Global X MSCI Colombia ETF (ticker: GXG)
Global X MSCI China Industrials ETF (ticker: CHII)
Global X MSCI China Consumer Discretionary ETF (ticker: CHIQ)
Global X MSCI China Communication Services ETF (ticker: CHIC)
Global X MSCI China Financials ETF (ticker: CHIX)
Global X MSCI China Energy ETF (ticker: CHIE)
Global X MSCI China Materials ETF (ticker: CHIM)
Global X MSCI Norway ETF (ticker: NORW)
Global X FTSE Southeast Asia ETF (ticker: ASEA)
Global X MSCI Argentina ETF (ticker: ARGT)
Global X MSCI Greece ETF (ticker: GREK)
Global X MSCI Nigeria ETF (ticker: NGE)
Global X MSCI Next Emerging & Frontier ETF (ticker: EMFM)
Global X MSCI Portugal ETF (ticker: PGAL)
Global X DAX Germany ETF (ticker: DAX)
Global X MSCI Pakistan ETF (ticker: PAK)
Global X MSCI China Consumer Staples ETF (ticker: CHIS)
Global X MSCI China Health Care ETF (ticker: CHIH)
Global X MSCI China Information Technology ETF (ticker: CHIK)
Global X MSCI China Utilities ETF (ticker: CHIU)
Global X MSCI China Real Estate ETF (ticker: CHIR)
Global X MSCI Vietnam ETF (ticker: VNAM)

 

Annual Report

 

October 31, 2023

 

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ (defined below) shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary (such as a broker-dealer or bank). Instead, shareholder reports will be available on the Funds’ website (www.globalxetfs.com/explore), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

 

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary.

 

You may elect to receive all future Fund shareholder reports in paper free of charge. Please contact your financial intermediary to inform them that you wish to continue receiving paper copies of Fund shareholder reports and for details about whether your election to receive reports in paper will apply to all funds held with your financial intermediary.

 

 

Table of Contents

 

 

Management Discussion of Fund Performance 1
Schedules of Investments  
Global X MSCI Colombia ETF 51
Global X MSCI China Industrials ETF 55
Global X MSCI China Consumer Discretionary ETF 59
Global X MSCI China Communication Services ETF 64
Global X MSCI China Financials ETF 67
Global X MSCI China Energy ETF 71
Global X MSCI China Materials ETF 73
Global X MSCI Norway ETF 77
Global X FTSE Southeast Asia ETF 83
Global X MSCI Argentina ETF 88
Global X MSCI Greece ETF 92
Global X MSCI Nigeria ETF 95
Global X MSCI Next Emerging & Frontier ETF 97
Global X MSCI Portugal ETF 112
Global X DAX Germany ETF 116
Global X MSCI Pakistan ETF 119
Global X MSCI China Consumer Staples ETF 122
Global X MSCI China Health Care ETF 125
Global X MSCI China Information Technology ETF 128
Global X MSCI China Utilities ETF 133
Global X MSCI China Real Estate ETF 135
Global X MSCI Vietnam ETF 137
Glossary 142
Statements of Assets and Liabilities 143
Statements of Operations 149
Statements of Changes in Net Assets 155
Financial Highlights 167
Notes to Financial Statements 183
Report of Independent Registered Public Accounting Firm 214
Disclosure of Fund Expenses 216
Liquidity Risk Management Program 220
Supplemental Information 221
Trustees and Officers of the Trust  222
Notice to Shareholders 224

 

Shares are bought and sold at market price (not NAV) and are not individually redeemed from a Fund. Shares may only be redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.

 

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “SEC” or “Commission”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT is 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 MSCI Colombia ETF

 

 

Global X MSCI Colombia ETF

 

The Global X MSCI Colombia ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Colombia Select 25/50 Index (the “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 represent the performance of the broad Colombia equity universe, as defined by MSCI, Inc. (“MSCI”), the provider of the Underlying Index. The Broad Colombia Equity Universe includes securities that are classified in Colombia according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Colombia and carry out the majority of their operations in Colombia.

 

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund increased 9.09%, while the Underlying Index increased 9.43%. The Fund had a net asset value of $19.68 per share on October 31, 2022 and ended the reporting period with a net asset value of $20.03 per share on October 31, 2023.

 

During the reporting period, the highest returns came from Cementos Argos SA and Millicom INTL Cellular-SDR, which returned 82.96% and 44.41%, respectively. The worst performers were Geopark Ltd and Canacol Energy Ltd, which returned -27.11% and -26.18%, respectively.

 

The Fund generated positive returns during the reporting period as the Colombian government’s economic and security policies improved sentiment and domestic demand. The reduction of inflation following interest rate hikes by the Bank of Colombia reflected a better environment for local companies. The decision to halt new oil and gas exploration added uncertainty into Colombia’s long-term energy security and resulted in increased energy prices and respective stock valuations of upstream companies held within the Fund. Additionally, reduced mining activities created more investment opportunities in renewable energies, infrastructure, and technology sectors, followed by a significant increase of foreign direct investments in the country. By sector, the Fund had the highest exposure to Financials at 38.70%, Energy at 24.61% and Utilities at 21.02%.

                 
   AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
OCTOBER 31, 2023
  One Year Return Three Year Return Five Year Return Ten Year Return
  Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Global X MSCI Colombia ETF 9.09% 11.18% 0.59% 0.87% -5.88% -5.78% -9.91% -9.91%
Hybrid MSCI All Colombia Select 25/50 Index/MSCI All Colombia Capped Index/FTSE Colombia 20 Index** 9.43% 9.43% 1.12% 1.12% -5.54% -5.54% -9.36% -9.36%
MSCI Emerging Markets Index (Net) 10.80% 10.80% -3.67% -3.67% 1.59% 1.59% 1.19% 1.19%

 

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

 

1

 

 

Management Discussion of Fund Performance (unaudited)
Global X MSCI Colombia ETF

 

 

 

*Fund commenced operations on February 5, 2009.

**Reflects performance of the FTSE Colombia 20 Index through July 14, 2014, the MSCI All Colombia Capped Index through August 30, 2016 and the MSCI All Colombia Select 25/50 Index, thereafter. The inception of the MSCI All Colombia Select 25/50 Index (“New Index”) was on July 15, 2016. Effective on or around August 31, 2016, the Fund began to track the New Index. This change was due to the planned migration to the New Index, potentially improving the trading characteristics of the Fund.

 

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

 

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

 

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee 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.

 

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

 

See definition of comparative indices on previous page.

 

2

 

 

Management Discussion of Fund Performance (unaudited)
Global X MSCI China Industrials ETF

 

 

Global X MSCI China Industrials ETF

 

The Global X MSCI China Industrials ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Industrials 10/50 Index (the “Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

 

The Underlying Index tracks the performance of companies in the MSCI China Index (the “Parent Index”) that are classified in the Industrials sector, as defined by MSCI, Inc. (“MSCI”) the provider of the Underlying Index. The Parent Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of securities that are classified as operating in China according to the MSCI Global Investable Markets Index Methodology, and that satisfy minimum market capitalization and liquidity thresholds. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.

 

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund decreased 0.37%, while the Underlying Index increased 0.30%. The Fund had a net asset value of $10.93 per share on October 31, 2022 and ended the reporting period with a net asset value of $10.48 per share on October 31, 2023.

 

During the reporting period, the highest returns came from Sany Heavy Equipment International Holdings Co., Ltd. and Weichai Power Co., Ltd. Class H, which returned 63.24% and 62.16%, respectively. The worst performers were Ginlong Technologies Co., Ltd. Class A and Pylon Technologies Co., Ltd. Class A, which returned -64.09% and -62.78%, respectively.

 

The Fund had modestly negative returns during the reporting period due to weak manufacturing activity, lower global demand, and normalizing shipping rates. Chinese manufacturing activity declined alongside Chinese exports as factories struggled to find buyers for goods abroad during the reporting period. At the same time, a lack of cash among property developers led to less construction of homes and buildings during the reporting period, which in turn reduced demand for industrial goods associated with real estate. As China dealt with economic headwinds at home, the Chinese Government slowed its investments into the Belt and Road Initiative, which decreased the number of international opportunities for industrial firms. Furthermore, shipping holdings within the Fund were adversely impacted by a fall in container freight prices that continued for a majority of the reporting period.

 

3

 

 

Management Discussion of Fund Performance (unaudited)
Global X MSCI China Industrials ETF

 

 

                 
   AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
OCTOBER 31, 2023
  One Year Return Three Year Return Five Year Return Ten Year Return
  Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Global X MSCI China Industrials ETF -0.37% -0.84% -5.91% -5.59% -2.86% -2.06% 0.56% 0.62%
Hybrid Solactive China Industrials Total Return Index/MSCI China Industrials 10/50 Index** 0.30% 0.30% -5.22% -5.22% -1.95% -1.95% 1.08% 1.08%
MSCI Emerging Markets Index (Net) 10.80% 10.80% -3.67% -3.67% 1.59% 1.59% 1.19% 1.19%

 

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

 

 

*Fund commenced operations on November 30, 2009.

** Reflects performance of Solactive China Industrials Total Return Index through December 5, 2018 and MSCI China Industrials 10/50 Index thereafter.

 

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

 

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

 

4

 

 

Management Discussion of Fund Performance (unaudited)
Global X MSCI China Industrials 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.

 

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

 

See definition of comparative indices on previous page.

 

5

 

 

Management Discussion of Fund Performance (unaudited)
Global X MSCI China Consumer Discretionary ETF

 

 

Global X MSCI China Consumer Discretionary ETF

 

The Global X MSCI China Consumer Discretionary ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Consumer Discretionary 10/50 Index (the “Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

 

The Underlying Index tracks the performance of companies in the MSCI China Index (the “Parent Index”) that are classified in the Consumer Discretionary sector, as defined by MSCI, Inc. (“MSCI”) the provider of the Underlying Index. The Parent Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of securities that are classified as operating in China according to the MSCI Global Investable Markets Index Methodology, and that satisfy minimum market capitalization and liquidity thresholds. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.

 

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund increased 22.10%, while the Underlying Index increased 22.87%. The Fund had a net asset value of $14.55 per share on October 31, 2022 and ended the reporting period with a net asset value of $17.72 per share on October 31, 2023.

 

During the reporting period, the highest returns came from Seres Group Co. Ltd. Class A and New Oriental Education & Technology Group, Inc., which returned 206.87% and 167.25%, respectively. The worst performers were China MeiDong Auto Holdings Ltd. and China Tourism Group Duty Free Corporation Limited Class H, which returned -58.61% and -54.74%, respectively.

 

The Fund generated positive returns over the reporting period, driven by a reopening of the economy from China’s COVID-19 lockdown policies, an increase in automobile exports, and new business models for education companies. After COVID-19 pandemic restrictions were lifted at the beginning of the reporting period, a significant portion of Chinese consumers resumed international tourism and supported travel holdings in the Fund. The return of Chinese consumers to domestic tourist locations lifted revenues for restaurant and leisure names in the Fund. Furthermore, the rise of Chinese automobile exports and increased competitiveness of Chinese electric vehicle makers increased investor sentiment toward Fund holdings during the reporting period.

                 
   AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
OCTOBER 31, 2023
  One Year Return Three Year Return Five Year Return Ten Year Return
  Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Global X MSCI China Consumer Discretionary ETF 22.10% 21.85% -15.42% -15.57% 6.41% 6.34% 2.55% 2.59%
Hybrid Solactive China Consumer Total Return Index/MSCI China Consumer Discretionary 10/50 Index** 22.87% 22.87% -15.06% -15.06% 6.96% 6.96% 3.18% 3.18%
MSCI Emerging Markets Index (Net) 10.80% 10.80% -3.67% -3.67% 1.59% 1.59% 1.19% 1.19%

 

6

 

 

Management Discussion of Fund Performance (unaudited)
Global X MSCI China Consumer Discretionary ETF

 

 

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

 

 

*Fund commenced operations on November 30, 2009.

** Reflects performance of Solactive China Total Return Index through December 5, 2018 and MSCI China Consumer Discretionary 10/50 Index thereafter.

 

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

 

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short term performance of the fund is unusual and investors should not expect such performance to be repeated. 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.

 

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

 

7

 

 

Management Discussion of Fund Performance (unaudited)
Global X MSCI China Consumer Discretionary ETF

 

 

See definition of comparative indices on previous page.

 

8

 

 

Management Discussion of Fund Performance (unaudited)
Global X MSCI China Communication Services ETF

 

 

Global X MSCI China Communication Services ETF

 

The Global X MSCI China Communication Services ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Communication Services 10/50 Index (the “Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

 

The Underlying Index tracks the performance of companies in the MSCI China Index (the “Parent Index”) that are classified in the Communication Services sector, as defined by MSCI, Inc. (“MSCI”) the provider of the Underlying Index. The Parent Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of securities that are classified as operating in China according to the MSCI Global Investable Markets Index Methodology, and that satisfy minimum market capitalization and liquidity thresholds. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.

 

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund increased 39.55%, while the Underlying Index increased 40.66%. The Fund had a net asset value of $9.65 per share on October 31, 2022 and ended the reporting period with a net asset value of $13.34 per share on October 31, 2023.

 

During the reporting period, the highest returns came from iQIYI, Inc. Sponsored ADR Class A and Netease Inc, which returned 130.69% and 101.20%, respectively. The worst performers were Kunlun Tech Co., Ltd. Class A and Giant Network Group Co. Ltd. Class A, which returned -40.85% and -40.03%, respectively.

 

The Fund generated positive returns over the reporting period, driven by an expansion in telecommunications infrastructure and increased service offerings in China. The growth of digital economic activities was attributable to the widened coverage of fiber optics, driving internet service adoption in China. Consumer shifts towards emerging technologies, coupled with higher wages supported optimism towards the Communication Services sector. Furthermore, the growing adoption of advanced information technology services like mobile payments, social media, and online gaming improved Communication Services sector sentiment amongst investors. Lastly, the Chinese government’s decision to provide monetary easing helped stabilize broader economic activity and positively impact constituents within the Fund over the course of the reporting period.

