Global X Alternative Income ETF (ticker: ALTY)
(formerly, Global X SuperDividend® Alternatives ETF)
Global X S&P 500® Quality Dividend ETF (ticker: QDIV)
Global X U.S. Preferred ETF (ticker: PFFD)
Global X Variable Rate Preferred ETF (ticker: PFFV)
Global X MLP ETF (ticker: MLPA)
Global X MLP & Energy Infrastructure ETF (ticker: MLPX)
Global X Conscious Companies ETF (ticker: KRMA)
Global X Adaptive U.S. Factor ETF (ticker: AUSF)
Global X Adaptive U.S. Risk Management ETF (ticker: ONOF)
Global X Founder-Run Companies ETF (ticker: BOSS)


Annual Report
November 30, 2021

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ (defined below) shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary (such as a broker-dealer or bank). Instead, shareholder reports will be available on the Funds’ website (www.globalxetfs.com/explore), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary.
You may elect to receive all future Fund shareholder reports in paper free of charge. Please contact your financial intermediary to inform them that you wish to continue receiving paper copies of Fund shareholder reports and for details about whether your election to receive reports in paper will apply to all funds held with your financial intermediary.







Table of Contents
 


Management Discussion of Fund Performance
1
Schedules of Investments
 
Global X Alternative Income ETF
26
Global X S&P 500® Quality Dividend ETF
30
Global X U.S. Preferred ETF
34
Global X Variable Rate Preferred ETF
48
Global X MLP ETF
55
Global X MLP & Energy Infrastructure ETF
57
Global X Conscious Companies ETF
59
Global X Adaptive U.S. Factor ETF
67
Global X Adaptive U.S. Risk Management ETF
75
Global X Founder-Run Companies ETF
93
Statements of Assets and Liabilities
98
Statements of Operations
101
Statements of Changes in Net Assets
104
Financial Highlights
109
Notes to Financial Statements
117
Report of Independent Registered Public Accounting Firm
140
Disclosure of Fund Expenses
142
Approval of Investment Advisory Agreement
144
Supplemental Information
148
Trustees and Officers of the Trust
149
Notice to Shareholders
152



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


Global X Alternative Income ETF
The Global X Alternative Income ETF (“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, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is 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 category primarily consists of units of MLPs and shares of infrastructure companies. The Real Estate category provides exposure to global real estate investment trusts (“REITs”) and receives this exposure through investing directly in the Global X SuperDividend® REIT ETF. The Preferreds category provides exposure to U.S. preferred securities and receives 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 receives 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 receives this exposure through investing directly in the Global X Nasdaq 100 Covered Call ETF.
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 22.52%, while the Underlying Index increased 22.82%. The Fund had a net asset value of $11.51 per share on November 30, 2020 and ended the reporting period with a net asset value of $13.16 per share on November 30, 2021.
During the reporting period, the highest returns derived from Blackstone Inc. and Black Stone Minerals LP, which returned 101.06% and 82.05%, respectively. The worst performers were Holly Energy Partners, L.P. and Dominion Energy Inc, which returned -6.27% and -6.21%, respectively.
The Fund’s Underlying Index underwent a methodology update prior to the end of the reporting period, which modified the asset classes the Fund provides exposure to. Before that change, the Fund provided exposure to the highest yielding securities from various alternative income-generating asset classes, including REITs, MLPs, Business Development Companies (BDCs), and certain Closed End Fund strategies. Rising economic activity and inflation during the reporting period proved to be a tailwind for commodities and real assets, which tend to do well amid inflationary pressures. This primarily benefitted MLPs and Real Estate. BDCs also rallied as credit spreads tightened and business activity started to normalize. During the reporting period, the Fund maintained an average approximate sector exposure of 16% to Financials, 12% to Energy, 12% to Utilities, and 2% to Industrials.






1

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


 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Three Year Return
Five Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Alternative Income ETF
22.52%
23.09%
5.36%
5.43%
6.18%
6.00%
6.20%
6.24%
Indxx SuperDividend® Alternatives Index
22.82%
22.82%
5.38%
5.38%
6.53%
6.53%
6.67%
6.67%
S&P 500® Index
27.92%
27.92%
20.38%
20.38%
17.90%
17.90%
15.13%
15.13%

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.





2

 
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.









3

 
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 (“Fund”) seeks to provide 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, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index serves as a benchmark for income seeking equity investors. The Underyling Index is designed to measure the performance of 80 high yield companies within the S&P 500® Index (“Reference Index”) and is equally weighted to best represent the performance of this group, regardless of constituent size.
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 26.45%, while the Underlying Index increased 26.82%. The Fund had a net asset value of $25.20 per share on November 30, 2020 and ended the reporting period with a net asset value of $31.02 per share on November 30, 2021.
During the reporting period, the highest returns derived from Nucor Corporation and Comerica Incorporated, which returned 75.43% and 74.83%, respectively. The worst performers included Sylvamo Corporation and Clorox Company, which returned -18.89% and -17.87%, respectively.
Low interest rates and successful vaccination programs buoyed the U.S. economy during the reporting period. Corporate balance sheets continued to improve and demand for higher quality companies that offered dividends also rose. Earnings growth for U.S. large-capitalization companies was strong, also boosting quality large-capitalization stocks. However, the Fund had a slight underperformance in comparison to the Reference Index (which also serves as the Fund’s benchmark index) during the reporting period related to its low exposure to the Information Technology sector. During the reporting period, the Fund maintained an approximate average sector exposure of 23% to Financials, 17% to Industrials, 14% to Consumer Staples, and 12% to Real Estate.

 
AVERAGE ANNUAL TOTAL RETURNFOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Three Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X S&P 500® Quality Dividend ETF
26.45%
26.49%
11.42%
11.46%
9.83%
9.84%
S&P 500® Quality High Dividend Index
26.82%
26.82%
11.77%
11.77%
10.17%
10.17%
S&P 500® Index
27.92%
27.92%
20.38%
20.38%
17.63%
17.63%







4

 
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.





5

 
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 (“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, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to track the 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 $100 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, 2021 (the “reporting period”), the Fund increased 4.61%, while the Underlying Index increased 4.84%. The Fund had a net asset value of $25.36 per share on November 30, 2020 and ended the reporting period with a net asset value of $25.21 per share on November 30, 2021.
During the reporting period, the highest returns came from Huntington Bancshares Inc. and KKR & Co. Inc, which returned 133.84% and 59.01%, respectively. The worst performers included Sabre Corp (6.5%) and ViacomCBS Inc (5.75%), which returned -30.12% and -28.62%, respectively.
The Fund’s holdings consist of broad exposure to U.S. preferred stocks, providing benchmark-like exposure to the asset class. As the COVID-19 pandemic waned, economic recovery and removal of lockdown measures led to renewed confidence in securities with greater credit risk, leading to a tightening in credit spreads during the reporting period. The financial system also stabilized as borrowers recovered from the effects of the COVID-19 pandemic. The market also braced for rising interest rates and investors refocused their attention on preferred stocks. Preferred stocks offer considerable exposure to the Financials sector, which tends to benefit from higher rates. Preferred stocks performed positively during the reporting period, primarily due to tight credit spreads and a preference for higher yielding instruments among investors. During the reporting period, the Fund maintained an average approximate sector allocation of 54% to Financials, 14% to Utilities, and 6% to Real Estate.
 
AVERAGE ANNUAL TOTAL RETURNFOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Three Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X U.S. Preferred ETF
4.61%
4.36%
8.93%
8.90%
5.76%
5.87%
ICE BofA Diversified Core U.S. Preferred Securities Index
4.84%
4.84%
9.14%
9.14%
5.98%
5.98%
S&P 500® Index
27.92%
27.92%
20.38%
20.38%
17.59%
17.59%






6

 
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 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.





7

 
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 (“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, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to track the 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, 2021 (the “reporting period”), the Fund increased 6.60%, while the Underlying Index increased 6.88%. The Fund had a net asset value of $26.97 per share on November 30, 2020 and ended the reporting period with a net asset value of $27.28 per share on November 30, 2021.
During the reporting period, the highest returns derived from NGL Energy Partners L.P. and NuStar Energy L.P., which returned 44.19% and 29.90%, respectively. The worst performers included Altera Infrastructure L.P. and Fortress Transportation and Infrastructure Investors LLC, which returned -29.37% and -5.04%, respectively.
The Fund invests in a broad basket of U.S. variable-rate preferred stocks. Variable rate preferred stocks are a subset of the preferred asset class, which includes securities that reset their coupon at certain intervals based on the prevailing interest rate. Therefore, these securities tend to have lower duration compared to fixed rate preferred stocks. Higher inflation and increasing market expectations of rate hikes led to a rise in bond yields during the reporting period. This resulted in investor demand for lower duration instruments, such as variable rate preferred stocks. Tight credit spreads also benefited variable rate preferred stocks as an improving macroeconomic backdrop improved company balance sheets. During the reporting period, the Fund maintained an average approximate sector allocation of 84% to Financials, 7% to Energy, and 3% to Utilities.

