 
   
10,279,878
     
6,889,574
 
New Pacific Metals * (A) 
   
2,180,589
     
6,978,294
 
Pan American Silver 
   
4,676,952
     
115,848,101
 
Prime Mining * (A) 
   
2,193,784
     
5,201,021
 
Silvercorp Metals (A) 
   
4,511,182
     
13,695,385
 
SilverCrest Metals * 
   
3,721,214
     
28,213,735
 
SSR Mining 
   
4,690,182
     
103,230,906
 
Vizsla Silver * 
   
2,484,922
     
4,005,273
 
                 
TOTAL CANADA 
           
464,054,945
 
MEXICO — 8.2%
               
Materials — 8.2%
               
Fresnillo 
   
4,927,469
     
47,969,359
 
Industrias Penoles 
   
3,312,388
     
36,471,407
 
                 
TOTAL MEXICO 
           
84,440,766
 
PERU — 7.4%
               
Materials — 7.4%
               
Cia de Minas Buenaventura SAA ADR
   
5,314,015
     
50,164,302
 
Hochschild Mining 
   
8,382,407
     
12,418,381
 
Volcan Cia Minera SAA * 
   
61,970,994
     
13,878,920
 
TOTAL PERU 
           
76,461,603
 





The accompanying notes are an integral part of the financial statements.
2


Schedule of Investments
 
April 30, 2022 (Unaudited)
 
Global X Silver Miners ETF
 



   
Shares
   
Value
 
COMMON STOCK — continued
               
RUSSIA — 0.5%
               
Materials — 0.5%
               
Polymetal International 
   
1,638,816
   
$
5,104,711
 
                 
SOUTH KOREA — 5.2%
               
Materials — 5.2%
               
Korea Zinc 
   
117,360
     
53,821,146
 
                 
UNITED KINGDOM — 0.1%
               
Materials — 0.1%
               
Aclara Resources * (A) 
   
1,602,672
     
739,859
 
                 
UNITED STATES — 7.4%
               
Materials — 7.4%
               
Coeur Mining * 
   
6,770,927
     
24,578,465
 
Gatos Silver * 
   
1,195,355
     
4,040,300
 
Gold Resource 
   
2,254,761
     
4,126,213
 
Golden Minerals * (A) 
   
2,748,285
     
1,113,055
 
Hecla Mining 
   
8,136,409
     
42,390,691
 
                 
TOTAL UNITED STATES 
           
76,248,724
 
TOTAL COMMON STOCK
               
(Cost $1,121,672,283) 
           
1,026,740,310
 
                 
SHORT-TERM INVESTMENT(B)(C) — 3.1%
               
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
               
(Cost $31,572,426)  
   
31,572,426
     
31,572,426
 





The accompanying notes are an integral part of the financial statements.
3


Schedule of Investments
 
April 30, 2022 (Unaudited)
 
Global X Silver Miners ETF
 



   
Face Amount
   
Value
 
REPURCHASE AGREEMENT(B) — 2.2%
               
BNP Paribas
               
0.240%, dated 04/29/2022, to be repurchased on 05/02/2022, repurchase price $22,628,757 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,802,088 - $2,423,032, 0.250%, 09/30/2025, with a total market value of $23,066,725)
               
(Cost $22,628,304)  
 
$
22,628,304
   
$
22,628,304
 
TOTAL INVESTMENTS — 105.0%
               
(Cost $1,175,873,013) 
         
$
1,080,941,040
 

Percentages are based on Net Assets of $1,029,231,495.

*
Non-income producing security.
(A)
This security or a partial position of this security is on loan at April 30, 2022.  The total value of securities on loan at April 30, 2022 was $46,662,041.
(B)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2022 was $54,200,730.
(C)
The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2022.

ADR — American Depositary Receipt
Cl — Class

The following is a summary of the level of inputs used as of April 30, 2022, in valuing the Fund’s investments carried at value:
Investments in Securities
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stock
 
$
1,026,740,310
   
$
   
$
   
$
1,026,740,310
 
Short-Term Investment
   
31,572,426
     
     
     
31,572,426
 
Repurchase Agreement
   
     
22,628,304
     
     
22,628,304
 
Total Investments in Securities
 
$
1,058,312,736
   
$
22,628,304
   
$
   
$
1,080,941,040
 

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




The accompanying notes are an integral part of the financial statements.
4


Schedule of Investments
 
April 30, 2022 (Unaudited)
 