 

9

 

 

Management Discussion of Fund Performance (unaudited)
Global X MSCI China Communication Services ETF

 

 

                 
   AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
OCTOBER 31, 2023
  One Year Return Three Year Return Five Year Return Ten Year Return
  Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Global X MSCI China Communication Services ETF 39.55% 39.68% -19.18% -19.24% -9.04% -9.16% -3.10% -3.13%
Hybrid Solactive China Technology Index/NASDAX OMX China Technology Index/MSCI China Communication Services 10/50 Index ** 40.66% 40.66% -18.80% -18.80% -8.48% -8.48% -2.35% -2.35%
MSCI Emerging Markets Index (Net) 10.80% 10.80% -3.67% -3.67% 1.59% 1.59% 1.19% 1.19%

 

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

 

 

*Fund commenced operations on December 8, 2009.

** Reflects performance of Solactive China Technology Index through December 13, 2011, NASDAQ OMX China Technology Index through December 5, 2018 and the MSCI China Communication Services 10/50 Index thereafter.

 

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

 

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all

 

10

 

 

Management Discussion of Fund Performance (unaudited)
Global X MSCI China Communication Services ETF

 

 

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.

 

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

 

See definition of comparative indices above.

 

11

 

 

Management Discussion of Fund Performance (unaudited)
Global X MSCI China Financials ETF

 

 

Global X MSCI China Financials ETF

 

The Global X MSCI China Financials ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Financials 10/50 Index (the “Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

 

The Underlying Index tracks the performance of companies in the MSCI China Index (the “Parent Index”) that are classified in the financials sector, as defined by MSCI, Inc. (“MSCI”) the provider of the Underlying Index. The Parent Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of securities that are classified as operating in China according to the MSCI Global Investable Markets Index Methodology, and that satisfy minimum market capitalization and liquidity thresholds. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.

 

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund increased 22.51%, while the Underlying Index increased 23.54%. The Fund had a net asset value of $9.78 per share on October 31, 2022 and ended the reporting period with a net asset value of $11.29 per share on October 31, 2023.

 

During the reporting period, the highest returns came from China Pacific Insurance (Group) Co., Ltd. Class H and Hithink Royal Flush Information Network Co., Ltd. Class A, which returned 61.38% and 53.02%, respectively. The worst performers were Lufax Holding Ltd Sponsored ADR Class A and Bank of Nanjing Co., Ltd. Class A, which returned -36.66% and -19.16%, respectively.

 

The Fund generated positive returns over the reporting period as low valuations and new Chinese government initiatives increased investor sentiment towards Chinese banks. As financials sector troubles unfolded in the U.S. and Europe, investors believed Chinese banks were more secure due to Chinese government support and perceptions of stable asset quality. Investor preference for Chinese banks over foreign counterparts served as a tailwind for the Fund’s performance. Chinese bank stocks were further supported by positive investor sentiment towards government-led efforts to boost state-owned enterprise valuations. Towards the end of the reporting period, the purchase of major Chinese bank stocks by China’s sovereign wealth fund provided a short-term boost to Chinese financials performance.

 

                 
  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
OCTOBER 31, 2023
  One Year Return Three Year Return Five Year Return Ten Year Return
  Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Global X MSCI China Financials ETF 22.51% 22.97% -3.62% -3.91% -1.98% -1.95% 1.52% 1.58%
Hybrid Solactive China Financials Total Return Index/MSCI China Financials 10/50 Index** 23.54% 23.54% -3.08% -3.08% -1.32% -1.32% 2.25% 2.25%
MSCI Emerging Markets Index (Net) 10.80% 10.80% -3.67% -3.67% 1.59% 1.59% 1.19% 1.19%

 

12

 

 

Management Discussion of Fund Performance (unaudited)
Global X MSCI China Financials ETF

 

 

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

 

 

*Fund commenced operations on December 10, 2009.

** Reflects performance of Solactive China Financials Total Return Index through December 5, 2018 and MSCI China Financials 10/50 Index thereafter.

 

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

 

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

 

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee 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.

 

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

 

See definition of comparative indices above.

 

13

 

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Energy ETF

 

 

Global X MSCI China Energy ETF

 

The Global X MSCI China Energy ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Energy IMI Plus 10/50 Index (the “Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

 

The Underlying Index tracks the performance of companies in the MSCI China Investable Market Index (the “Parent Index”) that are classified in the Energy sector, as defined by MSCI, Inc. (“MSCI”) the provider of the Underlying Index. The Parent Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of securities that are classified as operating in China according to the MSCI Global Investable Markets Index Methodology, and that satisfy minimum market capitalization and liquidity thresholds. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each issuer in the Underlying Index is capped at 10% and the cumulative weight of all issuers with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.

 

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund increased 19.22%, while the Underlying Index increased 20.14%. The Fund had a net asset value of $13.64 per share on October 31, 2022 and ended the reporting period with a net asset value of $15.28 per share on October 31, 2023.

 

During the reporting period, the highest returns came from PetroChina Company Limited Class H and CGN Mining Co. Ltd., which returned 85.62% and 75.91%, respectively. The worst performers were Productive Technologies Company Limited and Shan Xi Hua Yang Group New Energy Co., Ltd. Class A, which returned -34.37% and -23.42%, respectively.

 

The Fund generated positive returns over the reporting period as elevated oil prices and a renewed focus on energy security drove energy equities higher. During the reporting period, the Chinese government approved the construction of new coal power plants, prioritizing energy security over cutting fossil fuel consumption. The approval of new coal power plants was driven in part by the impact of extreme weather and droughts on hydropower plants, contributing to a surge in demand for coal. This benefitted Fund holdings exposed to the coal industry during the reporting period. Furthermore, the need for affordable and accessible energy sources created an impetus for greater domestic investment in the energy sector.

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
OCTOBER 31, 2023
  One Year Return Three Year Return Five Year Return Ten Year Return
  Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Global X MSCI China Energy ETF 19.22% 19.08% 30.05% 29.52% 9.77% 9.80% 3.58% 3.66%
Hybrid Solactive China Energy Total Return Index/ MSCI China Energy IMI Plus 10/50 Index** 20.14% 20.14% 31.37% 31.37% 10.89% 10.89% 4.50% 4.50%
MSCI Emerging Markets Index (Net) 10.80% 10.80% -3.67% -3.67% 1.59% 1.59% 1.19% 1.19%

 

14

 

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Energy ETF

 

 

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

 

 

*Fund commenced operations on December 15, 2009.

** Reflects performance of Solactive China Energy Total Return Index through December 5, 2018 and MSCI China Energy IMI Plus 10/50 Index thereafter.

 

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

 

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

 

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee 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.

 

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

 

See definition of comparative indices above.

 

15

 

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Materials ETF

 

 

Global X MSCI China Materials ETF

 

The Global X MSCI China Materials ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Materials 10/50 Index (the “Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

 

The Underlying Index tracks the performance of companies in the MSCI China Index (the “Parent Index”) that are classified in the materials sector, as defined by MSCI, Inc. (“MSCI”) the provider of the Underlying Index. The Parent Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of securities that are classified as operating in China according to the MSCI Global Investable Markets Index Methodology, and that satisfy minimum market capitalization and liquidity thresholds. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Index by weight.

 

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund increased 5.05%, while the Underlying Index increased 5.70%. The Fund had a net asset value of $14.60 per share on October 31, 2022 and ended the reporting period with a net asset value of $14.98 per share on October 31, 2023.

 

During the reporting period, the highest returns came from Aluminum Corp of China Ltd-H and CMOC Group Ltd-H, which returned 89.87% and 89.05%, respectively. The worst performers were Yunnan Energy New Material-A and YOUNGY Co., Ltd. Class A, which returned -54.61% and -52.12%, respectively.

 

The Fund recorded positive returns during the reporting period as developments in the Chinese economy improved manufacturing activity, boosting investor sentiment in the China materials sector. An increase in China’s demand for materials produced and distributed by constituents within the Fund positively impacted performance after the country’s relaxation of COVID-19 lockdown restrictions during the reporting period. Rising household incomes along with population migration to urban areas fueled development in the residential construction sector and increased demand for materials from producers. Consumption-driven growth led to increased demand for specialty chemicals resulting in additional expenditure towards chemical research and development initiatives.

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
OCTOBER 31, 2023
  One Year Return Three Year Return Five Year Return Ten Year Return
  Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Global X MSCI China Materials ETF 5.05% 5.05% -4.23% -4.39% 2.02% 2.20% 2.67% 2.70%
Hybrid Solactive China Materials Total Return Index/ MSCI China Materials 10/50 Index** 5.70% 5.70% -3.55% -3.55% 2.82% 2.82% 3.01% 3.01%
MSCI Emerging Markets Index (Net) 10.80% 10.80% -3.67% -3.67% 1.59% 1.59% 1.19% 1.19%

 

16

 

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Materials ETF

 

 

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

 

 

*Fund commenced operations on January 12, 2010.

** Reflects performance of Solactive China Materials Total Return Index through December 5, 2018 and MSCI China Materials 10/50 Index thereafter.

 

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

 

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

 

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee 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.

 

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

 

See definition of comparative indices above.

 

17

 

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI Norway ETF

 

 

Global X MSCI Norway ETF

 

The Global X MSCI Norway ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Norway IMI 25/50 Index (the “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 reflect broad based equity market performance in Norway as defined by MSCI, Inc. (“MSCI”), the provider of the Underlying Index. The broad Norway equity universe includes securities that are classified in Norway according to the MSCI Global Investable Market Index Methodology, which is a methodology that seeks to identify the investable universe of companies globally in order to facilitate the construction of replicable indexes such as the Underlying Index.

 

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund increased 0.87%, while the Underlying Index increased 1.30%. The Fund had a net asset value of $24.43 per share on October 31, 2022 and ended the reporting period with a net asset value of $23.34 per share on October 31, 2023.

 

During the reporting period, the highest returns came from Frontline Plc and BW LPG Ltd., which returned 125.69% and 124.64%, respectively. The worst performers were Aker Horizons ASA and Bewi AS, which returned -75.69% and -59.16%, respectively.

 

The Fund recorded modestly positive returns during the reporting period as the Norwegian economy showed resilience to rising interest rates and volatility in global capital markets. The unemployment rate in the country also decreased during the reporting period and increased sentiment towards Norwegian equities. Norwegian policymakers introduced a household income-protection program which provided higher wage subsidies for temporary layoffs, higher unemployment benefits, and expanded health care segment, all of which supported the economy. During the reporting period, the financial sector played an important role, showing positive results aided by a robust economy and high interest rates. In contrast, lower international gas prices during the reporting period negatively impacted holdings within the energy sector that have a high dependence on revenues from this business segment. In addition, corporate results of some renewable energy sector companies suffered and detracted from the Fund’s performance. During the reporting period, the highest average sector exposures for the Fund were Energy (32.12%), Financials (19.03%) and Consumer Staples (12.99%).

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
OCTOBER 31, 2023
  One Year Return Three Year Return Five Year Return Ten Year Return
  Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Global X MSCI Norway ETF† 0.87% 1.26% 9.10% 9.13% -0.39% -0.13% -0.18% -0.15%
Hybrid MSCI Norway IMI 25/50 Index/FTSE Norway 30 Index** 1.30% 1.30% 9.46% 9.46% -0.10% -0.10% 0.12% 0.12%
MSCI EAFE Index (Net) 14.40% 14.40% 5.73% 5.73% 4.10% 4.10% 3.05% 3.05%

 

18

 

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI Norway ETF

 

 

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

 

 

*Fund commenced operations on November 9, 2010.

**Reflects performance of the FTSE Norway 30 Index through July 14, 2014 and the MSCI Norway IMI 25/50 Index thereafter.

† Performance for periods prior to November 1, 2021 reflects the historical performance of the Global X MSCI Norway ETF, the predecessor fund. On October 29, 2021, the Global X MSCI Norway ETF (the “Acquired Fund”) was reorganized into the Global X FTSE Nordic Region ETF (the “Acquiring Fund”), each a separate series of the Trust (together, the “Combined Fund”) and the Combined Fund was renamed the Global X MSCI Norway ETF. As a result of the Reorganization as of the close of business on October 29, 2021, the Combined Fund assumed the performance and accounting history of the Acquired Fund. Accordingly, performance figures for the Combined Fund for periods prior to the date of the Reorganization represent the performance of the Acquired Fund (See Note 1 in Notes to Financial Statements).

 

The MSCI EAFE Index (Net) (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.

 

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

 

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

 

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

 

19

 

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI Norway ETF

 

 

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

 

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

 

See definition of comparative indices on previous page.

 

20

 

 

Management Discussion of Fund Performance (unaudited)

Global X FTSE Southeast Asia ETF

 

 

Global X FTSE Southeast Asia ETF

 

The Global X FTSE Southeast Asia ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE/ASEAN 40 Index (the “Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

 

The Underlying Index tracks the performance of the 40 largest companies in the five Association of Southeast Asian Nations regions: Indonesia, Philippines, Singapore, Malaysia and Thailand as defined by FTSE International Limited (“FTSE”), the provider of the Underlying Index (“Index Provider”). In order to be eligible for inclusion in the Underlying Index, a company must be a member of the FTSE All World Country Index for Singapore, Malaysia, Thailand, Indonesia or the Philippines.

 

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund increased 3.37%, while the Underlying Index increased 4.10%. The Fund had a net asset value of $14.02 per share on October 31, 2022 and ended the reporting period with a net asset value of $14.07 per share on October 31, 2023.

 

During the reporting period, the highest returns came from Delta Electronics (Thailand) Public Co. Ltd. NVDR and Singapore Airlines Ltd., which returned 44.86% and 26.90%, respectively. The worst performers were Energy Absolute Public Co. Ltd. and CP Axtra Public Company Limited NVDR, which returned -43.64% and -25.25%, respectively.

 

The Fund recorded positive returns during the reporting period, driven by an increase in exports and industrial activity, which, in turn, boosted private consumption and investor confidence. Financial conditions in many regions the Fund was exposed to remained relatively accommodative and real policy rates increased in line with market expectations. Rising interest rates boosted financials companies in the Fund by increasing their net interest margins through higher lending rates. Rising interest rates stimulated demand for financial services as investors and savers sought financial advice. Utilities exposures within the Fund detracted a level of performance amidst rising interest costs on company balance sheets as a result of central bank monetary tightening. During the reporting period, the Fund had an average approximate stock exposure of 36.56% in Singapore, 23.91% in Indonesia and 22.08% in Thailand.

