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
  
Bank of America, 3.000%, VAR ICE LIBOR USD 3 Month + 0.650%
    
27,045
      
631,230
  
Bank of America, 0.688%, VAR ICE LIBOR USD 3 Month + 0.500%
    
38,162
      
934,969
  
Chimera Investment, 8.000%, VAR ICE LIBOR USD 3 Month + 5.791%‡
    
29,399
      
747,617
  
Chimera Investment, 8.000%, VAR ICE LIBOR USD 3 Month + 5.379%‡
    
18,055
      
460,402
  
Chimera Investment, 7.750%, VAR ICE LIBOR USD 3 Month + 4.743%‡
    
23,511
      
603,057
  
Citigroup, 6.875%, VAR ICE LIBOR USD 3 Month + 4.130%
    
135,400
      
3,669,340
  

The accompanying notes are an integral part of the financial statements.
50
Schedule of Investments
  
November 30, 2021
 
Global X Variable Rate Preferred ETF
  

   
Shares
    
Value
  
PREFERRED STOCK — continued
            
Financials — continued
            
Citigroup, Ser J, 7.125%, VAR ICE LIBOR USD 3 Month + 4.040%
    
86,008
    
$
2,342,858
  
Citizens Financial Group, 6.350%, VAR ICE LIBOR USD 3 Month + 3.642%
    
27,137
      
729,443
  
Enstar Group, 7.000%, VAR ICE LIBOR USD 3 Month + 4.015%
    
36,203
      
1,032,148
  
Fifth Third Bancorp, 6.625%, VAR ICE LIBOR USD 3 Month + 3.710%
    
40,735
      
1,113,288
  
Goldman Sachs Group, 6.375%, VAR ICE LIBOR USD 3 Month + 3.550%
    
63,364
      
1,755,183
  
Goldman Sachs Group, 5.500%, VAR ICE LIBOR USD 3 Month + 3.640%
    
90,539
      
2,386,608
  
Goldman Sachs Group, 4.000%, VAR ICE LIBOR USD 3 Month + 0.670%
    
122,229
      
3,011,723
  
Goldman Sachs Group, 3.750%, VAR ICE LIBOR USD 3 Month + 0.750%
    
67,890
      
1,675,525
  
Invesco Mortgage Capital, 7.750%, VAR ICE LIBOR USD 3 Month + 5.180%‡
    
14,000
      
351,260
  
Invesco Mortgage Capital, 7.500%, VAR ICE LIBOR USD 3 Month + 5.289%‡
    
26,009
      
655,947
  
KeyCorp, 6.125%, VAR ICE LIBOR USD 3 Month + 3.892%
    
45,269
      
1,336,794
  
MetLife, 4.000%, VAR ICE LIBOR USD 3 Month + 1.000%
    
54,295
      
1,351,946
  
MFA Financial, 6.500%, VAR ICE LIBOR USD 3 Month + 5.345%‡
    
24,850
      
588,696
  
Morgan Stanley, 6.375%, VAR ICE LIBOR USD 3 Month + 3.708%
    
69,731
      
1,941,311
  
Morgan Stanley, 5.850%, VAR ICE LIBOR USD 3 Month + 3.491%
    
69,732
      
1,988,757
  
Morgan Stanley, 4.000%, VAR ICE LIBOR USD 3 Month + 0.700%
    
76,681
      
1,900,155
  
Morgan Stanley, Ser E, 7.125%, VAR ICE LIBOR USD 3 Month + 4.320%
    
60,113
      
1,651,304
  
Morgan Stanley, Ser F, 6.875%, VAR ICE LIBOR USD 3 Month + 3.940%
    
59,266
      
1,622,110
  

The accompanying notes are an integral part of the financial statements.
51
Schedule of Investments
  
November 30, 2021
 
Global X Variable Rate Preferred ETF
  

   
Shares
    
Value
  
PREFERRED STOCK — continued
            
Financials — continued
            
New Residential Investment, 7.125%, VAR ICE LIBOR USD 3 Month + 5.640%‡
    
25,530
    
$
633,399
  
New Residential Investment, 6.375%, VAR ICE LIBOR USD 3 Month + 4.969%‡
    
36,425
      
826,848
  
New York Community Bancorp, 6.375%, VAR ICE LIBOR USD 3 Month + 3.821%
    
46,624
      
1,299,877
  
New York Mortgage Trust, 8.000%, VAR ICE LIBOR USD 3 Month + 5.695%‡
    
13,805
      
352,442
  
New York Mortgage Trust, 7.875%, VAR ICE LIBOR USD 3 Month + 6.429%‡
    
16,723
      
422,925
  
New York Mortgage Trust, 6.875%, VAR United States Secured Overnight Financing Rate + 6.130%‡
    
11,080
      
274,673
  
People’s United Financial, 5.625%, VAR ICE LIBOR USD 3 Month + 4.020%
    
22,591
      
625,545
  
Regions Financial, 5.700%, VAR ICE LIBOR USD 3 Month + 3.148%
    
45,267
      
1,240,768
  
Regions Financial, Ser B, 6.375%, VAR ICE LIBOR USD 3 Month + 3.536%
    
45,267
      
1,259,328
  
Reinsurance Group of America, 5.750%, VAR ICE LIBOR USD 3 Month + 4.040%
    
36,202
      
1,025,241
  
State Street, 5.900%, VAR ICE LIBOR USD 3 Month + 3.108%
    
67,897
      
1,816,245
  
State Street, 5.350%, VAR ICE LIBOR USD 3 Month + 3.709%
    
45,268
      
1,251,660
  
Synovus Financial, 5.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.127%
    
31,668
      
840,152
  
Two Harbors Investment, 7.250%, VAR ICE LIBOR USD 3 Month + 5.011%‡
    
26,686
      
667,684
  
US Bancorp, 3.500%, VAR ICE LIBOR USD 3 Month + 1.020%
    
1,301
      
1,203,750
  
US Bancorp, 3.500%, VAR ICE LIBOR USD 3 Month + 0.600%
    
90,535
      
2,181,893
  

The accompanying notes are an integral part of the financial statements.
52
Schedule of Investments
  
November 30, 2021
 
Global X Variable Rate Preferred ETF
  

   
Shares
    
Value
  
PREFERRED STOCK — continued
            
Financials — continued
            
Voya Financial, 5.350%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.210%
    
27,139
    
$
765,863
  
Wells Fargo, 6.625%, VAR ICE LIBOR USD 3 Month + 3.690%
    
76,051
      
2,067,066
  
Wells Fargo, 5.850%, VAR ICE LIBOR USD 3 Month + 3.090%
    
156,209
      
4,089,552
  
Wintrust Financial, 6.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.507%
    
26,013
      
724,982
  
             
72,722,672
  
Industrials — 2.8%
                
Air Lease, 6.150%, VAR ICE LIBOR USD 3 Month + 3.650%
    
22,589
      
589,121
  
Fortress Transportation and Infrastructure Investors, 8.250%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 7.378%
    
9,117
      
234,125
  
Fortress Transportation and Infrastructure Investors, 8.250%, VAR ICE LIBOR USD 3 Month + 6.886%
    
9,217
      
230,886
  
WESCO International, 10.625%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 10.325%
    
48,917
      
1,482,674
  
             
2,536,806
  
Utilities — 1.4%
                
NiSource, 6.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.632%
    
45,266
      
1,218,561
  
TOTAL UNITED STATES 
            
84,356,451
  
TOTAL PREFERRED STOCK
                
(Cost $90,896,764) 
            
88,566,006
  
TOTAL INVESTMENTS — 99.3%
                
(Cost $90,896,764) 
          
$
88,566,006
  


Percentages are based on Net Assets of $89,217,369.


The accompanying notes are an integral part of the financial statements.
53
Schedule of Investments
  
November 30, 2021
 
Global X Variable Rate Preferred ETF
  


‡
Real Estate Investment Trust


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

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.
54
Schedule of Investments
  
November 30, 2021
 
Global X MLP ETF
  

Sector Weightings (Unaudited)†:


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


   
Shares
    
Value
  
MASTER LIMITED PARTNERSHIPS — 96.0%
            
Energy — 96.0%
            
BP Midstream Partners 
    
3,973,308
    
$
51,136,474
  
Cheniere Energy Partners 
    
1,224,639
      
51,692,012
  
Crestwood Equity Partners 
    
1,780,444
      
45,508,149
  
DCP Midstream 
    
1,704,690
      
44,884,488
  
Delek Logistics Partners 
    
695,236
      
29,512,768
  
Energy Transfer 
    
10,574,280
      
89,035,438
  
Enterprise Products Partners 
    
4,762,688
      
101,873,896
  
Genesis Energy 
    
4,283,966
      
43,225,217
  
Holly Energy Partners 
    
2,955,603
      
49,535,906
  
Magellan Midstream Partners 
    
1,768,539
      
82,024,839
  
MPLX 
    
2,470,578
      
72,412,641
  
NuStar Energy 
    
3,207,780
      
44,908,920
  
Oasis Midstream Partners 
    
1,226,427
      
26,122,895
  
PBF Logistics 
    
2,080,708
      
23,574,422
  
Phillips 66 Partners 
    
1,329,678
      
45,794,110
  
Plains All American Pipeline 
    
6,181,530
      
57,488,229
  
Shell Midstream Partners 
    
4,092,051
      
46,649,381
  
Western Midstream Partners 
    
2,468,894
      
47,476,832
  
Total Energy 
            
952,856,617
  
TOTAL MASTER LIMITED PARTNERSHIP
                
(Cost $739,455,383) 
            
952,856,617
  
                 
COMMON STOCK — 4.1%
                
Energy — 4.1%
                
EnLink Midstream 
    
3,057,707
      
19,905,673
  



The accompanying notes are an integral part of the financial statements.
55
Schedule of Investments
  
November 30, 2021
 
Global X MLP ETF
  


   
Shares
    
Value
  
COMMON STOCK — continued
            
Energy — continued
            
Hess Midstream, Cl A 
    
864,249
    
$
21,398,805
  
Total Energy 
            
41,304,478
  
TOTAL COMMON STOCK
                
(Cost $35,621,397) 
            
41,304,478
  
TOTAL INVESTMENTS — 100.1%
                
(Cost $775,076,780) 
          
$
994,161,095
  


Percentages are based on Net Assets of $992,935,482.
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.
56
Schedule of Investments
  
November 30, 2021
 
Global X MLP & Energy Infrastructure ETF
  

Sector Weightings (Unaudited)†:


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

   
Shares
    
Value
  
COMMON STOCK — 76.2%
            
CANADA— 22.4%
            
Energy — 22.4%
            
Enbridge 
    
1,768,586
    
$
66,392,718
  
Pembina Pipeline 
    
1,068,030
      
31,667,090
  
TC Energy 
    
1,442,796
      
67,681,560
  
Total Energy 
            
165,741,368
  
TOTAL CANADA 
            
165,741,368
  
UNITED STATES— 53.8%
                
Energy — 53.8%
                
Antero Midstream 
    
3,393,008
      
32,946,108
  
Archrock 
    
2,195,419
      
16,224,147
  
Cheniere Energy 
    
499,346
      
52,336,454
  
EnLink Midstream 
    
3,748,369
      
24,401,882
  
Equitrans Midstream 
    
3,428,861
      
32,985,643
  
Kinder Morgan 
    
3,769,509
      
58,276,609
  
ONEOK 
    
877,611
      
52,516,242
  
Plains GP Holdings, Cl A 
    
2,678,056
      
26,780,560
  
Targa Resources 
    
647,977
      
33,455,053
  
Williams 
    
2,499,322
      
66,956,836
  
Total Energy 
            
396,879,534
  
TOTAL UNITED STATES 
            
396,879,534
  
TOTAL COMMON STOCK
                
(Cost $505,932,531) 
            
562,620,902
  



The accompanying notes are an integral part of the financial statements.
57
Schedule of Investments
  
November 30, 2021
 
Global X MLP & Energy Infrastructure ETF
  


   
Shares
    
Value
  
MASTER LIMITED PARTNERSHIPS — 23.7%
            
UNITED STATES— 23.7%
            
Energy — 23.7%
            
Cheniere Energy Partners 
    
123,075
    
$
5,194,996
  
DCP Midstream 
    
274,520
      
7,228,112
  
Enable Midstream Partners 
    
265,390
      
1,894,885
  
Energy Transfer 
    
3,845,733
      
32,381,072
  
Enterprise Products Partners 
    
1,558,807
      
33,342,882
  
Holly Energy Partners 
    
136,487
      
2,287,522
  
Magellan Midstream Partners 
    
649,278
      
30,113,514
  
MPLX 
    
922,526
      
27,039,237
  
Phillips 66 Partners 
    
177,169
      
6,101,700
  
Plains All American Pipeline 
    
1,391,177
      
12,937,946
  
Shell Midstream Partners 
    
374,178
      
4,265,629
  
Western Midstream Partners 
    
623,285
      
11,985,770
  
Total Energy 
            
174,773,265
  
TOTAL UNITED STATES 
            
174,773,265
  
TOTAL MASTER LIMITED PARTNERSHIP
                
(Cost $135,333,586) 
            
174,773,265
  
TOTAL INVESTMENTS — 99.9%
                
(Cost $641,266,117) 
          
$
737,394,167
  


Percentages are based on Net Assets of $738,092,211.

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.
58
Schedule of Investments
  
November 30, 2021
 
Global X Conscious Companies ETF
  

Sector Weightings (Unaudited)†:


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

   
Shares
    
Value
  
COMMON STOCK — 99.8%
            
CANADA — 1.0%
            
Financials — 0.5%
            
Toronto-Dominion Bank 
    
43,124
    
$
3,107,515
  
                 
                 
Information Technology — 0.5%
                
Shopify, Cl A * 
    
2,183
      
3,322,068
  
                 
                 
TOTAL CANADA 
            
6,429,583
  
UNITED STATES — 98.8%
                
Communication Services — 7.8%
                
Alphabet, Cl A * 
    
7,579
      
21,508,823
  
AT&T 
    
122,178
      
2,789,324
  
Comcast, Cl A 
    
57,433
      
2,870,501
  
Meta Platforms, Cl A * 
    
20,397
      
6,618,011
  
Netflix * 
    
4,681
      
3,004,734
  
Omnicom Group 
    
43,884
      
2,953,832
  
Take-Two Interactive Software *
    
17,232
      
2,858,444
  
T-Mobile US * 
    
26,643
      
2,899,025
  

The accompanying notes are an integral part of the financial statements.
59
Schedule of Investments
  
November 30, 2021
 
Global X Conscious Companies ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Communication Services — continued
            
Verizon Communications 
    
58,839
    
$
2,957,837
  
Walt Disney 
    
18,346
      
2,658,335
  
             
51,118,866
  
                 
                 
Consumer Discretionary — 12.4%
                
Amazon.com * 
    
5,461
      
19,152,109
  
AutoZone * 
    
1,700
      
3,089,019
  
Best Buy 
    
26,303
      
2,810,739
  
Booking Holdings * 
    
1,304
      
2,740,812
  
BorgWarner 
    
69,084
      
2,989,956
  
Choice Hotels International 
    
23,120
      
3,318,876
  
Darden Restaurants 
    
21,381
      
2,949,509
  
eBay 
    
38,631
      
2,606,047
  
Etsy * 
    
12,889
      
3,539,062
  
General Motors * 
    
53,802
      
3,113,522
  
Home Depot 
    
8,507
      
3,407,989
  
Lowe’s 
    
13,614
      
3,329,848
  
Lululemon Athletica * 
    
7,388
      
3,357,181
  
Marriott International, Cl A * 
    
20,088
      
2,964,185
  
NIKE, Cl B 
    
19,053
      
3,224,530
  
Shake Shack, Cl A * 
    
44,058
      
3,215,793
  
Starbucks 
    
27,189
      
2,981,002
  
Target 
    
12,145
      
2,961,437
  
Vail Resorts 
    
8,781
      
2,912,746
  
VF 
    
44,517
      
3,193,204
  
Whirlpool 
    
14,561
      
3,170,512
  
             
81,028,078
  
                 
                 
Consumer Staples — 8.6%
                
Campbell Soup 
    
76,518
      
3,085,971
  
Church & Dwight 
    
36,781
      
3,287,486
  
Clorox 
    
19,293
      
3,141,865
  
Coca-Cola 
    
57,198
      
3,000,035
  
Colgate-Palmolive 
    
41,251
      
3,094,650
  

The accompanying notes are an integral part of the financial statements.
60
Schedule of Investments
  
November 30, 2021
 
Global X Conscious Companies ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Consumer Staples — continued
            
Costco Wholesale 
    
6,544
    
$
3,529,703
  
Estee Lauder, Cl A 
    
9,758
      
3,240,339
  
General Mills 
    
49,683
      
3,068,919
  
Hershey 
    
17,105
      
3,035,966
  
Hormel Foods 
    
74,130
      
3,068,982
  
J M Smucker 
    
25,328
      
3,203,232
  
Kellogg 
    
50,129
      
3,066,892
  
Kimberly-Clark 
    
23,409
      
3,050,427
  
McCormick 
    
38,572
      
3,310,249
  
PepsiCo 
    
19,470
      
3,110,917
  
Procter & Gamble 
    
22,112
      
3,196,953
  
Sysco 
    
39,579
      
2,772,113
  
Walgreens Boots Alliance 
    
63,551
      
2,847,085
  
             
56,111,784
  
                 
                 
Energy — 1.3%
                
Chevron 
    
27,609
      
3,116,228
  
ConocoPhillips 
    
41,056
      
2,879,257
  
ONEOK 
    
47,964
      
2,870,166
  
             
8,865,651
  
                 
                 
Financials — 8.9%
                
Aflac 
    
55,080
      
2,982,031
  
Allstate 
    
24,327
      
2,644,832
  
American Express 
    
16,611
      
2,529,855
  
Bank of America 
    
65,466
      
2,911,273
  
BlackRock, Cl A 
    
3,400
      
3,075,674
  
Capital One Financial 
    
18,515
      
2,601,913
  
Citigroup 
    
43,634
      
2,779,486
  
CME Group, Cl A 
    
14,287
      
3,150,569
  
FactSet Research Systems 
    
7,230
      
3,387,761
  
Hartford Financial Services Group
    
41,949
      
2,772,829
  
JPMorgan Chase 
    
18,095
      
2,874,029
  
Moody’s 
    
8,381
      
3,273,954
  

The accompanying notes are an integral part of the financial statements.
61
Schedule of Investments
  
November 30, 2021
 
Global X Conscious Companies ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Financials — continued
            
Morgan Stanley 
    
30,533
    
$
2,895,139
  
Northern Trust 
    
24,809
      
2,870,401
  
PNC Financial Services Group 
    
14,384
      
2,833,648
  
Progressive 
    
32,565
      
3,026,591
  
Prudential Financial 
    
27,272
      
2,788,835
  
S&P Global 
    
6,909
      
3,148,639
  
T Rowe Price Group 
    
15,037
      
3,006,648
  
US Bancorp 
    
49,545
      
2,741,820
  
             
58,295,927
  
                 
                 
Health Care — 13.5%
                
Abbott Laboratories 
    
25,266
      
3,177,705
  
AbbVie 
    
28,531
      
3,289,054
  
Agilent Technologies 
    
19,678
      
2,969,410
  
Amgen 
    
14,924
      
2,968,085
  
Becton Dickinson 
    
12,600
      
2,987,964
  
Biogen * 
    
11,761
      
2,772,538
  
Boston Scientific * 
    
69,447
      
2,643,847
  
Bristol-Myers Squibb 
    
54,895
      
2,944,019
  
Cigna 
    
14,389
      
2,761,249
  
Edwards Lifesciences * 
    
26,658
      
2,860,670
  
Eli Lilly 
    
12,750
      
3,162,510
  
Gilead Sciences 
    
46,312
      
3,192,286
  
Humana 
    
6,818
      
2,861,583
  
IDEXX Laboratories * 
    
4,774
      
2,902,926
  
Illumina * 
    
7,613
      
2,781,257
  
Intuitive Surgical * 
    
9,123
      
2,958,954
  
IQVIA Holdings * 
    
12,100
      
3,135,473
  
Johnson & Johnson 
    
19,025
      
2,966,568
  
Merck 
    
38,377
      
2,874,821
  
Mettler-Toledo International * 
    
2,114
      
3,200,871
  
PerkinElmer 
    
17,657
      
3,216,399
  
Pfizer 
    
72,152
      
3,876,727
  
Quest Diagnostics 
    
21,261
      
3,161,086
  

The accompanying notes are an integral part of the financial statements.
62
Schedule of Investments
  
November 30, 2021
 
Global X Conscious Companies ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Health Care — continued
            
Regeneron Pharmaceuticals * 
    
5,444
    
$
3,465,269
  
Stryker 
    
11,297
      
2,673,209
  
Thermo Fisher Scientific 
    
5,093
      
3,223,003
  
Vertex Pharmaceuticals * 
    
16,973
      
3,172,933
  
Waters * 
    
8,526
      
2,797,125
  
Zoetis, Cl A 
    
14,913
      
3,311,283
  
             
88,308,824
  
                 
                 
Industrials — 9.3%
                
3M
    
17,227
      
2,929,279
  
Caterpillar 
    
15,523
      
3,001,372
  
CH Robinson Worldwide 
    
31,237
      
2,970,326
  
Cummins 
    
12,919
      
2,709,760
  
Deere 
    
9,128
      
3,154,089
  
Expeditors International of Washington
    
25,315
      
3,078,810
  
FedEx 
    
13,370
      
3,080,047
  
Honeywell International 
    
14,323
      
2,896,684
  
Illinois Tool Works 
    
13,868
      
3,219,456
  
Owens Corning 
    
34,670
      
2,941,403
  
Republic Services, Cl A 
    
23,369
      
3,090,784
  
Rockwell Automation 
    
10,163
      
3,416,801
  
Southwest Airlines * 
    
65,383
      
2,903,005
  
Stanley Black & Decker 
    
16,553
      
2,892,802
  
Union Pacific 
    
13,111
      
3,089,476
  
United Parcel Service, Cl B 
    
15,284
      
3,031,887
  
Verisk Analytics, Cl A 
    
14,552
      
3,272,308
  
Waste Management 
    
18,943
      
3,043,572
  
WW Grainger 
    
7,129
      
3,431,972
  
Xylem 
    
24,142
      
2,923,838
  
             
61,077,671
  
                 
                 
Information Technology — 30.1%
                
Accenture, Cl A 
    
8,783
      
3,139,044
  
Adobe * 
    
4,835
      
3,238,725
  

The accompanying notes are an integral part of the financial statements.
63
Schedule of Investments
  
November 30, 2021
 
Global X Conscious Companies ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Information Technology — continued
            
