Global X MLP ETF (ticker: MLPA)
Global X MLP & Energy Infrastructure ETF (ticker: MLPX)
Global X Alternative Income ETF (ticker: ALTY)
Global X Conscious Companies ETF (ticker: KRMA)
Global X U.S. Preferred ETF (ticker: PFFD)
Global X S&P 500® Quality Dividend ETF (ticker: QDIV)
Global X Adaptive U.S. Factor ETF (ticker: AUSF)
Global X Variable Rate Preferred ETF (ticker: PFFV)
Global X Adaptive U.S. Risk Management ETF (ticker: ONOF)
Global X 1-3 Month T-Bill ETF (ticker: CLIP)
Global X U.S. Cash Flow Kings 100 ETF (ticker: FLOW)

 

Annual Report

 

November 30, 2023

 

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 MLP ETF 28
Global X MLP & Energy Infrastructure ETF 30
Global X Alternative Income ETF 33
Global X Conscious Companies ETF 36
Global X U.S. Preferred ETF 43
Global X S&P 500® Quality Dividend ETF 53
Global X Adaptive U.S. Factor ETF 57
Global X Variable Rate Preferred ETF 64
Global X Adaptive U.S. Risk Management ETF 68
Global X U.S. 1-3 Month T-Bill ETF 84
Global X U.S. Cash Flow Kings 100 ETF 86
Glossary 91
Statements of Assets and Liabilities 92
Statements of Operations 95
Statements of Changes in Net Assets 98
Financial Highlights 105
Notes to Financial Statements 113
Report of Independent Registered Public Accounting Firm 136
Disclosure of Fund Expenses 139
Approval of Investment Advisory Agreement 142
Supplemental Information 150
Trustees and Officers of the Trust 151
Notice to Shareholders 153

 

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.

 

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

 

 

Global X MLP ETF

 

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

 

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

 

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 15.79%, while the Underlying Index increased 20.63%. The Fund had a net asset value of $42.99 per share on November 30, 2022 and ended the reporting period with a net asset value of $46.08 on November 30, 2023.

 

During the reporting period, the highest returns came from NGL Energy Partners LP and Magellan Midstream Partners LP, which returned 270.09% and 38.82%, respectively. The worst performers were USD Partners LP and Martin Midstream Partners LP, which returned -91.57% and -20.49%, respectively.

 

The Fund recorded a positive performance during the reporting period as the US saw record levels of oil and gas production, which raised demand for midstream infrastructure. Compared to other energy sector divisions, midstream was particularly well positioned to profit from a volatile market because of its defensive contracts and fee structure. Investor views remained positive despite an uncertain macroeconomic climate, thanks in part to the midstream industry’s consolidation of mergers and acquisitions (M&A) with the purpose of expanding operations and profitability. Finally, the US oil sector filled the void created by the Organization of Petroleum Exporting Countries’ (OPEC) decision to continue with further supply curbs.

                 
  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
NOVEMBER 30, 2023
  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 MLP ETF 15.79% 15.87% 29.90% 30.00% 7.32% 7.36% 0.79% 0.80%
Hybrid Solactive MLP Infrastructure Index/Solactive MLP Composite Index Gross** 20.63% 20.63% 33.13% 33.13% 9.09% 9.09% 1.79% 1.79%
S&P 500® Index 13.84% 13.84% 9.76% 9.76% 12.51% 12.51% 11.82% 11.82%

 

1

 

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

 

 

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

 

 

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

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

 

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

 

The Solactive MLP Composite Index tracks the price movements in shares of the largest entities that are structured as Master Limited Partnerships (MLP) and that are engaged in the transportation, storage, processing, refining, marketing, exploration, production, or mining of natural resources.

 

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

 

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

 

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

 

2

 

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

 

 

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

 

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

 

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

 

See definition of comparative indices above.

 

3

 

Management Discussion of Fund Performance (unaudited)
Global X MLP & Energy Infrastructure ETF

 

 

Global X MLP & Energy Infrastructure ETF

 

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

 

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

 

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 9.42%, while the Underlying Index increased 10.24%. The Fund had a net asset value of $43.47 per share on November 30, 2022 and ended the reporting period with a net asset value of $44.99 on November 30, 2023.

 

During the reporting period, the highest returns came from Archrock Inc. and Magellan Midstream Partners, L.P., which returned 75.60% and 38.82%, respectively. The worst performers were TC Energy Corporation and Enbridge Inc., which returned -9.43% and -9.32%, respectively.

 

The Fund recorded a positive performance during the reporting period due to record oil and gas production in the US, which increased demand for midstream infrastructure. The Organization of the Petroleum Exporting Countries’ (OPEC) decision to follow through with additional supply cuts benefited the US oil industry, which filled the supply gap. Moreover, the US surpassed Australia and Qatar as the world’s leading liquefied natural gas supplier. Merger and Acquisition (M&A) consolidation in the midstream industry geared towards expanding operations and profitability contributed to the positive perception of investors in an uncertain macroeconomic environment. Finally, in a volatile market, midstream’s defensive contracts and fee structure made it uniquely positioned to benefit compared to other segments of the energy sector.

 

4

 

Management Discussion of Fund Performance (unaudited)
Global X MLP & Energy Infrastructure ETF

 

 

                 
  AVERAGE ANNUAL TOTAL RETURN
FOR THE YEAR ENDED NOVEMBER 30, 2023
  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 MLP & Energy Infrastructure ETF 9.42% 9.50% 26.11% 26.01% 11.16% 11.13% 5.02% 5.02%
Solactive MLP & Energy Infrastructure Index 10.24% 10.24% 27.04% 27.04% 11.89% 11.89% 5.95% 5.95%
S&P 500® Index 13.84% 13.84% 9.76% 9.76% 12.51% 12.51% 11.82% 11.82%

 

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

 

 

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

 

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

 

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

 

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

 

5

 

Management Discussion of Fund Performance (unaudited)
Global X MLP & Energy Infrastructure ETF

 

 

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

 

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

 

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

 

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

 

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

 

6

 

Management Discussion of Fund Performance (unaudited)
Global X Alternative Income ETF

 

 

Global X Alternative Income ETF

 

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

 

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

 

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 4.01%, while the Underlying Index increased 4.10%. The Fund had a net asset value of $11.42 per share on November 30, 2022 and ended the reporting period with a net asset value of $11.05 on November 30, 2023.

 

During the reporting period, the highest returns came from USA Compression Partners L.P. and Magellan Midstream Partners, L.P., which returned 42.84% and 38.82%, respectively. The worst performers were Icahn Enterprises L.P. and Avista Corporation, which returned -55.40% and -18.70%, respectively.

 

Volatility in global capital markets eased amid lower inflationary pressures and supported the Fund’s modestly positive performance during the reporting period. The slowing pace of interest rate hikes, stronger than expected economic growth, and speculation surrounding an end to the rate hiking cycle pushed prices higher on bonds and interest-rate sensitive equities. The Fund’s allocation to a covered-call strategy on the Nasdaq 100 Index helped lead returns in the Fund as strong performance in this technology sector-focused index contributed to robust total returns. Much of this covered call strategy’s performance was fueled by investors pivoting towards growth stocks spurred on by the excitement surrounding artificial intelligence (AI) and mega-cap technology stocks. Energy was also a top performing sector in the Fund as partnerships linked to midstream and downstream industries benefited from resilient demand and elevated energy prices. Furthermore, the November decline in interest rates sparked a broad end-of-year rally among interest-rate sensitive holdings, a segment that includes preferreds and REITs. However, these gains were tempered by poor performance from the utilities sector, as elevated interest rates throughout the reporting period lessened the appeal of utilities companies, which tend to be highly leveraged.

 

7

 

Management Discussion of Fund Performance (unaudited)
Global X Alternative Income ETF

 

 

                 
  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
NOVEMBER 30, 2023
  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 Alternative Income ETF 4.01% 3.74% 5.96% 6.02% 2.58% 2.56% 4.32% 4.31%
Indxx SuperDividend® Alternatives Index 4.10% 4.10% 6.14% 6.14% 2.65% 2.65% 4.70% 4.70%
S&P 500® Index 13.84% 13.84% 9.76% 9.76% 12.51% 12.51% 11.76% 11.76%

 

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

 

 

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

 

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

 

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

 

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

 

8

 

Management Discussion of Fund Performance (unaudited)
Global X Alternative Income ETF

 

 

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

 

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

 

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

 

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

 

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

 

9

 

Management Discussion of Fund Performance (unaudited)

Global X Conscious Companies ETF

 

 

Global X Conscious Companies ETF

 

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

 

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

 

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 9.05%, while the Underlying Index increased 8.95%. The Fund had a net asset value of $29.52 per share on November 30, 2022 and ended the reporting period with a net asset value of $31.89 on November 30, 2023.

 

During the reporting period, the highest returns came from Meta Platforms Inc Class-A and Nvidia Corp., which returned 177.01% and 176.47%, respectively. The worst performers were V.F. Corporation and Walgreens Boots Alliance, Inc., which returned -52.23% and -46.81%, respectively.

 

The Fund generated positive returns over the reporting period as artificial intelligence and robotics technology enabled additional growth avenues for information technology companies, the Fund’s largest sector exposure. Mega-cap technology companies reported strong earnings growth as a result of cost-saving measures and a resurgence in advertising revenue. Additionally, demand for new weight loss and diabetes drugs supported growth in the healthcare industry. Market volatility was subdued on a relative basis as the slower pace of interest rate hikes from the U.S. Federal Reserve, which generated positive investor sentiment. Resilient consumer spending also supported corporate earnings, particularly in the consumer discretionary sector. During the reporting period, the Fund had the highest exposure by sector to Information Technology at 26.55%, Health Care at 15.86% and Financials at 13.63%.

 

10

 

Management Discussion of Fund Performance (unaudited)

Global X Conscious Companies ETF

 

 

  AVERAGE ANNUAL TOTAL RETURN
FOR THE YEAR ENDED NOVEMBER 30, 2023
  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 Conscious Companies ETF 9.05% 8.92% 7.51% 7.39% 10.71% 10.68% 12.02% 11.98%
Concinnity Conscious Companies Index 8.95% 8.95% 7.59% 7.59% 10.94% 10.94% 12.36% 12.36%
S&P 500® Index 13.84% 13.84% 9.76% 9.76% 12.51% 12.51% 12.85% 12.85%

 

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

 

 

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

 

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

 

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

 

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

 

11

 

Management Discussion of Fund Performance (unaudited)

Global X Conscious Companies ETF

 

 

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

 

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

 

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

 

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

 

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

 

12

 

Management Discussion of Fund Performance (unaudited)

Global X U.S. Preferred ETF

 

 

Global X U.S. Preferred ETF

 

The Global X U.S. Preferred ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the ICE BofA Diversified Core U.S. Preferred Securities Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

 

The Underlying Index is designed to track the broad-based performance of the U.S. preferred securities market. The Underlying Index includes different categories of preferred stock, such as floating, variable and fixed-rate preferreds, cumulative and non-cumulative preferreds, and trust preferreds. Qualifying preferred securities must be listed on a U.S. exchange, denominated in U.S. dollars, and have a minimum amount outstanding of $50 million. Qualifying securities must meet minimum price, liquidity, maturity and other requirements as determined by ICE Data Indices, LLC, the provider of the Underlying Index.

 

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund decreased 0.51%, while the Underlying Index decreased 0.31%. The Fund had a net asset value of $20.51 per share on November 30, 2022 and ended the reporting period with a net asset value of $19.13 on November 30, 2023.

 

The Fund experienced modestly negative performance throughout the reporting period as rising interest rates coalesced with defaults in the regional banking sector. The Fund saw outsized negative impact on its returns due to its relatively high allocation to financial institutions. Rising interest rates, driven by the U.S. Federal Reserve’s rate hiking cycle put further downward pressure on preferred share values, particularly in interest-rate sensitive sectors such as utilities. The Fund managed to stage a rebound in towards the end of the reporting period spurred on by tailwinds from falling Consumer Price Index (CPI) revisions, as well as increased speculation surrounding a potential peak in interest rates. This helped reverse many of the earlier losses seen in preferred shares, particularly among financial institutions. The strongest performance during the reporting period was seen among preferred shares that carried floating rate structures, largely due to their ability to regularly reset coupons to match market rates.