 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Variable Rate Preferred ETF
6.60%
6.70%
12.11%
12.30%
ICE U.S. Variable Rate Preferred Securities Index
6.88%
6.88%
12.42%
12.42%
S&P 500® Index
27.92%
27.92%
32.30%
32.30%






8

 
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.





9

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


Global X MLP ETF
The Global X MLP ETF (“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, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index tracks the price movements in shares of companies that are structured as Master Limited Partnerships (“MLPs”) and that are engaged in or 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, as defined by Solactive AG, the provider of the Underlying Index.
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 37.49%, while the Underlying Index increased 38.19%. The Fund had a net asset value of $26.73 per share on November 30, 2020 and ended the reporting period with a net asset value of $33.59 per share on November 30, 2021.
During the reporting period, the highest returns derived from EnLink Midstream LLC and DCP Midstream LP, which returned 80.34% and 73.14%, respectively. The worst performer was TC PipeLines, L.P., which returned -0.13%.
The Fund seeks to provide exposure to midstream MLPs. Midstream MLPs operate toll-road-like business models, in which they are compensated based on the natural gas or crude oil volume they transport, store, or process. The energy market stabilized over the reporting period as the Organization of the Petroleum Exporting Countries and its allies, also known as OPEC+, implemented policies that acted as a check on production. This occurred while global demand was rising, helping to balance the energy markets. Demand for energy rose during the reporting period as economies around the world began the reopening process as the effects of the COVID-19 pandemic waned. U.S. energy production also began increasing as exploration and production companies expanded their operations in a stronger energy market. During the reporting period, merger and acquisition activity also picked up, driving equity prices higher. The Fund outperformed broad market indices as energy markets made a strong comeback.

 
AVERAGE TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Three Year Return
Five Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X MLP ETF
37.49%
37.47%
-3.71%
-3.73%
-4.58%
-4.60%
-2.18%
-2.20%
Hybrid Solactive MLP Infrastructure Index/Solactive MLP Composite Index Gross**
38.19%
38.19%
-3.28%
-3.28%
-4.03%
-4.03%
-0.77%
-0.77%
S&P 500® Index
27.92%
27.92%
20.38%
20.38%
17.90%
17.90%
15.48%
15.48%






10

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





11

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


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.





12

 
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 (“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, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is intended to give investors a means of tracking the performance of Master Limited Partnerships (“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, 2021 (the “reporting period”), the Fund increased 39.64%, while the Underlying Index increased 40.58%. The Fund had a net asset value of $26.59 per share on November 30, 2020 and ended the reporting period with a net asset value of $34.89 per share on November 30, 2021.
During the reporting period, the highest returns derived from Targa Resources Corp. and EnLink Midstream LLC, which returned 122.05% and 88.91%, respectively. The worst performers included Holly Energy Partners, L.P. and TC PipeLines, LP, which returned -18.34% and -0.13%, respectively.
The Fund seeks to provide tax efficient exposure to midstream MLPs, the general partners of midstream MLPs, and energy infrastructure corporations. Midstream MLPs and energy infrastructure companies operate toll-road-like business models where they are generally compensated based on the volumes of natural gas or crude oil that they transport, store, or process. The energy market gained some stability over the reporting period as the Organization of the Petroleum Exporting Countries and its allies, also known as OPEC+, implemented policies that limited production growth, while demand for oil and natural gas also increased with further economic reopenings globally as the effects of the COVID-19 pandemic waned. The result was higher oil prices, providing greater profitability and incentives for U.S. oil and gas producers to increase production. The midstream space experienced consolidation during the reporting period, piquing the interest of investors as M&A deals increased the scale and geographic diversification of several midstream entities. The Fund outperformed broader markets with other sector exposures during the reporting period as the energy markets made a strong comeback, backed by attractive valuations in the midstream segment and solid yields in an inflationary environment.





13

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


 
AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Three Year Return
Five Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X MLP & Energy Infrastructure ETF
39.64%
39.44%
5.73%
5.71%
1.44%
1.41%
2.02%
2.07%
Solactive MLP & Energy Infrastructure Index
40.58%
40.58%
6.34%
6.34%
2.08%
2.08%
2.67%
2.67%
S&P 500® Index
27.92%
27.92%
20.38%
20.38%
17.90%
17.90%
14.86%
14.86%

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.





14

 
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.





15

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Conscious Companies ETF
 


Global X Conscious Companies ETF
The Global X Conscious Companies ETF (“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, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to provide exposure to U.S.-listed companies that Concinnity Advisors LP, (the “Index Provider”) believes appear to 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 the Index Provider. 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, 2021 (the “reporting period”), the Fund increased 25.84%, while the Underlying Index increased 26.24%. The Fund had a net asset value of $26.46 per share on November 30, 2020 and ended the reporting period with a net asset value of $32.97 per share on November 30, 2021.
During the reporting period, the highest returns derived from Nvidia Corporation and ON Semiconductor Corporation, which returned 144.07% and 113.67%, respectively. The worst performers included Universal Display Corporation and PayPal Holdings, Inc., which returned -21.92% and -20.51%, respectively.
Socially conscious companies increasingly became a focus for businesses and investors over the reporting period. Many values-based strategies apply a negative screening approach that starts with a broad market index and removes companies scoring poorly in terms of environmental, social, and governance (ESG) factors. The Underlying Index expands upon this approach by looking to identify companies that seek beneficial outcomes for a variety of stakeholders, including employees, suppliers, customers, investors, and local communities. The Fund’s investment adviser believes this methodology more proactively tailors to investor needs. During the reporting period, a focus on climate action and the transition toward net zero emissions grew causing investor and regulatory demands to increase. U.S. equities, including those in the Fund, also performed well during the reporting period, as strong earnings growth propelled these companies. The Fund’s exposure to Information Technology companies positively contributed to performance. The Fund had the highest average approximate sector exposure to the Information Technology (26%), Health Care (14%), and Consumer Discretionary (12%) sectors during the reporting period.





16

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Conscious Companies ETF
 


 
AVERAGE ANNUAL TOTAL RETURNFOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Three Year Return
Five Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Conscious Companies ETF
25.84%
25.73%
18.97%
19.02%
17.50%
17.46%
17.12%
17.13%
Concinnity Conscious Companies Index
26.24%
26.24%
19.43%
19.43%
18.01%
18.01%
17.61%
17.61%
S&P 500® Index
27.92%
27.92%
20.38%
20.38%
17.90%
17.90%
17.30%
17.30%

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




17

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Conscious Companies ETF
 


reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.
There are no assurances that the Fund will meet its stated objectives.
The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.
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 Adaptive U.S. Factor ETF
 


Global X Adaptive U.S. Factor ETF
The Global X Adaptive U.S. Factor ETF (“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, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to dynamically allocate across three sub-indices that provide exposure to U.S. equities exhibiting characteristics of one of three primary factors: value, momentum, or low volatility. Each factor is represented by a sub-index 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, 2021 (the “reporting period”), the Fund increased 23.01%, while the Underlying Index increased 23.42%. The Fund had a net asset value of $24.91 per share on November 30, 2020 and ended the reporting period with a net asset value of $29.86 per share on November 30, 2021.
During the reporting period, the highest returns derived from Nucor Corporation and HP Inc., which returned 104.95% and 94.77%, respectively. The worst performers included Kyndryl Holdings Incorporation and Loyalty Ventures, Inc., which returned -44.56% and -38.28%, respectively.
The Fund generated strong returns as its mean reversion strategy proved appropriate for shifting investor sentiments over the reporting period. The Underlying Index employs a dynamic multifactor investment strategy, allocating across three factors: low volatility, value, and momentum. At different points over the reporting period, momentum investing and volatility reduction swung in and out of favor, as investors grappled with concerns regarding the COVID-19 pandemic and rising inflation. During the reporting period, the mean reversion strategy provided exposure to popular factors while being able to rotate out of the best performing factors quarterly. The Fund underperformed S&P 500® Index, its benchmark index (“Benchmark Index”) due to lower exposure to the higher-volatility Information Technology sector compared to the Benchmark Index. During the reporting period, the Fund maintained an average approximate sector allocation of 22% to Financials, 14% to Information Technology, and 13% to Health care.