Advanced Micro Devices * 
    
25,943
    
$
4,108,593
  
Akamai Technologies * 
    
28,857
      
3,252,184
  
Analog Devices 
    
17,455
      
3,146,264
  
Apple 
    
223,326
      
36,915,788
  
Applied Materials 
    
22,873
      
3,366,677
  
Arista Networks * 
    
31,844
      
3,950,567
  
Autodesk * 
    
10,092
      
2,565,285
  
Automatic Data Processing 
    
14,275
      
3,295,955
  
Block, Cl A * 
    
12,283
      
2,558,917
  
CDW 
    
16,262
      
3,079,372
  
Cisco Systems 
    
56,405
      
3,093,250
  
Cognizant Technology Solutions, Cl A
    
39,420
      
3,073,972
  
Dell Technologies, Cl C * 
    
27,190
      
1,535,419
  
F5 Networks * 
    
14,932
      
3,398,225
  
Fiserv * 
    
28,257
      
2,727,366
  
HubSpot * 
    
3,826
      
3,087,238
  
Intel 
    
62,963
      
3,097,780
  
Intuit 
    
5,265
      
3,434,360
  
Jack Henry & Associates 
    
17,871
      
2,709,780
  
Keysight Technologies * 
    
17,642
      
3,431,016
  
Lam Research 
    
5,585
      
3,796,962
  
Littelfuse 
    
10,556
      
3,150,755
  
Mastercard, Cl A 
    
8,678
      
2,732,876
  
Microsoft 
    
106,765
      
35,295,441
  
Motorola Solutions 
    
12,478
      
3,159,180
  
NVIDIA 
    
13,682
      
4,470,730
  
ON Semiconductor * 
    
67,624
      
4,154,142
  
Oracle 
    
31,639
      
2,870,923
  
Paychex 
    
25,164
      
2,999,549
  
Paycom Software * 
    
5,813
      
2,543,071
  
PayPal Holdings * 
    
12,958
      
2,395,805
  
salesforce.com * 
    
10,642
      
3,032,544
  
Synopsys * 
    
9,699
      
3,307,359
  

The accompanying notes are an integral part of the financial statements.
64
Schedule of Investments
  
November 30, 2021
 
Global X Conscious Companies ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Information Technology — continued
            
Texas Instruments 
    
15,763
    
$
3,032,328
  
Trimble * 
    
35,747
      
3,069,595
  
Tyler Technologies * 
    
5,901
      
3,062,501
  
Universal Display 
    
17,961
      
2,569,321
  
Visa, Cl A 
    
13,468
      
2,609,694
  
VMware, Cl A 
    
11,937
      
1,393,525
  
Workday, Cl A * 
    
11,075
      
3,037,097
  
Zendesk * 
    
23,027
      
2,351,287
  
             
197,240,462
  
                 
                 
Materials — 2.3%
                
Air Products & Chemicals 
    
10,690
      
3,072,733
  
Celanese, Cl A 
    
18,481
      
2,797,284
  
Ecolab 
    
14,062
      
3,114,311
  
International Flavors & Fragrances
    
21,433
      
3,047,130
  
Newmont 
    
54,050
      
2,968,426
  
             
14,999,884
  
                 
                 
Real Estate — 2.3%
                
American Tower, Cl A ‡ 
    
10,953
      
2,874,943
  
CBRE Group, Cl A * 
    
29,913
      
2,858,785
  
Equinix ‡ 
    
3,794
      
3,081,487
  
Jones Lang LaSalle * 
    
11,812
      
2,774,757
  
ProLogis ‡ 
    
21,628
      
3,260,421
  
             
14,850,393
  
                 
                 
Utilities — 2.3%
                
American Water Works 
    
17,714
      
2,986,049
  
Duke Energy 
    
30,006
      
2,910,882
  
Exelon 
    
60,701
      
3,200,764
  
NextEra Energy 
    
36,895
      
3,201,748
  
WEC Energy Group 
    
33,974
      
2,953,360
  
             
15,252,803
  
                 

The accompanying notes are an integral part of the financial statements.
65
Schedule of Investments
  
November 30, 2021
 
Global X Conscious Companies ETF
  

   
Value
  
COMMON STOCK — continued
      
TOTAL UNITED STATES 
  
$
647,150,343
  
TOTAL COMMON STOCK
        
(Cost $568,031,028) 
    
653,579,926
  
TOTAL INVESTMENTS — 99.8%
        
(Cost $568,031,028) 
  
$
653,579,926
  


Percentages are based on Net Assets of $654,764,467.

*
Non-income producing security.
‡
Real Estate Investment Trust

Cl — Class
S&P — Standard & Poor’s

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.
66
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Factor ETF
  

Sector Weightings (Unaudited)†:


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

   
Shares
    
Value
  
COMMON STOCK — 99.8%
            
Communication Services — 8.6%
            
AT&T 
    
97,212
    
$
2,219,350
  
Charter Communications, Cl A *
    
2,874
      
1,857,409
  
Discovery, Cl A * 
    
11,481
      
267,163
  
DISH Network, Cl A * 
    
2,958
      
92,437
  
Electronic Arts 
    
8,313
      
1,032,641
  
Frontier Communications Parent *
    
30,148
      
1,007,245
  
Liberty Broadband, Cl C * 
    
5,027
      
778,431
  
Loyalty Ventures * 
    
3,548
      
101,828
  
Lumen Technologies 
    
69,678
      
859,827
  
Nexstar Media Group, Cl A 
    
5,882
      
879,359
  
Omnicom Group 
    
1,756
      
118,196
  
TEGNA 
    
43,058
      
850,395
  
T-Mobile US * 
    
7,245
      
788,328
  
Verizon Communications 
    
50,074
      
2,517,220
  
ViacomCBS, Cl B 
    
22,730
      
703,493
  
Walt Disney 
    
5,181
      
750,727
  
Total Communication Services 
            
14,824,049
  
                 

The accompanying notes are an integral part of the financial statements.
67
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Factor ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Consumer Discretionary — 8.0%
            
AutoZone * 
    
499
    
$
906,718
  
Dick’s Sporting Goods 
    
1,163
      
136,722
  
Dollar General 
    
4,106
      
908,658
  
Domino’s Pizza 
    
1,927
      
1,010,018
  
eBay 
    
2,183
      
147,265
  
Foot Locker 
    
18,560
      
847,078
  
Garmin 
    
21,986
      
2,936,010
  
H&R Block 
    
36,853
      
872,679
  
Kohl’s 
    
4,305
      
220,545
  
Lennar, Cl A 
    
1,632
      
171,442
  
McDonald’s 
    
11,192
      
2,737,563
  
Newell Brands 
    
7,600
      
163,172
  
O’Reilly Automotive * 
    
1,371
      
874,917
  
Starbucks 
    
7,759
      
850,697
  
Whirlpool 
    
756
      
164,612
  
Yum! Brands 
    
7,019
      
862,214
  
Total Consumer Discretionary 
            
13,810,310
  
Consumer Staples — 11.6%
                
Archer-Daniels-Midland 
    
2,166
      
134,747
  
Bunge 
    
10,089
      
873,405
  
Church & Dwight 
    
10,571
      
944,836
  
Clorox 
    
5,486
      
893,395
  
Coca-Cola 
    
29,458
      
1,545,072
  
Costco Wholesale 
    
2,163
      
1,166,679
  
Flowers Foods 
    
94,961
      
2,451,893
  
Hershey 
    
4,903
      
870,233
  
Hormel Foods 
    
21,099
      
873,499
  
J M Smucker 
    
1,079
      
136,461
  
Kraft Heinz 
    
23,932
      
804,355
  
Kroger 
    
64,257
      
2,668,593
  
Mondelez International, Cl A 
    
14,655
      
863,766
  
PepsiCo 
    
7,783
      
1,243,568
  

The accompanying notes are an integral part of the financial statements.
68
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Factor ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Consumer Staples — continued
            
Procter & Gamble 
    
6,257
    
$
904,637
  
Tyson Foods, Cl A 
    
1,620
      
127,915
  
Walgreens Boots Alliance 
    
18,208
      
815,718
  
Walmart 
    
18,256
      
2,567,341
  
Total Consumer Staples 
            
19,886,113
  
Energy — 1.9%
                
Baker Hughes, Cl A 
    
6,234
      
145,502
  
Chevron 
    
2,414
      
272,468
  
DT Midstream 
    
15,921
      
730,296
  
HollyFrontier 
    
23,628
      
763,657
  
Kinder Morgan 
    
47,605
      
735,973
  
Marathon Petroleum 
    
2,728
      
165,999
  
ONEOK 
    
2,975
      
178,024
  
Williams 
    
9,076
      
243,146
  
Total Energy 
            
3,235,065
  
Financials — 16.0%
                
Aflac 
    
4,375
      
236,862
  
AGNC Investment ‡ 
    
161,813
      
2,474,121
  
Allstate 
    
6,884
      
748,428
  
American Financial Group 
    
6,490
      
867,129
  
Annaly Capital Management ‡ 
    
101,207
      
819,777
  
Aon, Cl A 
    
2,815
      
832,593
  
Arthur J Gallagher 
    
16,519
      
2,690,945
  
Berkshire Hathaway, Cl B * 
    
5,294
      
1,464,797
  
Blackstone Mortgage Trust, Cl A ‡
    
28,027
      
840,810
  
CIT Group 
    
16,807
      
824,551
  
Citigroup 
    
12,640
      
805,168
  
Citizens Financial Group 
    
5,713
      
270,053
  
Comerica 
    
1,514
      
124,950
  
Erie Indemnity, Cl A 
    
4,447
      
826,297
  
Everest Re Group 
    
566
      
145,111
  
Fidelity National Financial 
    
2,818
      
137,828
  

The accompanying notes are an integral part of the financial statements.
69
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Factor ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Financials — continued
            
First Horizon 
    
10,704
    
$
172,656
  
Intercontinental Exchange 
    
6,786
      
887,066
  
Invesco 
    
6,872
      
153,452
  
Jefferies Financial Group 
    
6,894
      
259,077
  
KeyCorp 
    
5,537
      
124,250
  
Lincoln National 
    
1,738
      
115,282
  
Marsh & McLennan 
    
16,172
      
2,652,531
  
Morningstar 
    
3,105
      
963,575
  
Nasdaq 
    
4,437
      
901,732
  
New Residential Investment ‡ 
    
77,305
      
821,752
  
New York Community Bancorp
    
62,652
      
750,571
  
Old Republic International 
    
35,305
      
845,908
  
People’s United Financial 
    
16,400
      
279,456
  
Principal Financial Group 
    
2,115
      
145,047
  
Progressive 
    
9,350
      
868,989
  
Prudential Financial 
    
7,750
      
792,515
  
Radian Group 
    
6,438
      
131,142
  
Regions Financial 
    
5,595
      
127,286
  
Reinsurance Group of America, Cl A
    
1,091
      
103,547
  
Starwood Property Trust ‡ 
    
5,367
      
133,960
  
Umpqua Holdings 
    
8,212
      
156,521
  
United Bankshares 
    
5,019
      
179,329
  
Unum Group 
    
30,793
      
711,318
  
Valley National Bancorp 
    
9,493
      
127,586
  
W R Berkley 
    
11,259
      
862,890
  
Zions Bancorp 
    
2,017
      
127,232
  
Total Financials 
            
27,504,090
  
Health Care — 16.3%
                
Baxter International 
    
10,875
      
810,949
  
Bio-Rad Laboratories, Cl A * 
    
627
      
472,256
  
Bristol-Myers Squibb 
    
15,216
      
816,034
  
Cerner 
    
49,563
      
3,491,713
  

The accompanying notes are an integral part of the financial statements.
70
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Factor ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Health Care — continued
            
Change Healthcare * 
    
168,815
    
$
3,423,568
  
Cigna 
    
1,107
      
212,433
  
Cooper 
    
342
      
128,753
  
CVS Health 
    
3,469
      
308,949
  
Danaher 
    
2,806
      
902,522
  
Eli Lilly 
    
3,626
      
899,393
  
Gilead Sciences 
    
13,215
      
910,910
  
Johnson & Johnson 
    
15,423
      
2,404,908
  
Medtronic 
    
7,255
      
774,109
  
Merck 
    
17,916
      
1,342,088
  
Organon 
    
3,674
      
107,391
  
Pfizer 
    
62,645
      
3,365,916
  
PPD * 
    
18,812
      
886,045
  
Premier, Cl A 
    
67,008
      
2,483,987
  
QIAGEN * 
    
44,656
      
2,461,885
  
Quest Diagnostics 
    
6,016
      
894,459
  
Universal Health Services, Cl B
    
1,049
      
124,548
  
Waters * 
    
2,482
      
814,270
  
Total Health Care 
            
28,037,086
  
Industrials — 7.9%
                
AMERCO 
    
1,213
      
854,631
  
CACI International, Cl A * 
    
3,130
      
812,016
  
FTI Consulting * 
    
6,128
      
895,240
  
General Dynamics 
    
631
      
119,240
  
Huntington Ingalls Industries 
    
788
      
139,878
  
L3Harris Technologies 
    
3,633
      
759,588
  
Landstar System 
    
780
      
131,469
  
Lockheed Martin 
    
7,088
      
2,362,572
  
ManpowerGroup 
    
2,457
      
220,221
  
Northrop Grumman 
    
2,203
      
768,406
  
nVent Electric 
    
4,009
      
139,634
  
PACCAR 
    
1,617
      
134,890
  

The accompanying notes are an integral part of the financial statements.
71
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Factor ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Industrials — continued
            
Raytheon Technologies 
    
1,434
    
$
116,039
  
Republic Services, Cl A 
    
25,642
      
3,391,411
  
Waste Management 
    
16,721
      
2,686,563
  
Total Industrials 
            
13,531,798
  
Information Technology — 13.3%
                
Accenture, Cl A 
    
2,556
      
913,514
  
Akamai Technologies * 
    
8,175
      
921,322
  
Alliance Data Systems 
    
8,931
      
608,737
  
Amdocs 
    
44,123
      
3,080,668
  
Automatic Data Processing 
    
4,148
      
957,732
  
Black Knight * 
    
12,458
      
890,373
  
Cisco Systems 
    
47,750
      
2,618,610
  
Cognex 
    
3,278
      
253,226
  
Hewlett Packard Enterprise 
    
57,040
      
818,524
  
HP 
    
4,607
      
162,535
  
Intel 
    
5,739
      
282,359
  
International Business Machines
    
2,423
      
283,733
  
Jack Henry & Associates 
    
13,603
      
2,062,623
  
Juniper Networks 
    
6,429
      
200,135
  
Kyndryl Holdings * 
    
480
      
7,584
  
Motorola Solutions 
    
3,586
      
907,903
  
NortonLifeLock 
    
136,508
      
3,392,224
  
Oracle 
    
9,143
      
829,636
  
Paychex 
    
7,249
      
864,081
  
Seagate Technology Holdings 
    
1,636
      
167,968
  
Tyler Technologies * 
    
5,216
      
2,707,000
  
Total Information Technology 
            
22,930,487
  
Materials — 3.1%
                
Air Products & Chemicals 
    
3,009
      
864,907
  
AptarGroup 
    
6,894
      
824,453
  
Corteva 
    
2,976
      
133,920
  
Dow 
    
4,972
      
273,112
  

The accompanying notes are an integral part of the financial statements.
72
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Factor ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Materials — continued
            
DuPont de Nemours 
    
12,062
    
$
892,106
  
Huntsman 
    
3,995
      
126,602
  
International Paper 
    
2,458
      
111,888
  
LyondellBasell Industries, Cl A
    
9,140
      
796,368
  
Mosaic 
    
3,089
      
105,706
  
Sonoco Products 
    
14,350
      
834,165
  
Steel Dynamics 
    
2,018
      
120,676
  
United States Steel 
    
10,582
      
239,259
  
Total Materials 
            
5,323,162
  
Real Estate — 7.4%
                
Alexandria Real Estate Equities ‡
    
4,295
      
859,301
  
Camden Property Trust ‡ 
    
5,593
      
924,020
  
CoreSite Realty ‡ 
    
6,038
      
1,032,800
  
CubeSmart ‡ 
    
16,755
      
903,430
  
Digital Realty Trust ‡ 
    
5,769
      
967,692
  
Equity LifeStyle Properties ‡ 
    
10,269
      
834,870
  
Essex Property Trust ‡ 
    
2,651
      
899,855
  
Extra Space Storage ‡ 
    
4,777
      
955,400
  
Life Storage ‡ 
    
6,979
      
922,205
  
Mid-America Apartment Communities ‡
    
4,425
      
912,656
  
Public Storage ‡ 
    
6,206
      
2,031,720
  
SL Green Realty ‡ 
    
6,873
      
477,192
  
Sun Communities ‡ 
    
5,487
      
1,034,738
  
Total Real Estate 
            
12,755,879
  
Utilities — 5.7%
                
Alliant Energy 
    
15,653
      
857,628
  
Ameren 
    
10,475
      
854,655
  
American Electric Power 
    
10,408
      
843,569
  
Consolidated Edison 
    
11,702
      
908,543
  
Duke Energy 
    
12,108
      
1,174,597
  
Hawaiian Electric Industries 
    
21,076
      
800,677
  
National Fuel Gas 
    
15,109
      
873,451
  

The accompanying notes are an integral part of the financial statements.
73
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Factor ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Utilities — continued
            
PNM Resources 
    
53,868
    
$
2,652,461
  
Southern 
    
13,869
      
847,396
  
Total Utilities 
            
9,812,977
  
TOTAL COMMON STOCK
                
(Cost $162,752,575) 
            
171,651,016
  
TOTAL INVESTMENTS — 99.8%
                
(Cost $162,752,575) 
          
$
171,651,016
  


Percentages are based on Net Assets of $172,007,504.
*
Non-income producing security.
‡
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.
74
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Risk Management ETF
  

Sector Weightings (Unaudited)†:


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

   
Shares
    
Value
  
COMMON STOCK — 99.8%
            
ARGENTINA— 0.1%
            
Consumer Discretionary — 0.1%
            
MercadoLibre * 
    
115
    
$
136,667
  
CHINA— 0.1%
                
Consumer Discretionary — 0.1%
                
Yum China Holdings 
    
1,284
      
64,328
  
KOREA— 0.0%
                
Consumer Discretionary — 0.0%
                
Coupang, Cl A * 
    
1,594
      
42,241
  
PERU— 0.0%
                
Materials — 0.0%
                
Southern Copper 
    
278
      
16,263
  
UNITED KINGDOM— 0.4%
                
Materials — 0.4%
                
Linde 
    
1,319
      
419,628
  
                 
                 

The accompanying notes are an integral part of the financial statements.
75
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Risk Management ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
UNITED STATES— 99.2%
            
Communication Services — 10.4%
            
Activision Blizzard 
    
1,885
    
$
110,461
  
Alphabet, Cl A * 
    
775
      
2,199,412
  
Alphabet, Cl C * 
    
723
      
2,059,857
  
AMC Entertainment Holdings, Cl A *
    
1,512
      
51,317
  
AT&T 
    
18,344
      
418,794
  
Charter Communications, Cl A *
    
301
      
194,530
  
Comcast, Cl A 
    
11,764
      
587,964
  
Discovery, Cl C * 
    
1,414
      
32,112
  
Discovery, Cl A * 
    
707
      
16,452
  
DISH Network, Cl A * 
    
742
      
23,188
  
Electronic Arts 
    
823
      
102,233
  
Fox, Cl B 
    
175
      
5,880
  
Fox, Cl A 
    
915
      
32,675
  
Liberty Broadband, Cl C * 
    
322
      
49,862
  
Liberty Broadband, Cl A * 
    
59
      
8,943
  
Live Nation Entertainment * 
    
392
      
41,807
  
Match Group * 
    
752
      
97,752
  
Meta Platforms, Cl A * 
    
6,198
      
2,011,003
  
Netflix * 
    
1,126
      
722,779
  
Omnicom Group 
    
656
      
44,155
  
Pinterest, Cl A * 
    
1,449
      
58,047
  
ROBLOX, Cl A * 
    
790
      
99,619
  
Roku, Cl A * 
    
333
      
75,794
  
Sirius XM Holdings 
    
3,716
      
22,668
  
Snap, Cl A * 
    
3,276
      
155,970
  
Spotify Technology * 
    
349
      
83,237
  
Take-Two Interactive Software *
    
347
      
57,560
  
T-Mobile US * 
    
1,461
      
158,971
  
Twitter * 
    
2,292
      
100,710
  
Verizon Communications 
    
10,270
      
516,272
  
ViacomCBS, Cl A 
    
5
      
167
  
ViacomCBS, Cl B 
    
1,651
      
51,098
  

The accompanying notes are an integral part of the financial statements.
76
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Risk Management ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Communication Services — continued
            
Walt Disney 
    
4,713
    
$
682,914
  
Warner Music Group, Cl A 
    
84
      
3,640
  
ZoomInfo Technologies, Cl A *
    
468
      
28,876
  
Total Communication Services 
            
10,906,719
  
Consumer Discretionary — 12.9%
                
Airbnb, Cl A * 
    
731
      
126,127
  
Amazon.com * 
    
1,143
      
4,008,580
  
Aptiv * 
    
786
      
126,035
  
AutoZone * 
    
50
      
90,854
  
Bath & Body Works 
    
718
      
53,943
  
Best Buy 
    
636
      
67,963
  
Booking Holdings * 
    
101
      
212,287
  
Burlington Stores * 
    
155
      
45,435
  
Caesars Entertainment * 
    
609
      
54,853
  
CarMax * 
    
459
      
64,834
  
Carnival * 
    
2,455
      
43,257
  
Carvana, Cl A * 
    
266
      
74,592
  
Chewy, Cl A * 
    
268
      
18,294
  
Chipotle Mexican Grill, Cl A *
    
65
      
106,822
  
Darden Restaurants 
    
371
      
51,179
  
Dollar General 
    
572
      
126,584
  
Dollar Tree * 
    
694
      
92,878
  
Domino’s Pizza 
    
90
      
47,173
  
DoorDash, Cl A * 
    
381
      
68,111
  
DR Horton 
    
907
      
88,613
  
DraftKings, Cl A * 
    
796
      
27,502
  
eBay 
    
1,805
      
121,765
  
Etsy * 
    
374
      
102,693
  
Expedia Group * 
    
470
      
75,712
  
Ford Motor 
    
9,777
      
187,621
  
Garmin 
    
359
      
47,941
  
                 

The accompanying notes are an integral part of the financial statements.
77
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Risk Management ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Consumer Discretionary — continued
            
General Motors * 
    
3,303
    
$
191,145
  
Genuine Parts 
    
418
      
53,395
  
Hilton Worldwide Holdings * 
    
798
      
107,786
  
Home Depot 
    
2,743
      
1,098,872
  
Las Vegas Sands * 
    
1,195
      
42,566
  
Lennar, Cl B 
    
38
      
3,260
  
Lennar, Cl A 
    
796
      
83,620
  
Lowe’s 
    
1,768
      
432,434
  
Lucid Group * 
    
1,135
      
60,132
  
Lululemon Athletica * 
    
294
      
133,597
  
Marriott International, Cl A * 
    
775
      
114,359
  
McDonald’s 
    
1,925
      
470,855
  
MGM Resorts International 
    
1,116
      
44,171
  
NIKE, Cl B 
    
3,252
      
550,368
  
NVR * 
    
8
      
41,803
  
O’Reilly Automotive * 
    
168
      
107,211
  
Peloton Interactive, Cl A * 
    
647
      
28,468
  
Ross Stores 
    
840
      
91,636
  
Royal Caribbean Cruises * 
    
663
      
46,291
  
Starbucks 
    
3,007
      
329,687
  
Target 
    
1,244
      
303,337
  
Tesla * 
    
2,127
      
2,434,904
  
TJX 
    
2,784
      
193,210
  
Tractor Supply 
    
347
      
78,190
  
Ulta Beauty * 
    
126
      
48,378
  
VF 
    
963
      
69,076
  
Wayfair, Cl A * 
    
252
      
62,456
  
Yum! Brands 
    
854
      
104,905
  
Total Consumer Discretionary 
            
13,457,760
  
Consumer Staples — 5.4%
                
Altria Group 
    
4,629
      
197,381
  
Archer-Daniels-Midland 
    
1,624
      
101,029
  

The accompanying notes are an integral part of the financial statements.
78
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Risk Management ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Consumer Staples — continued
            