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
NOVEMBER 30, 2023
  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 U.S. Preferred ETF -0.51% -0.31% -3.56% -3.67% 2.08% 2.04% 1.34% 1.39%
ICE BofA Diversified Core U.S. Preferred Securities Index -0.31% -0.31% -3.41% -3.41% 2.25% 2.25% 1.52% 1.52%
S&P 500® Index 13.84% 13.84% 9.76% 9.76% 12.51% 12.51% 12.22% 12.22%

 

13

 

Management Discussion of Fund Performance (unaudited)

Global X U.S. Preferred ETF

 

 

Growth of a $10,000 Investment

(At Net Asset Value)

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

14

 

Management Discussion of Fund Performance (unaudited)

Global X S&P 500® Quality Dividend ETF

 

 

Global X S&P 500® Quality Dividend ETF

 

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

 

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

 

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund decreased 3.71%, while the Underlying Index decreased 3.46%. The Fund had a net asset value of $33.24 per share on November 30, 2022 and ended the reporting period with a net asset value of $30.97 on November 30, 2023.

 

During the reporting period, the highest returns came from Broadcom Inc. and NetApp Inc., which returned 60.01% and 56.00%, respectively. The worst performers were Bristol-Myers Squibb Company and WK Kellogg Co., which returned -36.30% and -30.59%, respectively.

 

The Fund demonstrated negative performance during the reporting period as the Fund’s underweight exposure to information technology stocks caused it to miss out on much of the artificial intelligence (AI)-driven tech rally in the middle of the reporting period. Meanwhile, the Fund’s relative overweight exposure to non-cyclical sectors like consumer staples served to detract from performance over the reporting period, as the market favored cyclical strategies in a better-than-expected economic backdrop. Growing expectations for a “soft landing” for the U.S. economy were spurred by stronger than expected economic data in the latter half of the reporting period, which subsequently raised long-term treasury yields. This rise in yields put further pressure on downtrodden interest-rate sensitive sectors like real estate and utilities, consequently reducing the appeal of dividend-paying equities relative to fixed-income securities. The industrial and materials sectors were positive contributors to Fund returns that rebounded significantly in November, as speculation surrounding a potential peak in interest rates sparked a broad market rally. During the reporting period, the Fund had an average approximate stock exposure by sector of 17.37% in Consumer Staples and 17.17% in the Industrials sector.

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
November 30, 2023
  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 Quality Dividend ETF -3.71% -3.74% 10.31% 10.35% 7.99% 8.02% 7.25% 7.27%
S&P 500® Quality High Dividend Index -3.46% -3.46% 10.61% 10.61% 8.30% 8.30% 7.56% 7.56%
S&P 500® Index 13.84% 13.84% 9.76% 9.76% 12.51% 12.51% 11.42% 11.42%

 

15

 

Management Discussion of Fund Performance (unaudited)

Global X S&P 500® Quality Dividend ETF

 

 

 

Growth of a $10,000 Investment

(At Net Asset Value)

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

16

 

Management Discussion of Fund Performance (unaudited)

Global X Adaptive U.S. Factor ETF

 

 

Global X Adaptive U.S. Factor ETF

 

The Global X Adaptive U.S. Factor ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Adaptive Wealth Strategies® U.S. Factor Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

 

The Underlying Index is designed to dynamically allocate across three sub-indices that provide exposure to U.S. equities that exhibit characteristics of one of three primary factors: value, momentum and low volatility. Each factor is represented by a subindex that is derived from the Solactive U.S. Large & Mid Cap Index, which is designed to measure the 1,000 largest companies, by free float market capitalization, that are exchange-listed in the United States.

 

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 9.13%, while the Underlying Index increased 9.52%. The Fund had a net asset value of $32.23 per share on November 30, 2022 and ended the reporting period with a net asset value of $34.37 on November 30, 2023.

 

During the reporting period, the highest returns came from Western Alliance Bancorp and Super Micro Computer, Inc., which returned 110.10% and 104.16%, respectively. The worst performers were Hawaiian Electric Industries, Inc. and CVB Financial Corp., which returned -66.78% and -53.33%, respectively.

 

The Fund performed positively during the reporting period as a result of effective factor rotation. The Fund maintained an allocation to the momentum and low volatility factors for the majority of the reporting period. Primarily, the Fund’s exposure to momentum stocks amplified market cycle benefits as macroeconomic concerns decreased, thus increasing returns during the reporting period. The Fund also exhibited a meaningful allocation to equities in the industrials sector, which positively impacted performance as these companies benefitted from trends in onshoring and investments in domestic infrastructure. During the reporting period, the Fund maintained an average approximate sector allocation of 21.81% to Health Care, 13.37% to Financials and 13.24% to Industrials.

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
November 30, 2023
  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 Adaptive U.S. Risk Management ETF 9.13% 9.33% 14.08% 14.12% 10.39% 10.38% 9.50% 9.50%
Adaptive Wealth Strategies U.S. Factor Index 9.52% 9.52% 14.45% 14.45% 10.74% 10.74% 9.85% 9.85%
S&P 500® Index 13.84% 13.84% 9.76% 9.76% 12.51% 12.51% 11.09% 11.09%

 

17

 

Management Discussion of Fund Performance (unaudited)

Global X Adaptive U.S. Factor ETF

 

 

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

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

18

 

Management Discussion of Fund Performance (unaudited)

Global X Variable Rate Preferred ETF

 

Global X Variable Rate Preferred ETF

 

The Global X Variable Rate Preferred ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the ICE U.S. Variable Rate Preferred Securities Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index. Variable rate preferreds typically reset their dividends quarterly based on pre-determined spreads to benchmark rates usually Secured Overnight Financing Rate (SOFR). Consequently, variable rate preferreds carry lower duration risk than their fixed-rate counterparts.

 

The Underlying Index is designed to track the broad-based performance of the U.S.-listed variable rate preferred securities market. Qualifying preferred securities must be listed on a U.S. exchange, denominated in U.S. dollars, have floating or variable dividends or coupons, and have a minimum amount outstanding of $50 million. Qualifying preferred securities may, however, be issued by non-U.S. companies. Qualifying securities must be issued in $25, $50, $100, or $1000 par/liquidation preference increments, must have a traded market value of greater than $6 million in each of the previous three calendar months, and must have at least one year remaining to maturity, as determined by ICE Data Indices, LLC, the provider of the Underlying Index.

 

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 5.01%, while the Underlying Index increased 5.19%. The Fund had a net asset value of $23.55 per share on November 30, 2022 and ended the reporting period with a net asset value of $23.13 on November 30, 2023.

 

During the reporting period, the highest returns came from NuStar Energy L.P. and Rithm Capital Corp., which returned 33.52% and 22.27%, respectively. The worst performers were Arbor Realty Trust Inc. and Western Alliance Bancorp Depositary, which returned -18.20% and -17.81%, respectively.

 

The Fund reported positive returns during the reporting period and outperformed broader preferred share benchmarks due to its variable rate exposure. The Fund also benefited from a decline in credit spreads within low investment grade and below investment grade assets throughout most of the reporting period. This positively impacted the Fund’s allocations to these particular credit segments of the preferred stock market. Resilient economic data, coupled with optimism surrounding a potential peak in interest rates, likely bolstered positive performance for preferred shares going into the end of the reporting period. However, collapses of regional banks during the middle of the reporting period, which the Fund had exposure to, detracted from performance.

 

  AVERAGE ANNUAL TOTAL RETURN
FOR THE YEAR ENDED NOVEMBER 30, 2023
  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 Variable Rate Preferred ETF

5.01% 4.92% 0.84% 0.74% 3.72% 3.68%
ICE U.S. Variable Rate Preferred Securities Index 5.19% 5.19% 1.02% 1.02% 3.93% 3.93%
S&P 500® Index 13.84% 13.84% 9.76% 9.76% 13.52% 13.52%

 

19

 

Management Discussion of Fund Performance (unaudited)

Global X Variable Rate Preferred ETF

 

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

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

20

 

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

 

Global X Adaptive U.S. Risk Management ETF

 

Global X Adaptive U.S. Risk Management ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Adaptive Wealth Strategies U.S. Risk Management Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

 

The Underlying Index is designed to dynamically allocate between either 100% exposure to the Solactive GBS United States 500 Index TR (“U.S. Equity Position”) or 100% exposure to a portfolio of U.S. Treasuries with 1-3 years remaining to maturity (“U.S. Treasury Position”). The Solactive GBS United States 500 Index TR is a float-adjusted market capitalization weighted index which measures the performance of the equity securities of the 500 largest companies from the United States stock market across all sectors. A float-adjusted market capitalization weighted index weights each index component according to its market capitalization, using the number of shares that are readily available for purchase on the open market, rather than the total number of shares outstanding of an issuer. The Adaptive Wealth Strategies U.S. Risk Management Index seeks to provide exposure to the U.S. Equity Position during periods of normal equity market returns, and seeks to provide exposure to the U.S. Treasury Position prior to and during periods of adverse market conditions, as determined by the quantitative model developed by the Index Provider. The Adaptive Wealth Strategies U.S. Risk Management Index seeks to anticipate periods of adverse market conditions using quantitative signals that have been developed based on historical data.

 

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 2.92%, while the Underlying Index increased 3.45%. The Fund had a net asset value of $28.26 per share on November 30, 2022 and ended the reporting period with a net asset value of $28.55 on November 30, 2023.

 

During the reporting period, the highest returns came from MongoDB, Inc. and Nvidia Corp., which returned 133.73% and 116.60%, respectively. The worst performers were SVB Financial Group and First Republic Bank, which returned -99.85% and -99.48%, respectively.

 

The Fund was positioned risk-on for the majority of the reporting period. The Fund began the period in a risk-off position, fully investing in short-term U.S. Treasuries. During the middle of the reporting period, the Fund re-allocated to a risk-on position where it remained for the remainder of the reporting period, with 100% exposure to U.S. equities. As a result, the Fund recorded positive returns during the reporting period as softening inflation and a deceleration of interest rate hikes by the U.S. Federal Reserve supported investor sentiment towards the equity market. Corporate earnings largely met market expectations supporting investor confidence in U.S. markets. Performance was negatively impacted by concerns of a potential recession as a prolonged period of elevated rates put pressure on borrowers. During the reporting period, the Fund had an average approximate stock exposure by sector of 22.62% in Information Technology and 11.64% in Health Care.

 

21

 

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

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
NOVEMBER 30, 2023
  One Year
Return
Annualized Inception to Date*
  Net Asset Value Market Price Net Asset Value Market Price
Global X Adaptive U.S. Risk Management ETF 2.92% 3.21% 6.02% 6.04%
Adaptive Wealth Strategies U.S. Risk Management Index 3.45% 3.45% 6.19% 7.67%
S&P 500® Index 13.84% 13.84% 8.27% 8.27%

 

 

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

 

 

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

 

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

 

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

 

22

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

23

 

Management Discussion of Fund Performance (unaudited)
Global X 1-3 Month T-Bill ETF

 

Global X 1-3 Month T-Bill ETF

 

Global X 1-3 Month T-Bill ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive 1-3 Month US T-Bill Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

 

The Underlying Index is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to 1 month and less than 3 months. To be a part of the eligible universe of the Underlying Index, certain criteria, as defined by Solactive AG, the provider of the Underlying Index, must be met. As of each selection date, the Underlying Index is comprised of Treasury bills issued by the U.S. government, that have a remaining maturity of less than 3 months and at least 1 month. In addition, each security must be zero coupon, be denominated in U.S. dollars and have an amount outstanding of at least $250 million, as determined by the Index Provider on the selection date. A zero coupon bond is a bond that is sold at a discount, does not pay interest, and pays its face value at maturity.

