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

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%.

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

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.

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

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.

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.

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.

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%).

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.

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.

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.

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

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.

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%.

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%.

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%.

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.

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.

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.

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.

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.

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.

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

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.

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

51

Global X MSCI Colombia ETF

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

52

Global X MSCI Colombia ETF

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

53

Global X MSCI Colombia ETF 

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

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:

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

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.

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

55

Global X MSCI China Industrials ETF

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

56

Global X MSCI China Industrials ETF

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

57

Global X MSCI China Industrials ETF

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

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

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.

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

59

Global X MSCI China Consumer Discretionary ETF

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

60

Global X MSCI China Consumer Discretionary ETF

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

61

Global X MSCI China Consumer Discretionary ETF

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

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

62

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:

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

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.