Global X Gold Explorers ETF
 



   
Shares
   
Value
 
COMMON STOCK — 100.2%
           
AUSTRALIA — 26.8%
           
Materials — 26.8%
           
Aurelia Metals * 
   
890,184
   
$
284,675
 
Bellevue Gold * 
   
780,989
     
532,810
 
Capricorn Metals * 
   
253,723
     
748,281
 
De Grey Mining * 
   
856,849
     
733,750
 
Firefinch * 
   
866,073
     
689,333
 
Gold Road Resources 
   
658,946
     
728,177
 
Mincor Resources NL * 
   
325,464
     
578,228
 
OceanaGold * 
   
556,042
     
1,392,226
 
Perseus Mining 
   
951,867
     
1,342,744
 
Ramelius Resources 
   
668,994
     
717,886
 
Red 5 * 
   
1,841,591
     
536,579
 
Regis Resources 
   
589,951
     
876,231
 
Silver Lake Resources * 
   
730,839
     
966,031
 
SolGold * 
   
898,372
     
323,707
 
St. Barbara 
   
636,754
     
604,101
 
West African Resources * 
   
746,468
     
721,451
 
Westgold Resources * 
   
362,928
     
421,691
 
                 
TOTAL AUSTRALIA 
           
12,197,901
 
BURKINA FASO — 4.2%
               
Materials — 4.2%
               
Endeavour Mining (A) 
   
77,965
     
1,917,937
 




The accompanying notes are an integral part of the financial statements.
5

Schedule of Investments
 
April 30, 2022 (Unaudited)
 
Global X Gold Explorers ETF
 


   
Shares
   
Value
 
COMMON STOCK — continued
           
CANADA — 39.4%
           
Materials — 39.4%
           
Alamos Gold, Cl A 
   
232,439
   
$
1,815,063
 
B2Gold 
   
425,764
     
1,815,589
 
Dundee Precious Metals (A) 
   
152,186
     
885,931
 
Endeavour Silver * 
   
141,461
     
542,357
 
Equinox Gold * 
   
213,179
     
1,527,890
 
K92 Mining * (A) 
   
170,417
     
1,220,074
 
Karora Resources * 
   
101,521
     
524,266
 
Lundin Gold * 
   
58,468
     
473,490
 
McEwen Mining * (A) 
   
307,820
     
206,301
 
New Gold * 
   
498,371
     
729,200
 
Novagold Resources * 
   
191,174
     
1,189,102
 
Orla Mining * (A) 
   
112,251
     
478,673
 
Osisko Mining * 
   
228,463
     
723,974
 
Sabina Gold & Silver * 
   
305,290
     
315,311
 
Seabridge Gold * 
   
52,337
     
924,271
 
Skeena Resources * 
   
50,403
     
467,728
 
SSR Mining 
   
86,388
     
1,910,195
 
Torex Gold Resources * 
   
67,671
     
761,401
 
Victoria Gold * (A) 
   
24,038
     
263,317
 
Wesdome Gold Mines * 
   
111,918
     
1,148,034
 
                 
TOTAL CANADA 
           
17,922,167
 
EGYPT — 2.2%
               
Materials — 2.2%
               
Centamin 
   
879,817
     
1,011,596
 
                 
INDONESIA — 9.9%
               
Materials — 9.9%
               
Aneka Tambang 
   
6,672,067
     
1,196,618
 
Merdeka Copper Gold * 
   
8,999,326
     
3,290,090
 
                 
TOTAL INDONESIA 
           
4,486,708
 





The accompanying notes are an integral part of the financial statements.
6

Schedule of Investments
 
April 30, 2022 (Unaudited)
 
Global X Gold Explorers ETF
 


   
Shares/Number
of Rights
   
Value
 
COMMON STOCK — continued
               
KYRGYZSTAN — 3.6%
               
Financials — 3.6%
               
Centerra Gold 
   
174,254
   
$
1,621,126
 
                 
PERU — 0.8%
               
Materials — 0.8%
               
Hochschild Mining 
   
250,086
     
370,498
 
                 
TURKEY — 4.0%
               
Materials — 4.0%
               
Eldorado Gold * 
   
144,349
     
1,409,550
 
Koza Altin Isletmeleri * 
   
36,263
     
420,334
 
                 
TOTAL TURKEY 
           
1,829,884
 
UNITED KINGDOM — 1.9%
               
Materials — 1.9%
               
Greatland Gold * 
   
3,054,799
     
510,092
 
Pan African Resources 
   
1,270,801
     
348,613
 
                 
TOTAL UNITED KINGDOM 
           
858,705
 
UNITED STATES — 7.4%
               
Materials — 7.4%
               
Argonaut Gold * 
   
256,251
     
431,078
 
Coeur Mining * 
   
202,040
     
733,405
 
Hecla Mining 
   
421,231
     
2,194,614
 
                 
TOTAL UNITED STATES 
           
3,359,097
 
TOTAL COMMON STOCK
               
(Cost $44,155,180) 
           