 

From the inception of the fund through the period ending November 30, 2023 (the “reporting period”), the Fund increased 2.36%, while the Underlying Index increased 2.41%. The Fund had a net asset value of $24.99 per share on June 20, 2023 and ended the reporting period with a net asset value of $25.11 on November 30, 2023.

 

The Fund recorded positive returns during the reporting period as ultra-short term Treasury bills reflected the U.S. Federal Reserve’s interest rate hikes, raising the average yield to maturity of the

 

Fund’s underlying holdings throughout the reporting period. The Fund’s short-term investment strategy allowed it to avoid the widespread interest rate volatility that impacted interest rates on the long end of the interest rate curve during the reporting period. Throughout the reporting period, the Fund delivered consistent interest income that largely tracked prevailing short-term interest rates while maintaining a stable net asset value.

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED
NOVEMBER 30, 2023
  Cumulative Inception to Date*
  Net Asset Value Market Price
Global X 1-3 Month T-Bill ETF 2.36% 2.44%
Solactive 1-3 Month US T-Bill Index 2.41% 2.41%
ICE BofA 0-3 Month US Treasury Bill Index 2.39% 2.39%

 

24

 

Management Discussion of Fund Performance (unaudited)
Global X 1-3 Month T-Bill ETF

 

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

 

 

*The Fund commenced investment operations on June 20, 2023.

 

The Solactive 1-3 Month US T-Bill Index is designed to track the performance of USD-denominated T-Bills (1-3 months) issued by the US Government.

 

The ICE Bofa 0-3 Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. The index is rebalanced monthly and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond 3 months from the rebalancing date.

 

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

 

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

 

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

 

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

 

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

 

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

 

25

 

Management Discussion of Fund Performance (unaudited)
Global X U.S. Cash Flow Kings 100 ETF

 

Global X U.S. Cash Flow Kings 100 ETF

 

Global X U.S. Cash Flow Kings 100 ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Global X U.S. Cash Flow Kings 100 Index (“Underlying Index”). The Fund is passively managed, and 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 owned and was developed by Global X Management Company LLC (the “Index Provider”), an affiliate of the Fund and the Fund’s investment adviser. The Underlying Index is administered and calculated by Mirae Asset Global Indices Pvt. Ltd. (the “Index Administrator”), an affiliate of the Index Provider. The Underlying Index is designed to provide exposure to large- and mid-capitalization U.S. equity securities that exhibit high free cash flow yields relative to the eligible universe of companies, as determined by the Index Administrator.

 

From the inception of the fund through the period ending November 30, 2023 (the “reporting period”), the Fund increased 6.46%, while the Underlying Index increased 6.57%. The Fund had a net asset value of $25.58 per share on July 10, 2023 and ended the reporting period with a net asset value of $27.07 on November 30, 2023.

 

During the reporting period, the highest returns came from Gap, Inc. and Williams-Sonoma, Inc., which returned 91.57% and 50.32%, respectively. The worst performers were Olaplex Holdings, Inc. and Polaris Inc., which returned -45.77% and -20.18%, respectively.

 

During the reporting period, the Fund recorded positive returns as corporate earnings met market expectations and a decline in inflationary pressures contributed to improving investor sentiment towards holdings within the Fund. A slower pace of interest rate hikes by the U.S. Federal Reserve also supported market sentiment. Growth was further fueled by strong consumer spending and the labor market remaining resilient throughout the reporting period. During the reporting period, the Fund had an average approximate stock exposure by sector of 25.68% in Energy and 16.09% in Health Care.

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED
NOVEMBER 30, 2023
  Cumulative Inception to Date*
  Net Asset Value Market Price
Global X U.S. Cash Flow Kings 100 ETF 6.46% 6.57%
Global X U.S. Cash Flow Kings 100 Index 6.57% 6.57%
S&P 500® Index 4.25% 4.25%

 

26

 

Management Discussion of Fund Performance (unaudited)
Global X U.S. Cash Flow Kings 100 ETF

 

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

 

 

*The Fund commenced investment operations on July 10, 2023.

 

The Global X U.S. Cash Flow Kings 100 Index is designed to track the performance of large and mid-capitalization U.S. equity securities that exhibit high free cash flow yield.

 

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

 

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

 

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

 

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

 

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

 

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

 

27

 

 

   
Schedule of Investments November 30, 2023
 
Global X MLP ETF

Sector Weightings (Unaudited)†:

 

† Sector weightings percentages are based on the total market value of investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

 

    Shares     Value  
MASTER LIMITED PARTNERSHIPS — 89.0%                
Energy — 89.0%                
Cheniere Energy Partners     2,010,929     $ 124,154,756  
CrossAmerica Partners     100       2,373  
Delek Logistics Partners     440,453       22,533,576  
Energy Transfer     22,595,377       313,849,784  
Enterprise Products Partners     7,565,051       202,592,066  
Evolve Transition Infrastructure *     100       160  
Genesis Energy (A)     5,301,311       66,584,466  
Green Plains Partners     100       1,259  
Martin Midstream Partners     100       258  
MPLX     4,894,644       178,458,720  
NGL Energy Partners *     100       433  
NuStar Energy     4,961,113       94,459,592  
Plains All American Pipeline     10,422,018       165,501,646  
Summit Midstream Partners *     100       2,070  
USD Partners     100       26  
Western Midstream Partners     5,270,348       157,161,777  
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $761,954,247)
            1,325,302,962  
                 
COMMON STOCK — 15.9%                
Energy — 15.9%                
EnLink Midstream     10,664,960       145,790,004  
Hess Midstream, Cl A     2,777,980       90,395,469  
Phillips 66     100       12,889  
TOTAL COMMON STOCK
(Cost $184,174,038)
            236,198,362  

 

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

28

 

   
Schedule of Investments November 30, 2023
 
Global X MLP ETF

 

    Shares     Value  
EXCHANGE TRADED FUND — 0.0%                
Global X MLP & Energy Infrastructure ETF (A)     100     $ 4,494  
TOTAL EXCHANGE TRADED FUND
(Cost $4,426)
            4,494  
TOTAL INVESTMENTS — 104.9%
(Cost $946,132,711)
          $ 1,561,505,818  

 

Percentages are based on Net Assets of $1,488,864,109.

 

*  Non-income producing security.
   
(A)  Affiliated investment.

 

As of November 30, 2023, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

The following is a summary of the Fund’s transactions with affiliates for the year ended November 30, 2023:

 

Value at
11/30/22
    Purchases at
Cost
    Proceeds from
Sales
    Changes in
Unrealized
Appreciation
(Depreciation)
    Realized Gain
(Loss)
    Value at
11/30/23
    Income     Capital
Gains
 
Genesis Energy                                                          
$ 66,869,171     $ 24,981,194     $ (35,227,328 )   $ 13,529,474     $ (3,568,045 )   $ 66,584,466     $     $  
Global X MLP & Energy Infrastructure ETF                                      
$     $ 4,426     $     $ 68     $     $ 4,494     $ 60     $  
Totals:                                                          
$ 66,869,171     $ 24,985,620     $ (35,227,328 )   $ 13,529,542     $ (3,568,045 )   $ 66,588,960     $ 60     $  

 

See “Glossary” for abbreviations.

 

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

29

 

   
Schedule of Investments November 30, 2023
 
Global X MLP & Energy Infrastructure ETF

Sector Weightings (Unaudited)†:

 

†  Sector weightings percentages are based on the total market value of investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

 

    Shares     Value  
COMMON STOCK — 74.2%                
CANADA — 20.5%                
Energy — 20.5%                
Enbridge     2,603,236     $ 90,774,839  
Pembina Pipeline (A)     1,347,553       45,048,697  
TC Energy     1,848,345       69,349,905  
                 
TOTAL CANADA             205,173,441  
UNITED STATES — 53.7%                
Energy — 53.7%                
Antero Midstream     2,441,498       32,520,753  
Archrock     1,025,795       14,863,770  
Cheniere Energy     506,135       92,192,490  
DT Midstream     702,254       40,232,132  
EnLink Midstream     1,693,032       23,143,747  
Equitrans Midstream     3,125,747       29,319,507  
Hess Midstream, Cl A     403,327       13,124,261  
Kinder Morgan     3,710,366       65,191,131  
Kinetik Holdings, Cl A     121,095       4,403,014  
NextDecade *     928,180       4,631,618  
ONEOK     1,168,784       80,470,778  
Targa Resources     503,590       45,549,715  
Williams     2,457,544       90,413,044  
                 
TOTAL UNITED STATES             536,055,960  
TOTAL COMMON STOCK
(Cost $609,379,471)
            741,229,401  

 

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

30

 

   
Schedule of Investments November 30, 2023
 
Global X MLP & Energy Infrastructure ETF

 

    Shares     Value  
MASTER LIMITED PARTNERSHIPS — 25.7%                
UNITED STATES— 25.7%                
Energy — 25.7%                
Cheniere Energy Partners     220,012     $ 13,583,541  
Delek Logistics Partners     47,981       2,454,708  
Energy Transfer     3,251,863       45,168,377  
Enterprise Products Partners     1,655,639       44,338,012  
MPLX     1,223,794       44,619,529  
NuStar Energy     609,829       11,611,144  
Plains All American Pipeline     2,576,487       40,914,614  
Plains GP Holdings, Cl A     1,385,416       22,388,323  
Western Midstream Partners     1,066,387       31,799,660  
TOTAL UNITED STATES             256,877,908  
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $140,007,467)
            256,877,908  
                 
SHORT-TERM INVESTMENT(B)(C) — 0.3%                
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 5.280%
(Cost $3,308,631)
    3,308,631       3,308,631  
                 
      Face Amount          
REPURCHASE AGREEMENT(B) — 1.1%                
BNP Paribas                
5.220%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $10,841,621 (collateralized by U.S. Treasury Obligations, ranging in par value $54,124 - $1,275,300, 2.000%, 08/15/25, with a total market value of $11,046,717)
(Cost $10,840,049) 
  $ 10,840,049       10,840,049  
TOTAL INVESTMENTS — 101.3%
(Cost $763,535,618)
          $ 1,012,255,989  

 

Percentages are based on Net Assets of $999,208,257.

 

* Non-income producing security.

 

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

31

 

   
Schedule of Investments November 30, 2023
 
Global X MLP & Energy Infrastructure ETF

 

(A) This security or a partial position of this security is on loan at November 30, 2023. The total market value of securities on loan at November 30, 2023 was $13,993,798. 
(B) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2023 was $14,148,680. The total value of non-cash collateral held from securities on loan as of November 30, 2023 was $—.
(C) The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2023.

 

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock     741,229,401     $     $     $ 741,229,401  
Master Limited Partnerships     256,877,908                   256,877,908  
Short-Term Investment     3,308,631                   3,308,631  
Repurchase Agreement           10,840,049             10,840,049  
Total Investments in Securities   $ 1,001,415,940     $ 10,840,049     $     $ 1,012,255,989  

 

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

 

See “Glossary” for abbreviations.