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
OCTOBER 31, 2023
  One Year Return Three Year Return Five Year Return Ten Year Return
  Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Global X FTSE Southeast Asia ETF 3.37% 1.99% 9.73% 9.51% 1.59% 1.58% 1.11% 1.10%
FTSE/ASEAN 40 Index 4.10% 4.10% 10.53% 10.53% 2.31% 2.31% 1.79% 1.79%
MSCI Emerging Markets Index (Net) 10.80% 10.80% -3.67% -3.67% 1.59% 1.59% 1.19% 1.19%

 

21

 

 

Management Discussion of Fund Performance (unaudited)

Global X FTSE Southeast Asia ETF

 

 

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

 

 

*Fund commenced operations on February 16, 2011.

 

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

 

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

 

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee 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.

 

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

 

See definition of comparative indices above.

 

22

 

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI Argentina ETF

 

 

Global X MSCI Argentina ETF

 

The Global X MSCI Argentina ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Argentina 25/50 Index (the “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 represent the performance of the broad Argentina equity universe, while including a minimum number of constituents, as defined by MSCI, Inc., the provider of the Underlying Index (“Index Provider”). The broad Argentina equity universe includes securities that are classified in Argentina according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Argentina and carry out the majority of their operations in Argentina. The Underlying Index targets a minimum of 25 securities and 20 issuers at construction.

 

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund increased 25.68%, while the Underlying Index increased 26.17%. The Fund had a net asset value of $31.13 per share on October 31, 2022 and ended the reporting period with a net asset value of $38.37 per share on October 31, 2023.

 

During the reporting period, the highest returns came from Grupo Financiero Galicia SA Sponsored-ADR Class-B and Cresud S.A.-Spons ADR, which returned 56.45% and 49.59%, respectively. The worst performers were Lithium Americas Corp and Lithium Americas (Argentina.) Corp, which returned -42.30% and -35.88%, respectively.

 

The Fund generated positive returns over the reporting period as Argentina’s retail industry remained resilient amid high inflation levels. Internet services companies experienced growth due to the underlying growth of the e-commerce industry, as consumers preferred digital platforms to make online purchases. Some internet services companies achieved positive revenues due to their strong presence in other jurisdictions like Brazil and Mexico. Higher oil prices and record shale gas production by refiners drove foreign investors’ confidence in Argentina. By sector, the Fund had the highest exposure to Consumer Discretionary at 29.23%, Consumer Staples at 17.37% and Financials at 14.06% during the reporting period.

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
OCTOBER 31, 2023
  One Year Return Three Year Return Five Year Return Ten Year Return
  Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Global X MSCI Argentina ETF 25.68% 26.03% 19.36% 19.62% 10.18% 10.28% 7.64% 7.62%
Hybrid FTSE Argentina 20 Index/MSCI All Argentina 25/50 Index** 26.17% 26.17% 19.84% 19.84% 10.63% 10.63% 8.11% 8.11%
MSCI Emerging Markets Index (Net) 10.80% 10.80% -3.67% -3.67% 1.59% 1.59% 1.19% 1.19%

 

23

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI Argentina ETF

 

 

Growth of a $10,000 Investment

(At Net Asset Value)

 

 

*Fund commenced operations on March 2, 2011.

**Reflects performance of the FTSE Argentina 20 Index through August 14, 2014 and the MSCI All Argentina 25/50 Index (“New Index”) thereafter.

 

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

 

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

 

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee 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.

 

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

 

See definition of comparative indices above.

 

24

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI Greece ETF

 

 

Global X MSCI Greece ETF

 

The Global X MSCI Greece ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Greece Select 25/50 Index (the “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 represent the performance of the broad Greece equity universe, as defined by MSCI, Inc. (“MSCI”), the provider of the Underlying Index. The broad Greece equity universe includes securities that are classified in Greece according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Greece and carry out the majority of their operations in Greece. The Underlying Index also applies minimum liquidity thresholds as criteria for company inclusion.

 

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund increased 44.57%, while the Underlying Index increased 45.67%. The Fund had a net asset value of $24.14 per share on October 31, 2022 and ended the reporting period with a net asset value of $33.81 per share on October 31, 2023.

 

During the reporting period, the highest returns came from Piraeus Financial Holdings and Mytilinoes S.A., which returned 139.09% and 128.99%, respectively. The worst performers were Folli Follie Commercial Manufacturing and Technical S.A. Unsponsored ADR and Galaxy Cosmos Mezz Plc, which returned -98.36% and -33.00%, respectively.

 

The Fund performed positively during the reporting period as government support measures, economic reforms, fiscal consolidation, and an enhanced global presence improved investor sentiment in Greek domiciled equities. Furthermore, individuals from other countries interested in acquiring residency in Greece through the golden visa program contributed to the increase of foreign investments in the country’s real estate sector. Investments in this segment saw a significant increase, resulting in higher valuations of respective companies in the Fund’s portfolio. Lastly, the re-election of the incumbent Prime Minister reduced the risk of potential political instability in the country and improved investor confidence and stock valuations. During the reporting period, the Fund had an average approximate sector stock exposure of 31.81% to Financials, 15.88% to Consumer Discretionary and 14.81% to Industrials.

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
OCTOBER 31, 2023
  One Year Return Three Year Return Five Year Return Ten Year Return
  Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Global X MSCI Greece ETF 44.57% 44.68% 27.31% 26.63% 10.81% 10.66% -4.87% -4.98%
Hybrid MSCI All Greece Select 25/50 Index/ FTSE/ATHEX Custom Capped Index** 45.67% 45.67% 28.06% 28.06% 11.47% 11.47% -4.22% -4.22%
MSCI Emerging Markets Index (Net) 10.80% 10.80% -3.67% -3.67% 1.59% 1.59% 1.19% 1.19%

 

25

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI Greece ETF

 

 

Growth of a $10,000 Investment

(At Net Asset Value)

 

 

*Fund commenced operations on December 7, 2011.

** Reflects performance of the FTSE/ATHEX Custom Capped Index through February 29, 2016 and MSCI All Greece Select 25/50 Index, thereafter. The inception of the MSCI All Greece Select 25/50 Index (“New Index”) was on December 23, 2015. Effective on or around March 1, 2016, the Fund began to track the New Index. The change was due to the planned migration to the New Index, potentially allowing for broader exposure to the local market.

 

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

 

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

 

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee 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.

 

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

 

26

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI Greece ETF

 

 

See definition of comparative indices on previous page.

 

27

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI Nigeria ETF

 

 

Global X MSCI Nigeria ETF

 

The Global X MSCI Nigeria ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Nigeria Select 25/50 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 represent the performance of the broad Nigeria equity universe, while including a minimum number of constituents, as defined by MSCI, Inc., the provider of the Underlying Index (“Index Provider”). The broad Nigeria equity universe includes securities that are classified in Nigeria according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Nigeria and carry out the majority of their operations in Nigeria. The Index Provider determines the relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.

 

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund decreased 21.01% and the Underlying Index decreased 4.38%. The Fund had a net asset value of $12.91 per share on October 31, 2022 and ended the reporting period with a net asset value of $8.98 per share on October 31, 2023.

 

During the reporting period, the highest returns came from Transnational Corporation of Nigeria and Access Holdings Plc, which returned 105.5% and 53.04%, respectively. The worst performers were the Nigerian Naira and Flour Mills Nigeria PLC, which returned -51.31% and -47.36%, respectively.

 

The Fund recorded negative returns during the reporting period as Nigerian economic growth was adversely impacted by a fall in oil production amid a series of reforms by the new Nigerian government. Government initiatives, including the revocation of petrol subsidies and the lifting of express foreign exchange trading restrictions to account for the relative remaining difficulties involved with repatriation, contributed to an increased rate of inflation in Nigeria. Additionally, the destruction of farms as a result of significant flooding in Nigeria fueled rising costs and decreased investor sentiment towards the Fund’s portfolio over the course of the reporting period. Elevated diesel prices contributed to the increased costs of electricity generation and industrial production. Furthermore, a weaker Nigerian currency made imports more expensive.

 

On June 22, 2023, the Board of Trustees of Global X Funds voted to approve the liquidation of the Fund, which included the expectation that Fund shares will cease trading at the end of the trading day on March 25, 2024. Since the approval of the Fund’s liquidation, the Fund has departed from its investment objective and has deviated from tracking the Underlying Index as result of its planned liquidation. In order to facilitate the liquidation, the Fund has increased its cash holdings in Nigerian naira in order to facilitate the conversion of naira into U.S. dollars, and has held cross-listed securities that can be sold outside of Nigeria for non-U.S. currencies that are more easily converted into U.S. dollars than naira, which are not consistent with the Fund’s current investment objective and principal investment strategies. The liquidation process has detracted from the Fund’s performance.

 

28

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI Nigeria ETF

 

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED.
OCTOBER 31, 2023
  One Year Return Three Year Return Five Year Return Ten Year Return
  Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Global X MSCI Nigeria ETF -21.01% -22.30% -7.50% -2.81% -6.88% -8.67% -13.29% -14.17%
Hybrid MSCI All Nigeria Select 25/50 Index/Solactive Nigeria Index** -4.38% -4.38% -0.19% -0.19% -1.48% -1.48% -9.74% -9.74%
MSCI Emerging Markets Index (Net) 10.80% 10.80% -3.67% -3.67% 1.59% 1.59% 1.19% 1.19%

 

Growth of a $10,000 Investment

(At Net Asset Value)

 

 

*Fund commenced operations on April 2, 2013.

**Reflects performance of the Solactive Nigeria Index through August 14, 2014 and the MSCI All Nigeria Select 25/50 Index thereafter.

 

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

 

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all

 

29

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI Nigeria ETF

 

 

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.

 

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

 

See definition of comparative indices on previous page.

 

30

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI Next Emerging & Frontier ETF

 

 

Global X MSCI Next Emerging & Frontier ETF

 

The Global X MSCI Next Emerging & Frontier ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Select Emerging and Frontier Markets Access Index (the “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 reflect equity performance of select emerging markets and frontier markets companies while maintaining diversification across individual countries, sectors and issuers. The Underlying Index is constructed from the MSCI EFM ex BRICKT (Brazil, Russia, India, China, South Korea & Taiwan) Index (the “Parent Index”). Securities from the Parent Index are classified into emerging markets countries and frontier markets countries based on the market classification approach of MSCI Inc., the Index Provider.

 

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 2.22%, while the Underlying Index decreased 1.68%. The Fund had a net asset value of $18.07 per share on October 31, 2022 and ended the reporting period with a net asset value of $17.21 per share on October 31, 2023.

 

During the reporting period, the highest returns came from Bank Muscat and Elm Company, which returned 172.08% and 114.55%, respectively. The worst performers were No Va Land Investment Group Corp. and PT GoTo Gojek Tokopedia Tbk, which returned -81.36% and -61.48%, respectively.

 

The Fund performed negatively during the reporting period as emerging and frontier market economies were affected by global economic conditions such as tightening monetary policies and persistent inflationary pressures. Decelerating growth in trade on account of weaker global demand reduced exports from the emerging markets during the reporting period. Additionally, growth was hampered by interest rate hikes in the U.S. and narrowing interest rate differentials, which led to weak capital flows in emerging and frontier markets during the reporting period. Energy was the top performing sector as oil prices remained elevated during the reporting period, driven by instability in the Middle East and voluntary production cuts from Russia and Saudi Arabia. Kazakhstan-domiciled equities were positively impacted, benefitting from rising uranium prices.

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
OCTOBER 31, 2023
  One Year Return Three Year Return Five Year Return Annualized
Inception to Date*
  Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Global X MSCI Next Emerging & Frontier ETF -2.22% -2.87% 4.10% 4.05% -0.20% -0.11% -1.37% -1.38%
Hybrid Solactive Next Emerging & Frontier Index/MSCI Select Emerging and Frontier Markets Access Index** -1.68% -1.68% 4.83% 4.83% 0.55% 0.55% -0.67% -0.67%
MSCI Emerging Markets Index (Net) 10.80% 10.80% -3.67% -3.67% 1.59% 1.59% 1.37% 1.37%

 

31

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI Next Emerging & Frontier ETF

 

 

Growth of a $10,000 Investment

(At Net Asset Value)

 

 

*Fund commenced operations on November 6, 2013.

** Reflects performance of the Solactive Next Emerging & Frontier Index through January 15, 2019 and the MSCI Select Emerging and Frontier Markets Access Index thereafter.

 

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

 

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

 

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee 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.

 

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

 

See definition of comparative indices above.

 

32

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI Portugal ETF

 

 

Global X MSCI Portugal ETF

 

The Global X MSCI Portugal ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Portugal Plus 25/50 Index (the “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 represent the performance of the broad Portugal equity universe, while including a minimum number of constituents, as defined by MSCI, Inc. (“MSCI”), the provider of the Underlying Index. The Broad Portugal Equity Universe includes securities that are classified in Portugal according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Portugal and carry out the majority of their operations in Portugal.

 

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund increased 8.61%, while the Underlying Index increased 8.89%. The Fund had a net asset value of $9.35 per share on October 31, 2022 and ended the reporting period with a net asset value of $9.74 per share on October 31, 2023.

 

During the reporting period, the highest returns came from Mota-Engil SGPS SA and Banco Comercial Portugues S.A., which returned 184.42% and 114.48%, respectively. The worst performers were Fusion Fuel Green Plc Class-A and PHarol SGPS SA, which returned -81.68% and -27.92%, respectively.

 

The Fund recorded positive returns over the reporting period as increased inflows from Europe, government measures to support income, and the Fund’s defensive sector tilt weighed positively. In order to tackle soaring inflation and help low-income families, the Portuguese government removed its value added tax on essential food products and raised subsidies on electricity, gas, and fuel prices. Furthermore, international visitor spending acted as a tailwind to the Fund’s consumer staples and consumer discretionary sector holdings. The Fund’s larger allocations towards defensive sectors worked favorably amid a backdrop of food inflation and continued geopolitical uncertainty stemming from the war in Ukraine. During the reporting period, the Fund had the highest exposure to Utilities at 43.73%, Consumer Staples at 16.12% and Materials at 14.68%.