 
AVERAGE ANNUAL TOTAL RETURNFOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Three Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Adaptive U.S. Factor ETF
23.01%
23.11%
10.74%
10.71%
9.29%
9.28%
Adaptive Wealth U.S. Factor Index
23.42%
23.42%
11.10%
11.10%
9.63%
9.63%
S&P 500® Index
27.92%
27.92%
20.38%
20.38%
17.28%
17.28%






19

 
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 Strategy 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.





20

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


Global X Adaptive U.S. Risk Management ETF
The Global X Adaptive U.S. Risk Management ETF (“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, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is designed to 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 Underlying 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 Underlying Index seeks to anticipate periods of adverse market conditions using quantitative signals (explained in further detail below) that have been developed based on historical data.
From the inception of the Fund to the period ended November 30, 2021 (the “reporting period”), the Fund increased 20.13%, while the Underlying Index increased 19.60%. The Fund had a net asset value of $24.95 per share on January 12, 2021 and ended the reporting period with a net asset value of $29.88 per share on November 30, 2021.
During the reporting period, the highest returns derived from Moderna, Inc. and Nvidia Corporation, which returned 182.96% and 142.49%, respectively. The worst performers included Peloton Interactive, Inc. Class A and Zillow Group, Inc. Class A, which returned -71.80% and -64.45%, respectively.
The Fund generated strong returns over the reporting period, as investors sought downside risk protection for equities, and conditions were generally favorable for the Fund’s strategy. Equity markets encountered high volatility over the reporting period, stemming from fears over the COVID-19 pandemic, high commodity prices, and increasing inflation. In this environment, strategies that consider both short and long-term indicators to make investment decisions often appeal to investors. Such a strategy allows the portfolio to hedge against unfavorable market conditions for equities without taking an overly cautious position. Additionally, the Fund’s equity exposures during the risk-on stages are heavily concentrated in blue-chip tech companies, which generally appreciated strongly during the reporting period. During the reporting period, the Fund maintained an average approximate sector exposure of 29% to Information Technology, 13% to Health Care, and 12% to Consumer Discretionary.





21

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


 
AVERAGE ANNUAL TOTAL RETURNFOR THE PERIOD ENDED NOVEMBER 30, 2021
 
Cumulative Inception to Date*
 
Net Asset Value
Market Price
Global X Adaptive U.S. Risk Management ETF
20.13%
20.29%
Adaptive Wealth Strategies U.S. Risk Management Index
19.60%
19.60%
S&P 500® Index
21.66%
21.66%

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


* The Fund commenced investment operations on January 12, 2021.
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 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 Underlying 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 Underlying Index seeks to anticipate periods





22

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


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 Founder-Run Companies ETF
 


Global X Founder-Run Companies ETF
The Global X Founder-Run Companies ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive U.S. Founder-Run Companies Index (“Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.
The Underlying Index is comprised of companies selected from the Solactive U.S. Broad Market Index that are currently led by a CEO who is also a founder of the company. The components of the Underlying Index must have average daily value traded on their primary stock exchange in the last six months of at least $5 million USD.
For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 21.51%, while the Underlying Index increased 22.05%. The Fund had a net asset value of $28.66 per share on November 30, 2020 and ended the reporting period with a net asset value of $34.44 per share on November 30, 2021.
During the reporting period, the highest returns derived from Signature Bank and Fortinet, Inc., which returned 172.13% and 169.50%, respectively. The worst performers included Chemocentryx, Inc. and Peloton Interactive, Inc. Class A, which returned -83.07% and -54.44%, respectively.
The Fund generated a healthy return over the reporting period based on strong fundamentals and a favorable allocation. Founder-run companies generally focus on long-term value creation and generally avoid taking on debt. Investors favored growth strategies for much of the reporting period and avoided highly levered companies, due to uncertainty and margin compression related to the COVID-19 pandemic. From this perspective, many founder-run companies compared favorably against peers, triggering investor interest in holdings of the Underlying Index. The Fund’s equal weight allocation and diversified sector exposure also insulated performance against negative outliers during the reporting period. Its exposure to the Information Technology sector also benefited fund performance. During the reporting period, the Fund saw an average approximate sector allocation of 32% to the Information Technology sector, 15% to the Financials sector, and 14% to the Health Care sector.

 
AVERAGE ANNUAL TOTAL RETURNFOR THE YEAR ENDED NOVEMBER 30, 2021
 
One Year Return
Three Year Return
Annualized Inception to Date*
 
Net Asset Value
Market Price
Net Asset Value
Market Price
Net Asset Value
Market Price
Global X Founder-Run Companies ETF
21.51%
22.33%
24.07%
24.24%
20.09%
20.17%
Solactive U.S. Founder-Run Companies Index
22.05%
22.05%
24.70%
24.70%
20.75%
20.75%
S&P 500® Index
27.92%
27.92%
20.38%
20.38%
17.22%
17.22%






24

 
Management Discussion of Fund Performance (unaudited)
 
 
Global X Founder-Run Companies ETF
 


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


* The Fund commenced investment operations on February 13, 2017.
The S&P 500® Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.
The Solactive U.S. Founder-Run Companies Index is designed to provide exposure to U.S. companies in which a founder or co-founder of the company is serving as the Chief Executive Officer of the company.
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

Schedule of Investments
 
November 30, 2021
 
Global X Alternative Income ETF
 

Sector Weightings (Unaudited)†:


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

   
Shares
   
Value
 
COMMON STOCK — 10.4%
           
Utilities — 10.4%
           
Consolidated Edison 
   
6,185
   
$
480,203
 
Dominion Energy 
   
6,173
     
439,517
 
Duke Energy 
   
4,614
     
447,604
 
Edison International 
   
8,118
     
529,943
 
Entergy 
   
4,542
     
455,744
 
OGE Energy 
   
13,646
     
468,332
 
PPL 
   
16,129
     
448,870
 
Southern 
   
7,254
     
443,219
 
                 
                 
TOTAL COMMON STOCK
               
(Cost $3,535,994) 
           
3,713,432
 
                 
EXCHANGE TRADED FUNDS — 79.2%
               
Global X Emerging Markets Bond ETF (A) (B)
   
272,961
     
7,042,394
 
Global X Nasdaq 100 Covered Call ETF (A) (B)
   
327,909
     
7,381,232
 
Global X SuperDividend® REIT ETF (A)
   
760,638
     
6,944,625
 
Global X U.S. Preferred ETF (A) (B)
   
280,814
     
7,090,553
 

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

Schedule of Investments
 
November 30, 2021
 
Global X Alternative Income ETF
 

   
Shares
   
Value
 
EXCHANGE TRADED FUNDS — continued
           
TOTAL EXCHANGE TRADED FUNDS
           
(Cost $30,246,234) 
       
$
28,458,804
 
               
MASTER LIMITED PARTNERSHIPS — 9.9%
             
Energy — 7.4%
             
BP Midstream Partners 
   
34,070
     
438,481
 
Enterprise Products Partners 
   
20,724
     
443,286
 
Holly Energy Partners 
   
24,545
     
411,374
 
Magellan Midstream Partners 
   
9,863
     
457,446
 
MPLX 
   
15,777
     
462,424
 
Sunoco 
   
12,149
     
466,400
 
             
2,679,411
 
Industrials — 1.3%
               
Icahn Enterprises 
   
9,076
     
458,792
 
Utilities — 1.2%
               
Suburban Propane Partners 
   
29,395
     
424,464
 
TOTAL MASTER LIMITED PARTNERSHIPS
               
(Cost $2,643,279) 
           
3,562,667
 
                 
SHORT-TERM INVESTMENT(C)(D) — 0.6%
               
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.010%
               
(Cost $211,476)  
   
211,476
     
211,476
 
                 

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

Schedule of Investments
 
November 30, 2021
 
Global X Alternative Income ETF
 

   
Face Amount
   
Value
 
REPURCHASE AGREEMENT(C) — 0.7%
           
BNP Paribas
           
0.030%, dated 11/30/2021, to be repurchased on 12/01/2021, repurchase price $248,556 (collateralized by various U.S. Treasury Obligations, ranging in par value $1,580 - $23,233, 0.750% - 1.130%, 02/28/2025 - 04/30/2026, with a total market value of $252,832)
           
(Cost $248,556)  
 
$
248,556
   
$
248,556
 
TOTAL INVESTMENTS — 100.8%
               
(Cost $36,885,539) 
         
$
36,194,935
 


Percentages are based on Net Assets of $35,920,746.
(A)
Affiliated investment.
(B)
This security or a partial position of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $447,213.
(C)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2021 was $460,032.
(D)
The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2021.