 

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

32

 

Schedule of Investments   November 30, 2023
     
  Global X Alternative Income ETF  

Sector Weightings (Unaudited)†:

 

† Sector weightings percentages are based on the total market value of investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

 

    Shares     Value  
EXCHANGE TRADED FUNDS — 80.6%                
Global X Emerging Markets Bond ETF (A)     323,447     $ 7,019,447  
Global X Nasdaq 100® Covered Call ETF (A) (B)     409,969       6,989,971  
Global X SuperDividend® REIT ETF (A)     334,661       6,840,471  
Global X U.S. Preferred ETF (A)     363,039       6,948,567  
TOTAL EXCHANGE TRADED FUNDS
(Cost $35,836,242)
            27,798,456  
                 
COMMON STOCK — 11.3%                
Energy — 4.0%                
Hess Midstream, Cl A     14,261       464,053  
Kinder Morgan     25,708       451,689  
Williams     12,662       465,835  
              1,381,577  
Utilities — 7.3%                
ALLETE     7,682       426,197  
Avangrid     12,730       392,975  
Northwest Natural Holding     10,712       392,274  
Northwestern Energy Group     8,274       416,265  
OGE Energy     12,080       423,404  
Spire     7,273       443,726  
              2,494,841  
TOTAL COMMON STOCK
(Cost $3,690,444)
            3,876,418  
                 
MASTER LIMITED PARTNERSHIPS — 7.9%                
Energy — 6.5%                
Enterprise Products Partners     15,616       418,196  
MPLX     12,191       444,484  

 

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

33

 

Schedule of Investments   November 30, 2023
     
  Global X Alternative Income ETF  

 

    Shares     Value  
MASTER LIMITED PARTNERSHIPS — continued                
Energy — continued                
Plains All American Pipeline     27,160     $ 431,301  
Sunoco     8,925       487,841  
USA Compression Partners     19,206       457,295  
              2,239,117  
Utilities — 1.4%                
Suburban Propane Partners     28,723       492,599  
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $1,367,088)
            2,731,716  
                 
SHORT-TERM INVESTMENT(C)(D) — 1.1%                
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 5.280%
(Cost $377,815)
    377,815       377,815  
                 
    Face Amount          
REPURCHASE AGREEMENT(C) — 3.6%                
BNP Paribas                
5.220%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $1,238,013 (collateralized by U.S. Treasury Obligations, ranging in par value $6,180 - $145,627, 2.000%, 08/15/25, with a total market value of $1,261,436)
(Cost $1,237,833)
  $ 1,237,833       1,237,833  
TOTAL INVESTMENTS — 104.5%
(Cost $42,509,422)
          $ 36,022,238  

 

Percentages are based on Net Assets of $34,471,903.

 

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

34

 

Schedule of Investments   November 30, 2023
     
  Global X Alternative Income ETF  

 

(A) Affiliated investment.
(B) This security or a partial position of this security is on loan at November 30, 2023. The total market value of securities on loan at November 30, 2023 was $1,582,240.
(C) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2023 was $1,615,648. The total value of non-cash collateral held from securities on loan as of November 30, 2023 was $—.
(D) The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2023.

 

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Exchange Traded Funds   $ 27,798,456     $     $     $ 27,798,456  
Common Stock     3,876,418                   3,876,418  
Master Limited                                
Partnerships     2,731,716                   2,731,716  
Short-Term Investment     377,815                   377,815  
Repurchase Agreement           1,237,833             1,237,833  
Total Investments in Securities   $ 34,784,405     $ 1,237,833     $     $ 36,022,238  

 

The following is a summary of the Fund’s transactions with affiliates for the year ended November 30, 2023:

 

Value at
11/30/22
    Purchases at
Cost
    Proceeds from
Sales
    Changes in
Unrealized
Appreciation
(Depreciation)
    Realized Gain
(Loss)
    Value at
11/30/23
    Dividend
Income
    Capital
Gains
 
Global X Emerging Markets Bond ETF                                    
$ 7,746,289     $ 1,699,170     $ (2,377,562 )   $ 91,832     $ (140,282 )   $ 7,019,447     $ 365,864     $  
Global X NASDAQ 100 Covered Call ETF                                    
$ 7,618,510     $ 1,720,191     $ (3,103,513 )   $ 799,763     $ (44,980 )   $ 6,989,971     $ 388,204     $ 15,007  
Global X SuperDividend® REIT ETF                                      
$ 7,297,064     $ 1,800,387     $ (1,633,764 )   $ (610,384 )   $ (12,832 )   $ 6,840,471     $ 387,260     $ 2,537  
Global X U.S. Preferred ETF                                            
$ 7,325,307     $ 1,770,209     $ (1,643,872 )   $ (483,983 )   $ (19,094 )   $ 6,948,567     $ 458,719     $  
Totals:                                                          
$ 29,987,170     $ 6,989,957     $ (8,758,711 )   $ (202,772 )   $ (217,188 )   $ 27,798,456     $ 1,600,047     $ 17,544  

 

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

 

See “Glossary” for abbreviations.

 

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

35

 

Schedule of Investments   November 30, 2023
     
  Global X Conscious Companies ETF  

Sector Weightings (Unaudited)†:

 

† Sector weightings percentages are based on the total market value of investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

 

    Shares     Value  
COMMON STOCK — 99.8%                
CANADA — 0.5%                
Financials — 0.5%                
Toronto-Dominion Bank     48,005     $ 2,927,825  
                 
UNITED STATES — 99.3%                
Communication Services — 7.2%                
Alphabet, Cl A *     121,558       16,110,082  
Comcast, Cl A     62,646       2,624,241  
Electronic Arts     20,940       2,889,929  
Interpublic Group     96,275       2,959,493  
Meta Platforms, Cl A *     15,082       4,934,076  
Netflix *     6,507       3,084,123  
Take-Two Interactive Software *     18,814       2,976,375  
T-Mobile US *     19,079       2,870,436  
Verizon Communications     79,545       3,048,960  
              41,497,715  
Consumer Discretionary — 10.8%                
Amazon.com *     90,140       13,168,552  
AutoNation *     20,637       2,791,567  
BorgWarner     69,555       2,343,308  

 

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

36

 

Schedule of Investments   November 30, 2023
     
  Global X Conscious Companies ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Consumer Discretionary — continued                
Dick’s Sporting Goods     25,148     $ 3,271,755  
eBay     65,173       2,672,745  
Etsy *     41,590       3,152,938  
Gentex     88,896       2,703,327  
Home Depot     9,474       2,970,004  
Lear     20,490       2,740,537  
Lowe’s     14,346       2,852,415  
Lululemon Athletica *     6,633       2,963,624  
Marriott International, Cl A     14,134       2,864,962  
NIKE, Cl B     25,536       2,815,855  
PulteGroup     37,500       3,315,750  
Starbucks     28,400       2,820,120  
Tesla *     15,271       3,666,262  
Tractor Supply     13,464       2,733,327  
Yum! Brands     22,271       2,796,124  
              62,643,172  
Consumer Staples — 5.8%                
Church & Dwight     29,167       2,818,407  
Coca-Cola     48,029       2,806,815  
Colgate-Palmolive     36,669       2,888,417  
Costco Wholesale     4,877       2,890,793  
General Mills     41,967       2,671,619  
Hershey     14,046       2,639,524  
Kimberly-Clark     22,162       2,742,104  
Kroger     61,265       2,712,202  
Mondelez International, Cl A     40,991       2,912,820  
PepsiCo     16,469       2,771,568  
Procter & Gamble     17,924       2,751,693  
Target     24,727       3,308,720  
              33,914,682  
Energy — 3.1%                
Cheniere Energy     15,908       2,897,642  
Chevron     17,133       2,460,299  
ConocoPhillips     22,263       2,572,935  
EOG Resources     20,548       2,528,842  
Hess     17,225       2,421,146  
ONEOK     40,404       2,781,815  

 

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

37

 

Schedule of Investments   November 30, 2023
     
  Global X Conscious Companies ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Energy — continued                
Valero Energy     20,727     $ 2,598,337  
              18,261,016  
Financials — 13.1%                
Aflac     34,357       2,841,667  
American Express     18,592       3,174,956  
Bank of America     105,459       3,215,445  
Bank of New York Mellon     64,294       3,106,686  
Capital One Financial     30,126       3,363,869  
Charles Schwab     53,914       3,306,007  
Citigroup     68,998       3,180,808  
FactSet Research Systems     6,333       2,871,762  
Hartford Financial Services Group     38,160       2,982,586  
JPMorgan Chase     19,013       2,967,549  
Mastercard, Cl A     6,910       2,859,565  
MetLife     45,121       2,871,049  
Moody’s     8,794       3,209,458  
Morgan Stanley     37,546       2,978,900  
Nasdaq     54,311       3,032,726  
PayPal Holdings *     49,246       2,837,062  
PNC Financial Services Group     24,130       3,232,455  
Principal Financial Group     39,838       2,941,240  
Progressive     17,085       2,802,453  
Prudential Financial     29,694       2,903,479  
S&P Global     7,713       3,207,297  
T Rowe Price Group     27,839       2,787,519  
Travelers     16,999       3,070,359  
Truist Financial     97,474       3,132,814  
Visa, Cl A     11,439       2,936,163  
              75,813,874  
Health Care — 16.3%                
Abbott Laboratories     28,190       2,939,935  
AbbVie     18,256       2,599,472  
Agilent Technologies     25,426       3,249,443  
Amgen     9,664       2,605,801  
Biogen *     10,600       2,481,248  
Boston Scientific *     52,709       2,945,906  
Bristol-Myers Squibb     47,592       2,350,093  

 

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

38

 

Schedule of Investments   November 30, 2023
     
  Global X Conscious Companies ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Health Care — continued                
Centene *     38,328     $ 2,824,007  
Cigna Group     8,774       2,306,509  
CVS Health     38,723       2,631,228  
Danaher     13,661       3,050,638  
Edwards Lifesciences *     37,898       2,566,074  
Elevance Health     5,926       2,841,458  
Eli Lilly     4,495       2,656,725  
Gilead Sciences     34,902       2,673,493  
HCA Healthcare     11,659       2,920,346  
Humana     5,179       2,511,090  
Intuitive Surgical *     9,673       3,006,755  
IQVIA Holdings *     14,390       3,080,899  
Johnson & Johnson     17,672       2,733,152  
Laboratory Corp of America Holdings     13,435       2,914,186  
Merck     25,920       2,656,282  
Mettler-Toledo International *     2,679       2,925,280  
Pfizer     87,807       2,675,479  
Quest Diagnostics     21,736       2,982,831  
Regeneron Pharmaceuticals *     3,327       2,740,816  
ResMed     18,766       2,959,961  
Stryker     10,147       3,006,860  
Thermo Fisher Scientific     5,855       2,902,675  
UnitedHealth Group     5,094       2,816,829  
Vertex Pharmaceuticals *     7,233       2,566,341  
Waters *     10,782       3,025,537  
West Pharmaceutical Services     7,265       2,548,271  
Zoetis, Cl A     15,990       2,824,953  
              94,520,573  
Industrials — 6.8%                
Automatic Data Processing     11,373       2,614,880  
Booz Allen Hamilton Holding, Cl A     22,303       2,790,775  
Caterpillar     10,765       2,699,001  
Cummins     12,196       2,733,855  
Deere     7,152       2,606,260  
Expeditors International of Washington     23,809       2,865,175  
General Dynamics     11,456       2,829,288  
Illinois Tool Works     12,054       2,919,599  
Leidos Holdings     29,693       3,186,653  

 

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

39

 

Schedule of Investments   November 30, 2023
     
  Global X Conscious Companies ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Industrials — continued                
Paychex     22,821     $ 2,783,478  
Rockwell Automation     10,061       2,771,202  
Union Pacific     13,069       2,944,054  
United Parcel Service, Cl B     17,894       2,712,909  
WW Grainger     3,906       3,070,858  
              39,527,987  
Information Technology — 31.5%                
Adobe *     4,986       3,046,496  
Advanced Micro Devices *     26,433       3,202,622  
Akamai Technologies *     25,756       2,975,591  
Analog Devices     16,287       2,986,710  
Apple     182,618       34,688,289  
Applied Materials     19,913       2,982,569  
Arista Networks *     14,109       3,099,888  
Autodesk *     13,094       2,860,122  
Cadence Design Systems *     11,272       3,080,299  
CDW     13,426       2,831,275  
Cisco Systems     50,961       2,465,493  
Cognizant Technology Solutions, Cl A     41,239       2,902,401  
Dell Technologies, Cl C     40,118       3,043,753  
Dropbox, Cl A *     97,818       2,756,511  
F5 *     18,120       3,101,963  
Gartner *     7,952       3,457,848  
HP     102,664       3,012,162  
HubSpot *     6,184       3,054,463  
Intuit     5,313       3,036,167  
Keysight Technologies *     21,971       2,985,639  
KLA     5,708       3,108,691  
Lam Research     4,434       3,174,389  
Littelfuse     11,990       2,791,272  
Microsoft     91,722       34,754,383  
Motorola Solutions     9,536       3,078,888  
NetApp     36,180       3,306,490  
NVIDIA     23,580       11,028,366  
ON Semiconductor *     31,381       2,238,407  
Oracle     26,018       3,023,552  
Salesforce *     13,145       3,311,226  
ServiceNow *     4,855       3,329,268  