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
OCTOBER 31, 2023
  One Year Return Three Year Return Five Year Return Annualized
Inception to Date*
  Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Global X MSCI Portugal ETF 8.61% 8.52% 8.42% 8.49% 1.33% 1.48% -0.87% -0.90%
Hybrid FTSE Portugal 20 Index/MSCI All Portugal Plus 25/50 Index** 8.89% 8.89% 8.69% 8.69% 1.48% 1.48% -0.73% -0.73%
MSCI EAFE Index (Net) 14.40% 14.40% 5.73% 5.73% 4.10% 4.10% 3.18% 3.18%

 

33

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI Portugal ETF

 

 

Growth of a $10,000 Investment

(At Net Asset Value)

 

 

*Fund commenced operations on November 12, 2013.

** Hybrid index performance reflects the performance of the FTSE Portugal 20 Index through December 5, 2016, and the MSCI All Portugal Plus 25/50 Index thereafter.

 

The MSCI EAFE Index (Net) (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.

 

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

 

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee 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.

 

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

 

See definition of comparative indices above.

 

34

 

Management Discussion of Fund Performance (unaudited)

Global X DAX Germany ETF

 

 

Global X DAX Germany ETF

 

The Global X DAX Germany ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the DAX® Index (the “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 segment of the largest and most actively traded companies – known as blue chips – on the German equities market. It contains the shares of the 40 largest and most liquid companies admitted to the Frankfurt Stock Exchange in the Prime Standard segment. The Underlying Index represents about 80% of the free-float market capitalization authorized in Germany.

 

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund increased 18.65%, while the Underlying Index increased 18.43%. The Fund had a net asset value of $22.74 per share on October 31, 2022 and ended the reporting period with a net asset value of $26.28 per share on October 31, 2023.

 

During the reporting period, the highest returns came from Adidas AG and Heidelberg Materials AG, which returned 81.42% and 63.02%, respectively. The worst performers were Sartorius AG-Vorzug and Siemens Energy AG, which returned -29.01% and -24.24%, respectively.

 

The Fund recorded positive performance during the reporting period as easing global supply chain issues and pending order backlogs improved exports from Germany. Additional gross fixed capital investment by companies, coupled with rising entrepreneurial income, supported economic growth in Germany. Growth in private consumption, a stable labor market and deceleration of price inflation contributed to Germany’s economic recovery during the reporting period. Germany experienced a slowdown in industrial production, however, the gradual substitution of energy imports from Russia offset this impact and boosted investors’ confidence in the German economy. Lastly, positive contributions from foreign trade, driven by decreased energy imports, imparted growth to companies in the portfolio. During the reporting period, by sector the Fund had the highest average exposure to Industrials at 22.65%, Financials at 17.08% and Consumer Discretionary at 14.26%.

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
OCTOBER 31, 2023
  One Year Return Three Year Return Five Year Return Annualized
Inception to Date*
  Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Global X DAX Germany ETF* 18.65% 19.04% 4.48% 4.18% 3.24% 3.32% 2.89% 2.90%
DAX® Index 18.43% 18.43% 4.39% 4.39% 3.09% 3.09% 2.94% 2.94%
MSCI EAFE Index (Net) 14.40% 14.40% 5.73% 5.73% 4.10% 4.10% 3.74% 3.74%

 

35

 

Management Discussion of Fund Performance (unaudited)

Global X DAX Germany ETF

 

 

Growth of a $10,000 Investment

(At Net Asset Value)

 

 

*Fund commenced operations on October 22, 2014. The financial statements include the financial information of the Predecessor Fund through December 21, 2018 (See Note 1 in Notes to Financial Statements).

 

The MSCI EAFE Index (Net) (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.

 

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

 

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee 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.

 

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

 

See definition of comparative indices above.

 

36

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI Pakistan ETF

 

 

Global X MSCI Pakistan ETF

 

The Global X MSCI Pakistan ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Pakistan Select 25/50 Index (the “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 represent the performance of the broad Pakistan equity universe, while including a minimum number of constituents as defined by MSCI, Inc. (“MSCI”), the provider of the Underlying Index. The broad Pakistan equity universe includes securities that are classified in Pakistan according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Pakistan and carry out the majority of their operations in Pakistan.

 

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund decreased 2.51%, while the Underlying Index decreased 0.02%. The Fund had a net asset value of $16.45 per share on October 31, 2022 and ended the reporting period with a net asset value of $14.86 per share on October 31, 2023.

 

During the reporting period, the highest returns came from Pakistan Refinery Ltd and United Bank Ltd, which returned 65.59% and 55.67%, respectively. The worst performers were Searle Company Ltd. and TRG Pakistan, which returned -55.90% and -50.35%, respectively.

 

The Fund recorded modestly negative returns during the reporting period as supply chain disruptions in Pakistan due to import restrictions and floods adversely impacted holdings within the Fund. Additionally, high borrowing costs and rising political uncertainty in Pakistan affected many industries. A weakened labor market and simultaneous rise in domestic prices dampened investors’ confidence in Pakistan. Decelerating industrial growth amid restrictive monetary policies led to fund outflows from the Pakistan economy. Meanwhile, Pakistan’s economic growth rate improved on account of increased foreign reserves and support from international organizations, mitigating a level of negative performance experienced by the Fund during the reporting period. In addition to this, bank holdings within the Fund experienced an increase in net interest margins, positively impacting performance. During the reporting period, the Fund had the highest sector exposure to Materials at 32.63%, Energy at 22.8% and Financials at 16.6%.

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
OCTOBER 31, 2023
  One Year Return Three Year Return Five Year Return Annualized
Inception to Date*
  Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Net
Asset
Value
Market
Price
Global X MSCI Pakistan ETF* -2.51% -0.63% -12.81% -11.79% -13.25% -12.56% -10.66% -10.51%
MSCI All Pakistan Select 25/50 Index -0.02% -0.02% -11.13% -11.13% -11.79% -11.79% -8.97% -8.97%
MSCI Emerging Markets Index (Net) 10.80% 10.80% -3.67% -3.67% 1.59% 1.59% 0.87% 0.87%

 

37

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI Pakistan ETF

 

 

Growth of a $10,000 Investment

(At Net Asset Value)

 

 

*Fund commenced operations on April 22, 2015.

 

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

 

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

 

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee 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.

 

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

 

See definition of comparative indices above.

 

38

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Consumer Staples ETF

 

 

Global X MSCI China Consumer Staples ETF

 

The Global X MSCI China Consumer Staples ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Consumer Staples 10/50 Index (the “Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

 

The Underlying Index tracks the performance of companies in the MSCI China Index (the “Parent Index”) that are classified in the Consumer Staples sector, as defined by MSCI, Inc. (“MSCI”) the provider of the Underlying Index. The Parent Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of securities that are classified as operating in China according to the MSCI Global Investable Markets Index Methodology, and that satisfy minimum market capitalization and liquidity thresholds. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.

 

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund increased 5.49%, while the Underlying Index increased 6.19%. The Fund had a net asset value of $17.24 per share on October 31, 2022 and ended the reporting period with a net asset value of $17.97 per share on October 31, 2023.

 

During the reporting period, the highest returns came from RLX Technology, Inc. Sponsored ADR Class A and Anhui Gujing Distillery Co., Ltd. Class A, which returned 84.00% and 63.10%, respectively. The worst performers were Yunnan Botanee Bio-Technology Group Co., Ltd. Class A and Shede Spirits Co., Ltd. Class A, which returned -37.11% and -28.54%, respectively.

 

The Fund had positive returns over the reporting period as the easing of COVID-19 pandemic restrictions paired with economic stimulus provided by the Chinese government increased economic activity. At the beginning of the reporting period, Chinese consumers stocked food and other essential goods to prepare for the post-reopening surge in COVID-19 cases, providing a short-term boost to Consumer Staples sector stocks. Certain consumption habits formed during the COVID-19 pandemic, such as the stockpiling of food and essentials, lingered after reopening and supported consumer staples demand through the rest of the reporting period. Alcohol and beverage companies were strong beneficiaries of the reopening, as Chinese consumers held gatherings with friends and family not seen in years. Meanwhile, the announcement of measures from the Chinese Government to boost consumption in the middle of the reporting period helped improve investor sentiment towards consumer staples holdings within the Fund.

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR
ENDED OCTOBER 31, 2023
  One Year Return Three Year Return Annualized
Inception to Date*
  Net Asset
Value
Market
Price
Net Asset
Value
Market
Price
Net Asset
Value
Market
Price
Global X MSCI China Consumer Staples ETF 5.49% 5.47% -12.88% -13.30% 6.04% 5.82%
MSCI China Consumer Staples 10/50 Index 6.19% 6.19% -12.24% -12.24% 6.74% 6.74%
MSCI Emerging Markets Index (Net) 10.80% 10.80% -3.67% -3.67% 1.07% 1.07%

 

39

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Consumer Staples ETF

 

 

Growth of a $10,000 Investment

(At Net Asset Value)

 

 

*Fund commenced operations on December 7, 2018.

 

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

 

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short term performance of the fund is unusual and investors should not expect such performance to be repeated. 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.

 

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

 

See definition of comparative indices above.

 

40

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Health Care ETF

 

 

Global X MSCI China Health Care ETF

 

The Global X MSCI China Health Care ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Health Care 10/50 Index (the “Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

 

The Underlying Index tracks the performance of companies in the MSCI China Index (the “Parent Index”) that are classified in the Health Care sector, as defined by MSCI, Inc. (“MSCI”) the provider of the Underlying Index. The Parent Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of securities that are classified as operating in China according to the MSCI Global Investable Markets Index Methodology, and that satisfy minimum market capitalization and liquidity thresholds. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.

 

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund increased 8.60%, while the Underlying Index increased 9.40%. The Fund had a net asset value of $13.46 per share on October 31, 2022 and ended the reporting period with a net asset value of $14.53 per share on October 31, 2023.

 

During the reporting period, the highest returns came from Innovent Biologics Inc. and Jinxin Fertility Group Ltd., which returned 66.18% and 57.22%, respectively. The worst performers were Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. Class A and Joinn Laboratories (China) Co., Ltd. Class A, which returned -50.67% and -40.55%, respectively.

 

The Fund recorded positive returns during the reporting period as a post-reopening surge in COVID-19 cases and resulting demand for health care services helped offset negative effects from an anti-corruption campaign targeted within the Health Care Sector. Protests in major cities in China spurred the Chinese Government to quickly reduce COVID-19 lockdown restrictions. Investors saw Health Care Sector stocks as a beneficiary of this sudden change in policy. Despite the end of mandatory mass-testing, the Chinese government continued to push forward the development of vaccines and other forms of treatment during the reporting period. Progress towards approval for domestic-made COVID-19 vaccines boosted the performance of Chinese Health Care sector stocks.

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR
ENDED OCTOBER 31, 2023
  One Year Return Three Year Return Annualized
Inception to Date*
  Net Asset
Value
Market
Price
Net Asset
Value
Market
Price
Net Asset
Value
Market
Price
Global X MSCI China Health Care ETF 8.60% 10.00% -14.80% -14.77% -0.32% -0.18%
MSCI China Health Care 10/50 Index 9.40% 9.40% -14.22% -14.22% 0.39% 0.39%
MSCI Emerging Markets Index (Net) 10.80% 10.80% -3.67% -3.67% 1.07% 1.07%

 

41

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Health Care ETF

 

 

Growth of a $10,000 Investment

(At Net Asset Value)

 

 

*Fund commenced operations on December 7, 2018.

 

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

 

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short term performance of the fund is unusual and investors should not expect such performance to be repeated. 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.

 

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

 

See definition of comparative indices above.

 

42

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Information Technology ETF

 

 

Global X MSCI China Information Technology ETF

 

The Global X MSCI China Information Technology ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Information Technology 10/50 Index (the “Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

 

The Underlying Index tracks the performance of companies in the MSCI China Index (the “Parent Index”) that are classified in the Information Technology sector, as defined by MSCI, Inc. (“MSCI”) the provider of the Underlying Index. The Parent Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of securities that are classified in as operating in China according to the MSCI Global Investable Markets Index Methodology, and that satisfy minimum market capitalization and liquidity thresholds. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.

 

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund decreased 2.32%, while the Underlying Index decreased 1.57%. The Fund had a net asset value of $14.81 per share on October 31, 2022 and ended the reporting period with a net asset value of $14.37 per share on October 31, 2023.

 

During the reporting period, the highest returns came from Zhongji Innolight Co. Ltd-A and Shenzhen Transsion Holding Co., Ltd. Class A, which returned 199.45% and 122.91%, respectively. The worst performers were Cambricon Technologies and Ninestar Corp. Class A, which returned -59.05% and -56.96%, respectively.

 

The Fund had negative returns during the reporting period as China’s Information Technology Sector faced challenges amid weaker global demand and continued strain from U.S. export restrictions. At a global level, sales for smartphones, laptops and other consumer electronics remained anemic throughout the reporting period and had an adverse impact on the main revenue streams of hardware-oriented holdings within the Fund. Geopolitical concerns weighed negatively on the Fund as major countries like the U.S. and Japan bolstered technology export restrictions to China. In particular, these efforts targeted semiconductors required to train cutting-edge artificial intelligence models. However, the People’s Bank of China reduced key interest rate levels to spur economic growth, positively impacting holdings within the Fund.

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR
ENDED OCTOBER 31, 2023
  One Year Return Three Year Return Annualized
Inception to Date*
  Net Asset
Value
Market
Price
Net Asset
Value
Market
Price
Net Asset
Value
Market
Price
Global X MSCI China Information Technology ETF -2.32% -2.59% -18.66% -18.96% 0.29% 0.18%
MSCI China Information Technology 10/50 Index -1.57% -1.57% -17.79% -17.79% 1.18% 1.18%
MSCI Emerging Markets Index (Net) 10.80% 10.80% -3.67% -3.67% 1.07% 1.07%

 

43

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Information Technology ETF

 

 

Growth of a $10,000 Investment

(At Net Asset Value)

 

 

*Fund commenced operations on December 7, 2018.

 

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

 

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short term performance of the fund is unusual and investors should not expect such performance to be repeated. 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.

 

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

 

See definition of comparative indices on previous page.

 

44

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Utilities ETF

 

 

Global X MSCI China Utilities ETF

 

The Global X MSCI China Utilities ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Utilities 10/50 Index (the “Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

 

The Underlying Index tracks the performance of companies in the MSCI China Index (the “Parent Index”) that are classified in the utilities sector, as defined by MSCI, Inc. (“MSCI”) the provider of the Underlying Index. The Parent Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of securities that are classified as operating in China according to the MSCI Global Investable Markets Index Methodology, and that satisfy minimum market capitalization and liquidity thresholds. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.