Cl — Class
ETF — Exchange Traded Fund
REIT — Real Estate Investment Trust





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

Schedule of Investments
 
November 30, 2021
 
Global X Alternative Income ETF
 


The following is a summary of the level of inputs used as of November 30, 2021, in valuing the Fund’s investments carried at value:

Investments in Securities
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stock
 
$
3,713,432
   
$
   
$
   
$
3,713,432
 
Exchange Traded Funds
   
28,458,804
     
     
     
28,458,804
 
Master Limited Partnerships
   
3,562,667
     
     
     
3,562,667
 
Short-Term Investment
   
211,476
     
     
     
211,476
 
Repurchase Agreement
   
     
248,556
     
     
248,556
 
Total Investments in Securities
 
$
35,946,379
   
$
248,556
   
$
   
$
36,194,935
 


For the year ended November 30, 2021, there have been no transfers in or out of Level 3.
The following is a summary of the Fund’s transactions with affiliates for the year ended November 30, 2021:

   
Value at 11/30/2020
   
Purchases at Cost
   
Proceeds from Sales
   
Changes in Unrealized Appreciation/ (Depreciation)
   
Realized Gain/(Loss)
   
Value at 11/30/2021
   
Shares
   
Income
 
Global X Emerging Markets Bond ETF
 
$
0
   
$
7,338,636
   
(106,183
)
 
(189,399
)
 
(660
)
 
$
7,042,394
     
272,961
   
$
43,395
 
Global X Nasdaq 100 Covered Call ETF
 
$
0
   
$
7,354,002
   
(66,374
)
 
$
91,718
   
$
1,886
   
$
7,381,232
     
327,909
   
$
130,338
 
Global X SuperDividend® REIT ETF
 
$
3,618,456
   
$
4,513,394
   
(1,300,594
)
 
$
95,687
   
$
17,682
   
$
6,944,625
     
760,638
   
$
227,771
 
Global X U.S. Preferred ETF
 
$
0
   
$
7,325,413
   
(93,820
)
 
(140,237
)
 
(803
)
 
$
7,090,553
     
280,814
   
$
55,243
 
Totals:
 
$
3,618,456
   
$
26,531,445
   
(1,566,971
)
 
(142,231
)
 
$
18,105
   
$
28,458,804
           
$
456,747
 




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

Schedule of Investments
 
November 30, 2021
 
Global X S&P 500® Quality Dividend ETF
 

Sector Weightings (Unaudited)†:


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

   
Shares
   
Value
 
COMMON STOCK — 99.7%
           
Communication Services — 2.4%
           
Interpublic Group 
   
3,845
   
$
127,615
 
Omnicom Group 
   
1,567
     
105,475
 
             
233,090
 
Consumer Discretionary — 8.8%
               
Advance Auto Parts 
   
658
     
145,234
 
Best Buy 
   
1,148
     
122,675
 
Garmin 
   
907
     
121,121
 
Genuine Parts 
   
1,018
     
130,039
 
Leggett & Platt 
   
2,432
     
98,228
 
Newell Brands 
   
4,684
     
100,565
 
Whirlpool 
   
576
     
125,419
 
             
843,281
 
Consumer Staples — 12.7%
               
Campbell Soup 
   
2,849
     
114,900
 
Clorox 
   
738
     
120,183
 
Conagra Brands 
   
3,518
     
107,475
 

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

Schedule of Investments
 
November 30, 2021
 
Global X S&P 500® Quality Dividend ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
Consumer Staples — continued
           
General Mills 
   
2,101
   
$
129,779
 
Hershey 
   
751
     
133,295
 
J M Smucker 
   
964
     
121,917
 
Kraft Heinz 
   
3,025
     
101,670
 
Mondelez International, Cl A 
   
2,059
     
121,357
 
Procter & Gamble 
   
964
     
139,375
 
Tyson Foods, Cl A 
   
1,698
     
134,075
 
             
1,224,026
 
Energy — 5.8%
               
Baker Hughes, Cl A 
   
5,069
     
118,310
 
ConocoPhillips 
   
2,191
     
153,655
 
Coterra Energy 
   
7,600
     
152,608
 
EOG Resources 
   
1,537
     
133,719
 
             
558,292
 
Financials — 23.2%
               
Ameriprise Financial 
   
502
     
145,380
 
BlackRock, Cl A 
   
149
     
134,787
 
Cincinnati Financial 
   
1,079
     
122,898
 
Citizens Financial Group 
   
2,745
     
129,756
 
Comerica 
   
1,761
     
145,335
 
Huntington Bancshares 
   
9,076
     
134,688
 
Invesco 
   
4,482
     
100,083
 
JPMorgan Chase 
   
819
     
130,082
 
M&T Bank 
   
837
     
122,713
 
Northern Trust 
   
1,117
     
129,237
 
PNC Financial Services Group 
   
694
     
136,718
 
Regions Financial 
   
6,105
     
138,889
 
Synchrony Financial 
   
2,661
     
119,186
 
T Rowe Price Group 
   
671
     
134,166
 
Truist Financial 
   
2,265
     
134,337
 
US Bancorp 
   
2,221
     
122,910
 
Zions Bancorp 
   
2,377
     
149,941
 
             
2,231,106
 


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

Schedule of Investments
 
November 30, 2021
 
Global X S&P 500® Quality Dividend ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
Health Care — 5.6%
           
Amgen 
   
535
   
$
106,401
 
Cardinal Health 
   
2,214
     
102,353
 
Pfizer 
   
3,271
     
175,751
 
Quest Diagnostics 
   
1,032
     
153,438
 
             
537,943
 
Industrials — 19.8%
               
3M 
   
648
     
110,186
 
CH Robinson Worldwide 
   
1,313
     
124,853
 
Cummins 
   
520
     
109,070
 
Eaton 
   
896
     
145,206
 
Emerson Electric 
   
1,354
     
118,935
 
Fastenal 
   
2,503
     
148,103
 
General Dynamics 
   
686
     
129,633
 
Huntington Ingalls Industries 
   
594
     
105,441
 
Illinois Tool Works 
   
564
     
130,932
 
L3Harris Technologies 
   
588
     
122,939
 
Lockheed Martin 
   
339
     
112,995
 
Robert Half International 
   
1,449
     
161,085
 
Snap-On 
   
550
     
113,251
 
Union Pacific 
   
593
     
139,735
 
United Parcel Service, Cl B 
   
640
     
126,957
 
             
1,899,321
 
Information Technology — 7.0%
               
Automatic Data Processing 
   
651
     
150,310
 
Cisco Systems 
   
2,398
     
131,506
 
Intel 
   
2,271
     
111,733
 
Paychex 
   
1,251
     
149,119
 
Texas Instruments 
   
696
     
133,890
 
             
676,558
 
Materials — 7.3%
               
Amcor 
   
10,731
     
121,474
 
CF Industries Holdings 
   
2,442
     
147,961
 

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

Schedule of Investments
 
November 30, 2021
 
Global X S&P 500® Quality Dividend ETF
 

   
Shares
   
Value
 
COMMON STOCK — continued
           
Materials — continued
           
Dow 
   
1,932
   
$
106,125
 
International Paper 
   
2,174
     
98,960
 
Newmont 
   
1,868
     
102,591
 
Packaging Corp of America 
   
913
     
119,229
 
             
696,340
 
Real Estate — 7.1%
               
Equity Residential  
   
1,609
     
137,264
 
Public Storage  
   
439
     
143,719
 
Regency Centers  
   
1,926
     
133,549
 
Welltower  
   
1,648
     
131,214
 
Weyerhaeuser  
   
3,719
     
139,872
 
             
685,618
 
TOTAL COMMON STOCK
               
(Cost $9,356,004) 
           
9,585,575
 
                 
TOTAL INVESTMENTS — 99.7%
               
(Cost $9,356,004) 
         
$
9,585,575
 


Percentages are based on Net Assets of $9,615,435.

Real Estate Investment Trust

Cl — Class

As of November 30, 2021, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.
For the year ended November 30, 2021, there have been no transfers in or out of Level 3.