 

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

40

 

Schedule of Investments   November 30, 2023
     
  Global X Conscious Companies ETF  

 

    Shares     Value  
COMMON STOCK — continued                
Information Technology — continued                
Synopsys *     5,734     $ 3,114,881  
Texas Instruments     18,181       2,776,421  
Trimble *     55,124       2,557,754  
Twilio, Cl A *     50,108       3,240,985  
Workday, Cl A *     12,650       3,424,608  
Zoom Video Communications, Cl A *     42,999       2,916,622  
              182,746,464  
Materials — 1.5%                
Albemarle     19,198       2,328,142  
Avery Dennison     15,534       3,021,363  
Ecolab     16,755       3,212,436  
              8,561,941  
Real Estate — 2.2%                
CBRE Group, Cl A *     40,189       3,173,324  
Equinix     3,812       3,106,818  
Jones Lang LaSalle *     21,485       3,341,347  
ProLogis     26,425       3,037,025  
              12,658,514  
Utilities — 1.0%                
American Water Works     22,821       3,008,721  
Exelon     68,747       2,647,447  
              5,656,168  
TOTAL UNITED STATES             575,802,106  
TOTAL COMMON STOCK
(Cost $525,301,866)
            578,729,931  
TOTAL INVESTMENTS — 99.8%
(Cost $525,301,866)
          $ 578,729,931  

 

Percentages are based on Net Assets of $579,740,502.

 

* Non-income producing security.
Real Estate Investment Trust

 

As of November 30, 2023, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

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

41

 

Schedule of Investments   November 30, 2023
     
  Global X Conscious Companies ETF  

See “Glossary” for abbreviations.

 

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

42

 

   
Schedule of Investments November 30, 2023
   
Global X U.S. Preferred ETF

Sector Weightings (Unaudited)†:

 

† Sector weightings percentages are based on the total market value of investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

 

    Shares     Value  
PREFERRED STOCK — 99.4%                
BERMUDA— 0.8%                
Financials — 0.4%                
Aspen Insurance Holdings, 9.593%, US0003M + 4.060% (A)     228,410     $ 5,899,830  
SiriusPoint, 8.000%, H15T5Y + 7.298% (A)     156,912       3,993,411  
              9,893,241  
Industrials — 0.4%                
Triton International, 8.000%     112,668       2,848,247  
Triton International, 6.875%     117,465       2,679,377  
Triton International, 5.750%     149,755       2,941,188  
              8,468,812  
TOTAL BERMUDA             18,362,053  
CANADA— 0.4%                
Financials — 0.2%                
Brookfield Finance, 4.625%     314,458       4,930,701  
Utilities — 0.2%                
Brookfield BRP Holdings Canada, 4.875%     203,833       3,173,680  
TOTAL CANADA             8,104,381  
NETHERLANDS— 0.7%                
Financials — 0.7%                
AEGON Funding, 5.100%     774,096       16,232,793  
TOTAL NETHERLANDS             16,232,793  

 

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

43

 

   
Schedule of Investments November 30, 2023
   
Global X U.S. Preferred ETF

 

    Shares     Value  
PREFERRED STOCK — continued                
UNITED STATES— 97.5%                
Communication Services — 6.2%                
AT&T, 5.625%     691,929     $ 16,537,103  
AT&T, 5.350%     1,107,431       25,227,278  
AT&T, 5.000%     1,005,554       20,171,413  
AT&T, 4.750%     1,464,857       28,125,255  
Qwest, 6.750%     556,373       6,164,613  
Qwest, 6.500%     821,467       8,715,765  
Telephone and Data Systems, 6.625%     347,309       5,449,278  
Telephone and Data Systems, 6.000%     581,248       8,056,097  
United States Cellular, 6.250%     421,428       8,171,489  
United States Cellular, 5.500%     421,823       7,297,538  
United States Cellular, 5.500%     421,877       7,302,691  
              141,218,520  
Consumer Discretionary — 2.5%                
Brunswick, 6.375%     180,610       4,455,649  
Ford Motor, 6.500%     504,046       11,935,809  
Ford Motor, 6.200%     629,272       15,285,017  
Ford Motor, 6.000%     671,107       15,911,947  
Qurate Retail, 8.000% (B)     267,570       9,062,596  
              56,651,018  
Energy — 1.8%                
Energy Transfer, 10.364%, US0003M + 4.738% (A)     363,122       9,346,760  
Energy Transfer, 10.156%, US0003M + 4.530% (A)     378,560       9,725,206  
NuStar Energy, 12.551%, US0003M + 6.880% (A)     135,179       3,438,954  
NuStar Energy, 11.315%, TSFR3M + 5.905% (A)     324,315       8,341,382  
NuStar Logistics, 12.390%, TSFR3M + 6.996% (A)     338,809       9,097,022  
              39,949,324  
Financials — 71.8%                
Affiliated Managers Group, 5.875%     251,155       5,377,229  
Allstate, 8.821%, TSFR3M + 3.427% (A)     420,265       10,720,960  
Allstate, 7.375%     492,356       13,150,829  
Allstate, 5.100%     963,777       21,328,385  
Allstate, 4.750%     251,146       5,253,974  
American Equity Investment Life Holding, 6.625%, H15T5Y + 6.297% (A)     253,497       6,114,348  

 

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

44

 

   
Schedule of Investments November 30, 2023
   
Global X U.S. Preferred ETF

 

    Shares     Value  
PREFERRED STOCK — continued                
Financials — continued                
American Equity Investment Life Holding, 5.950%, H15T5Y + 4.322% (A)     337,224     $ 7,611,146  
American Financial Group, 4.500%     173,743       3,146,486  
American International Group, 5.850%     420,617       10,220,993  
Arch Capital Group, 4.550%     421,391       8,263,478  
Argo Group International Holdings, 7.000%, H15T5Y + 6.712% (A)     130,494       3,101,842  
Associated Banc-Corp, 6.625%, H15T5Y + 2.812% (A)     244,233       5,192,394  
Associated Banc-Corp, 5.875%     77,561       1,367,400  
Associated Banc-Corp, 5.625%     89,268       1,540,766  
Athene Holding, 7.750%, H15T5Y + 3.962% (A)     420,376       10,597,679  
Athene Holding, 6.375%, H15T5Y + 5.970% (A)     503,967       12,483,263  
Athene Holding, 6.350%, US0003M + 4.253% (A)     723,068       17,230,710  
Athene Holding, 5.625%     291,511       6,025,532  
Athene Holding, 4.875%     464,111       7,964,145  
Axis Capital Holdings, 5.500%     462,780       9,829,447  
Bank of America, 7.250%     55,312       62,004,752  
Bank of America, 6.450%, US0003M + 1.327% (A)     748,820       18,990,075  
Bank of America, 6.298%, TSFR3M + 0.912% (A)     219,367       4,549,672  
Bank of America, 6.129%, TSFR3M + 0.762% (A)     298,512       6,340,395  
Bank of America, 6.000% (B)     963,025       23,777,087  
Bank of America, 5.991%, TSFR3M + 0.612% (A)     223,001       4,709,781  
Bank of America, 5.875% (B)     606,693       14,524,230  
Bank of America, 5.375% (B)     985,665       21,881,763  
Bank of America, 5.000%     927,879       19,290,604  
Bank of America, 4.750%     488,746       9,672,283  
Bank of America, 4.375%     765,924       14,054,705  
Bank of America, 4.250%     924,719       16,459,998  
Bank of America, 4.125%     649,139       11,295,019  
Bank OZK, 4.625%     274,774       4,176,565  
Brighthouse Financial, 6.750%     339,008       7,458,176  

 

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

45

 

   
Schedule of Investments November 30, 2023
   
Global X U.S. Preferred ETF

 

    Shares     Value  
PREFERRED STOCK — continued                
Financials — continued                
Brighthouse Financial, 6.600%     358,036     $ 7,679,872  
Brighthouse Financial, 6.250%     316,220       6,722,837  
Brighthouse Financial, 5.375%     484,249       8,580,892  
Brighthouse Financial, 4.625%     274,684       4,123,007  
Capital One Financial, 5.000%     1,255,979       22,783,459  
Capital One Financial, 4.800%     1,047,693       18,491,781  
Capital One Financial, 4.375%     567,819       9,090,782  
Capital One Financial, 4.250%     355,870       5,636,981  
Charles Schwab, 5.950% (B)     629,130       15,703,085  
Charles Schwab, 4.450% (B)     504,786       9,621,221  
Citigroup, Ser J, 9.696%, TSFR3M + 4.302% (A)     797,446       20,574,107  
Citigroup Capital XIII, 12.022%, TSFR3M + 6.632% (A)     1,877,609       54,187,796  
Citizens Financial Group, 5.000%     379,541       7,332,732  
Cullen, 4.450%     117,183       1,983,908  
Enstar Group, 7.000%, US0003M + 4.015% (A)     336,916       8,331,933  
Equitable Holdings, 5.250%     669,124       13,870,941  
Equitable Holdings, 4.300%     235,941       3,777,415  
Fifth Third Bancorp, 6.000%     156,901       3,768,762  
Fifth Third Bancorp, 4.950%     196,413       4,433,041  
First Citizens BancShares, 5.625%     157,123       3,326,294  
First Citizens BancShares, 5.375%     291,633       5,905,568  
First Horizon, 6.500%     126,127       2,648,667  
First Horizon, 4.700%     133,234       1,997,178  
Fulton Financial, 5.125%     156,949       2,508,045  
Goldman Sachs Group, 6.381%, TSFR3M + 1.012% (A)     629,491       13,760,673  
Goldman Sachs Group, 6.301%, TSFR3M + 0.932% (A)     1,130,413       23,987,364  
Hartford Financial Services Group, 6.000% (B)     290,952       7,361,086  
Huntington Bancshares, 6.875%, H15T5Y + 2.704% (A)     274,395       6,579,992  
Huntington Bancshares, 5.700%     151,988       3,064,078  
Huntington Bancshares, 4.500%     421,747       7,464,922  
Jackson Financial, 8.000%, H15T5Y + 3.728% (A)     462,072       11,561,041  
JPMorgan Chase, 6.000%     1,547,443       38,887,243  
JPMorgan Chase, 5.750%     1,419,254       34,388,524  

 

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

46

 

   
Schedule of Investments November 30, 2023
   
Global X U.S. Preferred ETF

 