 

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund increased 10.92% and the Underlying Index increased 11.68%. The Fund had a net asset value of $11.84 per share on October 31, 2022 and ended the reporting period with a net asset value of $12.58 per share on October 31, 2023.

 

During the reporting period, the highest returns came from Kunlun Energy Co. Ltd. and Beijing Enterprises Holdings Limited, which returned 46.00% and 40.97%, respectively. The worst performers were China Longyuan Power Group Corporation Ltd Class H and ENN Energy Holdings Limited, which returned -24.71% and -20.73%, respectively.

 

The Fund generated positive returns over the reporting period as the reopening of the Chinese economy boosted demand for utilities. Higher industrial activity increased the country’s natural gas demand, which served as a tailwind for natural gas companies the Fund invests in. After notable outages during the previous reporting period, the Chinese government prioritized short-term energy security over long-term sustainability goals in the current reporting period and moved to lift restrictions on foreign coal. The Fund’s low exposure to coal during the reporting period insulated it from the adverse impacts of increased competition from foreign coal. During the reporting period, the Chinese government rolled out new measures to streamline the power grid and invest more into energy storage, supporting investor sentiment towards constituents within the Fund.

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR
ENDED OCTOBER 31, 2023
  One Year Return Three Year Return Annualized
Inception to Date*
  Net Asset
Value
Market
Price
Net Asset
Value
Market
Price
Net Asset
Value
Market
Price
Global X MSCI China Utilities ETF 10.92% 10.22% 1.38% 1.02% -0.28% -0.40%
MSCI China Utilities 10/50 Index 11.68% 11.68% 2.21% 2.21% 0.52% 0.52%
MSCI Emerging Markets Index (Net) 10.80% 10.80% -3.67% -3.67% 1.07% 1.07%

 

45

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Utilities ETF

 

 

Growth of a $10,000 Investment

(At Net Asset Value)

 

 

*Fund commenced operations on December 7, 2018.

 

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

 

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

 

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee 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.

 

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

 

See definition of comparative indices above.

 

46

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Real Estate ETF

 

 

Global X MSCI China Real Estate ETF

 

The Global X MSCI China Real Estate ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI China Real Estate 10/50 Index (the “Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund seeks to fully replicate the Underlying Index

 

The Underlying Index tracks the performance of companies in the MSCI China Index (the “Parent Index”) that are classified in the Real Estate sector, as defined by MSCI, Inc. (“MSCI”) the provider of the Underlying Index. The Parent Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of securities that are classified as operating in China according to the MSCI Global Investable Markets Index Methodology, and that satisfy minimum market capitalization and liquidity thresholds. Additionally, the Underlying Index utilizes a 10/50 concentration constraint whereby the weight of each group entity in the Underlying Index is capped at 10% and the cumulative weight of all group entities with a weight in excess of 5% does not exceed 50% of the Underlying Index by weight.

 

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund increased 4.55%, while the Underlying Index increased 5.47%. The Fund had a net asset value of $14.55 per share on October 31, 2022 and ended the reporting period with a net asset value of $14.43 per share on October 31, 2023, following a 1:3 reverse share split on December 19, 2022.

 

During the reporting period, the highest returns came from Seazen Group Ltd. and CIFI Holdings (Group) Co. Ltd., which returned 179.36% and 128.21%, respectively. The worst performers were Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B and Gemdale Corporation Class A, which returned -43.14% and -32.94%, respectively.

 

The Fund performed positively during the reporting period as relaxed restrictions on the classification of first home buyers and a reduction in first home mortgage rates positively impacted the China Real Estate sector. The removal of administrative curbs on home buying by major Chinese cities and eased borrowing rules for real estate developers improved project completion rates during the reporting period. The announcement by the Chinese Securities Regulatory Commission of the plan to optimize equity financing and permission for restructuring reduced the chances of default for infrastructural companies. This led to an improvement of the credibility of holdings within the Fund and confidence in the Real Estate sector. China’s pace of economic development slowed during the reporting period, but the positive growth rate and relaxation of COVID-19 restrictions during the beginning of the reporting period served as a positive catalyst for economic growth in the country.

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR
ENDED OCTOBER 31, 2023
  One Year Return Three Year Return Annualized
Inception to Date*
  Net Asset
Value
Market
Price
Net Asset
Value
Market
Price
Net Asset
Value
Market
Price
Global X MSCI China Real Estate ETF 4.55% 4.68% -30.24% -30.16% -17.67% -17.72%
MSCI China Real Estate 10/50 Index 5.47% 5.47% -30.65% -30.65% -17.76% -17.76%
MSCI Emerging Markets Index (Net) 10.80% 10.80% -3.67% -3.67% 1.07% 1.07%

 

47

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI China Real Estate ETF

 

 

Growth of a $10,000 Investment

(At Net Asset Value)

 

 

*Fund commenced operations on December 7, 2018.

 

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

 

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short term performance of the fund is unusual and investors should not expect such performance to be repeated. 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.

 

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

 

See definition of comparative indices above.

 

48

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI Vietnam ETF

 

 

Global X MSCI Vietnam ETF

 

The Global X MSCI Vietnam ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Vietnam IMI Select 25/50 Index (the “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 represent the performance of the broad Vietnam equity universe, while including a minimum number of constituents, as defined by MSCI, Inc. (“MSCI”), the provider of the Underlying Index (“Index Provider”). The broad Vietnam equity universe includes securities that are classified in Vietnam according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Vietnam and carry out the majority of their operations in Vietnam, as determined solely by the Index Provider.

 

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund decreased 1.71%, while the Underlying Index decreased 0.97%. The Fund had a net asset value of $14.67 per share on October 31, 2022 and ended the reporting period with a net asset value of $14.28 per share on October 31, 2023.

 

During the reporting period, the highest returns came from Saigon - Hanoi Securities JSC and Saigon Thuong Tin Commercial Joint Stock Bank, which returned 69.46% and 69.11%, respectively. The worst performers were Hai Phat Investment JSC and No Va Land Investment Group Corp., which returned -82.95% and -81.36%, respectively.

 

The Fund performed modestly negative during the reporting period as Vietnam encountered setbacks in its recovery from a real estate crisis and faced downward pressure on manufacturing activity from China’s economic slowdown. Excessive debt among real estate developers triggered a crisis that began before the reporting period but continued throughout the current reporting period. Interest rate cuts by Vietnam’s central bank and government efforts to provide support to the real estate sector offered some measure of relief against these headwinds. Vietnam was also impacted by falling demand from China, which translated into sluggish exports and manufacturing activity, resulting in negative effects on the Fund’s allocations towards materials and industrials. At the same time, the perception of Vietnam as a beneficiary of supply chain movements out of China partially mitigated those negative effects. During the reporting period, the Fund had an approximate average sector exposure of 27.55% to Real Estate, 21.3% to Financials, and 19.37% to Consumer Staples.

 

  AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
OCTOBER 31, 2023
  One Year Return Annualized Inception to Date*
  Net Asset Value Market Price Net Asset Value Market Price
Global X MSCI Vietnam ETF -1.71% -2.97% -26.03% -26.00%
MSCI Vietnam IMI Select 25-50 Index -0.97% -0.97% -25.54% -25.54%
MSCI Emerging Markets Index (Net) 10.80% 10.80% -12.19% -12.19%

 

49

 

Management Discussion of Fund Performance (unaudited)

Global X MSCI Vietnam ETF

 

 

Growth of a $10,000 Investment

(At Net Asset Value)

 

 

*Fund commenced operations on December 7, 2021.

 

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

 

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

 

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee 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.

 

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

 

See definition of comparative indices above.

 

50

 

Schedule of Investments October 31, 2023

 

Global X MSCI Colombia ETF

 

Sector Weightings (Unaudited)†:

 

 

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

 

    Shares     Value  
COMMON STOCK — 73.6%                
CANADA — 2.7%                
Energy — 2.7%                
Parex Resources     41,721     $ 798,807  
                 
CHILE — 4.4%                
Energy — 2.3%                
Empresas Copec     102,638       677,280  
                 
Utilities — 2.1%                
Enel Americas *     6,291,603       644,646  
                 
TOTAL CHILE             1,321,926  
COLOMBIA — 57.3%                
Energy — 21.5%                
Canacol Energy (A)     88,652       438,072  
Ecopetrol     7,998,800       4,684,931  
Geopark (A)     131,110       1,295,367  
              6,418,370  
Financials — 11.0%                
Bancolombia     323,605       2,295,875  
Financiera Colombiana     326,133       994,899  
              3,290,774  
Materials — 9.8%                
Cementos Argos     1,401,148       1,604,060  

 

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

51

 

Schedule of Investments October 31, 2023

 

Global X MSCI Colombia ETF

 

    Shares     Value  
COMMON STOCK — continued                
Materials — continued                
Grupo Argos     616,453     $ 1,329,199  
              2,933,259  
Utilities — 15.0%                
Celsia ESP     1,593,048       922,658  
Grupo Energia Bogota ESP     3,271,983       1,316,892  
Interconexion Electrica ESP     637,022       2,232,788  
              4,472,338  
TOTAL COLOMBIA             17,114,741  
GUATEMALA — 2.6%                
Communication Services — 2.6%                
Millicom International Cellular *     49,719       778,761  
                 
UNITED STATES — 6.6%                
Industrials — 4.6%                
Tecnoglass (A)     41,496       1,356,089  
                 
Utilities — 2.0%                
Brookfield Renewable, Cl A     26,603       604,592  
                 
TOTAL UNITED STATES             1,960,681  
TOTAL COMMON STOCK
(Cost $26,330,876)
            21,974,916  
                 
PREFERRED STOCK — 26.3%                
COLOMBIA—26.3%                
Financials — 26.3%                
Banco Davivienda (B)     298,312       1,153,760  
Bancolombia (B)     688,238       4,392,053  
Grupo Aval Acciones y Valores (B)     11,694,828       1,300,399  
Grupo de Inversiones Suramericana (B)     340,434       988,328  
TOTAL COLOMBIA             7,834,540  
TOTAL PREFERRED STOCK
(Cost $12,990,044)
            7,834,540  

 

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

52

 

Schedule of Investments October 31, 2023

Global X MSCI Colombia ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENTS(C) — 5.4%                
Bank of America Securities
5.310%, dated 10/31/2023, to be repurchased on 11/01/2023, repurchase price $377,410 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $6,280 - $163,965, 2.000% - 6.500%, 04/01/2048 - 10/01/2053, with a total market value of $384,901)
  $ 377,354     $ 377,354  
Citigroup Global Markets Inc.
5.310%, dated 10/31/2023, to be repurchased on 11/01/2023, repurchase price $377,410 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $53 - $69,116, 2.000% - 7.715%, 12/01/2027 - 06/20/2073, with a total market value of $384,901)
    377,354       377,354  
Daiwa Capital Markets America
5.320%, dated 10/31/2023, to be repurchased on 11/01/2023, repurchase price $377,410 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $23 - $29,810, 0.125% - 7.000%, 01/15/2024 - 11/01/2053, with a total market value of $384,901)
    377,354       377,354  
HSBC Securities USA Inc.,
5.310%, dated 10/31/2023, to be repurchased on 11/01/2023, repurchase price $369,862 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $3,698 - $368,817, 2.500% - 7.000%, 06/20/2033 - 10/20/2053, with a total market value of $377,203)
    369,807       369,807  

 

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

53

 

Schedule of Investments October 31, 2023

Global X MSCI Colombia ETF 

 

    Face Amount     Value  
REPURCHASE AGREEMENTS — continued                
RBC Dominion Securities
5.310%, dated 10/31/2023, to be repurchased on 11/01/2023, repurchase price $103,909 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $3 - $27,232, 0.000% - 6.500%, 11/07/2023 - 08/20/2053, with a total market value of $105,972)
  $ 103,894     $ 103,894  
TOTAL REPURCHASE AGREEMENTS
(Cost $1,605,763)
            1,605,763  
TOTAL INVESTMENTS — 105.3%
(Cost $40,926,683)
          $ 31,415,219  

Percentages are based on Net Assets of $29,842,595.

 

* Non-income producing security.
(A) This security or a partial position of this security is on loan at October 31, 2023. The total market value of the securities on loan at October 31, 2023 was $1,549,125.
(B) There is currently no stated interest rate.
(C) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2023 was $1,605,763. The total value of non-cash collateral held from securities on loan as of October 31, 2023 was $-.

 

The following is a summary of the level of inputs used as of October 31, 2023, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 21,974,916     $     $     $ 21,974,916  
Preferred Stock     7,834,540                   7,834,540  
Repurchase Agreements           1,605,763             1,605,763  
Total Investments in Securities   $ 29,809,456     $ 1,605,763     $     $ 31,415,219  

 

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

 

See “Glossary” for abbreviations.