45,575,619
 
                 
RIGHTS — 0.0%
               
Canada — 0.0%
               
Great Bear Resources# *(B)(C)(D)
   
46,614
     
 
TOTAL RIGHTS (Cost $—) 
           
 




The accompanying notes are an integral part of the financial statements.
7

Schedule of Investments
 
April 30, 2022 (Unaudited)
 
Global X Gold Explorers ETF
 


   
Shares/Face
Amount
   
Value
 
SHORT-TERM INVESTMENT(E)(F) — 3.1%
               
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
               
(Cost $1,419,802)  
   
1,419,802
   
$
1,419,802
 
                 
REPURCHASE AGREEMENT(E) — 2.2%
               
BNP Paribas
               
0.240%, dated 04/29/2022, to be repurchased on 05/02/2022, repurchase price $1,018,077 (collateralized by various U.S. Treasury Obligations, ranging in par value $81,077 - $109,013, 0.250%, 09/30/2025, with a total market value of $1,037,780)
               
(Cost $1,018,057)  
 
$
1,018,057
     
1,018,057
 
TOTAL INVESTMENTS — 105.5%
               
(Cost $46,593,039) 
         
$
48,013,478
 

Percentages are based on Net Assets of $45,495,141.

*
Non-income producing security.
#
Expiration unavailable.
(A)
This security or a partial position of this security is on loan at April 30, 2022.  The total value of securities on loan at April 30, 2022 was $2,351,750.
(B)
Level 3 security in accordance with fair value hierarchy.
(C)
Security considered illiquid. The total value of such securities as of April 30, 2022 was $– and represented 0.0% of Net Assets.
(D)
Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2022, was $– and represents 0.0% of Net Assets.
(E)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2022 was $2,437,859.
(F)
The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2022.

Cl — Class



The accompanying notes are an integral part of the financial statements.
8


Schedule of Investments
 
April 30, 2022 (Unaudited)
 
Global X Gold Explorers ETF
 


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

Investments in Securities
 
Level 1
   
Level 2
   
Level 3(1)
   
Total
 
Common Stock
 
$
41,088,911
   
$
4,486,708
   
$
   
$
45,575,619
 
Rights
   
     
   
^
     
 
Short-Term Investment
   
1,419,802
     
     
     
1,419,802
 
Repurchase Agreement
   
     
1,018,057
     
     
1,018,057
 
Total Investments in Securities
 
$
42,508,713
   
$
5,504,765
   
$
   
$
48,013,478
 

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

^ Security is fair valued at zero.

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





The accompanying notes are an integral part of the financial statements.
9


Schedule of Investments
 
April 30, 2022 (Unaudited)
 
Global X Copper Miners ETF
 



 
Shares
 
Value
 
COMMON STOCK — 99.7%
       
AUSTRALIA — 17.9%
       
Materials — 17.9%
       
29Metals * 
   
9,863,164
   
$
18,995,121
 
Aeris Resources * (A)(B)(C) 
   
33,447,026
     
2,712,062
 
BHP Group 
   
2,578,595
     
87,977,448
 
Glencore 
   
14,604,253
     
91,182,612
 
OZ Minerals 
   
5,043,874
     
89,610,883
 
Sandfire Resources 
   
8,106,449
     
32,894,499
 
SolGold * (B) 
   
23,231,748
     
8,371,013
 
                 
                 
TOTAL AUSTRALIA 
           
331,743,638
 
BRAZIL — 1.2%
               
Materials — 1.2%
               
ERO Copper * 
   
1,565,856
     
22,629,287
 
                 
                 
CANADA — 17.3%
               
Materials — 17.3%
               
Altius Minerals 
   
788,281
     
13,223,853
 
Capstone Copper * 
   
8,894,742
     
40,713,775
 
Copper Mountain Mining * (B) 
   
3,306,757
     
7,425,682
 
Filo Mining * 
   
1,573,694
     
24,724,992
 
HudBay Minerals 
   
5,362,761
     
34,533,487
 
Ivanhoe Mines, Cl A * 
   
10,502,492
     
84,641,186
 
Northern Dynasty Minerals * (B)
   
8,884,293
     
3,153,924
 
Solaris Resources * (B) 
   
892,837
     
8,976,922
 





The accompanying notes are an integral part of the financial statements.
10

Schedule of Investments
 
April 30, 2022 (Unaudited)
 
Global X Copper Miners ETF
 


 
Shares
 
Value
 
COMMON STOCK — continued
               
Materials — continued
               
Taseko Mines * 
   
5,616,366
   
$
10,839,586
 
Teck Resources, Cl B 
   
2,325,172
     
92,202,744
 
                 
                 
TOTAL CANADA 
           
320,436,151
 
CHILE — 9.5%
               
Materials — 9.5%
               
Antofagasta 
   
4,589,205
     
89,364,180
 
Lundin Mining 
   
9,317,118
     
85,512,926
 
                 
                 