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

Schedule of Investments
 
November 30, 2021
 
Global X U.S. Preferred ETF
 

Sector Weightings (Unaudited)†:


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

   
Shares
   
Value
 
PREFERRED STOCK — 99.2%
           
BERMUDA— 1.1%
           
Financials — 0.9%
           
Aspen Insurance Holdings, 5.950%, VAR ICE LIBOR USD 3 Month + 4.060%
   
158,683
   
$
4,273,333
 
Aspen Insurance Holdings, 5.625%
   
151,002
     
3,924,542
 
Aspen Insurance Holdings, 5.625%
   
144,239
     
3,825,218
 
PartnerRe, 4.875% (A) 
   
116,321
     
2,998,755
 
RenaissanceRe Holdings, 5.750%
   
151,020
     
3,918,969
 
SiriusPoint, 8.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 7.298%
   
124,356
     
3,391,188
 
             
22,332,005
 
Industrials — 0.2%
               
Triton International, 8.000% 
   
83,322
     
2,266,358
 

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

Schedule of Investments
 
November 30, 2021
 
Global X U.S. Preferred ETF
 

   
Shares
   
Value
 
PREFERRED STOCK — continued
           
Industrials — continued
           
Triton International, 6.875% 
   
80,217
   
$
2,143,398
 
             
4,409,756
 
TOTAL BERMUDA 
           
26,741,761
 
CANADA— 1.8%
               
Energy — 0.4%
               
Enbridge, 6.375%, VAR ICE LIBOR USD 3 Month + 3.593%
   
363,532
     
9,571,798
 
Financials — 0.4%
               
Brookfield Finance, 4.625% 
   
244,307
     
6,009,952
 
Brookfield Finance I UK, 4.500% (A)
   
130,585
     
3,154,934
 
             
9,164,886
 
Utilities — 1.0%
               
Algonquin Power & Utilities, 6.875%, VAR ICE LIBOR USD 3 Month + 3.677%
   
166,235
     
4,571,463
 
Algonquin Power & Utilities, 6.200%, VAR ICE LIBOR USD 3 Month + 4.010%
   
200,483
     
5,545,360
 
Brookfield BRP Holdings Canada, 4.625%
   
214,482
     
5,218,347
 
Brookfield Infrastructure Finance ULC, 5.000%
   
154,638
     
3,879,867
 
Brookfield Infrastructure Partners, 5.125%
   
119,622
     
2,949,879
 
Brookfield Infrastructure Partners, 5.000% (A)
   
116,234
     
2,910,499
 
             
25,075,415
 
TOTAL CANADA 
           
43,812,099
 
NETHERLANDS— 0.6%
               
Financials — 0.6%
               
Aegon, 5.100% 
   
557,442
     
14,577,108
 
TOTAL NETHERLANDS 
           
14,577,108
 


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

Schedule of Investments
 
November 30, 2021
 
Global X U.S. Preferred ETF
 

   
Shares
   
Value
 
PREFERRED STOCK — continued
           
UNITED KINGDOM— 0.3%
           
Financials — 0.3%
           
Prudential, 6.750% 
   
144,284
   
$
3,657,599
 
Prudential, 6.500% 
   
184,464
     
4,687,230
 
TOTAL UNITED KINGDOM 
           
8,344,829
 
UNITED STATES— 95.4%
               
Communication Services — 5.8%
               
AT&T, 5.625% 
   
497,703
     
13,204,060
 
AT&T, 5.350% 
   
794,663
     
20,645,345
 
AT&T, 5.000% 
   
721,568
     
18,544,298
 
AT&T, 4.750% 
   
1,048,724
     
26,469,794
 
Qwest, 6.750% 
   
399,390
     
10,288,286
 
Qwest, 6.500% (A) 
   
588,852
     
14,780,185
 
Telephone and Data Systems, 6.625%
   
251,574
     
6,686,837
 
United States Cellular, 6.250% (A)
   
299,535
     
7,970,626
 
United States Cellular, 5.500% 
   
299,530
     
7,652,992
 
United States Cellular, 5.500% (A)
   
303,736
     
7,739,193
 
ViacomCBS, 5.750% 
   
151,263
     
7,814,247
 
             
141,795,863
 
Consumer Discretionary — 3.6%
               
Aptiv, 5.500% 
   
172,341
     
30,768,039
 
Brunswick, 6.375% (A) 
   
132,708
     
3,494,202
 
Ford Motor, 6.200% 
   
453,015
     
12,023,018
 
Ford Motor, 6.000% 
   
482,839
     
12,867,659
 
Qurate Retail, 8.000% 
   
187,777
     
19,622,696
 
QVC, 6.375% 
   
128,073
     
3,212,071
 
QVC, 6.250% 
   
299,675
     
7,659,693
 
             
89,647,378
 
Energy — 1.5%
               
DCP Midstream, 7.950%, VAR ICE LIBOR USD 3 Month + 4.882%
   
71,517
     
1,767,900
 
DCP Midstream, 7.875%, VAR ICE LIBOR USD 3 Month + 4.919%
   
94,569
     
2,329,234
 

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

Schedule of Investments
 
November 30, 2021
 
Global X U.S. Preferred ETF
 

   
Shares
   
Value
 
PREFERRED STOCK — continued
           
Energy — continued
           
Energy Transfer, 7.600%, VAR ICE LIBOR USD 3 Month + 5.161%
   
483,154
   
$
11,648,843
 
Energy Transfer, 7.400% 
   
266,451
     
6,461,437
 
Energy Transfer, 7.375%, VAR ICE LIBOR USD 3 Month + 4.530%
   
269,568
     
6,458,849
 
NuStar Energy, 9.000%, VAR ICE LIBOR USD 3 Month + 6.880%
   
101,824
     
2,557,819
 
NuStar Logistics, 6.922%, VAR ICE LIBOR USD 3 Month + 6.734%
   
241,082
     
6,000,531
 
             
37,224,613
 
Financials — 59.7%
               
Affiliated Managers Group, 5.875%
   
172,261
     
4,535,632
 
Affiliated Managers Group, 4.750%
   
165,414
     
4,168,433
 
Allstate, 5.625% 
   
348,474
     
9,203,198
 
Allstate, 5.100%, VAR ICE LIBOR USD 3 Month + 3.165%
   
299,532
     
7,808,799
 
Allstate, 5.100% 
   
691,665
     
18,336,039
 
Allstate, 4.750% 
   
184,231
     
4,845,275
 
American Equity Investment Life Holding, 6.625%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.297%
   
179,344
     
4,930,167
 
American Equity Investment Life Holding, 5.950%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.322%
   
239,628
     
6,422,030
 
American International Group, 5.850% (A)
   
303,636
     
8,049,390
 
Apollo Global Management, 6.375%
   
158,821
     
3,994,348
 
Apollo Global Management, 6.375%
   
184,309
     
4,797,563
 
Arch Capital Group, 5.450% (A)
   
189,582
     
4,836,237
 
Arch Capital Group, 4.550% (A)
   
303,865
     
7,745,519
 
                 
                 

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

Schedule of Investments
 
November 30, 2021
 
Global X U.S. Preferred ETF
 

   
Shares
   
Value
 
PREFERRED STOCK — continued
           
Financials — continued
           
Argo Group International Holdings, 7.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.712% (A)
   
89,685
   
$
2,379,343
 
Assurant, 5.250% 
   
149,589
     
3,940,174
 
Athene Holding, 6.375%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.970%
   
363,273
     
10,095,357
 
Athene Holding, 6.350%, VAR ICE LIBOR USD 3 Month + 4.253%
   
519,501
     
14,800,584
 
Athene Holding, 5.625% (A) 
   
198,140
     
5,230,896
 
Athene Holding, 4.875% 
   
348,617
     
8,826,983
 
Axis Capital Holdings, 5.500% 
   
333,841
     
8,416,132
 
Bank of America, 7.250% 
   
46,195
     
65,504,510
 
Bank of America, 6.450%, VAR ICE LIBOR USD 3 Month + 1.327%
   
632,146
     
16,694,976
 
Bank of America, 6.000% 
   
808,926
     
21,250,486
 
Bank of America, 5.875% 
   
515,046
     
13,633,268
 
Bank of America, 5.375% 
   
837,409
     
21,898,245
 
Bank of America, 5.000% 
   
787,378
     
20,298,605
 
Bank of America, 4.375% 
   
662,059
     
16,399,201
 
Bank of America, 4.125% 
   
551,670
     
13,460,748
 
Bank of America, 4.000%, VAR ICE LIBOR USD 3 Month + 0.350% (A)
   
195,085
     
4,849,813
 
Bank of America, 3.000%, VAR ICE LIBOR USD 3 Month + 0.650% (A)
   