 

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

54

 

Schedule of Investments October 31, 2023

Global X MSCI China Industrials ETF

 

Sector Weightings (Unaudited)†:

 

 

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

 

    Shares     Value  
COMMON STOCK — 99.7%                
CHINA — 98.0%                
Industrials — 98.0%                
AECC Aero-Engine Control, Cl A     4,000     $ 11,305  
AECC Aviation Power, Cl A     7,985       38,446  
Air China, Cl A *     23,560       25,735  
Air China, Cl H *     88,700       60,308  
AviChina Industry & Technology, Cl H     123,310       55,788  
AVICOPTER, Cl A     1,840       9,513  
Beijing Capital International Airport, Cl H *     92,681       34,113  
Beijing Easpring Material Technology, Cl A     1,600       9,602  
Beijing New Building Materials, Cl A     5,220       17,412  
Beijing United Information Technology, Cl A     2,199       11,267  
Beijing-Shanghai High Speed Railway, Cl A     51,300       34,936  
BOC Aviation     10,160       62,456  
China Baoan Group, Cl A     7,680       10,805  
China Communications Services, Cl H     119,400       48,831  
China Conch Venture Holdings     70,430       58,237  
China CSSC Holdings, Cl A     13,410       47,269  
China Eastern Airlines, Cl A *     34,400       20,428  
China Energy Engineering, Cl A     96,900       28,772  
China Everbright Environment Group     180,950       61,746  
China Merchants Port Holdings     68,781       87,464  
China National Chemical Engineering, Cl A     18,520       17,657  
China Railway Group, Cl A     60,900       50,183  
China Railway Group, Cl H     200,448       94,529  
China Southern Airlines, Cl A *     33,560       28,248  
China Southern Airlines, Cl H *     93,550       44,237  
China State Construction Engineering, Cl A     120,375       84,928  
China State Construction International Holdings     96,810       103,682  
China XD Electric, Cl A     8,700       5,474  
CITIC     272,950       231,976  
Contemporary Amperex Technology, Cl A     12,283       310,502  
COSCO SHIPPING Development, Cl A     29,580       9,266  

 

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

55

 

Schedule of Investments October 31, 2023

Global X MSCI China Industrials ETF

 

    Shares     Value  
COMMON STOCK — continued                
Industrials — continued                
COSCO SHIPPING Holdings, Cl A     38,010     $ 50,580  
COSCO SHIPPING Holdings, Cl H     142,926       145,217  
COSCO SHIPPING Ports     71,630       43,118  
CRRC, Cl A     72,050       52,403  
CRRC, Cl H     209,100       87,118  
Dajin Heavy Industry, Cl A     2,200       8,297  
Daqin Railway, Cl A     44,300       43,503  
Dongfang Electric, Cl A     8,490       17,230  
Eve Energy, Cl A     6,130       38,757  
Fangda Carbon New Material, Cl A *     11,923       9,581  
Farasis Energy Gan Zhou, Cl A *     2,159       5,178  
FAW Jiefang Group, Cl A *     9,900       12,432  
Fosun International     120,470       72,055  
Ginlong Technologies, Cl A     1,255       11,451  
Goldwind Science & Technology, Cl A     10,697       12,807  
Gongniu Group, Cl A     400       5,761  
GoodWe Technologies, Cl A     530       8,409  
Gotion High-Tech, Cl A *     5,520       17,112  
Guangzhou Baiyun International Airport, Cl A *     3,600       5,193  
Guangzhou Great Power Energy & Technology, Cl A     1,500       6,301  
Hainan Airlines Holding, Cl A *     26,400       5,250  
Haitian International Holdings     27,446       65,383  
Hongfa Technology, Cl A     1,830       7,228  
Hoymiles Power Electronics, Cl A     191       5,831  
JD Logistics *     71,600       84,735  
Jiangsu Expressway, Cl H     60,619       55,160  
Jiangsu Hengli Hydraulic, Cl A     3,958       30,351  
Jiangsu Zhongtian Technology, Cl A     10,410       19,836  
Jiangxi Special Electric Motor, Cl A *     5,400       8,796  
Juneyao Airlines, Cl A *     5,800       11,526  
Keda Industrial Group, Cl A     6,200       9,196  
Kuang-Chi Technologies, Cl A     6,440       12,271  
Liaoning Port, Cl A     58,500       12,031  
Metallurgical Corp of China, Cl A     53,500       24,119  
Ming Yang Smart Energy Group, Cl A     6,750       12,843  
NARI Technology, Cl A     23,524       72,250  
Ningbo Deye Technology, Cl A     1,112       10,469  

 

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

56

 

Schedule of Investments October 31, 2023

Global X MSCI China Industrials ETF

 

    Shares     Value  
COMMON STOCK — continued                
Industrials — continued                
Ningbo Orient Wires & Cables, Cl A     2,200     $ 12,615  
Ningbo Ronbay New Energy Technology, Cl A     1,587       9,563  
North Industries Group Red Arrow, Cl A     4,090       7,944  
Power Construction Corp of China, Cl A     51,150       36,645  
Pylon Technologies, Cl A     477       7,399  
Riyue Heavy Industry, Cl A     3,270       6,266  
Sany Heavy Equipment International Holdings     54,300       71,340  
Sany Heavy Industry, Cl A     25,180       49,626  
SF Holding, Cl A     14,135       75,661  
Shandong Himile Mechanical Science & Technology, Cl A     1,400       6,130  
Shanghai Construction Group, Cl A     26,700       9,564  
Shanghai Electric Group, Cl A *     38,200       23,101  
Shanghai International Airport, Cl A *     3,765       19,081  
Shanghai International Port Group, Cl A     23,230       15,820  
Shanghai M&G Stationery, Cl A     2,793       14,741  
Shanghai Moons’ Electric, Cl A     800       7,184  
Shanxi Coal International Energy Group, Cl A     2,900       6,430  
Shenzhen Inovance Technology, Cl A     4,130       33,998  
Shenzhen International Holdings     70,931       46,685  
Shenzhen Kstar Science And Technology, Cl A     1,900       6,759  
Shuangliang Eco-Energy Systems, Cl A     4,200       5,354  
Sichuan New Energy Power, Cl A *     4,390       7,008  
Sichuan Road and Bridge Group, Cl A     21,908       23,006  
Sieyuan Electric, Cl A     2,350       15,776  
Sinoma International Engineering, Cl A     3,400       4,575  
Sinotruk Hong Kong     16,500       31,041  
Spring Airlines, Cl A *     800       5,966  
Sungrow Power Supply, Cl A     4,400       50,430  
Sunwoda Electronic, Cl A     5,320       11,666  
Suzhou Maxwell Technologies, Cl A     820       13,492  
TBEA, Cl A     15,055       28,687  
Titan Wind Energy Suzhou, Cl A *     5,725       10,402  
Weichai Power, Cl A     20,260       38,301  
Weichai Power, Cl H     93,216       139,384  
XCMG Construction Machinery, Cl A     35,420       27,643  
Xiamen C & D, Cl A     9,300       12,401  
YTO Express Group, Cl A     10,340       19,125  

 

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

57

 

Schedule of Investments October 31, 2023

Global X MSCI China Industrials ETF

 

    Shares     Value  
COMMON STOCK — continued                
Industrials — continued                
Yunda Holding, Cl A     8,940     $ 11,093  
Yutong Bus, Cl A     3,500       6,502  
Zhefu Holding Group, Cl A     16,970       8,552  
Zhejiang Chint Electrics, Cl A     6,550       20,599  
Zhejiang Dingli Machinery, Cl A     1,623       12,036  
Zhejiang Expressway, Cl H     60,960       45,888  
Zhejiang Sanhua Intelligent Controls, Cl A     1,900       6,920  
Zhejiang Weiming Environment Protection, Cl A     5,350       13,073  
Zhejiang Weixing New Building Materials, Cl A     4,810       10,816  
Zhuzhou CRRC Times Electric, Cl A     2,428       12,811  
Zhuzhou CRRC Times Electric, Cl H     25,243       81,459  
Zhuzhou Kibing Group, Cl A     8,380       9,108  
Zoomlion Heavy Industry Science and Technology, Cl A     21,600       18,887  
ZTO Express Cayman ADR     18,472       435,385  
                 
TOTAL CHINA             4,418,831  
HONG KONG — 1.7%                
Industrials — 1.7%                
Orient Overseas International     6,130       77,285  
                 
TOTAL COMMON STOCK
(Cost $6,257,292)
            4,496,116  
TOTAL INVESTMENTS — 99.7%
(Cost $6,257,292)
          $ 4,496,116  

 

Percentages are based on Net Assets of $4,507,841.

 

* Non-income producing security.

 

As of October 31, 2023, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

See “Glossary” for abbreviations.

 

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

58

 

Schedule of Investments October 31, 2023

Global X MSCI China Consumer Discretionary ETF

 

Sector Weightings (Unaudited)†:

 

 

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

 

    Shares     Value  
COMMON STOCK — 100.0%                
CHINA — 100.0%                
Consumer Discretionary — 100.0%                
AIMA Technology Group, Cl A     96,900     $ 370,862  
Alibaba Group Holding *     2,444,656       25,010,188  
Anhui Jianghuai Automobile Group, Cl A *     233,100       574,650  
ANTA Sports Products     739,796       8,353,268  
BAIC BluePark New Energy Technology, Cl A *     597,600       557,550  
Beijing Roborock Technology, Cl A     15,344       660,381  
Beiqi Foton Motor, Cl A *     863,200       356,235  
Bethel Automotive Safety Systems, Cl A     51,700       533,404  
Bosideng International Holdings     5,782,200       2,283,439  
BTG Hotels Group, Cl A *     130,900       297,919  
BYD, Cl A     110,849       3,601,436  
BYD, Cl H     519,380       15,758,098  
Changzhou Xingyu Automotive Lighting Systems, Cl A     35,930       715,463  
China Meidong Auto Holdings (A)     1,029,000       551,020  
China Tourism Group Duty Free, Cl A     134,750       1,736,211  
China Tourism Group Duty Free, Cl H     80,200       905,563  
Chongqing Changan Automobile, Cl A     978,708       2,016,855  
Chow Tai Fook Jewellery Group     1,307,200       1,844,374  
Dongfeng Motor Group, Cl H     4,608,046       2,025,877  
East Buy Holding * (A)     401,300       1,636,054  
Ecovacs Robotics, Cl A     72,050       423,544  
Fuyao Glass Industry Group, Cl A     234,614       1,188,720  
Fuyao Glass Industry Group, Cl H     769,100       3,504,130  
Geely Automobile Holdings     4,220,400       4,784,264  
Great Wall Motor, Cl A     269,500       1,078,433  
Great Wall Motor, Cl H     2,573,597       3,591,708  
Gree Electric Appliances of Zhuhai, Cl A     218,400       1,009,297  

 

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

59

 

Schedule of Investments October 31, 2023

Global X MSCI China Consumer Discretionary ETF

 

    Shares     Value  
COMMON STOCK — continued                
Consumer Discretionary — continued                
Guangzhou Automobile Group, Cl A     550,900     $ 751,836  
Guangzhou Automobile Group, Cl H     4,258,023       1,991,714  
H World Group ADR *     142,879       5,380,823  
Haidilao International Holding     1,487,000       3,717,215  
Haier Smart Home, Cl A     742,819       2,248,069  
Haier Smart Home, Cl H     1,798,960       5,150,002  
Hang Zhou Great Star Industrial, Cl A     126,700       341,856  
Hangzhou Robam Appliances, Cl A     108,232       340,526  
Hisense Visual Technology, Cl A     140,200       444,352  
Huayu Automotive Systems, Cl A     383,580       916,364  
Huizhou Desay Sv Automotive, Cl A     60,000       1,026,416  
Jason Furniture Hangzhou, Cl A     91,610       462,414  
JD.com, Cl A     1,190,604       15,185,732  
Jiumaojiu International Holdings (A)     1,257,100       1,365,610  
Li Auto, Cl A *     660,536       11,286,668  
Li Ning     1,461,600       4,483,092  
Meituan, Cl B *     1,704,200       24,088,710  
MINISO Group Holding ADR     84,179       2,130,571  
Minth Group     1,072,500       2,390,461  
New Oriental Education & Technology Group *     1,128,140       7,381,945  
Ningbo Joyson Electronic, Cl A     160,000       410,785  
Ningbo Tuopu Group, Cl A     127,335       1,117,599  
NIO ADR *     774,541       5,654,149  
Offcn Education Technology, Cl A *     703,100       378,266  
Oppein Home Group, Cl A     63,955       758,448  
PDD Holdings ADR *     269,801       27,363,217  
Pop Mart International Group     565,100       1,556,361  
SAIC Motor, Cl A     915,500       1,810,538  
Sailun Group, Cl A     363,153       555,459  
Seres Group, Cl A *     177,600       1,971,197  
Shandong Linglong Tyre, Cl A     175,634       478,433  
Shanghai Jinjiang International Hotels, Cl A     104,156       466,018  
Shanghai Yuyuan Tourist Mart Group, Cl A     451,128       399,389  
Shenzhen Kedali Industry, Cl A     29,300       362,476  
Shenzhou International Group Holdings     586,792       5,755,730  
Songcheng Performance Development, Cl A     303,780       454,715  
TAL Education Group ADR *     518,915       4,550,885  
Tongcheng Travel Holdings *     1,614,500       3,082,666  

 

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

60

 

Schedule of Investments October 31, 2023

Global X MSCI China Consumer Discretionary ETF

 

    Shares     Value  
COMMON STOCK — continued                
Consumer Discretionary — continued                
Topsports International Holdings     3,159,200     $ 2,656,690  
TravelSky Technology, Cl H     791,000       1,247,468  
Trip.com Group *     325,722       11,189,591  
Vipshop Holdings ADR *     305,266       4,353,093  
Wuchan Zhongda Group, Cl A     599,800       373,341  
XPeng, Cl A * (A)     645,276       4,766,627  
Xtep International Holdings     1,246,800       1,131,340  
Yadea Group Holdings     1,639,800       2,996,848  
Yum China Holdings     243,141       12,779,491  
Zhejiang China Commodities City Group, Cl A     365,200       386,984  
Zhejiang Supor, Cl A     67,226       459,005  
Zhongsheng Group Holdings     693,300       1,598,437  
                 
TOTAL CHINA             277,518,565  
TOTAL COMMON STOCK
(Cost $470,721,465)
            277,518,565  
                 
    Face Amount  
REPURCHASE AGREEMENTS(B) — 1.1%                
Bank of America Securities
5.310%, dated 10/31/2023, to be repurchased on 11/01/2023, repurchase price $729,058 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $12,131 - $316,738, 2.000% - 6.500%, 04/01/2048 - 10/01/2053, with a total market value of $743,529)
  $ 728,950       728,950  
Citigroup Global Markets Inc.
5.310%, dated 10/31/2023, to be repurchased on 11/01/2023, repurchase price $729,058 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $102 - $133,513, 2.000% - 7.715%, 12/01/2027 - 06/20/2073, with a total market value of $743,529)
    728,950       728,950  

 

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

61

 

Schedule of Investments October 31, 2023

Global X MSCI China Consumer Discretionary ETF

 

    Face Amount     Value  
REPURCHASE AGREEMENTS — continued                
Daiwa Capital Markets America
5.320%, dated 10/31/2023, to be repurchased on 11/01/2023, repurchase price $729,058 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $45 - $57,584, 0.125% - 7.000%, 01/15/2024 - 11/01/2053, with a total market value of $743,529)
  $ 728,950     $ 728,950  
HSBC Securities USA Inc.,
5.310%, dated 10/31/2023, to be repurchased on 11/01/2023, repurchase price $714,476 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $7,144 - $712,459, 2.500% - 7.000%, 06/20/2033 - 10/20/2053, with a total market value of $728,658)
    714,371       714,371  
RBC Dominion Securities
5.310%, dated 10/31/2023, to be repurchased on 11/01/2023, repurchase price $200,725 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $7 - $52,604, 0.000% - 6.500%, 11/07/2023 - 08/20/2053, with a total market value of $204,709)
    200,695       200,695  
                 
TOTAL REPURCHASE AGREEMENTS
(Cost $3,101,916)
            3,101,916  
TOTAL INVESTMENTS — 101.1%
(Cost $473,823,381)
          $ 280,620,481  

 

Percentages are based on Net Assets of $277,551,499.