TOTAL CHILE 
           
174,877,106
 
CHINA — 10.9%
               
Materials — 10.9%
               
China Gold International Resources * (B)
   
4,878,100
     
18,496,138
 
China Nonferrous Mining 
   
23,301,600
     
12,057,442
 
Jiangxi Copper, Cl H 
   
22,266,001
     
35,529,570
 
Jinchuan Group International Resources
   
197,410,200
     
25,663,339
 
MMG * 
   
57,299,700
     
24,756,853
 
Zijin Mining Group, Cl H 
   
56,840,660
     
84,759,496
 
                 
                 
TOTAL CHINA 
           
201,262,838
 
CYPRUS — 0.4%
               
Materials — 0.4%
               
Atalaya Mining (B) 
   
1,547,629
     
7,334,965
 
                 
                 
GERMANY — 3.9%
               
Materials — 3.9%
               
Aurubis 
   
622,946
     
71,731,025
 
                 
                 
JAPAN — 7.1%
               
Materials — 7.1%
               
Mitsubishi Materials 
   
2,468,862
     
38,740,325
 
Nittetsu Mining 
   
110,088
     
5,506,099
 
Sumitomo Metal Mining 
   
1,995,927
     
87,364,171
 
                 
                 
TOTAL JAPAN 
           
131,610,595
 





The accompanying notes are an integral part of the financial statements.
11

Schedule of Investments
 
April 30, 2022 (Unaudited)
 
Global X Copper Miners ETF
 


 
Shares
 
Value
 
COMMON STOCK — continued
               
MEXICO — 4.7%
               
Materials — 4.7%
               
Grupo Mexico, Cl B 
   
18,642,650
   
$
87,255,111
 
                 
                 
MONGOLIA — 3.0%
               
Materials — 3.0%
               
Turquoise Hill Resources * 
   
2,036,867
     
55,484,257
 
                 
                 
PERU — 4.6%
               
Materials — 4.6%
               
Southern Copper 
   
1,374,577
     
85,594,910
 
                 
                 
POLAND — 4.5%
               
Materials — 4.5%
               
KGHM Polska Miedz 
   
2,525,032
     
82,477,778
 
                 
                 
SWEDEN — 4.5%
               
Materials — 4.5%
               
Boliden (B) 
   
1,901,745
     
83,733,599
 
                 
                 
TURKEY — 0.3%
               
Industrials — 0.3%
               
Sarkuysan Elektrolitik Bakir 
   
4,649,028
     
5,917,684
 
                 
                 
UNITED KINGDOM — 0.6%
               
Materials — 0.6%
               
Central Asia Metals 
   
3,506,944
     
11,799,887
 
                 
                 
UNITED STATES — 4.5%
               
Materials — 4.5%
               
Freeport-McMoRan 
   
2,040,367
     
82,736,881
 
                 
                 
ZAMBIA — 4.8%
               
Materials — 4.8%
               
First Quantum Minerals 
   
3,087,477
     
88,972,872
 
                 
                 
TOTAL COMMON STOCK
               
(Cost $1,761,152,961) 
           
1,845,598,584
 





The accompanying notes are an integral part of the financial statements.
12

Schedule of Investments
 
April 30, 2022 (Unaudited)
 
Global X Copper Miners ETF
 


 
Shares/Face
Amount
 
Value
 
SHORT-TERM INVESTMENT(D)(E) — 2.7%
               
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
               
(Cost $50,358,540)  
   
50,358,540
   
$
50,358,540
 
                 
REPURCHASE AGREEMENT(D) — 1.9%
               
BNP Paribas
               
0.240%, dated 04/29/2022, to be repurchased on 05/02/2022, repurchase price $36,109,863 (collateralized by various U.S. Treasury Obligations, ranging in par value $2,875,683 - $3,866,556, 0.250%, 09/30/2025, with a total market value of $36,808,751)
               
(Cost $36,109,141)  
 
$
36,109,141
     
36,109,141
 
TOTAL INVESTMENTS — 104.3%
               
(Cost $1,847,620,642) 
         
$
1,932,066,265
 


Percentages are based on Net Assets of $1,852,396,256.
*
Non-income producing security.
(A)
Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2022, was $2,712,062 and represents 0.1% of Net Assets.
(B)
This security or a partial position of this security is on loan at April 30, 2022.  The total value of securities on loan at April 30, 2022 was $79,725,876.
(C)
Level 3 security in accordance with fair value hierarchy.
(D)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2022 was $86,467,681.
(E)
The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2022.