178,937
     
4,176,390
 
Bank of America, 0.938%, VAR ICE LIBOR USD 3 Month + 0.750%
   
131,211
     
3,221,230
 
Bank of America, 0.688%, VAR ICE LIBOR USD 3 Month + 0.500% (A)
   
252,553
     
6,187,548
 
Bank of Hawaii, 4.375% 
   
113,040
     
2,827,130
 
Brighthouse Financial, 6.750% (A)
   
241,104
     
6,574,906
 
Brighthouse Financial, 6.600% 
   
254,517
     
6,780,333
 
Brighthouse Financial, 6.250% 
   
215,430
     
5,639,957
 
Brighthouse Financial, 5.375% 
   
336,544
     
8,632,354
 

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

Schedule of Investments
 
November 30, 2021
 
Global X U.S. Preferred ETF
 

   
Shares
   
Value
 
PREFERRED STOCK — continued
           
Financials — continued
           
Capital One Financial, 6.000% 
   
299,521
   
$
7,488,025
 
Capital One Financial, 5.200% 
   
363,902
     
9,097,550
 
Capital One Financial, 5.000% 
   
898,855
     
23,298,322
 
Capital One Financial, 4.800% 
   
751,504
     
19,246,017
 
Capital One Financial, 4.625% 
   
65,881
     
1,690,506
 
Capital One Financial, 4.375% 
   
408,549
     
9,993,109
 
Carlyle Finance, 4.625% 
   
304,007
     
7,584,975
 
Charles Schwab, 5.950% 
   
453,289
     
11,490,876
 
Charles Schwab, 4.450% 
   
363,723
     
9,307,672
 
Citigroup, Ser J, 7.125%, VAR ICE LIBOR USD 3 Month + 4.040%
   
572,110
     
15,584,276
 
Citigroup, 6.875%, VAR ICE LIBOR USD 3 Month + 4.130%
   
895,852
     
24,277,589
 
Citigroup Capital XIII, 6.499%, VAR ICE LIBOR USD 3 Month + 6.370%
   
1,345,990
     
36,314,810
 
Citizens Financial Group, 6.350%, VAR ICE LIBOR USD 3 Month + 3.642%
   
172,178
     
4,628,145
 
Citizens Financial Group, 5.000%
   
257,198
     
6,630,564
 
Cullen, 4.450% 
   
90,020
     
2,292,809
 
Enstar Group, 7.000%, VAR ICE LIBOR USD 3 Month + 4.015%
   
239,639
     
6,832,108
 
Equitable Holdings, 5.250% 
   
482,776
     
12,581,143
 
Equitable Holdings, 4.300% 
   
172,674
     
4,275,408
 
Fifth Third Bancorp, 6.625%, VAR ICE LIBOR USD 3 Month + 3.710%
   
269,589
     
7,367,867
 
Fifth Third Bancorp, 4.950% 
   
150,933
     
3,977,085
 
First Citizens BancShares, 5.375% (A)
   
198,136
     
5,224,846
 
First Horizon, 4.700% 
   
94,970
     
2,389,445
 
First Republic Bank, 4.700% 
   
236,505
     
6,056,893
 
First Republic Bank, 4.250% 
   
451,725
     
10,827,848
 
First Republic Bank, 4.125% (A)
   
299,519
     
7,107,586
 
Fulton Financial, 5.125% 
   
114,301
     
2,947,823
 
Globe Life, 4.250% 
   
199,656
     
5,011,366
 
                 

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

Schedule of Investments
 
November 30, 2021
 
Global X U.S. Preferred ETF
 

   
Shares
   
Value
 
PREFERRED STOCK — continued
           
Financials — continued
           
Goldman Sachs Group, 6.375%, VAR ICE LIBOR USD 3 Month + 3.550%
   
422,918
   
$
11,714,829
 
Goldman Sachs Group, 5.500%, VAR ICE LIBOR USD 3 Month + 3.640%
   
602,254
     
15,875,415
 
Goldman Sachs Group, 4.000%, VAR ICE LIBOR USD 3 Month + 0.670%
   
811,334
     
19,991,270
 
Goldman Sachs Group, 3.750%, VAR ICE LIBOR USD 3 Month + 0.750% (A)
   
443,525
     
10,946,197
 
Hartford Financial Services Group, 6.000%
   
197,947
     
5,249,555
 
Huntington Bancshares, 4.500%
   
299,521
     
7,505,996
 
JPMorgan Chase, 6.000% 
   
1,108,645
     
29,900,156
 
JPMorgan Chase, 5.750% 
   
1,016,471
     
27,038,129
 
JPMorgan Chase, 4.750% 
   
542,656
     
13,891,994
 
JPMorgan Chase, 4.625% (A) 
   
1,108,634
     
28,458,635
 
JPMorgan Chase, 4.550% 
   
898,853
     
22,956,706
 
KeyCorp, 6.125%, VAR ICE LIBOR USD 3 Month + 3.892%
   
303,120
     
8,951,134
 
KeyCorp, 5.650% (A) 
   
254,515
     
6,647,932
 
KeyCorp, 5.625% (A) 
   
269,584
     
7,063,101
 
KKR, 6.000% (A) 
   
344,509
     
31,760,285
 
KKR Group Finance IX, 4.625% (A)
   
303,920
     
7,686,137
 
MetLife, 5.625% 
   
485,832
     
12,699,649
 
MetLife, 4.750% 
   
602,314
     
15,413,215
 
MetLife, 4.000%, VAR ICE LIBOR USD 3 Month + 1.000%
   
363,911
     
9,061,384
 
Morgan Stanley, Ser E, 7.125%, VAR ICE LIBOR USD 3 Month + 4.320%
   
519,677
     
14,275,527
 
Morgan Stanley, Ser F, 6.875%, VAR ICE LIBOR USD 3 Month + 3.940%
   
512,395
     
14,024,251
 
Morgan Stanley, 6.375%, VAR ICE LIBOR USD 3 Month + 3.708%
   
601,998
     
16,759,624
 
Morgan Stanley, 5.850%, VAR ICE LIBOR USD 3 Month + 3.491%
   
601,808
     
17,163,564
 

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

Schedule of Investments
 
November 30, 2021
 
Global X U.S. Preferred ETF
 

   
Shares
   
Value
 
PREFERRED STOCK — continued
           
Financials — continued
           
Morgan Stanley, 4.875% 
   
299,531
   
$
7,742,876
 
Morgan Stanley, 4.000%, VAR ICE LIBOR USD 3 Month + 0.700% (A)
   
662,302
     
16,411,843
 
Navient, 6.000% 
   
172,840
     
4,301,988
 
New York Community Bancorp, 6.375%, VAR ICE LIBOR USD 3 Month + 3.821%
   
312,410
     
8,709,990
 
Northern Trust, 4.700% (A) 
   
239,627
     
6,280,624
 
Oaktree Capital Group, 6.550%
   
142,230
     
3,760,561
 
People’s United Financial, 5.625%, VAR ICE LIBOR USD 3 Month + 4.020%
   
144,098
     
3,990,074
 
Prudential Financial, 5.625% 
   
342,505
     
9,069,532
 
Prudential Financial, 4.125% (A)
   
299,526
     
7,730,766
 
Ready Capital, 7.000%  
   
60,731
     
1,618,785
 
Regions Financial, Ser B, 6.375%, VAR ICE LIBOR USD 3 Month + 3.536% (A)
   
303,459
     
8,442,229
 
Regions Financial, 5.700%, VAR ICE LIBOR USD 3 Month + 3.148%
   
303,476
     
8,318,277
 
Regions Financial, 4.450% (A) 
   
244,342
     
6,035,247
 
Reinsurance Group of America, 5.750%, VAR ICE LIBOR USD 3 Month + 4.040%
   
239,635
     
6,786,463
 
Selective Insurance Group, 4.600%
   
114,571
     
2,860,838
 
Signature Bank NY, 5.000% 
   
441,133
     
11,257,714
 
State Street, 5.900%, VAR ICE LIBOR USD 3 Month + 3.108%
   
452,732
     
12,110,581
 
State Street, 5.350%, VAR ICE LIBOR USD 3 Month + 3.709%
   
303,301
     
8,386,273
 
Stifel Financial, 6.125% 
   
139,521
     
3,744,744
 
SVB Financial Group, 5.250% 
   
207,960
     
5,423,597
 
Synchrony Financial, 5.625% 
   
453,051
     
11,915,241
 
                 
                 