Brown-Forman, Cl B 
    
865
    
$
60,861
  
Brown-Forman, Cl A 
    
46
      
3,021
  
Church & Dwight 
    
730
      
65,247
  
Clorox 
    
369
      
60,092
  
Coca-Cola 
    
9,986
      
523,766
  
Colgate-Palmolive 
    
2,082
      
156,192
  
Conagra Brands 
    
1,415
      
43,228
  
Constellation Brands, Cl A 
    
445
      
100,272
  
Costco Wholesale 
    
1,135
      
612,196
  
Estee Lauder, Cl A 
    
545
      
180,978
  
General Mills 
    
1,811
      
111,865
  
Hershey 
    
383
      
67,979
  
Hormel Foods 
    
812
      
33,617
  
Kellogg 
    
850
      
52,003
  
Keurig Dr Pepper 
    
2,140
      
72,739
  
Kimberly-Clark 
    
815
      
106,203
  
Kraft Heinz 
    
1,484
      
49,877
  
Kroger 
    
1,795
      
74,546
  
McCormick 
    
735
      
63,078
  
Mondelez International, Cl A 
    
3,477
      
204,934
  
Monster Beverage * 
    
1,128
      
94,504
  
PepsiCo 
    
3,561
      
568,976
  
Philip Morris International 
    
3,985
      
342,470
  
Procter & Gamble 
    
6,252
      
903,914
  
Sysco 
    
1,439
      
100,788
  
Tyson Foods, Cl A 
    
807
      
63,721
  
Walgreens Boots Alliance 
    
2,167
      
97,082
  
Walmart 
    
3,760
      
528,769
  
Total Consumer Staples 
            
5,641,328
  
Energy — 2.6%
                
Baker Hughes, Cl A 
    
2,085
      
48,664
  
Cheniere Energy 
    
760
      
79,656
  

The accompanying notes are an integral part of the financial statements.
79
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Risk Management ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Energy — continued
            
Chevron 
    
4,927
    
$
556,110
  
ConocoPhillips 
    
3,381
      
237,110
  
Devon Energy 
    
1,541
      
64,814
  
EOG Resources 
    
1,423
      
123,801
  
Exxon Mobil 
    
10,928
      
653,931
  
Halliburton 
    
2,403
      
51,881
  
Hess 
    
861
      
64,162
  
Kinder Morgan 
    
4,658
      
72,013
  
Marathon Petroleum 
    
1,518
      
92,370
  
Occidental Petroleum 
    
2,594
      
76,912
  
ONEOK 
    
1,227
      
73,424
  
Phillips 66 
    
1,258
      
87,016
  
Pioneer Natural Resources 
    
528
      
94,153
  
Schlumberger 
    
4,109
      
117,846
  
Valero Energy 
    
1,189
      
79,592
  
Williams 
    
3,717
      
99,578
  
Total Energy 
            
2,673,033
  
Financials — 10.4%
                
Aflac 
    
1,448
      
78,395
  
Allstate 
    
774
      
84,149
  
American Express 
    
1,499
      
228,297
  
American International Group
    
2,479
      
130,395
  
Ameriprise Financial 
    
269
      
77,902
  
Aon, Cl A 
    
538
      
159,124
  
Apollo Global Management, Cl A
    
724
      
51,245
  
Arch Capital Group * 
    
1,191
      
48,093
  
Ares Management, Cl A 
    
256
      
20,777
  
Arthur J Gallagher 
    
484
      
78,844
  
Bank of America 
    
19,187
      
853,246
  
Bank of New York Mellon 
    
2,154
      
118,018
  
Berkshire Hathaway, Cl B * 
    
3,322
      
919,164
  
BlackRock, Cl A 
    
359
      
324,755
  

The accompanying notes are an integral part of the financial statements.
80
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Risk Management ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Financials — continued
            
Blackstone, Cl A 
    
1,731
    
$
244,850
  
Brown & Brown 
    
718
      
46,246
  
Capital One Financial 
    
1,218
      
171,166
  
Charles Schwab 
    
3,836
      
296,868
  
Chubb 
    
923
      
165,651
  
Cincinnati Financial 
    
392
      
44,649
  
Citigroup 
    
5,168
      
329,202
  
Citizens Financial Group 
    
1,228
      
58,048
  
CME Group, Cl A 
    
885
      
195,160
  
Coinbase Global, Cl A * 
    
311
      
97,965
  
Discover Financial Services 
    
860
      
92,751
  
Fifth Third Bancorp 
    
1,950
      
82,193
  
First Republic Bank 
    
488
      
102,314
  
Franklin Resources 
    
780
      
25,272
  
Goldman Sachs Group 
    
862
      
328,413
  
Hartford Financial Services Group
    
1,077
      
71,190
  
Huntington Bancshares 
    
4,373
      
64,895
  
Interactive Brokers Group, Cl A
    
268
      
19,784
  
Intercontinental Exchange 
    
1,548
      
202,355
  
JPMorgan Chase 
    
7,710
      
1,224,578
  
KeyCorp 
    
2,811
      
63,079
  
KKR 
    
1,452
      
108,101
  
Loews 
    
814
      
43,516
  
M&T Bank 
    
378
      
55,419
  
Markel * 
    
31
      
37,039
  
MarketAxess Holdings 
    
84
      
29,626
  
Marsh & McLennan 
    
1,260
      
206,665
  
MetLife 
    
1,588
      
93,152
  
Moody’s 
    
457
      
178,522
  
Morgan Stanley 
    
3,672
      
348,180
  
MSCI, Cl A 
    
199
      
125,261
  
Nasdaq 
    
354
      
71,943
  
Northern Trust 
    
537
      
62,131
  

The accompanying notes are an integral part of the financial statements.
81
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Risk Management ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Financials — continued
            
PNC Financial Services Group
    
1,063
    
$
209,411
  
Principal Financial Group 
    
758
      
51,984
  
Progressive 
    
1,681
      
156,232
  
Prudential Financial 
    
1,137
      
116,270
  
Raymond James Financial 
    
501
      
49,243
  
Regions Financial 
    
2,116
      
48,139
  
Robinhood Markets, Cl A * 
    
2
      
52
  
Rocket, Cl A 
    
613
      
9,502
  
S&P Global 
    
613
      
279,362
  
State Street 
    
933
      
83,009
  
SVB Financial Group * 
    
131
      
90,695
  
Synchrony Financial 
    
1,671
      
74,844
  
T Rowe Price Group 
    
546
      
109,173
  
Tradeweb Markets, Cl A 
    
378
      
36,288
  
Travelers 
    
595
      
87,435
  
Truist Financial 
    
3,329
      
197,443
  
Upstart Holdings * 
    
100
      
20,489
  
US Bancorp 
    
3,332
      
184,393
  
Wells Fargo 
    
10,581
      
505,560
  
Willis Towers Watson 
    
378
      
85,368
  
Total Financials 
            
10,853,480
  
Health Care — 12.6%
                
10X Genomics, Cl A * 
    
262
      
40,036
  
Abbott Laboratories 
    
4,542
      
571,246
  
AbbVie 
    
4,497
      
518,415
  
Agilent Technologies 
    
865
      
130,529
  
Align Technology * 
    
184
      
112,522
  
Alnylam Pharmaceuticals * 
    
352
      
64,698
  
AmerisourceBergen, Cl A 
    
365
      
42,249
  
Amgen 
    
1,442
      
286,785
  
Anthem 
    
618
      
251,050
  
Avantor * 
    
1,416
      
55,904
  

The accompanying notes are an integral part of the financial statements.
82
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Risk Management ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Health Care — continued
            
Baxter International 
    
1,196
    
$
89,186
  
Becton Dickinson 
    
712
      
168,844
  
Biogen * 
    
391
      
92,174
  
BioMarin Pharmaceutical * 
    
421
      
36,328
  
Bio-Rad Laboratories, Cl A * 
    
49
      
36,907
  
Boston Scientific * 
    
3,993
      
152,014
  
Bristol-Myers Squibb 
    
5,597
      
300,167
  
Catalent * 
    
475
      
61,114
  
Centene * 
    
1,648
      
117,684
  
Cerner 
    
862
      
60,728
  
Charles River Laboratories International *
    
103
      
37,685
  
Cigna 
    
851
      
163,307
  
Cooper 
    
115
      
43,294
  
CVS Health 
    
3,356
      
298,885
  
Danaher 
    
1,634
      
525,560
  
Dexcom * 
    
240
      
135,022
  
Edwards Lifesciences * 
    
1,546
      
165,901
  
Elanco Animal Health * 
    
1,263
      
36,299
  
Eli Lilly 
    
2,183
      
541,471
  
Exact Sciences * 
    
422
      
36,026
  
Gilead Sciences 
    
3,147
      
216,923
  
Ginkgo Bioworks Holdings * 
    
2,567
      
30,470
  
HCA Healthcare 
    
617
      
139,189
  
Hologic * 
    
868
      
64,866
  
Horizon Therapeutics * 
    
718
      
74,500
  
Humana 
    
313
      
131,369
  
IDEXX Laboratories * 
    
210
      
127,695
  
Illumina * 
    
401
      
146,497
  
Incyte * 
    
513
      
34,740
  
Insulet * 
    
163
      
47,016
  
Intuitive Surgical * 
    
905
      
293,527
  
IQVIA Holdings * 
    
517
      
133,970
  
Johnson & Johnson 
    
6,847
      
1,067,653
  

The accompanying notes are an integral part of the financial statements.
83
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Risk Management ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Health Care — continued
            
Laboratory Corp of America Holdings *
    
306
    
$
87,311
  
Masimo * 
    
118
      
32,818
  
McKesson 
    
441
      
95,591
  
Medtronic 
    
3,450
      
368,114
  
Merck 
    
6,509
      
487,589
  
Mettler-Toledo International * 
    
54
      
81,763
  
Moderna * 
    
882
      
310,843
  
PerkinElmer 
    
354
      
64,485
  
Pfizer 
    
14,497
      
778,924
  
Quest Diagnostics 
    
354
      
52,633
  
Regeneron Pharmaceuticals * 
    
256
      
162,952
  
ResMed 
    
416
      
106,018
  
Royalty Pharma, Cl A 
    
903
      
35,912
  
Seagen * 
    
389
      
62,240
  
STERIS 
    
311
      
67,963
  
Stryker 
    
828
      
195,929
  
Teladoc Health * 
    
385
      
38,981
  
Teleflex 
    
90
      
26,768
  
Thermo Fisher Scientific 
    
1,016
      
642,954
  
UnitedHealth Group 
    
2,440
      
1,083,897
  
Veeva Systems, Cl A * 
    
332
      
93,817
  
Vertex Pharmaceuticals * 
    
762
      
142,448
  
Viatris, Cl W * 
    
3,530
      
43,454
  
Waters * 
    
143
      
46,914
  
West Pharmaceutical Services
    
176
      
77,908
  
Zimmer Biomet Holdings 
    
645
      
77,142
  
Zoetis, Cl A 
    
1,202
      
266,892
  
Total Health Care 
            
13,212,705
  
Industrials — 7.4%
                
3M 
    
1,462
      
248,598
  
AMETEK 
    
696
      
95,004
  
Boeing * 
    
1,489
      
294,599
  

The accompanying notes are an integral part of the financial statements.
84
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Risk Management ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Industrials — continued
            
Carrier Global 
    
2,504
    
$
135,516
  
Caterpillar 
    
1,388
      
268,369
  
Cintas 
    
212
      
89,504
  
Copart * 
    
499
      
72,435
  
CoStar Group * 
    
1,151
      
89,502
  
CSX 
    
5,643
      
195,587
  
Cummins 
    
420
      
88,095
  
Deere 
    
707
      
244,297
  
Delta Air Lines * 
    
1,885
      
68,237
  
Dover 
    
359
      
58,822
  
Eaton 
    
988
      
160,114
  
Emerson Electric 
    
1,708
      
150,031
  
Equifax 
    
354
      
98,642
  
Expeditors International of Washington
    
396
      
48,162
  
Fastenal 
    
1,560
      
92,305
  
FedEx 
    
607
      
139,835
  
Fortive 
    
936
      
69,142
  
Generac Holdings * 
    
145
      
61,080
  
General Dynamics 
    
708
      
133,791
  
General Electric 
    
2,752
      
261,412
  
HEICO, Cl A 
    
250
      
31,050
  
HEICO 
    
90
      
12,467
  
Honeywell International 
    
1,763
      
356,550
  
IDEX 
    
256
      
57,495
  
IHS Markit 
    
850
      
108,647
  
Illinois Tool Works 
    
692
      
160,648
  
Ingersoll Rand 
    
1,144
      
66,741
  
Jacobs Engineering Group 
    
395
      
56,311
  
JB Hunt Transport Services 
    
275
      
52,569
  
Johnson Controls International
    
2,067
      
154,529
  
Kansas City Southern 
    
211
      
61,369
  
L3Harris Technologies 
    
488
      
102,031
  
Lockheed Martin 
    
592
      
197,325
  

The accompanying notes are an integral part of the financial statements.
85
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Risk Management ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Industrials — continued
            
Lyft, Cl A * 
    
774
    
$
31,432
  
Norfolk Southern 
    
616
      
163,406
  
Northrop Grumman 
    
408
      
142,310
  
Old Dominion Freight Line 
    
248
      
88,082
  
Otis Worldwide 
    
1,003
      
80,641
  
PACCAR 
    
1,049
      
87,508
  
Parker-Hannifin 
    
379
      
114,481
  
Raytheon Technologies 
    
3,844
      
311,057
  
Republic Services, Cl A 
    
483
      
63,882
  
Rockwell Automation 
    
278
      
93,464
  
Rollins 
    
742
      
24,694
  
Roper Technologies 
    
258
      
119,751
  
Southwest Airlines * 
    
1,694
      
75,214
  
Stanley Black & Decker 
    
431
      
75,322
  
Trane Technologies 
    
570
      
106,391
  
TransDigm Group * 
    
125
      
72,256
  
TransUnion 
    
521
      
57,930
  
Uber Technologies * 
    
3,792
      
144,096
  
Union Pacific 
    
1,669
      
393,284
  
United Airlines Holdings * 
    
913
      
38,583
  
United Parcel Service, Cl B 
    
1,862
      
369,364
  
United Rentals * 
    
169
      
57,247
  
Verisk Analytics, Cl A 
    
454
      
102,091
  
Waste Management 
    
1,044
      
167,739
  
Westinghouse Air Brake Technologies
    
359
      
31,868
  
WW Grainger 
    
102
      
49,104
  
Xylem 
    
498
      
60,313
  
Total Industrials 
            
7,702,321
  
Information Technology — 30.8%
                
Accenture, Cl A 
    
1,638
      
585,421
  
Adobe * 
    
1,235
      
827,265
  
Advanced Micro Devices * 
    
3,093
      
489,838
  

The accompanying notes are an integral part of the financial statements.
86
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Risk Management ETF
  


   
Shares
    
Value
  
COMMON STOCK — continued
            
Information Technology — continued
            
Affirm Holdings, Cl A * 
    
361
    
$
45,731
  
Akamai Technologies * 
    
437
      
49,250
  
Amphenol, Cl A 
    
1,706
      
137,469
  
Analog Devices 
    
1,353
      
243,878
  
ANSYS * 
    
206
      
80,645
  
Apple 
    
43,463
      
7,184,433
  
Applied Materials 
    
2,293
      
337,507
  
AppLovin, Cl A * 
    
151
      
13,758
  
Arista Networks * 
    
524
      
65,007
  
Atlassian, Cl A * 
    
354
      
133,217
  
Autodesk * 
    
549
      
139,550
  
Automatic Data Processing 
    
1,065
      
245,898
  
Bentley Systems, Cl B 
    
513
      
24,619
  
Bill.com Holdings * 
    
215
      
60,383
  
Block, Cl A * 
    
1,006
      
209,580
  
Broadcom 
    
1,022
      
565,861
  
Broadridge Financial Solutions
    
375
      
63,214
  
Cadence Design Systems * 
    
800
      
141,968
  
CDW 
    
359
      
67,980
  
Cisco Systems 
    
10,035
      
550,320
  
Cloudflare, Cl A * 
    
566
      
106,544
  
Cognizant Technology Solutions, Cl A
    
1,546
      
120,557
  
Corning 
    
2,273
      
84,306
  
Coupa Software * 
    
252
      
49,558
  
Crowdstrike Holdings, Cl A * 
    
543
      
117,907
  
Datadog, Cl A * 
    
528
      
94,137
  
Dell Technologies, Cl C * 
    
788
      
44,498
  
DocuSign, Cl A * 
    
521
      
128,354
  
Enphase Energy * 
    
367
      
91,750
  
EPAM Systems * 
    
128
      
77,894
  
Fidelity National Information Services
    
1,510
      
157,795
  
Fiserv * 
    
1,462
      
141,112
  
FleetCor Technologies * 
    
269
      
55,718
  

The accompanying notes are an integral part of the financial statements.
87
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Risk Management ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Information Technology — continued
            
Fortinet * 
    
404
    
$
134,172
  
Gartner * 
    
188
      
58,703
  
Global Payments 
    
817
      
97,256
  
Hewlett Packard Enterprise 
    
4,108
      
58,950
  
HP 
    
2,725
      
96,138
  
HubSpot * 
    
103
      
83,112
  
Intel 
    
10,451
      
514,189
  
International Business Machines
    
2,278
      
266,754
  
Intuit 
    
681
      
444,216
  
Keysight Technologies * 
    
507
      
98,601
  
KLA 
    
372
      
151,824
  
Kyndryl Holdings * 
    
522
      
8,248
  
Lam Research 
    
352
      
239,307
  
Marvell Technology 
    
2,018
      
143,621
  
Mastercard, Cl A 
    
2,249
      
708,255
  
Microchip Technology 
    
1,570
      
130,985
  
Micron Technology 
    
2,815
      
236,460
  
Microsoft 
    
19,495
      
6,444,852
  
MongoDB, Cl A * 
    
141
      
70,232
  
Monolithic Power Systems 
    
93
      
51,472
  
Motorola Solutions 
    
474
      
120,007
  
NetApp 
    
678
      
60,261
  
NVIDIA 
    
6,331
      
2,068,718
  
Okta, Cl A * 
    
412
      
88,675
  
Oracle 
    
4,072
      
369,493
  
Palantir Technologies, Cl A * 
    
4,639
      
95,795
  
Palo Alto Networks * 
    
233
      
127,437
  
Paychex 
    
909
      
108,353
  
Paycom Software * 
    
118
      
51,623
  
PayPal Holdings * 
    
3,032
      
560,586
  
Qorvo * 
    
338
      
49,426
  
QUALCOMM 
    
2,885
      
520,916
  
Qualtrics International, Cl A * 
    
138
      
4,466
  

The accompanying notes are an integral part of the financial statements.
88
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Risk Management ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Information Technology — continued
            
RingCentral, Cl A * 
    
265
    
$
57,235
  
salesforce.com * 
    
2,451
      
698,437
  
Seagate Technology Holdings 
    
650
      
66,736
  
ServiceNow * 
    
500
      
323,850
  
Skyworks Solutions 
    
504
      
76,437
  
Snowflake, Cl A * 
    
669
      
227,560
  
Splunk * 
    
460
      
55,660
  
                 
SS&C Technologies Holdings
    
471
      
35,951
  
Synopsys * 
    
434
      
147,994
  
TE Connectivity 
    
929
      
143,001
  
Teledyne Technologies * 
    
107
      
44,436
  
Teradyne 
    
467
      
71,390
  
Texas Instruments 
    
2,370
      
455,917
  
Trade Desk, Cl A * 
    
1,236
      
127,827
  
Trimble * 
    
718
      
61,655
  
Twilio, Cl A * 
    
452
      
129,340
  
Tyler Technologies * 
    
94
      
48,784
  
Ubiquiti 
    
16
      
4,789
  
UiPath, Cl A * 
    
690
      
33,293
  
Unity Software * 
    
387
      
66,715
  
VeriSign * 
    
309
      
74,132
  
Visa, Cl A 
    
4,357
      
844,256
  
VMware, Cl A 
    
624
      
72,846
  
Western Digital * 
    
856
      
49,511
  
Workday, Cl A * 
    
515
      
141,228
  
Xilinx 
    
718
      
164,027
  
Zebra Technologies, Cl A * 
    
124
      
73,009
  
Zoom Video Communications, Cl A *
    
506
      
106,973
  
Zscaler * 
    
186
      
64,536
  
Total Information Technology 
            
32,263,550
  
                 

The accompanying notes are an integral part of the financial statements.
89
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Risk Management ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Materials — 1.9%
            
Air Products & Chemicals 
    
551
    
$
158,379
  
Albemarle 
    
351
      
93,538
  
Amcor 
    
4,479
      
50,702
  
Ball 
    
921
      
86,068
  
Celanese, Cl A 
    
340
      
51,462
  
Corteva 
    
2,179
      
98,055
  
Dow 
    
2,214
      
121,615
  
DuPont de Nemours 
    
1,557
      
115,156
  
Ecolab 
    
722
      
159,901
  
Freeport-McMoRan 
    
3,589
      
133,080
  
International Flavors & Fragrances
    
726
      
103,215
  
International Paper 
    
1,212
      
55,170
  
LyondellBasell Industries, Cl A
    
773
      
67,351
  
Martin Marietta Materials 
    
145
      
58,509
  
Newmont 
    
2,345
      
128,787
  
Nucor 
    
853
      
90,640
  
PPG Industries 
    
712
      
109,769
  
Sherwin-Williams 
    
602
      
199,407
  
Vulcan Materials 
    
415
      
79,531
  
Total Materials 
            
1,960,335
  
Real Estate — 2.5%
                
Alexandria Real Estate Equities ‡
    
439
      
87,831
  
American Tower, Cl A ‡ 
    
1,153
      
302,640
  
AvalonBay Communities ‡ 
    
376
      
89,815
  
Boston Properties ‡ 
    
396
      
42,705
  
CBRE Group, Cl A * 
    
910
      
86,969
  
Crown Castle International ‡ 
    
1,188
      
215,800
  
Digital Realty Trust ‡ 
    
740
      
124,128
  
Duke Realty ‡ 
    
1,083
      
63,171
  
Equinix ‡ 
    
227
      
184,369
  
Equity Residential ‡ 
    
844
      
72,002
  
Essex Property Trust ‡ 
    
152
      
51,595
  

The accompanying notes are an integral part of the financial statements.
90
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Risk Management ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Real Estate — continued
            
Extra Space Storage ‡ 
    
359
    
$
71,800
  
Healthpeak Properties ‡ 
    
1,500
      
49,290
  
Invitation Homes ‡ 
    
1,436
      
58,072
  
Mid-America Apartment Communities ‡
    
363
      
74,869
  
Orion Office REIT ‡ * 
    
115
      
2,044
  
ProLogis ‡ 
    
1,875
      
282,656
  
Public Storage ‡ 
    
427
      
139,791
  
Realty Income ‡ 
    
1,173
      
79,670
  
SBA Communications, Cl A ‡ 
    
260
      
89,388
  
Simon Property Group ‡ 
    
922
      
140,918
  
Sun Communities ‡ 
    
354
      
66,757
  
Ventas ‡ 
    
1,224
      
57,430
  
Welltower ‡ 
    
1,137
      
90,528
  
Weyerhaeuser ‡ 
    
1,725
      
64,877
  
Zillow Group, Cl A * 
    
94
      
5,086
  
Zillow Group, Cl C * 
    
461
      
25,018
  
Total Real Estate 
            
2,619,219
  
Utilities — 2.3%
                
AES 
    
1,935
      
45,240
  
Alliant Energy 
    
718
      
39,339
  
Ameren 
    
718
      
58,582
  
American Electric Power 
    
1,436
      
116,388
  
American Water Works 
    
502
      
84,622
  
Avangrid 
    
359
      
18,173
  
CMS Energy 
    
742
      
43,667
  
Consolidated Edison 
    
809
      
62,811
  
Dominion Energy 
    
2,256
      
160,626
  
DTE Energy 
    
529
      
57,312
  
Duke Energy 
    
1,927
      
186,938
  
Edison International 
    
1,124
      
73,375
  
Entergy 
    
441
      
44,250
  
Evergy 
    
718
      
45,449
  

The accompanying notes are an integral part of the financial statements.
91
Schedule of Investments
  
November 30, 2021
 
Global X Adaptive U.S. Risk Management ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Utilities — continued
            
Eversource Energy 
    
1,038
    
$
85,396
  
Exelon 
    
2,811
      
148,224
  
FirstEnergy 
    
1,508
      
56,791
  
NextEra Energy 
    
5,029
      
436,417
  
PG&E * 
    
4,420
      
52,510
  
PPL 
    
2,154
      
59,946
  
Public Service Enterprise Group
    
1,516
      
94,735
  
Sempra Energy 
    
818
      
98,054
  
Southern 
    
2,626
      
160,449
  
WEC Energy Group 
    
894
      
77,715
  
Xcel Energy 
    
1,600
      
101,968
  
Total Utilities 
            
2,408,977
  
TOTAL UNITED STATES 
            
103,699,427
  
TOTAL COMMON STOCK
                
(Cost $105,821,881) 
            
104,378,554
  
TOTAL INVESTMENTS — 99.8%
                
(Cost $105,821,881) 
          
$
104,378,554
  


Percentages are based on Net Assets of $104,574,490.