 

* Non-income producing security.
(A) This security or a partial position of this security is on loan at October 31, 2023. The total market value of the securities on loan at October 31, 2023 was $2,920,720.
(B) These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of October 31, 2023 was $3,101,916. The total value of non-cash collateral held from securities on loan as of October 31, 2023 was $-.

 

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

62

 

Schedule of Investments October 31, 2023

Global X MSCI China Consumer Discretionary ETF

 

The following is a summary of the level of inputs used as of October 31, 2023, in valuing the Fund’s investments carried at value:

 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 277,518,565     $     $     $ 277,518,565  
Repurchase Agreements           3,101,916             3,101,916  
Total Investments in Securities   $ 277,518,565     $ 3,101,916     $     $ 280,620,481  

 

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

 

See “Glossary” for abbreviations.

 

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

63

 

Schedule of Investments   October 31, 2023
Global X MSCI China Communication Services ETF

 

Sector Weightings (Unaudited)†:

 

0.0% Repurchase Agreement

 

0.0% Information Technology

 

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

 

    Shares     Value  
COMMON STOCK — 99.9%                
CHINA — 99.9%                
Communication Services — 99.9%                
37 Interactive Entertainment Network Technology Group, Cl A     49,151     $ 138,575  
Autohome ADR     6,387       170,852  
Baidu, Cl A *     35,958       471,958  
Beijing Enlight Media, Cl A     139,600       148,878  
Bilibili, Cl Z *     14,049       190,142  
China Film, Cl A *     60,800       99,042  
China Literature *     800       2,694  
China Ruyi Holdings *     750,800       172,717  
China Tower, Cl H     2,283,700       213,059  
China United Network Communications, Cl A     256,000       155,510  
Focus Media Information Technology, Cl A     174,000       163,998  
G-bits Network Technology Xiamen, Cl A     3,104       112,457  
Giant Network Group, Cl A     66,900       107,611  
iQIYI ADR *     37,416       174,359  
Jiangsu Phoenix Publishing & Media, Cl A     87,900       115,052  
JOYY ADR     5,588       217,485  
Kanzhun ADR *     13,982       206,934  
Kingnet Network, Cl A     64,900       94,583  
Kingsoft     57,600       200,966  
Kuaishou Technology, Cl B *     56,500       363,568  
Kunlun Tech, Cl A *     24,900       106,898  
Mango Excellent Media, Cl A     41,620       143,362  
NetEase     28,115       604,728  
Oriental Pearl Group, Cl A     114,200       114,790  
People.cn, Cl A     26,900       118,708  
Perfect World, Cl A     78,410       128,155  
Tencent Holdings     13,665       505,063  
Tencent Music Entertainment Group ADR *     479       3,477  

 

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

64

 

Schedule of Investments   October 31, 2023
Global X MSCI China Communication Services ETF

 

    Shares     Value  
COMMON STOCK — continued                
Communication Services — continued                
Wanda Film Holding, Cl A *     88,300     $ 150,092  
Weibo ADR     13,093       154,890  
Zhejiang Century Huatong Group, Cl A *     225,520       179,997  
              5,730,600  
                 
Information Technology — 0.0%                
National Agricultural Holdings *(A)     204,200       3  
                 
TOTAL CHINA             5,730,603  
TOTAL COMMON STOCK
(Cost $7,725,346)
            5,730,603  
                 
    Face Amount          
REPURCHASE AGREEMENT(B) — 0.0%                
Daiwa Capital Markets America
5.320%, dated 10/31/2023, to be repurchased on 11/01/2023, repurchase price $596 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $0 - $47, 0.125% - 7.000%, 01/15/2024 - 11/01/2053, with a total market value of $608)
(Cost $596)
  $ 596       596  
TOTAL INVESTMENTS — 99.9%
(Cost $7,725,942)
          $ 5,731,199  

 

Percentages are based on Net Assets of $5,736,791.

 

* Non-income producing security.
(A) Level 3 security in accordance with fair value hierarchy.
(B) Security was purchased with cash collateral held from securities on loan. Subsequent of the period end the security on loan was sold.

 

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

65

 

Schedule of Investments   October 31, 2023
Global X MSCI China Communication Services ETF

The following is a summary of the level of inputs used as of October 31, 2023, in valuing the Fund’s investments carried at value:

 

Investments in Securities     Level 1     Level 2     Level 3(1)     Total  
Common Stock   $ 5,730,600   $     $ 3     $ 5,730,603  
Repurchase Agreement           596             596  
Total Investments in Securities   $ 5,730,600     $ 596     $ 3     $ 5,731,199  

 

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

 

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

 

See “Glossary” for abbreviations.

 

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

66

 

Schedule of Investments   October 31, 2023
Global X MSCI China Financials ETF

Sector Weightings (Unaudited)†:

 

 

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

 

    Shares     Value  
COMMON STOCK — 99.8%                
CHINA — 99.8%                
Financials — 99.8%                
Agricultural Bank of China, Cl A     422,000     $ 206,343  
Agricultural Bank of China, Cl H     2,281,088       842,515  
AVIC Industry-Finance Holdings, Cl A     80,900       36,692  
Bank of Beijing, Cl A     129,700       80,554  
Bank of Changsha, Cl A     39,450       39,493  
Bank of Chengdu, Cl A     36,000       60,604  
Bank of China, Cl A     56,000       29,746  
Bank of China, Cl H     5,582,734       1,954,949  
Bank of Communications, Cl A     206,700       158,501  
Bank of Communications, Cl H     801,671       474,368  
Bank of Hangzhou, Cl A     46,995       68,489  
Bank of Jiangsu, Cl A     97,730       91,846  
Bank of Nanjing, Cl A     65,384       69,818  
Bank of Ningbo, Cl A     35,820       121,920  
Bank of Shanghai, Cl A     91,098       75,315  
Bank of Suzhou, Cl A     41,300       35,326  
BOC International China, Cl A     27,740       41,183  
Caitong Securities, Cl A     44,610       48,243  
Changjiang Securities, Cl A     55,500       43,012  
China Cinda Asset Management, Cl H     1,460,400       141,848  
China CITIC Bank, Cl H     857,622       382,524  
China Construction Bank, Cl A     16,000       13,664  
China Construction Bank, Cl H     3,640,726       2,065,898  
China Everbright Bank, Cl A     257,600       104,204  
China Everbright Bank, Cl H     560,700       159,799  
China Galaxy Securities, Cl A     33,600       55,511  
China Galaxy Securities, Cl H     434,150       221,941  
China Great Wall Securities, Cl A     39,100       44,521  
China International Capital, Cl A     12,785       64,151  
China International Capital, Cl H     156,050       248,496  
China Life Insurance, Cl A     16,402       75,062  
China Life Insurance, Cl H     550,690       746,021  

 

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

67

 

Schedule of Investments   October 31, 2023
Global X MSCI China Financials ETF

 

    Shares     Value  
COMMON STOCK — continued                
Financials — continued                
China Merchants Bank, Cl A     94,834     $ 397,313  
China Merchants Bank, Cl H     287,324       1,094,274  
China Merchants Securities, Cl A     45,180       87,012  
China Minsheng Banking, Cl A     199,800       101,233  
China Minsheng Banking, Cl H     695,426       231,080  
China Pacific Insurance Group, Cl A     36,050       136,254  
China Pacific Insurance Group, Cl H     231,862       571,313  
China Taiping Insurance Holdings     199,630       184,205  
China Zheshang Bank, Cl A     175,200       60,849  
Chongqing Rural Commercial Bank, Cl A     79,900       46,251  
CITIC Securities, Cl A     61,780       182,680  
CITIC Securities, Cl H     181,745       353,521  
CNPC Capital, Cl A     13,800       11,146  
CSC Financial, Cl A     25,725       84,722  
Dongxing Securities, Cl A     36,000       39,226  
East Money Information, Cl A     80,572       167,574  
Everbright Securities, Cl A     31,532       70,691  
Far East Horizon     236,400       166,470  
First Capital Securities, Cl A     55,000       43,823  
Founder Securities, Cl A     12,900       13,318  
GF Securities, Cl A     37,800       76,403  
GF Securities, Cl H     138,900       180,712  
Guangzhou Yuexiu Capital Holdings Group, Cl A     42,486       37,961  
Guolian Securities, Cl A *     27,700       40,520  
Guosen Securities, Cl A     47,645       62,362  
Guotai Junan Securities, Cl A     44,944       90,414  
Guoyuan Securities, Cl A     46,020       43,375  
Haitong Securities, Cl A     61,400       81,704  
Haitong Securities, Cl H     344,700       197,800  
Hithink RoyalFlush Information Network, Cl A     4,235       81,094  
Huatai Securities, Cl A     45,050       98,358  
Huatai Securities, Cl H     163,650       214,168  
Huaxi Securities, Cl A     33,590       36,280  
Huaxia Bank, Cl A     88,100       67,196  
Industrial & Commercial Bank of China, Cl A     112,300       72,347  
Industrial & Commercial Bank of China, Cl H     4,223,137       2,029,368  
Industrial Bank, Cl A     104,680       215,005  

 

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

68

 

Schedule of Investments   October 31, 2023
Global X MSCI China Financials ETF

 

    Shares     Value  
COMMON STOCK — continued                
Financials — continued                
Industrial Securities, Cl A     66,970     $ 56,918  
Lufax Holding ADR     66,404       63,403  
Nanjing Securities, Cl A     38,200       41,831  
New China Life Insurance, Cl A     14,437       65,676  
New China Life Insurance, Cl H     97,461       213,491  
Orient Securities, Cl A     55,324       65,330  
People’s Insurance Group of China, Cl A     58,400       42,475  
People’s Insurance Group of China, Cl H     861,200       283,963  
PICC Property & Casualty, Cl H     571,163       652,583  
Ping An Bank, Cl A     7,225       10,293  
Ping An Insurance Group of China, Cl A     1,800       11,145  
Ping An Insurance Group of China, Cl H     329,254       1,687,381  
Postal Savings Bank of China, Cl A     163,800       101,956  
Postal Savings Bank of China, Cl H     758,100       345,886  
Qifu Technology ADR     9,799       144,927  
SDIC Capital, Cl A     52,800       49,118  
Shanghai Pudong Development Bank, Cl A     151,814       141,019  
Shanghai Rural Commercial Bank, Cl A     72,200       58,609  
Shanxi Securities, Cl A     47,340       36,237  
Shenwan Hongyuan Group, Cl A     137,200       82,035  
Sinolink Securities, Cl A     37,100       46,185  
SooChow Securities, Cl A     53,384       58,313  
Southwest Securities, Cl A     77,000       42,999  
Western Securities, Cl A     45,700       41,455  
Zheshang Securities, Cl A     34,740       47,648  
ZhongAn Online P&C Insurance, Cl H *     60,000       164,481  
Zhongtai Securities, Cl A     55,700       54,319  
                 
TOTAL CHINA             21,080,255  
TOTAL COMMON STOCK
(Cost $32,091,838)
            21,080,255  
TOTAL INVESTMENTS — 99.8%
(Cost $32,091,838)
          $ 21,080,255  

 

Percentages are based on Net Assets of $21,115,789.

 

* Non-income producing security.

 

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

69

 

Schedule of Investments   October 31, 2023
Global X MSCI China Financials ETF

As of October 31, 2023, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

See “Glossary” for abbreviations.

 

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

70

 

Schedule of Investments   October 31, 2023
Global X MSCI China Energy ETF

Sector Weightings (Unaudited)†:

 

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

 

    Shares     Value  
COMMON STOCK — 99.9%                
CHINA — 96.3%                
Energy — 96.3%                
CGN Mining *     1,276,300     $ 208,786  
China Coal Energy, Cl H     311,400       244,357  
China Merchants Energy Shipping, Cl A     179,700       157,377  
China Oilfield Services, Cl H     185,486       219,039  
China Petroleum & Chemical, Cl A     15,150       11,267  
China Petroleum & Chemical, Cl H     780,297       398,894  
China Shenhua Energy, Cl A     3,400       14,041  
China Shenhua Energy, Cl H     151,955       466,084  
COSCO SHIPPING Energy Transportation, Cl A     86,400       169,692  
COSCO SHIPPING Energy Transportation, Cl H     239,400       253,333  
Guanghui Energy, Cl A     153,450       156,751  
Inner Mongolia Dian Tou Energy, Cl A     77,700       143,927  
Inner Mongolia Yitai Coal, Cl B *     156,594       214,847  
Jizhong Energy Resources, Cl A     143,200       125,021  
Kinetic Development Group     1,977,500       118,782  
Offshore Oil Engineering, Cl A     168,475       142,498  
PetroChina, Cl A     12,100       11,734  
PetroChina, Cl H     591,363       385,445  
Shaanxi Coal Industry, Cl A     97,986       240,493  
Shan Xi Hua Yang Group New Energy, Cl A     122,900       134,918  
Shanxi Coking Coal Energy Group, Cl A     131,753       155,045  
Shanxi Lu’an Environmental Energy Development, Cl A     66,365       171,742  
Sinopec Kantons Holdings     446,900       175,913  
Yankuang Energy Group, Cl A     46,706       124,175  
Yankuang Energy Group, Cl H     237,613       412,996  
Yantai Jereh Oilfield Services Group, Cl A     37,510       145,860  
                 
TOTAL CHINA             5,003,017  

 

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

71

 

Schedule of Investments   October 31, 2023
Global X MSCI China Energy ETF

 

    Shares     Value  
COMMON STOCK — continued                
HONG KONG — 3.6%                
Energy — 3.6%                
Productive Technologies *     1,917,000     $ 183,747  
                 
TOTAL COMMON STOCK
(Cost $4,758,496)
            5,186,764  
TOTAL INVESTMENTS — 99.9%
(Cost $4,758,496)
          $ 5,186,764  

 

Percentages are based on Net Assets of $5,193,624.

 

* Non-income producing security.