    Shares     Value  
PREFERRED STOCK — continued                
Financials — continued                
JPMorgan Chase, 4.750%     754,988     $ 15,703,750  
JPMorgan Chase, 4.625%     1,548,294       31,538,749  
JPMorgan Chase, 4.550% (B)     1,255,882       25,180,434  
JPMorgan Chase, 4.200%     1,673,548       31,462,702  
Kemper, 5.875%, H15T5Y + 4.140% (A)     131,748       2,528,244  
KeyCorp, 6.200%, H15T5Y + 3.132% (A)     504,683       10,240,018  
KeyCorp, 6.125%, TSFR3M + 4.154% (A)     420,779       9,097,242  
KeyCorp, 5.650%     358,710       6,948,213  
KeyCorp, 5.625%     379,196       7,208,516  
KKR Group Finance IX, 4.625%     421,732       7,574,307  
Lincoln National, 9.000% (B)     420,124       11,007,249  
M&T Bank, 5.625%, CME Term SOFR + 4.020% (A)     209,327       5,118,045  
Merchants Bancorp, 8.250%, H15T5Y + 4.340% (A)     117,668       2,929,933  
MetLife, 6.671%, CME Term SOFR + 1.262% (A)     504,076       11,467,729  
MetLife, 5.625%     674,793       15,999,342  
MetLife, 4.750%     838,530       17,500,121  
Morgan Stanley, Ser E, 7.125%     722,547       18,237,086  
Morgan Stanley, Ser F, 6.875%, US0003M + 3.940% (A)     712,530       18,027,009  
Morgan Stanley, 6.500% (B)     837,811       21,615,524  
Morgan Stanley, 6.375%     837,887       20,896,902  
Morgan Stanley, 6.356%, TSFR3M + 0.962% (A)     921,748       19,642,450  
Morgan Stanley, 5.850%     838,050       19,677,414  
Morgan Stanley, 4.875%     421,038       8,782,853  
Morgan Stanley, 4.250%     1,089,316       19,869,124  
National Rural Utilities Cooperative Finance, 5.500%     196,523       4,620,256  
New York Community Bancorp, 6.375%, US0003M + 3.821% (A)     433,191       10,037,035  
Northern Trust, 4.700%     337,433       7,622,611  
PacWest Bancorp, 7.750%, H15T5Y + 4.820% (A)     432,054       9,047,211  
Prudential Financial, 5.950% (B)     253,386       6,436,004  
Prudential Financial, 5.625%     474,746       11,479,358  
Prudential Financial, 4.125%     421,231       8,125,546  

 

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

47

 

   
Schedule of Investments November 30, 2023
   
Global X U.S. Preferred ETF

 

    Shares     Value  
PREFERRED STOCK — continued                
Financials — continued                
Regions Financial, 5.700%, CME Term SOFR + 3.148% (A)     421,040     $ 8,361,854  
Regions Financial, 4.450%     338,053       5,500,122  
Reinsurance Group of America, 7.125%, H15T5Y + 3.456% (A)     587,195       15,366,893  
Reinsurance Group of America, 5.750%, US0003M + 4.040% (A)     336,848       8,481,833  
SLM, 7.371%, TSFR3M + 1.962% (A)     49,178       3,340,662  
State Street, 5.900%, US0003M + 3.108% (A)     629,062       15,682,516  
State Street, 5.350%, TSFR3M + 3.971% (A)     420,585       9,841,689  
Stifel Financial, 6.125%     186,933       4,508,824  
Stifel Financial, 4.500%     241,533       4,033,601  
Synchrony Financial, 5.625%     630,677       10,500,772  
Synovus Financial, 9.011%, CME Term SOFR + 3.614% (A)     156,169       3,986,995  
Texas Capital Bancshares, 5.750%     236,008       4,307,146  
Truist Financial, 5.250% (B)     483,519       10,709,946  
Truist Financial, 4.750%     776,145       15,088,259  
US Bancorp, 6.676%, TSFR3M + 1.282% (A)     12,088       9,658,070  
US Bancorp, 6.256%, TSFR3M + 0.862% (A)     838,807       16,558,050  
US Bancorp, 5.500%     483,427       10,591,886  
US Bancorp, 4.500% (B)     379,675       7,206,232  
US Bancorp, 4.000%     630,728       10,665,610  
US Bancorp, 3.750% (B)     422,192       6,822,623  
Valley National Bancorp, 9.234%, US0003M + 3.578% (A) (B)     79,038       1,803,647  
Valley National Bancorp, 6.250%, US0003M + 3.850% (A)     89,549       1,726,505  
Voya Financial, 5.350%, H15T5Y + 3.210% (A)     253,499       6,030,741  
W R Berkley, 4.250%     196,421       3,926,456  
W R Berkley, 4.125%     235,597       4,304,357  
WaFd, 4.875%     240,939       3,435,790  
Wells Fargo, 7.500%     83,288       93,115,984  
Wells Fargo, 6.625%, US0003M + 3.690% (A)     704,163       17,589,992  
Wells Fargo, 5.625% (B)     579,104       13,365,720  
Wells Fargo, 4.750%     1,683,815       32,346,086  
Wells Fargo, 4.700% (B)     980,821       18,969,078  
Wells Fargo, 4.375%     880,838       15,731,767  
Wells Fargo, 4.250%     1,047,984       18,224,442  

 

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

48

 

   
Schedule of Investments November 30, 2023
   
Global X U.S. Preferred ETF

 

    Shares     Value  
PREFERRED STOCK — continued                
Financials — continued                
Western Alliance Bancorp, 4.250%, H15T5Y + 3.452% (A)     240,481     $ 3,941,484  
Wintrust Financial, 6.875%, H15T5Y + 6.507% (A)     242,802       5,965,645  
Zions Bancorporation, 9.911%, CME Term SOFR + 4.240% (A)     109,386       2,779,498  
              1,635,933,090  
Industrials — 1.2%                
Chart Industries, 6.750%     169,097       9,181,967  
FTAI Aviation, 8.250%, US0003M + 6.886% (A)     210       5,162  
Pitney Bowes, 6.700%     359,076       6,050,430  
WESCO International, 10.625%, H15T5Y + 10.325% (A)     452,246       12,210,642  
              27,448,201  
Real Estate — 5.4%                
Brookfield Property Partners, 6.500%     152,655       2,062,369  
Brookfield Property Partners, 5.750%     225,179       2,742,680  
Brookfield Property Preferred, 6.250%     565,510       7,600,454  
Digital Realty Trust, 5.850% ‡ (B)     164,810       3,999,939  
Digital Realty Trust, 5.200%     291,596       6,368,457  
Diversified Healthcare Trust, 6.250%     207,285       3,173,533  
Diversified Healthcare Trust, 5.625%     274,503       4,090,095  
Hudson Pacific Properties, 4.750%     334,019       4,008,228  
Kimco Realty, 5.250%     205,526       4,720,932  
Kimco Realty, 5.125%     174,881       3,938,320  
Public Storage, 5.600%     240,940       6,001,815  
Public Storage, 5.150%     234,459       5,498,064  
Public Storage, 5.050%     253,614       5,934,568  
Public Storage, 4.875%     267,224       5,838,844  
Public Storage, 4.625%     475,398       9,921,556  
Public Storage, 4.000%     367,404       6,734,515  
Public Storage, 4.000%     508,295       9,342,462  
Public Storage, 3.900%     141,715       2,458,755  
Public Storage, 3.875%     231,970       3,966,687  
RLJ Lodging Trust, 1.950%     271,768       6,503,408  
SITE Centers, 6.375%     137,239       3,156,497  
SL Green Realty, 6.500% ‡ (B)     188,546       3,467,361  
Vornado Realty Trust, 5.250%     246,324       3,955,964  
Vornado Realty Trust, 5.250%     251,258       4,080,430  

 

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

49

 

   
Schedule of Investments November 30, 2023
   
Global X U.S. Preferred ETF

 

    Shares     Value  
PREFERRED STOCK — continued                
Real Estate — continued                
Vornado Realty Trust, 4.450%     241,909     $ 3,297,220  
              122,863,153  
Utilities — 8.6%                
CMS Energy, 5.875%     529,093       12,777,596  
CMS Energy, 4.200%     198,732       4,153,499  
DTE Energy, 5.250%     337,276       7,855,158  
DTE Energy, 4.375%     180,446       3,686,512  
Duke Energy, 5.750%     837,934       20,680,211  
Duke Energy, 5.625%     420,436       10,195,573  
Entergy Arkansas, 4.875%     345,614       7,347,754  
Entergy Louisiana, 4.875%     226,274       4,864,891  
Entergy Mississippi, 4.900% (B)     216,719       4,815,496  
Georgia Power, 5.000%     220,614       5,127,069  
NextEra Energy, 6.926% (B)     836,847       30,996,813  
NextEra Energy Capital Holdings, 5.650% (B)     576,959       14,481,671  
SCE Trust IV, 5.375%, TSFR3M + 3.394% (A)     270,042       5,738,393  
Sempra, 5.750%     635,572       15,412,621  
Southern, 5.250%     378,882       9,040,125  
Southern, 4.950% (B)     838,353       18,653,354  
Southern, 4.200%     629,869       12,364,328  
Spire, 5.900% (B)     205,444       4,901,894  
Tennessee Valley Authority, 2.216%, H15T30Y + 0.840% (A)     171,338       3,743,735  
              196,836,693  
TOTAL UNITED STATES             2,220,899,999  
TOTAL PREFERRED STOCK
(Cost $2,569,968,222)
            2,263,599,226  
                 
SHORT-TERM INVESTMENT(C)(D) — 0.4%                
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 5.280%
(Cost $9,839,349)
    9,839,349       9,839,349  

 

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

50

 

   
Schedule of Investments November 30, 2023
   
Global X U.S. Preferred ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENT(C) — 1.4%                
BNP Paribas
5.220%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $32,241,281 (collateralized by U.S. Treasury Obligations, ranging in par value $160,955 - $3,792,542, 2.000%, 08/15/25, with a total market value of $32,851,198)
(Cost $32,236,607)
  $ 32,236,607     $ 32,236,607  
TOTAL INVESTMENTS — 101.2%
(Cost $2,612,044,178)
          $ 2,305,675,182  

 

Percentages are based on Net Assets of $2,277,678,444.

 

Real Estate Investment Trust
(A) Variable or floating rate security. The rate presented is the rate in effect as of November 30, 2023. Rates are based on published reference rates and spreads and/ or are adjusted periodically based on prevailing interest rates.
(B) This security or a partial position of this security is on loan at November 30, 2023. The total market value of securities on loan at November 30, 2023 was $40,959,809.
(C) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2023 was $42,075,956. The total value of non-cash collateral held from securities on loan as of November 30, 2023 was $—.
(D) The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2023.

 

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

51

 

   
Schedule of Investments November 30, 2023
   
Global X U.S. Preferred ETF

 

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Preferred Stock   $ 2,263,599,226     $     $     $ 2,263,599,226  
Short-Term Investment     9,839,349                   9,839,349  
Repurchase Agreement           32,236,607             32,236,607  
Total Investments in Securities   $ 2,273,438,575     $ 32,236,607     $     $ 2,305,675,182  

 

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

 

See “Glossary” for abbreviations.

 

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

52

 

 

Schedule of Investments November 30, 2023

 

Global X S&P 500® Quality Dividend ETF

 

 

Sector Weightings (Unaudited)†:

 

 

† Sector weightings percentages are based on the total market value of investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

 

    Shares     Value  
COMMON STOCK — 99.5%                
Communication Services — 3.7%                
Comcast, Cl A     16,319     $ 683,603  
Interpublic Group     16,682       512,805  
Omnicom Group     6,987       563,362  
              1,759,770  
Consumer Discretionary — 6.4%                
Best Buy     8,757       621,221  
Darden Restaurants     4,069       636,676  
Garmin     6,254       764,489  
Tapestry     15,510       491,202  
VF     34,594       578,758  
              3,092,346  
Consumer Staples — 14.9%                
Archer-Daniels-Midland     9,085       669,837  
Bunge Global     7,039       773,375  
Campbell Soup     14,362       577,065  
Coca-Cola     10,942       639,450  
General Mills     8,044       512,081  
Hormel Foods     16,157       494,243  
J M Smucker     4,308       472,717  
Kellanova     10,348       543,684  
Kimberly-Clark     4,899       606,153  

 

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

53

 

 

Schedule of Investments November 30, 2023

 

Global X S&P 500® Quality Dividend ETF

 

 