*
Non-income producing security.
‡
Real Estate Investment Trust


Cl — Class
S&P — Standard & Poor’s

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.
92
Schedule of Investments
  
November 30, 2021
 
Global X Founder-Run Companies ETF
  

Sector Weightings (Unaudited)†:


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

   
Shares
    
Value
  
COMMON STOCK — 99.9%
            
UNITED STATES— 99.9%
            
Communication Services — 9.4%
            
Meta Platforms, Cl A * 
    
537
    
$
174,235
  
Netflix * 
    
250
      
160,475
  
Nexstar Media Group, Cl A 
    
1,156
      
172,822
  
Pinterest, Cl A * 
    
3,884
      
155,593
  
ROBLOX, Cl A * 
    
2,086
      
263,045
  
Roku, Cl A * 
    
567
      
129,055
  
Snap, Cl A * 
    
3,297
      
156,970
  
TripAdvisor * 
    
5,255
      
135,894
  
Twitter * 
    
3,292
      
144,651
  
Total Communication Services 
            
1,492,740
  
Consumer Discretionary — 9.6%
                
Airbnb, Cl A * 
    
1,015
      
175,128
  
Carvana, Cl A * 
    
570
      
159,839
  
ContextLogic, Cl A * 
    
33,987
      
126,771
  
DoorDash, Cl A * 
    
888
      
158,748
  
DraftKings, Cl A * 
    
3,719
      
128,492
  
Peloton Interactive, Cl A * 
    
1,892
      
83,248
  

The accompanying notes are an integral part of the financial statements.
93
Schedule of Investments
  
November 30, 2021
 
Global X Founder-Run Companies ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Consumer Discretionary — continued
            
QuantumScape, Cl A * 
    
5,990
    
$
172,752
  
Skechers USA, Cl A * 
    
3,810
      
171,145
  
Tesla * 
    
157
      
179,727
  
Wayfair, Cl A * 
    
695
      
172,249
  
Total Consumer Discretionary 
            
1,528,099
  
Consumer Staples — 0.8%
                
Beyond Meat * 
    
1,750
      
122,955
  
Energy — 2.0%
                
New Fortress Energy, Cl A 
    
5,777
      
143,790
  
Pioneer Natural Resources 
    
926
      
165,124
  
Total Energy 
            
308,914
  
Financials — 15.7%
                
Apollo Global Management, Cl A
    
2,252
      
159,397
  
Ares Management, Cl A 
    
2,046
      
166,053
  
Athene Holding, Cl A * 
    
1,990
      
163,021
  
BlackRock, Cl A 
    
184
      
166,448
  
Blackstone, Cl A 
    
1,251
      
176,954
  
Capital One Financial 
    
1,148
      
161,328
  
Essent Group 
    
3,612
      
150,187
  
First Republic Bank 
    
803
      
168,357
  
Intercontinental Exchange 
    
1,251
      
163,531
  
MarketAxess Holdings 
    
423
      
149,188
  
Pinnacle Financial Partners 
    
1,795
      
171,261
  
SEI Investments 
    
2,750
      
163,982
  
Signature Bank NY 
    
583
      
176,241
  
Starwood Property Trust ‡ 
    
6,804
      
169,828
  
Tradeweb Markets, Cl A 
    
1,944
      
186,624
  
Total Financials 
            
2,492,400
  
Health Care — 17.2%
                
Bridgebio Pharma * 
    
3,508
      
142,074
  
Guardant Health * 
    
1,483
      
155,893
  
Invitae * 
    
6,537
      
111,129
  

The accompanying notes are an integral part of the financial statements.
94
Schedule of Investments
  
November 30, 2021
 
Global X Founder-Run Companies ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Health Care — continued
            
Ionis Pharmaceuticals * 
    
5,437
    
$
144,080
  
Jazz Pharmaceuticals * 
    
1,302
      
156,071
  
LHC Group * 
    
1,288
      
147,759
  
Masimo * 
    
610
      
169,653
  
Medpace Holdings * 
    
766
      
158,876
  
Neurocrine Biosciences * 
    
1,644
      
136,863
  
Oak Street Health * 
    
3,668
      
113,525
  
Penumbra * 
    
628
      
154,268
  
Regeneron Pharmaceuticals * 
    
271
      
172,500
  
Royalty Pharma, Cl A 
    
4,383
      
174,312
  
Seagen * 
    
982
      
157,120
  
Twist Bioscience * 
    
1,460
      
139,430
  
Ultragenyx Pharmaceutical * 
    
2,065
      
155,350
  
United Therapeutics * 
    
909
      
172,256
  
Veeva Systems, Cl A * 
    
550
      
155,419
  
Total Health Care 
            
2,716,578
  
Industrials — 4.1%
                
Axon Enterprise * 
    
963
      
162,545
  
CoStar Group * 
    
2,014
      
156,609
  
FedEx 
    
736
      
169,552
  
Lyft, Cl A * 
    
3,778
      
153,424
  
Total Industrials 
            
642,130
  
Information Technology — 28.8%
                
Affirm Holdings, Cl A * 
    
1,065
      
134,914
  
Akamai Technologies * 
    
1,668
      
187,984
  
Avalara * 
    
965
      
134,791
  
Block, Cl A * 
    
681
      
141,873
  
Dell Technologies, Cl C * 
    
1,572
      
88,771
  
Dropbox, Cl A * 
    
5,684
      
139,883
  
Elastic * 
    
999
      
155,305
  
EPAM Systems * 
    
259
      
157,614
  
Euronet Worldwide * 
    
1,546
      
156,718
  

The accompanying notes are an integral part of the financial statements.
95
Schedule of Investments
  
November 30, 2021
 
Global X Founder-Run Companies ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Information Technology — continued
            
Fortinet * 
    
523
    
$
173,693
  
Monolithic Power Systems 
    
334
      
184,856
  
NVIDIA 
    
678
      
221,543
  
Okta, Cl A * 
    
700
      
150,661
  
Palantir Technologies, Cl A * 
    
6,696
      
138,272
  
Paycom Software * 
    
317
      
138,681
  
Pegasystems 
    
1,460
      
167,637
  
RingCentral, Cl A * 
    
710
      
153,346
  
salesforce.com * 
    
580
      
165,277
  
SS&C Technologies Holdings
    
2,179
      
166,323
  
Synopsys * 
    
519
      
176,979
  
Trade Desk, Cl A * 
    
2,340
      
242,003
  
Twilio, Cl A * 
    
595
      
170,259
  
Ubiquiti 
    
575
      
172,092
  
VeriSign * 
    
779
      
186,890
  
Workday, Cl A * 
    
598
      
163,990
  
Zendesk * 
    
1,702
      
173,791
  
Zoom Video Communications, Cl A *
    
632
      
133,611
  
Zscaler * 
    
544
      
188,752
  
Total Information Technology 
            
4,566,509
  
Materials — 2.0%
                
Steel Dynamics 
    
2,621
      
156,736
  
Westlake Chemical 
    
1,781
      
165,490
  
Total Materials 
            
322,226
  
Real Estate — 10.3%
                
American Campus Communities ‡
    
3,226
      
166,913
  
American Homes 4 Rent, Cl A ‡
    
4,269
      
171,144
  
Apartment Income REIT ‡ 
    
3,232
      
164,056
  
Camden Property Trust ‡ 
    
1,062
      
175,453
  
Invitation Homes ‡ 
    
4,200
      
169,848
  
Medical Properties Trust ‡ 
    
8,126
      
173,003
  
ProLogis ‡ 
    
1,196
      
180,297
  

The accompanying notes are an integral part of the financial statements.
96
Schedule of Investments
  
November 30, 2021
 
Global X Founder-Run Companies ETF
  

   
Shares
    
Value
  
COMMON STOCK — continued
            
Real Estate — continued
            
STAG Industrial ‡ 
    
3,982
    
$
173,536
  
Vornado Realty Trust ‡ 
    
4,067
      
163,249
  
Zillow Group, Cl C * 
    
1,670
      
90,631
  
Total Real Estate 
            
1,628,130
  
TOTAL UNITED STATES 
            
15,820,681
  
TOTAL COMMON STOCK
                
(Cost $15,720,038) 
            
15,820,681
  
TOTAL INVESTMENTS — 99.9%
                
(Cost $15,720,038) 
          
$
15,820,681
  


Percentages are based on Net Assets of $15,841,817.

*
Non-income producing security.
‡
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.
97
 
Statements of Assets and Liabilities
  
 
November 30, 2021
  


   
Global X Alternative Income ETF
    
Global X S&P 500® Quality Dividend ETF
    
Global X U.S. Preferred ETF
    
Global X Variable Rate Preferred ETF
  
Assets:
                        
Cost of Investments
  
$
6,390,749
    
$
9,356,004
    
$
2,493,688,482
    
$
90,896,764
  
Cost of Repurchase Agreement
    
248,556
      
—
      
31,717,816
      
—
  
Cost of Affiliated Investments
    
30,246,234
      
—
      
—
      
—
  
Investments, at Value
  
$
7,487,575
*
  
$
9,585,575
    
$
2,464,499,859
*
  
$
88,566,006
  
Repurchase Agreement, at Value
    
248,556
      
—
      
31,717,816
      
—
  
Affiliated Investments, at Value
    
28,458,804
      
—
      
—
      
—
  
Cash
    
81,996
      
6,570
      
6,447,928
      
328,512
  
Dividend, Interest, and Securities Lending Income Receivable
    
115,855
      
24,802
      
14,512,552
      
346,742
  
Receivable for Capital Shares Sold
    
—
      
—
      
8,372,329
      
—
  
Reclaim Receivable
    
—
      
136
      
—
      
—
  
Total Assets
    
36,392,786
      
9,617,083
      
2,525,550,484
      
89,241,260
  
Liabilities:
                                
Obligation to Return Securities Lending Collateral
    
460,032
      
—
      
58,702,650
      
—
  
Payable due to Investment Adviser
    
4,224
      
1,648
      
473,127
      
17,766
  
Payable for Investment Securities Purchased
    
—
      
—
      
8,352,515
      
—
  
Payable for Income Distributions
    
—
      
—
      
—
      
6,125
  
Due to Broker
    
7,784
      
—
      
—
      
—
  
Total Liabilities
    
472,040
      
1,648
      
67,528,292
      
23,891
  
Net Assets
  
$
35,920,746
    
$
9,615,435
    
$
2,458,022,192
    
$
89,217,369
  
Net Assets Consist of:
                                
Paid-in Capital
  
$
38,962,216
    
$
10,143,539
    
$
2,490,474,600
    
$
91,172,797
  
Total Distributable Loss
    
(3,041,470
)
    
(528,104
)
    
(32,452,408
)
    
(1,955,428
)
Net Assets
  
$
35,920,746
    
$
9,615,435
    
$
2,458,022,192
    
$
89,217,369
  
Outstanding Shares of Beneficial Interest
                                
(unlimited authorization — no par value)
    
2,730,000
      
310,002
      
97,510,000
      
3,270,000
  
Net Asset Value, Offering and Redemption Price Per Share
  
$
13.16
    
$
31.02
    
$
25.21
    
$
27.28
  
*Includes Market Value of Securities on Loan
  
$
447,213
    
$
—
    
$
56,280,886
    
$
—
  


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






The accompanying notes are an integral part of the financial statements.
98
 
Statements of Assets and Liabilities
  
 
November 30, 2021
  


   
Global X MLP ETF
    
Global X MLP & Energy Infrastructure ETF
    
Global X Conscious Companies ETF
  
Assets:
                  
Cost of Investments
  
$
775,076,780
    
$
641,266,117
    
$
568,031,028
  
Investments, at Value
  
$
994,161,095
    
$
737,394,167
    
$
653,579,926
  
Cash
    
2,105,883
      
56,678
      
587,815
  
Receivable for Investment Securities Sold
    
32,643,715
      
24,668,801
      
—
  
Receivable for Capital Shares Sold
    
—
      
2,158,280
      
—
  
Dividend, Interest, and Securities Lending Income Receivable
    
—
      
1,106,282
      
835,015
  
Reclaim Receivable
    
—
      
579,714
      
—
  
Prepaid Tax Asset
    
2,907,007
      
—
      
—
  
Due from Broker
    
3,250
      
3,000
      
—
  
Total Assets
    
1,031,820,950
      
765,966,922
      
655,002,756
  
Liabilities:
                        
Payable for Investment Securities Purchased
    
35,471,838
      
26,558,984
      
—
  
Payable due to Investment Adviser
    
393,755
      
291,912
      
238,289
  
Cash Overdraft
    
—
      
951,202
      
—
  
Custodian Fees Payable
    
919
      
—
      
—
  
Franchise Tax Payable
    
18,999
      
—
      
—
  
Other Accrued Expenses
    
8,596
      
1,219
      
—
  
Deferred Tax Liability
    
2,907,007
      
—
      
—
  
Due to Broker
    
84,354
      
71,394
      
—
  
Total Liabilities
    
38,885,468
      
27,874,711
      
238,289
  
Net Assets
  
$
992,935,482
    
$
738,092,211
    
$
654,764,467
  
Net Assets Consist of:
                        
Paid-in Capital
  
$
1,272,067,550
    
$
877,393,939
    
$
567,789,642
  
Total Distributable Earnings/(Loss)
    
(279,132,068
)
    
(139,301,728
)
    
86,974,825
  
Net Assets
  
$
992,935,482
    
$
738,092,211
    
$
654,764,467
  
Outstanding Shares of Beneficial Interest
                        
(unlimited authorization — no par value)
    
29,558,637
      
21,157,506
      
19,860,000
  
Net Asset Value, Offering and Redemption Price Per Share
  
$
33.59
    
$
34.89
    
$
32.97
  


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





The accompanying notes are an integral part of the financial statements.
99
 
Statements of Assets and Liabilities
  
 
November 30, 2021
  


   
Global X Adaptive U.S. Factor ETF
    
Global X Adaptive U.S. Risk Management ETF
    
Global X Founder-Run Companies ETF
  
Assets:
                  
Cost of Investments
  
$
162,752,575
    
$
105,821,881
    
$
15,720,038
  
Investments, at Value
  
$
171,651,016
    
$
104,378,554
    
$
15,820,681
  
Cash
    
61,250
      
102,483
      
49,181
  
Dividend, Interest, and Securities Lending Income Receivable
    
334,990
      
123,583
      
5,605
  
Receivable for Capital Shares Sold
    
—
      
298,785
      
706,201
  
Reclaim Receivable
    
—
      
265
      
—
  
Total Assets
    
172,047,256
      
104,903,670
      
16,581,668
  
Liabilities:
                        
Payable due to Investment Adviser
    
39,752
      
33,964
      
5,967
  
Payable for Investment Securities Purchased
    
—
      
295,216
      
733,884
  
Total Liabilities
    
39,752
      
329,180
      
739,851
  
Net Assets
  
$
172,007,504
    
$
104,574,490
    
$
15,841,817
  
Net Assets Consist of:
                        
Paid-in Capital
  
$
171,741,925
    
$
106,785,500
    
$
16,030,826
  
Total Distributable Earnings/(Loss)
    
265,579
      
(2,211,010
)
    
(189,009
)
Net Assets
  
$
172,007,504
    
$
104,574,490
    
$
15,841,817
  
Outstanding Shares of Beneficial Interest
                        
(unlimited authorization — no par value)
    
5,760,002
      
3,500,000
      
460,000
  
Net Asset Value, Offering and Redemption Price Per Share
  
$
29.86
    
$
29.88
    
$
34.44
  


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






The accompanying notes are an integral part of the financial statements.
100
 
Statements of Operations
  
 
For the year ended November 30, 2021
  



   
Global X Alternative Income ETF
    
Global X S&P 500® Quality Dividend ETF
    
Global X U.S. Preferred ETF
    
Global X Variable Rate Preferred ETF
  
Investment Income:
                        
Dividend Income
  
$
689,971
    
$
240,248
    
$
93,285,314
    
$
1,779,299
  
Dividend Income, from Affiliated Investments
    
456,747
      
—
      
—
      
—
  
Interest Income
    
5
      
—
      
1,120
      
—
  
Security Lending Income
    
123,374
      
—
      
626,910
      
—
  
Total Investment Income
    
1,270,097
      
240,248
      
93,913,344
      
1,779,299
  
Supervision and Administration Fees(1)
    
201,440
      
17,155
      
4,137,495
      
84,601
  
Custodian Fees(2)
    
355
      
125
      
16
      
19
  
Total Expenses
    
201,795
      
17,280
      
4,137,511
      
84,620
  
Reimbursement from Adviser (3)
    
(20,773
)
    
–
      
–
      
–
  
Net Expenses
    
181,022
      
17,280
      
4,137,511
      
84,620
  
Net Investment Income
    
1,089,075
      
222,968
      
89,775,833
      
1,694,679
  
Net Realized Gain on:
                                
Investments(4)
    
3,048,350
      
1,519,036
      
17,346,431
      
463,555
  
Affiliated Investments
    
18,105
      
—
      
—
      
—
  
Net Realized Gain on Investments
    
3,066,455
      
1,519,036
      
17,346,431
      
463,555
  
Net Change in Unrealized Appreciation (Depreciation) on:
                                
Investments
    
675,103
      
(214,312
)
    
(54,576,713
)
    
(2,428,772
)
Affiliated Investments
    
(142,231
)
    
—
      
—
      
—
  
Net Change in Unrealized Appreciation (Depreciation) on Investments
    
532,872
      
(214,312
)
    
(54,576,713
)
    
(2,428,772
)
Net Realized and Unrealized Gain (Loss) on Investments
    
3,599,327
      
1,304,724
      
(37,230,282
)
    
(1,965,217
)
Net Increase (Decrease) in Net Assets Resulting from Operations
  
$
4,688,402
    
$
1,527,692
    
$
52,545,551
    
$
(270,538
)


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

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






The accompanying notes are an integral part of the financial statements.
101
 
Statements of Operations
  
 
For the year ended November 30, 2021
  


   
Global X MLP ETF
    
Global X MLP & Energy Infrastructure ETF
    
Global X Conscious Companies ETF
  
Investment Income:
                  
Distributions from Master Limited Partnerships
  
$
74,400,953
    
$
—
    
$
—
  
Less: Return of Capital Distributions
    
(74,400,953
)
    
—
      
—
  
Dividend Income
    
2,145,244
      
13,669,311
      
6,948,071
  
Interest Income
    
179
      
36
      
33
  
Security Lending Income
    
—
      
23,926
      
—
  
Less: Foreign Taxes Withheld
    
—
      
(1,527,565
)
    
(16,765
)
Total Investment Income
    
2,145,423
      
12,165,708
      
6,931,339
  
Supervision and Administration Fees(1)
    
4,040,677
      
3,215,197
      
2,088,608
  
Custodian Fees(2)
    
12,259
      
9,629
      
38
  
 Net Expenses
    
4,052,936
      
3,224,826
      
2,088,646
  
Net Investment Income (Loss), Before Taxes
    
(1,907,513
)
    
8,940,882
      
4,842,693
  
Tax Benefit/(Expense), net of valuation allowance
    
166,972
      
–
      
–
  
Net Investment Income (Loss), Net of Taxes
    
(1,740,541
)
    
8,940,882
      
4,842,693
  
Net Realized Gain (Loss) on:
                        
Investments(3)
    
(24,709,425
)
    
31,688,781
      
81,365,114
  
Net Realized Gain (Loss) on Investments
    
(24,709,425
)
    
31,688,781
      
81,365,114
  
Net Change in Unrealized Appreciation on:
                        
Investments
    
262,177,887
      
192,051,800
      
18,829,589
  
Net Change in Unrealized Appreciation on Investments
    
262,177,887
      
192,051,800
      
18,829,589
  
Net Realized and Unrealized Gain on Investments
    
237,468,462
      
223,740,581
      
100,194,703
  
Net Increase in Net Assets Resulting from Operations
  
$
235,727,921
    
$
232,681,463
    
$
105,037,396
  


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

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





The accompanying notes are an integral part of the financial statements.
102
 
Statements of Operations
  
 
For the year/period ended November 30, 2021
  


   
Global X Adaptive U.S. Factor ETF
    
Global X Adaptive U.S. Risk Management ETF*
    
Global X Founder-Run Companies ETF
  
Investment Income:
                  
Dividend Income
  
$
3,992,287
    
$
935,340
    
$
118,236
  
Interest Income
    
—
      
1
      
—
  
Less: Foreign Taxes Withheld
    
(187
)
    
(199
)
    
—
  
Total Investment Income
    
3,992,100
      
935,142
      
118,236
  
Supervision and Administration Fees(1)
    
456,051
      
260,736
      
53,821
  
Custodian Fees(2)
    
422
      
—
      
15
  
Total Expenses
    
456,473
      
260,736
      
53,836
  
Net Investment Income
    
3,535,627
      
674,406
      
64,400
  
Net Realized Gain on:
                        
Investments(3)
    
29,215,810
      
12,780,557
      
2,412,957
  
Net Realized Gain on Investments
    
29,215,810
      
12,780,557
      
2,412,957
  
Net Change in Unrealized Appreciation (Depreciation) on:
                        