The accompanying notes are an integral part of the financial statements.
41

Schedule of Investments
 
November 30, 2021
 
Global X U.S. Preferred ETF
 

   
Shares
   
Value
 
PREFERRED STOCK — continued
           
Financials — continued
           
Synovus Financial, 5.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.127%
   
207,862
   
$
5,514,579
 
Texas Capital Bancshares, 5.750%
   
172,275
     
4,455,032
 
Truist Financial, 5.250% (A) 
   
348,227
     
9,443,916
 
Truist Financial, 4.750% 
   
557,417
     
14,437,100
 
Unum Group, 6.250% 
   
172,624
     
4,524,475
 
US Bancorp, 5.500% 
   
348,408
     
9,170,099
 
US Bancorp, 4.000% (A) 
   
453,349
     
10,948,378
 
US Bancorp, 3.750% 
   
285,789
     
6,607,442
 
US Bancorp, 3.500%, VAR ICE LIBOR USD 3 Month + 0.600% (A)
   
602,793
     
14,527,311
 
US Bancorp, 3.500%, VAR ICE LIBOR USD 3 Month + 1.020% (A)
   
8,625
     
7,980,281
 
Voya Financial, 5.350%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.210% (A)
   
172,320
     
4,862,870
 
W R Berkley, 4.250% (A) 
   
154,420
     
4,001,022
 
Washington Federal, 4.875% 
   
172,415
     
4,400,031
 
Wells Fargo, 7.500% 
   
59,434
     
87,131,433
 
Wells Fargo, 6.625%, VAR ICE LIBOR USD 3 Month + 3.690%
   
506,470
     
13,765,855
 
Wells Fargo, 5.850%, VAR ICE LIBOR USD 3 Month + 3.090%
   
1,033,667
     
27,061,402
 
Wells Fargo, 5.625% 
   
417,273
     
10,582,043
 
Wells Fargo, 4.750% 
   
1,206,025
     
30,657,156
 
Wells Fargo, 4.700% 
   
703,733
     
17,931,117
 
Wells Fargo, 4.375% (A) 
   
632,431
     
15,696,937
 
Wintrust Financial, 6.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.507%
   
171,825
     
4,788,763
 
W R Berkley, 5.100% 
   
172,616
     
4,548,432
 
             
1,467,885,064
 

The accompanying notes are an integral part of the financial statements.
42

Schedule of Investments
 
November 30, 2021
 
Global X U.S. Preferred ETF
 

   
Shares
   
Value
 
PREFERRED STOCK — continued
           
Health Care — 3.7%
           
Becton Dickinson, 6.000% (A) 
   
449,391
   
$
22,563,922
 
Boston Scientific, 5.500% 
   
151,262
     
15,882,510
 
Danaher, 5.000% (A) 
   
25,831
     
44,016,024
 
Elanco Animal Health, 5.000% 
   
167,034
     
7,509,849
 
             
89,972,305
 
Industrials — 1.5%
               
Air Lease, 6.150%, VAR ICE LIBOR USD 3 Month + 3.650%
   
144,251
     
3,762,066
 
Fortress Transportation and Infrastructure Investors, 8.250%, VAR ICE LIBOR USD 3 Month + 6.886%
   
62,372
     
1,562,419
 
Fortress Transportation and Infrastructure Investors, 8.250%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 7.378%
   
54,415
     
1,397,377
 
Fortress Transportation and Infrastructure Investors, 8.000%, VAR ICE LIBOR USD 3 Month + 6.447%
   
71,397
     
1,790,637
 
Pitney Bowes, 6.700% 
   
254,503
     
6,276,044
 
Stanley Black & Decker, 5.250%
   
113,247
     
11,662,176
 
WESCO International, 10.625%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 10.325%
   
327,044
     
9,912,704
 
             
36,363,423
 
Information Technology — 0.6%
               
II-VI, 6.000% 
   
34,889
     
9,203,021
 
Sabre, 6.500% 
   
47,935
     
4,914,296
 
             
14,117,317
 
Real Estate — 4.8%
               
Braemar Hotels & Resorts, 5.500%
   
56,090
     
1,206,501
 
Brookfield Property Partners, 6.500%
   
106,336
     
2,682,857
 
Brookfield Property Partners, 6.375%
   
155,276
     
3,902,086
 
Brookfield Property Partners, 5.750%
   
173,082
     
4,098,582
 
Digital Realty Trust, 5.850% ‡ (A)
   
130,683
     
3,570,260
 

The accompanying notes are an integral part of the financial statements.
43

Schedule of Investments
 
November 30, 2021
 
Global X U.S. Preferred ETF
 

   
Shares
   
Value
 
PREFERRED STOCK — continued
           
Real Estate — continued
           
Digital Realty Trust, 5.200%  
   
211,166
   
$
5,627,574
 
Diversified Healthcare Trust, 6.250%
   
149,576
     
3,494,095
 
Diversified Healthcare Trust, 5.625%
   
201,111
     
4,583,320
 
EPR Properties, 5.750%  
   
89,673
     
2,243,618
 
EPR Properties, 5.750%  
   
85,991
     
2,150,635
 
Kimco Realty, 5.250%  
   
159,194
     
4,086,510
 
Office Properties Income Trust, 6.375%
   
96,923
     
2,559,736
 
PS Business Parks, 4.875%  
   
199,246
     
5,232,200
 
Public Storage, 5.600%  
   
175,285
     
4,741,459
 
Public Storage, 5.150%  
   
161,310
     
4,100,500
 
Public Storage, 5.050% ‡ (A) 
   
179,678
     
4,583,586
 
Public Storage, 4.900% ‡ (A) 
   
201,119
     
5,076,244
 
Public Storage, 4.875%  
   
188,490
     
4,979,906
 
Public Storage, 4.625% ‡ (A) 
   
342,466
     
8,962,335
 
Public Storage, 4.125%  
   
142,793
     
3,582,676
 
Public Storage, 4.000%  
   
365,989
     
8,985,030
 
Public Storage, 3.900%  
   
98,470
     
2,440,087
 
Public Storage, 3.875% ‡ (A) 
   
155,541
     
3,832,530
 
RLJ Lodging Trust, 1.950%  
   
192,844
     
5,401,560
 
SITE Centers, 6.375%  
   
104,737
     
2,621,567
 
Vornado Realty Trust, 5.400%
   
179,818
     
4,511,634
 
Vornado Realty Trust, 5.250%
   
172,603
     
4,434,171
 
Vornado Realty Trust, 5.250%
   
190,795
     
4,859,549
 
             
118,550,808
 
Utilities — 14.2%
               
AES, 6.875% 
   
156,232
     
14,660,811
 
Alabama Power, 5.000% 
   
144,353
     
3,724,307
 
American Electric Power, 6.125% (A)
   
256,516
     
12,505,155
 
CMS Energy, 5.875% 
   
381,294
     
10,127,169
 
CMS Energy, 5.875% 
   
167,835
     
4,494,621
 
CMS Energy, 4.200% 
   
142,950
     
3,523,717
 
                 

The accompanying notes are an integral part of the financial statements.
44

Schedule of Investments
 
November 30, 2021
 
Global X U.S. Preferred ETF
 

   
Shares
   
Value
 
PREFERRED STOCK — continued
           
Utilities — continued
           
DTE Energy, 6.250% 
   
390,876
   
$
18,883,220
 
DTE Energy, 6.000% 
   
161,350
     
4,028,910
 
DTE Energy, 5.250% 
   
239,619
     
6,182,170
 
DTE Energy, 4.375% (A) 
   