Cl — Class



The accompanying notes are an integral part of the financial statements.
13

Schedule of Investments
 
April 30, 2022 (Unaudited)
 
Global X Copper Miners ETF
 


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

Investments in Securities
 
Level 1
   
Level 2
   
Level 3(1)
   
Total
 
Common Stock
 
$
1,711,275,927
   
$
131,610,595
   
$
2,712,062
   
$
1,845,598,584
 
Short-Term Investment
   
50,358,540
     
     
     
50,358,540
 
Repurchase Agreement
   
     
36,109,141
     
     
36,109,141
 
Total Investments in Securities
 
$
1,761,634,467
   
$
167,719,736
   
$
2,712,062
   
$
1,932,066,265
 

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

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



The accompanying notes are an integral part of the financial statements.
14

Schedule of Investments
 
April 30, 2022 (Unaudited)
 
Global X Uranium ETF
 



   
Shares
   
Value
 
COMMON STOCK — 93.3%
           
AUSTRALIA — 15.2%
           
Energy — 9.0%
           
A-Capital Energy * (A) 
   
48,302,303
   
$
4,462,392
 
Alligator Energy * (A) 
   
143,253,652
     
8,551,484
 
Aura Energy * (A) 
   
13,266,814
     
2,498,440
 
Bannerman Energy * (A) 
   
61,857,745
     
10,550,228
 
Berkeley Energia * (A) 
   
21,894,742
     
6,756,139
 
Boss Energy * (A) 
   
12,690,222
     
24,259,287
 
Deep Yellow * (A) 
   
17,943,309
     
12,050,106
 
Elevate Uranium * (A) 
   
11,920,213
     
5,336,802
 
Paladin Energy * 
   
130,843,492
     
76,246,954
 
Peninsula Energy * (A) 
   
49,548,419
     
8,274,737
 
Vimy Resources * (A) 
   
48,285,522
     
8,406,971
 
             
167,393,540
 
                 
                 
Financials — 1.9%
               
Macquarie Group 
   
241,318
     
35,495,608
 
                 
                 
Materials — 4.3%
               
BHP Group (A) 
   
1,068,482
     
36,454,860
 





The accompanying notes are an integral part of the financial statements.
15

Schedule of Investments
 
April 30, 2022 (Unaudited)
 
Global X Uranium ETF
 


   
Shares
   
Value
 
COMMON STOCK — continued
           
Materials — continued
           
Lotus Resources * (A) 
   
33,214,573
   
$
8,143,372
 
Rio Tinto 
   
488,926
     
35,025,885
 
             
79,624,117
 
                 
                 
TOTAL AUSTRALIA 
           
282,513,265
 
CANADA — 41.4%
               
Energy — 37.6%
               
Cameco (A) 
   
17,902,402
     
464,631,802
 
Denison Mines * (A) 
   
43,449,714
     
56,434,823
 
Fission Uranium * (A) 
   
29,573,839
     
20,131,638
 
Forsys Metals * (A) 
   
6,163,214
     
3,182,756
 
GoviEx Uranium, Cl A * (A) 
   
23,322,865
     
6,660,808
 
IsoEnergy * (A) 
   
2,735,666
     
8,690,430
 
Laramide Resources * (A) 
   
8,823,956
     
4,349,667
 
Mega Uranium * 
   
16,673,007
     
4,305,068
 
NexGen Energy * 
   
21,075,473
     
104,383,822
 
Skyharbour Resources * 
   
6,580,704
     
2,574,510
 
UEX * (A) 
   
26,192,877
     
6,968,098
 
Uranium Royalty * (A) 
   
3,992,767
     
13,277,461
 
Western Uranium & Vanadium * (A)
   
1,669,507
     
2,272,949
 
             
697,863,832
 
                 
                 
Industrials — 1.7%
               
Aecon Group 
   
2,647,935
     
31,015,678
 
                 
                 
Materials — 2.1%
               
Encore Energy * (A) 
   
14,354,730
     
15,836,758
 
Global Atomic * (A) 
   
8,124,579
     
23,012,383
 
             
38,849,141
 
                 
                 
TOTAL CANADA 
           
767,728,651
 
CHINA — 2.4%
               
Energy — 0.5%
               
CGN Mining * 
   
99,742,900
     
9,915,622
 
                 
                 





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

Schedule of Investments
 
April 30, 2022 (Unaudited)
 
Global X Uranium ETF
 


   
Shares
   
Value
 
COMMON STOCK — continued
           
Utilities — 1.9%
           
CGN Power, Cl H 
   
122,767,786
   
$
34,736,079
 
                 
                 
TOTAL CHINA 
           
44,651,701
 
JAPAN — 6.3%
               
Industrials — 6.3%
               
ITOCHU 
   
1,163,388
     
35,307,515
 
Mitsubishi Heavy Industries 
   
1,282,523
     
43,902,358
 
Sumitomo 
   
2,348,382
     
37,366,390
 
                 
                 