Investments
    
766,875
      
(1,443,327
)
    
(1,000,519
)
Net Change in Unrealized Appreciation (Depreciation) on Investments
    
766,875
      
(1,443,327
)
    
(1,000,519
)
Net Realized and Unrealized Gain on Investments
    
29,982,685
      
11,337,230
      
1,412,438
  
Net Increase in Net Assets Resulting from Operations
  
$
33,518,312
    
$
12,011,636
    
$
1,476,838
  


*
The Fund commenced operations on January 12, 2021.
(1)
The Supervision and Administration fees reflect the supervisory and administrative fee, which includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)
(2)
See Note 2 in the Notes to Financial Statements.
(3)
Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)

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






The accompanying notes are an integral part of the financial statements.
103
 
Statements of Changes in Net Assets
  
     


   
Global X Alternative Income ETF
    
Global X S&P 500® Quality Dividend ETF
  
   
Year Ended November 30, 2021
    
Year Ended November 30, 2020
    
Year Ended November 30, 2021
    
Year Ended November 30, 2020
  
Operations:
                        
Net Investment Income
  
$
1,089,075
    
$
1,086,630
    
$
222,968
    
$
188,071
  
Net Realized Gain (Loss) on Investments (1)
    
3,066,455
      
(4,112,218
)
    
1,519,036
      
471,553
  
Net Change in Unrealized Appreciation (Depreciation) on Investments
    
532,872
      
(823,634
)
    
(214,312
)
    
(252,255
)
Net Increase (Decrease) in Net Assets Resulting from Operations
    
4,688,402
      
(3,849,222
)
    
1,527,692
      
407,369
  
Distributions
    
(1,353,663
)
    
(1,871,599
)
    
(224,212
)
    
(208,533
)
Return of Capital
    
(578,074
)
    
(218,100
)
    
—
      
(950
)
Capital Share Transactions:
                                
Issued
    
21,228,614
      
3,221,003
      
7,407,813
      
8,382,103
  
Redeemed
    
(7,637,384
)
    
(5,721,323
)
    
(5,396,072
)
    
(11,557,981
)
Increase (Decrease) in Net Assets from Capital Share Transactions
    
13,591,230
      
(2,500,320
)
    
2,011,741
      
(3,175,878
)
Total Increase (Decrease) in Net Assets
    
16,347,895
      
(8,439,241
)
    
3,315,221
      
(2,977,992
)
Net Assets:
                                
Beginning of Year
    
19,572,851
      
28,012,092
      
6,300,214
      
9,278,206
  
End of Year
  
$
35,920,746
    
$
19,572,851
    
$
9,615,435
    
$
6,300,214
  
Share Transactions:
                                
Issued
    
1,600,000
      
300,000
      
240,000
      
350,000
  
Redeemed
    
(570,000
)
    
(500,000
)
    
(180,000
)
    
(450,000
)
Net Increase (Decrease) in Shares Outstanding from Share Transactions
    
1,030,000
      
(200,000
)
    
60,000
      
(100,000
)


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

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





The accompanying notes are an integral part of the financial statements.
104
 
Statements of Changes in Net Assets
  
     


   
Global X U.S. Preferred ETF
    
Global X Variable Rate Preferred ETF
  
   
Year Ended November 30, 2021
    
Year Ended November 30, 2020
    
Year Ended November 30, 2021
    
Period Ended November 30, 2020(1)
  
Operations:
                        
Net Investment Income
  
$
89,775,833
    
$
37,998,789
    
$
1,694,679
    
$
57,108
  
Net Realized Gain (Loss) on Investments (2)
    
17,346,431
      
(6,299,727
)
    
463,555
      
84,037
  
Net Change in Unrealized Appreciation (Depreciation) on Investments
    
(54,576,713
)
    
18,485,011
      
(2,428,772
)
    
98,014
  
Net Increase (Decrease) in Net Assets Resulting from Operations
    
52,545,551
      
50,184,073
      
(270,538
)
    
239,159
  
Distributions
    
(89,185,080
)
    
(37,989,950
)
    
(1,427,978
)
    
(49,000
)
Return of Capital
    
—
      
—
      
(167,337
)
    
—
  
Capital Share Transactions:
                                
Issued
    
1,718,401,660
      
520,184,945
      
97,594,459
      
2,485,001
  
Redeemed
    
(92,290,075
)
    
(248,979,070
)
    
(7,859,878
)
    
(1,326,519
)
Increase in Net Assets from Capital Share Transactions
    
1,626,111,585
      
271,205,875
      
89,734,581
      
1,158,482
  
Total Increase in Net Assets
    
1,589,472,056
      
283,399,998
      
87,868,728
      
1,348,641
  
Net Assets:
                                
Beginning of Year/Period
    
868,550,136
      
585,150,138
      
1,348,641
      
—
  
End of Year/Period
  
$
2,458,022,192
    
$
868,550,136
    
$
89,217,369
    
$
1,348,641
  
Share Transactions:
                                
Issued
    
66,860,000
      
21,150,000
      
3,500,000
      
100,000
  
Redeemed
    
(3,600,000
)
    
(10,500,000
)
    
(280,000
)
    
(50,000
)
Net Increase in Shares Outstanding from Share Transactions
    
63,260,000
      
10,650,000
      
3,220,000
      
50,000
  


(1)
The Fund commenced operations on June 22, 2020.
(2)
Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)

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





The accompanying notes are an integral part of the financial statements.
105
 
Statements of Changes in Net Assets
  
     


   
Global X MLP ETF
    
Global X MLP & Energy Infrastructure ETF
  
   
Year Ended November 30, 2021
    
Year Ended November 30, 2020
    
Year Ended November 30, 2021
    
Year Ended November 30, 2020
  
Operations:
                        
Net Investment Income (Loss)
  
$
(1,740,541
)
  
$
(6,359,344
)
  
$
8,940,882
    
$
15,097,236
  
Net Realized Gain (Loss) on Investments (1)
    
(24,709,425
)
    
(324,548,352
)
    
31,688,781
      
(91,676,583
)
Net Change in Unrealized Appreciation (Depreciation) on Investments
    
262,177,887
      
(4,748,459
)
    
192,051,800
      
(34,621,560
)
Net Increase (Decrease) in Net Assets Resulting from Operations
    
235,727,921
      
(335,656,155
)
    
232,681,463
      
(111,200,907
)
Distributions
    
—
      
—
      
(22,548,205
)
    
(41,140,675
)
Return of Capital
    
(80,150,843
)
    
(95,194,445
)
    
(22,509,388
)
    
(6,129,052
)
Capital Share Transactions:
                                
Issued
    
237,875,194
      
448,082,413
      
226,639,862
      
261,977,997
  
Redeemed
    
(88,093,480
)
    
(276,699,657
)
    
(214,515,108
)
    
(177,463,590
)
Increase in Net Assets from Capital Share Transactions
    
149,781,714
      
171,382,756
      
12,124,754
      
84,514,407
  
Total Increase (Decrease) in Net Assets
    
305,358,792
      
(259,467,844
)
    
199,748,624
      
(73,956,227
)
Net Assets:
                                
Beginning of Year
    
687,576,690
      
947,044,534
      
538,343,587
      
612,299,814
  
End of Year
  
$
992,935,482
    
$
687,576,690
    
$
738,092,211
    
$
538,343,587
  
Share Transactions:
                                
Issued
    
6,810,000
      
13,991,667
      
6,860,000
      
9,016,667
  
Redeemed
    
(2,970,000
)
    
(9,823,030
)
    
(5,950,000
)
    
(7,069,161
)
Net Increase in Shares Outstanding from Share Transactions
    
3,840,000
      
4,168,637
      
910,000
      
1,947,506
  


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

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





The accompanying notes are an integral part of the financial statements.
106
 
Statements of Changes in Net Assets
  
     


   
Global X Conscious Companies ETF
    
Global X Adaptive U.S. Factor ETF
  
   
Year Ended November 30, 2021
    
Year Ended November 30, 2020
    
Year Ended November 30, 2021
    
Year Ended November 30, 2020
  
Operations:
                        
Net Investment Income
  
$
4,842,693
    
$
3,300,453
    
$
3,535,627
    
$
4,315,387
  
Net Realized Gain (Loss) on Investments (1)
    
81,365,114
      
28,263,788
      
29,215,810
      
(11,538,028
)
Net Change in Unrealized Appreciation (Depreciation) on Investments
    
18,829,589
      
53,212,614
      
766,875
      
(1,379,090
)
Net Increase (Decrease) in Net Assets Resulting from Operations
    
105,037,396
      
84,776,855
      
33,518,312
      
(8,601,731
)
Distributions
    
(4,254,673
)
    
(1,877,907
)
    
(4,080,634
)
    
(5,174,718
)
Return of Capital
    
—
      
—
      
(298,947
)
    
(635,325
)
Capital Share Transactions:
                                
Issued
    
333,414,724
      
312,745,124
      
37,224,536
      
158,831,557
  
Redeemed
    
(182,932,213
)
    
(77,604,275
)
    
(38,840,101
)
    
(189,499,311
)
Increase (Decrease) in Net Assets from Capital Share Transactions
    
150,482,511
      
235,140,849
      
(1,615,565
)
    
(30,667,754
)
Total Increase (Decrease) in Net Assets
    
251,265,234
      
318,039,797
      
27,523,166
      
(45,079,528
)
Net Assets:
                                
Beginning of Year
    
403,499,233
      
85,459,436
      
144,484,338
      
189,563,866
  
End of Year
  
$
654,764,467
    
$
403,499,233
    
$
172,007,504
    
$
144,484,338
  
Share Transactions:
                                
Issued
    
10,500,000
      
14,850,000
      
1,400,000
      
6,650,000
  
Redeemed
    
(5,890,000
)
    
(3,300,000
)
    
(1,440,000
)
    
(8,200,000
)
Net Increase (Decrease) in Shares Outstanding from Share Transactions
    
4,610,000
      
11,550,000
      
(40,000
)
    
(1,550,000
)


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

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





The accompanying notes are an integral part of the financial statements.
107
 
Statements of Changes in Net Assets
  
     


   
Global X Adaptive U.S. Risk Management ETF
    
Global X Founder-Run Companies ETF
  
   
Period Ended November 30, 2021(1)
    
Year Ended November 30, 2021
    
Year Ended November 30, 2020
  
Operations:
                  
Net Investment Income
  
$
674,406
    
$
64,400
    
$
21,945
  
Net Realized Gain (Loss) on Investments (2)
    
12,780,557
      
2,412,957
      
(1,120,416
)
Net Change in Unrealized Appreciation (Depreciation) on Investments
    
(1,443,327
)
    
(1,000,519
)
    
942,221
  
Net Increase (Decrease) in Net Assets Resulting from Operations
    
12,011,636
      
1,476,838
      
(156,250
)
Distributions
    
(241,843
)
    
(67,743
)
    
(13,936
)
Capital Share Transactions:
                        
Issued
    
184,056,392
      
14,648,680
      
6,247,607
  
Redeemed
    
(91,251,695
)
    
(5,948,213
)
    
(4,444,963
)
Increase in Net Assets from Capital Share Transactions
    
92,804,697
      
8,700,467
      
1,802,644
  
Total Increase in Net Assets
    
104,574,490
      
10,109,562
      
1,632,458
  
Net Assets:
                        
Beginning of Year/Period
    
—
      
5,732,255
      
4,099,797
  
End of Year/Period
  
$
104,574,490
    
$
15,841,817
    
$
5,732,255
  
Share Transactions:
                        
Issued
    
6,600,000
      
430,000
      
300,000
  
Redeemed
    
(3,100,000
)
    
(170,000
)
    
(300,000
)
Net Increase in Shares Outstanding from Share Transactions
    
3,500,000
      
260,000
      
—
  


(1)
The Fund commenced operations on January 12, 2021.
(2)
Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)

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





The accompanying notes are an integral part of the financial statements.
108
 
Financial Highlights
  
     


Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period

   
Net
Asset Value, Beginning
of Period
($)
    
Net Investment Income
($)*
    
Net Realized and Unrealized Gain (Loss) on Investments
($)
    
Total from Operations
($)
    
Distribution from Net Investment Income ($)
    
Distribution from Capital Gains ($)
    
Return of Capital ($)
  
Global X Alternative Income ETF
                                          
2021
    
11.51
      
0.49
      
2.05
      
2.54
      
(0.62
)
    
—
      
(0.27
)
2020
    
14.74
      
0.66
      
(2.64
)
    
(1.98
)
    
(0.98
)
    
(0.15
)
    
(0.12
)
2019
    
14.52
      
0.94
      
0.44
      
1.38
      
(1.07
)
    
(0.09
)
    
—
  
2018
    
15.40
      
0.92
      
(0.64
)
    
0.28
      
(1.16
)
    
—
      
—
  
2017
    
14.65
      
1.04
      
0.85
      
1.89
      
(1.01
)
    
—
      
(0.13
)
Global X S&P 500® Quality Dividend ETF
                                                        
2021
    
25.20
      
0.78
      
5.84
      
6.62
      
(0.80
)
    
—
      
—
  
2020
    
26.51
      
0.75
      
(1.24
)
    
(0.49
)
    
(0.82
)
    
—
      
—
***
2019
    
24.60
      
0.75
      
1.89
      
2.64
      
(0.73
)
    
—
      
—
  
2018(1)
    
25.00
      
0.26
      
(0.44
)
    
(0.18
)
    
(0.22
)
    
—
      
—
  






The accompanying notes are an integral part of the financial statements.
109
 
Financial Highlights
  
     





Total from Distributions ($)
    
Net
Asset Value,
End of
Period ($)
    
Total Return (%)**
    
Net Assets End of Period ($)(000)
    
Ratio of Expenses to Average Net Assets (%)
    
Ratio of Net Investment Income to Average Net Assets (%)
    
Portfolio Turnover (%)††
  
                                       
 
(0.89
)
    
13.16
      
22.52
      
35,921
    
0.63
 ^‡‡
   
3.77
      
86.85
  
 
(1.25
)
    
11.51
      
(13.13
)
    
19,573
      
0.75
      
5.61
      
52.78
  
 
(1.16
)
    
14.74
      
9.89
      
28,012
      
0.75
      
6.39
      
18.16
  
 
(1.16
)
    
14.52
      
1.89
      
16,698
      
0.75
      
6.19
      
18.32
  
 
(1.14
)
    
15.40
      
13.24
      
11,549
      
0.75
      
6.75
      
34.84
  
                                                     
 
(0.80
)
    
31.02
      
26.45
      
9,615
      
0.20
      
2.60
      
70.66
  
 
(0.82
)
    
25.20
      
(1.47
)
    
6,300
      
0.20
      
3.27
      
93.40
  
 
(0.73
)
    
26.51
      
11.01
      
9,278
      
0.28
‡ 
    
2.99
      
49.18
  
 
(0.22
)
    
24.60
      
(0.72
)
    
2,460
      
0.36
†
    
2.70
†
    
1.18
  


*
Per share data calculated using average shares method.
**
Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
***
Amount is less than $0.005.
^
Effective September 28, 2021, the fund’s fee were permanently lowered to 0.50%.
†
Annualized.
††
Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
‡
Effective April 1, 2019, the Fund’s fees were permanently lowered to 0.20%. Prior to April 1, 2019, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.31% for the year ended November 30, 2019.
‡‡
The ratio of Expenses to Average Net Assets includes the effect of a reimbursement of acquired fund fees (See Note 3 in Notes to Financial Statements). If these offsets and acquired fund fees were excluded, the ratio would have been 0.70%.
(1)
The Fund commenced operations on July 13, 2018.

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





The accompanying notes are an integral part of the financial statements.
110
 
Financial Highlights
  
     


Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period

   
Net
Asset Value, Beginning
of Period
($)
    
Net Investment Income
($)*
    
Net Realized and Unrealized Gain (Loss) on Investments
($)
    
Total from Operations
($)
    
Distribution from Net Investment Income ($)
    
Distribution from Capital Gains ($)
    
Return of Capital ($)
  
Global X U.S. Preferred ETF
                                          
2021
    
25.36
      
1.28
      
(0.12
)
    
1.16
      
(1.31
)
    
—
      
—
  
2020
    
24.79
      
1.33
      
0.58
      
1.91
      
(1.34
)
    
—
      
—
  
2019
    
22.97
      
1.36
      
1.83
      
3.19
      
(1.37
)
    
—
      
—
  
2018
    
25.03
      
1.44
      
(2.08
)
    
(0.64
)
    
(1.42
)
    
—
      
—
  
2017(1)
    
25.08
      
0.44
      
(0.25
)
    
0.19
      
(0.24
)
    
—
      
—
  
Global X Variable Rate Preferred ETF
                                                        
2021
    
26.97
      
1.40
      
0.37
      
1.77
      
(1.29
)
    
(0.02
)
    
(0.15
)
2020(2)
    
24.85
      
0.61
      
2.00
      
2.61
      
(0.49
)
    
—
      
—
  







The accompanying notes are an integral part of the financial statements.
111
 
Financial Highlights
  
     





Total from Distributions ($)
    
Net
Asset Value,
End of
Period ($)
    
Total Return (%)**
    
Net Assets End of Period ($)(000)
    
Ratio of Expenses to Average Net Assets (%)
    
Ratio of Net Investment Income to Average Net Assets (%)
    
Portfolio Turnover (%)††
  
                                       
 
(1.31
)
    
25.21
      
4.61
      
2,458,022
    
0.23
 ^^    
4.99
      
47.89
  
 
(1.34
)
    
25.36
      
8.13
      
868,550
    
0.23
 ^^    
5.49
      
39.14
  
 
(1.37
)
    
24.79
      
14.25
      
585,150
      
0.24
      
5.57
      
32.93
  
 
(1.42
)
    
22.97
      
(2.72
)
    
188,314
      
0.23
      
5.98
      
42.90
  
 
(0.24
)
    
25.03
      
0.75
      
26,276
      
0.23
†
    
8.01
†
    
3.82
  
                                                     
 
(1.46
)
    
27.28
      
6.60
      
89,217
      
0.25
      
5.01
      
26.17
  
 
(0.49
)
    
26.97
      
10.59
      
1,349
      
0.25
†
    
5.38
†
    
10.96
  


*
Per share data calculated using average shares method.
**
Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
^^
Effective April 1, 2020, until April 1, 2021, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.23%.
†
Annualized.
††
Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1)
The Fund commenced operations on September 11, 2017.
(2)
The Fund commenced operations on June 22, 2020.

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




The accompanying notes are an integral part of the financial statements.
112
 
Financial Highlights
  
     


Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period

   
Net
Asset Value, Beginning
of Period
($)
    
Net Investment Income (Loss)
($)*
    
Net Realized and Unrealized Gain (Loss) on Investments
($)
    
Total from Operations
($)
    
Distribution from Net Investment Income ($)
    
Distribution from Capital Gains ($)
    
Return of Capital ($)
  
Global X MLP ETF
                                          
2021
    
26.73
      
(0.06
)
    
9.97
      
9.91
      
—
      
—
      
(3.05
)
2020(1)
    
43.92
      
(0.26
)
    
(13.13
)
    
(13.39
)
    
—
      
—
      
(3.80
)
2019(1)
    
51.24
      
(0.24
)
    
(2.76
)
    
(3.00
)
    
—
      
—
      
(4.32
)
2018(1)
    
56.52
      
(0.24
)
    
(0.42
)
    
(0.66
)
    
(0.12
)
    
—
      
(4.50
)
2017(1)
    
67.44
      
(0.30
)
    
(5.88
)
    
(6.18
)
    
—
***
    
—
      
(4.74
)
Global X MLP & Energy Infrastructure ETF
                                                        
2021
    
26.59
      
0.42
      
9.97
      
10.39
      
(1.05
)
    
—
      
(1.04
)
2020(2)
    
33.45
      
0.71
      
(5.33
)
    
(4.62
)
    
(1.95
)
    
—
      
(0.29
)
2019(2)
    
36.39
      
1.14
      
(1.89
)
    
(0.75
)
    
(2.01
)
    
—
      
(0.18
)
2018(2)
    
38.40
      
1.05
      
(1.11
)
    
(0.06
)
    
(1.56
)
    
—
      
(0.39
)
2017(2)
    
44.46
      
0.93
      
(4.62
)
    
(3.69
)
    
(2.16
)
    
—
      
(0.21
)






The accompanying notes are an integral part of the financial statements.
113
 
Financial Highlights
  
     





Total from Distributions ($)
    
Net
Asset Value,
End of
Period ($)
    
Total Return (%)**
    
Net Assets End of Period ($)(000)
    
Ratio of Expenses to Average Net Assets (%)
    
Tax Expense/(Benefit)
    
Ratio of Net Investment Income (Loss) to Average Net Assets (%)
    
Portfolio Turnover (%)††
  
                                             
 
(3.05
)
    
33.59
      
37.49
      
992,935
      
0.43
      
(0.02
)‡
    
(0.19
)
    
33.79
  
 
(3.80
)
    
26.73
      
(30.51
)
    
687,577
      
0.46
      
0.46
‡ 
    
(0.85
)
    
33.78
  
 
(4.32
)
    
43.92
      
(6.54
)
    
947,045
      
0.46
      
—
‡ 
    
(0.46
)
    
55.65
  
 
(4.62
)
    
51.24
      
(1.72
)
    
828,622
      
0.45
      
—
‡ 
    
(0.45
)
    
30.35
  
 
(4.74
)
    
56.52
      
(9.85
)
    
692,954
      
0.35
      
(0.11
)‡
    
(0.46
)
    
35.11
  
                                                             
 
(2.09
)
    
34.89
      
39.64
      
738,092
      
0.45
      
—
      
1.25
      
16.88
  
 
(2.24
)
    
26.59
      
(13.34
)
    
538,344
      
0.45
      
—
      
2.66
      
35.86
  
 
(2.19
)
    
33.45
      
(2.34
)
    
612,300
      
0.45
      
—
      
3.03
      
36.57
  
 
(1.95
)
    
36.39
      
(0.43
)
    
540,381
      
0.45
      
—
      
2.65
      
25.68
  
 
(2.37
)
    
38.40
      
(8.71
)
    
305,980
      
0.45
      
—
      
2.20
      
40.42
  


*
Per share data calculated using average shares method.
**
Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
***
Amount is less than $0.005.
††
Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
‡
The Before Net Deferred Tax Expense/(Benefit) ratios for the periods ending November 30, 2017, 2018, 2019, 2020, and 2021 was 0.46%, 0.45%, 0.46%, 0.45%, and 0.45%.
(1)
Per share amounts have been adjusted for a 1 for 6 reverse stock split on April 28, 2020 (see Note 9 in the Notes to Financial Statements).
(2)
Per share amounts have been adjusted for a 1 for 3 reverse share split on April 28, 2020 (See Note 9 in Notes to Financial Statements).