 

As of October 31, 2023, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

See “Glossary” for abbreviations.

 

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

72

 
     
Schedule of Investments   October 31, 2023
     
Global X MSCI China Materials ETF

 

Sector Weightings (Unaudited)†:

 

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

 

    Shares     Value  
COMMON STOCK — 100.0%                
CHINA — 98.3%                
Materials — 98.3%                
Aluminum Corp of China, Cl A     48,600     $ 41,040  
Aluminum Corp of China, Cl H     200,539       107,387  
Anhui Conch Cement, Cl A     10,300       33,936  
Anhui Conch Cement, Cl H     58,170       145,116  
Anhui Honglu Steel Construction Group, Cl A     1,850       6,327  
Asia - Potash International Investment Guangzhou, Cl A *     2,100       8,154  
Baoshan Iron & Steel, Cl A     72,300       61,645  
Beijing Oriental Yuhong Waterproof Technology, Cl A     2,800       9,519  
Canmax Technologies, Cl A     1,757       6,507  
Chengxin Lithium Group, Cl A     2,000       6,399  
Chifeng Jilong Gold Mining, Cl A *     3,400       6,849  
China Hongqiao Group     116,000       108,519  
China Jushi, Cl A     14,859       23,416  
China National Building Material, Cl H     189,400       90,045  
China Northern Rare Earth Group High-Tech, Cl A     11,900       33,875  
China Rare Earth Resources And Technology, Cl A     2,100       8,572  
China Resources Cement Holdings     125,600       32,264  
CMOC Group, Cl A     59,800       45,123  
CMOC Group, Cl H     182,054       108,424  
CNGR Advanced Material, Cl A     1,565       11,596  
CNNC Hua Yuan Titanium Dioxide, Cl A     11,770       7,631  
Do-Fluoride New Materials, Cl A     3,135       6,832  
Dongyue Group     68,300       54,381  
Ganfeng Lithium Group, Cl A     5,090       30,698  
Ganfeng Lithium Group, Cl H     17,960       64,384  
GEM, Cl A     19,400       15,484  
Guangdong HEC Technology Holding, Cl A *     7,100       6,885  
Guangzhou Tinci Materials Technology, Cl A     4,820       18,257  

 

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

73

 
     
Schedule of Investments   October 31, 2023
     
Global X MSCI China Materials ETF

 

    Shares     Value  
COMMON STOCK — continued                
Materials — continued                
Hangzhou Oxygen Plant Group, Cl A     2,500     $ 11,243  
Haohua Chemical Science & Technology, Cl A     1,500       6,276  
Henan Shenhuo Coal & Power, Cl A     4,900       10,992  
Hengli Petrochemical, Cl A *     19,120       38,125  
Hengyi Petrochemical, Cl A *     16,300       15,962  
Hesteel, Cl A     50,600       15,438  
Hoshine Silicon Industry, Cl A     1,950       15,205  
Huafon Chemical, Cl A     11,100       10,961  
Huaibei Mining Holdings, Cl A     5,300       10,597  
Hubei Feilihua Quartz Glass, Cl A     1,100       5,934  
Hubei Xingfa Chemicals Group, Cl A     2,200       5,888  
Hunan Changyuan Lico, Cl A     4,965       5,762  
Hunan Valin Steel, Cl A     29,100       23,107  
Inner Mongolia BaoTou Steel Union, Cl A *     152,900       33,737  
Inner Mongolia Junzheng Energy & Chemical Industry Group, Cl A     36,000       19,613  
Inner Mongolia Yuan Xing Energy, Cl A     7,500       6,956  
Jiangsu Eastern Shenghong, Cl A     16,500       23,912  
Jiangsu Yangnong Chemical, Cl A     1,755       16,149  
Jiangsu Yoke Technology, Cl A     1,125       8,827  
Jiangxi Copper, Cl A     9,000       22,494  
Jiangxi Copper, Cl H     56,991       80,702  
Jinduicheng Molybdenum, Cl A     7,200       9,846  
LB Group, Cl A     9,600       24,359  
Luxi Chemical Group, Cl A     4,700       7,266  
Ningbo Shanshan, Cl A     4,800       9,153  
Ningxia Baofeng Energy Group, Cl A     18,600       36,531  
Pangang Group Vanadium Titanium & Resources, Cl A *     34,900       16,589  
Qinghai Salt Lake Industry, Cl A *     14,100       32,513  
Real Gold Mining *(A)     97,864        
Rongsheng Petrochemical, Cl A     31,900       49,488  
Satellite Chemical, Cl A *     7,992       17,710  
Shandong Gold Mining, Cl A     13,020       42,365  
Shandong Gold Mining, Cl H     36,650       69,041  
Shandong Hualu Hengsheng Chemical, Cl A     7,920       34,702  
Shandong Nanshan Aluminum, Cl A     48,400       20,436  
Shandong Sun Paper Industry JSC, Cl A     12,300       20,824  

 

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

74

 
     
Schedule of Investments   October 31, 2023
     
Global X MSCI China Materials ETF

 

    Shares     Value  
COMMON STOCK — continued                
Materials — continued                
Shanghai Putailai New Energy Technology, Cl A     6,786     $ 23,107  
Shanxi Meijin Energy, Cl A *     9,600       9,166  
Shanxi Taigang Stainless Steel, Cl A     25,400       13,527  
Shenghe Resources Holding, Cl A     4,100       5,970  
Shenzhen Capchem Technology, Cl A     1,620       9,744  
Shenzhen Dynanonic, Cl A     584       6,254  
Shenzhen Senior Technology Material, Cl A     3,300       6,904  
Shenzhen YUTO Packaging Technology, Cl A     2,000       7,153  
Sichuan Hebang Biotechnology     19,900       6,451  
Sichuan Yahua Industrial Group, Cl A     2,900       5,561  
Sinoma Science & Technology, Cl A     3,800       8,949  
Sinomine Resource Group, Cl A     1,500       7,635  
Sinopec Shanghai Petrochemical, Cl A *     32,100       13,072  
Skshu Paint, Cl A *     1,250       10,147  
Sunresin New Materials, Cl A     1,050       7,766  
Tangshan Jidong Cement, Cl A     6,000       5,843  
Tianqi Lithium, Cl A     3,800       28,466  
Tianshan Aluminum Group, Cl A     10,000       8,826  
Tongkun Group, Cl A *     10,100       19,864  
Tongling Nonferrous Metals Group, Cl A     47,000       19,909  
Wanhua Chemical Group, Cl A     9,422       113,956  
Weihai Guangwei Composites, Cl A     3,520       12,293  
Western Mining, Cl A     5,100       8,725  
Western Superconducting Technologies, Cl A     1,369       8,549  
Xiamen Tungsten, Cl A     6,000       13,852  
Yintai Gold, Cl A     12,520       23,225  
YongXing Special Materials Technology, Cl A     1,196       8,137  
Yunnan Aluminium, Cl A     8,300       15,736  
Yunnan Chihong Zinc&Germanium, Cl A     10,700       7,535  
Yunnan Energy New Material, Cl A     3,075       28,061  
Yunnan Tin, Cl A     3,600       6,914  
Yunnan Yuntianhua, Cl A     3,900       8,844  
Zangge Mining, Cl A     3,600       10,978  
Zhaojin Mining Industry     57,400       71,744  
Zhejiang Huayou Cobalt, Cl A     5,109       25,600  
Zhejiang Juhua, Cl A     10,800       22,285  
Zhejiang Longsheng Group, Cl A     7,100       8,607  

 

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

75

 
     
Schedule of Investments   October 31, 2023
     
Global X MSCI China Materials ETF

 

    Shares     Value  
COMMON STOCK — continued                
Materials — continued                
Zhongjin Gold, Cl A     11,500     $ 17,151  
Zibo Qixiang Tengda Chemical, Cl A     7,700       6,135  
Zijin Mining Group, Cl A     4,000       6,777  
Zijin Mining Group, Cl H     172,659       268,325  
                 
TOTAL CHINA             2,795,711  
HONG KONG — 1.7%                
Materials — 1.7%                
China Lumena New Materials *(A)     48        
Nine Dragons Paper Holdings     85,570       48,665  
                 
TOTAL HONG KONG             48,665  
TOTAL COMMON STOCK
(Cost $3,937,804)
            2,844,376  
TOTAL INVESTMENTS — 100.0%
(Cost $3,937,804)
          $ 2,844,376  

 

Percentages are based on Net Assets of $2,845,783.

 

* Non-income producing security.
(A) Level 3 security in accordance with fair value hierarchy.

 

The following is a summary of the level of inputs used as of October 31, 2023, in valuing the Fund’s investments carried at value:

 

Investments in Securities    Level 1     Level 2     Level 3(1)     Total  
Common Stock   $ 2,844,376     $     $ ^     $ 2,844,376  
Total Investments in Securities   $ 2,844,376     $     $       $ 2,844,376  

 

(1) A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets.
^ Includes Securities in which the fair value is $0 or has been rounded to $0.

 

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

 

See “Glossary” for abbreviations.

 

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

76

 
     
Schedule of Investments   October 31, 2023
     
Global X MSCI Norway ETF

 

Sector Weightings (Unaudited)†:

 

 

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

 

    Shares     Value  
COMMON STOCK — 99.7%                
BERMUDA — 0.2%                
Energy — 0.2%                
Cool     8,312     $ 108,255  
                 
BRAZIL — 3.5%                
Materials — 3.5%                
Yara International     57,911       1,892,059  
                 
FAROE ISLANDS — 1.5%                
Consumer Staples — 1.5%                
Bakkafrost P/F     17,608       793,579  
                 
FRANCE — 1.7%                
Communication Services — 1.7%                
Adevinta, Cl B *     101,929       894,594  

 

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

77

 
     
Schedule of Investments   October 31, 2023
     
Global X MSCI Norway ETF

 

    Shares     Value  
COMMON STOCK — continued                
GABON — 0.1%                
Energy — 0.1%                
BW Energy *     31,234     $ 78,004  
                 
HONG KONG — 0.2%                
Industrials — 0.2%                
Cadeler * (A)     38,022       120,413  
                 
MEXICO — 0.8%                
Energy — 0.8%                
Borr Drilling * (A)     70,528       438,129  
                 
NORWAY — 86.9%                
Communication Services — 6.9%                
Kahoot! *     34,475       107,699  
Schibsted, Cl A     25,457       508,607  
Schibsted, Cl B     33,952       629,095  
Telenor     244,740       2,500,700  
              3,746,101  
Consumer Discretionary — 0.6%                
Europris     55,106       311,990  
                 
Consumer Staples — 11.5%                
Austevoll Seafood     31,542       215,424  
Grieg Seafood     17,572       116,631  
Leroy Seafood Group     92,888       367,504  
Mowi     153,737       2,494,922  
Orkla     262,699       1,809,220  
Salmar     25,382       1,201,429  
              6,205,130  
Energy — 31.6%                
Aker BP     110,529       3,176,854  
Aker Solutions     85,242       339,695  
BLUENORD *     8,168       433,562  
BW Offshore     31,619       66,002  
DNO     165,719       168,661  
Equinor     315,114       10,561,905  

 

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

78

 
     
Schedule of Investments   October 31, 2023
     
Global X MSCI Norway ETF

 

    Shares     Value  
COMMON STOCK — continued                
Energy — continued                
FLEX LNG     10,222     $ 312,927  
Frontline     46,719       1,042,549  
Odfjell Drilling     32,569       113,697  
PGS *     298,596       269,684  
TGS     44,129       601,201  
              17,086,737  
Financials — 18.9%                
DNB Bank     323,731       5,833,226  
Gjensidige Forsikring     69,953       1,047,570  
Protector Forsikring     19,997       313,244  
Sparebank 1 Nord Norge     33,045       279,228  
Sparebank 1 Oestlandet     11,981       132,983  
SpareBank 1 SMN     50,441       611,340  
SpareBank 1 SR-Bank     62,617       679,322  
Storebrand     156,826       1,307,480  
              10,204,393  
Health Care — 0.2%                
Nykode Therapeutics * (A)     50,899       78,228  
                 
Industrials — 9.2%                
Aker ASA, Cl A     7,758       465,270  
Aker Carbon Capture *     126,805       120,089  
Aker Horizons * (A)     81,159       24,773  
Belships     32,432       50,803  
Bonheur     7,481       129,374  
Golden Ocean Group     45,314       334,632  
Hexagon Composites *     41,700       98,318  
Hexagon Purus *     47,432       43,476  
Hoegh Autoliners     26,348       212,969  
Kongsberg Gruppen     30,766       1,255,789  
MPC Container Ships     107,344       151,575  
NEL * (A)     579,772       379,882  
Norwegian Air Shuttle *     249,237       178,790  
Stolt-Nielsen     8,088       266,060  
TOMRA Systems     82,835       654,719  
Veidekke     37,533       323,870  

 

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

79

 
     
Schedule of Investments   October 31, 2023
     
Global X MSCI Norway ETF

             
    Shares     Value  
COMMON STOCK — continued                
Industrials — continued                
Wallenius Wilhelmsen, Cl B     36,612     $ 307,238  
              4,997,627  
Information Technology — 1.4%                
Crayon Group Holding *     24,701       142,391  
Kitron     61,655       162,254  
Nordic Semiconductor *     56,854       458,834  
              763,479  
Materials — 6.2%                
BEWi     16,260       30,274  
Borregaard     32,936       446,352  
Elkem     99,426       153,789  
Norsk Hydro     464,062       2,645,208  
Norske Skog     24,282       88,549  
              3,364,172  
Real Estate — 0.4%                
Entra     25,192       196,522  
                 
TOTAL NORWAY             46,954,379  
SINGAPORE — 1.8%                
Energy — 1.8%                
BW LPG     26,661       377,063  
Hafnia     88,634       581,548  
                 
TOTAL SINGAPORE             958,611  
SOUTH AFRICA — 0.4%                
Utilities — 0.4%                
Scatec *     41,247       207,865  
                 
SWEDEN — 0.5%                
Information Technology — 0.5%                
Atea     27,246       283,393  

 

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

80

 
     
Schedule of Investments   October 31, 2023
     
Global X MSCI Norway ETF

 

    Shares     Value  
COMMON STOCK — continued                
UNITED KINGDOM — 1.9%                
Energy — 1.9%                
Subsea 7     79,823     $ 1,046