TOTAL JAPAN 
           
116,576,263
 
KAZAKHSTAN — 5.5%
               
Energy — 5.5%
               
NAC Kazatomprom JSC GDR 
   
3,504,461
     
101,839,637
 
                 
                 
SOUTH AFRICA — 1.9%
               
Materials — 1.9%
               
Sibanye Stillwater 
   
9,757,967
     
34,420,105
 
                 
                 
SOUTH KOREA — 9.5%
               
Industrials — 9.5%
               
Daewoo Engineering & Construction *
   
7,233,303
     
38,988,424
 
Doosan Enerbility * 
   
2,139,538
     
35,091,149
 
GS Engineering & Construction
   
1,002,627
     
33,567,249
 
Hyundai Engineering & Construction
   
961,395
     
34,100,436
 
Samsung C&T 
   
369,143
     
33,945,873
 
                 
                 
TOTAL SOUTH KOREA 
           
175,693,131
 
UNITED KINGDOM — 2.7%
               
Industrials — 2.7%
               
Yellow Cake * 
   
9,986,147
     
49,723,866
 
                 
                 
UNITED STATES — 8.4%
               
Energy — 8.4%
               
Centrus Energy, Cl A * 
   
597,417
     
16,584,296
 
Energy Fuels * (A) 
   
8,287,027
     
62,766,262
 





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

Schedule of Investments
 
April 30, 2022 (Unaudited)
 
Global X Uranium ETF
 


   
Shares/Face
Amount
   
Value
 
COMMON STOCK — continued
           
Energy — continued
           
Uranium Energy * (A) 
   
14,220,596
   
$
60,437,533
 
Ur-Energy * 
   
11,195,617
     
15,449,952
 
                 
                 
TOTAL UNITED STATES 
           
155,238,043
 
TOTAL COMMON STOCK
               
(Cost $1,572,927,662) 
           
1,728,384,662
 
                 
EXCHANGE TRADED FUND — 6.7%
               
Sprott Physical Uranium Trust * (A)
               
(Cost $111,212,679)  
   
9,414,235
     
124,486,969
 
                 
SHORT-TERM INVESTMENT(B)(C) — 5.4%
               
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
               
(Cost $100,846,010)  
   
100,846,010
     
100,846,010
 
                 
REPURCHASE AGREEMENT(B) — 3.9%
               
BNP Paribas
               
0.240%, dated 04/29/2022, to be repurchased on 05/02/2022, repurchase price $72,427,222 (collateralized by various U.S. Treasury Obligations, ranging in par value $5,767,891 - $7,755,329, 0.250%, 09/30/2025, with a total market value of $73,829,005)
               
(Cost $72,425,773)  
 
$
72,425,773
     
72,425,773
 
TOTAL INVESTMENTS — 109.3%
               
(Cost $1,857,412,124) 
         
$
2,026,143,414
 


Percentages are based on Net Assets of $1,854,014,716.





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

Schedule of Investments
 
April 30, 2022 (Unaudited)
 
Global X Uranium ETF
 


*
Non-income producing security.
(A)
This security or a partial position of this security is on loan at April 30, 2022.  The total value of securities on loan at April 30, 2022 was $157,349,267.
(B)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2022 was $173,271,783.
(C)
The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2022.

Cl — Class
GDR — Global Depositary Receipt
JSC — Joint Stock Company

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

Investments in Securities
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stock
 
$
1,611,808,399
   
$
116,576,263
   
$
   
$
1,728,384,662
 
Exchange Traded Fund
   
124,486,969
     
     
     
124,486,969
 
Short-Term Investment
   
100,846,010
     
     
     
100,846,010
 
Repurchase Agreement
   
     
72,425,773
     
     
72,425,773
 
Total Investments in Securities
 
$
1,837,141,378
   
$
189,002,036
   
$
   
$
2,026,143,414
 

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





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


 
Statements of Assets and Liabilities
 
 
April 30, 2022 (Unaudited)
 


   
Global X Silver
Miners ETF
   
Global X Gold Explorers ETF
   
Global X Copper Miners ETF
 
Assets:
                 
Cost of Investments
 
$
1,153,244,709
   
$
45,574,982
   
$
1,811,511,501
 
Cost of Repurchase Agreement
   
22,628,304
     
1,018,057
     
36,109,141
 
Cost of Foreign Currency
   
2,606
     
1,132
     
59,280
 
Investments, at Value
 
$
1,058,312,736
*
 
$
46,995,421
*
 
$
1,895,957,124
*
Repurchase Agreement, at Value
   
22,628,304
     
1,018,057
     
36,109,141
 
Cash
   
1,519,194
     
     
1,813,958
 
Foreign Currency, at Value
   
2,606
     
1,153
     
58,413
 
Receivable for Investment Securities Sold
   
86,046,060
     
4,168,166
     
98,032,024
 
Dividend, Interest, and Securities Lending Income Receivable
   
1,540,673
     
7,508
     
12,270,909
 
Unrealized Appreciation on Spot Contracts
   
     
681
     
 
Receivable for Capital Shares Sold
   
     
     