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




The accompanying notes are an integral part of the financial statements.
114
 
Financial Highlights
  
     


Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period

   
Net
Asset Value, Beginning
of Period
($)
    
Net Investment Income
($)*
    
Net Realized and Unrealized Gain (Loss) on Investments
($)
    
Total from Operations
($)
    
Distribution from Net Investment Income ($)
    
Distribution from Capital Gains ($)
    
Return of Capital ($)
  
Global X Conscious Companies ETF
                                          
2021
    
26.46
      
0.31
      
6.49
      
6.80
      
(0.29
)
    
—
      
—
  
2020
    
23.10
      
0.33
      
3.32
      
3.65
      
(0.27
)
    
(0.02
)
    
—
  
2019
    
20.55
      
0.37
      
2.68
      
3.05
      
(0.50
)
    
—
      
—
  
2018
    
19.23
      
0.33
      
1.22
      
1.55
      
(0.23
)
    
—
      
—
  
2017
    
15.79
      
0.26
      
3.33
      
3.59
      
(0.15
)
    
—
      
—
  
Global X Adaptive U.S. Factor ETF
                                                        
2021
    
24.91
      
0.61
      
5.09
      
5.70
      
(0.70
)
    
—
      
(0.05
)
2020
    
25.79
      
0.63
      
(0.67
)
    
(0.04
)
    
(0.70
)
    
(0.05
)
    
(0.09
)
2019
    
24.39
      
0.89
      
1.53
      
2.42
      
(1.02
)
    
—
***
    
—
  
2018(1)
    
25.00
      
0.22
      
(0.61
)
    
(0.39
)
    
(0.19
)
    
—
      
(0.03
)
Global X Adaptive U.S. Risk Management ETF
                                                        
2021(2)
    
24.95
      
0.25
      
4.77
      
5.02
      
(0.09
)
    
—
      
—
  
Global X Founder-Run Companies ETF
                                                        
2021
    
28.66
      
0.18
      
5.94
      
6.12
      
(0.34
)
    
—
      
—
  
2020
    
20.50
      
0.09
      
8.14
      
8.23
      
(0.07
)
    
—
      
—
  
2019
    
18.63
      
0.05
      
2.12
      
2.17
      
(0.07
)
    
(0.23
)
    
—
  
2018
    
17.41
      
0.04
      
1.45
      
1.49
      
(0.04
)
    
(0.23
)
    
—
  
2017(3)
    
15.02
      
0.04
      
2.35
      
2.39
      
—
      
—
      
—
  





The accompanying notes are an integral part of the financial statements.
115
 
Financial Highlights
  
     





Total from Distributions ($)
    
Net
Asset Value,
End of
Period ($)
    
Total Return (%)**
    
Net Assets End of Period ($)(000)
    
Ratio of Expenses to Average Net Assets (%)
    
Ratio of Net Investment Income to Average Net Assets (%)
    
Portfolio Turnover (%)††
  
                                       
 
(0.29
)
    
32.97
      
25.84
      
654,764
      
0.43
      
1.00
      
22.92
  
 
(0.29
)
    
26.46
      
16.01
      
403,499
      
0.43
      
1.45
      
48.73
  
 
(0.50
)
    
23.10
      
15.35
      
85,459
      
0.43
      
1.73
      
34.97
  
 
(0.23
)
    
20.55
      
8.16
      
56,504
      
0.43
      
1.65
      
36.35
  
 
(0.15
)
    
19.23
      
22.95
      
48,065
      
0.43
      
1.50
      
41.77
  
                                                     
 
(0.75
)
    
29.86
      
23.01
      
172,008
      
0.27
      
2.09
      
96.21
  
 
(0.84
)
    
24.91
      
0.14
      
144,484
      
0.27
      
2.78
      
159.91
  
 
(1.02
)
    
25.79
      
10.27
      
189,564
      
0.27
      
3.63
      
112.43
  
 
(0.22
)
    
24.39
      
(1.58
)
    
102,438
      
0.27
†
    
3.31
†
    
28.89
  
                                                     
 
(0.09
)
    
29.88
      
20.13
      
104,574
      
0.39
†
    
1.01
†
    
30.10
  
                                                     
 
(0.34
)
    
34.44
      
21.51
      
15,842
      
0.45
      
0.54
      
47.49
  
 
(0.07
)
    
28.66
      
40.29
      
5,732
      
0.45
      
0.39
      
31.51
  
 
(0.30
)
    
20.50
      
12.05
      
4,100
      
0.52
      
0.29
      
33.82
  
 
(0.27
)
    
18.63
      
8.67
      
4,657
      
0.65
      
0.13
      
25.22
  
 
—
      
17.41
      
15.91
      
3,483
      
0.65
†
    
0.33
†
    
21.61
  


*
Per share data calculated using average shares method.
**
Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
***
Amount is less than $0.005.
†
Annualized.
††
Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1)
The Fund commenced operations on August 24, 2018.
(2)
The Fund commenced operations on January 12, 2021.
(3)
The Fund commenced operations on February 13, 2017.

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







The accompanying notes are an integral part of the financial statements.
116
 
Notes to Financial Statements
  
 
November 30, 2021
  


1. ORGANIZATION
The Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as an open-end management investment company. As of November 30, 2021, the Trust had one hundred and two portfolios, eighty-nine of which were operational. The financial statements herein and the related notes pertain to the Global X Alternative Income ETF (formerly, Global X SuperDividend® Alternatives ETF), Global X S&P 500® Quality Dividend ETF, Global X U.S. Preferred ETF, Global X Variable Rate Preferred ETF, Global X MLP ETF, Global X MLP & Energy Infrastructure ETF, Global X Conscious Companies ETF, Global X Adaptive U.S. Factor ETF, Global X Adaptive U.S. Risk Management ETF, and Global X Founder-Run Companies ETF (each a “Fund” and collectively, the “Funds”). Each Fund, other than the Global X Alternative Income ETF, Global X U.S. Preferred ETF, Global X Founder-Run Companies ETF and Global X Conscious Companies ETF, has elected non-diversified status under the 1940 Act.
On October 15, 2021, the Global X TargetIncomeTM 5 ETF and TargetIncomeTM Plus 2 ETF were liquidated.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies followed by the Funds:
USE OF ESTIMATES – The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could materially differ from those estimates.
RETURN OF CAPITAL ESTIMATES – Distributions received by the Funds from underlying master limited partnership (“MLP”) and real estate investment trust (“REIT”) investments generally are comprised of income and return of capital. The Funds record investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from the MLPs, REITs and other industry sources. These estimates may subsequently be revised based on information received from the MLPs and REITs after their tax reporting periods are concluded.
MLPs – Certain Funds may invest in MLPs in addition to other exchange-traded securities. MLPs are publicly-traded partnerships engaged in the transportation, storage and processing of minerals and natural resources. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity-level taxation. To qualify as an





117
 
Notes to Financial Statements (continued)
  
 
November 30, 2021
  


2. SIGNIFICANT ACCOUNTING POLICIES (continued)
MLP, and to not be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). These qualifying sources include natural resource-based activities, such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly-traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.
Limited partners typically own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership’s operations and management. MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD is paid to both common and subordinated units and is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions.
SECURITY VALUATION – Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (“NASDAQ”)), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Standard Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices (absent both bid and asked prices on such exchange, the bid price may be used).
For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days





118
 
Notes to Financial Statements (continued)
  
 
November 30, 2021
  


2. SIGNIFICANT ACCOUNTING POLICIES (continued)
or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates as of the reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.
Securities for which market prices are not “readily available” are valued in accordance with fair value procedures (the “Fair Value Procedures”) established by the Board of Trustees (the “Board”) of the Trust. The Funds’ Fair Value Procedures are implemented through a fair value committee of the Trust (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, each Fund may fair value a security if an event that may materially affect the value of a Fund’s security that traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates its net asset value (“NAV”). A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Global X Management Company LLC, the Funds’ investment adviser (the “Adviser”), becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate their NAV, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee. As of November 30, 2021, there were no securities priced using the Fair Value Procedures.
In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:





119
 
Notes to Financial Statements (continued)
  
 
November 30, 2021
  


2. SIGNIFICANT ACCOUNTING POLICIES (continued)
Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;
Level 2 – Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments and fair value of investments for which the Funds have the ability to fully redeem tranches at NAV as of the measurement date or within the near term, and short-term investments valued at amortized cost); and
Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments, and fair value of investments for which the Funds do not have the ability to fully redeem tranches at NAV as of the measurement date or within the near term).
Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.
The unobservable inputs used to determine fair value of Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.
For the year ended November 30, 2021, there have been no significant changes to the Funds’ fair valuation methodologies.
DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties at November 30, 2021. The Funds continuously monitor the credit standing of each broker or counterparty with whom they conduct business. In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.
REPURCHASE AGREEMENTS – Securities pledged as collateral for repurchase agreements by BNP Paribas are held by Brown Brothers Harriman & Co. (“BBH”), the Funds’ custodian (“Custodian”) and are designated as being held on each Fund’s behalf by the custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest.
It is the Funds’ policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Funds bear the risk of loss in the event that the counterparty to a repurchase agreement defaults on its obligations, and the Funds are prevented from exercising their rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the





120
 
Notes to Financial Statements (continued)
  
 
November 30, 2021
  


2. SIGNIFICANT ACCOUNTING POLICIES (continued)
value of the underlying securities during the period. For financial statement purposes, the Funds record the securities lending collateral (included in repurchase agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities.
Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under an MRA with collateral held and/or posted to the counterparty, and create one single net payment due to or from the Funds.
As of November 30, 2021, the open repurchase agreements by counterparty which are subject to an MRA on a net payment basis are as follows:
   
Repurchase Agreements*
    
Fair Value of Non-cash Collateral Received(1)
    
Cash Collateral Received
    
Net Amount(2)
  
Global X Alternative Income ETF
                        
BNP Paribas
  
$
248,556
    
$
248,556
    
$
–
    
$
–
  
Global X U.S. Preferred ETF
                                
BNP Paribas
    
31,717,816
      
31,717,816
      
–
      
–
  


*
Repurchase agreements with an overnight and continuous maturity.
(1)
Excess collateral received is not presented in the table above. Please refer to the Schedule of Investments for the market value of the collateral received for each Fund.
(2)
Net Amount represents the net amount receivable due from the counterparty in the event of default.


FEDERAL INCOME TAXES – It is each Fund’s intention, except for Global X MLP ETF, to qualify, or to continue to qualify, as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Code. Accordingly, no provisions for federal income taxes have been made in the financial statements, except for Global X MLP ETF as described below.
The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax positions in the current period. Management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), and on-going analysis of and changes to tax laws and regulations, and interpretations thereof. If a Fund has foreign tax filings that have not been made, the tax years that remain subject to examination may date back to the inception of the Fund.





121
 
Notes to Financial Statements (continued)
  
 
November 30, 2021
  


2. SIGNIFICANT ACCOUNTING POLICIES (continued)
As of and during the year ended November 30, 2021, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as in income tax expense on the Statements of Operations. During the reporting period, the Funds did not incur any interest or penalties. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.
Global X MLP ETF is taxed as a regular C‐corporation for federal income tax purposes and as such is obligated to pay federal and applicable state corporate income tax. Currently, the federal income tax rate for a corporation is 21%. This differs from most investment companies, which elect to be treated as “regulated investment companies” under Subchapter M of the Code in order to avoid paying entity level income taxes. Under current law, Global X MLP ETF is not eligible to elect treatment as regulated investment company due to its investments primarily in MLPs invested in energy assets. As a result, Global X MLP ETF will be obligated to pay applicable federal and state corporate income taxes on its taxable income as opposed to most other investment companies, which are not so obligated. Global X MLP ETF expects that a portion of the distributions that are received from MLPs may be treated as a tax‐deferred return of capital, thus reducing Global X MLP ETF’s current tax liability. However, the amount of taxes currently paid by Global X MLP ETF will vary depending on the amount of income and gains derived from investments and/or sales of MLP interests and such taxes have the potential to reduce an investor’s return from an investment in Global X MLP ETF.
SECURITY TRANSACTIONS AND INVESTMENT INCOME – Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from the settlement date.
FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION – The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions and translations represent net foreign exchange gains or losses from foreign currency spot contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.





122
 
Notes to Financial Statements (continued)
  
 
November 30, 2021
  


2. SIGNIFICANT ACCOUNTING POLICIES (continued)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS – The Funds distribute their net investment income on a pro rata basis. Any net realized capital gains are distributed annually. All distributions are recorded on the ex-dividend date.
Cash distributions from MLPs to Global X MLP ETF that exceed the Global X MLP ETF’s allocable share of such MLP’s net taxable income are considered tax‐deferred return of capital that will reduce Global X MLP ETF’s adjusted tax basis in the equity securities of the MLP. These reductions in Global X MLP ETF’s adjusted tax basis in MLP equity securities will increase the amount of gain (or decrease the amount of loss) recognized by Global X MLP ETF on a subsequent sale of the securities. Global X MLP ETF will accrue deferred income taxes for any future tax liability associated with (i) that portion of MLP distributions considered to be a tax‐deferred return of capital as well as (ii) capital appreciation of its investments. Upon the sale of an MLP security, Global X MLP ETF may be liable for previously deferred taxes. Global X MLP ETF will rely to some extent on information provided by the MLPs, which may not necessarily be timely, to estimate deferred tax liability for purposes of financial statement reporting and determining Global X MLP ETF’s NAV. From time to time, the Adviser will modify the estimates or assumptions related to Global X MLP ETF’s deferred tax liabilities as new information becomes available. Global X MLP ETF will generally compute deferred income taxes based on the federal income tax rate applicable to corporations and an estimated rate attributable to state taxes.
INVESTMENTS IN REITs – With respect to the Funds, dividend income is recorded based on the income included in distributions received from REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of these estimated amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year end, and may differ from the estimated amounts.
CASH OVERDRAFT CHARGES – Per the terms of an agreement with the Custodian, if a Fund has a cash overdraft on a given day, it will be assessed an overdraft charge of LIBOR plus 2.00%. Cash overdraft charges are included in custodian fees on the Statements of Operations.
CREATION UNITS – The Funds issue and redeem their shares (“Shares”) on a continuous basis at NAV and only in large blocks of 10,000 Shares, referred to as “Creation Units”. Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day.
An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to BBH, on the date of such redemption, regardless of the number of Creation Units redeemed that day. If





123
 
Notes to Financial Statements (continued)
  
 
November 30, 2021
  


2. SIGNIFICANT ACCOUNTING POLICIES (continued)
a Creation Unit is purchased or redeemed for cash, an additional variable fee may be charged. The following table discloses the Creation Unit breakdown:

   
Creation Unit Shares
    
Creation Fee
    
Value at November 30, 2021
    
Redemption Fee
  
Global X Alternative Income ETF
    
10,000
    
$
300
    
$
131,600
    
$
300
  
Global X S&P 500® Quality Dividend ETF
    
10,000
      
500
      
310,200
      
500
  
Global X U.S. Preferred ETF
    
10,000
      
650
      
252,100
      
650
  
Global X Variable Rate Preferred ETF
    
10,000
      
300
      
272,800
      
300
  
Global X MLP ETF
    
10,000
      
250
      
335,900
      
250
  
Global X MLP & Energy Infrastructure ETF
    
10,000
      
250
      
348,900
      
250
  
Global X Conscious Companies ETF
    
10,000
      
750
      
329,700
      
750
  
Global X Adaptive U.S. Factor ETF
    
10,000
      
700
      
298,600
      
700
  
Global X Adaptive U.S. Risk Management ETF
    
10,000
      
1,300
      
298,800
      
1,300
  
Global X Founder-Run Companies ETF
    
10,000
      
400
      
344,400
      
400
  


3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS
On July 2, 2018, the Adviser consummated a transaction pursuant to which it became an indirect, wholly-owned subsidiary of Mirae Asset Global Investments Co., Ltd. (“Mirae”). In this manner, the Adviser is ultimately controlled by Mirae, which is a leading financial services company in Korea and is the headquarters for the Mirae Asset Global Investments Group.
The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate investment advisory agreement), under what is essentially an “all-in” fee structure. For the Adviser’s services to the respective Funds, under a supervision and administration agreement (the “Supervision and Administration Agreement”), each fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the respective Fund) (the “Supervision and Administration Fee”). In addition, the Funds bear other expenses, directly and indirectly, that are not covered by the supervision and administration agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, acquired fund fees and expenses, and other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses).





124
 
Notes to Financial Statements (continued)
  
 
November 30, 2021
  


3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS (continued)
The Supervision and Administration Agreement for the Global X Alternative Income ETF provides that the Adviser also bears the costs for acquired fund fees and expenses generated by investments by the Global X Alternative Income ETF in affiliated investment companies. For the year ended November 30, 2021, the Adviser paid the costs for the acquired fund fees of $20,773.
The following table discloses the rates of supervision and administration fees paid by the Funds pursuant to the Supervision and Administration Agreement:
   
Supervision and Administration Fee
  
Global X Alternative Income ETF(1)
  
0.50%
  
Global X S&P 500® Quality Dividend ETF
  
0.20%
  
Global X U.S. Preferred ETF*
  
0.23%
  
Global X Variable Rate Preferred ETF
  
0.25%
  
Global X MLP ETF
  
0.45%
  
Global X MLP & Energy Infrastructure ETF
  
0.45%
  
Global X Conscious Companies ETF
  
0.43%
  
Global X Adaptive U.S. Factor ETF
  
0.27%
  
Global X Adaptive U.S. Risk Management ETF
  
0.39%
  
Global X Founder-Run Companies ETF
  
0.45%
  

(1)
Prior to September 28, 2021 the Supervision and Administration Fee was 0.75%.

*
Pursuant to an expense limitation agreement between the Global X U.S. Preferred ETF (the “Fund”) and the Adviser prior to April 1, 2021, the Adviser contractually agreed to waive or reimburse fees and/or limit annual fund expenses to the extent necessary to assure that the operating expenses of the Fund (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) would not exceed 0.23% of the Fund’s average daily net assets until April 1, 2021.

SEI Investments Global Funds Services (“SEIGFS”) serves as sub-administrator to the Funds. As sub-administrator, SEIGFS provides the Funds with required general administrative services, including, without limitation: office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAVs; and assistance with the preparation and filing of reports, registration statements, proxy statements and other materials required to be filed or furnished by the Funds under federal and state securities laws. As compensation for these services, SEIGFS receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser.
SEI Investments Distribution Co. (“SIDCO”) serves as the Funds’ underwriter and distributor of Creation Units pursuant to a distribution agreement. SIDCO has no obligation to sell any specific quantity of Fund Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (1) the costs of processing and maintaining records of creations of Creation Units; (2) all costs of maintaining the





125
 
Notes to Financial Statements (continued)
  
 
November 30, 2021
  


3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS (continued)
records required of a registered broker/dealer; (3) the expenses of maintaining its registration or qualification as a dealer or broker under Federal or state laws; (4) filing fees; and (5) all other expenses incurred in connection with the distribution services as contemplated in the distribution agreement. SIDCO receives no fee from the Funds for its distribution services under the distribution agreement; rather, the Adviser compensates SIDCO for certain expenses, out-of-pocket costs, and transaction fees.
BBH serves as custodian and transfer agent of the Funds’ assets. As custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds; (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments; (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As transfer agent, BBH has agreed to (1) issue and redeem Shares of each Fund; (2) make dividend and other distributions to shareholders of each Fund; (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts; and (5) make periodic reports to the Funds. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.
4. INVESTMENT TRANSACTIONS
For the year ended November 30, 2021, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government, and short-term securities were:
   
Purchases
    
Sales and Maturities
  
Global X Alternative Income ETF
  
$
24,718,953
    
$
25,671,250
  
Global X S&P 500® Quality Dividend ETF
    
13,315,004
      
11,306,721
  
Global X U.S. Preferred ETF
    
2,550,868,143
      
939,643,445
  
Global X Variable Rate Preferred ETF
    
106,587,960
      
17,367,283
  
Global X MLP ETF
    
529,895,130
      
460,584,249
  
Global X MLP & Energy Infrastructure ETF
    
341,973,363
      
354,058,713
  
Global X Conscious Companies ETF
    
113,226,712
      
113,091,119
  
Global X Adaptive U.S. Factor ETF
    
160,586,184
      
159,872,490
  
Global X Adaptive U.S. Risk Management ETF
    
25,206,592
      
22,910,899
  
Global X Founder-Run Companies ETF
    
5,668,267
      
5,642,006
  






126
 
Notes to Financial Statements (continued)
  
 
November 30, 2021
  


4. INVESTMENT TRANSACTIONS (continued)
For the periods ended November 30, 2021 and November 30, 2020, in-kind transactions associated with creations and redemptions were, respectively:
2021
   
Purchases
    
Sales and Maturities
    
Realized Gain/(Loss)
  
Global X Alternative Income ETF
  
$
21,175,789
    
$
7,393,356
    
$
1,667,754
  
Global X S&P 500® Quality Dividend ETF
    
7,401,975
      
5,392,168
      
1,425,312
  
Global X U.S. Preferred ETF
    
1,707,913,454
      
92,458,603
      
7,162,067
  
Global X Variable Rate Preferred ETF
    
97,475,320
      
7,852,025
      
409,395
  
Global X MLP ETF
    
234,138,116
      
–
      
–
  
Global X MLP & Energy Infrastructure ETF
    
224,593,293
      
157,251,966
      
48,544,868
  
Global X Conscious Companies ETF
    
332,600,516
      
182,457,442
      
79,149,674
  
Global X Adaptive U.S. Factor ETF
    
36,703,421
      
39,042,509
      
11,547,320
  
Global X Adaptive U.S. Risk Management ETF
    
182,190,936
      
91,441,692
      
14,098,623
  
Global X Founder-Run Companies ETF
    
14,657,602
      
5,990,253
      
2,619,762
  


2020
   
Purchases
    
Sales
    
Realized Gain/(Loss)
  
Global X Alternative Income ETF
  
$
3,217,688
    
$
5,040,683
    
$
(384,435
)
Global X S&P 500® Quality Dividend ETF
    
8,364,729
      
11,544,814
      
1,162,033
  
Global X U.S. Preferred ETF
    
517,546,492
      
248,422,827
      
7,241,591
  
Global X Variable Rate Preferred ETF
    
2,484,728
      
1,326,703
      
81,942
  
Global X MLP ETF
    
447,418,366
      
–
      
–
  
Global X MLP & Energy Infrastructure ETF
    
261,376,336
      
136,501,476
      
15,168,807
  
Global X Conscious Companies ETF
    
310,608,247
      
77,589,333
      
31,368,246
  
Global X Adaptive U.S. Factor ETF
    
157,955,935
      
188,910,310
      
17,541,617
  
Global X Founder-Run Companies ETF
    
6,242,948
      
4,435,220
      
(1,104,663
)

During the year ended November 30, 2021, there were no purchases or sales of long-term U.S. Government securities by the Funds.

5. TAX INFORMATION
Global X MLP ETF recognizes interest and penalties, if any, related to unrecognized tax benefits within the income tax expense line in the accompanying Statement of Operations. Accrued interest and penalties, if any, are included within the related tax liability line in the Statement of Assets and Liabilities. For the year ended November 30, 2021, Global X MLP ETF did not incur any interest or penalties.
Since Global X MLP ETF will be subject to taxation on its taxable income, the NAV of Global X MLP ETF shares will also be reduced by the accrual of any current and deferred tax liabilities.