130,314
     
3,283,913
 
Duke Energy, 5.750% 
   
602,146
     
16,071,277
 
Duke Energy, 5.625% 
   
299,536
     
7,949,685
 
Entergy Louisiana, 4.875% 
   
156,302
     
3,960,693
 
Entergy Mississippi, 4.900% 
   
150,271
     
3,801,856
 
Georgia Power, 5.000% 
   
162,588
     
4,176,886
 
National Rural Utilities Cooperative Finance, 5.500%
   
144,279
     
3,840,707
 
NextEra Energy, 6.219% 
   
598,784
     
32,334,336
 
NextEra Energy, 5.279% 
   
749,108
     
40,519,252
 
NextEra Energy Capital Holdings, 5.650%
   
415,396
     
11,174,152
 
NextEra Energy Capital Holdings, 5.250%
   
345,902
     
8,675,222
 
NiSource, 7.750% 
   
129,985
     
13,402,753
 
NiSource, 6.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.632%
   
299,540
     
8,063,617
 
PG&E, 5.500% 
   
239,763
     
27,150,762
 
SCE Trust II, 5.100% 
   
128,653
     
3,216,325
 
SCE Trust III, 5.750%, VAR ICE LIBOR USD 3 Month + 2.990%
   
165,584
     
4,091,581
 
SCE Trust IV, 5.375%, VAR ICE LIBOR USD 3 Month + 3.132%
   
187,311
     
4,649,059
 
SCE Trust V, 5.450%, VAR ICE LIBOR USD 3 Month + 3.790%
   
172,832
     
4,369,193
 
SCE Trust VI, 5.000% 
   
271,084
     
6,722,883
 
Sempra Energy, 5.750% 
   
457,346
     
12,229,432
 
South Jersey Industries, 8.750%
   
96,631
     
5,008,385
 
Southern, 5.250% 
   
269,576
     
7,017,063
 

The accompanying notes are an integral part of the financial statements.
45

Schedule of Investments
 
November 30, 2021
 
Global X U.S. Preferred ETF
 

   
Shares/Face Amount
   
Value
 
PREFERRED STOCK — continued
           
Southern, 4.950% 
   
602,348
   
$
15,980,292
 
Southern, 4.200% 
   
453,234
     
11,498,547
 
Spire, 5.900% 
   
144,174
     
3,881,164
 
Tennessee Valley Authority, 2.134%, VAR US Treas Yield Curve Rate T Note Const Mat 30 Yr + 0.940%
   
158,300
     
3,987,577
 
UGI, 7.250% 
   
34,100
     
3,295,765
 
             
348,482,457
 
TOTAL UNITED STATES 
           
2,344,039,228
 
TOTAL PREFERRED STOCK
               
(Cost $2,466,703,648) 
           
2,437,515,025
 
                 
SHORT-TERM INVESTMENT(B)(C) — 1.1%
               
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.01%
               
(Cost $26,984,834)  
   
26,984,834
     
26,984,834
 
                 
REPURCHASE AGREEMENT(B) — 1.3%
               
BNP Paribas
               
0.030%, dated 11/30/2021, to be repurchased on 12/01/2021 , repurchase price $31,717,842 (collateralized by various U.S. Treasury Obligations, ranging in par value $201,628 - $2,964,688, 0.750% - 1.130%, 02/28/2025 - 04/30/2026, with a total market value of $32,263,103)
               
(Cost $31,717,816)  
 
$
31,717,816
     
31,717,816
 
                 
TOTAL INVESTMENTS — 101.6%
               
(Cost $2,525,406,298) 
         
$
2,496,217,675
 


Percentages are based on Net Assets of $2,458,022,192.


The accompanying notes are an integral part of the financial statements.
46

Schedule of Investments
 
November 30, 2021
 
Global X U.S. Preferred ETF
 


Real Estate Investment Trust
(A)
This security or a partial position of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $56,280,886.
(B)
Security was purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2021 was $58,702,650.
(C)
The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2021.


Cl — Class
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rate
Ser — Series
VAR – Variable Rate

The following is a summary of the level of inputs used as of November 30, 2021, in valuing the Fund’s investments carried at value:
Investments in Securities
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Preferred Stock
 
$
2,437,515,025
   
$
   
$
   
$
2,437,515,025
 
Short-Term Investment
   
26,984,834
     
     
     
26,984,834
 
Repurchase Agreement
   
     
31,717,816
     
     
31,717,816
 
Total Investments in Securities
 
$
2,464,499,859
   
$
31,717,816
   
$
   
$
2,496,217,675
 


For the year ended November 30, 2021, there have been no transfers in or out of Level 3.





The accompanying notes are an integral part of the financial statements.
47

Schedule of Investments
 
November 30, 2021
 
Global X Variable Rate Preferred ETF
 

Sector Weightings (Unaudited)†:


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


   
Shares
   
Value
 
PREFERRED STOCK — 99.3%
           
BERMUDA— 1.3%
           
Financials — 1.3%
           
Aspen Insurance Holdings, 5.950%, VAR ICE LIBOR USD 3 Month + 4.060%
   
24,856
   
$
669,372
 
SiriusPoint, 8.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 7.298%
   
17,672
     
481,915
 
TOTAL BERMUDA 
           
1,151,287
 
CANADA— 3.0%
               
Energy — 1.6%
               
Enbridge, 6.375%, VAR ICE LIBOR USD 3 Month + 3.593%
   
54,298
     
1,429,666
 
Industrials — 0.4%
               
Atlas, 8.000%, VAR ICE LIBOR USD 3 Month + 5.008%
   
13,317
     
352,901
 
Utilities — 1.0%
               
Algonquin Power & Utilities, 6.200%, VAR ICE LIBOR USD 3 Month + 4.010%
   
31,669
     
875,964
 
TOTAL CANADA 
           
2,658,531
 
CHINA— 0.4%
               
Industrials — 0.4%
               
Textainer Group Holdings, 7.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.134%
   
13,317
     
357,561
 



The accompanying notes are an integral part of the financial statements.
48

Schedule of Investments
 
November 30, 2021
 
Global X Variable Rate Preferred ETF
 


   
Shares
   
Value
 
PREFERRED STOCK — continued
           
UNITED KINGDOM— 0.0%
           
Energy — 0.0%
           
Altera Infrastructure, 8.875%, VAR ICE LIBOR USD 3 Month + 6.407%
   
10,544
   
$
42,176
 
UNITED STATES— 94.6%
               
Consumer Staples — 2.6%
               
CHS, Ser 2, 7.100%, VAR ICE LIBOR USD 3 Month + 4.298%
   
37,990
     
1,050,803
 
CHS, Ser 3, 6.750%, VAR ICE LIBOR USD 3 Month + 4.155%
   
44,588
     
1,231,075
 
             
2,281,878
 
Energy — 6.3%
               
DCP Midstream, 7.950%, VAR ICE LIBOR USD 3 Month + 4.882%
   
9,759
     
241,242
 
DCP Midstream, 7.875%, VAR ICE LIBOR USD 3 Month + 4.919%
   
14,570
     
358,859
 
Energy Transfer, 7.600%, VAR ICE LIBOR USD 3 Month + 5.161%
   
72,425
     
1,746,167
 
Energy Transfer, 7.400% 
   
40,252
     
976,111
 
Energy Transfer, 7.375%, VAR ICE LIBOR USD 3 Month + 4.530%
   
40,730
     
975,891
 
NuStar Energy, 9.000%, VAR ICE LIBOR USD 3 Month + 6.880%
   
15,588
     
391,571
 
NuStar Logistics, 6.922%, VAR ICE LIBOR USD 3 Month + 6.734%
   
36,428
     
906,693
 
             
5,596,534
 
Financials — 81.5%
               
ACRES Commercial Realty, 8.625%, VAR ICE LIBOR USD 3 Month + 5.927%
   
10,400
     
268,112
 
AGNC Investment, 6.500%, VAR ICE LIBOR USD 3 Month + 4.993%
   
36,430
     
922,043
 
AGNC Investment, 6.125%, VAR ICE LIBOR USD 3 Month + 4.697%
   
52,029
     
1,292,400
 
                 
                 

The accompanying notes are an integral part of the financial statements.
49

Schedule of Investments
 
November 30, 2021
 
Global X Variable Rate Preferred ETF
 

   
Shares
   
Value
 
PREFERRED STOCK — continued
           
Financials — continued
           
Allstate, 5.100%, VAR ICE LIBOR USD 3 Month + 3.165%
   
45,264
   
$
1,180,032
 
American Equity Investment Life Holding, 6.625%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.297%
   
27,137
     
745,996
 
American Equity Investment Life Holding, 5.950%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.322%
   
36,201
     
970,187
 
Annaly Capital Management, 6.750%, VAR ICE LIBOR USD 3 Month + 4.989%
   
40,053
     
1,016,145
 
Annaly Capital Management, 6.500%, VAR ICE LIBOR USD 3 Month + 4.172%
   
38,463
     
958,498
 
Argo Group International Holdings, 7.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.712%
   
13,557
     
359,667
 
Athene Holding, 6.375%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.970%
   
54,300
     
1,508,997
 
Athene Holding, 6.350%, VAR ICE LIBOR USD 3 Month + 4.253%
   
78,088
     
2,224,727
 
Bank of America, 6.450%, VAR ICE LIBOR USD 3 Month + 1.327%
   
95,069
     
2,510,772
 
Bank of America, 4.000%, VAR ICE LIBOR USD 3 Month + 0.350%
   
28,702
     
713,532