8,085,860
 
Reclaim Receivable
   
6,247
     
     
470,498
 
Total Assets
   
1,170,055,820
     
52,190,986
     
2,052,797,927
 
Liabilities:
                       
Obligation to Return Securities Lending Collateral
   
54,200,730
     
2,437,859
     
86,467,681
 
Payable for Investment Securities Purchased
   
84,672,782
     
4,208,426
     
112,786,668
 
Payable for Capital Shares Redeemed
   
1,334,728
     
     
 
Payable due to Investment Adviser
   
603,809
     
26,404
     
1,056,078
 
Unrealized Depreciation on Spot Contracts
   
11,890
     
     
87,003
 
Custodian Fees Payable
   
386
     
6
     
4,241
 
Cash Overdraft
   
     
23,150
     
 
Total Liabilities
   
140,824,325
     
6,695,845
     
200,401,671
 
Net Assets
 
$
1,029,231,495
   
$
45,495,141
   
$
1,852,396,256
 
Net Assets Consist of:
                       
Paid-in Capital
 
$
1,616,998,325
   
$
109,619,051
   
$
1,763,185,813
 
Total Distributable Earnings/(Loss)
   
(587,766,830
)
   
(64,123,910
)
   
89,210,443
 
Net Assets
 
$
1,029,231,495
   
$
45,495,141
   
$
1,852,396,256
 
Outstanding Shares of Beneficial Interest
                       
(unlimited authorization — no par value)
   
31,117,318
     
1,482,054
     
45,819,374
 
Net Asset Value, Offering and Redemption Price Per Share
 
$
33.08
   
$
30.70
   
$
40.43
 
*Includes Market Value of Securities on Loan
 
$
46,662,041
   
$
2,351,750
   
$
79,725,876
 






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

 
Statements of Assets and Liabilities
 
 
April 30, 2022 (Unaudited)
 


   
Global X Uranium
ETF
 
Assets:
     
Cost of Investments
 
$
1,784,986,351
 
Cost of Repurchase Agreement
   
72,425,773
 
Cost of Foreign Currency
   
656,749
 
Investments, at Value
 
$
1,953,717,641
*
Repurchase Agreement, at Value
   
72,425,773
 
Foreign Currency, at Value
   
614,998
 
Dividend, Interest, and Securities Lending Income Receivable
   
2,087,831
 
Total Assets
   
2,028,846,243
 
Liabilities:
       
Obligation to Return Securities Lending Collateral
   
173,271,783
 
Payable due to Investment Adviser
   
1,150,564
 
Cash Overdraft
   
404,802
 
Custodian Fees Payable
   
4,378
 
Total Liabilities
   
174,831,527
 
Net Assets
 
$
1,854,014,716
 
Net Assets Consist of:
       
Paid-in Capital
 
$
2,275,947,557
 
Total Distributable Loss
   
(421,932,841
)
Net Assets
 
$
1,854,014,716
 
Outstanding Shares of Beneficial Interest
       
(unlimited authorization — no par value)
   
78,921,666
 
Net Asset Value, Offering and Redemption Price Per Share
 
$
23.49
 
*Includes Market Value of Securities on Loan
 
$
157,349,267
 





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

 
Statements of Operations
 
 
For the period ended April 30, 2022 (Unaudited)
 


   
Global X Silver
Miners ETF
   
Global X Gold Explorers ETF
   
Global X Copper Miners ETF
 
Investment Income:
                 
Dividend Income
 
$
8,384,933
   
$
202,233
   
$
28,862,988
 
Interest Income
   
19
     
     
 
Security Lending Income
   
662,663
     
40,962
     
187,902
 
Less: Foreign Taxes Withheld
   
(945,865
)
   
(15,495
)
   
(2,040,719
)
Total Investment Income
   
8,101,750
     
227,700
     
27,010,171
 
Supervision and Administration Fees(1)
   
3,449,589
     
158,116
     
5,295,061
 
Custodian Fees(2)
   
5,477
     
2,301
     
6,117
 
Total Expenses
   
3,455,066
     
160,417
     
5,301,178
 
Net Investment Income
   
4,646,684
     
67,283
     
21,708,993
 
Net Realized Gain (Loss) on:
                       
Investments(3)
   
(102,584,810
)
   
1,734,040
     
34,642,349
 
Foreign Currency Transactions
   
(145,237
)
   