127
 
Notes to Financial Statements (continued)
  
 
November 30, 2021
  


5. TAX INFORMATION (continued)
Global X MLP ETF’s income tax expense/(benefit) consists of the following for the year ended November 30, 2021:
   
Current MLP
    
Deferred MLP
    
Total MLP
  
Federal
  
$
( 2,906,395
)
  
$
53,530,801
    
$
50,624,406
  
State
    
(167,584
)
    
6,031,561
      
5,863,977
  
Valuation allowance
    
–
      
(56,655,355
)
    
(56,655,355
)
Total tax expense (benefit)
  
$
(3,073,979
)
  
$
2,907,007
    
$
(166,972
)

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax purposes.
Components of the Global X MLP ETF’s deferred tax assets and liabilities are as follows for the year ended November 30, 2021:
   
MLP
  
Deferred tax assets:
      
Federal Net Operating Loss Carryforward
  
$
16,715,431
  
State Net Operating Loss Carryforward
    
2,275,089
  
Capital Loss Carryforward
    
46,281,963
  
Other
    
1,520,576
  
Less Valuation Allowance
    
(63,218,875
)
Net unrealized gain on investment securities
    
(6,481,191
)
Net Deferred Tax Asset/(Liability)
  
$
(2,907,007
)

Global X MLP ETF reviews the recoverability of its deferred tax assets based upon the weight of available evidence. When assessing the recoverability of its deferred tax assets, significant weight was given to the effects of potential future realized and unrealized gains on investments and the period over which these deferred tax assets can be realized. Currently, any capital losses that may be generated by the Global X MLP ETF are eligible to be carried back up to three years and can be carried forward for five years to offset capital gains recognized by Global X MLP ETF in those years. The Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the NOL carryback ability and replaced the 20 year carryforward period with an indefinite carryforward period for any NOLs arising in tax years beginning after December 31, 2017. The TCJA also established a limitation on the utilization of any NOLs generated in tax years beginning after December 31, 2017 to the lesser of the aggregate of available NOLs or 80% of taxable income before any NOL utilization. The 80% limitation established by the TCJA was effective for the NOLs generated in the fiscal period ending in November 30, 2019. The Coronavirus Aid,





128
 
Notes to Financial Statements (continued)
  
 
November 30, 2021
  


5. TAX INFORMATION (continued)
Relief, and Economic Stability Act (CARES Act) was signed into law on March 27, 2020. The CARES Act delays the application of the 80% net operating loss limitation, established under the TCJA, to tax years ending November 30, 2022 and beyond. Currently, any net operating losses that may be generated by Global X MLP ETF are eligible to be carried forward indefinitely and are subject to the lesser of the aggregate of available net operating losses or 80% of taxable income before any net operating loss utilization.
Global X MLP ETF has estimated net operating loss carryforwards for federal tax income purposes as follows:
 

 
Year Ended
  
Amount
  
Expiration
Global X MLP ETF
  
11/30/2019
  
$
1,209,215
  
Indefinite

  
11/30/2021
    
78,388,073
  
Indefinite

Global X MLP ETF has estimated capital loss carryforwards for federal income tax purposes as follows:

  
Year Ended
  
Amount
  
Expiration
Global X MLP ETF
  
11/30/2019
  
$
54,795,128
  
11/30/2024

  
11/30/2020
    
123,982,398
  
11/30/2025

  
11/30/2021
    
24,749,134
  
11/30/2026

Global X MLP ETF had a capital loss carryforward expire unutilized in the current year in the amount of $9,483,687.
Based upon Global X MLP ETF’s assessment, it has been determined that it is not more likely than not that Global X MLP ETF’s deferred tax assets will be realized through future taxable income of the appropriate character. Accordingly, a valuation allowance has been established for Global X MLP ETF’s deferred tax assets. Global X MLP ETF will continue to assess the need for a valuation allowance in the future. Significant increases or declines in the fair value of its portfolio of investments may change Global X MLP ETF’s assessment of the recoverability of these assets and may result in the recording or removal of a valuation allowance against all or a portion of the Global X MLP ETF’s gross deferred tax assets.
Total income tax expense/(benefit) (current and deferred) during the year ended November 30, 2021, differs from the amount computed by applying the federal statutory income tax rate of 21% for Global X MLP ETF to net investment and realized and unrealized gain/(losses) on investment before taxes as follows:





129
 
Notes to Financial Statements (continued)
  
 
November 30, 2021
  


5. TAX INFORMATION (continued)
For the year ended November 30, 2021:
   
MLP
  
Income tax (benefit) at statutory rate
  
$
49,467,799
      
(21.00
)%
State income taxes (net of federal benefit)
    
4,098,761
      
(1.74
)%
Permanent differences, net
    
(1,488,836
)
    
0.63
%
Effect of state tax rate change
    
2,421,041
      
(1.03
)%
Other adjustments
    
(166,972
)
    
(0.07
)%
Capital Loss Carryforward Expiration
    
2,156,590
      
(0.92
)%
Change in valuation allowance
    
(56,655,355
)
    
24.05
%
Net income tax expense/(benefit)
  
$
(166,972
)
    
(0.08
)%

Global X MLP ETF recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed Global X MLP ETF’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state tax returns filed since inception of Global X MLP ETF. No U.S. federal or state income tax returns are currently under examination. The tax years ended November 30, 2020, 2019, and 2018, remain subject to examination by tax authorities in the United States. Due to the nature of Global X MLP ETF’s investments, Global X MLP ETF may be required to file income tax returns in several states. Global X MLP ETF is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
State franchise taxes are separate and distinct from state income taxes. State franchise taxes are imposed on a corporation for the right to conduct business in the state and typically are based off the net worth or capital apportioned to a state. Due to the nature of Global X MLP ETF’s investments, Global X MLP ETF may be required to file franchise state tax returns in several states.
The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise.





130
 
Notes to Financial Statements (continued)
  
 
November 30, 2021
  


5. TAX INFORMATION (continued)
The permanent differences primarily consist of REIT adjustments, reclassification of distributions, investments in publically traded partnerships, and preferred stock adjustments. The permanent differences that are credited or charged to Paid In Capital and distributable earnings are primarily related to redemptions in kind and return of capital distributions. These differences have been reclassified to/from the following accounts during the fiscal year ended November 30, 2021:
Global X Funds
  
Paid-in Capital
    
Distributable Earnings (Loss)
  
Global X Alternative Income ETF
  
$
729,191
    
$
(729,191
)
Global X S&P 500® Quality Dividend ETF
    
1,396,254
      
(1,396,254
)
Global X U.S. Preferred ETF
    
7,627,321
      
(7,627,321
)
Global X Variable Rate Preferred ETF
    
364,360
      
(364,360
)
Global X MLP & Energy Infrastructure ETF
    
20,665,059
      
(20,665,059
)
Global X Conscious Companies ETF
    
78,780,406
      
(78,780,406
)
Global X Adaptive U.S. Factor ETF
    
7,658,763
      
(7,658,763
)


Global X Funds
  
Paid-in Capital
    
Distributable Earnings (Loss)
  
Global X Adaptive U.S. Risk Management ETF
    
13,980,803
      
(13,980,803
)
Global X Founder-Run Companies ETF
    
2,619,172
      
(2,619,172
)


The tax character of dividends and distributions declared during the years or periods ended November 30, 2021 and November 30, 2020 were as follows:
Global X Funds
  
Ordinary Income
    
Long-Term Capital Gain
    
Return of Capital
    
Totals
  
Global X Alternative Income ETF
                        
2021
  
$
1,353,663
    
$
–
    
$
578,074
    
$
1,931,737
  
2020
    
1,871,599
      
–
      
218,100
      
2,089,699
  
Global X S&P 500® Quality Dividend ETF
                                
2021
  
$
224,212
    
$
–
    
$
–
    
$
224,212
  
2020
    
208,533
      
–
      
950
      
209,483
  
Global X U.S. Preferred ETF
                                
2021
  
$
89,185,080
    
$
–
    
$
–
    
$
89,185,080
  
2020
    
37,989,950
      
–
      
–
      
37,989,950
  
Global X Variable Rate Preferred ETF
                                
2021
  
$
1,419,247
    
$
8,731
    
$
167,337
    
$
1,595,315
  
2020
    
49,000
      
–
      
–
      
49,000
  
Global X MLP ETF
                                
2021
  
$
–
    
$
–
    
$
80,150,843
    
$
80,150,843
  
2020
    
–
      
–
      
95,194,445
      
95,194,445
  






131
 
Notes to Financial Statements (continued)
  
 
November 30, 2021
  


5. TAX INFORMATION (continued)
Global X Funds
  
Ordinary Income
    
Long-Term Capital Gain
    
Return of Capital
    
Totals
  
Global X MLP & Energy Infrastructure ETF
                        
2021
  
$
22,548,205
    
$
–
    
$
22,509,388
    
$
45,057,593
  
2020
    
41,140,675
      
–
      
6,129,052
      
47,269,727
  
Global X Conscious Companies ETF
                                
2021
  
$
4,254,673
    
$
–
    
$
–
    
$
4,254,673
  
2020
    
1,788,344
      
89,563
      
–
      
1,877,907
  
Global X Adaptive U.S. Factor ETF
                                
2021
  
$
4,080,634
    
$
–
    
$
298,947
    
$
4,379,581
  
2020
    
4,904,671
      
270,047
      
635,325
      
5,810,043
  
Global X Adaptive U.S. Risk Management ETF
                                
2021
  
$
241,843
    
$
–
    
$
–
    
$
241,843
  
Global X Founder-Run Companies ETF
                                
2021
  
$
67,743
    
$
–
    
$
–
    
$
67,743
  
2020
    
13,936
      
–
      
–
      
13,936
  


As of November 30, 2021, the components of tax basis distributable earnings (accumulated losses) were as follows:
   
Global X Funds
  
   
Global X Alternative Income ETF
    
Global X S&P 500® Quality Dividend ETF
    
Global X U.S. Preferred ETF
  
Undistributed Ordinary Income
  
$
–
    
$
10,281
    
$
3,624,949
  
Post October Losses
    
–
      
–
      
(128,026
)
Capital Loss Carryforwards
    
(1,558,399
)
    
(730,124
)
    
(3,804,050
)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency
    
(1,483,077
)
    
191,741
      
(29,796,300
)
Other Temporary Differences
    
6
      
(2
)
    
2,349,001
  
Total Accumulated Losses
  
$
(3,041,470
)
  
$
(528,104
)
  
$
(32,452,408
)


   
Global X Funds
  
   
Global X Variable Rate Preferred ETF
    
Global X MLP & Energy Infrastructure ETF
    
Global X Conscious Companies ETF
  
Undistributed Ordinary Income
  
$
–
    
$
–
    
$
2,654,223
  
Capital Loss Carryforwards
    
–

   
(150,385,884
)
    
(708,582
)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency
    
(2,346,296
)
    
11,084,160
      
85,029,185
  
Other Temporary Differences
    
390,868

   
(4
)
    
(1
)
Total Distributable Earnings (Accumulated Losses)
  
$
(1,955,428
)
  
$
(139,301,728
)
  
$
86,974,825
  






132
 
Notes to Financial Statements (continued)
  
 
November 30, 2021
  


5. TAX INFORMATION (continued)
   
Global X Funds
  
   
Global X Adaptive U.S. Factor ETF
    
Global X Adaptive U.S. Risk Management ETF
    
Global X Founder-Run Companies ETF
  
Undistributed Ordinary Income
  
$
–
    
$
436,746
    
$
20,766
  
Capital Loss Carryforwards
    
(8,104,769
)
    
(4,152
)
    
(259,716
)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency
    
8,370,349
      
(2,643,604
)
    
49,942
  
Other Temporary Differences
    
(1
)
    
–
      
(1
)
Total Distributable Earnings (Accumulated Losses)
  
$
265,579
    
$
(2,211,010
)
  
$
(189,009
)


For taxable years beginning after December 22, 2010, a Registered Investment Company within the meaning of the 1940 Act is permitted to carry forward net capital losses to offset capital gains realized in later years, and the losses carried forward retain their original character as either long-term or short-term losses. Losses carried forward under these provisions are as follows:
Global X Funds
  
Short-Term Loss
    
Long-Term Loss
    
Total
  
Global X Alternative Income ETF
  
$
148,924
    
$
1,409,475
    
$
1,558,399
  
Global X S&P 500® Quality Dividend ETF
    
586,335
      
143,789
      
730,124
  
Global X U.S. Preferred ETF
    
3,804,050
      
–
      
3,804,050
  
Global X MLP & Energy Infrastructure ETF
    
37,475,669
      
112,910,215
      
150,385,884
  
Global X Conscious Companies ETF
    
47,728
      
660,854
      
708,582
  
Global X Adaptive U.S. Factor ETF
    
6,644,209
      
1,460,560
      
8,104,769
  
Global X Adaptive U.S. Risk Management ETF
    
4,152
      
–
      
4,152
  
Global X Founder-Run Companies ETF
    
108,837
      
150,879
      
259,716
  


During the year ended November 30, 2021 the following funds utilized capital loss carryforwards to offset capital gains amounting to:
Global X Funds
  
Short-Term Loss
    
Long-Term Loss
    
Total
  
Global X Alternative Income ETF
  
$
1,189,400
    
$
303,233
    
$
1,492,633
  
Global X S&P 500® Quality Dividend ETF
  
$
125,302
    
$
–
    
$
125,302
  
Global X U.S. Preferred ETF
  
$
6.673,774
    
$
3,210,236
    
$
9,884,010
  
Global X Conscious Companies ETF
  
$
1,759,802
    
$
600,207
    
$
2,360,009
  
Global X Adaptive U.S. Factor ETF
  
$
11,111,880
    
$
5,759,669
    
$
16,871,549
  






133
 
Notes to Financial Statements (continued)
  
 
November 30, 2021
  


5. TAX INFORMATION (continued)
The adjusted cost basis of investments and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at November 30, 2021 for federal income tax purposes, were as follows:

Global X Funds
  
Federal Tax Cost
    
Aggregated Gross Unrealized Appreciation
    
Aggregated Gross Unrealized Depreciation
    
Net Unrealized Appreciation (Depreciation)
  
Global X Alternative Income ETF
  
$
37,678,012
    
$
1,259,406
    
$
(2,742,483
)
  
$
(1,483,077
)
Global X S&P 500® Quality Dividend ETF
    
9,393,834
      
607,486
      
(415,745
)
    
191,741
  
Global X U.S. Preferred ETF
    
2,526,013,975
      
32,267,646
      
(62,063,946
)
    
(29,796,300
)
Global X Variable Rate Preferred ETF
    
90,912,302
      
33,890
      
(2,380,186
)
    
(2,346,296
)
Global X MLP ETF
    
965,658,405
      
103,521,418
      
(75,018,728
)
    
28,502,690
  
Global X MLP & Energy Infrastructure ETF
    
726,310,008
      
120,511,969
      
(109,427,809
)
    
11,084,160
  
Global X Conscious Companies ETF
    
568,550,740
      
93,581,247
      
(8,552,062
)
    
85,029,185
  
Global X Adaptive U.S. Factor ETF
    
163,280,667
      
13,908,559
      
(5,538,210
)
    
8,370,349
  
Global X Adaptive U.S. Risk Management ETF
    
107,022,158
      
3,506,841
      
(6,150,445
)
    
(2,643,604
)
Global X Founder-Run Companies ETF
    
15,770,739
      
1,521,383
      
(1,471,441
)
    
49,942
  


The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax
and book purposes. The Funds’ net unrealized appreciation difference is attributable primarily to wash sales, mark-to-market treatment of passive foreign investment companies and adjustments in preferred stock and partnerships.
6. CONCENTRATION OF RISKS
The Funds may invest in securities in a particular asset class. Securities and other assets held in each Fund’s portfolio may underperform in comparison to the general securities markets, a particular securities market or other asset classes.
The Funds, except for Global X U.S. Preferred ETF and Global X Variable Rate Preferred ETF, use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of an underlying index in approximately the same proportions as in the underlying its index. A representative sampling strategy is an indexing strategy that involves investing in a representative sample of securities (including indirect investments through underlying ETFs) that collectively has an investment profile similar to an underlying index in terms of key risk factors, performance attributes and other characteristics. Each Fund may utilize a representative sampling strategy with respect to its underlying index when a replication strategy might be detrimental to its shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its underlying index, or, in certain instances, when securities in the underlying index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to a Fund but not its underlying index). The Global X U.S. Preferred ETF and Global X Variable Rate Preferred ETF, use a representative sampling strategy. Representative sampling is an indexing strategy that





134
 
Notes to Financial Statements (continued)
  
 
November 30, 2021
  


6. CONCENTRATION OF RISKS (continued)
involves investing in a representative sample of securities that collectively has an investment profile similar to the Fund’s underlying index in terms of key risk factors, performance attributes and other characteristics. A more complete description of risks is included in each Fund’s prospectus and statement of additional information.
Each Fund may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.
The elimination of the London Inter-Bank Offered Rate (“LIBOR”) may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. The U.K. Financial Conduct Authority has announced that it intends to stop compelling or inducing banks to submit LIBOR rates after 2021. On March 5, 2021, the administrator of LIBOR clarified that the publication of LIBOR on a representative basis will cease for the one-week and two-month U.S. dollar LIBOR settings immediately after
December 31, 2021, and for the remaining U.S. dollar LIBOR settings immediately after June 30, 2023. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate (“SOFR”), which is intended to replace U.S. dollar LIBOR. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Funds. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.
Economic conditions, such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior warning, lead to foreign government intervention (including intervention by the U.S. government with respect to foreign governments, economic sectors, foreign companies and related securities and interests) and the imposition of capital controls (i.e., government measures designed to limit the flow of foreign capital in and out of the domestic economy) and/or sanctions, which may also include retaliatory actions of one government against another government, such as seizure of assets. Capital controls and/or sanctions include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. Capital controls and/or sanctions may also impact the ability of a Fund to buy, sell or otherwise transfer securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for Shares of a Fund, and cause a Fund to decline in value. Please refer to each Fund’s prospectus and statement of additional information (“SAI”) for a more complete description of risks.





135
 
Notes to Financial Statements (continued)
  
 
November 30, 2021
  


7. LOANS OF PORTFOLIO SECURITIES
Each Fund may lend portfolio securities having a market value up to one-third of its total assets. Security loans made pursuant to a securities lending agreement with BBH are initially required to be secured by collateral equal to at least 102% of the value of domestic equity securities and American Depositary Receipts (“ADRs”) and 105% of the value of foreign equity securities (other than ADRs). Such collateral received in connection with these loans will be cash and can be invested in repurchase agreements, short-term investments or U.S. Treasury obligations and is recognized in the Schedules of Investments and Statements of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statements of Assets and Liabilities. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.
Lending securities entails a risk of loss to the Funds if and to the extent that the market values of the securities loaned were to increase and the borrower did not increase the collateral accordingly and the borrower failed to return the securities. In the event the borrower may not provide additional collateral when required or may not return the securities when due, the securities lending agency agreement requires the lending agent to indemnify the Funds by replacing either the security or the security’s current market value to the Funds. The Funds could also experience delays and costs gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested.









136
 
Notes to Financial Statements (continued)
  
 
November 30, 2021
  


7. LOANS OF PORTFOLIO SECURITIES (continued)
As of November 30, 2021, the following Funds had securities on loan, by counterparty:
   
Market Value
    
Cash Collateral
  
Global X Alternative Income ETF
            
BOFA Securities, Inc.
  
$
50,500
    
$
52,000
  
Citigroup
    
1 8,060
      
18,445
  
Scotia Capital
    
5 6,760
      
57,970
  
UBS AG London
    
3 21,893
      
331,617
  
Total
  
$
447,213
    
$
460,032
  
Global X U.S. Preferred ETF
                
Barclays Capital
  
$
33,752,385
    
$
35,527,900
  
BMO Capital Markets Corp.
    
5,454
      
5,590
  
BOFA Securities, Inc.
    
1,814,450
      
1,882,000
  
Citigroup
    
7 3,920
      
75,150
  
JPMorgan
    
2,949,673
      
3,048,225
  
Morgan Stanley
    
108,910
      
112,095
  
National Financial Services
    
4,514,685
      
4,623,635
  
TD Prime Services, LLC
    
2,130,954
      
2,186,630
  
Wells Fargo Securities, LLC
    
10,930,455
      
11,241,425
  
Total
  
$
56,280,886
    
$
58,702,650
  


8. CONTRACTUAL OBLIGATIONS
The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these arrangements is unknown; however, the Funds have not had prior gains or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.
Pursuant to the Trust’s organizational documents, the Trustees of the Trust and the Trust’s officers are indemnified against certain liabilities that may arise out of the performance of their duties.
9. REVERSE SHARE SPLIT
Effective April 28, 2020, the Global X MLP ETF executed a 1-for-6 reverse share split for shareholders of record after the close of markets on April 27, 2020. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by six, resulting in a corresponding increase in the NAV per Share. The capital share activity presented in the statement of changes in net assets for each of the years in the period then ended, and per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions.





137
 
Notes to Financial Statements (continued)
  
 
November 30, 2021
  


9. REVERSE SHARE SPLIT (continued)
Effective April 28, 2020, the Global X MLP & Energy Infrastructure ETF executed a 1-for-3 reverse share split for shareholders of record after the close of markets on April 27, 2020. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by three, resulting in a corresponding increase in the NAV per Share.
The capital share activity presented in the statement of changes in net assets for each of the years in the period then ended, and per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions.
10. REGULATORY MATTERS
In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices, Rule 2a-5 under the 1940 Act (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with the adoption of Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds will be required to comply with Rule 2a-5 and the other requirements by September 8, 2022. Management is currently assessing the potential impact of the new rules on the Funds’ financial statements.
11. SUBSEQUENT EVENTS
On September 7, 2021, the Custodian announced that it entered into an agreement with State Street Bank and Trust Company (“State Street”) to sell BBH’s Investor Services business to State Street (the “Transaction”). The Transaction is subject to certain closing conditions, including regulatory and customary approvals, and it is expected to be consummated in the first quarter of 2022 (the “Closing Date”). Consequently, as a result of the Transaction, it is expected that State Street will replace BBH as the Funds’ custodian effective as of the Closing Date.






138
 
Notes to Financial Statements (concluded)
  
 
November 30, 2021
  

11. SUBSEQUENT EVENTS (continued)
The Funds have been evaluated by management regarding the need for additional disclosures (other than what is disclosed in the preceding paragraph) and/or adjustments resulting from subsequent events. Based on this evaluation, no additional adjustments were required to the financial statements.











139
 
Report of Independent Registered Public Accounting Firm
  
     


To the Board of Trustees and Shareholders of each of the ten funds indicated in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (ten of the funds constituting Global X Funds, hereafter collectively referred to as the “Funds”) as of November 30, 2021, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2021, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Global X MLP ETF (1)
Global X U.S. Preferred ETF (1)
Global X MLP & Energy Infrastructure ETF (1)
Global X S&P 500® Quality Dividend ETF (1)
Global X Alternative Income ETF (1)
Global X Adaptive U.S. Factor ETF (1)
Global X Conscious Companies ETF (1)
Global X Variable Rate Preferred ETF (2)
Global X Founder-Run Companies ETF (1)
Global X Adaptive U.S. Risk Management ETF (3)

1.
Statement of operations for the year ended November 30, 2021, and statements of changes in net assets for each of the two years in the period ended November 30, 2021
2.
Statement of operations for the year ended November 30, 2021, and statements of changes in net assets for the year ended November 30, 2021 and the period June 22, 2020 (commencement of operations) through November 30, 2020
3.
Statement of operations and statement of changes in net assets for the period January 12, 2021 (commencement of operations) through November 30, 2021








140
 
Report of Independent Registered Public Accounting Firm
  
     


Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 27, 2022
We have served as the auditor of one or more investment companies in the Global X Funds since 2016.