    Shares     Value  
COMMON STOCK — continued                
Consumer Staples — continued                
Kraft Heinz     17,946     $ 630,084  
PepsiCo     3,613       608,032  
Procter & Gamble     4,506       691,761  
              7,218,482  
Energy — 14.7%                
APA     19,781       712,116  
Chevron     4,134       593,642  
Coterra Energy     26,731       701,689  
EOG Resources     5,669       697,684  
Exxon Mobil     6,135       630,310  
Kinder Morgan     38,827       682,190  
Marathon Petroleum     5,833       870,225  
ONEOK     11,037       759,898  
Pioneer Natural Resources     3,211       743,796  
Valero Energy     5,812       728,592  
              7,120,142  
Financials — 11.2%                
Aflac     9,554       790,211  
BlackRock, Cl A     963       723,435  
CME Group, Cl A     3,572       779,982  
Discover Financial Services     5,803       539,679  
Hartford Financial Services Group     9,237       721,964  
Principal Financial Group     9,230       681,451  
Regions Financial     35,830       597,644  
T Rowe Price Group     5,779       578,651  
              5,413,017  
Health Care — 9.0%                
AbbVie     4,755       677,064  
Bristol-Myers Squibb     10,165       501,948  
CVS Health     9,223       626,703  
Gilead Sciences     8,403       643,670  
Medtronic     7,868       623,696  
Merck     5,950       609,756  
Viatris     70,481       647,016  
              4,329,853  
Industrials — 18.3%                
3M     6,596       653,466  
CH Robinson Worldwide     7,343       602,493  
Fastenal     12,029       721,379  

 

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

54

 

 

Schedule of Investments November 30, 2023

 

Global X S&P 500® Quality Dividend ETF

 

 

    Shares     Value  
COMMON STOCK — continued                
Industrials — continued                
General Dynamics     3,113     $ 768,818  
L3Harris Technologies     3,494       666,690  
Lockheed Martin     1,424       637,624  
Norfolk Southern     3,060       667,570  
Paychex     5,917       721,696  
Robert Half     9,059       742,657  
RTX     6,631       540,294  
Snap-On     2,459       675,463  
Stanley Black & Decker     7,822       711,020  
Union Pacific     3,301       743,616  
              8,852,786  
Information Technology — 7.1%                
Cisco Systems     13,220       639,584  
Corning     20,192       575,270  
Hewlett Packard Enterprise     41,905       708,613  
Juniper Networks     21,931       623,937  
NetApp     9,469       865,372  
              3,412,776  
Materials — 10.4%                
Amcor     66,091       626,543  
CF Industries Holdings     9,696       728,654  
Eastman Chemical     8,190       686,568  
International Paper     20,857       770,458  
LyondellBasell Industries, Cl A     7,398       703,550  
Mosaic     18,836       676,024  
Packaging Corp of America     5,039       846,602  
              5,038,399  
Real Estate — 1.2%                
Public Storage     2,289       592,302  
Utilities — 2.6%                
Consolidated Edison     7,046       634,915  
Exelon     16,479       634,606  
              1,269,521  
TOTAL COMMON STOCK
(Cost $50,676,115)
            48,099,394  
TOTAL INVESTMENTS — 99.5%
(Cost $50,676,115)
          $ 48,099,394  

 

Percentages are based on Net Assets of $48,317,862.

 

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

55

 

 

Schedule of Investments November 30, 2023

 

Global X S&P 500® Quality Dividend ETF

 

 

 

Real Estate Investment Trust

 

As of November 30, 2023, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

See “Glossary” for abbreviations.

 

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

56

 

 

Schedule of Investments November 30, 2023

 

Global X Adaptive U.S. Factor ETF

 

 

Sector Weightings (Unaudited)†:

 

 

† Sector weightings percentages are based on the total market value of investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

 

    Shares     Value  
COMMON STOCK — 99.8%            
MEXICO — 0.1%            
Materials — 0.1%            
Southern Copper     1,419     $ 102,069  
                 
UNITED KINGDOM — 0.1%                
Energy — 0.1%                
TechnipFMC     9,932       205,791  
                 
UNITED STATES — 99.6%                
Communication Services — 8.7%                
AT&T     59,358       983,562  
Comcast, Cl A     72,305       3,028,856  
Frontier Communications Parent *     45,086       986,933  
IAC *     18,859       902,026  
Meta Platforms, Cl A *     13,440       4,396,896  
Netflix *     5,546       2,628,638  
Nexstar Media Group, Cl A     5,960       845,903  
Paramount Global, Cl B     70,049       1,006,604  
Verizon Communications     26,913       1,031,575  
              15,810,993  

 

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

57

 

 

Schedule of Investments November 30, 2023

 

Global X Adaptive U.S. Factor ETF

 

 

    Shares     Value  
COMMON STOCK — continued                
Consumer Discretionary — 10.7%                
Advance Auto Parts     16,039     $ 814,621  
Asbury Automotive Group *     4,013       842,008  
Best Buy     12,164       862,914  
Booking Holdings *     791       2,472,429  
Deckers Outdoor *     332       220,438  
DR Horton     4,671       596,347  
DraftKings, Cl A *     7,118       272,192  
Ford Motor     72,669       745,584  
Garmin     8,127       993,444  
General Motors     28,967       915,357  
Lennar, Cl A     3,623       463,454  
Lithia Motors, Cl A     3,192       852,232  
Macy’s     74,779       1,185,995  
Marriott Vacations Worldwide     9,100       663,390  
Meritage Homes     8,095       1,143,823  
NVR *     43       264,682  
PulteGroup     4,914       434,496  
Royal Caribbean Cruises *     4,246       456,275  
Tapestry     29,857       945,571  
Taylor Morrison Home, Cl A *     22,708       1,024,131  
Tempur Sealy International     2,609       105,195  
TJX     20,054       1,766,958  
Toll Brothers     13,902       1,194,043  
Wynn Resorts     1,592       134,397  
              19,369,976  
Consumer Staples — 2.2%                
BellRing Brands *     2,696       142,618  
Bunge Global     8,108       890,826  
Celsius Holdings *     1,971       97,584  
Conagra Brands     31,189       882,337  
Coty, Cl A *     4,918       56,065  
elf Beauty *     1,361       160,721  
Kraft Heinz     26,913       944,915  
Tyson Foods, Cl A     18,195       852,254  
              4,027,320  
Energy — 4.5%                
Antero Midstream     67,613       900,605  

 

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

58

 

 

Schedule of Investments November 30, 2023

 

Global X Adaptive U.S. Factor ETF

 

 

    Shares     Value  
COMMON STOCK — continued                
Energy — continued                
Baker Hughes, Cl A     14,943     $ 504,326  
Chesapeake Energy     9,555       767,362  
Chord Energy     5,008       811,997  
Civitas Resources     10,921       750,164  
Coterra Energy     28,741       754,451  
DT Midstream     15,444       884,787  
Helmerich & Payne     19,292       698,949  
Kinder Morgan     49,820       875,338  
ONEOK     12,442       856,632  
Transocean *     15,012       95,476  
Weatherford International *     2,473       224,276  
              8,124,363  
Financials — 25.0%                
AGNC Investment     99,520       877,766  
Ally Financial     33,331       973,932  
Apollo Global Management     8,219       756,148  
Arch Capital Group *     7,059       590,768  
Ares Management, Cl A     2,507       281,411  
Arthur J Gallagher     3,112       774,888  
Bank OZK     23,807       996,561  
Berkshire Hathaway, Cl B *     12,431       4,475,160  
Cadence Bank     40,917       1,024,971  
Capital One Financial     8,902       993,997  
Citigroup     21,101       972,756  
Citizens Financial Group     33,369       909,973  
Columbia Banking System     42,569       954,823  
Comerica     20,316       918,689  
Evercore, Cl A     565       83,366  
Fifth Third Bancorp     34,655       1,003,262  
First Horizon     77,140       986,621  
FleetCor Technologies *     1,171       281,625  
FNB     77,419       928,254  
Huntington Bancshares     84,465       951,076  
Invesco     65,437       933,786  
Jefferies Financial Group     26,154       926,898  
KeyCorp     79,956       990,655  
M&T Bank     7,037       901,932  
Mastercard, Cl A     10,836       4,484,262  

 

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

59

 

 

Schedule of Investments November 30, 2023

 

Global X Adaptive U.S. Factor ETF

 

 

    Shares     Value  
COMMON STOCK — continued                
Financials — continued                
MGIC Investment     53,340     $ 938,251  
New York Community Bancorp     81,557       767,451  
Old National Bancorp     58,850       876,276  
OneMain Holdings, Cl A     22,249       941,133  
Primerica     583       122,144  
Prosperity Bancshares     15,898       958,808  
Radian Group     32,945       847,016  
Regions Financial     51,627       861,138  
Rithm Capital     92,219       957,233  
Starwood Property Trust     45,180       897,727  
Synchrony Financial     28,559       924,169  
Synovus Financial     31,604       973,087  
Tradeweb Markets, Cl A     1,850       179,265  
Truist Financial     29,713       954,976  
United Bankshares     30,839       1,021,079  
Unum Group     16,683       717,369  
Valley National Bancorp     104,012       946,509  
Webster Financial     21,718       974,052  
Wells Fargo     20,562       916,860  
Western Alliance Bancorp     18,217       933,075  
Zions Bancorp     23,925       852,448  
              45,533,646  
Health Care — 5.3%                
CVS Health     12,013       816,283  
Eli Lilly     7,006       4,140,826  
Exact Sciences *     2,931       187,584  
Intuitive Surgical *     4,515       1,403,443  
Organon     52,419       593,383  
Perrigo     28,389       864,729  
Pfizer     27,186       828,358  
Viatris     91,134       836,610  
              9,671,216  
Industrials — 13.4%                
AAON     866       54,212  
Allison Transmission Holdings     1,817       97,173  
API Group *     4,415       133,995  
Atkore *     474       61,573  

 

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

60

 

 

Schedule of Investments November 30, 2023

 

Global X Adaptive U.S. Factor ETF

 

 

    Shares     Value  
COMMON STOCK — continued                
Industrials — continued                
Axon Enterprise *     919     $ 211,251  
AZEK, Cl A *     2,295       79,155  
Boise Cascade     9,784       1,069,391  
Builders FirstSource *     2,447       328,167  
Caterpillar     8,025       2,012,028  
Clean Harbors *     639       103,301  
Comfort Systems USA     603       116,729  
Copart *     16,611       834,204  
Eaton     6,067       1,381,395  
EMCOR Group     920       195,518  
Esab     1,106       85,328  
FedEx     4,330       1,120,734  
Flowserve     1,977       75,640  
General Electric     36,304       4,421,827  
Ingersoll Rand     5,331       380,793  
Lennox International     538       218,783  
ManpowerGroup     11,993       890,001  
MSC Industrial Direct, Cl A     8,498       827,875  
nVent Electric     2,430       129,397  
Owens Corning     1,424       193,066  
PACCAR     18,689       1,716,024  
Parker-Hannifin     1,746       756,332  
Pentair     2,688       173,483  
RTX     11,247       916,406  
Saia *     455       177,627  
Sensata Technologies Holding     23,439       762,002  
Simpson Manufacturing     901       150,440  
TransDigm Group     1,018       980,202  
Uber Technologies *     27,387       1,544,079  
United Airlines Holdings *     23,564       928,422  
Verisk Analytics, Cl A     2,177       525,593  
Vertiv Holdings, Cl A     10,539       460,133  
XPO *     2,748       237,097  
              24,349,376  
Information Technology — 21.8%                
Adobe *     7,639       4,667,505  
Applied Materials     15,277       2,288,189  
AppLovin, Cl A *     2,712       101,646  

 

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

61

 

 

Schedule of Investments November 30, 2023

 

Global X Adaptive U.S. Factor ETF

 

 

    Shares     Value  
COMMON STOCK — continued                
Information Technology — continued                
Arista Networks *     3,292     $ 723,285  
Arrow Electronics *     7,460       884,458  
Avnet     18,134       847,946  
Axcelis Technologies *     1,237       153,734  
Badger Meter     482       71,032  
Broadcom     4,802       4,445,355  
Cadence Design Systems *     3,827       1,045,804  
Cisco Systems     62,139       3,006,285  
Corning     30,939       881,452  
Dell Technologies, Cl C     5,503       417,513  
Fair Isaac *     532       578,603  
Gen Digital     48,519       1,071,300  
Hewlett Packard Enterprise     51,195       865,707  
Insight Enterprises *     711       107,660  
Intel     23,960       1,071,012  
Juniper Networks     33,449       951,624  
KLA     2,188       1,191,629  
Lam Research     2,508       1,795,527  
Manhattan Associates *     835       186,247  
NVIDIA     10,094       4,720,964  
Onto Innovation *     955       134,665  
Oracle     30,871       3,587,519  
Rambus *     2,150       145,490  
Roper Technologies     1,599       860,662  
Samsara, Cl A *     2,477       68,217  
Super Micro Computer *     1,570       429,348  
Synopsys *     2,358       1,280,936  
TD SYNNEX     9,204       907,883  
Universal Display     684       115,733  
Vontier     2,906       98,019  
              39,702,949  
Materials — 6.9%                
Albemarle     5,586       677,414  
Commercial Metals     20,692       937,969  
CRH     10,072       632,018  
Dow     17,051       882,389  
DuPont de Nemours     11,506       823,139  
Eastman Chemical     11,748       984,835  

 

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

62

 

 

Schedule of Investments November 30, 2023

 

Global X Adaptive U.S. Factor ETF

 

 

    Shares     Value  
COMMON STOCK — continued                
Materials — continued                
Huntsman     36,324     $ 893,571  
International Paper     24,219       894,650  
Linde     7,221       2,987,833  
LyondellBasell Industries, Cl A     9,132       868,453  
Mosaic     23,280       835,519  
Reliance Steel & Aluminum     838       230,668  
United States Steel     26,309       944,493  
              12,592,951  
Real Estate — 1.1%                
Kilroy Realty     28,284       932,806  
Spirit Realty Capital     24,483       1,011,148  
              1,943,954  
TOTAL UNITED STATES             181,126,744  
TOTAL COMMON STOCK
(Cost $166,828,073)
            181,434,604  
TOTAL INVESTMENTS — 99.8%
(Cost $166,828,073)
          $ 181,434,604  

 

Percentages are based on Net Assets of $181,838,224.