17,033
     
159,408
 
Net Realized Gain (Loss) on Investments, Foreign Currency Transactions
   
(102,730,047
)
   
1,751,073
     
34,801,757
 
Net Change in Unrealized Appreciation (Depreciation) on:
                       
Investments
   
(66,222,229
)
   
513,744
     
119,518,721
 
Foreign Currency Translations
   
(27,493
)
   
312
     
(346,696
)
Net Change in Unrealized Appreciation (Depreciation) on Investments, Foreign Currency Translations
   
(66,249,722
)
   
514,056
     
119,172,025
 
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Translations
   
(168,979,769
)
   
2,265,129
     
153,973,782
 
Net Increase (Decrease) in Net Assets Resulting from Operations
 
$
(164,333,085
)
 
$
2,332,412
   
$
175,682,775
 

(1)
The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)  
(2)
See Note 2 in Notes to Financial Statements.
(3)
Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)





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


 
Statements of Operations
 
 
For the period ended April 30, 2022 (Unaudited)
 


   
Global X
Uranium ETF
 
Investment Income:
     
Dividend Income
 
$
9,553,955
 
Interest Income
   
72
 
Security Lending Income
   
1,505,796
 
Less: Foreign Taxes Withheld
   
(1,016,683
)
Total Investment Income
   
10,043,140
 
Supervision and Administration Fees(1)
   
5,058,712
 
Custodian Fees(2)
   
7,070
 
Total Expenses
   
5,065,782
 
Net Investment Income
   
4,977,358
 
Net Realized Gain (Loss) on:
       
Investments(3)
   
(62,045,795
)
Foreign Currency Transactions
   
60,764
 
Net Realized Loss on Investments, Foreign Currency Transactions
   
(61,985,031
)
Net Change in Unrealized Depreciation on:
       
Investments
   
(103,577,594
)
Foreign Currency Translations
   
(139,337
)
Net Change in Unrealized Depreciation on Investments, Foreign Currency Translations
   
(103,716,931
)
Net Realized and Unrealized Loss on Investments, Foreign Currency Translations
   
(165,701,962
)
Net Decrease in Net Assets Resulting from Operations
 
$
(160,724,604
)

(1)
The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)  
(2)
See Note 2 in Notes to Financial Statements.
(3)
Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)






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

 
Statements of Changes in Net Assets
 
     


   
Global X Silver Miners ETF
   
Global X Gold Explorers ETF
 
   
Period Ended April 30, 2022
(Unaudited)
   
Year Ended October 31, 2021
   
Period Ended April 30, 2022
(Unaudited)
   
Year Ended October 31, 2021
 
Operations:
                       
Net Investment Income
 
$
4,646,684
   
$
11,414,236
   
$
67,283
   
$
341,661
 
Net Realized Gain (Loss) on Investments, Foreign Currency Transactions (1)
   
(102,730,047
)
   
79,366,405
     
1,751,073
     
6,719,405
 
Net Change in Unrealized Appreciation (Depreciation) on Investments, Foreign Currency Translations
   
(66,249,722
)
   
(219,907,736
)
   
514,056
     
(12,421,306
)
Net Increase (Decrease) in Net Assets Resulting from Operations
   
(164,333,085
)
   
(129,127,095
)
   
2,332,412
     
(5,360,240
)
Distributions
   
(11,576,306
)
   
(24,128,587
)
   
(894,643
)
   
(1,872,117
)
Capital Share Transactions:
                               
Issued
   
142,228,516
     
521,822,116
     
     
13,363,058
 
Reinvestment of Distributions
   
38,024
     
     
     
 
Redeemed
   
(37,316,993
)
   
(253,367,779
)
   
(5,664,979
)
   
(17,078,187
)
Increase (Decrease) in Net Assets from Capital Share Transactions
   
104,949,547
     
268,454,337
     
(5,664,979
)
   
(3,715,129
)
Total Increase (Decrease) in Net Assets
   
(70,959,844
)
   
115,198,655
     
(4,227,210
)
   
(10,947,486
)
Net Assets:
                               
Beginning of Year/Period
   
1,100,191,339
     
984,992,684
     
49,722,351
     
60,669,837
 
End of Year/Period
 
$
1,029,231,495
   
$
1,100,191,339
   
$
45,495,141
   
$
49,722,351
 
Share Transactions:
                               
Issued
   
3,790,000
     
11,290,000
     
     
380,000
 
Redeemed
   
(1,040,000
)
   
(6,220,000
)
   
(170,000
)
   
(540,000
)
Net Increase (Decrease) in Shares Outstanding from Share Transactions
   
2,750,000
     
5,070,000
     
(170,000
)
   
(160,000
)

(1)
Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)




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

 
Statements of Changes in Net Assets