141
 
Disclosure of Fund Expenses (unaudited)
  
     


All exchange traded funds (“ETFs”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, commissions, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for any brokerage fees as a result of his or her investment in the Fund. Shareholders may incur brokerage commissions on their purchases and sales of Fund shares, which are not reflected in the examples below.
Operating expenses such as these are deducted from an ETF’s gross income and directly reduce its final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.
The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the six-month period shown and held for the entire period (June 1, 2021 to November 30, 2021).
The table below illustrates your Fund’s costs in two ways:
Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.
You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”
Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.
NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.





142
 
Disclosure of Fund Expenses (unaudited)
  
     


   
Beginning Account Value 6/1/2021
    
Ending Account Value 11/30/2021
    
Annualized Expense Ratios
    
Expenses Paid During Period(1)
  
Global X Alternative Income ETF
                        
Actual Fund Return
  
$
1,000.00
    
$
1,008.60
      
0.54
%
  
$
2.72
  
Hypothetical 5% Return
    
1,000.00
      
1,022.36
      
0.54
      
2.74
  
                                 
Global X S&P 500® Quality Dividend ETF
                                
Actual Fund Return
  
$
1,000.00
    
$
996.80
      
0.20
%
  
$
1.00
  
Hypothetical 5% Return
    
1,000.00
      
1,024.07
      
0.20
      
1.01
  
                                 
Global X U.S. Preferred ETF
                                
Actual Fund Return
  
$
1,000.00
    
$
1,004.20
      
0.23
%
  
$
1.16
  
Hypothetical 5% Return
    
1,000.00
      
1,023.92
      
0.23
      
1.17
  
                                 
Global X Variable Rate Preferred ETF
                                
Actual Fund Return
  
$
1,000.00
    
$
1,001.80
      
0.25
%
  
$
1.25
  
Hypothetical 5% Return
    
1,000.00
      
1,023.82
      
0.25
      
1.27
  
                                 
Global X MLP ETF
                                
Actual Fund Return
  
$
1,000.00
    
$
947.00
      
0.42
%
  
$
2.05
  
Hypothetical 5% Return
    
1,000.00
      
1,022.96
      
0.42
      
2.13
  
                                 
Global X MLP & Energy Infrastructure ETF
                                
Actual Fund Return
  
$
1,000.00
    
$
1,028.40
      
0.45
%
  
$
2.29
  
Hypothetical 5% Return
    
1,000.00
      
1,022.81
      
0.45
      
2.28
  
                                 
Global X Conscious Companies ETF
                                
Actual Fund Return
  
$
1,000.00
    
$
1,078.60
      
0.43
%
  
$
2.24
  
Hypothetical 5% Return
    
1,000.00
      
1,022.91
      
0.43
      
2.18
  
                                 
Global X Adaptive U.S. Factor ETF
                                
Actual Fund Return
  
$
1,000.00
    
$
999.20
      
0.27
%
  
$
1.35
  
Hypothetical 5% Return
    
1,000.00
      
1,023.72
      
0.27
      
1.37
  
                                 
Global X Adaptive U.S. Risk Management ETF
                                
Actual Fund Return
  
$
1,000.00
    
$
1,093.90
      
0.39
%
  
$
2.05
  
Hypothetical 5% Return
    
1,000.00
      
1,023.11
      
0.39
      
1.98
  
                                 
Global X Founder-Run Companies ETF
                                
Actual Fund Return
  
$
1,000.00
    
$
1,040.20
      
0.45
%
  
$
2.30
  
Hypothetical 5% Return
    
1,000.00
      
1,022.81
      
0.45
      
2.28
  


(1)
Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period.)








143
 
Approval of Investment Advisory Agreement (unaudited)
  
     


Section 15(c) of the Investment Company Act of 1940, as amended (“1940 Act”), requires that the board of trustees of an exchange-traded fund (“ETF”), including a majority of those trustees who are not “interested persons” of the ETF, as defined in the 1940 Act (“Independent Trustees”), consider on an initial basis and periodically thereafter (as required by the 1940 Act), at an in person meeting called for such purpose, the terms of each ETF’s investment advisory agreement and whether to approve entering into, or renewing, each agreement.
At a Board meeting of the Trust held via videoconference November 12, 20211, called for such purpose, the Board (including the Trust’s Independent Trustees, voting separately) considered and unanimously approved the continuation of (i) the Investment Advisory Agreement (“Renewal Investment Advisory Agreement”) for each Fund included in this Annual Report (each, a “Renewal Fund”); (ii) the Supervision and Administration Agreements between the Trust (“Renewal Supervision and Administration Agreements”), on behalf of each Renewal Fund, and Global X Management. The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreements are referred to herein as the “Renewal Agreements.”
In advance of the Board meetings, the Board (including the Trust’s Independent Trustees) and the Independent Trustees’ independent legal counsel requested (in writing) detailed information from Global X Management in connection with the Board’s consideration of the Renewal Agreements , and received and reviewed written responses from Global X Management as well as supporting materials relating to those requests for information. In the course of their consideration of the Renewal Agreements, the Trust’s Independent Trustees were advised by their independent legal counsel and, in addition to meetings with management of Global X Management, the Independent Trustees met separately in executive sessions with their counsel.
RENEWAL AGREEMENTS
In determining to approve the continuation of the Renewal Agreements for the Renewal Funds, the Board considered a variety of factors, including the factors discussed in greater detail below.
Nature, Extent and Quality of Services
With respect to this factor, the Board considered:

●
the terms of the Renewal Agreements and the range of services that would continue to be provided to each Renewal Fund in accordance with the Renewal Agreements;

●
Global X Management’s key personnel and the portfolio managers who would continue to provide investment advisory, supervision and administrative services to each Renewal Fund;



1
This meeting was held via videoconference in reliance on an exemptive order issued by the Securities and Exchange Commission on March 25, 2020. Reliance on the exemptive order is necessary and appropriate due to circumstances related to current or potential effects of COVID-19. All Trustees participating in the telephonic meeting were able to hear each other simultaneously during the meeting. Reliance on the exemptive order requires Trustees, including a majority of the Independent Trustees, to ratify actions taken pursuant to the exemptive order by vote cast at the next in-person meeting.






144
 
Approval of Investment Advisory Agreement (unaudited) (continued)
  
     


●
Global X Management’s responsibilities under the Renewal Agreements, among other things, to: (i) manage the investment operations of the Renewal Funds and the composition of the Renewal Funds’ assets, including the purchase, retention and disposition of their holdings, (ii) provide quarterly reports to the Trust’s officers and the Board and other reports as the Board deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise all other rights relating to securities and assets held by the Renewal Funds, (iv) select broker-dealers to execute portfolio transactions for the Renewal Funds when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of the Renewal Funds, and the periodic updating of the registration statement, prospectuses, statements of additional information, and other reports and documents for the Renewal Funds that are required to be filed by the Trust with the SEC and other regulatory and governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including Creation Units) of the Renewal Funds by shareholders and new investors;

●
the nature, extent and quality of all of the services (including advisory, administrative and compliance services) that have been provided by Global X Management or made available to the Renewal Funds; and

●
the quality of Global X Management’s resources and personnel that would continue to be made available to the Renewal Funds, including Global X Management’s experience and the professional qualifications of Global X Management’s key personnel.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Renewal Funds by Global X Management.
Performance
The Board considered the performance of each Renewal Fund. They examined the performance of the Renewal Funds for the one-year, three-year, five-year and since-inception periods, as applicable. Also, the Board considered the total return and investments performance of the Renewal Funds relative to (i) the performance of unaffiliated comparable ETFs and/or other registered funds, which performance information is publicly available from such registered funds, as well as other third party sources; and (ii) the performance of pertinent indexes. The Board considered instances of under-performance and over-performance with respect to the competitor funds. The Board also considered the Renewal Funds’ tracking against their underlying indexes in absolute terms.
Based on these considerations and comparisons, the Board concluded that the investment performance of the Renewal Funds did not adversely affect the Board’s approval of the continuance of the Renewal Agreements.
Cost of Services and Profitability
The Board considered Global X Management’s cost to provide investment management, supervision and administrative and related services to the Renewal Funds. In this regard,




145
 
Approval of Investment Advisory Agreement (unaudited) (continued)
  
     


the Board considered the management fee (“Management Fee”) that has been borne or is expected to be borne by the Renewal Funds under the Renewal Agreements for the various investment advisory, supervisory and administrative services that the Renewal Funds require under a unitary fee structure (including the types of fees and expenses that are not included within the unitary fee and would be borne by the Renewal Funds).
In addition, the Board considered expected profitability to Global X Management, as applicable, from all services provided or expected to be provided to the Renewal Funds and all aspects of Global X Management’s relationship with the Renewal Funds. In connection with these considerations, Global X Management provided the Board with financial information regarding its operations and the services provided to the Renewal Funds and discussed with the Board its current and expected, as applicable, profitability with respect to the Renewal Funds.
Based on these considerations, the Board concluded that the Management Fee rate paid by the Renewal Funds to Global X Management, in light of the nature, extent and quality of the services provided, was reasonable and in the best interests of the Renewal Funds’ shareholders.
Comparison of Fees and Services
With respect to this factor, the Board considered:

●
comparative information with respect to the Management Fee paid to Global X Management by the Renewal Funds. In connection with this consideration, Global X Management provided the Board with comparative expense data for the Renewal Funds, including fees and expenses paid by unaffiliated similar specialized and/or focused ETFs and/or other comparable registered funds. The Board considered the Global X Management’s detailed explanation of the fee structures of any Renewal Fund that was above the average or median for its peer group;

●
the structure of the unitary Management Fee (which includes as one component the investment advisory fee for the Renewal Funds) and the current total expense ratios for the Renewal Funds. In this regard, the Board took into consideration that the purpose of adopting a unitary Management Fee structure for the Renewal Funds was to create a simple, all-inclusive fee that would provide a level of predictability with respect to the overall expense ratio (i.e., the total fees) of the Renewal Funds and that the proposed Management Fees for the Renewal Funds were set at a competitive levels to make the Renewal Funds viable in the marketplace; and

●
that, under the unified Management Fee structure, Global X Management is responsible for most ordinary expenses of the Renewal Funds, including the costs of various third-party services required by the Renewal Funds, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that the Renewal Funds would bear other expenses not covered under the proposed all-inclusive Management Fee, such as taxes, brokerage fees, commissions, and other transaction expenses, interest expenses, and extraordinary expenses.






146
 
Approval of Investment Advisory Agreement (unaudited) (concluded)
  
     


Based on these considerations, the Board concluded that the services received and the fees charged under the Renewal Agreements were reasonable on a comparative basis.
Economies of Scale
With respect to this factor, the Board considered:
●
the extent to which economies of scale would be realized as the Renewal Funds grow and whether the unitary Management Fee for the Renewal Funds reflected these economies of scale;

●
the significant investment of time, personnel and other resources that Global X Management has made and intends to continue to make in the Renewal Funds in order to seek to assure that the Renewal Funds are attractive to investors; and

●
that the unitary Management Fee would provide a high level of certainty as to the total level of expenses for the Renewal Funds and their shareholders.

Based on these considerations, the Board concluded that the unitary Management Fee for the Renewal Funds appropriately addressed economies of scale.
Other Benefits
In considering the Renewal Agreements, in addition to the factors above, the Board considered any other benefits realized by Global X Management as a result of its relationships with the Renewal Funds and concluded that, in the exercise of the Board’s business judgement, all information the Board considered supported approval of the continuation of the Renewal Agreements.
Conclusion
After full consideration of the factors above, as well as other factors that were instructive in its consideration, the Board, including all of the Trust’s Independent Trustees voting separately, concluded, in the exercise of its business judgement, that the Renewal Agreements were fair and reasonable and in the best interest of each Renewal Fund.
In reaching this decision, the Board did not assign relative weights to the factors above nor did the Board deem any one factor or group of them to be controlling in and of themselves. Each member of the Board may have assigned different weights to the various factors.








147
 
Supplemental Information (unaudited)
  
     


Net asset value, or “NAV”, is the price per Share at which a Fund issues and redeems Shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a Fund generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. The Fund’s Market Price may be at, above or below its NAV. The NAV of a Fund will fluctuate with changes in the market value of the Fund’s holdings. The Market Price of a Fund will fluctuate in accordance with changes in their NAV, as well as market supply and demand.
Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a Fund on a given day, generally at the time NAV is calculated. A premium is the amount that a Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a Fund is trading below the reported NAV, expressed as a percentage of the NAV.
Further information regarding premiums and discounts is available on the Funds’ website at www.globalxetfs.com.





148
 
Trustees and Officers of the Trust (unaudited)
  
     


Set forth below are the names, addresses, years of birth, position with the Trust, term of office and length of time served, the principal occupations for the last five years, number of Funds in the Trust overseen by each Trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust.
The Trust’s Statement of Additional Information includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-493-8631.

Name, Address (Year of Birth)
Position(s) Held with Trust
Principal Occupation(s) During the Past 5 Years
Number of Funds in Trust Overseen by Trustee
Other Directorships Held by Trustees
Independent Trustees1
        
Charles A. Baker
605 Third Avenue,
43rd Floor
New York, NY 10158
(1953)
Trustee (since 07/2018)
Chief Executive Officer of Investment Innovations LLC (investment consulting) (since 2013); Managing Director of NYSE Euronext (2003 to 2012).
1022
Trustee of OSI ETF Trust (since 2016).
Susan M. Ciccarone
605 Third Avenue,
43rd Floor
New York, NY 10158
(1973)
Trustee (since 9/30/2019)
Partner, Further Global Capital Management (private equity) (since 2017); formerly Chief Operating Officer (2014-2016) and Chief Financial Officer (2012-2016), Emerging Global Advisors, LLC (ETF issuer).
1022
Chairman, Payment Alliance International, Inc. (since 2019); Director, Casa Holdco LP, parent of Celink (since 2018).
Clifford J. Weber
605 Third Avenue,
43rd Floor
New York, NY 10158
(1963)
Trustee (since 07/2018)
Owner, Financial Products Consulting Group LLC (consulting services to financial institutions) (since 2015); formerly, Executive Vice President of Global Index and Exchange-Traded Products, NYSE Market, Inc., a subsidiary of Intercontinental Exchange (ETF/ETP listing exchange) (2013-2015).
1022
Chairman (since 2017) and Trustee (since 2015) of Clough Funds Trust; Chairman and Trustee of Clayton Street Trust (since 2016); Chairman and Trustee of Janus Detroit Street Trust (since 2016); Chairman and Trustee of Elevation ETF Trust (2016-2018); Trustee of Clough Global Equity Fund (since 2017); Trustee of Clough Global Dividend and Income Fund (since 2017); and Trustee of Clough Global Opportunities Fund (since 2017).






149
 
Trustees and Officers of the Trust (unaudited)
  
     


Name, Address (Year of Birth)
Position(s) Held with Funds
Principal Occupation(s) During the Past 5 Years
Number of Funds in Trust Overseen by Trustee
Other Directorships Held by Trustees
Interested Trustee / Officers1
        
Luis Berruga
605 Third Avenue,
43rd Floor
New York, NY 10158
(1977)
Trustee (since 07/2018); President (since 2018)
Chief Executive Officer, GXMC (since 07/2018), Chief Financial Officer (since 2/2014) and Chief Operating Officer (9/2015 - 7/2018); Investment Banker, Jefferies (2012-2014).
1022
None.
John Belanger
605 Third Avenue,
43rd Floor
New York, NY 10158
(1982)
Chief Operating Officer and Chief Financial Officer (since 12/2020)
Chief Operating Officer and Head of Portfolio Management & Portfolio Administration, GXMC (since 12/2020); Portfolio Manager (since 12/2020); Secretary of the Trust (3/2020-9/2020); Head of Product Management, GXMC (since 1/2020); Consultant to GXMC (9/2018-12/2019); Chief Operating Officer, Rex Shares, LLC (2014-2018).
N/A
N/A
Susan Lively
605 Third Avenue,
43rd Floor
New York, NY 10158
(1981)
Secretary (since 9/2020)
General Counsel, GXMC (since 9/2020); Senior Corporate Counsel at Franklin Templeton (previously, Managing Director and Associate General Counsel at Legg Mason & Co., LLC) (2014-2020).
N/A
N/A.
Eric Griffith3
One FreedomValley Drive
Oaks, PA 19456
(1969)
Assistant Secretary (since 2/2020)
Counsel, SEI Investments (since 10/2019); Vice President and Assistant General Counsel, JPMorgan Chase & Co. (2012-2018).
N/A
N/A.
Joe Costello
605 Third Avenue,
43rd Floor
New York, NY 10158
(1974)
Chief Compliance Officer (since 9/2016)
Chief Compliance Officer, FlexShares Funds (2011-2015); Vice President, Northern Trust Investments (2003 - 2015).
N/A
N/A
Ronnie Riven
605 Third Avenue,
43rd Floor
New York, NY 10158
(1984)
Treasurer and Principal Accounting Officer (since 12/2020)
Director of Finance, GXMC (since 2018); Director of Accounting and Finance at Barclays Center (2016-2018); Manager of External Reporting at National Grid (2013-2015).
N/A
N/A






150
 
Trustees and Officers of the Trust (unaudited)
  
     



Name, Address
(Year of Birth)
Position(s) Held
with Funds
Principal Occupation(s) During
the Past 5 Years
Number of Funds in Trust Overseen by Trustee
Other Directorships Held
by Trustees
Interested Trustee / Officers1
        
Eric Olsen3
One FreedomValley Drive
Oaks, PA 19456
(1970)
Assistant Treasurer (since 5/2021)
Director of Accounting, SEI Investment Manager Services (March 2021 to present); formerly Deputy Head of Fund Operations, Traditional Assets, Aberdeen Standard Investments (2013-2021).
N/A
N/A


1
Each Trustee serves until his or her successor is duly elected or appointed and qualified.
2
As of November 30, 2021, the Trust had one hundred and two investment portfolios, eighty-nine of which were operational.
3
This officer of the Trust also serves as an officer of one or more funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor.






151
 
Notice to Shareholders (unaudited)
  
     


For shareholders that do not have a November 30, 2021 tax year end, this notice is for informational purposes only. For shareholders with a November 30, 2021 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended November 30, 2021, the Funds have designated the following items with regard to distributions paid during the year.

   
Long-Term Capital Gain Distributions
    
Ordinary Income Distributions
    
Return of Capital
    
Total Distributions
    
Qualifying for Corporate Dividends Received Deduction(1)
    
Qualifying Dividend Income(2)
  
Global X Alternative Income ETF
    
0.00
%
    
57.30
%
    
42.70
%
    
100.00
%
    
59.55
%
    
55.66
%
Global X S&P 500® Quality Dividend ETF
    
0.00
%
    
100.00
%
    
0.00
%
    
100.00
%
    
86.52
%
    
93.43
%
Global X U.S. Preferred ETF
    
0.00
%
    
100.00
%
    
0.00
%
    
100.00
%
    
73.22
%
    
74.87
%
Global X Variable Rate Preferred ETF
    
0.61
%
    
87.67
%
    
11.72
%
    
100.00
%
    
91.50
%
    
94.76
%
Global X MLP ETF
    
0.00
%
    
0.00
%
    
100.00
%
    
100.00
%
    
0.00
%
    
0.00
%
Global X MLP & Energy Infrastructure ETF
    
0.00
%
    
50.04
%
    
49.96
%
    
100.00
%
    
9.34
%
    
54.08
%
Global X Conscious Companies ETF
    
0.00
%
    
100.00
%
    
0.00
%
    
100.00
%
    
100.00
%
    
100.00
%
Global X Adaptive U.S. Factor ETF
    
0.00
%
    
92.67
%
    
7.33
%
    
100.00
%
    
77.16
%
    
83.47
%
Global X Adaptive U.S. Risk Management ETF
    
0.00
%
    
100.00
%
    
0.00
%
    
100.00
%
    
100.00
%
    
100.00
%
Global X Founder-Run Companies Preferred ETF
    
0.00
%
    
100.00
%
    
0.00
%
    
100.00
%
    
58.66
%
    
58.34
%


(1)
Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions).
(2)
The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of the Funds to designate the maximum amount permitted by law.






152
 
Notice to Shareholders (unaudited)
  
     


   
U.S. Government Interest(3)
    
Interest Related Dividends(4)
    
Short Term Capital Gain Dividends(5)
    
Qualifying Business Income(6)
    
Foreign Tax Credit
  
Global X Alternative Income ETF
    
0.00
%
    
0.35
%
    
0.00
%
    
0.00
%
    
0.00
%
Global X S&P 500® Quality Dividend ETF
    
0.00
%
    
0.00
%
    
0.00
%
    
2.29
%
    
0.00
%
Global X U.S. Preferred ETF
    
0.00
%
    
1.44
%
    
0.00
%
    
0.31
%
    
0.00
%
Global X Variable Rate Preferred ETF
    
0.00
%
    
1.11
%
    
100.00
%
    
0.00
%
    
0.00
%
Global X MLP ETF
    
0.00
%
    
0.00
%
    
0.00
%
    
0.00
%
    
0.00
%
Global X MLP & Energy Infrastructure ETF
    
0.00
%
    
0.23
%
    
0.00
%
    
49.52
%
    
0.00
%
Global X Conscious Companies ETF
    
0.00
%
    
0.00
%
    
0.00
%
    
0.00
%
    
0.00
%
Global X Adaptive U.S. Factor ETF
    
0.00
%
    
0.00
%
    
0.00
%
    
11.54
%
    
0.00
%
Global X Adaptive U.S. Risk Management ETF
    
0.00
%
    
0.00
%
    
0.00
%
    
0.00
%
    
0.00
%
Global X Founder-Run Companies ETF
    
0.00
%
    
0.00
%
    
0.00
%
    
0.00
%
    
0.00
%


(3)
“U.S. Government Interest” represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.
(4)
The percentage in this column represents the amount of “Qualifying Interest Income” as created by the American Jobs Creation Act of 2004 and is a percentage of net investment income that is exempt from U.S. withholding tax when paid for foreign investors.
(5)
The percentage of this column represents the amount of “Short Term Capital Gain Dividend’’ and is reflected as a percentage of short term capital gain distribution that is exempted from U.S. withholding tax when paid to foreign investors.
(6)
The percentage of this column represents that amount of ordinary dividend income that qualified for 20% Business Income Deduction.


The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2021. Complete information will be computed and reported in conjunction with your 2021 Form 1099-DIV.





153
 
Notes
  
     














154
 
Notes
  
     














155
 
Notes
  
     















156



605 3rd Avenue, 43rd Floor
New York, NY 10158
1-888-493-8631
www.globalxetfs.com

Investment Adviser and Administrator:
Global X Management Company LLC
605 3rd Avenue, 43rd Floor
New York, NY 10158

Distributor:
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, PA 19456

Sub-Administrator:
SEI Investments Global Funds Services
One Freedom Valley Drive
Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:
Stradley Ronon Stevens & Young, LLP
2000 K Street, N.W.
Suite 700
Washington, DC 20006-1871

Custodian and Transfer Agent:
Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109

Independent Registered Public Accounting Firm:
PricewaterhouseCoopers LLP
Two Commerce Square
Suite 1800
2001 Market Street
Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus for the Funds described.


GLX-AR-006-0900