 

* Non-income producing security.
Real Estate Investment Trust

 

As of November 30, 2023, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

See “Glossary” for abbreviations.

 

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

63

 

 

Schedule of Investments November 30, 2023

 

Global X Variable Rate Preferred ETF

 

 

Sector Weightings (Unaudited)†:

 

 

 

†  Sector weightings percentages are based on the total market value of investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

 

    Shares     Value  
PREFERRED STOCK — 99.4%                
BERMUDA — 2.1%                
Financials — 2.1%                
Aspen Insurance Holdings, 9.593%, US0003M + 4.060% (A)     101,629     $ 2,625,077  
SiriusPoint, 8.000%, H15T5Y + 7.298% (A)     75,923       1,932,240  
TOTAL BERMUDA             4,557,317  
UNITED STATES— 97.3%                
Energy — 8.1%                
Energy Transfer, 10.364%, US0003M + 4.738% (A)     166,118       4,275,877  
Energy Transfer, 10.156%, US0003M + 4.530% (A)     169,171       4,346,003  
NuStar Energy, 12.551%, US0003M + 6.880% (A)     64,067       1,629,865  
NuStar Energy, 11.315%, TSFR3M + 5.905% (A)     142,728       3,670,964  
NuStar Logistics, 12.390%, TSFR3M + 6.996% (A)     157,483       4,228,419  
              18,151,128  
Financials — 86.7%                
AGNC Investment, 10.767%, CME Term SOFR + 5.373% ‡ (A)     123,069       3,138,259  
AGNC Investment, 7.750%, H15T5Y + 4.390% ‡ (A)     56,532       1,200,740  
AGNC Investment, 6.125%, CME Term SOFR + 4.697% ‡ (A)     219,883       4,740,677  
Allstate, 8.821%, TSFR3M + 3.427% (A)     191,327       4,880,752  
American Equity Investment Life Holding, 6.625%, H15T5Y + 6.297% (A)     109,629       2,644,251  
American Equity Investment Life Holding, 5.950%, H15T5Y + 4.322% (A)     144,277       3,256,332  

 

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

64

 

 

Schedule of Investments November 30, 2023

 

Global X Variable Rate Preferred ETF

 

 

    Shares     Value  
PREFERRED STOCK — continued                
Financials — continued                
Annaly Capital Management, 10.631%, CME Term SOFR + 4.993% ‡ (A)     255,942     $ 6,395,991  
Annaly Capital Management, 9.828%, CME Term SOFR + 4.172% ‡ (A)     149,952       3,739,803  
Argo Group International Holdings, 7.000%, H15T5Y + 6.712% (A)     54,441       1,294,063  
Associated Banc-Corp, 6.625%, H15T5Y + 2.812% (A)     113,173       2,406,058  
Athene Holding, 7.750%, H15T5Y + 3.962% (A)     184,152       4,642,472  
Athene Holding, 6.375%, H15T5Y + 5.970% (A)     222,216       5,504,290  
Athene Holding, 6.350%, US0003M + 4.253% (A)     325,334       7,752,709  
Bank of America, 6.450%, US0003M + 1.327% (A)     394,646       10,008,222  
Bank of America, 6.298%, TSFR3M + 0.912% (A)     110,689       2,295,690  
Bank of America, 6.129%, TSFR3M + 0.762% (A)     155,429       3,301,312  
Chimera Investment, 7.750%, US0003M + 4.743% ‡ (A)     96,949       1,875,963  
Citigroup, Ser J, 9.696%, TSFR3M + 4.302% (A)     355,828       9,180,362  
Enstar Group, 7.000%, US0003M + 4.015% (A)     147,626       3,650,791  
Goldman Sachs Group, 6.381%, TSFR3M + 1.012% (A)     273,108       5,970,141  
Goldman Sachs Group, 6.301%, TSFR3M + 0.932% (A)     492,991       10,461,269  
Huntington Bancshares, 6.875%, H15T5Y + 2.704% (A)     125,003       2,997,572  
Jackson Financial, 8.000%, H15T5Y + 3.728% (A)     209,191       5,233,959  
Kemper, 5.875%, H15T5Y + 4.140% (A)     54,182       1,039,753  
KeyCorp, 6.200%, H15T5Y + 3.132% (A)     226,816       4,602,097  
KeyCorp, 6.125%, TSFR3M + 4.154% (A)     184,924       3,998,057  
M&T Bank, 5.625%, CME Term SOFR + 4.020% (A)     95,656       2,338,789  

 

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

65

 

 

Schedule of Investments November 30, 2023

 

Global X Variable Rate Preferred ETF

 

 

    Shares     Value  
PREFERRED STOCK — continued                
Financials — continued                
Merchants Bancorp, 8.250%, H15T5Y + 4.340% (A)     52,268     $ 1,301,473  
MetLife, 6.671%, CME Term SOFR + 1.262% (A)     224,406       5,105,236  
Morgan Stanley, 6.356%, TSFR3M + 0.962% (A)     420,893       8,969,230  
New York Community Bancorp, 6.375%, US0003M + 3.821% (A)     192,692       4,464,674  
PacWest Bancorp, 7.750%, H15T5Y + 4.820% (A)     189,954       3,977,637  
Regions Financial, 5.700%, CME Term SOFR + 3.148% (A)     194,824       3,869,205  
Reinsurance Group of America, 7.125%, H15T5Y + 3.456% (A)     251,988       6,594,526  
Reinsurance Group of America, 5.750%, US0003M + 4.040% (A)     144,457       3,637,427  
Rithm Capital, 7.000%, H15T5Y + 6.223% ‡ (A)     176,245       3,766,356  
Rithm Capital, 6.375%, US0003M + 4.969% (A)     147,923       3,029,463  
SLM, 7.371%, TSFR3M + 1.962% (A)     23,598       1,603,012  
Synovus Financial, 9.011%, CME Term SOFR + 3.614% (A)     73,952       1,887,995  
Two Harbors Investment, 7.625%, US0003M + 5.352% ‡ (A)     96,629       1,992,490  
Two Harbors Investment, 7.250%, US0003M + 5.011% ‡ (A)     91,274       1,876,593  
US Bancorp, 6.676%, TSFR3M + 1.282% (A)     5,395       4,310,497  
US Bancorp, 6.256%, TSFR3M + 0.862% (A)     380,860       7,518,176  
Valley National Bancorp, 9.234%, US0003M + 3.578% (A)     37,744       861,318  
Valley National Bancorp, 6.250%, US0003M + 3.850% (A)     44,170       851,598  
Voya Financial, 5.350%, H15T5Y + 3.210% (A)     111,798       2,659,674  
Western Alliance Bancorp, 4.250%, H15T5Y + 3.452% (A)     111,182       1,822,273  
Wintrust Financial, 6.875%, H15T5Y + 6.507% (A)     109,975       2,702,086  

 

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

66

 

 

Schedule of Investments November 30, 2023

 

Global X Variable Rate Preferred ETF

 

 

    Shares     Value  
PREFERRED STOCK — continued                
Financials — continued                
Zions Bancorporation, 9.911%, CME Term SOFR + 4.240% (A)     51,878     $ 1,318,220  
              192,669,533  
Industrials — 2.5%                
WESCO International, 10.625%, H15T5Y + 10.325% (A)     204,013       5,508,351  
TOTAL UNITED STATES             216,329,012  
TOTAL PREFERRED STOCK
(Cost $223,871,603)
            220,886,329  
TOTAL INVESTMENTS — 99.4%
(Cost $223,871,603)
          $ 220,886,329  

 

Percentages are based on Net Assets of $222,312,863.

 

Real Estate Investment Trust
(A) Variable or floating rate security. The rate presented is the rate in effect as of November 30, 2023. Rates are based on published reference rates and spreads and/or are adjusted periodically based on prevailing interest rates.

 

As of November 30, 2023, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

See “Glossary” for abbreviations.

 

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

67

 

 

Schedule of Investments November 30, 2023

 

Global X Adaptive U.S. Risk Management ETF

 

 

Sector Weightings (Unaudited)†:

 

 

†  Sector weightings percentages are based on the total market value of investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

 

    Shares     Value  
COMMON STOCK — 99.7%              
BRAZIL — 0.2%              
Consumer Discretionary — 0.2%              
MercadoLibre *     107     $ 173,389  
                 
CHINA — 0.1%                
Consumer Discretionary — 0.1%                
Yum China Holdings     990       42,748  
                 
ISRAEL — 0.0%                
Consumer Discretionary — 0.0%                
Mobileye Global, Cl A *     231       9,483  
                 
MEXICO — 0.0%                
Materials — 0.0%                
Southern Copper     216       15,537  
                 
SOUTH KOREA — 0.0%                
Consumer Discretionary — 0.0%                
Coupang, Cl A *     2,677       40,905  

 

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

68

 

 

Schedule of Investments November 30, 2023

 

Global X Adaptive U.S. Risk Management ETF

 

 

    Shares     Value  
COMMON STOCK — continued                
UNITED STATES — 99.4%                
Communication Services — 8.7%                
Alphabet, Cl A *     14,504     $ 1,922,215  
Alphabet, Cl C *     12,600       1,687,392  
AT&T     17,421       288,666  
Charter Communications, Cl A *     243       97,232  
Comcast, Cl A     9,950       416,806  
Electronic Arts     659       90,949  
Endeavor Group Holdings, Cl A     211       5,129  
Fox, Cl A     623       18,403  
Fox, Cl B     334       9,238  
Live Nation Entertainment *     359       30,235  
Meta Platforms, Cl A *     5,374       1,758,104  
Netflix *     1,057       500,986  
Omnicom Group     479       38,622  
Pinterest, Cl A *     1,419       48,345  
ROBLOX, Cl A *     1,136       44,656  
Sirius XM Holdings     1,666       7,797  
Snap, Cl A *     2,503       34,617  
Spotify Technology *     329       60,901  
Take-Two Interactive Software *     408       64,546  
T-Mobile US *     1,258       189,266  
Trade Desk, Cl A *     1,074       75,674  
Verizon Communications     10,251       392,921  
Walt Disney *     4,459       413,305  
Warner Bros Discovery *     5,458       57,036  
Warner Music Group, Cl A     319       10,562  
              8,263,603  
Consumer Discretionary — 10.3%